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Novi zajmovi skuplji od starih
Krediti za refinansiranje nisu tako povoljni, kako ih banke reklamiraju, prenosi internet portal Kamatica.com. Iako ove zajmove banke javno promovišu kao pomoć građanima koji nisu u mogućnosti da prate mesečnu otplatu kredita, često se iza „dobrih namera“ kriju njihovi ciljevi povećanja profita.

Česta ponuda banaka da kredite u otplati do 24 meseca refinansiraju kreditom sa rokom otplate 60 meseci. Klijenti najčešće ne dobiju potpune informacije o promenama kredita pri refinansiranju i poneseni smanjenjem mesečne rate za 15-35 odsto pristaju na nov zajam. Nije retkost ni to da se onda dodatno zaduže. Posmatrajući celokupni period otplate, banka refinansiranjem kredita najčešće zaradi od 20 do 40 odsto više nego na kreditu koji je predmet refinansiranja.
Može se za primer uzeti gotovinski kredit od 5.000 evra uz period otplate na dve godine i kamatnu stopu od 17 odsto koja je karakteristična za kraj 2007. i početak 2008. godine. Mesečna rata u ovom slučaju je 244 evra.
I naravno, banka zbog rizičnosti na tržištu u međuvremenu povećava kamatu, a klijent ne može više da ga otplaćuje, opet zbog krize, i traži zajam za refinansiranje.
Banka, međutim, neće refinansirati kredit po istoj kamati već će iskoristiti mogućnost da produži period otplate kredita na 60 meseci. Tako će kamata biti povećana na 29 odsto, što je karakteristična kamatna stopa za gotovinske kredite danas. Ostali uslovi će ostati isti. I zaista, mesečna rata će biti smanjena na 149 evra, što će korisniku kredita biti i više nego dovoljan razlog da istu ponudu prihvati.
Ali umesto da plati ukupnu kamatu od 865 evra za dve godine korišćenja, korisnik će platiti 3.935 evra na ime kamate tokom perioda korišćenja od pet godina. Da je kredit refinansiran po istoj kamatnoj stopi po kojoj je i odobren, mesečna rata bi bila 121 evro i ukupna otplata kamate za pet godina korišćenja 2.264 evra.

O čemu treba voditi računa
Produženje roka otplate znači i veću ukupnu kamatu, a refinansiranje zajma znači i veću kamatnu stopu na novi kredit, pa je ovo neophodno imati u vidu pri donošenju konačne odluke o refinansiranju.
Sem toga, vrlo je važno dobro pročitati sve klauzule ugovora. Svaku promenu, a u odnosu na prethodni ugovor o kreditu dobro proučite, kako biste izbegli različite probleme koji su bili karakteristični za mnoge ranije odobrene gotovinske kredite. Vrlo je bitno da svaku klauzulu razumete i imajte u vidu da, ako vam neki deo ugovora nije jasan, imate pravo da dobijete objašnjenje od službenika banke.


Bogatašima veći porez na imovinu
Od januara iduće godine cela Srbija plaćaće porez na imovinu jer će svi vlasnici biti u evidenciji. I kako je oduvek trebalo da bude, oni koji imaju vile, plaćaće najviše. Država neće praštati do 70 odsto vrednosti nekretnine, kako je to trenutno, pa su mnogi koji imaju basnoslovno bogatstvo plaćali više nego smešan porez.

