CorD Magazine No.95

Old friendship – foundation for the future

Progressing through partnership

Algerian Ambassador to Serbia

President of the Serbian Chamber of Commerce

Nebojša Popov Philosophy Ph.D.

JULY/AUGUST ‘12 / ISSUE No. 95

Miloš Bugarin

www.cordmagazine.com

H.E. Mr Abdelkader Mesdoua

About uswithout us

interviews opinions news comments events PRICE 300 RSD

OLYMPIC GAMES - LONDON 2012

Reaching for Olympic Glory

Serbia will take part in the London Olympic Games on the 100th anniversary of its participation in the “Olympiad”. The country has won 98 medals so far and is expected to win its 100th medal in London Guy Charrison, president of the UK’s National Association of Valuers and Auctioneers (NAVA)

I wouldn't expect market stabilisation

In times of economic crisis, new investors who do not know what to do with their money, are waiting with great interest for the first auction in Serbia later in 2012 One of the world’s top 12 festivals, EXIT runs for four days

EXIT festival rocks again

More than 500 bands will perform on 20 stages at EXIT 2012. Young people will come from all parts of the country, but also from countries across Europe and the world

Sir Paul Judge Chairman of the British-Serbian Chamber of Commerce and Greenhouse Capital

Well-placed to take

advantage

JULY/AUGUST 2012 BUSINESS LEADER’S MEETING POINT

PAGE 44

MIJODRAG ČITAKOVIĆ

Director of Drinsko-Limske Hydro-Power Plants Company

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PATRICK COLLIN

Head of Territory at BNP Paribas BELGRADE

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MARIJA VUJASINOVIĆ

General Manager, Prisma Risk Services doo

0ROTECTING 0RODUCTION "ANKING MARKET ACCORDING TO AMONG 3ERBIA¢S BEST CLIENTS¢ BEST INTERESTS GLOBAL STANDARDS ECONOMIC SECTORS

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COVER

Sir Paul Judge, Chairman of the British-Serbian Chamber of Commerce

Well-placed to take Advantage

contents

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"We want to help assure UK companies that Serbia is firmly committed to an ambitious reform path," said Sir Paul Judge, Chairman of the British-Serbian Chamber of Commerce and Greenhouse speaking to CorD about his role and that of the Chamber

Are we spreading defeatism?

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Zoran Panović, Editor-in-Chief of Danas, daily newspaper

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Well-placed to take advantage

Patrick Collin, Head of Territory at BNP Paribas BELGRADE

Sir Paul Judge, Chairman of the British-Serbian Chamber of Commerce and Greenhouse Capital

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GLOBAL DIARY Old friendship – foundation for the future H.E. Mr Abdelkader Mesdoua, Algerian Ambassador to Serbia

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F ACES & PLACES

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EXIT festival rocks again

Progressing through partnership About us - without us

One of the world’s top 12 festivals, EXIT runs for four days

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Nebojša Popov, philosophy Ph.D.

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HOW TO SUPPORT THE SERBIAN BANKING SECTOR Focus

Reaching for Olympic Glory Sport

Miloš Bugarin, president of the Serbian Chamber of Commerce

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Banking market among Serbia’s best economic sectors

Meet the heart of Serbia TOP destinations in Serbia

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Topless

Barroso blames eurozone crisis on U.S. banks

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Business Dialogue

Economy page 21

I wouldn’t expect market stabilisation

IProduction according to global standards

CONTRIBUTORS: Magda Janjić, Jovana Gligorijević, Rob Dugdale, Mirjana Zec, Radmila Stanković, Boško Jakšić, Steve MacKenzie Zorica Todorović Mirković, Sonja Ćirić, Vera Didanović PHOTOS: Zoran Petrović LECTOR: Mark Pullen m.pullen@aim.rs TRANSLATION: Snežana Bjelotomić PROJECT MANAGERS: Biljana Dević b.devic@aim.rs Nataša Nešić n.nesic@aim.rs Svetlana Okanović s.okanovic@aim.rs Jelena Bulić j.bulic@aim.rs EXECUTIVE DIRECTOR: Ruža Ristanović r.ristanovic@aim.rs

EDITORIAL MANAGER: Tanja Banković t.bankovic@aim.rs

Guy Charrison, president of the UK’s National Association of Valuers and Auctioneers (NAVA)

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ART DIRECTOR: Maja Dušić m.dusic@aim.rs

FINANCIAL DIRECTOR: Ana Besedić a.besedic@cma.rs

G20 summit - Mexico 2012

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EDITOR: Saša Marić s.maric@aim.rs

GENERAL MANAGER: Ivan Novčić i.novcic@cma.rs

Techno Talk

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July/August 2012

Profile page 82

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Stylish on the beach Fashion

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Strong commitment to values

PRINTING: Rotografika d.o.o., Segedinski put 72, Subotica CorD is published by: alliance international media Makenzijeva 67, 11000 Belgrade, Serbia Phone: +(381 11) 2450 508 Fax: +(381 11) 2450 122 E-mail: cordeditorial@aim.rs www.cordmagazine.com www.allianceinternationalmedia.com ISSN no: 1451-7833 All rights reserved alliance international media 2012

Profile

Mijodrag Čitaković, Director of DrinskoLimske Hydro-Power Plants Company This issue is audited by ABC Serbia

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comment

Are we spreading

defeatism?

Zoran Panović, Editor-in-Chief of Danas, daily newspaper

We should be very careful using certain terms. Serbia has pro-European democrats and liberals who have created an environment where daily Danas is still being judged, despite the 5th October changes

I

ble to have it, i.e. in the area of joint labour, since that area has long since been sold out and pillaged, but rather in the parties and spheres of the state and civil sector. I deliberately use the term ‘parties’ instead of ‘party’, since formal party pluralism should not confuse smart people when we are talking about the structural identity of Serbian political parties united in a form of a Leviathan-like cartel. Serbian political parties actually don’t represent any social class today. They are an oligarchic clique.

Serbia’s real chance of making a major breakthrough requires that we regain our faith in party pluralism and its meaning and not wonder whether a multi-party system is right for us.

It is true that we live in a ‘partocracy’, as one of its creators, Mlađan Dinkić, keeps noting. It is also true that the delegate system of the former Yugoslavia made more sense in a representative way than what we have today, despite newly adopted procedures and media freedoms. It is true that incompetence and corruption are the main features of Serbia’s political elite and that the West is punishing us too much for certain sins we committed. It is true that corruption is the foundation of the system and not a side effect. Despite many other truths, including the realistic global crisis of so-called neoliberalism, we should ask ourselves whether all that is rea-

n spring 2009, following an initiative launched by Mlađan Dinkić, the state implemented repressive amendments to the Information Act that were subsequently declared unconstitutional. Then state president Boris Tadić urgently signed the Act and left for Libya to meet Gaddafi. Dinkić was helped in the implementation of this plan by coalition partners, with the exception of the Socialist Party of Serbia, which had evidently learned its lesson. This “technical” government likes the media if it generates positive publicity for them or spins news their way. And that is their perception of ‘freedom of speech’. So, are they an administration or a regime?

We should be concerned that every single administration in Serbia has quickly turned into a regime.

One can learn a lot about governing from great sociologists like Habermas and Dahrendorf, who equate rights of media freedom and civil information to the right to access water and food. This, of course, does not detract from the need for the media to also be free and responsible. According to Article 10 of the European Convention, Freedom of This “technical” government likes the media expression entails not only protecting the opinions if it generates positive publicity for them or that usually leave us indifferent, but also (pay attenspins news their way tion now) opinions that are insulting, shocking and disturbing to a country or any section of its population. The convention also states that media sensitivity should son enough for Serbia to respond to the crisis with the advennot turn into self-censorship. turism lurking behind expansion of defeatism in line with the Europe is strangely drawn to the mentality of this part of the principle – “they (political parties) are all the same”? world. Even Euro-sceptics are not indifferent to the court in We are understandably disgusted with political parties, but Strasbourg. The village where I come from has even heard of it. that is no reason to ‘occupy Serbia’ with very frivolous initiaThere is this strange synthesis of Matija Bećković’s poetry and tives from left and right. In the end, we actually might wonder European standards – “we are going to chase each other all the whether we need a multi-party system at all. way to Strasbourg”.

It is pathetic to note that Serbia was the last former Yugoslav republic Over twenty years have passed since the fall of Communism in to hold multi-party elections and was only given its independence by Eastern Europe, but in Serbia we are still bringing Communism the citizens of Montenegro. After all we have experienced, after playdown, which just shows that something is not right deep down, ing the role of Prussia in the Balkans, are we willing to have a state at an anthropological level. We could cynically ask whether the rather than create one at an elementary civic level? I am afraid to single party system was better than the multi-party system. even ask such questions and I am even more afraid of the answers And the most cynical thing of all is that we don’t have (neo) especially now, when I am closely following exercises in immunity to Communism where it would be logical and socially acceptaconspiracy, or rather the forming of the new government. ■ 6 |

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interview Sir Paul Judge, Chairman of the British-Serbian Chamber of Commerce and Greenhouse Capital

Well-placed to take

advantage "We want to help assure UK companies that Serbia is firmly committed to an ambitious reform path," said Sir Paul Judge, Chairman of the British-Serbian Chamber of Commerce and Greenhouse speaking to CorD about his role and that of the Chamber

H

e believes that, after overcoming a difficult recent past, Serbia can now hope to enjoy an improving economy and insists that growing awareness of Serbia’s comparative business advantages is raising interest among UK companies seeking new markets or strategic partners.

Serbian businesses seeking Western capital must recognise that they must meet the requirements for enhanced financial disclosure and compliance, which are commonplace in international markets like London

■ What is your strategy for improving the level of investment arriving in Serbia? Have British investors started expressing more interest in investing in our country recently?

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destination

British companies will choose, from a global marketplace, an investment destination where returns are maximised and risks are minimised

hope

Chamber

I believe that, following its very difficult recent history, Serbia can now hope to enjoy an improving economy

-The Chamber wants to enhance networks and communication between the two economies. Serbia remains very much on the radar of UK business. Trade missions over the past nine months have significantly increased, with recent visits to Serbia by delegations from the British security, railway and business training industries. UK Trade and Industry, the Commercial Section of the British Embassy in Belgrade, has had its busiest-ever year in terms of enquiries, trade missions and other initiatives,

Many British-funded investment vehicles operate outside the UK for tax reasons through holdings in, for example, Switzerland, the Netherlands or Cyprus and their investments are recorded in Serbia as being from those countries even though the money has come from the UK

even before the outcome of EU candidacy negotiations was known.

British companies will choose, from a global marketplace, an investment destination where returns are maximised and risks are minimised. Serbia has a lot of competitive characteristics to recommend it: a great geographic location, a talented pool of workers and a continued EU perspective under President Nikolic’s leadership, which we hope will encourage the government’s drive for further economic reform. A growing awareness of the comparative benefits of doing business in Serbia is increasing interest among UK companies seeking new markets or strategic partners to cost-effectively produce goods for consumption in the European Union and beyond.

Companies will, however, not invest unless they believe in the rule of law and the absence of corruption. The Chamber and its leading members, like international audit firm KPMG, want to help UK companies become assured that Serbia is firmly committed to an ambitious path of labour, capital and market reforms, sound fiscal management and improvements in the investment environment. If it can do this – along the lines of those proposed by foreign investors’ bodies in Serbia and by respected global comparisons, such as the Doing Business Guide and Global Competitiveness Report – Serbia will find itself especially well-placed to take advantage of resurging British investment.

The Chamber will work hard to support Serbian companies seeking financial investors, strategic partners and new markets in the UK

■ How can Serbia enhance its potential for economic development?

-I believe that, following its very difficult recent history, Serbia can now hope to enjoy an improving economy.

The EU’s positive decision on candidate status is very important for the investment climate in Serbia. Reduced bureaucracy and lower administration costs place the country in a strong position when com-

pared with its surrounding markets. In addition, Serbia can further improve its opportunities by enhancing business and investment-friendly policies and by building on its strengths with its strategic position in South East Europe, its excellent network of tax and other treaties and its potential in important industries, such as agriculture. Investments from other countries, such as the Fiat car plant in Kragujevac and the potential of the South Stream gas pipeline, will generate interest from British investors in allied industry sectors.

As liquidity returns to the financial markets there will be much competition for debt and equity capital, which means that Serbian businesses must work hard to improve the attractiveness of their enterprises. Undertaking the necessary financial and operational restructuring cordeditorial@cma.rs

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cannot be avoided if Serbian companies are to secure inward investment and successful strategic partnerships.

■ Considering your numerous functions and roles, where on your priority list is being president of the Serbian-British Chamber of Commerce?

-The Chamber will work hard to support Serbian companies seeking financial investors, strategic partners and new markets in the United Kingdom while leveraging the benefits of EU candidacy and the EU Stabilisation and Association Agreement which should soon be ratified.

For example, it is true that food security is of global interest with Serbia’s strengths in producing agricultural com-

ready a reasonable flow of trade. In terms of investment, however, the official British record is perhaps misleading.

London remains Europe’s primary equity and debt capital market and a lot of investment and restructuring for Serbia and Serbian companies is done through London.

Many British-funded investment vehicles operate outside the UK for tax reasons, through holdings in, for example, Switzerland, the Netherlands or Cyprus, and their investments are recorded in Serbia as being from those countries even though the money has come from the UK. Serbian businesses seeking Western capital must recognise that they must meet the requirements for enhanced financial disclosure and compliance which are commonplace in international markets like London. A resistance to transparent disclosure can make it challenging for British investors to engage with Serbian businesses, especially when many local financial institutions have not conducted a deep financial analysis of the organisations which they support. This points to a need to improve the legal and financial due diligence systems currently deployed in Serbia so that investors receive a fair view of business performance and management. Investment must normally be of a significant size to attract London

As liquidity returns to the financial markets there will be much competition for debt and equity capital which means that Serbian businesses must work hard to improve the attractiveness of their enterprises

modities, especially organic products, with fruit and meat processing potentially in very high demand. However, the smallholder structure of many Serbian farms means it can be difficult to attract investors seeking larger scale production. Serbia’s own companies, for example Victoria Group and MK Group, are leading their field across the SE European region and have access to markets and capital in Serbia which means that they may not necessarily need external investment at this stage. However, as they seek to possibly expand and modernise production beyond Serbia, for example via funding investments and possibly acquisitions, they may well seek to utilise London’s capital market. It is in this area where I believe the future cooperation lies which the Chamber, and indeed Greenhouse, would support.

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■ You said that last year more industry delegations came from the UK to Serbia than ever before. What are they interested in?

-In 2011 Serbia exported about €110 million to the UK and imported €130 million from the UK, so there is al-

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capital, for example a minimum of €20 million.

■ What are the basic preconditions and rules that Serbian companies must comply with when seeking foreign investors?

-Investors need to have as much certainty and confidence as possible when deploying capital into Serbia and a lot more can be done by Serbian business leaders to restructure their enterprises and make themselves investor-ready and fit-forpurpose in order to secure international investment.

I do know of forthcoming investments from the UK in the renewable energy, mining and healthcare sectors, although I cannot comment on their behalf. Interest from British strategic partners will grow given the favourable EU candidacy status Serbia now enjoys and the Chamber will support Serbian companies in efforts to access the City of London investment community. We must remember, though, that decisions to invest are not taken overnight and in many cases can take many months or even years to develop. I would expect to see a greater level of British strategic partnerships with Serbian enterprises and financial investments unfold

through the remainder of 2012 and 2013. This is especially so as Serbian companies and institutions understand the benefits of the new EU-compliant legislation now enacted in Serbia, for example the Laws on Companies, Capital Markets and Public Private Partnerships. However, the experiences of

I would expect to see a greater level of British strategic partnerships with Serbian enterprises and financial investments unfold through the remainder of 2012 and 2013

British and other investors in recent years have been mixed, not least the disappointment of the mooted UK investment at Vrnjačka Banja.

■ You are the chairman of Greenhouse Capital, with an office in Belgrade. What are your future plans?

-Greenhouse secured €22.5 million three years ago to consolidate the SE Europe telecoms sector, which was deployed in the creation of Orion Telekom. Orion is the consolidation of SezamPro, Mediaworks and Novi Sad internet service provider Neobee. It is now Serbia’s leading fixed line operator after Telekom Serbia.

That transaction took 18 months to develop, meaning that Greenhouse has been present in Serbia since 2007. The European Bank for Reconstruction and Development and the Royal Bank of Scotland were also key investors.

More recently, I visited Belgrade early this year, where I met Central Bank, Finance Ministry and Stock Exchange officials, as well as local bankers and business leaders.

Late last year, Greenhouse developed and introduced an Alternative Fixed Income Strategies (AFIS) product to enable various Western financial institutions with emerging market capital to have an alternative source of investment in SE Europe

Greenhouse brought foreign investors to the city to discuss the opportunities and challenges of securing international finance with the local business community, supported by meetings with key people on how companies can take advantage of the new capital market laws.

I was very impressed by the hospitality and professionalism of the people I encountered, as well as enjoying Belgrade’s vibrant night life. I look forward to returning to Serbia later this year.

Late last year, Greenhouse developed and introduced an Alternative Fixed Income Strategies (AFIS) product to enable various Western financial institutions with

emerging market capital to have an alternative source of investment in SE Europe. AFIS is aimed at the countries of the former Yugoslavia, Albania, Bulgaria, Moldova, Romania and Ukraine, where individual corporate bondlike transactions are not of a sufficient scale or transparency to enable direct investments. Initially AFIS will support Serbian, Croatian and Montenegrin markets as part of a regional strategy aimed at deploying over €1.5 billion of hybrid capital with Belgrade as the headquarters of Greenhouse’s SE Europe operations. Our goal, therefore, is to create a positive climate for further investment alongside developing a strong locally-based international corporate finance advisory team.

There are also several new transactions in the pipeline and we hope to make announcements very soon. ■

About Sir Paul Judge

Chairman of the British-Serbian Chamber of Commerce and Greenhouse Capital Sir Paul Judge, 62, is an English business and political figure. He was educated at school in London and then at Trinity College, Cambridge, and at the Wharton School of the University of Pennsylvania as a Thouron Fellow. His early career was with Cadbury Schweppes, where he undertook a number of international postings and projects and led the buyout of their food companies in 1985 to form Premier Brands, which was successfully sold in 1989. In the 1990s he was Chairman of Food from Britain, Director General of Britain’s Conservative Party and a Ministerial Advisor at the United Kingdom Cabinet Office. In the 2000s he was Chairman of the Royal Society of Arts and President of the Chartered Management Institute.

As well as being Chairman of the British-Serbian Chamber of Commerce and Greenhouse Capital Group, which operates in Belgrade, his other current appointments include: President of the Chartered Institute of Marketing and the Association of MBAs, UK chairman of the British-North American Committee, a special advisor to the Royal Institute of International Affairs, member of the Russian Presidential Academy of National Economy and Public Administration, an Emeritus Trustee of The Cambridge Foundation and a member of the University of Cambridge’s Alumni Advisory Board. In 1990 Sir Paul founded the Judge Business School at the University of Cambridge.

He is married to Lady Barbara Judge, Chairman of the United Kingdom Pension Protection Fund, and has two sons. cordeditorial@cma.rs

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global diary

Macbook Air wedge design

Stabilisation

Empire

“It’s important for Europe to restore the health of each bank and stabilise the finances of each country. Japan and China agreed to support such efforts through the IMF.” - Min Zhu Guangyao, Chinese vice-finance minister

“The worst scenario of the current crisis is the dissolution of the eurozone monetary block, and then the whole EU, with the simultaneous collapse of the global economy and, perhaps, the appearance of the new German empire.” - George Soros

Das Park Hotel: Rooms in pipes

Apple just patented the very common laptop wedge design.

Last month Apple was granted a design patent for the wedge form factor of its lightweight Macbook Air laptop. When closed, the thickness of the computer tapers from one end to the other.

This design aesthetic has been adopted by a number of large competitors, including Asus’ UX31 and Dell’s XPS 13 ultrabooks, and HP’s Envy Spectre.

The ultrabook is an Intelcoined category of notebooks meant to be lightweight while powerful.

The wedge design, tapering towards the end nearer to the user, is helpful in maintaining the device’s slim profile while manufacturers cram more hardware components into the thicker end of the laptops.

16-Year-Olds Ready to Vote

The Socialist Left Party of Norway (SV) will lower the voting age to 16.

Norwegian MP Snorre Valen promotes a proposal to change the voting age, arguing that if 16-yearolds can be held responsible for criminal acts then they have the right to make political choices.

Valen also believes that this would mean more democracy in practice:

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Hotel rooms built from giant concrete sewage pipe segments.

Although this is a one-of-a-kind hotel, there are now two... One in Austria - Ottensheim and the other near Essen in Germany. They have been designed from the outset to use global standard concrete drainage or sewage pipe sections - so you could well see more of them in the future.

Each tube weighs 9.5 tonnes – so although some might be tempted to rock or vandalise them, they are incredibly robust and need little maintenance. More advanced lock and electronic keypad systems are being fitted, but the original concept is working very well.

- I think responsibility provides maturity. By voting at 16 more people will learn to show their ideas in a well-organised democracy. Now we have conducted an experiment showing that 16-year-olds use voting to a greater extent than 18-year-olds, says Valentine.

Some 20 Norwegian municipalities participated in a pilot project to allow 16- and 17-year-olds to vote in 2011 local elections.

Constituent Assembly (ANC). He did so 11 months later, clearing the way to extend the presidential term from five to six years.

With four children, the re-

Hugo Chávez - six more years in office

sult of his two divorces, without a first lady, the convalescent president has been joined of late by his daughter Rosa Virginia.

Venezuelan President Hugo Chávez has confirmed his nomination for a third term, with the support of his United Socialist Party of Venezuela (PSUV).

Lieutenant Colonel Hugo Rafael Chávez Frías, 57, became president on 2nd February 1999 after taking oath on a “moribund Constitution,” which he pledged to bury with the help of a National www.cordmagazine.com

Coffee headlines

Y&R Dubai adapted coffee chain Tim Hortons’ coffee cup sleeves into an advertising medium for Gulf News.

Y&R was hired by Gulf News to help it gain subscribers and increase web traffic. Recognising that

reading a newspaper often goes hand in hand with drinking coffee, the agency tapped global coffee chain Tim Hortons – another of its clients in the UAE – and adapted the company’s coffee cup sleeve into an advertising medium. The

resulting “Headline News Cup Sleeve” is now printed using a special printer that pulls tweets from the Gulf News Twitter account.

Accordingly, every cup sold in the UAE now bears the newspaper’s current top headline, with updates made every hour. Also included on the sleeve are a short URL and QR code directing customers to the Gulf News website.

Napoleon’s letter under the gavel

A rare letter written by French emperor Napoleon Bonaparte in English has been sold at an auction for €325,000 The sale at auction house Osenat in Fontainebleau, south of Paris, was more than five times the anticipated price for the unique letter.

Napoleon wrote the letter in March 1816 during his exile on the South Atlantic island of Saint Helena when he was trying to learn English.

The letter was a homework ex-

ercise Napoleon sent to an English teacher for correction and sealed with the imperial eagle wax stamp.

The letter is full of errors, for example: “He shall land above seven day a ship from Europe that we shall give account from anything who this shall have been even to day of first january thousand eight hundred sixteen.”

The letter is one of three such English-language letters by Napoleon in the world, according to the auction's organisers, and was bought

by Paris’ Museum of Letters and Manuscripts in a fierce bidding war.

Breakfast with giraffes

Unique hotel in the Lang’ata suburb of Nairobi.

Giraffe Manor is a small hotel in the Lang’ata suburb of Nairobi, Kenya which, together with its associated Giraffe Centre, serves as a home to a number of endangered Rothschild giraffes, and operates a breeding programme to reintroduce breeding pairs back into the wild to secure the future of the subspecies.

The World’s Most Expensive Billboard A Dubai billboard for Skydive Dubai and Denver-based Go Fast energy products would cost $1.3 billion a month if it operated all the time.

Most of the sum pays for the billboard’s most active com-

ponent - a man in a jet pack flying around 20 to 30 seconds before landing on the billboard.

Promoters arrived at the $1.3 billion figure by multiplying the $500-a-second they say it costs for jet-pack flight by 30 days.

Skydive Dubai, backed by real estate powerhouse Emaar Properties, offers skydiving tours over Dubai’s skyline, while Go Fast supports “the lifestyle of extreme sports enthusiasts.” A match made in a very expensive heaven.

Promoters are calling it the world’s most expensive billboard but the buzz behind the billboard’s recent premiere didn’t seem so buzz-y. That’s what happens when a heavily funded publicity stunt meets a lightly attended press conference.

Restaurant in a cave

Because of the unusual location, this restaurant is only open for visitors during the summer This unique restaurant Hotel Ristorante Grotta Palazzese is located in the south of Italy and is literal-

Real clouds in the middle of the room

ly hidden in the depths of calcareous rocks. Because of the unusual location, the restaurant is only open for visitors during the summer.

The larger of those grottoes, the Palazzese cave, was used by Duc de Leto as a hall for his parties in the 18th century. Up on the cave, 24m on the cliff overlooking the sea, the hotel is open year-round, while the indoor restaurant here works from October to April. Beyond the main building, on both sides of the grotto, upwards, there are some distinctive rooms with a little balcony overlooking the sea.

Gay Pride Month

To celebrate Gay Pride month, the Israeli army posted a photo on its official Facebook page showing two soldiers strolling hand in hand through a sunny Tel Aviv street More than 4,000 people “liked” the photo since it was posted and it triggered more than 700

There are unique hotels all over the world, but the list narrows quickly when you identify a truly one-of-a-kind experiences. Unless you know of other hotels where giraffes can literally poke their head into open windows in the morning, Giraffe Manor qualifies.

Dutch artist Berndnaut Smilde is interested in the ephemeral -- impermanent states of being which he documents through photographs.

For Nimbus II, he used a smoke machine, combined with moisture and dramatic lighting to create a hovering indoor cloud in the empty setting of a sixteenth-century chapel in Hoorn, a small town in Holland.

Smilde’s godlike powers come from simple science - he carefully regulates the temperature and humidity of the space, ensuring that conditions are perfect. Then, he sprays a short burst from a fog machine to create a cottony cloud suspended in the middle of the room for just an instant before it collapses. “It’s there for a brief moment and then the cloud falls apart. It’s about the potential of the idea, but in the end it will never function,” said Smilde. cordeditorial@cma.rs

comments -- unfortunately not all positive. As Israeli journalist Yermi Brenner explains, despite the fact that Tel Aviv is known as one of the most gay-friendly cities in the world, most Israelis are conservative concerning homosexuality. |

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interview

■ Photo by Zoran Petrović

H.E. Abdelkader Mesdoua, Algerian Ambassador to Serbia

Old friendship – foundation for the future

“With regard to the Arab spring, Algeria underwent its own “spring” during the ‘80s. That movement led to the emergence of pluralism, democratic changes, freedom of the press and expression, greater liberties, as well as improved economic conditions,” said H.E. Abdelkader Mesdoua, Algerian Ambassador to Serbia.

