CorD Magazine No. 122

H.E. JUMA RASHED SAIF ZAYED AL DHAHERI

STACEY KENNEDY

Vice President of Philip Morris International South East Europe and President of AmCham Serbia

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Ambassador of the United Arab Emirates to Serbia

WHERE THERE IS WILL THERE IS A WAY

DEMOCRACYBUILDING REMAINS AN ORGANIC PROCESS TIM CARTWRIGHT

Head of the Council of Europe Office in Belgrade DECEMBER ’14 / ISSUE No. 122

FROM STRENGTH TO STRENGTH

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DUŠAN VUJOVIĆ SERBIAN MINISTER OF FINANCE

Tough Measures for

DECISIVE PEOPLE

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December 2014 • Issue No. 122

PAGE 8

CONTENTS

COVER

Tough Measures for

DECISIVE PEOPLE

EDITOR: Saša Marić s.maric@aim.rs

Dušan Vujović, Serbian Minister of Finance

It was very difficult to break the three-year impasse, come up with a good programme design and agree a balanced arrangement with the IMF. And it is going to be equally difficult to implement it

ART DIRECTOR: Ilija Petrović i.petrovic@aim.rs

PAGE 6

PAGE 24

PAGE 48

BUSINESS REQUIRES MORE EFFICIENT CHANGES

DEMOCRACY-BUILDING REMAINS AN ORGANIC PROCESS

AFTER WORK

MIHAILO CRNOBRNJA Professor at the Faculty of Economics, Finance and Administration

TIM CARTWRIGHT Head of the Council of Europe Office In Belgrade

CULTURE CALENDAR

PAGE 28

FACES & PLACES

ONE-PIECE MAN

PAGE 56

DEJAN MIJAČ Director PAGE 33

PAGE 14

FROM STRENGTH TO STRENGTH

H.E. JUMA RASHED SAIF ZAYED AL DHAHERI, Ambassador of the United Arab Emirates To Serbia PAGE 17

DID THE FALL OF THE BERLIN WALL HURT ECONOMIC GROWTH? Europe

COMPETITION LAW AND PRACTICE IN SERBIA

KARANOVIĆ & NIKOLIĆ Annual Competition Law Conference

WHERE THERE IS WILL THERE IS A WAY

DIPLOMATIC UNISON SINGING

BETTY ANN GERMAN Conductor, International Belgrade Singers Choir and Administrative Assistant to the Ambassador of Canada PAGE 72

SUCCESS IS LAUNCHED

BY PEOPLE

WORLD’S BEST RESTAURANTS 2014

ALEKSANDAR MIŠKOVIĆ Direktor, LPO d.o.o., Precise Casting Plant, Ada

APPLE REACHES $700-BLN VALUATION TIM COOK Apple Chief Executive Officer PAGE 44

STACEY KENNEDY Vice President of Philip Morris International Southeast Europe and President of Amcham Serbia

PAGE 52

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xx PAGE 50

EU’S JUNCKER LAUNCHES INFRASTRUCTURE INVESTMENT PLAN JEAN-CLAUDE JUNCKER President of the European Commission

PAGE 74

BEST OF THE LA AUTO SHOW PAGE 86

HIGH LEVEL PROFESIONALISM

MICHAEL BEITZ New Member of the Executive Board of Erste Bank Serbia

CONTRIBUTORS: Rob Dugdale, Mirjana Jovanović, Radmila Stanković, Steve MacKenzie, Zorica Todorović Mirković, Sonja Ćirić EDITORIAL MANAGER: Tanja Banković t.bankovic@aim.rs PHOTOS: Zoran Petrović COPY EDITOR: Mark Pullen TRANSLATION: Snežana Bjelotomić SALES DIRECTOR: Melita Andrejević m.anderejevic@aim.rs PROJECT MANAGERS: Biljana Dević, b.devic@aim.rs Ivana Krsmanović, i.krsmanovic@aim.rs EXECUTIVE DIRECTOR: Ruža Ristanović r.ristanovic@aim.rs GENERAL MANAGER: Ivan Novčić i.novcic@aim.rs FINANCIAL DIRECTOR: Ana Besedić a.besedic@aim.rs OFFICE MANAGER: Nataša Nešić n.nesic@aim.rs PRINTING: Rotografika d.o.o., Segedinski put 72, Subotica CorD is published by: alliance international media Makenzijeva 67, 11111 Belgrade 17, PAK 126909, Serbia Phone: +(381 11) 2450 508 Fax: +(381 11) 2450 122 E-mail: cordeditorial@cma.rs www.cordmagazine.com www.allianceinternationalmedia.com ISSN no: 1451-7833 All rights reserved alliance international media 2014

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COMMENT

Business Requires

More Efficient Changes

by MIHAILO CRNOBRNJA Professor at the Faculty of Economics, Finance and Administration

The Foreign Investors Council recently published the latest edition of its annual White Book

A

As such, it is not surprising to find Serbia has a low ranking in s with previous editions, this one also records the situleading world business surveys, compared to other countries in the ation in selected segments of regulation and the econworld and the region. According to the latest edition of the World omy, reporting on progress (or lack thereof) achieved in Bank’s “Doing business – 2015” report, Serbia is ranked 91st among the time since the publishing of the previous White Book, 188 countries, based on a composite index. If we look at the innoting problems that remain and finally offering suggestions on dex of the speed of acquiring a building permit, Serbia is ranked how to deal with these remaining problems, with the singular pur183rd, while the tax system index ranks Serbia 165th. Looking at the pose of improving the country’s business environment. composite index, Serbia is ranked behind countries like Namibia, This is a team effort. The FIC creates the book through its comAzerbaijan and Kosovo (75th in the world). mittees, which comprise competent people from renowned compaThe last Competitiveness Report of nies. Serbia receives suggestions on how the World Economic Forum ranks Serbia to follow the best practices of the home 94th out of 144 reviewed countries in the countries of these companies. Since the The main message of composite index category. Rated accordmajority of FIC members hail from the the White Book is that ing to some specific parameters of imEuropean Union, it goes without saying quicker and more efficient portance to the business environment, that following the improvements suggestSerbia is ranked even lower. In the catechange in the business ed allows Serbian companies to move closgory “business impact of regulation on er to satisfying the need to comply with environment leads to foreign direct investment”, Serbia holds the EU’s acquis comunnautaire. increased productivity, 130th position, while it is 128th in terms Successive governments’ responses competitiveness, GDP of the efficiency of the court system. to these recommendations leaves someLooking at the composite index, countries thing to be desired. For example, the last growth and employment like Moldova, Montenegro and Macedonia edition of the White Book stated that ongrowth are all ahead of Serbia. ly 38% of the recommendations had been The main message of the White Book is taken into consideration and that serious that quicker and more efficient change in the business environment progress was made on some, while others (among the 38%) saw leads to increased productivity, competitiveness, GDP growth and “some progress”. This is below the level of achievement in the preemployment growth. We should also bear in mind that the quality vious year, when 47% of recommendations were taken into considof the business environment is relative. It is assessed by those who eration. However, one should not only look at the quantitative side do the rankings, but also investors, in relation to other business enof accepting recommendations. vironments. Serbia can improve its business environment, but if it There are different kinds of changes, ranked according to weight fails to do so more quickly and to a greater extent, it could even fall and breath of impact. For instance, the last batch contained the imon the list, and in the eyes of investors. plementation of recommendations regarding the labour law, a cruThe good news is that changing the business environment is cial aspect of the business environment. But the impression is that not expensive and does not require a lot of capital and labour. It rethe speed of change of the business environment remains relativequires political will to change the laws and policies, as well as makly slow, especially if we consider the time required from submitting ing some institutional changes. It goes without saying that stricta recommendation to its full implementation. There are recommener implementation of laws is a necessary element for a better busidations that were made as long ago as 2008, but which only regisness environment. ■ tered some progress in the last White Book.

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INTERVIEW

Tough Measures for

DECISIVE PEOPLE

DUŠAN VUJOVIĆ SERBIAN MINISTER OF FINANCE

It was very difficult to break the three-year impasse, come up with a good programme design and agree a balanced arrangement with the IMF. And it is going to be equally difficult to implement it

T

he Serbian Government reached a comprehensive agreement with the IMF that envisages bold measures, but won’t tolerate any slippages in the programme to return Serbia to sustainable fiscal deficit levels and a falling debt-to-GDP path, says Serbian Finance Minister Dušan Vujović.

The first implementation step was already made in the supplementary budget for 2014,

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RESPONSABILITY

AGREEMENT

GREY ECONOMY

It is important that we must demonstrate the broad ownership of fiscal and structural reforms intended to put Serbia on a sustainable growth path, create jobs and benefit all citizens.

We reached agreement with the IMF on a range of important macro-fiscal policies and structural reforms related to failed commercial enterprises, state-owned monopolies in energy, infrastructure and public administration reform.

The tax administration is implementing robust measures to curb the grey economy and increase VAT and excise tax collections. In the past three months these collections consistently exceeded the past year’s numbers.

but the most difficult part in the initial phase will be the passage of the 2015 budget with the inclusion of all the necessary measures and the batch of laws required to implement the policy and institutional changes.

Minister Vujović is confident that this Government will not repeat the history of IMF agreements, in which Serbia often fell off track after a very short implementation period.

We won’t wait too long to see whether that is the case again, since the new three-year agreement with the IMF envisages twelve quarterly reviews, which signals the complexity of the programme and the cautiousness of the IMF.

cit and public enterprises. We won IMF support for the government programme that seeks adjustment through macro measures and improved public sector performance. Instead of being a problem for decades, public enterprises have now become a part of the solution.

■ According to many analysts, these were the

quietest and most complicated negotiations with the IMF. Now that agreement has been reached with the IMF regarding the substance of the arrangement, what sequence of events should we expect?

- Indeed, these negotiations were long, complex and demanding. The last arrangement with the Fund, signed in September 2011, went off course at the first review. Since then a series of new attempts to resume a credible programme with the IMF did not succeed. In the meantime, our fiscal deficit grew to unsusWe won IMF support tainable levels and, hence, deepened the size ■ PM Vučić said that it is most important that Serbia convinces the and scope of the necessary adjustment. A defor the government teriorating global environment made things IMF that it “can be a reliable partprogramme that seeks ner”. What will be our basic measure even more complicated. adjustment through of reliability?

In short, we were faced with a difficult - We already demonstrated our deditask of demonstrating government resolve macro measures and cation and resolve to complete these to continue with reforms, restore confidence improved public sector difficult reforms through a credible in our relations with the IMF and design a performance. Instead programme. The measure of success comprehensive three-year programme. We will be our ability to continuously reached agreement on a range of important of being a problem achieve the agreed fiscal deficit and macro-fiscal policies and structural reforms for decades, public public expenditure targets, carry related to failed commercial enterprises, enterprises will now through the resolution of problemstate-owned monopolies in energy and inbecome a part of the frastructure and, last but not least, public adatic enterprises and banks, as well ministration reform. as improve public sector governance solution The programme distributes the burden of and performance. adjustment more evenly across four pillars (expenditure cuts, It is important that one demonstrates the broad ownership better revenue performance, resolution of failed enterprises and of fiscal and structural reforms intended to put Serbia on a sustainable growth path, create jobs and benefit all citizens. The public sector reform) and time (2015-2017). role of the IMF in the design stage was to share their expertise The first implementation step was made in the supplementary budget for 2014. We now continue with the budget for 2015, and best world practices applicable to Serbia. In the implementation stage, their role will switch to an independent reviewer which introduces a full range of measures focused on fiscal deficordeditorial@cma.rs |

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that will ensure safe transition to manageable fiscal deficit and public debt levels.

■ How acceptable to the IMF, in terms of the need for savings in the budget, is the Serbian approach to solving the problem of large companies, such as, for example, the Smederevo steel plant, where the government assumes the burden of debts and promises partners their own specific share?

- Both the government and the IMF are eager to resolve the problems of large state-owned enterprises. Renewed production at Smederevo and the petrochemical companies can provide a significant revival of economic activity and boost economic growth anywhere between one and two per cent of GDP. This upside potential is not reflected in the conservative growth projections that underpin the programme agreed with the IMF.

will be no slippages in the programme to return Serbia to sustainable fiscal deficit levels (2-3%) and a falling debt-toGDP path. Hence, we believe there will be no need for further reductions in salaries and pensions.

Significant savings will be made in other areas by reducing ineffective subsidies, improving efficiency in public enterprises, cutting other operating costs and charging fees for the use of public resources (such as transit fee for using gas pipelines).

■ What do you think of the pro-

posal of Srboljub Antić, our former representative at the IMF, that savings be made through the abolishing of the positions of government advisors who usually receive salaries from public companies?

- This suggestion targets advisors who do not provide any useful role to the government. In those cases they should be released immediately, but this is often not the case.

Advisors frequently provide a valuable service that cannot be readily found among core government staff, but they cannot be offered permanent positions, either due to the hiring freeze or their preference to retain their jobs at universities or in the private sector.

■ How much were negotiations dominated by the issue of resolving the status of public enterprises and achieving benchmark programmes related to their performance?

- Although improved corporate structure and governance are at the core of better public sector performance, the operational details of their restructuring programmes were not discussed with the IMF at this stage. Instead, the World Bank and EBRD will take the lead in this area and launch coordinated activities in the coming weeks aimed at developing comprehensive restructuring programmes for EPS, Serbian Railways, Srbijagas and other most important public enterprises. It is likely that these programmes will take two to three years to develop and implement, but in the end they will free Serbia from the unsustainable fiscal consequences caused by public enterprises in the past.

■ How much does a weakened di-

This programme is specific in that it not only connects the government and the IMF, but also the World Bank, EBRD and other important stakeholders, when it comes to achieving the objectives of this agreement

■ Both you and the Prime Minister have highlighted repeatedly that there will be no additional cuts in salaries and pensions, which contradicts the estimates of the Fiscal Council.

Where will additional savings be sourced and what figures does this relate to?

- We carefully designed and measured all elements of the programme. Although we minimised the necessary cuts in salaries and (part of) pensions, we are confident that there 10 |

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nar suit the government, in terms of reducing expenditure through the devaluation of wages and pensions by their official rate reductions, and how threatening is it with regard to raising the level of indebtedness, which is at a worrying 76% and is increasing the burden of loan repayment for businesses and citizens?

- Based on our information, public debt is somewhat lower and will reach 70 per cent of GDP at the end of 2014. Given that the latest inflation projections released by the NBS suggest that consumer prices will continue to be very stable (close to the lower end of the corridor), as well as the nominal exchange rate, I do not anticipate any large or sudden movements in the real exchange rate. Hence, the effects on real incomes and real debt service burden (of government, companies and households alike) are likely to be small.

■ What is the IMF seeking from our government in terms of

resolving issues of the remaining state-owned companies, such as Srbjgas, EPS and Serbian Railways, and what has the

government offered in this respect?

- At this stage the most important measure is to limit their impact on public deficit and debt. In the past the main channel through which poor performance of these companies affected the deficit and debt was through guarantees on short term (liquidity) loans, which invariably got called and translated into both deficit and public debt. This channel will be closed in the future. Public guarantees will be available only for long-term development and/or restructuring loans from IFIs that will move public enterprises onto a sustainable business model.

■ How much did the privatisation of Telekom and the finding of a strategic partner for EPS come up during negotiations with the IMF? Were these two issues mentioned in term of the possible coverage of budget shortfall and the way in which generated revenues can be utilised?

tradictory statements, for example in relation to the privatisation of Telekom Serbia. Do you and the Prime Minister agree fully on the measures being taken by the government?

- The Prime Minister expressed his hope and desire that Telekom Serbia should be privatised. I stressed the economic side of the process: that indeed it can (and should) be privatised when the time is right and all key factors influencing price are properly aligned. Recent developments (since mid-2014) indicate that the time may be right.

We will soon initiate a tender to select the best qualified advisor and, hopefully, complete the process during 2015.

■ You do not appear often in pub-

lic, which raises suspicions among analysts that you are a lone rider in a government still dominated by inter-party differences. In your opinion, how much essential unity is there in the government with regard to the implementation of austerity measures?

- Restructuring and/or privatisation plans for specific public enterprises were not discussed within the programme. However, the programme reflected a position that proceeds generated from possible privatisations should be used to lower the outstanding debt levels, lower the cost of debt (through refinancing) or be used to complete high yield public sector projects.

The proportions will be subject to discussion and prior consent.

■ Speaking publicly, you have

shared the optimism of Prime Minister Vučić regarding the improving of conditions in 2015 and 2016.

Today, considering what seems to be the Serbian economy’s new entry into recession and a very difficult geopolitical situation, do you still believe economic growth is imminent?

We will soon initiate a tender to select the best qualified advisor for the privatisation of Telekom Serbia and, hopefully, complete the process during 2015

- Yes, indeed. As I already mentioned, we agreed to base the program measures on very conservative GDP, capital inflow and export growth projections. This does not capture a significant upside growth potential. This year was marked by the floods and declining external demand for Serbian exports. If the EU markets recover in 2015 and we have a rebound of activities adversely affected by the floods, esp. coal and electricity, along with the resolution of issues in the steel and chemical industries, there is clearly a potential for earlier growth revival.

■ You and Prime Minister Vučić have occasionally made con-

- I entered this government as an expert and I tend to limit my presence in the media to issues related to my professional responsibilities.

I think that we have a broad consensus on reforms that form the core of the programme supported by the IMF and I hope that everyone in the core economic team and the whole government will take their respective share of responsibility in implementing the government’s programme.

I am particularly grateful to ministers exposed to the greatest public and social pressures caused by the austerity measures. They are putting in a valiant effort to appease the protesters and advocate the necessity of reforms for our better future.

■ Introducing order to public en-

terprises implies professionalisation, corporatisation and redundancies. To what extent does the government have effective tools to compel companies to undertake internal reforms?

- Based on the new Law of Ministries, the Ministry of Economy represents the government as the owner of public enterprises. In that capacity, it is responsible for defining the strategy and business plans of public enterprises, appointing and dismissing the management and carrying out all control functions. In practice, it should ensure the selection of professional management in public enterprises, the adoption of an efficient corporate structure and the highest corporate cordeditorial@cma.rs |

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governance standards, as well as the strict observance of performance criteria in remuneration schemes.

The line ministries will ensure the observance of sectorbased strategies and technical standards, while the ministry of finance will monitor the fiscal consequences of public enterprise operations and investments.

In that context, the management structures of public enterprises will be solely responsible for all operational decisions, including the choice of technology, hiring and firing practices.

■ You previously criticised banks harshly for the level of in-

operational level, the tax administration will follow new rules that will increase the transparency of the process significantly, improve revenue collection and reduce the scope for corruption.

■ Many people suggest that it’s easy to sign a deal, but that

our history is full of unfinished arrangements because the governments did not have the strength to stick to the conditions set, and that this could also be the case with the present deal. How regularly do you think the arrangement could be checked (quarterly, half-yearly) and do deadlines set in that way mean to you?

- To start with, in this case it was very difficult to break the three-year impasse, come up with a good programme design and agree a balanced arrangement.

And it is going to be equally difficult to implement it.

The arrangement will have twelve quarterly reviews. In the initial period the most difficult part will be the passage of the 2015 budget with all the necessary measures included and the batch of laws required to implement the policy and institutional changes.

Political support and broad social ownership of the measures are crucial in the first reviews.

In the latter part of 2015, the emphasis will move to improved revenue and public enterprise performance, as well as other aspects of structural reforms, including public administration reform.

Orderly resolution of problematic enterprises and banks will also be crucial.

Banks blame the high interest Finally, the successful reform rates on the large and/or privatisation of key public share of NPLs (hence the need enterprises will be the central priority in 2016-17.

terest on loans. In your opinion, how can monetary and fiscal policies create conditions for the lowering of the rate of bank interest for corporate and retail clients and how much does the responsibility rest with the banks themselves?

- Indeed, Serbia has among the highest interest rate spreads in the world. Obviously there are many factors causing the large spreads, but the banks are responsible for the large part. Banks blame the

high interest rates on the large share of NPLs (hence the need for the necessary provisioning). However, they bear the prime responsibility for credit decisions leading to NPLs, and for the lack of resolve to clear existing NPLs(in a bilat-

eral or multilateral fashion). Likewise, banks show little interest in resolving mortgage-backed loans.

An up-to-date assessment of the banking/financial sector would help shed more light on this problem and help find better solutions to high interest rates.

■ Considering current budget

income from taxes and excise duties, how optimistic are you regarding the reduction of the grey economy and increased budget revenues from this source?

for the necessary provisioning).

However, they bear the prime responsibility for credit decisions leading to NPLs, and for the lack of resolve to clear existing NPLs

- The tax administration is taking robust measures to curb the grey economy and increase VAT and excise tax collections. In the past three months collections consistently exceeded the previous year’s numbers. To sustain this effort in the medium term, and reach compliance levels with the EU and OECD countries, the tax administration will have to be better organised and reformed. The government will soon adopt a strategy for deeper tax administration reform, pivoted on smart risk assessment and design of inspection plans based on the best world practice. At the 12 |

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■ How much do you view the meet-

ing of conditions now set for us, in addition to the IMF, by the European Commission, as a condition of our accession to the EU? (Here we are referring to the recent warning of the EBRD’s Milica Delević that irresponsible behaviour of states in the region regarding austerity measures could jeopardise their European future).

- The European Commission and the IMF share their views on the necessity of fiscal savings. There are no explicitly defined savings as joint EU conditions, but achieving economic self-sustainability is a condition. In that respect, fiscal adjustment is among the most important elements and, hence, is unavoidable. ■

INTERVIEW

From Strength to

STRENGTH H.E. JUMA RASHED SAIF ZAYED AL DHAHERI AMBASSADOR OF THE UNITED ARAB EMIRATES TO SERBIA

I can’t say that relations between the UAE and Serbia are starting from a very strong base, but rather a bilateral exchange of interests which are important for Serbia and the United Arab Emirates and now we are looking forward to stronger relations in various fields of interest. Our relations started strong and are getting stronger

I

n the space of just a few years, relations between Serbia and the United Arab Emirates have grown from virtually nonexistent to a strong partnership relationship that includes major UAE investments in the most significant sectors in Serbia.

This month we speak to H.E. Juma Rashed Saif Zayed Al Dhaheri, Ambassador of the United Arab Emirates to Serbia, about the development of relations between the two countries and their future prospects.

■ How would you describe the level of relations between Serbia and the UAE, as well as the prospects for their future development?

- The relationship actually started a few years ago, in 2012, when relations were formally established between the UAE and Serbia with the visit of His Highness the Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces Sheikh Mohammed bin Zayed Al Nahyan to Belgrade and the exchanging of visits together. I can’t say that relations between the UAE and Ser14 |

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AGREEMENTS

PATIENCE SOUGHT

SERIOUS INVESTORS

We have signed several agreements and are looking forward to signing other agreements.

For example, we signed an exemption for diplomatic and mission passports to enter the UAE and Serbia without visas.

If you want to build a house you need three years – and sometimes six to eight months just to finish your designs.

So, major projects take time and the results will be evident in the near future.

When UAE companies decide to invest, they are genuine, realistic and don’t waste time.

I would reassure people that Serbia and the UAE are on the right track and have relations that are good for both countries.

bia are starting from a very strong base, but rather a bilateral exchange of interests which are important for Serbia and the United Arab Emirates and now we are looking forward to stronger relations in various fields of interest. Our relations started strong and are getting stronger. The bilateral relations between Serbia and the UAE, exemplify sincere, friendly and well-intentioned relations.

■ How would you assess the status and the implementation of the numerous bilateral agreements signed by the two countries?

establishment of the first bank from United Arab Emirates in Serbia, named “Mirabank”.

■ In which areas do you see the greatest interest among companies from the UAE when it comes to potentially investing in Serbia?

- I can say to all the people from my country’s companies that Serbia is really a partner country – all the potential is open; all the opportunity to do business is open. However, this depends on what the individual company from the UAE is looking for. If they are interested in agriculture, then I would tell them that there is huge potential here in Serbia, same with real estate and the potential of manufacturing. So, I cannot single out any one area where this country has potential. Serbia has a lot of potential to grow and attract investment from the UAE and other countries.

- In the diplomatic area there are always agreements to be signed between the two countries. We have signed several agreements and are looking forward to signing other agreements. For example, we signed an exemption for diplomatic and mission passports to enter the UAE and Serbia without visas. So, it is good for both countries when there is something bilateral to be signed and, from time to time, we are If a UAE company looking for more of these agreements. I can was interested in tell you that by the of this month there will be a new agreement signed here in Belagriculture, then grade between the sports ministries that I would tell them will open the way for sporting visits and that there is huge exchanging sporting teams as we advance potential here in relations in the future.

■ Many large projects are either in the

pipeline, such as the Belgrade Waterfront, or being discussed. Which large projects would you single out as being the most advanced in terms of their implementation?

Serbia, same with real estate and the potential of manufacturing. So, I cannot single out any one area where this country has potential

- The Republic of Serbia and the United Arab Emirates mutually respects economic relations and importance of investment projects, especially in the area of agriculture and economic cooperation.

For me, and for the UAE, all of these projects are important, no matter whether they are small or big. You mentioned the Belgrade Waterfront project and, sure, it is perhaps more popular among the people, and will serve them and be visible on the ground, which is why it is very important for us and I think also for Serbia, but I think this project will move Serbia towards other modern countries, because we can say it will make Belgrade a tourist hub for visitors from neighbouring countries. As such, we are looking forward to seeing this project realized, but we are also working on other important projects in agriculture, real estate and elsewhere.

