Business Dialogue - CorD Magazine No.167

Leaders’

RICHARD BRYCE Country Division Head Bayer Crop Science Alpe Adria

Important Time To Be In Agriculture PAGE /28

PROF. M. MEMET OZEK, M.D. Division of Pediatric Neurosurgery Acibadem Healthcare Group

Babies With Cerebral Palsy Can Be Helped With Early Rehabilitation PAGE /29

MEETING POINT AHMED AL AWADI General Manager, Eastern Europe, Central Asia & Russia, Masdar

DRAGIĆ KARAKLIĆ Director of Public Company “National Park Tara”

Largest Utility-Scale Wind Project

Nature’s Treasure Trove

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MIRKO BUTULIJA President of the Auto-moto Association of Serbia (AMSS)

Advancing Safety On The Roads Of Serbia PAGE /37

RICHARD BRYCE, COUNTRY DIVISION HEAD BAYER CROP SCIENCE ALPE ADRIA

Important Time To Be In Agriculture It was two years ago that Bayer announced its intention to acquire Monsanto, and in order to do so it had to obtain more than 30 regulatory approvals, and to divest many of its own businesses and assets

our combined portfolio will bring together Monsanto’s outstanding seeds, plant traits and digital farming platforms with Bayer’s strength in chemical and biological crop protection solutions.

A

lthough Bayer is still primarily recognised as a pharmaceuticals company, it has been present in agriculture for a long time and has developed many high-quality agricultural solutions, stresses Richard Bryce, Country Division Head Bayer Crop Science Alpe Adria, speaking for CorD.

Could you describe Bayer’s business strategy, considering that you’re now a global leader in agriculture?

Over the past few years, we’ve focused our portfolio on building leading businesses in health and nutrition. However, this is an incredibly important time to be in agriculture.

Although Bayer is still primarily recognised as a pharmaceuticals company – which I also think will change – Bayer has been present in agriculture for a long time. We’ve developed many high-quality agricultural solutions, some of which we had to divest, with a heavy heart, as part of the acquisition process. However, acquiring Monsanto represents an important and logical step in our company’s evolution.

This acquisition doubles the size of our agriculture business—making Bayer a leader in the sector. This means we will be in a better position to help farmers address the significant challenges they face. Strategically,

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How will small farmers and consumers benefit from the acquisition of Monsanto?

About half the world’s food is produced by smallholder farmers. This is also the situation in this region, where agriculture is predominantly a family business.

New agricultural solutions will enable us to make tailored solutions adapted to the needs of a particular farmer

That connection is why we believe smallholder farmers play a significant role in agriculture, and why they should be given new knowledge and technologies in particular. We’ve been doing this for years; each season we educate farmers and conduct field trials, to show them the effects of our products and possibilities in agricultural practises.

Smallholder farmers can become ‘agripreneurs’ who play a role in feeding their families and safeguarding the local food supply. That’s why they need access to high-quality seeds and appropriate crop

protection options – that’s not something developed and accessible only to large agricultural businesses.

New agricultural solutions will enable us to make tailored solutions adapted to the needs of a particular farmer.

In general, due to technological development and innovation, crop protection products and improved seed varieties have helped farmers increase yields by 50 per cent or more. These efficiencies enable greater production on less land, which conserves biodiversity and protects soil health, ultimately lowering the price of food for the consumer.

What do you expect after integration is finalised?

It’s been a long journey; it was two years ago that Bayer announced its intention to acquire Monsanto and along the way we had to obtain more than 30 regulatory approvals and divest many of our own businesses and assets, where our employees showed great dedication – not only in facing those requirements, but also in maintaining everyday work and support to our customers.

We will firstly have to integrate Monsanto’s business into our Crop Science division and harmonise business processes.

That will probably take some time, but we remain committed to our strong heritage of transparency, sustainability and corporate social responsibility. The combined business will put us in a position of even greater societal responsibility, as we combine a leading seeds portfolio with an innovative crop protection portfolio.

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LOCAL NEWS

Efficacy “The collapse of part on Kosine 2 was in some way expected, so “Corridors” had previously prepared project and technical documentation for the construction of a new gallery on the highest part of “Kosine 2” – ZORAN BABIĆ, DIRECTOR OF “CORRIDORS OF SERBIA”

JAPAN TOBACCO INT.

JTI INVESTS $7 MILLION IN SENTA PRODUCTION The largest Japanese investor in Serbia, Japan Tobacco International launched a new production line in the factory in Senta as part of investment cycle worth $7million. The new line was officially launched by Deputy Prime Minister and Minister of Trade, Tourism, and Telecommunications Rasim Ljajić, President of the Assembly of AP Vojvodina Istvan Pastor, and Yasutake Tango the Chairman of JTI Group.

Investment cycle, in addition to the new production line, includes further modernisation of mechanisation in the factory, as well as product innovations.

As the only foreign company which purchases domestic tobacco, JTI is the largest tobacco producer in Serbia. Since purchasing the Senta Tobacco Industry in 2006, JTI has invested almost $180 million in Serbia, tripled number of employees from 84 to 290, and launched the production of cigarettes and their export into Montenegro, Bosnia and Herzegovina, Macedonia and Albania, as well as the export of tobacco to EU. The value of the export since 2006 is almost USD 230 million, while the market share during the same period was tripled. JTI is one of five largest taxpayers in Serbia with the contribution to the state budget of 2 billion dollars in period 2006 - 2018.

SHANDONG LINGLONG

NEW TYRE FACTORY FOR 1500 JOBS Chinese company Shandong Linglong intends to open 1,500 jobs at the tyre factory it plans to build in Zrenjanin.

Last month Shandong Linglong said it plans to invest €860 million in the construction of a tyre factory in Zrenjanin. Construction works are planned to officially start in April 2019 and will be carried out in three phases, with the last one to be completed in March 2025. The investment project is a result of negotiations that lasted for about a year and Zrenjanin was picked as it was the only Serbian city able to provide a 136-hectare plot of land needed for the construction of the factory.

