CorD Magazine No. 155

H.E. SYED ADIL GILANI

IVAN MEDENICA Artistic Director Of BITEF

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Ambassador Of The Islamic Republic Of Pakistan

IS BITEF RETURNING TO THE WORLD SCENE?

NOT EVEN GOVERNMENT NEEDS SUCH MEDIA MANOJLO MANJO VUKOTIĆ

Long-Time Editor Of Daily Newspapers SEPTEMBER ’17 / ISSUE No. 155

BRINGING TWO NATIONS CLOSER

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How Europe Can Build A Silicon Valley FINANCE - ASSET MANAGEMENT

Digitalization, But Quickly!

JORGOVANKA TABAKOVIĆ GOVERNOR OF THE NATIONAL BANK OF SERBIA

THE BANKING SECTOR IS STABLE ISSN1451-7833

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IT IS ALW TIME FOR

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COMMENT DRAŠKO DRAŠKOVIĆ

How Europe Can Build A SILICON VALLEY

August 2017

Silicon Valley holds less than 0.1% of the world’s population (3 million people) and yet they’ve launched nearly half of the most valuable tech companies in the world, with a valuation of more than $100 billion

EDITOR: Ana Novčić a.novcic@aim.rs

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DESIGNER: Branislav Ninković

CONTENTS

8

IS BITEF RETURNING TO THE WORLD SCENE?

44

Ivan Medenica, Artistic Director Of Bitef

14

THE BANKING SECTOR IS STABLE

Jorgovanka Tabaković, Governor Of The National Bank Of Serbia

18

Architecture

PHOTOS: Zoran Petrović

51

ENERGY

SERBIA 2017

COPY EDITOR: Mark Pullen

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27

42 SPENDING ON MARKETING INVESTMENT OR EXPENCE?

NOT

EVEN GOVERNMENT NEEDS SUCH MEDIA

Manojlo Manjo Vukotić, Long-Time Editor Of Daily Newspapers And Owner Of Vukotic Media Publishing House

22 GLOBAL DIARY

Stefan Vanoverbeke, IKEA Southeast Europe CEO

72

CULTURE CALENDAR

74

CHILL OUT

76

FROM

ROCKEFELLER TO GATES

The 100th Anniversary Of Forbes

Sandra Rapo dipl.ecc, Marketing Expert For The Development And Promotion Of Brands

@CorD_Magazine

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CONTRIBUTORS: Rob Dugdale, Maja Vukadinović, Mirjana Jovanović, Miša Brkić, Radmila Stanković, Steve MacKenzie, Zorica Todorović Mirković, Sonja Ćirić

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H.E. Syed Adil Gilani, Ambassador Of The Islamic Republic Of Pakistan To The Republic Of Serbia

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COMMENT

How Europe Can Build A Silicon Valley

BY DR DRAŠKO DRAŠKOVIĆ, World Economic Forum Global Shaper

Silicon Valley holds less than 0.1% of the world’s population (3 million people) and yet they’ve launched nearly half of the most valuable tech companies in the world, with a valuation of more than $100 billion

O

among countries on innovation policies and best practices are often not shared across borders. This divided approach to innovation hinders the prospect of scaling its benefits worldwide.

European countries are well positioned in the Global Innovation Index 2017 – eight of the top 10 countries are on the continent. But all sizes. when we look at data from the European Commission, the picture Public sector leadership in Europe is highly aware of the need to looks very different: the EU is lagging behind the US and Asia in foster innovation-driven entrepreneurship and a large number of innovation and entrepreneurship. Europe was home to just 16 relevant priorities are already on the policy agenda. Interventions unicorns in January 2017, compared to 91 in the US and 44 in Asia. are being made to tailor education to the needs of entrepreneurial While 17 of the world’s 50 most valuable companies in 2006 were careers, to improve access to finance and to enhance the availability from the EU, today only six are. of and access to relevant talent.

There is an ongoing loss of technological know-how and intellecEnvironments that encourage strong innovation are crucial components of national development. Innovation, especially in tual property from Europe to the US. American companies account ICTs, is a driver of economic competitiveness and growth in modern for nearly half of all buyouts of European start-ups. This may not economies. Furthermore, innovation ecoseem very important in a globalized world, but it is. Whole new areas of emerging technology systems need to be established in order to The introduction of new are at risk of being plucked out of Europe and expedite sustainable development and their digital technologies, developed under US control instead. Concrete creation can play a critical role in advancing measures could prevent these departures. the Sustainable Development Goals (SDGs). while helping Many young people in Europe hope to start But such a dynamic business environment governments better their own business. If Europe wants to keep does require a coherent regulatory setting deliver services to them, it must develop innovation hubs, harthat guides, facilitates and promotes innovacitizens, will likely be the monize taxation and ease access to capital. tion activities.

The right environment can provide both Europe has many strengths compared to most important an inspiration for innovation and a source of Silicon Valley. It has highly-skilled people and instrument to guide, competitive advantage. The development of lower wages, for example. Major institutions facilitate and promote strong innovation ecosystems is seen as a cenlike the European Investment Bank and the innovation European Commission should confidently back tral policy area for productivity, comparative young entrepreneurs, be far less risk averse and advantage, economic growth and enterprise shed their hostility to rapidly earned wealth. value in a knowledge-based economy. AchievEurope needs to grow its number of smart locations and innovation ing “innovation readiness” often requires organizations, leaders ecosystems if it wants to keep the best entrepreneurs in Europe. and networks to change. Building the capacities of individual stakeScandinavian countries like Sweden or Denmark could lead the way holders in the innovation ecosystem helps to create that change. through the early encouragement of entrepreneurial culture. ■ The introduction of new digital technologies, while helping governments better deliver services to citizens, will likely be the most important instrument to guide, facilitate and promote innovation.

Dr Drasko Draskovic was born in Zvornik, Serbia. After Governments that are not digitally mature should work on their completing his PhD in London, Drasko was awarded a Marie digital transformation roadmap with a clear vision and strategy Curie Postdoctoral Fellowship for outstanding young postdoctoral aimed at fundamentally transforming their processes and establishresearchers by the EU. He provided technical and product advice to innovative tech startups in Switzerland, Germany, Spain and the UK. ing innovation agencies and funds. There is very little coordination ther Silicon Valleys can be built in Europe, but it’s really hard. To make this happen, you need more than just start-ups; you need an entire ecosystem: a constant stream of entrepreneurs, capital and companies of

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B y S O NJA Ć I R I Ć ; P h o t o : ZO R A N P E TROV I Ć

INTERVIEW

Is BITEF

RETURNING TO THE WORLD SCENE? IVAN MEDENICA, ARTISTIC DIRECTOR OF BITEF

“Opening Bitef with none other than the play Mount Olympus, which is currently one of the most famous in the world, truly reaffirms what Bitef is and its grandeur in every sense of the word.”

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lthough it only starts on 22 September, talks about the 51st Bitef began in the second half of June when only a part of its upcoming programme was announced. This suggests that this year’s Bitef will have the glamour that made it one of the most relevant theatre events in the world.

BITEF, or the Belgrade International Theater Festival of New Trends by its full name, was founded on 26 December 1967 as a permanent event of special importance to the City of Belgrade. The founders, art directors and selectors of BITEF were Mira Trailović and Jovan Ćirilov. Thanks to them and others who carried out of their idea, Belgrade has since become a name in world theater.

Already in its first year BITEF was able to realize its founding idea and bring new trends in theater and extreme avant-garde theater developments such as Living Theater (the play “Antigone”) and the theater of Jerzy Grotowski. In that decade Belgrade was on the border between the ideologically divided Western and Eastern blocs, which made BITEF a place where artists from both blocs could meet and exchange experiences, a truly unique place in the world. On BITEF’s tenth anniversary during the Cold War, great western theater critics, writers, directors, and theater

managers came to Belgrade to see the Taganka Theater from Moscow and Yuri Lyubimov, a director from the other side of the iron curtain, whose daring shows they could otherwise only hear about.

In the revolutionary 1960s and 1970s Belgrade saw some of the bravest stage experiments that led to the deconstruction of dramatic form, shows of new trends at permanent theaters, and performances of traditional oriental theater.

During the next two decades BITEF introduced its audience to the highest achievements of postmodern theater and dance. It did not falter in the promotion of world performers even in times of politiMount Olympus, Photo Wonge Bergmann cal and economic crisis and embargo. In this century, in line with changes on the you’ve chosen fit in these fast times The mere idea that you would world theater scene, BITEF has shown we live in, in times with no patience allow yourself to spend 24 hours performances of post-drama non-verbal for a long duration? of your life in a theatre, in the most and cyber theater.

The slogan Epic Trip is multifaceted. literal sense of the word, that you Epic refers to the composition that comes For the sake of illustration, we could from epics and myths, because the entire mention just a few of the hundreds of would allow yourself Greek mythology is at the core of several theater artists who are part of BITEF’s a specific exchange that will plays, as are biblical texts and Serbian epic 50-year history: Eugene Ionesco, Claus happen in those circumstances, literature, while the Iranian play Hearing Peymann, Eugenio Barba, La mamma, an energy exchange, emotional, personally reminds me of One Thousand Ingmar Bergman, Peter Stein, Georgij and One Nights, a typically Persian tradiParo, Roberto Ciulli, Peter Brook, Dušan intellectual, spiritual and even Jovanović, Paolo Magelli, Robert Wilson, tion of narration. The first meaning of the physical exchange with the Andrzej Wajda, Ljubiša Ristić, Tadeusz slogan Epic trip is therefore related to the audience around you Kantor, Dejan Mijač, Tomaž Pandur, Yuri content of the plays, while the second is reLyubimov, Samuel Beckett, Thomas Oslated to the tradition of narration. The third meaning of the word epic is epic duration. Mount Olympus in particular termeier… lasts 24 hours, which makes it a curiosity in itself, and the play Quizoola From 22 to 30 September in Belgrade, Bitef will see seven plays perperformed by the famous British troupe Forced Entertainment also formed under the slogan Epic Trip lasting for more than 40 hours. They lasts 24 hours. However, we have chosen the opportunity offered by the are the following: Quizoola performed by Forced Entertainment from troupe – to watch a shortened version of a mere six hours! Regarding the Great Britain, Mount Olympus by Troubleyn from Belgium, Bible, the explanation of the word Trip in our slogan, it means a journey to ancient First Attempt by the Slovenian National Theatre Drama from Ljubljana, civilisations on which the entire world civilisation is based, which is very Kingdom of Heaven (working title) coproduced by the National Theatre in important to Bitef, because Bitef is an international festival that cannot Belgrade and the Serbian Bitef Theatre, Snow performed by Thalia Theatre limit itself to a western or European cultural context. Of course, the English from Hamburg, Germany, Hearing by Mehr Theatre Group from Tehran, word trip has its colloquial meanings related to a specific state of mind, Iran, and The Extermination by Konzert Theater from Bern, Switzerland. to hallucination, to a special psychophysical surrender, which really is the Plays participating in the 51st Bitef, which have attracted such media effect that these plays of long duration create. They almost physiologically attention, have been selected by Bitef Artistic Director Ivan Medenica. bring you to a state of consciousness where you may become more ready, maybe because of the fatigue, to let yourself go and abandon your everyday ■ The slogan ‘Epic Trip’ has been inspired by the plays, since routine. Regarding our life in the time of fast forms, short, fast changes of most of them have a narrative character. How will the plays SEPTEMBER

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■ It has been announced that Mount Olympus is rarely performed…

Yes, because it is both physically and psychologically very demanding for the performers; as far as I’ve heard, they’ve only played it in a dozen cities. They will arrive in Belgrade five days earlier to prepare for the performance – the rehearsal lasts 12 hours. There are actors, dancers, performance artists, the cast is international. The play is like the Tower of Babel – it features a number of languages, such as Flemish, French, English, Italian, Croatian etc.

Last year, opening the 50th Bitef, Bob Wilson, perhaps the most famous theatre director in the world, revealed a fact that Bitef was one of the co-producers of his play, at a time when the US would not give anything for his work rhythm, external attractions, the mere idea that you would allow yourself to spend 24 hours of your life in a theatre, in the most literal sense of the word, that you would allow yourself a specific exchange that will happen in those circumstances, an energy exchange, emotional, intellectual, spiritual and even physical exchange with the audience around you, and most of all with the actors on the stage, is fascinating.

■ The British play Quizoola, the programme’s prologue, had its premiere several decades ago, which does not fit with Bitef’s tendency to show new pieces. Why have you invited it?

It premiered in 1996, and there are several reasons why it found its place on Bitef’s programme, exactly on the introductory day. This play is a prologue in itself – it is one of the first long duration performances, so we wanted to pay homage to it. The British troupe Forced Entertainment typically deals with long duration performances, and what is characteristic for this play is that it treats the term ‘duration’ from another aspect as well – not only in terms of the number of hours, but also in terms of remaining on the programme – for 21 years! During this period, it has undergone some changes, it has the structure of an endless quiz in the form of stand-up performances lasting around 20 minutes each, a quiz of knowledge of a certain concept. The play is constantly updated, new topics relevant to the modern world are introduced – it is like a well-made machine that can last for years and is constantly remodelled. It features phenomenal actors and is very much based on their improvisation.

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■ It could be said that the participation of Mount Olympus at Bitef, since it is rarely performed and is one of the most attractive plays in the world, proves Bitef’s reputation among a global theatre public.

I can only agree, and say that it is an honour that we could get this troupe to come, given our modest funds – they did us favour with their prices. The mere fact that the play lasts 24 hours, that the ensemble lives in Belgrade for five days before the performance and that the rehearsals last 12 hours – this is all expensive, and it was a great production challenge for our team. But for the sake of Bitef’s reputation, they will be performing here at their lowest price. What is more, opening Bitef with none other than this play truly reaffirms what Bitef is, and its grandeur in every sense of the word. At the same time, at the end of the festival, we will see two plays by young German director Ersan Mondtag. He was born in Germany, but has Turkish origins and comes from the Turkish community. Ersan is 29 years old and already recognised in German-speaking countries. He is coming here with his plays from Hamburg and Bern, but he is still not famous in an international context. This will be Mondtag’s first international performance, and if these two plays are successful, as I am sure they will be, his career will start from Bitef.

■ Bitef traditionally discovers new directors, troupes…

This has been typical throughout Bitef’s history, with the most famous names Bitef launched being Grotowski, Bob Wilson, and the American troupe The Living Theatre. Last year, opening the 50th Bitef, Bob Wilson, perhaps the most famous theatre director in the world, revealed a fact I did not know: that Bitef was one of the co-producers of his play, at a time when the United States would not give anything for his work. This is why I am glad that, by affirming young director Mondtag who I strongly believe will have a global career, Bitef continues its traditional mission.

■ Mondtag comes from the Turkish community in Germany. The fact that he succeeded in German theatre while belonging to a national minority demonstrates the openness of both German society and theatre.

Given the historical circumstances, German theatre became multicultural relatively late compared to, for example, French or English theatres that have been that way since the 1970s, because Germany does not have a history

of colonisation. On the other hand, while Western Europe was facing the demons of its colonial past, Germany had to face its own demons, so their theatre became multicultural only some twenty years ago. We showed this at the 50th Bitef with the choice of German plays – they both dealt with African topics and had African artists. This year, we are showing German theatre culture since one play is from Hamburg and the other from Bern, which lies in the German-speaking part of Switzerland, both represented by a member of the Turkish community. There is a theatre in Berlin called ‘Maxim Gorky’, whose director is of Turkish origin, and whose ensemble has many artists of Turkish origin and from the former Yugoslavia. Let me just remind you, their play dealing with the wars in the former Yugoslavia was at Bitef three years ago. I am glad that, for two years in a row, Bitef has been pointing to the incorporation of other cultures into German culture.

