CorD Magazine 105

Passion According to IMF

Bound by Lasting Friendships

Coordinator at ‘Macroeconomic Analyses and Trends’

Ambassador of Indonesia to Serbia

Miljenko Jergović writer

JUNE ‘13 / ISSUE No. 105

H.E. Mr. Semuel Samson

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Stojan Stamenković

It Doesn’t Take Courage to Apologize

interviews opinions news comments events PRICE 300 RSD

Jerry Wright, President of the International Federation of Audit Bureaux of Circulations (IFABC) and Chief Executive of ABC UK

Rapid Rise of Digital Media Horse racing: Royal Ascot, 18-22 June 2013

Most Prestigious Race Meeting and Social Gathering The Himalayas: When you conquer a summit, immediately forget about it. Don’t live on it. But, by all means, conquer it first

Fighting for Each Breath

Aswath Damodaran Professor of Finance at the Stern School of Business at New York University

Volatility Will

Continue EXCLUSIVE

COVER Aswath Damodaran, Professor of Finance at the Stern School

Volatility Will Continue

contents

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Aswath Damodaran is a professor of finance at the Stern School of Business at New York University. He teaches corporate finance and valuation courses in the MBA program as well as occasional short-term classes around the world on both topics.

Love or INTEREST?

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f aces & places

58

Blu

e is the Warmest Colour TAKES THE PALME D’OR

Dejan Eraković, Editor, Tanjug

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Volatility Will CONTINUE

ASWATH DAMODARAN, Professor of Finance at the Stern School of Business at New York University

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Cannes Festival 2013

State Funeral at Royal Mausoleum in Oplenac

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Feature

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Netherlands

Global diary

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P assion ACCORDING TO IMF

STOJAN STAMENKOVIĆ, Coordinator at ‘Macroeconomic Analyses and Trends’ (Mat) and Member of the Counci of the Governors of the National Bank Of Serbia Council

Bound by Lasting FRIENDSHIP

H.E. MR. SEMUEL SAMSON, Ambassador of Indonesia to Serbia

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F ighting for Each BREATH

Ivan STANKOVIĆ, President of Communis Agency

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w orld’s markets and opportunities

M ost Prestigious Race Meeting and SOCIAL GATHERING

Horse Racing: Royal Ascot, 18-22 June 2013

It Doesn’t Take Courage TO APOLOGIZE

MILJENKO JERGOVIĆ, Writer

31

Days of Swiss Banking Secrecy COULD BE NUMBERED

40

ASSISTANT EDITOR: Jovana Gligorijević j.gligorijevic@aim.rs ART DIRECTOR: Ilija Petrović i.petrovic@aim.rs

CONTRIBUTORS: Rob Dugdale, Mirjana Jovanović, Radmila Stanković, Steve MacKenzie, Zorica Todorović Mirković, Sonja Ćirić PHOTOS: Zoran Petrović, Časlav Vukojičić TRANSLATION: Snežana Bjelotomić lector: Christen Bradley Farmer c.farmer@aim.rs PROJECT MANAGERS: Biljana Dević, b.devic@aim.rs Svetlana Okanović, s.okanovic@aim.rs Sandra Bandović, s.bandovic@aim.rs Irena Lalić, i.lalic@aim.rs EXECUTIVE DIRECTOR: Ruža Ristanović r.ristanovic@aim.rs

FINANCIAL DIRECTOR: Ana Besedić a.besedic@aim.rs editorial MANAGER: Tanja Banković t.bankovic@aim.rs

Politics page 6

Profile page 106

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Rapid Rise of DIGITAL MEDIA

JERRY WRIGHT, President of the International Federation of Audit Bureaux of Circulations (Ifabc) and Chief Executive of Abc Uk

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EDITOR: Saša Marić s.maric@aim.rs

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

Banking

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June 2013

Business Dialogue 45 Years of Success in Serbia

Ramon Weidinger, General Manager of Coca-Cola Hellenic Serbia

S hort and EXCITING TRIPS

Tourism

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T he Best of BaselWorld 2013

Techno Talk

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comment Summit of 100 Business Leaders of the Southeast Europe

Love or

INTEREST? The forum in Bečići was an opportunity for business people from the region to probe the terrain for the likelyhood of cooperation

T

Dejan Eraković Editor, Tanjug

European standards and more active and comprehensive EU he second Summit of 100 Business Leaders of assistance in reforms in the region.

Southeast Europe took place in the Montenegrin re“At the moment when the European integration process is sort of Bečići last week. One of the summit’s results at the top of the agenda in all regional countries, with this event was Montenegrin construction companies’ joining the regional we are trying to promote new formats of cooperation between consortium ’Fenix’ which was founded by construction comparegional countries. By doing so, we are sending a message to nies from Serbia and Slovenia at the previous summit that took our European partners that we expect their stronger support in place in the Serbian spa town of Arandjelovac. Construction further stages of the Euro-integration of all the countries in our companies from Bosnia and Herzegovina joined the consorregion,” said Montenegrin Prime Minister Milo Đukanović in his tium soon after. The Montenegrin construction companies opening address. teaming up with the consortium is yet another example of busiPrime Ministers of Montenegro and Serbia Milo Đukanović ness people being pragmatic and thus becoming immune to and Ivica Dačić respectively were the political stars of the various irrationalities and exaltations which often arise from summit. The summit was also attended by the President of needless political hurdles to the republics of former Yugoslavia the Council of Ministers of Bosnia and Herzegovina Vjekoslav in forming tighter bonds. Business people explain that the piBevanda, while Macedonia and Slovenia sent ministers. oneering attempt of forming an association in the region devCroatian President Ivo Josipović sent a letter to the summit orastated by disassociation stems from the desire to survive, increasing competitiveness and shared prosperity, and not emoganizers because he and the Croatian Prime Minister could not attend due to prior official engagements. However, there was tions or intention to establish some sort of new brotherhood no explanation as to why no Croatian ministers attended the and unity in “Yugosphere” (a term coined by reporter Tim summit. Also, it was noticeable that the Croatian economy had Judah from the Economist). very few representatives. The Croatian Employers’ Union said Interest, not love, is the cohesive force that can bring that the lack of interest for the summit was due to obligations the Balkan states together the fastest – this was the messtemming from Croatia’s accession to the EU on July 1, which sage sent from the summit which was organized by the implies a different nature of the trade relations in the region.

Serbian Association of Managers, Atlas Foundation, Croatian Employers’ Association and Managers’ Representatives of the international financial Association of Slovenia, with the financial backup of the Balkan Trust for Democracy and the institutions participating in the summit noted German Marshall Fund of the United States. that certain regional countries were just not The relatively modest potential of local econoeconomically self-sustainable mies can be seen in the fact that Serbia, which is This inspired Serbian PM Ivica Dačić to warn against the not the weakest economy in the region, today has a GDP that increasingly pronounced division between regional countries is only 68% of its national GDP from 1989 or that Mercedes has that are EU members and those that are still not, stating that a hundred times bigger annual gross revenue than the national this could become an obstacle to their economic bonding. budgets of some Balkan countries. This led the representatives The organizers of the Summit 100 were not too worried about of international financial institutions participating in the sumCroatians not showing up in Bečići since they hope that the mit to note that certain regional countries were just not econext summit will be organized in Croatia. nomically self-sustainable.

All in all, the Bečići forum was an opportunity for regional Some of the systemic maladies in regional countries were businessmen to probe the terrain for the likelihood of cooperaalso recognized at the summit, like insufficiently developed infrastructure, the brain drain, a lack of administrative cation with their regional counterparts and articulate common inpacities for creation of healthy market and attractive investterests. It also enabled business people on the summit’s marment climate. Of course, the remedy is the continuation of the gins to directly meet with the political decision-makers and disEuropean integration process which entails complying with cuss the obstacles to a more dynamic economic development. ■ 6 |

105 June 2013 | www.cordmagazine.com

interview Aswath Damodaran, Professor of Finance at the Stern School of Business at New York University

Volatility Will

Continue Aswath Damodaran is a professor of finance at the Stern School of Business at New York University. He teaches corporate finance and valuation courses in the MBA program as well as occasional short-term classes around the world on both topics. He received his MBA and Ph.D degrees from the University of California at Los Angeles. His research interests lie in valuation, portfolio management and applied corporate finance

M 8 |

r. Damodaran wrote four books on equity valuation (“Damodaran on Valuation”, “Investment Valuation”, “The Dark Side of Valuation”, “The Little Book of Valuation”) and two on corporate finance (“Corporate Finance: Theory and Practice” and “Applied Corporate Finance: A User’s Manual”).

Aswath Damodaran was profiled in “Business Week” as one of the top twelve business school professors in

105 June 2013 | www.cordmagazine.com

EXCLUSIVE the United States in 1994.

“If you asked me to describe what I do, I am first and foremost a teacher - not an academic, a professor or an authority on any topic. I learned to teach when I was a visiting lecturer at the University of California, Berkeley, from 1984 to 1986, where I received the Earl Cheit Outstanding Teaching Award in 1985. I have been at New York University since 1986, received the Stern School of Business Excellence in Teaching Award (awarded by

Economy

Recessions and recoveries will always be with us, since it is the way that economies heal themselves.

Recovery

I don’t believe that any policy or collection of policies will provide the magic bullet for recovery.

the graduating class) in 1988, 1991, 1992, 1999, 2001, 2007 and 2008, and was the youngest winner of the University-wide Distinguished Teaching Award (in 1990). I love teaching and I hope it shows,” said Damodaran.

■ You have earned a good reputation in the business

world by providing accurate projections for the global economy. Could you share with us your economic projections for the upcoming period? Is recession a thing of the past, the present or perhaps the future?

Crisis

I think that we are so interconnected globally, that a crisis for an economy of any size is a crisis for all economies.

as long as it has because the global economic powers have not wanted to face up honestly to the truth. The balance of power is shifting globally from the US and Europe to Asia, and while it is not entirely a zero sum game, the prosperity of Asia has to come at someone’s expense. Those of us who live in developed markets will see our standards of living go down and face more volatility in our and our children’s lifetimes.

■ Do you agree with projections made by economic ex- I am not a great believer in macro prognostications. pert Nouriel Roubini about the world entering yet anWhile it provides an other economic crisis in opportunity for econo2015 when the ECB and mists and forecasting the FED are planned to experts to sound intelliincrease benchmark ingent and well informed, terest rates which are the forecasts that currently at their lowemerge are invariably est level ever? wrong. So, at the risk - Nouriel Roubini is a of joining their ranks, colleague of mine, and here is my prediction I have a great deal of for the future. The volarespect for him, but I am just as uncomtility that we have seen in the last few years will fortable around percontinue, and, at some petual doomsayers as point in time, the supI am around perpetual cheerleaders. I don’t port that central bankknow how anyone can ers have provided for foresee when intermarkets will have to be removed. When that est rates will rise, and happens, there will be I hesitate to attribute a reckoning, which if we that much power to are lucky, will be just central banks.

The balance of power is shifting painful, and if we are globally from the US and Europe to ■ Renowned economic not, will be far worse.

And, recessions and re- Asia, and while it is not entirely a zero experts cannot agree coveries will always be the best anti-recessum game, the prosperity of Asia has on with us, since it is the sion remedy since monto come at someone’s expense way that economies etary expansion (introheal themselves. ducing new money and ■ The ongoing economic downturn has now entered its

fifth year and has been lasting longer than the Great Depression of the 1930s. Can we even say for sure that the crisis will subside soon, considering that most of the Eurozone economies are still fragile and gripped by the recession and that the recovery of the US economy has been rather sluggish?

- Can anyone say anything for sure? The crisis has lasted

increasing liquidity) and drastic austerity measures were not enough for the developed countries in the West to recover swiftly. What is the solution?

- If there had been a consensus on the right thing to do, we would have done it already. The economy is a complex mechanism with interlocking and unpredictable parts. I don’t believe that any policy or collection of policies will provide the magic bullet for recovery. It has to start at the bottom, with the consumer, and work itself cordeditorial@cma.rs |

105 June 2013 | 9

upwards. When governments try too hard, they actually get in the way of this process.

■ Can we even use the term ‘global crisis’ considering that China, India, Brazil, Russia, and other countries, like Turkey, have had a rather fast economic growth?

Is this a crisis of the developed Western economies?

What lessons could be drawn from that?

- I think that we are so interconnected globally that a crisis for an economy of any size is a crisis for all economies, though some will be affected more than others.

This becomes obvious when an economy the size of Cyprus causes markets in Shanghai and Sao Paulo to move.

■ It’s been almost five years since Lehman Brothers

declared bankruptcy which, according to many, was a

■ Do you consider bankruptcy worse than keeping certain banks and companies artificially afloat?

- I think that the question answers itself. Of course, bankruptcy is better than artificial life for companies, from the perspective of the economy. When a troubled company that is badly run and managed is saved artificially, it is not only unfair to better run companies in the same business, but it sends the wrong signal to other companies that they too can replicate this plan (that is: run themselves so badly that they will be helped by the government).

■ What lessons did you draw from the current crisis in

your capacity as an advisor to many globally renowned companies and banks like Coca-Cola, Credit Suisse, J.P. Morgan, Apple and TATA? Is there a one-size-fitsall solution that can be applied to most companies?

- I don’t do consulting or provide corporate advice. I leave that to people with far more certitude in their knowledge. As for what companies can do to be more successful, I am afraid that there is no onesize-fits-all, and we should be glad that this is the case. If it were not, computers could run companies, and we would all run the risk of being outsourced.

■ Which companies will manage

to pull out the crisis first and what economic sectors are in the biggest trouble?

- The companies that will manage to make it through the next crisis will be the ones that When a troubled company that is badly run and (1) are prepared the best managed is saved artificially, it is not only unfair for a crisis rather than be to better run companies in the same business but surprised by it, (2) have built the most flexibility it sends the wrong signal to other companies that into their operations and they too can replicate this plan (3) act fast.

preamble to the global economic crisis. Are there any other big banks and companies that could collapse in this way and what can be done to prevent that?

10 |

- Yes (there are other banks that could collapse) and not much (it hurts to admit that you are helpless, but you are). Banks today are octopi with their tentacles in multiple businesses and countries. Writing regulations to keep them from taking excessive risks may appeal to some, but there will always be rogue banks, and monitoring everything that they do will be impossible.

105 June 2013 | www.cordmagazine.com

■ How should emerging and open-market economies,

like Serbia, deal with the crisis since they are very dependent and unable to resist external shocks?

- Keep your leverage low, both financial (less debt is better than more debt) and operating (less fixed costs in operations). Try to diversify your product offerings so that you are not too dependent on one company or one country for your success. Most of all, be lucky!

■ What would be your advice for a government and a central bank of a country that ended last year in reces-

■ What factors determine company’s value?

- A company’ value comes from its capacity to generate cash flows from existing assets, the value it gener- Don’t try too hard. I think that governments and cenates by growing (and earning excess returns along the way) and the risk in its cash flows. Thus, a company in a tral banks that have the hubris to believe that they can mature business can increase value by being efficient in make the economy do what they want it to do can do running its operations, whereas a company in a growth more damage than help. Make it easier for businesses to business does so by seeking get started and to prosper. out and picking the right Then, get out of the way.

I think that governments and new investments to contincentral banks that have the ■ After several large-scale ue to generate growth. sion, with a 2% drop in national GDP, a 12.8% inflation rate and a stronger domestic currency? Is that a sustainable economic policy?

hubris to believe that they can make the economy do what they want it to do can do more damage than help

privatization processes in Serbia were reviewed, it became apparent that their pre-privatization value had been evaluated in a very suspicious way. How do you actually measure company’s worth?

- I have no idea what “suspicious” means in this context, whether it implies that these companies were valued too low and that someone profited from the valuations. But the privatization process requires maintaining the tricky balance between political and economic interests.

■ Did the crisis change the

way in which companies are funded? What do you consider an optimal format for company funding? In an average Serbian company, external funding, mostly in the form of bank loans, makes up a total of 50% of a company’s funds. Do you think this is sustainable longterm? At what stage are such companies considered at risk for bankruptcy?

- For a period after the 2008 crisis, companies were more reluctant to borrow money and accumulated cash.

cordeditorial@cma.rs |

105 June 2013 | 11

That is starting to change, and companies are starting to move back to pre-crisis behaviour, paying out more dividends and returning more cash to stockholders while accessing debt once again.

■ How can a company increase its worth? Do you

■ Unreformed public enterprises and the fact that these enterprises are not managed by professionals but by political figures are one of the key problems in Serbia. How dangerous is this considering that you advocate the thesis that only prudent management of company’s finances can increase its worth?

- Frankly, there is no reason why a politician cannot be a good business person or vice versa. However, if a company is run by someone who has an agenda other than running that company well, that can be disastrous, since the decisions made that person will reflect the larger agenda that he or she has and not the best interests of the company and its investors.

think that higher production and sales will always result in higher company value or other factors come into picture too?

- By taking good investments (which generate returns that exceed their cost of capital) and funding them well. Higher production and sales (and growth in general) may not always be in the best interest of the company, largely because it may come with too high a cost or too much risk, and the firm has to weigh in the risk adjusted value created by its decisions.

■ Serbia substantially de-

■ What are the biggest misconceptions that you’ve encountered in determining the worth of a certain company or a bank?

pends on foreign direct investments. What is the best tool to use in attracting FDI? Can financial incentives, which our government allocates from the state budget, adequately compensate for bad roads and infrastructure, widespread corruption, red tape and bad laws? What is more important for investors – subsidies or a good and stable environment for doing business?

Frankly, there is no reason why a politician cannot be a good business person or vice versa

- That growth is always good, that risk is always bad and that creating value needs outside expertise. Growth can destroy value if companies spend too much to generate the growth, risk is a combination of danger and opportunity (and being too conservative can put you at a disadvantage) and the people who best know a company and its business are within the company (not consultants and investment banks).

Aswath Damodaran

- Good infrastructure, a stable and even-handed system of rules and regulations, a legal system that enforces these rules and regulations and an educated and trained workforce. And I would take a stable and solid system over subsidies. ■

Aswath Damodaran has taught finance for 26 years at the Leonard N. Stern School of Business at New York University, one of the best business schools in the world, as well as on the prestigious TRIUM MBA program. Besides numerous professional papers published in prestigious economic journals, as well as several bestsellers in the field of valuation, corporate finance and investment analysis, Professor Damodaran advises many international banks and corporations like Coca-Cola, Deutsche Bank, Credit Suisse, and JP Morgan. Aswath Damodaran’s range of activities includes specific emerging markets, and the influence of these characteristics on the process of financial management and investment analysis.

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105 June 2013 | www.cordmagazine.com

Conference “Value: More than a Number” in Belgrade

On July 8, 2013 Professor Aswath Damodaran will hold a conference under the name: “Value: More than a Number” in Belgrade at the Hotel Zira. Besides high officials of the Republic of Serbia, participation was confirmed by many leaders in the world of finance and top managers of multinational companies.

For more: www.damodaran.rs.

feature

State Funeral at Royal

Mausoleum in Oplenac A state funeral has taken place at St. George church Royal Mausoleum in Oplenac for Yugoslavia’s last king, Peter II, and three other members of his family

P

eter acceded to the throne in 1941, aged 17, but fled 11 days later when the Nazis invaded Yugoslavia. He never returned and died in the US in 1970.

The funeral was also held for his wife, Queen Alexandria, his mother Queen Maria, and brother Prince Andrew.

After the memorial service, they were placed in the family mausoleum. Serb leaders, ambassadors and members of several European royal families and a great number of citizens from all over Serbia attended service at St George’s Church in Oplenac. A large crowd was also outside the church.

The coffins of the four members of the royal family were laid out in the centre of the church before army guards placed them in the crypt, alongside their ancestors. Peter II had originally been interred in Libertyville, Illinois, his wife in Greece and his mother near Windsor Castle in the UK. President Tomislav Nikolic and Prime Minister Ivica Dacic were both involved in the preparations for the funeral. “Our nation’s history, beside glorious deeds, patriotism, fight for justice and truth, records conflicts, as well. That is one of the reasons that our country has had bad destiny. More Serbs died of acts of their brothers, than from foreign occupiers, and we must not forget that fact,” said president Tomislav Nikolić.

Prime Minister of Serbia, H.E. Mr. Ivica Dacic, said: “A final piece of our history’s mosaic has been put in place today. We cannot change the past, but we rectify mistakes today.”

Peter went to school in England but returned home aged 11 when his father, Alexander I, was assassinated in France in 1934.

His brother, Prince Pavle, became Prince Regent until he was

Queen Maria (left), Peter II, Prince Andrej and Queen Alexandra

overthrown in a military coup for signing a non-aggression pact with Nazi Germany.

For almost 50 years it was part of socialist Yugoslavia. At the end of World War II, Tito’s communists abolished the monarchy.

“Most people would say it’s doing historical justice to a dynasty that was chased away from Serbia in 1945,” says historian Vladimir Dulovic. “Except maybe today, by spending 50 years out of the country, they’ve grown a little too foreign for us.”

Peter II’s son, Alexander Karadjordjevic, often described as crown prince, moved to Serbia in 2001. An enthusiastic promoter of constitutional monarchy for Serbia, he argues that a king removed from the country’s sometimes fractious politics would be a stabilising figure, our correspondent says. But according to a recent newspaper poll, only about 40% of Serbs agree.

In October 2012, three other members of Yugoslavia’s former royal family were exhumed in Switzerland and reburied in the Oplenac church crypt. ■

Royal Families

Among representatives of foreign Royal Families there were Their Majesties King Simeon and Queen Margarita of the Bulgarians, Their Majesties King Constantine and Queen Anne-Marie of the Hellenes, Their Royal Highnesses Crown Princess Margarita and Prince Radu of Romania, Their Imperial and Royal Highnesses Archduke Sandor and Archduchess Herta of Austria, His Highness Sheikh Abdulla Bin Hamad Al Khalifa of Bahrain, Their Royal Highnesses The Margraf and Margrafin of Baden, Their Serene Highnesses Prince Philipp Erasmus and Princess Isabelle of Liechtenstein, His Royal Highness Prince Mabandla Dlamini of Swaziland, Princess Ira Von Fürstenberg and His Serene Highness Prince Pierre D’ Arenberg.

H. E. Mr. Michael Davenport, Ambassador of the United Kingdom and H.E. Ms. Mette Kjuel Nielsen, Ambassador of Kingdom of Denmark were also present in the church. cordeditorial@cma.rs |

105 June 2013 | 13

Lethargy “It is my responsibility as leader of a founding member of the EU... to pull Europe out of the lethargy that has gripped it.”

— Francois Hollande, French president

global diary 01.05.2013

May Day Protests Across Europe Thousands of protesters marched in Madrid, snaking up the Gran Via central shopping street, waving flags and carrying placards reading “austerity ruins and kills” and “reforms are robbery”. The Spanish economy has shrunk for seven consecutive quarters, and unemployment is at a record 27%.

About 1,000 police officers were deployed in Athens but the protest passed off peacefully, with about 5,000 striking workers, pensioners and students marching to parliament with banners reading: “We won’t become

slaves – take to the streets!”

Tens of thousands marched in Italian cities demanding government action to tackle unemployment – at 11.5% overall and 40% among the young – and an end to austerity and tax evasion.

Turkish riot police in Istanbul fired water cannons and teargas to disperse tens of thousands of union May Day protesters, some of whom threw stones at security forces as they tried to breach barricades to reach the city’s main square. Pope Francis made a May Day appeal for governments to tackle unemployment, as “work is fundamental to the dignity of a person”.

05.05.2013

Current Course of Euro "Leading to Disaster" Oskar Lafontaine, the German finance minister who launched the euro, has called for a breakup of the single currency to let 14 |

Metropolitan Prays For Repose of Government 10.05.2013

A nonpartisan protest of Serbs from Kosovo-Metohija (KiM) dubbed “We are staying in Serbia” held in central Belgrade included among its speakers Metropolitan Amfilohije of Montenegro and the Littoral and retired bishop of the Serbian Orthodox Church (SPC) Atanasije, who voices harsh criticism and warnings to the authorities, particularly Prime Minister Ivica Dacic.

Metropolitan Amfilohije said addressing the state leaders that KiM is not their ownership, but rather the cornerstone and Jerusalem of the Serbian people, and he served an unusual prayer for the repose of the government, the parliament and the people killed in KiM. Retired bishop Atanasije accused Serbian officials of betrayal, adding that they are acting like (late prime minister of Serbia) Zoran Djindjic.

Source: Tanjug

southern Europe recover, warning that the current course is “leading to disaster”.

Mr Lafontaine said on the parliamentary website of Germany’s Left Party that Chancellor Angela Merkel will “awake from her self-righteous slumber” once the countries in trouble unite to force a change in crisis policy at Germany’s expense.

“The economic situation is worsening from month to month, and unemployment has reached a level that puts democratic structures ever more in doubt,” he said.

The Germans have not yet realised that southern Europe, including France, will be forced by their current misery to fight back against German hegemony sooner or later,” he said, blaming much of the crisis on Germany’s wage squeeze to gain export share.

His prediction appeared confirmed as French finance minister Pierre Moscovici proclaimed the end of austerity and a triumph of French policy, risking further damage to the tattered relations between Paris and Berlin.

14.05.2013

'Secret Recipe for Coca-Cola' for Sale for $5m Oskar Lafontaine

105 June 2013 | www.cordmagazine.com

A US man has offered to sell what he claims is the secret recipe

for Coca Cola.

Cliff Kluge, an antiques dealer from Georgia, US told ABC news that had found the 1943 recipe in an old box of letters he bought at an estate sale around four years ago for about $100.

“Whoever had typed this letter had seen the original recipe. The letter always references Coke and products and stuff,” he said.

Coca-Cola has fiercely protected the recipe, keeping it secret for decades. “We know he doesn’t have the formula. There is only one copy.” Ted Ryan, chief archivist at Coca-Cola, told ABC News. “Mr Kluge must have one of “many imitator copies. “I’m going to go to sleep peacefully,” he said.

Mr Kluge has set the initial bidding at a steep $5million - but offered free shipping to the winning bidder.

The initial auction came to a close on May 14. No bids had been mad.

19.05.2013

Church of Scotland Votes to Allow Gay Ministers Senior members of the Church of Scotland have voted to let some congregations have openly gay ministers, a compromise first step that could lead to the church allowing gay clergy.

The church’s General Assembly backed a motion affirming a traditional conservative view on homosexuality, but permitted liberal congregations to

Speed “Like it or not, the euro area has become the engine of European integration. There will be a Europe of different speeds and the euro area will be the fastest. “ — Jörg Asmussen, member of the ECB executive board

“opt out” if they wish to ordain gay men or women.

The assembly vote would require the approval of next year’s General Assembly as well as votes by the church’s regional presbyteries to become law. The process is expected to take at least two years.

The decision came after a lengthy debate on the issue, which has divided the church of about 400,000 members for years.

The General Assembly, held each May, consists of about 700 members and decides church policy.

20.05.2013

Westerwelle: Serbia Has a Historic Opportunity

be patient with its actions towards the Serbs in Kosovo, who have lived in extraordinarily difficult circumstances for years.

Westerwelle spoke with conviction about the Serb community in Kosovo soon realizing that its survival, strengthening and safe future were secured and guaranteed by the international community,” Mrkic told Tanjug after the meeting.

The two officials met for 40 minutes in private, which is a lot longer than stated in protocol, the Serbian Foreign Ministry said.

The German parliament will make the final decision on whether to support Serbia getting a start date for the accession talks.

Westerwelle started his visit on May 20 by meeting with Deputy Prime Minister Aleksandar Vucic and continued it by meeting with President Tomislav Nikolic, Prime Minister Ivica Dacic and Mrkic.

19.05.2013

Framework Implementation Agreement Reached Serbian Prime Minister Ivica Dacic and Kosovo Prime Minister Hashim Thaci reached a framework agreement on the implementation of the agreement between Belgrade and Pristina that was initialed on April 19.

After the meeting, Prime Minister Dacic said that it was important for Serbia to reach the implementation agreement before the European Council makes a decision in June about granting Serbia a date for the start of EU membership talks because it a clear signal had to be sent that both sides are ready to implement the agreement on the normalization of relations.

There will be no closing of

Oklahoma City Tornado: 51 People Killed 20.05.2013

Serb institutions in Kosovo “until we know what is going to happen to the people who work in them,” Dacic said.

Thaci also confirmed the two sides reached the framework agreement, adding that implementation details will be coordinated later.

“We have agreed in principle on the steps for the implementation of the agreement over the next six months,” Thaci told reporters.

Source: Tanjug 23.05.2013

Strategic Partnership

Serbian and Russian Presidents Tomislav Nikolic and Vladimir Putin signed a declaration on

Serbia has a historic opportunity to once and for all move towards a joint future with the

Guido Westerwelle (left) and Ivan Mrkic

EU, Germany’s Foreign Minister Guido Westerwelle said during a meeting with his Serbian colleague Ivan Mrkic.

“Minister Westerwelle understands completely the sensitivity of the moment and the fact the Serbian government has to

At least 51 people -- including seven children at an elementary school -- were killed when a massive tornado struck an area outside Oklahoma City on May 20th afternoon, officials said.

Seven children were killed at Plaza Towers Elementary School in Moore, Oklahoma, a police official said.

Homes have been reduced to rubble and cars left in pieces after tornadoes swept through Kansas and Oklahoma, destroying everything in their path.

The tornado was estimated to be at least 2 miles wide at one point as it moved through Moore, in the southern part of the Oklahoma City metropolitan area.

strategic partnership in Sochi.

Putin stated that by signing the declaration the cooperation between Serbia and Russia is raised to a higher level. Nikolic underlined that the document confirms the traditionally good and friendly relations between the two countries.

Following the meeting, at press conference two presidents said they will continue with the joint projects and investments, particularly in the energy sector.

cordeditorial@cma.rs |

105 June 2013 | 15

interview

■ By Radmilo Marković ■ Photos: Zoran PETROvić

Stojan Stamenković, Coordinator at ‘Macroeconomic Analyses and Trends’ (MAT) and member of the Counci of the Governors of the National Bank of Serbia Council

Passion

According to IMF You cannot exercise a zig-zag fiscal policy – you have conceded some of your revenue from income tax to local authorities, and now you say “wait, I need that money back now.” Another example of this is the plan to introduce a tax on second properties which was abandoned in just one day. This just shows how much they are wandering and rambling, not knowing exactly what it is that they are supposed to do. There is no fiscal sector reform in sight. All we see is this aimless loitering, while trying to figure out what to do. Maybe the IMF will provide us with a recipe of sorts, and that’s why I think that the arrangement with the Fund is very important

C

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orD interviewed a member of the Academy of Economic Science, Stojan Stamenković at the moment when the IMF mission was about to wrap up talks with Serbia. On several occasions, Stamenković participated in the talks with the Fund – first as a member of the Socialist Federal Republic of Yugoslavia’s negotiation team, then as a member of the Federal Republic of Yugoslavia team and, lastly, as a member of the Council of the Governors of the National Bank of Serbia. Stamenković, who is also the author and a coordinator of a research project in the form of a monthly bulletin, ‘Macroeconomic Analyses and Trends’ (MAT), told CorD that the talks about a possible arrangement between the IMF and Serbia could start in late summer since the IMF has no mandate to negotiate about the arrangement.

105 June 2013 | www.cordmagazine.com

“The head of the IMF mission, Zuzana Murgasova, is also the chief negotiator. The Fund still hasn’t presented its concrete demands. The ongoing talks are about the possibility of concluding the arrangement, and what needs to be done in order for that to happen, but this IMF mission has no mandate to negotiate about the arrangement. That is the bottom line. Hence, if we reach an agreement and decide to go with the arrangement, it would be a precautionary or stand-by arrangement. We wouldn’t be getting any money. Another kind of arrangement that we could go for would be receiving the money in instalments, and talks about this arrangement could probably start in late summer. The IMF has yet to discuss this at the meeting of its Board of Directors and the Board has yet to approve it,” says Stamenković.

Pensions

The main problem – the growing number of pensioners which has surpassed the number of workforce – needs to be resolved through longterm structural changes

Reform

There is no fiscal sector reform in sight. All we see is this aimless loitering, while trying to figure out what to do.

■ Can you estimate what the IMF post-negotiation conclusions are going to be like?

- The main issue for the IMF is fiscal balance or fiscal sustainability, and I am not referring only to this year’s fiscal deficit, but rather to the long-term deficit which entails structural adjustment and determining as to how to reduce the deficit and balance out the entire fiscal system. I don’t know what the IMF’s exact demands will be but I can presume what they do see as the biggest problem – our pension fund, since it is the pension fund that receives a third of Serbia’s budget funds.

Tenders

I am very sceptical about tenders. There is a much better way that we are still not ready to embrace and that is so-called corporatization, which includes privatizing public enterprises.

fund remains the biggest issue. The second issue is changing the fiscal structure or shifting the focus from labour taxation to property taxation. However, the first problem that Serbia will have to discuss with the IMF is this year’s budget deficit.

■ Recently published data shows that the budget deficit

was twice as much as planned in the first four months of 2013. How did that lead to higher VAT?

- We are talking about four months or one third of a year. For this period, the budget deficit should have been around one

■ How is the recent increase in pension contribution from 22% to 24% going to affect the Fund’s revenue?

- In my opinion, this will not tackle the main problem. When you say the “pension contribution will have to go up by 2% in order to reduce budget allocations,” what exactly are you talking about? This is one and the same thing. Who is paying for that? Companies that are paying salaries and state contributions. Only this time around, this levy will appear in a different column. The main problem – the growing number of pensioners which has surpassed the number of workforce – needs to be resolved through long-term structural changes.