The investment contract will be signed during the official visit of Serbian president Aleksandar Vucic to China scheduled to take place from September 17 to 20. Shandong Linglong has decided to build the factory in Serbia because of low investment, construction, labour and energy costs compared to other countries in Europe, the Chinese company said earlier last month.

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ERIN VENTURES

BORON DEPOSIT IN SERBIA WORTH BILLIONS? The small Canadian company Erin Ventures from Vancouver entered the drilling program in Serbia’s Piskanja region following withdrew of Tinto from the concession and has discovered a boron deposit of approximately 11 billion tons, worth billions of Euros. According to a preliminary feasibility study, this mine could be in operation for 21 years.

Unconfirmed information said that a global company - “whose name is kept secret because of competition” agreed with Erin Ventures on an initial investment of $20 million in order to improve the project, and is prepared to finance additional exploration over the next two years of the boron deposit, believed to be the third largest is the world.

NATIONAL BANK OF SERBIA

CAUTION IN THE PURSUIT OF MONETARY POLICY IS STILL NEEDED At its 9 August monetary policy meeting, the Executive Board of the National Bank of Serbia (NBS) voted to keep the key policy rate on hold at 3.0%, a decision that met market expectations.

The NBS considered its decision appropriate in the context of increasing inflationary pressures, as the Bank aims to anchor inflation in its target range of 1.5%–4.5%. Although inflation came in at 2.3% in June, it has been relatively subdued this year, averaging 1.7% in the first six months of the year.

The Board expects inflation will “continue to move within the target tolerance band in the next two years”. However, due to a low base effect, the Board sees inflation ending next year below the midpoint of its target range.

In its communiqué, the National Bank of Serbia stated that “caution in the pursuit of monetary policy is still needed, primarily in view of uncertainty in the international commodity and financial markets”.

Responsibility “Two things are important – completing Corridor 10 and ensuring its safety, and determining responsibility for the collapse of the wall, which I will insist on” – ZORANA MOHAJLOVIĆ, SERBIAN CONSTRUCTION AND INFRASTRUCTURE MINISTER

Placements postings

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appointments@aim.rs

H.E. THOMAS SCHIEB, NEW GERMAN AMBASSADOR TO SERBIA Thomas Schieb earned his Masters’ degree in macroeconomics at the University of Göttingen, Germany, and then gained a diploma from the Diplomatic Academy in Bonn. From 1992 to 1994 he was a correspondent at the Special Staff of the German Ministry of Foreign Affairs for Bosnia, and in 1996 served as second secretary of the German Embassy in Sarajevo. From 1996 to 1998 he was the first secretary in the Department of Culture and Media at the embassy in Dar es Salaam, Tansania, and then, until 1999, served as a correspondent for South Africa in Bonn. From 1999 to 2002, Mr Schieb held the position of a correspondent of the Department for Basic Issues of Defence and Security Policy in Berlin, and then, until 2005, served as an advisor to the Political Department of the Permanent Mission to the EU in Brussels. From 2005 to 2009 he held the function of deputy chief of the EU Department in Berlin, and then, until 2011, as spokesman of the Embassy of Germany in London, UK. For the next three years, until 2014, Mr Schieb was Chief of the Department for the EU at the Ministry of Foreign Affairs in Berlin. He arrives in Serbia from the position of envoy and political coordinator at the Permanent Mission to the United Nations in New York, U.S. H.E. SUBRATA BHATTACHARJEE, NEW INDIAN AMBASSADOR TO SERBIA Subrata Bhattacharjee (54) graduated in Electrical Engineering at the Indian Institute of Technology, before joining the Indian Foreign Service in 1989.

His diplomatic assignments include postings in Bonn, Lusaka, Frankfurt, Ankara, Chittagong and Cairo. From 2012 to 2012 he served as Indian Ambassador in Guatemala City, concurrently accredited to the Republic of El Salvador and the Republic of Honduras. Prior to his arrival Serbia, Mr Bhattacharjee was Additional Secretary (Central Europe) at the Ministry of External Affairs in New Delhi – a position he held until August 2018, when he officially became the Ambassador of India to the Republic of Serbia. Mr Bhattacharjee speaks Hindi, Bengali, English and German.

H.E. KOENRAAD ADAM, NEW BELGIAN AMBASSADOR TO SERBIA Koenraad Adam has an MA Degree from Ghent University in African History and Culture and a postgraduate Erasmus ‘Comparative Study of Knowledge Systems’ from the same university. He entered Belgium’s diplomatic service in 1990, serving as attaché of diplomatic training at the Ministry of Foreign Affairs in Brussels, after which he held the post of attaché and deputy head of mission at the Belgian Embassy in Addis Ababa, Ethiopia, from 1992 to ‘93. From 1993 to ’95 he was 2nd Secretary and Deputy Head of the International Commodity Agreements Unit DG-Multilateral Affairs, MFA, and from 1995 to ‘98 he was 2nd Secretary and Head of the Economic Affairs Unit of the Belgian Embassy in Moscow. He first became 1st Secretary and Deputy Head of Mission at the Belgian Embassy in Lisbon in 1998, before receiving his first ambassadorship in 2003, when Mr Adam became Belgian Ambassador in Kampala, Uganda and non-resident Ambassador to the Republic of Eritrea. From 2006 to ‘09 he was Head of the DRC Congo-Unit, Africa department DG Bilateral Affairs at the Belgium MFA and in 2009 he was appointed Belgian Ambassador to Cuba in Havana, before serving, from 2012 to ’15 as Ambassador of Belgium to the Republic of Tanzania and non-resident Ambassador to the Republic of Malawi, Mauritius and Zambia resident in Dar es Salaam. Ambassador Adam arrives in Serbia from the position of director of the Belgian MFA’s Policy Planning Department.

