Tržišne Informacije Pregled Stanja Na Svetskim
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MONTHLY REPORT Public Debt Stock and Structure March 2016
MONTHLY REPORT Public Debt Stock and Structure March 2016 www.ujd.gov.rs Bloomberg Page <RSMF> <GO> Belgrade, March 2016 # 48 Monthly report - March 2016 INTRODUCTION The monthly report of the PDA is the report presenting a The PDA Monthly Report is published aiming at the improvement of comprehensive analysis of the status, structure and dynamics of the the activites of the Republic of Serbia in the field of public debt through public debt of the Republic of Serbia, as well as the risk analysis its informative contents, in accordance with internationally related to the process of public debt management, aimed at raising the acknowledged standards and good business practice, as well as level of transparency and accurate and timely awareness of investors, enabling stakeholders to grasp public debt, being the field of the public state institutions and other entities interested in the public debt of the finance, in an easy and accurate manner, i.e. the activities and goals of Republic of Serbia. the PDA. INTRODUTORY WORD OF DIRECTOR Issuance program on domestic capital market represented the main funding source in 2015. Fiscal consolidation measures implemented by the Government provided a significant contribution to the stabilization of the public finance of the Republic of Serbia in 2015, having significant influence on the budget deficit reduction. We continued to reduce the borrowing costs on the domestic financial market, regarding the issued dinar and euro- denominated Government Securities, while the volume of the secondary market trading became considerably increased. In 2015 the Republic of Serbia achieved the largest volume of operations in terms of Government Securities on the domestic financial market amounting to 492.3bn dinars with a permanent decrease in the borrowing costs. -
Expat Capital – the Etf Provider for Cee Countries
Market data as of 21 May 2020 EXPAT CAPITAL – THE ETF PROVIDER FOR CEE COUNTRIES Expat Asset Management has created a family of exchange traded funds (ETFs) covering the equity markets in 11 countries in Central and Eastern Europe (CEE). Expat’s ETF products are unique market propositions providing country-specific exposure in the CEE region to international investors. Chart 1. Expat’s 11 ETFs on the Map of Europe Source: Expat Asset Management Table 1. The List of All ETFs Managed by Expat Asset Management CURRENCY No. COUNTRY FUND NAME INDEX EXPOSURE 1 Poland Expat Poland WIG20 UCITS ETF WIG20 PLN 2 Czech Republic Expat Czech PX UCITS ETF PX CZK 3 Slovakia Expat Slovakia SAX UCITS ETF SAX EUR 4 Hungary Expat Hungary BUX UCITS ETF BUX HUF 5 Slovenia Expat Slovenia SBI TOP UCITS ETF SBI TOP EUR 6 Croatia Expat Croatia CROBEX UCITS ETF CROBEX HRK 7 Serbia Expat Serbia BELEX15 UCITS ETF BELEX15 RSD 8 North Macedonia Expat Macedonia MBI10 UCITS ETF MBI10 MKD 9 Romania Expat Romania BET UCITS ETF BET RON 10 Bulgaria Expat Bulgaria SOFIX UCITS ETF SOFIX BGN 11 Greece Expat Greece ASE UCITS ETF ATHEX Composite EUR Source: Expat Asset Management Expat Capital Bulgaria, Sofia 1000, 96A G. S. Rakovski Str.; +359 2 980 1881; [email protected]; www.expat.bg 1 Market data as of 21 May 2020 Expat’s ETF products are designed to be major highways for capital flows to and from the equity markets of the CEE countries. They link the stock exchanges of those countries with the financial centres of London and Frankfurt, making it easy and cost-effective for international investors to take and liquidate an exposure to the specific countries in the region. -
