Business Dialogue - CorD Magazine No.170

Leaders’

MIHAILO JANKOVIĆ, CEO of Nectar d.o.o.

(Ltd.)

Two Decades Of Family Success PAGE /36

MEETING POINT 10th Anniversary of PRIMA International School

Each One, Teach One PAGE /40

MARIJANA VASILESCU, CEO, Sberbank Srbija a.d. (JSC)

Market Demands Continuous Advancement PAGE /41

BANE SPASOVIĆ, Mayor of Požarevac

City Of Great Potential PAGE /44

MIHAILO JANKOVIĆ, CEO OF NECTAR D.O.O. (LTD.)

20 YEARS OF NECTAR

Two Decades Of Family Success

From a small family business established in 1998 to a regional leader in the production of fruit juices in 2018, NECTAR has undergone a 20-year journey and marks its jubilee with impressive results: more than a billion euros of gross value added in Serbia since its establishment, 5,500 jobs in its value system and a large number of brands - all under the slogan “It does matter”

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s the largest producer of fruit juices in Serbia, with a 30% market share, Nectar increased its share of the regional juice market to 22% with its acquisition of Slovenia’s Fructal in 2011 and now generates revenues exceeding 100 million euros annually.

How would you, as succinctly as possible, describe the chronology of the Nectar Group’s success; and what were the crucial junctures along the way?

Nectar has recorded constant growth

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over the course of the past two decades, always operating at a profit and making great advances for the Serbian economy through the acquisition and successful operating of Fructal, a company from the European Union market. If we were to define that 20 years of consistency, then it would be based on the family values of the founders and owners, the Radun family; values that have been transferred to their extended family – company Nectar. The company emerged in the way common to German Mittelstand or Italian medium-sized companies, so that basic DNA of our company led to dynamic and aggressive growth, speed of innovation and abilities to adapt to market demands, but also to acquisitions in Serbia and elsewhere in the former Yugoslavia.

We are proud that all decisions are taken exclusively in Serbia. Nectar’s acquisition of Fructal is one of the rare direct investments in Slovenia from Serbia and - at a size of 50 million euros - is among the largest.

What’s the capacity of Nectar’s production today?

The Nectar Group has the highest capacity for primary fruit processing in the region, exceeding 120,000 tonnes annually, with 95% of processing carried out at three locations in Serbia - Vladičin Han, Backa Palanka and Arilje. We have a total of six production facilities in three countries (Serbia, Macedonia and Slovenia), with a large number of state-

of-the-art plant lines for the processing and production of fruits and vegetables.

As Nectar-Fructal, we are ranked as the eighth strongest brand on the Valicon List of the top 25 brands in the region of the former Yugoslavia. That list is dominated by global brands, which makes it even more of a success that we are included in this prestigious group.

You say that your acquisition of Fructal was like graduating from high school. How did you pass this test of maturity?

At the end of 2011, Nectar acquired a majority stake in Fructal in a fierce market battle that included more than 10 reputable competitors. Now, seven years on, we can say with satisfaction that we won!

The acquisition of Fructal enabled Nectar to strengthen a long-term partnership with the European Bank for Reconstruction and Development, which supported us with a loan of 35 million euros. All obligations towards the EBRD have been met throughout all these years, and Fructal has become an indispensable member of the Nectar family.

The Nectar Group’s annual sales figures have constantly exceeded €100 million since 2012. In 20 years of operations, you’ve generated sales revenue of more than €1.1 billion and an operating profit of €200 million. Which business standards have led you throughout all these years?

We’ve invested and innovated constantly. We invested more than €100 million in facilities, equipment and acquisitions.

More than 95% of cumulative profits, totalling almost 80 million euros, have been invested over the course of the past two decades. We’ve built relationships with farmers very carefully, because it’s important for us to know who we buy fruits and vegetables from for our products. In 2017 alone, we bought 68,000 tonnes of fruits and vegetables. Each year we pre-finance more than 1,300 farmers, while cooperating directly or indirectly with over 10,000 farmers. Apples, peaches, cherries and tomatoes account for over 80% of total purchases in the structure. Every sixth apple that remains in Serbia is processed at a Nectar plant.

The Nectar Group possesses over 30 brands and 743 individual products. What are all the product categories represented?

Our products are classified into four categories – food, juices, water and alcoholic beverages. Nectar’s first ever product was apple vinegar. We are particularly proud of our positive impacts on consumer trends in introducing healthy habits to Serbia. We don’t compromise on quality and have introduced – through innovation, market research and development – as many as 68 of our own innovations and three new state-of-the-art lines for the production of small packages in the last five years.

Nectar spent years developing various brands within the Nectar family – Family, Life, Tomatelo, Jam, Booster, Buzz, Kids...

Throughout all this time, we’ve been protecting and improving our acquired brands of Fructal, Frutek, Frutabel and Heba.

Nectar invests a lot in its corporate social responsibility. You’ve invested over €800,000 in CSR projects in Serbia since 2014 alone. Which of your activities are you particularly proud of?