■ Recent parliamentary elections in Algeria confirmed and strengthened the stability of the government led by the National Liberation Front, as well as overcoming fears that the effects of the so-called “Arab spring” could spread to Africa’s largest country. How do you see the future political developments of North African countries, from the perspective of Algeria?

-Parliamentary elections took place in Algeria on May 10th 2012. More

than 500 international observers from the UN, the African Union, the League of Arab States and the Organisation of Islamic Cooperation, the European Union and U.S. NGO the National Democratic Institute were invited by the Algerian government to follow these elections.

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Challenges

Both political and economic relations between the two countries were very strong in the past and cooperation was very successful, covering all fields. Since then many changes have happened in both countries… targets have yet to be met at the economic level, despite the progress and positive results achieved over the past three years

a legal framework related to these reforms, including laws dealing with the status of associations and civil society, political parties, communication, the electoral process and the representation of women in elected institutions, was adopted by the outgoing parliament.

As result, female representation increased from 30 MPs in the previous parliament to 145 MPs in its current composition. Such a development reflects both the determination and strong participation of women in the political arena and the will of the government to empower women at the political level. Algeria is currently one of the few countries in the world with such a high proportion of women in its parliament.

With regard to the Arab Spring, Algeria underwent its own “spring” during the ‘80s. That movement led to the emergence of pluralism, democratic changes, freedom of the press and expression, greater liberties, as well as improved economic conditions.

The recent changes that took place in the region reflect the will of the people of those countries. Since one of the pillars of Algerian foreign policy is the principle of non-interference in the internal affairs of other countries, we do respect that will and we showed our readiness to work closely with the leadership of these countries to preserve peace, a good neighbourhood, stability and security in the region. Like everywhere else in the world, stability is a vital prerequisite for our sustainable development.

■ Serbia also went through parliamentary and presidential elections at the same time. How would you comment on the election results and what do you expect the new Serbian government to prioritise, in terms of politics and economics?

-Based on what we saw as foreign envoys in Serbia and the assessments

made by many observers, the parliamentary and presidential elections that took place in Serbia in May 2012 were handled well and their results reflect

Serbia is currently facing economic challenges that will undoubtedly be addressed by the political leadership and the new government

Elections

The elections that took place in Serbia in May 2012 were handled well and their results reflect the choices of the Serbian people

the choices of the Serbian people. Algeria respects this choice.

Like many countries throughout Europe, Serbia is currently facing economic challenges that will undoubtedly be addressed by the political leadership and the new government, in order to improve the wellbeing of the Serbian people.

■ From a country that was once massively in debt, Algeria is now in a position to negotiate with the International Monetary Fund to lend more than $180 billion to help countries affected by the financial crisis. Are there similar bilateral negotiations with other countries from your region?

-My country decided several years ago, long before the finan-

cial crisis came to be, to reimburse its foreign debt. As a result, Algeria is currently debt free. And, with $205 billion of foreign exchange reserves, Algeria was the only country in North Africa to be approached by the IMF to increase its resources and assist

With $205 billion of foreign exchange reserves, Algeria was the only country in North Africa to be approached by the IMF to increase its resources and assist other countries

Support

Serbia will always be a special place, because of the support I have received from both officials and citizens

■ Many still recall the great friendship and economic cooperation between the former Yugoslavia and Algeria, when a large number of Yugoslav companies were involved in Algeria’s reconstruction. What remains today, in terms of economic and political ties between Algeria and the successor countries of the former Yugoslavia? And how would you rate current political and economic cooperation between Algeria and Serbia?

-As you rightly mentioned, our relationship in the past was very

strong and our economic cooperation was very successful, covering all fields. Today, many changes have taken place in both countries, but I can confirm that at the political level, particularly within international institutions, Algeria and Serbia often coordinate their positions on issues of common interest. At the economic level, however, targets have yet to be met despite the progress and positive results achieved over the past three years.

Both sides are working closely together to update the legal frame-

other countries. Such a request is currently being examined by the relevant authorities in my country.

■ Where do you see the path to the long-term stability of the region?

-Good governance, the promotion and protection of human

rights, improvement of economic and social conditions – these are key factors contributing to the long-term stability of the region. Both leaders and people in the region are conscious of that and they are striving to translate it into a tangible reality.

■ You recently visited Sandžak and several companies there as part of a delegation of ambassadors from African and Arab countries. Having gained that direct insight into the economic and political situation, how do you see the future development of Serbia’s Sandžak region?

-I would like to take this opportunity to thank Minister Sulejman Ug-

ljanin for making this visit possible. Ambassadors from both the African and Arab groups were pleased to discover a region with such outstanding potential. Contacts between companies from Arab and African regions and the Sandžak region have already been made. I believe that if we all combine efforts, a fruitful and sustainable cooperation could be launched, to the benefit of the people of Sandžak.

work and establish or improve mechanisms for trade and cooperation. I am confident that in a few years, thanks to all efforts made, economic cooperation will be reinforced and enhanced to reflect the political will expressed by both countries.

■ Algeria is currently carrying out large-scale investments in various economic sectors. How many Serbian companies are involved in these projects?

Considering that Algeria now undoubtedly belongs to the circle of the world’s large economies, how does Serbia look from the perspective of your country as a potential investment destination or potential business partner in the further development of the Algerian economy?

-The Algerian Government has launched three ambitious devel-

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third and most recent one (2010-2014) is US$286 billion. It covers various projects related to infrastructure, housing, water resources, education and human resources, with the aim of improving economic and social conditions.

Serbian companies, such as Hidrotehnika, Energoprojekt, Putevi Užice and the Mihailo Pupin Institute, are contributing to the development of my country. We do appreciate their contribution and are satisfied with the level of expertise they bring in their respective fields.

These companies are working in partnership with Algerian companies on various projects. For example, at the start of this year Energoprojekt won an international tender for consulting services in the field of dam construction, estimated to be worth €1.7 million; Putevi Užice is handling construction of a psychiatric hospital in Laghouat in southern Algeria, worth €11 million.

In the field of water resources, for example, Hidrotehnika, which is about to finish construction of Ourkiss dam and Hydrothenique, an Algerian company, have decided to form a joint venture and could be retained as one of the key companies in this field. Together with the Serbian authorities, we are looking for ways to further broaden the participation and involvement of Serbian companies in Algeria.

■ Which countries of the former Yugoslavia does Algeria have the broadest economic cooperation with today?

-Serbia is definitely our largest partner within the region.

Companies from Croatia, Slovenia and Bosnia & Herzegovina are also present in Algeria.

■ More and more foreign investors are considering the region as a consolidated market, rather than several small, individual markets. What is expected in order to increase operational efficiency, reduce costs and increase profit? Would this option improve opportunities for broader cooperation between Algeria and the region?

-In order to be more competitive on the Algerian market, which

is currently extremely attractive, we are encouraging the merging of companies based in Serbia and other former Yugoslav republics. It is in the interest of these companies to merge and create larger companies with increased capabilities and to compete as such with other foreign companies.

■ The Algerian-Serbian Joint Committee at the ministerial level was organised earlier this year for the first time in 20 years and provided a number of directions for further cooperation. To the best of your knowledge,

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have there been any tangible results so far?

-In fact, this was not the first meeting of the Algerian-Serbian Joint Committee, rather the second. After nearly 20 years of interruption, due to the transition the two countries passed through, the first one was organised in Belgrade in November 2009. As you mentioned, the latest one took place in Algiers in February 2012.

The Serbian delegation had a number of meetings at all levels with officials and experts from Algeria. And, on the margins of the work of the Joint Committee, a Business Forum was also organised.

Several agreements were signed and recommendations were made to improve cooperation in many fields, including in the economy, culture, education, health, trade, investments, water resources, agriculture, sports, archives and others.

One important outcome of the relaunched economic cooperation between Algeria and Serbia during the last three years is the annual participation of Serbian companies at the Algiers’s International Fair (FIA), one of the most important economic events in the region.

Furthermore, close cooperation has been established between the National Archives of the two countries. In this regard, to commemorate the 50th anniversary of the establishing of relations between our countries, we have decided to organise a simultaneous exhibition in Algiers and Belgrade on 6th July, to highlight to younger genera-

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“At the political level, particularly within international institutions, Algeria and Serbia often coordinate their positions on issues of common interest”

tions the values and shared memories of our common history, as well as Yugoslavia’s unwavering support to the Algerian people’s struggle for independence from French colonisation.

■ You have spent more than 30 years forging a career in international politics and four years as Algerian Ambassador to Serbia. What do you like about living in Serbia and what would you change?

As a diplomat who has served in many countries all around the world, I was extremely honoured to represent my country in Belgrade. Serbia will always be a special place, because of the support and friendship I have received from both officials and citizens, as well as the kindness and hospitality shown by your people at all times and in all places. I will maintain very fond memories of my time in Serbia, the country that I will always defend wherever I might be. Coming from a seaside town in Algeria, I certainly miss the Mediterranean climate, but do appreciate the superb greenery that Serbia offers. ■

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Makenzijeva 67, 11000 Belgrade, Serbia Tel: +381 11 2450 508; Fax: +381 11 2450 122 office@auction-see.com; www.auction-see.com cordeditorial@cma.rs

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interview Miloš Bugarin, president of the Serbian Chamber of Commerce

Progressing through

partnership

One of the priorities will certainly be reducing the unemployment rate which, according to the Labour Force Survey of November 2011, is 23.7% in Serbia – making it one of the highest in Europe.

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■ What do you think will be the new government’s priorities when it comes to the Serbian economy?

- The new government should establish an open, high-quality dialogue with business, in order for it to be able to contribute, as a constructive partner, to the formulation of the economic policy of the country. One of the priorities will certainly be reducing the unemployment rate which, according to the Labour Force Survey of November 2011, is 23.7% in Serbia – making it one of the highest in Europe. This issue carries with it both economic and social risks.

Urgent reforms are required to curb the disproportion in the ratio of employees and pensioners, the number of those employed in the public sector and in the manufacturing industry, as well as between the active and dependent segments of the population. Those reforms should allow new investment in the tradable goods sector, on the one hand, and also provide an environment to attract investment in the private and public sectors, reform labour legislation and implement tax reforms adapted to the economic strengths of the economy.

he new government must be ready and decisive at the beginning of its mandate and must implement unpopular measures and delayed reforms. It is necessary to take urgent measures to stop the negative economic trends. Only then will conditions be created for urgent structural and systemic reforms to ensure macroeconomic stability and avoid risks that could again, under the pretext of the crisis, cause delays to necessary reforms,” so says Miloš Bugarin, president of the Serbian Chamber of Commerce.

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■ How would you rate the position of Serbian business in the regional context?

- The CEFTA market is very important to the Serbian economy and Serbia’s most important trade partners are Bosnia & Herzegovina, Montenegro, Macedonia and Croatia. Around 30 percent of Serbian exports are realised in the region, while imports in the opposite direction account for about eight percent, equating to a trade surplus. In order to increase Serbian exports, we should work on the harmonisation of bilateral and multilateral agreements for the purpose of mutual recognition

partner

The new government should establish an open, high-quality dialogue with business, in order for it to be able to contribute, as a constructive partner

consortium

Forming a consortium of Serbian and regional companies, and making a joint appearance on third markets, would significantly contribute to advancing business

of certificates and the wider application of diagonal cumulating of the origin of goods. Forming a consortium of Serbian companies and companies from the region and making a joint appearance on third markets, as well as connecting with businesses from the region on the basis of projects, would significantly contribute to advancing business.

■ April saw the opening of a representative office of the Serbian Chamber of Commerce in Zagreb.

In which direction will economic cooperation between Croatia and Serbia head?

- The Chamber’s representative office in Croatia should contribute to easier, faster and higher quality business cooperation between the two neighbouring countries. As the office of the national association of entrepreneurs, the Serbian

A good promotion of Serbia as an investment and export destination at all levels plays an essential role in attracting investment

Chamber of Commerce Office will work to establish higher quality business ties between the two countries and support joint approaches to third markets. I am confident that it will soon lead to serious investments of Serbian companies in Croatia, but also joint approaches to third markets.

I believe that business communities and politicians on both sides of the border are aware of the necessity to strengthen the regional economy, because it is only through mutual association that we can mitigate the effects of the crisis and

cooperation

In order to promote cooperation between the two countries it is necessary to ensure the mobility of Serbian capital in Croatia, which can only be achieved at a high state level

be competitive. Croatian business is very interested in the Serbian market, as proven by the fact that, according to the Croatian National Bank, Croatian investments in Serbia between 1999 and the end of 2010 amounted to €523.8 million, accounting for around 12.9 percent of Croatia’s total foreign investments.

In order to promote cooperation between the two countries it is necessary to ensure the mobility of Serbian capital in Croatia, which can only be achieved at a high state level. The principle of reciprocity would contribute to balanced economic relations, but at a lower overall level. As such, the Serbian side should not constrict mutual economic cooperation, but rather maximise mutual efforts as much as possible.

In the long-term, this cooperation would advance the removal of obstacles, including the resolution of the issues of businesses’ property rights, consistent enforcement of the Croatian Law on Public Procurement, Foreign Investment and the Protection of Competition, then creating conditions for Serbian companies to invest capital in Croatia, contractual regulating of important areas of cooperation and faster removal of non-tariff and other barriers hindering mutual trade. The chambers of commerce of Croatia and Serbia play an important role in the establishing of business ties between the two countries business and the two chambers have had successful cooperation for many years.

■ What must Serbia do in order to strengthen its position in the region and thereby attract new investment?

- From the moment Serbia became a candidate for EU membership in March, the interest of foreign investors increased significantly. This is because EU candidacy is a clear signal of the direction in which Serbia will develop in

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the future. In order to avoid a slowdown in the implementation of announced investments, it is imperative that a new legislative and executive authority be formed as soon as possible and that it continue the policy of accelerated European integration. The positive results of surveying companies with majority German capital, of which there are about 250 in Serbia, show that as many as 91 percent of those enterprises would re-invest in Serbia, because they achieved good results. Investors seek economic and political stability and can easily be dissuaded by an uncertain economic environment, complicated administrative procedures, legal uncertainty, corruption and crime, financial indiscipline and a lack of transparency and efficiency in public procurement processes.

It is necessary to further improve the efficiency of institutions, relying on simple rules and electronic administration, improve infrastructure, consistently complete legislative reforms, which would further increase the attractiveness of the Serbian market. A good promotion of Serbia as an invest-

It is important to foreign investors that Serbia continues its arrangement with the IMF, because that is a guarantee of macroeconomic stability

pect a similar level of investment as was realised last year.

However, it is important that the volume of investment is matched by its quality and encourages them to develop strategic, export-orientated, innovative and labour-intensive industries. Serbia’s attractiveness to foreign investments is confirmed by the estimates of investors who have invested in neighbouring countries in recent years, such as the case with Turkish investors.

■ How do you, as head of the Serbian Chamber of Commerce, see the real situation for your members in the coming six months and what do you think are the most realistic and the worst-case scenarios?

- Negative trends in the first quarter of 2012, compared to the same period last year, include real GDP falls, falling overall industrial production by 5.9 percent, falling employment as a result of reduced economic activity, exports down by 9.2 percent in dollar terms, worsening indicators of the coverage of imports by exports from 58 percent in late 2011 to 52.9

ment and export destination at all levels plays an essential role in attracting investment. Likewise, the emphasis when defining investment incentives should be on the introduction of innovative technologies.

■ The Serbian Chamber of Commerce has regular contacts with foreign chambers, companies and investors. What would be the common denominator of all of their requirements when it comes to potential investments in Serbia?

- It is important to foreign investors that Serbia continues its arrangement with the IMF, because that is a guarantee of macroeconomic stability. The new government should redefine the current economic policy and make it as predictable as possible. The new government will face challenges in taking systematic measures to reduce bureaucracy and administration, increasing legal security for investors, reducing corruption to a minimum and improving labour legislation and the education system. All of these measures should be accompanied by continued construction and improvement of overall infrastructure, particularly transport infrastructure.

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■ Considering Serbia’s financial obligations as of September 2012, many now only see salvation in revenue from new acquisitions of foreign investors. How realistic are those expectations?

- Based on the announcement for the current year, we ex-

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percent, instability and constant deterioration of the national currency, despite the frequent interventions of the NBS. These are all alarming signals that this year is full of challenges and constraints and that we need to focus all efforts on reducing public spending, maintaining macroeconomic stability and putting a stop to negative trends in priority areas.

Maybe I’m an optimist, but I think it is possible to achieve GDP growth of 0.5 percent, maybe even higher because we will have a very good year for Serbian agriculture. If we relax operating costs for the economy and reduce public spending, we could achieve much more in the second half of the year. ■

Opinion

Balkan Economies -

Mostly Miserable

In general, and with the exception of Kosovars and Albanians who are generally younger and hence more optimistic, most people in the Balkans feel pretty miserable

T

All the Balkan economies are intimately connected to the eurohey are concerned about jobs, health care, the education of their children and pensions. These material worries zone so the decline in demand from the eurozone has hit their preoccupy them much more than ethnic grudges or the economies hard. For example, in January, U.S. Steel returned the desire to reconquer territory they believe their nation has lost privatised Smederevo steel plant in Serbia to the government for $1 because of a collapse in demand for its products. The Smederto a neighbour.

Most people have good reason to feel depressed about the econ- evo factory employs 5,400 people.

It is not all gloom though. Serbia has seen an increase in foreign diomy. As Laza Kekic from the Economist Intelligence Unit (EIU), noted recently, Balkan economies have always been poorer than rect investment and the early signs are that this could be a bumper their western and northern counterparts. They have only pros- tourist season on the Croatian coast. Still, alarm bells are ringing, pered when these economies have done well and they have suf- especially in countries entwined with the ailing Greek economy and, to a lesser extent, the anemic Italian one. The EIU notes that fered when they have suffered.

Last month’s EIU analysis noted that the Balkan transition econo- Montenegro, Macedonia, Bulgaria and Albania export between 10mies, which means Albania, Bosnia, Bulgaria, Croatia, Macedonia, 12% of their goods to Greece.

Montenegro, Romania and Serbia, “suffered the most from the glo- Wherever you go in the region people tell you how tough life is. Average salaries are €491 bal recession of 2008-09. Real GDP in Montenegro, €360 in in the Balkans contracted by 5.2% Balkan economies have always and at similar levels in 2009 and the recession lasted been poorer than their western and Serbia elsewhere. In contrast, pricinto 2010, with average GDP falling by 0.4%”. This was partly be- northern counterparts. They have only es are high and increasing, especially for utilities. With cause Romania, the largest of the prospered when these economies incomes, rising Balkan economies, dragged the have done well and they have suffered “plunging poverty and unemployment, average figure down. when they have suffered the political consequences of Last year most of the countries this and the incidence of soof the former Yugoslavia and Albania actually grew modestly. Serbia’s economy grew by 1.6%. cial unrest in the region have been remarkably limited thus far,” Macedonia’s grew by 3%, Bosnia’s by 1.2% and Montenegro’s by notes the EIU. How can this be explained? The EIU sees three 2.2%. This year, however, the rate of growth is forecast to fall. sets of factors at work.

Croatia’s economy did not grow at all in 2011 and is expected to “First, the region has some advantages of backwardness that cushion the region’s populations from the impact of the economic contract by 0.6% in 2012.

While some countries would be delighted with even modest downturn. This includes relatively large agricultural sectors and growth, the main problem for the Balkans is a lack of jobs. In Ser- the important role of extended families. Second, the demise of the bia, the biggest country in the western Balkans, unemployment in traditional left and of trade unions in most countries of the region November 2011 was 24%, an increase of 10% compared with four means that there are few social and political forces that can proyears earlier. In Bulgaria unemployment remains at a relatively vide a focus for and organise large non-spontaneous demonstramodest 11%, but only because Bulgarians, unlike their non-EU tions. Finally, opinion surveys reveal that widespread apathy, not Balkan neighbours, have the option of moving to other EU coun- conducive to social activism, remains the dominant trend in the tries to work. About a million Bulgarians are believed to be work- region.”■ ing abroad, including 600,000 in Spain.

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interview

■ Photo by ZORAN PETROVIĆ

Nebojša Popov, philosophy Ph.D.

About uswithout us

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one of those professors were allowed to publish anything in Yugoslavia for the next ten years, but this was not the case abroad. Upon the initiative of the International Labour Organisation, the Philosophy Centre was founded in 1981 as a sort of refuge for “unsuited” professors. During that period Nebojša Popov wrote a documentary book entitled Contra Fatum – The Case of the Group of Belgrade Faculty of Philosophy Professors 1968-1988. The centre later evolved into an independent institute where Popov spent most of his working days.

Popov also saw one of his most important books – Social Conflicts – Challenges of Sociology - banned and subsequently destroyed following a court order. The book came into print again in 1990.

Just as he criticised the one-party system founded by Josip Broz, Popov was also a ruthless critic of Slobodan Milošević’s regime.

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■ by Radmila Stanković

Nebojša Popov (aged 73) is a renowned scientist, a composed and reliable analyst, a social critic, solicitor and holder of a Ph.D. in philosophy. In 1975 he was an assistant professor at the Belgrade Faculty of Philosophy (teaching “General Sociology”) when seven of the faculty’s professors were fired following orders from the Communist Party as a result of them having “exerting a negative influence on the youth” and “inciting rebellion” back in 1968. To be more precise, they were punished for having a critical stance regarding the regime of the time. Just like his coworkers, professor Popov found himself suddenly unemployed. He remained jobless for the next six years

He founded the UJDI, the first democratic political organisation in Yugoslavia, and the Anti-War Centre and Republika magazine, as well as being a member of the Civic Alliance of Serbia’s Central Board.

After decades living and working in Belgrade, he returned to his hometown of Zrenanin (Banat, Vojvodina), where we conducted this interview. His garden is full of fragrant, beautiful roses and he has rows and rows of tomatoes, with one of the sorts he grows actually originating from the Amish community. He reads books, closely follows what is happening in the world of politics, culture and society on the whole and is a valuable commentator about the past, present and future times. During the postelection period, many people remembered how he defended his colleague Dr Vesna Pešić after she was blamed for contributing to the fall of Boris Tadić with her statements and the Democratic Party subsequently losing election votes. Popov’s argument

Reality

Election results are part of our reality. I would like to highlight the fact that almost none of our politicians talked about culture during their election campaigns

Leader

One of its leaders has said that they should be in power as long as Serbia does not become an EU member. Nobody knows when that is going to happen

was that Patriarch Irinej and Novak Đoković’s father also invited people to vote and they are much stronger public figures than Vesna Pešić.

■ As it turns out, many of the so-called political analysts gave fairly inaccurate projections of the results of both parliamentary and presidential elections. Do you think that they were simply ignorant or were they covertly supporting their favourites?

- We have become very adept at commenting on comments. I think that is a sort of intellectual parasitism, which also offers a great opportunity to launch verbal attacks. I am not prone to either. I think that the main thing that happened was the following: a powerful coalition, with the Democratic Party at its helm, had been dominating the political scene for the past decade and lost that domination to another group, assembled around the Ser-

We had an arrogant, disdainful and presumptuous government that believed it would stay in power forever by using cheap tricks and avoiding the need to tackle a bigger evil than itself

Media

The first step would be for media and intellectuals to reject the notion of the biggest problems of this society being branded as confidential information

■ What other aspects were disregarded by those who fought for power in May?

- They failed to talk about violence. After the rarely seen violence in the 1990s wars, including the NATO bombing, violence has been overtaking almost all areas of life. The most superficial and visible forms of violence are those that take place in and around stadiums. Then there is domestic violence. Also, a good part of this violence can been seen in areas like affairs and scandals and subsequent arrests. Even during the last elections we witnessed several spectacular arrests which, as a PR stunt, were regularly commented on by the head of the Serbian police and the Socialist Party of Serbia, Ivica Dačić. One of these forms of violence is something that we can call preventative violence, which became very indicative. The most blatant example of this kind of violence is the arrest of a group of anarchists almost two years ago under monstrous charg-

bian Progressive Party, which had been trying to reach the top for many years and has finally succeeded. There was a reality between these two things – losing and winning – which hasn’t been properly articulated.

■ That reality has led to such election results. How would you have articulated it?

- Election results are part of our reality. It is not difficult to discern that the pre-election activities of our politicians lacked some important ingredients of that reality.

Firstly, I would like to highlight the fact that almost none of them talked about culture. Secondly, this country’s biggest problem is destruction of its economy, a sort of de-industrialisation, problematic privatisation and a huge increase in the number of unemployed, which today stands at nearly a million people. On one hand, we have an arrogant, disdainful and presumptuous government that believed it would stay in power forever by using cheap tricks and avoiding the need to tackle a bigger evil than itself. One of its leaders has said that they should be in power as long as Serbia does not become an EU member.

Nobody knows when that is going to happen, so their rule could have lasted for a long, long time.

es of being terrorists, which could have resulted in hefty sentences. In the meantime, these charges fizzled out and they were released from prison. This is now being vilified just like many other affairs until a new, fresh affair comes to the surface. So, these three problems were not tackled by any of the politicians that took part in the elections.

■ For a long time you have consistently mentioned the illegal privatisation of Jugoremedija pharmaceutical company from Zrenjanin. Do you have any interesting information about this privatisation?

“A year ago a letter arrived from Brussels in which cordeditorial@cma.rs

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the EU authorities demanded that the most critical privatisations be thoroughly investigated. A total of 24 cases of privatisation were listed in the letter, including that of Jugoremedija, which I have been personally following for many years. This letter was declared ‘confidential’ and the government promised that it would investigate every single privatisation and apprehend those who were in charge of them. It is grotesque to declare one of the biggest problems in the state as confidential and that provides ample reason for us to be seriously worried.”

party’s central and local committees and various theatre councils, with the end goal being: “to destroy extremists who are undesirable, inappropriate and suspicious”. From 1968 to 1975 there was a series of repressive measures which led to many public and culture-scene figures being removed from public life. Instead of them, we had people who were suitable and cooperative and that lasted as long as Yugoslavia did. So, before the new wars erupted we had an accumulation of various forms of violence and tyrants who subsequently got to express themselves in the wars.

After so many years we are currently in an anti-cultural situation, since the long repression and radical campaign against the so-called ‘black wave in culture’ left a huge hole that is difficult to patch up or fill with new creativity ■ And what is our position today?

■ People who are well acquainted with politics say that the new French president won the elections because he was very vocal about culture and education, which Sarkozy found rather irrelevant, just like our election candidates. What is your take on that?