Kako saznaje „Blic“ u radnoj grupi koja priprema izmene zakona, novine će zaboleti pre svega one koji imaju nekretnine i zemljište velike vrednosti, mada i mnoge druge, s obzirom na to da skoro pola Srbije ovaj porez ne plaća. Svi ostali dobijali su u odnosu na evropski prosek i način računanja ovog nameta, „smešna“ rešenja za plaćanje s obzirom da je na primer, kvadrat stana po kome se obračunavala poreska osnovica u centralnoj beogradskoj opštini Vračar računat na oko 80.000 dinara. U „realnom životu“, on se prodaje i po 2.500 evra.
- Do sada je podnošenje poreske prijave bilo dobrovoljno, a oni koji je nisu dostavljali nisu ni snosili sankcije. Uz to, često bi bila prijavljena kuća od 100 kvadrata, a u međuvremenu podignuta još tri sprata koja nisu prijavljena. Svi će biti popisani, a ko to ne učini Poreska uprava će dobiti ovlašćenja da sama odredi poresku osnovicu - kaže „Blicov“ izvor iz Radne grupe.
Poreska osnovica biće veća zbog toga što će se sada plaćati i porez na korišćenje gradskog građevinskog zemljišta i na parcele manje od 10 ari. A zna se da osam ari na Vračaru može da ide do dva miliona evra.
Takođe, svi koji imaju dotrajale kućerke na atraktivnim lokacijama državi će plaćati porez na osnovu stepena moguće izgrađenosti. Tako je svuda u svetu. - Sve će to uticati na tržišnu vrednost od koje se počinje u obračunu. Naime, poreska osnovica biće računata na osnovu površine imovine, zone, stepena dozvoljene izgrađenosti i komunalne opremljenosti - objašnjava naš sagovornik.
Interesantno je da Poreska uprava u ovom trenutku ima prilično tačne podatke o tržišnim vrednostima i to preko plaćanja poreza na prenos apsolutnih prava koji se zaračunava prilikom prodaje, odnosno kupovine stana. To je, između ostalog, najprecizniji način da se odredi koliko šta košta. - Tako će oni koji imaju nekretninu ili zemljište koje više vredi i platiti više - tvrdi član Radne grupe.
Uz opasku da su sve to predlozi, mada skoro privedeni kraju, naš sagovornik dodaje da će najverovatnije i pravo zakupa biti oporezovano. U Srbiji je to mahom iznajmljivanje na 99 godina na šta državi po ovom osnovu nije plaćan ni dinar.
Konačno, ono što je na domaćem terenu bilo pre svega nepravedno, a potom i mimo prakse razvijenog sveta, jesu takozvani poreski krediti, odnosno mogućnost umanjena poreske osnovice po osnovu članova domaćinstva. Sada je to do 70 odsto od procenjene tržišne vrednosti pa oni koji, na primer, imaju vilu od milion evra, na osnovu života u nekretnini od države dobijaju oprost čak 700.000 evra. Naime, porez im se računa na svega 300.000 evra. To je u domaćem zakonu najveća nelogičnost koja bi trebalo da bude ispravljena tako što će poreski kredit biti u apsolutnom iznosu od 30.000 evra. Kako valja i dolikuje, onaj koji ima imovinu vrednu 70.000 evra dobiće značajno oslobođenje od 30.000 i platiće mnogo manje, dok će vlasnik vile platiti porez na 970.000 evra.
Tu nije kraj smanjivanju poreske osnovice bez ikakve selekcije. Ona se smanjivala i na osnovu godina starosti nekretnine po svaku godinu za 1,5 odsto, a maksimalno do 70 odsto. Novim zakonom prilikom amortizacije uzeće se u obzir i zona.
- Plan je da se amortizacija smanji i učini realnijom jer stvari na terenu nisu ni blizu onoga što se obračunava i kako oni koji poseduju goleme stanove po centrima plaćaju - navodi naš sagovornik.
Valja istaći da je prihod od ovog poreza isključivo dodatak na budžete lokalnih samouprava od kojih se finansira izgradnja puteva, parkova i svakog drugog javnog dobra. Posle uvođenja svih u evidenciju i plaćanja poreza skladno guberu, procene su da će kase u opštinama narasti po osnovu ovog poreza skoro duplo više. Inače se, kako tvrdi naš sagovornik, na najvišim nivoima vlasti nije pričalo o izmenama zakona koji je u najvećem delu dogovoren, ali se procenjuje da nema razloga da se ova stvar stopira budući da će novi dokument uvesti prvo poresku pravdu, a onda i disciplinu.

Za nelegalne objekte duplo veći izdaci
Od 1. januara 2011. godine neće se plaćati naknada za gradsko građevinsko zemljište pošto će ono svakako biti oporezovano. Ovaj datum je u isto vreme krajnji rok za legalizaciju po povoljnim uslovima koji su sada omogućeni. Ko, međutim, do tada ne legalizuje bespravno podignute objekte, platiće duplo veći porez, saznaje „Blic“.

Plaćanje na rate
Sagovornik „Blica“ iz radne grupe kaže da će najsiromašniji građani biti zaštićeni velikog „poskupljenja“ tako što je predviđeno da poreska obaveza ne može dogodine biti više nego duplo veća. To znači da oni koji su do sada plaćali 1.000 dinara, a novim rešenjem im je zaračunat porez od 12.000, u narednoj godini će platiti 2.000, a 2011. godine 4.000 dinara. Već naredne 8.000 i tako redom. Zato, najverovatnije neće biti oslobođenja koje sada važi za smanjivanje poreske obaveze i do 75 odsto za starije od 65 godina koji žive sami u stanu manjem od 65 kvadrata.