Even the World Bank has suggested moving the retirement age up. Something has been done in this respect. Previously, getting an early or disability pension was a piece of cake. Today, the qualification criteria have become third of the projected Even the World Bank has suggested much stricter. Still, deficit and not moving the retirement age up. Something annual there is the issue of 65% or two thirds. On has been done in this respect, but still old-age pension. In the other hand, the budget revenue is only the end, it will be posthere is the issue of old-age pension 25% of the projected sible to move the resum. When MAT analyzed this data, we did not notice a drop tirement age up by a year or two or even five, but that will in consumption following the higher VAT rate. However, provide only a temporary solution. The problem will not go there is this constant trend in income decline. As GDP falls, away since we have negative population growth. Our pension so does the turnover, which is dropping despite the higher fund needs to undergo structural reforms, and I don’t see industrial production and export. anybody getting serious about this problem. We, at MAT, had There are two reasons for the declining turnover. One is some ideas and suggestions, like when privatizing a public that the industrial increment is not as high as it seems, and company that a certain number of shares should go toward the other is that a lot of turnover is generated in the gray the pension fund. These shares would not be reimbursed as economy or, as they now call it, “marketplaces.” Just look at pensions but would provide revenue as a source of money for what is being sold at marketplaces – you have tomatoes and pensions. The second idea we had was for a fee on construcpeppers on one side, and cigarettes, chocolate, toilet seats tion plots, particularly in urban areas, to be calculated not and cleaning products on the other, basically a large selecper square metre, but rather per cubic metre, so to speak. In other words, if you are building a 15-storey-building, you will tion of industrially produced goods. For instance, I always be paying a fee for each storey you erect, and not only for the buy a 250 gram Milka chocolate for my grandchildren from base area. England has done this. So, reforming the pension the same vendor at the Zemun marketplace because he sells cordeditorial@cma.rs |

105 June 2013 | 17

it for 230 dinars. In shops, that very same chocolate costs 330 dinars. So, why would anybody buy chocolate in a shop when they can do it from a marketplace? We have noticed this trend last summer, about the same time when the price of food went up a lot due to a rather bad agricultural season.

However, the prices went up more in shops than at marketplaces and, all of the sudden, you had a significant difference in prices which swayed people toward marketplaces. This is the problem that the IMF has also noticed, and the Fund will probably put forward certain demands about what needs to be done and something that has to be changed in order for

aimless loitering, trying to figure out what to do. Maybe the IMF will provide us with a recipe of sorts, and that’s why I think that the arrangement with the Fund is so very important. I think that the IMF is not too optimistic about economic growth, and neither am I. Fiscal consolidation largely depends on economic growth. Both the IMF and World Bank agree that this year’s growth will be around 2%, with the World Bank projecting even 2.2%. We all agree on that, even our Finance Ministry. The Serbian Finance Ministry projects a fast development next year, while we, at MAT, and the IMF think that the sum of the economic growth in the next two years – 2012 and 2015 – is going to be equal to the Ministry’s projection for one year or, in percentages, somewhere between 3% and 4%. This is because the investments provide no basis for faster growth.

Last year, fixed investments dropped between 4% and 5% which means that the annual real investment growth should be in the region of 6%. This year, the growth should be even higher – around 10% - in order to compensate for last year’s decline

us to start the arrangement negotiations in the summer. The budget gap is now quite big. I think that the total consolidated deficit was supposed to be 3.5% which is, as it stands, going to be somewhere in the region of 4.5%. You cannot exercise a zig-zag fiscal policy – you have conceded some of your revenue from income tax to local authorities, and now you say “wait, I need that money back now.” So, what are the local authorities supposed to do now when they have already started implementing long-term projects and plans? It remains to be seen. Another example of this is a plan to introduce a tax on second properties which was abandoned in just one day. This just shows how much they are wandering and rambling, not knowing exactly what it is that they are supposed to do.

■ This makes budget review inevitable?

- Yes, undoubtedly. I think that the IMF is ready to accept that because, last autumn, the Fund said that the 3.5% or 3.6% budget deficit was a little bit too optimistic. They were willing to accept 4%. I think that they will be ready to accept this percentage now too, but we need to cut a lot out in order to get to this 4%. I couldn’t believe when Dinkić said “we are going to fix everything.” What he meant was reducing civil servant salaries, which you can hardly do, and reduce investments, which is not good at all.

■ It seems that all of these measures are just small cosmetic changes and that there won’t be any core changes.

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- There is no fiscal sector reform in sight, all we see is this

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■ You have said earlier that Serbia needed at least €3 billion worth of FDIs annually.

- That’s right. Don’t be fooled by the shrinking trade deficit in the first three months of this year. The deficit shrunk because there were no investments and because there was no import of production materials. This was very clear in Fiat’s example. Fiat’s production facility in Kragujevac stopped since the production materials were not imported on time. Once import picks up, so will the trade deficit. This magnificent export growth is, essentially, thanks to Fiat. The carmaker’s export is actually equal to the country’s export growth. There are other economic branches that have increased their export activities like the chemical and rubber industries, but there is also a huge export decline in the food industry. If we were to exclude Fiat’s export from the overall export figures, then export growth would be close to zero.

And that’s the bottom line.

It remains to be seen how the US market is going to react to the export of Fiat’s cars, since American car production is picking up. As you can see for yourself, Europe is again in a recession, with Germany having the biggest economic growth of only 0.1%. We have yet to pay for the imported goods, and, once we do that, our trade deficit will jump. If investments start coming, which is the main prerequisite for Serbia’s having constant and sustainable economic growth in 2015, the imports will rise. If investments don’t come, there will be no growth in years to come. We don’t have any data about the investments

is faced with such situation, he wants to resolve it as made in the first three months of this year, but some inpainlessly as possible. direct indicators show that they are growing. We think that, last year, fixed investments dropped between 4% and 5% which means that the annual real investment ■ What other prerequisites need to be met in order for ingrowth should be in the region of 6%. This year, howevvestments to grow? er, the growth should be even higher – around 10% - in - There is one thing that we don’t talk about enough, and that order to compensate for last year’s decline. I am afraid is our legal system. I won’t talk about the overall legal systhat if the state starts cutting back on investments, the tem, but the segment that pertains to the protection of assets infrastructure investments and contracts. If you conclude a will be the first to go, and with someone and that I salute Dinkić’s statement that contract this kind of investment is person decides not to honour it, those public bodies that fail to how many years will you have to the bellwether for all other investments. There are carry out their obligations will pursue that in courts before your are protected? The probother prerequisites when not get money from the budget rights it comes to investments, lem should be dealt with in couand they are procedures, ple of weeks at the most. I salute ownership and construction plots. In the last ten years, Dinkić’s statement that those public bodies that fail to carry many large-scale privatizations have been carried out, out their obligations will not get money from the budget. but these were mostly acquisitions of existing compaAlso, the amount of red tape is excessive. I am very sceptical about tenders. There is a much better way that we are still not nies. Where the privatization revenue went is a whole ready to embrace, and that is corporatization, which includes different story. The money was used for budget spendprivatizing public enterprises. Corporatization means that, ing, and not on investments. If a company wants to make when a company is privatized, the company’s new proprietor a greenfield investment, it first needs to find a land plot, is in charge of getting the best possible deal on purchasing and then obtain a building permit which, as people tell raw-materials which eliminates the need for tenders. ■ me, can last over nine months. When a serious investor

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105 June 2013 | 19

interview H.E. Mr. Semuel Samson, Ambassador of Indonesia to Serbia

Bound by Lasting

Friendship

Since the establishment of diplomatic ties between Indonesia and the former Yugoslavia in 1956, economic relations between the two countries have started to pick up.

A number of agreements were concluded in the late 50s and early 60s for bilateral barter exchanges, and others on export facilitation and official aid were signed in the 70s

S 20 |

ince the beginning, Yugoslavia’s strength in defence industry has drawn Indonesia’s interests and this featured continually in trade. Up until now, Indonesia’s armed forces have been sourcing particular ammunitions and weaponry from Serbia. The MoU on Defence Cooperation in 2011 between Serbia and Indonesia is facilitating the trade stream much further in military equipment as well as technology transfer. Yugoimport SDPR has a representative office in Indonesia today.

105 June 2013 | www.cordmagazine.com

■ What remains of these relations today?

- Yugoslavia’s ingenuity was also present in various projects, which some are still operating. At Ciater, Indonesia, you will find a thermal spa and medical rehabilitation centre that was developed after the model of similar services in Kanjiza.

What presently remains is to resolve a way to develop, in order to push the boundaries further out and help to keep the pace of bilateral trade, which will create a big leaps in other areas of cooperation such as investments.

Support

Our two countries have practically no unsettled bilateral issues, and have always enjoyed our mutual-principled support.

Cooperation

The geographical distance between Serbia and Indonesia is actually not an obstacle to our full cooperation.

■ How would you describe current Serbian-Indonesian diplomatic and economic relations?

- We are bound by friendship as exemplified in the close contacts between our former leaders, President Sukarno and President Tito, followed by Presiden Soeharto and even up to now to President Soesilo Bambang Yudhoyono’s and Tomislav Nikolic’s era, and in our engagements on the world stage as shown in the establishment of the Non-Aligned Movement, which was celebrated its 50th anniversary in 2011 through summits and ministerial meetings in Indonesia and Serbia.

Our two countries have practically no unsettled bilateral issues and have always enjoyed our mutual-principled support for our national unity and integrity. We see Serbia as a very important partner, and Indonesia is

Economy

In the last five years, Indonesia has experienced sustained economic growth, which is only second to China in the Asia-Pacific.

of cooperation and seek workable solutions to overcome the hindering of our bilateral collaboration.

■ Today, Indonesia is witnessing strong economic development. What opportunities are there for Serbia and Indonesia to cooperate?

- McKinsey predicts that Indonesia’s consuming class will rise up to 135 million by 2030, from 45 million today. They also project that by 2030, there will be a 1.8 trillion dollars market opportunity in Indonesia, which is considered as a dramatic increase from 0.5 trillion dollars in 2012.

With its rich natural resources, and a large, young and educated workforce, as well as a population of over

We are bound by friendship as exemplified in the close contacts between our former leaders, President Sukarno and President Tito, followed

by Presiden Soeharto and even up to now to President Soesilo Bambang Yudhoyono’s and Tomislav Nikolic’s era

constantly committed to enhance the stimulation that encourages a higher level of cooperation and advancement of our common interests.

In that spirit, the Embassy developed the 20112013 Strategic Plan, which emphasizes the creation of a strategic partnership between Indonesia and Serbia in politics, economy, social and culture, even security.

The plan takes three layers of approaches: People-toPeople (P2P), Business-to-Business (B2B), and Government-to-Government (G2G) perspectives. We would like to introduce Serbia to become a “hub” for channelling Indonesia’s interests in the Central-Eastern Europe region, and at the same time to introduce Indonesia to play the role of a “hub” for channelling Serbia’s interest in ASEAN. The upcoming Bilateral Consultation Forum and Joint Commission on Economic Cooperation IndonesiaSerbia in Jakarta this year should also provide a forum for all concerned parties to exploit most possible areas

240 million, Indonesia is offering considerable opportunities for Serbian businesses as a market and investment destination.

Bilaterally speaking, agriculture is one of the strongest areas that can be further explored. Indonesia maintains surpluses in CPO and rubber, but we cannot grow wheat and are less fortunate with sunflower. Serbia on the other hand, is well known for its high quality wheat and abundant sunflower oil, but does not have the climate for palm oil and rubber plantations, also for cacao, coffee, tea and spices. In addition, there are also sizable opportunities for trade and investment for Serbian businesses in the areas of food security, research and technology, renewable energy, infrastructure, general services, and the defence industry.

In particular, Serbian businesses should also actively seize the opportunities from the launching of the Masterplan for Acceleration of Economic Development that contains a 15-year plan of infrastructure development cordeditorial@cma.rs |

105 June 2013 | 21

in Indonesia, with a total planned amount of investment about US $437 billion.

I also think more could be done to encourage investment, which is so far has been very limited in growth.

■ Last year, the world’s media reported about Indonesia being an economic miracle. What are the main indicators of such strong economic growth?

- In 2012, the economy grew 6.3% and is forecast to grow 6.5% this year. It has more consistent growth when compared with any OECD or BRICS country.

tance should not become a problem at all to the development of bilateral cooperation, but certain circumstances such as modern infrastructure must be fulfilled. If the political basis for bilateral relations between the two countries is friendly, based on the principle of equality, mutual respect to sovereignty and territorial integrity as well as the principle of non-interference to the internal affairs of the other state, then the geographical distance as a factor that slows the full cooperation could be put aside, against which we can see many examples wherein having two neighbouring countries does not always mean that those countries have close relations as well.

■ Indonesia is interested in building a distribution centre in Serbia. What are the latest developments?

- As a market economy, the business decisions to invest and trade are fully to be decided by the private sector.

In this regard, our business circles have always been encouraged to make use of Serbia’s potential as a trading centre for Indonesia’s export commodities to the region.

On our part as government representatives, we will continue to engage Serbian authorities to try to eliminate unnecessary market barriers and find the best solution to overcome potential trade obstacles, such as relatively high tariffs imposed for certain Indonesian goods. Growth in Indonesia and Serbia means that there is going to be a great need for resources that both sides can fulfil as well as greater number of goods produced, requiring wider access to markets in both countries and regionally. So talking about the distribution centre

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Indonesian corporate power has also grown phenomenally. Just recently, Air- With its rich natural resources, and a bus signed the largest single airline deal large, young and educated workforce, with Indonesian airliner Lion Air, worth $24 billion for the delivery of 234 pas- as well as a population of over 240 senger planes, after last year the same million, Indonesia is offering considerable company clinched a contract with Boeing opportunities for Serbian businesses as a for airplanes worth $21.4 billion.

We took good lessons from the Asian market and investment destination financial crisis in 1997-1998 and made should be started from the intention of the businessefforts to transfer the gravity from previously few large companies to a wider-base of small and medium enmen of Serbia and Indonesia. terprises, with special emphasis on creative economic activities. This transformation coupled with strong do■ The first Serbian-Indonesian Business Forum (SIBF) mestic demand has boosted the economic resilience of took place last year. What are the Forum’s results, and Indonesia as evidenced by its positive growth amid reare more forums in the pipeline? cent global stagnation.

- The first SIBF not only a historical event, but also strategically important for our bilateral trade as it was the first event ever organized after decades, and it brought ■ How much is the geographical distance between Sertogether all the stakeholders from the government, pribia and Indonesia an obstacle to their full cooperation?

- The geographical distance between Serbia and Indovate sector, and banking to discuss possible business cooperation. nesia is actually not an obstacle to our full cooperation, The first SIBF went well as an eye-opener, and we but rather a physical reason that slows a fast product are planning to hold more forums this year. We are now exchange between the two countries. Nevertheless, due witnessing the escalation of interest in the business to modern technical development, the geographical dis-

105 June 2013 | www.cordmagazine.com

in the Asia-Pacific. Many observers are predicting that Indonesia will become one of the top ten world economies within the next two decades.

In 2012, Indonesia’s GDP reached $1 trillion in terms of purchasing power parity. Euromonitor predicts that by 2020, some 58 percent of Indonesians will qualify as middle-income with an annual disposable income between $5,000 and $15,000.

However, we will not stop there and will continue ■ What sectors contributed the most to the Indonesian to strive to finish our homework in combating poverty economic growth? and income disparity across the archipelago. Last year, - Growth occurred in all sectors of the economy in 2012, the number of people living in poverty was reduced to with the highest recorded in transportation and com11.96% of the population, strengthening positive trend munications (9.98%) and the lowest was in the mining of decreasing from 2004, which is reached 16.66%. Open sector (1.49%). In terms of share of GDP, manufacturing unemployment was also reduced to 6.1% In 2012, Indonesia’s GDP has reached $1 in 2012, compared to 9.9% in 2004.

In 2010-2014, our government intrillion in terms of purchasing power parity. tends to spur the growth further to Euromonitor predicts that by 2020, some 7-7.7% annually with a targeted GDP 58 percent of Indonesians will qualify as per capita of $4,800 to $5,000. At the end of 2014, it is expected that poverty middle-income with an annual disposable can be further reduced to 8-10% of the income between $5,000 and $15,000 population and that open unemployment would reach 5-6%. remains the largest contributor (23.9%), followed by agriculture and forestry (14.4%) and HoReCa (13.8%).

In 2012, around 54.4% of the aggregate demand came from domestic household consumption, and around 33.16% from capital investment.

circles to make a better connection with Indonesia, as indicated by leaders of prominent companies including MK Group, Victoria Group, Eurosalon, Farmakom, Energoprojekt, Gemax, NS Seme, Trayal, Tigar, and Delhaize Serbia and others.

One on one business contacts is picking up in the wake of the SIBF, some even have resulted in concrete deals.

■ Almost 90% of the 200 million people living in Indo-

nesia are Muslim, making Indonesia the biggest Muslim-majority country in the world. Is there any danger of the political unrest seen in other Muslim countries erupting in Indonesia too?

- Indonesia is a multiethnic, multicultural and multi-religious country with around 90% of its 240 million people consisting of Muslims. Nevertheless, Indonesia is a Muslim country, not a Muslim State, but a democratic one, based on its principle of PANCASILA (Belief in the one and only God; Just and civilized humanity; the unity of Indonesia; democracy guided by the inner wisdom in the unanimity arising out of deliberations among representatives; Social justice for all of the of Indonesia) as state philosophy, and the principle BHINNEKA TUNGGAL IKA meaning “unity in diversity”. Based on those two principles, the Indonesian people have successfully defended its independence. Even though we are still facing many challenges in the future, we thank God that the nation and its people are still united under the name of Indonesia.

■ Is the living standard of the Indonesian people in line with the country’s economic success?

- In the last five years, Indonesia has experienced sustained economic growth, which is only second to China

■ Indonesia has over 17,000 islands and the country’s tourist potential is huge. Which tourist attractions in your country do you consider a must-see?

- Every island in Indonesia holds its own charms that are unique and different from the other islands in Indonesia, making you feel like as if you were travelling from one country to another, instead of travelling from one island to another.

There are some tourist sites that have become the main destinations for tourists all over the world. If you are interested in Marine tourism, you can go to Toba Lake in Sumatera Island, Kuta Beach and Tanah Lot in cordeditorial@cma.rs |

105 June 2013 | 23

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Bali Island, city of Ambon in Maluku islands, Bunaken Serbian students in these scholarships and what expeNational Marine Park in Sulawesi Island and Raja Amriences did they bring from Indonesia? pat in Papua island, where you can dive and enjoy the - With the perspective to bring closer and strengthen beauty of marine life and sunbathing at the most beauthe relationship and cooperation between the two countries, every year the Indonesian government has tiful beaches. If you are looking for some adventure or provided three scholarship schemes for Serbian stuyou want to enjoy the beauty of the nature, you can visit the Orang Utan conservation in the Jungle of Kalimdents as the next generation of the nation that one day will take a lead of their nation’s future: antan island, river rafting in West Java, see the ‘’living 1. The Darmasiswa Scholarship: consisting of a six dinosaur’’ on Komodo island, or enjoy the serenity of months and one year program, nature in Lorentz National Park for students to study the Indonein Papua. The progress and development in the tourism sector sian language, culture, traditionhas made us even more eager for al dance and handicraft, as well preserving our Cultural Heritage, as cuisine; since I believe every country and 2. The Developing Countries its people must learn the history Program: scholarships for a of themselves in order to be able master program that allowed to establish a strong foundation students to take their Masfor the development of the young ter’s degree and study various generation in the future, and we kinds of topics in Indonesia; must not forget what our foundsuch as tourism, economy, or culture; ing fathers have achieved in their 3. The Art and Culture Scholarglory days. Based on that, the Indonesian government has estabship: a 3-month scholarship program, for students to study lished several cooperation proIndonesian traditional art and jects with UNESCO in preserving culture in art schools. our cultural heritage that have Generally all students from been recognized by UNESCO as Serbia that have studWorld Heritage such as Generally all students from Serbia ied in Indonesia brought Borobudur and Pramwith them good and unbanan temple in Central that have studied in Indonesia Java Island and Sangiforgettable experiences brought with them good and about Indonesia and ran early man site in unforgettable experiences about their stay there. They Central Java. are involved with many Indonesia and their stay there activities during their ■ Indonesian cuisine is studies, some even involved directly in the making of also very popular around the world. What is your nafirst Indonesia-Serbian dictionary, as well as involved tional cuisine based on? with cultural and religious events with the society in In- In Indonesia we have many kinds of culinary traditions that are different from one island to another; even donesia. With the knowledge they gained in Indonesia, within one island we have various kinds of different they have often provided support and involved in many cuisine. Our cuisine in general is rich with spices that of the Embassy’s activities, some of them are active in will indulge your senses. Religion has also become one our traditional dance group and Indonesian language of factors that influenced our cuisine, especially since classes, to participate and share the knowledge they Muslim is a majority in Indonesia, most of our cuisine gained in Indonesia. consists of Halal food. The most famous dishes from InIn reciprocation, the Serbian government has also offered a scholarship for Indonesian students in the donesia are ’Rendang’ (similar to Serbian gulas), a spicy ’’World in Serbia’’ project that has enabled students meat dish, which originated from Minangkabau, West from Indonesia to come and study as well as get to of Sumatera, one of the ethnic groups in Indonesia. In know and experience daily life here in Serbia. From 2011, an online poll by 35,000 people held by CNN Inwhat I see, the Indonesian students here are very hapternational chose Rendang as the number one dish of their ‘World’s 50 Most Delicious Foods’ list. py and feel comfortable with the people and their study in Serbia, they even come to love Serbia and hesitate to go back to Indonesia. So, as you can see, this is how ■ The Indonesian government has provided great close we are. ■ scholarships for Serbian students. How interested are

105 June 2013 | www.cordmagazine.com

serbia at your fingertips

The Best Option for All Your Needs in Serbia Comprehensive, constantly updated news on events and happenings in Belgrade. Features and reviews authored by fellow Expat residents of Serbia. Up-to-date accomondation and entertainment cordeditorial@cma.rs | 105deals.

June 2013 | 25 information. Useful links, listing and information on services, offers and the best

interview Miljenko Jergović, writer

It Doesn't Take Courage If radical nationalism is a prevalent feature of official Croatian politics and Croatian society, as I think it is, then the Croatians will set up a rigid border with Serbia and do everything in their power to thwart Serbia’s desperate attempts to join a united Europe. On the other hand, if the people who say that nationalism in Croatia is only ’football folklore’ and that “nationalistic politics are dead” are right, then Croatia would advocate the united Europe’s extending its borders toward the East. This time around, I am not too keen on being right

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105 June 2013 | www.cordmagazine.com

■ Photo: Miodrag Trajković

to Apologize

Apology

I haven’t noticed that anybody verbally attacked or threatened President Nikolić because of his apology, like they did with the previous president.

M

Berlin Wall

I think that nobody in the former Yugoslavia grasped the importance of the fall of the Berlin Wall on time and that there were very few people in Europe who understood the implications of it.

iljenko Jergović (born in 1966) is probably one of the most important post-Yugoslav novelists. We say ‘postYugoslav’ since his body of work, the subjects he writes about and the area in which his books are published surpass by far any of the countries which emerged from the breakup of Yugoslavia. If there is even any point in talking about identity and who Miljenko Jergović is, we can say that his identity is ’Yugoslav’, in the best and the most tragic sense of the word. In his book ’Otac’ (’The Father’), he spoke very openly and with brutal honesty about about his identity, his family background, the difficulty of dealing with the fact that some members of his family were ‘Ustasha’, his complicated relationship with his father, the disintegration of his country and the personal drama that it caused, and the move from his hometown of Sarajevo to Zagreb. The following statement best describes Jergović’s ethnic identity and his views: “Some of the people who translated my work have asked me what language did I write in so that they would know what language they were translating from. My response was always the same – you can say that you are translating from the language that seems closest to you since, fundamentally, I don’t care. In the end, what happened was that my books were translated from many languages that I speak, although all those languages are one and the same.”

Jergović started writing books and newspaper articles in the late 1980s. In the beginning, he only wrote poetry and his first book of poems ’Opservatorij Varšava’ (’Warsaw Observatory’, 1988) received the Goran Award for Young Poets and the Mak Dizdar Award. The next books of poems he wrote were ’Uči li noćas netko u ovom gradu japanski?’ (’Is anybody learning Japanese in this town tonight?’ 1990) and ’Himmel Comando’ (1992). He has been living and working in Zagreb since 1993. The international readership remembers him as the author of a collection of short stories called ’Sarajevski marlboro’ (’Sarajevo’s Marlboro’, 1994) which won him the Ksaver Šandor Djalski Award and the Friedenspreis Erich-Maria Remarque Award. Next, he wrote a collection of stories entitled ’Karivani’ (1995), a book of poems, ’Preko zaleđenog mosta’ (’Across the frozen bridge’, 1996), a book of essays and a collection of fiction stories called ’Naci bonton’ (’The Nazi Etiquette’, 1998), a book called ’Mama Leone’ (1999) for

EU

If radical nationalism is a prevalent feature of official Croatian politics and Croatian society, as I think it is, then the Croatians will do everything in their power to thwart Serbia’s desperate attempts to join a united EU.

which he received the Premio Grinzane Cavour Award, a collection of columns published in Sarajevo weekly ’Dani’ called ’Historijska čitanka’ (’Historical Reader’, 2000), the drama ’Kažeš anđeo’ (’You say angel’, 2000), a book of poetry ’Hauzmajstor Šulc’ (’Superintendent Schulz’, 2001), a novel ’Buick Rivera’ (2002) for which he received the August Šenoa Award from Matica hrvatska, and the novel ’Dvori od oraha’ (’Walnut Courts’, 2003) for which he won the Jutarnji List Ward for the best prose and the annual award by the Society of Bosnian Writers.

The people who translated my work have asked me what language did I write in.

My response was always the same – you can say that you are translating from the language that seems closest to you This year, he published a collection of stories called ’Inšallah, Madona, inšallah’, ’Rabija i sedam meleka’ (’Rabija and Seven Angels’) and ’Historical Reader 2’.

Before the war, he wrote for the Sarajevo daily ’Dani’.

After many years of collaborating with the Split-based newspaper ’Nedeljna Dalmacija’ and weekly ’Feral Tribune’, in 2000, he started working for Zagreb-based magazine ’Globus’. His books have been translated in around 15 languages, and he also writes for the Radio Sarajevo website, newspapers ’Jutarnji List’ and ’Politika’ from Belgrade and Vreme weekly.

Throughout his life he has been a thorn in the side of nationalists from all sides. In 2009, he received threats cordeditorial@cma.rs |

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in Zagreb because of a statement he gave for Vreme weekly in which he said that the Chetnik general Draža Mihailović, who was also one of characters in his book ’Dvori od oraha’, was a ’tragic historical figure’. Although he actually never said or wrote that Mihailović was a positive figure in any way, but only that he understood his motives, his statement caused an uproar.

In Serbia, his novel ’Otac’ hasn’t even been considered for 2011 NIN Award although it did meet all of the competition’s criteria, including that the book’s first edition be published in Serbia, in the Serbian language.

The problem was that the language Jergović used was Serbian and Croatian at the same time. It was also in Bosnian and Montenegrin. Certain intellectuals from Serbia dubbed Jergović as a Croatian writer and told

him he could compete for Croatian literary awards. However, this story does have a happy ending: the NIN award rules were subsequently changed because of Jergović.

■ What do you think of the Serbian president apologizing for war crimes committed in Bosnia?

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■ It seems that Tadić’s apology was more criticized than saluted. Do you think that is paradoxical?

- Unfortunately, there is no paradox in his apology. Just look at the people who criticized Boris Tadić because of his statement. They were Serbian patriots, the Radical and reborn people’s parties, together with today’s top officials. Then you had Serbian malcontents, antinationalists, and the people who would subsequently urge the electorate not to vote for Tadić and the Democrats and who would, at least symbolically, help Nikolić to become president. Also you had the people who openly mocked Tadić’s apology like the Croatian nationalists, ranging from the people publicly supporting the Ustashas to the people who were not so vocal about this support, and the urban folk who couldn’t stand the fact that the Serbian president did not figuratively flog himself while apologizing, but simply said what he said. They also did not like the fact that, apparently, his statement was too general. The Bosnian nationalists also made fun of Tadić, as did most of the Bosniak

Yugoslavia did not fall apart into six or seven pieces, but into six or seven deeply provincial obscurities, which, each into their own, were far smaller, more pathetic and unproductive than what they were individually during Yugoslavia

- I think I am having déjà vu. It feels just like, a few years back, when I was answering the question of my take on the post-war apology of another Serbian president.

Back then, I said that the apology was an important and brave act. That was back then. When another person repeats the same apology, it is slightly confusing. That means that one of the two apologies, whether the old or the new one, was insincere. Why would you apologize for the same thing, unless something happened in the meantime or something was unveiled that derogated the previous apology? Also, the new apology did not require special courage. I haven’t noticed that anybody verbally attacked or threatened President Nikolić because of his apology, like they did with the previous president, or that his apology meant courageously distancing himself from the earlier official policy of the Re-

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public of Serbia in respect to the crimes committed on behalf of the state or on behalf of the Serbian people.

Nikolić’s apology reminds me a little bit of a quiz show: guess which of the two Serbian presidents was honest and did not lie? If I were to participate in such quiz, I wouldn’t think twice about the answer. But allow me keep my answer to myself, to maintain the suspense of this interview, and to, possibly, win in the quiz.

Muslims in Bosnia and Herzegovina who have been left to victimization and led to believe that every single Bosniak was the ultimate victim of the 1990s civil war and that each and one of them died several times and that all of them have a moral share in the great national tribulation which, as the Hague Tribunal would rule, should be called genocide. By apologizing, Tadić partially staked a claim on their anguish. And yes, you were right in saying that Tadić’s apology was mostly negatively perceived everywhere. If you think about it, has anybody saluted his apology, apart from my friend Teofil Pančić? In the case of Nikolić, everything was reverse. Why? Probably because the aforementioned groups find Tomislav Nikolić more endearing that Boris Tadić. I see no other reason. Although, I could be cynical and say that anti-election people from Belgrade and the

■ There is a school of thought that be-

lieves that it was Nikolić who should have apologized in the first place, since during the civil war he supported the warring side that committed those crimes.

Do you think that a true transformation is really possible or that everything that has been happening is due to pressure from the EU?

- I find this school of thought, as you call it, quite interesting. According to it, Boris Tadić was a president with the flaw of

It would be good if we could distance ourselves from the time when we became collateral damage of Communism

not playing the role of a Chetnik leader. I deeply believe that this school of thought emerged from certain people’s need to find something that would make Tomislav Nikolić better, smarter and more just than his predecessor, and his party more progressive and democratic than the Democratic Party, which I find rather hard to explain. I’ve just said something that wasn’t my intention to say, since I cannot prove it, but it is too obvious - I think that Tomislav Nikolić apologized only because he wanted to catch up to Vučić and Dačić.

These two have just reached the so-called Brussels agreement, which was considered of historical importance, so he had to do something equally ’historically relevant’. As far as a true transformation from a nationalist to anti-nationalist and from a Chetnik leader to someone who says that we need to abandon all prejudice and hate and not leave them as legacy for our descendants, I believe that that is possible. Such a transformation is great and important, but I am not too sure about

any of the Balkan leaders and statesmen having experienced it.

■ You may have heard Aleksandar Vučić

saying that, 25 years ago, he did not understand what was important about the fall of the Berlin Wall. Do you think that a person who has no grasp of the key historical and political processes can lead a country?

- I think that nobody in the former Yugoslavia grasped the importance of the fall of the Berlin Wall on time and that there were very few people in Europe who understood the implications of it. In the end, even today I am not sure whether we ■ Photo: Ivan Posavec

’righteous’ ones, as well as the nationalists from Zagreb, favour Nikolić’s biography over Tadić’s. Nikolić’s apology resembled more of a scene from an opera, while Tadić’s apology was more serious.

And people obviously don’t like serious.

should celebrate or commemorate this event so much. It is a good thing that the Wall did fall; it’s good for Europe. But if it hadn’t fallen, there wouldn’t be any wars in our country in the 1990s. Did these wars bring us freedom? If they did, then we could celebrate, regardless of war victims. If they didn’t, we should be sad and ashamed on the day when Europe is celebrating. When I say ’we’, I am referring to the people from the former Yugoslavia.

■ If the fall of the Berlin Wall was indeed

a key historical moment that would guide Europe’s destiny in the 21st century, how would you then explain the fact that Europe marched forward, while the Wall’s ’ruins’ fell on Yugoslavia?

- That’s how key historical and even sports events go. It would be good if we could distance ourselves from the time when we became collateral damage of Communism. That happened almost a quarter of a century ago, but we are still living as it happened yesterday.

gration of Yugoslavia, the culture in each of the former Yugoslav republics became less important, smaller and provincial? Do you think that it was living in Yugoslavia that gave these cultures confidence to be great and produce great works? Is confidence the key ingredient to having a great culture?

I use my common sense when I think about these things. Let’s take Croatia as an example: in the Croatian Literary Encyclopaedia, Ante Pavelić is mentioned as a “politician, publicist and novelist”, and on May 9, when all of Europe was celebrating Victory Day, Croatian Television was broadcasting documentaries about crimes committed by Partizans which suggested Ustasha’s innocence.

What is that if not a manifestation of Croatian nationalism in its most radical verbal form?

I don’t think that Serbia is in a much different situation.