I would like to emphasize that economic cooperation between the two countries is based on friendly basis that contributed to a number of investments, such as: Investment of Etihad airline into JAT (Air Serbia), investment from company Al Ravafed into Serbia agriculture, Mubadala Investment Company microchips, Investment company Al Dahra in Serbian agriculture and recently

■ To what extent is the opening of Mirabank Belgrade, as a jointstock company, important for companies from the UAE who are interested in the Serbian market; does it reassure them?

- Absolutely. When we heard that Mirabank was being accredited to open in Serbia, representing the first bank from an Arab country to be here, most of us were very happy to hear that. For the UAE businessmen in Serbia this fills them with confidence, because doing business with this bank is much easier for them.

As such, I think this is very important they should speed up the opening of this bank, which will open good business doors and avenues for investment.

■ Trade between the two countries has increased in the last two years, but it is still at a relatively low level. In which areas do you see the greatest potential for the export of Serbian products?

- We are actually discussing this issue more and more with businessmen here in Serbia and the UAE, in order to determine which cordeditorial@cma.rs |

122 December 2014 | 15

products can be exported from Serbia. These include especially agricultural and furniture products. I was given some information that there is a company from Abu Dhabi discussing a good joint venture with some Serbian furniture company, so there is potential. Serbia has good manufacturers and companies from the UAE can establish joint ventures with them and do good business.

■ Many potential UAE investments are not linked only to Belgrade, but also to a large number of municipalities elsewhere in Serbia. Are you satisfied with cooperation with municipal administrations (Srem, Inđija)?

- That’s a good question. Whenever we are talking about Serbia it’s always Belgrade this, Belgrade that, but I actually like to go to other municipalities. I have visited the municipalities of Inđija and Leskovac and they really do have good potential, but because they are a little further away from Belgrade, our people who come here don’t know about them.

So, in future I think we should get connected with other municipalities in Serbia and that will be good both for the country and for the businesses investing in those municipalities.

■ Do you know what phase has been

reached on the announced business cooperation with Mubadala and what are the chances of realising this cooperation?

want to build a house you need three years – and sometimes six to eight months just to finish your designs. So, major projects take time and the results will be evident in the near future. When the people see the Belgrade Waterfront project two years from now, they will say it is great. But some people are suspicious that this project will not even be implemented, to whom we say that the projects agreed between Serbia and the UAE will be implemented and the people of Serbia will be the beneficiaries of that.

There are other areas. We have, for example, a company here called El Dahra that is dealing in agriculture. The public might not know about this investor, but it is now producing over 9,000 tons of apples in Serbia. So there are more and less visible projects going on and the people who are suspicious simply don’t know about many projects.

When companies from the UAE decide to invest somewhere, they are genuine and realistic and are not wasting time. I would reassure people that Serbia and the UAE are on the right track together and have good relations that are good for both countries.

A company from Abu Dhabi is discussing a joint venture with a Serbian furniture company, so there is potential. Serbia has good manufacturers and companies from the UAE can establish joint ventures with them and do good business

- As you know, Mubadala is a big company that has big businesses all over the world and is also connected to some projects here in Serbia. They are doing very well, but their business is not something visible on the marketplace, like real estate, though their projects are going very well.

■ The Serbian public is sometimes suspicious about investments coming from the UAE, either because the announced investments are far less than those already made or because the terms under which some investments have been made are not yet public. How would you comment on this?

- I get this question a lot and I think that’s because people are in a hurry; they want to see projects completed in an instant. But if you

BELGRADE WATERFRONT

■ The UAE has proved to be a signifi-

cant donor to the flood relief effort in Serbia. Can you tell us how big these donations were or what equipment was provided?

- When the flooding occurred in May, the donation of the UAE – as confirmed by the PM – was equivalent to 40 per cent of the donations of all other countries to Serbia. We started by providing some immediate needs for the people and families hit by the flood, but then we also decided to build houses for them and we have now done that. Last week we travelled with the prime minister to Krupanj, where we are building 17 houses that must all be ready by next month. These are beautiful homes and the people are very happy.

We have done the same in Valjevo and Obrenovac and we are happy with our donations. This is really a reflection of the good relations between the two nations and personally between Sheikh Mohammed bin Zayed Al Nahyan and Prime Minister Vučić and President Nikolić. The UAE’s hands are always open to help friends in such cases and we are very happy to do that. ■

The Belgrade Waterfront project, which is set to change the face of the riverside Sava Mala disctrict, is a landmark investment project that will serve as a permanent reminder of the United Arab Emirates in the heart of the Serbian capital.

According to our interlocutor, this project is very important for the UAE and also for Serbia because “I think this project will move Serbia towards other modern countries, as we can say it will make Belgrade a tourist hub for visitors from neighbouring countries.”

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122 December 2014 | www.cordmagazine.com

EUROPE

Did the Fall of the Berlin Wall

Hurt Economic Growth?

—By CHARLES KENNY

A quarter of a century after the fall of the Berlin Wall, recent events in Ukraine are evidence that conflict between Russia and the West didn’t disappear with the end of the Cold War. However, that isn’t the only way that the optimism of 1989 has been disappointed

T

he early 1990s were filled with hope that the economies of Eastern Europe and Central Asia would boom once they were freed from the shackles of state control. In fact, the economic performance of the former Eastern bloc has been pretty grim—for some countries, worse than under communism. That’s a lesson in the messiness of change, but it also highlights why economic growth is only a partial measure of progress.

According to World Bank figures, the low and middle-income countries of Eastern Europe and Central Asia as a region have increased their average GDP per capita 43 per cent since 1990. That’s slightly better than Sub-Saharan Africa but worse than South and East Asia, Latin America, or the Middle East and North Africa. For 25 countries in the former Eastern bloc, the per-capita GDPs of 13 (containing most of the region’s population) have expanded more slowly since 1990 than the global average. Of the 165 countries for which the World Bank has data, Russia’s GDP per capita (measured in purchasing power parity) was 33rd highest in 1990 and 42nd highest in 2013. Ukraine dropped from 55th to 93rd. Bulgaria and Latvia dropped one spot, Romania four, and Hungary eight.

Poland did manage to climb 16 spots, to 45th richest, but it was very much in the minority.

While Albania, Poland, Belarus and Armenia have more than doubled their income per capita since 1990, six countries in the region are poorer than they were that year, including Ukraine and Georgia.

It isn’t just compared with countries

in the rest of the world that growth rates across much of the former communist bloc are disappointing—it’s compared with their performance under communism. The Maddison project has historical data for 46 economies covering 1939, 1989, and 2010.

That includes Bulgaria, Hungary, the former Yugoslavia and its successor states, and the former USSR and its successor states. In 1939, Bulgaria was the 36th richest of the 46 countries. It climbed to 31st richest by 1989 and reached 30th richest by 2010. The USSR

Yugoslavia and its successor states grew relatively richer under communism and poorer again after 1989 was in 27th place in 1939 and reached 26th place by 1989, before the successor states as a group fell back to 34th by 2010.

From 1939 to 1989 the average growth rate in Bulgaria outstripped the U.S. and average growth in the former USSR outpaced Holland. Similarly, Yugoslavia and its successor states grew relatively richer under communism and poorer again after 1989. Hungary was a partial exception in that it was relatively poorer under communism, but also kept dropping down the income rankings thereafter.

Alfred Bonne’s Studies in Economic Development, a textbook on economic growth published in 1957, suggested that the Soviet model was seen by some leaders as one to emulate on the grounds of its success: “The

price paid... does not frighten political leaders in underdeveloped countries whose choice for improvement of marginal conditions of human existence is very limited.” Slower regional growth in the 1970s and 1980s, followed by the Soviet Union’s collapse, has made a lot of people forget that communist economies once performed pretty well.

This reflects changing theories on the driving force behind economic growth. In the post-World War II years, high investment was seen as the secret to economic expansion—and the countries of Eastern Europe fit the model well. In the period after 1980, when economists favoured openness, liberalisation and deregulation as drivers of growth, the idea that communism could be anything but an economic catastrophe became anathema.

The trouble for such theories is that as a group, post-Communist countries have performed badly—and some of the countries that have adopted the most liberal policies have seen the weakest growth. It’s true that Poland introduced stronger reforms than nearly all other former communist states and has since fared much better in economic performance. But Georgia has also been a darling of the international community for the strength of its reform program; the World Bank’s Doing Business report, which purports to measure the quality of regulation surrounding starting and operating a business, suggests Georgia’s regulatory environment is better than Canada’s, Taiwan’s, or that of the Netherlands. Yet the country (wracked by Russian interventionism) remains poorer than it was at independence. ■

Source: Bloomberg Businessweek

cordeditorial@cma.rs |

122 December 2014 | 17

Changes

GLOBAL DIARY

“The world is undergoing complicated changes and China is an important force in upholding world peace and stability.” — LI KEQIANG, Premier of China

Monaco National Day 2014

Princess STEPHANIE OF MONACO (left), Princess CAROLINE OF HANOVER, SACHA CASIRAGHI, ANDREA CASIRAGHI, TATIANA SANTO DOMINGO, PIERRE CASIRAGHI and Princess ALEXANDRA OF HANOVER

World Muslimah Award 2014 INDONESIA INDONESIA: THE WORLD MUSLIMAH AWARD COMPETITION IS OPEN EXCLUSIVELY TO MUSLIM WOMEN Fatma Ben Guefrache of Tunisia (1st left) was named winner of the 2014 World Muslimah Award which is considered the Muslim version of the Miss World. This year’s contest was held in Yogyakarta, Indonesia.

The 25-year-old computer scientist from Tunisia prizes included a gold watch and a visit to Mecca.

The World Muslimah Award competition is open exclusively to Muslim women. This year’s pageant, which was held in Indonesia, included 25 contestants.

The women, who include professionals from a range of fields, were to parade in glittering dresses against the backdrop of ancient temples for the contest in the world’s most populous Muslim-majority country. The 18 finalists were required to wear the Muslim headscarf and were to be

18 |

MONACO CELEBRATES 156TH NATIONAL DAY It may be a small state, but Monaco held a big party for its 158th National Day and the Grimaldis were out in force. H.R.H Prince Albert had some good news for the crowds as well. He and Princess Charlene are expecting twins, for mid-December.

So, doubles all round in time for Christmas. No wonder the couple looked so happy, as they graced the public with a kiss.

judged not only on their appearance, but also on how well they recite verses from the Koran and their views on Islam in the modern world.

Napoleon's Hat Auctioned Off For €1.9 million

State Minister MICHEL ROGER (left), Prince ALBERT II OF MONACO, Princess CAROLINE OF HANOVER, TATIANA SANTO DOMINGO and ANDREA CASIRAGHI

Putin's Tiger and Mystery of China Goat Deaths

MONTY PYTHON TUNE TOPS FUNERAL SONGS

CHINA ONE OF THREE TIGERS FREED BY PUTIN ACCUSED OF GOAT DEATHS IN CHINA

FRANCE ONE OF NAPOLEON'S HATS SOLD TO A KOREAN FOOD INDUSTRY GIANT FOR NEARLY €1.9 MILLION One of Napoleon’s famous twopointed hats was sold to Tae Kyun, the manager of South Korean food industry giant Harim, for nearly €1.9 million at an auction outside Paris.

The black felted beaver fur “bicorne” hat is one of only 19 examples left of the unusual headwear sported by the French emperor, one of the country’s best known historical figures.

It sold for almost five times its estimated value, at a two-day auction of

A Siberian tiger released into the wild by Russian President Vladimir Putin is the main suspect in a series of goat deaths in China’s northeast, state media reported.

Siberian tiger experts have pegged

Monty Python’s “Always Look On The Bright Side Of Life“ has become the most popular tune to play at a UK funeral.

A study of 30,000 funerals found only nine songs in the top 20 choices were traditional or classical pieces.

Full Moon Party TAILAND LAST MONTH SOME 20,000 PEOPLE GATHERED ON

THE ICELAND OF KOPHA

Napoleon memorabilia by Monaco’s royal family which raked in a total of €10 million, including fees, said French auctioneers Osenat, Binoche and Giquello.

122 December 2014 | www.cordmagazine.com

The Full Moon Party is an all-night beach party that originated in Haad Rin on the island of Ko Pha Ngan, Thailand on the night of, before or after every full moon.

Some time ago, a group of tourists found that the most beautiful moon was in Koh Phangan. They arranged a party along the crescentshaped beach of Haad Rin to celebrate the Full Moon night. From then on, people from all over the world come to join the celebration Last month there were some 20,000 people at the party. The event begins at dusk, when the round yellow moon makes its appearance over the white sand beach.

Gandhi “A clean India would be the best tribute India could pay to Mahatma Gandhi while celebrating the 150th anniversary of his birth in 2019.” — NARENDRA MODI, Prime minister of India

Ustin, one of three tigers freed by Putin, as the killer of two goats, the official Xinhua news agency said.

Three goats are still missing.

According to a Xinhua witness, the dead goats’ skulls had been crushed with puncture holes “the size of a human finger clearly visible”.

Ustin crossed into China in October with another of Putin’s tigers, both of which carry tracking devices, Xinhua said, adding a warning from a wildlife protection expert not to throw food at the tiger if spotted.

Winnie The Pooh Banned From Playground POLAND BRITISH BEAR IS “INAPPROPRIATELY DRESSED" FOR CHILDREN

Local councillors in Poland have blocked a plan to have Winnie-thePooh used as the public face of a local playground because the British bear is “half naked” and “inappropriately dressed” for children.

Officials in the small town of Tuszyn, in central Poland, were meet-

ing to decide upon a new patron for a children’s playground when Winniethe-Pooh was brought up. But the suggestion was quickly rounded on when councillor Ryszard Cichy, 46, said: “The problem with that bear is it doesn’t have a complete wardrobe.

He then suggested a Polish fictional bear, saying: “Ours is dressed from head to toe, unlike Pooh who is only dressed from the waist up.”

The councillors have yet to make a formal decision about which bear will be the patron of the children’s playground.

But Winnie-the-Pooh is not a candidate, they said.

Source: croatiantimes.com

ALCOHOL

The World Health Organization (WHO) estimates that around 3.3 million deaths are related to harmful use of alcohol worldwide – that is almost six percent of all deaths around the world. Annual costs related to alcohol consumption are estimated to amount to around $235 billion. This amount includes healthcare, lost work productivity and crime.

Kim Yo-jong Promoted to Senior Party Official

Largest Gathering Of Christmas Elves TAILAND WORLD RECORD FOR THE LARGEST GATHERING OF

CHRISTMAS ELVES Hundreds of Thai schoolchildren clustered into the shape of the word “Siam,” the former name of the Southeast Asian country, as they broke the world record for the largest gathering of Christmas elves.

As many as 1,792 of Santa’s little helpers, aged between nine and 15, donned red, green and white hats, matching T-shirts and pointy plastic elf ears, as they formed up outside a shopping mall in Bangkok, the Thai capital.

They held their position for five minutes before being declared Guinness World Records winners.

The previous record was 1,110 Santa’s elves, set in 2013 in Wetherby in Britain. Although Thailand is a predominantly Buddhist country, the commercial aspect of the Christian holiday is widely exploited, with shops and hotels putting up tinsel and Christmas trees during the festive season.

ruling Workers’ Party, confirming her position as a key figure in the regime.

Miss Kim, who is reportedly aged 26, has been made a departmental vice director within the party’s Central Committee, North Korea’s official KCNA news agency reported.

The announcement was seen as confirmation of Miss Kim’s rise through the ranks to be a trusted aide of Mr Kim, who last year had his uncle Jang Song-thaek, executed for treason.

NORTH KOREA KIM JONG-UN'S SISTER TAKES CONTROL IN NORTH KOREA? North Korea has revealed that Kim Yo-jong, the younger sister of North Korea supreme leader Kim Jong-un, has been made a senior official of the

KIM YO-jung and KIM JONG-un

cordeditorial@cma.rs |

ADVERTISING

Studies conducted by eMarketer show that Twitter’s advertising revenue is on a steady rising path. Total ad revenue is expected to amount to $1.09 billion by the end of this year, while its share in the social media ad revenue pool is projected to reach nearly 13 per cent at the same time.

122 December 2014 | 19

INTERVIEW

Where There is Will

THERE IS A WAY STACEY KENNEDY VICE PRESIDENT OF PHILIP MORRIS INTERNATIONAL SOUTHEAST EUROPE AND PRESIDENT OF AMCHAM SERBIA

A key focus of AmCham in Serbia will remain the cooperation with state authorities on improving economic competitiveness and legislation, in the aim of creating a better, predictable and more stable business environment by resolving regulatory problems and issues relevant to the economy

“E

conomic recovery is a priority for Serbia at this point, and that includes reduction of the grey economy, higher solvency of the business sector and the establishment of favourable loan conditions, primarily for SMEs,” says Stacey Kennedy for CorD. “We are working on positioning Serbia as a unique and functional, politically stable entity, and as a destination of choice for future investors. Critical to this position is that existing investors can say that they are seeing a return on their investment and that they are playing on a level playing field, with predictability of the regulatory framework and sustainability of business plans. We are not there yet, but we are continuing to work with the government to make strides in this area,” adds the AmCham Serbia president.

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122 December 2014 | www.cordmagazine.com

AMCHAM

GREY SECTOR

GOVERNMENT

AmCham in Serbia brings together more than 180 U.S., international and local companies, which have invested more than €14 billion in Serbia to date and employ more than 100,000 people.

It is estimated that the grey sector accounts for nearly 30 per cent of the economy of the Republic of Serbia and that related losses to the annual budget stand at €370 million.

The Government’s proof of credible and operational plans should be measured by their results and not by the quality of the plans themselves.

■ It seems another year of recession and falling citizen purchasing power is to follow. How does this situation impact on AmCham members, especially those focused on the domestic market?

- AmCham in Serbia gathers more than 180 U.S., international and local companies, which have invested more than €14 billion in Serbia so far and employ more than 100,000 people. What is important is that the government’s efforts to improve the business climate are more visible.

One thing the government must continue to focus on is the care provided to existing investors – creating a level playing field, addressing illicit activities and creating an environment where the existing laws are fully enforced and applied equally to all entities doing business here. This will serve as a foundation for making the Serbian economy more competitive, by improving GDP and enabling job creation in the private sector.

new investments and establish conditions for creating new jobs.

The American Chamber of Commerce once again emphasises its willingness to provide support to the Serbian Government in executing the necessary reforms. For example, we are currently conducting a survey entitled “Engage for Change”, where AmCham members will assess the initiated reforms and provide sugges-

■ How would you assess the business climate in Serbia, in the light of economic reforms, and did you see progress during 2014?

- There have certainly been some steps in the right direction, including adoption of the new Labour Law. Good legislation and its consistent implementation are important prerequisites for overcoming challenges that have been present Good legislation tions for further improvement of the in the economy for a long time. We expect measures for improving solvency of the business secbusiness environment. The survey and its consistent tor and predictability of tax and non-tax charges results and recommendation will be implementation are to be undertaken in the upcoming period, as it submitted to the Serbian Government important prerequisites for review and I am certain they will is one of the vital elements for companies when planning their business operations. As I already be very useful in reaching decisions, for overcoming indicated, in order to facilitate economic activity, as they are aimed at strengthening the challenges that have it is necessary to provide incentives for investbusiness environment in the country. been present in the ment and create an attractive business climate and environment for local and foreign investors, economy for a long time ■ How would you evaluate AmCham’s cooperation with other business assofocusing on existing investments and then turning attention to attracting new ones. Above all, it is necessary to ciations in Serbia?

- The level of cooperation is very good, primarily because there harmonise existing laws and related regulations and resolve all illogical issues of the legislation, as they impede economic activity. is a consensus around economic recovery as a priority among all It is necessary to streamline procedures and enable the business interested parties. In that light, in addition to many initiatives we sector to function in a predictable and fair market environment. launch on our own, we participate gladly and actively in joint initiatives with other organisations, such as USAID and its BEP project, ■ How would you evaluate overall communication between the FIC, NALED and the Serbian Chamber of Commerce. government and AmCham, and the openness of the government We have even developed good relations with other organisations with which we work on launching initiatives for improving to initiatives coming from the business community?

- Our communication is good and we always strive to intensify our the business and investment climate in the country, as well as dialogue with state institutions and other business entities, so that providing support as a true partner to the Serbian Government in together we can improve economic growth of the country, attract implementing specific initiatives. With joint forces, we can estabcordeditorial@cma.rs |

122 December 2014 | 21

lish an environment which we all need and which will offer better business conditions for all.

■ Amcham is very active in many programmes for young people, starting with your own AmCham Academy, to the financing of the Petnica Science Centre. What are your major aims when it comes to young people?

nance confirmed that the collected revenues were approximately €200 million lower, due to non-collected excise taxes and VAT on tobacco products as compared to the initially budgeted figures. This year that trend has continued and over the last two years we have lost around 40% of the legal market.

Combating the grey economy is important in all business segments, as it relates not only to lower taxes and contributions paid to the budget of Serbia, but also to the fact that the grey economy simply creates a business environment where all forms of conduct are acceptable. We are determined to fight and create a climate that facilitates a fair dialogue among the legitimate interested parties, but clearly just establishing dialogue on these issues is not enough – it must be followed by decisive and consistent State activity on this front.

- We want young people to be ready to assume an active role in the society and be part of the change that will take Serbia on the road of progress. What is important is that 180 AmCham member companies recognise the significance, talent, energy and knowledge provided by institutions such as Petnica, so that we can help them advance.

Within the “Leader in Change” Award, we have defined a special category - “Young Innovative Leaders”. With this category we wish to support innovativeness and creativity of the most successful young members of the business community in Serbia, namely those recognised as role models in the business world with regard to innovativeness, results, ethics and social responsibility.

The American Chamber of Commerce aims to be a partner of the Serbian Government in increasing employment, particularly among people younger than 30. The unemployment rate among the youth in Serbia is high, with one in two persons under 30 without a job. We also aim to reduce the number of young people leaving the country and facilitate the return of those talents who have already left, as We are currently conducting a they have a lot to offer when they come back and our objective is for survey entitled “Engage for Change”, them to recognise their homeland where AmCham members will as a destination that has someassess the initiated reforms and thing to offer, which will compel them to return to Serbia. provide suggestions for further

■ The government expects a lot

in terms of curbing the grey economy. Do you view these plans as credible and operational?

- As a business organisation, we at AmCham are very serious about combating the grey economy – this is why we founded a special Committee at the beginning of this year tasked solely with concentrating on the fight against this problem across different industries. Curbing the grey economy is one of the top five priorities defined by AmCham in its programme for improving the business environment.

Members of the Grey Economy Combating Committee include representatives of the tobacco, oil, IT, FMCG and retail sectors. It is estimated that the grey sector accounts for nearly 30 per cent of the economy of the Republic of Serbia and that related losses to the annual budget stand at €370 million.

We believe that where there is a will, there is a way. The government’s awareness of the scale improvement of the business ■ The tobacco industry seems to of the problem and its publically environment be among those hit both by the stated intent are good. The stated falling purchasing power of citiplans for combating the problem zens and the grey economy. What are the prospects for the inare also on the right track - starting with a very good draft of the dustry in 2015?

Law on Inspection Supervision, which still needs some final im- The tobacco industry has been the number one industry in provements before it can be adopted. However, this is a very good terms of the impact suffered from the grey economy, but also step and will contribute greatly to the coordination of relevant enforcement and administrative bodies, which has been lacking so in terms of the impact the State has suffered as a result of the far in the fight against the grey economy. On the other hand, it is decrease in contributions to the budget from excise taxes and also extremely important that the government focuses on more efVAT on our products. According to the official tobacco agency ficient implementation of existing laws. We have seen some strides figures, the legal cigarette market decreased by more than 20% taken in this area in the past several months and we are encourin 2013 alone. In its 2014 budget rebalance, the Ministry of Fi22 |

122 December 2014 | www.cordmagazine.com

aging the government to continue to make tough decisions and continue to drive the reforms needed to combat this phenomenon.

■ How do you assess the Roof Law on Inspections and the Personal Data Protection Law, and the ability of new legislation to help in fighting the grey economy?

■ What would you propose in terms of curbing the grey economy and increasing tax revenue from the tobacco industry?

- When it comes to the roof Law on Inspections, I can say that the draft that is currently being considered by the government is a very good - In economically challenging times, revenue generation is clearly one, and represents a step in the right direction. I believe there are in the focus of the government and the illicit tobacco market repsome improvements to be made to this draft, in particular in regard resents huge potential for tax collection. The black market severeto coordination between the various inspections, which should be ly obstructs Government Budget plans. resolved before the law is finally passed.