H.E. FAKHRI HASSAN MAHDI AL-ISSA, NEW IRAQI AMBASSADOR TO SERBIA H.E. Fakhri Hassan Mahdi AL-ISSA (67), graduated in agriculture engineering at Baghdad University’s College of Agriculture and the UK’s University College of North Wales. He also attended several courses in International marketing and documentations at Seneca College in Toronto, Canada, in 1989. From 1960 until 2008, he held various management positions in international trade, dealing with electro-mechanical products and consumer commodities. He joined the Iraqi Ministry of Foreign Affairs in 2009, serving as ambassador and Head of the Asia Department, then, from 2010 to 2015, Mr Fakhri was Ambassador of the Republic of Iraq to the Republic of Venezuela. He then served, from 2015-17, as ambassador to the Republic of India, and prior to arrival in Serbia he was Head of the Policy Planning Department of the Iraqi Ministry of Foreign Affairs.

Alongside his native Arabic, Ambassador Al-Issa is also fluent in English.

H.E. RUTH STEWART, NEW AUSTRALIAN AMBASSADOR TO SERBIA Ruth Stewart holds a B.A. degree from the University of Melbourne and a Graduate Certificate in Humanitarian Leadership from Deakin University.

Mrs Stewart is a career officer with the Department of Foreign Affairs and Trade (DFAT) and most recently served as Deputy Head of Mission at the Australian Embassy in Phnom Penh. She has previously served overseas as Deputy Head of Mission at the Australian Embassy in Yangon and Second Secretary at the Australian Embassy in Stockholm. She has held a range of positions in Canberra, including serving as director of the ASEAN Section and and director of the Myanmar Section.

H.E. TOMÁŠ KUCHTA, NEW CZECH AMBASSADOR TO SERBIA H.E. Tomáš Kuchta (49) graduated from the University of Agriculture, Faculty of Business and Economics, Brno. He joined the Czech Ministry of Foreign Affairs in 1994, gaining initial experience in Diplomatic Protocol (1994), the Czech Embassy in Rome (1995-1999), Head of Commercial Section; MFA CR, Head of Unit, Dept. for Coordination of European Affairs (1999); Permanent Mission to the EU, Brussels, Head of Trade and Agricultural Section (2000); the Czech Embassy in Rome (2001-2005), Head of Commercial Section; MFA CR, Deputy Director, Dept. for Trade and Agricultural Policy of the EU, (2006-2007); MFA CR, Director of the Secretariat for the Preparation of the Czech Republic’s Presidency of the Council of the EU (2007); Czech Embassy in Zagreb, Head of Commercial Section (2008-2012) and MFA CR, Director of Bilateral Economic Relations and Export Promotion Department (2012 -2013). From 2014 to 2018, Mr Kuchta served as Deputy Minister of Defence of the Czech Republic. Ambassador Kuchta is married and, apart from his native Czech, speaks English, Italian and Serbo-Croat.

REGINA DE DOMINICIS, NEW UNICEF REPRESENTATIVE IN SERBIA Ms Regina De Dominicis was appointed as the UNICEF Representative in Serbia active as of 23rd August 2018, when she assumed her duties and took over responsibility for the activities of the Country Office.

Prior to this appointment, she served as UNICEF Representative in Morocco and, before that, as deputy representative in Turkey, where she played an important role in developing a strategic partnership with the EU for the CEE-CIS region. She has also worked at the European Commission, and during her career she managed programmes related to human rights in Montenegro, as well as the modernisation of education systems. She also served during this period on the Kosovo emergency (under UNSC Resolution 1244). After earning her Laurea di Dottore in Political Sciences at LUISS University in Rome, she specialised in European studies at the College of Europe in Belgium, where she also gained her Masters’ degree in 1999.

NATAŠA PJEVAC VUKŠIĆ, ACTING DIRECTOR OF MOL Nataša Pejavac Vukšić has been appointed acting director of company MOL, after having held the position of director of retail sales at MOL from 2016, prior to which she spent six years heading sales and marketing, according to a MOL Serbia statement.

She takes on this position at a time when the company has significant plans for the period ahead. Pjevac Vukšić gained great experience in her six years as MOL sales and marketing manager, and then from 2016 onwards as retail sales director. Her sphere of responsibility will enable her to utilise her acquired experience in handling tasks related to increasing the efficiency of operations, solving strategic issues of the company’s development, but also implementing key investment projects, with a special focus on collaboration and personnel development. The company expresses great gratitude to departing director Bjanka Vasilesku, who managed the company successfully through previous years.

MIKE MICHEL, NEW CEO OF TELENOR SERBIA Mr Mike Michel has been appointed Chief Executive Officer (CEO) of Telenor Serbia, part of the PPF Group, effective no later than 1st October 2018.

He brings over 20 years of leadership experience in global telecommunications companies, mainly based in the CEE region and North America, but also, most recently, in Asia, while he has broad expertise in the fields of marketing and sales, combined with his extensive leadership experience.

Michel has worked in various senior leadership roles and has taken on acting-CEO roles throughout the region – working mainly in Czechia, Serbia, Montenegro and Hungary. Mike has also worked in Canada, Norway and, most recently, Bangladesh. He holds a BA in Economics from Simon Fraser University, Burnaby, Canada.

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AHMED AL AWADI, GENERAL MANAGER, EASTERN EUROPE, CENTRAL ASIA & RUSSIA, MASDAR

Largest Utility-Scale Wind Project At 158 megawatts, Čibuk 1 will be the largest utility-scale wind project in Serbia and the Western Balkans, supplying an estimated 113,000 homes and displacing more than 370 tonnes of carbon dioxide annually

“F

orty-two of the project’s 57 wind turbines have now been installed, along with 33 overhead cable pylons connecting the project to the electricity grid,” says Ahmed Al Awadi, Masdar’s general manager for Eastern Europe, Central Asia & Russia.

Vetroelektrane Balkana (WEBG), which is owned

by Tesla Wind, has been operating in Serbia for some time. What is your assessment of the renewable energy sector in the country? In your view, what is Serbia’s clean energy potential?