■ Slovenian director Jernej Lorenci is also participating with two plays. What is the topic of the play with the working title Kingdom of Heaven, Bitef’s co-production with the National Theatre? What we know so far is that it is based on Serbian epic poems and that the main characters are Marko Kraljević and Miloš Obilić.

Several preliminary rehearsals were held in June, while intensive preparations began on 20 August. The play is based on various materials from Serbian epic literature that were revised, modified and adapted through cooperation between the authors and the actors. What I know is

Hearing, Photo Pierre Borasci

What is typical for our epics is that we are either heroes or victims, there is not a single identity in between. That is avoidance of responsibility for everyday life that Lorenci is primarily interested in an archetypal situation that is more widely spread, but is also typical for Serbian tradition – the archetypal dualism between hero and victim. What is typical for our epics is that we are either heroes or victims, there is not a single identity in between. That is avoidance of responsibility for everyday life. In this sense, the play has a political note even though it deals with universal topics.

■ The title, even though it is a working one, has already identified the play, it has an ironic undertone. Have its authors considered this?

Lorenci is aware that the phrase kingdom of heaven has been politically and ideologically exploited, and he will deal with traps of this kind. At the same time, he does not want to make a play that will only strive to avoid falling into those traps, because he believes that in a philosophical sense, if we disregard those ideological misuses, the philosophical dilemma between a life in the ideals of the kingdom of heaven and the compromises the kingdom of earth requires is highly topical for all of us. For the kingdom of heaven has all but disappeared. This society is losing faith in its ideals so, personally, I find it interesting to know how the play will advocate the kingdom of heaven, while avoiding the traps of misuse the phrase carries.

The Extermination Photo Birgit Hupfeld

■ The play Hearing by the young Iranian director Amir Reza Koohestani deals with the status of women in modern Iran, which in itself shows the change in public attitude towards women in this country. Could you comment on this?

I saw the play at the Avignon festival. It has been performed at many big festivals, and its director Koohestani – young, but already recognised and SEPTEMBER

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Bible, The First Attempt, Photo Peter Uhan

■ How is Bitef’s cooperation with foreign cultural centres in Serbia?

Very good, both with cultural centres and with embassies. We cooperate traditionally well with the Goethe Institute, and are especially grateful to them this year for providing us with the necessary sum for the German play, despite the fact that we selected it after deadlines that suited them. They were remarkably patient with us, and we are grateful. The German Embassy has shown particular interest in the presence of the German play, as part of this year’s wider presentation of German culture in Serbia – we know that Germany is the honorary guest of this year’s Book Fair. This year we did not cooperate with the French Institute, with which we have a long-standing tradition of cooperation, because we have not selected any plays from France.

The Swiss Embassy helped us bring the Swiss play to Bitef, and we are very grateful for that.

This year I went to Nigeria famous – lives between Tehran and Europe, so I am not sure how much this play, however one to their biggest theatre hundred per cent Iranian it is in terms of culture, festival where I language and everything else, really represents encountered an interesting the main trends of Iranian theatre and how much phenomenon: their Iranian theatre deals with taboo political issues. But since we have a comparative experience of Iranian theatre deals precisely film and so we know that in Iran it is enough for with the topics that women to just cover their head slightly, it seems to are taboo in society me that perhaps this play, at least from our western perspective, speaks about a more open attitude towards those issues. A comparative experience may also be found in the following example: last year, we focused on Africa, specifically on Nigeria, as the laureate at the International Congress of Theatre Critics was Nigerian author Femi Osofisan. So this year I went to Nigeria to their biggest theatre festival where I encountered an interesting phenomenon: their theatre deals precisely with the topics that are taboo in society. I saw several plays on women’s rights, on LGBT topics, and homosexuality is forbidden in Nigeria. In a country where homosexuality is outlawed, the theatre deals with exactly those forbidden topics. Of course, I am not making a comparison between Nigeria and Iran, I am only talking about the theatre’s need to speak of topics that are not to be spoken of. In addition, the Iranian play Hearing has an extremely Snow, Photo Armin Smailovic modern expression, and deals with a current social topic, but also reminisces about one of the most significant and ■ Are you already thinking about the 52nd Bitef? oldest cultures – Persian. While I was watching the play, it reminded me Yes. For example, in late July we went to Venice to the International of Scheherazade and her stories, because the play is structured around Theatre Festival to see an Estonian play I had heard a lot about. Estonian opposing stories on the same topic, searching for the truth regarding the culture has never been featured at Bitef, and whether we have chosen it issue of the status of women. you will find out this time next year. ■ 12 |

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By MIRJANA ZEC

INTERVIEW

The Banking Sector

IS STABLE JORGOVANKA TABAKOVIĆ,

GOVERNOR OF THE NATIONAL BANK OF SERBIA

The NBS results of the last five years and the stability achieved are important for the economy, investors, and everyone in Serbia, since we have helped create a more stimulative business environment, and contributed to reducing risk premiums to the lowest level and improving the credit rating of our country

T

he National Bank of Serbia has been achieving its best results these days, which is coinciding with the completion of the five-year term of the NBS Governor Jorgovanka Tabakovic. Inflation is lower than previously forecast, so its target is reduced by one percentage point. At the same time, in the last five years the dinar has never been stronger compared to the euro. Also, the number of non-performing loans in the economy has been decreasing, which is extremely important for both companies and enterprises on the one hand, and the central bank 14 |

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and commercial banks on the other. Financial and price stability is a serious indica¬tor that Serbia has reached a more peaceful stage, marked by stable development and an increasing credit rating.

Because of all these indicators, we asked the NBS Governor Jorgo¬vanka Tabakovic for an interview, in which she explained how these results have been achieved.

■ In what way will this dinar value reflect on the economy and investors, and what does it mean for ordinary people?

Until when do you expect the dinar to gain strength?

During the last five years, the National Bank of Serbia has achieved and preserved financial and price stability, fulfilling in this way its objectives defined by law. It has also helped achieve a more stable business environment, which has been beneficial for both the popula¬tion and economy. One of the factors of overall stability that we have succeeded in achieving since August 2012 is a relative stability of the exchange

STABILITY

INFLATION

NPL

During the last five years, the NBS has achieved and preserved financial and price stability, fulfilling in this way its objectives defined by law

The basic inflation rate has been around 2% this year, and in July it was 1.7% year-on-year.

The NPLs have dropped by 7 percentage points. Corporate NPLs are at the lowest level in the last nine years.

dinar was evident - in Serbia no one has to be worried any more or rate. The situation we were facing at the beginning was making our face uncertainty when they look at the foreign exchange rate lists. job much harder, and this is best illustrated by exact data – inflation Exchange rate fluctuations are impossible to forecast. We expect those nearing 13%, dinar depreciation of more than 30%, inappropriate factors that have contributed to stability in the foreign exchange market spending of foreign currency reserves and strong challenges coming in recent times to continue to have a stabilizing ef¬fect. In the last quarter from the international environment. it is common to see a certain increase in the Due to the recovery of investment credit in demand for foreign currency, but significant the last two and a half years, the time periods changes in exchange rates are not expected. of credit portfolios have been xtended, and in June credits with an original period over 2 years made up 64% of the credit claims by businesses ■ The new inflation projection for this We were able to answer these challenges year and the following year is 3%ffl 1.5% thanks to the strengthening of the resilience at an annual level. What have been the of the domestic economy and our financial key reasons for its decrease? system, a cautious monetary policy, and interInflation in Serbia has been low, stable, and predictable for four consecutive years now. ventions on the foreign exchange market - in Starting from almost 13% in the autumn of the last five years, up to July, in interventions 2012, we succeeded in reducing it to 2.2% in on the foreign exchange market the total net less than a year, and to keep it low. Low inflasale effected was €765 million, with a nominal depreciation of the dinar to the euro of 1.5%. tion pressures since 2013 are due to relative This is consider¬ably less than the €5.7 bilstability of the exchange rate, limited inflation expectations, and the impact of fiscal consolilion of net sale in the five-year period before that, when the nominal depreciation of the dation. When it comes to the price stabil¬ity dinar was 33.2%. achieved, Serbia is now comparable to other Preparing in peaceful times the defence European countries - since the beginning of system for the impending pressures and inthis year inflation has been moving within the boundaries of the of the new, lower targets, vesting in stability in turbulent times, the gross and in July it was 3.2% year-on-year. The basic foreign currency reserves of our country were inflation rate has been around 2% this year, main¬tained at an appropriate level measured and in July it was 1.7% year-on-year. by all criteria, while in the net amount they were increased - from €6.6 billion at the end of 2012 Due to the recovery of to €8.4 billion at the end of 2016. Confidence ■ JP Morgan included dinar securities in investment credit in the last its trading lists, and they even decided in the dinar has been returning and the level of two and a half years, the dinarisation, i.e. dinar-based transactions and to buy them themselves. Would you like the role of the dinar compared to that of foreign to comment on that a bit? time periods of credit currencies, is growing.

I think this is the best illustration telling us that portfolios have been The NBS’ results and the stability achieved the overall endeavours of the NBS in the last five extended, and in June are important for the economy, investors, and years have brought results, which I believe people credits with an original for all of us, since we have helped achieve will also feel more and more as the days go by. a more stimulating business environment, period over 2 years made up and contributed to reducing risk premiums ■ Our public debt is now around 65% 64% of the credit claims to the lowest level and the improving of the of GDP. What is your comment on this by businesses credit rating of our county and its rank on the fact and what will the annuities amount competitive Doing Business list. The inflow to this year and next year? of foreign direct investment in the last two years amounted to 5.5% Within the framework of the agreement with the IMF, the measures of GDP, and it was more than sufficient to cover the deficit in the balof the economic policy supporting a fast recovery of the Serbian economy were implemented consistently. And this brought results - the ance of payments current account. Financ¬ing investment growth was fiscal deficit in 2016 amounted to 1.3% instead of the projected 4.7% enabled by better results in the economy, where the contribution of GDP. It is certain that the fiscal result will be more favourable than lower costs for company borrowing and the relative stability of the SEPTEMBER

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planned in 2017 as well. Due to the fiscal adjustments achieved, the participation of the public debt in GDP has already been reduced in 2016, i.e. one year ahead of the projection, to 73% of GDP (compared to 74.7% at the end of 2015).

Lower inflation pressures and the reduction of the risk allowed us to reduce the key policy rate from 8% at the end of 2014 to the current 4%. In return, this allowed the interest paid by the state for borrowing in dinars to drop considerably. At the same time, much better microeconomic performance and economic prospects resulted in the reduction of risk premiums for our country and more favourable conditions for external financing.

This year, the participation of public debt in GDP has dropped additionally, and at the end of July 2017 it amounted to 65.2% of GDP, confirming that it’s on the decrease.

When it comes to maturity, it is important to stress that the state’s way of financing is such that each year, several billion euros of debt are due on various grounds, and that most of the maturing debt is refinanced according to more favourable conditions.

■ The NBS has been quite active in the FX market. What is the score there and will the foreign exchange rate policy stay the same?

The NBS has diligently analysed on a daily basis the potential impact of all factors on the FX market, and it has reacted as required, to mitigate excessive short-term volatility of the exchange rate. Appreciation pressures on the dinar have been present since April due to several factors, all of them based on improvements in the microeconomic circumstances in Serbia.

The dinar has strengthened against the euro by 3.5% since the beginning of the year, and in August it reached its highest value in relation to the euro since November 2014. Since the beginning of the year, the National Bank of Serbia has intervened on the interbank foreign exchange market by selling EUR 345 million, and by purchasing EUR 875 million, i.e. by a net purchase of EUR 530 million.

Whether a job is well done or poorly done, the failure to achieve results or good performance is something that makes a clear difference, it makes one qualified or inadequate for the job. Your first sentence in this interview was that the NBS has not recorded such good results in a long time... I am very pleased about that

■ The NBS is devoted to resolving the problem of NPLs. Is their percentage decreasing due to bank write-offs as well?

A legacy of the global financial crisis and the ”overheating” in credit activity is the increase of NPLs, which has been a burden on the Serbian economy. In order to define a systemic solution for non-performing loans, and in cooperation with the Government of the Republic of Serbia, we have developed the NPL Resolution Strategy in 2015, with accompanying action plans.

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The National Bank of Serbia has implemented all activities within the deadlines, so NPLs have dropped by 7 percentage points. Corporate NPLs are at the lowest level in the last nine years.

The achieved microeconomic stability and NPL resolution has significantly helped reduce new NPLs in our system, together with the broad implementation of the write-off policy and abandoning claims as dominant channels for resolving NPLs.

■ Commercial banks record increased credit activity, and consumption is higher than before. What are loans being used for the most?

Loan demand has also increased in 2015 and 2016, due to considerably lower interest rates on dinar and euro-indexed credits, the acceleration of economic activity, and the recovery of the labour market. Growth was recorded despite the fact that a considerable amount of subsidised loans was maturing in 2015, while in 2016 credit activity was affected by intensive efforts of banks to resolve NPLs. In 2017, y-o-y growth of loans has resumed, and in June it amounted to 4.5% (6.7% excluding the effects of NPL write-offs). Bearing in mind further economic growth, past monetary policy easing which was the National Bank of Serbia’s contribution to a significant reduction in interest rates on dinar loans, and low interest rates in the international money market, we expect that the growth of credit activity will continue for the rest of the year.

Since the beginning of 2015, the approval of the new investment loans has intensified, and their total amount in 2015 and 2016 was at the level of total approved new investment loans in the four-year period 2011-2014. In the segment of newly approved corporate loans, companies mostly use loans as working capital (60%) and for investment (22%). When it comes to households, housing loans have grown by RSD 5.7 billion (excluding exchange rate effects). The recorded growth of housing loans in the second quarter of 2017 is at the same time the greatest quarterly growth since the subsidised housing loan programme (in the third quarter of 2011). In the structure of the newly approved household loans the greatest part is that relates to dinar cash loans and refinancing loans.

■ Only recently several banks went bankrupt, and the damage is estimated at nearly a billion euros. Is there any possibility of us hearing such unpleasant news again?

The banking system of the Republic of Serbia is stable, highly liq¬uid, and adequately capitalised according to all reference criteria.

due to its energy, the Serbian banking sector is treated as one of the The stability of the banking system is also reflected by the increase most attractive sectors for potential foreign investors. The conditions of interest on the part of the foreign investors to come to the bankfor their arrival to the Serbian banking market are clear and transparing market in Serbia, which is confirmed by the arrival to our market of the Bank of China, the fifth largest bank in the world. We work ent, and the criteria for their evaluation are prescribed in detail in the con¬tinuously to implement measures for the preservation of the internal acts and procedures of the NBS, which supports the arrival of stability of the financial system, which is also evident in the amendsolvent investors in the banking sector in Serbia. In cases of changes in the ownership structure of banks, we decide ments and the supplements to the Law on each request in accordance with the legally the National Bank of Serbia and the Law on People are no longer afraid on prescribed procedure, taking into account the Banks from February 2015, which have imthat high inflation will stability of the banking sector and the protecproved the framework for the recovery and resolution of banks in accordance with the tion of depositors’ funds. decrease the real value of principles and rules prescribed in Directive their earnings and pensions, 2014/59/EU (the so-called Bank Recovery ■ You have been leading the NBS for five and the business commu- years. and Resolu¬tion Directive).

