SLOVENIA

Bill providing legal recourse for 2013 bank bail-in vetoed

The National Council unanimously vetoed the government-sponsored bill designed to provide legal recourse for holders of subordinated bank liabilities wiped out in the 2013 bank bailout, with the interest group proposing the suspensive veto arguing that the bill does not regulate the issue appropriately.. (STA)

Gorenje to be split in two companies

The household appliances maker Gorenje will be split into two companies as part of group integration a year after it was taken over by Chinese conglomerate Hisense, with the management becoming a separate company. Hisense Europe will be headquartered in Ljubljana and provide corporate support services for all Hisense companies in Europe. (STA)

Clashing interpretations as reasons for Petrol board resignation leaked

Days after the board of energy group Petrol surprisingly stepped down over differences in strategy with the supervisory board, a document has been leaked indicating that the board's borrowing plans for future acquisitions had exceeded limits set down in the current strategy. However, not everyone interprets the document that way. (STA)

Sava Re issues EUR 75m in subordinated bonds

The reinsurer Sava Re, the parent company of the insurance group Sava, has issued 20-year subordinated bonds worth a total of EUR 75 million. It intends to spend the raised funds for the general needs of the group and optimisation of its capital structure. (STA)

Czech PPF mounts EUR 1.89bn takeover of Pro Plus owner CME

The Czech investment group PPF, owned by Czech billionaire Petr Kellner, has signed an agreement on the takeover of Central European Media Enterprises (CME), which also owns Slovenia's leading television network group Pro Plus. Media reports put the total value of the deal at EUR 1.89 billion. (STA)

Banks say new lending restrictions could have major consequences

The Slovenian Bank Association said on Monday that the pending new consumer lending restrictions would have wide ramifications if the state failed to provide alternative financing sources. Assessing lending will drop by EUR 70m a month, it said more that 300,000 people would be left without access to loans and that growth would suffer too. (STA)

INTERNATIONAL MARKETS

General Motors reports earnings

The US-based automaker is expected to show financial repercussions from a recent walkout lasting nearly six weeks. Slowing demand from its global markets is another concern, but GM expects its sales in China to rebound next year. (Quartz)

Boris Johnson tries again for a December election

The British prime minister, who has accepted the EU’s extension of Brexit to Jan. 31, 2020, is abandoning his withdrawal agreement and instead plans to table a bill that would allow him to secure an election this year. (Quartz)

Congress grills Boeing’s CEO

Dennis Muilenburg will appear before a Senate committee investigating two deadly crashes that killed 346 people, the first time the company’s executives have been questioned by Congress. Today is the anniversary of the Lion Air crash in Indonesia. (Quartz)

BP profits slumped

The UK-based oil giant reported underlying replacement cost profit—a proxy for net profit—of $2.3 billion for the third quarter of 2019, compared to $3.8 billion for the same period a year earlier. The company said lower oil prices, maintenance costs, and a hurricane were to blame. (Quartz)

Hong Kong’s leader gave a recession warning

Chief executive Carrie Lam said months of protest had hurt the economy to the extent that third quarter figures, to be released on Thursday, will likely show a technical recession, defined as two consecutive quarters of negative growth. (Quartz)

SERBIA

Serbia signed an Agreement with the EAEU

Serbian Prime Minister Ana Brnabic and prime ministers of Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan, as well as the Chairman of the Board of the Eurasian Economic Commission, Tigran Sargsyan signed a Free Trade Agreement between Serbia and the Eurasian Economic Union (EAEU). The agreement will enter into force once it is ratified by parliaments of all six member states, and prime minister invited all participants to do this quickly. The Russian Prime Minister Dmitry Medvedev stated that he expects Serbia to increase merchandize exchange by signing a Free Trade Agreement with the Eurasian Union, as certain products will be cleared of customs duties. The agreement expands the list of products that can be imported into the territory of the EAEU without customs duties, increases quotas for export of merchandize subject to restrictions and extends the free trade area to Armenia and Kyrgyzstan. (Bizlife)

NBS: Savings in national currency 75 billion RSD in October

The National Bank of Serbia (NBS) said on Monday the savings in the national Dinar currency (RSD) was 75 billion (1 € = 118 RSD), or four times higher than by the end of 2018, the FoNet news agency reported. Compared to the same month last year, the saving rose for over 30 percent. The Bank said that the savings in foreign currencies were also higher, reaching 10.6 billion Euros. (N1)

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