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- At the very end of the election process and in the immediate aftermath certain new cultural topics emerged, as seen in theatre play Zoran Đinđić, staged by Atelje 212, and the play Trip to Russia, based on Miroslav Krleža’s piece and performed at the Centre for Cultural Decontamination. The first play was rather controversial, since it also sparked conflict within Atelje 212 about replacing the theatre’s principal after some actors accused him of being the main culprit of God knows what, while most of the threatre’s other employees firmly backed him. This opens up an issue that is much wider and more durable than the issue of Atelje 212 being the focal point where certain processes clashed in the last few decades. Starting in 1968, there was this repression, orchestrated by the top political and Communist Party officials, Tito, the

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- After so many years we are currently in an anti-cultural situation, since the long repression and radical campaign against the so-called ‘black wave in culture’ left a huge hole that is difficult to patch up or fill with new creativity. We have also never thoroughly analysed everything that happened from the 1970s to the 1990s. However, this analysis would not show what we had to save in the country which, from the mid-1950s to the 1970s, was perceived as being well positioned when it came to culture, science and art.

Such analysis would rather show how social movements, which were searching for an alternative, would be born out of tangible conflicts in a certain period of time.

■ If we were to analyse the present time, what would we be compelled to pay special attention to?

- We should pay attention to the conflicts and altercations that are visible now or were very visible in the past, such as replacing Sreten Ugričić as the director of the National Library because he made a certain statement. Although you had to have political support from a variety of parties in order to become the director of the National Library, Ugričić was replaced in no time by a single move made by the chief of police and deputy prime minister.

expectedly, was that a big group of intellectuals protested against the decision. However, they were silenced pretty quickly. Nevertheless, their attitude towards the regime has survived to this day. This is what can become the root of turning one’s back on a regime that treats intellectuals in a senseless manner, thus creating an environment where the new/old dogma is being created whereby a civil servant doesn’t have the right to express his own opinion, which we can see happening over and over again on the public scene, especially now.

when it comes to the link between the biography and the context. And once this happens, you have plenty of room to manipulate, and not only manipulate, since that could be a rather elegant activity, but fabricate. An attempt to find a sacrificial lamb in certain awkward or critical situations is a tool that is as old as the world of man. The only new thing is that we are fussing over it today. This is what various commentators and theorists, who are not worthy of mention by me, are using to sharpen their teeth.

■ We are familiar with the fact that when you talk about certain historical personalities, like Zoran Đinđić or Miroslav Krleža, you insist on talking about the context in which such persons are placed, apart from talking about the aesthetic component of their philosophical and literary work.

■ Your political platform has been a civic one from the very start, i.e. fighting for civil rights. Unfortunately, as it turns out, the civic part is what has deteriorated the most in our society. First, the middle class was financially destroyed and then it was the turn of civil initiatives. Are you disappointed with that and are you fighting for a lost cause?

- Maybe the time has come for a new wave of interpreting our more modern history to prompt the emergence of something that is not going to be reduced only to Communism and Anti-Communism or nationalism and anti-nationalism, but with which we will start seriously analysing all important layers: cultural, social and political. I am talking about our past and present country. Maybe all these

- In order for something to be destroyed it must first exist. Many things that you say have failed actually never existed in reality. The question is what the middle class is, especially the middle class back in the old, big Yugoslavia, which was nothing but a tool of the regime. What is the middle class which replaced those classes that were wiped out through political, social, cultural and ideologi-

Maybe the time has come for a new wave of interpreting our more modern history to prompt the emergence of something that is not going to be reduced only to Communism and AntiCommunism or nationalism and anti-nationalism, but with which we will start seriously analysing all important layers: cultural, social and political

■ With the approval of the Democratic Party, which appointed him in the first place....

conflicts in Atelje 212, which pertain to the interpretation of a certain Krleža play and are centred around the way different groups and individuals were behaving during the elections, will result in a new and more accurate interpretation of events and the people who participated in them.

- Yes, a very inarticulate approval. That was the signal that the Democratic Party, as the backbone of the governing coalition, was utterly indifferent towards intellectuals, even towards a writer who accomplished great results as the director of the National Library. They got rid of him pretty quickly. What later happened, rather un-

- There is a campaign being directed against Vesna Pešić as if she were a new assassin, like Ilke Marković who tried to kill King Milan Obrenović in 1882 or Apis, God forbid.

There is this tendency to completely overlook the facts

■ In that context, what is your view of your old friend and ally Vesna Pešić being verbally attacked when she raised her voice against Boris Tadić?

cal clashes back in the day?

“In my experience, civil engagement is something that is much more specific. Back at the time of Yugoslavia, I thought, just like many people living in Belgrade, that we had to react to the violence that happened near Podvožnjak and hence my support for the 1968 strike at the Belgrade University. I did not support certain student platforms, since I didn’t know much about them. I thought that by analysing and criticising the violence we could have reached a certain consensus about the way the state should be run. That was an illusion, since power was concentrated in the hands of one man who had an cordeditorial@cma.rs

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unlimited mandate. Later it became clearer what was at stake. When we realised that huge violence would come with the destruction of the joint country, I and a big group of intellectuals advocated legalisation of freedom of thought, freedom to form political organisations and free elections. This last element became very important. We thought that it was enough to adopt just one amendment to the existing Constitution in order to have free elections at parliamentary, republic and federal levels. We thought that the Parliament should discuss the causes of the crisis and possible solutions.

■ You failed in that endeavour?

- Yes we did, but it was more surprising to me that we failed at the same thing after the year 2000, when the entire Serbian opposition – in the form of the DOS coalition – promised that it would enact a new Constitution as a symbol of discontinuity with the regime, just after they won the elections and brought down Milošević’s regime. I was part of that initiative for years.

As time went by, understanding and political support for that initiative withered. In 2006 we had a new Constitution imposed on us. This Constitution wasn’t even read by the MPs present at the session at which it was adopted.

The citizens knew nothing about its content, despite voting at a

Once we start talking about our own mistakes, we are going to transform into mature citizens searching for a solution, while cooperating with people that surround us and can help us, including the European Union

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rather unusual referendum which lasted for two days and had the support of the then patriarch of the Serbian Orthodox Church, who urged people to vote in favour of the Constitution. This Constitution bypassed the social consensus about the transformation of ownership issues in a country where the government and socially-owned assets were actually a smoke screen for unlimited power.

Instead of defining the criteria and the procedures for changing that, everything ended with a patriotic ceremony, as promised by those who lost.

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■There is no such consensus to this day?

- Yes, that’s true. A consensus regarding the biggest mistakes committed during the changes, which were the results of decisions made at certain government levels, would be quite acceptable, suitable and fertile as a foundation for overcoming the crisis that we are stuck in. Of course, every beginning is tough, but it is not too difficult to anticipate how that could happen.

■ How could that happen?

- The first step would be for journalists, the media and intellectuals to reject the notion of the biggest problems of this society being branded as confidential information. They have so far failed to do so. After that we need to have a public debate about the mistakes made. As far as I know, only one man – Nemanja Nenadić from Transparency Serbia – has said that mistakes in privatisation should be thoroughly analysed. We have relevant experience of that and that is the experience of the Anti-Corruption Council, which was led by the late Verica Barać.

They analysed over 80 specific cases and clearly demonstrated illegal activities, criminal offences, fraud and violations of the law in them, as well as ways and means to stop them.

The government ignored the council’s findings every single time. The country will start to recover the moment those in power stop ignoring this. There is no recovery if you don’t face your mistakes.

■ It is much easier to talk about the mistakes made by other people.

- Of course it is. This government used that during the election campaign and talked, in a rather abstract way, about the mistakes of others and not their own mistakes. Once we start talking about our own mistakes, we are going to transform into mature citizens searching for a solution, while cooperating with people that surround us and can help us, including the European Union, which should not be viewed solely as either our saviour or our sworn enemy. There is this motto, launched by the Polish movement Solidarity, which I find very dear. It reads “Nothing about us, without us!”. So, we need to think about everything; we need to have a stance and advocate the implementation of that stance in an organised manner. ■

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focus

HOW TO SUPPORT THE

SERBIAN BANKING SECTOR The global economic crisis, especially in Europe, has led to great pressure on the entire banking sector. Recognising the immense negative consequences from the collapse of the entire sector, the EU has envisaged a range of measures, incentives and assistance to the banking sector, in order to prevent further negative developments. The majority of European countries have also done the same to prevent the negative consequences of the banking sector spreading to the entire financial sector and the global economy.

According to many, the Serbian banking sector is one of the most stable factors in the development of the Serbian economy. On the other hand, the cumulative losses of the entire Serbian banking sector in 2011 amounted to 63.9 billion dinars, marking an increase of 89 percent compared to 2010.

For CorD’s regular column “Focus”, which conveys the opinions and attitudes of economic and business leaders, we would like to have your comment on the following question:

equity swap provisions, would also help reduce constraints on the sector. With all these regulatory adjustments in place, NPLs would be lowered to their realistic level.

Another big challenge for banks is the Law on Tax Procedure and Tax Administration. Our payment system has been well regulated in cooperation with the NBS and improved in line with EU standards, yet banks have repeatedly warned that changes to the legislation would not provide an efficient solution to the problem of unsatisfactory collection of taxes and contributions and that it has to be solved in a systemic way.

Speaking in general, banks share the problems of the business sector, requiring stable macroeconomic fundamentals for strong performances. In this sense, it is essential to take immediate fiscal consolidation measures and restore the standby arrangement with the IMF, in what would pave the way for attracting more foreign capital and easing depreciation pressures on the dinar, while also having a positive effect on country risk assessment and lending terms on the international market. Macroeconomic stability and banking soundness are inextricably linked and what happens in one unavoidably affects the other. ■

Systemic approach required

What priority measures should be taken to protect the future of the Serbian banking sector?

Banking sector remains strong

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Draginja Đurić, President of the Executive Board, Banca Intesa

ven though faltering economic activity in the eurozone has challenged Serbia with financial fragility and weakening GDP growth, the local banking sector remains strong and resilient, maintaining active support for the economy and citizens.

With sufficient liquidity and a capital adequacy ratio of 19.1% at year’s end 2011, up from the required minimum of 12%, our banking sector is stable and well positioned to help mitigate the negative effects of the European debt crisis on the domestic market.

Still, the adverse impact coming from Europe has put considerable pressure on liquidity in the real economy and pushed up the NPL level, which is currently the priority concern for banks.

This issue needs to be tackled urgently and the state’s role in this process is crucial, primarily in creating a regulatory envi-

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ronment that would stimulate the long-term resolving of the bad loan issue.

This means that the law on regularity of payments must take effect as soon as possible, so as to bring financial discipline to the real economy and improve its liquidity in a move that would protect creditors on one side and enable companies to repay loans on the other. In order for banks to be able to take an even more active approach to solving the NPL problem, it is necessary to adjust regulations to allow for restruc-

The adverse impact coming from Europe has put considerable pressure on liquidity in the real economy and pushed up the NPL level, which is currently the priority concern for banks turing, selling and writing off NPLs and, thus, unleash the large credit potential locked in loan loss provisions. Given the slow foreclosure procedure and collection of receivables, the role of private agents introduced by the Law on Enforcement and Security should speed up the entire process, yet on the other hand there is still room to address tax requirements for ownership transfer in the process of selling loan collateral property.

Revisions of the bankruptcy legislation, especially its debt-for-

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Ivica Smolić, President of the Executive Board, Komercijalna Banka

must admit that in the current general atmosphere and perception of banks as villains in cheap thrillers the question surprised me, but the answer is quite simple.

Given that, unlike in the eurozone, the crisis in Serbia does not come from banks to the real sector, but rather the opposite, the greatest support to the banking sector in Serbia would be the resolving of key problems of the state and the economy: growing insolvency and unemployment are like ticking time bombs in the operations of banks, which, of course, are a consequence of unbalanced public finances and balance of payments, an uncertain investment climate and an unsustainable growth model in the previous period. Whichever model the government opts for, from those currently being discussed, the most important factor is a systemic approach, as opposed to simply extinguishing fires one at a time. Experience from previous years tells us not only that micromanagement does not help, but that it exacerbates the situation.

The relative stability and predictability of the exchange rate, regardless of the reasons for its volatility, is a prerequisite for financial stability in 75% of eurozone economies. As such, we cannot compare ourselves with the countries in which there was even greater depreciation but where the domestic currency dominates the local market. Furthermore, the exchange

rate provides an image of a country’s economy and therefore cannot be purely a result of oscillations in the currency’s supply and demand, which we know are not a reflection of economic forces, but are rather largely a result of speculative and “administrative” actions.

In that sense, the focus of the NBS in the future could certainly be on overall financial stability, not only on price stability.

Given the growing risk of recession, the crowding out effect, as well as the foreign exchange risk that overflows into loans and the limited impact of the weakening of the currency on increasing exports, the range of measures taken would certainly have to be broader and more tangible.

Moreover, the most recent example of irresponsible operations

Whichever model the government opts for, the most important factor is a systemic approach, as opposed to simply extinguishing fires one at a time and the management of a single bank warns us that there are still banks with unsustainable operations. Regardless of market share, in sensitive times they all become systemically important and a threat to the whole sector. It is essential that prompt and decisive measures be taken to avoid, or at least minimise, the expense for taxpayers.

Instead of a conclusion, I would say that the stabilisation of public finances and support for the economy, coupled with fine-tuning measures from the NBS, are best supported by the banking sector. ■

Liquidity - the biggest worry Georgios Papanastasiou, President of the Executive Board, Alpha Bank Serbia A.D.

A

n important part of the answer is a better macroeconomic – including ‘macro-prudential’ – policy, so that there are fewer shocks to the system, as banks are most vulnerable to the poor performance of the real economy.

This, however, may result in an increased level of non-performing loans, a higher cost of lending and lead to a credit crunch in general. Making the banking system safer requires a comprehensive approach that makes banks better able to absorb losses; makes it easier and less costly to sort out banks that still get into trouble and curbs incentives for excessive risk taking. This can probably be achieved via measures similar to those undertaken recently by EU authorities.

Nevertheless, recent developments have shown that liquidity is probably the biggest worry of all banks in the period of financial turmoil. In this field, Serbia may refer to the solution provided in Austria some time ago. In order to strengthen confidence cordeditorial@cma.rs

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focus in the interbank market, Austrian authorities were able to borrow funds from banks or insurance companies directly in the interbank market and lend these funds to other financial institutions.

In general there is no unique remedy, but rather a combination of solutions that need to be provided by all stakehold-

Good coordination at the national level is crucial to ensuring the stability of the Serbian banking sector and the economy in general ers. Good coordination at the national level is crucial to ensuring the stability of the Serbian banking sector and the economy in general. ■

Relaxation of investment opportunities

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Banks want to stay in Serbia

Slavko Carić, President of the Executive Board, Erste Bank Serbia

he new Serbian government should take a series of measures that would lead to a major investment cycle for the economy as priority activity.

Improving the general state of the economy would have a positive impact on the banking sector, which could then finance the economy and the population with less risk and increase lending activities.

Serbia primarily needs the urgent relaxation of investment opportunities. That would have an effect on increasing GDP growth, increasing tax revenues and leading to employment growth.

Large public investments should be focused on three main areas: infrastructure, energy and agriculture. Additional sources of funding that should be activated are the part of domestic savings that are still stored in mattresses, then the targetted release of part of the NBS’s mandatory reserve, credit lines from international financial institutions, funds from the EU budget and IPA funds, while the revival of domestic financial markets is

It is particularly important for infrastructure that public-private partnerships be developed and good examples of this are the financing of the Zemun-Borča bridge and the motorway to Požega also very important.

Apart from funding provided by international credit lines, it is particularly important for infrastructure that public-private partnerships be developed and good examples of this are the financing of the Zemun-Borča bridge and the motorway to Požega.

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Alongside investments in the development of energy facilities in the context of EPS, primarily the Kolubara B and Nikola Tesla 3 power stations, it is necessary to ease private investors’ investments in renewable energy sources, where possible implementing a series of small investments that generate quick returns. For example, Serbia and the Czech Republic, which are similar in terms of agricultural and arable land area, differ drastically when it comes to capacities for biogas. While the Czech Republic has more than 200 biogas plants, in Serbia there isn’t a single such plant operating yet.

The priority for agriculture should be to invest in irrigation in order to increase yields, as well as transforming from predominantly primary production to creating added value through processing.

All major projects should also serve as an impetus for SMEs. Launching an investment cycle would be extremely stimulating for all segments of the economy, while banks would be able to perform their function at full capacity. ■

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Mr. Neoclis Neocleous, General Manager and Chairman of the Executive Board, Piraeus Bank AD

he Serbian banking sector has proven to be relatively stable during the last few years, considering the intensity of the economic crisis and how this impacted on Southeast Europe and Serbia.

Supporting the Serbian banking sector is the same as providing conditions for the banking sector to resist the economic crisis, remain strong and healthy and fulfil its important role of supporting and assisting healthy economic growth and the economic development of Serbia. There are many ways to achieve this, but I would name the following four as being the major ones in my opinion: 1. The Serbian government has to exert more effort to promote macroeconomic stability and introduce initiatives faster, in order to lead to higher economic growth and hopefully take us faster out of the economic crisis. This will also strengthen the Dinar and reduce its further depreciation, which is really hurting banks. As you know, the Dinar’s value fell more than 10% against the Euro in the first five months of 2012.

2. Dinarisation makes a lot of good sense and can be adopted by all banks, coupled with a change of the NBS’s regime on reserves, the promotion of more funding programmes by international lenders and the abolition of Savings Week.

Financial regulators have the opportunity to strengthen the market by creating long-term local currency instruments. All these steps can reduce the cost of borrowing in Serbia, which

is currently choking investment and limiting growth.

3. The Serbian legal system has to become faster and more efficient in terms of litigating against debtors in default. Today the Serbian legal system has improved compared to the past, but we still need additional progress. I could mention, for example, the Law on Bankruptcy and the occurrence of mistrials in Primary Courts, which create unpredictability when a bank’s claim is submitted to Court.

4. Serbian State authorities have to try to avoid introducing new laws and regulations which detract the banks from their primary mission, which is to assist and support healthy economic growth. I could mention two recent pieces of legislation which are not helping: the Law on the Protection of

The Serbian legal system has to become faster and more efficient in terms of litigating against debtors in default Financial Service Users, which is not very balanced, and the Law on Tax Procedures and Tax Administration, which will take effect on 1st July 2012 and will unfortunately convert commercial banks into tax collectors. This is not their business and creates legal conflict with other legal obligations of banks relating to payments.

Most Banks in Serbia are owned by international non-Serbian banking groups, which have invested billions of Euros in Serbia.

These banks want to stay in Serbia, be part of the economy and society, and grow. This aspect of banking in Serbia also highlights the important need to allow banks to focus on their primary mission. ■

Strategy to support the economy Claudio Cesario, CEO of UniCredit Bank Serbia

E

very country needs a strong and healthy banking sector, which is crucial for providing support to the real economy.

Even during the adverse circumstances that characterised the global financial crisis, the Serbian banking sector demonstrated strength and stability. In this period banks in the country proved themselves to be true partners of the economy by jointly participating in various strategi-

feature cally important state projects and the subsidised loan programme.

It is a simple fact that turbulent times like today’s require joint and coordinated actions of all counterparts, aimed at minimising the effects the crisis might have on the economy and citizens. That is why, in order to protect the country’s banking system from unexpected impacts and provide continuity in financing the economy, a specific set of measures needs to be undertaken.

The first step should be the creation of a broader strategy aimed at providing support to the economy and its key players. It goes without saying that joint action of the government, NBS and representatives of commercial bank is crucial.

Another important issue requiring a common solution is the reduction of the level of NPLs and the neutralisation of negative effects that may “spill over” onto stakeholders.

The creation of this common solution needs to involve all interested parties – government representatives, in particular the Ministry of Finance, the National Bank of Serbia,

Another important issue requiring a common solution is the reduction of level of NPLs and the neutralisation of negative effects that may “spill over” onto stakeholders international financial institutions, entrepreneurs and commercial banks. Furthermore, the existing legal framework needs to be further improved through the creation of additional incentives for loan restructuring and the elimination of uncertainties with regard to the existing legislation that leaves room for differing interpretations.

In times of crisis, the importance of “dinarisation”, the concept aimed at strengthening the local currency, elaborated by Serbia and numerous countries in the region, is clear.

Common activities towards reinforcing the dinar as legal tender in the country is in the interest of the central bank’s greater control over local monetary policy and, as such, need to be undertaken. These activities will also lead to the strengthening of confidence in the local currency and decrease foreign exchange risk.

Specific action is also necessary when talking about funding and liquidity perspectives. This relates to the development of the local capital market, with a focus on LCY and longer maturity. Last, but not least, further cooperation between home and host regulators is necessary in order to minimise the effects of the crisis, bearing in mind the high participation of foreign banks on the Serbian market, followed by the fact that many countries have gone through, or are going through, similar difficulties. ■ 32 |

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Improving Market Liquidity

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Igor Anić, Member of the Executive Board, ProCredit Bank

he Serbian banking sector is highly regulated by the framework set by the NBS, which ensures the predictability and stability of banks’ core business environment. Moreover, it occasionally seems to be forgotten that banks are an integral part of the country’s economy and they share the same business environment and challenges. Therefore, the room for improvement and potential support for banks might come primarily from improvements achieved in the overall Serbian economy.

The main factor is undoubtedly the stability and sustainability of the macroeconomic framework the economy operates in. It should provide predictability and enable medium- and long-term planning. That is a precondition for further investments, which would lead to increased employment and total economic output.

On a more practical level, one of the major issues during the previous period was the deterioration of the market’s overall liquidity, causing a rise in the number of non-performing loans in the banking sector. That, in return, leads to higher costs for both loan loss provisions and risk premiums, reflected in higher interest rates for both corporate and retail clients.

To prevent further effects and reverse the process, the first step is to improve the liquidity of the market. Possibly the greatest impact would be achieved through a stricter regulatory environment in terms of regular and timely payments. Also, in line with that, improved efficiency of the legal framework in settling disputes, applicable to all market factors, including enterprises, the state and banks, would be a step in the right direction. Finally, the overall economy would certainly benefit from improved administrative efficiency at all levels.

In line with its goal of supporting the SME and agricultural sectors, ProCredit Bank has a share of nearly a quarter of all loans disbursed to entrepreneurs in Serbia. It also has close to half the number and volume of loans disbursed to agricultural producers in the country. That means that the bank has a sound base in those client groups, fully becoming an integral part of their everyday operations. However, that also means that the operating environment of those groups has a significant impact on the bank’s operations. The liquidity issue particularly affects SMEs and agricultural producers, since they are often at the very end of the payment line. Apart from that, the state could implement a series of further measures that would allow more dynamic production, investment and employment in these sectors, which have proven to have vitality, initiative, potential and an impact on the economy. Whether those measures should come in the form of further subsidies, tax breaks, state guarantees or something else, is a topic for discussion and depends on the government’s economic policy. ■

G20 summit - Mexico 2012

Barroso blames eurozone crisis on U.S. banks P

The opening day of the G20 summit threatened to deteriorate into a fractious row between eurozone countries and other non-European members of the G20, notably the U.S.

resident José Manuel Barroso insisted the origins of the eurozone crisis lay in the unorthodox policies of American capitalism.

As Europe’s leaders came under intense pressure to act decisively to cure the ills of the European currency and a campaign gathered pace to relax some of the austerity programmes laying waste to countries with unsustainable debt levels, Barroso said Europe had not come to the G20 summit in Mexico to receive lessons on how to handle the economy. Asked by a Canadian journalist: “Why should North Americans risk their assets to help Europe?” he replied: “Frankly, we are not here to receive lessons in terms of de-

Following Greek elections, which may have shifted the debate to the issue of how to shore up the euro, world leaders meeting in Mexico focused on the European crisis amid strong signs of big trouble brewing in Spain mocracy or in terms of how to handle the economy.”

“This crisis did not originate in Europe … seeing as you mention North America, this crisis originated in North America and much of our financial sector was contaminated by, how can I put it, unorthodox practices from some sectors of the financial market.”

President of the European Council, Herman Van Rompuy, spoke alongside Barroso and said that a draft G20 communiqué showed “support and encouragement for eurozone countries and leaders, and for the European Union as a whole, to overcome this crisis”.

“We are not the only ones that are so-called ‘responsible’ for the current economic problems all over the world,” he said.

German Chancellor Angela Merkel is under pressure to soften her hard-line stance on the austerity measures imposed by Europe on indebted eurozone members, which British Chancellor of the Exchequer George Osborne claims has killed economic growth.

Barroso said he expected G20 leaders to “speak very clearly in favour of the approach taken by the EU.” Following Greek elections, which may have shifted the debate to the issue of how to shore up the euro, world leaders meeting in Mexico focused on the European crisis amid strong signs of big

trouble brewing in Spain.

Namely, for the first time in the single currency era Madrid’s 10-year cost of borrowing went through the 7% barrier on the bond markets, the level at which borrowing becomes unaffordable. The Spanish government demanded intervention from the European Central Bank.

Voicing exasperation with Europe’s response to the debt crisis, Robert Zoellick, the outgoing American head of the World Bank, warned the G20 summit in Mexico of a growing rift between Europeans in charge of the bailouts and the IMF. “The world’s waiting for the Europeans to say what they want to do,” said Zoellick. He predicted a showdown between the IMF and Europe by the end of the summer if no decisive action was taken.

U.S. President Barack Obama was expected to press Merkel on the issue of Eurobonds – the pooling of liability for single currency coun-

Angela Merkel appeared to dismiss any easing of conditions imposed on Greece. “The new Greek government has to implement the commitments entered into by the country. The programme framework has to be retained” tries’ debt, but there is no chance Merkel will agree to underwrite the debt of other European countries for the foreseeable future.

Britain might have to seek fresh export markets beyond the EU,

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as the eurozone crisis is now facing such entrenched political obstacles that it could be impossible to resolve, warned Obama. “It may be that the eurozone crisis is going to continue for some time, in which case the UK must do all it can to put its own house in order and link up with the fastest growing parts of the world.”

He said a longer term roadmap for a more stable single currency was going to be hard to achieve.

Fresh from his Greek election victory, centre-right leader Antonis Samaras promptly tabled demands for a softening of the draconian austerity programme that Greece has had to implement for the eurozone bailout.

Samaras, Greek prime minister-designate, pledged to stick broadly to the Greek bailout terms, but added: “We will simultaneously have to make some necessary amendments to the bailout agreement, in order to relieve the people of crippling unemployment and huge hardships.”

Politicians and other officials in Brussels and Germany seemed to suggest that the new Greek leader’s demands could be at least partly satisfied by extending the repayment schedule on the bailout loans or extending the target dead-

“We will simultaneously have to make some necessary amendments to the bailout agreement, in order to relieve the people of crippling unemployment and huge hardships,” Antonis Samaras, Greek prime minister lines for cutting the budget deficit.

There were also reports that the terms underpinning Ireland’s bailout could also be relaxed, giving Dublin a much longer repayment schedule on the loans. The talk of rescheduling the Greek bailout terms came to the fore when German foreign minister, Guido Westerwelle, suggested that Europe could alter the timings.

That triggered a political row in Germany over the pros and cons of taking a lighter stance against Greece.

Respected Brussels-based think-tank Bruegel commented: “It is now increasingly clear that the [Greek] programme is severely off track. The [Samaras] victory doesn’t change this fact and opening a discussion about the shape and form of a new Greek programme has become unavoidable. This is a fact now broadly acknowledged by policymakers and, in particular,

by German officials who have openly discussed the possibility of extending fiscal targets.”