Are you expecting a new term? nity can plan its operations What is also important is that the results of the Even though I appreciate the fact that in special diagnostic studies conducted in 2015 and vestors dislike instability, the population the results of stress testing of the banks and sectors, which is conducted on a dislikes uncertainty, and the market dislikes upheavals, I do not quarterly basis, confirm that the sta¬bility of the sector has been on the rise think about the position. I think about the job, how to do my job over the last several years. in the best possible way, to achieve visible and unquestionable results. Whether a job is well done or poorly done, the failure to achieve results or good performance is something that makes a clear ■ What is your vision of the Serbian banking sector in the difference, it makes one qualified or inadequate for the job. Your near future? first sentence in this interview was that the NBS has not recorded The Serbian banking sector is functioning according to all pos¬tulates such good results in a long time... I am very pleased about that. ■ characteristic for banking markets of developed countries. Specifically,

By LIDIJA MARKO

INTERVIEW

BRINGING TWO

NATIONS CLOSER H.E. SYED ADIL GILANI, AMBASSADOR OF THE ISLAMIC REPUBLIC OF PAKISTAN TO THE REPUBLIC OF SERBIA

After only five months in Serbia, H.E. Gilani has nothing but respect for the Serbian people and praise for their core values.

There is a lot to be done concerning the development of economic and cultural cooperation between the two countries, but, most importantly, mutual respect exists between the two peoples

P

akistan is a country in South Asia, at the crossroads of West Asia, Central Asia and East Asia. The world’s sixthmost populous country, with 201 million inhabitants, the Pakistan federation comprises four provinces and four territories, with a total of about 130 districts. It has a semiagricultural and semi-industrialised economy, while the population speaks more than sixty languages.

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■ Your Excellency, you arrived in Serbia only recently. What are your initial impressions?

I came here five months ago and think your country is really fantastic. Serbia is already part of Europe. You represent an excellent mix of different characteristics, and have all the advantages of a European country, but also an Eastern country, though you also have something that makes you unique. Your country is very beautiful; the people are very beautiful and I believe Serbia is one of the most beautiful countries in the world. The most important thing I have noticed is the behaviour of Serbs, as they are very well educated, extremely humble and respectful, energetic and, above all, very responsible.

■ What have you defined as the priorities of your term in Serbia?

My mission in Serbia will be to bring our two nations closer together than ever before, and to increase bilateral trade relations, which are currently

RELATIONS

TERRORISM

LAWS

My mission in Serbia will be to bring our two nations closer together than ever before, and to increase bilateral trade relations, which are currently very small.

Pakistan has suffered the greatest loss of human life as a result of terrorism.

Furthermore, we have also sustained great financial losses

Although Pakistan has Islamic laws, and those laws are very strict, they are not so strictly followed in Pakistan

very small. To achieve this, both nations will have to exert a lot of effort, and to establish a Serbian Embassy in Pakistan, which existed until 1992.

■ Next year marks the 70th anniversary of the establishing of diplomatic relations between Pakistan and Serbia. How would you define relations between the two countries, both in earlier times and today?

Next year will be dedicated to the Pakistan-Serbia friendship. We have already discussed this with Serbian President Vučić and Foreign Minister Dačić. The following year will mark a great celebration in such a way as to show the whole world how close our two nations are, and that Serbia was among the first countries to recognise Pakistan when it gained independence. Next year we will celebrate this jubilee by organising various exhibitions and events, with the aim of demonstrating that we are a very friendly people, and that it is our wish to further develop cooperation in the fields of science, culture and tourism.

■ On the foreign policy front, the issue of Kosovo’s membership in UNESCO, which Serbia opposes, is again current. Will Pakistan again support Kosovo’s UNESCO membership, as it did in the last vote?

This is an issue that Serbia has been dealing with for some time now, and I hope that Serbia will solve the Kosovo issue as soon as possible. It is of vital importance that Serbia joins the EU, and I definitely hope, or actually I am sure, that this issue can be resolved in a peaceful manner for both the people of Kosovo and the people of Serbia. Concerning this question, I am not yet sure how we will vote regarding Kosovo’s membership in UNESCO, but what I can say for certain is that policies are definitely changing over time.

terrorist attacks. Pakistan has suffered the greatest loss of human life as a result of terrorism. Furthermore, we have also sustained great financial losses. We have spent hundreds of millions of dollars trying to solve that problem, and it will continue to be one of our most important challenges in the future. In addition, we have very important infrastructural projects underway, such as the construction of roads,

The most important thing I have noticed is the behaviour of Serbs, as they are very well educated, extremely humble and respectful, energetic and, above all, very responsible

■ In which areas do you see possibilities for the further development of cooperation between Pakistan and Serbia?

I believe that our cooperation can develop in many different areas.

However, I think Serbia will predominantly export various products to Pakistan, for instance arms, IT components, hardware and software, electronics, while Serbia will mostly import from Pakistan garments, surgical equipment and medical supplies. It is important to emphasise that tourism also has very good potential for both our countries.

Pakistan has a good climate, seashore and mountains, but Serbia also has much to offer.

■ When it comes to Pakistan, the 70th anniversary of the country’s independence was marked this August. What do you consider as being your country’s greatest challenges?

That is definitely economic development, which was disrupted by

bridges, power plants, airports etc., in cooperation with China, which will surely provide a much-needed boost to our economy.

■ How important for Pakistan is the fact that celebrations were also attended by the vice president of China, while the military parade included members of the armed forces of Turkey and Saudi Arabia?

It is my opinion that this was a very good gesture by the president of Serbia, especially because it was the first time that officials at such a high level attended the mentioned event. President Vučić is very fond of Pakistan, and he also sent a special message of friendship. I think that the celebration will be very successful in bringing our two nations together. The festivity presented the tradition and cultural characteristics of Pakistan, and owing to the media attention, even from the national networks of other countries that followed this event, I hope the right image of Pakistan was relayed to the people of Serbia.

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DESTABILISATION

GLOBAL DIARY

“Russia continues to seek to redraw international borders by force and, here in the Western Balkans, Russia has worked to destabilize the region, undermine democracies and divide you from each other and from the rest of Europe.” - Mike Pence, US Vice President

QUEEN HIRES ABBA TRIBUTE BAND FOR WINDSOR CASTLE PARTY ▶ Her Majesty The Queen Elisabeth opened up Windsor Castle last month to her 500 staff and guests for an ABBA inspired party it has been revealed.

According to The Mail on Sunday, Her Majesty gave permission for a party to be held in the castle for her hardworking staff and their guests.

For £12.50 a ticket, the party attendees were treated to a showing of the blockbuster film Mamma Mia!, as well as live music from an ABBA tribute band.

One Windsor resident told the Mail: “Members of the Royal Household were allowed to buy tickets for themselves and guests.

The Queen is reportedly a huge fan of ABBA and loves to dance along to the music

JAPANESE PRINCESS MAKO TO ANNOUNCE ENGAGEMENT

reportedly proposed about a year after they started dating. He currently works at a law firm in the capital.

However, under Japan’s law, any female royal family member loses her status on marrying a commoner.

ROMAN ABRAMOVICH AND DASHA ZHUKOVA SEPARATE ▶ Princess Mako, the eldest grand-

daughter of Emperor Akihito, and her longtime boyfriend, Kei Komuro, will speak to the press together on Sept. 3 to officially announce their engagement, the Imperial Household Agency said.

The announcement had originally been planned for July 8 but the couple decided to postpone it in the wake of damaging rains that lashed southwestern prefectures earlier in the month.

The new announcement date was fixed after adjusting the schedules for the Emperor, Empress Michiko, and the parents of the princess, Prince Akishino and Princess Kiko.

Princess Mako and Komuro, both 25, met five years ago when they were students at International Christian University in Tokyo, and Komuro 22 |

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▶ Russian billionaire and Chelsea Football Club owner Roman Abramovich and his wife of 10 years, Dasha Zhukova, have announced their separation.

Abramovich is estimated to be worth $11.5 billion and is famous for his high-profile assets including Chelsea Football Club and a string of luxury properties, cars and yachts.

He’s reportedly dropped more than $1.5 billion on “toys and homes” including ones in the Caribbean, Colorado and the South of France. He’s also renowned for hosting lavish parties where the likes of Beyonce and Gwen Stefani would perform, or dropping $50,000 on restaurant bills in New York City.

Zhukova, 36, is no stranger to the high

life herself. The daughter of a Russian oligarch Alexander Zhukov, who has

made a small fortune in oil, metals and banking, she has been lauded by the New York fashion and arts scene for her daring projects.

MATCH-FIXING ▶ More than a third of athletes across 13 different sports believe match-fixing has taken place and some said they had been approached by fixers in the past year, a European report said on Tuesday.

The research by “FIX the FIXING”, a project co-funded by the European Union’s Erasmus+ project at the Aristotle University of Thessaloniki in Greece, surveyed more than 600

23RD SARAJEVO FILM FESTIVAL ▶ The Sarajevo Film Festival continuously develops its recognizable concept as an international film festival with a clear focus on Southeast European films.

Better integration of the existing segments and development of the new competition programme enable Sarajevo Film Festival to further affirm itself as a must-attend film festival for authors, film professionals, students, cinemagoers and journalists.

This year, the Festival also presented two new venues: House of Shorts and Youth Theatre that served as a central gathering point for Children’s Programme and TeenArena audiences. In addition Festival’s most popular venue Raiffeisen Open Air Cinema, that attracted some 3,000 moviegoers each night, was reconstructed. Numerous eminent filmmakers presented their work to the audience including Honorary Heart of Sarajevo Award Recipients John Cleese and Oliver Stone

IDEA

“The US and several Western countries are obsessed with the idea of ruling the Balkan region once again. It is only natural, because geography envisages common mechanisms, a common space and a common market. But we hope that sometime in the future, this economic space will engulf the remaining part of Eurasia as well.” - Sergei Lavrov, Russian Foreign Minister

TOTAL SOLAR ECLIPSES IN THE US ▶ Day turned to night for two minutes during the eclipse, visible in a 113-km-wide, 4,000-km-long zone in the US, drawing one of the largest audiences in human history.

The last time such a spectacle unfolded from the Pacific to the Atlantic coast was in 1918. The last total eclipse seen anywhere in the United States took place in 1979.

The Canadian Space Agency described the initial glimpses of the eclipse as “Beautiful!” as Americans watched in wonder through telescopes, cameras and protective glasses.

Total solar eclipses happen somewhere in the world every 18 months or so. That’s how long it takes for the specific conditions that create eclipses (the phases of the moon, the distance of the moon to Earth, and the moon crossing the plane of Earth’s orbit) to line back up.

The very next one will be on July 2, 2019, stretching over a wide swath of the Southern Pacific before passing across Chile and Argentina.

athletes about whether they had experienced manipulation of results in their sports. The results revealed that about 35 percent of those questioned believed games had been fixed while 20 percent were aware of manipulation within the last 12 months. Footballers and rugby union

players were among those questioned, along with competitors in basketball, handball, volleyball, water polo, martial arts, badminton, tennis, athletics, swimming, gymnastics and weightlifting.

MRS. MUGABE ACCUSED OF BEATING UP MODEL

Grace Mugabe assaulted her with an extension cord in Sandton mid last month. Mrs. Mugabe was in South Africa to have her foot examined following an accident at the Harare international airport.

Gabriella Engels said she was visiting Mugabe’s two sons Robert and Cha-

▶ A twenty-year-old model Gabriella Engels claims Zimbabwean first lady

tunga at the Capital 20 West Hotel when bodyguard asked her to leave the brothers and wait in a separate room before Mugabe allegedly started beating her.

“When Grace Mugabe entered I had no idea who she was. She walked in with an extension cord and just started beating me with it,” Engels told News24 over the phone.

Engels said Mugabe accused her of living with her sons. Engels opened a case of assault against the 52-year-old First Lady but despite widespread calls for Grace Mugabe to be prosecuted, she has been granted diplomatic immunity.

GATES LARGEST DONATION SINCE 2000 ▶ Bill Gates made his largest single gift

since the turn of the century, giving away Microsoft Corp. shares that accounted for 5 percent of his fortune, the world’s biggest.

The billionaire donated 64 million of the software maker’s shares to the Bill & Melinda Gates Foundation on June 6, according to Securities and Exchange Commission filings released last month.

The shares were valued at $4.6 billion at the time. It’s the largest gift of Microsoft

shares that Gates, 61, has made since 2000.

He gave away $16 billion worth of the stock in 1999 and $5.1 billion a year later, according to calculations by Bloomberg. Bill and Melinda Gates have given away about $35 billion of stock and cash since 1994, based on the value of the shares at the time of gifts, according to a review of Gates Foundation tax returns, annual reports and regulatory filings.

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INTERVIEW

We Are A GAME CHANGER STEFAN VANOVERBEKE, IKEA SOUTHEAST EUROPE CEO

We think the region has strong potential, and that our vision of “creating a better everyday life for many people” is even more relevant here than in well-developed countries, as IKEA sides with people with fewer means. As a result, every time IKEA enters a new market, interest in home furnishing grows.

B

etween the first opening of the small IKEA outlet in Belgrade in 1991, and the much larger one in august this year, Serbian consumers have waited 26 years. More than 16,000 people visited their favourite furniture shop the first day it opened, while about 20,000 registered for the family card that same day, promising a long love affair with IKEA. It is expected that IKEA will become a game changer on the domestic market, both by driving up interest in home furnishings and in sending a strong signal to the domestic furniture industry in terms of design and efficiency. IKEA is simultaneously a very welcome employer and, hopefully, purchaser of Serbian furniture products in the future. We spoke with Stefan Vanoverbeke, CEO of IKEA Southeast Europe, about his first impressions following the opening of IKEA’s superstore, about the values the company brought to the Serbian market, and about the potential IKEA sees in the region.

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■ The opening of the first IKEA Store in Serbia has received a significant amount of media interest, among other reasons because of the long process that culminated in its construction. What were the biggest obstacles on the journey from this project’s idea to its realisation?

We are aware that the IKEA fans in Serbia were anxious to be able to buy their favourite IKEA products as soon as possible, but it actually isn’t uncommon for an IKEA store to take several years to open! This timeline varies from market to market, and in Belgrade we experienced some setbacks with land acquisition and administrative procedures, but now we are here and planning to stay!

■ When you opened a small shop in Belgrade in 1991, four out of five visitors made a purchase. At the time, that was much higher than the global average. Compared to such results, how would you evaluate the first day of sales on 10th August?

Fantastic! The interest was huge and around 16,000 people visited us on the first day, with some of them waiting in line well before the

store opened. At the end of the day, we also had almost 20,000 registered IKEA Family members, and this interest continues to be high after the opening weekend, and we are delighted that so many people in Serbia consider us as a good partner when it comes to their home furnishing needs, or just as a fun day out for the family.

■ You planned to hire 400 people, but you received a massive

25,000 applications? Was it easy to choose the right people?

According to IKEA standards, how would you rate the educational and managerial qualities of your local employees?

The interest was huge and we are very lucky and grateful that so many people expressed a desire to work with us! We do of course appreciate education and work experience, but we are primarily looking for the right personalities, people who share the same values as us, who can enjoy our working culture… and necessary skills can be acquired over time, and we are there to support them with the right set of training courses and professional development opportunities, and to enable them to grow.

