Daily news - 27.05.2019
Published: 27. 05. 2019

SLOVENIA

NLB bank's Q1 net profit flat at EUR 58 million

NLB, Slovenia's largest bank, reported a net profit of almost EUR 58m for the first quarter of the year, up marginally from the same quarter in 2018.
Source: STA

Mutual funds' assets under management down 7% in 2018

Slovenian mutual funds managed assets worth EUR 2.5 billion at the end of last year, a decrease of 7% over the year before, shows a report by the Securities Market Agency (ATVP).
Source: STA

GZS says EU membership, euro benefited Slovenia

With two days to go to the EU election, the Chamber of Commerce and Industry (GZS) said joining the EU and introducing the euro has had a positive impact on Slovenia facilitating the country's prosperity.
Source: STA

INTERNATIONAL MARKETS

Dow rises nearly 100 points, but posts longest weekly losing streak since 2011; European stocks close higher as trade jitters fade; UK PM resigns amid Brexit crisis

Stocks rose on Friday, but notched weekly losses as investors worried the U.S.-China trade war is hurting economic growth. The Dow Jones Industrial Average ended the day up 95.22 points at 25,585.69 while the S&P 500 climbed 0.1% to 2,826.06. The Nasdaq Composite rose 0.1% at 7,637.01. The indexes rebounded slightly from sharp losses on Thursday after President Donald Trump said Thursday afternoon the ongoing trade war could be over quickly. U.S. durable goods orders dropped 2.1% last month amid a slowdown in exports and a buildup in inventories. This is the latest economic data set showing cracks in the economy while the world’s largest economies engage in a trade war. European stocks closed higher on Friday, with investors returning to risk assets as fears over the U.S.-China trade battle receded. The pan-European Stoxx 600 index closed provisionally almost 0.6% higher with the majority of sectors and all major borses in positive territory. Mining stocks, with their exposure to China and trade news, were among the biggest gainers, jumping over 1%. Looking at individual stocks, French retailer Casino surged to the top of the European benchmark on Friday, with shares gaining almost 8% after a move to place parent company Rallye under protection from creditors relieved some pressure.
Source: CNBC

SERBIA

Construction of highway to Serbia begins in Bulgaria

Bulgarian Prime Minister Boyko Borisov opened the works on the first section of the Europe highway, which will connect Sofia with the Kalotina crossing on the Serbian border, and further to Nis and Belgrade, the Bulgarian media reported. The works pertain to the modernization of the old Kalotina-Sofia road on the I-8 route between Dragoman and Slivnica. The first phase covers a 17-km section. Another lane will be built there, whereas the old one will be reconstructed, turning this road into a highway – the media report. The investment is worth around EUR 60 million and is financed from the state budget.
Source: Ekapija

KMBN: Public invitation for sale of Komercijalna Banka to open on May 31

The public invitation for the sale of Komercijalna Banka will open on May 31, as confirmed for Tanjug by the Ministry of Finance. The state has a 42% stake in this bank, the EBRD owns 24.4%, and the IFC, a part of the World Bank, owns 10%. This is a public invitation for the collection of statements of interest in the participation in the procedure of the sale of the shares of Komercijalna Banka – an unnamed source previously stated for Blic. They report that the decision was preceded by a meeting between Serbian Finance Minister Sinisa Mali and a representative of the French company Lazard, which is the investment advisor in the procedure of the sale of Komercijalna Banka.

NBS: Import growth spurred by investments

The drop of Serbia's import cover is not due to a decline of foreign exchange reserves but to higher imports - but not imports of consumer goods, which was the case before, National Bank of Serbia (NBS) Governor Jorgovanka Tabakovic said Friday. ""These are imports spurred by investments - imports of equipment and intermediate goods, which contribute to industrial growth as a driver of economic growth,"" Tabakovic noted in a statement to Tanjug, recalling that gross foreign exchange reserves had stood at 11.3 bln euros at the end of 2018.
Source: Tanjug

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