Martin Schulz, a German social democrat who presides over the European Parliament, added: “The new Greek government will be able to count on our constructive cooperation in possible fine-tuning of its reform strategy and economic targets. If Greece sticks to its commitments, the EU can examine what could be done further to solve the crisis.”

Speaking from Mexico, however, Merkel appeared to dismiss any easing of conditions imposed on Greece. “The new Greek government has to implement the commitments entered into by the country. The programme framework has to be retained.” ■ 34 |

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HIGHLIGHTS FROM THE SUMMIT CHRISTINE LAGARDE, IMF CHIEF “There has to be a parallel track of addressing immediate issues and providing adequate crisis management tools to deal with issues, while at the same time identifying very clearly what is needed for the long term, as well as the political collective determination to do so.

“It doesn’t matter if it takes a long time, it has got to be done well, but the two have to operate in parallel: the crisis management tools and the indication now by what the collective political determination is, in order to build this better union that many Europeans want.”

DAVID CAMERON, UK PRIME MINISTER The UK played a big part in preventing a slide towards protectionism, “but clearly we need to do more on the eurozone.

“There has been some progress, the firewalls are bigger, the scale of what can be done to stop contagion is greater, but the underlying problems still have to be dealt with.

“The truth is that everyone in the eurozone is going to have to take difficult decisions in order to make the system work properly and to deliver an easing of the crisis.”

july/august 2012 business leader’s meeting point

YOSHIHIKO NODA, JAPANESE PRIME MINISTER “I welcome the Greek people’s wise decision. As for G20 discussions from now on, I’d like to particularly urge the eurozone to strengthen efforts to prevent (its debt crisis) infecting the rest of the world.”

ANGELA MERKEL, GERMAN CHANCELLOR “The result of the Greek election allows me to hope that there will be a quick creation of a new stable government. This is good news for the whole of Europe.

“There are various fields which cause concern, including the issue of budget-consolidation in the U.S. and the economic policy in some emerging countries.”

Regarding pressure on Europeans: “It is obvious that we have problems in the eurozone and that it is necessary to act ... but the important thing is ... that we (the Europeans) have made it clear that we are determined to act.”

MIN ZHU GUANGYAO, CHINESE VICE FINANCE MINISTER “China has faith in a strong and prosperous eurozone ...

China believes the EU has the capacity and wisdom to overcome the sovereign debt crisis....A strong, unified eurozone is good for Europe, good for China and good for the world economy...We believe that Greece should stay in the eurozone to uphold the stability and integrity of the eurozone and Europe.”

Manmohan Singh, Indian Prime Minister “Infrastructure investment in developing countries assumes special importance in this context. It lays the foundation for rapid growth in the longer term, while providing immediate stimulus for their economies and also for the global economy, by providing a robust source of demand.”

LUIS DE GUINDOS, SPANISH ECONOMY MINISTER “Spain is a solvent country and a country which has the capacity to grow.

“I think that European leaders are united. We know perfectly well that we are all in the same boat. We know perfectly well that we have to keep going in one direction, in the direction of making more progress towards fiscal union and banking union and there, for example, I think that decisions can be taken very quickly and we could see those in the next few days.”

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Mijodrag Čitaković

Director of Drinsko-Limske Hydro-Power Plants Company

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Patrick Collin

Marija Vujasinović

Head of Territory at BNP Paribas BELGRADE

General Manager, Prisma Risk Services doo

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Business Dialogue 01

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Cholesterol

"The strategic goal of Serbia's foreign policy remains accession to the European Union, as well as developing better relations with all countries which see this as a common interest." - Tomislav Nikolić, Serbian President

"The situation in the Serbian economy can be compared to high cholesterol levels in the human body, with the country's external debt exceeding 45 percent of GDP and threatening to go up by another 10 percent." - Loup Brefort ,World Bank Country Manager for Serbia

02 Mercedes-Benz

Our motto is “Knowledge is a value”

“The Shine of Top Driving” As is tradition, Mercedes-Benz again this year organised its unique event entitled "the shine of top driving!" from 15th to 19th May at the NAVAK race track in Subotište

The Crnjanski Education System directs, stimulates and supports the intellectual, emotional and ethical raising of the child to become a conscious, responsible and creative person interested in the world around them

The education system consists of POŠ “Blue Circle” and the Crnjanski High School (national curriculum - teaching conducted in Serbian, and the IB International Baccalaureate programme – classes taught in English and the gaining of a diploma recognised worldwide is enabled).

Located in a building with a modern architectural style specifically designed to meet the needs of a school, the Education System offers work in small groups, individual work, mentoring work led by excellent teaching staff ready to use modern

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methods to uncover and nurture talents, respect diversity, develop critical thinking and provide pupils with an active role in the learning process, thereby achieving the goal that is also the school motto: KNOWLEDGE IS A VALUE. In this way, the Crnjanski Education System offers a healthy and safe childhood and a top quality education.

We provide the best with scholarships and are preparing to carry out schooling in the country and the wider world.

WELCOME!

Srbijagas

Last municipality to gain gas A contract to install a gas network in the municipality of Bela Crkva has been signed for a total value of about €8.5 million. This marks the last municipality to gain gas

Milinko Cicmil (left), Jovica Budumir and Željko Crnogorac

The ‘gasification’ contract was signed by Bela Crkva Mayor Željko Crnogorac, executive director of Srbijagas investments, Jovica Budimir, and the director of Promont group Novi Sad, Milinko Cicmil.

Realising the project will require the installing of 35 kilometres of high pressure gas pipeline and construction of a main measuring-control station, which will require investment of €5.5 million.

The contract defines the building of 12 measuring and regulating stations for consumer use, as well as the installing of 50 kilometres of

medium pressure gas pipelines, seven kilometres of low pressure gas pipelines and 155 kilometres of the gas distribution network, with a view to creating conditions to provide a regular supply of industrial gas for corporate customers and a potential 7,300 households.

In addition to Bela Crkva town, gasification will be carried out in the settlements of Banatska Palanka, Banatska Subotica, Vračev Gaj, Grebenac, Dobričevo, Dupljaja, Jasenovo, Kajtasovo, Kaluđerovo, Kruščica, Kusić, Crvena Crkva, Češko Selo and Stara Palanka.

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Serbian Media Association

Cvetković with economics reporters

Outgoing Prime Minister Mirko Cvetković has met with Serbian print media journalists and participants of the Seminar to promote economic reporting, which was jointly organised by the Serbian Media Association, the OSCE Mission to Serbia and IREX. Cvetkovič was one of the speakers at the seminar, which was aimed at improving reporting of the economic environment. The DS official’s lecture addressed fiscal policy and the impact of government policies on economic developments in the country.

DHL

Research conducted by Infostud, an internet portal dedicated to the development of e-business in Serbia, saw DHL Express Serbia receive the “Best Employer Award 2012”, employee’s choice, in the medium-sized company category

ANDREAS BINDER (left) General Director Mercedes-Benz and Peter Hachette

Representatives of the media and enthusiasts of the Mercedes brand had the opportunity to drive the best Mercedes-Benz cars as part of training organised by experienced instructors from Australia. Drivers were presented with the features of Mercedes-Benz vehicles, as well as their security systems and techniques of managing the vehicle in specific driving situations.

All training participants were able to enjoy thrilling rides in the latest models, amongst which were the new generation M-Class and B-Class, as well as the dynamic C-Class and E-Class coupe.

Back in the 1950s, in the German city of Stuttgart, a special star was born: the Mercedes-Benz SL-Class. For the first time in Serbia, participants of the training had the opportunity to test the latest Roadster high-performance SL 500. All participants of this unusual event had the opportunity to enjoy driving the unique Mercedes-Benz AMG model – the attractive CLS 63 AMG. The driving course for the training consisted of four segments: driving off the track on the open road in the new B-Class model, driving on the race track for the presentation of the new performance sports models 500 SL, CLS 63 AMG and CLS 350 CDI. In addition, drivers were able to experience driving in off-road conditions through water and mud in the M-Class and GLK-Class models, while for testing on slippery surfaces the E-Class and C-Class models were presented. Drivers in this segment were able to learn more about Mercedes-Benz safety systems like ESP, ABS and presafe.

The entire event was led by professional instructors of Mercedes-Benz's Driving Academy, under the guidance of famous driver Peter Hachette, who enjoyed success this season with his Mercedes-Benz SLS AMG GT3.

Peter was the first driver ever to win both the Formula 4000 and Formula 3 Australia Championships in the same season.

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DHL Express Serbia receives Best Employer Award 2012

Mercedes-Benz Event for all lovers of the best Mercedes-Benz cars

The seminar involved twelve print media journalists of the Serbian Media Association who specialise in economic issues. Among the speakers were Miodrag Kostić, President of MK Group, Dejan Šoški, Governor of Serbia’s central bank, Vladimir Čupić, president of Hypo Alpe Adria Bank, Goran Ćirić, acting director of PTT Serbia, Boris Begović from CLDS, Neoclis Neocleous, Chairman of the Executive Board of Piraeus Bank, and other economic experts.

In the research, jointly conducted by Croatian portal Moj posao, Bosnian portal Posao and Serbia’s Infostud, DHL Express Serbia was awarded as the “Best employer in the region 2012”.

The research, which included 57 companies and saw over 8,100 employees answer questions, DHL Express Serbia won the award in the following categories: Best employer, Best organisation at work, Best development opportunities and Best relationship amongst employees.

The aim of the study was to determine the factors of human resources management that companies in Serbia and the region should further improve in order to create successful teams and achieve better business results, as well as to recognise and reward companies that care about employee engagement.

The DHL Spirit, “defined by passion, right the first time, speed and Can do attitude” is something that all employees believe in and which provides the great motivation that generates company success.

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SAMSUNG GALAXY S3

Within this package subscribers have unlimited internet access and can take advantage of 1, 2 or 3 GB, depending on the package, at full speed. Provided they opt for full speed traffic, users can continue to Tweet, use Facebook and send e-mails at no additional cost.

Family Transfer Premium contains three packages: Premium Transfer M, L and XL. Users who opt for the Transfer Premium M package will also have 1 gigabyte of internet traffic and 300 minutes of calls. Premium L package us-

Piraeus Bank

Capital increase

During the first half of 2012, Piraeus Bank Beograd increased its paid up, Tier I capital by €20 million

With this increase, Piraeus Bank further strengthened its position on the Serbian market, becoming one of the best capitalised banks, with capital adequacy ratio at 30%, i.e. two and a half times more than the mandatory legal minimum. This capital increase has also strengthened the bank’s potential

for further growth in credit activities and stronger support to business clients and individuals.

Commitment to the Serbian market and the company's further progress is evidenced by the fact that Piraeus Bank also increased its share equity in Piraeus Leasing by 75.3 million dinars, which resulted in share growth achieving 49% of share equity. The result of this recapitalisation is a more attractive offer that includes a full package of services and favourable terms of payment, a flexible repayment schedule and full control of costs.

Unique action for real estate purchase

Premium transfer package - for 1 dinar!

New Premium Transfer Packages are ideal for users who want to use the most modern phones, like the Samsung Galaxy S3, Samsung Ace + or HTC One X, and use the full potential of these devices within Telenor Smart networks, and everything can be bought from as little as one dinar.

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In an effort to provide a unique concept for favourable and faster real estate purchases, Piraeus Bank has launched, together with the Association of Real Estate Agency “Klaster nekretnine”, a major promotional action entitled “Five days for an apartment”

ers will receive two gigabytes of internet traffic and 600 minutes of calls, while those who opt for the Premium XL package will be able to use 3 gigabytes of high-speed internet and 1,200 minutes of calls.

All users interested in the Transfer Premium XL tariff package will be able to choose a new Samsung Galaxy S3 for one dinar. This latest Samsung phone has the ability to automatically call when the headset is pressed to the ear and also has voice control commands, video games, sharing content on the computer when you're away from it and much more.

This pioneering project, based at Georgios Panoutsopoulos, the Belgrade Fair as part of the internaAssistant Director – Product Development, Marketing and PR. tional conference REBEC, has enabled all potential buyers to complete the entire process of purchasing real estate in one place and one time, saving up to 5% of its value.

“Piraeus Bank is constantly seeking better ways and mechanisms to serve its clients. With the action “Five days for an apartment” our goal was to contribute to the revival of the real estate market and make purchasing a flat a more pleasant experience by providing better payment conditions, banking advisors and lawyers in one place. The bank’s offer for this occasion included cancelation of application and maintenance fees, as well favourable interest rates as a calculation of the three-month Euribor value and 4% fixed margin. This offer is valid for all clients who apply for a mortgage loan in Euros with NMIC insurance until mid July,” explained Georgios Panoutsopoulos, Assistant Director – Product Development, Marketing and PR. Piraeus Bank will continue introducing improved products and services that will better serve clients’ needs. cordeditorial@cma.rs

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Business Dialogue Interview

Politicians

Structure

"European politicians always act a day late and promise one euro too little. Then, when it gets tight, they add new liquidity." - Robert Zoellick, outgoing World Bank president

"Europe is not making bold moves. The structures in Europe need to be more integrated and made stronger." George Papandreou, former Greek Prime Minister

Guy Charrison, president of the UK’s National Association of Valuers and Auctioneers (NAVA)

I wouldn't expect market stabilisation Guy Charrison FNAVA FNAEA FRSA is an extremely well know property auctioneer in the United Kingdom and has the honour of being the president of the National Association of Valuers and Auctioneers (NAVA)

Guy Charrison was elected Chairman of NAVA in June 2011

G

uy built up a successful estate agency business which he sold in 2004 at the age of just 40. The business was based in West London and had successful sales and lettings, as well as a property auction department.

Since 2004 Guy has developed his property interests with a property investment company, new home builder. He is also director of a UK auction house and consultant for a number of auction houses throughout the UK. The National Association of Valuers and Auctioneers is a professional, self regulating body, solely concerned with Auctioneers and Valuers. Founded on the principles of expertise, experience, integrity and honesty, the association provides a focal point for its widespread membership in the UK.

The UK market is rather dependent upon location. Prime residential areas, including central London, have had an influx of foreign buyers maintaining and even strengthening prices

NAVA’s aim is to promote and ensure professionalism and best practice and, by so doing, provide a first class service to both its members and the general public.

Mark Harrison, principal of international law firm Harrisons Solicitors, the only such firm with offices in Serbia, Montenegro and London, England, has formed Auction South East Europe (Auction SEE) and appointed Guy Charrison as a consultant auctioneer.

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■ The economic crisis has brought great instability to the real estate sector, with prices having declined, at least in the Balkan region. What is the situation like in the European Union and the UK? - Certainly the current economic crisis throughout Europe has had casualties in the property sector. However, the market is certainly not the same throughout each of the countries in Europe.

Spain, for example, has an oversupply of properties and it is estimated that up to 850,000 properties remain vacant in Spain. As we all know, all markets work on supply and demand and clearly there is far too much supply and not enough demand, so prices have fallen substantially.

The UK market is rather dependent upon location. Prime residential areas, including central London, have had an influx of foreign buyers maintaining and even strengthening prices. Being out of the eurozone, the UK is seen by many as a safe haven for their money.

Back in the 1970’s the then newly rich middle easterners were strong buyers, but now the prime UK market really is international in every respect, with many buyers from eastern European countries supporting the market at the higher end.

■ What property price trends do you expect by year’s end and when do you expect the real estate market to stabilise?

- I suspect in the prime areas there will be little difference between values now and at the end of the year, but in poorer locations there could be further pressure downwards. The question of when the real estate market is expected to stabilise will probably be best answered by the banks. At the moment it is extremely difficult to find bank funding for residential investment

or speculation, as well as simply home purchase as banks are being forced to recapitalise. Until banks are recapitalised and able to lend again at sensible rates and on sensible terms, I would not expect the market to stabilise. This, of course, excludes prime locations - of which there are many throughout Europe.

■ You are president of the UK’s National Association of Valuers and Auctioneers (NAVA). What are the benefits of selling property through auctions?

- People choose to sell through auction because of the certainty. At the fall of the auctioneers gavel, both parties have entered into a binding contract with a fixed completion date. This is an attractive proposition to both the seller and the buyer – after all we know that nobody likes uncertainty.

■ What is the average sale price of properties sold at auction compared to the real market value?

- Here in the UK the general view of auctioneers is that properties prices need to be reserved around 75% of the open market value to be entered into auction. There has to be some discounts for selling by auction in exchange for the certainty of a sale.

We are expecting that in Serbia sale reserves will need to be lower than the 75% of open market value we see in the UK.

will result in a successful sale. Obviously it is important to offer a high level of service that is professional and will give Auction SEE an excellent reputation going forward.

Of course, having the right properties in the auction is key. It can’t be denied that price is a big motivator, as many of the buyers are expected to be cash buyers.

In these times of economic crisis, which is strongly affecting all parts of the former Yugoslavia, new investors from neighbouring countries, who do not know what to do with their money, are waiting with great interest for the first auction later in 2012. People still see the longer term attractions of land and property as an investment.

The major banks have indicated that they would like to sell distressed plots through Auction SEE and Auction SEE are expecting as many as 100 properties, mostly residential, to be offered for sale, with an average of 30% below their current market value, which is already some 40% lower than it was just two years ago.

In these times of economic crisis, which is strongly affecting all parts of the former Yugoslavia, new investors from neighbouring countries, who do not know what to do with their money, are waiting with great interest for the first auction in Serbia later in 2012

■ What legal framework is required for creditors – in most cases banks – to collect their debts by selling debtors’ real estate at auction? How is this regulated in the UK? - In most cases a bank or lender would have a first legal charge on a property. This first legal charge gives the lender the right to repossess the property through the legal process, and then for the asset to be sold giving the first charge proceeds to the lender and the residual to any second or third charge holders and/or the borrower. In the UK this is well regulated and charges would be noted against the title as part of HMLR (Her Majesty’s Land Registry).

■ Where does most real estate that ends up being sold at auction come from?

- This is a really interesting question. The perception is that many properties are sold as repossessions, but in reality the auction market appeals to many people. Family trusts wanting to sell, charities and sometimes courts require properties to be sold by public auction as it is a clear way of establishing the true value and giving everybody a fair opportunity to buy.

All types of property and land can be sold by public auction, but it is often considered a way to dispose of “problem properties”. This may mean properties that have structural problems or where there is a defect in the legal title to the property.

■ Serbia has launched the first auctioneering company for the sale of real estate, Auction SEE, and the first auction is expected this autumn. What preconditions are required to ensure an auction is successful for both sellers and buyers?

- This is an interesting question and, of course, the correct ingredients

In addition, the auction is likely to offer arable land in Vojvodina and other parts of Serbia that are likely to be at very attractive prices for people throughout Europe. Agricultural land has already shown to be of interest to large corporate western farmers.

Following the acceptance of Serbia’s EU bid and the expected start of negotiations for EU accession at the beginning of next year, it is expected that property prices will stabilise and, in due course, rise again.

Auction SEE will offer an extremely professional way of disposing of, and indeed acquiring, property and land, and with the backing of Harrisons Solicitors, the leading foreign law firm in the Balkans, and accountants KPMG, as well as Guy Charrison conducting the auctions with terms of business based on the UK model, this looks to be an exciting time for the property market in the Balkans. ■ cordeditorial@cma.rs

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regional news

Business Dialogue 01

Solution

"A large part of Europe would find itself having to continue to put up with very high interest rates, that would then impact on the states, and also indirectly on firms.” - Mario Monti, Italian Prime Minister

"We still have miles to go before we get to any meaningful solutions to Europe's problems." - Sung Won Sohn, professor at California State University.

02

Bulgaria

Fast-track for large investors

Bosnia and Herzegovina

The revenues from the sale of Globul, Bulgaria's second-biggest mobile operator, are to help OTE pay its obligations on bonds maturing in the next two years, according to the OTE's press office, as cited by Capital Daily.

Globul's senior management and officials have already been informed about the decision taken late last month by the Greek company's board of directors.

According to unconfirmed reports, OTE has hired the London unit of US Citigroup as a consultant for the sale.

Turkish Turkcell, British Vodafone and Orange (owned by France Telekom) have been listed as potential buyers.

Deutsche Telekom, which controls a 40% stake in OTE, will also have a say in the sale, as will the new Greek government, which still owns the "golden share" in OTE giving it the right to take part in all Source: Novinite key decisions.

To cut Red Tape for investors

serious problems are transport and the culture of graft, as the country has a poor reputation for corruption and bad communications.

Ivan Nimac, an expert on investments for the IFC, the private sector arm of the World Bank Group, said Bosnia's complicated legal and regulatory framework deterred potential investors.

The director of the Bosnia

Over-complicated red tape and the long time needed for completing paperwork are the key reasons why more people do not invest in Bosnia. Other

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Macedonia

Keeping clear of debts to banks New data shows that each Macedonian owes on average of only about €600 to the banks, while at the other end of the scale the average Slovenian owes about €4,000

This February the total amount in loans that Macedonians took from banks was worth about €1.2 million. This sum put them at the bottom of the list of Balkan countries when it comes to debts to banks.

In a country with a population of about two million, this means that each Macedonian owes a bank or banks about €600 on average.

Bosnians were slightly more indebted, to the tune of about €730 42 |

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Albanian Prime Minister Sali Berisha has inaugurated Ashta 1, the country's first major hydro-power plant since the early 1980s.

have taken into account other EU countries' practices," Djankov is quoted as saying.

The amendments to the Bulgarian Citizenship Act will allow people from EU member states, Iceland, Norway, Liechtenstein and Switzerland to obtain Bulgarian passports without relinquishing their current citizenship.

Another key change provides for a mandatory Bulgarian language exam for people applying for Bulgarian citizenship on the basis of origin.

Starting a business is far too complicated in Bosnia, experts told a Sarajevo conference on investment last month

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Albania

First major power plant in decades

Greek telecommunication group Hellenic Telecommunications Organisation, known as OTE, is selling its unit in Bulgaria

The proposal was approved during a meeting of the Council of Ministers, as the official minutes show.

"This opportunity can be created through a joint ordinance of the Economy Minister and the Finance Minister which sets out the meaning of "investment" and the appropriate amount of the investment. The initial proposal of the Finance Ministry is for €102,250. We

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Greece

OTE to sell Bulgarian unit Globul

Bulgarian Deputy Prime Minister Simeon Djankov has suggested a fasttrack procedure for granting Bulgarian citizenship to foreign businessmen who have invested over BGN 200,000 (€102,250) in the country

Placements & Postings

Interest rates

Foreign Investments Promotion Agency, FIPA, Jelica Grujic, said although the procedures for starting or running business in Bosnia were too complicated, foreign investment was still coming.

“According to Central Bank data, in the last year investments totalled €312 million.” The inflow of direct foreign investment in Bosnia in 2010 amounted to around €174 million.

per person. With average incomes of €423 they need 1.7 monthly salaries to cover their loans.

Serbians are third on the list with the loans equating about €800 per person. According to the statistics, each Romanian owes about €1,100 and would need 3.3 salaries to cover the loans. The average salary in Romania was €340.

In total, Montenegrins took €842,000, so the indebtedness per citizen is about €1,300. Slovenia has the highest debt per person. Their banks issued loans worth €7.8 million, so their debt per person is about €3,900. However, with the highest incomes in the region of €980, Slovenians are not in the worst situation. They need only about four monthly salaries to cover their debts.

With €3,800 debt in loans per person and average salaries of €720, Croatians need about 5.4 salaries to cover their loans.

The project involves the construction and operation of two run-of-the-river plants, Ashta 1 and Ashta 2, with an installed capacity of 53 MW. The plants are predicted to generate 242GWh per year, supplying power for roughly 100,000 families.

For the next 15 years, 100 per cent of the electricity generated by Ashta will be collected by the Albanian Power Corporation, KESH, the state-run energy provider. After that, the term will either be extended, or the electricity will be sold on the open market.

Albania’s Energy Association, AEA, an umbrella group of investors in the energy market, says Albania is currently using only 40 per cent of its hydro potential for the production of electricity.

However, its aspiration to become the regional electricity powerhouse by building hundreds of new power plants are running into serious difficulties amid allegations of corruption and Source: Balkan Insight murky bidding procedures.

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Romania

Hidroelectrica requests insolvency Romania's national power producer and supplier, state-owned Hidroelectrica, asked for insolvency late last month, sending a shock wave in the economy and taking by surprise the authorities

The insolvency announcement took many by surprise, as the company was considered so far one of the crown jewels of the Romanian economy. Last December, the former right-wing government announced the privatization of ten percent in the power supplier, with the intention to boost the national budget revenues. According to a communiqué sent by the Economy Ministry, the insolvency was decided by the Board of the company and the Ministry cannot overturn the decision.

Two weeks after he was appointed the head of the government, Victor Ponta ordered an investigation into Hidroelectrica’s financial situation, suspecting dodgy deals on the back of the public money. Soon after, the new Minister of economy started to re-negotiate all contracts concluded by the former administration with private companies, who used to get cheap electricity while the end consumer was supporting the price difference.

appointments@cma.rs

www.cordmagazine.com/corporate/appointments.html

Born 1973, Darko Marojević is an Economics graduate of the University of Belgrade who later served as a high school professor at Belgrade’s First Economics High School. His professional career began at Siemens and continued at Grand Casino Belgrade.

Prior to joining Denver Garden Ltd., Mr DARKO Marojević was chief financial officer at MAROJEVIC, Farm Logist.

Marojević has seven years of finanNew Managing Director, cial operations management experience Gardner Denver Inc. and speaks English,German, Italian and Russian

The Anglo-American International SCHOOL

Moving Forward Marking the end of this school year and celebrating the new beginning in a new building, the Anglo-American International School continues to tailor success in education

The Anglo-American International School celebrated the end of the academic 2011/2012 year in a new school building in Senjak (Andre Nikolica 29). Besides students, parents, and teachers, the ceremony was visited by many alumni and friends of the school. That is the 12th generation of students that have graduated from the school.

The Anglo-American International School was founded in 2001. Since then, the school has been the centre of University of Cambridge and University of Nebraska-Lincoln. The school has also been active in the international academic community through memberships in many educational associations and boards (ECIS, CEESA, College Board, etc.).

Besides the success of the Anglo-American students in their further academic careers, the success of the school has also been reflected in the constant growth in many academic and extra-curricular segments.

One of the indicators of the growth is the fact that the Anglo-American has just moved to new premises. The new school building offers numerous opportunities for academic and social improvement.

More than a decade long experience of the school sets directions for the present and future activities.

The Anglo-American will keep on providing a safe and boosting learning environment as well as developing tolerance and free spirit in students. The promotion of human rights and environment protection along with the cooperation with the local community will also be important issues on our agenda.