Therefore, the decisiveness of relevant More specifically, it is very important that Even though arrests and institutions to fight this phenomenon this law creates a strong body that will is critical. The government should conwork on coordination and resolving jurisseizures are reported in the tinue to focus its attention on tax revdiction issues among various inspections media almost daily, we still enue collection, shutting down chanon a constant and daily basis. haven’t seen enforceable nels of distribution of non-tax-paid Huge progress has been made in the decisions that send a strong goods and measuring its success by area of intellectual property rights and comparing the incidences of purchase the implementation of laws related to inmessage that all those who tellectual property in Serbia. A new law and consumption of legal tax-paid engage in illegal activities will on special jurisdiction, aimed at more goods versus goods sourced on the be put out of business efficient intellectual property protection black market. The government’s proof in the software industry, is being drafted, of credible and operational plans defining jurisdiction of inspection bodies in a different manner. should be measured by their results and not by the quality of the As I already stated, it is important to continue to enact new plans themselves. The efforts demonstrated so far are encouraging and show that where there is a will there is a way. However, laws that will help create a better system. However, it is even more there is still a long way to go. Even though arrests and seizures important to implement already existing laws consistently, which are reported in the media almost daily, we still haven’t seen enwould help create an even playing field for all participants on the forceable decisions that send a strong message that all those who market. As an organisation, this is what AmCham is constantly engage in illegal activities will be put out of business. striving for and we will continue to do so in the future. ■

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122 December 2014 | 23

INTERVIEW

Democracy-Building Remains

AN ORGANIC PROCESS

TIM CARTWRIGHT HEAD OF THE COUNCIL OF EUROPE OFFICE IN BELGRADE

“Democracy, protection of human rights and the rule of law remain ‘a work-in-progress’. We are on the right track, but still have a good way to go.

There is a natural and maybe legitimate tendency to focus on shortfall, on inadequacy, on the suboptimal,” says Tim Cartwright 24 |

122 December 2014 | www.cordmagazine.com

H

owever, says Cartwright, “if we reflect on where we have come from, what is already in place, what has already been achieved, then progress becomes visible, tangible and real. In this region, we have some states that are already members of the European Union and others at different staging–posts, but common European principles and values remain our yardstick.

And I would note that if the challenges facing parts of this region are difficult, complex and arguably more immediate, it must also be remembered that for Europe as a whole, democracy-building remains an organic process: the recently-inaugurated annual Report of my Secretary General on the State of democracy, human rights and the

rule of law in Europe identifies shortcomings in all Council of Europe member states. And, as we are all aware, this year has witnessed a particular challenge to our common values in Ukraine”.

■ You’ve spent more than 25 years at the Council of Europe. How do you see this institution’s contribution to European values and standards?

proposals for further cooperation in areas of Council of Europe competence and added value for the quality of life for all people living there. We also look forward to the role that the Venice Commission may now play.

■ What are your priorities as the new Head of the Council of Europe Office in Belgrade?

- I’m not sure how much I appreciate implicitly being reminded - Like any new kid on the block, my first task is to get to know of my age! But it is true I have spent most of my adult life seeking my patch: colleagues in my Mission and our governmental, nonto make a modest contribution through service to the Council of governmental and international community partners, as well as to Europe to the promotion of human rights, democracy and the rule try to form a rational and fact-based assessment of the political, of law. I was born in Berlin, during the Cold War and before the institutional and societal environment in which I now find myself. construction of the Berlin Wall, and from an early age this obscene To learn what is going on, what needs to be done, and what the priorities of all of our partners are. I do not start with a blank canvas, instrument of repression; this monstrous monument to inhumanity, cast long shadows into my psyche. of course, though I think I can already There had to be, it seemed to me say that the focus of our attention will even as a schoolboy, a better way to include human rights and efficiency of live in security and peace in Europe the justice system; minority rights and than to fence people in, or out, and to anti-discrimination; combating organised and economic crime and corrupdepend upon the mechanics of alleged tion, freedom of the media and freedom mutually-assured annihilation. Perhaps of expression; local democracy etc. it is unsurprising, then, that I found my way to Strasbourg and the Council ■ There are currently more than of Europe: the oldest of European institutions; custodian and torch-bearer 11,800 applications from Serbia pending before the European Court of Huof democratic values and architect of man Rights. After two attempts to much of the legal framework promoting reform the judicial system, we haven’t and protecting them. seen much progress. Why does rule of So now, if I compare the Europe of law seem to be the Achilles’ heel of today with that of 1986, when I joined the region? the Council of Europe, or of 1949, when - I’m not sure I wholly subscribe to the my institution was founded, I see chalk Achilles’ heel analogy, but of course efand cheese. Of course, the Council of fective implementation at the domestic Europe has only been one actor among level of the European Convention of Humany, but with its standard-setting and If I compare the Europe of man Rights – what we call subsidiarity monitoring role, coupled with its practoday with that of 1986, when – is a vital, even existential, concern of tical assistance and intergovernmental cooperation mechanisms, it remains a I joined the Council of Europe, my authorities. I don’t want to appear potent force on our continent. flippant, but part of the answer is that or of 1949, when my institution it is genuinely hard to get right, it takes was founded, I see chalk and time, there is no universal prescription ■ Your last post was as Head of the Council of Europe Office in Pristina. or panacea, and because of that you cheese How is the Council of Europe helping need competent, qualified and committed people at all stages of the process: the Executive; legislators; to rebuild the fabric of society there?

- My three and half years in Pristina saw a progressive engagepolice; prosecutors; judges; lawyers and advocates; civil society ment of the Council of Europe to ensure that our values and and media observers and commentators; and – yes – international standards are uniformly applied across our continent. Whilst counsel. But I do agree with the sub-text of this question: in Serbia fully respecting UNSCR 1244 and the principle of status neutralthere is still a lot of work to be done to improve the efficiency of ity, at the suggestion of the Secretary General the Committee of justice, and my organisation stands ready to lend its full support to Ministers of the Council of Europe agreed to initiate direct conthe Serbian authorities in this endeavour. tacts with the Pristina authorities on the basis of what we have That said, look to just about any state in Europe,and you will termed ‘functional capacity’. notice that few, if any, see reform of the justice system as a wholly done-deal.

This has enabled us to make our interventions more efficient in the fields where we are currently active: human rights, especially minority rights mechanisms, both formal and informal; ■ One event at a football match brought a lot of tension between the fight against economic and organised crime and corruption; Serbia and Albania and triggered sporadic violence and reactions promotion of cultural heritage and cultural diversity; freedom in the region. In your opinion, how prone to inter-ethnic tension of the media and freedom of expression; as well as to develop is this region? cordeditorial@cma.rs |

122 December 2014 | 25

- I am British and, as a football fan, have unfortunately lived through a good deal of football violence and intolerance in my homeland.

The Council of Europe developed the fastest-ever entering-intoforce Convention in the wake of the Heysel Stadium disaster.

I was at this football match, with my wife, not as any sort of official guest, but in the stands, in row 4. It was not a happy experience. For an hour it was profoundly unpleasant, even repugnant.

Then, for a moment, it was even frightening. However, just how indicative of the state of society are large football crowds has to be a subject of some doubt. I refuse to believe that behaviour inside the stadium and among elements of society across the region following this abandoned game reflects that society at large.

Tension, doubt, distrust in the region? Yes, undoubtedly, if regrettable and a cause for concern. But a legitimate excuse and place for criminal violence and incitement? Definitely not!

■ One pronounced problem in the region is human trafficking. How would you rate progress made to date in this field?

pression in Southeast Europe?

- As few would contest, and as has been highlighted by reports of the Parliamentary Assembly of the Council of Europe, media freedom is a key indicator of democratic health and it displays frailties across the region. This is why the Council of Europe, through its Norwegian-funded regional project “Promoting Freedom of Expression and Information and Freedom of the Media in Southeast Europe”, is currently promoting our standards, including those set by the case-law of the European Court of Human Rights, and developing capacity in the media sector by sharing knowledge and good practice related in particular to media regulation, self-regulation and training. Further work to strengthen freedom of the media and freedom of expression in Serbia and the region as a whole is an affirmed priority of my authorities.

■ The Council of Europe pays great at-

tention to the ability of minorities to use their own languages. How does the Council’s expertise help the region in valuing its diversity more?

- Trafficking is indeed a very serious is- Absolutely right! We at the Council sue. The causes and effects are complex of Europe see language rights as a key and have domestic and international building-block of diverse, inclusive implications across a very broad poland integrated societies. I would add, icy agenda. Let me highlight one part though, that we need to remain alert to of the Council of Europe’s response the possible pitfall of fostering monoto this scourge, namely the Council of lingualism in what are pluri-lingual Europe Convention on Action against states. This said, the European Charter Trafficking in Human Beings, which for Regional Minority Languages and incorporates a monitoring mechanism, the Framework Convention for the Protection of National Minorities are, of known by its acronym GRETA. Serbia course, the guiding instruments of our is, of course, party to this convention current regional programmes to proand although this not the place to go mote inclusive education and minorinto great detail, I think it important to ity inclusion at the local level. These mention that in February of this year initiatives aim at grassroots change in the Committee of Parties to the Convention reviewed the measures taken individual schools and municipalities As few would contest, and by the Serbian authorities to combat through the grant-aided development as has been highlighted by trafficking in human beings. Inter alia, of local best practices, to then be repliSerbia was recognised for the appointreports of the Parliamentary cated throughout the region, supported ment of a National Coordinator; the by appropriate governmental and instiAssembly of the Council of tutional measures. setting up of the Council for CombatEurope, media freedom is a ing Human Trafficking, of the Republican Team for Combating Trafficking, ■ We have recently seen gay pride pakey indicator of democratic held in Belgrade and Podgorica, and of the Centre for the Protection of health and it displays frailties rades with no incidents but under heavy seVictims of Trafficking; the adoption of across the region curity measures. Do you think these legislation criminalising trafficking in events could help the LGBT community human beings and providing for the gain better treatment in our societies? rights of victims of trafficking; and for steps taken to coordinate - Undoubtedly! All the evidence from Council of Europe member across governmental and non-governmental organisations. At states – and beyond – indicates that public affirmation of minority the same time, the Committee issued a number of further recommendations to the Serbian government, which will now be monirights, and those of the LGBTI community in particular, ultimately tored by my authorities. promotes a broader, more tolerant culture, supportive of anti-discrimination measures and policies. I would simply add that public ■ Freedom of expression and the legal framework for pluralistic order dispositions need to be proportionate to the risks involved media landscape were debated furiously in the Serbian National in such public affirmations, and ensure at the same time that such Assembly recently. What is your assessment of freedom of exan affirmation is indeed ‘public’. ■ 26 |

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cordeditorial@cma.rs |

122 December 2014 | 27

■ By Radmila STANKOVIĆ

INTERVIEW

One-Piece

MAN DEJAN MIJAČ DIRECTOR

He's directed more than 150 plays and measured his time not by new years, birthdays or holidays, but by the theatre seasons. He lived by the conviction that one cannot live without theatre, and then in 2011 he directed Anton Chekhov’s The Cherry Orchard and called it quits.

He explained further: “The holidays were not Christmas or Easter for me, nor other calendar dates, but rather premieres.

Given that I do not smoke, do not drink, and I’m in those years when vices must be left behind, I am leaving the theatre, or specifically directing"

B

orn in Bijeljina to the family of a priest, he grew up in Valjevo and spent most of his life in Belgrade. As a student he watched Branko Gavella’s rehearsals, assisted Mata Milošević... It is not well known that he initially wanted to be an actor. “However, I realised that I have neither the stature nor the voice.” It turned out that he had everything required to be a director. He also spent years conveying that to the students of the Faculty of Dramatic Arts in Belgrade.

The geographical trajectory of his career saw him move from Tuzla via Novi Sad to Belgrade. His impressive directorial and artistic greatness is based on plays that extend the boundaries 28 |

122 December 2014 | www.cordmagazine.com

of theatrical arts. One of them is the Jovan Sterija Popović play Pokondirena tikva, which he directed at the Serbian National Theatre in Novi Sad in 1973 and which opened a new chapter in the interpreting of the works of Popović. He was declared the best at the Sterija Theatre Festival eight times. He regrets that in the course of his long career, which extended over more than five decades, he did not stage Strindberg’s Road to Damascus and Ibsen’s piece When We Dead Awaken.

Today the word of Dejan Mijač (80) is absolutely crucial for many young directors. One of them, the very talented and capable Andrej Nosov, told me after the interesting premiere of his play

PEOPLE

PUBLIC

SUPPORT

In this quagmire we are in we have people, primarily politicians, who behave as if they’re on one of the world’s sunny beaches.

I was always aware of my obligations towards the public. That’s because if the public doesn’t accept your play then you did not do anything.

At this moment, I don’t see who I would support, though now I do not see anyone who could politically, in any kind of fair game, remove these who are in power.

that he was only quiet when his former professor told what he had “These two newspapers are my favourites, because I am interested in what will appear in them. I cannot abide other newsseen in the play and offered his assessment. And the famous director says he is still willing to help every young colleague who seeks papers, which is why I don’t read them. When it comes to television, I stopped watching as was the case during the rule of his assistance: Slobodan Milošević.”

“I don’t impose my opinion on anyone or feel obliged to tell a colleague what I think about their work immediately after a performance. These young people, who I support intimately and who ■ Did you stop watching for the same reason you stopped watching during the ‘90s?

I hope will achieve something, know this and also know that I love - I wouldn’t like to compare reasons, because the effect is the same. what they do and that’s the end of it.”

I do not turn the TV on until midnight, after all the news updates This peaceable man was an ardent supporter of FC Partizan, a lover of football, but today he’s no longer interested, “Little by little, I realised that football has left this country. That which is being played today is some other game; those are some barroom games being played by some half criminals, some demimonde that try to outdo each other. I am a long way from that. I didn’t even watch the national team match on television recently, but I was told by Duško Vujošević that it was interrupted because of that drone.

A long time ago he met basketball coach Željko Obradović when he was in a difficult private situation. Mijač offered him support and understanding, and told him that he would be a great coach. Željko didn’t believe him, thinking instead that Mijač was comforting him. It turned out that the director and educator was correct.

He also met Partizan basketball club coach Duško Vujošević as a young, passionate man: “To and speeches and quasi-political promy eyes, he burned for basketball. What he told My view of Serbia is the me was very interesting phenomenologically. view from a hole. But for grammes have passed. And when some news appears in that period after midWe became friends and we still have a good relame that hole is above our night appearance, I skip over them like tionship today. I think he sees me as a bit of a faheads, through which ther figure, and I see him a little like a son. Much commercial breaks. In fact, all those of what he says is absolutely true, the problem bulletins and all those talk shows have a little light penetrates, is the way in which he communicates that, bebecome actually huge advertisements. while we are at the cause his temperament comes to the fore. And And while that is so, nothing else rebottom mains but for someone to be narrow in I know that’s what he reflects and announces is presenting their own platform. I’m not truth that will be shown.” saying something is not seen with this platform. That’s as far as the When asked if he watches tennis and Novak Đoković, this fine horizon of viewing Serbia is at all possible. cynic admits: “I love that kid. He is the epitome of success and good manners, ■ Interpret for us, where do you view Serbia from? but I do not watch his matches because I cannot adapt to his game - From a hole. My view of Serbia is the view from a hole. But for time. I’m too comfortable to be able to follow his successes.” me that hole is above our heads, through which a little light penIn a city centre café close to his home, Mijač meets with friends, etrates, while we are at the bottom. Now we have realised that acquaintances and various people with whom he exchanges even the bottom has a bottom. In this quagmire we are in we have thoughts. This was also where we met and talked. He is curious people, primarily politicians, who behave as if they’re on one of and loves to hear any information, but he doesn’t chase it. He chose the world’s sunny beaches. They perform stunts, dive, behave to buy and read two newspapers – Danas and Politika. When asked happily, just like they are on their summer holiday. And actually why and what about the other media sources serving to keep him we’re really in the hole. informed, he said: cordeditorial@cma.rs |

122 December 2014 | 29

■ Your age gives you every right to speak from experience about the time of the Russian fraternal embrace after World War II. Do you feel something similar today?

- Historically, we received a blessing in disguise. For us only one wing, north and northeast, experienced the Russian army sweeping over our territories and leaving. We had no Russian army garrison in Yugoslavia. The only good thing was Tito, who made his story with the Informbiro, but through which he ensure the country would remain on the borderline of independence. Otherwise I don’t think Soviet policies ever had a major impact on us.

It was to be emulated, there was a lot of justification for us to do that with a view to emulating big brother, but in fact, with us the new government consolidated itself and made itself untouchable in a very cruel way.

■ How did it consolidate?

- The new government after World War II, primarily after the break with the Soviet Union, consolidated itself by instilling fear.

This, of course, is a proven method that yields swift results. After

The Serbian nation has been living like that for years, since the Turkish times, through the principality and onwards, it has learned that someone has to be a leader; that someone has to ride and whip you well

some time, that government began implementing slightly more open policies, turning towards the West, and that created a great illusion of freedom in the country. One could easily get a passport and we had the impression that we live in God knows what kind of freedom. And we actually lived in single-mindedness, in a oneparty world where you were not supposed to say anything against Josip Broz Tito or the Yugoslav People’s Army. Not only because otherwise you’d get fired, but rather because you’d be consumed by black darkness. And that’s how it remained, I would say, until the disintegration of Yugoslavia.

■ When Tito died, totalitarianism stopped for many?

- I would not agree with you. I felt it as a transition from one form of totalitarianism to another. It was a little different, advanced with some different bait, but it was essentially the same.

The Serbian nation has been living like that for years, since the Turkish times, through the principality and onwards, it has learned that someone has to be a leader; that someone has to ride and whip you well. Even in the so-called inherited psychological mentality, the Serb has a very positive opinion about that. All things considered, I do not have any positive thought 30 |

122 December 2014 | www.cordmagazine.com

that I would say to my dear and beloved Serbia. I could not tell anyone – things will be better for you. Let your beloved politicians tell you that, while I will tell you – things will not be better for you! And what is yet to happen will be unprecedented in the history of the Serbs. Luckily for me, looking a little further, I will not have to endure that.

■ Is the Serbian nation something very different from others to endure and accept all that in the way you say?

- It’s not that poor nation’s fault. It has been wrongly led and driven.

■ Since when?

- I don’t know if that was the case in the Middle Ages, but in the more modern history of Serbia it has been the case. Serbia gained some freedom in the First Serbian Uprising, but this was episodal. At that time the great powers were busy warring with Napoleon and did not pay attention. And here, in the borderlands, the Ottoman Empire was on its last legs and had been languishing for a few years. It is known that periphery is the first to fall. The

then periphery was Šumadija, and it was known that those were forested lands. And in the woods it was most profitable to be an outlaw. Hajduks, as is well known, were highwaymen who intercepted rich caravans and thus made a living. Karađorđe was engaged in this occupation until he became the leader of the uprising. The forest was rich with oaks and acorns, ensuring the pigs had enough food without any hassle. And the Serbs ferried those pigs across the Danube and sold them, which was a very lucrative business. And they didn’t have a lot of work to do, because Serbs do not like to do a lot of work in order to achieve a result.

Thus the enriched Serbs wanted to become begs. When the wars ended they wanted power, and some sort of interim solution was established, much like the case now with Kosovo. They were accepted by the OSCE and all the firman, in order for them to slowly, slowly, reach independence. At the Congress of Vienna this was finally verified by the international community and Serbia became a Balkan state. Afterwards an appetite grew to expand markets and area.

■ You have a custom of demonstrating how Serbs are actually accustomed to lawlessness and that they love it. Why is that so?

- There is a legend that some minister said to Prince Miloš Obrenović that he could not do something as he intended, as it is not legal. To which Miloš responded: Well, the law is for the opposition! That’s still how it is to this day, and it all goes from the same matrix, merely repeating. If someone comes to power, those who vote for him consciously vote knowing that as the man in charge he will get rich – for what kind of authority is that if you don’t become rich?!

do not know who youngesters can encounter at Kalemegdan today? Perhaps Ljiljana Habjanović Đurović, a writer whose work I could not read to the end to and, I’m sorry, perhaps that’s some literature of value, but I do not understand it. They say they at the last book fair her books were the best selling.

■ Do you go to the theatre?

- It feels to me like I go regularly, but when someone asks me if I watched this and that, I say that I did not, so it turns out that I have not seen a lot of things. It can happen that while watching a play I forget the lecture.

■ What is it about Serbian culture that deserves your attention as a value?

- When I was young, Belgrade seemed like a very interesting city to me. Today when I think about those times, I’m convinced it really was an interesting city. In Belgrade, from generation to generation, birth was given to many interesting and important things. I used to be able to walk down the street and bump into Ivo Andrić, to talk with Borislav Pekić, to hang out with Danilo Kiš. Once, when my daughter was little and playing at Kalemegdan, I said to her: Look at that man. That’s Ivo Andrić. One day you’ll remember this and speak about how you saw Ivo Andrić, the Nobel Laueate! I

A capable man can do things alone; he does not need my help.

He needs only the opportunity to come to the platform. And he will fly on his own

■ You do this consciously, deliberately?

- No, it probably happens at times while I’m watching a play.

■ Do you wonder at those times what it was like when someone was watching your plays?

- Yes, of course, althought I was always aware of my obligations towards the public. That’s because if the public doesn’t accept your play then you did not do anything. And now it happens that viewership is not important, rather it is important to put out something that the director intended. Of course, there excellent,

cordeditorial@cma.rs |

122 December 2014 | 31

talented people and I’m very happy when I see a good play. I am sincerely gladdened.

■ A number of changes to the senior management of culture recently occurred in Belgrade. It happened that Tamara Vučković remained at the helm of your former theatre, the Yugoslav Drama Theatre, with the support of the ensemble, but not the new government. How do you interpret this?

- The Yugoslav Drama Theatre is a specific story. Throughout all the years of its existence, even during the time of communism, there existed a tendency to bring in administrators who were wanted by ensemble members and for those administrators to stay as long as possible. The ensemble usually had a healthy majority that managed to have a favourable administrator appointed. Of course, there were sometimes misconceptions and mistakes that emerged as a result of conflict within the team.

Those managers typically stayed for a little time, while the majority of them were long serving. That was invaluable for this theatre, because they managed to continuously implement a good repertoire policy and to bring the ensemble together around some major and important projects.

■ You know that it was said for years that you were one of those who pulled the strings when it came to selecting staff at that theatre?

ture at the Democratic Party… and not just for culture?

- First of all, I have never been a member of the Democratic Party. I had the honour of being invited to the founding assembly, but I was nothing in that party, nor did I have any functions or privileges at the time of its rule. I didn’t gain any benefit anywhere, nor did I seek any contact with the politicians who came to power after the Democratic Party victory. Whover proves that, I congratulate. And they cannot, I insist. I spoke with them while they were on the campaign trail. I found it interesting to hear how they thought. I was not interested in them telling me what they had decided to say in front of the people, because I knew that. I wanted to know what they really thought, and to watch them as they said what they had to say, or what I knew they did not believe.

■ So, you don’t support anyone?

- At this moment, like then, I don’t see who I would support, though now I do not see anyone who could politically, in any kind of fair game, remove these who are in power. I put them in their place as far back as the emergence of Šešelj and their Radical Party. They were not interesting to me in any way, much less close. I did not need them to do anything for me, nor did I think they could ever do anything successfully in this world. Indeed, I was very afraid of them. Now I do not care about them.

Now there are those for whom they are useful and they should rely on them and take pride in them.

- They said I was the leader of the clan, capo di tutti capi in the theatre snf in ■ Aren’t they the most useful to the Belgrade and all sorts of other things. international community?

The truth is that I never even recommended, let alone brought to the thea- Do not accuse the entire international tre to do something, any problematic community. person or artist. On the contrary, I did I have never been a member ■ I’m not accusing, just noting... not interfere at all in what they did and, when asked, I answered accordof the Democratic Party. I had - The international community just ing to my own conscience and criteria. its jobs and wherever something the honour of being invited to does I’ve always maintained that I should needs to be done they find a person the founding assembly, but I be a parameter for everyone of how who will do their dirty work, although we should not work, because what I they have to make them more respectwas nothing in that party, nor able and shake them up. did should not be repeated, but rather did I have any functions or they should go further – as much as privileges at the time of its rule ■ Until the moment they finish the job? someone is able and how much someone understands.

- Not so. Why don’t you look at how Otherwise, a clan to me represents a pool of incompetent peomany years Montenegro has been ruled by Milo Đukanović? ple. A capable man can do things alone; he does not need my help.

And he did what was required of him a long time ago. Let nobody tell me that Milo Đukanović has no butter, not even that He needs only the opportunity to come to the platform. And he will international community. They all know that, but the one who fly on his own. suits them is in power, the one who has to shovel shit. Fortu■ Is there a person, or an idea, that you would support on the Sernately, that does not impact on me much – not those who work bian political scene today? in Montenegro, and I am no longer even bothered by those who - Never and nobody ever existed. do that here. I am aware that we should not complain about what is here today, because tomorrow it will already be that ■ How come when it was said that you were the patriarch for culwhich used to be better. ■ 32 |

122 December 2014 | www.cordmagazine.com

KARANOVIĆ & NIKOLIĆ - ANNUAL COMPETITION LAW CONFERENCE

Competition Law and

Practice in Serbia

BORIS BEGOVIĆ, (left) economics professor at the University of Belgrade’s Faculty of Law, ANDREJ PLAHUTNIK, head of the European Commission project (EU-SCS), RASTKO PETAKOVIĆ, partner, Karanović & Nikolić, ANN SOFIE CLOOTS, associate, Skadden, Arps, Slate, Meagher & Flom LLP, Belgium, STEPHEN LEWIS, principal, RBB Economics, UK

—By RASTKO PETAKOVIĆ, partner DRAGAN GAJIN, senior associate

Competition law is an important part of the legal framework in the European Union. Thus it is little wonder that Serbia’s rules are modelled after EU law, taking into account the country’s proclaimed strategic objective of joining the Union.