Our biggest single action was “It does matter when babies come”, through which we donated significant funds for the reconstruction of the department for artificial

Nectar has recorded constant growth over the course of the past two decades, always operating at a profit and making great advances for the Serbian economy through the acquisition and successful operating of Fructal, a company from the European Union market

insemination at the Narodni Front Maternity Hospital in Belgrade. We are proud that the conditions have been created to increase many times the number of couples who have the opportunity to undergo artificial insemination procedures in Serbia.

Nectar is also a long-time sponsor of the Basketball Federation of Serbia with its Heba brand. In 2017 alone, we donated funds to 100 organisations in Serbia that require funding, with a special focus on the local communities in which we have production facilities.

You recently formed a strategic partnership with the Nelt Group. What benefits do you expect from this cooperation?

We decided to cooperate with NELT in the domain of logistics services. Nelt has excellent management and top logistics capacities and we believe that through this cooperation we will improve our operational level even further towards our customers and impact positively on Nectar’s operations in Serbia.

Given that the first 20 years have been extremely successful, it is to be expected that Nectar’s plans for the next 20 years will be even more ambitious. In which direction will your future activities be focused?

In the first 20 years we’ve conquered the markets of the former Yugoslavia and are today present on six continents and in 60 countries. In the next 20 we’ll conquer the global market. We want to continue to be a company that nurtures family values.

We want to achieve annual revenue of €500 million; to create five billion euros of gross value added in Serbia within our value system; for our value system to engage more than 10,000 full-time employees. We want to have exports to over 100 countries worldwide, for every second apple that remains in Serbia being processed at Nectar, to become a regional leader in the production of health food and a global player in the production of juices. And in everything we do we want to remain faithful to our ‘it does matter’ business philosophy.

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Perspective

“I ask the people of Kosovo to support the dialogue between Pristina and Belgrade, because I think that the successful outcome of this dialogue is the basis of your European perspective and also an opportunity to live together in peace and stability.“ – SEBASTIAN KURTZ, AUSTRIAN PRIME MINISTER

LOCAL NEWS SBERBANK

EIF

WON THE WORLD BRANDING AWARD

FITCH RATINGS

FITCH CONFIRMS SERBIA’ RATINGS AT ‘BB’ Fitch Ratings said it has affirmed Serbia’s long-term foreign- and localcurrency issuer default ratings (IDR) at ‘BB’, with a stable outlook.

Serbia’s ratings are supported by governance, human development and ease of doing business indicators that exceed the majority of ‘BB’ category sovereigns, Fitch said in a statement.

The presence of an International Monetary Fund (IMF) Policy-Coordinated Instrument (PCI) provides an anchor on reform and policy direction consistent with further strengthening of macroeconomic fundamentals and public debt reduction, Fitch said.

However, Serbia’s ratings are constrained by its lower growth potential, as well as higher level of public and net external debt ratios to gross domestic product (GDP) relative to category peers, the ratings agency warned.

At recently finished World Branding Awards, Sberbank has been named Brand of the Year 2018 in the Banking category. This prestigious award Sberbank has been won for the third time a row.

“The success of our brand is the logical conclusion of the company’s business success. The growth of our client base, increasing number of daily users of the mobile application, stronger client loyalty, development of new products, and high-quality advertising activity are key factors in brand development,” said Vladislav Kreynin, Vice President and Marketing Director at Sberbank. Key factors in determining whether a company should be awarded as “Brand of the Year” include achievements in its core business and brand development. A company’s final score is determined through three streams: market research, brand valuation, and public online voting with more than 200.000 voters. The World Branding Awards have been held since 2014 by World Branding Forum, a non-profit organisation headquartered in London. Sberbank also won Brand of the Year (Banking) in 2017 and 2016.

EUR 180M NEW LOANS THROUGH “EU FOR SERBIA – FINANCING FOR SMES”

REAL ESTATE

CONSTRUCTION IN ACCORDANCE WITH INTERNATIONAL STANDARDS Skyline Belgrade, as a complex comprising three towers – a central business tower and two residential towers, will provide its future tenants with quality and safety at the very heart of central Belgrade, on the famous Kneza Miloša Street. Project investor AFI Europe has been present on the Serbian market since 2005 and has proven with its projects – including the iconic Airport City Belgrade and Central Garden developments – that it is a market leader in terms of architectural and urban-planning achievements. The exclusive sale of apartments has been entrusted to Serbia’s leading real estate consultancy, CBS International, part of the Cushman & Wakefield Group.

The EIF endorsed the selection of five local banks (Raiffeisen bank, UniCredit bank, Banca Intesa, ProCredit bank and Komercialna bank), which will implement the “EU for Serbia – financing for SMEs” Guarantee.

EIF will provide a direct guarantee enabling the selected banks to support ca 1250 SMEs loans on favourable terms, such as reduced pricing, lower collateral, longer maturities or a combination of these. Over the next three years, the EU contribution of EUR 20 million will mobilise up to EUR 180 million in the form of loans at favourable terms.