■ Given the distance from Belgrade, do you primarily rely on the workforce resident in the surrounding settlements?

IKEA is an equal opportunity employer, and we recruit people primarily based on values fit, while we disregard age, gender, nationality, marital status or place of origin. However, we do expect that people from our neighbourhood will consider us as a great place to work, and we would be happy to impact on the community in a positive way and to contribute to its economic development. Not only by creating new employment opportunities, but also by stimulating this area to transform into a vibrant commercial hub.

■ You started your career from the “bottom” and climbed your way to the top. You started pushing trolleys in Belgium, became store manager in Italy, and then Country director for Poland! Has IKEA kept this approach of enabling employees

to advance in their careers and will Serbian employees have the same kind of opportunity?

My career at IKEA has been long and exciting. Yes, I started as a storage co-worker. However, this would not be just my case – this actually happens a lot at IKEA. This only proves that IKEA is a great place to work. We are constantly striving to motivate our employees to realise their potential through numerous training courses and chances for career development.

We are delighted that so many people in Serbia consider us as a good partner when it comes to their home furnishing needs, or just as a fun day out for the family Of course, the same opportunities will be provided for Serbian employees, and any others who strive to learn and grow.

■ You are today IKEA’s CEO for the region of Southeast, where IKEA has big plans. What attracted you to this region and why do you think the potential exists here for 13 stores in the future?

I was looking for a new challenge within the IKEA Group, and there is always a special feeling of positive excitement and spirit when you start somewhere from scratch. There are, of course, many great things about working in a big and developed market, but there it is not possible to experience the joy of opening a first store, for example, or meeting the first customers on a new market!

We think this region has strong potential. And that here our vision of “creating a better everyday life for many people” is even more relevant then in well-developed countries, given the limited purchasing power. There are three things that we will focus on in the period ahead: accessibility, affordability and employment. Our goal is to open new IKEA Stores in the region, in order to get closer to many people. The SEPTEMBER

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second element is affordability, as there are many things which are important for customers, but affordability is essential. And, last but not the least, there is putting together the right team to support these big plans. Essentially, our goal is to have happy employees and happy customers in Croatia, Romania, Serbia and Slovenia.

■ When it comes to product range, does IKEA’s offer differ

for smaller and well-developed markets; do you adjust it to local tastes and purchasing power? Will the range in Serbia be different compared to other markets?

■ What impact do you estimate the Belgrade store will have

on the operations of other IKEA stores in the region?

We carefully plan our expansion steps in order not to cannibalise our existing stores, and in this case that impact will be minimal.

■ One of the main complaints about IKEA in Serbia is that your range doesn’t carry local products. How many suppliers do you have, for example, in Hungary or Romania? How, if at all, do you stimulate local suppliers to join your supplier network and what are the main selection criteria?

IKEA is one brand and many companies. IKEA Serbia belongs to the IKEA Group, a home furnishing retail company and the largest user of the IKEA franchise, owning and operating 352 stores worldwide. Our colleagues at the organisation IKEA Purchasing Services are in charge of cooperation with suppliers and they see great potential for this network to grow in Serbia and for more articles produced in Serbia to complement the existing few in our range, and to be sold not only in the Belgrade store, but in other stores as well.

■ To what extent will IKEA impact on the existing furni-

Serbia is the first country where IKEA opened online shopping along with its store from the first day. In the first four days alone we had more than 300 orders placed via the online shopping tool Our range is pretty much the same in all stores across the globe, and the scope available mostly depends on size of the store. During the design and production process, IKEA does not focus so much on the specifics of a market, but rather looks into what is common for many people worldwide. This enables the production of large volumes, and subsequently lower costs that essentially mean lower prices for our customers.

What can differ from market to market is inspiration and home furnishing solutions, and these are based on our insights into how people live in a certain area and what their home furnishing needs and priorities are like. In Belgrade, these are living in a small space, smart storage, living with children, functional and easily maintained furniture and aspirations for modern style and light colours. Price is also an important factor in making a decision to purchase and that is why in Belgrade we especially invested in the lower price segment of the range to make these products even more affordable for our customers.

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ture market in Serbia, and do you think it will stimulate it to become stronger or weaker in the future?

Our experience with other countries tells us that this impact is positive. What usually happens when IKEA enters a new market is that we come up with a unique offer, between design and functionality, and an affordable price. We change the rules of the game. Generally, you can get either very good quality furniture at a very high price, or cheap furniture of questionable quality. But we have taken a different path from the start and sided with many people who have limited means.

Every time IKEA enters a new market, the home furnishing interest grows, along with the furniture industry.

■ IKEA is a pioneer in many areas when comes to

shopping. Do you see potential on this market for online shopping?

Sure we do. We are aware that shopping habits are changing and that more and more people prefer to shop from the comfort of their home, and we are providing our customers with this opportunity. As a matter of fact, Serbia is the first country where IKEA opened online shopping along with its store from the first day. And the response from customers was great! In the first four days alone we had more than 300 orders placed via the online shopping tool.

■ Besides your retail outlet, you have also purchased ad-

ditional land in Belgrade and are considering building a shopping centre. How would that shopping centre differ from others in Serbia, given that there are already quite a few, and some would say even too many, given the local purchasing power?

We are currently focusing on the Belgrade store and online sales.

We do intent to commercially develop the area around the store, but we are still at the phase of considering the right model and timing, and I would say that it is a little too early to talk about specifics. ■

SEPTEMBER BUSINESS LEADERS’ MEETING POINT

ČEDOMIR JANJIĆ, Mayor Of Zrenjanin

PAGE 32

ADAM TAN, HNA Group CEO

City Of The 21st Century

PAGE 40

Have You Ever Heard Of HNA Group?

Here’s Why You Will!

SANDRA RAPO, Marketing Expert For The Development And Promotion Of Brands

PAGE 42

Spending On Marketing – Investment Or Expense?

LOCAL NEWS

ECONOMY “I expect the country’s economic growth to slow to 2.5% in 2017, from 2.7% last year, due to the negative impact of drought. All other economic indicators are very good, with exports rising between 10 and 12%, and the manufacturing industry expanding by 6%.” – Serbian Prime Minister ANA BRNABIĆ

GAZPROM NELT

Status Of Authorised Economic Operator Awarded To Nelt The Customs Administration – Customs Offices of Belgrade issued a decision where the company Nelt is awarded the globally recognised certificate AEO for customs simplification/security and safety (AEO F).

That way Nelt is recognised as a reliable partner, since, following a studious checking, it was determined that Nelt fulfils all the specific criteria of the World Customs Organisation standards and equivalent local standards in the area of supply chain safety.

“We are glad that the Customs Administration recognised and certified Nelt’s business excellence we are focusing on daily. At Nelt we invest energy every day in raising standards in order to ensure Nelt’s position of a reliable partner both in local and global markets”, says Ivan Milicevic, LSP operations and development manager.

Some of the main benefits, which this system brings, are, above all, reflected in partner cooperation with the Customs Administration. Those benefits lead to simpler approval process and simplified customs proceedings, reduced number of controls and data entry, priority informing, etc. By obtaining this certificate, Nelt will provide its clients with quicker and cheaper transport of goods, thereby raising the level of its services and additionally improving the existing range of integrated logistics services.

OTP BANK

LEONI

OTP Banka Buys Vojvođanska Banka

Third Plant In Serbia Opened

Representatives of the National Bank of Greece (NBG) and OTP Banka Srbija (OBSr) signed an agreement on the sale of Vojvođanska Banka and NBG Leasing, as well as other NBG Group assets in Serbia. The agreed amount for the share capital of Vojvođanska Banka and NBG Leasing is €125 million. As a result of this takeover, OTP Banka Srbija’s market share will increase to 5.7%, making it the seventh largest bank on the Serbian market.

“In recent years, OTP Banka Srbija has achieved continuous growth, and our expectations are that this positive trend will continue, supported by this takeover,” said Deputy CEO of OTP Bank Hungary and Chairman of the Management Board of OTP Banka Srbija, László Wolf.

“This takeover further reinforces OTP Bank’s presence in Serbia and enables the long-term profitability of the bank’s operations,” added OTP Banka Srbija CEO Predrag Mihajlović. Vojvođanska Banka’s total assets in 2016 amounted to €1.17 billion, with a total loan balance of €810 million. Over the past two years, the bank achieved returns on equity (ROE) of 1.9% and 2.3%.

Vojvođanska Banka currently operates through a network of 105 branches, employing a staff of 1,405 workers and with 138 ATM cash machines.

TURKISH AIRLINES

PHUKET: 300th Flight Destination Of Turkish Airlines Flying to more countries and international destinations than any other airline in the world, Turkish Airlines has started to operate flights to Phuket, one of the most prominent tourist destinations in the world. Flights from Belgrade to Phuket with very short connection time in Istanbul operates four times per week on Mondays, Thursdays, Saturdays and Sundays.

Deputy Chairman and CEO of Turkish Airlines Mr. Bilal Eksi, commented at the launch ceremony; “Turkish Airlines is excited to be bringing more value and connectivity to its passengers through its ever expanding network. As an award-winning airline that invites people to explore the beauties of our world, it was a natural choice for us to decide on Phuket as our next destination.”

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Company Leoni, Europe’s leading manufacturer of wires, cables and cable systems, has opened its third plant in Serbia, in Niš, launching the first phase of production, with those in attendance at the opening including Serbian President Aleksandar Vučić and Leoni Executive Vice President Ralf Maus. This investment is worth 22 million euros and will employ 2,200 people. The factory, which covers an area of 22,000 square metres, will produce cable sets for BMW vehicles.

Leoni has operated in Serbia since 2009, when it first established its plant in Prokuplje for the production of wiring systems for BMW. Later, in 2014, it established its second facility in Serbia, in Malosiste,

Doljevac Municipality, for the production of automotive cables for Land Rover and Jaguar vehicles.

Leoni’s total investments in Serbia to date are worth €75 million. With the inclusion of the new Niš plant, Leoni will soon employ almost 8,000 people, becoming the biggest employer in Serbia’s production sector. The opening event was also attended by Leoni Wiring Systems Southeast d.o.o. Director Clemens Sachs, Serbian Economy Minister Goran Knežević, Deputy German Ambassador Alexander Jung, Niš Mayor Darko Bulatović and other senior officials.

10 TIPS

For Returning To Work After A Summer Break Everyone looks forward to the summer holidays and to doing nothing. Unfortunately, going back to work afterwards can make you feel like you need another break a.s.a.p.

Here are 10 tips for the first week after returning to work.

1. Make a running list of your projects before you leave.

2. Delegate the things that can’t wait until you return.

3. Set up an out-of-office email

and voicemail message.

4. Ask your manager to email you with an update the day before you return.

5. Clean up before you leave.

6. Give yourself a buffer day.

7. Check your work calendar.

8. Clean up your desk upon return.

9. Stay in stealth mode.

10. Consider postponing that boot camp or liquids-only cleanse.

SOLUTIONS “All ministries in charge of local governments will do everything they can to find optimal solutions and prevent abuse, in order to avoid undermining the basic functioning of the state and society.” – Serbian State Administration and Local

Self-Government Minister BRANKO RUŽIĆ MEDIGROUP

Extending Operations At The National Level

MediGroup, the largest private healthcare system in Serbia and the region, has signed a contract to take over the Dr Cvjetković Health Centre, the oldest and most respected private health centre in Novi Sad and Vojvodina. MediGroup has thus received its first member beyond Belgrade, with which it has taken its first significant step towards expansion at the national level.

“With a desire to make our services accessible to the highest possible number of citizens, we are working on opening new MediGroup medical institutions in

numerous cities throughout our country.

We want, with the quality of our human resources, to improve the level of healthcare available to the people of Novi Sad,” said MediGroup system CEO Dejan Pešić.

The Dr Cvjetković MediGroup He­ alth Centre is the biggest health centre in Novi Sad, with a staff of over 100 doctors. It has been providing services in various branches of medicine for two decades.

“We are proud that the quality of our institution is recognised by the largest private healthcare system in the country and the region,” noted Dr Milan Cvjetković.

In addition to the new location in Novi Sad, MediGroup services are available at another 11 locations in Belgrade.

It has a staff of nearly 700 permanent employees and covers more than 40 medical areas within the framework of its health facilities.

AGRICULTURE

Turkey And Serbia Sign Trade Agreement Ahmet Eşref Fakıbaba, Turkey’s minister of food, agriculture and livestock, and Branislav Nedimović, Serbia’s minister of agriculture, signed a trade agreement on agriculture on 22nd August, represent-

Ahmet Eşref Fakıbaba (left) and Branislav Nedimovic

ing the first such agreement since 2011. The agreement aims to boost exports of sunflower oil, fruits and vegetables between the two countries, increasing bilateral trade to $1 billion.

“We give great importance to improving our relations in every

area, especially in the economy,” said Minister Fakıbaba, asking Turkish businessmen to increase their investment in Serbia. “Serbia is very important for us; Serbia is our great friend. We need to exert a little more effort to reach $1 billion in trade volume—our common goal,” he said.

The Turkish minister said that if Belgrade allowed Ankara to have a free trade zone it could enter the Russian and European Union markets, with which it has free trade agreements. In return, he added, Turkey could open its market up to Serbia.

Nedimović said they had focused on three main issues: updating the Free Trade Agreement, creating new quotas for various agricultural products and investment in the livestock and fruit sectors. There are 75 Turkish private investments in Serbia’s textiles, food and construction sectors, with a total value of around $110 million.

Placements & postings appointments@aim.rs

▪ H.E. SYED ADIL GILANI, NEW AMBASSADOR OF ISLAMIC REPUBLIC OF PAKISTAN TO SERBIA

Ambassador Syed Adil Gilani (73) graduated from Karachi’s Engineering College. A civil engineer by profession, he has amassed 51 years of experience in Pakistan and Nigeria in the Public/Private Sector Government of Sindh, 1966-1970, the North Estate of Nigeria, 1970-1975, Gammon Pakistan Ltd., 19791989, Karachi Port Trust Government of Pakistan, 1989-2000, and, as of 2000, Project Management and Advisory Services. A member as a Port Consultant of the Sub-Working Group on Ports & Shipping of the Government of Pakistan for the 2005-2010 Five-Year Plan, Mr Gilani is a founding member of Transparency International Pakistan and served as the Prime Minister’s Inspection Commission Consultant from 2015 – 2017.

▪ H.E. VALERY BRILEV,

NEW AMBASSADOR OF THE REPUBLIC OF BELARUS TO SERBIA

H.E. Valery Brilev , 58, holds diplomas from the Belarusian Polytechnic Institute, Faculty of Architecture, and of the Minsk State Pedagogical Institute of Foreign Languages.

From 1981 to 1990 he worked as an architect at the design institute in Minsk, and from 1990 to 1992 as a lecturer at the Soviet Culture Centre in Belgrade. From 1992-1994 he was employed at the General Secretariat of the Ministry of Foreign Affairs of the Republic of Belarus, then as second secretary of the department for bilateral cooperation of the MFA RB. From 1995 to 1996 he acted as the second and then first secretary of the Embassy of Belarus in Bulgaria, and from 1996 to 1998 as the first secretary, advisor of the Belarusian Embassy in the Federal Republic of Yugoslavia (FRY) then Chargé d’Affaires of the Republic of Belarus in the FRY. From 1998 to 2001 Mr. Brilev was ambassador to the FRY, followed by a year as head of the Department for bilateral cooperation with CIS member states.