As a candidate country and signatory of the Stabilisation and Association Agreement, Serbia is obliged to align its laws with those of the EU

T

he SAA specifically includes with the Friedrich Naumann Foundation, Commission Council, the authority’s govprovisions on competition law, focused on economic and legal aspects erning board. For the first time since its mandating that competition inof competition policy, specifically in refoundation, the commission is being fringements capable of impactlation to the accession process, as an chaired by an economist. It remains to be ing negatively on trade between Serbia evergreen topic for aspiring EU memseen whether this will bring about an inand the EU be assessed in line with relbers. In line with the topic, the keynote crease in the commission’s use of ecoevant EU legislation and practice. This, in speakers included German Ambassador nomic analysis in deliberation. practice, means that whenever there is a Heinz Wilhelm, Vesna Kovač, from the legal shortcoming or ambiguity in Serbian Serbian Ministry of Trade, Tourism and KN’S 2014 ANNUAL legislation the Commission is prepared to Telecommunications, and Freek Janmaat, COMPETITION CONFERENCE take into account how the issue is reguHead of the European Integration Section Against this legal and institutionlated in the EU and resolve it accordingly. of the EU Delegation to Serbia. The keyal background, law firm Karanović & Following last year’s amendments to note speakers noted recent developNikolić staged its 9th Annual Focus on the Competition Law, the legisments in Serbian competition law lative framework can now be asand policy, including the review of The focus of this year’s sessed as being largely compreconference, co-organised with the competition policy in the EU acceshensive and harmonised with EU sion screening process. The 2013 Friedrich Naumann Foundation, rules. The task of consistent and amendments to the Competition included economic and legal correct enforcement, however, reLaw, election of new Council memmains a constant struggle. In this bers, as well as an increasing number aspects of competition policy, respect, a certain slowdown can of decisions upheld after judicial respecifically in relation to the be observed in the latest periview, were all cited as positive highaccession process, as an evergreen lights. However, certain shortcomod: it has been almost two years topic for aspiring EU members since the Commission last estabings were also highlighted, including lished an infringement and fined a lack of administrative capacity of Competition Conference in Belgrade the infringing party (the Frikom domthe competition authority. on 13 th November, under the title inance abuse case). In the meantime, The conference’s discussions were di“Competition Policy on the Path to EU the Commission has primarily dealt vided into two panels, the first focusing Accession”. These conferences, hosted with merger control, issuing around 100 on mergers, with the second concerned

by KN’s Competition Department head merger clearances annually. with competition infringements (cartels Rastko Petaković, have become a tradiMore intensive enforcement of and abuse of dominant positions). The tion for the firm, as well as providing an competition law in Serbia can be exparticipants included a number of comoccasion to launch KN’s annual Focus on pected in the future. In October the petition law experts with varied backCompetition publication.

Serbian National Assembly finally electgrounds in law and economics: practising This year’s conference, co-organised ed a new president and members of the attorneys, academics, institutional repre-

cordeditorial@cma.rs |

122 December 2014 | 33

sentatives, advisors and analysts. enforcing merger control rules: the The first panel, moderated by Rastko Commission prohibited this merger, but Petaković, saw Steven Lewis, an econthe parties managed to implement it reomist from RBB Economics, one of the gardless, due to deficiencies in the lepremier competition consultancies in gal framework of the time. In the panel’s Europe, stress the increased significance view, market developments post-merger of economic analysis in merger assess(specifically the current combined marment. As he noted, market shares are no ket share of the parties) demonstrate longer the only factor to be considered the risks of making the wrong decision in when assessing mergers – other aspects counterfactual scenarios. of economic analysis matter as well. This The speakers included two instihas two implications: first, even mergers tutional insiders and experts on cominvolving high market shares are not necpetition law from the region: Andrej essarily problematic; however, even a relPlahutnik and Olgica Spevec, former atively low combined market share of the merging parties can be an issue in specific cases. When it comes to merger policy, more economic analysis does not indicate more or less intervention on the market by the competition authority.

Ann Sofie Clots, from Skadden, Arps, H.E. HEINZ WILHELM, German Ambassador Slate, Meagher & Flom, a leading BrusselsIt is clear that competition policy and based law firm, folpractice will represent important lowed up with her take on the role of econommilestones on the path to EU accession. ics in the merger filing Sustainable economic growth is possible procedure. She idenonly if the state safeguards, rather than tified three main ishinders, free market competition sues with respect to economics: the stage when analysis comes into play; the type heads of the Slovenian and Croatian of analysis; and the presentation of the competition authorities respectively. obtained data.

Plahutnik, currently assisting with capacProfessor Boris Begović, of the ity-building of the Serbian Commission, Belgrade University’s Faculty of Law, shared some of his expertise and providmoderated the second panel and reed valuable insights into local competiviewed several aspects of the Serbian tion policy. Plahutnik underlined the immerger control regime. According to portance of a change of focus from reProfessor Begović, the Serbian econoviewing mergers to investigating commy needs consolidation, since in many petition infringements and the signifindustries economies of scale have not icance of formulating the most relebeen achieved and organic growth is diffivant financial thresholds for merger nocult due to high entry barriers. Professor tification. Meanwhile, Spevec conferred Begović also noted that the level of the her own experiences, both as the head merger filing fee in Serbia is a potential of a developing competition authorideterrent to mergers, while he said the ty and part of the Croatian negotiation low financial thresholds for notification team during the EU accession process. are problematic.

Spevec emphasised that a country hopRastko Petaković highlighted the faing to join the European Union must not mous case of Delta’s acquisition of C only have the adequate legal framework, Market as an argument for caution when but also effectively enforce the rules in

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122 December 2014 | www.cordmagazine.com

practice. Another conference participant with institutional experience under his belt, Massimiliano Gangi (formerly of the Italian competition authority), presented the procedural and material aspects of a cartel investigation on the interesting example of an Italian cartel case in the boat painting sector.

One of the hot topics discussed during the second panel covered rebate schemes as possible abuses of dominance. In this respect, Professor Vladimir Pavić of Belgrade University’s Faculty of Law questioned the detrimental effects

of rebates. He also argued that restricting dominant undertakings from using rebates hinders their economic freedom and discriminates against companies that became dominant by being more efficient than their competitors. According to Professor Pavić, there should be no automatic prohibitions for most forms of rebates and their legality should in each particular case be determined by reasoned economic assessment.

David Shoch from Orion Telekom, the third largest broadband provider in Serbia, provided practical insight into market operations by sharing his experience concerning the local competition landscape, specifically in relation to the telecommunications market.

The conference provided interesting highlights of the workings of the Serbian competition law framework and enforcement, covering the relevant economic and legal issues of the day. It is clear that competition policy and practice will represent important milestones on the path to EU accession. Sustainable economic growth is possible only if the state safeguards, rather than hinders, free market competition. ■

BUSINESS DIALOGUE

BUSINESS LEADER’S MEETING POINT

DECEMBER 2014

38 PAGE

39 PAGE

42 PAGE

Success is Launched

Apple Reaches $700-bln

EU’s Juncker Launches Infrastructure

by People

ALEKSANDAR MIŠKOVIĆ

DIREKTOR, LPO D.O.O., PRECISE CASTING PLANT, ADA

Valuation

TIM COOK

APPLE CHIEF EXECUTIVE OFFICER

Investment Plan

JEAN-CLAUDE JUNCKER

PRESIDENT OF THE EUROPEAN COMMISSION cordeditorial@cma.rs |

122 December 2014 | 35

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122 December 2014 | www.cordmagazine.com

NISKI GODIŠNJI TROŠKOVI

LAKO RUKOVANJE

Tehnološka rešenja zasnovana na obnovljivoj energiji i velika energetska efikasnost garantuju da LG Therma V sistemi pružaju ekonomično grejanje, hlađenje i snabdevanje toplom vodom vašeg doma, uz male troškove. U poređenju sa standardnim rešenjima, Therma V toplotne pumpe troše znatno manje enegije zahvaljujući svom dizajnu, što znači da mogu bezbedno i dugo da rade, uz umerene troškove. Pored toga, pružamo vam 3-godišnju garanciju za sve modele.

1100000 75000

1000000 Energy cost (HUF) Trošak za energiju (RSD)

900000 800000 700000 600000 500000 400000 300000

60000

Kompaktna Therma V toplotna pumpa vazduh/voda kompanije LG, koja se sastoji od jedne jedinice, može se lako ugraditi u bilo koju zgradu, jer za njenu ugradnju nije potrebno mnogo prostora. Specifični učinak grejanja Therma V monoblok sistema je izuzetno visok, a emisija CO2 vrlo niska, u poređenju sa standardnim sistemima grejanja. Manja potrošnja energije na duži rok dovodi do manjih operativnih troškova, što doprinosi brzom povraćaju troškova za instaliranje toplotne pumpe.

662 614 45000

30000

327 706

221 253

200000

15000

100000 0

0

Jan

Feb

Mar

Apr

May

Jun

Gas boiler

Gasni kotao

Jul

Aug

Sep

Fuel boiler

Oct

Nov

Dec

Ventilokonvektor

Electric heater

Kotao na na u Električni kotao

1 159 042 Godišnji energetski trošak za grejanje

1200000 1100000 1000000 800000 700000 600000 500000 400000 300000 200000 100000 0

460840

480000

900000

420000

Trošak za energiju (RSD)

Energy cost (HUF)

Energy cost (HUF)

PREDNOSTI MONOBLOK SISTEMA

1 159troškovi 042 Mesečni energije za grejanje

90000

1200000

LG Therma V toplotnim pumpama vazduh/voda možete rukovati na jednostavan i praktičan način, što u svakodnevnom životu olakšava stvaranje komforne atmosfere u vašem domu. Sisteme za grejanje, hlađenje, pa čak i za snabdevanje tople vode, možete lako podesiti prema svojim potrebama. Funkcije možete lako menjati, zahvaljujući senzoru sobne temperature lako je izmeriti temperaturu drugih prostorija, pa će temperatura biti ujednačena u celom vašem domu. Pored toga, LG Therma V toplotne pumpe su vrlo tihe i ne remete mir u vašem domu.

662 614 348494

360000

Podno grejanje

300000 232329

240000

221 253 120000

Zagrevanje prostora

327 706

180000 110980

60000 0

Gasni kotao

Kotao na na u Električni kotao

Monoblok

cordeditorial@cma.rs |

Sanitarna topla voda

122 December 2014 | 37

INFORMATION

BUSINESS DIALOGUE

“I would place a special emphasis on the failure to show the data relating to the budget and public procurement, meaning the information of interest to the public”.

LOCAL NEWS

— RODOLJUB ŠABIĆ, Commissioner for Information of Public Importance

01 THE NEW SMART FORTWO

02 VOJVODJANSKA BANK

Adding a New Shine to a Proven Concept

STP Award Won

The revolution enters the next round – the smart forTwo has undergone improvements in virtually all areas and is markedly more comfortable. Drive power is supplied by state-of-the-art threecylinder engines rated at 45 kW/60 hp, 52 kW/71 hp and 66 kW/90 hp, while power transmission includes a five-speed manual transmission or the twinamic automatic dual clutch transmission. A host of innovative details guarantee even more fun in the city.

“As Europe’s youngest car brand, smart enjoys global success today.

Nobody combines functionality and emotionality as well as us – as the inventors of individual urban mobility. The new smart forTwo retains our proven con-

For the second time, Vojvodina Bank is the winner of the STP (straight-through-processing) Award for 2013.

The award is presented by Commerzbank in Frankfurt for outstanding quality in the implementation of international commercial payments and financial transfers.

“This award confirms the value of our constant investments in improving operations and the entire banking network throughout Serbia,” says Xenophon Damaskos, a member of the Executive Board of Vojvodjanska Bank.

Commerzbank’s STP award relates to a high level and exceptional efficiency and accuracy in the money transfer destination of banks and customers abroad, while reducing transmission costs.

cept, while offering more of just about everything – more space, more colour, more equipment… and even more fun in the city! Only the vehicle length remains as unique as ever, at 2.69 metres,” says smart boss Annette Winkler. “Our idea, based on a total rethink of urban mobility, has won through.”

03 CONFLUENCE PROPERTY

04 SEEOFFICES

Property Management Leader in Serbia & the Region

Special Offer

Proving that Serbia follows real estate business trends is the fact that the significance of property management has grown in recent years, as has the position of companies dealing in the professional management of real estate. The leading company in this field, in Serbia and the entire region, is Confluence Property Management, which has a portfolio encompassing more than 45 properties and in excess of 270,000m2 under management. Some of Belgrade’s most significant buildings are under the company’s management, among them the biggest retail and leisure centre in Serbia, UŠĆE Shopping Centre, the country’s first outlet centre - Immo Outlet Centre, the UŠĆE Business Centre and the biggest department store chain, Robne kuće Beograd. However, that’s not all, because Confluence Property Management also operates in the region, managing the Alta Shopping Centre in Sarajevo.

This company’s clients gain multiple benefits, because Confluence assumes responsible for fulfilling the overall business plan on their behalf and increasing the value of the property. For the next year this company plans to expand cooperation on new projects for retail parks, which will further confirm the company’s leadership position in property management in the Balkans.

38 |

With a view to the upcoming season of corporate events and celebrations, as well as the numerous seminars and forums organised at this time of the year, SEEOFFICES company, a member of the BENA Group, has announced a special offer for companies preparing corporate events: for booking a meeting or conference room until 31st December 2014, at one of two exclusive locations – the 19th floor of UŠĆE Tower or the business centre in Knez Mihailova Street – a 15% discount is provided.

So far SEEOFFICES Conference Centre has hosted numerous conferences and meetings for all types of companies, from small local businesses to multinational corporations.

05 UNICREDIT LEASING SERBIA

Remarkable 3Q Results Despite numerous challenges in the region, UniCredit Leasing Serbia continued to further enhance its business in the third quarter of 2014. The leasing company recorded remarkable results both when it comes to the new business segment, as well as in the field of financing equipment. For the first nine months of this year the total value of new business financed reached a total of €25.93 million, thus recording an increase of 31% compared to the same period in 2013. This result has enabled UniCredit Leasing to improve its position on the market compared to the third quarter of last year and achieve a market share of 14.86% in this segment.

122 December 2014 | www.cordmagazine.com

DEBT “We are taking care not to put too heavy a burden on the public debt and that will be at the core of our activities in 2015”.

06 LUNA

— ALEKSANDAR VUČIĆ, Serbian Prime minister

DID YOU

KNOW?

Amazon.com employees spend two days every other year working at the customer service desk — even the CEO — in order to ensure all workers understand the customer service process.

Placements & postings appointments@aim.rs

Biljana Jovanović, owner and director of fashion house“Luna”, is the recipient of the prestigious IWEC (International Women’s Entrepreneurial Challenge) recognition for the development of international business in the Balkans.

The Luna director received the award at the offices of the Swedish Chamber of Commerce in Stockholm, in the context of the eighth conference intended for female entrepreneurs from around the world, entitled: “How to ensure a successful business under highly competitive conditions.”

Jovanović was one of 33 winners of the IWEC award among a total of 130 nominated entrepreneurs in the field of IT business, fashion, manufacturing, the petroleum industry, agronomy, health,

tourism, import and export, research, education and many other areas. Her candidacy was supported by the Association of Business Women of Serbia, of which she is a member, as well as the international representative office of the Serbian economy.

NEW AMBASSADOR OF THE REPUBLIC OF KOREA TO SERBIA

H.E. Lee Do-hoon (52) studied at Oxford University and King’s College London and received a B.A. in Economics at Yonsei University, Seoul, Korea.

He joined the Ministry of Foreign Affairs (MOFA) in 1985 and served in Zambia and Tunisia. In 2001 he was appointed Director for Policy Coordination, National Security Council (NSC), and in 2002 he became Assistant Secretary to the President. In 2003 he served as Director of Planning and Research Division at the Institute of Foreign Affairs and National Security. In 2008 he was Political Minister at the Korean Embassy in Iran and in 2010 he served as Deputy Director-General, International Organisations Bureau, MOFAT, Senior Adviser to the Minister of Foreign Affairs and Trade and Senior Assistant Secretary to the President, Office of the President. Prior to arriving in Serbia, he served as Director-General for North Korean Nuclear Affairs and Deputy Head of Delegation to the Six Party Talks, Ambassador for North Korean Nuclear Affairs. He is a married father of one son.

H.E. ATTILA PINTER

NEW HUNGARIAN AMBASSADOR TO SERBIA

07 ACTAVIS

Regional Centre in Belgrade One of the world’s largest manufacturers of medicines, Actavis, has decided that Belgrade will be the company’s regional hub as of 1st January 2015. The Actavis Regional Centre will cover all of the company’s business operations in Serbia, Slovenia, Macedonia, Croatia, Montenegro, BosniaHerzegovina and Albania.

Actavis expects the regional centre in Belgrade to provide all technical and marketing support to further operations.

By opening its regional centre

H.E. LEE DO-HOON

in Belgrade, U.S. company Actavis, which also owns the Zdravlje medicines factory in Leskovac, has once again shown how important it considers the Serbian market.

This company is one of the largest manufacturers and suppliers of drugs in Serbia, but also one of the pharmaceutical industry’s major exporters.

Attila Pinter (44) graduated from the Faculty of Turkish Studies at ELTE University and in 2005 earned his Ph.D. on the subject: Turkish-Greek relations and the Balkans on the threshold of the 21st Century. Employed at the Hungarian Ministry of Foreign Affairs since 1998, from 2007 he served as Coordinator for the Western Balkans, CFSP Department, and from 2008 he was Deputy Head of Mission at the Embassy of Hungary in Skopje, FYR Macedonia. From 2013 Pintar held the post of Director of the Western Balkans Department and on 15th October this year he was appointed Ambassador Designate to the Republic of Serbia. Besides his native Hungarian, Ambassador Pintar, a married father of two children, speaks Serbian, English and Turkish.

CARLO VIVALDI

NEW HEAD OF CENTRAL & EASTERN EUROPE (CEE) DIVISION UNICREDIT

The Board of Directors of UniCredit has appointed, effective as of 16th February 2015, Carlo Vivaldi as the Head of the UniCredit Group Central & Eastern Europe (CEE) Division. Mr Vivaldi (48) was born in Treviso, Italy, and holds a degree in Business Administration from Ca’ Foscari University in Venice. He began his career with UniCredit Group in 1991 and by the year 2000 he had become Head of the New Europe Division’s Planning and Controlling, thus contributing to the development of UniCredit’s CEE region. He then moved on to cover a CFO role within the group, first at Yapi Kredi and then at UniCredit Bank Austria.

Since January 2011 he has held the position of Deputy CEO of Yapi Kredi.

cordeditorial@cma.rs |

122 December 2014 | 39

BUSINESS DIALOGUE

INTERVIEW

Success is Launched

by People ALEKSANDAR MIŠKOVIĆ

DIREKTOR, LPO D.O.O., PRECISE CASTING PLANT, ADA

The authority of leadership is built by example rather than strictness, and employees, just like owners, recognise that and, thus, the authority acquired is much stronger and more sustainable

A

new business philosophy, new code of conduct and full commitment to the job and gaining international certificates, form the basis of the success of the LPO precision casting plant from Ada, whose products for the aviation industry are focused on international markets.

■ What were the decisive factors in the successful repositioning of the Livnica foundry from a company devoted to a single domestic client in the socialist former Yugoslavia to a successful exporter company?

of trust with the Israeli owner?

- The Israeli owner arrived with the strategic decision that LPO is a Serbian company that would remain here and produce for international markets. As such, the best leadership is one that understands the laws of Serbia, knows the mentality of people in their own country and, of course, is ready to accept the new rules of behavior brought with the new owner. Over time, the leadership of the LPO has experienced certain changes, but the basic rules

established ten years ago are still applicable today: full commitment to the success of the company.The authority of leadership is built by example rather than strictness, and employees, just like owners, recognise that and, thus, the authority acquired is much stronger and more sustainable.

succeed in building a relationship

did LPO have to introduce in

40 |

quality required for leading aircraft manufacturers?

- Immediately after the consolidation of the company we received ISO certification, followed by AS9100, which is a basic requirement to even be considered as a potential supplier for the aviation industry. However, the most important change occurred in the minds of all employees, specifically those who remained in the plant and the young people who joined our workforce. We accept that errors in work are possible, but every mistake must be identified, analysed and its cause understood.

We then insist on implementing corrective or preventative measures in order to avoid future mistakes. This is the only way it is possible to establish a system that is

Care about the quality of the product starts in the mind of each employee and from their motivation to do their job in the most efficient manner possible, to completion

- Primarily the investor, who had sales on the international market, which was their main reason for coming to LPO. Next is the willingness of the management to accept a new business philosophy and apply it in practice. I think that’s the most important message for all future privatisations: the best investor is not the one who offers the most for the company being privatised, but rather the one who can sell the most products of the privatised company.

■ How did the local management

order to ensure the production

■ What standards and methods

122 December 2014 | www.cordmagazine.com

able to survive and prosper on the market. I believe it is precisely our employees’ care about the quality of our product that sets LPO apart from its local environment.

■ How does LPO secure the high quality of its workforce?

- High quality engineering workers are not easy to find in the environment we find ourselves in, but LPO now has three scholars studying

mechanical engineering master’s degree courses and all three will begin working at our company by the end of next year. We also enjoy good cooperation with the Secondary Technical School in Ada and, in addition to frequent visits, we usually have a class with us doing work experience placements, spending two or three days on the job with our engineers.

■ What are your plans for Livnica’s future development?

- The plant will next year launch the operations of new HIP (Hot Isostatic Press) equipment that would complete the required number of special processes that a precise casting plant for the aviation could have. Simultaneously, the new drive for mechanical processing is already operating and obviously we are realising our long-held dream of creating a ONE STOP SHOP here in Ada for the aviation industry market, namely aero engines industry.

Viewed strategically, our plan – with the help of the owner, Israeli company Bet Shemesh Engines Ltd. – is to perfect our complete know-how for turbo jet engines: casting, machining parts and maintenance, repair and overhaul (MRO). This plan is ambitious, but we have already successfully achieved our dreams from the beginning of privatisation and the time has come to realise the dream of re-establishing the complete know-how of the Serbian aero-engines industry. ■

BUSINESS DIALOGUE

COMPANY

Apple Reaches $700-bln

Valuation TIM COOK

APPLE CHIEF EXECUTIVE OFFICER

Apple Inc, already the world’s largest company by market capitalisation, hit a new record value: $700 billion. That puts Apple at 1.7 times the capitalisation of the world’s second-biggest company, Exxon Mobil Corp Exxon, which has lost about $43 billion during the five-month oil rout, has a capitalisation of $405 billion

C

onfidence in Apple has been growing since the company unveiled largerscreened iPhones in September, followed by slimmer and faster iPads in October. Chief Executive Officer Tim Cook is updating Apple’s core products while also pushing users deeper into the company’s digital world with the introduction of a mobile payment system called Apple Pay and a smartwatch that’s slated for release next year.

“Given Apple’s significant portfolio refresh over the past three months, the lack of innovation from competitors and a constructive spending backdrop in the US market, we believe Apple has opportunity to shine bright this holiday season,” Brian White, an analyst at Cantor Fitzgerald, said November 24 in a note to investors.

Apple has forecast revenue in the current quarter of $63.5 billion to $66.5 billion, compared to $57.6 billion during the October through December period in 2013.

LONGEST RALLY Apple is up 48 per cent this year, heading for its sixth straight annual gain. That would be its longest streak ever, topping a five-year rally

from 2003 to 2007. Its market capitalisation reached as high as $658 billion in September 2012, before a 44 per cent plunge in the stock price over the next seven months.

The Cupertino, Californiabased company’s market cap has exceeded that of Redmond, Washington-based Microsoft Corp since May 2010. Microsoft now has a market capitalisation of $394 billion. Apple’s value also moved above that of Google Inc in January 2010. The operator of the world’s most popular search engine currently has a market cap of $369.7 billion.

TECHNOLOGY BULLISHNESS Computer and software makers in the Standard & Poor’s 500 Index have posted the thirdlargest gains among industries this year, besides health-care and utilities, rising 19 per cent. Technology shares have appreciated as plummeting global oil prices sap the value from energy stocks.

As a result, Microsoft’s market value moved above that of Exxon earlier this month, briefly making

ery was strong enough to weather weakness overseas. The industry has also gotten a boost from better-than-estimated earnings.

About 85 per cent of technology companies that have reported third-quarter results topped analyst forecasts on earnings, while 67 per cent beat on revenue.

This bullishness on the technology industry has been reflected in exchange-traded fund trading. The Powershares QQQ Trust, the largest ETF tracking the Nasdaq 100 Index, has attracted more than $4 billion in fresh cash over four straight weeks of inflows.

Even as Apple reaches $700 billion, it’s not enough for some.

Activist investor Carl Icahn has argued that Apple should be trading at $203 per share, giving it a valuation of $1.2 trillion, based on the company being on the verge of seeing tremendous revenue

“If you look at Apple as a tech company, it’s one of the most exciting out there with a solid revenue earnings stream going forward,” Oliver Pursche, president of Gary Goldberg Financial Services in Suffern, New York, said in an

it the world’s second-largest company before the two companies resumed their previous rankings.

Technology stocks have been aided by signs of an accelerating economy, as data from labour to housing have indicated the recov-

growth with its new products.

“We believe Apple remains dramatically undervalued,” he wrote in an open letter to Cook on October 10 when Apple’s valuation was $603.6 billion at the close of trading on 8th October. ■

interview. He manages about $925 million, including Apple shares.

Activist investor Carl Icahn has argued that Apple should be trading at $203 per share, giving it a valuation of $1.2 trillion, based on the company being on the verge of seeing tremendous revenue growth with its new products. “We believe Apple remains dramatically undervalued,” he said

cordeditorial@cma.rs |

122 December 2014 | 41

POLEMICS

BUSINESS DIALOGUE

“It is time to move forward and reject mutual distrust and old fears, as these sentiments only beget unnecessary and unproductive polemics that divide people.”