AIR FRANCE

FLIGHTS PARISBELGRADE-PARIS FROM 31ST MARCH 2019

SCIENCE

RESEARCHERS FROM SERBIA GET WIPO MEDALS FOR INVESTORS Professor Dr Djuro Koruga, a pioneer in nanotechnologies and the founder of the Center for Molecular Machines at the Faculty of Mechanical Engineering in Belgrade, and plastic surgeon Jadran Bandic received the Medals for Inventors of the World Intellectual Property Organisation (WIPO), at the celebration of an anniversary of the IntelDR KORUGA PhD. (CENTRE) lectual Property Office.

The two researchers were awarded WIPO Medals for Investors in the category of inventors or a group of inventors and patents for an invention called “Analytic Methods of Tissue Evaluation”. They have patented this invention which contributes to an early melanoma diagnosis or prevention, in one of the biggest markets of the world – the USA. The award contest was organized by the Intellectual Property Office on the occasion of the 98th anniversary. WIPO is one of the UN’s specialised agencies in charge of international affairs pertaining to industrial property rights, copyright and related rights.

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After six years Air France will return to Belgrade. From 31st March 2019, Air France will operate daily on the Paris-Belgrade-Paris route.

Timetable according to the local time: AF 1660 flight will depart from Charles De Gaulle Airport in Paris at 12:20, arrival time to Belgrade 14:35.

AF 1661 flight from Belgrade will fly at 15:25, with arrival time at Charles De Gaulle Airport at 5:55 pm.

Agreement

“The US supports Kosovo for reaching a comprehensive agreement with Serbia, which paves the way for mutual recognition and the membership of Kosovo into NATO, the EU and the UN.” – KOSOVO PRESIDENT HASHIM THACI ALIBABA

NEW LOGISTICS HUB IN SERBIA To reduce delivery times, the Chinese online sales giant has decided to create a logistics office that brings standards from the current 17 days to 17 hours. This new center will most likely be located in Serbia, which boasts particularly close relations with China. Indeed, Serbia and China already boast bilateral tradewhich in 2016 it reached nearly $ 600 million, marking a 8.2%, and that in the first four months of 2017 saw a 20% increase over the same period of 2016. The Secretary of State for the Economy Tatjana Matić said that the Serbian Government has already signed a confidentiality agreement with Alibaba.

CORPORATE COMPLIANCE ASSOCIATION

BELGRADE RECEIVES FIRST CORPORATE COMPLIANCE ASSOCIATION Belgrade gained its first Corporate Compliance Association on 23rd November and its goal is to better explain the importance of corporate compliance to as many people as possible and to clarify the role and responsibility for the sustainable operation of this system of both corporations and all its parts to the level of an individual.

The Association is comprised of professionals from different areas of business, who all have the same goal – to define what a compliant business is now, what it should be and how to develop correspondingly.

The Association is comprised of professionals from different areas of business, who all have the same goal – to define what a compliant business is now, what it should be and how to develop correspondingly.

GENERALI OSIGURANJE SRBIJA

FIRST FAMILY FRIENDLY FINANCIAL ORGANISATION IN SERBIA Generali Osiguranje Srbija is the first financial organization in Serbia and the region that has received the Family Friendly Enterprise certificate. The certificate is awarded to companies that enable their staff to more easily balance their private lives with their work. The certificate was received by the Chairman of the Executive Board of Generali Osiguranje Srbija, Dragan Filipović.

The certificate is awarded by TMS CEE d.o.o. according to the certification scheme of the Ekvilib Institute. Thanks to the benefits offered to its staff, Generali Osiguranje Srbija now counts among prestigious employers. It has become the first financial organization, out of over 90 in Serbia, to receive this important certificate, which confirms family responsible business operations.

Placements postings

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appointments@aim.rs

H.E. HYOUNG-CHAN CHOE, NEW AMBASSADOR OF THE REPUBLIC OF KOREA

Ambassador H.E. Hyoung-chan Choe (51) holds a BA Degree in International Relations and an MA Degree in Public Policy from Seoul National University, as well as an MA degree in International Relations from the U.S. University of Virginia. His diplomatic career includes postings at the Korean embassies in Israel (1998-2000), China (2000-2003), Vietnam (2006-2008), the U.S. (20112013) and Iraq (2014-2015). Ambassador Choe has also held various posts at the Korean Foreign Ministry, including serving as Director for Overseas Missions within the Office of Planning and Coordination (2008-2009) and Director of the Republic of Korea-U.S. Security Cooperation Division in the North American Affairs Bureau (2009-2011), while he also worked as a Senior Director of the National Security Council Secretariat in the Office of the President (2015-2016).

Ambassador Choe also held the position of Director-General for International Policy at the Korean Ministry of National Defence (2016-2018).

He is a married father of a son and a daughter.

MLADEN PETKOVIĆ, NEW DIRECTOR OF ZASTAVA ORUŽJE AD

Mladen Petković is an expert with rich professional experience as director of the company Krusik Valjevo and Kovački Centar as an economic and financial expert.

He started his career in the company JAT Support.