■ Photo: Ivan Posavec

■ How would you explain the fact that, with the disinte-

- Yugoslavia was one cultural framework that was also distinctly pluralistic. We had no political freedom, and the question is whether we have freedom today. Cultural pluralism, effervescence and the freedom to create were much more pronounced ■ On July 1, Croatia will become in the last decade of Yugoslavia an EU member. How will Croatia, than they are today. Yugoslavia as an EU border country, treat did not fall apart into six or sevthe rest of the region? Do you en pieces, but into six or seven think that Croatia will play the deeply provincial obscurities, role of the border protector or which, each into their own, were maybe advocate enlargement in far smaller, more pathetic and order to get rid of that role? unproductive than what they - If radical nationalism is a prevwere individually during Yugoalent feature of official Croatian politics and Croatian society, as slavia. This also pertains to KoI think it is, then the Croatians sovo which lived this last decade will set up a rigid border with of Yugoslavia in abject terror, Serbia and do everything in resembling an ugly occupation. their power to thwart SerDespite that, film direcTruth be told, the Serbiantors from Kosovo manbia’s desperate attempts Croatian relations get on my to join a united Europe. aged to make at least one feature film a year, books nerves. They are based on mutual On the other hand, if the people who say that nawere published in the insincerity (more pronounced Albanian language, and tionalism in Croatia is only on the Croatian side), and they ’football folklore’ and that Albanian writers from Kosovo had their work mostly serve to fire up chauvinism “nationalistic politics are translated. What about in the population before elections dead” are right, then Crotoday? Does anyone even atia would advocate the care about feature films from Kosovo, if only as an idea united Europe’s extending its borders toward the East. since they are not made in reality? I am telling you all of This time around, I am not too keen on being right. this not because I want to cry nostalgically that Yugoslavia was better than anything that came after it. No, ■ Tadić and Josipović have had great relations, and it it wasn’t better; it just wasn’t a backward province on seems that good collaboration was the key factor in the outskirts of Europe. From the Triglav Mountain to both of their foreign policies. Following the official visit Gevgelija, it wasn’t what its successors are today. of Aleksandar Vučić to Croatia, how would you rate the relations between the two countries now?

■ Recently, Serbian intellectuals have declared the nationalist politics dead. Could you say the same for Croatia? Do you believe that the national politics in Serbia are truly dead?

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- Let me think. You have Tomislav Nikolić as the president, Ivica Dačić as the prime minister, and Aleksandar Vučić as the deputy prime minister, and you think that nationalist politics are dead? I don’t understand that.

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- Truth be told, these relations get on my nerves. They are based on mutual insincerity (more pronounced on the Croatian side), and they mostly serve to fire up chauvinism in the population before elections. Everything else is only ceremonial and instigated by Brussels and its pressure on the Balkan political leaders, or it is about the interests that Croatian businessmen have and their desire to sell their products to Serbia. ■

banking

Days of Swiss Banking Secrecy

could be numbered The EU believes up to a trillion euros are lost each year because of tax evasion. Much of that money is believed to be hidden in non-EU member Switzerland. It is still clinging to its long tradition of banking secrecy

F

or two centuries, Geneva has been one of the world’s leading centers for looking after wealth. The streets are lined with banks. Money, and the discreet, confidential management of it, has made the city successful.

But that long tradition of banking secrecy, which began simply as a way to protect a client’s privacy, has, Switzerland’s neighbors say, become a tool to siphon billions in foreign tax revenue into Swiss bank accounts.

“Every year around one trillion euros is lost in EU member states because of tax evasion and tax avoidance,” said Herman Van Rompuy, the president of the European Council, “one hundred times more than the loan that was recently agreed on for Cyprus.”

Most of Switzerland’s EU neighbors are angry that everyone with money to hide - from French politicians to German football managers - seems to find a safe bolt-hole in a Swiss bank. The European Union and the United States are demanding automatic exchange of bank information - the complete antithesis to banking secrecy.

Punishment for success?

There is dismay in the Swiss parliament. “Wherever I go in the world, it’s very fashionable today to say some nasty words about the Swiss and their banks,” said Yves Nidegger of the right-wing Swiss People’s Party. He believes his country is being punished for its success. “The fact that the Swiss banks have been taking care of one fourth of the private equity in the world was too much for a small country. And London, New York, and Brussels, they declared a war on that.”

Geneva’s bankers also see it as a war and feel under siege.

“Certainly we cannot be at war with our neighbors on these issues, that is very clear,” Michel Derobert, head of the Swiss Association of Private Bankers, told DW. “We will have to solve that problem; I’m fairly sure about that.” Personally, he added,

he believes Switzerland should find a solution with the European Union.

But how to solve it? Should Switzerland surrender, and abandon banking secrecy? A recent opinion poll caused headlines when it revealed that almost half of Swiss voters would do so. “Banking secrecy is dying,” law professor Philippe Mastronardi agrees.

He told DW he believes it is inevitable for Switzerland to give it up sooner or later. “It’s really turning round very fast now, Switzerland is moving week by week, month by month towards automatic exchange of information.” Since Switzerland is a small nation, the legal expert added, it had no power to enforce its interests upon other countries.

A country divided in two

But the other half of the Swiss want to keep it. The political debate has become heated. Member of Parliament Yves Nidegger is not ready to give in. According to him, Switzerland still has some bargaining positions - such as guaranteeing the Greek debt.

“We are the only ones able to do that. The Greek bank would be Triple A, would be sellable, and the guarantee would be maintained as long as our banking secrecy is respected.” That way, argued Nidegger, Switzerland could prove it’s not just selfishly trying to do its own games and not help. “We are ready to co-operate, we just want to be respected.”

Switzerland may have the money to guarantee Greece’s debt, but it’s unlikely to do so in return for keeping banking secrecy.

The Swiss money men are after all, in the face of all the pressure, beginning to accept what was once unthinkable. “We see the world, the whole world, moving towards a single standard,” Swiss banker Derobert told DW. “Obviously we will have to adjust to that standard. We understand that if a world standard comes to the surface, we understand that it will be difficult to remain outside the civilized world.”

Geneva’s banks, and Zurich’s, and indeed all the Swiss banks, are therefore going to have to find a new, more open way of doing business. It seems the numbered accounts are outdated, and the days of banking secrecy are numbered.

Source: DW.DE cordeditorial@cma.rs |

105 June 2013 | 31

interview Jerry Wright, President of the International Federation of Audit Bureaux of Circulations (IFABC) and Chief Executive of ABC UK

Rapid Rise of

Digital Media The main subject of this year’s European conference of the IFABC in Vienna was the continued and rapid rise of digital media and the necessity for ABCs to deliver new services in response; print will continue to be important in Europe and North America (in Latin America and Asia print circulations are still growing well) but the audit bureaux must offer services to measure these new digital channels and bring industry standards and accountability to them

T

he good news is that the media industry wants the ABCs to do this, but we need to move at great speed and listen carefully,” said Jerry Wright, President of the International Federation of Audit Bureaux of Circulation (IFABC) and Chief Executive of ABC UK, speaking to CorD. ■ The current situation in the media today requires significant

changes to be made to the systems that measure the media’s advertising potential. Could you explain to us the new setup and the direction which the development of these measurement systems will take?

- In the new situation we are facing, it is important to add ways of reporting all the different channels that a media brand might offer: print, websites, digital editions and publications and the different platforms by which they are delivered. This will require skills in digital auditing and measurement and the ability to report these channels, using the right metrics, in a multiplatform certificate. The IFABC has two global groups, the Web Standards Group and the Digital Publications Committee, to ensure that our members are able do things in their local markets based on global standards.

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■ As a global organization, the IFABC’s main goal is developing transparent relations between media owners, agencies and advertisers. What are the most common obstacles that ABC members have encountered locally in this respect?

- Our main goal is to promote the development of accountability and independent verification for advertising spend. To do this, it is important to have media owners, agencies and advertisers all sitting together round the table and making decisions by consensus. If one side or the other is too strong, the support of the whole industry may be lacking. Sometimes advertisers are more reluctant to be involved, but the strongest audit bureaux over time are those where the advertisers are very active. In the end, it is their money being spent and both agencies and media owners will take notice of their opinions. The wisest advertisers recognize how the value they get is improved by independent verification, transparency and accountability.

■ What should the existing and new members of IFABC expect in terms of the new principles and rules that will guide each national organization (the not-for-profit principle or tripartite organization)?

Goal

Our main goal is to promote the development of accountability and independent verification for advertising spend.

New Categories

In the near term, the IFABC suggests reporting digital publications and editions in two categories: "replica" and "non-replica".

- Applying our key principles, IFABC members are required under all normal circumstances to operate as tripartite organizations and on the principles of not-for-profit. Sometimes local laws and regulations or particular circumstances mean that bureaux cannot fulfil all these obligations and then the Executive Board does have some flexibility at the margins.

IFABC

The IFABC is a federation of independent, mostly national bodies, and decision-making will always rest at the country level.

■ With the goal of achieving efficient operations, the demands and needs of media owners, on one hand, and advertisers, on the other, have been constantly growing. The total audience certificate, which was frequently mentioned at the Vienna conference, is what both media owners and advertisers need. What are these reports about?

- This is a new product about to be launched by ABC UK. As multi-platform media brands develop, there is a need for audit bureaux to offer reporting for each of the channels individually, so folio. What are the IFABC recommendations for reporting on that advertising can be planned and traded in each case on the digital publications? basis of independently-verified data.

- A global IFABC Committee, led by Glenn Hansen of BPA In the Business Media sector, the move away from print Worldwide (BPAWW), was formed to produce a set of guidealone and towards a digilines at the beginning of 2012, tal multi-platform world has which are hosted on the IFABC been much quicker than in website at ‘www.ifabc.org/reother media sectors. As a resources/metrics/digital-pubsult, there is a demand for lication-commission’. industry measurement that Recognizing their continlooks to report a net total auued growth and the importance dience for a brand across all that digital publications and platforms that is de-duplicateditions now have within meed between platforms. Our dia owners’ brand portfolios, approach is to use the auditthe IFABC has released these ed census data for each platrecommendations for reportform (print circulation, webing digital media (non-website) site traffic and registraby its membership.

Many media owners have brands that tions, digital/tablet ediIn the near term, the are growing in total reach through digital tion sales etc.) as a baIFABC suggests reporting platforms but have print circulations that sis and then carry out digital publications and editions in two categoare declining. The Multi-Platform Certificate research to estimate the overlap between those ries: “replica” and “nonenables them to audit and report all their platforms. These two replica”. However, the channels in one place and so put across a sets of data are then inIFABC also acknowledges the rapidly changing different message to agencies and advertisers tegrated to produce the net audience figures for media landscape and has each individual platform and the brand in total. provided four definitions of digital media such that members can At present, this product is only available to Business Media expand on the suggested two categories. The expanded definitions brands because of the lack of industry research studies availaare: “editorial replica”, “editorial plus”, “targeted” and “dynamic”. ble for that sector and the different development of that market.

A complete glossary of terms and recommendations for reporting has been outlined for members. As digital media contin■ The multi-platform facilitates a much broader look at audiues to evolve, the IFABC will explore new metrics that help document usage and performance. Measurement of emails sent per ences and provides media owners with an opportunity to outissue, unique users of each issue by date, active views of issues line the total reach, yet shows each communication channel opened and content sharing are just some of the benchmark metseparately. What are the main features and advantages of the rics to be considered for future reporting by IFABC members. multi-platform system?

The IFABC Digital Publications Committee is planning to look - Many media owners have brands that are growing in total reach again at these guidelines in 2013 in the light of the rapidly changthrough digital platforms but have print circulations that are deing market. clining. The Multi-Platform Certificate enables them to audit and ■ Digital publications play an important role in a media port-

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report all their channels in one place and so put across a different message to agencies and advertisers. Agencies and advertisers too benefit as they want to see the real strength of media brands and to have the same independent assurance about figures in digital channels that they have in print.

countries where the ABC is active. As the head of the ABC’s British branch, could you tell us more about the current status of ABC UK considering that you also cover Wales, Scotland and Ireland?

- ABC UK looks after all countries of the United Kingdom and the Republic of Ireland. We have around 2,400 individual titles ■ Do IFABC Europe and global IFABC exin membership including all major newspapers and magazines, as well as many perience the same kind of problems? digital pure-plays websites; we also au- The challenges are similar in that all audit dit around 100 events and exhibitions, as bureaux are faced by the need to respond well as e-mail campaigns and social meto the digital media explosion. However, as dia. We also offer ‘brand safety’ and primentioned before, many bureaux in D&E vacy assurance certification for ad netmarkets have economies and media marworks and other digital intermediaries kets in rapid growth, where print is growand have recently published an evaluaing too. So they have less cost pressure tion of the five major Content Verification from print declines than many bureaux software tools. While print is still the main Europe, but they are faced by the same jor part of our business, around 30% of competition from commercial measurethe total is now from digital, and we are ment providers and by the same need to currently seeing very high growth in digmove more speedily. ital editions and publications, now over 200 in total, as tablets grow in popu■ The IFABC will continue to encourage larity. In the last few months, we have information exchange, and the developlaunched the Digital Publications certifment and harmonization of a professionicate, the Multi-Platform Certificate and al auditing system among its members. will soon launch the Total Could you elaborate on this ABC UK looks after all countries of the Audience Certificate for global vs. local principle?

Business Media.

- It is important to rememUnited Kingdom and the Republic of ber that the IFABC is a federIreland. We have around 2,400 individual ■ What are IFABC’s future ation of independent, mosttitles in membership including all major ly national bodies, and decigoals? sion-making will always rest - IFABC Vision is to pronewspapers and magazines, as well as at the country level with lomote accountability in ad many digital pure-plays websites cal Boards. However, there spend across the world. are areas where the IFABC can do more than just share informaIFABC Missions are the following. tion and best practice. The Web Standards Group, which has de• To promote globally the importance of audited media for the veloped global website measurement standards for the use of all media and ad market members, is a good example of this, and the Digital Publications • To promote the creation of new audit bureaux in new territories Committee, which has produced a set of definition guidelines for • To share knowledge about members’ successes quickly/easily members, is another.

• To play a role in the development of (global) digital media measurement standards ■ The IFABC is considered the only global standard for veri• To develop a future vision for ABCs, including digital measurement and audit services, and other opportunities, for fication of certain media measurements, which has been acIFABC members. ■ cepted and acknowledged by many state authorities in the

About IFABC

The International Federation of Audit Bureaux of Circulations (IFABC) is a voluntary federation of industry-sponsored organisations that have been established in nations throughout the world. IFABC members have a common commitment to the accurate and transparent reporting of comparable print and new media performance data. Its aim is to work with national and international organisations in any way that constructively supports the work of its members. The Federation seeks to encourage and facilitate the exchange of experience and best practice between member organisations, and is committed to working towards a greater standardisation and uniformity in the reporting of circulations and other data.

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june 2013 business leader’s meeting point

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Ramon Weidinger

Mario Draghi

45 Years of Success in Serbia

Taking Europe's Pulse

General Manager of Coca-Cola Hellenic Serbia

Head of the European Central Bank

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Forbes

The World’s Most Powerful Women 2013 cordeditorial@cma.rs |

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local news

Region

Business Dialogue 01

“Our common interest is to be positioned better, to have higher economic activity and open market for the flow of merchandise, capital and people. We do not have that yet in the region.”

— Ivica Dačić, Serbian Prime minister

Mercedes-Benz

02

Railway

Stylish, Refined, Sporty

Change of Railway Law

As part of the facelift, Mercedes-Benz has sharpened the overall appearance of the E-Class.

Intelligent modifications to the design have given the E-Class a new front end and created new, exciting proportions

Serbia adopted a new railways law to enable competition and attract investment in the services dominated by the state-run and unprofitable Zeleznice Srbije

The modifications have implemented the new MercedesBenz design idiom consistently, and reinterpreted the classical design values of the brand using the existing basis.

The result is a superior and refined appearance which is still sporty and emotionally appealing.

The headlamps have been redesigned and comprise all functional elements with a single headlamp lens. Flowing light elements within the headlamps help to ensure that the “four-eyed” look which is typical of the E-Class has been graphically retained, and afford both the Saloon and the Estate an unmistakable night design. The low-beam headlamps and the daytime running lamps feature LED technology as standard. Full LED headlamps are also available as an option for the first time in this class.

For the first time, the E-Class is available with two different front ends: the basic variant and ELEGANCE equipment line come with the classic, three-dimensional Saloon grille with 3-louvre look and Mercedes-Benz star on the bonnet. The AVANTGARDE equipment line, on the other hand, incorporates the sporty front end with central star and twin louvre which is softly shaped around the star recess, and as such boasts an independent, frontend look with a sporty emphasis.

04

Ivica Dacic and Stiv Balmer

IT

Serbian Government and Microsoft Signed Agreement

During the current trade mission in the United States, representatives of the Serbian government and Microsoft signed a Central Executive Agreement concerning the licensing of software to be used within the government administration’s existing IT infrastructure.

The agreement secures the maximum utilization of pre-existing investments of the Serbian government in its IT infrastructure, while offering a more secure and efficient public administration. In this way, a strong foundation has been set for the launch of services aimed at citizens, the economy, and government institutions. The Serbian government estimates that the agreement will enable additional budget savings, further optimization of infrastructure capacities, as well as the development of new electronic services for citizens and businesses.

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105 June 2013 | www.cordmagazine.com

The changes open the market for passenger and cargo services for which the Belgrade-based Directorate for Railways will issue licenses and security certificates. The directorate will set rates for using the railway infrastructure, which will be managed by a public company and local authorities.

The government also plans to split Zeleznice into units that will handle infrastructure, transportation and asset management, as part of efforts to adapt Serbia’s legislation to the European Union.

03

Serbia aims to curb spending on state companies including Zeleznice. The monopoly gets 14.6 billion-dinar ($170 million) support from the budget this year, after posting a 16.5 billion-dinar loss in 2012. The government said the new law will improve efficiency and help integrate Serbia’s rail network with neighbors and Source: Bloomberg with the EU.

Finance

Turks to Buy Belgrade Stock Exchange Too?

The proprietor of Atlas Group, majority owner of the Montenegrin Stock Exchange, Duško Knežević has revealed for the Blic daily that, in the followDuško Knežević ing few days, the Turkish stock exchange - Borsa Istanbul - will have acquired a 30% share in the Montenegrin Stock Exchange.

Knežević also said that the Turks could buy a share in the Belgrade Stock Exchange too, while Atlas Group was planning to buy a Serbian state-owned bank come autumn. Knežević added that the Turks plan to consolidate all regional stock exchanges, just like in Turkey. The Turkish stock exchange - Borsa Istanbul - has one of the biggest daily turnovers in the world.

Knežević also confirmed that, in the autumn, Atlas Group could also buy a share in one of the state-owned banks in Serbia, with Jubmes Bank being one of the potential candidates. The Vienna Stock Exchange had also expressed interest in acquiring a share in the Belgrade Stock Exchange, but the acquisition never materialized.

05

science

Petnica Among 90 Selected World Projects Petnica Science Centre will be representing Serbia in a global project launched by the worldrenowned Ketchum Consultancy celebrating its 90th birthday

The project celebrating 90 years of Ketchum Consultancy entails the agency donating 90 creative brainstorm sessions to 90 nonprofit organizations worldwide. The brainstorming sessions are all about devising communication programmes for organizations like Petnica in order to help them reach their goals.

Ketchum will do this free of charges.

Petnica Research Centre is one-of-a-kind institution in South East Europe. Every year, 2,000 students, between the ages of 13 and 19, from over 500 schools, take part in numerous projects, courses, workshops, science camps and other activities. Petnica especially focuses on the pupils from small rural areas, as well as underprivileged children.

IMF

Placements & Postings

“Serbia does not need the IMF for the withdrawal of loans, as we currently have more than EUR 11 billion in foreign exchange reserves.” — Jorgovanka Tabaković, Governor, National Bank of Serbia

06

appointments@cma.rs

www.cordmagazine.com/corporate/appointments.html

Fiscal Council

Serbia One Step Away from Bankruptcy?

By the end of the year, the budget deficit will exceed 5.5 percent of the GDP even if all austerity measures announced for cutting of the country’s deficit are implemented “In order to prevent a public debt crisis from breaking out, the government should make a budget rebalance as soon as possible to cut the deficit by an additional 30 billion dinars,” said Pavle Petrovic, President of Serbian Fiscal Council.

Professor Petrovic adds that Serbia would not have come into this situation had it started with structural reforms this year. As one of possible measures, the president of the Fiscal Council mentions control of salaries in public sector and pensions. He adds, however that will not be sufficient. “‘We think that pensions and payroll should not be increased by two percent as planned earlier and that their increase should be two percent for the whole of next year. Also expenditures by the state apparatus have to be significantly cut. I have to admit that, for the time being, we do not see that the state apparatus is ready to start saving, but rather to the contrary,” Petrovic says.

“With current trends, a deficit of even 4.5 percent would be a success.

It is necessary so that the trend of public debt increases until 2015 is reversed,” Petrovic says, and he adds that it would be good if the plan of fiscal consolidation were supported by the IMF as well.

He mentions that there is no crucial difference between assessments by the Council and those by the IMF. The IMF is expecting a deficit of seven percent of GDP and that the crucial difference in projected deficit is about 15 billion, or 0.5 percent of GDP. In order to avoid a public debt crisis, the deficit in 2014 should be cut by an additional 1.5 percent. That is not going to be easy since the government has failed to start the structural reforms envisaged by the fiscal strategy at the beginning of this year.

Those measures concern the pension system and the sacking of surplus labour in public sector.

The chief reason of the larger-than-expected deficit is income, which is by about 90 billion dinars less than projected, mainly due to poorly planned tax income. Expenditures only seem to be under control, and they will exceed the projected sum by about 20 billion dinars.

Source: Blic

07

Finance

Brefort: Serbia is Not Close to Bankruptcy “Serbia is not close to bankruptcy, but it has to take steps as soon as possible to cut its budget deficit down to a reasonable level, which it cannot do without reducing pays and pensions,” said Loup Brefort the World Bank (WB) Country Manager for Serbia.

Since salaries and pensions make up over 50 percent of the budget expenditure, Brefort sees no way of lowering the budget deficit without taking that into consideration.

“It could be a part of a set of measures that would reduce the deficit to a reasonble level,” he told Radio and Television of Serbia.

“The government needs to take steps to reduce the deficit, because the faster it is done, the sooner the results will come,” he stressed.

Source: Tanjug

James P. King New CEO of Sojaprotein

Velibor Vukašinović

Acting Director of JAT Airways

Zlatan Peručić New Direktor of Srpska Bank

Ratko Dmitrović New Director and Editor-in-Chief of Večernje Novosti a.d.

From May 1 the Sojapro factory, a subsidiary of Victoria Group, appointed James P. King as its new CEO. The previous director, Ms. Branislava Pavlovic, who successfully led the company for the past eight years, will join the top management of Victoria Group as Director of Legal Affairs.

Mr. King is a leading expert in soybeans, with 35 years of extensive international experience in managing production facilities, marketing and the commercialization of agricultural commodities. As a member of senior management or consultant, King has worked for the world’s largest agricultural businesses - ADM, Continental Grain, Dupont, Solae, Central Soya and Cargill. He participated in the reorganization of Soyprotec - Shemen Industries.

Over the last three years he has been engaged in establishing new greenfield operations in Finland.

The Board of Directors has appointed Velibor Vukašinović (62) as acting director of JAT Airways. Vukašinović is a major in the reserve, an air force pilot, and has been a test pilot in two aviation companies, Utva, Pančevo and Soko, Mostar. He was also a squadron commander of the Territorial Defence of Serbia, spent 13 years as a federal aviation inspector, and then five years as chief federal inspector. From 2002 to 2004, he was the head of the Aviation Council at the Ministry of Transport and Communications, and from 2004 to 2008, he was safety and air traffic control director at the Civil Aviation Directorate. He also worked as a public air transport inspector, and, since 2010, has been the President of the Association of the Serbian Aviation Industry, which he also founded. Mr. Vukašinović was a team leader for the European integration at the Directorate of Civil Aviation.

He got his master’s degree from the History Department of the Belgrade Faculty of Philosophy.

Zlatan Peručić has been appointed as head of Srpska Bank which is 99.2% owned by the state. Peručić, a former advisor to Srbijagas’ CEO Dušan Bajatović and a former director of Beobanka, replaces Ivan Maričić in this position, who is now an advisor to the Chairman of the bank’s Executive Board. Mr. Peručić began his career in banking in 1993 when he was the only candidate for the position of Director General of Beobanka to which he was subsequently appointed. He was also the Chairman of the Executive Council of the City of Belgrade from 1989 to 1993. Before that, he was Director of the Student Standard Centre which was responsible for reconstructing the Student Campus. Mr. Peručić (66) graduated from the Faculty of Law. He is married and has three sons.

On May 16, 2013, Radomir Ratko Dmitrović was appointed director and editor-in-chief of the Večernje Novosti daily. Mr. Dmitrović was born in Komogovina, Croatia, in 1958. He completed his high school education in Kostajnica, and studied law, journalism and art history in Belgrade and Zagreb. He started his professional career in 1981. He was both a journalist and editor-in-chief at Politika, NIN and on Radio and Television of Serbia. He also launched and was the editor-inchief of Argument weekly. In the last five years, he has been editor-in-chief of the Frankfurtske Vesti daily. Mr. Dmitrović is the author of the novel ‘The Notebook of Professor Mišković’.

cordeditorial@cma.rs |

105 June 2013 | 39

Business Dialogue corporate

Coca-Cola System

Export “First, China does not export revolution; second, it does not export famine and poverty; and third, it does not mess around with you. So what else is there to say?”

— Xi Jinping, President of the People’s Republic of China

45 Years of Success in Serbia Coca-Cola is a globally renowned brand which celebrated its 125th anniversary two years ago. This year, the most popular global drink is celebrating 45 years of production in Serbia

C

orD speaks with with Mr. Ramon Weidinger, General Manager of Coca-Cola Hellenic Serbia, about the most important moments in the last four and a half decades, the celebration of the anniversary and future plans of the Coca-Cola System.

40 |

- We all know that investments, whether domestic or foreign, bring many positive effects, such as reduced unemployment, higher productivity and competitiveness on the global market, and improvements of the standard of living. As a large investor and a company that has been operating successfully here for a long time, it is very important for us to monitor economic indicators.

To learn about specific results of our contribution, last year we presented a study where we analysed the socio-economic impact of the Coca-Cola System on this market and to that end we engaged the Steward Redqueen consultancy firm, with Ethan Kapstein, a renowned professor at INSEAD, as its partner. This was the first survey of its kind in the country, and it showed that our operations affect the local economy and society in many aspects.

■ You are one of the largest investors in the country. How do you comment on nearly five decades of operations in this market? What was the beginning like?

- The global history of Coca-Cola is more than a century long, and the crucial year in Serbia was 1967, when the Coca-Cola Company issued a production license to a local company. One year later, the Coca-Cola bottling plant was opened in Zemun, on ■ What were the results?

Batajnica Road. More than 15 years ago, Coca-Cola Hellenic acquired this local bottling plant, which was one of the largest for- Let me mention some most important ones. The first is related eign investments in the country at the time. Meanwhile, around to employment, which is very important, as unemployment is €200 million has been invested here, confirming the relevance of one of the major issues in the country. Each Coca-Cola System this market for us. We are proud to say that today the Coca-Cola employee directly affects the opening of additional 13 jobs. 1,300 System is the leading producer of soft beverages in the country people work in our three factories in Serbia, and another 18,500 and an employer of 1,300 people. workers are engaged in companies with Throughout its long history, Coca- which we cooperate – from suppliers, to In addition to the bottling plant Cola has been a brand that connects the entire production and distribution in Zemun, where Coca-Cola, Coca-Cola Zero, Fanta, Sprite, chain, to people serving our products in people and brings optimism, as Schweppes, Nestea, Burn, and cafes and restaurants. reflected in our campaigns Ultra Energy are produced, we In this manner, the influence has the also have Vlasinka, where the natural mineral water Rosa is botsame effect as a stone thrown in water – around direct influtled, then Fresh & Co, the producer of juices and fruit juices (neXt, ence there are circles of indirect influence, i.e., jobs and salaries Su-voće and Joy), as well as distribution centres countrywide. provided by direct suppliers, retailers and suppliers’ suppliers, When we look back and see all that, we can say that we have had and finally the influence of spending salaries by all of them. We a fantastic journey. First of all, our employees, who invest efforts have reached the conclusion that our system accounts for €345 and energy every day to enable refreshing drinks to reach milmillion of the GDP. lions of residents in the region, deserve credits for successes. On the other hand, we are also grateful to the numerous fans of our ■ You have been operating at this market for 45 years. How brands who have trusted us for 45 years now. much is investing in the local community important?

- It is very important. The principle of social responsibility is ■ How does a multinational such as Coca-Cola affect the in the core of our operations and part of all our processes. We economy of Serbia? believe that our obligation is to invest in the local community.

105 June 2013 | www.cordmagazine.com

Education “As Indians, we must of course learn from the past; but we must remain focused on the future.

In my view, education is the true alchemy that can bring India its next golden age.”

— Pranab Mukherjee, President of India Therefore, we strive to engage many partners from the public, corporate and private sector in various and numerous projects which contribute to the improvement of the quality of life of people. Our activities are primarily focused on environmental protection, support to vulnerable social groups, development of young and talented people, and promotion of active and healthy lifestyle.

■ This project marking your anniversary is related to the promotion of active and healthy lifestyle. How important is it?

- We believe that an active lifestyle is a prerequisite for health.

The promotion of an active lifestyle is a very important area for the Coca-Cola System and, so far, with the support of the Ministry of Youth and Sport and many other partners, we have launched and successfully implemented long-term projects in Serbia and accomplished outstanding results.

We wish to inspire and activate young people to adopt good habits, find a sport that suits them and practice it, either recreationally or professionally. In addition to pointing out the importance of an active life and exercise, we strive to raise awareness regarding the significance of balanced diet and healthy habits.

■ How important and necessary is cooperation across sectors?

- Through our projects, we strive to be real generators of change, but in addition to our support, it is very important to motivate people to act and do something more for themselves and their friends, family, and fellow citizens. The support of different sectors – from the state, to NGOS, to business associations, societies and partners – is of huge help in that endeavour. This ■ The Coca-Cola Company networking confirms cooperation and is an excellent example is globally renowned for where we see how combining impressive campaigns. You different experience and experhave launched the largest tise provides great results. We are campaign of personalised thankful to all the partners with products ever? whom we have improved - Throughout its long histhe quality of life of peoWe believe that our obligation is to invest in the local tory, Coca-Cola has been a ple though numerous brand that connects peocommunity. Therefore, we strive to engage many ple and brings optimism, projects so far, and we will partners from the public, corporate and private as reflected in our camcontinue to do so in the sector in various and numerous projects paigns. With this unique future as well. campaign, we wished to surprise our consumers and ■ How will you celebrate the symbolically grant the most anniversary? valuable item – our brand. We - We wish to do something really are very glad that the bottles grand in regard to the 45th anniversary of operations. That is and cans with the most common names and nicknames why we will open outdoor fitness next to the iconic Coca-Cola centres to citizens in 45 municipalities across Serbia. We will logo have immediately won execute this project in cooperathe hearts of people of all ages. tion with the National Alliance In this manner, we wished to for Local Economic Development provide people with an opportunity to experience some(NALED), and we are particularly thing new and strengthen old and create new friendships. glad that the municipalities where we will build Coca-Cola Active Zones will be selected based on the votes of citizens. Their votes will decide which 45 municipalities, divided into three ■ How do you see The Coca-Cola Company in the coming years? groups per number of citizens, will get outdoor fitness centres.

- We are proud of the results we have accomplished, and we will These Coca-Cola Active Zones will make exercise available to continue to be equally committed to further development. The everyone and enable people to exercise regardless of their ficurrent position is obliging us to continue setting new boundaries nancial situation. The voting process starts in June on our web- in business, providing top-quality products for consumers, and site, and I am sure that citizens will recognise the importance supporting the local community. We are determined to celebrate of this project, which will certainly upgrade the quality of life many more anniversaries in the years ahead of us in this country, of people around Serbia. which is one of the fastest developing countries in Europe. ■ cordeditorial@cma.rs |

105 June 2013 | 41

regional news

Business Dialogue 01

Eurovision I “ We see the old Yugoslavia, now independent states, after a decade of war they always vote for each other in Eurovision, ... That I think is fun.” — Carl Bildt, Swedish Minister for Foreign Affairs

02

Albania

Businesses Pessimistic About Economy

Bulgaria

Political Turmoil May Keep New Investors Away

According to a survey published by the American Chamber of Commerce in Albania, which polled over 120 members of the chamber, who head some of the largest businesses in Albania, 75 per cent believe that the performance of the economy in 2012 was poor. Meanwhile 56 per cent believe the downturn will continue in the current fiscal year Ornela Liperi, editor of the weekly magazine Monitor, told Balkan Insight that the survey reflects the wider mood of the business community, which is feeling the pain of the global economic crises coupled with the negative effect that the election campaign for the June 23 parliamentary vote is having on the economy.

According to the survey, 66 per cent of the respondents believe bureaucracy in public administration is high and 64 per cent say the country’s economy is informal.

The survey shows that 45 per cent of the respondents have registered a lower demand for goods and service and 30 per cent believe that the same tendency will continue in 2013.

According to 58 per cent of the respondents, their businesses are hampered by market monopolies and unfair competition, and 56 per cent see corruption as a problem.

03

Montenegro

IMF Seeks Closure of Aluminum Plant

04

Foreign investors, who are still considering tapping Bulgaria’s market, will be extra cautious as long as the country is struggling to emerge from political turmoil, experts have warned.

“The investors, who are already here, hope that the situation in the country will remain stable”, Michael Angerer, head of the commercial department with the Austrian Embassy in Sofia.

He warned it will be getting harder to attract investors if the political instability, which started with the anti-poverty protests and led to the resignation of the center-right cabinet of Boyko Borisov in February, drags on.

Both Australian and Italian investors are attracted to Bulgaria because they see the country’s good potential for foreign investments in various sectors.

Republic of Srpska

Thermal Power Plant in Stanari

Montenegro should shut down the loss-making aluminum plant that is the country's biggest single industrial employer to stem a sharp rise in its public debt, the IMF said The partly state-owned Kombinat Aluminijuma Podgorica (KAP) factory produced 120,000 metric tons of the metal last year, accounting for 4.7 percent of country’s economic output.

But its total debt of around €350 million is equivalent to one tenth of GDP, and it soaks up a further €3 million of state subsidies every month.