Anglo-American International School Andre Nikolića 29, 11000 Belgrade Senjak Phone: +381 65 2669 996 office@angloamericanschool.net www.angloamericanschool.net cordeditorial@cma.rs

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Business Dialogue Interview

Fiscal reform

Challenge

"Fiscal reform must be implemented as soon as possible, with an increase in the VAT and reduction of the tax burden for employers to encourage new employment." - Vladimir Vučković, Member of Serbian Fiscal Council

“The real challenges of today are those related to the economy, unemployment and finding a sustainable model of social and economic growth." - Goran Svilanović, Secretary General of the Regional Cooperation Council

Mijodrag Čitaković, Director of Drinsko-Limske Hydro-Power Plants Company

Production according to global standards

Interview

Patrick Collin, Head of Territory at BNP Paribas BELGRADE

Banking market among Serbia’s best economic sectors

As BNP Paribas group is already present in many neighbouring countries, we will continue to monitor the overall potential in Serbia, in order to carefully estimate what development steps to take next

A total of 2,756,000,000 KWh of electricity was produced by the power plants of Drinsko-Limske Hydro-Power Plants Company in 2011

D

ue to an unfavourable hydrological situation, which was the result of a drought, it wasn’t realistic to expect we were going to meet the production plan envisaged by the power balance,” says Mijodrag Čitaković, Director of Drinsko-Limske Hydro-Power Plants Company.

The bad hydrological situation continued during the first quarter of this year too. With temperatures dropping to minus-25, nearly all reservoirs were emptied. Substantial amounts of snow were along the entire Drina catchment area, though gradual melting meant the inflow was minimal.

Planned production for 2012 is 2,933,000,000 KWh, which is the usual power balance plan for the company. This plan entails higher production in revitalised aggregates H1 and H2 at the Bajina Bašta and Elektromorava plants, as well as a possible production in the H3 aggregate that will become functional this September.

■ The third stage of revitalisation of the Bajina Bašta hydro-power plant is pending. Is it progressing according to plan?

It started on 7th November 2011 and is progressing according to the planned dynamics.

In certain segments we are even ahead of plan. Dismantling the first aggregate lasted a month and a half, the second aggregate took a month to dismantle, while dismantling the third aggregate took a record-breaking 23 days, which tells us that the acquired experience was of exceptional value. The works on the generator stator are finished and we have conducted important tests and probes confirming the high quality of work under44 |

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taken. While revitalisation of the Bajina Bašta power plant is pending, we are reaping the benefits of the revitalised Elektromorava power plant, where power has gone up by 25% and output by 15%.

■What kind of effect will ISO certificate

have on the company’s operations and

business reputation?

Drinsko-Limske Hydro-Power Plants Company has been operating in line with the IMS certificates (ISO 9001:2008, ISO14001:2004 and ISO 18001:2007), issued by SGS Belgrade, since 2009, while in 2011 we successfully carried out certification of the ISO/IEC 27001:2005 standard (Security Information Management Sys-

digging out the Drina basin, downstream from the dam, which increased both the drop and the power. We have launched a tender for the creation of a downstream annex on the right bank, which is also a rehabilitation prerequisite, while the main tender for the acquisition of electro-mechanical equipment was launched on 15th June, following the approval of KfW Bank. We have drafted the final design and feasibility studies for revitalisation of the Bistrica, Kokin Brod and Potpeć power plants. After that, the youngest hydro-power plant, at Uvac, will get an overhaul. Electric Power Industry of Serbia (EPS) and the Serbian government are planning to build a Bistrica power plant as the number

We have already proven that we manage the quality of our power production in line with best global practices

tem). We have already proven that we manage the quality of our power production in line with best global practices and are preserving our beautiful nature and taking care of the health and safety of operations. All these standards help the company to operate more efficiently and in line with Serbian legislation and the EU’s strict requirements.

■ Which projects will the company implement by year’s end and next year?

We have many projects essential to the revitalisation and modernisation of the Zvornik hydro-power plant, which will take place nearly 57 years after the plant was opened.

Last year we implemented a very important project in the Zvornik plant when we finished

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one state project. Bistrica is supposed to have a real giant, with four generators of 170 MW of power per single machine - a total of 680 MW, which will be incredibly valuable for Serbia’s power supply system and the entire region. A feasibility study for Bistrica has already been drafted and the review of an earlier design has been carried out. Project tasks relating to the drafting of a feasiblity study have been devised, including final design and an environmental study. These procedures usually last about 18 months, which is how long it takes to prepare financial documents and launch tenders. The good thing is that a substantial part of the documentation already exists and only needs adjusting and updating. ■

“BNP Paribas group is present in 80 countries and has nearly 200,000 employees.

It ranks highly in its three core activities: Retail Banking, Investment Solutions and Corporate & Investment Banking.

“Locally, BNP Paribas is present through Findomestic Bank, which has operated in Serbia since 2006. Recent changes to the visual identity of Findomestic, as part of the BNP Paribas group, formalised the presence of the group and highlighted its interest in further development on the Serbian market.

The full support of one of the world’s leading and best rated banking institutions, with a sound capital base for all business lines of Findomestic, will be of great importance to further establishing our position here.

“Our present business strategy is to continue developing as a universal bank, but we also believe the Serbian economy will continue to grow, which is certainly a prerequisite for our development strategy in the coming years", says Patrick Collin, Head of Territory at BNP Paribas Belgrade.

■ Findomestic belongs to one of the world’s best ranked banking groups, with an AA- rating. What are your hopes for the creation of additional stability and safety within the Serbian banking sector and what can the Serbian market expect from BNP Paribas?

- Banking can be considered one of the Serbian economy’s best regulated and organised sectors. Considering the global economic situation, that is a very positive sign.

However, the market is saturated by banks and is very highly capitalised, making it dif-

ficult to achieve healthy profitability levels.

In this context, we believe that formalising BNP Paribas’ presence on the local market has a broader significance. Besides supporting Findomestic, the bank’s active participation on the local market adds value for clients and the Serbian economy, contributing to higher quality services and the overall banking market through implementation of international know-how and experience. It could also be considered as a sign that Serbia is suitable for foreign investments.

■ Other large global banks are looking to buy capital in some of Serbia’s biggest banks. Will the arrival of BNP and other big players change the structure and potential of Serbia’s banking sector?

- Considering the size of the market, Serbia has an unusually large number of banks. As such, it is natural to expect the market to consolidate in the coming years. However, the

Findomestic Bank are clearly defined.

■ Findomestic, as part of BNP Paribas group, is a “universal” bank serving both retail and corporate clients. Which of these areas will be the strongest?

- We will mainly target two client groups: multinational companies, with a focus on already existing global clients of the group, and individual clients, with a focus on lending activities, which has historically been a strong trademark of our bank in Serbia.

We intend to take advantage of the strong know-how of our mother company in corporate banking and personal finance, in order to focus on these activities by offering clients the highest level of service. We will also try to maximise existing synergies within these two business lines.

■ The arrival of such a large bank usually means new investors are enticed to the region.

Considering the size of the market, Serbia has an unusually large number of banks. As such, it is natural to expect the market to consolidate in the coming years speed at which this will happen doesn’t solely lie within the boundaries of the banking market, but rather depends on a number of global processes, including economic development, political stability and EU integration.

As BNP Paribas group is already present in many neighbouring countries, we will continue to monitor the overall potential in Serbia, in order to carefully estimate what development steps to take next. What is certain at this point is that our strategy and short-term goals for

Do you have any news on the interest of future French investments in Serbia and the region?

- First of all, we can already say that a large number of French and international companies and banks are present in Serbia.

Our mother company has one of the largest international banking networks worldwide.

Driven by a strong tradition of service provided to individuals and businesses alike, BNP Paribas is at the same time the bank for a changing world. ■

cordeditorial@cma.rs

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world news

Business Dialogue 01

Courage

Victory

"We salute the courage and resilience of the Greek citizens, fully aware of the sacrifices which are demanded from them to redress the Greek economy and build new, sustainable growth for the country." - Herman Van Rompuy, European Council President

"Today the Greek people expressed the will to stay anchored within the euro, remain in the eurozone and foster growth.

This is a victory for all Europe." - Antonis Samaras, leader of the Greek New Democracy party

02

japan

Tesco to leave Japanese market

Fairfax to slash newspaper jobs Australia's Fairfax Media (FXJ. AX), publisher of some of the country's leading newspapers, will restructure its top mastheads and slash almost one-fifth of its staff

Tesco has announced that it is to exit the Japanese marketplace after nine years.

The UK supermarket group is to leave Japan in a two-stage process that will first see it sell 50% of its Tesco Japan subsidiary to the country's second-largest retail group, Aeon.

Tesco will then invest £40m in the joint venture before its eventual exit from the business. So far, no deadline for when this will happen has been made public.

The UK firm entered Japan in 2003. Philip Clarke, Tesco's chief executive, said: "We are very pleased to announce this deal with Aeon and are confident that this will deliver the best outcome for our staff, for our customers in Japan and for our shareholders."

Tesco first said last year that it wished to sell its Japanese business.

03

US

Shareholders sue for losses

The fallout from Facebook's botched initial public offering is moving to the courtroom as shareholders sue for losses, as many of the social network's employees became millionaires after the market debut Many Facebook employees made millions from the company's $16-billion (12.6 billion euro) initial public offering (IPO) on May 18. But dozens of shareholders are suing the social network for losses they incurred in the aftermath of the company's lackluster de-

05

Australia

but. Facebook has lost a fifth, or $20 billion, in value from the IPO stock price of $38. Some 40 state and federal lawsuits have been filed against the company as a consequence.

Some of the suits claim that Facebook and its main underwriters - Morgan Stanley, JP Morgan and Goldman Sachs - only informed preferred clients about lowered profit forecasts prior to the IPO. The social network has been struggling to sustain its advertising revenue as many users move to mobile devices.

In a motion filed, Facebook said that federal regulators do not require companies to include revenue or profit forecasts in IPO documents.

Source: AP, Reuters

Fairfax - which publishes The Sydney Morning Herald, the Australian Financial Review and Melbourne's The Age - said it will cut 1,900 jobs over three years from its staff of 10,000, shut two printing plants and reduce broadsheet newspapers to tabloid formats. Of the 1,900 job cuts, about 20 percent would be from editorial, 20 percent from the printing plants and the remainder from other parts of the business The classified advertisements were once considered "rivers of gold", but revenues have collapsed as online web sites take over markets for real estate, job and car ads.

Fairfax's announcement is expected to be followed shortly by news of a restructuring at its larger rival, News Ltd, Rupert Murdochcontrolled News Corp's (NWSA.O) Australian unit.

News Ltd controls around 70 percent of Australian newspapers, one of the most concentrated levels of media ownership in the world, compared with Fairfax's 30 percent market share.

04

Finland

46 | 46 |

It's now reached a speculative level as the company's business outlook remains negative despite reforms.Moody's last month lowered its assessment of Nokia by one notch to the speculative level of Ba1, citing as a reason that the company's outlook remained negative.

Nokia, one of the world's biggest mobile-phone makers, had shocked markets mid last month by announcing it would cut 10,000 jobs globally by the end of 2013 as a part of deep cost-cutting measures.

The company has been undergoing massive restructuring for over a year, but says it has to implement an additional €1.6 billion in cost reductions.

One of three test wells on the find produced 21.3 million cubic feet of gas per day in its first month. Apache says that would make the well one of the most productive ones in the world.

Apache is partnering with two other firms to

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Rolls-Royce confirms £1bn nuclear submarine contract Rolls-Royce confirmed it had won a Ministry of Defence contract worth more than £1billion to make reactor cores for Britain's nuclear submarine fleet

The £1bn MoD deal includes an 11-year refit of Rolls' submarine propulsion reactor factory in Derby, where the engine maker plans to introduce the latest technology and manufacturing techniques, the company said.

The investment will protect 300 jobs at the factory and many others at suppliers elsewhere.

The deal could put the Coalition under further strain, with the two parties split over plans to replace the country's four Vanguard submarines at an estimated cost of £25bn when they retire from service in the 2020s.

The Conservatives want a new fleet of submarines that will continue to carry the Vanguard's Trident missiles, maintaining Britain's independent nuclear capability. The Liberal Democrats however, are pushing for cheaper and less potent alternatives, arguing that the current capability - the ability to obliterate Moscow - is an outdated hangover from the Cold War. Britain took the first step towards renewing the Trident nuclear weapons system last month, when it awarded £350m worth of contracts to design a new generation of submarines.

07

Italy

build a $4.5 billion liquefied natural gas terminal near Kitimat, British Columpia to service the booming Asian market for natural gas.

While excited by the new find's potential over the long term, Apache says there is no rush to develop the site because of record low prices for natural gas. A slew of shale gas discoveries have pushed the price of natural gas to near record lows.

Consultancy Jones Lang LaSalle has predicted that Portugal will win the 2012 FIFA World Cup, based on historical correlations between real estate indicators and soccer championship performance.

Indictment for Telecom Italia A Milan prosecutor filed a request to indict Telecom Italia SpA (TIT) and three former executives in connection with SIM-card fraud at the domestic mobile phone unit

US ratings agency Moody's has lowered the credit status of Finnish phone maker Nokia to junk.

Apache reveals 'outstanding' shale gas find Apache, the second-largest gas producer in the United States, says it believes the site could contain as much as 48 trillion cubic feet of recoverable gas.

UK

Nokia ratings downgraded to junk status

CANADA

A giant shale gas find in northern British Columbia has the potential to exponentially increase the province's natural gas output for decades

06

The prosecutor will seek to charge Telecom Italia because it failed to prevent the alleged crime and it benefited from it, according to the indictment request. The prosecutor is also seeking to indict former Chief Executive Officer Riccardo Ruggiero and ex-managers Luca Luciani and Massimo Castelli with obstruction of regulatory activity. This crime carries a maximum jail sentence of eight years.

The prosecutor alleges Telecom Italia’s executives unlawfully renewed more than 5 million pre-paid SIM cards close to their expiration date by recharging 1 euro cent each, according to the documents.

The allegedly inflated market share was then communicated to Italy’s communica-

tions regulator, prompting the offense. The probe is reviewing the period between 2006 and 2008. A judge will set a preliminary hearing to review the request.

Rich Greeks are sitting in Switzerland "At the moment, the rich Greeks are sitting in Switzerland with their money and don't dare return to Greece because they know that all the [financial] rescue activities are keeping real estate prices and other asset values at an artificial level that is not stable. They expect prices to fall as soon as the rescuers have no more money, or refuse to pay anymore. However, once Greece has left the eurozone and the drachma has been devalued, they will come back immediately because there will be great buys and they won't have to fear further asset losses." - Hans-Werner Sinn, president of the Ifo research institute.

08

Russia

Russians push 'Land Bridge' to Vienna A new wide-gauge railway line to Vienna could be a key part of Russian plans to build a Eurasian “land bridge” between China and Europe

The multibillion-dollar scheme, which would take more than a decade to complete if it gets off the drawing board, would be the most westerly extension of the “Russian” 1,520-gauge railway lines.

Russian Railways officials have enlisted European Union support for their designs to incorporate the Trans-Siberian Railroad into a corridor for freight between the Far East and Europe.

A European Commission delegation headed by Transport Commissioner Siim Kallas gave its backing to the strategy at Russian Railways’ annual conference in Sochi last month.

The proposal, dubbed the Eurasian Land Bridge, is intended to provide a rail-based alternative to traditional sea and air freight routes between far eastern producers and European markets.

Moving cargo by rail costs more and entails a sacrifice of volume in comparison with sea transportation. But Russian Railways president Vladimir Yakunin said he believed the route would be able to compete on speed.

He said that the option of sending goods by rail would appeal to producers keen to get their goods to market in as little as 14 days, compared with the 40-day sea journey.

A feasibility study drawn up in 2011 lists three possible financing schemes: public-private partnerships, credit from major lenders and investment banks, and state funding.

Russian Railways plans to borrow 60 billion to 80 billion rubles ($1.9 billion to $2.5 billion) a year over the next three years, partly through issuing eurobonds, in a bid to fund major investment projects. cordeditorial@cma.rs | cordeditorial@cma.rs |

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corporate Interview

corporate

Marija Vujasinović, General Manager, Prisma Risk Services doo

ENERGO COMPANY SERBIAN LEADER IN GREEN BUILDING CERTIFICATION CONSULTANCIES

International experience for projects in Serbia

Protecting clients’ best interests Although companies are trying to minimize business risks, especially in cooperation with new clients, difficulties in collecting outstanding debts are very common in today’s modern business environment

T

he inability of a company to fulfil its debt settlement terms andconditions may impact on the liquidity of its creditors, furthering their own inability to settle obligations on time.

It is for this reason that out-of-court debt collection has been a normal part of business practices worldwide for many years. We have been discussing this service with Marija Vujasinović, General Manager at Prisma Risk Services doo.

Among other services listed in their business portfolio, this company offers out-of-court debt collection services for companies operating on the domestic market.

■ Why out-of-court debt collection?

- In the case of overdue payments, creditors have the possibility to

launch legal proceedings and apply to court in an effort to recoup their funds. However, this procedure is time consuming and comes with high additional costs. It often occurs that although the case is solved in favour of the creditor, the value of the debtor’s declared assets is too low to settle the debt. Moreover, taking issues to court usually has a negative impact on good business relations.

■ What do out-of-court debt collection services imply?

- The out-of-court debt collection procedure is standardised, but our ac-

connected databases at a global level.

■ What are the advantages of outsourcing debt collection?

- Based on our experience, we could state incontrovertibly that out-of-

court debt collection has many benefits for both the creditor and the debtor. First of all, it enables the creditor to use all recourses and time to improve its business results. There is no need to hire more employees and no need to increase administrative work, while at the same time

Commercial debtors are well aware of the fact that it is in their best interest to fulfil all of their obligations to creditors concern for the collection of outstanding debts is entrusted to the team of professional and experienced negotiators. In this way the creditor increases its own liquidity, as well as the possibility of paying its own debts in a timely fashion. Above all, it continues stable cooperation with its clients. In the case that the debtor is based abroad, our engagement provides competitive information about the Serbian market and local business customs, but also avoids misinterpretations based on language.

■ How do debtors react to your involvement in debt settlement?

- Commercial debtors are well aware of the fact that it is in their best

interest to fulfil all of their obligations to creditors (our clients), since in any other case their business reputation and current benefit of deferred payment could be severely endangered. As part of a worldwide group, we have unparalleled reach, through cooperation with international trade associations and credit insurance companies, in providing information about domestic companies, which is something that shouldn’t be taken for granted. ■

tions may vary depending on the characteristics of a specific case. We are dedicated to protecting client’s best interests - collection of the claim in the highest amount in the shortest possible time period, but at the same time we are helping the debtor to find the best solution to fulfil its obligations. The procedure includes continuous negotiations with the indebted Bad debt can seriously affect every business Analysis of present activities has shown that the overall collection success rate has risen in the last couple party, in order to bring the case to a close in the of years, despite the economic downturn. Moreover, since the primary aim is to secure full payment as quickbest interests of all concerned. ly as possible whilst maintaining good relations between the parties, it is essential to introduce an out-of-court All cases are conducted in accordance with debt collection agency as a third party in the process, as soon as overdue payment occurs.

Bad debt can seriously affect every business, especially if it is not handled correctly. It can have a negathe “no win – no fee” principle. I would also like to point out that all information re- tive impact on cash flow, turnover, credit ratings and even business reputation. Unfortunately, in the current cligarding cases and their progress is record- mate of global recession this situation is becoming more and more common, creating liquidity gaps on the market. That is why staying ahead of debt issues by using third parties to collect debt is the right strategy not only ed in our database and is thereby available for the wellbeing of the business, but also for the whole economy. to international financial institutions with

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ENERGO is the leader in Serbia in LEED Certification Consultancies, with three LEED APs since 2008

MARIJA GOLUBOVIĆ, CEO of Energo

ENERGO ENERGY EFFICIENCY ENGINEERING d.o.o. is an engineering and consulting company with extensive experience in LEED and DGNB Certification and a wide range of HVAC, mechanical, electrical and plumbing (MEP) systems.

ENERGO is the leader in Serbia in LEED Certification Consultancies, with three LEED APs since 2008. It is also developing over 14 LEED Certification processes throughout Europe for international clients (Prologis, Vodafone, L’Oreal, Banca Intesa, Embassy Techzone, Adris Group etc.), supported with architectural and MEP systems consultancies for building LEED compliancy.

Directed by Engineer Marija Golubović, LEED AP and LEED International Advisor, ENERGO is a unique promoter and founding member of the Serbia Green Building Council (SGBC) and a member of the U.S. GBC. Thanks to acquired international hands-on experience, the company offers recognised LEED GA and LEED AP training Courses (Energo is an official GBCI Education Provider), corporate training seminars and consultancy services for manufacturers, targeted at providing product assessments compliant with the requirements of LEED credits.

- Our engineers and architects have hands-on experience with major equipment manufacturers, materials, basic and industrial design, as well as experience in client-site design management – says Marija Golubović, CEO of Energo.

What is LEED? LEED, or Leadership in Energy and Environmental Design, is redefining the way we think about the places where we live, work and learn. As an internationally recognised mark of excellence, LEED provides building owners and operators with a framework for identifying and implementing practical and measurable solutions for green building design, construction, operations and maintenance.

ENERGO references in Serbia : -BANCA INTESA NEW HQ BELGRADE - LEED New Construction -UŠĆE SHOPPING CENTRE BELGRADE - LEED Existing Building & Operation Maintenance -IT PARK INĐIJA (5 buildings) – LEED Core & Shell -SCHOOL IN PANČEVO - LEED for Schools. ■

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after work

Svetlana Glumac, Corporate and Regulatory Affairs Director, Danube Foods Group, and Milan Vujović, Marketing Director, Knjaz Miloš

NEW LOOK FOR KNJAZ MILOŠ

Promotion of the new BMW 6 Series Gran Coupé : A-class car

Company Knjaz Miloš has presented its new packaging option for its most famous brand, Knjaz Miloš mineral water. The company’s latest innovation was presented by Svetlana Glumac, corporate and regulatory affairs director at Danube Foods Group, and Milan Vujović, marketing director at Knjaz Miloš.

MIROSLAV MIšKOVIĆ, President,

Delta Holding

The latest model of BMW's 6 Series is the rated convertible and coupé, which is simultaneously the first four-door coupé in the company’s history. Proof that some things are indeed worth waiting for comes in the form of the new BMW 6 Series Gran Coupé and its extraordinary beauty, which the folk at BMW compare to experiencing rare phenomena like the sensation of seeing a solar eclipse. With this in mind, Delta Motors unveiled this model at Belgrade’s Privrednik club.

SRđAN DANKULOV, Technology Planning Director

New technology for a Smart network

Telenor in Serbia continues to improve its network. With the expansion of its coverage, Telenor is advancing its Smart network with the introduction of HSPA+ 42Mbps technology, which enables a realistic download speed of 10 to 20 Mbps.

Telenor has started gradually introducing this technology in six cities: Belgrade, Novi Sad, Niš, Kragujevac, Subotica and Pančevo, and by September this technology will be introduced to all locations currently covered by the 3G signal.

IVANA ZARIć, host of the event

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sport OLYMPIC GAMES - LONDON 2012

Reaching for

Olympic Glory Serbia will take part in the London Olympic Games on the 100th anniversary of its participation in the “Olympiad”. The country has won 98 medals so far and is expected to win its 100th medal in London. The Serbian Olympic team will be represented by 112 athletes competing in 15 sports

plane on 24th July, aiming to win the 100th medal on the centenary of Serbia’s participation in the Olympic Games. And maybe they will win a medal or two more than the jubilee hundredth.

The top officials of our Olympic Committee have given many erroneous projections in the past, regardless of how realistic they might have sounded at the time. As such, on the eve of the Games in London everybody is refraining from making any predictions or setting goals. Everybody – the heads of the Olympic Committee, the athletes and their coaches – are reiterating one statement: “We want to win the 100th medal”. Before that happens, they need to win the 99th medal, since our athletes, including the teams and sportsmen that our Olympic Committee has been preparing and sending out to the Games in the past, won a total 98 medals – 28 gold and 35 silver and bronze – over the last 100 years.

A month before the official opening of the officially named “Games of the XXX Olympiad”, the Serbian Olympic Committee compiled a list of 112 competitors in 15 sports and, despite several more names being added to the list (athletics and swim-

Wenlock and Mandeville are the official mascots for the 2012 Summer Olympics and Paralympics being held in London, United Kingdom. They are meant to look like aliens.

A total of 155 Yugoslav athletes, mostly Serbian, returned from Seoul with 12 medals: 3 gold, 4 silver and 5 bronze. Since then the athletes of the so-called ‘rump’ Yugoslavia (Serbia and Montenegro) and Serbia failed to win more than four medals at any Olympic Games: in Barcelona in

The Olympic Committee, the athletes and their coaches are reiterating one statement: “We want to win the 100th medal”. Before that happens, they need to win the 99th medal...

milorad čavić

T

his year London is hosting the Olympic Games for the third time in its history, while it will also be the third games at which Serbia is participating in the world’s biggest festival of sport under its own name. It was precisely a century ago that Serbia debuted at the Games in Stockholm, with the countries athletes later competing under the flags of Yugoslavia and the State Union of Serbia

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& Montenegro. The Serbian anthem was only played again at the 2008 Olympic Games in Beijing, when Serbia’s athletes won three medals.

The silver medal won by swimmer Milorad Čavić and the bronze medals won by tennis player Novak Đoković and the Serbian water polo team are practically the only medals ever won under the Serbian flag. However, since the Serbian Olympic Commit-

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tee (founded in 1910) succeeded the earlier Olympic organisations of the Kingdom of Serbs, Croats and Slovenians, the Kingdom of Yugoslavia, the Socialist Republic of Yugoslavia, the Socialist Federal Republic of Yugoslavia, the Federal Republic of Yugoslavia and the State Union of Serbia & Montenegro, as well as inheriting their Olympic successes, Serbian athletes will fly to the UK capital on a special charter

ming), this is still the biggest number of Serbian athletes to compete at the Olympics since the 1988 games in Seoul.

“That is a great success for a country like Serbia, if you consider the population and the current economic situation. Our team could have had more competitors, particularly in our two most successful Olympic sports: basketball and football, but our national basketball and football teams unfortunately failed to qualify for the London Games, despite having the required quality. If they had qualified our national team would have had over 140 members and, as such, would have been one of the biggest in London, not counting the biggest global sports and economic powers”, says Vlade Divac, President of the Serbian Olympic Committee and a winner of silver medals in basketball at the 1988 and 1996 Olympics.

1992 (58 athletes) they won three medals, in Atlanta in 1996 (68 athletes) their total score was four medals, in Sydney in 2000 (111 athletes) a total of three medals were won, in Athens in 2004 (87 athletes) they won only two medals, while in Beijing in 2008 (92 athletes) a total of three medals were won again. So, only 15 medals have been won at five Summer Olympics, which is three medals less than what Yugoslavia won at the country’s most successful Games in Los Angeles in 1984.

Still, the average score of three medals does hold a promise that our athletes will win the 100th medal in London, while the current global rankings of our athletes and teams suggest that Serbia could be even more successful.