Ključne izmene
-svi vlasnici imovine biće popisani
-plaćaće se i porez na korišćenje gradskog građevinskog
zemljišta manjeg od 10 ari
-tržišna vrednost računaće se na osnovu površine, zone,
stepena moguće izgrađenosti i stepena komunalne opremljenosti
-uvodi se fiksni iznos oslobođenja od 30.000 evra
-smanjiće se i moguće oslobođenje za starost nekretnine


Trampom kredita, zajam 4,5 puta skuplji
Zamenom zajma, odnosno refinansiranjem, mesečna rata se prepolovljuje, ali se produženjem roka otplate ukupna cena povećava

Građani koji poslednjih nekoliko meseci iz dugova pokušavaju da isplivaju tako što stare kredite menjaju novim, odnosno pojas za spasavanje traže u takozvanom refinansiranju, izlažu se riziku da zbog produženog roka otplate na kraju plate čak četiri i po puta veću kamatu. Ukoliko, na primer, klijent stari zajam sa periodom otplate na dve godine zameni novim kreditom koji mora da vrati za pet godina, mesečna rata može da bude i dva puta niža. Međutim, po sistemu „ko ne plati na mostu, plati na ćupriji”, novim modelom vraćanja zajma posle pet godina ukupna kamata može da bude i 4,5 puta veća, jer bankari obično povećaju kamatu na novi zajam.

Čak i u slučaju da kamata ostane nepromenjena posle pet godina, klijent koji je stari zajam zamenio novim na kraju će platiti 2,5 puta veći iznos od prvobitnog.

Na ovu upozoravajuću računicu tačku su stavili stručnjaci sa ekonomskog portala „Kamatica”. Oni objašnjavaju da je poseban polet ovakvim kreditima dala odluka Narodne banke Srbije da ukine vremensko ograničenje na ovakve kratkoročne gotovinske zajmove.

– Iakovećina poslovnih banaka kredite za refinansiranje javno definišekao pomoć građanima koji nisu u mogućnosti da prate mesečnu ratu, često se iza tih „dobrih namera” krijuvlastiti ciljevi povećanja profitabilnosti – uvereni su kreatori te računice.

Vrlo je česta ponuda banaka da kredite u otplati do 24 meseca bankari menjajukreditom sa rokom otplate na 60 meseci. Klijenti u tim situacijamane dobijajupotpune informacije o rizicima i poneseni smanjenjem mesečne rate za 15 do čak 35 odstopristaju na nov kredit. Uz to često dobiju i dodatni gotov novac (dodatno se zaduže) kako bi maksimalno iskoristili mogućnost kreditnog zaduživanja, objašnjavaju iz „Kamatice”.

Računica poslovne banke u ovom slučaju je sledeća: mesečna rata ne smanjuje se smanjenjem kamate, već produženjem roka otplate. Tako da umesto da se zadrži ista kamatna stopa i na taj način klijentu olakša otplata smanjenjem mesečne rate od 50 odsto, najčešće se povećava kamatna stopa, smanjuje mesečna otplata za 15 do 35 odstoi produžava rok otplate. Posmatrajući celokupni period otplate,poslovna banka refinansiranjem kredita zaradi 20 do 40 odsto više nego na kreditu koji je predmet refinansiranja, tvrde stručnjaci sa ovog internet portala.

Kod gotovinskog kredita od, na primer, 5.000 evra (uz period otplate na dve godine sa kamatom od 17 odsto) mesečna rata iznosi 244 evra. U slučaju da klijent odluči da ovaj stari kredit zameni novim sa produženim rokom otplate na pet godina, mesečna rata će biti 149 što je bezmalo 100 evra manje nego kod starog zajma. Međutim, bankari će iskoristiti duži rok otplate i mesečnu kamatu sa 17 povećati na 29 odsto, tako da će umesto da na ime kamate klijent plati 865 evra na kraju iskeširati čak 3.935 evra. Čak i da je mušterija nastavila da kredit vraća po staroj kamati, posle pet godina bi na šalteru ostavila 2.264 evra.


"Impol Seval" će ispuniti plan
Sevojno -- Valjaonica aluminijuma Sevojno ispuniće do kraja godine planiranu proizvodnju od 61.900 tona aluminijuma, što je dva odsto manje od prošogodišnje.

Direktor te kompanije Ninko Tešić kaže da se fabrika na početku ove godine suočila sa smanjenom potražnjom njenih proizvoda od 22 odsto i da je "Impol Seval" među prvim preduzećima u Srbiji osetio svetsku ekonomsku krizu na koju je pravovremeno delovano programom mera.

Tešić je rekao da je fabrika i pored krize uspela da uloži više od tri miliona evra u opremanje pogona livnice za proizvodnju trupaca za presovanje, nabavku krana, modernizaciju peći i druge investicije.

U Valjaonici aluminijuma Sevojno trenutno radi 706 radnika, nije bilo otpuštanja već su primljena 34 radnika, a prosečna zarada iznosi 39.741 dinara.

Fabrika najviše izvozi u Italiju i Nemačku, a od početka tenderske privatizacije kada je valjaonicu preuzeo Impol iz Slovenske Bistrice u nju je uloženo 40 miliona evra.