From 2002 to 2006 he was the first head of the department for the CIS states at the MFA RB then head of the department for bilateral relations with CIS countries.

From 2006 to 2010 he was Ambassador of Belarus to Kyrgyzstan, and then from 2010 to 2013 ambassador to Kazakhstan.

From 2013 to 2017, Brilev served as foreign policy adviser to the President of the Republic of Belarus, and since April 2017 has been Ambassador of Belarus and on a non-resident basis ambassador to Macedonia and Montenegro.

Mr. Brilev speaks Serbian and English. He is married and has a daughter.

▪ VLADIMIR ILIĆ, NEW MANAGING DIRECTOR OF TIGAR A.D.

At the latest session of the supervisory board of Tigar a.d. in Pirot, lawyer Vladimir Ilić was named as the new managing director of the company.

His career until now has encompassed the position of State Secretary at the Ministry of Labour, Employment, Veterans and Social Affairs, three years as director of the Belgrade City Centre for Social Affairs and ten years experience as a lawyer at the same centre’s Lazarevac department.

He has taken an active role in working groups at the Ministry on the subject of social protection and improving legislation in this field, according to a statement released by Tigar.

His predecessor Branislav Čurić will remain part of the company management team.

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CORPORATE ČEDOMIR JANJIĆ, MAYOR OF ZRENJANIN

City Of The 21st Century “Information that Tönnies is coming to Zrenjanin is good news, particularly given that this is an investment in agriculture,” says Zrenjanin Mayor Čedomir Janjić, speaking for CorD

success and standard of its residents.

According to your estimates, where is Zrenjanin today compared to those years, which many people have a tendency to glorify?

- Zrenjanin was known as a great “food factory”, but its production capacities ■ According to information that can were designed to cater for the market be treated as official, German comof the former state, with over 20 million pany Tönnies is set to open a pig farm inhabitants. The collapse of Yugoslavia inevitably imposed major economic in the vicinity of Zrenjanin and is investing more than 20 million euros transformations and, unfortunately, in that job. Do you have more precise many unsuccessful privatisations at the information of when implementation beginning of this century, which led to can be expected, and what does this the closures of numerous production investment mean for your city? facilities in our city. It was necessary to - I don’t have precise information resort to a new way of thinking, so Zrenjanin was among the first cities in Serbia about when that job will start, but I know to launch projects for opening new, fully equipped industrial zones and One of the priorities of the attracting investors, along with varlocal administration I head is to ious benefits and the efficient work of the administration. reduce the number of We are glad that the investors unemployed citizens already operating in our zones are satisfied and that some of them are expanding their capacities, as is the that Tönnies will invest 25 million euros case with Germany’s Draexlmaier and and up to 70 workers will be employed on Italian company Fulgar, but also domesthat farm, and that the farm will work in tic company Gomeks and UM-ING. It is cooperation with private individuals from difficult to compare the position of the the surrounding area. That’s good news economy of Zrenjanin today to the way for Zrenjanin, because it’s an investment it once was, but the fact remains that in agriculture and I’m sure there will be the city is currently one of the most ateven more such investments, and I know tractive centres for investing in Serbia, there is existing interest among domestic farmers and companies to invest in which is also recognised internationally, that branch of the economy. and that our activities are directed towards it being a good place to live, with ■ In the former Yugoslavia, Zrenjanin all of the amenities demanded by life in was ranked at the very top in terms of the 21st century.“ ■ struction of the sewage system in several occupied areas, and launched it in others. Among other things, we have opened four sports hall/gymnasiums in four populated areas, and with all this in mind I can say that I am satisfied.

W

hen Čedomir Janjić, a graduate economist, became the mayor of Zrenjanin, a city that represents the centre of the economy, culture and sport of the Banat region, he said that he intends to turn this place into a construction site. In this interview for CorD, he says that he thinks this promise has been fulfilled and that this city, which in terms of administrative territory is the largest city in Vojvodina and the second largest in Serbia, is now in a far better economic position than it was three years ago.

- When it comes to attracting investments and employment, I think we’ve made great progress. We’ve sold thirteen plots in the industrial zones, several production halls have been created in the industrial zones and we are in negotiations with several other companies, primarily foreign. All of this, of course, results in a reduction in the number of unemployed citizens. Moreover, it should be noted that in the previous period we resurfaced 80 kilometres of roadways and 13 kilometres of cycle lanes, while we continued con32 |

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REGIONAL NEWS

POWDER KEG “It seems that the West still closes its eyes to the fact that that the Western Balkans is still a powder keg. By insisting on the interest of capital, Europe, unfortunately, often neglects the ethical values in the core of the European idea.” – MILAN KUČAN, former Slovenian president

MONTENEGRO

ALBANIA

Jugopetrol Net Profit Rises 15.2% Montenegrin oil products distributor Jugopetrol has said its net profit rose 15.2% on the year to €2.6 million in the first half of 2017.

The revenue of the company went down to €58.1 million from €46.3 million, while operating costs were up 26.3% to €55.3 million, Jugopetrol said in a financial statement filed with the Montenegro Stock Exchange.

Operating profit rose 12% to €2.8 million euro in the first half of 2017, Jugopetrol said.

Kotor-based Jugopetrol has been part of Greece’s Hellenic Petroleum Group since 2002. The company is active in the retail and distribution of petroleum products and the wholesale of petroleum products through the operation of a storage facility at the Adriatic port of Bar and filling terminals at the airports of Tivat and Podgorica.

SOUTH-EASTERN EUROPE

Further Upgrade Of Economy The outlook for South-Eastern Europe’s economy was upgraded for a fourth consecutive month; the 2017 GDP growth forecast for the region was revised from 3.3% last month to 3.5%. The upgrade was largely the result of panelists’ more positive assessment of the Turkish economy following its strong Q1 performance and Greece’s brightening economic panorama. FocusEconomics panelists kept their projections for next year unchanged at 3.1%.

Elsewhere in the region, the outlook for 2017 was also upgraded in the Bulgarian and Macedonian economies. Conversely, only Serbia saw a slight downgrade to its economic forecasts, while the forecasts for the remaining seven economies in the region were left unchanged. Romania and Turkey are expected to be the fastest-growing economies in 2017 with expansions of 4.6% and 3.9%, respectively. On the other end of the spectrum, major-player Greece is expected to be the region’s laggard, growing 1.0%.

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TAP To Start Adriatic Offshore Section The Trans Adriatic Pipeline (TAP) consortium has already completed half of its Albania onshore route works and is on track to start its offshore section across the Adriatic.

The consortium of energy majors building the pipeline plans to invest €400 million in Albania this year and a similar amount in 2018, local media cited TAP’s country manager. In all the project is projected

to pump €1.5 billion into the local economy.

The pipeline is one of three that together will bring gas from Azerbaijan’s Caspian Sea fields across Georgia, Turkey, Greece, and Albania to Italy in a major component of the EU-backed Southern Gas Corridor project. Ratings firms predict TAP will help stabilize the economy of Albania, one of Europe’s poorest countries. Investments into the pipeline and other large energy projects should contribute to keeping economic growth at around 3.8 percent from 2017 to 2020, Standard & Poor’s said recently, according to Azernews.

BULGARIA

Tender To Sell Belene Nuclear Project Bulgaria plans to launch a tender to sell its abandoned 2,000 megawatt nuclear power project Belene in early 2018..

The previous government cancelled the Belene project in 2012 after failing to find foreign investors and under pressure from Brussels and Washington to limit its energy dependence on Russia.

The current government renewed the search for private investors to build the plant on the Danube River after an arbitration court ruled last June Bulgaria had to pay more than € 600 million in compensation to Russian state nuclear company Rosatom when it cancelled the project. Bulgaria has already

spent over €1.53 billion on the project. Last year the government said that Industrial and Commercial Bank of China (ICBC) was ready to finance the project. China National Nuclear Corporation (CNNC) had also expressed an interest in investing in it.

Some economic analysts say Bulgaria does not need Belene, that its cost greatly exceeds the benefits and that such large-scale projects open the potential for corruption. Prosecutors have already charged three former energy ministers over mismanagement linked to the project.

CROATIA

EBRD Urge To Support Growth Of Small Firms

The Top 10 companies in Croatia based on revenue generated have been revealed with oil giants INA again topping the list.

INA, who has been the number one firm based on revenue in Croatia for the last 10 years in a row, generated 15.1 billion kunas (€2bln) in revenue last year Second on the list, which was compiled from data from financial institute FINA, was national electricity company Hrvatska Elektroprivreda (HEP) with €1.2 8.bln in revenue. Next on the list were distribution services operator HEP, telecom firm Hrvatski Telecom, pharmaceutical company Pliva and oil company Petrol. Supermarket chains Lidl, with revenues of €540.4mln last year were in 7th spot, up

from 12th position the year prior. Fellow supermarket chains Plodine and Kaufland were next on the list with revenues just under €540mln. City enterprise Zagrebački holding, which operates a number of different businesses in the capital including trams, parking, markets and waste collection, rounded out the Top 10 with around €460 generated last year.

Top 10 Companies in Croatia based on revenue: 1. INA 2. Hrvatska Elektroprivreda (HEP) 3. HEP 4. Hrvatski Telecom 5. Pliva 6. Petrol 7. Lidl 8. Plodine 9. Kaufland 10. Zagrebački holding Source: croatiaweek

STABILITY “I am not in favor of the Western Balkan countries joining the EU soon. In this respect, the stability of the composition of the European Union is a prerequisite for the Balkans not being at war again.” - JEAN-CLAUDE JUNCKER, European Commission President ROMANIA

FYR MACEDONIA

IKEA invests €100,000 In New Showroom

Wineries Face Financial Problems

Swedish retailer IKEA has invested €100,000 in a new showroom at its store in Baneasa, Northern Bucharest.

The space covers 1,500 sqm and includes seven new models of furnished rooms, reports local Wall-street.ro.

The Swedish retailer also launched a new catalogue yesterday, whose central piece is the living room. According to IKEA representatives, 85% of the Romanians use the living room as a socializing space. Moreover, eight out of ten Romanians use the living room as a sleeping room.

Macedoni’s wineries have complained about problems with financial inflows and finding markets for their goods, but Minister Ljupco Nikolovski hopes that grape prices will reach 2016 levels.

“It is possible to see higher prices in better quality grapes, but unlikely above the 2016 levels. Wineries decide on what the prices will be, and we expect to see prices similar to last year”, said Nikola Derebanov from the Stobi winery Heavy frosts during the winter have reduced the expected harvest, and Nikolovski said that this will mean that all produced grapes will be bought by the wineries. “In the past 11 years the previous Government led a populist and non-systematic policy in vine growing which led to the piling on of problems. We will try to resolve all situations that develop and are brought before us by the vineyards and the wineries” said Minister Nikolovski.

HUNGARY

10 Things No One Will Tell You About Starting A Business

10 THINGS

No One Will Tell You About Starting a Business These days it seems everyone is calling themselves an “entrepreneur.” There’s a lot of talk about leaving your job, following your dreams, making money while you sleep, and living with passion.

Each of those things is fantastic. But, there are a lot of things aspiring-entrepreneurs aren’t hearing. There are things no one will tell you about starting a business, so it’s time somebody tells you.

Potpis: Tesla CEO Elon Musk

The government is stepping up its efforts to make the country more attractive in the regional competition for a new Tesla electric car factory.

Owner Elon Musk is expected to announce by the end of this year the location of its first European factory, according to online news portal index.hu.

Hungarian company Autóipari Próbapálya Zala Kft. is developing a test track suitable for testing self-driving cars at Zalaegerszeg (230 km southwest of Budapest). All Tesla vehicles, including the new Model 3, have the hardware needed for full

self-driving capability. CEO Elon Musk announced last year a new “gigafactory” battery production plant and automated manufacturing research center.

According to index.hu, the government is preparing the ground for winning the new Tesla investment by making a HUF 15 billion (€ 49,4 million) capital increase, to complete the construction of in the first half of 2018. The government is prepared to invest as much as total of HUF 42bln (€161,4mln) in the new facility Index.hu added that Tesla intends to create a gigafactory on the European continent similar to its facility in Nevada, the total value of which may reportedly reach approximately €5 bln.

BOSNIA AND HERZEGOVINA

1. You’re good enough to start, but not good enough to win.

2. You have to make yourself a priority.

3. You have to be your own first customer.

4. You have to be your own biggest fan.

5. It will take more work than you realize.

6. There will be things that you have to give up if you want to win.

7. Your first idea probably won’t be your best idea.

8. Your product isn’t for everybody, and not everyone is your customer.

9. You have to guard your calendar with aggressive intensity.

10. You will have to leave people behind

Digital Business Center Opened In Sarajevo Sarajevo joined the list of world metropolises with a concept called Digital Business Space (DBS), which offers businesspeople exclusive business space located in the very city center. The space is fully equipped with all technologies necessary for connecting with other digital businesspeople, offering a flexible and dynamic space. DBS offers a relaxing business lounge, a virtual office, meeting rooms, renting of work space and more.

The other prats of DBS are a digital showcase and a center for the advancement of knowledge. The

digital showcase will present the newest technologies, offering knowledge and inspiration as to use today’s digital tools. The center for the advancement of knowledge will offer business training to small and medium enterprises according to the Swedish model.

The Swedish-Bosnian firm SEEBA is behind the Digital Business Space.

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FINANCE

ASSET MANAGEMENT

Digitalization, But Quickly!

While asset managers invest ever greater amounts of their client monies in the financial markets, the threats to their business models are steadily increasing. The answer to these mounting threats can only be digitalization

T

he changes in asset management are not only fundamental, they are life threatening: the latest wave of mergers and takeovers should set the alarm bells ringing for an industry which already sees itself under threat. The apparent relentless flow of assets into passive investment strategies –in the first half of the year it reached a further $500 billion—is the epicenter of this phenomena.

ing their own initiative, cooperation or outsourcing.

3. Transforming Data Into Information Production processes and their accompanying communication alone generate huge amounts of data for managers. The problem though is many asset managers don’t know how to transform this data into information that can be used to simplify decisions and improve results.

Data analysis and interpretation can provide active managers with decisive advantages for DEARTH OF CLIENT CONFIDENCE their investment processes, as long as they are For the majority of asset managers this means supported by digital technologies. lower growth in managed assets, shrinking margins 4. Innovation Means Experimentation due to pressure from administrative costs, and also Transforming the business model requires the implies waning client confidence in their ability to creation of a systematic innovation management. deliver satisfactory performance.

Knowledge of the innovation method Design Asset managers also face a bearish investment Thinking becomes indispensable since clients environment, with low and negative interand their needs become the middle point. est rates, and a phase of the technological Innovation also requires client input, and The advisor to concerns like revolution which given the problems they so testing the effect of digital changes makes Google, General Electric and confront, threatens to pass them by. If there market experiment essential. This shouldn’t Toyota has identified five trading is one common thread running through the be too difficult for asset managers since the entire asset management sector, then it is areas for which a successful digital content of services is always focused on fully that the digital competence of asset mandigitalized goods: namely exchange-listed strategy needs to be developed: agers is becoming increasingly important. securities. customers, competition and This requires a transformation in existing 5. Standing Still Means Ignoring User cooperation, data, innovation business models. Or, to quote digital guru David Promises The digital transformation isn’t the final step, Rogers: «You need to rethink your business.» and usage The advisor to concerns like Google, Genbut rather leads to ongoing and rapid change. eral Electric and Toyota has identified five trading For an asset manager this means they cannot rest manager switch since they know another administrator offers better performance and service at areas for which a successful digital strategy needs on a single solution. They have to constantly test a comparable or even lower cost. to be developed: customers, competition and and if necessary undertake further developments.