Serbian Equities Daily
Tuesday, December 11, 2012 SERBIAN EQUITIES DAILY 700 9 Market Comment: Ninth consecutive positive session, this time with Belex 15 600 6 at +2.71%, BELEXline up 1.84%. Equity turnover at €272k, once again we witnessed a higher activity on 500 3 bonds which traded in the amount of €1.0m. SJPT traded 26k shares, which amounted to two thirds of the equity trading. 400 0 10/12/2011 10/04/2012 10/08/2012 10/12/2012 Volume (€ m) BELEX15 BELEX15 Value 506.09 Daily Change% 2.71% YTD Change 7.04 YTD Change% 1.41% BELEXline Value 960.03 Daily Change% 1.84% YTD Change -17.16 YTD Change% -1.76% Market info MCap (€ bn) 6.7 MCap / GDP2011e 24% 2012e P/E* 5.8 2012e P/B* 0.7 2012e P/S* 0.8 Av. Daily Vol.YTD (€m) 0.7 *multiples refer to EFG Brokerage Universe FX rates YTD chg. EUR / RSD 114.1082 9.0% USD / RSD 88.0329 8.9% EUR / USD 1.2962 0.2% Eurobank EFG Brokerage 1 Tuesday, December 11, 2012 SERBIAN EQUITIES DAILY Daily activity Most Traded Stocks Daily turnover RSD 146,079,405 Symbol Closing Price Turnover (RSD) Daily turnover EUR 1,282,048 SJPT 730 19,560,350 Shares participation (%) 21.20% NIIS 732 5,291,544 Bonds participation (%) 78.80% IMLK 3,198 2,548,785 FIS 12.97% AERO 428 1,539,275 FIB 0.00% AIKB 1,694 313,381 Top Gainers Company Symbol Closing price Change Energoprojekt Visokogradnja EPVI 320 12.28% Soja protein a.d. -
Belgrade Stock Exchange
Belgrade Stock Exchange 24 April, 2013 D A I L Y O V E R V I E W • Brokerage • Analisys and Reasearch • Mergers and Aqusitions • Corporate servises • Investment consulting • Belex15 Index BelexLine Index Volume Leaders Turnover, m Turnover, m Index Ticker Price % Turnover (RSD) Volume Index 120 1,110 NIIS 982 -0.8% 22,771,604 23,221 120 595 GMON 3,048 -0.7% 7,089,188 2,326 590 100 1,100 100 ENHL 727 1.8% 2,959,775 4,072 585 1,090 AIKB 1,560 0.0% 2,497,560 1,601 80 580 80 1,080 DVCA 290 0.0% 1,307,030 4,507 575 60 60 570 1,070 Gainers 40 565 40 1,060 Ticker Price % Turnover (RSD) Volume 560 LKDN 1,980 20.0% 11,880 6 20 20 1,050 555 MOIN 7,952 15.6% 262,400 33 0 550 0 1,040 NFTA 13,500 12.5% 445,500 33 22-Mar-13 01-Apr-13 11-Apr-13 21-Apr-13 21-Mar-13 31-Mar-13 10-Apr-13 20-Apr-13 SJPT 690 5.8% 361,332 524 Current Index Level 572.15 Current Index Level 1,077.52 ENHL 727 1.8% 2,959,775 4,072 Daily Return 0.01% Daily Return -0.08% Weekly Return -0.28% Weekly Return -0.10% Fallers Monthly Return 0.05% Monthly Return 0.47% Ticker Price % Turnover (RSD) Volume YTD 9.21% YTD 7.16% UNBN 650 -18.8% 35,750 55 52-Week-Return 15.29% 52-Week-Return 10.39% PLTK 15 -16.7% 4,500 300 52-Week-High 586.90 52-Week-High 1,099.21 BIPB 38 -11.6% 15,010 395 52-Week-Low 426.80 52-Week-Low 857.00 ZPKG 11,000 -8.3% 99,000 9 Daily Turnover 36,715,132 Daily Turnover 37,630,283 DNOS 605 -5.5% 20,560 34 3M Daily Average Turnover 49,236,061 3M Daily Average Turnover 54,032,714 YTD Daily Average Turnover 47,093,193 YTD Daily Average Turnover 52,246,019 Belex15 Index Constituents Cap. -
Do Serbian Companies Provide Relevant Disclosures About Goodwill?