Erste grupa optimistično o Srbiji
Beograd -- Srbija je profitirala od aranžmana sa Međunarodnim monetarnim fondom, ocenjuju analitičari austrijske Erste grupe u novom makroekonomskom izveštaju o Srbiji.

Aranžman sa Fondom omogućio je Srbiji da prebrodi teškoće u četvrtom kvartalu prošle i prvom tromesečju ove godine, navodi se u izveštaju i dodaje da je spoljnu stabilnost podržala i Bečka inicijativa.

Podsećanja radi, Bečkom incijativom banke koje posluju u Srbiji obavezale su se da tokom ove i sledeće godine zadrže nivo plasmana u Srbiji na nivou s kraja prošle godine.

"Nakon svega, možemo reći da se kurs stabilizovao, da nema većih problema sa odlivom kapitala i da je ukupna neizvesnost opala", istakao je analitičar Erste grupe Alen Kovač.

Pad privrednih aktivnosti Srbije u tekućoj godini Erste procenjuje na četiri do 4,5 odsto, što je za pola do jednog procenta manje od prethodno prognoziranog. Tempo oporavka privrednog rasta zavisiće od jačanja tražnje u inostranstvu i oživljavanja kreditne aktivnosti, navodi se u izveštaju.

Perspektive inflacije u Srbiji analitičari Erste grupe vide kao relativno pozitivne. Oni predviđaju da će na kraju godine inflacija biti osam odsto odnosno na sredini od strane Narodne banke Srbije (NBS) ciljanog raspona od šest do deset odsto.

Kao jedan od rizika za inflaciju u izveštaju se navodi neuspeh u kontroli rashoda.

Kada je o deviznom kursu reč, Erste grupa je ostala pri ranijoj prognozi tako da i za naredne kvartale predvidja da će se kretati između 90 i 100 dinara za evro.


Water Bottler BB Minaqua Sees H2 Sales at 808 Mln Dinars (8.7 Mln Euro)

Serbian water bottling company BB Minaqua said it plans to generate sales of 808.2 million dinars ($13 million/8.7 million euro) in the second half of 2009.

Mineral water output is expected to total 68,129,000 litres in the second half of 2009 while production of soft drinks is seen at 2,260,500 litres, BB Minaqua said in a filing with the Belgrade bourse.

The company provided no comparative figures.

In 2008, BB Minaqua posted operating revenue of 1.6 billion dinars.

The company also said it plans to invest around 250,000 euro ($375,900) of own funds in the purchase of new equipment in the six months through December 2009.

Novi Sad-based BB Minaqua is 73.4%-owned by local company Pandam NS.

Other major bottled water brands on the Serbian market include Heba, Voda Vrnjci, Knjaz Milos, owned by UK-based investment fund Salford Capital Partners, Karadjordje, bottled by Palanacki Kiseljak, owned by Slovenia's Droga Kolinska, and Rosa, owned by Coca-Cola Hellenic Bottling company.

BB Minaqua shares were last traded on the bourse on September 16, closing unchanged at 9,500 dinars.



AIK Banka 9-mo Pre-tax Profit Falls 28%
Serbian blue chip AIK Banka's pre-tax profit fell to 3.0 billion dinars ($48 million/32 million euro) in the first nine months of 2009 from 4.2 billion dinars a year earlier, figures from Serbias’s central bank showed.

AIK Banka ranked the seventh largest bank in Serbia with total assets of 93.3 billion dinars at the end of September, central bank statistics indicated.

There were 34 banks active in Serbia in the first nine months of the year. The top three by assets were Belgrade-based Banca Intesa, part of Italian banking group Intesa Sanpaolo, Komercijalna banka, and Raiffeisen Banka.


Details of AIK Banka's performance in the January-September period follow (in millions of dinars):

Jan-Sept'09 Jan-Sept'08
Pre-tax profit 3,001 4,193
Net interest income 4,420 4,863
Net income from commissions and fees 447 1,393
Other operating income 68 68


Komercijalna Banka 9-mo Pre-tax Profit Drops 42%

Serbian blue chip Komercijalna Banka said its pre-tax profit fell to 1.2 billion dinars ($19 million/13 million euro) in the first nine months of the year from 2.1 billion dinars a year earlier.

Details of Komercijalna Banka's January-September financial statement sent to the central bank follow (in millions of dinars):


End-Sept'09 End-Sept'08
Pre-tax profit 1,193 2,067
Net interest income 4,502 4,464
Net income from commissions and fees 2,475 2,225
Other operating income 152 117


Komercijalna Banka ranks as Serbia’s second largest bank by assets, which totalled 195 billion dinars at the end of September, data from the country’s central bank showed on Tuesday. The Belgrade-based Banca Intesa, part of Italian banking group Intesa Sanpaolo, ranked first among the 34 lenders active in Serbia through September.