Asset managers are thus forced to offer market A key condition is not only the early recognition cooperation, data, innovation and usage. leading digital services. If they are unable to do so of digital trends. The asset manager must mainJan Spelsiek, head of digitalization at Allianz tain close client contact and anticipate changes themselves, then they will have to buy in the services Global Investors, has defined these trading areas in their business needs, monitor the competitor or develop them with the help of partners. Asset for Asset Managers. and cooperation environment, as well as regulamanagers will thus have to identify which services 1. Individualisation and Personalization tory changes. ■ they’ll need to maintain their competitiveness: usThe public funds business is an anonymous

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mass market: «One size fits all» function with standardised investment products has long worked well. It no longer however fits the digital age: customers want individually tailored investment solutions, personal service and open communication channels to their advisors.

What Asset Managers have long been delivering to institutional clients, they will now need to offer to private investors. Still, there is also plenty of digital development potential in the institutional sector, for example in the communication and service areas.

2. Only the Best is Good Enough Digitalization has hugely increased the transparency of asset manager offers and services and led on the other hand to more competition in the quality of services. Clients are no longer scared off by the transaction costs involved in an asset

WORLD NEWS

DISCRIMINATION “I don’t like the idea that there would be some kind of second category in Europe. We’ll pursue our common intention to put an end to this discriminatory way of providing people with food products and other goods of lesser quality.” - JEAN-CLAUDE JUNCKER, European Commission President

NETHERLANDS

TURKEY

Abellio Have Won A Major Franchises In Britain

The Anadolu Group Openes Two New Production Facilities

Dutch state-owned railway firm NS and its subsidiary Abellio have won a major contract to operate rail franchises between London and Birmingham and Liverpool from 17 December. Dutch Rail expects its annual revenue to expand by €525m, pushing up annual group turnover up by 7. The franchise, which runs through 2026, has gone to West Midlands Trains, a consortium which also includes Japanese companies Mitsui and the East Japan Railway Company. Abellio has a 70% share-

One of the factories will make production for Coca-Cola İçecek, a majority stake of which is owned by the Anadolu Group. The second facility is owned by Anadolu Etap, the group’s fruit company, with its Brazilian partner Cutrale and Turkey’s Özgörkey Holding.

“The Anadolu Group will make an important contribution to the local and national economy by boosting production and exports through these investments,” President Recep Tayyip Erdoğan said in a speech at the opening ceremony.

holding in the concession. The companies are committed to investing nearly £1bn in the venture which includes new rolling stock capable of handling 85,000 more passengers between London and Birmingham during rush hour. NS is expected to earn more from its non-Dutch rail operations than it does from those in the Netherlands by 2021. Abellio already runs rail services in Scotland plus Merseyrail and Northern Rail.

FINLAND

Basware Partners With Nordea Finnish e-invoicing and purchaseto-pay solutions provider Basware has entered into a strategic partnership with Nordea Bank, the largest corporate bank in the Nordics, to deliver a dynamic discounting solution in the Nordic countries.

The agreement sees Basware and Nordea jointly offering a dynamic discounting solution to Nordea’s corporate customers. Meanwhile, Basware will deliver the solution integrated into the customers’ Purchase-to-Pay (P2P) or customer’s Enterprise Resource Planning (ERP) solutions.

According to Basware CEO Vesa Tykkyläinen, the partnership enables the Finnish company to further establish its financing services offering to businesses in the Nordic region.

GERMANY

Revised Joint Growth Outlook A group of leading German economic research institutes presented last month their latest joint growth outlook for Europe’s largest economy, raising their previous forecasts for the next two years.

The institutes’ spring outlook expects Germany’s gross domestic product (GDP) to rise by 1.5 percent in 2017, up from their previous prediction of 1.4 percent, while the economy is forecast to expand by 1.8 percent in 2018, compared with 1.6-percent growth penciled into last autumn’s outlook.

This is not to say that the economists involved in the forecast turn a blind eye to current uncertainties, mentioning that the conditions for steady growth could be impacted by UKEU negotiations on Britain’s exit from the European Union.

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Anadolu Group had invested $1.4 billion in the country over the last decade, along with its global partners.

“We are here opening our 10th Coca-Cola İçecek factory, constituting the last chain of the $1 billion investment plan of this unit in the last 10 years. Coca-Cola İçecek has become the largest bottlers within the Coca-Cola universe over the past 20 years,” Anadolu Group Chair Tuncay Özilhan said.

GREECE

Attica Group Acquires Majority Stake in Hellenic Seaways Attica Holdings S.A. (Attica Group) announced an agreement in principle, with Piraeus Bank and other minority shareholders for the acquisition of 39,039,833 shares in total of Hellenic Seaways Maritime (HSW) representing 50.30% of the share capital of HSW. The total consideration for the transaction consists of €30.61 million payable in cash and 24,145,523 new common registered shares of Attica Group, to be issued pursuant to a share capital increase.

Of the above mentioned majority equity stake in HSW, 1,250,000 shares have already been acquired by Attica Group in cash while the remaining 37,789,833 shares will be acquired upon closing of the transaction, which is subject to the approval of the relevant regulatory and other authorities.

UBS Limited acted as financial advisor and Bernitsas Law Firm as legal advisor for Attica Group.

GARBAGE “People in central and eastern countries were tired of being “Europe’s garbage can” - MARIAN JURECKA, Czech Agriculture Minister

SLOVAKIA

CHINA

Vision Of A New Bratislava Centre

Fintech Sector Invests $6.4 Billion

One of the most valued localities of Bratislava – the embankments of the Danube River – has found itself in the spotlight of developers. Following HB Reavis, J&T Real Estate has as well applied for a statute of an important investment for its package of development projects on both sides of the Danube. In this way it is seeking to simplify the approval process and speed up the construction of a €1.2 billion package of development projects. Within it the developer is promising to build among others another phase of Eurovea, New Lido, a pedestrian bridge via the Danube, and new tram tracks.

However during this phase the city council expects more complex information about financing, the preparation process and the construction time.

J&T Real Estate delivered its application for the statute at the Cabinet Office on August 3. It believes that it meets all the criteria for the statute.

To get the statute of an important investment the investor needs to invest at least €100 million or create a minimum of 300 new working positions. Another condition is that the project is in the public interest.

The investor in turn can get a tax holiday, better access to the acquisition of land and faster and simplified approval processes. The state has granted about 25 statutes so far.

Chinese financial technology companies could expand the lendable population from around 200 million creditcard-carrying prime borrowers to around 800 million, according to the latest report of global consulting firm Oliver Wyman.

The report said big-data analysis, the internet of things, and blockchain are the three technologies with the greatest potential, owing to their ground-breaking capabilities to acquire, assemble, analyze, and apply information. Data treatment and information processing are at the heart of decision-making for financial services, especially in China. According to the report, China’s fintech sector has attracted $6.4 billion in investments in 2016, making it the global leader in fintech venture capital activities representing 47 percent of global fintech investments, up from only 7 percent in 2013.

With this major potential for a new wave of technology-driven growth, there is no one-size-fits-all approach that will suit all market players.

The report summarized key success factors: data abundance and application, a large customer base, availability of proprietary and comprehensive products, and strong knowledge of financial services and risk management.

US

Uber Is Thinking About Selling Stock

Uber is considering of selling a large amount of shares for the same or less than its current $68.5bln value for the first time. Their board has voted to move forward with two of the three proposals so far.

Uber is also planning to take the next step on an investment from Japanese internet giant SoftBank, which has long been rumoured to be interested in the firm. There is also a third offer, from a group led by existing investor Shervin Pishevar. He’s offered to buy

shares at current valuation, and specifically wants to buy out 75% of the shares held by another investor, Benchmark Capital, who is suing Uber’s former CEO Travis Kalanick for alleged fraud.

The offers have emerged at a delicate time for Uber, which currently has no chief executive and is dealing with board and investor infighting. Travis Kalanick, Uber’s co-founder and CEO, stepped down in June under pressure from investors. Since then, various factions of investor and board members have all battled to advance their own interests at the company.

According to the New York Times, Uber has around $5 billion in the bank. But the deals could provide some financial security for Uber while its future is unclear.

RUSSIA

Wages, Economy And Social Policy - Main Problems Russians believe that the most serious problems that the country faces now are connected with low salaries and living standards (24%), the state of economy (21%) and the current social policy (18%), a survey conducted by the Russian Public Opinion Research Center (VCIOM) shows.

Low salaries and living standards as a whole have been leading the list of problematic issues for three months in a row, with 24% of Russians naming them. Each fifth respondent (21%) is concerned with the state of economy. Social policy is in top three: 18% in July (it was twice as little, 9%, a year ago),” the report says.

Russians also named the state of health care (17%), unemployment (14%), educational problems (12%) and low pensions (12%), inflation and corruption (each tenth respondent), as well as housing utilities issues (8%) among the current domestic problems.

The nation’s leading polling agency has conducted the poll in 130 communities of 46 Russian regions, having questioned 1,600 people.

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FINANCE

B y V I V I E N N E WA LT, F O R T U N E

Have You Ever Heard Of HNA Group?

Here’s Why You Will!

On a warm summer night in Paris, hundreds of executives, bankers, diplomats, and French officials walk the red carpet snaking up the steps of the Petit Palais museum—a sumptuous Beaux Arts building in the heart of the French capital, with sculptures and paintings set around a manicured garden. Under 200-year-old frescoes, the guests dine on lobster, duck, and white-chocolate mousse, prepared by a top French chef, washed down with grand cru Bordeaux, and topped off with entertainment from the Peking Opera. Three large red letters affixed to the ornate gates offer a clue about who’s throwing the invitation-only affair: HNA

HNA Group, headquartered in Hainan in southern China, still lacks the brand-name status it eagerly seeks. That’s despite the fact that it has plowed tens of billions of dollars into buying up foreign assets since 2015, on every continent—including $5.66 billion in just the past six months, according to the tracking firm Dealogic. By the company’s estimation, its investments in the U.S. alone have reached $35 billion.

Over the past two years, about $1 trillion has flowed out of China, HNA Group CEO Adam Tan as Chinese individuals and como the hundreds of people passpanies, having made fortunes at home and with state-owned banks willing to ing by, the name HNA probably lend, invested elsewhere. Among those means nothing. But to the busicompanies, one of the most aggressive ness world at large, the presence has been HNA. Its dealmaking in some of those three letters is another sign—if ways highlights how a mere handful of any is needed—that a little-known ChiChinese groups have snapped up dozens nese conglomerate with provincial roots of Western assets, especially since the has, in just a few years, transformed into 2008 economic crisis, while at the same a powerful global player with tentacles time leaving unanswered questions over stretching across the planet.

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ownership and transparency.

In the case of HNA, its executives have crisscrossed the globe in a frenetic buying spree, making deals through a labyrinth of subsidiaries in China and abroad. The purchases have included household names for Americans and Europeans. Among them are Minnesota-based Carlson Hotels—owner of the Radisson and Park Plaza hotels—which HNA bought outright last December for an undisclosed sum. In March of this year, it bought 25% of Hilton Worldwide Holdings, the hotel group, from Blackstone for $6.5 billion. And in May it increased its stake in Deutsche Bank to become its biggest shareholder, with its stake worth about $3.7 billion.

The list goes on: HNA owns the airline catering giant Gategroup and the aviation servicing giant Swissport. In April of this year, HNA’s Dublin-based aircraft leasing subsidiary, Avolon Holdings—which HNA bought in 2016—acquired the aircraft leasing arm of the New York financial firm CIT Group for $10 billion, turning HNA into

the world’s third-largest lessor of planes.

And its U.S. real estate holdings include 245 Park Avenue in Midtown Manhattan, which it bought in March this year for $2.2 billion.

In December, HNA went to California and bought Ingram Micro, the Irvine-based company that is the world’s biggest distributor of technology products, with operations in about 160 countries. The price: $6 billion—in cash.

There are plenty of other purchases that, by HNA’s outsize standard, seem almost forgettable: eight golf courses purchased in Washington State for $137.5 million last October, for instance. In January, HNA Capital, one of the group’s subsidiaries, spent about $200 million for a majority stake in the New York hedge fund SkyBridge Capital, according to HNA. That deal might have gone unnoticed had the seller not been Anthony Scaramucci, a key financial backer of President Donald Trump. In the blaze of coverage over Scaramucci’s windfall from China—after Trump’s acerbic anti-China talk—the President shelved plans to appoint Scaramucci to a White House post.

As it swallows new businesses and properties, HNA is making a rapid ascent up Fortune’s Global 500 rankings. The company first appeared on the list in 2015, at No. 464. Last year it jumped to No. 353. And this year it’s No. 170, with some $53 billion in revenue—a nearly 80% gain over the previous 12 months.

Add in a full year of Ingram Micro, which last year had some $42 billion in sales, and HNA Group should easily crack the top 100 of the Global 500 in 2018.

But HNA’s thirst for growth seems far from sated. That was clear when the company’s top executives met Fortune over several days in late June. It was a rare window into the privately held (and private) company. The execs described goals that seemed wildly ambitious, until one considers that HNA started from scratch just 24 years ago—making it younger than Apple, for example, by a full 17 years.

Indeed, the man who runs HNA today is set on its becoming one of the world’s biggest companies, period. “We have a target to be in the top 10,” says HNA’s

CEO Adam Tan (his Chinese name is Tan Xiangdong), sitting in his hotel suite in Paris the morning after the company’s spectacular dinner, a charity event that takes place in a different city every year, on the birthday of the company’s billionaire founder and chairman, Chen Feng.

The Paris dinner kicked off HNA’s “International Week” in Paris, in which major clients, bankers (including from Goldman Sachs and J.P. Morgan), and

HNA founder Chen Feng

Chen says HNA’s driving philosophy is to be a Buddhist-style “practitioner of compassion, wisdom, and altruism business partners converged on the city over several days for meetings. At the National Golf course near Versailles, outside Paris, HNA launched the first HNA Open de France, a European PGA tour it now sponsors. All of that is valuable branding for a company grasping for the top. Tan, known universally in

the company simply as Adam, says he doesn’t know how long it will take for HNA to become one of the world’s biggest companies. But he’s confident that it will get there. It helps, he admits, that business is booming at the moment.

“Earning money is so easy,” he says, laughing. “We are now the geniuses.”

But the East is dominant in HNA’s 64-year-old co-founder and co-chairman, Chen Feng. He arose at 5.30 a.m. to meditate for 90 minutes. Chen, a devout Buddhist, says he packs his own meditation cushion when he travels so that not a day passes without an intense session. The practice has been crucial to his management of HNA, which he founded in 1993.

“According to Buddhism, you become very calm and your wisdom will come out from you,” Chen says. Besides, he jokes, it keeps him young.

Among employees, Chen is revered as the company’s visionary, whose faith infuses its culture. “I bring a lot of stuff with me,” Chen says. “This hotel doesn’t know that kind of teapot.”

Thanks to HNA’s success, Chen is now a billionaire. The company would not answer questions about his exact worth or how big a stake he holds in the company. But his wealth made news in New York this year, over reports that he and his brother had each paid $47 million for apartments in Manhattan’s One57 tower.

Chen says HNA’s driving philosophy is to be a Buddhist-style “practitioner of compassion, wisdom, and altruism.”