“In the last three years, KAP was the major problem for the economy. There should be a clear plan to liquidate the factory,” said Nadeem Ilahi, the head of an IMF mission to Montenegro.

Ilahi welcomed cuts to KAP’s production and workforce but said the plant continued to rack up unpaid bills. It owes €60 million for electricity alone. It still employs 1,200, and lawmakers fear that shutting it down would provoke social unrest.

KAP, which lost 16.2 million euros in the first quarter of the year, is jointly owned by the Montenegrin state and the Central European Aluminium Company of Russian billionaire Oleg Deripaska.

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105 June 2013 | www.cordmagazine.com

Republic of Srpska President Milorad Dodik and EFT Group president Vuk Hamović laid the foundations of an EFT thermal power plant in Stanari near Doboj.

The Stanari thermal power plant is the first energy facility of its kind being built in the area of the former Yugoslavia, and the EFT Group will invest €600 million in the project.

Several thousand people will work on the construction, and once the plant is finished, together with the mine it will employ 900 people.

The power plant in Stanari will generate 300 MW of power.

05

Marco Montecchi

Michael Angerer

But it is important that the next government take the necessary measures to promote the country in a new way, according to Marco Montecchi, Chair of the Italian Chamber of Commerce in Bulgaria.

“Companies are happy with Bulgaria’s current 10% flat tax on personal and corporate income, while in most European countries the corporate tax is about 40%,” said Montecchi. He recommended that the next government increase the tax by 1-2 percentage points, to use the additional revenues for social care.

“Even then, the tax will still be profitable for Italian investors,“ he said.

Macedonia

ELEM Begins Construction of "Bogdanci" Wind Park Macedonian Power Plants (ELEM AD) will officially begin Saturday the construction of “Bogdanci” wind park. This will be the first wind park in Macedonia which will provide pure energy from reNikola Grueski newable source using Macedonian Prime minister wind energy.

ELEM signed agreement with Siemens Wind of Denmark in consortium with Greek Siemens AS for distribution, transport, installation, putting into work and maintenance of 16 wind turbines.

The installed capacity of every wind turbine is 2.3 MW, the pillars are 84 meters high with 93-meter diameter blades. The total capacity of the wind park will reach 36.8 MW. Terna Siemens consortium works on development of necessary infrastructure for wind park.

Part of the funds for the wind park realisation was provided through a credit from German development bank KfW signed in April 2012. The €55.5 million project is part-financed by a loan from German development bank KfW (€32.9 million) and the rest of the funds (€22.6 million) are provided by ELEM AD.

Eurovision II

06

Placements & Postings

“This contest (Eurovision) is not really objective. I do not know what should happen to make Belarusians win.” — Alexander Lukashenko, President of the Republic of Belarus

appointments@cma.rs

www.cordmagazine.com/corporate/appointments.html

Romania

Changing Course on Renewable Energy With more wind turbines already built than any of its neighbors, Romania has gained a reputation as a prime location for green energy investors.

Yet proposals now to cut subsidies for clean energy producers have deeply alarmed foreign companies drawn to its market.

In recent years, the country has been host to a boom in renewable projects. Wind farm generating capacity in particular soared to 1,794 megawatts last year, from just 13.1 megawatts in 2009.

Under legislation implemented in 2011, energy distributors have been required to purchase “green certificates” for every megawatt hour of power that they sold. The certificates are issued to wind, hydro and solar power producers who can sell them directly to distributors.

With more than 2,000 megawatts of all forms of renewable production capacity now installed, Romania is already near its goal of meeting 24 percent of its energy needs from renewable sources by 2020.

In a climate of optimism, the government started to circulate ideas for clawing back some of the incentives available to investors, in a bid to hold down rising power bills. It proposed a suspension in issuance, until 2017, of as many as half of the certificates due under current incentive arrangements, effective starting July 1 and applicable retroactively to existing projects as well as new ones.

Since the government’s change of direction, CEZ, the Czech energy company that built a 600-megawatt wind farm in Romania — the largest in the country — has said that it will concentrate future investment in Poland.

In Romania, the green certificate program clearly drew huge foreign investor interest — the country attracted 7 percent of global renewable energy projects in 2011, according to a report by The Financial Times.

08

Region

Average Growth of 1.4% in 2013?

Southeast European economies will experience modest growth this year, the European Bank of Research and Development said in its latest forecasts. The region is expected to register an average growth of 1.4 percent this year, with Turkey and Kosovo being in the lead with 3.7 percent and 3 percent respectively. The outlook is also positive for Serbia, where GDP is expected to increase by 2.2 percent, as well as for Albania and Macedonia with 1.5 percent. Bulgaria and Montenegro economies are expected to grow by 1 percent this year.

Forecasts for Romania are for GDP to increase by 1.4 percent. Bosnia and Herzegovina will register a minimal economic growth of 0.1 percent, while Croatia will remain in recession with a negative growth of -0.3 percent.

09

Croatia

Companies Consider to Move East

Some of the biggest Croatian companies could move their production out of the EU when the country joins the European Union on 1 July. Macedonian news agency MINA speculates that Croatian companies that have markets in the former Yugoslav republics consider such a move. The same source revealed tobacco giant Industrija duhana Rovinj could move production into Mostar, Bosnia and Herzegovina, cookies and chocolate producer Kras plans to launch a production facility in Prijedor, also in Bosnia and Herzegovina to avoid higher taxes for export.

Zoran Vojnović Hypo Alpe-Adria-Bank

07

Zoran Vojnovic is the new Chairman of Hypo Alpe Adria Bank a.d. Belgrade’s Executive Board. He succeeds Vladimir Čupić in this position. Zoran Vojnović has been the Chief Exceutive Officer and Chief Risk Officer at Hypo Alpe Adria Bank a.d. Podgorica. From August 2009 to the end of 2011, he was deputy Chairman of Hypo Alpe Adria Bank a.d. Beograd’s Exeuctive Board, in charge of risk management. Mr. Vojnovic started his banking career at the Foreign Operations Department at Jugobanka’s HQ in Belgrade and its New York branch. Upon his return to Belgrade, he became deputy Chairman of the bank’s Executive Board, in charge of foreign operations.

In 2001, Mr. Vojnovic was appointed Director General of Jugobank by the National Bank of Serbia and the Rehabilitation Agency, during the process of the bank’s rehabilitation. In February 2002, he started working for UniCredit Bank Serbia a.d. Belgrade as deputy chairman of the bank’s Executive Board. Mr. Vojnovic graduated from the University of Belgrade’s Faculty of Economics, majoring in international commerce. He got his Executive MBA title from Vienna-based IMADEC University. He speaks English and French. Zoran Vojnovic was born in Belgrade in 1956, he is married and has one child.

Greece

Piraeus Bank Athens: Largest Bank in Greece Following the Millennium Bank transaction, the group’s combined total assets will amount to €99 billion, with 1,750 branches and 25,000 employees in Greece and abroad.

Following latest financial results, Piraeus Bank Athens has become the largest bank in Greece with a market share of 30%. The total equity of €1.3 billion on March 3, 2013, will reach €9.7 billion (pro-forma) upon the completion of Bank’s forthcoming share capital increase. This level of equity places Piraeus Bank in the 30th place among banks in the European Union.

Following the acquisition of the healthy ATEbank and Geniki Bank in 2012, this year’s acquisition of three Cypriot banks in Greece, the latest acquisition of Millennium Bank Greece, Piraeus has secured a €400 million participation of Millennium BCP in its upcoming share capital increase.

With Millennium Bank, the combined net loans of the group amount to €64.9 billion, with deposits reaching €56.3 billion, the loan-to-deposit ratio stands at 115% and the ratio of cumulative provisions to gross loans, 15%. Following this transaction, the group’s combined total assets will amount to €99 billion, with 1,750 branches and 25,000 employees in Greece and abroad.

Piraeus Bank pre-tax profit amounted to €3.077 billion in the first quarter of 2013, while the domestic market shares in terms of loans and deposits stood at 29.6% and 28.9% respectively.

At the same time Piraeus Bank has succeeded in safeguarding its private management and transformed itself into a financially robust banking institution, able to actively support all sound business and private initiatives, thus helping to strengthen the country’s competitiveness.

cordeditorial@cma.rs |

105 June 2013 | 43

Business Dialogue

Barriers “Barriers to the digital single market are barriers to growth. I’m determined to knock them down wherever I find them. In fact, I’m the same age as Alex Ferguson. But I have no intention of retiring until I’ve completed this task.” — Neelie Kroes, vice-president of the European Commission

Despite greatly improved financial conditions over the past nine months following the pledge

by Mario Draghi, head of the European Central Bank, to do “whatever it takes” to save the single currency, the euro area remains mired in recession

Taking Europe's Pulse O

utput declined by 0.2% in the first three months of 2013 from its level late last year, the sixth consecutive quarter of a recession that started in late 2011. GDP rose by just 0.1% in Germany, the biggest economy in the euro area and declined by 0.2% in France, the second biggest. Falls in southern Europe were much bigger, with GDP declining by 0.5% in Italy and Spain and 1.3% in Cyprus.

Forecasts from the European Commission in early May showed annual euro-zone GDP shrinking by 0.4% in 2013, following a contraction of 0.6% in 2012 Forecasts from the European Commission in early May showed annual euro-zone GDP shrinking by 0.4% in 2013, following a contraction of 0.6% in 2012. The economic reverse will be much deeper on the periphery of the single-currency club than in its core. Cyprus will take over from Greece as the worst performer this year as its 44 |

105 June 2013 | www.cordmagazine.com

Democracy “In the EU you have half a billion people who share a common belief in democracy, in rights, in the kind of economic life we want.”

— Catherine Ashton, Vice-president and high representative of the Union for foreign affairs and security policy GDP shrinks by 8.7% (a prediction that could well prove optimistic). The Baltic states will continue to shine. The economy tipped to prosper the most within the 17-country euro area is Estonia’s, whose GDP will rise by 3% in 2013. Within the 27-nation European Union (EU), Latvia which is expected to join the euro next January will be the star performer, with its GDP increasing by 3.8%.

The disparity between core and periphery is particularly stark in labour markets. Unemployment in Germany was just 5.4% of the workforce in March 2013, whereas in Greece and Spain it was around 27%. The gap is even bigger for young people. In Germany the youth jobless rate was 7.6% in March whereas it was 56% in Spain and reached 64% in Greece in February. These figures overstate the blight of youth unemployment because many young people are in full-time education and so do not count as part of the labour force (the denominator of the unemployment rate). But they highlight the disjuncture between northern and southern Europe. will be run by Britain (of 3.9% of GDP).

Even so there has been more rebalancing in the Despite these improvements, government debt levels are worryperiphery than is sometimes appreciated. Current-account deficits ingly high in the periphery. Despite a bond buyback late last year and which had ballooned in the first decade of the euro have narrowed. the writedown of over half of privately Portugal’s deficit has shrunk from Within the 27-nation European Union held debt in March 2012, Greek debt 12.6% of GDP in 2008 to 1.5% in will reach 175% of GDP by the end of 2012; over the same period Greece’s (EU), Latvia which is expected to join this year, an untenable burden. Although has fallen from 15% to 3%. Primary the euro next January will be the star Greece is being helped by interest deferbudget balances (ie, excluding interperformer, with its GDP increasing by 3.8% ral and maturity extension along with est payments)—a crucial measure in determining the sustainability of very low interest rates, it needs a further public finances—are also on the mend. Greece’s is expected to reach restructuring, this time of official debt. Italy’s debt burden continues zero in 2013 – an extraordinary swing from its deficit of 10.5% of to rise, to 131% of GDP this year, and debt in Ireland and Portugal is GDP in 2009. Indeed the highest primary deficit in the EU this year forecast to reach 123%.

Source: Economist.com

cordeditorial@cma.rs |

105 June 2013 | 45

world news

Business Dialogue 01

Europe

Confidentiality "Banking secrecy is 'comparable' to medical confidentiality. The state must absolutely respect the private sphere and should not know what there is in your bank account." — Ueli Maurer, Swiss President

02

Computer Sales Decrease in West Europe

Shortages of Imported Medicine to Reach 90%

Computer sales have decreased significantly in West Europe, said an information technology research company

Shortages in coming year expected because of increases in the price of the dollar

According to the USA-based research firm, sales of computers this year have suffered a five-fold decline from that in last year.

The main analyst of the company, Meike Escherich, said the sector had never witnessed such a sharp depression in compute sales.

The release of Windows 8 operating system did nothing to boost the sales. Users often hesitate, wondering how well this new system will fit to traditional computers.

HP and Acer have been hurt most hard as their sales plummeted to mere one-third of that they had in last year. Only Apple and Lenovo have managed to increase their computer sales.

People do not feel the need of computers anymore as they are switching to tablet computers and smart-phones, said an industry inside.

03

US

Yahoo! buys Tumblr for S$1.4b

Yahoo! has agreed to buy the popular blogging service Tumblr for about US$1.1 billion, a signal of how the company plans to reposition itself as the technology industry makes a headlong rush into social media.

The deal, announced on May 20 in New York before markets opened, is the largest acquisition of a social networking company in years, surpassing Facebook’s US$1-billion purchase of Instagram last year. Yahoo! stock rose 1.5 per cent to US$26.91 minutes after NASDAQ opened.

Yahoo! is paying all cash for Tumblr, dipping into some of its remaining stash from a US$7.6billion windfall reaped last year from selling about half of its stake in Chinese Internet company Alibaba Holdings. Taking over Tumblr will devour about one-fifth of the US$5.4 billion in cash that Yahoo had in its accounts at the end of March.

In its press release, Yahoo! assured that “per the agreement and our promise not to screw it up, Tumblr will be independently operated as a separate business’’, with founder David Karp staying on as Chief Executive.

It said the acquisition would increase its audience by 50 per cent to more than a billion monthly visitors.

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Egypt

04

Raga’i Morsi, president of Luxor’s Pharmacists Union, said that the shortfall in volume of medicine imported into Egypt over the coming year could reach upwards of 90% of desired levels, due to the continued increase in the price of the US dollar.

He added that the market is already suffering from a 15% decrease in imported medicines used specifically to treat eye

and liver diseases.

The sector had seen some improvement over the last few months, with some hard-to-find products making their way into the Egyptian market in large amounts.

However he added that the country has continued to suffer from a shortage of 300 separate types of medicine, most of which were used to treat diabetes and diseases of the heart and liver.

Poland

Fiat Branches Out Fiat has announced plans to begin producing a brand new automobile in its factory based in the southern city of Tychy.

According to Dziennik Gazeta Prawna, work on the new vehicle is set to start sometime in 2014, although no exact date has been given.

The paper writes that the Italian firm will be working closely with Chrysler and the new car will boost the factory from its present number of 266,000 units per year to 470,000 units.

05

Ireland

Ryanair to Buy More Aircrafts Irish low-cost airlines, Ryanair authority said end of May that the annual net profit of the airlines increased in the last one year ended in March The net profit of the airlines increased by 1.5 percent to about € 570 million during the stipulated 12 months compared to the previous year.

The Airlines authority also expected that the traffic of the company to be grown 3 per cent and the growth would be increased gradually.

The Ryanair authority also decided to increase the aircraft significantly and already ordered 175 new generation Boeings 737-800.

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06

Finland

Unemployment Rate Goes Up The rate of unemployment in Finland will rise to 8.4 per cent this year and the situation would remain unchanged in 2014, said a recent government report

The Ministry of Employment and the Economy in an assessment report forecast the country’s unemployment situation for this year and the next saying that the economic outlook had taken a downturn since last autumn, said a government press release.

The situation may improve slightly over 2014, if the economy picks up, although it is difficult to forecast an exact time for the expected rebound, the report said.

According to the latest forecast, the number of unemployed jobseekers will be to the tune of 290,000 in 2013 and 286,000 in 2014.

Capacity

07

Russia

“Both humanity’s capacity to innovate and the incentives to innovate are greater today than at any other time in history.”

— Ben Bernanke, Chairman of the Board of Governors of the Federal Reserve System of US

08

Qatar to Get $500m of Shares in Russian Bank VTB

Wine Sales to Britain Break £1 billion Mark

Russia’s second-largest bank VTB expects to close its $3.3billion (€2,566 bln) offering of new shares with three sovereign wealth funds, including Qatar Holding, investing about $500m each, chief executive Andrei Kostin told Reuters.

Azerbaijan’s state oil fund SOFAZ, Norges Bank Investment Management and Qatar Holding are buying more than 50 percent of the offering of 2.5 trillion VTB shares Kostin told Reuters in an interview that the anchor investors were each taking “more or less similar” stakes of about $500m - “the kind of ticket we are thinking of”.

The share issue will bolster VTB’s Tier 1 capital ratio to 11.9 percent from 10.3 percent at December 31, helping it meet loan growth targets.

The new Tier 1 capital ratio - a key measure of a bank’s ability to absorb losses - will be higher than No.1 Russian lender Sberbank’s 10.4 percent at Dec. 31.

“We expect our loan book will grow between 15 to 20 percent in order to meet Basel III requirements that the central bank plans to introduce this year “ Kostin said.

The Russian state will retain a 60.9 percent stake in VTB after the sale.

09

Turkey

Bid for New Istanbul Airport

Limak/Cengiz/Kolin/Ma-Pa/ Kalyon joint venture group offered the highest bid of €22.152 billion for the construction and 25-year lease of the third airport in Istanbul

Representatives of Limak/Cengiz/Kolin/Ma-Pa/ Kalyon joint venture group

The tender for the third airport in Istanbul took place in Ankara’s Esenboga International Airport beginning of May. Fifteen Turkish and two foreign companies received approval for their technical capabilities to build the third airport.

The company promising to pay the highest rent is Limak/Cengiz/ Kolin/Ma-Pa/Kalyon Consortium, a joint venture of only local companies.

The airport will be constructed under the build-operate-transfer mode.

Australia

10

Mexico

América Móvil to Acquire Start Wireless Group

Mexican telecoms giant América Móvil (NYSE: AMX), through its US subsidiary Tracfone Wireless, has agreed to acquire US-based mobile virtual network (MVNO) operator Start Wireless Group, according to an América Móvil disclosure sent to the Mexican stock exchange (BMV).

The transaction is expected to close during the second quarter of this year following regulatory approval. The Mexican operator did not disclose the value of the deal.

Start Wireless serves some 1.4 milion subscribers in the US with prepaid plans for voice, messaging, and data.

América Móvil’s billionaire owner Carlos Slim has also been expanding his footprint in Europe, acquiring a 30% stake in Dutch telecom carrier KPN and 23% of Telekom Austria last year.

Australia extends its lead over Italy as Britain's favourite imported wine

Australian wine sales to Britain have broken through the £1 billion barrier and extended their lead on secondranked Italy as the country’s favourite imported wine, according to latest figures from market analysis firm Nielsen.

The surge comes despite Australian winemakers decrying the high value of the dollar, which they say has slashed sales and margins as their brands are priced out of the market by cheaper blends from new-world South American producers such as Chile, as well as old-world centres like Spain.

A number of family-owned

11

wineries have blamed the appreciating Australian dollar for crunching their sales, particularly in the crucial markets of North America, and Australia’s biggest export destination for wine, Britain.

But new figures from Nielsen released overnight tell a different story.

According to Nielsen, France and the US were in third and fourth place with sales to Britain of £765 million and £686 million respectively. Spain was the fastest growing wine exporter to Britain, with its value of sales up 17 per cent to £538 million for the period.

India

Foreign Investors May Buy InflationLinked Bonds India’s new inflation-linked bonds will be sold to foreign investors as part of an up to $25 billion investment limit for government debt allotted for demand from overseas, Reserve Bank of India (RBI) officials said.

However, inflation-linked bonds will be issued separately from a scheduled weekly auctions of government bonds, the officials said providing details about the upcoming sales of the debt.

The RBI plans to kick-off monthly sales of inflation-linked bonds on June 4, with an inaugural sale of 10 billion (€140 million) to 20 billion rupees (€280 million) worth.

The central bank may also consider eventually linking inflation-indexed bonds to the consumer price-led inflation (CPI) once the price measure stabilizes, said R. Gandhi, executive director of the RBI. Inflation bonds will also be eligible for short-selling, repo transactions. Inflation-linked bonds are part of the several measures India has taken to wean away investors from gold, which is considered a natural hedge against rising prices. These bonds are being re-introduced after a failed attempt in 1997. cordeditorial@cma.rs |

105 June 2013 | 47

Forbes

The World’s Most

Powerful Women 2013 From a preliminary group of over 250 candidates from around the world, US Magazine Forbes selected the 100 most influential women from seven categories or power bases: billionaires, business, lifestyle (including entertainment and fashion), media, nonprofits and NGOs, politics and technology. To determine the rank within each category, as well as overall rank on the list of 100, Forbes applied three metrics: money, media presence and impact. Here are the profiles of the first 10 most powerful woman in the world 1. Angela Merkel, Chancellor, Germany Age: 58; Education: Master of Science, Leipzig University; Doctorate, Leipzig University The world’s most powerful woman is the backbone of the 27-member European Union and carries the fate of the euro on her shoulders. Merkel’s hard-line austerity prescription for easing the European debt crisis has been challenged by both hardhit southern countries and the more affluent north, most particularly French President Francois Hollande. Merkel has served as ­chancellor since 2005, the first woman in the position, but her biggest challenge may still lie ahead: she is running for a third term this fall’s general elections.Merkel has earned the top spot on the FORBES list of Most Powerful Women In The World for seven of the past 10 years.

3. Melinda Gates, Cochair, Bill & Melinda Gates Foundation Age: 48; Education: Master of Business Administration, Duke University; Bachelor of Arts / Science, Duke University Primary goals for the Bill and Melinda Gates Foundation this year have been to eradicate polio worldwide by 2018 and get modern contraceptives to another 120 million women by 2020; the Foundation has committed $140 million annually to this cause. In 2012 a particular emphasis was placed on devising tools for quantifying the success of initiatives as governments increasingly look for proof of the efficacy of the programs they pay for.

The Gates Foundation gave away $3.4 billion last year, the vast majority to global health programs, and has made more than $26 billion in grant commitments since the Foundation’s 2000 founding.

2. Dilma Rousseff, President, Brazil

4. Michelle Obama, First Lady, United States

Age: 65; Education: Bachelor of Arts / Science, Federal University of Rio Grande do Sul Now at the midpoint of her first term, the former revolutionary sits atop the world’s seventh-largest national economy (GDP $2.4 trillion). Despite Brazil’s size, Rousseff is tasked with pulling the country out of its slowest two years of growth in more than a decade. Her emphasis on entrepreneurship has inspired a new generation of startups, however many criticize the leader for favoring pro-development policy over more humanitarian concerns.

Age: 49; Education: Bachelor of Arts / Science, Princeton University; Doctor of Jurisprudence, Harvard University The Harvard grad and former corporate attorney (and husband Barack Obama’s boss) actively uses her platform as first lady to fight childhood obesity and promote healthier eating and lifestyles.

With 67% of Americans viewing Michelle Obama in a positive light, she’s more popular than her husband by far (47%) -- likely because she spends more time laughing on TV than running the country. This year alone she’s appeared on the shows of Katie Couric and Jimmy Fallon and announced the Best Picture for the Academy Awards.

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105 June 2013 | www.cordmagazine.com

5. Hillary Clinton, Personality, Philanthropist

8. Janet Napolitano, Secretary, Department of Homeland Security, United States

Age: 65; Education: Master of Laws, Yale University; Bachelor of Arts / Science, Wellesley College The whole world is watching: Will Hillary run? Clinton has a CV full of firsts: She is the only first lady to become a U.S. senator turned viable presidential candidate turned secretary of state. Now a private citizen, she holds her position as one of the most powerful women on the planet with all bets on that she will be the 2016 Democratic presidential candidate and likely next leader of the free world. Sixty-five percent of Democratics say they’ll vote Team Hillary, while another poll has her beating the two Republican forerunners by 52%. Her only speed bump now is the Benghazi controversy. And while Bill Clinton calls speculation about his wife’s intention to run as “the worst expenditure of our time,” she’s done little to quiet the chatter, including hitting the speaking circuit last month at an estimated $200,000 fee per event and inking a reported $14 million book deal.

Age: 55; Education: Doctor of Jurisprudence, University of Virginia; Bachelor of Arts / Science, Santa Clara University Helms the third largest department in U.S. politics, overseeing a budget of $48 billion, a staff of 240,000 and 22 agencies, including FEMA, Customs and Borders, Immigration, the Secret Service and cyber security, which she describes as the fastest-growing threat to the country.

Napolitano describes her leadership style as “keep[ing] your eye on long-term vision while dealing with the crisis du jour.

6. Sheryl Sandberg, COO, Facebook

Age: 43; Education: Bachelor of Arts / Science, Harvard University; Master of Business Administration, Harvard University Facebook’s COO incited a new conversation on feminism in the workplace with her March 2013 book, “Lean In: Women, Work and the Will to Lead.” The manifesto sold nearly 150,000 copies in its first week and has held the top non-fiction spot on bestseller lists since.

But Sandberg’s biggest success of the year may have happened right in Menlo Park. After adding ads to its mobile news feed, Facebook earned more U.S. mobile revenue than any other publisher in 2012, with an 18.4% share of the entire market. The April release of “Home,” the new Facebook phone, will reportedly allow companies to send advertising directly to users’ smartphones even if the home screen is locked.

7. Christine Lagarde, Managing Director, International Monetary Fund

Age: 57; Education: Master of Arts, Institut d’’etudes politiques d’’Aix-enProvence The first woman to run the 188-country financial organization spent much of her first two years on the job battling the debt crisis in Europe and calling for ailing global economies to accelerate steps for stable growth. Her push for debt-sharing between EU nations and an increase in rescue funds has faced resistance from fellow power woman Angela Merkel, chancellor of Germany. French-born Lagarde was a labor and antitrust attorney in the U.S. before a six-year stint as French finance minister.

9. Sonia Gandhi, President, Indian National Congress, India

Age: 66 As the longest-serving chief of India’s ruling political party, Gandhi has the reins of the world’s second-most-populous country and tenth-largest economy. Rumors persist over a rift between her and Prime Minister Manmohan Singh, with many expecting Singh to leave office before the 2014 general elections. Son Rahul is next in line to take over India’s most famous political dynasty.

10. Indra Nooyi, CEO, PepsiCo

Age: 57; Education: Master of Business Administration, Yale University; Bachelor of Arts / Science, Madras Christian College Nooyi has been busy pushing changes through PepsiCo this year. For starters, she boosted quarterly results -- revenue jumped 1.2% to $13 billion -- with higher prices and sales of the company’s snacks like Doritos and Cheetos. Under her urging, PepsiCo is researching a new sweetener that could result in trading places with rival No. 1 Coca-Cola.

The list of the next 10 most powerful women in the world (ranked from 11th to 20th) is led by the President of South Korea

11. Geun-hye Park, President, South Korea 12. Virginia Rometty, CEO, IBM 13. Oprah Winfrey, Entrepreneur, Personality 14. Ursula Burns, Chairman and CEO, Xerox 15. Meg Whitman, CEO, Hewlett-Packard 16. Georgina Rinehart, Executive Chairman, Hancock Prospecting 17. Beyonce Knowles, Actress, Entrepreneur, Musician 18. Maria das Graças Silva Foster, CEO, Petrobra 19. Jill Abramson, Executive Editor, New York Times Co. 20. Irene Rosenfeld, CEO, Mondelez International… cordeditorial@cma.rs |

105 June 2013 | 49

after work

Francine Cunningham Executive Director and Ivar Rusdal ENPA President

Representatives of Serbian Media Association: Veselin Simonović (left), Tijana Bajović, Zoran papić and Zoran Sekulić

Seminar about media regulation and self-regulation: Tijana Bajović, Zoran Sekulić, Ivar Rusdal and Vincent Degert

Gordana Perić, state Secretary and Ivar Rusdal

General Assembly meeting

Some moments of relaxations following the two day conference

The General Assembly of the European Newspaper Publishers’ Association (ENPA) The General Assembly meeting of European Newspaper Publishers’ Association (ENPA) took place in Belgrade on May 23 and 24. The event was hosted by the Serbian Media Association with representatives of the 22 national newspaper publishers’ associations from the EU, and representatives of Norway, Switzerland and Serbia present. ENPA has over 5,000 print media outlets as members whose combined circulation is close to 150 million copies.

The main topics of the meeting were the protection of copyright and industry rights, VAT and encouraging self-regulation in the media industry.

The meeting was chaired by Ivar Rusdal from Norway, who commended the Serbian government for its efforts on sorting out the 50 |

105 June 2013 | www.cordmagazine.com

current problems in the country and added that he hoped the same effort would be invested in resolving the issues with the media’s position in Serbia.

The day before the General Assembly met, a seminar about media regulation and self-regulation was held with the EU Ambassador to Serbia, H.E. Mr. Vincent Degert, ENPA’s Chairman Ivar Rusdal, President of the Serbian Media Association Zoran Sekulić and many other officials in attendance.

The Assembly also commended the Serbian Media Association and its Executive Director Zoran Papić for an excellent organization of the event.

cordeditorial@cma.rs |

105 June 2013 | 51

faces & places 28.04.2013

Folk Dance Festival The Indonesian Embassy organized a Folk Dance Festival at Belgrade’s Children Culture Centre which showcased dances and songs from the various regions of this large country. Apart from H.E. Mr. Semuel Samson, Ambassador of Indonesia to Serbia, the festival was also attended by many representatives of the diplomatic corps, friends and lovers of folklore.

08.05. 2013

09.05. 2013

National Day of Poland

Israeli Film Days

In celebration of the National Day of Poland, the Polish Ambassador to Serbia H.E. Mr. Andrzej Edward Jasinowski held a formal reception in the Embassy’s beautiful garden. Many members of the diplomatic corps and representatives of the Serbian government were present.

The Israeli Film Days took place at the cinema of Belgrade’s Dom Omladine. During this three-day event, visitors saw seven award-winning feature films of contemporary Israeli film production, namely ‘Intimate Grammer’ directed by Nir Bergman, ‘Eyes Wide Open’ by Haim Tabakman, ‘Five Hours from Paris’ by Leonid Prudovsky, ‘Eli & Ben’

by Uri Ravid, ‘Restoration’ by Yossi Madmoni, ‘Dolphin Boy’

by Dani Menkin and Yonatan Nir and ‘My Australia’ directed

by Ami Drozd. The festival was opened by Israeli Ambassador H.E. Mr. Yossef Levy.

Nebojša Stefanović, Speaker of the Serbian Parliament and H.E. Mr. Andrzej Edward Jasinowski

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105 June 2013 | www.cordmagazine.com

H.E. Mr. Yossef Levy, Israeli Ambassador

15.05. 2013

Cuban and Venezuelan Embassies – Charity Event In celebration of 70 years of the establishment of diplomatic relations between Serbia and Cuba, the embassies that are accredited in Serbia and are members of the Bolivarian Alliance for the Peoples of Our America (Cuban and Venezuelan embassies) and the Centre for the Preservation of Tradition and Culture, ‘Thermal Power Plants Nikola Tesla’ from Obrenovac held a charity show for sick children in the lobby of the University Children’s Clinic on Tiršova Street.

Cuban Ambassador H.E. Ms. Mercedes Martinez Valdes and Charge d'Affaires of the Embassy of Venezuela Ms. Dija Nader de El Andari

16.05.2013

German-Serbian Career Fair The German Economic Delegation in Serbia and the German-Serbian Business Association formally opened the first German-Serbian Career Fair on the premises of the Yugoslav Film Archive. The event was attended by Director of the German Economic Delegation in Serbia Mr. Michael Schmidt, German Ambassador to Serbia H.E. Mr. Heinz Wilhelm and the State Secretary in the Serbian Ministry of Finance and Economy Aleksandar Ljubić.

Michael Schmidt, Director of the German Economic Delegation in Serbia 17.05.2013

Rainbow Award The Labour Community Department at the Serbian Interior Ministry is the first recipient of the Rainbow Award for its contribution to fighting homophobia and transphobia and improving the standing of the LGBT population in Serbia. The award is given by the Gay Straight Alliance. Golub Gačević received the award on behalf of the Labour Community Department.

The award ceremony took place at the Belgrade City Assembly.

cordeditorial@cma.rs |

105 June 2013 | 53

faces & places 20.05.2103

Reality Check Conference The third FIC Reality Check Conference took place at the Hyatt Hotel on Monday, May 20. High Serbian officials and members of the Foreign Investors Council discussed the topics that are crucial for the further development and improvement of the business environment in Serbia.

Goran Pitić (left) Vice President Societe General Bank, Serbia; Jorgovanka Tabaković, Governor, National Bank of Serbia; Ivica Dačić, Serbian Prime Minister and Costin Borc, President of Lafarge BFC and President of FIC

23.05.2013

Argentina: 203rd Anniversary of the May Revolution The Ambassador of the Argentine Republic, H.E. Mr. Ricardo Fernando Fernandez, held a reception at the Residence on May 23rd, 2013, in celebration of the 203rd Anniversary of the May Revolution. The reception was attended by many members of the diplomatic corps and political figures.

22.05.2013

Culinary Skills Class A lunch, in the form of a culinary skills class, was organized for diplomats and directors of companies which supported the 10th Belgrade Dance Festival. Director of the Belgrade Dance Festival Aja Jung, the EU Ambassador to Serbia H.E. Mr. Vincent Degert and Serbian Minister of Culture Mr. Bratislav Petković were the hosts of this casual gathering. This year, 18,700 people saw the festival which is considered a European dance trend-setter.

H.E. Mr. Ricardo Fernando Fernandez and H.E. Orlando Antonini, Archbishop Apostolic Nuncie in Serbia

23.05.2013 Summit of 100 Business Leaders of Southeast Europe

Summit100 was opened by Montenegrin Prime Minister Milo Đukanović, who said that this initiative confirmed the stability of the countries of the region and was an important step towards cooperation in regard to its economic potential. In addition to Đukanović, the Summit was

54 |

attended by Serbian Prime Minister Ivica Dačić, President of the Council of Ministers of Bosnia and Herzegovina Vjekoslav Bevanda, Minister of Economic Development and Technology of the Republic of Slovenia Slavko Stepišnik, and Deputy Minister of Economy of FYRM Hristijan Delev.