Komercijalna Banka added 0.02% to 36,036 dinars on the Belgrade Stock exchange on Tuesday as 11 shares changed hands.



British American Tobacco's Serbian Unit Sees Turnover Flat at 120 Mln Euro in 2009, 2010

British American Tobacco (BAT) expects the turnover of its Serbian unit to remain little changed at 120 million euro ($178.6 million) in each of 2009 and 2010 after the economic crisis dented sales by around 5.0% so far this year.

“We sell about four billion sticks a year. We felt a sale drop by about 5.0%. Consumption has dropped as a result of the crisis, people have less money,” the former general manager of BAT East balkans, Luiz Augusto Heeren, told SeeNews in an interview last week. He officially stepped down on October 1 and was replaced by Kristian Kornerup.

“The sale of cigarettes is related to the availability of money and the purchasing power. [....] So, when a crisis hits, smokers tend to switch to cheaper cigarettes or slow down the quantity of smokes,” Heeren said, adding that output will also be flat next year.

BAT has not posted a profit in Serbia since entering the Balkan country's market in 2003 because cigarette prices in Serbia are the lowest in the region, Heeren said. The average price of a pack of cigarettes in Serbia is 80 dinars, equivalent to 86 eurocents under the current dinar/euro exchange rate, while in neighbouring Romania and Bulgaria the price is about 1.30 euro.

Around half of Serbia’s adult population smokes, BAT said in a statement on its website. This is, Heeren said, about a quarter of Serbia’s entire population of about nine million, including the population of the country's breakaway province of Kosovo, which Belgrade says it will never recognise as an independent state.

BAT bought Serbian tobacco company Duvanska Industrija Vranje (DIV) for 50 million euro in 2003 and has invested more than 100 million euro in it since then. The factory halved its workforce to 153 in July due to operating losses incurred by the global crisis.


“This was not an easy year. We had to lay off about 150 people but that will take us to the productivity level which is good, so we won’t expect further downsizing,” Heeren said, adding that BAT had set up a training centre for those laid off to help them improve their skills in the existing market.

The company has focused its investment in Serbia, where it holds about 20% of the cigarette market, in marketing activities this year, Heeren said.

In February the government in Belgrade decided to raise the ad valorem tax on cigarettes to 35% from 33% as agreed with tobacco companies last year, backtracking on plans to increase this component of excise duty to 38% after tobacco majors said the bigger increase could force them to trim their investment plans in Serbia. In April, Phillip Morris, Japan Tobacco and BAT said they may slash their investment in the country if the government raises the specific part of excise levied on cigarettes to 9.9 dinars per pack from 8.9 dinars.

“We are OK with this excise level but it was a long journey to get to this situation. It was an eight-month battle,” Heeren said, adding that Serbia’s cigarette excise is currently on a par with other former Yugoslav republics.

“It is lower than in Bulgaria and Romania, where excise is in the range of 50%. Here it is on a par with Montenegro, while in Croatia it is slightly higher.”

Japan Tobacco International, Phillip Morris and BAT contributed some 40 billion dinars to Serbia's budget revenue in excises and taxes in 2008, Value Added Tax included, Phillip Morris said in January. The combined investment of Japan Tobacco International, Phillip Morris and BAT since the fall of former Yugoslav strongman Slobodan Milosevic in 2000 totals around 1.0 billion euro, BAT has said.



Serbia Sells 2.0 Bln Dinars (21.4 Mln Euro) in 3-mo T-bills

Serbia's Finance Ministry said on Tuesday it sold out its offer of 2.0 billion dinars ($31.8 million/21.4 million euro) in three-month Treasury bills at an average interest rate of 11.20%, down from 11.23% at the last week’s auction.

The average accepted price in Tuesday's auction was equal to 97% of par, the ministry said in a statement.

The ministry sold 200,000 T-bills with a nominal value of 10,000 dinars each, it added. The government securities will mature on January 26, 2010.


In the previous auction of three-month T-bills held on October 20, the ministry also sold out its entire 2.0 billion dinar offer.

Serbia holds scheduled auctions of three-month T-bills every week on Tuesdays, of 12-month T-bills on Wednesdays and of six-month T-bills on Thursdays.

The next auctions of 12-month, six-month and three-month T-bills will be held on October 28, October 29, and November 3, respectively.



Agrobanka 9-mo Pre-tax Profit Falls 6.6% to 1.28 Bln Dinars (13.7 Mln Euro)

Serbian blue chip Agrobanka posted a pre-tax profit of 1.28 billion dinars ($20.3 million/13.7 million euro) through September, down from 1.37 billion dinars a year earlier, central bank figures indicated.