The list of our medal contenders is much longer now than it was at the last five Games.

jelena janković

Tennis

Serbia will have six representatives competing in the Olympic Tennis Tournament at Wimbledon (28th July – 5th August) – five in singles and Nenad Zimonjić in doubles. The winner of a bronze medal at the Beijing Olympics, Novak Đoković, has since managed to become the world’s top-ranked player, who broke all sorts of

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records last season and is up for the challenge of winning two “Wimbledons” in the same season.

mixed. Unofficially, we probably won’t have anybody competing in the women’s doubles.

Tennis: Novak Đoković, Janko Tipsarević, Viktor Troicki (singles); Nenad Zimonjić (doubles); Ana Ivanović and Jelena Janković (singles)

Water polo

If they do win a medal, it would be the 11th Olympic medal for the country’s water polo team.

Water polo: The following players are competing for one of the 13 places in the national team: Soro, B. Mitrović, Udovičić, G. Pijetlović, F. Filipović, P. Filipović, Gocić, A. Šaponjić, L. Šaponjić, Prlainović, S. Mitrović, Ćuk, Rađen, Aleksić, D. Pijetlović, Nikić and Mandić.

Our national water polo Shooting team won Olympic bronze, Since 1988 and the Seoul Olympic Games, silver and bronze again in when our shooters won the country’s first Sydney, Athens and Bei- ever Olympic medals (Goran Maksimović jing respectively. All that – gold, Jasna Šekarić – gold and a bronze), is missing is gold. So far the only games that they failed to win a our team has been world medal at were the Beijing Olympics. Our champions and world shooters have won a total of 10 medals runner-up; won bronze (half of them won by Jasna Šekarić, our Vanja Udovičić Although contenders for and gold medals at the European cham- most successful ever Olympic competitor) the Olympic medals in Wimbledon will pionships, came third in the World play six rounds in two sets over two con- League and won it twice, won the secutive days, unlike grand-slam tourna- World Cup, become Mediterranements, where they play three sets with a an champions and winner of the day break between rounds, Đoković is Universiade. The team has manundoubtedly a medal contender. If we are aged to win a medal at all comtalking about Serbia’s entire Olympic team, petitions it has participated in and he is definitely the No. 1 candidate. Janko will have to do the same again in Tipsarević, currently ranked 8th on the ATP London. According to the luck of list, also has a great chance in the singles the draw, Serbia’s national water event, while the Serbian Tennis Association polo team, under the guidance of and the Serbian Olympic Committee have coach Dejan Udovičić, will play yet to reveal which Serbian tennis players in Group B alongside Hungary, will compete in the doubles. This is all a Montenegro, the U.S. and the matter of negotiations and agreements and, UK, with practically only the latfor now, the only certainty is Zimonjić, who ter considered an outsider. Group Jasna Šekarić (left), Zorana Arunović AND Bobana will compete in both men’s and women’s A is somewhat easier, comprising Veličković - Women shooting team doubles (32 teams will compete). For the Greece, Italy, Kazakhstan, Spain, Australia and, judging by the results achieved by a first time since 1924 we will have a chance and Croatia. Commenting on the draw, very young eight-member shooting team to see mixed doubles. The odds of winning Coach Udovičić said: “We did expect to at major competitions in the last two years, find ourselves we can rightly hope that one of those three in a tough medals will come. group. We are Zorana Arunović became world champion Our national water polo team won going to try to air rifle shooting and runner-up in the Olympic bronze, silver and bronze again in prepare our- in small-bore pistol category in 2010. She has Sydney, Athens and Beijing respectively selves in the also demonstrated that she is in top form by best manner recently winning at the World Cup in Muan Olympic gold in this category are great, possible, our players are healthy and all we nich and breaking the state record of Jasna as only 16 mixed doubles pairings will are going to think about is how to beat the Šekarić. Bobana Veličković is a two-time next opponent. We all know what our goal European air pistol champion, while the compete.

The maximum number of doubles that is, but I believe that in a stiff competition aforementioned legendary Jasna Šekarić, Serbia can participate in at the Olympic like this one winning any medal would be who has had unusually modest results this Games is two men’s, one women’s and one a huge accomplishment.” season, will compete at her seventh Olym54 |

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pic Games, an absolute record for any athlete, with a quota given to her by the Serbian Shooting Federation. However, Jasna’s experience, her desire to fight and win, should not be underestimated by anyone. She competed at the 2004 Games in Athens only because two Albanian competitors had been

economical disciplcines for Serbia, as eight shooters will compete for medals in 16 categories in which they are all equally good.

Shooters: Zorana Arunović, Bobana Veličković, Jasna Šekarić (pistol), Andrea Arsović, Ivana Maksimović (rifle),Damir Mikec, Andrija Zlatić (pistol), Nemanja Mirosavljev (rifle)

However, she usually saves her best performances for the most important competitions, which is why she is currently ranked 44th in the world. Velimir Stjepanović, 19, could also be a pleasant surprise in the 200metre butterfly competition. Stjepanović was one of 12 competitors at the first Youth Olympic Games in Singapore in 2010,

The Olympic vice-champion from Beijing in 2008, Milorad Čavić is currently ranked second in the world Swimming

ivan lenđer

disqualified, but she won a silver medal – one of only two medals won by our athletes at the home of the Olympic Games (our water polo team won the second medal). Our oldest Olympian “returned to the scene” with a bronze medal at the World Cup in Milan, thus demonstrating that she will be a serious competitor for a medal at the Royal Artillery Barracks in London.

Her “fellows in arms”, Damir Mikec and Andrija Zlatić, are also very ambitious... and rightly so. After having had an excellent season, Mikec has managed to attain the number one spot in the world rankings and was also runner-up at the world championships in 2010. Last autumn Zlatić won first place in the World Cup. Debutants Andrea Arsović and Ivana Maksimović, as well as experienced competitor Nemanja Miroslavljev, will compete in air rifle and small-bore rifle categories. Two years ago Arsović was European champion and this year she won a bronze and a silver at the World Cup. Maksimović, 22, has already won a World Cup medal and shooting is in her genes – her father is Goran Maksimović, current national team coach who was the only male shooter win Olympic gold for the country almost 22 years ago. Nemanja Mirosavljev is preparing for his fifth Olympics. He recently broke the state record and has won five medals at major competitions.

And that is not all. Shooting is one of the

Milorad Čavić, Olympic silver medallist from Beijing 2008 and the 2010 100-metres butterfly world champion, also won first place at the 100-metres butterfly European Championships (with a result of 51:45) and is currently ranked second in the world. By going back to the U.S. to train with Mike Bottom, who was instrumental in him winning silver in Beijing, Čavić made the right move.

This also came as a relief to the winner of Serbia’s first Olympic medal in swimming.

“I know I am worthy of a good result. I have tried to keep my emotions under control and could not wait for the race to start. I felt great in the water. The only thing that was important to me was to hold out until the end,” said Čavić in Debrecin. This win also marked a turnaround in a season of average results. Čavić is now fired up for his fourth participation in the Olympic Games and is one of the main medal contenders.The 2010 world champion in 200 metres breaststroke, Nađa Higl, is also a member of our national team.

which prepared him for the big games ahead. Stjepanović, who lives and trains in Dubai, won silver and bronze in Singapore and last summer won two gold medals at the European Junior Championships. He keeps improving and we are confident that he could achieve better rankings than his current world ranking of 15th.

For the first time ever we will have a 4 x 100 metre relay team with four swimmers competing - Milorad Čavić, Ivan Lenđer, Velimir Stjepanović and Đorđe Marković.

The Serbian Swimming Federation ex-

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pects to expand the current five-swimmer national team with three more swimmers who have all satisfied qualification standards. Csaba Silagy, Miroslava Najdanovski and Radovan Siljevski are also worth of gaining Olympian status.

Swimming: Milorad Čavić - 100m butterfly, Ivan Lenđer - 100m butterfly, Velimir Stjepanović - 200m butterfly, Đorđe Marković - 400m freestyle, Nađa Higl - 200m breaststroke.

Kolaković at its helm, has experienced a change in generations. The biggest aces of the volleyball world – brothers Grbić and Vujević – are no longer in the team, while Ivan Miljković has also said his goodbyes to the national team (albeit too early).

Miljković was the captain of the team who won the European Championships. Now to compete in his fifth Olympic Games, Kolaković will have to rely on young players and, thanks to hard work and excellent

Summer Olympics Trivia

U.S. and Brazil. The competition is serious, but the quarterfinals are not that elusive.

Volleyball: Men’s team (12 players) Women’s team (12 players)

Handball

It’s been almost 12 years since our national handball team won fourth place at the Games in Sydney. Now they are returning to the Olympic scene under the watchful eye of coach Veselin Vuković, a member of the national

There is no doubt that the Serbian volleyball team will be among the top four teams in Group B and among the top 8 teams at the Games 4 x 100m freestyle relay (Čavić, Lenđer, Stjepanović, Marković).

Volleyball

The Serbian national men’s and women’s volleyball teams are both European champions and, because of a rather unfair qualification system, they just barely made it to the Olympic Games in London. Still, that doesn’t qualify them as outsiders, just as the title of the European

vOLLEYBALL nATIONAL tEAM

champions does not put them among the favourites at the Olympic Games. The Olympic volleyball competitions will take place at the Earls Court sports hall, which can take up to 15,000 spectators, from 28th July to 12th August.

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organisation, Serbian volleyball is full of them. A handful of talented junior players already played for the team when it won the European Championships, while the rest achieved great DALIBOR ČUTURA results at the recent tournament in Kaliningrad. So there is no doubt that the Serbian national volleyball team is going to be among the top four in Group B and among the top 8 teams in the Games, which will compete in a so-called knockout system. Serbia is joined in Group B by the following countries: Brazil, Russia, Germany, Tunisia and the Olympic champion U.S. This group is stronger than Group A, which comprises Great Britain, Italy, Poland, Argentina, Bulgaria and Australia.

The Serbian women’s volleyball team has also been rejuvenated, but there are some seasoned players in it too, including Ivana Đerisilo. In the last six months coach Zoran Terzić has had a lot of problems with player injuries. Still, experience has shown that our teams should not be underestimated, since they have managed to compensate for injuries with their zeal to win.

At the very beginning of the Olympic Games our women’s volleyball team (which plays in Group B) will play against China on 28th July. The following countries are also in the group: Korea, Turkey,

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Athletics team that won Olympic gold in 1984.

Winning a silver medal at the European Championships in Belgrade was a boost that motivated the entire Serbian handball federation and especially the candidates for Olympic Games who, despite having a significant experience, are all Olympic debutants.

Hence, Serbia handball players will be shadowy medal candidates in Group B. Their rivals will come from Spain, Croatia, Hungary, Denmark and South Korea. The draw was tough, but also inspirational. France, Sweden, Iceland, Argentina, Great Britain and Tunisia are in Group A, while the medal candidates are European teams, which is where the highest standard of handball is played.

Handball: The following players are competing for 14 places in the national Olympic team: goalkeepers Stanić, Milić and Marjanac; wingers: Nikčević, Marković, Prodanović, Kostadinović; backs: Ilić, Šešum, Vučković, Rnić, Manojlović, Čutura, Nenadić, Mitrović, Vujin and Stanković; circle runners: Toskić, Stojković and Beljanski.

The ‘queen of sports’, athletics is probably the hardest sport to win a medal in, since the competition is the stiffest (athletics is popular in almost all countries and is usually a sport that has the biggest number of competitors at the Olympics). For over half a century our athletic team has been trying to win a third Olympic medal – i.e. the first since 1956. Dragutin Topić came closest to winning a medal in 1996, but he managed only managed fourth place

a member of Serbia’s fastest ever relay team, Slobodan Branković says winning a high jump medal is tantamount to winning a medal in many other sports.

Our national athletics team in London (14 competitors) will be the biggest since 1980. The number could go up if Goran Nava and Igor Šarčević manage to fulfil the Olympic standard at the European Championship and this is expected of them.

Although everything can be measured in modern athletics, we should not

Our athletics team is young but, judging by their results during this and previous seasons, there is plenty room for progress at the Atlanta Games. Despite being a veteran, our high jump record holder has managed to qualify for the Olympics for the sixth consecutive time by jumping 2.28 metres. This will also be the standard for the finals and Topić’s great challenge. As Secretary General of the Serbian Athletics Federation and

rule out a possibility of Serbian athletes shining through and getting to the finals. Our athletics team is young but, judging by their results in this and past seasons, there is plenty room for progress. Our top hopefuls are decathlete Mihail Dudaš, long jumper Ivana Španović and the youngest team mem-

• At the first modern Olympic Games in Athens in 1896, silver medals were awarded to the winners and bronze to the second place getters.

• No women competed in 1896, as de Coubertin felt that their inclusion would be “impractical, uninteresting, unaesthetic, and incorrect.”

• More athletes than spectators attended the 1900 Paris Olympic Games.

• The oldest man to compete in the Summer Olympic Games was Oscar Swahn of Sweden in shooting (1908, 1912, 1920, and 1924).

Oscar Swahn became the oldest gold medalist when he won gold at 64 years and 280 days old in 1912, and the oldest medallist when he won silver in 1924 aged 72 years, 281 days old. The oldest woman to compete in the Olympics was British rider Lorna Johnstone, who participated in Equestrian at the 1972 Olympic Games at 70 years old and 5 days.

•12-year-old Inge Sorensen from Denmark won a bronze medal in the 200-meter breaststroke in 1936, making her the youngest medalist ever in an individual event.

• The country of India has the lowest number of total Olympic medals per capita.

• Pigeon shooting was one of the sports on the program in Paris in 1900. Fortunately this shooting event was short lived. It was the only time animals were killed on purpose during an Olympic event.

• East German Christa Luding-Rothenburger is the only person to win medals at the Winter and Summer Games in the same year (1988), winning gold in speed skating at Calgary and a silver in track cycling in Seoul. (This feat is no longer possible due to the staggering of the Winter and Summer Olympic years) • American Eddie Eagan is the only person to have won gold medals in both the Summer and Winter Games. He was a boxing champion in the 1920 Antwerp Games, and also won gold at the 1932 Lake Placid Games in the team bobsled event.

• Great Britain is the only nation to have won at least one gold medal at every Summer Games.

• Two athletes have won gold medals competing for two different nations: Australian Rugby player Daniel Carroll won gold representning Australia in 1908, then repeated this feat competing for USA in 1920. The other is Georgian weightlifter Akakide Kakhiashvili who won his first gold medal at Barcelona 1992 competing with the Unified Team, and later as a citizen of Greece at Atlanta 1996 and in Sydney 2000.

• The only female competitor not to have to submit to a sex test at the 1976 Summer Olympics was Princess Anne of the UK, who was competing as a member of the UK equestrian team. As the daughter Queen Elizabeth II, such a test was seen as unappropriate.

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ber, Emir Bekrić (national record holder in 400-metre hurdles). There is also experienced shot putter Asmir Kolašinac, while it is very difficult to project the outcome

At the age of 20, Milica Mandić is the oldest of the three and has already won a bronze at the World Championships for seniors and, recently, silver at the European Championships. On top of that, all three have beaten experienced medal winners at world and European championships and have recorded an excellent series of victories in qualification rounds for the London Games.

Taekwondo: Dragana Gladović, weight category: up to 57kg, Milica Mandić, weight category: up to 67kg, Damir Fejzić, weight category: up to 68kg

Table tennis

Kayaking

It’s been 28 years since our kayakers won an Olympic gold medal. At the last games in Beijing there wasn’t a single kayaker from Serbia competing, while this time around our team will have 12 competitors in five crews.

At the recent European Championships two crews distinguished themselves from the rest and, as such, they are candidates for the top positions. Marko Novaković, who was invited to join the national team just before the championships in Zagreb,

Table tennis debuted at the 1988 Olympic Games in Seoul, when Yugoslav players won two medals. Despite not missing a single OlymOlivera Jeftić, Serbian long – distance pics since then, the country’s runner competitors failed to reach of the marathon in which our best runner the top spot again. Twice Olivera Jevtić (6th in Athens 2004) will in man’s pairs they made it to the top eight, while participate.

Athletics: Dragana Tomašević, dis- one of the quarter finalists cus, Olivera Jevtić, marathon, Ana (Athens 2004), Aleksandar Subotić, marathon, Asmir Kolašinac, Karakašević, will compete Aleksandar Karakašević shot putter, Mihail Dudaš, decath- in the Olympic Games for shone through in the 200-metre race by lon, Marina Munćan, 1,500m, Ivana the fourth consecutive time. Španović, long jump, Biljana Topić, In the meantime, many major changes took winning a gold medal and leaving behind triple jump, Tatjana Jelača, javelin, place in Olympic table tennis. The men’s kayakers who have a whole collection of Darko Živanović, marathon, Emir and women’s pairs are no longer Olym- medals at European and world championBekrić, 400m hurdles, Dragutin pic categories and have been replaced by ships and Olympics. Let’s not forget that Topić, high jump, Nenad Filipović, three-member teams, with Serbia almost Marko is classified as a younger senior.

50km walking race, Predrag Filipović, not making it to London. Karakašević Our K-4 team won bronze and since we are (who specialises in doubles) and Marko talking about a very young team, the sky is 20km walking race.

Jevtović will compete only in singles. The the limit for them. singles category is also not what it used Another pleasant surprise could be the Taekwondo The Serbian taekwondo team will partici- to be. The number of players has been women’s K-4 team and Marko Tomićević pate in the Olympic Games for the first time reduced, so only two Chinese, Korean, in K-1. With regard to Antonija Nađ and ever. This is one of the youngest Olympic Japanese and German players will com- Tomićević, their preparations for the sports and we have three young players pete. Despite turning 36, Karakašević has games were seriously marred by injury.

Kayaking: Nikolina Moldovan, Nikola Stojić is at the helm of our national rowing K-4, 500m, Olivera Moldovan, K-4, 500m, Antonija Nađ, K-4, 500m, Anteam to compete in London tonija Panda, K-4, 500m, Milenko Zorić, K-4, 1.000m, Ervin Holpert, who have a combined age of less than 60, had a great season and has achieved his K-4, 1,000m, Aleksandar Aleksić, but are eager to win medals. They are by personal best in terms of world rankings. K-4, 1,000m, Dejan Terzić, K-4, 00m, Marta Tibor, K-2, 500m, no means irresponsible or inexperienced, With a favourable draw, he could go even 1,0 Renata Kubik, K-2, 500m, Marko since all three of them have been engaged in further up the rankings. taekwondo for over a decade and have been Table tennis: Aleksandar Karakašević, Tomićević, K-1, 1,000m, Marko Novaković, K-1, 200m. winning medals both as cadets and juniors. singles, Marko Jevtović, singles 58 |

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Rowing

Four-time Olympic competitor and double Olympic finalist Nikola Stojić is at the helm of our national rowing team to compete in London. However, a decision is yet to be made on who is going to be the second in the coxless pair. He managed to achieve the Olympic standard together with Jovan Popović, but since quotas are given to the Rowing Federation rather than individual competitors, coach Nebojša Ilić could choose any of the rowers he considers to be in the best shape. This also applies to the coxless fours, where the most experienced rower is Goran Jagar, Stojić’s partner from the last games in Bejing. Jagar leads a team of 20-year-olds and getting to the finals, i.e. placing among the best six crews in the world, would be tantamount to winning a medal.

Rowing: Miloš Vasić, coxless fours, Radoje Đerić, coxless fours, Miljan Vuković, coxless fours, Goran Jagar, coxless fours, Jovan Popović, coxless fours, Nikola Stojić, coxless fours.

Cycling

Two Serbian cyclists will compete in the 250km road race, thanks to results achieved

Miloš Vasić, Goran Jagar, Miljan Vuković, Radoje Đerić

in the Tour of Europe, organised by the International Cycling Union. This is an exceptional result for the Serbian cycling team who, due to the high costs associated with competing, does not boast many members. Just making it to the finish line

London Olympics 2012 facts & figures • • • • • • • • •

• • • • • • • • • •

46 world championships will compete in 27 days; 4 billion + TV audience; 205 nations; 10,500 Olympic athletes; 4000 Paralympics athletes; 70,000 volunteers; 20,000 media; 10 million tickets; 19 Live Sites around the UK – urban big screens and event spaces with live information, video, news and community events; 32 venues constructed; 800+ pre-training venues; 26 Olympic events; 20 Paralympics events; 6,000 coaches and officials; 63,400 uniforms (1,000,000 items); 140,000 square metres of temporary facilities; 30 new bridges built in Olympic park; 4,000 trees planted; 150,000 temporary seats;

would be considered a great success, bearing in mind that our cyclists are competing against athletes who participated in the Tour de France, Giro d’Italia and Vuelta.

Ivan Stević and Nebojša Jovanović managed to do just that in Beijing in 2008, while Stević, ranked as our best cyclist, will have a chance to compete in London. Coach Radiša Čubrić is yet to choose the second team member, as Gabor Kasza and Zsolt Der are injured. Čubrić will probably wait until the last minute to choose a team member after he ascertains the fitness of all other candidates. Apart from taekwondo, cycling is the only sport that Serbia has never won any Olympic medals in.

Cyclists: Ivan Stević, road race

Martial arts

Only one Serbian competitor in wrestling, boxing and judo has managed to

• 50,000 hotel rooms; • Up to 60 thousand meals daily provided in the village; • 10 million litres of fuel; • 1 million pieces of sports equipment; • An accredited workforce of over 150,000; • 113 sponsors, with 15,000 guests; • Over 250,000 m2 of athletes’ apartments; • 15,000 beds in Olympic Village ; • 12 million meals (including spectators) ; • 5,000 vehicles; • 1,000 magnetometer search arches; • 500 UK businesses have won around £5 billion worth of Games-related contracts; • 11,000 new homes built; • 5 new neighbourhoods established, each with a distinct character; • The 115m ArcelorMittal Orbit will be the tallest sculpture in the UK; • After the Games have finished, the new Olympic Park will become one of the largest urban parks created within Europe for more than 150 years

qualify for the London Olympics, despite these sports bringing in the biggest number of Olympic medals for Serbia. Wrestlers have won 15 medals and boxers 11 in total. However, these glory days are long gone and the last medal was won back in 1988. We should not expect miracles to happen in London, but wrestler Aleksandar Maksimović stands the best chance of achieving a good result. Maksimović won bronze at this year’s European Championships.

Boxing: Aleksandar Drenovak, weight category: up to 75kg Judo: Dmitri Gerasimenko, weight category: up to 90kg Wrestling: Aleksandar Maksimović, weight category: up to 66kg. ■

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faces & places 31.05.2012 Italian National Day

11.06.2012

Indonesian Artefacts

Indonesian cultural and artistic socialising was organised at the Embassy of the Republic of Indonesia in mid June and included an exhibition of ancient artefacts. Many guests enjoyed this unique programme and exhibition.

The Italian Embassy in Belgrade held a reception on the last day of May to mark the National Day of the Republic of Italy, officially held on 2nd June. H.E. Armando Varricchio, Ambassador of Italy in Belgrade, welcomed a number of politicians, diplomats and figures of Belgrade’s cultural life.

Picture right: Boris Tadić former Serbian President (left), Aleksandar Vučić, leader of SNS, Mrs Varricchio (middle) and H.E. Armando Varricchio

02.06.2012 Days of Israeli Film The Embassy of Israel and the Belgrade Fortress officially opened the festival “Israeli film under the stars” on 2nd June in the Lower Town of Belgrade Fortress. Alongside the films on offer, guests also enjoyed a wonderful dinner on Kalemegdan.

05.06.2012 Danish Constitution Day The residence of the Danish Embassy in Belgrade hosted a formal reception on the occasion of the Constitution Day of Denmark on 5th June. Danish Ambassador in Belgrade, H.E. Mette Kjuel Nielsen, welcomed numerous guests, including Serbian political leaders, but also recognisable faces from the culture scene. Dragan Džajić, former football player and H.E. Mette Kjuel Nielsen.

11.06.2012 Inauguration of President Tomislav Nikolić

11.06.2012 National Day of the Russian Federation 10.06.2012 Celebration at the White Palace Under the auspices of the Belgrade Nights of Fashion event, the city’s White Palace hosted a review of French fashion designer Pierre Carden, who presented his new collection for the coming season.

The event was held under the organisation of Prince Alexander and Princess Katherine Karađorđević, in cooperation with the Embassy of France in Serbia.

Prince Alexander and Princess Katherine Karađorđević (left), French Ambassador in Belgrade, H.E. Francois Xavier Deniau, French fashion designer Pierre Carden and Vesna Mandić, owner of modeling agency Fabrica.

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11.06.2012 Dance performance

Their Royal Highnesses Crown Prince Alexander II and Princess Katherine Karađorđević attended the inauguration ceremony of new President of Serbia Tomislav Nikolić at Belgrade’s Presidential Palace. The ceremony was very well attended and guests included, amongst others, Milorad Dodik, President of Bosnia’s Republika Srpska, Montenegrin President Filip Vujanović, EU Enlargement Commissioner Štefan Füle, leaders of almost all Serbian political parties, representatives of churches and the diplomatic corps.

Picture up left: Montenegrin President Filip Vujanović (left), Prince Alexander II Karađorđević (middle) and Füle (left), Mrs Dragica Nikolić (midBoris Tadić former Serbian President (right). dle) and Serbian President Tomislav Picture right: EU Enlargement Commissioner Štefan Nikolić (right).

On the occasion of the National Day of the Russian Federation, the Russian Ambassadorial Residence in Belgrade provided the venue for a reception hosted by Russian Ambassador Alexander Konuzin, who welcomed guests and received the best wishes of many politicians, figures from the city’s cultural life and prominent businessmen.

Picture up left: The Russian Ambassador in Belgrade H.E. Alexander Konuzin (left) and Đorđe Marjanović, singer.

Picture down left: H.E. Oszkar Nikowitz Hungarian Ambassador and H.E. Shpetim Caushi Albanian Ambassador

13.06.2012

The U.S. Embassy in Belgrade, in cooperation with Terazije Theatre, organised a dance performance entitled “Putevi” (Roads) on 11th June, which was followed by a festive reception. The performance and reception were held to bid a fond farewell to the U.S. Embassy’s culture attaché and first secretary, Anne Marie Moore, who is set to leave Serbia.

British International School

Belgrade’s British International School celebrated 15 years of successful work in Serbia in mid June. A reception to mark the anniversary was organised at the Belgrade City Hall and attended by numerous guests, including H.E. Toshio Tsunozaki, Ambassador of Japan in Belgrade, and Mrs Tsunozaki.

Picture left: Mrs Aleksandra Keserovic, Principal of British International School (left) and H.E. Toshio Tsunozaki, Ambassador of Japan in Belgrade, and Mrs Tsunozaki.

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faces & places 14.06.2012 Exhibition " Lest it be Forgotten"

21.06.2012 New scholars

The Embassy of the Republic of Cuba and the Cervantes Institute joined forces to organise a lecture by the Ambassador of Cuba in Serbia, H.E. Mercedes Martinez Valdez, about the historical centre of Havana that has been declared a UNESCO World Heritage site. Guests enjoyed the exhibition “Lest it be Forgotten”, as well as video footage of this part of the Cuban capital.