105 June 2013 | www.cordmagazine.com

Milan Petrović (left), President of the Serbian Association of Managers, Milo Djukanović, Montenegrin Prime Minister and Dušan Knežević, President of Atlas Group

24.05.2013

Days of Bulgarian Enlightenment and Culture Bulgarian Ambassador to Serbia H.E. Mr. Angel Dimitrov and his wife Mrs. Rumiana Stancheva held a reception at the Bulgarian Embassy apropos the Days of Bulgarian Enlightenment, Culture and Slavic literacy.

H.E. Mr. Vincent Degert, Ambassador, Head of the EU Delegation in Serbia (left) and H.E. Mr. Angel Dimitrov

24.05.2013

European Day of Parks As a part of the celebration of Biodiversity Week, the European Day of Parks was marked by a tour of the protected area and natural monument Lazarev Kanjon (Lazar’s Canyon). The tour was organized by the UN Development Programme (UNDP) and Public Enterprise Srbijašume.

H.E. Mr. Abdelkader Mesdoua, Algerian Ambassador to Serbia (left), H.E. Mr. Majid Hamlaoui, Tunisian Ambassador and Tomislav Nikolić

William Infante, UNDP Resident Representative in Serbia and Zorana Mihajlović, Serbian Ministry of Energy, Development and Environmental Protection

27.05.2013

Day of Africa A reception in celebration of the Day of Africa was held at the Museum of African Art on May 27.

The reception was hosted

by Algerian Ambassador to Serbia H.E. Mr. Abdelkader Mesdoua.

Apart from Serbian President Tomislav Nikolić the reception was attended by many members of diplomatic corps. cordeditorial@cma.rs |

105 June 2013 | 55

culture calendar CONCERTS Antonis Remos Sava Center 1 June @ 20.30 Antonis Remos is the best male singer of the Greek music scene today. When a talented singer from Thessaloniki sang alongside the biggest stars in 1995, Sony BMG Greece recognised that talent and offered him a contract, and his first

album, Antonis Remos (1996), reached platinum status. A star was thus born. During his career, which had a whirlwind rise, Antonis Remos collaborated with leading Greek composers and singers, and each new album surpassed prior success.

After the album in 1996, it was followed by Kairos Parakato Pamela (1998). Pali Ap’Tin Archi (1999), which were also sold in the millions of copies in 2001. Antonis recorded a double CD album - Live from Club Apollo Mia nihta mono (2001) - which sold over two million copies and earned double platinum status. Hits from the album last to this day and represent his first unofficial The Best Of (Pali Ap Tin Archi, Etsy Hafnika, Filaraki, We Zitas Signomy, and Apopse), and Antonis continues to enjoy success. Each new album is awaited with great anticipation and trepidation and expected that it will reach the success of the previous ones.

Svrati(š)te na svirku!

Dom Omladine 2 June @ 19.00 On Sunday June 2nd, at Dom Omladine from 19h, a benefit concert will be held which will include thirty eminent local artists, with all proceeds going to the professional development of children involved in living and working on the streets.

The initiative for this concert came from the artists working for the idea of Fair Share, which represents the right of artists to work freely and

fully and independently manage their work. Most of the programs in this concert will be premiered and recorded, in addition to revenue from ticket sales being directed to the “Fund for the professional development and advancement of talent” of the Center for Youth Integration.

In the Americana hall at Dom Omladine, jazz elite and popular pop-rock musicians of the local scene including Jelena Jovović, Rambo Amadeus, VH, Maraqya, Lena Kovacević, Bojana Stamenov, Struka and many others will perform.

Bajaga & Instruktori Kalemegdan Fortress 22 June @ 20.00 Bajaga & Instruktori will held their concert in Kalemegdan as part of their tour to promote the new album “Distance, smoke and dust”. This concert was symbolically named “Bajaga with friends.”

“The lower city at Kalemegdan is perhaps the only important place in Belgrade where we have

never played,” said Momčilo Bajagić. Bajaga was confirmed a long time ago as a true Belgrade brand, filling city’s largest concert venues, Dom Sindikata, Sava Centre, Tašmajdan, Belgrade Fair Hall, and Belgrade’s Kombank Arena. Now it’s a new challenge.

“We were thinking about concert at Kalemegdan for a long time now, and we started its realization a few months ago, “reveals Bajaga.

Slayer Kombank Arena 25 June @ 20.00 Slayer, one of the most important heavy metal bands of our time, will perform at the Kombank Arena on June25th.

Heavier, faster and darker than the rest, Slayer set the new standard that others started to follow.

Tom Araya (bass & vocals), Kerry King and Jeff

Belgrade Design Week Museum of Yugoslav History 6-8 June Three days of the most exciting global creative, business and educational BDW conference “INNOVATION2”, for the eight time in row in Belgrade, now at the iconic Museum of Yugoslav History, from June 6th until June 8th 2013.

The world’s best from the full specter of creative industries – branding, design, architecture, publishing, advertising, fashion, new media, film, entrepreneurship and culture – will explain how to create new value in a fast changing world driven by innovation!

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A must for every progressive person and company planning the future of their business, institution, community, region, and especially for creatives planning their own future and the future of their clients. For more information visit belgradedesignweek.com

105 June 2013 | www.cordmagazine.com

Jamiroquai Kombank Arena 30 June @ 20.00

Jamiroquai will perform in Belgrade’s Kombank Arena on June 30th.

Founded in 1992, Jamiroquai broke on to the world stage with the rest of the British jazz funk and acid jazz scene, and established its place side by side with great bands such as Incognito and The Brand New Heavies, but quickly far surpassing them in popularity.

Record company Sony noticed that their first single “When You Gonna Learn?” and announced their debut album “Emergency on Planet Earth”. Greater popularity brought them their next album, “The Return of the Space Cowboy,” but their planetary fame comes from the “Travelling Without Moving” recorded in 1996. The hit “Virtual Insanity” became the highlight of many club nights and JQ was recognized as one of the favourite vocals of acid jazz and even the entire pop scene at the time.

And after more than two decades, JQ and his team are true to their own expression of streaked funk, electro and pop sections. The combination of lighthearted voice and countless funky hats with music that calls for dancing, gave them a career full of hit Hanneman (guitar) and Dave Lombardo (drums) not only built the genre but an attitude.

Since they have never played in Belgrade, you can expect an uncompromising, brutal and very loud concert and understand why Slayer is considered the alpha and omega of solid sound.

Newsted will perform as the opening band to Slayer. Newsted is the band of former Metallica bassist Jason Newsted.

Tickets are available at all locations Event in CS and at the box office: Belgrade Arena, Belgrade Ticket Center, Youth Center, Shopping Centre and via websites: kombankarena.com and eventim.rs

singles such as “Cosmic Girl”, “Love Fool,” “Little L,” “Space Cowboy,” and “Deeper Underground.”

Song after song on the top of the charts, more than 25 million albums sold, numerous awards, including five MTV awards, Ivor Novello and Grammys are all products of Jamiroquai’s creative and artistic work in which they are led by Jay Kay’s imagination.

“If the song does not sound good with a keyboard, destroy it.” This is the main rule of the charismatic frontman.

Concert in Kombank Arena on June 30th will be the second appearance Jamiroquai in Belgrade.

At the same time, this is their third concert in Serbia, as two years ago performed at the Exit promoting their last album.

Jamiroquai concert tickets are on sale at prices of 3500, 4500 and 4900 dinars at all Eventim locations and at the box office: Belgrade Arena, Belgrade Ticket Center, Youth Center and Shopping Centre as well as at web sites kombankarena.rs, eventim.rs.

CLASSICAL MUSIC Zubin Mehta & Belgrade Philharmonic Orchestra Kolarac 10 June @ 20.00 Zubin Mehta conducts the Belgrade Philharmonic Orchestra Charity Concert on 10th June to be held at Kolarac. The gala dinner which will follow the concert is aimed at collecting funds for the upcoming international tour of the Belgrade Philharmonic Orchestra.

Mehta, who carries all the charm of his native country, the mysterious and compelling India, turned 77 years last month.

He also celebrated fifty years of work with the Vienna, Berlin, LA and the Israel Philharmonic Orchestras, for which Mehta is music director for life. As the head of the New York Philharmonic Orchestra, Mehta spent 13 years, the longest in the history of the orchestra.

He has received numerous awards, honours

culture news and, interestingly, a star on the Hollywood Walk of Fame, the only one in the world of classical music.

His last award was from the President of Israel for his contribution to their Philharmonic Orchestra.

U Susret Jubileju Kolarac, 14 June @ 20.00 Conductor: Muhai Tang Solist: Sofija Pižurica soprano, Jelena Končar mezzosopran, Aleksandar Saša Petrović tenor and Dragoljub Bajić bass Obilić Choir – AKUD Krsmanović Program: Wagner, Beethoven Nigel Kennedy Kolarac 18 June @ 20.00 An English phenomenon with a violin in his hand, Nigel Kennedy is known for his virtuoso performance of classical music, but also for his improvisations and use of, for example, the cadence of legendary guitarist Jimi Hendrix in a Beethoven violin concert, and the introduction of elements of jazz in classical music. Kennedy, according to music experts, has done much to popularize classical music among young people.

World Music Day Kolarac, 21 June @ 20.00 Celebrating World Music Day, RTS Children Choir and guests will also mark 65 years since it was established.

Conductor: Snežana Despotović

OPERA Opera Stars of Bolshoi Theatre Sava Center, 13 June @20.00 The Sava Centre and the National Theatre, with support from the Ministry of Culture of the Republic of Serbia and the Embassy of the Russian Federation, have organized an exclusive cultural event to mark the National Day of Russia: “Gala Concert-Opera Stars Bolshoi Theatre’’.

The concert will feature the greatest opera stars of the famous Bolshoi Theatre: Makvala Kasrašvili, legendary Russian and world opera soprano and director of the Bolshoi Theatre, Mikhail Kazakov, bass and champion of the Bolshoi Theatre, Oleg Kulko, tenor and champion of the Bolshoi theater, Svetlana Šilova, mezzo-soprano and star of the Bolshoi Theatre, and Ana Aglatova, lyric soprano and one of the leading soloists of the Bolshoi Theatre.

DANCE Gala Show of Anahata Dance Troupe Sava Center, 7 June @ 20.00 The Anahata belly dance troupe will perform for the first time at a large venue their gala show, organized by the Anahata school. Numerous bellydance performer friends will join them on stage. We invite all friends and lovers of belly dance to join in!

FILM Drugo Ime za Slobodu Sava Center 6 June @ 20.00 86 minutes of laughter, tears and pure adrenaline with “Night Wolves”, men completely different from the usual stereotypes of bikers!

Andrea Bocceli Kombank Arena, 10 May The famous Italian tenor performed at his spectacular concert the packed Kombank Arena in Belgrade.

The Italian tenor, who began his rise to fame during the nineties, returned to Belgrade after many, hugely successful seasons, several releases and sold-out performances in some of the best known opera houses and larger venues throughout the world. His concerts are famed for their diverse repertoire, drawing from many genres and for the excellent duets with stars such as Pavorotti and Domingo. The names of those to appear with Boccelli at his Belgrade

concert will be announced this Autumn. His musical career began at the San Remo Festival in 1994 by winning the “Newcomers” section with the song “Il Mare Calmo della Sera”. Just after the festival, Bocelli released his debut album, which has the same title.

Edict of Milan 313-2013 Vuiminacium, 18 May

The exhibition “Constantine the Great and Edict of Milan 313-The birth of Christianity in the Roman Provinces on the territory of Serbia” consists of seven visual and thematic parts and includes exhibits which belong to the World Cultural Heritage (sculptures, fragments of architectural stone decoration; jewellery, cult items, ceremonial objects and items from gold, silver, ceramics and glass; parts of military and formal equipment; roman imperial money and imperial medallions). About 128 artefacts from the end of II to VI and VII century A.D.were presented.

A special attraction was a likeness of Constantine the Great in bronze, discovered in 1900, in Constantine’s birthplace Naissus (Nis). This Museum Night 18 May The 10th Museum Night was organized throughout Serbia on May 18th. It opened its doors to more than 150 cultural institutions in 68 cities and towns across Serbia, thus marking an important anniversary.

Traditionally, the program offer has been the richest in Belgrade and Novi Sad, but also in Niš, Kragujevac, Subotica, Leskovac, Šabac, Knjaževca, Gornji Milanovac, Čačak, Svilajnac, Prokuplje, Temerin and Novi Pazar, and Kikinda.

In Belgrade, on 60 sites, the jubilee was celebrated solemnly: the wondrous world of fairy tales, a large exhibition of paintings by Đuro Jakšić and also with an initiative to open the first museum of European jazz. Museum Night premiered “Small factory effects” which comes from Germany, the contemporary Brazilian art that toured the Louvre and a collection of video games of the eighties, which marked the childhood and youth of many. Many secrets were revealed last month on the 10th Night of the Museums.

collection is a part of a family collection, saved in the most famous museums in the world.

As an extension of this theme, also on May 18th, Verdi’s opera ‘Aidia’ was performed at the Viminacium, organized by Belgrade Opera with the participation of two famous opera singers – Italian tenor Francesco Anile and Italian baritone Paolo Coni, conducted by Ivan Kozuharov.

The Opera was performed at the Roman Amphitheater in Viminacium, reconstructed especially for this manifestation.

President of Serbia Mr.Tomislav Nikolic, His Holiness Serbian Patriarch Irinej and many members of diplomatic corps attended the Event.

International Harp Festival 9-17 May

The 12th International Harp Festival was held in Belgrade between May 9th and 17th. At the opening ceremony of the Festival at the Museum of Ethnography, Nicholas Cadore, harpist from France, performed elements of Celtic music traditions. Visitors enjoyed performances by other eminent harpists - Belgrade harpist Gorana Ćurgus performing Bach, Gershwin, Tchaikovsky, Shirin Pandzarolu from Turkey, Vasilisa Luščevskaja from Russia who is winner of many international competitions.

American harpist Carol McLaughlin held lectures called “A successful musician” and “Eliminate the porch”. Harpist Frank Sternfeld from England held a master class during the Festival. A long-time professor of the harp at the Royal Northern College of Music in Manchester and solo harpist in the orchestra of Opera North Leeds, this is his first guest appearance in Belgrade at the International Harp Festival.

cordeditorial@cma.rs |

105 June 2013 | 57

review Cannes Festival 2013

Blue is the Warmest Colour

takes the Palme d’Or Abdellatif Kechiche’s epic and explicit love story beats the Coen brothers into second place, while Bruce Dern wins out over Michael Douglas for best actor and Amat Escalante surprise victor for best director an alcoholic father in Alexander Payne’s black-and-white road movie, Nebraska. The film – fondly, if not ecstatically received on the Croisette – gave Dern his first lead in many years. It was, he told the Guardian earlier this week, a relief not to be playing “some piece of Director Abdellatif Kechiche, center, and stars Lea Seydoux, (left) and Adele Exarchopoulos receive the Palme d’Or award shit who wants to blow up the Superbowl”. t was a fitting end to the week in which gay marriage was leDern was an unexpected winner; the actor himself had returned galised in France: Abdellatif Kechiche’s same-sex love story La to the US, leaving Payne to pick up his award. The bookies’ choice Vie D’Adèle Chapitres 1 et 2 (Blue is the Warmest Colour) was was Michael Douglas, who turns in a game-changing performance as named the winner of the top prize at the Cannes film festival.

Liberace in Behind the Candelabra, Steven Soderbergh’s biopic of the Based on a French graphic novel, the film follows the relationpianist, which premiered in the US on HBO just a few hours after the ship between two young students in Lille, one of whom has hair dyed festival wrapped. the blue of the title. When she reverts to her natural blonde, their afBut perhaps the biggest surprise of the night was the best difair nose-dives. rector award doing to 34-year-old Mexican director Amat Escalante, Its explicit, groundbreaking sex scenes, one of which beats the 10 whose Heli unnerved many with scenes of torture involving a flamminute mark, mean it went into the final furlong as both the movie evebéed penis and a strangled puppy. These scenes had looked likely ryone was talking about, and critics’ favourite to take the Palme d’Or. to overshadow its more sensitive moments of young romance and That it made good on those odds meant that the film that preBressonian upset, and when Escalante, speaking to the Guardian, ceded it as top tip – the Coen brothers’ Inside Llewyn Davis – instead confessed being taken aback at the “cowardly” reaction of the critics went home with the Grand Prix (runner-up prize). to what he felt was a realistic presentation of the world of drug gangs These crowning awards formed an icing of convention on a sein Mexico. Spielberg’s endorsement will come as comprehensive vinries of shocks dished out by Steven dication of Escalante’s intended aim This year’s festival was widely Spielberg’s jury, whose ranks alto place his audience clear-eyed, in regarded as a rejuvenation after so included Nicole Kidman, Ang front of human depravity.

Lee and the British director The third place “Jury” prize went a slightly lacklustre couple of Lynne Ramsay. There was nothto Hirokazu Koreeda’s gentle domesyears. The majority of competition tic drama Like Father, Like Son, while ing for Paolo Sorrentino’s wellfilms were well received, and the the Camera D’Or (for best first film) liked Felliniesque tale of middleaged Roman debauchery, The Great went to Ilo Ilo. Clio Barnard was the difficulty of choosing between Beauty, while Asghar Farhadi’s disole British winner; her second film, them upped the ante vorce drama The Past made do with The Selfish Giant, a gritty coming-ofbest actress for Bérénice Bejo. age tale about Bradford teenagers won the Critics’ Week sidebar.

Bejo is best known for her role in The Artist, which premiered at This year’s festival was widely regarded as a rejuvenation afCannes two years ago. She went on to be Oscar nominated for that part, ter a slightly lacklustre couple of years. The majority of competition losing out at the same ceremony where Farhadi’s A Separation was films were well received, and the difficulty of choosing between them named best foreign language film. Last year, Bejo hosted the Cannes upped the ante. While the winners in 2011 (Terrence Malick’s The opening and closing ceremonies (in 2013, the task fell to Audrey Tree of Life) and 2012 (Michael Haneke’s Amour) went into the festiTautou, who must be feeling positive about her chances in 2014). vals as favourites, only the canniest could have foreseen a victory for Veteran star Bruce Dern was named best actor for his role as Kechiche.

Source: The Guardian

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105 June 2013 | www.cordmagazine.com

SPECIAL EDITION

"World's Markets and Opportunities"

Netherlands

2013 cordeditorial@cma.rs |

105 June 2013 | 59

The Netherlands has an estimated population of 16,778,806 (as of 31 January 2013). It is the 10th most populous country in Europe and the 61st most populous country in the world.

The Netherlands has the 17th largest economy in the world, and ranks 10th in GDP (nominal) per capita.. Inflation is 1.3%, and unemployment is at 4.0% of the labour force. By Eurostat standards, unemployment in the Netherlands the lowest rate of all European Union member states.

The Netherlands is a geographically low-lying country, with about 20% of its area and 21% of its population located below sea level and 50% of its land lying less than one metre above sea level.

The Kingdom of the Netherlands is a sovereign state and constitutional monarchy with territory in Western Europe and in the Caribbean. The vast majority of the country of the Netherlands is located in Europe, with the exception of its three special municipalities (Bonaire, Sint Eustatius, and Saba) that are located in the Caribbean. The countries of Aruba, Curaรงao, and Sint Maarten are located in the Caribbean as well.

The Netherlands is one of the most secular countries in Western Europe, with fewer than 20% visiting church regularly.

Approximately 4.5 million of the 16 million people in the Netherlands are registered to one of the 35,000 sports clubs in the country.

Cycling in the Netherlands is a common and popular method of transport and recreation, accounting for 27% all trips nationwide, and up to 59% of all trips in its cities.

Flowers and the Netherlands are inextricably linked. Flowers are the things that add color to the typically Dutch landscape. Bulb fields, long narrow ditches and green strips of grass create a colourful palette, especially in the provinces of Noord-Holland and Flevoland. Flowers are not only one of the main export products of the Netherlands, they also attract many tourists from all over the world, year after year.

interview

H.E. Mr. Laurent Stokvis, Ambassador, Royal Netherlands Embassy to Serbia

Reform with a European Dimension Dutch and Serbian businesspeople have been working together all along, but the intensity of business has varied considerably over time, in line with the business climate.

Now that Serbia is firmly on the road towards the EU economic cooperation is taking a real upturn • How would you rate the overall relations between the two countries today?

- Our relations are very good. There is a lot of interaction between our two countries. We are actively support Serbia’s progress on its path towards the EU in our policies and by providing direct assistance where we can do so usefully. And we are among the most active countries in this respect. We support the important progress the Serbia has recently been making by arriving at agreements with Kosovo, by planning and undertaking necessary reforms. We are clear as to the standards that Serbia must achieve in order to fulfil your goal of becoming member of the EU. We will not hesitate pointing out

I

n order to reach its goal of EU accession, Serbia still has a great deal of work to do, especially in the implementation of reforms. In the words of H.E. Mr. Laurent Stokvis, Ambassador, Royal Netherlands Embassy to Serbia: “In preparing for EU accession, Serbia must carry out deep reforms. It must achieve standards of democratic governance, of respect of human rights, rights of minorities.” The Ambassador, however, expresses a great deal of satisfaction with the work done so far in aligning regulations, and he is optimistic about the success of the implementation process. In this exclusive interview, Ambassador Stokvis speaks unambiguously about the road ahead.

We will not hesitate pointing out where more work is needed in our opinion, but we are doing so constructively, engaging with our Serbian counterparts in finding solutions

World's Markets and Opportunities | Netherlands

where more work is needed in our opinion, but we are doing so constructively, engaging with our Serbian counterparts in finding solutions. And it is clear that our interest in the reform process and the support is very well received.

• Do you agree with the assessment that economic cooperation between the two countries has often been much better than political cooperation?

- We have a long tradition of economic cooperation. Dutch companies like Philips have been working here as of the beginning of the last century. Dutch transport companies, DAF-trucks and VDL-busses ply Serbian roads already for a long time.

Dutch agricultural products and know-how are household words in Serbia for quality. Our cooperation with the Serbian Ministry of Agriculture is very close. We will be the partner of the Agricultural Fair in Novi Sad in 2014. Three of the six inland waterways shipbuilders in Serbia are Dutch. Dutch and Serbian businesspeople have been working together all along, but the intensity of business has varied considerably over time, in line with the business climate. Now that Serbia is firmly on the road towards the EU economic cooperation is taking a real upturn.

Dutch firms are actively investing in the renewable energy sector, in biomass, in wind-energy, in IT. There is also a renewed interest in high-end agricultural technologies, seeds, plants, in creative industries.

• What do you think of the key political events in Serbia, and particularly

of the agreement with Priština and the effects of its implementation?

- The signing of the agreement was a defining moment. The principles on how to go forward were established. Implementing this agreement and finding solutions to the questions that are being handled in the technical working groups will enable the normalisation of relations and will open the road to a better, more prosperous future for all, including the Serbs in Kosovo.

It is also the key requirement for opening the negotiations with the EU on Serbia’s accession. Once the negotiations have started, I expect a new dynamic, faster development.

• In your opinion, what is the most important condition that Serbia needs to fulfil in order to be given a date for the beginning of accession negotiations? Will the Netherlands support the idea of giving a negotiation date to Serbia, and on what terms?

gotiations based on the results that will have been achieved at the time that this decision must be made.

Agreement on the implementation plan and the concrete steps that the Serbian government will have taken in implementing it will be at the centre of the decision-making process in the Netherlands. The decision whether Serbia will now get a date will be made by the European Council.

I expect that once we can clearly explain that the EU is a powerful agent for change, public opinion will become more enthusiastic about the EU - The Netherlands supports Serbia on its path towards the EU. The government will take a position on the date for starting the accession ne-

• Although the European integration process in Serbia has been going well, the citizens have become rather indifferent about it. Do you think that the crisis in the European Union is the only reason for that?

- I am encouraged by opinion polls indicating high support for reform.

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Netherlands | World's Markets and Opportunities

potential to improve the relations further by adding even more value to the existing supply chains, by investigating possibilities for largescale investment in agricultural production. We are major investors in the renewable energy sector and see great opportunities for further investment. I am proud of our cooperation with the Ministry of Energy resulting in the National Renewable Energy Action Plan that will help Serbian meet European standards in the near future. I see multiple opportunities for Dutch companies to become involved in this field. The Netherlands companies in the IT-

equal to those in the EU. It must become a vigorous market economy that will thrive in the competitive internal market. It must adopt and apply the EU rules and regulations.

It is therefore encouraging that there is high support for reform, because the road towards the EU is a road of reform. However, we should explain clearly that the process of preparing for accession will be of great help in achieving the transformation that Serbia wishes.

Serbia will be able to call upon the vast expertise and resources of the European Union, its member states and, foremost, of the European Commission in carrying out these reforms. I expect that once we can clearly explain that the EU is a powerful agent for change, public opinion will become more enthusiastic about the EU. Successful steps towards the EU are powerful signals for foreign investors. Investments, in turn, will have an impact on unemployment and on life standards.

Therefore, restoring enthusiasm is a process of coming nearer to the EU by carrying out reforms that will bring practical benefits and further the integration process.

• The Netherlands has the fifth largest economy in the Eurozone.

What aspects of the economic relations between the Netherlands and Serbia have the biggest potential for growth?

- There are several sectors which can generate a large boost to our bilateral economic relations. I just mentioned agriculture, renewable energy, creative industries, IT and metal processing as examples. I already said that our cooperation in the field of agriculture is traditionally strong. We have an MoU with the Serbian Ministry of Agriculture.

We will make the most of the Agriculture Fair in Novi Sad in 2014.

We have conducted numerous seminars and trade missions involving farmers and programs which have brought our cooperation to the current high level. Still there is much

As a country you fight corruption primarily because it harms development, but it is indeed true that the fight against corruption has a European dimension

World's Markets and Opportunities | Netherlands

sector are performing well, mainly in Novi Sad. I see – as yet not fully realised - opportunities in the metal processing sector. The presence of Dutch companies in the shipbuilding sector is yielding good results.

• In that light, what should the Serbian government do in order to create better conditions for the arrival of the Dutch investments?

- Judicial reform, clarity of property rights (also by quickly dealing with restitution cases), an effective fight against corruption, a further simpli-

fication, and more clarity, of administrative procedures and clear and simple tax-rules are improvements that attract businesses.

• What is your view of the results accomplished by the Serbian government in fighting corruption, and to what extent can the continuation of anti-corruption activities improve the relations between Serbia, other regional countries and the EU? - The Serbian government is very much aware how vital fighting corruption is for the future of the country. Corruption diminishes the trust of the citizen in the state and undermines the effective and efficient delivery of its services; it falsifies the outcome of tenders; it creates uncertainty in doing business and has a very negative effect on investors. As a country you fight corruption primarily because it harms development, but it is indeed true that the fight against corruption has a European dimension. Zero tolerance for corruption, effective action plans and determined actions for its eradication are needed to ensure that Serbia will meet the European standards in this respect.

We are encouraged by the actions that have already been taken and we are looking forward to the adoption of an effective anti-corruption strategy with clear action plans. The Embassy supports the work that is being undertaken in finalising this strategy. Rooting out corruption requires a long-term systematic approach by the administration, the judiciary and the citizens. A culture of zero tolerance of corruption must be promoted and ensured.

• The Netherlands is known for its adherence to human rights. What can Serbia learn from the Netherlands in this respect?

- Human and minority rights have always been a priority for the Netherlands. Allow me to highlight one such right. One of our priorities is the improvement of the situation for the LGBT community

worldwide, including Serbia.

Human and minority rights are indeed a high priority of foreign and internal policy of the Netherlands, everywhere and always. Serbia’s legislative framework for human rights and the protection of minorities is generally in line with EU standards. The work ahead is mainly in the field of implementation. We are supporting the development of the Serbian national anti-discrimination strategy by the Office for Human and Minority Rights in order to increase the action of the state in this respect. You mentioned LGBT as a point in case. I expect that the Strategy will re-affirm the right of peaceful assembly for LGBT persons and will set out measures to ensure that this right can be peacefully and safely exercised. I think that attacks against LGBT members should be punished according to the law and that a Pride [Parade] should be possible in Belgrade. You asked about the Netherlands. The Netherlands

and Amsterdam in particular, have a tradition of Prides. Half a million people are joining in the fun of the Amsterdam Gay Pride along the canals every year in August.

I hope that the 2013 Belgrade Pride Week in September with its many activities and the Pride itself will help stimulating an open and constructive debate and contribute to further recognition and protection of the rights of LGBT persons in Serbia.

Serbia’s legislative framework for human rights and the protection of minorities is generally in line with EU standards

• The Dutch are also known as determined and diligent people. How does a Dutchman manage in a country like Serbia, and what kind of problems does he or she usually encounter?

- Serbia is a great country to live in.

We are more alike than many think.

Belgrade is on the list of many Dutchmen as a tourist destination.

We miss bicycles and we will therefore sponsor a large bicycle event in Belgrade early July. ■

Netherlands | World's Markets and Opportunities

interview

Mrs. Dominique Adriënne Christine BAKKER Kühling, Deputy Head of Mission, Royal Netherlands Embassy

Serbia’s Staunch Supporter The Netherlands is a staunch supporter of Serbia’s EU perspective. Clearly, receiving a date for the start of the accession negotiations would represent a significant milestone in this process. I expect that the reform process that has already started will accelerate as a result of this.

This will help build trust and convince potential investors that Serbia is indeed on the right track

- Dutch-Serbian bilateral relations are very good. I would not like to single out one particular area of cooperation, as this would not do justice to the other fields in which we are successfully working together. Let me highlight some of these areas: we consider ourselves a key partner of Serbia in its EU integration process. We cooperate closely with Serbian stakeholders in the fields of the rule of law, agriculture and law enforcement. Also, we have outstanding cultural relations. As for our economic cooperation, I am very pleased to note the progress made over the past few years. But I think we can do

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n a great many areas, including agriculture, trade, IT, as well as culture and know-how, the Netherlands has been an important partner to Serbia throughout the transition and now in the run-up to EU accession negotiations. According to Mrs. Dominique Adriënne Christine BAKKER Kühling, Deputy Head of Mission at the Royal Netherlands Embassy, both countries could do more to increase this cooperation. By this, she refers to the work ahead of Serbia in continuing its reforms and also to the potential for further Dutch investment and assistance in helping Serbia attain its goals.

As for our economic cooperation, I am very pleased to note the progress made over the past few years. But I think we can do better still. One could say that in Serbia, the Netherlands is punching below its weight

• Economic relations have often been the highlight of Serbian–Dutch cooperation. What is your view of the overall economic relations between the two countries?

World's Markets and Opportunities | Netherlands

better still. One could say that in Serbia, the Netherlands is punching below its weight. The Netherlands is the world’s 20th largest economy and the largest exporter of agricultural produce, yet in Serbia we are still underrepresented. It is my firm belief that with the further improvement of the Serbian investment

climate, the presence of Dutch companies on the Serbian market will show an upward trend as well.

• What economic segments and projects can boost economic cooperation between the two countries?

- There are several areas that stand out in our bilateral economic relations.

These are agriculture, metal processing, renewable energy and IT. Cooperation in the field of agriculture is particularly promising: the Dutch have recognized the excellent quality of agricultural produce in Serbia, and the Serbs see their Dutch colleagues as natural partners when it comes to cattle farming or production of seeds and flowers.

Metal processing is another area that merits attention. A number of Dutch wharfs that are building ships for river transportation have successfully set up shop in Serbia. As shipbuilding requires a great variety of auxiliary services, the overall metal processing cooperation has flourished in the last decade.

Dutch-Serbian cooperation in the field of energy has its basis in two government to government programmes in the field of renewable energy. We see a number of Dutch investors and equipment suppliers present on the market with a keen interest to explore the op-

tions in your country. Once the legal framework is in place, we can expect substantial investments to materialize. And last but not least: IT. Serbia is home to several Dutch IT companies that have recognized the vast potential of the local human capital and are operating successfully.

• The economic downturn in Europe has prompted many companies to start seeking better conditions for doing business in emerging countries, like Serbia. What do Dutch investors think of the business climate in Serbia? What do potential Dutch investors see as Serbia’s comparative advantages relative to other regional countries and what are the country’s biggest weaknesses?

- Dutch business people recognize the many advantages that Serbia has to offer. It has educated, competitively priced labour, an excellent geographic location and access to interesting markets via free trade agreements. Nevertheless, Serbia is not the easiest place to do business. Serbia’s future success in attracting foreign investments will depend largely on its ability to credibly and sustainably improve its business climate. That means cutting red tape and creating a level playing field.

I would encourage the Serbian authorities to use the EU integration process to help push through much needed reforms, as this will eventually benefit all parties concerned.

• Agriculture is one of the key segments of the cooperation between the two countries. What do you think of the work done by the Dutch–Serbian Working Group for Agricultural Cooperation?

What are the most important projects in which the Working Group has been involved?

- The work of the Dutch-Serbian working group for Agricultural Cooperation is extremely valuable, and I am very proud of the progress made since the group was established in 2010. One of the objectives of the working group is to help Serbia prepare for future EU membership and, from what I have seen, the efforts of the group are really paying off. The involvement of Dutch

accession experts ensures that Serbia can also benefit from lessons learned in countries in previous enlargement rounds. Many of these countries are in Serbia’s immediate vicinity and were confronted with similar challenges that Serbia is facing today in the process of harmonizing agricultural policies.