In the last four years, Mladen Petkovic has been concentrating on the consolidation of Krusik’s business operations. Krusik is constantly modernizing existing products and investing considerable resources in developing new products based on new technologies. One of the most important events in the company’s operations lay in establishing a serial production of products from the missile programme. This programme strengthened Krusik’s position on the world market.

UROŠ BIDER, NEW GENERAL MANAGER OF PETROL D.O.O. BELGRADE AND BEOGAS A.D.

Uroš Bider has spent 35 years in various positions within the management structures of company Petrol. He was the director of retail sales in Croatia, leader of the project for the development of retail operations and retail supervisor for retail sales in Serbia, Bosnia-Herzegovina, Croatia and Montenegro.

Since 2013 he has been at the helm of company Petrol BH Oil Company d.o.o. (Ltd.).

“We want Petrol in Serbia to intensify its development with the expanding of its network of petrol stations, to improve our brand recognition and strengthen our position on the Serbian market, placing a special focus on wholesale, increasing our market share in the sale of natural gas, and becoming a recognised regional provider of comprehensive energy and environmental solutions,” said Bider.

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10TH ANNIVERSARY OF PRIMA INTERNATIONAL SCHOOL

Each One, Teach One

PRIMA International School of Belgrade has been offering for the past ten years the best of a British and international education in a nurturing setting that is safe and stimulating for all families seeking the highest quality education for their children

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RIMA consists of Preschool, Primary and Secondary departments. PRIMA International School is an accredited Cambridge Assessment International Education centre and, as such, has gained a reputation as a serious educational institution.

Speaking at the ceremony celebrating the school’s tenth anniversary, Ms Brigitte MacIntosh Petrovic, Head of school, said: “There is no greater feeling than standing here before you in anticipation of what the next ten years will bring. We will continue to develop and improve, so that our students can achieve greatness, and we will continue to contribute to the educational and scholastic community for many years to come. We will do all this and I can say that with confidence because of my team.

Our teachers have a knack for finding what the child loves to do and then drawing it

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out of them and encouraging them. Our pupils have already grown in confidence and have the desire to further explore and freely express their imagination. PRIMA students have resilience, curiosity and compassion.”

Speaking about the principles and teaching methods applied by the school, Ms MacIntosh Petrovic noted: “My staff,

We will continue to develop and improve, so that our students can achieve greatness, and we will continue to contribute to the educational and scholastic community for many years to come

to me, are champions of education. Their dedication and hard work during school hours, and now at home, is to be commended. I know they are overwhelmed at times, but what I love the most about them is that they don’t give up. They continue to move forward, and as they do they reach back and pull someone forward with them.

The saying ‘Each one, teach one’ perfectly illustrates what they are all about.

You have all, at some point and time, had an impact on the life of a child here at PRIMA. From Preschool and Reception to Primary and Secondary, whether it be something you said, did, or showed, these students will move on and in their adulthood they too will impact the lives of people who come into contact with them. Those people will in turn move on and impact other lives. My teachers will cause a ripple effect of goodness in the years to come.”

MARIJANA VASILESCU, CEO, SBERBANK SRBIJA A.D. (JSC)

Market Demands Continuous Advancement “Sberbank is among the youngest banks on the Serbian market and we have a huge obligation to contribute, through constant innovations and improvements, to the stability and strengthening of Sberbank in this part of Europe”

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ompared to the same period of last year, Sberbank has recorded an increase in profit in Serbia of as much as 35 per cent. Speaking to CorD about the operations of this bank that’s one of the world’s largest financial institutions, as well as the advancement of Serbia’s banking market, is Marijana Vasilescu, CEO of Sberbank Srbija a.d.

Sberbank’s arrival in Serbia marked the completion of the bank’s transformation into one of the leading international banking groups. How would you rate operations in Serbia to date?

It’s a privilege to be part of one of the largest and most profitable financial institutions in the world, with a tradition dating back 177 years, and to be part of a bank that has, for the last three years consecutively, won the title of the best brand in the banking category at the World Branding Awards. On the other hand, Sberbank is one of the youngest banks on the Serbian market and we have a huge obligation to contribute, through constant innovations and improvements, to the stability and strengthening of Sberbank in this part of Europe. We can boast of the fact that, compared to the same period of last year, we’ve recorded an increase in profit of as much as 35 per cent. Certainly what’s

most important is the fact that our clients have recognised us as a reliable partner. This is supported by the fact that we achieved growth in total deposits of as much as 21%, as well as growth of 39% in consumer loans compared to the first nine months of 2017.

I am particularly proud of the fact that we’re succeeding in our mission and maintaining an excellent team spirit, which we’ve demonstrated in practise through numerous

created in the form of an advanced loyalty card “With Us on the Road”. For the needs of this co-branded payment card, Sberbank prepared a simple, digitised and fully automated process that enables users to submit a request for the payment functionality of this card and to sign contractual documents outside of the bank’s branch offices, at more 70 NIS Petrol and Gazprom filling stations.

We are proud that more than 32,000 requests have been submitted since the launch of this project.