Agrobanka ranked as the 13th largest bank in Serbia with total assets of 53.3 billion dinars at the end of September, central bank figures showed late on Monday.

Details of Agrobanka's performance through September follow (in millions of dinars):


Jan-Sept'09 Jan-Sept'08
Pre-tax profit 1,278 1,374
Net interest income 2,706 2,009
Net income from commissions and fees 570.6 712.7
Other operating income 133.5 174.2


There were 34 banks active in Serbia in the first nine months of the year. The top three by assets were Belgrade-based Banca Intesa, part of Italian banking group Intesa Sanpaolo, Komercijalna Banka, and Raiffeisen Banka.

Agrobanka shares closed 1.43% lower at 11,093 dinars on the Belgrade bourse on Tuesday.



France's Mr.Bricolage Extends by 10 Years Regional DIY Franchise Deal

Bulgaria's Doverie Brico said it has extended by 10 years its franchise deal with French do-it-yourself retail chain Mr.Bricolage.

As a strategic Mr.Bricolage partner for the Balkan region, Doverie Brico will continue to develop the DIY brand in Bulgaria, Serbia, Macedonia, Montenegro, Albania and Kosovo, the company said in a statement.


Doverie Brico's unit in Serbia, Brico Spec, is due to open its first Mr.Bricolage outlet in the city of Nis in December with further rollouts planned for the cities of Belgrade, Novi Sad and Subotica over the next five years, the statement said.

Briko Iliria, Doverie Brico's Albanian arm, will open its first Mr.Bricolage store in the capital Tirana in 2010, it added.

Doverie Brico, set up in 1999, operates 10 stores in Bulgaria.



Serbia's Capital Market Stagnates on Lack of Development Strategy, IPO Shortage, Inadequate Regulati

Serbia’s capital market is failing to display its full potential due to lack of consistent development strategy, shortage of initial public offerings (IPOs) and inadequate regulations, the head of the Belgrade bourse says.

“One of the reasons why our market has not developed to the full is the lack of IPOs resulting from a discord over legal solutions, as well as the lack of a clear definition of the role of the capital market and a strategy for its development,” Belgrade Stock exchange (BELEX) Director Gordana Dostanic told SeeNews in an e-mailed interview.

BELEX turnover fell 70.7% on the year to 189.4 million euro ($282 million) through September. In the third quarter alone, volumes fell 61.9% year-on-year, indicating that the contraction trend is abating.

If this positive trend continues, Serbia can expect the return of some foreign investors, which now make up about 35% of the stock market turnover, down from about 50% last year, Dostanic said.

“As Serbia falls into the category of frontier markets, if the positive trends from the third quarter continue, we can expect a somewhat higher presence of foreign investors,” she said. Frontier markets is a term used by investors to describe emerging markets.

“It is important, however, to keep in mind that in the climate of negative trends, frontier markets are the first ones to be deserted by foreign investors, as we could see last year and in the first half of the current year,” Dostanic added.

Once developed markets exhaust their growth potential, risk appetite rises letting available resources flow towards developing markets. This is followed by keener monitoring of activities on frontier markets, which “highlights investors’ readiness towards significant risk exposure on such markets.”


The bourse is unable to generate quality unless companies themselves fail to show good results, Dostanic explained.

“The most attractive companies to investors are those with high capital, significant revenues, rooted market position and practical application of high corporate management standards, as well as quality relations with shareholders,” she added.

The presence of foreign investors depends on the general risk level associated with a particular country and applied regulation governing the financial markets. Global rating agency Standard&Poor’s said in July it has affirmed Serbia’s ‘BB-‘ long-term and ‘B’ short-term sovereign credit ratings with a negative outlook, which reflects the likelihood of a downgrade.

The main challenges on the domestic market include shortage of liquidity and a low level of corporate management in companies whose shares are traded on the bourse.

“The fact that only five out of 1,800 companies trading on the bourse have undertaken the responsibility to inform the investment public says enough about the key problem at hand,” Dostanic said.

As far as forecasts for the trends on the BELEX in 2010 are concerned, Dostanic said it is an "equation with a lot of unknowns."

“The 2010 bourse trends will depend on how well new regulation will be implemented, the new listings of local companies and the development of the situation on global markets,” Dostanic explained.



Univerzal Banka 9-Mo Pre-tax Profit Falls 83% to 128.5 Mln Dinars (1.38 Mln Euro)

Serbian blue chip Univerzal Banka posted a pre-tax profit of 128.5 million dinars ($2.04 million/1.38 million euro) through September, 83% down from a year earlier, central bank figures indicated.

Univerzal ranked the 19th biggest bank in Serbia at the end of September with total assets of 28.3 billion dinars, central bank figures showed.