The business environment for renewable energy in Serbia is encouraging and has undergone continuous improvement in recent years. Renewable energy is a credible and commercially viable alternative to some of Serbia’s ageing lignite thermal power infrastructure. Increasing renewable energy generation will help to reduce carbon emissions and air pollution, as well as increasing Serbia’s energy security. Wind energy accounts for a large majority of Serbia’s renewable energy pipeline, but the country is well positioned to benefit from both solar and wind power.

The positive market sentiment we’re now seeing has been reinforced by the introduction of an updated legislative framework catering to renewable energy. This is aligned with the Serbian Ministry of Mining and Energy’s commitment to the renewable energy sector and the new construction laws and

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procedures introduced by the Ministry of Construction, Transport and Infrastructure.

These developments support the government’s ambition of advancing its clean energy goals by deploying new technologies and supporting the private sector.

it possesses a talented and highly dedicated workforce. At Masdar, and through WEBG, we’re hoping to build on these solid foundations with our own experience of developing solar and wind projects in more than 20 countries around the world.

WEBG is making a significant financial investment in Serbia, and with that there has been the creation of local jobs. Are you facing challenges in recruiting qualified workers from the Serbian labour market?

What are your short- and long-term business plans for the Serbian market?

Since the emergence of the renewable energy industry, Masdar has been a key player in the development, commercialisation and deployment of clean energy technologies and solutions. Our deep technological understanding and broad international experience enables us to work in various regions.

We maintain strong relationships across the value chain with suppliers and financiers, enhancing our ability to work with a variety of regulatory regimes and policymakers.

We share our expertise with project partners to ensure the success of our primary near-term goal - the on-time construction and delivery of Čibuk 1 in the first half of next year.

At 158 megawatts, this will be the largest utility-scale wind project in Serbia and the Western Balkans, supplying an estimated 113,000 homes and displacing more than 370 tonnes of carbon dioxide annually.

Forty-two of the project’s 57 wind turbines are now installed, along with 33 overhead cable pylons connecting the project to the electricity grid. We’ve also just handed over the transmission infrastructure to state transmission operator EMS. In the longer term, we’re ready to invest in future commercial renewable energy projects, in Serbia and the wider region, and are actively exploring opportunities.

Since the emergence of the renewable energy industry, Masdar has been a key player in the development, commercialisation and deployment of clean energy technologies and solutions Our experience has been very positive so far. Developing a wind power project as large as Čibuk 1 demands experts with different technical backgrounds, project experience and skills. Serbia has shown that

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War I “If we leave them alone - Bosnia-Herzegovina, Republika Srpska, Macedonia, Albania, all those countries — we will have war again.” – JEAN-CLAUDE JUNCKER, PRESIDENT OF EUROPEAN COMMISSION PRESIDENT

REGIONAL NEWS HUNGARY

OTP TO ACQUIRE UNITS OF SOCIÉTÉ GÉNÉRALE IN BULGARIA AND ALBANIA

ROMANIA

IMPORTS WORTH €40.2BLN IN FIRST HALF OF THE YEAR Romania’s imports totaled €40.2bln in the first half of this year and food imports had a share of 8.2% of the total amount.

Food imports thus reached a record value of €3.3bln, double compared to the value recorded in the first half of 2008, according to Mediafax calculations.

Food exports amounted to €2.2 billion in the first six months of this year. Thus, the deficit on this segment reached €1.08 billion, which is also a record.

Despite a relatively good year for local agriculture, local producers haven’t been able to keep up with the growing demand for food. Food retail sales went up by 7% in the first half of this year, data from the National Statistics Institute (INS) shows.

Last month OTP Bank announced it had agreed to buy a 99.74% stake in the Bulgarian unit and an 88.89% shareholding in the Albanian unit of Franceʼs Société Générale Group. Société Générale Expressbank has a market share of about 6.7%, making it Bulgariaʼs seventh-biggest bank. OTP will make the acquisition in Bulgaria through its local unit DSK Bank, the countryʼs second-biggest bank, national news agency MTI reported.

DSK Bank had total assets of about BGN 12.4 billion at the end of last year, while Société Générale Expressbank had total assets of around BGN 7 bln, earnings reports released by the lenders show. In a separate disclosure, OTP said it agreed to acquire an 88.89% stake in Banka Société Générale Albania, which has a market share of close to 6% and is the fifth-largest bank on the market. OTP expects to close both transactions in Q4 2018, pending regulatory approval.

In addition to the transactions, OTP said it is in talks with Société Générale on entering into a services agreement on providing mutual services in Albania, Bulgaria, Croatia and Hungary. These services would include, but not be limited to, investment banking, capital markets, financing and global transaction banking.

BULGARIA

BEEKEEPERS REPORT LOWER HONEY PRODUCTION Bulgarian beekeepers across the country report significantly lower honey production compared with past seasons, Petya Ivanova, chair of the National Association of Women Beekeepers, told Focus Radio - Veliko Tarnovo.

At the beginning of the year producers expected high yields but the bad weather and mass poisoning of bees with pesticides had led to these poor results. In some regions the losses are over 50%,” said Petya Ivanova, chair of the National Association of Women Beekeepers. “In the regions of Pleven, Vratsa and Varna the honey yield from acacia and rapeseed was going well but at the time when the rape started blooming, many bees died from poisoning,” Ivanova said, adding that this is now happening every year. Poor weather conditions have also contributed to low yields, she commented, “I’m talking about yield of 4-5 kg per beehive, whereas in previous years it reached over 25 kg.”

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10 WAYS

HOW TO OVERCOME THE POST-VACATION BLUES Whether you soaked up the sun abroad or spent your holiday on a, it’s always difficult to return to work after your summer holiday.

So, take a look at the things which are bound to happen when returning to work after your summer holiday, and see which apply to you!

1. You don’t recognise yourself in formal clothes; 2. You take a wrong turn on your way in – you’ve forgotten your route!

3. Everyone compliments you on your tan; 4. You have no idea what your boss is talking about; 5. You’re drowning in work from two weeks ago; 6. Your attention wavers, so you glug down your fifth cup of coffee; 7. You fumble your way through your afternoon meeting; 8. Clocking-off time arrives and you just about survived; 9. Once you get home, you begin crying at the sight of your holiday snaps on Facebook; 10 You set your alarm again.