It is an interesting fact that an average of 12 new “With Us on the Road” cards are issued every hour, and are done so without a single client having to physically come to the bank

The consolidation of the Serbian banking sector will also continue next year. What are your plans and in which area of your operations do you plan to invest the most?

The further development of our digital channels is moving in the direction of developing contracting services for credit products. With the entry into force of the Law on Users of Financial Services with contracting at a distance in June this year, the conditions were created for us to be able to create a completely new product, which will enable our clients to receive electronic approval for smaller loans. We will soon provide our clients with a superior user experience through applications for cash credit with just the consent to conclude such a contract and with the use of two elements that confirm the identity of the user, without going to the bank, and with just a few clicks.

We have a lot of work ahead of us, but we are motivated by precisely these kinds of challenges.

humanitarian-volunteer actions with which we’ve contributed to the better functioning of the community in which we operate.

You also cooperate successfully with other Russian companies, which is plain to see with the example of the partnership project “With Us on the Road”.

Sberbank Srbija focused part of its corporate strategy on building stable bridges between Serbian and Russian companies.

On this very basis, together with companies NIS and Gazprom Neft, a joint product was

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Dialogue

“Croatia will not get involved in the Belgrade-Pristina dialogue but will monitor and encourage it.” – KOLINDA GRABAR-KITAROVIĆ, CROATIAN PRESIDENT

REGIONAL NEWS CROATIA

UNVEILED A NEW PRODUCT – SMART CYCLING POINT

ROMANIA

FORD IS HIRING OVER 1,700 JOB VACANCIES Ford is hiring staff for its factory in Craiova, southern Romania, with over 1,700 available job vacancies. Most jobs are for basic and skilled operators.

Ford is looking for people who should not live more than 35km away from Craiova, with the car maker pledging to reimburse a part of the commute or transport costs, to grant meal vouchers and salary benefits depending on the department they will work.

Ford representatives have met the mayor of 30 localities in Dolj county and with the leaders of the county councils asking for their support to find the needed employees, ProMotor reported.

Croatian smart bench manufactures Include has unveiled a brand new product at the Smart City EXPO World Congress in Barcelona.

Include, led by young innovator Ivan Mrvoš from Solin near Split, developed the hugely successful Steora smart benches and since launching have placed 855 smart benches in 250 cities on 5 continents.

“Three years after the initial creation of Steora smart bench, we have introduced the most advanced multifunctional bench ever designed – Monna. Monna cycling point is a simple entry point to the world of smart cycling equipment. A solarpowered point comes with multiple functionalities – bike racks and electrical sockets for charging electric bicycles, bike repairing tools, wireless charging pad and charging ports for wired phones, night illumination, data collecting etc,” the company announced. Two smart electrical sockets operated by 7″ display provide up to 250W of energy for charging electric bicycles, laptops and other electronic devices. Monna City is a perfect cycling point for urban locations, such as city squares, marinas or parks.

Earlier this year, Include was the first Croatian company to been named the fastest growing company in Central Europe in the Deloitte Technology Fast 50 Rising Stars category after growing a massive 1950% in the last three years of business operations.

ALBANIA

FIRST RENEWABLE ENERGY SUPPORT AUCTION Last month, Albania’s energy ministry said it has selected a consortium led by India Power Corporation for the construction of a 100 MW solar park worth €70 million euro in Akerni area, near the southwestern port city of Vlora.

“It is the first renewables support auction in Albania and hope that it will be followed in all Contracting Parties,” director of Energy Community Secretariat Janez Kopac.

The renewable energy auction in Albania was preceded earlier this year by Montenegro granting the tender for the construction on state-leased land and operation of a solar PV project with an installed generation capacity of 250MW without support, the statement added.

“The winning bid provides energy price of 59.9 euro/MW for a 50 MW capacity for 15 years and an additional capacity of 50 MW (100 MW in total) without support for energy purchases,” the ministry noted, adding that the construction of the solar park must be completed in 18 months.

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10 THINGS TO DO WHEN BUSINESS SLOWS DOWN

We are sure you’ve seen it happen every year: your business slows down during predictable times, like the summertime months or yearend, especially Christmas and New Years’ time. Should you just take a time off until things naturally pick up again? Or should you try to find the needle-in-the-haystack business that might be out there during slow times?

Here are our recommendation.

1. Clean your office.

2. Take a mini-break from work.

3. Get ready for tax season.

4. If the slow time falls around the holidays, use them to your advantage.

5. Do your accounting.

6. Become goal-oriented.

7. Go back to school. List the topics you’d like to study 8. Get some personal chores done.

Schedule your annual dental and eye exams.

9. Go shopping.

10. Spend time with family and friends.

Beavering

“I’m from last century. At that time, it was not be a shameful to feel, to love and behave decently”– ĐORĐE BALAŠEVIĆ, COMPOSER, SINGER, PERFORMING ARTIST

MONTENEGRO

TWO HUNDRED DEBTORS OWE €75.97 MILLION The Tax Administration has published a new Black List of 200 tax debtors, whose combined debt amounts to €75.97 million, out of which €42.04 million is subject to tax debt reprogramming.