ECONOMIC THEMES (2018) 56(1): 127-138 DOI 10.2478/ethemes-2018-0008 DO SERBIAN COMPANIES PROVIDE RELEVANT DISCLOSURES ABOUT GOODWILL? Dejan Spasić University of Niš, Faculty of Economics, Republic of Serbia [email protected] UDC Abstract: IFRS 3 have been adopted to increase the relevance of 657 information on business combinations. Consequently, it is expected that information on goodwill will contribute to that goal. By analysing Original the sample of the most important companies in the Republic of Serbia, scientific this paper identifies several key areas of disclosure regarding paper recognition, initial recognition, and subsequent measurement of goodwill. All companies listed on the Belgrade Stock Exchange (BSE) which prepare consolidated financial statements are taken for the sample. In addition, the paper includes selected non-listed companies (that are most important for the Serbian economy according to the criteria of revenue, number of employees, and the share in the total GDP) in the sample. The final sample consists of 156 consolidated financial statements of 43 groups in the analysed four-year period (2013-2016). Descriptive statistic is used. The author found a low level of disclosure, which is further accompanied by misapplication of IFRS. Received: Keywords: Goodwill, IFRS, relevance, disclosures, impairment test, 05.03.2018 impairment loss, amortisation Accepted: JEL classification: M41, G32, G34 27.03.2018 1. Introduction In the modern business environment intangible assets (including goodwill) play an important role. Nevertheless, the interest to interpret the essence of goodwill and its accounting scope has existed for over a hundred years. In this regard, Brunovs and Kirsch (1991) state that Hughes, in his 1982 study, identified trade and legal guidelines regarding goodwill much earlier, in 1417. -
Serbia Economy Briefing: Privatization of the Largest Serbian State-Owned Bank IIPE
ISSN: 2560-1601 Vol. 27, No. 2 (RS) March 2020 Serbia economy briefing: Privatization of the largest Serbian state-owned bank IIPE 1052 Budapest Petőfi Sándor utca 11. +36 1 5858 690 Kiadó: Kína-KKE Intézet Nonprofit Kft. [email protected] Szerkesztésért felelős személy: CHen Xin Kiadásért felelős személy: Huang Ping china-cee.eu 2017/01 Privatization of the largest Serbian state-owned bank Abstract Serbia has sold its largest state-owned bank - Komercijalna banka. After almost a year of waiting, a strategic partner for Komercijalna banka was found. It is a Slovenian NLB bank, which already has a subsidiary bank in Serbia. A price for 83,23 percent of ownership was 387 million euros. “On 26 February 2020, Nova Ljubljanska banka (NLB bank) entered into a share purchase agreement (“SPA”) with the Republic of Serbia for the acquisition of an 83.23% ordinary shareholding in Komercijalna Banka a.d. Beograd. The closing of the transaction is expected in Q4 2020 and is subject to mandatory regulatory approvals from, amongst others, the European Central Bank, Bank of Slovenia and the National Bank of Serbia”. This notice was issued by NLB Bank announcing that the Komercijalna Banka purchase transaction has finally been completed. The purchase contract has been signed, the payment of the agreed amount remains. After obtaining the regulator's approval, the final acquisition will follow. As it was said in NLB Bank, the consideration for the 83.23% shareholding amounts to 387 million euros will be payable in cash on completion. Serbian Ministry of Finance expects that the transaction will be completed within the period of five to nine months, upon the signing of the Agreement. -
143 Belgrade Stock Exchange