REGIONAL NEWS

— BAKIR IZETBEGOVIĆ, the Bosniac member of the Presidency

01 FYR MACEDONIA

02 SLOVENIA

New EU Food Labeling Rules

Four Porotorož Hotels Sold to Croatian Operator

Macedonian food exporters will introduce the latest European Union product labeling criteria by 13th December, Macedonian Food and Veterinary Agency informed.

Products will need to have their origin, nutritional values, net weight variations and, most of all, possible allergens, labeled in bold or colored letters. The changes are part of the latest regulation 1161, that brings together existing food labeling rules and regulations. Macedonia will follow this EU rule through changes in the current Law on food safety.

Food producers that sell only on the domestic market have the same obligation, but for them, the deadline to introduce the new rules is by 1st June 2015. The Food and Veterinary Agency is now organizing training for food operators. Failure to comply with the new regulation will mean a €3.000 fine for the producer and a €1.000 fine for the person in charge.

Hotel chain Hoteli Bernardin has sold a four-hotel complex in Portorož to Croatian hotel operator Hoteli Cavtat for an undisclosed price. The sale is part of financial restructuring and will help the company deleverage, according to the press release from Hoteli Bernardin.

Hoteli Bernardin last year generated €37.5mln in revenues, up 0.3% compared to 2012, managing to reduce the net loss to €2.1m from €12m.

03 ALBANIA

Bad Loans Continues to Grow Although the Albanian government has paid about $260 million arrears to the businesses, the level of bad loans in banks continues to grow. The latest official data from the Bank of Albania show that at the end of September, loans amounted to about 24.9%, from 24.6% in the second quarter.

In total this year, the government has planned to repay 35 billion arrears to entrepreneurship. This is 2.5% of the entire national product (GDP).

According to the IMF and the Ministry of Finance, the settlement of arrears has created a better liquidity situation in the market.

FIVE THINGS BUSINESS OWNERS SHOULD NEVER DO

04 CE REGION

Orbis to Take Over Accor’s Operations in CE Poland’s largest hotel operator Orbis Group has been cleared by its supervisory board to purchase the 46 existing and planned hotels in Central Europe from its strategic partner Accor in a €142.3 million deal which makes Orbis the sole licensor of all Accor brands in 16 countries and the leader of hospitality industry of the region.

Orbis is going to sign a new master licence agreement with Accor, which will give the former a right to operate until 2035 the hotel business under the Accor brands in 16 countries: Bulgaria, Czech Republic, Estonia, Lithuania, Latvia, Poland, Macedonia, Romania, Slovakia, Hungary, Croatia, Slovenia, Bosnia and Herzegovina, Montenegro, Serbia and Moldova.

42 |

122 December 2014 | www.cordmagazine.com

1

Believe bigger is better 2

Put all your eggs in one basket 3

Neglect your best employees 4

Trust everyone 5

Ignore your finances

EQUALITY “Croats don’t feel equal in Bosnia. Full equality will establish the needed balance, efficient functioning and will bring healthy relationship in Bosnia.”

— IVO JOSIPOVIĆ, Croatian President

FACTS

& FIGURES

05 MONTENEGRO

‘Balkan’ is a Turkish word, meaning ‘wooded mountain’ or ‘black mountain’

UN-FAO: Wood Fuel Industry Has Serious Potential According to the innovative report released recently by FAO, Montenegro is now in a strong position to harness the potential of its forests and bolster its fledgling wood energy sector.

The study found that modest infrastructure and outdated policies are limiting the production and consumption of all types of wood fuel, from split wood to grapevine briquettes to wood pellets. In other words, Montenegro is forfeiting the economic and environmental benefits of wood energy.

The report provides fundamental planning information that will be necessary to improve forest accessibility, invest in processing infrastructure, establish national harvest targets, and enact other policies that will create a favorable environment for wood fuel production.

The report also urges Montenegro to expand on a limited but promising effort to renovate heating systems in schools, hospitals and government buildings. It would shift some of the nearly €5.4 million spent annually on fossil fuels toward the Montenegrin wood fuel sector.

06 ROMANIA

07 HUNGARY

EU Grants €439 mln for Highway Projects

Joint Bid For Stakes in Slovenske Elektrane

The European Commission has decided to supplement Romania’s funds dedicated to building new highways with over €260 million taken from cohesion funds.

Therefore, the Brussels executive branch of the European Union will give €439 million to Romania to update its highway system.

The extra €260 million will be used to pay for the construction of two new highway segments, initially financed by the state through bank loans.

The two segments are the Arad-Timisoara highway and part of Constanta’s ring road.

EU’s cohesion fund is dedicated to EU member states where the national GDP/capita is smaller than 90% of the Union’s average.

Slovenske Elektrarne

Hungarian oil and gas company MOL announced that its Slovak unit Slovnaft, together with the state-owned Hungarian Electricity Works (MVM), had made a joint, non-binding offer for a 66 percent stake in Slovakia’s biggest electric energy company, Slovenske Elektrarne, from Italy’s ENEL. MOL said the business partners aimed to create a synergy that could further boost energy security in the region, increase efficiency through economy of scale and “significantly raise the profitability of all of the affected companies”.

Slovenske Elektrarne has 5,739MW of power plant capacity and supplies 80 percent of the domestic market’s electricity. Three-quarters of the power it generates is “clean”, coming from two nuclear power plants and 34 hydroelectric plants. The state of Slovakia owns the remaining 34 percent of Slovenske Elektrarne.

08 BULGARIA

Bulgarians Set Record in Bookings Cruises The cruise ship industry in Bulgaria has reported a record number of early bookings for 2015, according to the Bulgarian Cruise Society.

More than 10,000 Bulgarians have made reservations as 2014 heads towards a close, and this figure does not include under-18s travelling in cabins with their parents.

After the close of the summer season of 2014, Bulgaria’s Port of Bourgas on the Black Sea said that more than 42 000 tourists had visited in the previous six months, with 26 cruise ships docking at the port.

Over the past five years, there was an average of just more than 21 visits by cruise ships to Varna a year, but in 2014, there were 36. In all, more than 21 000 cruise ships passengers visited Varna in 2014.

The main reason for the increase in the number of cruise ships visiting Bulgarian ports was the crisis in Ukraine.

cordeditorial@cma.rs |

122 December 2014 | 43

BUSINESS DIALOGUE

EU ECONOMY

EU’s Juncker Launches Infrastructure

Investment Plan JEAN-CLAUDE JUNCKER

PRESIDENT OF THE EUROPEAN COMMISSION

—By MATTHEW DALTON

President of the European Commission Jean-Claude Juncker delivers his statement on growth, jobs and an investment package for Europe

J

ean-Claude Juncker, the European Commission’s new president, launched a plan aimed at enticing pension funds, insurance companies and other large investors to finance infrastructure projects across the European Union.

Mr Juncker’s investment plan, the centerpiece of his economic agenda, represents an ambitious but complicated bid to jolt the bloc’s economy out of its doldrums. It is perhaps the only stimulus option that remains politically feasible when national governments are still tightening their belts and the European Central Bank has been slow to unroll new monetary stimulus programs.

“This is the greatest effort in European history to mobilize the EU’s budget to trigger additional investment—and without changing the rules,” Mr Juncker said.

The commission’s proposal is to create a European Fund for Strategic Investments. The fund will be backed by €16 billion in guarantees from the EU budget and €5 billion from the European Investment Bank, the EU’s long-term lending agency. It will 44 |

be housed at and managed by the EIB, but its operations won’t threaten the EIB’s Triple-A credit rating, officials said.

The EU is hoping to leverage that initial €21 billion 15 times over to more than €300 billion, with cash coming from large investors that have been investing in low-risk assets because of Europe’s gloomy growth outlook.

Officials say the investments offered by the fund—long-lived infrastructure projects—are well matched to the longer-term liabilities of pension funds and

the European economy. That will provide certainty to potential investors but also expose public funds to more risk. ”Risk-taking implies the possibility of going into losses,” said Werner Hoyer, head of the EIB. “This is something nobody wants to hear.”

A panel of technical experts at the new fund will now compile of a list of potential projects that lie in the sweet-spot of Mr. Juncker’s plan: Officials said they must be economically viable on their own terms but not a project that

er the plan would be able to raise the targeted amount of money and said that the process for selecting projects didn’t appear to be far advanced.

“And third, there is a lingering question as to whether these projects are truly incremental to those that would have occurred otherwise,” the analysts wrote.

The commission says the plan will create one to 1.3 million new jobs over the next three years and spark €307 billion of additional investment. Subdued investment is a glaring weakness of the Eu-

life-insurance companies, the kinds of investors that EU officials are hoping to woo.

The fund will take on the riskiest slice of these investments, to counteract the risk aversion that officials say has hamstrung

would have happened anyway, without the plan. The selected projects will get access to financing at below-market rates, officials say.

J.P. Morgan analysts in a note on Wednesday questioned wheth-

ropean economy, said Mr Juncker, who took over as head of the European Union’s executive body on Nov. 1.

“While investment is taking off in the U.S., Europe is lagging behind. Why? Because investors

122 December 2014 | www.cordmagazine.com

The EU is hoping to leverage initial €21 billion 15 times over to more than €300 billion, with cash coming from large investors that have been investing in low-risk assets because of Europe’s gloomy growth outlook

member states and national [development] banks to join in to multiply the impact of the fund,” said Jyrki Katainen, vice president at the commission in charge of the investment plan.

Officials say they plan to hopscotch the globe looking for potential investors. “I plan to visit in China, maybe in Singapore, maybe in Qatar, Abu Dhabi—countries like this,” Mr Katainen told reporters on Wednesday.

Officials from the EU and national governments have been working to assemble a list of projects that would be candidates for the fund. An EU official on Tuesday said they had already identified €300 billion of projects, but not all are shovel-ready.

The fund should be up and running in the middle of 2015, an EU official said. National governments and the European Parliament will need to approve changes to the EU budget to allow some of the new uses of the bloc’s money that are being proposed. ■

The fund should be up and running in the middle of 2015, an EU official said. National governments and the European Parliament will need to approve changes to the EU budget to allow some of the new uses of the bloc’s money that are being proposed lack confidence, credibility and trust,” Mr Juncker said.

But by the commission’s own estimates, it won’t close the EU’s annual investment gap—the amount of investment that should be happening but isn’t because spending on factory equipment, roads, bridges and other infrastructure slumped since the economic crisis hit in 2008. The commission estimates that the annual gap in Europe stands at between €230 billion and €370 billion, while the commission’s plan offers €100 billion a year for three years.

EU officials said they would have difficulty finding enough appropriate projects for any additional money in the short term. “€315 billion is something that the European economy can realistically absorb over the next three years,” an EU official said.

Yet officials hope that national governments will contribute some of their own money to the fund, significantly increasing its lending capacity and allowing it to keep financing investment projects beyond 2017.

“The commission calls on cordeditorial@cma.rs |

122 December 2014 | 45

BUSINESS DIALOGUE

WORLD NEWS

AGREEMENT “We are calling for the establishment of stable contacts between Kiev and Donbass representatives with the aim of reaching mutually acceptable agreements” — SERGEI LAVROV, Russian foreign minister

01 GERMANY

02 NETHERLANDS

Puma Acquired 5% of Shares of the Borussia Dortmund

Google Buys up Dutch Wind Energy Project

Sports enterprise Puma SE has acquired five percent of the shares of the Borussia Dortmund Ltd. & Co. limited joint-stock partnership. The company announced that by acquiring the shares, Puma wants to strengthen the long-term and strategic partnership with the BVB and furthermore intensify the cooperation with one of the top soccer clubs in Germany and Europe. Since July 2012 Puma has equipped the team of the German Bundesliga club as well as all youth and amateur teams with shirts, training wear and accessories. Furthermore, Puma is the official partner of the club in the sector of replica shirts, fan articles and further merchandise products.

Google says it will buy the entire output of an 18-turbine, 62-megawatt Dutch wind energy project in the Netherlands to supply power to a major data center it is building.

Company officials said that Google wants both price certainty and to ensure that the €600 million data center in Eemshaven, Netherlands - due to be completed in 2017 - will be supplied by renewable energy from the start.

The wind project is also still under construction at nearby Delfzijl, with turbines both onshore and off the coast in the North Sea. Google did not disclose terms but said it has signed a 10-year contract. The U.S. search giant has inked similar deals in Finland and Sweden in the past two years.

03 POLAND

04 RUSSIA

New VW Plant in Poland

Russia to Build 2 More Nuclear Reactors for Iran

Automobile manufacturer Volkswagen has started construction on it’s new factory in the central city of Wrzesnia In total, the PLN 3.3 bln (€783 mln) plant is expected to employ approximately 3000 people. The plant will be ready for operation in two year’s time.

Upon announcing the new plant, the company received around 8,000 applications. “These were for all kinds of jobs, from production workers to top management positions,” Piotr Danielewicz, spokesman for VW Poznan.

Iran's nuclear chief Ali Akbar Salehi (left) and Sergei Kiriyenko, the head of Russia's Rosatom state corporation

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In November Russia signed a deal with Iran to build two new nuclear reactors and agreed to expand the total number of Russian reactors in the country to eight, the state nuclear agency Rosatom said.

A series of agreements, signed during a visit to Moscow

by Iran’s nuclear programme chief Ali Akbar Salehi, includes a contract for two new reactors at the existing Russia-built Bushehr plant.

The so-called Bushehr Phase II consists of two reactors at the same Persian Gulf coast site as the existing 1,000 megawatt reactor Russia launched last year.

The countries also agreed to expand the total number of reactors in Bushehr to four, and construct “four similar power units on another site in Iran,” the location of which is yet to be provided by Tehran, Rosatom said in a statement.

05 SWITZERLAND

Global Chocolate Shortage by 2020?

Chocolate lovers had better start stocking up, as the world’s largest manufacturer of the sweet stuff is warning of a cocoa shortage by the end of the decade. Switzerland-based Barry Callebaut Group reports a 25 per cent increase in cocoa, despite a crop surplus from the world’s two largest cocoa producers, Cote d’Ivoire and Ghana.

But the Ebola outbreak in West Africa combined with environmental pressures on crops, in addition to market concerns, have chocolate-makers worried about a global shortage of cocoa by 2020.

Executives at Mars issued the first warning about a potential shortage of as many as one million tonnes two years ago. That concern has now been picked up by Barry Callebaut Group CEO Juergen Steinemann, who expressed his own fears in the company’s annual report issued earlier last month.

122 December 2014 | www.cordmagazine.com

DIALOGUE “We have agreed to exchange some information between us regarding the situation on the Russia-Ukraine border. We have also agreed this is a dialogue between us that will continue”

FACTS

& FIGURES

— JOHN KERRY, U.S. Secretary of State

With just 7% of the world’s population, the EU’s trade with the rest of the world accounts for around 20% of global exports and imports.

06 EUROPE

07 GREECE

Europe's Car Recovery Persists

Greece is Growing Again!

Passenger-car registrations in the EU and the countries of the European Free Trade Area (EFTA) increased to 1.113 million vehicles in October, from 1.047 million a year earlier, the Association of European Carmakers (ACEA) reported.

Demand picked up in all major countries except France and rose in seven of the region’s top-10 markets, according to ACEA. Europe’s auto market has grown for 14 straight months after a six-year slump but remains well short of its peak before the financial crisis.

Still, the 6.5 per cent gain in the 28-nation EU was the second-highest percentage increase in a month of October in that region in the past eight years, the data showed.

At long, long last, Greece’s recession has ended, after almost six years of misery.

Greek GDP rose by 0.7% in the third quarter of 2014, according to figures released by Eurostat.

That ends a slump that began in autumn 2008, as the financial crisis was at its height and the pillars of the economic system were wobbling. A series of austerity packages have wiped around a fifth off Greece’s economy since. Eurostat also reports that Greek GDP is up by 1.7% over the last 12 months.

Germany, Europe’s biggest single market and home of VW, BMW and Daimler was up 3.7 per cent to 275,320 while second-placed UK jumped 14.2 per cent to 179,714.

By contrast, No. 3 market France slipped 3.8 per cent, a reflection of near-stagnant growth in the euro zone’s second-biggest economy.

08 GLOBAL

Smartphone Subscriptions to Reach 6.1 bln in 2020

Smartphone subscriptions are expected to top 6.1 billion in 2020, up from 2.7 billion subscription in 2014, according to Ericsson Mobility report.

The growth in the global smartphone market continues as 65-70% of all phones sold in the third quarter of 2014 were smartphones, compared with 55% in the same quarter for 2013. Fastest growth for new mobile subscriptions was found in India and China, with 18 million and 12 million net additions respectively, in Q3 2014. Smartphones currently account for just 37% of all mobile phone subscriptions, meaning that many users are yet to make the switch to the more feature-rich, internetfriendly option, the report said.

Notwithstanding this increased rate of sales, which will see the addition of an estimated 800 million new smartphone subscriptions by the end of 2014, the report said that there is still plenty of room for growth in the sector.

Ninety percent of the world’s population over six years old is predicted to have a mobile phone by 2020, as per the report.

In terms of data growth, Ericsson report said that video is the largest and fastest growing segment of mobile data traffic.

In 4G-dominated networks, video currently constitutes 45-55% of mobile traffic, driven largely by increased usage of video streaming and improvements in the mobile video experience.

Video is increasingly appearing as part of other online applications such as news and adverts, and on social media platforms. At the same time, growth in video streaming is being driven by access to over-the-top (OTT) services and content, such as those provided by YouTube.

Ericsson estimates that mobile video traffic will increase tenfold by 2020, ultimately constituting around 55% of all mobile data traffic in 2020.

5 THINGS

TO ACCOMPLISH TILL THE END OF THE YEAR

1

Get rid of bad habits and improve health 2

Forgive and release past hurts 3

Throw away unnecessary stuff 4

Get rid of toxic people 5

Make plans for 2015

cordeditorial@cma.rs |

122 December 2014 | 47

AFTER WORK 08.11.2014

PRILIKA 2014 CONFERENCE CONCLUDED

31.10.2014

STRAWBERRY ENERGY VICTORIOUS AT “VERGE ACCELERATE” Strawberry energy, the Serbian start-up behind the world’s first public solar charger for mobile devices, the “Strawberry Tree”, won first place at the Verge international conference, held under the organisation of San Francisco’s GreenBiz Group. This is the first time that a Serbian start-up has won at the Verge Accelerate competition, which was organised this year for the third year in a row.

09.11.2014

Ministers RASIM LJAJIĆ (left) and SRĐAN VERBIĆ, ITC Hub founders SLOBODAN ĐINOVIĆ and DEJAN RANĐIĆ, and H.E. MICHAEL KIRBY

MUSIC ART PROJECT-EL SISTEMA SERBIA

04.11.2014

NEW BUSINESS INCUBATOR ICT HUB

PRilika 2014 – the sixth international OPPortunity conference, entitled “Communication on the scene/price”, came to a conclusion on 8th November at Belgrade’s Zvezdara Theatre. The conference brought together over 250 participants from Serbia and the region, confirming the quality of this year’s PRilika programme.

The first day saw PR professionals presented to by outstanding lecturers from Europe, Serbia and the region, including two leading international communications experts Jeremy Galbraith, General Manager of BursonMarsteller Europe, Middle East and Africa, as well as Paul Holmes, founder and CEO of the Holmes Report & SABRE awards.

H.E. MICHAEL KIRBY, U.S. Ambassador to Serbia

The Business Incubator for information and communication technology - ICT Hub, has officially opened. This is part of a start-up investment with a total value of $700,000 and is USAID’s first Public-Private Partnership project in Serbia, as well as representing a joint venture of USAID and a consortium led by two Serbian companies: DNA Communications and Orion Telekom. In addition to these partners, the project also includes the Serbian Association of Managers (SAM) and the Serbian Private Equity Association (SPEA).

The opening of the ITC hub was attended by H.E. U.S. Ambassador Michael Kirby, Serbian Deputy Prime Minister and Minister of Trade, Tourism and Telecommunications, Rasim Ljajić, Education Minister Srđan Verbić, as well as many other distinguished guests from the international, business and start-up community, including representatives of the largest IT corporations in Serbia and the region.

H.E. CONSTANTINE ECONOMIDES, Greek Ambassador to Serbia, H.E. GORDAN MARKOTIĆ, Ambassador of Croatia to Serbia, with his wife and H.E. MAJID HAMLAOUI, Ambasaador of Tunisia to Serbia

07.11 2014

RAIFFEISEN BANK OPENS NEW UŠĆE BRANCH

Raiffeisen Bank has opened a new branch at Belgrade’s Ušće Shopping Centre, which is designed according to the latest banking business standards. Raiffeisen Bank organised a promotion for the new branch in the hall of the Ušće centre. Attendees were entertained by the band “Girls, Boys&Toys”, while the evening’s special guest was actress Jelena Gavrilović, who is best known for her role as a bank teller in Raiffeisen Bank’s popular commercial “Može”.

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122 December 2014 | www.cordmagazine.com

On 9th November the Music Art Project-El Sistema Serbia, in cooperation with the RTS Symphonic Orchestra, held its inaugural concert at Belgrade’s Kolarac Hall. Children from Ćuprija, Jagodina, the Zvečanska Children’s Shelter and the Choir of the Belgrade Children’s Culture Centre, played music alongside professionals. The Board of the Music Art Project includes the ambassadors of Austria, Croatia, Greece, Italy and Turkey. The project is also supported by the Telenor Foundation.

Find out more at musicartpro.rs

12.11.2014

INDIAN COMPANIES DONATE TO OBRENOVAC Indian company Mahindra & Mahindra and its Serbian partner, M/s Agropanonka, donated a Mahindra Tractor with Trailer and a Mahindra Pickup Vehicle to the Mayor of Obrenovac, in an effort to support the Municipality of Obrenovac in recovering from the disastrous impact of the recent catastrophic floods in Obrenovac and surrounding regions. The donation was organised in the presence of H.E. Narinder Chauhan, Ambassador of India to Serbia, Miroslav Čučković, Mayor of Obrenovac, Angelo A. Molfetta & Jose Ebenezer, Representatives of Mahindra & Mahindra in Europe, and many other prominent figures.

17.11.2014

BIG MARKETING DEBATE - CHIVAS 12 CHAIRS

19.11.2014

GRUMPY IN BELGRADE “Grumpy in Belgrade”, a new book by long-time Belgrade resident Chris Farmer, published by Komshe d.o.o., was launched in grand style at O.U.R. Bar in Belgrade. Nearly a hundred guests came to hear Chris talk about his book and read a couple of passages. Grumpy in Belgrade is a collection of Farmer’s blogs, columns and essays for the past eight years. It offers a humorous and ironic look into life in the White City. “The book gets its name because, although I think it is generally quite positive about my experience here, it is definitely from a slightly grumpy and ironic point of view,” said Farmer. Grumpy in Belgrade is available at bookshops across the city.

23.11.2014

RED STAR TOPPLE DORĆOL

PREDRAG AMIDŽIĆ, Director of Pernod Ricard Serbia

The Red Star Rugby League Club has made history by becoming only the second club to win the title of Champions of Serbia in the modern era.

Red Star RLC, which was only founded as a member of the Red Star Sporting Society in 2008, achieved its historic feat by defeating hitherto unbeaten champions, the Dorćol Spiders, on the Stari Grad club’s home ground.

The dynasty of the Dorćol club began with the re-establishing of the Serbian Rugby League Federation in 2002 and the club held onto the title for 12 consecutive seasons - beating the 11-premierships streak of one of the sport’s most famous clubs, Sydney’s St. George Dragons.

Red Star won the title despite the fact that its squad was weakened in the best possible way - with three players signed

by French clubs and two having departed to ply their trade in Malta.

Six premium experts in marketing and six ambitious students from the universities of Belgrade and Novi Sad took part in the Chivas “12 chairs” debate on marketing. The specially selected students, who are eager to pursue careers in marketing, discussed with their elder colleagues socially responsible business, global and local trends, how to build consumer trust, roles of social networks and other marketing topics.

Speaking with the well-informed students were Slavimir Stojanović, designer; Sreten Radović, Ringier Axel Springer advertising director; Aleksandar Radoš, marketing manager at TV Prva; Jelena Šarenac, Corporate Communications Manager at Henkel; Ana Petonjić, Marketing Leader at IBM, and Nataša Kažić, VIP Mobile Product Marketing Manager.

cordeditorial@cma.rs |

122 December 2014 | 49

CULTURE CALENDAR CONCERTS

Placido Domingo

Kombank Arena 8th December @ 20.00

of Opera in Los Angeles and the driving force behind “Operalia”.

He also actively records albums and recently released his latest: “Encanto del Mar”, with songs demonstrating the versatility of Domingo’s Mediterranean singing talent.

Stefan Milenkovic & Marko Hatlak Sava Centre 28th December @ 20.00

Gibonni

Sava Centre, 21st, 22nd & 27th December @ 20.00 Croatian artist Gibonni returns to Belgrade with two special concerts called “Gibonni Acoustic”, organised by Long Play.

Placido Domingo will perform in Belgrade for the first time in his long career on 8th December, accompanied by the RTS Symphony Orchestra and Choir.

The RTS Symphony Orchestra will be directed by Israel Gursky, who has joined Domingo on his tour. Domingo wil also be joined in Belgrade by soprano Virginia Tolla and Michaela Oeste. This will be only his second visit to Serbia after more than three decades.

