SLOVENIA

Slovenia remains 35th in global competitiveness rankings

Slovenia remained 35th in the latest World Economic Forum's Global Competitiveness Report, scoring 70.2 points on a scale from 0 to 100, up from 69.6 points last year. It ranks just behind Portugal and ahead of Saudi Arabia, while Singapore claimed the throne of the most competitive among 141 countries. (STA)

Committee throws out bill on Swiss francs loan conversion

The parliamentary Finance Committee rejected on Tuesday a bill converting Swiss franc loans taken out between 2004 and 2010 to euro loans. Drafted by the upper chamber of parliament, the bill creates more issues than it resolves, many committee members believe. (STA)

Social dialogue re-established after PM meets employers, unionists

Slovenia's main industrial relations forum will be back in session next week, after Prime Minister Marjan Šarec met with employers and trade unions on Tuesday, nearly two weeks after they suspended social dialogue, protesting that bills were being filed into parliamentary procedure without having been discussed by the forum. (STA)

Foreign and EU affairs committees to discuss Schengen expansion tonight

The parliamentary foreign policy and EU affairs committees will hold a joint session behind closed doors this evening to discuss Slovenia's position on the expansion of the Schengen area. The session comes after reports that the European Commission is about to give Croatia the go-ahead to join the passport-free area.

INTERNATIONAL MARKETS

Pound rises as traders weigh hopes Brexit talks still alive

The pound moved higher on Wednesday as investors weighed possible signs of life in the UK’s Brexit talks with the EU. Sterling rose 0.5 per cent against the US dollar, putting it on track for its best day of the month as it moved as high as $1.2280. The currency rallied following a report that the EU could be willing to make a concession over the Irish border impasse, which is seen as the major sticking point between the two sides. The Times reported the Northern Irish assembly could be given a mechanism for leaving a future ‘backstop’ after a set number of years. There have also been signs that the Conservative party will struggle to unite behind a general election manifesto which pledges to pursue a no-deal Brexit. (FT)

China offers to buy extra $10bn of US goods to ease trade war

Chinese officials are offering to increase purchases of US agricultural products by $10bn a year as they seek an interim agreement between Beijing and Washington that will stave off a new round of tariff hikes on October 15, according to people briefed on the two countries’ ongoing negotiations. China’s lead trade negotiator, Vice Premier Liu He, is scheduled to begin two days of talks with US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin on Thursday, followed by a meeting with President Donald Trump on Friday if the discussions go well. (FT)

Bank of England warns Facebook that Libra faces tough oversight

The Bank of England has put Facebook on notice that its plans to upend global payments through its digital coin, Libra, must be subject to tough oversight across its ecosystem prior to launching. In its strongest statement to date over Facebook’s plans, the BoE on Tuesday said that Libra had the potential to be a “systemically important” payment system, and that it needed to be regulated as such. Facebook’s heft and popularity around the world means that its plans to offer a digital coin have caught the attention of policymakers, regulators and politicians.
The BoE’s Financial Policy Committee, which is responsible for spotting and mitigating threats to the UK’s financial stability, pledged that regulators would look at the actual functions of Libra and other payments companies, and seek to apply traditional regulations to them. The Treasury is also undertaking a review to ensure the UK’s regulations for payments are up to scratch. (FT)

Global stocks ease as traders take stock of geopolitical angst

Global shares steadied on Wednesday after a day in which escalating geopolitical strife took centre stage with US-China as well as UK-EU relations souring ahead of meetings of both groups. In Europe, the Stoxx 600 was 0.02 per cent higher, while in China the CSI 300 of Shanghai and Shenzhen-listed stocks pared earlier losses with a 0.1 per cent gain. UK stocks also eased after a day of turmoil as the FTSE 100 opened little changed. (FT)
SERBIA

Industrial zone near Belgrade to boost economic ties with Turkey

Chamber of Commerce and Industry of Serbia (PKS) President Marko Cadez and President of the Foreign Economic Relations Board of Turkey Nail Olpak on Monday said the opening of a Turkish industrial zone near Belgrade would give a completely new impetus to bilateral economic ties. "We are working on getting a large industrial zone with 16 factories from Istanbul to the vicinity of Belgrade. I hope this will materialise very quickly, the preconditions are there, there is political will," Cadez said at a Serbia-Turkey business forum hosted by the PKS. (Tanjug)

World Bank lowers Western Balkans 2019 GDP growth forecast

The World Bank said on Tuesday it has lowered its forecast for the Western Balkans’ economic growth in 2019 to 3.2% from 3.5% predicted in April. “Economic activity is slowing in the Western Balkans, as investments and exports continue to fade in the six countries around the region,” the World Bank said in a press release, following the presentation of its latest semiannual Western Balkans regular economic report, fall 2019. Economic growth in the Western Balkans accelerated to 3.9% in 2018 from 2.6% in 2017. The World Bank noted that while the regional economy is forecast to grow in 2020 and 2021, it will remain slightly below the ten-year high of 2018. (SeeNews)

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