War II “Correcting borders will definitely avoid Kosovo’s partition, swapping territories, more crises or problems, or even possibly a new war.” – HASHIM THACI, PRESIDENT OF KOSOVO CROATIA

CROATIAN SMARTPHONE NOA N10 WINS EISA BEST BUY AWARD NOA Element N10 smartphone from Croatia has won the prestigious EISA Best Buy Smartphone 2018-2019 award. This smartphone has been presented to the EISA Mobile Devices group on the 23rd of May 2018 in Antwerpen, Belgium, where an EISA press convention was held, with companies from all over the world presenting their new products.

EISA (Expert Imaging and Sound Association) has members in 30 countries located in Europe, Australia, United States, and recently new members from Canada, Japan, India and Hong Kong/China. For over 35 years this organization has chosen the best consumer electronics every year. Over 50 special interest magazines, covering aspects such as audio, video, home cinemas, auto, photo and mobile technologies decide which devices will be the recipients of EISA awards. Members of the Mobile Devices group are editors of tech magazines from 11 countries: Bulgaria, Denmark, the Czech Republic, Greece, Croatia, Italy, the Netherlands, Slovakia, Serbia, Spain, and Sweden. NOA N10 has been recognized as a device that offers the best user value in regards to the price/quality ratio.

It has won the global EISA Best Buy Smartphone award in stiff competition with other smartphone manufacturers such as Huawei, LG, Honor, Nokia, Samsung, which have also entered the EISA award competition.

FYR MACEDONIA

MONTENEGRO

GERMAN WPD SUPPORTIVE OF WIND FARM CONSTRUCTION IN BUDVA, BAR German WPD is looking to support the wind farm construction in Budva and Bar. Vjetroelektrana Budva company has submitted a request for opening a tendering procedure for the construction of a wind farm in Brajići in the Budva and Bar municipalities. What is now expected is the public invitation of bids that competent Montenegrin ministries will prepare.

Vjetroelektrana Budva is offering to build a 75 MW wind farm and invest more than €100 million. WPD EUROPE GmbH, a subsidiary of German renewable energy company WPD AG, owns 80% of Vjetroelektrana Budva, while 20% is in the hands of a Montenegrin resident, the Montenegrin Central Registry of Business Entities’ data shows, Balkan Green Energy News read. Since there is strong investor interest in the construction of RES facilities “without incentives for generated electricity” as the Economy Ministry has told the government, the Source: IBNA leadership accepted the authorisation for public invitation of bids.

BOSNIA AND HERZEGOVINA

ARTIFICIAL LAKE ON JAHORINA - NEW TOURIST OPPORTUNITY The works on the construction of artificial lake at the top of the Olympic mountain of Jahorina, are in their final stage. From the Olympic Center in Jahorina was announced that the lake should be put into operation from October. The value of this project is estimated at 9.500.000 BAM (€4.9mln) and it includes the construction of artificial snowing system with a water accumulation of almost 75,000 cubic meters and a water reservoir for filling the accumulation with the arrangement of ski-trails within the six-seaters Ogorjelica I and Poljice according to FIS standards. The project also includes the construction of a wind power plant on these trails. The artificial lake will be 14 meters deep and with a diameter of around 600 meters, which will be enough for the supply of the artificial snowing system throughout the season.

KOMERCIJALNA BANKA, ALBANIA’S BALFIN TO BUY TIRANA BANK

ALBANIA

Macedonia’s Komercijalna Banka and Albanian investment group Balfin have signed a binding agreement to acquire Albania’s Tirana Bank from Greece’s Piraeus Bank, where Balfin will own a majority stake in Tirana Bank.

Balfin and Komercijalna Banka will focus on strengthening Tirana Bank’s reputation, allowing the lender to expand its operations in Albania.

Established in 1996, Tirana Bank was the first private bank to start operations in Albania. It operates 39 branches and 71 ATMs across the country.

Including the investment in Tirana Bank, Balfin’s investment portfolio totals €1.2 billion, with investments in Albania, Macedonia, Kosovo, Bosnia and Herzegovina, Montenegro, Austria and the United Kingdom.

Komercijalna Banka is Macedonia’s largest lender, with assets in excess of €1.7 billion. The deal is subject to approval from the respective regulators.

Hungarian low-cost carrier Wizz Air said it will add new routes from Kosovo’s Pristina to Mulhouse, Munich and Dortmund, as well as a service from Albania’s Tirana to Dortmund. Starting October 30, flights from Pristina to Munich Memmingen will be serviced three times per week - on Tuesdays, Thursdays and Saturdays.

The route from Tirana to Dortmund will be offered two times a week - on Tuesdays and Saturdays. A third weekly flight will be added on Thursdays during winter peak. Wizz Air’s new service from Pristina to Mulhouse and Dortmund will be also offered three times per week - on Tuesdays, Thursdays and Saturdays, starting November 20 and December 15, respectively.

WIZZ AIR TO ADD NEW ROUTES FROM PRISTINA TO TIRANA

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DRAGIĆ KARAKLIĆ, DIRECTOR OF PUBLIC COMPANY “NATIONAL PARK TARA”

Nature’s Treasure Trove In addition to naturalists, Tara is also being explored increasingly by archaeologists

monuments. How is your cooperation with other institutions in maintaining such a complex of nature and history?

T

he basic phenomenon of our National Park is represented by forests that cover 80 per cent of this protected area and are among the most well-preserved, highest-quality and most productive in Europe, says Dragić Karaklić, Director of National Park Tara

What distinguishes National Park Tara from other national parks in Serbia?

Tara National Park is a treasure trove of nature and a habitat for numerous species from the distant past. Standing out in particular are the Serbian spruce (Picea omorika) and Serbian grasshopper (Pyrgomorphula serbica), while it should also be emphasised that this area represents the most important habitat for bears and wild goat in Serbia. However, the main phenomenon of this national park is the forests that cover 80 per cent of this protected area and are among the most wellpreserved, best-quality and most productive in Europe. Moreover, Tara also has significant cultural and historical monuments, the most famous of which are the Stećci medieval tombstones that are listed by UNESCO and Rača Monastery, which is a 13th century endowment of King Dragutin.