Critics call him the king of opera, as the only artist to have taken on more than 140 singing roles, representing an unrivalled record throughout the history of opera.

There is almost no operatic piece which he has not tried! Domingo immortalised Alfred from La Traviata, Arthur from Lucia di Lammermoor, Don Jose from Carmen and many other operatic characters.

During his 53-year career Domingo has sung leading roles in more than 3,700 performances!

However, there is no sign of flagging - his preliminary schedule from July 2014 to June 2015 includes 47 performances in seven major opera rolls, five in Zarzuela by Luis Fernando, 13 concerts and 4 in the role of conductor - all of which are in 17 different cities, in 13 countries and on four continents! He also remains the holder of multiple duties as General Director

This songwriter from Split, known for his distinctive combination of rock, pop and contemporary Dalmatian sound, will perform at Belgrade’s Sava Centre in a completely different way than he did at the previous triumphant concert at a packed Kombank Arena. This time Gibonni has chosen to present his audience with a more acoustic, intimate gig at the prestigious Sava Centre.

CLASSICAL MUSIC

Masters of Baroque and Classic

Kolarac, 4th December @ 20.00 Maestro Jovan Kolundzija, piano (Serbia) Maestro Klaudio Armiani, flute (Spain) String Quartet St.George, strings Programme: Vivaldi – Seasons Mozart - Concerto for Flute in G major, Andante in C Major

Compás is a rhythm, a metronome, pacing, heart rate and basic principle.

It is an essential element upon which all music is based.

In Tango Compás musicians Stefan Milenković and Marko Hatlak combine experiences from different genres Stefan Milenković from deep classical music and Hatlak with a combination of classical, tango and folk music, to Herman Gaizer experiments with jazz and Črnčecov jazz killer improvisation.

The ensemble’s programme includes tracks of classic tango repertoire

Music Scene Greats

Kolarac, 1st December @ 20.00 Roman Simović, violin Simon Trpčevski, piano Simović and Trpčevski are two excellent soloists of the younger generation, who came from the former Yugoslavia and built extremely successful careers in the world.

This concert, entitled “Thunder in helium”, will offer the audience the best-known pieces for violin and piano from Edward Grieg’s opus, Johannes Brahms, Claude Debussy and Maurice Ravel. Simović was concertmaster of the London Symphony Orchestra and a founder and member

Zdravko Colic Kombank Arena 12th-13th December @ 20.00 Zdravko Čolic, Serbia’s biggest music star, was the performer whose two unforgettable concerts opened the then new Belgrade Arena, Serbia’s largest concert and sports hall, in October 2005.

Those two concerts are still remembered fondly by his fans, with the legendary singer breaking records by performing in front of 50,000 people over two nights, all of whom enjoyed his timeless hits.

Two years later, to the delight of his fans, Zdravko filled Marakana in June 2007. Then he held a concert at Ušće in front of 100,000 people in June 2011.

His latest album "Vatra i Barut" is the main reason for the concerts scheduled for 8pm on Friday 12th and Saturday 13th

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December at the Belgrade Kombank Arena.

Late autumn brings emotional memories for Zdravko, as it returns him to 1974, the first victorious concert in Belgrade and the beginning of cooperation with Kornelije Kovač on a duet that was a prelude to a series of hits and triumphs that have continued. Ćolić’s concerts always set new standards and this promises to be another spectacle.

122 December 2014 | www.cordmagazine.com

of the Rubicon String Quartet. He has been recognised around the world as an artist with brilliant virtuosity and innate musicality.

Trpčevski is known as an artist with flawless technique and delicate expression. He performs recitals all over the world, alongside orchestras and as a member of chamber ensembles. Roman Simović is regularly invited to perform at various prominent festivals, such as the White Nights Festival in St. Petersburg, Valery Gergiev Easter Festival in Moscow, the Dubrovnik Summer Festival in Croatia, Kotor Art in Montenegro, the BEMUS and NOMUS festivals in Serbia, Sion Valais Switzerland, Norway’s Bergen Festival, Moscow’s Winter festival, Portogruaro Festival in Italy, Granada Music Festival in Spain etc., working with such renowned artists as Shlomo Mintz, Francois Leluk, Itamar Golan, Simon

Rodriguez, the Canary Islands, Caceres and others, as well as a modern vision of tango through a unique interpretation of the music of Piazzolla and Galliano.

The consistency and virtuosity of these artists create unforgettable concerts full of energy.

Trpčeski, Janine Jansen and Julian Rachlin... In addition to an active solo career, Roman Simović is an avid chamber musician. As an educator, he regularly gives master classes in the U.S., the UK, South Korea, Serbia, Montenegro and Israel.

Simović plays a 1709 Antonio Stradivarius violin that was given to him to use. The past season was marked by performances and recording albums with the orchestra of the theatre Marinskij and maestro Gergiev.

Metarmophosis

Kolarac, 24th December @ 20.00 The Metamorphosis Ensemble, led by founder and artistic director Saša Mirković, has established itself in recent years as a modern and flexible group open to different new experiences and an innovative approach to stage expression. They play popular and much-loved music of the past, but also works of contemporary authors of all generations with whom they share a common enthusiasm for noble sounds and the bright side of reality.

The 24th December concert, entitled Patchwork, delivers a combination and mixture of old and new, east and west, naïve play, master of bravura and nostalgic invocations of home.

There are compositions of father and son, Leopold and Wolfgang Amadeus; Arcangelo Corelli’s concerto grosso, Airat Ichmouratov, a young composer, conductor and clarinet player from Tatarstan, who plays his contemporary notes in Montreal; Milan Mihajlović one of the most prominent contemporary Serbian authors, whose works are dominated by winning musical lyricism; and finally the work of Aleksandra Vrebalov, a prominent Serbian composer who, under the New York lights, dreams of the endlessly fertile Pannonian land.

Programme: Leopold Mozart (1719-1787): Toy Symphony in G major

CULTURE NEWS OTHER

Festival of Short Animated Films from Andalusia

15th mt:s Ad Eaters Night

Arcangelo Corelli (1653 - 1713) / Francesco Deminijani (1687 - 1762): La Follia Wolfgang Amadeus Mozart (1756 - 1791): Symphony concert for violin, viola and orchestra in E flat major, K.364 Milan Mihajlović (1945): Bagatelles for viola and orchestra Airat Ichmouratov: Chamber Symphony No.4 Op.35 (Serbian prime minister) Aleksandra Vrebalov (1970): Pannonia Boundless (arrangement S. Mirković)

Sava Centre, 20th December @ 20.30 Ahead of us is the 15th mt:s Ad Eaters Night; a night whose ideas are celebrated by millions of people around the world, the unique La Nuit des Publivores! This is the night that ads lovers await impatiently throughout the whole year.

On 20th December, from 8.30pm, the Sava Centre will provide the venue to celebrate, in a cheerful and creative spirit, 15 years of Belgrade Ads Night and party together. This year visitors will enjoy the latest programme, the most creative and interesting advertisements signed, once again this year, by tireless Night of the Adeaters’ founder Jean Marie Boursicot, owner of the world’s largest collection of ads “JMB”, who has more than half a million commercials in his archives.

The theme of the 15th mt:s Ads Night is Belgrade, city of creativity and great ideas!

BALLET

Swan Lake

Sava Centre 4th December @ 20.00 Nearing the 150th anniversary of the ballet Swan Lake as a phenomenon, there is still enough youthfulness and vibrancy to retain the epithet of

the most popular ballet. On the other side, Swan Lake has also served to make the art of ballet more popular. Leaving the Imperial Theatres, it preserved its “elitism” in terms of academic “purity” and the superb skills of artists, dancers and musicians. It remains an eternal provocation for both artists and audiences.

Also, on this night only, the audience will have the opportunity to meet and greet all those who advertised Serbia in the best way in 2014.

Special support to local creativity will be provided by the audience awarding prizes – to the creators of the most popular domestic advertisement of this year.

Voting started on 20th November at www. nocreklamozdera.com.

Last year’s winner – Top Ad of 2013 – was a Domaćinski advert for the brand Chipsy.

In the commercial of the decade category, the audience gave the most votes to Telekom Serbia’s campaign “Deset godina u vezi sa vama” (ten years in a relationship/connection with you).

Risha Project Kraljevića Marka 8, Savamala 2nd-12th December For the second year in a row the Risha project is publishing socially engaged works of young graphic and comic book artists from around the world. This time the Belgrade public will be given the opportunity to get acquainted with current trends in the European and American comic strip scene, but also some interesting artists from Libya, Egypt, Algeria and Tunisia.

The exhibition is realised by artist collective Electricity from Pančevo,

within the framework of CIN (Cultural Innovators Network), which was initiated by the Goethe-Institut for the Mediterranean and the Western Balkans.

Čačak Culture Centre, 13th-16th November

Among its main objectives, the Festival of Short Animated Film, ANIMANIMA, highlights presenting the art of animation of artists from all over the world, resulting in different animation techniques ranging from classical to contemporary computer animation, in the forms of artistic, commercial, educational, experimental and other forms of animated films; as well as connecting creators in the field of animation from around the world in a

friendly and creative atmosphere.

Spain’s Instituto Cervantes in Belgrade again cooperated with ANIMANIMA and, together with the Audiovisual Foundation of Andalusia, presented seven short animated films from recent productions.

Brazilian Culture Festival

Herbie Hancock

of Brazilian jiu-jitsu were able to get acquainted with one of the most famous masters – Zé Radiola. A carnival atmosphere was provided by the performance of samba band Embrazado.

The SEAT dealership hosted the festival, which included various workshops, on 6th and 7th November.

Special attention was given to the youngest participants, who had their own separate facilities for training and lectures. Seminars were held during the day, after which the Brazilian energy was transferred to Belgrade restaurants and clubs. Restaurant “Sokače” organised the first Serbian-Brazilian evening on 7th November, while nightclub “Mr. Stefan Braun” hosted the “Brazil DJ Night”, with Brazilian DJ Lucio Lopes as a special guest. On 8th November the carnival atmosphere continued at the club “Molokini”, where a Festa Brasileira was staged. The organiser of the event was the Centre for Brazilian Culture in Belgrade, which has presented the cultural values of Brazil successfully throughout previous years.

other awards during his long career, which has lasting over half a century.

This autumn saw the famous Chicagoborn pianist and composer announce his long-awaited memoirs, entitled Possibilities, as well as a 45th studio album and accompanying documentary film from 2006, in which this giant of jazz played alongside Sting, Annie Lennox, Brian Eno, Christina Aguilera, Carlos Santana, Damien Rice and many others.

Various locations, 6th-9th November During three days from 6th to 9th November, various locations throughout Belgrade hosted the Festival of Brazilian Culture. The events organised provided the opportunity for lovers of Brazilian culture to enjoy Brazilian dance, music and martial arts.

The Porsche Beograd Ada showroom hosted 25 top lecturers of capoeira, Brazilian jiu-jitsu, samba, frevo, forro, Brazilian shake and Afro dance.

Participants had the opportunity to learn from the best masters of capoeira, while lovers

cordeditorial@cma.rs |

Sava Centre, 27th November Herbie Hancock, one of the world’s all-time greatest jazz musicians, held a concert at Belgrade’s Sava Centre on 27th November.

The concert, a great opportunity for jazz fans to enjoy the talent of this amazing artist, saw Hancock accompanied by three celebrated musicians. During the two-hour journey through the entire opus of Hancock’s half-century career, the Belgrade audience enjoyed performances of one of the best drummers of all time: Vinnie Colaiuta, while his partner in the rhythm section was bassist furious James Genus, a real discovery for all guitar lovers, and then African virtuoso Lionel Loueke, an independent artist who spent many years leading a new generation of stars of the prestigious Blue Note Records.

This concert of one of the world’s most prominent contemporary jazz musicians allowed the audience to enjoy some of the most recognisable jazz themes, with a track where he won 14 Grammy Awards, along with numerous

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FACES & PLACES 29.10.2014

Turkish National Day

H.E. Ambassador of the Republic of Turkey to Serbia, Mehmet Kemal Bozay, and Mrs Azra Bozay hosted an official reception to mark the National Day of the Republic of Turkey. Speaking on the ocassion, the Ambassador said Serbian–Turkish relations run very deep and have a solid and promising future.

Ambassador Bozay also read a message of peace and solidarity from Turkish President Recep Tayyip Erdogan, addressed out to

NEBOJŠA STEFANOVIĆ, Interior Minister, and Mrs and Ambassador BOZAY

all friendly and brotherly nations and countries in celebration of Republic Day of Turkey. The Turkish Ambassador announced that a Serbian–Turkish–Chinese Economic Forum would take place on 12th December. The reception, marking the 91st anniversary of the formation of the Turkish Republic, was attended by Serbian government ministers, representatives of the diplomatic corps and public figures in Serbia.

Mrs and Ambassador BOZAY and H.E. HEINZ WILHELM, German Ambassador to Serbia

03.11.2014

Papon & the East India Company Indian folk music group “Papon and East India Company” performed in Belgrade for the first time, at the Great Hall of the Dom Omladine youth centre. Papon (Angaraag Mahanta), a multi-instrumentalist, composer, producer and singer, became one of the most recognisable and sought after voices in India. Although rooted in folk, Papon has a wide sphere of influence and is considered a versatile artist. The concert was attended by numerous guests from public life, as well as a large number of representatives of the diplomatic corps in Serbia.

JELENA SPASIĆ and JEAN-DANIEL RAUCH

30.10.2014

Swiss-Serbian Cooperation Conference The main topic of the Swiss-Serbian Relations Conference, organised under the patronage of the Swiss–Serbian Chamber of Commerce, was relations between the two countries, with a special emphasis on economic relations, current bilateral relations and cooperation in the culture domain.

The panel discussion saw participants discuss investment and commercial relations between the two countries, the business environment in Serbia and the effects of economic reforms, as well as sharing opinions of Swiss investors regarding Serbia as an investment destination.

The conference participants were addressed by H.E. Swiss Ambassador to Belgrade, Jean-Daniel Rauch, Executive Director of the Swiss-Serbian Chamber of Commerce, Ana Grujović, State Secretary at the Serbian Ministry of Trade, Tourism and Telecommunications, Stevan Nikčević, Assistant Minister at the Serbian Ministry of Public Administration and Local Self-Government, Jelena Spasić, Regional Director at Nestle Adriatic, Ansgar Bornemann, Holcim Serbia CEO, Claudiu Soare, and a number of other speakers.

ANA GRUJOVIĆ, Executive Director of the Swiss-Serbian Chamber of Commerce

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122 December 2014 | www.cordmagazine.com

DEJAN RISTIĆ, State Secretary at the Culture Ministry, H.E. NARINDER CHAUHAN, Indian ambassador, and MIRA ADANJA POLAK

04.11.2014

AmCham Working Lunch AmCham, the American Chamber of Commerce, in Serbia has organised a traditional working lunch at which Economy Minister Zeljko Sertić introduced measures of the ministry for launching the economy, incentives for further investments and measures of the Government of Serbia to attract foreign direct investment.

It was estimated at the meeting that economic recovery was a priority for Serbia at this time, and that some of the essential measures include increasing liquidity in the economy, reducing the grey economy and creating more favourable lending conditions for companies.

H.E. GIUSEPPE MANZO and ALMA HADO

DRAGINJA DJURIĆ, Banca Intesa Serbia CEO

04.11.2014

Italian Armed Forces Day ZORAN PETROVIĆ, AmCham vice president

MAJA PIŠČEVIĆ, AmCham executive director

H.E. Italian Ambassador to Serbia, Giuseppe Manzo, and his spouse Alma Hado, along with Italian Defence, Military, Naval and Air Attaché Col. Paolo Pappalardo and his spouse Maria Melita, hosted an official reception at the Italian Embassy in Belgrade in celebration of Italian Armed Forces Day. The reception was attended by a number of public figures and many foreign ambassadors to Serbia.

ŽELJKO SERTIĆ, Serbian Economy Minister, and H.E. MICHAEL KIRBY, U.S. Ambassador to Serbia

05.11.2014

Belgrade Venture Forum

The third consecutive Belgrade Venture Forum took place in the Serbian capital in November and included more than 50 investors from 15 countries, managing funds worth in excess of several billion euros.

These potential backers, who are willing to

invest anything from 25,000 to several million euros per company, were presented with 29 selected best investment ideas from 11 countries. Innovation companies attending the forum were given an opportunity to gain invaluable experience, establish valua-

ble contacts with investors and partners and receive funds that will help them in their further development. The Forum was officially opened by Serbian Economy Minister Željko Sertić and Head of the EU Delegation in Serbia, H.E. Ambassador Michael Davenport.

MICHAEL DAVENPORT, Head of the EU Delegation in Serbia, and ŽELJKO SERTIĆ, Serbian Economy Minister

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122 December 2014 | 53

FACES & PLACES 06. 11. 2014

Norwegian Prince Visits Belgrade Early November saw His Royal Highness Crown Prince Haakon Magnus of Norway visit the single biggest foreign investor in Serbia – Telenor. His host was Telenor Serbia CEO Ove Fredheim. The occasion included talks on the future of innovation and the relations between Serbia and Norway by State Secretary at the Serbian Ministry of Trade, Tourism and Telecommunications, Tatjana Matić, State Secretary at the Norwegian Ministry of Trade, Industry and Fisheries, Dilek Ayhan, and Martin Navratil, Chairman of the Executive Board and CEO at Telenor Bank. That same day, Crown Prince Haakon Magnus joined Crown Prince Alexander Karađorđević, his wife Princess Katherine, and Vatican representative in Serbia, Nunzio Orlando Antonini, in attending the opening of the renovated St. Rok Catholic Church in Zemun, the restoration of which was funded by the Norwegian government.

ALEKSANDAR VUČIĆ, Prime minister, (left) SIGMAR GABRIEL and H.E. HEINZ WILHELM

16.11.2014

German Vice Chancellor Visits Belgrade

MARTIN NAVRATIL, DILEK AYHAN, TATJANA MATIĆ, H.R.H. CROWN PRINCE HAAKON OF NORWAY, UVE FREDHAJM and H.E. NILS RAGNAR KAMSVAG, Norwegian ambassador to Serbia

CROWN PRINCE ALEXANDER KARAĐORĐEVIĆ (left) and H.R.H. CROWN PRINCE HAAKON OF NORWAY

18.11.2014

Japanese Sakura Scholarships

DUŠAN VUJOVIĆ (left), MAJA GOJKOVIĆ and SIGMAR GABRIEL

For the fourth consecutive year, authors of the top five Serbian student research papers have been awarded with Sakura Scholarships by Japan Tobacco International and the Embassy of Japan to Serbia. The awarded students for this year are: Manja

Awarded students with Japanese Ambassador H.E. MASAFUMI KUROKU and representatives of JTI

54 |

German Vice Chancellor and Economic Affairs and Energy Minister Sigmar Gabriel made an official visit to Serbia, along with a delegation of 40 business people from Germany. Serbian Prime Minister Aleksandar Vučić hosted an official reception for the German officials at the city’s Hyatt Regency Hotel. Speaking on the occasion, Gabriel said that he had come “to support Serbia’s path towards the EU and contribute to further strengthening the partnership between the two countries”. He also promised that the German government would continue to do everything in its power to support Serbia on its way towards EU membership, and would utilise all instruments and opportunities available to further expand relations between the two countries.

The reception was attended by numerous Serbian ministers, representatives of the Serbian opposition parties, foreign ambassadors and Serbian public figures.

122 December 2014 | www.cordmagazine.com

Karanović, Gordana Jevdjović, Jelena Petrović, Uroš Čitaković, and Tamara Jevtović.The Sakura scholarship is named after the Japanese cherry blossom tree and was initiated with the goal of promoting Japanese heritage and culture in Serbia.

19.11.2014

FIC Presents 2014 White Book The Foreign Investors Council (FIC) in Serbia has presented the latest instalment of its annual White Book to the top officials of the Serbian Government and representatives of the Delegation of the European Union. This year’s edition, the 12th in a row, once again provides recommendations to facilitate doing business in Serbia. Speaking in his introductory speech, FIC President Frederic Coin conveyed four main FIC expectations from the Serbian Government: enforcement of fiscal consolidation and improvement of macro-economic stability; implementation of enacted laws, monitoring and ensuring their proper application; improvement of regulations and harmonisation with EU legislation; and reduction of the administrative burden and working long-term by re-launching the regulatory guillotine project and lowering para-fiscal burdens.

Opinions were exchanged between Deputy Prime Minister and Minister of Public Administration and Local SelfGovernment, Kori Udovički, and Finance Minister Dušan Vujović, while the views of the FIC were presented by FIC President and President of the Executive Board of Societe Generale Bank Serbia, Frederic Coin, FIC Vice President and Telenor Serbia CEO, Ove Fredheim, and FIC Board Member and Carlsberg Serbia Group CEO Gabor Bekefi.

OVE FREDHEIM (left), DUŠAN VUJOVIĆ, FREDERIC COIN, MICHAEL DAVENPORT, KORI UDOVIČKI and GABOR BEKEFI

FREDERIC COIN

19.11.2014

Belgian King's Day In honour of Belgian King’s Day, H.E. Belgian Ambassador to Serbia, Leo Vincent M. D’Aes, and his wife hosted an official reception. The event was attended by representatives of the diplomatic corps, Serbian ministers, many Serbian business leaders and political figures, as well as religious leaders.

PRINCESS KATHERINE KARAĐORĐEVIĆ, Speaker of the Serbian Assembly, MAJA GOJKOVIĆ, Ambassador and Mrs JABER, and CROWN-PRINCE ALEXANDER KARAĐORĐEVIĆ

25.11.2014

Libyan Independence Day

LEO VINCENT M. D'AES and H.E. MASAFUMI KUROKU, Japanese Ambassador to Serbia

Mrs and Ambassador D'AES flank JADRANKA JOKSIMOVIĆ, Minister without Portfolio Responsible for EU integration

To mark the 71st anniversary of the independence of Lebanon, the Lebanese Ambassador to Serbia, H.E. Toufic Jaber, hosted a ceremonial reception at Belgrade’s Hyatt Regency Hotel, along with his wife and staff of the country’s diplomatic mission.

The reception was attended by numerous representatives of the diplomatic corps, members of the Serbian Government and numerous public figures from politics, entertainment and cultural life, business people and representatives of the Lebanese community in Serbia.

H.E. TOUFIC JABER and ORLANDO ANTONIONI, Apostolic Nuncio of the Vatican to Serbia

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122 December 2014 | 55

INTERVIEW

Diplomatic

UNISON SINGING BETTY ANN GERMAN CONDUCTOR, INTERNATIONAL BELGRADE SINGERS CHOIR AND ADMINISTRATIVE ASSISTANT TO THE AMBASSADOR OF CANADA

Photo: Saša Grosberger

When Ms Betty Ann German came back to work at the Canadian Embassy in Belgrade in 2012, she re-established the international choir from the ‘90s, together with then Canadian Ambassador Roman Waschuk, who also sang in the choir for two years with his wife Oksana Smerechuk

T

he amateur passion for choral singing has brought tobers from 16 different countries, attesting to the internationgether many diplomats, embassy officials and staff al love of choral singing,” says Ms Betty Ann German, conducfrom international organisations from 16 countries tor of the IBS. worldwide. The International Belgrade Singers sing in several languages, with lots of love and dedication to helping ■ You are in Serbia as a diplomat, yet the reason for our conversation is music. You are the conductor of the local community. the International Belgrade Singers. How Ever since they appeared on the muAll members come to does this choir differ from than other sic scene of Belgrade and Serbia, the choirs in Serbia?

International Belgrade Singers have atthis choir to donate their - The International Belgrade Singers is tracted audiences’ attention and served time and their voices to unique, even in my many years of being as an example of a musical non-profit raise funds for charitable a chorister and as a conductor: a) in its group of enthusiasts who sing for variorganisations and composition – we have members from ous charity projects. The choir has per16 different countries, drawn from the formed in Belgrade, Novi Sad, Zaječar, therefore, in my eyes, diplomatic, expatriate and Serbian comLoznica and Sombor. they are all special munities; b) as a choir that sings to raise “The International Belgrade Singers funds for local charities – our motto is is a non-profit choir whose motto is “give back to the community in which we live” and c) our reper“give back to the community in which we live”. The choir pertoire reflects the mixed cultural identity of our group. forms several concerts per year to raise funds for local charities. The IBS members come from the diplomatic, expatri■ Tell us more about the history of the choir; we know that there ate and Serbian communities. The choir currently has mem-

56 |

122 December 2014 | www.cordmagazine.com

was a choir called “Belgrade Singers” during the ‘90s. Is there a connection?

conductors, I try to take the best of what I’ve learnt from them and bring this to the leadership of the choir. I also research the music and the lives of the composers of the music I propose to the choir. I give them information about the music they will be singing and in this way I am able to make them better understand the music itself.

- I was previously posted here in Belgrade, from 1990-1993.

There was a small group of diplomats who would get together to sing, notably for midnight mass and some diplomatic events around Christmas time. This choir was called “The Belgrade Singers” and our choir conductor was the well-known Belgrade musician, conductor and composer, Aleksandar Vujić. When I ■ What kinds of songs are most prominent on the choir’s repertoire and whose compositions are most popular among choir returned to Belgrade in 2011 I had hoped to re-join this choir, members? but I learned that the choir had dissolved - I have choristers that prefer singing during the war. I decided to start a new The International classical music and others folk music, choir instead. while others enjoy singing pop music.