EKONOMSKI HORIZONTI, 2011, 13, (1) str. 143-154 Stru čni članak 336.761(497.11) ∗ Jelena Purić BELGRADE STOCK EXCHANGE: Post-Crisis Economy- lessons and possibillites Abstract: The first ideas about establishing an organization the purpose of which would be to control the money minimum appeared during the 30es of the 19 th century in Serbia. Since then many laws have been made, many meetings have been held and as many reforms have been carried out. The last decade is considered to be the turning point in the development of the Belgrade stock exchange. Namely, there has been an improvement of the development of the trading systems; the cooperation with other developed stock exchange markets in the neighbouring countries has been intensified, the first index of the BelexFm has been made and the improvement of the cooperation with the improvement of the relationship with the entities who issue securities and bonds, which lead to the first listing of shares. Key words : stock exchange, prime market, turnover, indexes JEL Classification: G20 INTRODUCTION Stock market is a place where authorized persons trade in standardized goods according to established rules. In all its complexity and diversity the stock market did not emerge as a product of pre-planned actions. It was created primarily as a result of a series of spontaneous and accidental circumstances, at a time when business scale of the traders grows over their individual abilities and directs them toward each other to jointly promote business in all aspects of mediation. As the original mediative circle formed the basic forms of future organizations, thus spontaneity constricted in further act, and to the extent necessary to develop the organization of stock exchange activity in order to meet the challenges of the changing environment. -
Mesečni Izveštaj / Monthly Report Decembar 2019. Indeksi / Indices
MESEČNI PROMET / MONTHLY TURNOVER Promet RSD / Promena % / Promet EUR / Promena % / Broj transakcija / TRŽIŠNI SEGMENT / MARKET SEGMENT Turnover RSD % Change (RSD)* Turnover EUR % Change (EUR)* No of Transactions PRIME LISTING-akcije 94,109,931 -16.79% 800,673 -16.80% 1,413 PRIME LISTING-obveznice Republike Srbije 9,635,318,713 +1,087.86% 81,985,441 +1,087.94% 21 STANDARD LISTING-akcije 110,045,894 -99.57% 936,131 -99.57% 173 OPEN MARKET—akcije 23,568,588 -99.16% 200,519 -99.16% 292 MTP—akcije 43,301,493 -85.49% 368,424 -85.49% 323 * mesečna promena / * monthly change Promet RSD / Promena % / Promet EUR / Promena % / Broj transakcija / METODE TRGOVANJA / TRADING METHODS Turnover RSD % Change (RSD)* Turnover EUR % Change (EUR)* No of Transactions Kontinuirano trgovanje / Continuous trading method 9,887,058,619 +138.83% 84,127,089 +138.75% 2,218 Blok trgovanja / Block trading 19,286,000 -99.92% 164,099 -99.92% 4 Ukupno / Total 9,906,344,619 -66.63% 84,291,188 -66.62% 2,222 * mesečna promena / * monthly change Učešće u ukupnom Učešće u ukupnom broju Učešće u prometu Učešće u broju STRUKTURA TRGOVANJA / prometu / Total transakcija / Total No. Of akcijama / Turnover - transakcija akcijama / TRADING STRUCTURE Turnover Trades Shares No of Trades - Shares Regulisano tržište / Regulated Market 99.56% 85.46% 84.02% 85.32% MTP 0.44% 14.54% 15.98% 14.68% METODE TRGOVANJA / TRADING METHODS Kontinuirano trgovanje / Continuous trading 99.81% 99.82% 92.88% 99.82% Blok trgovanja / Block trading 0.19% 0.18% 7.12% 0.18% VRSTE HOV / SECURITY TYPE Akcije / Shares 2.74% 99.05% - - Obveznice Republike Srbije / RS Bonds 97.26% 0.95% - - Korporativne obveznice / Corporate Bonds 0.00% 0.00% - - INDEKSI / INDICES BELEX15 2.09% 71.33% 76.26% 72.01% BELEXline 2.36% 85.87% 86.40% 86.69% PROMET U PRETHODNIH 12 MESECI / TURNOVER IN PREVIOUS 12 MONTHS Regulisano / Regulated Br. -