With the debt of €7.4 million, Vektra Jakic is on the top of the list. It is followed by Vektra Montenegro, which owes €4.56 million, Tehnoput, whose debt amounts to €3.67 million, Fab-live with €3.1 million, Mercur System Budva with €2.69 million, Family shop Bar, which owes €2.55 million, and Old town invest group, with a debt of €2.47 million…

The list of tax debtors also includes Vuk & Petrol Kotor with a debt of €2.35 million, A-Kop with €1.77 million each, the Coalmine and the Fund for Solidarity Housing Development and whose respective debts amount to €1.39 million.

With the tax debt of €1.38 million, Montenegro Royal Management is next on the list, followed by Cijevna komerc with a debt of €1.26 million, Braca Kolic with €893,520, Sotto la Collina with €885,080, Inpek with €784,730, Euro pipe with €775,880…

The Tax Administration publishes the Back List quarterly, in compliance with amendments to the Law on Tax Administration.

BULGARIA

ARMS MAKER VMZ SOPOT TO START DRONE PRODUCTION State-owned Bulgarian arms producer VMZ Sopot has signed a technology transfer contract with Israel’s Aeronautics, allowing VMZ Sopot to start producing unmanned aerial vehicles (UAV), the economy ministry, reports Reuters.

Adi Cohen, marketing director at Aeronautics, said the Israeli drone maker’s aim was to set up an assembly and production line of UAVs in Bulgaria and approach new markets together with VMZ Sopot. In June, during a visit to Jerusalem, Bulgarian Prime Minister Boyko Borisov said the Balkan country was interested in joint drone production with Israel. Israel rivals the United States as top UAV exporter and has cooperated with Russia and India on drone technologies.

HUNGARY

SPORTS GET €18MLN MORE The government decided to transfer HUF 5.83 billion (€18 million) with immediate effect from budget money set aside to provide finance for European Union tenders towards the financing of sports related and other developments, Hungarian news agency MTI reports.

The government resolution was

KOSOVO

ALBANIA, KOSOVO TO JOINTLY BUILD 200 MW HYDROPOWER PLANT Albania and Kosovo will jointly build a 200 MW hydropower plant (HPP) in the area between Dragash and Prizren, Kosovo Minister of Economic Development Valdrin Lluka said.

He said that the project will receive support from the EU in the amount of €20 million, Albanian daily news portal DRAGASH reported.

According to the minister, the idea of building the hydropower plant jointly with Albania is very close to receiving final approval.

The EU will provide a €20mln grant for the construction of the HPP to be used for electricity balancing in Albania and Kosovo*, Lluka noted.

This location between Dragash and Prizren has a strong potential for a hydropower plant, Lluka said.

In November 2017, Lluka revealed that Kosovo* plans investments in the solar energy sector through a new auction scheme. He said that the investments could reach €100mln. So far not a single solar power plant has been built.

The World Bank in October announced that it will not support a 500 MW Kosova e Re coal-fired power plant, but Kosovo’s government and the US-based ContourGlobal reaffirmed their commitment to completing the project. Kosovo has around 14 billion tonnes of proven lignite reserves, the fifth largest in the world.

published in official gazette Magyar Közlöny.

HUF 1.91 bln of the total is redirected to finance property purchases and investments related to sports developments. HUF 3.8 bln will be spent on state-assets related movables and other equipment and the remaining HUF 112 million will finance other state asset management expenses, according to the resolution.

BOSNIA AND HERZEGOVINA

THE HIGHEST PAID SALARY IN BIH

Data on monthly salaries of citizens of BiH, which were collected by the Tax Administration of the FBiH, reflect the social inequality that is present in our country, although it belongs to one of the least developed countries in Europe. The difference between the rich and poor is more and more present, and it is visible in the record amount of monthly salary in the year of 2017. The largest monthly net salary in the FBiH amounted to a total of 380,590 BAM (€194,300). According to Adisa Hamzic, the Adviser for Public Relations in the Tax Administration of the FBiH, the second highest salary amounted to 259.993 BAM (€132,700) and it is followed by 117.989 BAM, 92.577 BAM and 35.873 BAM. The amount of these salaries also included paid taxes and contributions.

The lowest salary in the FBiH amounted to 369 BAM (€188) in February 2017, which means that the lowest salary is 1,000 times lower than the largest salary in the FBiH.

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BANE SPASOVIĆ, MAYOR OF POŽAREVAC

City Of Great Potential I’m sure that we’ll attract “major players” again, with the strengthening of infrastructure, and that process is underway

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hen it comes to Požarevac, a city that’s extremely rich in resources and potential from almost all areas, it is our obligation to develop all resources and potential equally, paying equal attention to them, emphasises Bane Spasović, Mayor of Požarevac Požarevac and its surrounding areas have come to represent a very attractive destination in recent years. What has changed and in which branches of the economy?