Picture left: H.E. Mercedes Martinez Valdez Ambassador of Cuba to Serbia

The French Ambassador in Belgrade, H.E. Francois Xavier Deniau, hosted a reception at the Embassy of France to bid a fond farewell to around 40 Serbian students who will continue their studies in France thanks to French government university scholarships for the 2012/2013 academic year.

15.06.2012 Henry VI in Belgrade The National Theatre staged its premiere performance of Shakespeare’s Henry VI, which was first performed at the Globe Theatre in London. The Belgrade premiere of the play under the direction of Nikita Milivojević (picture up) was attended by many personalities from Serbia’s political and cultural life, including British Ambassador Michael Davenport and former Serbian President Boris Tadić.

14.06.2012 Queen’s Diamond Jubilee

21.06.2012 SlovenianNationalDay

The Embassy of the UK in Belgrade marked Her Majesty Queen Elizabeth II Diamond jubilee, or 60 years on the throne. The reception’s host, H.E. Michael Davenport, welcomed many guests to his official residence on this occasion.

Picture up left: H.E. Yossef Levy Israeli Ambassador (left), Vuk Drašković SPO Leader, Čedomir Jovanović LDP Leader and H.E. Wolfram Maas, German Ambassador.

Picture right: Mirko Cvetković (left), Serbian Prime minister, H.E. Francois Xavier Deniau and Danish Ambassador H.E. Mette Kjuel Nielsen.

The Slovenian Embassy in Belgrade organised a reception to mark the country’s national day and Slovenian Armed Forces Day. The reception, which took place at the picturesque Kalemegdanska Terasa restaurant, was attended by representatives of state institutions, politicians and members of the diplomatic corps.

H.E. Željko Kuprešak, Croatian Ambassador (left) and H.E. Franc But Slovenian Ambassador.

20.06.2012 Meeting of Managers The Serbian Association of Managers organised its traditional June meeting for the sixth time, this time with special guest Dragan Đilas, Belgrade Mayor and deputy president of the Democratic Party. The event was attended by prominent businessmen, representatives of state institutions and members of the diplomatic corps.

Picture left: Branko Radujko (left) Telekom Serbia, Bojan Radun, Nectar Executive Director and Maja Piščević Director of the Serbian Association of Managers

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20.06.2012 French “Student Award” The French-Serbian Chamber of Commerce organised its “Student Award” competition for the second consecutive year, again with the aim of promoting sustainable development in institutions of higher education. The award ceremony for the best students was held at the Belgrade Media Centre.

Tamara Živanović, a member of the jury in front of Schneider Electric, the sponsor of the first prize and Mile Krtinić, student FTN Novi Sad and the first prize winner.

25.06.2012 National Day of Croatia The Embassy of Croatia in Belgrade organised a gala reception on the occasion of National Day and Armed forces day of the Republic of Croatia. H.E. Željko Kuprašek, Ambassador of Croatia in Belgrade met at the residence of the Embassy of the Republic of Croatia’s guests, members of the diplomatic corps, politicians, and many guests from the cultural life of Belgrade. Picture left: H.E. Željko Kuprešak, Croatian Ambassador (left) and Žarko Korać, SDU leader. Picture right: H.E. Željko Kuprešak, Croatian Ambassador (left) and Milica Delević, director of the European Integration Office

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culture news

culture calendar CONCERTS DJ Weekend Novi Bečej, 6-8 July From 6th to 8th July you can enjoy DJs competing at the various locations throughout the centre of Novi Bečej. Who will attract more fans, gather bigger crowd? Program will be held at the numerous garden cafes and nightclubs, concentrated in the centre of Novi Bečej, easy walk from one another but far enough away to not interfere with each other in the program. All this is situated near the river in a beautiful town park and square. This event is a real treat for the younger population and those who are fans of new music rhythms and dance.

is mostly owing to the basic festival principles – entrance free of charge, miscellaneous music program and wide range of foreign and numerous domestic beer brands.

Belgrade Beer Fest was founded in year 2003. During the nine years of its existence around 4,650,000 visitors enjoyed over 450 music performances, tasted over 90 beer brands and were able to take part in numerous social campaigns.

Throughout the years, Festival received numerous recognitions. Among these recognitions is a recommendation of the British newspaper The Independent placing the Belgrade Beer Fest among 20 world events that should be seen. In addition to that, well known professor Mr. Dennis Wilcox, in

Beer Fest 2012 Ušće, 14-19 July Belgrade Beer Fest in 2012 celebrates its tenth birthday. Belgrade Cultural Network, producer of the festival, is proud to announce that 10th Belgrade Beer Fest will last 6 days!

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Nišville Jazz Festival Niš, 16-19 August At the moment the only confirmed performance on Nišville Jazz Festival is Lollo Meier, one of the best gypsy swing guitarist današnjce. Dutchman Lollo Meier with his quartet will perform at this year’s Nišvillu during the final night of the festival (Sunday, 19 August). Lollo Meier comes from a family of famous musicians - his close relatives were Stochelo Rosenberg and Fapy Lafertin. Besides being a superb guitarist, Meier is an extraordinary

composer and arranger. At the competition which gathered 15 000 compositions from around the world at the International Song Writing Competition in Nashville (USA), Meier’s “Melody for Le QuecumBar” with honorary status was among the top 200. In addition to his original pieces, Meier enriched his repertoire with pieces by Django Reinhardt, which even after 80 years sounds fresh and modern. Lollo Meier continues the legacy of Django Reinhardt as a recognized teacher through his workshops and the first on-line Gypsy swing Academy www.gypsyjazzacademy

Exit Festival 2012 Novi Sad, 12-15 July Since 2001 EXIT music festival has taken place at a beautiful and magical Petrovaradin fortress in Novi Sad. Apart from quality music program that it offers, the festival is a place of wild fun, and you can enjoy the cool atmosphere of the fortress and the positive energy of the city.

Year after year the number of visitors is getting bigger. More than 2 billion people from over 60 countries around the world have visited the festival so far. People come from different parts of the country and Europe and EXIT continues to be one of the Europe’s premier music festivals.

In addition to famous international performers, many now important Serbian bands had had their first serious concerts on festival’s stages.

Exit festival welcomed most of the Serbian and regional music legends. In 2007, the Association of the 70 largest festivals in Europe awarded Exit the “Best European Festival” of the year.

Exit supports many community and humanitarian missions. The State of Exit Foundation was established in 2010 to support the reform of higher education in Serbia.

Organizers of Beer Fest at the moment have confirmed performance of Croatian legendary bend Prljavo Kazalište.

Performers: Main stage: Guns ‘n’ Roses, Duran Duran, New Order, Erykah Badu, Plan B, Gossip, Wolfmother, Hercules and Love, Affair, Skindred Dance arena: AVICCI, Richie Hawtin, Luciano, Laurent Garnier LBS, Miss Kittin, Felix Da Housecat, TEED, Reboot Live, Azzary & III, Art Department, Brodinski, Maced Plex, Kenny Larkin, Robert Dietz, Mayaan Nidam Fusion stage: The Toy Dolls, Little Dragon, Buraka Som Sistema, Citizens!

Elektrana: When Saints Go Machine, Sneaky Sound System Explosive: D.R.I., Street dogs

his book “PR Strategies and Tactics”, presented Belgrade Beer Fest as positive example of marketing and PR campaign. One of the last recognitions, Festival received in 2009 as the marketing event of the year. This recognition was given by expert marketing magazine “Taboo”, for a big social campaign “I choose to Recycle”. The goals of the campaign were to build the ecological awareness in Serbia and to buy recycling containers for Belgrade elementary schools. www.cordmagazine.com

Bojčinska Forest Summer Festival Bojčin Forest, 1 July-23 September This year’s festival will run until 23 September and will have 43 programs, which will take place on Saturdays and Sundays. The program will, as in previous years, be diverse - the festival is designed to meet the diverse needs and tastes of the audience. Program will include all kinds of musical performances, from classical to pop, rock, ethnic

music, theater plays by various Belgrade theaters and theaters from around Serbia. The festival will, consist among others, performances by Teofilović Brothers, the group Spring, Esme Redžepova, Jadranka Jovanović, Jasmine and Tina Trumbetaš Favaca, Vlatko Stefanovski Trio, Misha Blam Quartet, Massimo Savić, Nišvil in Belgrade, Dado Topić, Zvonko Bogdan and the band Kal, The Beat, Van Gogh. The audience will have the opportunity to see theater plays ‘PR or complete dissolution’, ‘Species’, ‘Kanjoš Macedonović’, ‘The Father of Business Trip’, ‘The Cherry Orchard’, ‘Henry VI’, ballet ‘Alexander’, the National Ensemble’s ‘Kolo’and some 30 other performances.

Guča Trumpet Festival Guča, 6-12 August The village of Guča in the Dragacevo district, peaceful and colorful part of western Serbia , has gained world fame owing to its Assembly of Trumpet Players, the largest trumpet event in the world.

The love of the people of Dragačevo for music, especially for the trumpet, began in the rule of Prince Miloš Obrenović, who ordered the formation of the first military band in 1831. From then until now the trumpet has reigned here uninterrupted while woodwind instruments, in keeping with the customs, warm the soul of its population. The sound of the trumpet traditionally accompanies every major event in Serbia’s rural and small-town life: births, baptisms, weddings, slavas, farewell parties for those joining military service, state and church festivals, harvesting, reaping, and also departing this world. Appropriate music is played on these occasions, thus preserving the spirit of the existing tradition. The trumpet music is very diverse: from indigenous melodies, via kolo, marches and characteristic southern Serbia čoček dances, all the way to tunes that have emerged more recently, but always taking care to honor old harmonies. This music has won over the hearts of not only the local population, but has also warmed the hearts of people around

the world. During the several days of the Guča festival, hardly anyone can resist giving themselves to the adrenalin-rushing rhythms and melodies that simply force one to jump to ones feet and dance.

Program: 6th August 10.00 Opening of the Festival – at Trumpet player’s monument 14.00 Opening of the exhibitions of old handicraftschurchyard 17.00 Opening of the art exhibition – Museum of Trumpet 20.00 Cultural and artistic program of the pre–competition centers – stage of the Center for Culture 7 August 11.00 Turistic postcard “Greetings from Dragačevo“ – excursion for journalists 16.00 Opening of the exhibition of economy Sports Center 17.00 „Journalists’ day“ – program of the editiorial staff of one of the media 20.00 Cultural and artistic program of the precompetition centers– stage of the Center for Culture 22.30 Concert of the popular artist 8 August 11.00 Turistic postcard “Greetings from Dragačevo“ – excursion organized for the Festival’s visitors 17.00 Presentation of books and publications – Museum (or churchyard) 20.00 Concert of the Serbian National Folk Dance Ensemble “KOLO”, workshop “Let’s learn to dance” – stage of the Center for culture 21.00 Performance “They won- they deserved it” – stage of the Center for Culture

9 August 11.00 Turistic postcard “Greetings from Dragačevo“ – excursion organized for the Festival’s guests 17.00 „Children’s day“ – program in the churchyard 19.00 The competition of young brass bands (pioneer and youth)- stage of the Center for Culture 21.00 Concert “100 trumpets”– stage at the stadium 10 August 13.00 Competition of the toast-proposers, the national costumes contest - stage of the Center for Culture 14.00 The all-round people’s tournament in traditional sport disciplines - stadium 17.00 Festival parade of the participants of the programs – streets of Guča 18.00 General rehearsal of the final competition – stage at the stadium 19.00 „Čuvarkuća“ (Houseleek) , Cultural and artistic program – stage of the Center for Culture 21.00 Program of spiritual music - churchyard 23.00 Midnight concert of brass bands – stage at the stadium 11 August 07.00 Wakening call of the trumpeters – streets of Guča

11.00 Festival parade of the participants of the programs– streets of Guča 12.00 Improvisation of the old Dragacevo wedding– stage of the Center for Culture 16.00 „Čuvarkuća“ (houseleek), Cultural and artistic program– stage of the Center for Culture 17.30 “Music connects people”;Cultural and artistic program of the Festival guests from abroad – stage of the Center for Culture 18.00 Program of spiritual music - churchyard 21.00 Final competition of senior brass bands– stage at the stadium 24.00 Festival winners promenade – from the stadium to the center of Guča 12 August 07.00 Wakening call of the trumpeters – streets of Guča 10.00 “Čuvarkuća”(houseleek), Cultural and artistic program – stage of the Center for Culture 11.00 Parade of coaches – streets of Guča 12.00 Race of coaches- at the sports center 17.00 International competition of brass bands and a concert of some popular artist – stadium

art BELEF 2012 25 May – 15 August After the first twenty years of its existence, Belgrade Summer Festival - Belef 2012, will move boldly into a new adventure.

Since this summer, this event, important for the city of Belgrade and the Republic of Serbia, has essentially changed its form and becomes the “Festival of Festivals” with a single continuous range of cultural events during the summer months in our capital city. From 25th May until 15th August, Belgraders and its guests will be able to enjoy the festival, unique with 48 program units that will be implemented in 83 days of the festival, where more than 300 artists present their works in more than 30 concerts, three film festivals, at least 8 exhibitions and a number of other performances. Complete Festival program will be completely free to visitors.

Large number of festival performances is the product of cooperation between Belef and number of renowned Belgrade festivals, which will produce program content for this year’s Belef Festival.

Belef Festival 2012 in the true sense will this year present the best that Belgrade festival scene has to offer, providing the opportunity to enjoy great program during the summer months. In addition to local authors, hundreds of works of artists from France, Italy, Ireland, Great Britain, Czech Republic, China, USA, Canada, Netherlands, Sweden, Norway, Romania, Hungary, Zimbabwe, Mali, Armenia, Slovenia , Croatia, Bosnia and Herzegovina will be presented this year... Belef again renewed cooperation with the Festival of Choreographic Miniatures, with which will organize in Bitef theater play “The Myth” M & N Dance Company performed Mihal Rinija and Nastia Bremec from Slovenia. Also, the Legacy House will held an exhibition of photographs by Srdjan Mihic related to choreographic programs.

StandUp Belef Fest will host the next twenty

domestic and comedians from the region, but also the most prestigious British authors. This part of the program shall be appended to the contents within the “Baskerfesta”, which will include the participation of jugglers, acrobats on wires and other street theater actors. The music program will in part be outstanding concerts in the renowned Festival of RingRing Belef: “Cadabra” (Serbia) & Mokoomba (Zimbabwe), “Divanhana” (BiH) and David Yengibarian Trio (Armenia / Hungary), Tamikrest (Mali), Phil Niblock, If Bwana, Katherine Liberowskaya (USA), Svetlana Maras (Serbian). The second part will consist of concerts during the festival at Belef Resonate - “Resonate with summer”, while the third segment of the Festival will include concerts of established local and regional bands organized at the Belgrade fortress, in cooperation with the Belgrade Cultural Network. The visual program will consist exhibitions in several separate programs - Outside the Belef, the project Belef Territory, that this will be the third collaboration with Belef, and start cooperatation with Belgrade Design Week at Belef, which under the “100% Future Serbia “ will include works by 150 authors.

The tradition extends to the film program at the Festival “The Magnificent Seven on Belef”, then the festival Belef Movie Design, as part of the Belgrade Design Week at Belef, and a special program that will display a selection of films produced by the channel “National Geographic”.

The literary program, begun last year, will continue at the festival “At Belef Crocodile”, while the environmental component of the festival will complement festival “Supernatural Belef” in Ada Huja as exhibits large-scale production of wood, as part of the Belef Territory.

Weekend of French Movie What do we eat?

Dom omladine, 8 – 10 June GOrganized by French Insitute, Weekend of the Documentary French movies on healthy eating was held in Dom Omladine from 8 to 10 June.

audience until 16th August.

Recent studies show that the Ottoman legacy in the Balkans was seriously jeopardized due to the fact that over 98% of buildings from this period are in acutely poor condition or have been destroyed. The project “Balkan Tale” is trying to initiate a public dialogue about the common history of Southeast Europe and to contribute to the preservation of cultural heritage and its visibility.

The special charm of “Balkan Tale” is its versatility. The project includes an exhibition of photographs, pedagogical program, documentary film, the directory, website on the internet, and sound and smell installation. The European Union supported this project of the Goethe Institute, and partner organization ANEMON was involved in the process of designing, managing and implementing. Also, other partners from all over South East

Films together with lectures embarked on touching the complex issues of relationships between agriculture, health and the environment.

Book Presentation Central Europe - from concept to history, Insitut Francais, 15 June Institut Francais organized presentation of book

by Katrin Orel on 15th June. Participants included Katrin Orel, University of Paris I, Wolfgang Smale, University of Vienna, Smilja Dušanić Marjanovic, Faculty of Belgrade and Vojislav Pavlovic, Institute for Balkan Studies Arts.

At a time when there is a question on borders of a United Europe, Central Europe was once again placed on the periphery of events. The history of the region and its belonging to the Habsburg monarchy made Central Europe the region with variable borders. This book, which was in 2010 awarded by the French Academy, was translated from French to Serbian language by Marijana Nenadic and published by Clio.

Katrin Orel, director of the National Center for Scientific Research (CNRS, IRIC), is an expert in contemporary Central Europe. She has taught at the Universities of Strasbourg, Vienna, the Central European Univerity in Budapest, at the Catholic University of Louvain-la Nev and the University of Paris I. Opening exhibition Balkan Tale Konak Kneginje Ljubice, 19 June Goethe Institut organized an exhibition where five photographers and seven historians tried to recount the history and tell the tale of Balkans on the basis of 50 buildings from the Ottoman period. Exhibition opening was held on 19th June in Konak Kneginje Ljubice and will be opened for

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Europe, as well as the Museum of Greek Folk Art in Athens (MELT) are involved in the project.

Danube Day Ada Huja, 29 June Danube Day was all about celebrating one of Europe’s greatest river systems and the people and wildlife that rely on it.

Over 81 million people in 14 countries celebrated

Danube Day on 29th June and helped protect the Danube River so it can be used and enjoyed by generations to come.

In this year celebration 28 towns across Serbia participated, while the central celebration was held at the Ada Huja, which also marked the beginning of its revitalization. The novelty is that this year Danube Day turn into a real festival – apart from the fun educational content on the protection and conservation of water, visitors enjoyed an interesting music program.

Huge festivals on the banks of the rivers; public meetings and fun, educational events paid tribute to the Danube River, its people and the progress that has been made. Danube Day strengthens “Danube solidarity”, highlighting that, in spite of our different cultures, we have a shared desire and responsibility to protect our precious resource.

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culture

■ By Magda JANJIĆ

One of the world’s top 12 festivals, EXIT runs for four days

EXIT festival

rocks again

More than 500 bands will perform on 20 stages at EXIT 2012.

Young people will come from all parts of the country, but also from countries across Europe and the world. Besides an excellent and varied musical programme, Exit will also be attended by those seeking fun, the atmosphere of a medieval fortress and the positive energy of the city

T

he biggest and most significant music festival in Serbia, Exit, will take place once again this year from 12th to 15th July at Novi Sad’s Petrovaradin Fortress. Over the course of four days, the 13th consecutive Exit festival will bring metal, hardcore, punk, electro, reggae, indie and world music to fans who will enjoy dancing on the picturesque fortress that offers magical views of Novi Sad, Serbia’s second city.

CNN has this year ranked Novi Sad and

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Exit among the world’s 50 top summer destinations in an article suggesting the world’s most interesting places and festivals to visit in July. This is the third time that CNN has ranked Exit among the world’s best festivals. The first time the annual musical event at Petrovaradin fortress was named as one of the top 12 festivals in the world was in 2009, after which the international edition of CNN’s World Fiesta last year included Exit among the nine best festivals in the world.

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PROGRAMME: NEW ORDER, DURAN DURAN, ERYKAH BADU ETC. This year’s Exit Festival Main Stage will host some of the most famous names in the music industry, such as Duran Duran, New Order, Erykah Badu, Guns and Roses,

Guests of the camp have 160 toilets, 150 drinking fountains and 75 enclosed shower cubicles with hot water at their disposal

Suicidal Tendencies, Gossip, Hercules and Love Affair. The crowd at Exit’s Dance Arena will be entertained by AVICII, Luciano and Miss Kittin, as well as Laurent Garnier, Richie Hawtin and others. On the Fusion Stage the audience will be able to

here, among others, local bands like Goblini, Block out, Obojeni Program, Croatian group Lollobrigida and many more. Festival-goers will also be able to hear other artists on four remaining stages: the Suba Stage, the Explosive Stage, the Elektrana Stage and the NHS Stage.

CNN has this year ranked Novi Sad and Exit among the world’s 50 top summer destinations

Organisers expect a large number of foreign tourists again this year. They will be able to take advantage of available accommodation facilities in Novi Sad and the surrounding region, with a total of over 3,500 beds, 23 hotels, tourist communities and apartments. Tourists are increas-

CAMPING AT THE EXIT VILLAGE The Exit Village is the most popular meeting place for all Exit-goers, both foreign and domestic. People from all over the world, ready to socialize and sleep in tents, enjoy continuous music and many other elements that ensure the Exit campsite is a unique and irreplaceable experience.

This year the Exit camp will be open from 9th July and will include 150 parking places.

Guests of the camp have 160 toilets, 150 drinking fountains and 75 enclosed shower cubicles with hot water at their disposal.

DURAN DURAN, pop-rock band Bringing pets onto the camp will not be allowed. ingly coming several days prior to the start AUDIENCE FROM EVERY CORNER of the festival and spending longer in Novi OF THE GLOBE Sad. They are offered private rooms and The Exit Village camp has so far welfacilities with prices ranging from around comed the most guests from the former €150-200 for all four days of EXIT. Yugoslav republics, but also British and Dutch festival fans. The festival’s organHISTORY OF THE FESTIVAL isers say that half of the campers are The festival was founded in 2000 as a stunow festival volunteers and they expect dent and a political protest against the the Exit Village to welcome around 7,000 then regime of Slobodan Milošević. campers this year.

1,500 Exit volunteers

This year will see Exit provide an opportunity for 1,500 volunteers from around the world to gain tremendous experience in the marketing and protocol sectors, but also in the press centre, programme production, set building, at bars, entrances, working on accreditation, security, in the Exit Village and in many other aspects of the festival.

The original festival included 34 major concerts of all the biggest bands in the country, 12 plays, over 120 film screenings (some shown in Novi Sad for the first time), 20 panel discussions, 40 major parties, 11 stand-alone performances etc.

It all started in the build-up to the country’s first democratic elections, on the banks of the Danube at Novi Sad’s University Village. For a hundred days and nights – with music, parties, concerts of all the major bands in the country at the time, graffiti art, theatrical plays, performances, panel discussions, film screenings and other similar activities – young EXIT attendees counted down the days to the final

demise of the Milošević regime.

A year later Exit moved across the Danube to the historic part of town and Petrovaradin Fortress. The festival was held from 6th to 14th July 2001 and marked the first year Exit was staged as a proper music festival that would grow and advance in the years that followed. ■

Volunteers at the Exit festival will have free entrance and stay at the festival after completion of their prescribed working hours, free accommodation at the Exit Village, free food during shifts and tokens for free drinks. Upon completion of the festival, volunteers will receive a certificate in recognition of their volunteering, which will be an additional reference for their CV. Last year’s Exit Festival volunteer programme was one of the biggest volunteer projects in Serbia in 2011.

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culture

■ By Magda JANJIĆ

BELEF – The Belgrade Summer Festival, from 25th May to 15th August

Festival of festivals The festival will include 48 unique programmes and will run for 83 days, while more than 300 artists will present their creative work at more than 30 concerts, three film festivals etc

T

he Belgrade Summer Festival – Belef will be held again this year, but by changing its form it will become the “Festival of Festivals”, with a unique offer of cultural events during the summer months in the Serbian capital.

Between 25th May and 15th August, Belgraders and many tourists will be able to enjoy 14 sub-festivals as part of this one festival. The festival will include 48 unique programmes and will run for 83 days, while more than 300 artists will present their creative work at more than 30 concerts, three film festivals etc. The audience will have the

that the Belgrade festival scene has to offer.

In addition to local artists, Belef will feature the works of hundreds of artists from France, Italy, the UK, the Czech Republic, China, the U.S., Canada, the Netherlands,

Sweden, Norway, Romania, Hungary, Zimbabwe, Mali, Armenia, Slovenia, Croatia, Bosnia & Herzegovina and elsewhere.

The musical programme will include outstanding concerts within the context of the RingRing Festival at Belef, with numerous performers including “Cadabra” (Serbia) & Mokoomba (Zimbabwe), Divanhana (Bos-

gional bands at the Belgrade Fortress.

As is tradition, the film programme is conducted under the context of the Magnificent Seven Festival at Belef”, then the Dizajnfilm Festival at Belef and a special programme that allows film fans to see screenings of the productions of the National Geographic Channel.

The literary programme will continue in

Belgraders and visitors to the capital will be gifted two and a half months of cultural

the context of the festival Krkodil at Belef, while the epic summer festival will be completed with the Supernatural Festival at Belef, to take place on Ada Huja.

According to Vuk Despotović, director of the Belgrade Summer Festival, this year

and artistic programmes, which will mainly comprise open-air events.

Organisers insist that this year’s 21st Belef will be one of the most significant to date and that all those who failed to see the best festivals in the city last year will have an op-

In addition to local artists, Belef will feature the works of hundreds of artists from abroad

portunity to do so this year.

Over the course of two and a half months everyone will be able to walk through the best festivals that took place in the last year.

Organizers have said that, in its new form, this year’s Belef will host around 20 stand-up comedians from the region, but also the most prestigious British jokers.

Moreover, the festival’s content will be extended to include the Baskerfest event, which will include the participation of jugglers, acrobats on wires and other street theatre performers.

The festival of festivals, Belef 2012 will also have an attractive visual programme that will integrate exhibitions into the context of several separate programmes with the participation of designers. ■

More than 300 artists will present their creative work

opportunity to see at least eight exhibitions and a great many different events. Entrance to the festival is free for all.

This year Belef is again cooperating with many renowned Belgrade festivals, which will see the festival link together the best

BELEF at Kalemegdan Within BELEF 2012, which this year takes place under the slogan “Festival of Festivals”, a series of events over three weekends, from 6 to 22 July, at the Belgrade Fortress, in the trench behind the Military Museum, in “BELEF in Kališ” event will be held during the summer months would be to enrich this year’s BELEF. BELEF is offering all who 68 |

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nia) and others. Likewise, the second part will consist of concerts within the context of the Resonate Festival at Belef - Resonate with Summer, while the third segment will comprise concerts featuring local and restay in the city, and guests who visited during that period, another reason to visit Kalemegdan fortress, a place where programs are traditionally held BELEF festival. Trench behind the Military Museum, will get a whole new character, a space that will populate the wooden houses, a music stage and cinema screen, which will enable all visitors to take a break during a walk and find

salvation from the heat, a way to enjoy the music and film program.