Komercijalna Banka Privatisation Makes Room for US Soft Influence in Serbia Bne^INTELLINEWS
Received by NSD/FARA Registration Unit 03/13/2020 11:45:00 AM 3/13/2020 bne IntelliNews - Komercijalna banka privatisation makes room for US soft influence in Serbia bne^INTELLINEWS Komercijalna banka privatisation makes room for US soft influence in Serbia w S/S//^'r . i The Serbian government has agreed to sell Komercijalna banka to Slovenian Nova Ljubljanska banka (NLB), which is controlled by Bank of New York Mellon. By Ivana Jovanovic in San Antonio March 5, 2020 After of years of hesitating to privatise its largest state-owned bank, Komercijalna banka, Serbia reached a deal to sell it to Slovenian Nova Ljubljanska banka (NLB), which is controlled by Bank of New York Mellon. The acquisition was announced in late February, just two months prior to Serbia’s April parliamentary elections and a few days prior to the country’s President Aleksandar Vucic's trip to Washington for the American Israel Public Affairs Committee (AIPAC). https://intellmews.com/komercijalna-banka-privatisation-makes-room-for-us-soft-influence-m-serbia-17788 l/?source=slovenia 1/8 Received by NSD/FARA Registration Unit 03/13/2020 11:45:00 AM Received by NSD/FARA Registration Unit 03/13/2020 11:45:00 AM 3/13/2020 bne IntelliNews - Komercijalna banka privatisation makes room for US soft influence in Serbia The presence of Slovenian capital is not new in Serbia due to numerous similarities in working culture and mentality between the two countries, yet NLB’s purchase of Komercijalna banka still came as a surprise to many within Serbia. What makes this step news is the fact that NLB is partially in the hands of a US company and thus indirectly puts Komercijalna banka in the same position. -
Monthly Report
November 2013 Monthly Report Republic of Serbia Ministry of Finance Public Debt Administration Belgrade 2013, # 20 www.publicdebt.gov.rs Bloomberg Page <RSMF> <GO> Monthly report – November 2013 2012 2012 Content INTRODUCTION ....................................................................................................................... 2 INTRODUTORY WORD ............................................................................................................ 2 OF THE DIRECTOR .................................................................................................................. 2 ORGANIZATION AND COMPETENCES ................................................................................. 4 STRATEGIC GUIDELINES ....................................................................................................... 5 LAW ON BUDGET, EXECUTION OF THE BUDGET ............................................................. 6 OF THE REPUBLIC OF SERBIA FOR THE YEAR 2013 ......................................................... 6 GOVERNMENT SECURITIES ON DOMESTIC MARKET – INTERNAL PUBLIC DEBT ...... 7 INTERNAL PUBLIC DEBT ANALYSIS ................................................................................... 12 EXTERNAL PUBLIC DEBT – ISSUED GOVERNMENT SECURITIES ................................. 15 EXTERNAL DEBT ANALYSIS ................................................................................................. 20 PUBLIC DEBT ANALYSIS ...................................................................................................... -
Dnevni Izveštaj 0 2 . O K T O B a R 2012