I’m glad you think that we’re an attractive destination, but the results achieved in the past few years are just the precursors of what we outlined. In parallel with attracting investments and developing tourist infrastructure, we also had to develop communal infrastructure, which didn’t even exist in some parts of the city. If it weren’t for that, I’m sure that there would now be far more businesspeople employing far more workers, as well as visitors who would come here due to the attractive tourism offer. All of this is only waiting for us, particularly in the year ahead.

European and domestic funds have recognised the importance of investing in Požarevac. In which areas?

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The state, as well as certain funds of the European Union, have recognised the potential for development in us, but also a partner who will fulfil all projects in a contract up to the last letter. Thanks to the projects prepared by the Public Procurement Office, we received part of funding required for renovation of the Health Centre and several schools on our territory, while several others are planned and we will also gain access to capital for the renovation of the hospital facilities.

The City is obliged to devise projects, and I’m sure that in the years to come we will further improve conditions for treating citizens of the entire Braničevo District.

When it comes to foreign funds, one of the latest projects is “Culture without Borders”, which was co-financed by the IPA programme of cross-border cooperation between Romania and Serbia

When it comes to foreign funds, one of the latest projects is “Culture without Borders”, which was co-financed by the IPA programme of cross-border cooperation between Romania and Serbia. This project has, among other things, secured several mobile tourism stands and a modern stage with complete equipment that has already been delivered and is being

used, as well as a large sporting dome that is being installed.

The Danube, agriculture and historical heritage all represent great potential.

In what direction do you plan to further develop the city of Požarevac and its surroundings?

Perhaps, as a Požarevac native, I’m not objective when I say that my city is rich in resources and potential in almost all domains, but I’m obliged, as mayor, to develop all those resources and potentials equally, devoting attention to each of them equally. The proximity of the fertile Stig and the traditions of livestock farming and the processing of meat, fruits and vegetables testify to the fact that the development of agriculture is one of the priorities. As one of the strongest industrial zones during the late 20th century, besides company Bambi, which is still operating today, we were the home of giants such as MIP, Voćeprodukt, Žitostig etc. I’m sure that, with the strengthening of infrastructure, we will again attract “major players”, and that process is underway. When it comes to the development of tourism, we are exerting considerable efforts and funds, together with the state, to arrange stables and the hippodrome, which are the carriers of our most important event, under the patronage of the President of the Republic of Serbia, the Ljubičevo Equestrian Games. There is also the Požarevac Peace complex of on Tulba Hill, our galleries, the National Museum, the Viminacium Archaeological Park, and renovated streets and squares of Požarevac.

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Culture

“Russia is a part of European culture. Therefore, it is with difficulty that I imagine NATO as an enemy.” – VLADIMIR PUTIN, PRESIDENT OF RUSSIA

WORLD NEWS NORWAY

KJELL INGE RØKKE THE COUNTRY’S MOST WEALTHY

DMITRY MEDVEDEV AND LI KEQIANG

RUSSIA

RUSSIAN-CHINESE TRADE TURNOVER MAY REACH $200 BLN Russian Prime Minister Dmitry Medvedev has set a new level for bilateral trade between Russia and China, saying that a level of $200 billion is quite achievable.

He reported that he agreed with his Chinese counterpart on a number of additional steps for support for small businesses, the development of electronic trade and the development of payment system. Medvedev also promised to continue work to lift barriers in different spheres, not just in the bilateral format.

He stressed the importance of linking the Eurasian Economic Union and the Silk Road Economic Belt.

Medvedev added that the two countries have a number of investment projects in the energy, oil, gas and oil refining industries, high technologies, including manned space navigation, the establishment of new materials and the creation of artificial intelligence.

It was decided to pay special attention to issues of developing the Far East and wood processing.

Source:TASS

Kjell Inge Røkke received the top ranking on the list of the country’s most wealthy,with NOK 20.6 billion (€215 mlillion) equity capital according to the tax list.

Røkke thus took over the place of Salmar heir Gustav Witzøe (24). The Aker owner was listed in the tax report with an equilibrium capital of NOK 20.6 billion, against NOK 11.1 billion (€111 million) in 2016 wrote Dagens Næringsliv newspaper.

Taxpayers for last year were posted on the Tax Agency’s website.The publication is strictly regulated. You can apply to the register of all taxpayers; the neighbour, the parents, the wife and the cohabitant if you want, but then you also have to endure that the ones you apply for are informed about it. The rules for use and publication of tax lists were tightened in 2011.

Hovedeier Svein Støle (55), of Pareto brokerage, is Norway’s richest, with a fortune of 7.24 billion kroner, while the daughters of Ferd owner, Johan Andresen, Katharina Gamlemshaug Andresen, and Alexandra Gamlemshaug Andresen, are in 3rd and 4th place.They are both listed with a capital of NOK 6.8 billion.

ENERGY MINISTER GEORGE STATHAKIS

GREECE

EU APPROVES GREECEBULGARIA GAS PIPELINE The European Commission has made a decision regarding the Greece-Bulgaria Interconnector (IGB) gas pipeline, finding that the plans for its construction and operation were compatible with EU rules on state subsidies.