Music part of the program will include performances and concerts DJ Dejan Cukic, a group of “Negative”, Sergej Trifunovic, SevdahBaby, “Flames”, “Nevernih baby,” and there will be talent and evening, in which participants will perform the competition, “I have talent,” and “Operation triumph”.

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feature

■ by Magda JANJIĆ

■ Photo by TOS/D. Bosnić

Meet the TOP destinations in Serbia

heart of Serbia

Rafting on the Ibar

The River Ibar flows through the picturesque landscapes of western Serbia and the best time for rafting starts in May and ends in October. During the summer months the Ibar becomes clear blue and, thanks to its favourable water temperature, is suitable for bathing. Rafting adventures through the Valley of Lilacs begin at Ušće (Confluence), where the River Studenica flows into the Ibar. This part of the Ibar is full of straits, rapids and whirlpools, which gradually give way to the tranquil flow of the river. After three and a half hours, this 25km-long adventure comes to an end in the medieval town of Maglič. A lighter rafting tour starts below Maglič and ends 16km further away at the Mataruška Spa.

Kopaonik

Kopaonik, Serbia’s biggest mountain massif, covers a distance of about 80km in a northwest to southeast a distance direction, reaching a width of about 40km

known ski centre. The area of Ravan (Flat) Kopaonik includes a major tourist centre with numerous accommodation facilities, a system of ski trails and lifts and other tourist infra-

Mećavnik

DRAGAČEVO

Villages, spas, mountains, traditional farmsteads ...these are just a fraction of the wealth offered

by Serbia. Great effort has been exerted over recent years to develop domestic tourism and a lot of resources have been invested to ensure foreign tourists and local guests are given the opportunity to meet and enjoy the charms of the nature of Serbia. If you opt to visit tourist destinations in Serbia, you will be welcomed by hospitality, unusual ways to learn about rural life, but also relaxation and recreation at popular spa resorts and on magnificent mountains.

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Mećavnik, or Drvengrad (Woodtown), is a tourist ethno village that was designed by renowned local film director Emir Kusturica. This unusual town is located on western Serbia’s Mokra Gora (Damp Peak) between the peaks of mountains Zlatibor and Tara.

Mora Gora is one of Serbia’s favourite destinations for many tourists.

It consists of chalets that have retained all the authenticity of this part of Serbia, some of which IBAR - RAFTING were even relocated from neighboring villages, giving Mećavnik a special charm because they are named after the owners who donated them, such as Vitor’s house, Ostojić’s house etc. All rooms have a bathroom, toilet, plasma TV and telephone. Mećavnik also includes a church, restaurant, gift shop, gallery, the Underground cinema, national restaurant, handicraft shops and many other ancillary elements that make staying in this truly special place unforgettable.

Together with the legendary Ćira train and Šargan Eight tourist railway, this is one of the most attractive tourist destinations in Serbia.

MEĆAVNIK

in the middle section. Thanks to its average of almost 200 sunny days a year, Kopaonik is rightly dubbed “the mountain of the sun” and, as such, is also a very

PALIĆ

Mokra Gora is one of Serbia’s favourite destinations for many tourists attractive destination during the summer months.

Kopaonik offers ideal conditions for active rest throughout the year and is home to Serbia’s largest and best

structure. The tourist centre has a network of 24 wire ski lifts, gondola ski lifts and binding installations, linked into a single system, as well as two children’s lifts. It is equipped for all categories of skiers. Kopaonik also hosts hiking trips (to the source of the Metođe and Semeteš lakes), mountain biking trips, schools for basketball, tennis, horseback riding and English language.

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Zlatibor

Zlatibor is a favourite destination for locals, but also a growing number of foreign tourists. It is located in southwest Serbia, 238km from Belgrade.

Thanks to its specific climate and continental/Mediterranean air currents, which

tional, so here one can regularly see groups or individuals on numerous hiking trails (to the Čigota peak, the canyons of Rzav, Gradine and Oka, the Black Peak and Lake Ribnica) or exploring the beauty of Zlatibor in other ways

The main building (restaurant) includes garages and ancillary commercial buildings in the same style, built with special care.

The restaurant, which seats 150 guests, has a terrace overlooking the lake and enables visitors to enjoy famous Vojvodina specialities. A red brick pathway

If you want to spend a weekend in a topquality and comfortable environment then you can visit the Salaš 84 farmstead takes visitors around manmade lakes with islets, a mini waterfall and a little bridge. You’ll find comfortable accommodation at one of three apartments in a separate guest house made of natural materials: baked brick, wood and handwoven reeds. Traditional and comfortable rooms are heated by traditional tile stoves. Each room has its own parking garage.

Near the farmstead is Lake Crni Vir, an oxbow formerly belonging to the Danube. It is rich in large specimens of carp, grass carp, pike, crucian carp and bream, thus representing a haven for anglers. You can also visit Salaš 84 for a family, business, social or romantic weekend lunch.

Xxxxxxxxxxx CVETNI SALAŠ

Thanks to its average of almost 200 sunny days a year, Kopaonik is rightly dubbed “the mountain of the sun”

KOPAONIK

can be found only here, the mountain has a harmonious relationship between the forested landscape of fir, pine and spruce and spacious meadows, rivers and streams, unpolluted air, healthy and clean water. A large number of sunny days per year, welcoming hosts and beautiful skiing terrains have seen Zlatibor develop into a renowned tourist destination in both summer and winter. Zlatibor is also home to two manmade lakes.

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Salaš 84

If you want to spend a weekend in a topquality and comfortable environment then you would be well advised to visit the Salaš 84 farmstead.

Everything on this small farmstead is beautifully designed and tidy, while it is surrounded by the quiet, sparsely populated Bačka plains.

Cvetni salaš

Cvetni Salaš (Flower farm) is an authentic Vojvodina farmstead designed in the Palić style. It offers guests a pool, a Lipizzaner horse farm with a riding school that’s home to seven Lipizzaners and 10 ponies, a fish pond and sports fields. As well as being able to take lessons at the riding school, guests are also given the opportunity to enjoy carriage rides around Palić.

The swimming pool is encircled by sunshades, sun loungers and a covered terrace.

The price includes accommodation and a daily fishing permit for the fish pond on

site. For 10 years the pond, which covers an area of one hectare, has been used for the intensive cultivation of mainly carp sub-species. This means guests can enjoy the delights of fishing.

Guests can workout in the gym and relax in the sauna, while the farmstead also has a mini football pitch, beach volleyball court and a basketball court.

Cvetni Salaš also offers popular cycling and walking tours around Palić, as well as skating.

This farmstead consists of 15 comfortable rooms, a dining room, TV room, sauna, gym, conference room with 50 seats, travel agency and gift shop.

are made and visit the hen’s nest to fetch a freshly-laid egg for breakfast.

One of the households practicing rural tourism for farm nearly three decades

around seven kilometres from the city of Subotica. The main legacy of Palić’s long history is its great park, which has a unique atmosphere char-

Dragačevo

There is no better place than Dragačevo if you want to learn about rural life in Serbia.

Many guests, both from home and abroad, come to the homes of local hospitable and gregarious hosts,

SALAŠ 84

There is no better place than Dragačevo if you want to learn about rural life in Serbia where they spend an alternative holiday that will remain among their fondest memories.

Rural tourism experienced an expansion here in the 1980s, when the number of households receiving tourists grew and accommodation offers advanced from day to day. As such, after many years of experience, today Dragačevo boasts envious accommodation facilities in traditional craftwork styles. The top villages are Kaona (along the Guča to Kraljevo road), Veles (near Guča) and Lisa (halfway between Guča and Ivanjica).

You can relax in the beautiful landscapes of Dragačevo, with friendly hosts, homemade food and pure spring water. Enjoy the scent and taste of fresh bread cakes made from flour ground in the nearby water mill, let your children run around on the grass, see and touch the animals, enjoy the taste of domestic milk, see how cheese and Kajmak (curd)

is the Lazović family household from Kaona.

You can also visit the famous Dragačevo Assembly Guča Trumpet Festival, which has become a favourite destination for tourists from all over the world and is held annually from 6th to 12th August.

KOPAONIK

IBAR - RAFTING

Palić

The Lake Palić tourist complex is situated in northern Vojvodina, just south of the village of Palić and

acterised by preserved green areas and specific architecture. The great park was created as an integral part of the original spa and bathing tourism complex. The western part of the complex houses a zoo, while the so-called “Men’s Strand” has the ruined remains of changing rooms and an outdoor thermal swimming pool. Palić also has sports terrains for basketball, volleyball, football etc. Palić is internationally recognised as a year-round spa and wellness destination. ■

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techno talk

■ by Max WILLIAMS

Our guide to the best cars for the sunny summer months.

When the sun comes out to play, there is no better (without being cheeky) feeling than hearing the roar of an engine and the wind in your hair. With miles of open road, a tanning session will never be the same again

Topless Whether you are staying in the city or going on a road trip, the following is a list of the finest cars in which to do so. The best thing about all of the vehicles is that when the sun goes away they are all more than capable of handling a bit of rain.

Don’t let your judgement get clouded by need, these are all a case of want.

Bentley Continental GTC

Mercedes SLS Roadster

€221,200

Get yourself a Mercedes SLS Roadster just for the hell of it. Do so and I promise you will never be bored on any drive again. It’s impossible. Unthinkable even.

This is arguably the most entertaining road car that has ever existed. It’s not necessarily the best car ever, just one of the naughtiest. It looks naughty, it sounds naughty, its engine rumbles hilariously and it runs around the roads full of the joys of being alive. This car is a perfect exmaple of cater to wants instead of needs!

€181,400

Porsche 911 Speedster

It’s a great car, the GTC. Well sorted, nice hood, good looking. This really is the place to be, and be seen, if you want to relax while you cruise. The classic old-school luxury of this celebrated high-end manufactuer is still in evidence even in this most modern of Bentley vehicles. Put the roof down, let loose and hit the open road without a worry. All we ask is that you don’t get the headrests personally embroidered, unless of course your name happens to be David or Victoria.

Ferrari California

€178, 670

This new model from Lamborghini has a five-litre V10 engine with around 520 bhp (a tad more in the Superleggera) and 376 lb ft of torque, ensuring that the Gallardo has the go to match the show; reaching a lightening fast 0-62 mph in just 3.9 seconds and a more than satisfactory top speed of 197 mph. Even better is the fact that these figures are achievable reliably, thanks to that four-wheel drive system and strong mechanicals installed in this state-of-the-art vehicle. You will be impressed.

95 July/August 2012

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€131,600

The new BMW M6 convertible is a ludicrously fast GT car that can embarrass the odd supercar. It rides beautifully over lumpy surfaces, soaking up the worst that undernourished asphalt can throw at it and uses the same 4.4litre twin-turbo V8 as the M5, which means it offers a whopping 552 bhp. It’ll hit 62 mph in 4.3 seconds and would probably hit top speeds of close to 200 mph if it wasn’t limited to the usual 155mph. It is a truly epic ride for this sort of price tag.

Lamborghini Gallardo Spyder €188,600

74 |

The Speedster is undoubtedly a collector’s dream. With just 356 cars to satisfy a global market, demand is sure to outstrip supply.

Unsurprisingly many are already spoken for, which rather proves Porsche Exclusive knows its customers. That’s perfect justification for Porsche to build it, but if Porsche Exclusive’s level of, er, exclusivity, isn’t your overriding consideration then the Speedster is a total extravagance. Just how cars like this should be!

BMW M6 Convertible

The Ferrari California is probably the most useable ferrari model to date. The new seven-speed doubleclutch gearbox is much better than the F1 ‘box’s auto mode - and it still provides all the thrills. The top is well-insulated, the car looks great with the roof up or down and the seats are lovely for touring. There’s even the added and unexpected bonus of decent luggage space. You could drive some serious miles in this prancing horse.

€180,300

Aston Martin DBS

€205, 572

With a 510 bhp V12 engine and more than a hint of James Bond about it, the latest Aston Martin DBS Volante makes you feel like you're a famous spy or a film star while you drive it. Completing Aston’s flagship line-up, the 2012 Volante affords customers the combination of the DBS’s already-established sports car characteristics, with all the thrills associated with a convertible holiday car. Don’t buy this car if you have a hatred of all things beautiful, because this Aston Martin model is simply stunningly attractive. cordeditorial@cma.rs

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95 July/August 2012 | 75

techno talk

techno talk

Corvette 427 Convertible

AeroPad 2

€80.000

Gallic synthbotherer Jean Michel Jarre’s audio company generally turns out tree-sized devices of exquisitely poor taste, all festooned with glass and metal. This scaled down one, however, is rather handsome in a sci-fi way, and comes in a choice of black, white or bamboo fi nishes. It connects via an iConnector or 3.5mm socket for other players. Price: €704 - September

Chevy has confirmed that the 2014 model year will bring an all-new, seventh-generation Corvette. Until then, though, the bow-tie brand has put together a special Vette with a big-ass engine, as well as a paint-and-tape package to celebrate the nameplate’s 60th birthday. The number in the Corvette 427 convertible’s name pretty well sums up the car. It’s a Corvette convertible with a 427-cubic-inch—or 7.0liter, in modern parlance—engine under the hood.

Samsung Galaxy S III

Samsung's Galaxy S III is arguably the world's most advanced smartphone. From the super smooth body designed to fit in your palm, to the powerful quad core processor at its core, it’s state of the art. Samsung's marketing speak insists the inspiration is mother nature, but it is still one of the world's best phones. Price: €625

Canon 5D Mark III Bugatti Veyron

€1.900.000

The Bugatti Veyron cabrio has the same 407 km/h top speed with the roof closed, but the top speed is reduced to 360 km/h with the roof off. The Bugatti Veyron cabrio price 1.4 million Euros (excluding tax). Only 150 unit are made.

The equipment list of the Bugatti Veyron cabrio includes a reversing camera with 2.7-inch monitor in the rear-view-mirror, and the “Puccini” sound system with digital signal processor.

Lexus IS 250c

€33.450

Lexus IS 250C combines the timeless allure of an open-roof car with the refinement and all-season functionality of a luxury coupe.Closed up tight, the 250C looks like a resculpted coupe version of the IS four-door sedan, albeit one with a rather large rear end. The Lexus IS 250C is a four-passenger retractable-hardtop convertible. Power is supplied by a 204-horsepower 2.5-liter V6, with your choice of manual or automatic gearboxes, each with six speeds.

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Wanted List

If the world ends this year, we better have Menosunocerouno's Just In Case. Packaged in yellow and black, it includes matches, a knife, water and a notebook for writing or maybe lighting a fire. Price: €TBC

Michael Young Watch Hacker is the newest watch by British industrial designer Michael Young. Hacker deviates from the conventional appearance of a watch, featuring a concave face with a central disk that supports the hands while protecting the lens from the knocks and bumps of an active everyday life.

Price: €165

Sennheiser IE 800

It’s not everyday that you want a go anywhere chair or a phone that turns on when you look at it, but when you do, rest assured that you can buy one. We like to think our readers are a somewhat restrained bunch, but sometimes you just have to say ‘To hell with it!’ and treat yourself to something that you can totally live without.

€46.000

The unique and dramatic profile of these five-parallelspoke alloy wheels highlights the progressive look of the Audi S5. The signature xenon headlights with LED daytime running lights not only add a distinct look to the vehicle, they also improve visibility while using half of the energy of conventional bulbs. Dual-exhaust with quad tailpipes. Dual-exhaust with quad tailpipes features exclusive quad oval tailpipes that create a rich exhaust note and leave no doubt about the power contained under the hood.

95 July/August 2012

CorD’s guide to the best tech of the year

Some gadgets we must have, some make us feel safer, more interesting, more connected... and then there are things that we just want!

AUDI s5

76 |

Just In Case

The Canon 5D hosts a 22.3-meg CMOS sensor alongside a DIGIC 5+ imaging processor.

Capable of shooting six stills per second, it’s also a top-notch video camera and only costs €3,800

Tom Ford Special Edition Eyewear

Not strictly a usual for techno talk, but glasses do help you to see better. Already a beloved eyewear resource for throwback-style frames, this small, limited line is composed of one men’s option that amps up the craftsmanship of traditional specs. Composed of gold-plated metal, the style comes in either brown or black.

Price: €TBC

ZBorad Electric

Maybe more for the kids or a gift you can borrow, just to make sure it works properly of course The ZBoard is all about your feet. Two pads on the board control its motor. Lean on the front pad to go forward, lean on the rear pad to brake.

They’re pressure sensitive, so speeding up or slowing down fluctuates accordingly with your shifting weight. Price: €685 cordeditorial@cma.rs

These high-end headphones boast audio quality using 7mm Extra Wide Band drivers to give a more lifelike sound and greater range. Crafted from scratch-resistant ceramic, they come with an arsenal of different sized silicon tips. Price: £TBC

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95 July/August 2012 | 77

fashion Etro

Sun Hat

Stylish on the beach

price:

€331

An elegant vacation look is not complete without hemp sunhat.

This oversized design is a must-have accessory.

price:

€302 Diane von Furstenberg

Swimsuit

Capture the carefree bohemian spirit with this silk-georgette kaftan.

This raspberry asymmetric swimsuit is a beautiful beachwear choice. The striking one-piece will keep you looking chic from day to night.

Sunglasses

Sunglasses

Add A-list appeal to your wardrobe essentials with Cutler and Gross’ oversized square-frame sunglasses.

Kaftan

Lanvin

Cutler And Gross

Cutler And Gross

€1.155 €370

Bracelet

Aphrodite enameled 18karat gold-plated cuff inspired by the rich heritage of Greek mythology.

price:

nixon

€495

Watch

for her...

price:

€587

missoni

Towel

€134

McQ Alexander McQueen

price:

€383

bottega veneta

With this intrecciato woven iPad sleeve. Lined and lightly padded, it’s the attention to detail that makes it so special.

Belle Sigerson Morrison

price:

Sandals

€514 price:

€146 78 |

This California-based label creates luxurious watches with a street-chic edge. The white ceramic ‘Time Teller’ design is one of our new-season favourites.

price:

iPad

95 July/August 2012

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price:

price:

€363

€1.000

Lock & Co Hatters

Panama Hats Cream hand-woven hat, trimmed with a black grosgrain ribbon and lined with leather at the brow band.

This style with a polo shirt and lightblue shorts impeccable summer style.

Square-Frame sunglasses wear them on bright days in town to avoid the glare of the cityscape.

aurelie biderman price:

price:

This zigzag-pattern towel will re-energize every vacation portfolio. Tuck this soft cotton-flannel style under your arm to give your beachwear a serious boost.

When selecting the clothing you’ll wear in hot weather, always check the label to see what the garment is made from. Quality plant fiber fabrics, with cotton, have for over a millennia successfully wicked away heat and provided protection from the sun and you will look fashionable.

Dip into this season’s colourshock crayon box with Belle Sigerson Morrison’s punchy coral patent-leather ‘Randy’ sandals.

Detailed with rose-gold studs.

Bag

Mixed-media bags are high on our new-season style agenda, and McQ Alexander McQueen’s tote is a seriously cool take on the trend.

price:

missoni

Towel

€166

Jil Sander

Polo

This cotton-Piqué Polo Shirt successfully demonstrates the Jil Sander flair for refined details.

With a bold ikatinspired print, soft cotton-flannel towel will add an exotic edge to your vacation.

price:

uniform wares

Watch

€134

polo ralph lauren

Shorts

price:

€135

price:

€110

With a classically minimalist design, this dark grey watch is a perfectly understated accessory.

...for him

Polo Ralph Lauren leads the way when it comes to classic preppy style.

These shorts have been cut from light-blue cotton Oxford cloth for Ivy League panache.

Orlebar brown

Set for a beach price:

€47

price:

€271

maison martin margiela

Sandals

On hot days, style matters, these sandals will keep you refreshed. With three simple woven straps over the bridge and comfortable leather soles, they will take you from the beach to the town with effortless cool.

A set of the ultimate beach essentials, this unique collaboration is all you need for stylish holiday lounging.

Lanvin

Boat Shoes

price:

€390

A warm-weather essential, the blue, black and white colour combination sits perfectly with the style’s nautical roots.

Incredibly comfortable, wear them with a fine-knit sweater and checked shorts for an lunch in the sun.

cordeditorial@cma.rs

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95 July/August 2012 | 79

design

Get ahead(board)

RALPH LAUREN

Espadrilles

price:

Espadrilles are synonymous with laidback summer style, so we suggest you opt for this striped cotton-canvas pair from Ralph Lauren when you’re after comfort with a cool factor. price:

€170

€130 POLO RALPH LAUREN

Piqué Polo Shirt

€86

Ally Capellino

Freddie Waxed Bag

Made from high-performance British Millerain waxed-cotton with bridle leather trims. The perfect size for a weekend city break, the dimensions are the largest allowance for carry-on luggage.

price:

The latest in the Fat-Fat range includes the Fat-Sofa, which can be upholstered in fabric or leather and is available in a double-colour version or mixing leather and fabric.

Home cafe Nespresso introduce the CitiZ Aluminium.

This retro-modern design will be a great asset to any kitchen or office. Like all Nespresso machines, it has hermetically sealed, single portioned coffee capsules or pods in order to seal in the great flavour.

CARVEN

Striped jacquard

price:

Carven’s striped jacquard sandals are an easychic way to wear the trend. Pick out the colorful pattern with a two-tone skirt, adding a stack of clashing bracelets to complete the look.

PAUL SMITH

Striped Cotton

€335 |

Comfortably lazy

€336

price:

95 July/August 2012

Ripstop fabric is lightweight yet durable, guaranteeing theseYMC shorts will keep you fresh and stylish through the busy summer months.

Balance the invigorating bright blue hue with a muted linen shirt.

Whenever the sun shines, reach for these Illesteva sunglasses to give your look an instant hit of city cool. Handmade in Italy with the label’s signature round-frame style, this version comes in a light-tan hue for a clean, contemporary finish.

price:

€79 Paul Smith soft cotton-flannel towel will add an exotic edge to your vacation portfolio or brighten up a minimal bathroom.

80 |

Ripstop Shorts

Round-Frame

Printed silk

€387

ymc

illesteva

MARA HOFFMAN

price:

These side tables feature deep round trays supported on tubular steel legs that make them resemble snare drums. Called Drum, the design comes in natural, black or white and was presented in Stockholm and Milan earlier this year.

price:

Polo Ralph Lauren's cotton-piqué polo shirts encapsulate the label’s sporty East Coast origins, and this turquoise style is an effortless way to incorporate the aesthetic into your daywear.

Printed in a spectrum of shades ranging from popping pink to bold blue, Mara Hoffman’s stunning silkgeorgette ‘Maya’ beach robe was made for seaside breaks and sunsoaked vacations.

Drum tables

The Lazy collection’s latest double bed headboard consists of two independent elements and is softened by cushions supported by an elastic strap.

Adjustable in height, the cushions can be placed in a comfortable position for reading or for watching TV.

www.cordmagazine.com

Lived in Design The best new interior items to add the finishing touch to any stylish home.

Seven table

€155 NOELLE

Swimsuit

price:

Characterized by its particular shape, the new ..... table is able to accommodate seven people or, as its designer likes to say, 6+1.

Stylised heater

€173

Feminine ruching and underwired cups ensure that Noelle’s blush swimsuit will cut an elegant silhouette by the pool - the New York brand’s signature - which guarantees this piece will look as chic folded in your suitcase as it does on the beach.

Space-saver The REK Evolving Bookcase has five sliding parts to accommodate books in the resulting voids as the user accumulates them. “REK is a bookcase that grows with your book collection.

The more books, the bigger the bookcase,” explains designer de Jong.

This design revolutionises the radiator, transforming it into a decorative piece that you no longer want to hide. The decoration is also functional, as the increased surface area provides more radiation of heat.

cordeditorial@cma.rs

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95 July/August 2012 | 81

profile

Strong commitment to the values Maja Ĺ otra,

Manager Communications and Contributions at the Corporate Affairs Department in Philip Morris in Serbia

The complexity of the tobacco industry environment makes my job growingly challenging, which is what additionally motivates me professionally to work hard on establishing a responsible and transparent communication of the company with the internal and external audience 2001 in the Belgrade marketing agency S Team Bates Saatchi&Saatchi Ideas Group, which she joined as part of the “New Saatchi Forces�, the recruitment project lead by Dragan Sakan with the idea to cultivate the creativity and innovative thinking of the famous Belgrade affiliate of the international advertising network. Later on she worked for the agency Ogilvy&Mather also in Belgrade. Maja was in charge

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of developing communication strategy for the campaign “Serbia on a good path� marking the first anniversary of democratic Government in Serbia which is considered one of the brightest examples of political campaigns in Serbia. She was in charge of creating the new visual image of the National Employment Bureau of the Republic of Serbia back in 2002.

From 2003, when she took over the Manager Public Relations role in MPC Holding the corporate communications became her key professional focus. In 2005, she joined Philip Morris International affiliate in Serbia in the corporate communications role in Corporate Affairs department. Since she started working for Philip Morris in Serbia, she has been awarded several prestigious global awards within the Philip Morris International network for her outstanding achievements in the field of corporate communications. â–

*5,9 !5'534 k )335% ./

Maja has proven that the communications job requires both the in-depth knowledge of communication methods and skills as well as a strong commitment to the values that lay the foundation of the society and herald the future progress and development

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M

aja Ĺ otra is Manager Communications and Contributions at the Corporate Affairs Department in Philip Morris in Serbia, the company that performed one of the largest privatizations in the country and that will next year mark a decade of successful operations in Serbia.

As a person responsible for the corporate communications, Maja has proven that the communications job requires both the in-depth knowledge of communication methods and skills as well as a strong commitment to the values that lay the foundation of the society and herald the future progress and development. The complexity of the tobacco industry environment makes her job growingly challenging, which is, as she says, what additionally motivates her professionally to work hard on establishing a responsible and transparent communication of the company with the internal and external audience.

Maja Ĺ otra was born in Belgrade and obtained education in France, Scotland and England. After the BaccalaurĂŠat GĂŠnĂŠral of l’AcadĂŠmie de Reims in France, she read the media studies with the particular focus on the broadcast discourse as a scholar of the top ranking UK Universities for the media studies and research. At Queen Margaret University in Edinburgh Maja obtained a Bachelor of Arts degree with a Distinction in Communications Studies. In 2000, she obtained a Master of Arts degree in Film and Television at Royal Holloway University of London in London. At the Royal Holloway University of London she was awarded a Distinction for her work on the discourse analysis approach to the British entertainment TV programming entitled “The Ecstasy of Entertainment Consumption: The Principles of Popular Television Entertainment Discourse in Consumerist Conditionâ€?. In the academic work Maja is focused on the discourse analysis approach to the contemporary media text.

Maja started the professional communications career in

JULY/AUGUST 2012

95 July/August 2012 | 83 PAGE

MIJODRAG ČITAKOVIĆ

Director of Drinsko-Limske Hydro-Power Plants Company

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PATRICK COLLIN

Head of Territory at BNP Paribas BELGRADE

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MARIJA VUJASINOVIĆ

General Manager, Prisma Risk Services doo

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