Chen, Tan, and four other HNA founders have pledged their shares upon death to HNA’s charity, the Hainan Province Cihang Foundation, which owns 22.75% of the group’s shares. HNA says the remaining 77.25% of shares are held by Hainan Airlines Holding and 18 individuals, whom it would not identify. The Foundation now owns 52.25% of HNA. It remains unclear whether the ownership structure has materially changed in recent days, or whether the closely-held company has just opted to reveal more accurate details of its top shareholders.

While CEO Tan says HNA just “happens” to have Chinese roots, it is those ties that may be key to determining HNA’s next moves. ■ SEPTEMBER

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PROFILE

Spending On Marketing – Investment Or Expense?

During the two decades of my career, I’ve had the unique privilege of acquiring knowhow from the best authorities in seven Serbian and multinational companies about the management of successful working processes, teams of people and ways of making business decisions. I’ve familiarised myself with the advantages, but also the constraints, that management faces generally, and especially in the marketing domain

SANDRA RAPO dipl.ecc Marketing expert for the development and promotion of brands

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he array of market niches in which I have researched markets and competition, and set up and implemented sales, marketing and advertising strategies, has been extremely wide. Over the course of time, the necessity to advertise the products and services of these companies became ever greater, while the understanding of individual management structures of the need to invest in marketing activities, unfortunately, reduced. In most cases, for subjective or objective reasons, marketing was viewed as an expense on the balance sheet, not as an investment that would increase the balance. The constraints I confronted were a challenge for me. Over time, my pragmatism, dedication and desire for personal and career advancement increased. I developed business presentation and negotiation skills, and achieved a high level of effective communication. The success of this was reflected in the trust I received from management and the fact that spending on marketing is indeed a long-term investment.

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Marketing “Tsunami”: The market became turbulent and tight for all stakeholders a long time ago. Key changes increasingly occur “overnight”. Top management increasingly resorts to exclusively economic and creative solutions that can be realized quickly. I am pleased to discover

cation channels that have enabled them to “survive” the new trends of the marketing “tsunami” and secure increased profits.

Filigree approach to marketing: If we take into consideration that competition is “more awake and active” than ever before, that new technologies “enchant” us with their communication “at a click” capabilities, and that consumers and investors’ project are increasingly demanding, the question arises as to how to respond to the increasingly demanding challenges and arrive at a WIN-WIN strategy. The answer is simple. By being continuously up-to-date with newly emerging trends. Smaller or larger brands, local or global giants, do not close their eyes before the marketing “tsunami” and the need for a unique approach to devising marketing strategies and advertising campaigns. Marketing experts predict that only those companies that plan, lead and finance their marketing activities over the long term with a filigree approach will secure multiple increases in sales and profits for themselves. 

I am pleased to discover that in recent years many Serbian companies have made a major shift in their focus from the traditional way of considering spending on marketing as an expense and invested in new technologies and communication channels that have enabled them to “survive” the new trends of the marketing “tsunami” and secure increased profits that in recent years many Serbian companies have made a major shift in their focus from the traditional way of considering spending on marketing as an expense and invested in new technologies and communi-

ARCHITECTURE

Iran’s Contemporary

ARCHITECTURE BOOM

Mirdamad Bridge in Tehran

Through its complex cultural past and occasional turbulent political environments, Iran’s architecture has achieved its own distinct vernacular. Monumental mosque design reflects the religiously affiliated architecture of the past but contemporary architects in Iran are concerned with defining their place in non-secular design. Contemporary Persian architecture, shown in this list of projects, news, and firms, shows an aesthetic connected with its spiritual past, trying to find its place in the future 44 |

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Termeh Office Building

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ontemporary architecture in Iran is flourishing. New building typologies are being explored with passion, rigour and ingenuity. There are some bold and daring statements alongside subtle and sophisticated expressions. This awakening is the result of a number of factors such including the lifting of economic sanctions and subsequent growth and prosperity. Tourism and a demand for contemporary lifestyles have also created new opportunities for local professionals and it’s the young, highly educated generation that’s driving this change. There’s been a positive focus on creating quality living spaces as well as incorporating and reinterpreting traditional features in new, relevant ways. This design boom has been recognized worldwide for some time and today we want to share some of these projects with you.

MIRDAMAD BRIDGE IN TEHRAN CAAT Studio has unveiled Organizing the Forgotten Urban Spaces, a design that revitalizes the Mirdamad Bridge in Tehran, Iran through the creation of an open anthropology museum.

Developed by studying the existing 7-meter-high and 14.1-meter-

wide bridge, the design focuses on improving the pedestrian nature of the space. For example, in order to address issues of noise under the bridge, the project utilizes an archand dome-like geometry to create “an acoustic mode in the roof […] and body,” along with covered pillars.

CONCAVE ROOF SYSTEM BY BMDESIGN STUDIOS Iran-based BMDesign Studios has unveiled Concave Roof, a doubleroof system with steep slopes resembling a bowl for the purpose of rainwater collection in arid climates like Iran, where a lack of water could lead to mass displacement in the future.

Because precipitation in this area is less than one-third of that of the world average, and evaporation is more than three times higher than the world average, the concave roof system is designed to “help [make] even the smallest quantities of rain [flow down] the roof and eventually coalesce into bigger drops, just right for harvesting before they evaporate” explained the architects.

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Mosha House

APARTMENT BLOCK IN DAMAVAND

BY SSTUDIOMM With their latest facade construction, Iranian architecture firm Sstudiomm explores the potential that brick can offer by utilizing parametric architecture. Iran has a long tradition of brick construction, as clay and lime mortar are among the most readily available materials in the country.

As Sttudiomm’s facade for an apartment block in Damavand exemplifies, stencils allow the assembly of bricks into a geometric pattern.

Sttudiomm demonstrates that stencils can provide a low-budget solution to the building of parametric walls. They developed the various patterns using a Grasshopper code that rotates the bricks between 9 and 27 degrees depending on their position within the pattern. Beside the laser cutting of stencils, the construction requires little new technology and mostly relies on local resources and crafts.

As a result of the hand-made assemblage, the finished parametric wall differs from the initial drawings, but Sstudiomm takes advantage of this lack of precision. Digital fabrication provides an excessive degree of precision, yet to some extent this precision is not necessarily visible to the human eye. On the other hand, whereas digital technology can be a luxury in the building industry, Sstudiomm’s construction method opens parametric design to a larger section of society. The Iranian firm even released open-source pattern and stencil designs on their website, providing architects with the essential tools for a DIY construction technique to build brick parametric walls.

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Bahar House by Ayeneh Office

TERMEH OFFICE BUILDING The Termeh building was designed by architects Farshad Mehdizadeh and Ahmad Bathaei to accommodate two separate occupants and two distinct functions: a retail space on the ground floor and an office on the level above.

It is designed to connect with the city’s public realm and is influenced

by Hamedan’s many public squares, which are linked by wide boulevards.

One of these boulevards runs along one edge of the building, so the architects decided to emphasise the connection between the interior and the street by bringing the roof down to meet the pavement.

In the case of Termeh, large windows display the interior of the groundfloor retail unit, inviting passers-by to step off the street into the building.

Barin Ski Resort

and super space-aged… and utterly, utterly cool.

Bahar House by Ayeneh Office

The office block above features narrow vertical windows that protect the interior from the harsh western sunlight. Brick cladding that extends from above the ground floor windows sweeps down towards the street, forming an accessible surface.

The undulating brickwork also provides access to the upper level of the building, where there is an entrance to the office.

BARIN SKI RESORT BY RYRA STUDIO Located near Shemshak Ski resort in this ten storey bone-white skeletalshaped hotel, Barin Ski Resort by RYRA studio was conceived as a place for young people to relax after a day on the slopes. With the base build already complete by a different firm, the new architects decided to embrace the alpine landscape and design a building that emulated the fluid and undulating environment. The result is striking, yet the building looks as though it were born out of the snow and windswept into the mountainside. Inside is pretty trippy. It’s defined by malleable, amoeba-like forms set against a strictly white material palette. In the communal areas, elliptical openings provide obscure views into other spaces and out to the expansive landscape. The individual rooms have stepped, domed ceilings that make you feel as though you’re in a giant igloo. It is both cave-like

MOSHA HOUSE BY NEW WAVE ARCHITECTURE Mosha House sits atop the Alborz Mountains just Apartment Block In Damavand by Sstudiomm north of Tehran. Studio New Wave Architecture was inspired to capture the breathtaking views and set about creating wide, limitless vistas. There’s an exhilarating sense of suspension as three cantilevered boxes protrude from the mountain face each rotated at a central point. The exterior is an angular form draped in white render while the interior is mellowed by raw pale timber. Across the three levels, functions are distributed from upper to lower level and are connected by a large spiral staircase. New spaces are generated from the unconventional layout where the ceilings of each story become the terrace of another and yep, you guessed it – no balustrades here. All that lies ahead are panoramic views – it’s altogether terrifying, exhilarating and downright refreshing!

BAHAR HOUSE BY AYENEH OFFICE This family home in the Isfahan province of Najafbad has a curved white cement exterior which starkly contrasts with the ceramic and brick facades of its immediate neighbours. The building is divided into two sides with different functional areas. The east wing houses the public spaces including the kitchen, living room, dining area and guest hall, whereas the west accommodates the private areas such as bedrooms and bathrooms. Small terraces deep within the internal layout capture natural daylight and provide an intimate area for the kids to play in.

The central element of the building is the staircase that opens up to an expansive curved void. What an absolute stunner! It’s such a beautiful and daring gesture particularly within a domestic setting. ■ SEPTEMBER

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FACES & PLACES

SEE MORE WWW.CORDMAGAZINE.COM 31.07.2017

Celebrations For The National Day Of Morocco

H.E. Mohamad Amine Belhaj

The Embassy of the Kingdom of Morocco to Serbia celebrated its national holiday on 30 July with a reception at the Metropol Hotel in Belgrade.

The reception was hosted by H.E. Mohamad Amine Belhaj, Morrocan Ambassador to Serbia, who greeted the guests.

Among them were the highest state officials Maja Gojković, President of the National Assembly, Zoran Đorđević, Minister of Labour, Crown Prince Aleksandar Karađorđević and his wife, as well as many representatives of religious communities, foreign diplomats and people from the cultural and public life of Serbia.

H.E. Mohamad Amine Belhaj and H.E. Abdelhamid Chebchoub 02.08.2017

07.08.2017

Celebrations For The National Day Of Switzerland

Asean Day 2017 Marked

Nik Ady Arman Nik Mohd Kamil, Counsellor Chargé d’Affaires, a.i., Embassy of Malaysia

H.E. Philippe Guex and Mrs. Guex

The Swiss Confederation has celebrated 726 years since its founding. H.E. Philippe Guex, Ambassador of the Swiss Confederation, pointed out in his welcoming speech: “Switzerland and Serbia have traditional good relations thanks to our mutual understanding”.

The reception was held in the garden of the Swiss residence in Senjak. Among the guests were high representatives of the Serbian Government, as well as many public figures, representatives of the diplomatic corps in Belgrade, members of the Swiss-Serbian chamber of commerce, friends and associates.

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To commemorate the 50th Anniversary of the formation of the Association of Southeast Asian Nations (ASEAN), the ASEAN Day 2017 flag hoisting ceremony was held at the Embassy of Malaysia in Belgrade. This celebration of the Golden Jubilee was co-hosted by the ASEAN Diplomatic Missions based in Belgrade, namely the Republic of Indonesia, Malaysia and the Republic of the Union of Myanmar. The event was graced with the presence of high-level officials from the Ministry of Foreign Affairs of Serbia and the Heads of Missions and representatives from the Asia Pacific embassies, United Nations Agencies and International Organizations based in Belgrade.

ASEAN was established on 8th August 1967 by the foreign ministers of its five founding member countries (Indonesia, Malaysia, Philippines, Singapore and Thailand) with the objective to promote regional peace and stability in accordance with the Bangkok Declaration.

Brunei Darussalam joined ASEAN in 1984, followed by Vietnam in 1995, Lao PDR and Myanmar in 1997 and Cambodia in 1999 – making up ten member states of the association today.

H.E. Narinder Chauhan with H.E. Alexander Chepurin and Mrs Chepurin 15.08.2017

70 Years Of Indian Independence Celebrated In the presence of a large number of officials, the Embassy of India in Belgrade marked the great jubilee of 70 years of its country independence.

Indian Ambassador to Serbia, H.E. Narinder Chauhan, spoke at the celebration at Belgrade’s Savanova Restaurant, stating that India and Serbia had traditionally close and friendly relations.

“That implies mutual trust, understanding and cooperation, as well as mutual respect for sovereignty and territorial integrity,” said Ambassador Chauhan.

According to her, it is noticeable that an increasing number of Indian companies are coming to Serbia, but also tourists, while it is also necessary to work on connecting the two countries’ young people.

The celebration was attended by senior representatives of the Government of Serbia, the diplomatic corps, religious communities and numerous personalities from Serbia’s public, political and cultural life.

14.08.2017

Pakistani Independence Day Commemorated

H.E. Syed Adil Gilani

H.E. Syed Adil Gilani, Ambassador of Pakistan to Serbia, and Madame Naseem Gilani hosted a reception and fashion show on the evening of Pakistani Independence Day, 14th August, at Belgrade’s Hotel Metropol.

The event’s fashion show showcased the history of Pakistan through music, dresses and their motifs, designed by famous Pakistani designer Shaiyanne Malik. Guests were able to familiarise themselves with Pakistani costumes, cultural dances, the ancient Indus Valley Civilisation, mangoes and other Pakistani delicacies.

The reception was attended by over 250 guests, including government ministers, ambassadors, diplomats, members of parliament, business leaders and members of the Pakistani community.

Madame Naseem Gilani, Nikola Selaković, Zoran Ðorđević and H.E. Syed Adil Gilani

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FACES & PLACES

SEE MORE WWW.CORDMAGAZINE.COM 17.08.2017

Independence Day Of Indonesia Marked H.E. Harry Richard James Kandou, Ambassador of Indonesia to Serbia hosted an official reception at the Embassy in honour of the celebration of the 72nd Anniversary of the Indonesia.

Ambassador KanH.E. Harry Richard James Kandou dou reminded those in attendance that Indonesia is a country with 255 million inhabitants, the fourth biggest in the world, and has the largest economy in Southeast Asia.

The reception was attended by friends, business partners and representatives of cultural and public life.

22.08.2017

Serbia-Turkey Agriculture Forum Opens

Minister Ahmet Eşref Fakıbaba and President Aleksandar Vučić

Serbian President Aleksandar Vučić met in Belgrade with Turkish Minister of Food, Agriculture and Livestock, Ahmet Eşref Fakıbaba, who arrived in the Serbian capital with a large delegation of Turkish businessmen to attend the opening of the Serbia-Turkey Agriculture Forum.

President Vučić emphasised that Serbia is ready to cooperate with Turkey in all areas of the agriculture sector. He expressed his gratitude to Turkish President Erdoğan for, as he said, understanding Serbia and showing respect towards our country.

Ministar Fakibaba noted that Serbia is the key country for the stability of the region and, as important as Serbia is for the Balkans, it is also important for Turkey, which is why he promised significant increases in the trade exchange between the two countries.