Apart from its rich nature, Tara is also abundant in significant cultural and historical

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Diverse natural and cultural heritage requires special care from the state and managers, along with a multidisciplinary scientific approach. However, for many years Tara was only explored by “naturalists”, i.e. experts from the Faculty of Forestry and Biology, the Institute for Nature Protection of Serbia, the Natural History Museum, the

We are currently affirming NP Tara at the international level through extremely successful cooperation with renowned Hungarian photographers and the Photography Association of Serbia

Geological Institute and other institutions.

However, since 2006 there has also been archaeological research conducted here in cooperation with the Department of Archaeology at the Faculty of Philosophy in Belgrade, followed by the National Museum from Belgrade and Užice, the National Institute for the Protection of Cultural Monuments and other institutions. It should be noted that, in cooperation with the Ethnographic Museum, we implemented a project of ethnological research in the wider area of National Park Tara, with the aim of researching and preserving this rich tradition.

One of our important tasks is to promote the values of National Park Tara in domestic and international frameworks, so we have begun working in cooperation with the Faculty of Applied Arts in Belgrade to create a new visual identity for the park.

We are currently affirming NP Tara at the international level through the realising of extremely successful cooperation with renowned Hungarian photographers and the Photography Association of Serbia.

With master photographer Béla Szabó in 2012, along with the help and support of the Tourist Organisation of Serbia and the Institute for Nature Conservation, we launched the Photo-safari “Tara” promotional event, which is being realised in continuity, and the photographs have been exhibited at numerous exhibitions in the region.

Last year saw NP Tara and NP Black Canyon of Gunison from Colorado sign a five-year Cooperation Agreement. What kind of results has this cooperation yielded to date and what are plans like?

The agreement envisages the exchange of knowledge, experiences, technologies and employees from different fields – from the management of natural resources, via the monitoring of rare species, the development of educational programmes and planning in the domain of tourism, all the way to mutual promotion. Modalities of cooperation and priority areas have so far been considered, while cooperation is expected to achieve full effect as of next year.

On the basis of this cooperation, we also launched an initiative for twinning with Bajina Bašta and Montrose, the two cities that rely on these two national parks.

MIRKO BUTULIJA, PRESIDENT OF THE AUTO-MOTO ASSOCIATION OF SERBIA (AMSS)

Advancing Safety On The Roads Of Serbia Foreign clubs have recognised joint efforts and shown confidence in AMSS, advising their members at the beginning of the season a safe transit through Serbia

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t the beginning of 2018 the membership-payment card from the DINA card system was distributed, with which members receive discounts on goods and services from AMSS’s “Pay & Save” programme.

This model is unique on our market. Representing new developments during 2018 as well, this programme pays special attention to adequate presentation and enabling benefits to expand further, says AMSS President Mirko Butulija.

AMSS last year recorded progress in the standardisation of its service package.

What new additions did you bring to the Serbian market?

The Auto-moto Association of Serbia, in accordance with its decades-long tradition, enjoys the great trust of drivers throughout Serbia. We continually improve our own capacities. During last year and this year as well, a significant contribution was provided by the number of members who joined us via the web shop, which significantly eased the process of joining and improved the efficiency of processing membership applications. During the same period, cooperation has intensified with partners who distribute SMS membership, and as such this channel will also be developed for new members in the period ahead,

as well as for renewals of membership among existing active members. At the beginning of 2018 the membership card from the DINA payment card system was distributed, with which members receive discounts on goods and services from the AMSS “Pay & Save” programme through refunds to their bank accounts via card,

With a view to the examples of partners from European Union countries, we are planning to develop a so-called family package, which will familiarise members of family households with the possibilities of utilising benefits

totalling the amount of the discount. This model is unique on our market. Representing new developments during 2018 as well, this programme pays special attention to adequate presentation and enabling benefits to expand further.

What results were yielded by new measures to deal with unauthorised tow trucks that represented a problem for you previously?

AMSS, in accordance with its competencies and jurisdictions, and in cooperation with the Interior Ministry, has exerted great efforts to counteract the falsely representing tow trucks, and to ensure

the provision of regular assistance to all drivers in transit through our country in the event of a breakdown. Foreign clubs have recognised joint efforts and shown confidence in AMSS at the beginning of the season by advising their members, whose safety is their top priority, a safe transit through Serbia. Such confirmation of cooperation with foreign clubs during the peak of preparations for the tourist season was of great importance not only for members of foreign clubs, but also for members of AMSS and drivers in general.

Trust in AMSS is constantly on the rise.

How many members do you currently have and what are your plans for the future?

The development of membership, promotions and increasing the number of members from the current level of around 100,000 are among AMSS’s basic priorities. In that sense, and with a view to the examples of partners from European Union countries, we are planning to develop a socalled family package, which will familiarise members of family households with the possibilities of utilising benefits. On the other hand, we are also devising models for expanding membership benefits by extending current limits on membership benefits, creating additional packages and advantages. Digitalisation and converging membership are also among AMSS’s main development priorities. Constant work will be undertaken to improve the current mobile application, member accessibility and efforts to provide high-quality information to members in every way.

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Digital “Digital transformation is as important as oxygen: all digital creatures, great and small, need it.” – MAX YOUNG, CEO, ALUMNI OF THE LOMBARDI COMPANY AND PEGASYSTEMS

WORLD NEWS INDIA

ONLINE RETAIL, A $50-BN BUSINESS

NORWAY

ROBOTS TO DELIVER LETTERS AND PACKAGES The post office has just received its first letter and package robot. Later this fall, it will deliver letters and packages to people in Kongsberg. The robot is the first of its kind, and the idea is that it may almost replace the mailbox. The plan is that it will drive out from the warehouse on its own in the evening, and that people will be notified that their mail on its way to their area. Thus, they can choose when and where they want to pick it up. The letter and package delivery robot has been developed in partnership with Buddy Mobility, which is located in California, but has a Norwegian entrepreneur.

