Gorenjska Banka to pay out dividends of EUR 33.75 per share
The Serbian AIK Banka, a new sole owner of Gorenjska Banka since April, decided at Wednesday's annual general meeting that EUR 12 million, or almost two-thirds of last year's distributable profit of Gorenjska Banka of EUR 18.9 million, will be earmarked for dividends at EUR 33.75 per share.
Dow and Nasdaq close at record highs amid expectations for the Fed to lower rates; European stocks close higher on Lagarde’s nomination as the next ECB chief
Stocks closed at record highs on Wednesday as investors bet on a potential rate cut from the Federal Reserve later this month after the release of weaker-than-expected economic data. The Dow Jones Industrial Average gained 179.32 points to end the day at 26,966, notching intraday and closing all-time highs. The Nasdaq Composite advanced 0.7% to 8,170.23.
The S&P 500 also rose 0.7% to 2,995.82 as the real estate and consumer sectors powered the broad index to record levels. Tech also boosted the index, rising 0.7% to a record high. The S&P 500 closed just 0.1% below 3,000. Private payrolls in the U.S. increased by 102,000 in June, ADP and Moody’s Analytics said. Economists polled by Dow Jones expected growth of 135,000.
In corporate news, Tesla shares jumped more than 4% after the auto maker reported record delivery and production numbers. Meanwhile, Symantec surged 13.6% on news the company is in talks to be acquired by Broadcom. The two companies are targeting an announcement by mid-July.
European stocks closed sharply higher Wednesday as EU leaders agreed on nominees to lead the bloc’s main institutions for the next five years following a marathon summit. The pan-European Stoxx 600 closed provisionally up by 0.8%, with the majority of sectors and all major bourses in positive territory. Travel and leisure stocks led the gains with a 2% jump.
Elsewhere, the Wall Street Journal reported that Deutsche Bank has held talks with Citigroup, BNP Paribas and others about a possible transfer of parts of its equities business. Shares of the German lender climbed nearly 2.7%.
Price of fuel at gas stations drops – Petrol costs 150 dinars per liter, 160 for Eurodiesel
The price of unleaded petrol at gas stations is lower by around 3.5 dinars, whereas the prices of Eurodiesel and gas have dropped by four dinars and one dinar respectively. In the past month, the prices of fuel at the domestic gas stations have been dropping, RTS reports. An analysis by the Association of Oil Companies of Serbia shows that the average price of a liter of petrol is now around RSD 150 and that Eurodiesel costs around RSD 160.
FIAT Chrysler Automobiles gets huge subsidies from Serbian government
FIAT Chrysler Automobiles (FCA) Serbia received 2.75 billion Dinars (1 Euro – 118 Dinars) in state subsidies in 2018 and reported net profits of 1.5 billion, Belgrade daily Danas said on Wednesday. The FCA received 1.9 billion Dinars in state subsidies in 2017, the daily said and added that the company received “additional subsidies” of 970/2 million Dinars last year. According to notes annexed to the FCA financial reports, the state aid was paid under a December 2009 contract which expires later this year. Danas said that the criteria for the subsidies is not clear. The subsidies did not help FCA overall since the company reported losses of 64.3 million Dinars and reduced production at its plant in the city of Kragujevac.
Dinar to hit another high against euro, rate at RSD 117.83
For a second consecutive day, the Serbian dinar will hit a 2019 high against the euro Thursday and the official median exchange rate will be 117.8396 dinars for one euro, which is a slight change from Wednesday, the National Bank of Serbia (NBS) has announced. The NBS bought 90 mln euros on the interbank foreign exchange market to curb major daily exchange rate fluctuations, taking the total purchased since the beginning of the year to 1.255 bln euros, while the total sold remains 130 mln euros. The dinar will rise 0.1 pct against the euro m-o-m, 0.2 pct y-o-y and 0.3 pct compared to the beginning of the year.