Belgrade Singers is a This is why I try to create a programme ■ Today the IBS has members from 16 difnon-profit choir whose ferent countries and some distinguished with a little bit of everything for evemotto is “give back to the ryone, including the audience. This almembers, including ambassadors and community in which their spouses? In today’s world full of misso reflects my own eclectic repertoire understandings, you manage with your over the past 40 years as a chorister – we live” conductor’s baton to turn differences into I have sung great oratorios by Mozart choral singing and beautiful music. How and Elgar, French folk music from the do you succeed in that?

17th century, and even jazz.

- I am not a strict disciplinarian as a conductor. As passionate as I may be about choral music, I know people have lives outside ■ Who are the most distinguished choir members and which diplomats are special in the choir? music. I realise that the diplomatic members of the choir need - As this choir is an ensemble, I would prefer not to single out to attend evening events – it is part of their duties – therefore individuals. As with any choir, we have our soloists, but I alI do not make them feel bad when they need to skip a rehearsso have people who haven’t sung in choirs before, others that al. This also applies to the others as well. As a chorister myself, sang in school but haven’t sung since, older individuals as well with more than 40 years of experience singing with different

cordeditorial@cma.rs |

122 December 2014 | 57

as professional singers and musicians. Each and every one of them comes to this choir to donate their time and their voices in order to raise funds for charitable organisations and therefore, in my eyes, all are special.

■ How many regular members does the choir have, do they come

■ Do you “follow” Belgrade musical life and which cultural events do you enjoy attending?

- I am proud to say that I am a season ticket holder for the Belgrade Philharmonic Orchestra and I also attend several classical concerts per month. I recently developed a new passion for jazz and have gone to a few jazz events.

to regular rehearsals and how many Serbian citizens are in the choir?

- At present I have 23 diplomats and expats and 39 Serbian choristers.

Normally at any rehearsal I have approximately 40 singers.

■ What is your experience as a choir conductor?

I am proud to say that I am a season ticket holder for the Belgrade Philharmonic Orchestra and I also attend several classical concerts per month

- I started conducting in Mexico City.

I discovered that I had a few colleagues with a lot of musical experience at the Embassy and we got together to start a small quintet called the Maple Leaf Melodia to raise funds for an orphanage and a school for autistic children. When I was posted to Dar es Salaam, Tanzania, I joined the local foreign community choir, only to discover that they had no choir conductor. I stepped into the position for the mixed choir called the Dar es Salaam Choral Society and the smaller chorus of 10 ladies called the Dar es Salaam Ladies Chorus. These choirs also raised funds for local charities, including a group for disabled adults and a school for hearing impaired children.

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122 December 2014 | www.cordmagazine.com

■ December Charity Christmas Concerts by the International Belgrade Singers are now a great musical tradition that the Belgrade audience awaits with excitement and anticipation. Tell us about this year’s Christmas concert which will be held on 9th December at Palilula Cultural Centre.

- In my Christmas programmes I strive to find music not heard before here in Belgrade. The cultural diversity of the choir gives me an opportunity to seek out music from their native countries and this year we will be singing “Tu Scendi dalle Stelle”, the best known Italian carol.

We will also sing the only Canadian Christmas carol called “The Huron Carol”. I usually dedicate the first half of the concert to more traditional and classical music. The second half of the concert has more modern music, usually from composers who are still alive! We will also have a couple of sing-a-long songs with the audience and a surprise! Follow IBS on Facebook https:// www.facebook.com/groups/theinternationalbelgradesingers/.

To book tickets: ibsconcerts@gmail.com ■

Spa & wellness W IN T E R H OLI DAY S

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WINTER HOLIDAY 2014

Perfect Time for a Perfect Escape The end of the year is a perfect time for a perfect escape.

If you are ready to break the chains of your daily routine and plunge into the refreshing waters of adventure, this time of the year is more than perfect

H

ere we offer you suggestions for spa breaks, city escapes and ski holidays, whatever you most prefer.

SPA EXPERIENCE We live in stressful times, long working hours, heavy work schedules, tasks piling up and a journey home that is often far too long and tiresome in major cities. The impressions are grey and they are growing “greyer” by the day. We lack enough new, fresh impressions and no “fresh blood” is running through our veins. We don't pay enough attention to each other and our relaxation. Too few bubble baths, too many quick showers. It all boils down to a bit of tenderness we steal from time to “apply” to each other. If watching television is the height of fun in your life or if you spend every weekend getting intoxicated, then you're on the wrong path and you need to neutralise all the negative effects of your modern life. And the solution is to visit a spa, for

a weekend for two. All the time in the world is available to you and your loved one, all the time in the world dedicated to relaxation, bathing, massages and, of course, love and intimacy!

SPA CENTRES Spa centres are locations where mineral-rich spring water (and sometimes sea water) is used for healing medicinal baths.

Spa towns or spa resorts (including hot springs resorts) typically offer various health treatments, which are also known as balneotherapy. Belief in the healing powers of mineral water goes back to prehistoric times. Such practices were popular worldwide, but were particularly widespread in Europe and Japan. Day spas are also quite popular, offering various personal care treatments. If you need a short break, this is the world’s favourite type of weekend getaway.

There are spas that are ideal for both individual and group visits.

Thermal rivers are perfect for in-

door swimming and thermal waters, with elements of an aqua park: waterfalls, pools, whirlpools– what more can one want?

When you get bored of going slowly, there is “fast fun” – on the waves or in the rapid mountain river. Or even more extreme – the “ski jump” (jumping toboggan) or kamikaze toboggan are designed to satisfy the most demanding of thrill-seeking guests.

If you're a fan of fast slides, you will certainly enjoy the water slide tube with light effects.

The adventure tree will be suitable for those who welcome a surprise. Just say “It is enough!

Now it's time to finally enjoy ourselves!” and do so. Close the door to the outside world and open the door to your happiness and intimacy. Perfect for a romantic weekend for two!

LAKES + HISTORICAL TOWNS Wherever you go to spend a few days, you will find a place for resting fully and in peace. Due to the unusual relationship be-

Spa & wellness 03 WINTER HOLIDAYS

very spot where the healing waters were discovered, together with many beautiful buildings, palaces and manors. And that is the second thing that makes old spa towns charming – their elegance. Your body would appreciate at least one weekend here, which would be perfect for those who want peace of mind and a lot of “infused health”.

tween water temperature and density, lakes form layers called thermoclines, which have drastically varying temperatures relative to depth. The water takes the edge off the heat and you float along, contemplating a lazy day of navigating spectacular red-rock gorges and flooded canyons. A lake holiday is for every season and activity. A lot of art-nouveau architecture, palaces and hotels give a unique flavour to this gem of tourism.

Those are places that could just add more art-nouveau spice to this small but beautiful journey, perfect for those who like architecture and the flavour of the past, frozen in time.

FAMILY SKIING HOLIDAY Plan a stellar skiing holiday at some of the family-friendly ski resorts that cater to kids on the sunny slopes and beyond, with ski schools, adventure parks and plenty more.

Mountains are especially beautiful for their distinctive landscapes of dense coniferous forests and, with a wide range of accommodation and a network of ski slopes amongst other facilities, it is a place where you will find a perfect stay for your family. A diverse range of children's programmes, as well as slimming and fitness programmes, are on offer and there are a great many sports grounds ideal for team sport train-

ing camps. Walking excursions, mountain biking and basketball, tennis or riding – there are a wide range of activities besides skiing that can make your family holiday perfect.

SPA FOR HEALTHY PEACE OF MIND Spa centres, with their extremely healthy and curative waters, usually provide wonderful views of watery scenes, either of rivers or lakes. Small lakes, ponds and rivers are all either overgrown with reeds and covered by the blue skies, magnificent under the Sun and under cloudy skies, or nestled in the mountains. These towns frequently lie over the underground waters or wells of pristine mineral water. And it was these very waters that brought spa towns their fame long ago.

At a time when the whole world was suffocating on dirt and suffering in unhealthy living conditions, the nobility of civilised Europe suddenly discovered spas, beaches, mountains and thermal waters. Terrific thermal and mineral waters were discovered all over Europe in the 19th century. The doctors of this bygone era swiftly discovered that water cures different diseases, from neurological diseases, muscle diseases to rheumatism, pulmonary and heart diseases. Nonetheless, the spa towns were usually built quickly, on the

OLD CITIES OF MIDDLE EUROPE! They say that the cities at the heart of Europe cannot be matched in terms of beauty and there is no place like a mystical Middle European town. The chain of towns and cities in the “Middle Earth” of our continent are perfect city breaks even in periods other than the Christmas or New Year holidays. Beautiful rivers and magnificent fortresses where various legends dwell, the essence of “Mitteleuropa” is strikingly visible in every street in the old towns: streets soaked with fog and snow, wet leaves and air. Many of the places have that striking “Kafkian” aura and there are numerous spots where small corners of reddish bricks meet massive fences made of cast iron. The Christian culture often mixes with the Ashkenazi Jewish culture, which is sometimes very well preserved, although with just a few remaining people.

The squares and streets, with

their sometimes snotty, sometimes warmly welcoming, ornaments and colourful facades, are somehow both cheerful and spooky. Furthermore, they are at the same time beautiful, somehow disturbing and refreshingly calm. You should open your “inner eye” to see the beauty outside the landscapes bathed in a Southern sun. Quite on the contrary, there’s plenty of beauty in this comfortable “shade”. The beer, which comes in a wide variety of tastes, the wine, especially the white wine, and different “schnapps”, “palinkas” and other strong drinks can be a decent addition to the gourmet kitchen of the region, where nations and religions have mixed to yield such tremendous and spectacular results. The Mid-European towns have their souls come into blossom in thousands of colours under skies that are not always sunny or welcoming, but it’s just a part of their silent and elegant charms. All in all, this is a magical combination of casual charms and visual spectacles.

TERME PARADISO

Exquisite Pampering in Nature

T

erme Paradiso, a modern Spa Resort with excellent natural properties, is the perfect place to relax and recharge your batteries. Situated in Dobova, in the Posavje region, 25km from Zagreb (Croatia), there you can still find the tranquility long gone from bustling cities.

The Spa & Wellness hotel

Paradiso **** superior is perfect for guests looking for the pleasant homely atmosphere of a small hotel. The hotel has 17 bright, modern, air-conditioned rooms with free access to WiFi, indoor and outdoor swimming pools, with beneficial healing thermal water, smaller-sized meeting facilities, an elegant restaurant with excellent cuisine,

a modern fitness studio with the latest equipment and a spa area with the World of Saunas.

Spa & Wellness Centre Paradiso, connected to the hotel, is an oasis of peace and pleasure that all of us need these days.

It offers a number of high quality massages (classical massage, massages from far-away countries, hot stone massages, massages with 24Ka gold etc. ), different facial and body treatments, cosmetic services and wellness programmes for two.

Our guests have at their disposal over 1,700 square metres of indoor and outdoor swimming facilities with water at-

tractions (water slides, lazy river etc.) for the enjoyment of guests of all ages. The thermal water of Dobova is one of the richest in Slovenia and is also very effective in relieving and treating all kinds of rheumatic illnesses, post-injury or post-operative conditions and recovery of the motor system.

By combining the use of our spa area, seminar room and restaurant, you can combine business with pleasure. We expect to welcome you, so that we can pamper you!

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REGENT PORTO MONTENEGRO: MAGICAL SPA PACKAGES

Regent Spa: Place Where Magic Happens

Enjoy a unique relaxing experience at this newly opened hotel

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t the heart of Montenegro’s Tivat, in an enviable location, sits the luxury Porto Montenegro mega yacht marina, which is also the home to the recently opened Regent Porto Montenegro, the only fivestar-hotel in the area. Here this hotel is proud to reveal its impressive portfolio of Regent Spa Packages for this winter season.

In keeping with its high stand-

ards, the Regent Spa offers a holistic approach to spa treatments by using spa methods developed on the basis of ancient traditions and the latest wellness therapies.

With stunning views of the Bay of Kotor from the infinity pool, as well as the magnificent hills surrounding Porto Montenegro, this world-class marina has 400 berths for mega

yachts, an attractive residential area with charming coffee shops, beach restaurants and exclusive boutiques with top-of-the-range designer clothes, offering both local and international high fashion products that cater to the tastes of the choosiest shoppers.

To reflect the fact that the leaves in the neighbouring forests have turned autumnal, the Regent Spa has prepared a port-

Spa & wellness 07 WINTER HOLIDAYS

folio of relaxing treatments for the 2014/15 winter season, which provide guests with the ultimate indulgence and complete relaxation, including the best yoga exercises, weight loss treatments, rejuvenation and wellness packages.

These exceptional services are provided in four separate massage rooms.

The spa's exceptional wet area includes an indoor pool, jacuzzi, sauna, steam bath, Turkish "Hammam" bath and experience shower. There is also a relaxation area, while a range of refreshments are available from the spa's Juice Bar. The Luxury Yoga Escape package has been designed specifically for people seeking relaxation, rejuvenation and stress relief. The package comprises of a six-day stay at the hotel, with four days of early morning yoga followed by a range of luxury treatments in the afternoon, from massages to facial reflexology. Guests will be given special menus and exercise plans tailored specifically for them by our top yoga instructor and the head chef of the Regent Porto Montenegro Hotel.

The Rejuvenation Packages comprise incredibly relaxing treatments for guests who are eager to enjoy themselves and include a specially tailored Regent massage,

an unforgettable combination of several massage styles from all over the world.

These unique massages are a combination of ancient healing methods and reflexology therapies which relieve stress, increase circulation and boost the immune system.

The treatment ends with a luxury facial using the Sundari product range.

The Six-Day Weight-Loss package is for guests seeking to be in top physical form and look their best for the upcoming festive parties This exceptional Regent Spa offers will help them embark on a new lifestyle.

This luxury package has been devised to help guests determine, attain and maintain their ideal weight. A tailored nutrition programme during their stay at the hotel will encourage guests to consume only the kinds of appropriate, healthy, freshly prepared foods that are best suited for their bodies.

For guests interested in acquiring new skills, Regent Spa holds the Spa Workshops, where guests can learn all about beauty and massage treatments.

Here guests can also learn how to make a fruit-based facial mask and the basics of intuitive massages.

Obala bb, Porto Montenegro Village, Tel: + 382 (0) 32 660 660 Email: reservation@regenthotels.com www.regenthotels/porto-montenegro

Regent Porto Montenegro is an elegantly furnished facility with 51 double rooms, 35 single rooms, two- and three-bedroom suites and residencies, modern conference facilities and the spectacular Regent Spa. The hotel is designed in the Venetian style, while it compliments the stunning natural beauty of the Bay of Kotor perfectly and enhances the true luxury of Porto Montenegro Marina. Guests here can enjoy a sumptuous combination of Mediterranean and Asian cuisines from the rich heritage of the Regent Hotels & Resorts complex. The ho-

tel has three restaurants – the Dining Room and the Library Bar, as well as a cake shop Gourmet Corner, which are all among the most elegant catering facilities of this kind in Montenegro.

Regent Hotels & Resorts is a global luxury hospitality brand encompassing hotels, resorts, residences and cruises. In 2010 the Regent brand returned to its Asian roots following its acquisition by the Taipei-based FIH Regent Group.

The bespoke Regent experience combines Eastern simplicity and Western elegance, melded with gracious and intuitive service, luxurious amenities and traditional hospitality. Regent Hotels & Resorts currently operate hotels in Beijing, Berlin, Phuket, Singapore, Taipei and the Turks and Caicos islands. In 2011 all hotels in the Regent-managed portfolio were listed as the best luxury hotels in the world by CondĂŠ Nast Traveller's Readers Choice Awards, becoming the first and only international luxury hotel group to ever achieve this. For more information please visit www.regenthotels.com

THERMANA LAŠKO

Energy-rich Thermal Spring

T

he healing power of the thermal springs beside the River Savinja were known to the Roman legions. With thermal water that has a beneficial effect on pain, the medical services of Thermana Laško also take care of your health. Relaxing spa treatments will awaken all your senses, and in Thermal Centre you can indulge in some fun in the water. You will feel the comfort of the rooms in the 4* or 4*superior hotels, which can also provide a comfortable stay for guests living with physical disabilities.

The Thermal Centre, one of the most attractive in Slovenia,

includes a wave pool, whirlpools above the pool, a Kneipp area, children's water entertainment park, recreational massage pool, rapids and a water slide.

The outdoor area is dominated by recreational swimming and children's pools, a small water slide and an and outdoor slide of a pool connected with the indoor area.

The Wellness Spa Centre represents a unique combination of tradition, experience and modern spa rituals, with a rich offer of wellness therapies, fitness and sports halls; massages and unique wellness treatments with beer and honey.

AYURVEDA TO HEALTH Addition to the wellness offer is the Thermana & Veda Ayurveda Centre, with an Ayurvedic medicine specialist, yoga master, therapists and chefs of the Veda Company from India. Experts approach treatment of diseases such as high blood pressure, diabetes, obesity, rheumatism, respira-

tory problems, allergies, dermatological problems, multiple sclerosis, fibromyalgia etc.

Ayurvedic medicine involves a comprehensive healthcare system that does not address only the treatment of certain diseases, but studies the human relationship to the body and the spirit, which stems from one life perspective.

PERFECT PAMPERING for half price

50% discount for second person Offer valid: from 1. 12. to 19. 12. 2014 3 days / 2 nights for 2 persons in hotel Thermana Park Laško****superior

ALREADY FROM €273 Price includes: - accommodation in a standard double room - half board -u nlimited swimming in hotels Thermana Park Laško and Zdravilišče Laško (even on departure day) - daily entrance to the Fitness Centre - bathrobe in room - free wireless Internet in a room - rich activities program, relaxation and recreation Children up to 5 years accommodate FREE OF CHARGE!

info@thermana.si • www.thermana.si +386 34232052

Winter is an ideal time to slow down and relax. And, ideal way to achieve that is through Spa holiday.

Indulge yourself or your nearest & dearest ones and restore the harmony of body, mind and soul.

Wellness & Spa centre ‘’AUREL’’ guarantees the intimacy and the Gym vitality that you need.’

Bulevar Josipa Broza Tita bb, | 81000 Podgorica, Montenegro. mail: info@hotel-aurel.com | tel: +382 (0)78 11 33 33 | fax: +382 (0)78 11 33 34

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GROUP VISITORS TO NORTHERN

SERBIA

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PRIORITY IS TO DELIVER TO YOU THE MAXIMUM VALUE IN EXCHANGE FOR OUR GUESTS’ TRUST.

THE HOTEL HAS THE BEST CONFERENCE FACILITIES IN VOJVODINA. WE CAN PROVIDE SIMULTANEOUS TRANSLATION IN FOUR LANGUAGES WHICH MEANS THAT CONFERENCES HERE CAN BE HELD IN A TOTAL OF FIVE FOREIGN LANGUAGES.

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LAYOUT

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CONFERENCE HALL “SUBOTICA”

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DILEMMA

Marijuana

Pros and Cons?

Marijuana, also known as Cannabis, has become the center of controversy as it is starting to be legalised for both leisure and medicinal purposes. Marijuana is consumed for its effects on people’s bodies such as heightened mood and relaxation. Some side effects of marijuana are decreases in short term memory, paranoia and reduced motor skills

O

wing to its relaxing effects, marijuana has been used as ers even though it may be illegal. Marijuana is commonly seen at medicine for thousands of years across many cultures. parties and in streets. This is especially alarming because marijuana consumption for teenagers has risen to an alarming rate— Its modern-day medicinal use includes reducing nausea over 80 percent from 2008 in the U.S., — And legalising marijuaand vomiting in patients going through chemotherapy or helping people with Acquired Immune Deficiency Syndrome na does not seem to help lessen these rates.

(AIDS). It is especially useful in dealing with chronic pain.

Interestingly, marijuana is not illegal in North Korea, one of the Austria, Finland, Germany, Israel, and numerous other counmost conservative countries in the world. Countries such as New tries allow medical marijuana use even though they may not acZealand and England have high usage of marijuana, even though cept recreational marijuana. These countries are mostly against its use is illegal. In the case of Asia, most countries are against marijuana used for purposes that are not medical and scientific. marijuana legalisation including Korea.

In the United States, primarily, the war on drugs has always Concerned voices that were first heard during early stages of been an expensive battle especially with legalisation were proven to be exaggerated. California, which has had 17 years of marijuana due to the large amount of Marijuana is still experience as the first state to legalise users. Many predict that an immense classified by most as a marijuana for medical usage, has brought change, both negative and positive, will up surprising data--that driving under the occur in countries that have an abundant “drug.” This is because influence of alcohol is much more dangersupply, if legalised. of the psychoactive and ous than drinking after smoking cannabis. physiological effects of Legalising marijuana has economiWHY ALL THE CONTROVERSY? marijuana cal advantages for the government, also.

The controversy starts in legalising marijuana as a recreational drug.

According to the Economist, the government loses revenue by not being able to collect taxes on illegal Recreational use means that marijuana will be accessible like alcohol and cigarettes to people who have come of age. drugs. The city of Oakland in California, managed to raise $1.3 billion dollars in tax revenues after legalising marijuana. The sum is Marijuana is still classified by most as a “drug.” This is because of the psychoactive and physiological effects of marijuana. a bit over three percent of Oakland’s total business tax revenue.

Cannabis itself is not very addictive, but its effects are what draw For consumers, marijuana legalisation will provide them with people into addiction. The desired effects of euphoria which is ala high-quality reliable cannabis supply. Marijuana legalisation will so referred to as the “high” or “stoned” feeling, are what make provide consumers with a wider variety of marijuana selection marijuana dangerous and addictive. with different potencies and effects. With overall lowered drug According to the Gateway Theory, the use of less hard drugs prices, the illegal drug market will face a collapse. like marijuana leads to the easier use of extremely strong drugs.

Legalising marijuana may be a healthy economic boost for By legalising marijuana, an unhealthy view toward drugs will be countries that are able to control and harvest marijuana, however governments that do not have much experience with such passed on to younger generations, which in turn will give children issues should not be hasty in their decisions since marijuana is the message that drug usage is acceptable. Many fear such feelings are the stepping stones for stronger dosages of other harmstill a drug to most. The positive and negative sides of cannabis ful drugs such as cocaine and ecstasy. and its legalisation are still under debate and a few countries have Several western countries have numerous marijuana smokstarted accepting it as part of people’s lives. ■

cordeditorial@cma.rs |

122 December 2014 | 71

RESTAURANTS

World’s Best Restaurants 2014 The 2014 awards saw Denmark’s Noma regain its title as the S.Pellegrino World’s Best Restaurant, having spent the previous year at No. 2 on the list when Spain’s El Celler de Can Roca topped the list

E

ach year the awards provide an annual snapshot of the world’s gastronomic scene - a globally recognised and respected reference point which showcases leading trends from all Organised annually by Restaurant Magazine, The World’s 50 Best Restaurant Awards are voted for by over 900 industry experts, and are considered an alternative to the more established Michelin rankings. In this issue, we are covering the top 10 of the World’s Best Restaurant.

No.1

NOMA

Copenhagen, Denmark LAST YEARS’S POSITION 2

the same time, it has featured on this list for almost a decade – reaching the vaunted number one spot last year – and secured a global reputation for its gastronomic prowess.

New York, USA LAST YEAR’S POSITION 5

No.3 OSTERIA FRANCESCANA Mould-breaking Nordic food that takes nature’s bounty to new levels Following what chef-owner René Redzepi calls a ‘restaurant mid-life crisis’, Noma has dramatically re-taken the top spot. The period of angst and creative hiatus he refers to was not prompted by last year’s ‘demotion’ to second spot, but conversely by Noma capturing and retaining the title of The S.Pellegrino World’s Best Restaurant over several years previously.

No.2 EL CELLER DE CAN ROCA

Girona, Spain LAST YEAR’S POSITION 1 The complementary skills of the Roca brothers results in hospitality at its finest El Celler de Can Roca is at heart a local family-owned restaurant rooted in Catalonia. But at

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Modena, Italy LASTE YEAR’S POSITION 3

Osteria Francescana continues to fly the flag for a nation that is arguably under-represented on the list. Italians are famously spiky when it comes to people interfering with longestablished culinary traditions, yet Massimo Bottura is able to balance the demands of heritage and modernity and has created a restaurant where traditionalists and those seeking something entirely new are both amply catered for.

No.4 ELEVEN MADISON PARK

122 December 2014 | www.cordmagazine.com

You’d be excused for thinking that a fine-dining restaurant housed in New York’s Credit Suisse building would be something of a dour affair. But at Eleven Madison Park, chef Daniel Humm and co-owner Will Guidara’s sleek Art Deco restaurant, the experience is anything but dull.

From card tricks – a server appears with a deck of cards on which different ingredients are written and bids the diner pick a card, only for a chocolate to be revealed from a secret compartment under their dessert bowl that is made from the filling on the chosen card – to unusual serves, nothing about a meal here is humdrum.

No.5 DINNER BY HESTON BLUMENTHAL

London, UK LAST YEAR’S POSITION 7 Since opening in 2011, Dinner

by Heston Blumenthal has rapidly grown up to become

widely celebrated in its own right. Signature dishes including Meat Fruit and Tipsy Cake with spit-roast pineapple have already gained iconic status around the world and Dinner continues to wow its patrons with ever-evolving creations.

Recipes from as far back as the 1300s are given a 21st-century makeover with contemporary ingredients and newage cooking techniques, resulting in a menu that takes diners on a journey full of wonder and discovery.

