Hisense to squeeze out minority Gorenje shareholders
Chinese Hisense, which acquired 95.4% in Gorenje earlier this year, has decided to squeeze out the remaining minority shareholders of the Slovenian household appliance maker. The group will delist Gorenje from the Ljubljana and Warsaw stock exchanges.
SBI benchmark index down in mixed trading
The SBI TOP index on the Ljubljana Stock Exchange edged down 0.19% to close at 850.44 points on Monday in a day of mixed trading, with logistics company Intereuropa and insurer Sava-Re being the biggest losers. Pharma company Krka gained the most (+0.72%) and accounted for almost EUR 600,000 of the total daily turnover of EUR 1.19m.
Stocks fall after Trump says US-China trade announcement coming after the bell; Europe ends on a muted note as fresh tariff threats linger; H&M climbs 16.6%
Stocks closed lower on Monday after President Donald Trump said an announcement on U.S.-China trade will be coming after the close. Steep losses in some of the biggest tech shares also pressured the broader market. The Dow Jones Industrial Average fell 92.55 points to 26,062.12 as Apple and Boeing lagged, snapping a four-day winning streak. The Nasdaq Composite dropped 1.4 percent to close at 7,895.79 — notching its worst day since July 27 — as shares of Amazon, Apple and Micron fell. The S&P 500 pulled back 0.6 percent to 2,888.80, ending a five-day winning streak, with tech and consumer discretionary underperforming. Technology stocks also contributed to the drop in the major indexes Monday. Twitter dropped 4.2 percent after MoffettNathanson reiterated its sell rating on the stock, noting cost growth should accelerate moving forward. The stock is now down about 40 percent from its 52-week high. Micron's stock dropped 1.6 percent after analysts at BMO Capital Markets and Deutsche Bank slashed their price targets on the stock, citing weaker pricing for memory chips. Amazon, meanwhile, declined 3.2 percent after an analyst at Citi suggested the company split into two to avoid antitrust scrutiny from the Trump administration. The stock also posted its worst day since April 24, when it dropped 3.8 percent. European stocks were pointing in different directions by Monday's close, as renewed fears over an escalating trade war between the U.S. and China capped gains in the region. The pan-European Stoxx 600 finished up 0.12 percent, with the majority of the region's sectors moving higher by the close. On the bourses front, however, markets showed a different picture. Sweden's H&M led the gains, surging to the top of the European benchmark after reporting better-than-expected earnings over the third quarter. The world's second-largest retailer said efforts to compete with online sellers and budget brands were now starting to pay off. Its shares climbed, ending the day up 16.63 percent.
Source: CNBC, ILIRIKA
IMF: Serbia alone counts for more than half of total FDI stock in the region
The International Monetary Fund says that Serbia alone counts for more than half of total FDI stock in the region, realized in the six economies of the Western Balkans (WB6) in the past ten years. The rest is split between the other five countries roughly corresponding to their relative size, it is added in the IMF's working document titled “Foreign Direct Investment in New Member States of the EU and Western Balkans”, published on the official website of this international institution.
ENHL: Energoprojekt contracted RSD 1.3bn worth jobs in Serbia
Energoprojekt (ENHL), construction company, reported RSD 1.3bn worth contracts for its two projects in Serbia. The first one is related to maintenance works at Pestan river and local road reconstruction, worth RSD 1bn, while the second one is consultancy job for railway project.
Source: Belex, Ilirika
Chinese company CRBC to build corridor through Fruska Gora? – Options include credit and concession
The Chinese company CRBC will execute the works on the Fruska Gora Corridor, and the decision on the model of the financing of a higher speed route will be reached soon, Dnevnik reports. The president of the Provincial Government, Igor Mirovic, said that practically all the necessary documentation, jointly financed by the Government of Vojvodina and the competent ministry, had been prepared. He said that the Provincial Government had been informed that there were two options for the financing of the corridor project: to secure the money through a loan or through a concession.