The Netherlands has been chosen as partner country of the Novi Sad Agricultural fair in 2014, which is the regional benchmark event for the agricultural industry. Naturally, we are delighted to

the governments of the Netherlands and Denmark, is of great importance to Serbia: reference laboratories are crucial when it comes to enhancing food safety. Let’s take the example of milk testing, since you referred to this issue in your question. Our twinning project aims to help improve the quality of milk.

Thus, it is relevant for a wide range of stakeholders, from consumers to processors and producers and even the animal husbandry sector. This twinning project will also provide useful input once the accession negotiations have started. One of the negotiating chapters, chapter 12, is dedicated to food safety, veterinary and phytosanitary policy. This chapter accounts for around 40% of the entire acquis communautaire. The knowledge and experience that Serbia has gained as a result of this twinning, will certainly prove beneficial in the negotiations later on.

• Do you think that the level of Serbia’s competitiveness in the region will increase if the agreement with Priština is successfully implemented and of Serbia is given a date for the beginning of accession negotiations?

- The Netherlands is a staunch supporter of Serbia’s EU perspective. Clearly,

Serbia is not the easiest place to do business. Serbia’s future success in attracting foreign investments will depend largely on its ability to credibly and sustainably improve its business climate. That means cutting red tape and creating a level playing field have been awarded this honour, and you can be sure that we will use this event to further boost our bilateral relations in the agricultural field.

• The EU twinning project – “Capacity Building within the National Reference Laboratories Directorate” – is being implemented with the support of the Netherlands Embassy. How important is this project for Serbia, especially in the light of recent affair regarding aflatoxins being found in milk?

- This project, financed and administered by the EU Delegation and supported by

receiving a date for the start of the accession negotiations would represent a significant milestone in this process. I expect that the reform process that has already started will accelerate as a result of this. This will help build trust and convince potential investors that Serbia is indeed on the right track. Of course, the proof of the pudding is in the eating. Reforms need to be implemented and enforced in order to generate that trust. If Serbia manages to do its part, I have no doubt that investors will have no difficulties in identifying the many opportunities in this market. ■

Netherlands | World's Markets and Opportunities

interview

Mihailo Vesović, Vice President of the Serbian Chamber of Commerce

Partner Deserving of Special Respect The Netherlands is quite active on our market and has been significantly supporting and contributing to our economic development. The government of the Kingdom of the Netherlands encourages and stimulates Dutch businesses to come to the Serbian market not only as exporters but also as investors

Photo: Zoran Boldorac

“Out of 164 countries to which Serbia exported in 2012, the Kingdom of the Netherlands took 20th place, and out of 204 countries from which Serbia imported in the same year, the Netherlands was ranked 21st.”

• What are the most important treaties that the two countries have concluded?

- In late 2006, the Dutch Trade Council declared the Western Balkans as an area of special economic interest for the Netherlands. In the framework of the activities for promoting the Western Balkans as an area of special interest, in April 2007, a pilot project was launched in Serbia – the formation of the DutchSerbian Business Council which is also supported by the government of the Kingdom of the Netherlands.

“T

he Netherlands is an economic partner deserving of special respect,” says Vice President of the Serbian Chamber of Commerce Mihailo Vesović at the beginning of this interview. “Thanks to its specific geopolitical position, inventiveness, the persistence and diligence of its population, the Netherlands has become one of the leading economic forces in the world.

“All of this country’s economic segments (agriculture, industry, service sector) are considered developed. The country has been also accomplishing great export results. Dutch companies have been implementing the latest technology in production and, most importantly, want to share their experiences and know-how with other businesses.

In that context, the government of the Kingdom of the Netherlands has been implementing and supporting many development assistance programmes for emerging countries, including ours.

Between 2005 and 2011, the Netherlands took the 6th place (after Austria, Norway, Greece, Germany and Italy) in terms of the total net amount of FDI it made in Serbia

World's Markets and Opportunities | Netherlands

The governments of the Republic of Serbia and the Kingdom of the Netherlands signed a Memorandum of Understanding in August 2007 as a formal and legal framework for raising the economic relations between Serbia and the Netherlands to the highest possible level. Following the signing of the memorandum

and the formation of the Dutch-Serbian Business Council, a comprehensive and concrete economic platform for boosting cooperation between Serbia and the Netherlands was constituted.

Serbia and the Netherlands have concluded 20 different treaties, agreements and memoranda of understanding, and I will mention only a few that are of exceptional importance for the economies of both countries. They are: the Agreement on Protection of Investments, Double Taxation Agreement (regulating income and property tax), Agreement on Promotion and Reciprocal Protection of Investments and Memorandum of Understanding on the G2G, PSO-M and MEC cooperation programmes. All of these agreements are cornerstones of the institutional cooperation between Serbia and the Netherlands, and their existence serves as a proof to companies that our relations are legally regulated. I would like to single out the agreements on promotion and reciprocal protection of investments, which encourage foreign companies to choose Serbia as a safe investment destination where commercial risks have been alleviated as much as possible.

• In which economy segments do the two countries cooperate the most, and in what segments could they cooperate even more?

- In 2012, Serbia mostly exported to the Netherlands transport vehicles and equipment, fruits and vegetables, clothing, furniture and furniture parts, oil seed and oleaginous fruits. Apart from these products, there is a lot of interest and a great potential on the Serbian side in terms of exporting transport vessels (mostly ships), and this is where the Dutch companies have invested the largest amounts of money.

There are many initiatives, on both the Dutch and the Serbian sides, for further development of joint investments in the following economy segments: the food industry, chemical industry (pharmaceutical industry, wood processing industry and production of plastic materials), building materials production, furniture production, machine and metal processing industry, transport and logistics (transport of goods and passengers), textile industry and business services industry (consulting).

• Even so, being a highly developed country, Dutch investments in Serbia are not that big. Why is that so?

- The Netherlands is quite active on our market and has been significantly contributing to and supporting our economic development. The government of the Kingdom of the Netherlands encourages and stimulates Dutch businesses to come to the Serbian market not only as exporters but also as investors. Between 2005 and 2011, the Netherlands took 6th place (after Austria, Norway, Greece, Germany and Italy) in terms of the total net amount of FDI made in Serbia, making this country a significant investment partner. In 2012, this investment trend continued and the country made €1.2 million worth of investments.

• Do you think that Serbia's progress on its path to EU membership will improve its business collaboration with the Netherlands?

- As an EU member, the Netherlands accepted the terms of the Treaty on Establishing the European Community. Article 2 of the Treaty says that the Community shall promote the harmonious, balanced and sustainable development

of economic activities, sustainable and non-inflationary growth, a high level of protection and improvement of the quality of the environment, a high level of employment and social protection, the raising of the standard of living and quality of life, and economic and social cohesion and solidarity among member states. Serbia’s progress in the European integration process would provide all EU members with the opportunity to improve their economic cooperation with Serbia through creating a common legal framework and a common market for all products and services with which Serbia can compete on the EU market, including the Dutch market.

Serbia and the Netherlands have concluded 20 different treaties, agreements and memoranda of understanding which are of exceptional importance for the economies of both countries • The two countries collaborate mostly in agriculture. What are the most important agricultural cooperation projects for Serbia?

- Agriculture holds a special place in Serbian economic development. Its position is quite specific since agriculture is not only the cornerstone of the rural development but also has a great economic, social and environmental importance. The fact that the EU has entered its final stages of shaping the common market, which started almost five decades ago, is very important for Serbia.

The common market projects consist of

a complex group of institutional, economic, technological and organizational measures. What is especially important for Serbia is the fact that the EU is home to close to 500 million consumers which spend almost a quarter of their income on food. Serbia’s road toward EU membership is not only a political issue, but an existential one too. In order to facilitate and expedite our progress on this road, we need to implement three key projects.

Firstly, there is a project that deals with treating abattoir waste and which tackles the issues that are important to abattoirs and the meat processing industry in Serbia. We should not forget the environmental impact and environmental protection in this matter, as well as the project’s economic significance. Apart from that, we aim to position Serbian companies on the international market in accordance with the international standards in this segment.

Secondly, there is a project on improving the genetic status in cattle and pigs (artificial reproduction and fertilization) and, thirdly, the project on implementation of food safety systems and Global GAP throughout the food industry in small and medium enterprises.

• Dutch companies have mostly invested in the Serbian shipbuilding industry, consulting segment, food industry and IT. Which of these do you consider the most important?

- FDIs, as a form of international capital flow, are also considered a contribution to the more efficient economic operations, international product launch, raising the living standard in society and other. There are over 20 companies in Serbia that have Dutch companies as co-owners. So far, the Dutch companies have been mostly investing in shipbuilding, consulting services, food industry and IT. The importance of these investments lies in the fact that they are not only about transferring capital from one country to another, but that they are actually investment packages that contain new technology, managerial know-how, the knowledge on how to conquer new markets and many other benefits. ■

Netherlands | World's Markets and Opportunities

Dutch monarchy

The Orange Dynasty The Dutch royal family today is much larger than it has ever been. On April 30, 2013, Willem-Alexander became the first King of the Netherlands after 123 years of female rulers

King WillemAlexander and Queen Maxima

own government forced his abdication.

William III's reign (1849-1890) was a continuous saga of power struggles between the monarch and the parliamentary government (which he forced out a couple of times), plus major interna-

The monarchy of the Netherlands was established in 1815 as a reaction to the decline and subsequent fall of the Dutch Republic tional crises due to the same stubbornness (including the Luxembourg Crisis).

As a result, the Dutch government used the succession of William III by a female Source: RVD

T

he monarchy of the Netherlands was established in 1815 as a reaction to the decline and subsequent fall of the Dutch Republic. It was observed at the time that a large part of the decline of the republic was due to a lack of a strong, central government in the face of strong, centrally-led, competitor nations such as Great Britain and the France. After the defeat of Napoleon Bonaparte in 1813 and the resurrection of the Netherlands, it was decided to reform a republic in the Kingdom of the Netherlands with a monarchy rather than the old stadtholder system.

The original monarchy was absolute in nature, with the States-General serving as more of an advisory board without the power to do much against the king. The direct political power and influence of the king continued until 1890, although it slowly declined in the meantime. Both William I (1815-1840) and William II (1849-1849) proved quite conservative rulers (although William II was less inclined to interfere with policy than his father was). William I resisted major reforms until eventually conflict with the States-General and his

The Dutch Royal Family

World's Markets and Opportunities | Netherlands

regent as an opportunity to make a power play and establish governmental authority over royal authority.

The 58-year reign of Queen Wilhelmina was dominated by two World Wars. She married a German prince, Heinrich von Mecklenburg-Schwerin, who unfortunately was not happy with his unrewarding role of husband-to-thequeen. Wilhelmina's strong personality and unrelenting passion to fulfil her inherited task overpowered many men in positions of authority, including ministers, prime ministers and her own husband. She is mostly remembered for her role during World War II. The initial dis-

appointment of many Dutch people because of her quick withdrawal to London faded (though it was never forgotten and by some was never forgiven) when she proved to be of great moral support to the people and the resistance in her occupied country. Hendrik and Wilhelmina had one daughter, Juliana, who came to the throne in 1948. They lived in the Hague and in Paleis 't Loo in Apeldoorn.

She died in 1962. For her early reign and character, the letters of Queen Victoria give a good perspective.

Juliana reigned from 1948 until 1980, and whereas Wilhelmina reigned like a general, Juliana expressed a more motherly character. One of her first official acts was to sign the treaty of independence of the Dutch colony Indonesia. She became involved in two major crises: the Greet Hofmans affair and the Lockheed bribery scandals, both of which directly threatened the credibility of the throne. She married a German of noble descent, Prince Bernard von Lippe-Biesterfeld. Together they had four daughters, Beatrix, Irene, Margriet and Christina. After their return from Ottawa, Canada in 1945 (where Margriet was born), they lived in the Soestdijk Palace in Soestdijk, about 20 km northeast of Utrecht.

Beatrix reigned from 1980 to 2013.

Following her abdication on April 30, 2013, she was once again styled Princess Beatrix. Beatrix is the eldest daughter of Queen Juliana and Germanborn Prince Bernhard of the Netherlands. In 1948, she became heiress presumptive to the throne of the Netherlands. When her mother abdicated on April 30, 1980, Beatrix succeeded her as

Princess Beatrix of Netherlands and her son, Dutch King Willem-Alexander

queen. In 1966, Beatrix married Claus von Amsberg, a German diplomat, with whom she had three children: WillemAlexander, King of the Netherlands (1967), Prince Friso (1968) and Prince Constantijn (1969). Prince Claus died in 2002. At the time of her abdication, Queen Beatrix was the oldest reigning monarch of the Netherlands.

Traditionally, Dutch monarchs have always been members of the Dutch Reformed Church although this was never constitutionally required

the Royal Palace in Amsterdam

On January 28, 2013, Beatrix announced that she would abdicate on April 30 on Koninginnedag (Queen's Day) in favour of her eldest son WillemAlexander, the heir apparent to the throne. He is the first king of the Netherlands in 123 years.

The Dutch royal family today is much larger than it has ever been. Former Queen Beatrix and her husband, the late prince Claus, have three sons, Willem-Alexander (married to Princess Máxima), Friso (married to Princess Mabel) and Constantijn (married to Princess Laurentien). Her sister Margriet and her spouse Pieter van Vollenhoven have four sons: Maurits, Bernhard, Pieter-Christiaan and Floris. Four of these seven princes as well as princess Margriet are all (potentially) legal heirs to

the throne, although the first right goes to the crown prince, and after him his daughters Catharina-Amalia, Alexia, Ariane, and then his brother Constantijn.

Prince Friso lost his right to the throne because no approval was asked for his marriage to Mabel Wisse Smit to the States-General. The two other sisters of Beatrix, Irene and Christina, have lost their rights to the throne because their marriages were not approved by the States-General. They both married Roman Catholics and Irene herself converted to Roman Catholicism, which at that time (the 1960s) was still politically problematic for an heir to the throne.

An additional complication which the government wanted to avoid was that Irene's husband, Prince Carlos-Hugo of Bourbon-Parma (whom she later divorced), was a member of a deposed Italian dynasty who claimed rights to the Spanish throne. Traditionally, Dutch monarchs have always been members of the Dutch Reformed Church although this was never constitutionally required.

This tradition is embedded in the history of the Netherlands.

The current monarch is King Willem-Alexander (born 1967), who has been on the throne since April 30, 2013.

He studied history at the University of Leiden and became actively involved in water management. His wife is Queen Máxima (née Máxima Zorreguieta Cerruti), an economics major, whose father was a minister of agriculture in the dictatorial regime under General Videla in Argentina. Because of that, their relationship was accompanied by fierce public debate and only officially sanctioned after quiet diplomacy, resulting in Máxima's father agreeing not to be present on their wedding day (February 2, 2002). Former minister Max van der Stoel and Prime Minister Wim Kok seem to have played a crucial role in this process.

On December 7, 2003, Princess Máxima gave birth to a daughter: Princess Catharina-Amalia. On June 26, 2005, another daughter was born: Princess Alexia. On April 10, 2007 a third daughter was born, Princess Ariane. They are first, second and third in line to the Dutch throne. ■

Netherlands | World's Markets and Opportunities

Cooperation between Serbia and the Netherlands

Great Assistance in Agriculture and Security

The governments of the Republic of Serbia and the Kingdom of the Netherlands signed a Memorandum of Understanding in August 2007 as a formal and legal framework for raising the economic relations between Serbia and the Netherlands to the highest possible level. Following the signing of the Memorandum and formation of the Dutch-Serbian Business Council, a comprehensive and concrete economic platform for boosting the cooperation between Serbia and the Netherlands was constituted

T

he Kingdom of the Netherlands belongs to a group of mediumimportant countries in terms of the volume of trade with Serbia. Out of 164 countries to which Serbia exported in 2012, the Kingdom of the Netherlands took the 20th place, and out of 204 countries from which Serbia imported in the same year, the Netherlands was ranked 21st. The data shows that the value of Serbian export to the Netherlands, in the period from 2005 to 2012, went up by 1.76 times, while imports increased by 1.77 times.

In 2012, Serbia’s exports to the Netherlands went up while its imports dropped relative to 2011. In the same period, the Serbian deficit in trad-

The Dutch-Serbian Agricultural Cooperation Task Force is of key importance for development of agri-sector in Serbia

World's Markets and Opportunities | Netherlands

ing with the Netherlands declined by 18.1%. The export to import ratio was the highest in 2009, while in 2010 and 2011, this ratio dropped. The export to

import ratio in 2012 stood at 57.57%.

According to the National Bank of Serbia’s FDI data, in the period from 2000 to 2011, the Netherlands took second place in terms of cash investments which amounted to €240.84 million. It is worth mentioning that this information pertains to the country that made the payment rather than the country that made an investment (in goods or equipment), so we can conclude that Dutch investments are much higher. For instance, one of the biggest Belgian investments in Serbia – the acquisition of the Apatin Brewery – has been carried out via the Dutch branch office of Interbrew and, as such, is considered a Dutch investment.

According to the National Bank of Serbia, from January to November 2012, Dutch FDIs in Serbia stood at €4.76 million. There are around 20 companies in Serbia that are co-owned

by Dutch companies. These companies have a total of 750 employees. So far, the Dutch companies have been mostly investing in shipbuilding, consulting, food industry and IT. The governments of the Republic of Serbia and the Kingdom of the Netherlands signed a Memorandum of Understanding in August 2007 as a formal and legal framework for raising the economic relations between Serbia and the Netherlands to the highest possible level. Following the signing of the Memorandum and formation of the Dutch-Serbian Business Council, a comprehensive and concrete economic platform for boosting the cooperation between Serbia and the Netherlands was constituted.

Serbia and the Netherlands have concluded 20 different treaties, agreements and memoranda of understading

including the Agreement on Protection of Investments, Double Taxation Agreement (regulating income and property tax), Agreement on Promotion and Reciprocal Protection of Investments and Memorandum of Understanding on the G2G, PSOM and MEC cooperation programmes.

In August 2012, Serbian Agriculture, Forestry and Water Supply Minister Goran Knežević and an assistant to the Dutch Agriculture Minister Roald Lapperre agreed on the implementation of several joint agricultural projects. At the third meeting of the Dutch-Serbian Agricultural Cooperation Task Force, the two sides reviewed the current and future joint projects which are important for the agricultural sector, according to a press release. One of the topics discussed was Serbia’s efforts on becoming an EU member and the implications of the EU integration on the agricultural sector. A joint study was written on these subjects. The two sides have also agreed for the Serbian Ministry of Agriculture to put together a task force that

Barentz d.o.o. is active in distribution of raw materials for processing industry, in design, source, manufacture and distribute ingredients and raw materials for food, chemical, pharmaceutical, cosmetic and animal nutrition applications.

As a part of Barentz family of companies, it was founded in Serbia at February 2009, with headquarters in Belgrade.

Bulevar Arsenija Čarnojevića 104 11070 New Belgrade, Serbia Tel. +381 (0) 11 260 90 72 +381 (0) 11 312 07 97 Fax: +381 (0) 11 312 10 80 info.desk@barentz.rs

would support the Netherlands as a partner for the 2014 Agricultural Fair in Novi Sad. This task force will be made

Many common agricultural projects will have been implemented with the help of the Dutch-Serbian Agricultural Cooperation Task Force up of representatives of the Serbian Ministry of Agriculture and representatives of the Dutch Ministry of Economic

Affairs, Agriculture and Innovation, as well as the Dutch Embassy in Serbia and representatives of the Novi Sad Fair. Many common agricultural projects will have been implemented with the help of the Dutch-Serbian Agricultural Cooperation Task Force.

A website (www.agribusiness-nlsrb.com) which is of great use to both ministries as well as the site’s visitors is also very important for the collaboration between the two countries. The site contains information on the upcoming activities and a database of projects that have been implemented from 2000 onwards.

The site’s front page best explains why this website is so important: “In recent years, Serbia and the Netherlands have established closer agricultural ties. Since the portfolio of mutual cooperation grew, the two countries re-established annual meetings in the form of the High Level Working Group (HLWG). At these meetings, ministry officials are able to discuss and streamline future projects and activities. ⇢

sourucetion sol

from to

Netherlands | World's Markets and Opportunities

Export to import ratio, in %

Trade exchange between Serbia and the Netherlands, in million USD

80

400

67.22 57.95

60

57.57

55.64

200

61.23

58.54 51.96

40

50.91 0

20 -200 2005

0 2005

2006

2007

2008 2009 2010 2011

Numerous projects in the different fields of agriculture have been implemented so far. Also, quite a few projects are underway. These projects are predominantly in the field of capacity building with an emphasis on training of veterinary and phytosanitary staff, but also numerous projects in the business sector were supported over the last decade. All this contributed to an increase of the bilateral agricultural trade, and this trend will most probably continue into the future.”

The Netherlands has been of great help to Serbia during the recent dairy crisis caused by an elevated level of aflatoxins in milk with the milk samples from Serbia being analyzed in a Dutch laboratory. With the goal of raising food quality and safety in Serbia, the Netherlands has provided assistance in the implementation of the EU twinning project called ‘Capacity Building within the National Reference Laboratories Directorate’. Serbia has received a total of €1.5 million of the EU funds for the project with Den-

2006 2007 2008

Export in USD

2012

mark and the Netherlands providing the most significant help. In addition to the mentioned amount, the EU will donate to Serbia another €5 million for purchasing laboratory equipment.

In April this year, the two countries signed a plan on bilateral military cooperation for 2013. Despite insufficient budget, the Netherlands is still keen on actively developing the collaboration with Serbia – it was said at a meeting.

In April this year, Serbia and the Netherlands signed a plan on bilateral military cooperation for 2013 in Belgrade The Serbian Ministry of Defence said that the plan was signed in Belgrade and that bilateral cooperation would be implemented through providing assistance to the NCO corps, capacity building in civilian-military relations, applying humanitarian law in armed conflicts and exchanging gender

Leading SITC segments in exporting to the Netherlands

2009

2010 2011 2012

Import in USD

Balance in USD

equality experiences. The Plan on Bilateral Military Cooperation between Serbia and the Netherlands for the year 2013 was signed by the Head of the Office for International Cooperation of the Ministry of Defence Brigadier General Ljubomir Nikolic and the Netherlands Defence Attaché Lieutenant Colonel Robbert Verbrugh. On this occasion, Nikolic said that “defence cooperation with the Netherlands has been satisfactory” and that “the percent of implemented activities was good”. He thanked the Dutch Defence Attaché for their assistance in organizing courses on application of humanitarian law in armed conflicts and civilian-military relations, as well as on “further support in developing the NCO project”. Verbrugh said that defence cooperation between the two countries was good and added that “the Netherlands plans to continue to actively develop the collaboration with Serbia despite insufficient budget funds,” a press release reads. ■

Leading SITC segments in importing from the Netherlands

Other transport vehicles and equipment

7%

6% 35%

10% 11% 31%

Road vehicles Plastic materials in their primary form

Furniture and furniture parts Oil seeds and oleaginous fruits Solid vegetable fats and oils

60% 4% 7%

8%

9%

12%

Miscellaneous foods Other transport vehicles and equipment

Non-ferrous metals

Dyeing and tanning products

Other

Other

World's Markets and Opportunities | Netherlands

interview Roberto Zanetti, Director Witteveen+Bos Belgrade

An Example of Excellence The present assignment is the preparation of the designs and contract documentation for river training works and dredging on selected locations along the Danube river. Due to the active and enthusiastic involvement of the beneficiary (Plovput), the project is considered by the EU an example of how environment and river training works can be completed successfully

W

itteveen+Bos have been held up on more than one occasion as examples and role models in project implementation. Working on an area as complex and, at the same time, important as the inland waterways in Serbia, Witteveen+Bos Director Roberto Zanetti talks about some of the progress they have been making.

• What are your main activities regarding the Danube Strategy?

- In 2003 Witteveen+Bos started with the EU Reconstruction assignment for the preparation of the Master Plan for the Serbian Inland Waterways Transport system, consisting of the rivers Danube, Tisa, Sava and the DTD Hydrosystem in Vojvodina. As project manager, I have led a team of more than 20 engineers and technicians to complete this project. The project was an initiative of the Serbian government and the EU to boost inland waterway transport sector in Serbia that had suffered substantially due to the economic sanctions and the 1999 NATO bombings.

• What other assignments do you have?

- The present assignment is the preparation of the designs and contract documentation for river training works and dredging on selected locations

along the Danube river. Due to the active and enthusiastic involvement of the beneficiary (Plovput), the project is considered by the EU an example of how environment and river training works can be completed successfully.

The morphological modelling has been very challenging, but with the support of all stakeholders, EU, the NGOs and the active role of Plovput, the project nears completion. It has already been considered in Europe as an example of how to design projects, monitor the works and the environment during and after project execution.. In addition we have completed the World Bank funded project regarding the copper mine tailings in Bor.

clude the UXO clearance on the Danube, the removal of the in 1945 vessels that were sunk by the German army close to Prahovo to prevent the Red Army from capturing them, the rehabilitation of the navigation locks at the hydro power plants in Kladovo (Djerdap I) and in Prahovo (Djerdap II), the implementation of a new bridge in Novi Sad to replace the bombed Zezelj bridge, the implementation of the River Information Services, execution of a national transport plan for Serbia for all modes of transport and the improvement of the Danube fairway from Apatin to Belgrade for Plovput. All these projects have been brought to contract documentation and some have already been implemented.

In 2003 Witteveen+Bos started with the EU Reconstruction assignment for the preparation of the Master Plan for the Serbian Inland Waterways Transport system, consisting of the rivers Danube, Tisa, Sava and the DTD Hydrosystem in Vojvodina

• Who are your partners on these projects?

- The Serbian partner for the projects executed by Witteveen+Bos has been executed with Energoprojekt-Hidroinzenjering. They have been crucial in the successful completion of the projects carried out for the Serbian inland waterways. For certain specific expertise use was made of the company DHI in Denmark.

Working in Serbia is very challenging. Establishing personal relationships with project staff, beneficiaries and clients are crucial to a successful completion of projects. ■

• Which are the most important parts of the Master Plan for the development of Inland Waterway Transport?

- These are basically the six recommendations made that have been accepted and supported by the Serbian government and the EU in Brussels. These in-

Netherlands | World's Markets and Opportunities

Control Union World Group

Guarantee of Quality Control Union World Group is a global network founded in Rotterdam which has branch offices in over 60 countries through which it conducts its worldwide business

Accreditation Body of Serbia.

CUWG is accredited to perform control and certification, which are of interest to Serbian manufacturers, by the following bodies: • The Dutch Accreditation Council (RvA) for certification of organic production in non-EC countries, GlobalGAP (F&V, IFA and F&O), GGL, textile industry control, PEFC (COC) and BRC according to EN45011:1998 and HACCP according to EN45012. RvA is a member of EA (the European Accreditation) and IAF (the

C

ontrol Union is active all over the world, and the company specializes in product control and certification, particularly in the segment of organic food production and processing. The company’s services include the inspection of both production and the product in making. Control Union Danube d.o.o. was founded in Belgrade, Serbia, in 2007. Apart from the services offered by CUWG (Control Union World Group), Control Union Danube d.o.o. also provides certification of organic food production and processes and quality and special property control of agricultural and food products with geographical indications and designations of origin, all in accordance with Serbian regulations.

Control Union World Group is a global network founded in Rotterdam which has branch offices in over 60 countries through which it conducts its worldwide business. Control Union Certifications, member of CUWG, with HQ in Zwolle, the Netherlands, has been accredited by the Dutch Accreditation Council (RvA).

The relevant state authorities have authorized Control Union Danube d.o.o. to conduct control and certification in accordance with the SRPS EN 45011:1998 and SRPS ISO/IEC Instructions 65:1999 standards. Control Union Danube d.o.o. is certified by the

Control Union Certifications is accredited by the Dutch Accreditation Council (RvA)

World's Markets and Opportunities | Netherlands

International Accreditation Forum); • The US Department of Agriculture, for organic products and food obtained

from processing agricultural produce; • The Japanese Ministry of Agriculture, for the Jidoriniku compliant production, agricultural produce and food obtained from processing agricultural produce; • FoodPlus for Globalgap certification programme; • The Forest Stewardship Council (FSC) for managing naturally grown forests, forest plantations, supervision chain, group certification, and allocation of FSC logo; • The Dutch Accreditation Council (RvA) for inspection of organic production in the Netherlands based on the ISO/IEC 17020:1998 standard (type A); • Various organizations which control and label organic produce; • The Dutch Accreditation Council (RvA) for GMP certification programme (The Dutch Committee on Animal Feed). ■

Contact: Control Union Danube doo, Bulevar Mihaila Pupina 21, Novi Beograd, +381 11 2139 541 serbiaoffice@controlunion.com

corporate

Freeland Group

Development and Construction by Freeland Group After the successful development and sale of more than 150 apartments in four projects, Freeland Mijanovic has established a solid and reliable reputation in the local residential market

S

ince 2008, Freeland Group (Rotterdam, the Netherlands) and Mijanovic Group (Novi Sad, Serbia) have joined forces to develop and construct apartments primarily in Novi Sad. These projects have been and are still being realised through the joint venture organisation, Freeland Mijanovic, typically within 18 months from obtaining the building permit until the sale of all apartments. After the successful development and sale of more than 150 apartments in four projects, Freeland Mijanovic has established a solid and reliable reputation in the local residential market. For the financing of the projects, no bank loans are used. Instead, Freeland offers its financial participation in each of these projects to Dutch investors with an average return of 16% to 18% (annualised). ■ For more or detailed information please contact:

corporate

Tebodin

Meeting Market Needs

The multidisciplinary engineering and consulting firm is present in 23 countries with 50 offices and employs over 4,300 people

S

ince its establishment 68 years ago in the Netherlands, Tebodin has become one of the leading global players in the consulting and engineering market. Tebodin offers a truly global service by partnering with international and local clients to improve their competitive position. The multidisciplinary engineering and consulting firm is present in 23 countries with 50 offices and employs over 4,300 people.

Full range of services

Tebodin d.o.o., established in 2006 and located in Belgrade, serves clients in industry, health & nutrition, oil & gas and property.

Tebodin offers services from project inception through completion: consultancy, project management, construction supervision, permitting as well as basic and detail engineering.

Tebodin d.o.o., established in 2006 and located in Belgrade, serves clients in industry, health & nutrition, oil & gas and property Going Green

Sustainability is at the core of all of our activities. Development of capabilities to cater to the changing regulatory environment with respect to energy efficiency and energy passports has been supplemented by our focus on green building certification – LEED and BREEAM.

Quality

Tebodin commits to deliver top-quality services that can meet and even exceed the requirements and expectations of clients. The Serbian office has followed ISO 9001’s guidance and tools to ensure that its services consistently meet clients’ requirements.

Safety First

In Serbia Freeland Mijanović Mr Aleksander Mijanović Vojvode Mišića br. 2 21000 Novi Sad, Serbia T + 381(0)21532532 or +381(0)63532232 E freelandoffice@gmail.com www.freeland.rs

In the Netherlands Freeland Corporate Advisors Mr Wilbert van Twuijver Weena 210-212 3012 NJ Rotterdam, the Netherlands T + 31102013600 or +31628940151 E wilbert.van.twuijver@freelandgroep.nl www.freelandgroep.nl

In today’s business environment, workplace safety is one of the top priorities of both industry and business leaders. Being ISO 14001 (Environmental Management) and OHSAS 18001 (Occupational Health & Safety Management System) certified, Tebodin clearly demonstrates how serious it is about controlling its environmental impact and ensuring safety at the workplace via preventive mechanisms rather than corrective ones. ■ Contact: Tebodin d.o.o. Bul. Zorana Djindjica 73 • 11070 Belgrade • Serbia tel +381 11 313 24 65 • fax +381 11 313 24 22 www.tebodin.com • tebodin@tebodin.rs

Netherlands | World's Markets and Opportunities

Culture

Rich Culture - Long Tradition

Although Netherlands is a small country, with artists like Rembrandt, Vermeer, Hals or Van Gogh, its culture makes it one of the greatest in Europe

D

utch culture, or the culture of the Netherlands, is diverse, reflecting regional differences as well as foreign influences, thanks to the merchant and exploring spirit of the Dutch and the influx of immigrants. The Netherlands and Dutch people have played an important role for centuries as a culturally liberal and tolerant centre, with the Dutch Golden Age regarded as its zenith.

Dutch literature comprises all writings of literary merit written through the ages in the Dutch language, a language which currently has around 23 million native speakers. Dutch literature is not restricted to the Netherlands, Flanders (Belgium), Suriname and the Netherlands Antilles, as it has also been produced

in other (formerly) Dutch-speaking regions, such as French Flanders, South Africa and the former Dutch East Indies (present-day Indonesia). A sub-group is 'Dutch Indies literature', colonial and post-colonial Insulinde inspired literature, covering the Gold-

en Age up to the present day. Alternatively, Dutch literature was and is produced by people originally from abroad who came to live in Dutchspeaking regions, such as Anne Frank and Kader Abdolah.

The first significant period of Dutch

The most famous Dutch painter was Rembrandt Harmenszoon van Rijn, but other painters such as Johannes Vermeer and Frans Hals are famous all over the world as well

Rembrandt, The Night Watch, 1642, oil on canvas

World's Markets and Opportunities | Netherlands

architecture was during the Dutch Golden Age roughly beginning at the start of the 17th century. Due to the thriving economy, cities expanded greatly. New town halls and storehouses were built.

Merchants who had made a fortune ordered new houses built along any of the many new canals that were dug out around various cities and towns (for defense and transport purposes), houses with ornamented facades that befitted their new status. In the countryside, new country houses were built, though not in the same numbers. Some well known architects of the period were Jacob van Campen (1595–1657), Lieven de Key (c. 1560–1627) and Hendrik de Keyser (1565–1621).