According to a joint report by Bain and Company, Google and Omidyar Network, the India’s online retail market is a $50 billion opportunity waiting to be realised. In 2017, online retail in India clocked $20 billion in sales. While this paled in comparison to the US ($459 billion) and China ($935 billion), India exhibited highest growth in online spending among major economies.

Indian online shoppers spent an average of $224 in 2017, which was less than a tenth of what the average user spent online in the US at $2,237 in the same year. But while the US online sales’ compound annual growth rate (CAGR) was 14 per cent in the five years to 2017, India’s growth was five times higher at a CAGR of 70 per cent.

The report showed that of the 390 million active Internet users in India, only 40 per cent (160 million) transacted online. Of this, about 140 million were from relatively affluent backgrounds, alluding to the fact online retail still isn’t a mass phenomenon in the country.

UAE

UAE-BASED BILLIONAIRE OPENS JOBS FOR FILIPINOS

YUSUFF ALI

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UAE-based billionaire retail tycoon Yusuff Ali M.A. is looking to pump further investments into the Philippines and create at least 2,000 more jobs.

The Indian entrepreneur who operates 150 LuLu hypermarkets in the UAE and across the Gulf Cooperation Council (GCC) region and Egypt. intends to make a further investment of $100 million in setting up a food processing unit and a hypermarket in the Asian country.

The new business venture, MAY Exports Philippines Inc., has created hundreds of jobs and will be primarily engaged in the sourcing, storing, packing and exporting of fruits, vegetables and other commodities from the Philippines to the Middle East.

Yusuff Ali is currently ranked the 388th richest billionaire in the world by Forbes,with the net worth of $4.2 billion.

WORLD

WINNERS AND LOSERS FROM TURKISH CRISIS Traders love a crisis. A crisis tends to create volatility, which creates the opportunity to make larger sums of money by betting on price moves. It’s no different with the Turkey situation.

According to Bloomberg the biggest win so far is at Deutsche Bank, where a group of fixed income traders made a profit of $S35 million in less than two weeks. The traders, who trade from a desk “focused on central and eastern Europe, the Middle East and Africa,” made as much as $10 million in a single day on August 10, which saw the biggest fall in the Turkish lira.

Prior to the lira’s slump, the team had positioned itself to profit from falling asset prices across the region, although it is not believed that they had placed any trades specifically focused on the Turkish crisis.

Bloomberg also reports that a senior trader at Barclays lost around $19 million over the course of three days trading Turkish bonds. That figure is relatively small in the grand scheme of Barclays’ emerging market corporate fixed-income trading operation, from which the bank makes revenues of around $100 million per year.

Betterment and Wealthfront are two of the most popular online investment platforms in the US and both top 10 holders of the Vanguard FTSE Emerging Markets exchangetraded fund. The fund makes up as much as 15% of some portfolios on Betterment.

The Vanguard ETF has lost more than 7% of its value since the start of August.

Comparison “Keeping people in a continual state of anxiety, anger, fear, or just haunted by an inescapable, nagging sense that everyone else is better off than they are can be very profitable.” – JUDITH DONATH, FELLOW AT HARVARD’S BERKMAN CENTRE GREAT BRITAIN

PAY FOR BRITAIN’S TOP BOSSES RISES 23 PER CENT Pay packages for the bosses of Britain’s 100 biggest listed firms rose 23 per cent over the past year, fuelled by payouts for the CEOs of house builder Persimmon and industrial firm Melrose Industries, a survey showed.

Excessive corporate pay has attracted public anger since the financial crisis and Prime Minister Theresa May has denounced the gap between the amounts paid to bosses and average workers as irrational and unhealthy.

The survey by the Chartered Institute of Personnel and Development (CIPD) and the High Pay Centre thinktank showed the average income for chief executives of companies in the FTSE 100 share index. FTSE was 5.7 million pounds in their financial year ending in 2017, up 23 per cent from the previous year. The increase far exceeds the 2.5 per cent increase in average (mean) salaries for British workers to 29,009 pounds, according to the Office for National Statistics. The CIPD report said the mean figure was skewed by very large payouts to the bosses of house builder Persimmon and Melrose Industries. Excluding these two chief executives would bring the mean single figure down from 5.7 million pounds to 4.8 million pounds, still representing a 6 per cent increase from the previous year. The highest paid CEO in the financial year ending 2017 was Persimmon’s Jeff Fairburn, who received 47.1 million pounds, more than 20 times his pay in 2016, largely due to a long-term incentive plan dating back to 2012.

BELARUS

HUNDRED STORES TO OPEN IN CHINA One hundred stores of Belarusian goods will open in the biggest cities of China before the end of 2018.

The opening ceremony of the store of Belarusian goods in Guiyang took place on August 16 under the Belarus Commodity Center, which brand has been developed by China’s Guangdong Xinjinlai Trade from Guangdong Province. This store has become the second in the network. Before the end of 2018, the company plans to open 100 stores of Belarusian goods in the largest cities of China.

An agreement was also reached to place Belarusian alcohol products within the well-known network of Chinese stores Moutai. The company has already opened its representative office in Belarus to purchase Belarusian products, check the quality of products and organize supply logistics.

RUSSIA

RUSSIA’S MOST EXPENSIVE BRANDS Sberbank is recognized as the most expensive Russian brand. Its value surged 18% annually to 670.4 bln rubles ($10 bln), Brand Finance SBERBANK CENTRAL OFFICE consultancy says in its annual review. It is followed by Gazprom and Lukoil. Gazprom’s brand value rose by 5% to 320.8 bln rubles ($4.8 bln). Lukoil’s brand value lost 1% and totals 281.1 bln rubles ($4.2 bln).