Greek Environment and Energy Minister George Stathakis welcomed the decision at an event organised by the Hellenic Cadastre. He also announced that Greece’s land cadastre should be fully completed by the first half of 2021.

“Completing the cadastre is one of the most important reforms carried out in Greece in recent years,” Stathakis said, noting that the governmental law had “done away with problems going back decades and replaced a status quo of grey zones with rules, regulations and a transparent regulatory framework.”

MALTA

MOST DIFFICULT PLACE IN THE EU TO DO BUSINESS Malta, according to the World Bank, will be the most difficult place in the whole of the European Union in which to do business.

Malta, in fact, was ranked in the authoritative study as being the 84th easiest place in the world to do business, out of the 190 countries surveyed.

Perhaps unsurprisingly, Malta fared best in the area of ‘Dealing with construction permits’, where the country was ranked in a global 45th position. In all, 14 procedures are involved and an average of 170 days.

In terms of ‘Starting a business’, Malta ranked 103rd with eight procedures necessary and 16 days to open business’ doors. Malta ranked 77th in terms of ‘Getting electricity’, requiring an average of 105 days to get connected.

In the EU, just ahead of Malta was Greece, in 72nd place, and Luxembourg, in 66th.

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Problems

“One of the key problems today is that politics is such a disgrace, good people don’t go into government.” – DONALD TRUMP, U.S. PRESIDENT EGYPT

NGOS RECEIVE LE376 MILLION

CZECH REPUBLIC

AT 2.8%, UNEMPLOYMENT IS AT RECORD LOW Unemployment in the Czech Republic fell to another record low in the month of October, according to the Czech Labour Office (Urad prace CR). At 2.8%, the figure is the lowest since 1997. There are currently 215,622 people in the country without work, and a corresponding 316,900 jobs that are unfilled. Analysts expect another wave of wage increases as the busy Christmas season approaches, as firms struggle to fill open positions, and to entice staff to remain in their positions.

The value of foreign grants to NGOs in Egypt recorded more than LE376 million ($21 million) in October, Minister of Social Solidarity Ghada Wali announced saying they were approved by Egyptian authorities in accordance with law and that spending will be observed.

Wali explained that 55 foreign GHADA WALI, MINISTER OF SOCIAL SOLIDARITY entities provided 151 grants to 112 NGOs in Egypt working in the fields of development, charity, and micro-finance.

The grants were directed to programs targeting childcare; elimination of homeless children phenomenon and violence against children; healthcare; rural development; poverty and unemployment reduction; environment preservation; recycling; and, ending violence against women.

CANADA

LEGAL CANNABIS MARKET NEEDS 2 YEARS TO STABILISE

LATVIA

NORVIK BANKA CHANGES NAME TO PNB BANKA From November 9 Norvik Banka Group will be known as PNB Banka. The bank will continue providing all of its services without complications. All contracts and agreements signed with AS Norvik Banka remain in force. Communication with customers will continue as usual in all of the bank’s branch offices in Latvia, as confirmed

by PNB Banka communication manager Vineta Vilistere-Lāce.

The change to PNB Bank will be performed gradually. To enhance their positions on the Latvian marker, PNB Bank has been working towards making the bank’s work more efficient these past five years. Last year the bank reviewed the bank’s strategy, strengthened the bank’s management board and council teams. W PNB Bank believes changing it’s name is the next step for development, says PNB Banka board chairman Oliver Bramwell.

Canadians should expect legal cannabis prices to fluctuate for roughly two years, according to an analyst tracking the market price for marijuana. Brad Martin, director of Calgary-based Cann Standard, collects public price listings for cannabis and aggregates the numbers to establish an average. He used legalization in Oregon, where supply was initially low and prices were high, as an example. A period of over-supply and price compression followed, he said.

The lowest price available for a single gram of cannabis on 17th October ranged from $5.25 in Quebec to $13 in Saskatchewan and $13.13 in the Northwest Territories. Given supply shortages, the broader economic impacts of selling cannabis will be radically limited, according to Jason Childs, associate economics professor at the University of Regina. He predicted an initial spike in usage followed by a period of tapering off, though it’s unclear at what level the fluctuations will end.

MOLDOVA

PRODUCTIVITY GROWTH PROJECTS WITH IT SOLUTIONS TO GET GRANTS Authors of projects on increasing productivity of companies using IT solutions will get grants from the Organization for Small and Medium Enterprises (ODIMM). The initiative is set in the Strategy for the development of information technology and digital innovation ecosystem for 2018-2023. The same issue also includes the action plan on strategy implementation. The document aims at creating a competitive IT business environment, human capital development in ICT, increased innovation and investment in the sector, and increased exports of IT products and services.

To this end, networks of entrepreneurial hubs will be created based on ICT Centers of excellence and business incubators. The strategy also includes the development of a network of Moldovan digital ambassadors to promote the local IT industry internationally. Implementation of the strategy will cost 240 million lei (€12.4 million). Money will be largely allocated by the business community and development partners.

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