Daily news - 15.05.2019
Published: 15. 05. 2019

SLOVENIA

Triglav group's pre-tax profit and gross premiums up 8% in Q1

The group around the insurance company Zavarovalnica Triglav posted a pre-tax profit of EUR 29.9 million in the first quarter of 2019, up 8% year-on-year, while also recording the same growth rate in consolidated gross premiums, which amounted to EUR 317 million, shows the unaudited quarterly report released on Wednesday.
Source: STA

Ljubljana: Africa Day to focus on ties between Africa and Europe

This year's Africa Day, an international conference starting on Wednesday, will focus on the future of relations between Africa and Europe, and economic and investment opportunities in Africa.
Source: STA, Ilirika

INTERNATIONAL MARKETS

Dow rises more than 200 points, posts best day in a month to claw back some of Monday’s drop; Europe stocks rebound to close higher after US-China trade war sell-off

Stocks rose on Tuesday, regaining some of the sharp losses from the previous session, as investors weighed the impact of the escalating trade war between the United States and China. The Dow Jones Industrial Average rose 207.06 points to 25,532.05, boosted by gains in Visa and Boeing shares. The 30-stock index also posted its best day since April 12. The S&P 500 advanced 0.8% to 2,834.41 as tech shares outperformed. The Nasdaq Composite climbed 1.1% to end the day at 7,734.49. Boeing climbed 1.7% while Apple rose 1.6%. Caterpillar shares gained 1.7%. Bank shares also rose broadly. Citigroup and Bank of America rose more than 1% each while J.P. Morgan Chase gained 0.8%. Microsoft shares rose 1.1% to boost the tech sector. Cisco Systems also gained 1.4% after an analyst at Bank of America touted it as the tech stock to buy amid rising U.S.-China trade fears. Coca-Cola shares rose 1.3% after Morgan Stanley upgraded it to overweight from equal weight. The bank named the soda maker its “top mega-cap staples pick.” European stocks traded higher Tuesday as investors began to mitigate the sharp downturn caused by China’s announcement of retaliatory tariffs on U.S. imports. The pan-European STOXX 600 closed up 0.91% in trade. Sector wise, basic resources and tech led gains, rising 1.74% and1.8% respectively. German insurer Allianz posted a small rise in net profit for the first quarter from the same time period last year, marginally ahead of expectations, and confirmed its targets for 2019. Net profit rose to 1.969 billion euros ($2.21 billion). The company’s stock rose slightly in early trade. Volkswagen shares traded 1% higher after the German automaker presented plans for an IPO (initial public offering) of its truck division. Vodafone shares finished down 3.7%, recovering from an early dip after the British telecoms company announced it would slash its dividend to tackle its debt burden.
Source: CNBC

SERBIA

Serbia ready for construction of Ruma-Sabac highway - Waiting for Azerbaijani credit of EUR 210 million

Deputy Prime Minister and Minister of Construction, Transport and Infrastructure of Serbia, Zorana Mihajlovic, talked with Azerbaijani Ambassador, Eldar Hassanov, about the project of construction of the highway Ruma-Sabac and the highway Sabac-Loznica. We are ready for the realization of this project, which is one of the priorities for us this year. It is therefore important that as soon as the Azerbaijani side approves a loan of 210 million euros, we will start the work on this project – Mihajlovic said.
Source: Ekapija

Governor Tabakovic presents 7-point reform plan for next year

Tax reform, the reform of the mining and energy sectors, and continuing to attract foreign investors, are all a part of the seven-point reform package that the country will implement in the next year in order to achieve faster economic growth, NBS governor, Jorgovanka Tabakovic said. The package also includes digitization of public services, the development of complete infrastructure and the increase in minimum and average wages. The Governor of the National Bank of Serbia (NBS). From the beginning of the year to the first decade of April, the recorded influx of foreign direct investments has already reached a figure of EUR 1 billion, an indicator that speaks in favour of the expectations from the 7-point reform plan. The 7-point plan envisages the further development of RTB Bor under the management of the Chinese company, which announced large investments, as well as from the extraction of lithium which will all have a positive impact on the country’s GDP.
Source: Belex, Ilirika

MTLC: Metalac reports 1Q19 numbers – mainly flat performances

Metalac reported non-consolidated numbers for 1Q19 period, where we see that most of production&trade units had similar performances as in 1Q18. Major production unit Cookware, ended the period with nearly flat sales and pre-tax profit, while Metrot, Russian unit, faced 23% lower sales but pre-tax profit was much better due to high financial gain. The company plans to achieve 4% growth in FY 2019 sales, while it expects pre-tax profit to grow 7% y/y in 2019 as well.
Source: Belex, Ilirika