At the end of the 19th century there was a remarkable neo-gothic stream or Gothic Revival both in church and in public architecture, notably by the Roman Catholic Pierre Cuypers, who was inspired by the Frenchman Viollet le Duc. The Amsterdam Rijksmuseum (1876–1885) and Amsterdam Centraal Station (1881–1889) belong to his main buildings. During the 20th century, Dutch architects played a leading role in the development of modern architecture. Out of the early 20th century rationalist architecture of Berlage, architect of the Beurs van Berlage, three separate groups developed during the 1920s, each with its own view on which direction modern architecture should take. Expressionist architects like M. de Klerk and P.J. Kramer in Amsterdam (See Amsterdam School). Functionalist architects (Nieuwe Zakelijkheid or Nieuwe Bou-

Amsterdam Rijksmuseum

wen) like Mart Stam, L.C. van der Vlugt, Willem Marinus Dudok and Johannes Duiker had good ties with the international modernist group CIAM. A third

Dutch literature has also been produced in other (formerly) Dutch-speaking regions, such as French Flanders, South Africa and the former Dutch East Indies (present-day Indonesia)

Peter Paul Rubens

group came out of the De Stijl movement, among them J.J.P Oud and Gerrit Rietveld. Both architects later built in a functionalist style. During the '50s and '60s a new generation of architects, such as Aldo van Eyck, J.B. Bakema and Herman Hertzberger, known as the ‘Forum generation’ (named after a magazine called Forum), formed a connection with international groups like Team 10.

From the '80s to the present, Rem Koolhaas and his Office for Metropolitan Architecture (OMA) became one of the leading world architects. With him, a new generation of Dutch architects working in a modernist tradition was formed.

In the late 16th century, many painters from Flanders fled to the northern Netherlands for religious reasons and because the Netherlands was growing economically.

Both regions had a golden age of painting in this period. The most famous Dutch painter was Rembrandt Harmenszoon van Rijn, but other painters such as Johannes Vermeer and Frans Hals are famous all over the world as well. Some more great Dutch painters of the 17th century are: Hendrick Avercamp, Fer- ⇢ Johannes Vermeer: The Girl with a Pearl Earring, 1665.

Netherlands | World's Markets and Opportunities

painting. The 20th century also produced some of the members of the COBRA movement, including Karel Appel and Corneille.

The Netherlands has multiple musical traditions ranging from folk and dance to classical music and ballet. In the 21st century, people with an African or Middle Eastern background have also had a profound effect, most notably in hip-hop and rap.

Much more so than most non-English speaking European countries, the Netherlands has remained closely in tune with American and British dinand Bol, Aelbert Cuyp, Gerard Dou, Carel Fabritius, Govert Flinck, Pieter de Hooch, Jan Lievens, Nicolaes Maes, Adriaen van Ostade, Jacob Isaacksz van Ruisdael, Peter Paul Rubens, Pieter Jansz Saenredam, Jan Steen, and Anthony van Dyck.

The Dutch artists of the 18th century are less well-known. The most important paintings were the land and seascapes (or marines). Only at the end of the 19th century did one very important painter, Vincent Van Gogh, and some other internationally well-acclaimed artists appear, like the realists Jozef Israëls, Anton Mauve and the more impressionist George Hendrik Breitner living in the Netherlands, and the romanticist Lawrence Alma-Tadema, living in England.

In the 20th century, the Netherlands produced many fine painters and artists, including Piet Mondriaan, a noted contributor to the De Stijl art movement, who was also among the vanguard of non-representational

most active and well-known music scenes. Curaçao is known for a kind of music called tumba, which is named after the conga drums that accompany it.

The Dutch also have their own distinct version of cabaret, with overarching themes and aimed at provoking thought, and sometimes sentiment, as well as laughs. This is exemplified in performers such as Wim Kan and Toon Hermans in the 60's and 70's and later diversified into a rich culture with artists such as Youp van 't Hek, Freek de Jonge, Herman van

Vincent van Gogh

Amsterdams Kleinkunst Festival is an annual cabaret celebration held in April at the DeLaMar Theater in Amsterdam

The Netherlands has multiple musical traditions ranging from folk and dance to classical music and ballet

Rem Koolhaas: CCTV Headquarters, Beijing

World's Markets and Opportunities | Netherlands

trends ever since the 50's. In the 21st century, the Netherlands has also become an international center for the electronic music scene, particularly Trance. Dutch DJs consistently rank among the top rated DJs in the world, and have a huge following both domestically and internationally.

Aruba and the five main islands of the Dutch Antilles are part of the Lesser Antilles island chain. Their music is a mixture of native, African and Dutch elements, and is closely connected with trends from neighboring islands like Barbados, Martinique, Trinidad and Tobago and Guadeloupe, as well as the former mainland Dutch possession of Suriname, which has exported kaseko music to great success on the islands.

Curaçao and Bonaire likely have the

Veen, Theo Maassen, Brigitte Kaandorp, Jochem Meijer, Hans Teeuwen and Herman Finkers.

Some Dutch films have received international distribution and recognition, such as Turkish Delight ("Turks Fruit," 1973), Soldier of Orange ("Soldaat van Oranje," 1975), Spetters (1980) and The Fourth Man ("De Vierde Man," 1983) by director Paul Verhoeven. Verhoeven later went on to direct such Hollywood hits as RoboCop and Basic Instinct.

Other famous Dutch film directors are Dick Maas (De Lift), Fons Rademakers (The Assault), Jan de Bont (Speed), documentary maker Bert Haanstra and Joris Ivens. Film director Theo van Gogh achieved international notoriety in 2004 when he was murdered in the streets of Amsterdam.

Internationally famous Dutch film actors include Jeroen Krabbé, Rutger Hauer, Derek de Lint, Sylvia Kristel, Famke Janssen, and Carice van Houten. ■

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tourism The Himalayas: When you conquer a summit, immediately forget about it. Don’t live on it. But, by all means, conquer it first

Fighting for Each Breath ■ By Ivan Stanković, President of Communis Agency

Seeing the birth of another day at an altitude of 6,000 metres, with other summits slowly coming into view, basking in the sun, is an experience to remember.

Everything looks crystal clear, white and frightening under the sharp morning sun

I

have always admired the people who knew what they wanted – even at an early age they knew they wanted to be doctors or study architecture or read Hegel or travel to a remote destination like the North Pole.

I am, somewhat, more shallow-minded, and I made all of my important life decisions on impulse, without dreaming or expecting big things, and often without much introspection. That could be considered impudent at times, but, as it often turned out, it was the only right thing to do. A person often sabotages himself by refusing to take risks thinking they are not up to taking. The impulsive way of doing things is more risky, but the awards are far greater. New horizons, new discoveries and new opportuni-

ties, which you didn’t even know existed, are opening to you. You are moving forward, taking huge steps. Of course, on the condition that the risks you take are reasonable and not crazy.

True to my nature, I am definitely more inclined towards the second option.

That’s what also happened this time around. After a game of tennis, my friend commented my new five-kilo lighter body and added that he would be going to the Himalayas and that he would definitely lose at least the same amount of weight there.

The Himalayas? He had never climbed a mountain. What would he do there? Bit by bit, he explained everything to me: the expedition is organized by the first Serb to climb Mt. Everest and a former member of the Special Forces, Dragan Jaćimović, who now heads the Extreme Summit Team group. The group, among other things, is into extreme team building and organizing expeditions to various interesting locations worldwide. The trip will be three weeks long, the climb is slow with a lot of attention paid to acclimatization, and the pinnacle is climbing one of the lower summits – the Island Peak – which is ‘only’ 6,189 metres tall. The expedition will leave for the Himalayas in mid-April and there are still places left.

My knowledge of the Himalayas was average. My knowledge cordeditorial@cma.rs |

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of mountain climbing was non-existent. When I asked my family council, made up of my wife and two older daughters, whether I should go on this adventure or not, they (as expected) said: “Why not?” The dice was cast.

It was only two months until departure, and certain things had to be done. First and foremost, I had to purchase the required equipment. We were given a detailed list of what we needed, and I hit specialized stores with climbing equipment to get it. In order to avoid choosing the equipment solely on its aesthetic appeal, I asked Jaćim (who we, at the very beginning of the expedition, affectionately called “the Guru”) to come with me. I learned that, when it comes to dressing yourself, the best thing to do is to adhere to the multilayer concept with each layer of clothing made of different materials that serve different functions. Also, you should remove or add layers depending on the weather. The first thing to put on is the so-called active under-

Rudnik Mountain to practice the basics of Alpine-style climbing.

This is where I experienced a more brutal side to climbing – rope climbing and descending a cliff. I survived.

We started off our expedition at Belgrade Airport, on April 18. We flew to Dubai first and from there to Kathmandu, the capital city of the Kingdom of Nepal, population 1.2 million.

By the way, Nepal is the same size as Austria and Switzerland put together, it has 25 million inhabitants who are really young.

Over half of them are younger than 21. It is also a very poor country with agriculture making up most of the economy.

This is the place where we would encounter every climate imaginable – from the tropical climate to moderate one, from the Alpine climate to the Arctic. High summits are cloaked in fog and rainy clouds, and it seems that each of a thousand valleys has a micro-climate of its own.

The Nepalese jungles are home to almost 800 bird species,

which is 10% of the total numwear which enables the skin My worst problem was a lack of oxygen ber of species in the world. to breath, and the sweat to once we reached 5,000 metres.

Nepal is a combination of varcome out without soaking the ious ethnic groups who speak clothes. After that comes one Sometimes, I would lie down and my over 30 different languages or two layers of thermo-inbreathing slowed down. I felt I was and dialects. sulating clothes, and the last Nepal is also the home of layer is Gore-Tex which is falling asleep, and when I woke up, I was wind and water resistant. The in sheer panic because of lack of oxygen the two biggest world religions – Hinduism and Buddhism shoes are also made of spewhich coexist in harmony here. The Nepalese are proud of the cial materials; they are light, anatomical and exceptionally comfact that their country freed itself from colonialism without anyfortable, yet sturdy enough and water resistant to withstand the body’s help, which is quite rare in Asia. For centuries, no foreignstress of climbing. The backpack also needs to be made of speer could enter Nepal. From 1881 to 1921, only 64 foreigners viscial materials and be specially constructed (since you carry it on ited Kathmandu and only few of them were allowed to leave the your hips, not shoulders). The sleeping bag is filled with feathvalley. Today, tourists – trekkers, Alpine climbers and people who ers. Then there are gloves, special goggles for high altitude and come here to simply enjoy the beautiful Himalayas – visit Nepal a lot more. all year around.

The only thing left for me to do was to learn the basics of My first contact with Kathmandu, which happened in the mountain climbing. The first thing that we did was to climb the evening, came as shock. The town was in total darkness (there Rtanj, a mountain in Eastern Serbia, which is about 1,500 metres was no such thing as public lighting), the streets were dusty, selhigh. Our climb took about 4.5 hours and our descent 2.5 hours. dom paved and with many holes, while the downtown hotel reMy muscles were very sore, but I was proud of myself since I had sembled a ruined scout resort. The filth. The town is chaotic and conquered my first mountain. Or hill. Then we moved onto the

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the main traffic rule is that there are no rules. Car horns are used constantly while cows (holy animals in Nepal), which nonchalantly walk and sometimes even lie down on the road, create a special atmosphere. Of course, nobody notices them. You just go around them. For the first few hours we were very paranoid when crossing the road, since vehicles use the right-hand lanes, just like in England, and there are no pavements. But we survived.

Our first contact with the Himalayas was Lukla Airport, situated at 2,800 metres in altitude. If you are scared of flying, do not use this airport, it was declared as most dangeuros airport in the world. It has only one runway which is often enveloped in fog.

The runway is only 450 metres long. On one side, there are rocks and on the other, a huge abyss. The runway is tilted at 12° and the planes land uphill and ascend downhill.

For the first few days, rain was falling all the time. We had occasional sunny periods, and we had to change our clothes con-

rooms is 7°C or 8°C so getting undressed and getting into your sleeping bag is one big fast adventure. Only the dining room is heated, only after 5 pm. The fuel used for heating is yak’s faeces which had been collected and dried the year before. It burns well, but if the smoke leaves the heating oven, the entire room stinks.

The food is local, but adjusted to international taste. It is mostly vegetarian, since the religious beliefs of the people here forbid them from killing animals. Although there are a variety of foods available, it seems that every dish is the same. My appetite shrunk considerably while I was there, and I was mostly eating noodle soups whose portions were quite big and fill you up quickly. All in all, because of physical strain and food, I lost around five kilos.

Our base camp, from which we climbed to the Island Peak, was at 5,100 metre in altitude. We had two tents (accommodat-

We were split into groups of four, and each group had a Sherpa as a guide.

We really liked a Sherpa who had conquered Mt. Everest several times, so we were in good hands

stantly. Since we were quite inexperienced as to what clothes to wear in which weather, we were often either very sweaty or freezing. We took off our polars, put on our raincoats and started to climb, and climb, and climb.

Our daily schedule was very simple. We would get up and have breakfast between 7 and 8 am, and leave between 8 and 9 am. Our daily route took between four and seven hours to conquer, and the distances we covered were in line with the plan.

Our idea was not to exceed 400 metres in altitude difference a day. Altitude sickness was our main problem. It can strike even the strongest of us. We stuck to our climbing plan and to one really important condition – we had to drink at least three litres of water and/or electrolytes a day, which we needed to keep on moving without suffering too much. However, some expedition members did feel altitude sickness – the nausea, vomiting, diarrhoea, queasiness, headache, shortage of oxygen. My worst problem was a lack of oxygen once we reached 5,000 metres.

Sometimes, I would lie down, and my breathing slowed down. I felt like I was falling asleep, and when I woke up, I was in sheer panic because of lack of oxygen. It was horrible!

There is no running water or sewage in the Himalayas. There is electricity only in the mountain’s lower sections, while elsewhere people use power aggregates, meaning that the living conditions and accommodation were very harsh. Warm water is a rare privilege for which you have to wait and pay. Even charging your phone is charged extra – about €3 per hour. You have to save on everything, including heating, so the rooms, which are actually cabins sectioned off with wooden panels that take a maximum of two beds, are not heated. The temperature in these

ing two people), which were scattered across the rough rocky terrain. A strong wind was constantly blowing and covering every single thing in our tents in fine sand. We slept on covers which were not soft enough so we felt every single rock beneath us.

The ascent itself was a special adventure, and the biggest physical strain that I have felt in my life. After ten hours of climbing and acclimatizing, the day came when we were supposed to do what we had initially intended to do – climb one of the Island Peak summits.

We were supposed to climb and descend 1,100 metres in one day. We started our ascent at around 1 am. We dressed very warm since the temperature was -12°C, put on forehead lights, packed sufficient quantities of water, electrolytes and warm tea cordeditorial@cma.rs |

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and started our journey into the unknown. The descent was frightful, with no flat surfaces whatsoever. It was very frustrating to look up and see, in the distance, the head lights of other people. We were split into groups of four, and each group had a Sherpa as a guide. We really liked a Sherpa who had conquered Mt. Everest several times, so we were in good hands.

After just over five hours, we reached the crampon zone – the place where rocks turn into glacier and where we had to start using more complex gear. Seeing the birth of another day at an altitude of 6,000 metres, with other summits slowly com-

scending, some trying to climb, everything looked very disorganized. I used the opportunity to grab the first rope and start ascending. I had already surpassed 6,000 metres and I was fighting for each breath. This rock was completely frozen, totally uneven, I could feel the stones and I was under the impression that I was climbing totally vertically, almost touching the sky. The ascent was awfully difficult, and after climbing only a few metres, I was struggling to breathe. I was dodging the ice chunks that fell from above, and I was trying to avoid the people who were descending. I had climbed pretty high already and I was scared to look

I wondered why the hell I ing into view, basking in the I had climbed pretty high already and down. did this, but I could not quit; I alsun, is an experience to remember. We were so excited and un- I was scared to look down. I wondered so could not go down since there aware of what was ahead of us. why the hell I did this, but I could not were people below me. So, the way was up which meant Everything looked crystal clear, quit; I also could not go down since only a new climb, another struggle white and frightening under the there were people below me. So, the to breath, more strength and sharp morning sun. Checking fighting for each breath. I was as our gear, having another eneronly way was up close to the rock as possible, but gy bar for added strength, the I did wish I was somewhere else. Anywhere else. last sip from the second bottle of electrolytes, and we were off I had no choice. I had to go up. The same thoughts again and to the glacier. We were connected by a climbing rope, four peoagain. My legs refused to obey me. I didn’t know whether it was ple in a group. Our ascent was slow, step by step. We looked far ice or fatigue, but I found it increasingly difficult to thrust my up, eyeing the summit we needed to climb. It looked so far away, crampons under the right angle so I could lean on them. In this huge, almost insurmountable. Our glacier ascent seemed very semi-dreamy state, I lost track of time, and I suddenly realized drawn out, and it took us ages to get to the bottom. The distancthat I had finished my ascent and climbed a plateau from which es are huge and this year, the ice had melted so there were many you climb a 200-metre-long crag, with a 20 metre height differholes and crevices, so we were carefully moving around – top/ ence, which leads to the top. bottom, left/right. The people in my group were not all feeling While I lie helplessly on the snow, trying to catch my breath, the same – the two of them were already tired and had slowed I thought to myself that there was no need to climb any futher to down, while I and the fourth member were moving forward. It the top, since I had no strength for it. I did more than I planned is very strenuous, you feel as if you cannot breathe, but we manand wanted to do, I reached 6,169 meres and I had no desire to aged to set the pace and, step by step, we progressed. The area struggle any further since this is almost the peak. I don’t rememis vast and I have no experience in estimating the distance corber what pushed me into action but I believe that, this time, it rectly so it seemed to me that the mountain was closer and less was something that was deeply rooted in my conscience – you steep than it actually is. finish what you started. It probably has to do with the fact that We were getting close to the foot of our 150-metre-long verI was raised like that – to finish what I started. Whether it was a tical climb, which leads to the top. It was crowded here, there meal or a dreaded music school which I finished with the help of were many different expeditions, three ropes, some people de-

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We walked like zombies, trying not to fall into a crevice, fola few spanks of my mother’s mixing spoon, a lot of difficulty and lowing in the footsteps of the person in front of you. I don’t know to the relief of my immediate and extended family. how much time it took us to get to the end of the glacier, but we Be as it may, I had managed to climb the crag and start the did get our first chance to rest. It wasn’t that pleasant since we last leg of my journey which, although just slightly tilted, was a were all exhausted, shaking benightmare to climb. Whenever I cause we were so burnt out and reached for an anchor or had to cold and wishing (in vain) that bridge safety rope and ascender, we could be teleported someI used every single opportunity where else. to lie on the snow, breathe deepThe 1,000 metre descend was ly while trying to slow down by equally exhausting, and it seemed breathing and pulse, and muster neverending. Finally, around 5 strength for my next move. Again, pm and 16 hours after we had I was overwhelmed with a desire begun our adventure, we reached to quit. But I can do that when I our base camp. Exhausted, froam done climbing. So, this lastzen, out of our minds. Did we ed for some time, and, suddenly, break the limits of our abilities, I crawled up an all fours to find or have we just set new ones? myself on a three or four squareWe were returning to the foot metre plateau which meant that I of the mountain and Kathmandu. had reached its height – the 6,189 We started to recover and reflect metre summit. Well, I wasn’t too on what we had been through impressed with it. and whether we had learned anI would like to share with you ything from the experience. now some lofty thoughts that I This was a fantastic experimight have had at that moment ence for me, and I couldn’t fathlike – “One small step for manom how immerged into it would kind, but a giant leap for me” or I be. I saw parts of our plan“Now I know what is the purpose et that I have only read about. of life” or “After I conquer this I have climbed the altitude I peak, the next peak I am going had only reached by airplane, I to conquer is me.” Or something It was a wonderful experience but I had a great team of people that I along these lines.

Unfortunately, I couldn’t do wouldn’t like to go through it again. laughed and fooled around with. any of the above. The only thing Had I known just how hard it was, I have broken my physical and barriers. that I was thinking was I would I probably wouldn’t have done it. mental It was a wonderful experience give a kingdom for a helicopter. I Luckily, I had no clue. That’s why but I wouldn’t like to go through it realized that I used my last ounce again. Had I known just how hard of strength to climb here and that the whole experience was nice it was, I probably wouldn’t have the weather was getting bad, the done it. Luckily, I had no clue. That’s why the whole experistorm brewing, and I still need to go back. And I had no strength, ence was nice. will or energy. The blunt and exhausted expression on my face In the end, I would like to paraphrase a saying about rewards spoke volumes. which goes: when you conquer a summit, immediately forget The summit itself was very ordinary. It is a small plateau about it. Don’t live on it. But, by all means, conquer it first. ■ where you need to hang onto your rope all the time. The summit extends into an abyss, on all four sides. The view is nice, but I couldn’t care less about the view since black clouds were coming, We know that there are many the wind picked up and nasty weather was almost here. It was of our readers live to travel and time to go back. After spending five or six minutes at the summit, who embark on exotic journeys we started our descent. First, we climbed down to the plateau to the remotest parts of our beneath the summit where most of the climbers from our group planet at least once a year. We were, and proceeded to climb down the frozen vertical and the would like to take this opportusame way back. I mustered just enough strength to do this, the nity to invite you to share your wind was getting stronger, it had started to snow and the fog deexperiences with us. scended upon us. cordeditorial@cma.rs |

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feature Horse racing: Royal Ascot, 18-22 June 2013

Most Prestigious Race Meeting and

Social Gathering

Renowned for its sartorial elegance and style and with a rich royal history dating back to roughly 1807, Royal Ascot stages the finest Flat racing in the world in June, with over £5 million (€7.7 million) in prize money on offer and 18 Group races contested over the five-day meeting

R

oyal Ascot is Flat racing’s most prestigious meeting and takes place each year in mid-June. It attracts some of the best horses and jockeys from around the world and is famous for its place in the racing and social calendar.

Each day of the meeting, which this year runs from Tuesday, June 19 until Saturday, June 23, contains at least one feature race, with three prestigious Group 1 contests kickstarting the opening day.

The Queen Anne Stakes, for milers aged four and above, starts proceedings on Tuesday, June 19 and features the unbeaten wonder horse that is Frankel.

Next is the King’s Stand Stakes - a thrilling 5f (5f = 5 fur-

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longs are approximately 1 kilometre or 1.0058 km is a closer approximation) sprint recently dominated by overseas raiders, especially from Australia. The final Group 1 on June 19 is the St James’s Palace Stakes, another 1mile race (1 mile =1.609 km), this time for three-year-olds only. This race is a traditional target for 2,000 Guineas winners from Britain and Ireland (The races were named according to their original prize funds 1guinea amounted to 21 shillings, or £1.05).

Wednesday’s feature is the Prince of Wales’s Stakes, which is contested by four-year-olds and older over 1m2f (approximately 3010 metres). Along with Saturday’s Golden Jubilee Stakes - renamed the Diamond Jubilee Stakes this year to mark the Queen’s milestone - it is the most valuable race at

Royal Enclosure Office and gain membership from someone Royal Ascot, worth £500,000 (€595,000). who has attended the enclosure for at least four years. For exThe highlight of Royal Ascot is the Gold Cup, run on the isting badgeholders, an invitation is sent out by Her Majesty’s Thursday. Staged over 2miles and 4 furlongs (approximately Representative to request badges. The badgeholder’s name is 7.2 milometres), the race is the longest Group 1 in Britain and written onto the badge and can be used only by that person; is contested by the best Flat stayers. Yeats notched four conthe colours of the badges vary each day for one-day applicants. secutive victories in the race before being retired in October Those in the Royal Enclosure 2009, with Rite Of Passage pickhave the options of fine dining ing up where he left off in 2010 and hospitality, and a selection before Fame And Glory returned of bars. The dress code is strictly the trophy back to Ballydoyle enforced. For women, only a day last year. dress with a hat is acceptable, Three-year-old fillies take with rules applying to the length centre stage on Friday in the and style of the dress. In addiCoronation Stakes. The race tion, women must not show bare provides the chance for 1,000 midriffs or shoulders. For men, Guineas winners from Britain, black or grey morning dress Ireland and France to clash over with top hat is required.

Ascot’s round mile (the race was A view from The Royal Enclosure as the Royal family arrive Over 300,000 people make named according to its original the annual visit to Berkshire prize funds a guinea amounted during Royal Ascot week, makto 21 shillings, or £1.05). ing this Europe’s best-attendSaturday climaxes with ed race meeting. There are sixthe Diamond Jubilee, a sprint teen group races on offer, with over 6f which sometimes atat least one Group One event on tracts horses who contested each of the five days. The Gold Tuesday’s King’s Stand Stakes.

Cup is on Ladies’ Day on the Australian speedball Choisir Thursday, June 20. was the last horse to win both races - in 2003.

The Royal Enclosure Prize money The race is much anticipated Royal Ascot for the first time in 2013 will feature prizethis year, with Australian sprint sensation and red-hot antemoney of £5,000,000. A total increase in the prize-money post favourite Black Caviar donning a tailormade comprespurse of £500,000 for the meeting representing an 11% insion suit and making the long flight over to take on her British crease from 2012. Total prize money at Ascot throughout the counterparts.

2013 season will be just above £10,000,000. This amount exThe remaining 23 races of the royal meeting are made up cludes the £3.4M on offer during the Qipco British Champions of lesser Group events and cracking handicaps.

Day, an industry joint venture.

Prize money for The St James’s Palace Stakes and Royal enclosures Coronation Stakes has been increased by £100,000 to The centrepiece of Ascot’s year, Royal Ascot is one of £350,000, which puts each race on equal footing with the Europe’s most famous race meetings, and dates back to 1711 Queen Anne Stakes, King’s Stand Stakes and Gold Cup. when it was founded by Queen Anne. Every year Royal Ascot The Windsor Forest Stakes has been renamed, followis attended by HM Elizabeth II and various members of the ing Her Majesty the Queen’s consent, The Duke of Cambridge British Royal Family such as The Prince of Wales, arriving Stakes, recognising the new title given to Prince William, and each day in a horse-drawn carriage with the Royal proceshas seen a 25% increased in its value to £125,000. sion taking place at the start of each race day and the raising of the Queen’s Royal Standard. It is a major event in the British social calendar, and press coverage of the attendees Betting Guide and what they are wearing often exceeds coverage of the acGiven the quality of the 2013 Royal tual racing. There are three enclosures attended by guests on Ascot races, the meeting is one of the Royal Ascot week. busiest weeks of the year for bookThe Royal Enclosure is the most prestigious of the three enmakers. It is estimated that over £400 closures, with recent visits from the Queen and Royal Family million of bets will be placed on Royal Ascot in 2013, the mamembers. Access to the Royal Enclosure is restricted, with high jority of which will be placed using the internet. security on the day. First-time applicants must apply to the cordeditorial@cma.rs |

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Royal Ascot trivia in diameter is acceptable as an alternative to a hat.

Ladies are kindly asked to note the following: • Strapless, off the shoulder, halter neck, spaghetti straps and dresses with a strap of less than one inch (2.5cm) are not permitted.

• Midriffs must be covered.

• Fascinators are no longer permitted in the Royal Enclosure; neither are headpieces which do not have a base covering a sufficient area of the head (4 inches/10cm).

• Ascot’s first ever race took place on 11 August, 1711, with each horse carrying a weight of 76.2 kilograms.

The race consisted of three separate heats, each of 6.437 kilometres (about the same as the Grand National), so the winner – name sadly unknown – would have been a mighty strong beast.

• The royal procession began in 1825.

King George IV drove up the centre of the course in front of the crowds, a tradition that continues to the present day.

• Divorcees were banned from the Royal Enclosure until 1955, when the divorce laws were changed.

• The 2005 Royal Meeting was held at York while Ascot was rebuilt.

Everything moved north – even the bell used to tell jockeys to get ready for the next race.

• The Queen has owned 19 Royal Ascot winners – and probably had a bet on them all.

• In 1813, an Act of Parliament ensured that Ascot would always be a public racecourse. In 1913, another Act created the Ascot Authority, which still manages the course.

• Until 1945, the only racing at Ascot was the Royal Meeting. There are 20 racedays this year, including last month’s ‘soft opening’ of the new grandstand.

• Not everyone is impressed with the new facilities. ‘Why does every stand have to be designed like an airport?’ quipped one disgruntled punter. ‘I’ve spent an hour looking for the duty free.’

• Nor do all racegoers love Royal Ascot.

Many believe the meeting has lapsed into self-parody, with the high-class action on the track barely noticed by preening oiks interested only in hats, booze – and, of course, themselves.

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Dress code Royal Ascot dress code is more complex than simply ‘oversized headwear’.

Those who go off-track with the strict guidelines will not be allowed entry to the Royal Enclosure.

Royal Enclosure Ladies Ladies are kindly reminded that formal day wear is a requirement in the Royal Enclosure, defined as follows: • Dresses and skirts should be of modest length defined as falling just above the knee or longer.

• Dresses and tops should have straps of one inch or greater.

• Jackets and pashminas may be worn but dresses and tops underneath should still

comply with the Royal Enclosure dress code.

• Trouser suits are welcome. They should be of full length and of matching material and colour.

• Hats should be worn; a headpiece which has a base of 4 inches (10cm) or more

105 June 2013 | www.cordmagazine.com

Gentlemen Gentlemen are kindly reminded that it is a requirement to wear either black or grey morning dress which must include: • A waistcoat and tie (no cravats) • A black or grey top hat • Black shoes.

A gentleman may remove his top hat within a restaurant, a private box, a private club or that facility’s terrace, balcony or garden. Hats may also be removed within any enclosed external seating area within the Royal Enclosure Garden.

The customisation of top hats (with, for example, coloured ribbons or bands) is not permitted in the Royal Enclosure.

Children (Admitted on Friday and Saturday only) Girls (aged 10-16) should be dressed for a formal occasion. Smart summer dresses are suggested. Hats, headpieces or a fascinator may be worn but are not compulsory.

Boys (aged 10-16) should either dress in accordance with the gentlemen’s dress code (as set out opposite); or alternatively may wear a dark-coloured lounge suit with a shirt and tie (whereupon no hat is required).

Grandstand Ladies Ladies within the main Grandstand enclosure are encouraged to dress in a manner as befits a formal occasion. Ladies are kindly asked to take particular note of the following: • A hat, headpiece or fascinator should be

Program of the Royal Ascot 2013 worn at all times.

• Strapless or sheer strap dresses and tops are not permitted.

• Trousers must be full length and worn with a top that adheres to the guidelines above (i.e. strapless or sheer strap tops are not permitted).

• Jackets and pashminas may be worn but dresses and tops underneath should still comply with the Grandstand Admission dress code.

• Midriffs must be covered.

• Shorts are not permitted.

Gentlemen Gentlemen are required to wear a suit with a shirt and tie.

Children Girls (17 or under) should be dressed for a formal occasion. Smart summer dresses are suggested. Hats, headpieces or a fascinator may be worn but are not compulsory.

Boys aged (13-17) should wear a suit or jacket with a shirt and a tie. Younger boys (12 or under) should be dressed smartly but are not required to wear a jacket or tie.

A final note Fancy dress, novelty and branded/promotional clothing are not allowed on site

mately six miles from Windsor Castle. It is owned by Ascot Racecourse Ltd.[1] Ascot today stages twenty-six days of racing over the course of the year, comprising eighteen Flat meetings held between the months of May and October inclusive. It also stages important jump racing throughout the winter months. The Royal Meeting, held in June, remains a major draw, the highlight being the Gold Cup. The most prestigious race is the King George VI and Queen Elizabeth Stakes run over the course in July. ■

The RaceCourse Ascot Racecourse is a famous English racecourse, located in the small town of Ascot, Berkshire, used for thoroughbred horse racing. It is one of the leading racecourses in the United Kingdom, hosting 9 of the UK’s 32 annual Group 1 races. The course is closely associated with the British Royal Family, being approxi-

• The Queen Anne Stakes - Group 1 • The King’s Stand Stakes - Group 1 • The St. James’s Palace Stakes - Group 1 • The Coventry Stakes - Group 2 • The Ascot Stakes - Class 2 handicap • The Windsor Castle Stakes - Listed Day 2 - Wednesday 19th June

• The Jersey Stakes - Group 3 • The Windsor Forest Stakes - Group 2 • The 150th Anniversary of the Prince of Wales’s Stakes - Group 1 • The Royal Hunt Cup - Class 2 Heritage Handicap • The Queen Mary Stakes - Group 2 • The Sandringham Handicap - Listed Day 3 - Thursday 20th June

• The Norfolk Stakes - Group 2 • The Ribblesdale Stakes - Group 2 • The Gold Cup - Group 1 • The Britannia Stakes - Class 2 Heritage Handicap • The Tercentenary Stakes - Group 3 • The King George V Stakes - Class 2 handicap Day 4 - Friday 21st June

VIP Hospitality Packages at Royal Ascot 2013 Date

Day 1 - Tuesday 18th June

Private Chalet Panoramic Bessborough Carriages Sandringham (Royal Enclosure Restaurant Restaurant Restaurant Restaurant Gardens - 30, 50 or 80 seater)

Platinum Suite

Tue 18th June 2013

£950

£545

£425

£355

N/A

£315

Wed 19th June 2013

£950

£500

£400

£335

£515

£315

Thurs 20th June 2013

£1,450

£750

£600

£595

£765

£439

Fri 21st June 2013

£1,005

£670

£545

N/A

£680

£365

Sat 22nd June 2013

£735

£475

£380

£315

N/A

£315

Note: All prices are shown per person and exclude VAT

• The Albany Stakes - Group 3 • The King Edward VII Stakes - Group 2 • The Coronation Stakes - Group 1 • The Wolferton Handicap - Listed • The Queen’s Vase - Group 3 • The Buckingham Palace Stakes Class 2 handicap Day 5 - Saturday 22nd June

• The Chesham Stakes - Listed • The Hardwicke Stakes- Group 2 • The Diamond Jubilee Stakes - Group 1 • The Wokingham Stakes - Class 2 heritage handicap • The Duke of Edinburgh Stakes - Class 2 handicap • The Queen Alexandra Stakes - Class 2 conditions race

cordeditorial@cma.rs |

105 June 2013 | 91

tourism

Short and

EXCITING TRIPS

There are plenty of opportunities to enjoy village holidays in Serbia. Fresh air, laden with the scent of haystacks, flowers, pines, and pastures, along with clean streams and rivers, plus wild flora and fauna make Serbia an ideal holiday spot

T

here are plenty of opportunities to enjoy village holidays in Serbia. Fresh air, laden with the scent of haystacks, flowers, pines, and pastures, along with clean streams and rivers, plus wild flora and fauna make Serbia an ideal holiday spot.