Rosneft’s brand is ranked fourth with the value of 203.9 bln ($3 bln), up 13% in annual terms. Russian Railways are at the fifth position, with the brand value soaring 35% annually to 159 bln rubles ($2.4 bln). The brand value of the Magnit retailer on the sixth place lost 5% over the last year and amounts to 145.2 bln rubles ($2.2 bln). It is followed by VTB (117.6 bln rubles ($1.8 bln, +11%), MTS (114.5 bln rubles ($1.7 bln), +23%), Tatneft (97.3 bln rubles ($1.4 bln), +9%) and Pyaterochka (91.2 bln rubles ($1.3 bln), whose brand Source: TASS value surged 27% year-on-year.

PWC

HOW WILL THE GLOBAL ECONOMIC ORDER CHANGE BY 2050?

PWC’s report sets out our latest long-term global growth projections to 2050 for 32 of the largest economies in the world, accounting for around 85% of world GDP. Key results of PWC analysis include: • The world economy could more than double in size by 2050, far outstripping population growth, due to continued technology-driven productivity improvements • Emerging markets (E7) could grow around twice as fast as advanced economies (G7) on average • As a result, six of the seven largest economies in the world are projected to be emerging economies in 2050 led by China (1st), India (2nd) and Indonesia (4th) • The U.S. could be down to third place in the global GDP rankings while the EU27’s share of world GDP could fall below 10% by 2050 • UK could be down to 10th place by 2050, France out of the top 10 and Italy out of the top 20 as they are overtaken by faster growing emerging economies like Mexico, Turkey and Vietnam respectively • But emerging economies need to enhance their institutions and their infrastructure significantly if they are to realise their long-term growth potential

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Entrepreneurs JOHN PAUL DEJORIA

From Homeless

To Billionaire John Paul DeJoria is the founder of tequila maker Patron Spirits Co. and cofounder of hair care company John Paul Mitchell Systems. He slept in his car and sold shampoo door-to-door before he teamed up with Paul Mitchell in 1980 and turned $700 into John Paul Mitchell Systems. In 1989 DeJoria and partner Martin Crowley acquired a stake in boutique tequila maker Patron and have grown it to sales of more than $800 million 40

September

JOHN PAUL DEJORIA AND HIS DAUGHTER ALEXIS

It’s not often that a homeless person living out of his car can dramatically alter his circumstances and become a billionaire. But John Paul DeJoria — co-founder of hair-care company John Paul Mitchell Systems and high-end Patrón Spirits — did just that. The 73-year-old now has a net worth of $3.1 billion, according to Forbes. His climb out of poverty reads like a tale from a Charles Dickens’ novel.

The onetime door-to-door shampoo and encyclopedia salesman partnered with Paul Mitchell in 1980, and the two turned $700 into one of the most profitable hair-care companies in the world. Not too long after their company took off, Mitchell died of cancer and DeJoria took over. Today the company generates $1 billion in annual revenues. His tequila company is also a megahit. Patrón tequila is made in Mexico in a sustainable distilling facility that uses recycled bottles and leftover distilled water to fertilize the

I have been so down and out in my life. It makes me feel really good to be financially blessed and give back. I get great joy and a great high out of it. It’s my way of paying rent on this planet to share with others less fortunate land. Now more than 2 million cases are sold each year.

But DeJoria doesn’t measure his success in terms of dollars and cents. For the iconic entrepreneur it’s not about money and power. As he sums it up: “I have been so down and out in my life. It makes me

feel really good to be financially blessed and give back. I get great joy and a great high out of it. It’s my way of paying rent on this planet to share with others less fortunate.”

The billionaire remembers giving a dime to the Salvation Army when he was six years old and living in Los Angeles. His mom told him, ‘You may be poor, but there are so many people less fortunate than you, and every little bit helps.’

“Those words have always stuck with me,” DeJoria recalls.

That philanthropic passion led DeJoria to sign Bill Gates and Warren Buffett’s “The Giving Pledge” in 2011 to give half of his earnings to better the world. In addition, he established JP’s Peace Love & Happiness Foundation as a hub for his charitable donations to causes that reflect the core values of his companies: saving the environment, helping the poor and protecting animal rights.

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Entrepreneurs

Through his foundation, he has raised millions of dollars to support more than 160 charities around the world. They include Grow Appalachia, a program that provides seed and tools to help poor families in six states throughout central Appalachia grow their own food to combat malnutrition; and Sea Shepherd, a marine wildlife conservation society that confronts illegal poaching and destruction of wildlife in the world’s oceans.

This Thanksgiving he visited Mobile Loaves & Fishes’ Community First Village in Austin, Texas, where they are building an innovative housing model that helps the

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homeless learn skills, earn income and get affordable housing.

So how did DeJoria maintain motivation and build such an expansive empire?

He says there were three rules he followed on his path to success.

Rule No. 1: Always be prepared for rejection.

Throughout your career you are going to run across rejection, DeJoria points out. “You will knock on doors, and many will close on you. There will be people who don’t like your product, your company — or you.” It’s important you realize this from the day you launch your business. “To be successful, you must remain as confident and enthusiastic on door No. 59 as you were on door No. 1.”

If you realize this is going to happen, the rejection won’t hit you so hard. It will help you be resilient, he explains.

Rule No. 2: Make sure your product or service is the best it can be.

DeJoria is adamant: “Always remember you don’t want to be in the product business.

You want to be in the reorder business.” As he explains, Work hard to develop a worldclass product consumers want. That kind of thinking gives you a better shot at being a JOHN PAUL DEJORIA AND PAUL MITCHELL success.

Rule No. 3: Doing good is good for you — and your business.

“If a business wants to stay in business, it cannot just think of today’s bottom “By helping others, you are line,” says DeJoria. It must make a company commitment to help others immediately. creating future customers “By helping others, you are creating future and inspiring employee customers and inspiring employee loyalty,” loyalty,” he explains. he explains. “Customers like to be involved “Customers like to be with people and businesses that donate their time to help others, save the planet and make involved with people and a difference.” businesses that donate Demonstrating that point, DeJoria notes their time to help others, that since he started Paul Mitchell in 1980, save the planet and make a His total employee turnover has been less than 100, and two of those workers retired. difference.”