Serb Leaders to Discuss If Finance Chief Stays in Cabinet
We have no time for mistakes,” Dacic said. Dinkic’s departure from the year-old government would likely unnerve investors worried about Serbia’s growing budget gap and public debt, which have all but scuppered hopes of a new precautionary loan deal with the International Monetary Fund. “This is very bad timing given that global markets are still quite nervous and I think still there’s a bit of a question about the budget financing story anyway,” Standard Bank analyst Timothy Ash told Reuters. “I don’t think Dinkic himself was absolutely central but his participation and his party’s participation in the coalition was important to counterbalance the center-left Dacic,” he added. Without URS’s 16 seats, the remaining coalition parties would still hold a slim majority in parliament.
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Market Chatter-Corporate finance press digest
* Private equity firm American Securities LLC is exploring a possible sale of specialty chemicals manufacturer General Chemical Corp that could fetch more than $1 billion, three people familiar with the matter said this week. * Credit Suisse Group AG is in advanced talks to sell a private equity business to Grosvenor Capital Management LP as the bank adapts to stricter rules for managing capital and risk, a person familiar with the matter said on Wednesday. * Royal Dutch Shell will sell at least four more oil blocks in Nigeria in its latest divestment from Africa’s top oil exporter, three oil industry sources familiar with the deals said on Wednesday.
Budget Deficit The budget deficit is expected to top at least 6 percent of gross domestic product this year, down from 7.3 percent in 2012. The current-account deficit will reach 8.7 percent of GDP according to IMF forecasts. Monetary policy makers are balancing the need to shore up Serbia s $37 billion economy against fighting inflation and shielding the dinar from market turmoil. The inflation rate fell to 9.9 percent in May, dipping below 10 percent for the first time in nine months. On July 26, Fitch ratings agency affirmed Serbias rating at BB- with a negative outlook, reflecting the high fiscal deficit as well as a risk of balance of payments pressures and intensification in the euro area crisis.