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Wise Broker - BELEX Morning Note - Jul 8, 2013

Economy

Parliament adopts budget revision

The Serbian parliament adopted on Friday, with 129 votes in favor and 55 votes against, the 2013 republic budget revision bill, which projects a deficit of RSD 178.3 billion or 4.7 percent of GDP.

According to the Serbian government, the reforms stemming from the revision will be key to stabilization of the economic situation.

The revision projects total budget revenues of RSD 873.4 billion, which is 92.3 billion less than originally anticipated, and total expenditures are planned to amount to RSD 1051.7 billion, a decrease of about RSD 36 billion.

Source: Tanjug.rs

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First Turkish bank arrives in Serbia

Halkbank to boost regional operations from Belgrade: The first Turkish bank in Serbia opened its office in Belgrade through its branch office in acedonia. Halk-bank, the seventh largest bank in Turkey, is a bank with the largest growth rate in Europe since 2008. As Halkbank CEO Syleiman Aslan said at the opening ceremony in downtown Belgrade, this bank has a capital of USD 65 billion.

Source: eKapija

Market

TIGR: Tigar survives financial consolidation

Financial consolidation of Tigar is finally ended, Ljubisa Nestorovic, the president of Independed Serbian Unions said. As he explained Tigar signed agreements with 15 banks thus its accounts will not be under the blockade threats. At the same time the company reported that Serbia approved EUR 20m worth guaranties (62 months maturity) for refinancing and working capital needs of the company.

Source: Ekapija, Wisebroker

VZAS: Veterinary institute Subotica targets RSD 134m net gain in 2013 vs. RSD 433m net loss form 2012

Recently held GA approved proposal on net loss coverage from retained earnings (RSD 433m) and 2013 targeted were also presented. The company plans to post RSD 3.85bn in operating revenues which is the same is in 2012 while operating profit is targeted at RSD 157.7m (vs. RSD 424.6m in 2012). Net result is expected at RSD 134m profit vs. RSD 433m loss in a year ago (which arrived on the back of huge write off for receivables).

Source: Ekapija

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