There were 34 banks active in Serbia in the first nine months of the year. The top three in terms of assets among them were Belgrade-based Banca Intesa, part of Italian banking group Intesa Sanpaolo, Komercijalna Banka, and Raiffeisen Banka.


Details of Univerzal Banka's performance through September follow (in millions of dinars):

End-Sept'09 End-Sept'08
Pre-tax profit 128.5 746.5
Net interest income 1,648 1,287
Net income from commissions and fees 315.5 464.5
Other operating income 6.3 24.2


The bank's share fell 1.10% to 9,000 dinars on the Belgrade Stock exchange on Tuesday.



Host of Airlines Eye Routes to Belgrade Airport

A host of airlines, including low-cost carries from Russia, Hungary, Spain and the UK, are interested in launching flights to Belgrade's Nikola Tesla international airport.

The airport is poised for bumper traffic growth in view of the likely easing of visa requirements for Serbian citizens travelling to the European Union from the beginning of 2010 the airport's Assistant Director, Velimir Radosavljevic said.

Romanian state-owned flag carrier TAROM and Hungary's Malev will launch flights to Belgrade in December while Russia's Moskovia Airlines and Sky Express have said they are also interested in opening routes to the Serbian capital, Radosavljevic said.

Spanish budget carrier Vueling and UK's easyJET have also been approached to start negotiations on flying to the Balkan country, the official said.

It is “up to us to do all that we can to finally ensure Belgrade has a direct route to Spain, that is, at least with Madrid and Barcelona. For comparison, Sofia has 20 weekly flights to Spain so it is logical that Belgrade has a direct line as well,” Radosavljevic said, adding that negotiations are also in progress with Hungarian no-frills carrier Wizz Air.


Nikola Tesla Airport , which has two terminals, processed 2,650,048 passengers in 2008, according to data from the company's website.

Serbia has granted temporary licences to Malev, Austrian low-cost airline FlyNiki and Montenegro Airlines to fly to and from any of its airports, the country's Civil Aviation Directorate (CAD) said last week.

Earlier, CAD Director Nebojsa Starcevic said that Serbia will grant licences to all EU-based airlines seeking to open routes to any of the Balkan state's airports.

Serbia’s tourism revenue, currently at some $1.0 billion (675.7 million euro) a year, will rise by at least a half when low-cost air carriers start flying in following the liberalisation of the visa regime with the EU expected to take effect next January, the head of Serbia’s national tourism board, Radisav Stankovic, has said.

The European Commission proposed earlier this month that short-stay (less than three months) visa requirements be waived for Serbian citizens as of January 2010.



Privredna Banka AD Pancevo Reports -1,802,660,000 Dinars in 9-MO 2009 Net Result

Serbia's Privredna Banka AD Pancevo issued the following financial figures in a statement to the Belgrade Stock exchange (BELEX):

9-mo 2009 9-mo 2008
Net profit/loss -1,802,660,000 -648,284,000
Pre-tax profit/loss -1,802,660,000 -648,284,000
Deposits and loans 2,506,513,000 3,775,328,000
Net interest income 209,051,000 211,094,000
Net income from commissions and fees 129,690,000 162,651,000
Other income N/A N/A
Total assets N/A N/A



Finance minister: Country close to reaching deal on 2010 budget with IMF

Minister of Finance Diana Dragutinovic today stated that the government is very close to reaching an agreement with the IMF regarding the budget for 2010, specifying that the projected revenues stand at between RSD 620 and 640 billion.

At the meeting, held in the National Bank of Serbia, Dragutinovic said that the budget for 2010 will not be ‘revolutionary’, but will imply reduced public spending.

She said the talks are underway to adjust pensions and salaries, as well as to reach agreement on the efforts needed for fiscal stimuli.

The Minister stressed that the government intends to prevent any fiscal policy ‘experiments’, reiterating that the budget revenues will be between RSD 620 and 640 billion.

Dragutinovic noted that budget savings in 2010 will be attained by freezing salaries and pensions, reducing the number of employees, limiting subsidies and reducing the number of priorities when it comes to capital expenditure.



Deputy PM Krkobabic meets IMF mission head to discuss spending cuts

Serbian Deputy Prime Minister Jovan Krkobabic talked with head of the International Monetary Fund (IMF) Mission to Serbia Albert Jaeger as part of the second and third round of negotiations.

According to a statement by the Deputy Prime Minister’s Cabinet, the IMF requests that Serbia makes savings wherever possible, in order to reduce public spending and help the country out of the crisis.

During the talks Krkobabic explained that pensions in Serbia are generally very low and that no cuts can be made there.

He presented a detailed picture of the overall reform of the pension system, whose aim is to be economically sustainable.

Krkobabic stressed that the pension system we have today is burdened with numerous negative effects from the past and is additionally jeopardised by unemployment and lack of discipline when paying contributions for workers.