Guests can idle for days surrounded by peaceful landscapes, take part in many activities, and go for long walks through fairytale-like villages, a delight for both the young and old. Visitors

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can ride horses, climb mountains, pick forest fruit and medicinal herbs, play soccer, volleyball or basketball, bathe in rivers and lakes, or choose to lend their hosts a hand in preparing meals, or perhaps join them in the fields or farm work.

Others may wish to learn something about old but still useful handicrafts. In any case, visitors will reminisce about traditional gatherings with local food, stories, and toasts long after they return home.

Vojvodina Region - Salaši The best time to visit Vojvodina is in the fall. The rich colours and the bountiful harvests attract tourists from all over, even those who come for just a day. The best way to get to know authentic and rural Vojvodina is to stay at one of the traditional ‘salaš,’ (plural salaši). Salaši are self-sufficient farms with a house surrounded by traditional structures such as a barn, silo, and/or a corral. At one time there were thousands of salaši. Over time, some have been amalgamated into villages, while many were abandoned and subsequently disappeared. They have been revived over the past few years to return to their traditional function of producing healthy organic food. Since rural tourism is now becoming a potential long-term tourist trend, they have been added to Vojvodina’s list of tourist attractions, and are now at the top of the list.

Palic’s ’salaši in the north of Bačka are so famous that there are even songs about them. Living on boweries used to be hard, but today they are an ideal place for a short getaway from city life or a vacation with many activities and good Vojvodina cuisine.

The best known are Róka salaš, Jelen salaš, Đorđević salaš, Majkin salaš, Cvetni salaš...(www.palic.rs) Čenej’s salaši are the most significant, and comprise a unique group. They are located approximately twenty kilometres from Novi Sad, in the Bačka area of Vojvodina. The first written mention of Čenej was more than 750 years ago. In Čenej, the best known salaš is number 137, which has thirteen rooms, all authentically decorated. The restaurant offers a variety of dishes, from old traditional recipes to specialty dishes to internation-

Užice Region

al cuisine. Indeed, an authentic ambiance prevails. Some rooms have old-style furniture, and none have television sets.

Other popular places are Naš salaš (Our salaš), Brkin salaš, Salaš 159 and Volić salaš.

There are half-day and full-day organized tours of Čenej.

A day at a salaš can be made truly worthwhile by active participation in the host family’s traditional life. Some of the activities offered include rides in a ‘fijaker’ (a horse-drawn carriage), a winter sleigh ride, bicycle rentals, and horseback riding. There is also the option of participating in and learning about traditional crafts. (www.salasi.info)

Nature Park "Šargan - Mokra Gora" The Nature Park “Šargan - Mokra Gora” is spread over parts of the municipalities of Mokra Gora and Kremna within the municipality of Užice. The accommodation capacities in the Nature Park comprise the ethnic village ‘Drvengrad’ on Mećavnik, the hotel Mladost on Iver, the hotel Osmica near the railway station in Mokra Gora, the Mokra Gora, Jatare, and Šargan-Vitasi motels in line with railway stations of the same names, the Parochial House next to the church in Mokra Gora, as well as a smaller number of village households. (www.parkprirodemokragora.org)

Renowned for its history and natural attractions, the region of Užice lies approximately 200 kilometres from Belgrade. On one side of Užice are the slopes of Zlatibor mountain, and in the other direction, picturesque villages are surrounded by pastures and wooded hills.

Zlatibor is located at an elevation of 1000 m above sea level, offering unforgettable scenery and a unique climate for those seeking rest, relaxation and summer sports. The high mountain ranges surrounding Zlatibor, its spacious pastures, small but numerous rivers and lakes and a climate known to be helpful in curing heart ailments all contribute to make staying at this mountain an unforgettable experience.

The village of Kremna is located 235 km south of Belgrade between two famous mountains, Tara and Zlatibor. Kremna, at an altitude of 750 to 850 meters, is about 10 km from Mokra Gora. cordeditorial@cma.rs |

105 June 2013 | 93

Zlatibor Sirogojno Life as it was in the 19th century mountain village of Sirogojno has been preserved and reconstructed in the Museum of National Architecture, an open-air museum encompassing an entire village and consisting of several homesteads, workshops, and a village church. Sirogojno is located in the hilly and mountainous Zlatibor area in southwest Serbia, 30 kilometers south of Užice.

The life of village people was centred on one’s family and the work that needed to be done to survive in the countryside.

The family home was the hub of existence, and young married couples moved to small cottages on the homestead (‘vajati’) and helped with daily farm chores. Here you can see a family home with its adjacent cottages, milk house, barn, corncrib, earthen stove for baking, beehives, shed for drying plums, and a large pot for making brandy.

Stables for horses and other livestock were located away from the yard. Also on display are many authentic furnishings, tools, and devices used in the 19th century. In a clearing in the woods, there are two small cottages for summer accommodation and two shepherds’ huts, one of which can be taken along to the fields so that shepherds could stay near their grazing animals.

Also located in the village is a church dedicated to St. Peter and Pavle dating from 1764, and an old village graveyard.

In order to revive and maintain local arts and crafts traditions, some of the facilities have been converted into workshops and souvenir shops, as well as lodgings for guests.

Kraljevo Region The Kraljevo region lies in central Serbia, 175 km from Belgrade on the banks of the Ibar river near its confluence with the Zapadna Morava at the crossroads of the railway and BelgradeSkoplje and Stalac-Čačak-Požega highways. It is the administrative, cultural, traffic, and commercial centre of the Raska region. Kraljevo has a long and turbulent past, visible by its numerous cultural and historical landmarks that date from medieval and more recent times.

Thanks to its favourable geographical and commercial position, its rivers where many come to fish, several spas in the vicinity (Mataruška, Vrnjačka, Bogutovačka, Jošanička), its mountains, the Ibar beach, the old Maglič fort, and its monasteries (Žiča, Studenica), Kraljevo is an attractive tourist town. Its lush mountains – Kopaonik, Goč, Čemerno, Radočelo, and Golija – are rich in various game for hunting, and are also known as being excellent alpine ski terrains.

Studenica is located 63 km from Kraljevo and 255 km from Belgrade along the Ibar highway. Studenica’s surroundings are known for a pleasant climate, extraordinary natural attractions, and the clear water of the Studenica River abounds with fish, especially trout. The spiritual and secular seat of medieval Serbia, it is surrounded by several monasteries: Studenica, Gradac, Pavlica, Sopoćani, Žiča, Đurđevi Stupovi, Ljuboštinja, Kalenić, and Petrova church, as well as numerous spas such as Vrnjačka, Gornja Trepča, Mataruška, Bogutovačka, and Jošanička.

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Kosjerić With charming rivers, green plains, planted fields, and flowering meadows, the Kosjerić region in western Serbia, 136 kilometres from Belgrade and halfway between Valjevo and Užice, is an ideal place for a village holiday. With over one hundred cultural and historical landmarks, there is much sightseeing to do before and after leisurely meals accompanied by excellent wines in a tranquil country setting.

Mionica (Kosjerić) is a small town of fewer than 250 inhabitants, whose main source of income is cattle breeding and fruit farming. Not surprisingly, this small village is well- known for its high-quality plums and tasty plum brandy.

Kosjerić village lies on the outskirts of Kosjerić, just along the foothills of the Drmanovina and Crnokosa mountain ranges. Visitors to the area will be pleased to find that local households love taking in tourists, and providing them with an authentic home-stay experience.

Scenic and accessible, the Drmanovina landscape is covered

Lučani

in leafy green vegetation. Apart from hiking, hunting, and birdwatching, there is always the city centre to be enjoyed. With an Olympic-sized swimming pool, soccer fields, and tennis courts, a variety of entertainment awaits.

Gornji Milanovac Region Situated in Serbia among the Maljen, Suvobor, Rajac, Rudnik, Jesevac, Vujan and Kablar mountains, this town offers some of the country’s most breathtaking vistas. Rudnik is arguably the most impressive, with nine peaks rising over 1,000 metres. At the base of these splendid mountains are mineral springs and tiny villages, all of which are quaint tourist destinations. Koštunici, Rudnik, Savinac, Vraćevšnica, Takovo, and Leušići each beckons to travellers with their unique townspeople and their down-home hospitality, while the mineral springs of Mlakovac, Svračkovci, Savinac and Brdjani draw visitors with mystical promises of rejuvenation and healing.

Not to miss is the Vraćevšnica monastery, built in the 15th century. It is located just off the road that winds toward Gornji Milanovac from Kragujevac. Koštunici is home to the Andjelija Mišic ethnographic museum as well as ‘Prodanovićeva magaza,’ a museum of history.

Lučani lies in the mountainous part of western Serbia better known as Dragačevo. The area is full of luxuriant farmlands, rich forests, and pastures best known for producing excellent wild raspberries and healthy herds of cattle. Dragačevo abounds with cultural and historical monuments. Hidden amidst the rolling foothills of Ovčar are the Trojice and Sretenje monasteries.

In the tradition of artistic enclaves, Lučani is a haven for painters, sculptors and weavers. In Guča there is a gallery exhibiting the work of Dragačevo’s self-taught painters and sculptors, and Dolnji Dubin has a co-op where women weavers gather to share stories, compare work, and sell their wares. cordeditorial@cma.rs |

105 June 2013 | 95

chill out

Steve Jobs' Family Has Secretly Been Giving Donations

Man fights 160 kg bear - and wins Wildlife biologist Toby Burke, 48, leapt in front of his terrified wife Laura and their three children, one a baby, as the huge 160 kg bear charged. “It was just me between my family and the bear,” said the 48-year-old, who had been on a bird-watching weekend.

Toby then prodded at the brown bear with his long camera tripod to try to fend it off – but the beast “swatted it and severed it”.

The animal, a female aged about 20, tried to sink its teeth into his left forearm, so he began punching it repeatedly in the face – until it eventually turned and ran off.

Toby, who works for the US Fish and Wildlife Service, suffered only bumps and bruises – with his cold-weather clothing protecting his arm from the bear’s teeth.

Laura and their children also escaped unharmed. The bear had to be shot dead later after it emerged from woodland and charged at two Alaska State Troopers.

One of biggest criticisms of Steve Jobs was that he was not very philanthropic.

While he became a billionaire thanks to Pixar, he wasn’t known as an activist like Bill Gates, who pledged to donate the bulk of his fortune to causes he believed in.

Well, it turns out, Jobs’ family has been donating money for the last 20 years to various causes. They’ve just been doing it anonymously, The New York Times reports.

His wife, Laurene Powell Jobs said, “we don’t like attaching our names to things” so the family just quietly made donations. She’s becoming a slightly more public figure lately talking about causes she believes in like immigration reform and education.

New approach to Shakespeare Shakespeare might be easier for school kids to handle if lessons focus on the better scenes, the head of Britain’s teachers union suggested.

Studying the bard’s works from beginning to end is more appropriate for college English majors while the majority of kids just aren’t up to deciphering the archaic language, plot twists and long set-ups. “Is it any wonder that so many students grit their teeth, learn the lines and, when the exam is over, remember Shakespeare only as something that had to be endured in pursuit of an exam pass?” said Mary Bousted, general secretary of the Association of Teachers and Lecturers. She cited “Macbeth” and “Romeo and Juliet” as classic Shakespeare plays that get off to slow starts and can lose the attention of students.

“Don’t start at the beginning,” Bousted suggested. “Taking inspiration from film trailers, give novice Shakespeare readers a taste of the most highly dramatic scenes in the play.”

100 Years of Bollywood Last month Indian cinema marks 100 years since Dhundiraj Govind Phalke’s black-andwhite silent film “Raja Harishchandra” (King Harishchandra) held audiences spellbound at its first public screening on May 3, 1913, in Mumbai. Indian cinema, with its subset of Bollywood for Hindi-language films, is now a billion-dollar industry that makes more than a thousand films a year in several languages. It is worth 112.4 billion rupees (over $2 billion) and leads the world in terms of films produced and tickets sold. Bollywood is an addiction for many; an addiction that attracts thousands of aspiring stars to the city of Mumbai.

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Efficiency A man transports lanterns for decorations on his motorbike ahead of Vesak Day celebrations in Colombo. The festival commemorates the birth and enlightenment of Buddha and his attainment of Nirvana and will be celebrated beginning of last month.

105 June 2013 | www.cordmagazine.com

He Loves Her A New York City man named Danny made his one-year anniversary with girlfriend Kristen one to remember by posting 1,000 fliers pledging his love to her. His efforts received an overwhelming response via social media.

Danny, 26, a Manhattan resident who did not want his last name used, enlisted the help of six friends to plaster 1,000 fliers across the city asking a special favour from strangers. The flier gave a description of his love for his

Whisky Galore Bottles Fetch £12,050

girlfriend, Kristen, 26, and the evolution of their relationship. It then asked strangers to post pictures of the flier to Instagram or Twitter using the hashtag #EYJDK for “Enjoy Your Journey Danny and Kristen.”

Danny’s goal was to have 160 photos posted because 16 is Kristen’s favourite number and “asking for 16 photos is lame,’’ according to the flier.

But in just three days, between Instagram, Twitter, Facebook, Tumblr and emails, Danny received more than 1,000 posts of the photo from strangers.

King Roman of Lithuania Sells tTitles

Two bottles of whisky salvaged from the shipwreck that inspired the book and film Whisky Galore have been sold for £12,050 (€14,324) after an online auction.

They were part of the cargo on the SS Politician, which sank off Eriskay in the Outer Hebrides in 1941.

Scotch Whisky Auctions, which sold the bottles, said they had gone to a buyer in the UK after worldwide interest.

They were among eight bottles recovered from the wreck in 1987 by Donald MacPhee, from South Uist.

The whisky is not thought to be fit for human consumption.

The SS Politician was headed for Jamaica with 28,000 cases of whisky when it ran aground on the northern side of Eriskay in bad weather.

Islanders recovered hundreds of cases of whisky from the wreck and some of the bottles were buried to keep them hidden from customs officers.

Other bottles have since been found washed up on the island’s shores and also recovered by divers.

A European monarch hidden away in a humble Darwin suburb in Australia is selling titles to raise money.

King Roman(71) of Coconut Grove, said many monarchs over the centuries had sold nobilities and he can provide a range of honours from knighthoods and baronetcies to duchies and lesser kingdoms. His “Imperial Majesty” discovered in 1992 that his father had been the Grand Duke of Lithuania and as such he had inherited title to about 30 countries and principalities. This made him “ruler” over large swathes of Eastern Europe, as Grand Duke of Lithuania, Belarus, Ukraine and the Count of Lubraniec, he said.

That doesn’t impress the Immigration Department, which has refused to renew his passport because it will not issue passports under a name that purports to be a title not recognised by the Commonwealth. Still, it hasn’t deterred King Roman’s grand ambitions. For $100 you can buy the right to be called Knight of the Order of the Amethyst. He said he was raising money to federate Lithuania, Belarus and the Ukraine in a constitutional royal alliance. He also wants to raise money for charities such as Unicef.

Retired Racehorse - Abstract Painter Metro Meteor, a 10-year-old thoroughbred bay in rural Maryland, is enjoying singular success.

Within just months of applying his first brush stroke to paper, he is juggling requests for public appearances, weighing endorsement offers and earning thousands of dollars for his work.

Slowed by bad knees, the racehorse was retired in 2009 and adopted by Ron and Wendy Krajewski. Unable to ride the crippled horse, Ron, a local artist, decided to teach the horse to paint in order to spend more time with him.

Elephants are known to paint with their trunks, he reasoned, and Metro did tend to bob his head a lot while in his stall.

The paintings caught on, and success ensued.

Metro is now the best-selling artist at Gallery 30, a small shop in Gettysburg, Pennsylvania, which started selling his work four months ago.

The larger acrylics, 51 x 51 cms, sell for $850 at the gallery and smaller cut-down versions, 12.7 x 17.8 cms are $80. One of Metro’s large paintings sold on eBay for more than $2,000.

cordeditorial@cma.rs |

105 June 2013 | 97

techno talk

The Best of BaselWorld 2013 Another Baselworld has come and gone, and while we will be seeing many new timepieces introduced there make their way to retailers’ cases in coming months, it will be another year before we again see the new, larger Baselworld complex and the numerous redesigned booths. For those who didn’t make it to the show this year, we’ve found some makers of timepieces that demonstrated an eye toward value for money in their latest offerings. Below are some of the best that caught our eye.

For

him

Mido’s Multifort Two Crowns Price:

€930.oo

Mido’s Multifort Two Crowns in stainless steel, as its name suggests, this diving watch features two crowns, one at 2 o’clock, for adjusting the bezel to measure immersion time, and the other at 4 o’clock, for setting the time and winding.

U-Boat U-42 VNICVM Breitling Bentley B06 Price:

€10,440.oo

Water-resistant up to 100 metres and boasting a 70 hour power reserve, the B06 uses a 30 second chronograph system and a variable tachometer which is another car influenced feature and will allow the wearer to work out average speed, distance covered and speed reached.

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105 June 2013 | www.cordmagazine.com

Price:

TBC

U-Boat is building a reputation for making big, unique watches and the Italian watch-maker has served up this limited edition timepiece based on a designed inspired by Italo Fontana’s grandfather in 1942 for the Italian Navy. Only 99 pieces have been made all with a titanium bezel, sapphire glass and the choice of either a brass bronze or black case which has been treated to give it a more vintage feel.

HYT H2 (Titanium) Price:

€34,330.oo

The sophisticated hydro mechanical watch complete with pistons forces liquid through a capillary beneath the domed sapphire crystal to display the hours while a temperature indicator letting you know when the fluorescent fluid is at the optimum warmth. It also uses traditional mechanical movement methods with 65 hours of power reserve when fully wound and you can choose from a black titanium or a more expensive red gold case.

MB&F Horological Machine No4 Thunderbolt

Tudor Pelagos

Price:

Price:

€200,000.oo

TBC

This titanium and sapphire watch has a design inspired by an American warplane with the turbine-style faces hosting the time on one side and power reserve on the other. A sophisticated three-dimensional horological engine which has been in development for three years powers the innards, and you can take your pick of a calfskin, white gold or a red gold strap.

Owned by Rolex but breaking away to make its own distinctive line of watches, the Pelagos is part of Tudor’s diver collection that shares similarities with the Rolex Submariner but uniquely uses Swiss ETA movement. Built from tough titanium with a matte ceramic bezel and an adjustable strap, the 500m water resistant watch has a helium valve to cope with variations in pressure, luminous markers and the signature Snowflake watch hands.

Linde Werdelin Spidolite II Tech Green Price:

€10,550.oo

A sports watch inspired by F1 car weight reduction technology the second generation Spidolite uses carbon and Alloy Linde Werdelin which is 50% lighter than titanium keeping the Spidolite II robust without adding extra bulk. Ceramic coating is used on the dials and the crown to give things a premium finish and with just 75, you are highly unlikely to bump into someone else wearing one.

1/3

4N Black Edition Price:

€150,000.oo

best choice

recommended by

Expressing digital time through traditional analogue mechanics, the 4N is made up of numbered discs that when combined display the hour and minutes. So 4 discs indicate the hour and 5 discs indicate the minutes. It is available in 18-carat white gold or platinum and the French watch-maker has only made 16 of these intricately looking timepieces. cordeditorial@cma.rs |

105 June 2013 | 99

techno talk

Rolex Oyster Perpetual Lady-Datejust Pearlmaster Price:

€78,500.oo

This resplendent rose gold creation by Rolex boasts a stunning copper hue, created in the company’s own foundry, and can be teamed with either a white or black mother of pearl dial; a choice perhaps determined by the contents of your wardrobe. A pink gold lotus motif – a symbol unique in its meaning for different cultures – provides a base for the Roman numeral indices, with the larger ‘VI’ represented by 11 diamonds. A dainty 29mm diameter case houses a white gold bezel, with a channel of 34 brilliant-cut diamonds flowing inside it and branching off two-fold along the bracelet.

For

her Dior Christal Blue Price:

€6,130.oo

Tiny diamonds set into a ring on the dial are juxtaposed with pyramid-shaped, blue sapphire crystals that create a wondrous texture and multiple facets that play games with the light. This piece is more fashion item than serious mechanical masterpiece, but nevertheless it doesn’t fail to impress with its simple shape, subtle markings and harmonious colour scheme.

Hublot Big Bang Caviar Red Gold Diamonds Price:

€7,850.oo

Based on and inspired by Hublot’s famous mens’ One Million Dollar Black Caviar and Big Bang Black Cavier watches, the 41mm Big Bang Cavier Red Gold Diamonds needs no song-and-dance intro, pretty much speaking for itself. The sumptuous deep red tone of gold, together with the dazzling 36-diamond bezel, pushes this piece past the boundaries of a handsome technical watch and into the realms of high-quality horological luxury.

2/3

best choice

recommended by

Breguet Reine de Naples Anniversary Special Price:

€56,896.oo

The trend for white gold and blue as a complimentary team has not gone unnoticed by many of the big names at Baselworld, not least Breguet. Its Reine de Naples Anniversary Special 8973 is an exercise in high quality watchmaking, utilising the popular colour scheme whilst paying tribute to the timepiece first made by the company for Caroline Murat, Queen of Naples. A striking mechanism in the shape of a diamond-hearted rose and flanking, ornate hammers highlights each hour with two chimes repeated three times, a function that can be disabled by a pushpiece at 2 o’clock.

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105 June 2013 | www.cordmagazine.com

Jaquet-Droz Petite Heure Minute 35mm Price:

€12,980.oo

The unique ‘boutique’ brand within the Swatch Group is releasing what is perhaps their first ladies’ watch to be featured on a bracelet, in the form of the Petite Heure Minute 35mm. The engraved sunburst pattern is accentuated by the cloudy blue mother of pearl, in effect creating a sky in which eight tiny stars float and twinkle. A 3/3 double row of 160 diamonds forms the bezel, with another two diamonds set one atop another on the asymmetrically-linked stainless steel bracelet. recommended by

best choice

Omega Ladymaster Price:

TBC

Omega is expanding on their highly successful Ladymatic collection with the addition of new models with striking dials and desirable colours. The stainless steel case is a petite 34mm, available either with polished or snow-set diamond studded bezel, and houses the ‘supernova’ patterned dial, with 11 diamond-set indices and a date window at 3 o’clock.

Available in four colourways – purple, pink or blue mother of pearl and grey – there is a choice of colour-matched satinbrushed leather strap or polished stainless steel bracelet.

Konstantin Chaykin Levitas Marine Price:

TBC

Harmonic hues of lapis lazuli, turquoise and amethyst stones are intertwined in a Florentine mosaic design, a complicated technique attributed to the most skilled of jewellers. The mysterious ‘levitating’ movement of the time dial is viewed through a completely transparent sapphire window, all encircled by a diamond-encrusted bezel and finished with a satiny royal blue strap.

Hermès Arceau Petit Lune Price:

€3,690.oo

A tribute to the original Arceau collection created 35 years ago, the watch also retains some of the original features, most noticeably the stirrup-shaped lugs and clasp; this is a motif that has become signature for the house of Hermès, and marks it out as a ‘dressage’ watch. A date subdial rests at 6 o’clock on the mother of pearl dial, and the remaining hour indices are italicised and picked out with tiny pearls.

cordeditorial@cma.rs |

105 June 2013 | 101

fashion

How to Dress Business Casual

In any corporate environment, you are somewhat restricted to what you can wear most of the time. A conservative dress or a smart skirt suit is the most accepted outfits for the professional business woman of today. With the use of accessories and makeup, you can however, bring a touch of individuality and personal style to your look

Here are a few tips for stay stylish yet professional • Ask your human resources department for official guidelines. Business casual means different things at different companies. At a large corporation, it may mean slacks or a business skirt; at a smaller company, it may mean a cotton sweater and a floral skirt.

• Before you go casual, check your daily planner to make sure you do not have any meetings that require formal business attire.

• Select clean, wrinkle-free clothes.

• Wear a good-quality blouse or knit shirt. Include a casual blazer or cardigan if appropriate.

• If a dress is sleeveless, wear a blazer or cardigan over it.

• Wear shoes that are comfortable and appropriate for your outfit. Funky platform athletic shoes or strappy sandals might be formal enough for some companies; however, it is more typical to wear closed-toed leather shoes.

• Avoid worn-out shoes.

• Keep the makeup and fragrances light. Accessorize with a silk scarf or classic bracelet to give your casual outfit a polished look.

price:

€75

Non-Iron Fitted Stretch Dress Shirt Fitted silhouette, slightly tailored for a slimmer appearance.

Woven in cotton specially treated to remain virtually wrinkle free, with a touch of xla™ for stretch. Forward point collar and shirred barrel cuffs. Traditional placket and pucker-free seams.

Front and back darts. price:

€177

Stuart Weitzman Dolunch Patent Sandal Stuart Weitzman’s Dolunch is a great summer sandal crafted with a mix of glossy patent leather and natural raffia. Crisscross detailing at the toe gives this wedged style a neat finishing touch. Slip on with a floral day dress for a chic warm weather look.

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price:

€38

price:

€385

105 June 2013 | www.cordmagazine.com

Long Open Front Bex Rox Box Bracelet Short Sleeve Cardigan With its chunky chain base and fluoro orange cord, the box bracelet by Bex Rox is an instant talking piece. Wear it on its own as a statement piece, or team it with complementary bracelets for fresh, pop feel.

Marvelously chic, we love to toss on this oversized cardi (with adorable patch pockets) for a casually glam boost. Open front. Short sleeves. Ribbed trim at open front, cuffs, pockets and hem.

price:

€120

Brooks Brothers Blue Fitted French Cuff Stripe Dress Shirt Fitted silhouette, traditional placket, front and back darts. Forward point collar. French cuffs. Antique brass finished logo buttons. price:

Equipment Signature Blouse

€205

This 16mm crepe de chine button up Equipment blouse features a standard collar, two flap breast pockets, buttoned cuffs, a box pleat at the back and a shirttail hem. Button front closure, 100% silk price:

€115

Marc by Marc Jacobs Stripe T-Shirt Coloured stripes inject this soft jersey T-shirt with Marc by Marc Jacobs’ signature playful aesthetic.

Finished with exposed stitching and cap sleeves, wear with denim shorts for a casual Summer look.

Armani Collezioni Knitted Top

price:

€290

The epitome of classic luxury styling, Armani Collezioni’s navy knitted top is designed with a chic round neckline and understated stripe trim. It is perfect for teaming with cropped trousers and ballerina flats for a smart Fifties-inspired ensemble.

Givenchy Niamoi Strap Sandal Givenchy’s Niamoi is a strappy sandal like no other. Featuring an eye-catching snakeskin finish and a zip at the heel, this striking design exudes designer charm.

price:

€977

Washable Wool Career Jacket

price:

€190

A great career jacket goes a long way! Even looks great with jeans for after work. Best part is that this jacket is machine washable. cordeditorial@cma.rs |

105 June 2013 | 103

fashion

Casually Suited to the Summer Casual suits for men for the summer of 2013 – Innovative up-to-the-minute ideas, interpretations of the classics and a return to retro style. From this season’s suits, we get a glimpse of the history of the interaction between Men and Fashion. Throughout time the suit presents itself as the most reliable criterion in the evaluation of male dignity, success and sexuality. And today, this essential part of a man’s wardrobe is just as important, especially as designers come up with more and varied creations each season. And there is undoubtedly plenty from which to choose.

Here are our choices:

Dsquared2 Leather Jacket, Pocket T-Shirt & Slim Fit Jeans

price:

€ 605

Three Button Blazer

Pierced Lamb Leather Jacket: price:

€ 1,405 Logo Print Pocket T-Shirt price:

A sleek, three-button blazer with notch lapels is made from tightly woven microfiber fabric that keeps the body dry in inclement weather.

€ 224 Slim Fit Jeans (Distressed Blue)

'Spencer' Leather Laptop Briefcase

price:

price:

€ 376

€ 340

Sid' Canvas Buck Shoe

price:

A tough canvas upper is stitched to a smart rubber sole to form a handsomely casual buck shoe with a slim, modern silhouette. price:

€ 135 104 |

A camo-print messenger bag with antiqued brass hardware looks both forwards and backwards with traditionally tailored details and a modern military-utilitarian style. An interior padded pocket fits a laptop or iPad while the roomy front cargo pockets with spring-snap closure carry everything you need to get through the day.

105 June 2013 | www.cordmagazine.com

Bally Tonni Reversible Belt Complete your outfit with a Bally’s reversible calfskin leather belt with their signature Trainspotting stripe on one side. This Italianmade belt gives you twice as much wear with tailored and smart-casual pieces.

€ 210

'Smith' Trim Fit Sportcoat A mélange blend of linen and wool shapes a bold, preppy, masculine sport coat bracketed by notch lapels and matched elbow patches. price:

€ 528

Marc Jacobs Colour Block T-Shirt

price:

€ 150

price:

Hackett Oxford Amalfi Shorts

€ 210

Hackett’s Oxford Amalfi shorts are a traditionally British summer style that will bring a dapper edge to your look. Crafted in pure cotton, the straight leg hits just above the knee. So versatile, they can be dressed up with a crisp shirt and blazer or down with a cotton polo.

A T-shirt with a twist, this colour block design from Marc by Marc Jacobs is an eye catching update for your casual wardrobe. Soft, cotton grey marl is finished with a coated paint effect for a modern take on downtime dressing.

John Varvatos Star USA Vest, 1901 Sport Shirt & Cult of Individuality Jeans Glen Plaid Vest A lined, linen-blend vest designed with three welt pockets and an adjustable back half-belt adds a dapper finishing touch to your outfit

price:

€ 106

Round Silicone Strap Watch Eye-catching color pops on a fun watch with a sporty three-hand watch detailed with a date window and a bracelet-inspired silicone strap.

price:

€ 52

Regular Fit Chambray Sport Shirt A cool, casual chambray shirt with an abbreviated spread collar and a chest pocket is sure to become a favorite

price:

€ 48

‘Hagen’ Relaxed Straight Leg Jeans (Molasses) Small stitched abrasions and a dirty wash enhance the work-wear appearance of relaxed straight-leg jeans crafted from durable, Japanese-loomed denim Woven Linen Tie A topstitched band wraps a straw fedora, designed with a wide brim that can be turned up or snapped down in the front.

Cole Haan ‘Air Madison’ Oxford Nike Air® cushioning enhances the comfort of a classic wingtip oxford set on a stacked heel.

cordeditorial@cma.rs |

price:

€ 145

price:

€ 38

price:

€ 190 105 June 2013 | 105

profile

Always

a Step Ahead I believe it is important to be decisive and take advantage of all the presented opportunities.

Although I am truly satisfied with my career achievements so far, I think that not to go forward is actually to go backward – therefore, I can always improve and achieve more

A

Jovana Žuržin Director Corporate Communication, Siemens

s an employee of Siemens Serbia, whose motto for the

ture of environmentally friendly and responsible behavior and

125th anniversary of Siemens in Serbia was “A step

conservation of natural resources, in which all 800 employees

ahead of time - innovations that changed the world,”

participated. My idea was to give a good example to other com-

I am convinced that it is crucial to be one step ahead of time

panies how to advocate for accountable and sustainable busi-

and set new standards and build a better future with your ide-

ness activities in their working environment.

as and innovations. For me that step was a milestone because I

One of the greatest challenges I’ve faced so far was the last

started at Siemens as graduate from the Faculty of Philology in

year’s project for the 125th anniversary of Siemens in Serbia

Belgrade, applying to participate in the Project STEP (Siemens

because it entailed the organization of several activities for dif-

Trainee Excellence Program). The STEP has been changing its

ferent target groups - from a Siemens caravan with exhibi-

program over the years, but what it still offers is an internship

tions and a play about innovations for the youngest, through a

for young professionals, which allows them to move from the-

competition for Primary and High School students Create the

ory to practice within the productive business environment, to

Future with the topic “Innovations that Changed the World”,

develop and learn at Siemens, one of the largest and the oldest

the competition for journalists and PR campaigns, to the study

of international companies worldwide, with approximately 360

Urban Challenges of the City of Belgrade and the monograph

thousand employees in over 190 countries.

on the history of the company. The crown of all the activities

When you start working in an international company which

was the exhibition and celebration in Belexpo center for the

is a leader in electronics and electrical engineering directly

highest state officials, customers, associates and friends of

from university, you have to be ready and willing to constantly

the company. Owing to successful coordination, hard work and

learn and improve yourself. After working six years in Siemens, I have to admit that the environment I work in contributed considerably to my professional development. Starting with my colleagues who

After working six years in Siemens, I have to admit that the environment I work in contributed considerably to my professional development

are my everyday role models, through the teamwork and international business culture that link the

dedication, the project attracted great media attention and ex-

employees throughout the world and integrates their creativ-

ceeded all expectations in terms of the number of active par-

ity and skills, to numerous educational programs offered by

ticipants.

Siemens to its employees.

Certainly the recipe for success is a healthy balance be-

My work as the Head of Corporate Communications is dy-

tween work and leisure time and socializing with family,

namic and challenging, involving, among other things, the def-

friends, one Vukašin and a chow chow named Simba. It turned

inition and implementation of communication strategies, both

out, based on my professional development, that personal im-

external and internal. I would like to point out, in particular, the

provement, creativity, innovation and the ability to turn great

Green Week Project, aimed at adopting and spreading the cul-

ideas into reality are the right path to success. ■

106 |

105 June 2013 | www.cordmagazine.com

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