No.6 MUGARITZ

San Sebastian, Spain LAST YEAR’S POSITION 4 Everything about chef Andoni Luis Aduriz’s Mugaritz restaurant – from the specially created barbecue smell that emanates from the restaurant, designed to remind approaching patrons of their childhood, to the way the table is laid – is done for a precise reason. The

aforementioned tables, for example, are left bare save a white tablecloth and a centerpiece of a broken plate, to eschew any sense of restaurant hierarchy or provide any hint of the meal that awaits.

extracting the best from local ingredients using cuttingedge techniques. However far the restaurant moves forward, it still honours its Basque culinary heritage.

Indeed, this respect for tradition has established Arzak as a destination for locals as well as visiting food-lovers.

No.9 ALINEA

No.7 D.O.M

Sao Paulo, Brazil LAST YEAR’S POSITION 6 Today, South American food and ingredients are creeping on to the top tables of gastronomy, not just in the continent, but across the world.

The pioneering chef is also part-historian and part-botanist thanks to his research trips with scientists and anthropologists deep into the Amazon to test potential ingredients for his menu. By doing so he brought his country’s indigenous foodstuffs to the fore and helped challenge the notion that familiarity and old-school sensibilities are the key to running a successful top-end establishment.

Chicago, USA LAST YEAR’S POSITION 15 Located in Lincoln Park,grant Achatz has been a world leader in culinary innovation since opening Alinea in Chicago back in 2005. Dishes such as hot potato, cold potato and black truffle explosion, as well as food suspended on wires or plated straight on to the table, have become iconic around the globe. And nearly a decade on, the chef continues to push the boundaries of avant-garde cuisine with his ever-evolving menus.

No.10 THE LEDBURY

London, UK LAST YEAR’S POSITION 13 Discreet, welcoming but quietly outstanding – the same

As opera in music represents harmony between music and performance, the Opera Restaurant, in a classy yet casual enviornment, offers an authentic taste of Belgrade through the bond of good food and drinks, tradition and modern times, love and the spirit of the city. A place where you will feel at home regardless of where you come from.

Embraced by the Obilićev Venac, just next to the refined Knez Mihailova Street, the Opera Restaurant is a perfect place for new romances, reconciliations, friendships, business meetings and pleasant family lunches.

No.8 ARZAK

San Sebastian, Spain LAST YEAR’S POSITION 8

As with others featured on this élite list, the Arzaks’ cooking is about the reworking of traditional dishes, and

epithets can be used to describe chef Brett Graham, his food and The Ledbury itself.

The restaurant, tucked away in a corner of west London’s fashionable Notting Hill neighbourhood, still retains a loyal local following, with long-time regulars sitting harmoniously alongside the increasing number of international visitors. ■

Obilićev venac 30  Tel: +381 11 303 62 00 office@operarestoran.com

cordeditorial@cma.rs |

122 December 2014 | 73

LOS ANGELES AUTO SHOW

Best of the LA Auto Show The 2014 instalment of the Los Angeles auto show features one of the strongest selections of vehicles in recent memory. It showcases dozens of important new models, adds new events, including seminars and panel discussions, and has a level of automaker support and participation not seen since the 1990s

T

he Los Angeles show, first held in 1907, was once a reliably popular stop on the annual auto-show calendar, opening shortly after the Christmas holidays.

That tradition changed when the backers of Detroit’s exhibition in 1989 reorganised their regional event as the North American International Auto Show and moved the date from early autumn to nearly the same week as that of the Los Angeles show.

Californians have been trying to regain their footing ever since. The search for a consistent date seems to have settled on the period around Thanksgiving.

As recently as 2008, when the auto industry recession was entering its bleakest period, many questioned whether the Los Angeles show could survive. However, after a steady stream of incremental improvements, the show now seems to have recovered fully, with an unprecedented number of vehicle premieres, according to organisers.

More than 1,000 vehicles were displayed at the Los Angeles Convention Centre throughout

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01

02

04

03

the show, which ran until 30th November.

Mercedes-Benz chose Los Angeles for the reincarnation of its Maybach prestige sedan and to announce a reorganisation of its offer in the Mercedes-Maybach luxury and the MercedesAMG performance sub-brands.

As a measure of the show’s increasing stature, Audi also chose this event to reveal an im-

122 December 2014 | www.cordmagazine.com

05

01-02.

03-05.

06-07.

08-10.

11.

12-14.

FIAT 500X MAZDA CX-5 HONDA HR-V CROSSOVER MERCEDES BENZ-AMG VISION SHELBY GT350 MUSTANG AUDI A8

08

06

09

10

11

12

14

07

13

portant new styling direction for its flagship large sedans: the A8, A7 and A6. These changes, embodied in the Prologue design study, are momentous, the company said.

Even U.S. manufacturers, who have tended to hoard their best new offers for January’s show on their home turf in Detroit, displayed significant new models. Ford unveiled its 500-plus horsepower Shelby GT350 Mustang and a heavily refreshed Explorer S.U.V. with a thrifty new

4-cylinder turbo engine.

Chrysler showed off an updated version of its flagship 300 sedan and new compact crossover siblings, the Fiat 500X and Jeep Renegade.

General Motors revealed its midsize Colorado pickup concept with a high-torque diesel engine, an ultra-performance edition of the Cadillac ATS with the racy V designation and a wild Chaparral 2X Vision fantasy race car for the Gran Turismo video game.

Closer to reality was a fresh crop of small utility vehicles, including the compact Mazda CX-5 crossover, a freshened Nissan Juke, the Scion iM hatchback concept and a production version of Honda’s HR-V crossover. Although Honda billed the HR-V as a world premiere, a nearly identical vehicle, the Vezel, has been on sale in Japan for more than a year.

As something of a reflection of the sunny Southern Californian lifestyle, the show has traditionally been strong for convertible, cabriolet motoring examples. This year was no exception, with the first look at the 2016 Mazda MX-5 Miata at an American auto show.

Visitors also saw the loopy Lexus LF-C2 concept, which doesn’t have a roof at all, and the exotic Mulsanne-based Bentley Grand Convertible.

Among the cars intended to appeal to environmentally conscious buyers that were on display in Los Angeles — a logical venue, given California’s leadership in environmental initiatives directed at the auto industry — were the latest 53 m.p.g. versions of the Toyota Prius and hydrogen fuel-cell vehicles from Toyota and Volkswagen. ■

cordeditorial@cma.rs |

122 December 2014 | 75

CHILL OUT

First Human 'Mini-stomach' USA 3D HUMAN LAB STOMACH

The first functional 3D human stomach tissue in a laboratory has been grown by scientists using pluripotent stem cells. Scientists at Cincinnati Children’s Hospital Medical Center used human pluripotent stem cells - which can become any cell type in the body - to grow a miniature version of the stomach.

This first-time molecular generation of 3D human gastric organoids (hGOs) presents new opportunities for drug discovery, modelling early stages of stomach cancer and studying some of the underpinnings of obesity related diabetes, according to Jim Wells, principal investigator and a scientist in the divisions of Developmental Biology and Endocrinology at Cincinnati Children’s.

ASSANGEBRANDED CLOTHING

Julian Assange, the famous Wikileaks publisher of intelligence secrets, who remains under protection at the Embassy of Ecuador in London, has signed on with an Icelandic licensing agent to sell Assange-branded high-end clothing, shoes and various household items in India and much of Europe.

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Spanish Shepherds SPAIN GUIDING 2,000

SHEEPS CROSS MADRID Shepherds guided a flock of 2,000 sheep through Madrid’s streets last month in defense of ancient grazing, droving and migration rights increasingly threatened by urban sprawl and modern agricultural practices.

Shepherds halted at the old town hall so the chief herdsman could hand authorities 10 maravedies — copper coins first minted in the 11th century — as payment for the crossing.

They then continued past Puerta del Sol — Madrid’s “high street” - and past the Bank of Spain headquarters on their way to Retiro Park.

Children shrieked with joy as the sheep went from a trot to a gallop past a hamburger restaurant and luxury jewelry store in the city’s toniest downtown quarter.

Spaniards are proud of their sheeprearing traditions and hold native livestock in high esteem. The Merino breed has gone on to form the backbone of important wool industries in places such as Australia and South America.

Source: AP

Dallas Zoo Sells Rights to Name Baby Giraffe Childbirth Pain Simulator USA SELLING RIGHTS ON AUCTION

CHINA UNDERSTANDING BIRTH

The Dallas Zoo has sold the naming rights for a recently born giraffe for $50,000 to a bidder who asked to remain nameless, a zoo official said.

No name has yet been selected for the 1.9 metre male calf born on 26th October whose naming rights were sold at an auction at the zoo’s annual fundraiser, spokeswoman Laurie Holloway said.

“There was a lot of interest in choosing a name so the timing was perfect since an auction was already planned,” she said.

The money will be used for giraffe conservation efforts in African countries where the animals roam.

In an effort to help men understand what their wives or girlfriends are going through when they are giving birth, a Shandong hospital in China decided to literally let them feel it.

The men were hooked up to a machine sending electric shocks through their abs that would give them similar levels of pain as a woman has when she is experiencing contractions.

The participants were generally partners of pregnant women, some of whom had been quoted as telling their partners to stop complaining. Hopefully they will have more respect for their partners and giving birth in general after the experiment, considering the fact that some could only bear the pain for a few minutes, and others were reduced to tears.

122 December 2014 | www.cordmagazine.com

MAN PARKS PLANE AT PUB

An Australian man has been charged by police after driving a light plane down the street of Newman, Western Australia. Residents were surprised to see a plane parked outside the pub after its owner apparently taxied it down the main street so he could get a drink.

Eating Ghost Peppers

Ah-choo!

DENMARK PERFORMING ON CHILI PEPPER

GLOBAL NEGATIVE IMPACT ON PLANT GROWTH

Musicians of the Danish National Chamber Orchestra and guest conductor and chili pepper enthusiast Claus “Chili Klaus” Pilgaard performed a rousing rendition of “Jalousie ‘Tango Tzigane’” by Jacob Gade after the entire ensemble and the conductor ate some of the world’s hottest chili peppers for around three minutes before performing. The orchestra does a surprisingly good job of keeping it together, until near the end of the piece. It’s only after the final note fades that the music is replaced by mass coughing, spluttering, and some light moaning. At least pepper aficionado/ sadist Pilgaard suffers right along with them at the conductor’s stand.

There will be notable increases in grass pollen production and allergen exposure up to 202 percent in the next 100 years, leading to a significant, worldwide impact on human health due to predicted rises in carbon dioxide and ozone due to climate change.

This is the conclusion of researchers who say that while CO2 stimulates reproduction and growth in plants, ozone has a negative impact on plant growth.

The Boss of Cleaning KOREA DILIGENT MORNING HABIT

‘Mr. Yo’ is a millionaire investor with a very peculiar habit – for the past 11 years, the Korean businessman living in Bahrain has been waking up every morning before dawn to clean up the streets of his city. He even takes the time to sort out and recycle the garbage that he collects. Asked why he has been doing this for 11 years, he simply answered “because I want to!”

Korean-born Yo has earned himself the nickname ‘Boss of Cleaning’, thanks to his diligent morning habit. He seems genuinely interested in keeping the streets clean, and making sure that everyone enjoys a healthy neighborhood. “There is a lot of garbage, and this makes people sick,” he explained. “It causes problems.”

Japanese Landscape Gardens JAPAN BRILLIANT AUTUMN

COLOURS IN TOKYO Garden design is an important Japanese art form that has been refined for more than 1000 years. Gardens have evolved into a variety of styles with different purposes.

Colourful leaves (koyo) are to the Japanese autumn what cherry blossoms are to spring.

The viewing of autumn leaves has been a popular activity in Japan for centuries and today draws large numbers of travelers to famous koyo spots both in the mountains and in the cities.

One of the best autumn colors spots in Tokyo, Koishikawa Korakuen is another traditional Japanese landscape garden. Its main pond is surrounded by dozens of maples trees which turn brilliant shades of orange and red in late November. Several other picturesque autumn spots can be seen around the park’s three main ponds.

cordeditorial@cma.rs |

122 December 2014 | 77

TECHNO TALK - BEST A PPS FOR BUSINESS CEOs -

HOW TO MAKE YOUR BUSINESS

LIFE EASIER

The working day consists of challenges, not only in decision-making and team management, but the organization of work, motivation, time, money and with all that in mind – also balancing the private life.

This is particularly important when, projects keep piling up, phone calls never stop, and meetings never end.

As the productivity is key to the success of the modern businessman, then we have to keep finding the ways to be productive. That is where, apps come in life of every businessman.

The best utility apps are designed to make your hectic life a little bit easier, and maybe even more enjoyable.

There are free and also paid business apps that tap into the great mobile experience and keep executives productive all day long. There are also very expensive apps which are largely designed with an exclusive target audience in mind - often for professionals in a given area.

We welcome you to the modern world of „multitasking“ in which you can readily step into choosing the right application for your business.

Payment K eepek

SIMPLIFIES EXPENSE MANAGEMENT

PRICE: FREE Keepek helps you manage your invoices, bills, and travel expenses. It captures the expenses and processes the information automatically, It enables you to rapidly generate quality invoices and estimates, which you can send straight away to your clients. You will be able to easily manage the cash conversion cycle and therefore get paid quickly. It is the perfect solution for small businesses, freelancers and independent contractors.

AVAILABLE: Requires iOS 7.0 or later. Compatible with iPhone and iPod touch. This app is optimised for iPhone 5.

A lpha Trader FOR INVESTMENT PROS

PRICE: €787.76 Alpha-Trader is a global trading suite for investment pros. The app gives real-time stock prices, price alerts, portfolio risk indications, asset correlation, and asset category charts. This app is designed for individuals in the professional investment market. Alpha-Trader can be used as a comprehensive tool to gather information on a variety of aspects including real-time stock prices, portfolio risk indicators and daily profit/loss.

AVAILABLE: Android, Blackberry, iOS and Windows.

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122 December 2014 | www.cordmagazine.com

Communication Swype Keyboard

HELPS YOU TYPE MESSAGES IN A HURRY

PRICE: €3.99 Swype Keyboard for Android lets you type without lifting a finger. Slide your finger across the letters to compose messages and search for information quickly and efficiently. Since Swype interprets what you’re trying to say if you make a spelling error, you’ll never have to worry about a typo when sending an emergency message to your boss.

AVAILABLE: Android.

C amCard

FOR ORGANISING YOUR BUSINESS CARDS

PRICE: €7,00 Swapping business cards is a time-tested networking strategy for entrepreneurs, but cards are easy to lose, and manually inputting all that contact information into your address book is a chore. CamCard is an all-in-one solution that automates the process for you. Just point your iPhone camera at a business card, and snap a photo. The app’s text-recognition software will pull out the key details and update your address book automatically.

AVAILABLE: IOS.

A wesome Note (+Todo) JUST MAKE NOTES

PRICE: €3.99 Awesome Note (+Todo) allows to you combine notes with to-do flexibility. Key features include the ability to include images and maps in notes, alarm notification (iOS 4), and full synchronization with Google Docs and Evernote.

AVAILABLE: Compatible with iPhone and iPad. Requires iOS 4.0 or later.

cordeditorial@cma.rs |

122 December 2014 | 79

TECHNO TALK

Time Management i Work

EDIT YOUR DOCUMENTS FROM ANY DEVICE

PRICE: €8,00 free on new iPhones You’ll be hard-pressed to find a better office suite for iPhone than the newly revamped iWork, which includes the Pages word processor, Numbers spreadsheet editor and Keynote presentation maker. The updated apps are fully integrated with Apple’s iCloud online storage platform, so you can access and edit your documents from any Web-connected device. The new iWork comes preinstalled on all new iPhones; if you have an older iPhone, you’ll have to shell out $10 for each app.

AVAILABLE: iOS.

O mniFocus

MANAGE ALL YOUR MEETINGS AND DEADLINES

PRICE: €20,00 High-powered CEOs start their day super early and finish around dinner time. That is, if they’re not flying from meeting to meeting and living out of hotels most days of the year. A simple task manager app won’t do. They need OmniFocus, a powerful app that keeps track of tasks by project, place, person or date, as well as notify users about upcoming deadlines.

AVAILABLE: iOS.

C isco WebEx

ORGANISE VIRTUAL MEETINGS

PRICE: FREE If you’ve never been on a Cisco WebEx meeting call, well, you might be seriously out of the loop. WebEx meetings and business executives go hand-in-hand.

With the Cisco WebEx Meeting Center app (free), a WebEx meeting is now as close as the iPhone in your pocket. This means you can be on these meetings anytime, anywhere.

AVAILABLE: iOS.

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122 December 2014 | www.cordmagazine.com

Personal C ouple

FOR KEEPING HEALTHY RELATIONSHIPS

PRICE: FREE Couple can help you maintain a healthy relationship in spite of your and your partner’s hectic schedules. Couple lets you save pictures, notes, and even inside jokes as “Moments,” which you can look back at during your down time. You can also schedule dates or important events on Couple, which will send you a reminder so you won’t forget to grab a card and some chocolate.

AVAILABLE: Works on all devices and operating systems.

H umin

ACTS LIKE YOUR DIGITAL BUTLER

PRICE: FREE Humin is an app that remembers all the tiny details about how and where you met someone, so you can focus on the moment instead of remembering. All you need is someone’s number, and Humin will do the rest. You’ll then be able to search through your contact using familiar phrases like “met last week” or “lives in Brooklyn.”

AVAILABLE: IOS.

V esper

AN ELEGANT WAY TO RECORD YOUR THOUGHTS

PRICE: €2.99 Vesper is a note-taking app that takes a lot of the hassle out of organizing your thoughts. You can easily tag each entry so you can search for a specific thought by keyword later, and all your notes will be synced to your Vesper account, free of charge.

Reorganizing your notes is made simple with a hold-anddrag motion, and if you want to prevent a cluttered collection, a simple swipe archives your entry, storing it behind the scenes until you need to search for it.

AVAILABLE: iOS

cordeditorial@cma.rs |

122 December 2014 | 81

FASHION

New Year’s

Eve 2015

PRICE:

€208

Midnight Shine Dress

The top is decorated with midnight illusion sleeves and a V-neck neckline.

All over sparkles decorates the length.

NO MATTER WHAT feelings you carry as you leave behind 2014, we will only enter the 15th year of the 21st century once.

That’s why we suggest that at least for that one night – whether that is 31st December or 13th January – we set aside all negative vibrations and turn to positive expectations of the year ahead.

Fashion trends for New Year's Eve differ, but this year is dominated by advice that you ensure the outfit you buy for New Year's Eve can also be used later in the year.

Check out some of our suggestions and perhaps you’ll find some idea among them that will best suit your needs.

Balmain Embroidered Trim Jacket This Balmain jacket is destined to see you exude glamour after-dark.

Woven in a black wool-blend, it is tailored with the strong silhouette that is now synonymous with the French fashion house.

Price: €6,050

Nicholas Kirkwood Mercury Elaphe Pump Handcrafted in Italy, the point-toed pumps see a combination of elaphe and two tones of suede create glorious contrast in texture and colour.

Price: €700

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122 December 2014 | www.cordmagazine.com

PRICE:

€290

Two-Tone Draped Dress Refined and elegant, this decadent evening dress is chic with a sultry twist. The jewel neckline bodice has glamorous, bracelet length sleeves and features daring cutouts at the sides.

Dolce & Gabbana Crossbody Bag Dolce & Gabbana’s charming Lucrezia crossbody bag is poised to make an after-dark appearance, with its beautifully embellished design and glossy black snakeskin panelling.

Price: €2,120

Bee Goddess Star Midi Ring The 14 karat rose gold is a contemporary and beautiful character piece.

The five pointed star features a small white diamond at the centre with a slender band.

Price: €190

PRICE:

€380

Longines Classique Watch

Terani Couture Evening Dress

Made from steel and yellow PVD with a round dial, this is an eye-catching bracelet watch that will complete your look.

Price: €995

This astonishing design features a curved neckline and cap sleeves. Intricate embellishments cover the bodice in a glamorous geometrical pattern. Thin strap circles the waist to complete the style.

Accessories Salvatore Ferragamo Shoes

PRICE:

€3,040

Crafted in Italy with the finest suede, it features a comfortable block mid-heel with gold-tone links at the base. This ladylike shoe adds a sophisticated finish to your dresses and skirts.

PRICE:

€550

Ralph Lauren Malorie WoolAngora Coat

Monica Vinader Bracelet Art Deco-inspired design, crafted in 18 karat rose gold-plated vermeil and encrusted with pavé set diamonds totalling 0.52 carat.

The oversized silhouette is styled with a waterfall front, slim sleeves and two slanted waist pockets.

cordeditorial@cma.rs |

PRICE:

€1,210

122 December 2014 | 83

New Year’s

FASHION

Eve 2015

Trafalgar Crocodile Belt Exotic crocodilian scales touch up a smart belt that reverses to plain leather for a more conservative look.

Price: €110

PRICE:

David Yurman Cuff Links

€1,350

Sterling silver. Pavé gray sapphires or black diamonds, 0.82 total carat weight.

Price: €1,000

Rarph Lauren Solid Suit Italian-made Anthony suit is crafted from season-spanning wool gabardine and designed with hand-finished details and a clean, modern fit.

Accessories Salvatore Ferragamo Duran Double Buckle Monk Shoes Crafted from smooth, glossy leather, the shoes boast a double buckle front, fine stitch detailing and a sleek capped almond toe.

PRICE:

€880

Stefano Ricci Silk Tie And Handkerchief

Kiton Cashmere Coat

The Italian-made set comes in a classic paisley print on a navy blue background; a perfect gift for the discerning gentleman.

Crafted from pure cashmere, this superb coat from Italian label Kiton is sure to be a timeless addition to every man’s winter wardrobe.

PRICE:

PRICE:

€360 84 |

122 December 2014 | www.cordmagazine.com

€7,580

Corneliani Interchangeable Leather Belt

PRICE:

€255

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JVersace Trim Fit Navy Tuxedo An exquisitely tailored navy blue tuxedo is a perfect choice to stand out from the crowd.

Handsome flat-front trousers complete the elegant look.

cordeditorial@cma.rs |

122 December 2014 | 85

PROFILE

High Level

Profesionalism MICHAEL BEITZ New Member of the Executive Board of Erste Bank Serbia

Michael Beitz, the latest member of the Executive Board of Erste Bank Serbia, has enjoyed a long career in the banking sector and has held a number of key positions at Erste Group, which he joined in 1984

B

eitz, a 62-year-old Austrian, was born, raised and educatHis business style is characterised by an attention to detail, ed in Germany. However, he started his career in Austria which he explains as being a result of his German roots. He encourand has been with his present employer, Erste Group, since ages discussion, but also demands colleagues be open to new ide1984. as and what he calls rock’n’roll – rocking the boat and rolling out He first spent four years at Giro Credit Bank, then seven years at the improvements. its London branch, followed by four years at Erste Bank Oestereich, Having spent a long time living abroad, he has picked up the seven at Česká spořitelna, three at Slovenská sporiteľňa and four at best of the countries in which he has resided. He does not like long Banca Comerciala Romana. sentences without deadlines, figures and other quantifiable eleDuring his rich career at Erste Group, Beitz has held key posiments, nor the other extreme of only numbers without context. tions that saw him focus on credit risk and His general impressions about Serbia finance. Besides that, he was a Member of have been positive from the very start. He the Supervisory Board of Erste Group leasparticularly likes Ada Ciganlija in Belgrade, Beitz defines the ing, factoring and real estate subsidiaries in which, he says, reminds him of the Alte generating of sound Czech Republic (Česká spořitelna), Slovakia Donau recreation area in Vienna and growth that will outpace (Slovenská sporiteľňa) and Romania (BCR).

Herastrau Lake in Bucharest. the market as one of the His major achievements include comBesides German as a mother tongue, pleting the privatisation process, includBeitz speaks excellent English, basic Czech bank’s major goals ing the workout of the ring fence portfoand Slovak, and has started learning lio and approval of State Aid; rebuilding a Serbian. risk management culture and team; supporting the substantial exErste Bank Serbia is the oldest financial institution in the counpansion of loan volumes in the retail, commercial and governmental try, established in 1864 as the first savings bank (Novosadska sectors; successful implementation of the Basel 2 foundation IRB Stedionica). Today the bank has a network of 72 branches and four approach, including AMA both at Česká spořitelna and Slovenská corporate centres for SME clients. sporiteľňa; setting up a specialised Credit Fraud Prevention Team; In 2005 Novosadska Banka became a member of Erste Group, Development of a Credit Risk Model for Consumer Finance and which was founded in 1819 as the first Austrian savings bank.

Revolving Credit Cards for Erste Group; participating in the BCR Since 1997 Erste Group has developed into one of the largest fitransition team in 2006. nancial services providers in the eastern part of the EU, with apHis functions at Erste Bank Serbia include Chief Financial Officer proximately 44,000 employees serving around 16.5 million clients and Chief Risk Officer. He joined the bank in June this year. in around 2,800 branches in seven countries (Austria, Serbia, Czech “We want to generate sound growth outpacing the market.

Republic, Slovakia, Romania, Hungary and Croatia). Besides tradiAlso one of our main goals is strenghtening the balalnce sheet and tional strengths in serving private individuals, Erste Group’s core reducing NPLs. We have already achieved much in the second half activities include advisory services and support for corporate cliof this year”, says Beitz, addressing business plans for the perients in financing, investment and access to international capital od ahead. markets, public sector funding and interbank market operations. ■

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