The Central Register will provide a more rigorous control of payments of contributions to the Pension and Disability Insurance Fund and introduce order in this field.

Short term and long term measures related to the reform of the Pension and Disability Insurance Fund have still not been finalised and a number of options discussed with the IMF are still under consideration.

He said that it was agreed that proposals regarding a new Pension and Disability Insurance system should go before the government in December.

Speaking about the time period for freezing public sector salaries and pensions increases, he said that this will depend on the rate of economic recovery and that they cannot be frozen for too long a period of time because inflation would seriously affect the lives of pensioners, many of whom live below the poverty line even now.

It was agreed at the meeting that the reform of the Pension and Disability Insurance system is proceeding as planned despite the complexity of problems in this area which have been made even more difficult by the current crisis, concludes the statement.



Djelic: Reum plans to invest €10 million in Serbia

Serbian Deputy Prime Minister for EU integration Bozidar Djelic said yesterday that Prime Minister of Baden-Wurttemberg Gunther Oettinger is Germany’s candidate for the position of Commissioner in the new European Commission and Baden-Wurttemberg strongly supports Serbia.

In a statement to the press after a meeting with a parliamentary delegation from Baden-Wurttemberg and Birgit Kupfer, Deputy Chair of the standing advisory committee of the Baden-Wurttemberg council, Djelic said that Oettinger’s candidacy is very significant for Serbia, considering the fact that Oettinger is a firm friend of Serbia.

The Deputy Prime Minister said that Oettinger, with whom Serbian President Boris Tadic signed a cooperation agreement between Serbia and Baden-Wurttemberg, will visit Serbia.

He said that Baden-Wurttemberg and Germany support Serbia’s EU integration and the removal of visa restrictions for Serbian citizens from January 1, 2010.

He said that Baden-Wurttemberg proposed the preparation of the Danube Strategy until September 2010. The Strategy is expected to be adopted during Hungary’s EU presidency, in the first half of 2011. He stressed that Serbia plans to play a very active role concerning the Danube Strategy.

Djelic said next year a Baden-Wurttemberg company Reum, which produces car parts, plans to invest €10 million in opening a factory in Serbia that will employ 200 workers and will begin work in 2010.

Birgit Kupfer said that cooperation between Baden-Wurttemberg and Serbia in the spheres of economy, education and science should be stepped up.



Government might delay decision on second landline telephony operator

The Minister of Telecommunications of Serbia, Jasna Matić, said that it is possible that the issuing of license to the second fixed telephony operator would be postponed if the Government of Serbia found the offered price low.

If we decide that the economic crisis is seriously affecting the sector, the whole process will be postponed, that is, repeated after some time - she said.

According to her earlier announcements, the second fixed operator should be selected by the end of the year, while the tender should be announced prior to November 11th.

The Government of Serbia adopted the information on Friday (October 9th) with the conclusion about granting of new license for fixed telephony on the existing broadband network.



Turkish "Turker" to become majority owner of Bujanovačka spa resort

Turkish company "Turker" is going to become the majority owner of Bujanovačka spa resort, with the obligation to invest in wellness center in Bujanovac and tourism development in that region.

The Ministry of Economy of Serbia and Turkish company "Turker" signed the Memorandum of understanding for the company's investments in Bujanovačka spa resort.

The Minister of Economy of Serbia, Mlađan Dinkić, said at the business forum of Serbia and Turkey that that company wanted to have the wellness center built in Bujanovac and develop tourism.

- "Turker" would be the majority owner, while Serbia would be the minority partner in that joint venture - said Dinkić.

Dinkić said that the concrete amount of the investment would be defined in the following period.

Dinkić and the Minister of Labor and Social Insurance of Turkey earlier signed the agreements on economic cooperation and cooperation in the field of infrastructure.

The Agreement on cooperation in development of traffic and other infrastructure at local, regional and national level anticipates provision of favorable conditions for financing these projects.

The other document - the Agreement on economic cooperation, should create conditions for improvement of cooperation on long-term basis.



Deadline for submission of bids for construction of Dimitrovgrad - Bulgarian border bypass extended

Public company "Putevi Srbije" has extended the deadline for submission of bids for construction of the Dimitrovgrad - Bulgarian border bypass.

All interested companies can submit their bids prior to November 5th.



Chinese grow vegetables in South Serbia

The Chinese rented 6.5 hectares of fertile land in south Serbia where they grow Serbian and Chinese exotic vegetables. The Chinese have implemented a system for growing vegetables in greenhouses which has not been used in Serbia before.

Around 50 greenhouses have been set up in south Serbia over the past year. Vegetable picking goes on throughout the entire year. Apart from domestic vegetables, the Chinese manage to grow Chinese cabbage, green and yellow watermelons, purple peppers, lettuces and herbs.



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