Dnevni izveštaj 0 2 . o k t o b a r 2012 PREGLED AKTIVNOSTI NA BEOGRADSKOJ BERZI KALENDAR DEŠAVANJA 5. oktobar Indeks najlikvidnijih akcija BELEX15 je umanjen za 0,3% u odnosu na jučerašnje trgovanje, Uprava za trezor: Aukcija 6-m zapisa 9. oktobar dok je kompozitni indeks BELEXline ostao na praktično nepromenjenoj vrednosti. Akcije NBS: Sednica Izvršnog odbora kompanija TE-TO (20%) i Impol Seval (7,5%) su zabeležile najveći rast, dok su najveći pad 11. oktobar zabeležile akcije kompanija Galenika fitofarmacija (-7,8%) i BB Minaqua (-4,2%). NIS je bila Uprava za trezor: Aukcija 3-m zapisa najaktivnija akcija na trgovanju sa prometom od 3,8 miliona dinara. Učešće inostranih 12. oktobar investitora u trgovanju akcijama iznosilo je 23,4%. Zavod za statistiku: Inflacija (septembar) KORPORATIVNE VESTI BELEXline NAFTNA INDUSTRIJA SRBIJE <NIIS SG Equity> 700 1,500 Cena: RSD 620 Tržišna kap.; RSD 101.097m YTD: 2,5% Prosečan 3m promet; RSD 5,5m 600 1,400 500 1,300 Vlada planira povećanje rudne rente za eksploataciju nafte i gasa Ministar rudarstva Milan Bačević je izjavio da vlada priprema predlog novog zakona o 400 1,200 rudarstvu za novembar koji bi predviđao povećanje rudne rente za eksploataciju nafte i gasa. 300 1,100 Trenutno, prema međudržavnom ugovoru između Srbije i Rusije, NIS plaća rudnu rentu u 200 1,000 iznosu od 3% do završetka projekta modernizacije rafinerije u Pančevu. U prvoj polovini 100 900 godine, troškovi NIS-a za rudnu rentu su iznosili 1,4 milijardi dinara, dok je u 2011. i 2010. 0 800 Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep godini ovaj porez iznosio 2,1 milijardu i 1,4 milijardi dinara, respektivno. -
Market Comment
Monday, February 25, 2013 th nd SERBIAN EQUITIES WEEKLY February 18 – 22 , 2013 BELEX 15 Friday Closing Value 557.73 Market Comment: Weekly Change 0.77% Change 30 days -0.11% BSE indices remained in green last week, albeit again Change YTD 6.46% with modest gains (BELEX15 at +0.77%, BELEXline at History High 3,335.20 +0.56%). They are up 6.46% and 4.30% YTD, History Low 347.46 respectively. 600 Equity turnover stood at €2.3m, two thirds of the previous week’s result. Bonds liquidity tripled WoW, but still 550 BELEX 15 remained pretty insignificant (at €123k). 500 450 NIS (NIIS) was by far the most popular stock for the 400 week, having generated more than half of the total traded volume. Following on the “top traded stocks” list were Sojaprotein (SJPT), Komercijalna Banka (KMBN), Imlek (IMLK) and Aerodrom Nikola Tesla (AERO). BELEX line Friday Closing Value 1,048.79 We do not expect to see any major shakeups on the Weekly Change 0.56% Serbian market this week. Change 30 days 0.25% Change YTD 4.30% History High 5,007.34 History Low 841.99 1,200 1,100 BELEX line 1,000 900 800 1 Monday, February 25, 2013 th nd SERBIAN EQUITIES WEEKLY February 18 – 22 , 2013 Current Week Previous Week Change Total Traded Value in EUR 2,414,935 3,506,199 -31.12% Traded Value Shares in EUR 2,291,803 3,465,062 -33.86% Traded Value Bonds in EUR 123,132 41,137 199.32% PARTICIPATION OF SHARES AND BONDS IN LAST WEEK’S TRADING Bonds: 5.1% FOREIGN INVESTMENTS Shares: Current Week Previous Week 94.9% FIT 60.88% 49.82% FIS 63.25% 50.28% FIB 16.73% 10.97% 2 Monday, February 25, 2013 th nd SERBIAN EQUITIES WEEKLY February 18 – 22 , 2013 Last Week’s Trading of the Most Liquid BSE Companies 3 Monday, February 25, 2013 th nd SERBIAN EQUITIES WEEKLY February 18 – 22 , 2013 4 Monday, February 25, 2013 th nd SERBIAN EQUITIES WEEKLY February 18 – 22 , 2013 Economy and Business News Economy: State 7-year Eur-bonds sold at 5.15% At the auction held last some 10 days ago, $1.5bn worth of Serbia’s Eur-bonds was successfully sold, with an oversubscription of around 200%.