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Energy

Serbia 2017

Trends  Sustainability  Perspective MIRJANA FILIPOVIĆ, State Secretary At The Ministry Of Mining And Energy

BRANIMIR MIJAILOVIĆ, Director, Energotehnika Južna Bačka

Energy Safety Is Serbia’s Priority

Every Day A New Challenge

NIKOLA RAJAKOVIĆ, Professor At The University Of Belgrade School Of Electrical Engineering

BALZ BAUR, MS Of Environmental Science, ETH Zurich, BASNA

In The Shadow Of Technological Innovation

How To Invert Climate-Change

NEDA LAZENDIĆ, WINDVISION, Country Manager Serbia

LJUBOMIR NOVKOVIĆ, General Manager, Alfa-gas Term

Serbia Is A Reliable Partner

A Serbian Dream That Came True JASMINA POPOVIĆ, Director, DNP Inženjering Novi Sad

Ready For All Professional Challenges

INTERVIEW

Energy Safety Is SERBIA’S PRIORITY

Energy sector reforms, increasing the share of the renewable energy sources, and improving energy efficiency are key points in the Serbian Energy Sector Development Strategy in the next decade.

The EU Directives pertaining to energy sector are already implemented in the Energy Law

MIRJANA FILIPOVIĆ State Secretary at the Ministry of Mining and Energy

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he Ministry of Mining and Energy defined the activities aimed at providing Serbia with the sufficient energy products and regulate fully the energy market both in the next five years and in the long-term. Mirjana Filipović, State Secretary at the ministry, points out that our country, currently in the process of association with the EU, has been endeavouring to achieve the linking up in the energy segment on the regional markets, primarily via gas projects and transmission long-distance power line electro systems, and the inclusion in the common EU energy market. The goal is to achieve that the Serbian power, gas, and heating energy market should operate exclusively on economic principles, and at the same time provide for the greatest possible competition and the protection of the indigent population from high prices of energy and its products.

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ENERGY 2017

Intensive activities are underway to solve the problems in connection with the energy polluters by applying European environmental standards in thermal power plants and coal mines. The Ministry of Mining and Energy is endeavouring to fulfil the requirements that our country must meet within Chapter 15 in regulating the energy sphere according to EU standards.

• What are the short-term and the longterm priorities of the Serbian energy sector?

The first priority of the Government and the Ministry is to provide for secure, reliable, and quality supply of energy and its products.

Long-term priorities – improving energy safety, developing energy market, increasing energy efficiency, increasing the use of the RES, and the application of the environmental protection measures in the operation of the

energy sector, are defined by the Energy Sector Development Strategy of the Republic of Serbia by 2025 with projections until 2030, which was adopted in the Assembly in 2015.

The Ministry prepared a proposal of a regulation setting out the Programme for the implementation of the Energy Sector Development Strategy for the period 2017-2023.

This regulation is quite complex, because it represents a set of measures, projects, and activities in the coming period in all energy spheres: electric power, thermal energy, coal, oil, gas, renewable energy sources, energy efficiency, including the aspects of the environmental protection.

• In the process of EU association, Serbia has a lot of obligations that it has to fulfil relative to Chapter 15, which pertains to energy sector. How close are we to the EU

PRIORITY

HOUSEHOLDS

PIPELINE

The first priority of the Government and the Ministry is to provide for secure, reliable, and quality supply of energy and its products

The total number of households who are enjoying the right to reduction of their electric power or natural gas bills, according to the latest data from June 2017, has been 70,260.

One of the priority projects providing the connection of the Serbia’s pipeline system to the neighbouring countries is the construction of Niš-Dimitrovgrad pipeline

• Directives in that area and what are the major obstacles?

The Law from 2014 fully transmits the provisions of the European legislation, that is, the third parcel of regulations has been implemented pertaining to the internal energy market. This has provided a basis for the development of the market, competition on the market, linking up of the market at the regional level, as well as to the common EU electric power market.

Adopted law introduced many changes in the energy sector. Since the day the Law has gone in effect, all end buyers of the electric power have a right to choose their supplier on the electric power market freely. In addition, foreign legal entities are enabled to perform energy activities – wholesale supplying of electric power without having to be founded or registered in the RS. Also, the Law provided a basis for the establishing of the organised electric power market in Serbia, that is, SEEPEX ad was formed. One of the objectives is the merging of the markets between Serbia and Montenegro within the WB6 initiative and the implementation of the so-called “soft measures”, as well as the accession of the Serbian day-ahead market to the closest neighbouring EU initiative for the linking up of the markets, that is, the initiative known as 4M Market Coupling (4MMC), which comprises the Hungarian, Romanian, Czech, and Slovak markets.

When it comes to oil and gas, it is necessary to implement two key activities in order to open Chapter 15 – Energy. These include establishing mandatory reserves of oil and reorganization of PE Srbijagas.

In case of mandatory reserves, this practically means that, pursuant to Directive 119/2009/ EC, it is necessary to establish reserves equalling 90 days of net import, or 61 days of average daily consumption, depending on which amount is greater.

For Serbia, this obligation amounts to 460

thousand tons of oil and oil derivatives, which must be kept as reserves.

The Energy Law from 2014 provided for the establishing of the Department of Energy Products Reserves, as administration body

The Ministry of Mining and Energy prepared a proposal of the regulation setting out the Implementation Program of the Energy Sector Development Strategy for the period 2017-2023.

This regulation is quite complex, because it represents a set of measures, projects, and activities in the coming period in all energy spheres within the Ministry competent for energy affairs, which has implemented to date a whole range of activities related to the provision, forming, and maintaining of the mandatory reserves, while at the same time, through the implementation of our plans in the coming years, we strive to fulfil the international obligations we have undertaken through the end of 2022. The development of the Action Plan to Establish the Mandatory Reserves is

underway, which is one of the criteria for the opening of Chapter 15 – Energy.

I’d say that RES are among the greatest obstacles to full implementation of the Directive, due to the fact that Serbia has been quite late in promoting the use of renewable energy sources, resulting in its having to take a cautious and careful approach in adopting European regulations and standards, which are based on European experience of many years. In addition, achieving binding targets in the area of RES is mostly contingent upon the activities of the private sector.

The state’s impact is reflected only in regulatory mechanisms and it may not have a direct influence on introducing investments in this area.

• The EU insists on the protection of the indigent population from expensive energy and its products. How many indigent households in Serbia managed to achieve the benefits in paying the bills, in other words, how many of them get free power and gas? What are the effects of the social energy cards?

The total number of households who are enjoying the right to reduction of their electric power or natural gas bills, according to the latest data from June 2017, has been 70,260.

For this purpose, a total of about 95 million Dinars (95,637,843.00) has been earmarked in the Budget at the monthly level.

The households may submit requests to acquire the status of indigent end buyer during the entire course of the year in the local selfgovernment units, while the status is acquired upon meeting the requirements set forth in the Regulation on Indigent Energy End Buyer.

One of the requirements for complete deregulation of the electric power market in RS is the achieved level of the protection of the indigent end buyers. At the moment, that level is not high enough, as compared to the potentially energy indigent households. I would like to take this opportunity to appeal, once again, to all households to get information from their ENERGY 2017

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respective local self-governments about the requirements for obtaining the status of the indigent end buyer. The information is also available on the Ministry’s website.

• The Government, as well as the IMF and the World Bank, request that energy companies, EPS, Srbijagas, and Resavica accelerate the reforms. What is the current status of their reorganisations?

The reforms that the Government, the IMF, and the World Bank request are being successfully implemented.

In cooperation with the World Bank, and in in accordance with the obligations to the IMF undertaken by Serbia, a Financial Consolidation Plan of the PE EPS was brought, defining the guidelines and measures for resolving problems, aimed at enhancing the profitability of the enterprises, which will be able to live up to market challenges in both quantity and price via rationalisation of their business operations, new investments, and solving their financial problems.

In 2016, the process of reorganisation of the PE EPS has continued, reflecting in two status changes: in January 2016 it was the status change of separating a part of the property and liabilities from the ODS and merging to the PE EPS, and on 1 June 2016 there was a status change of merging the subsidiary company for the electric power supply to the end buyers “EPS Snabdevanje” d.o.o. Belgrade to the Public Enterprise “Elektroprivreda Srbije”.

One of the objectives set out in the Plan is the optimising of the number of employees.

Beside the aforementioned, resolving the property rights pertaining to the real estate of both PE EPS and their subsidiary company ODS EPS Distribucija, which is also included in the Plan, regarding which the Government has passed several conclusions, and further activities pertaining to resolving property rights regarding real estate not comprised in passed conclusions are underway.

Also, in PE EPS the assessment of the value of the property and the capital is underway.

Finally, the purpose of fulfilling all of the aforementioned is to change the legal form of the PE EPS to joint-stock company In the sphere of gas, a number of steps have been undertaken to reduce registering loss by the PE Srbijagas, such as passing the Financial Consolidation Plan for this public enterprise, as well as reduction of financial risks for the delivered natural gas by raising

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the level of securing payments from all companies, including the enterprises undergoing restructuring.

The focus of these reforms has also been on the investment program implemented by the PE Srbijagas, which is being assessed from both standpoint of financial feasibility and standpoint of total contribution of this program to life and work of the population and economy in the RS. The Government is putting considerable efforts in creating conditions for the privatisation of the strategically important companies which are key consumers of the natural gas,

Renewable energy sources are among the greatest obstacles to full implementation of the EU Directive, due to the fact that Serbia has been quite late in promoting the use of renewable energy sources in which PE Srbijagas has ownership share based on its claims.

The privatisation of these companies would help direct the focus of the operations of the PE Srbijagas exclusively toward the provision of the conditions for a secure supply of natural gas to the market of Serbia.

The good direction in the implementation of the reforms has been confirmed by several revi-

sions of the Precautionary Arrangements with the IMF, which received favourable assessments.

• Serbia plans to connect to the Turkish Stream pipeline. Also, the EU insists on constructing gas interconnection to Bulgaria, NIŠ – Sofia pipeline. Can you tell us about the current status of these projects?

One of the priority projects providing the connection of the Serbia’s pipeline system to the neighbouring countries is the construction of Niš-Dimitrovgrad pipeline. The planned capacity of the pipeline is 1.8 billion m3, which would practically satisfy the current Serbian needs for this energy product.

Memorandum of Implementation of the Priority Projects for the Region, signed by all ministries of energy of the regional countries, including the European Commission, on 10 July 2015 in Dubrovnik recognized gas interconnection Serbia – Bulgaria as one of the six priority projects for the EU and the region.

This interconnection is at the second place on the list of priority projects.

There’s permanent coordination between the line ministries and the system operators JP Srbijagas and BULGARTRANSGAZ. The Government of the Republic of Bulgaria earmarked €60 million from the non-repayable European funds for the implementation of the Bulgarian section.

The Memorandum of Understanding for the Construction of the Gas Interconnector Bulgaria – Serbia Project between the Government of the Republic of Serbia and the Government of the Republic of Bulgaria was signed on 19 January 2017 in Sofia.

At the end of 2016, the Spatial Plan of the Special Purpose Area of the Infrastructure Corridor of the Main Pipeline Niš-Dimitrovgrad was adopted, with elements of detailed regulation.

For the purpose of the implementation of the project, as proposed by the Ministry of Mining and Energy, the Law on the Budget of the Republic of Serbia for 2017 has provided the funds for the expropriation of land.

The financing of the Serbia-Bulgaria Gas Interconnection Project from IPA 2017 has been proposed, with expected non-repayable aid amounting to €49.6 million. The total investment value of the project is circa €85.5 million.

PE Srbijagas developed a Dynamic Plan for the Implementation of the Project, which is being updated and which would be applicable if the necessary financial means are provided by the EU for the implementation of the project. ■

CORPORATE BRANIMIR MIJAILOVIĆ, DIRECTOR, ENERGOTEHNIKA JUŽNA BAČKA

Every Day A New Challenge “Without a development component and long-term planning, there is no certainty when it comes to the future of business,” says Branimir Mijailović, General Manager of Energotehnika Južna Bačka

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eneral Manager Branimir Mija­ilo­vić, a former student of Belgrade University and today an experienced engineer, has been running Energotehnika Južna Bačka for two years. In their everyday work, he and his 400 staff face on the one hand the company’s 60-year tradition, and on the other the ever changing reality of today’s energy sector. In an interview for CORD he recalled that, by signing the Energy Community Treaty, Serbia has accepted the obligation to fully implement EU directives in the field of renewable and alternative energy sources, under the agencies responsible for energy.

- Serbia has an obligation to reach a 20% RES share in gross final consumption by 2020. This is certainly not an easy task, but our country has adapted the legislative framework and incentives in this field. I expect this goal to be achieved.

Given these facts and how we judge our technical possibilities, I am sure that we can greatly reduce the use of fossil fuels and in this way directly improve the environment. At Energotehnika-Južna Bačka we see this as a serious obligation, but also as a great development opportunity.

As one of the leading companies in the field of energy, it our duty to participate in creating a positive environment to realize these goals. At the same time, we see a chance to take part in building the most

complex projects in the field of RES with our staff and technical capacities.

• Where is your company on environmental protection, nature conservation and climate, since these issues are one of the priorities of sustainable development on a global scale?

Energotehnika-Južna Bačka is determined to take care of environmental impacts through its daily work and to permanently improve environmental management in accordance with the standards and regulations governing the field.

On this subject are always trying to go a

We are fully aware that without a healthy environment there is no sustainable growth and development of a company, and in the end, it makes no sense to do business at all step further whenever possible.

I am quite confident that we are setting an example in promoting this type of business and that there is indeed a clear determination of the management and owners to accelerate all of our work related to environmental protection by concrete initiatives and activities. This commitment is primarily reflected in defining the goals and budget available in our business plans.

• On the company’s website, we can read not only that you have a respectable team of experts, but also that you cooperate with universities. To what extent do you rely on scientific arguments, analysis and projections in your everyday work?

Previous references and successful projects give us the right to say without false modesty that we have a very professional staff in our area of business.

However, at the same time we are aware that without a development component and long-term planning there is no certainty when it comes to the future of the business. For this reason, we rely heavily on cooperation with scientific and educational institutions, among which is the Faculty of Technical Sciences in Novi Sad. At the beginning of this year, a Memorandum of Understanding was signed between the Faculty of Technical Sciences and the Energotehnika - Južna Bačka company on various forms of cooperation in development projects.

In addition, the Memorandum defines the implementation of the Scholarship Programme for students who achieve special success in their studies, and provides material conditions for achieving top results in international competitions. ■ ENERGY 2017

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CORPORATE EPS, The majority of Serbian citizens want to save energy

EPS Encourages Energy Efficiency Energy efficiency isn’t the same as saving, because saving always implies giving up something, and efficiency doesn’t

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rotecting the environment through increased energy efficiency is one of the priorities within the framework of the responsible and sustainable operations of “Elektroprivreda Srbije”. Research into the habits of the Serbian population and energy efficiency, conducted jointly by EPS and agency Ninamedia, has shown that Serbian citizens are increasingly aware of the importance of energy efficiency.

One of the results of the survey is that as many as half of Serbia’s citizens are ready to change their habits in order to reduce electricity consumption. This is encouraging news in a country where 2.5 million households use almost five times more electricity than the European average. The survey on a representative sample of 1,800 Serbian citizens showed that 81 per cent of respondents save

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electricity, and 86 per cent of them state reducing monthly bills as the main motive, while seven per cent cite environmental protection.

According to principles of energy efficiency, small changes in the habits of citizens could reduce electricity consumption in households by as much as 20 per cent and fulfil their basic goal of having lower bills, but at the same time being responsible towards the environment According to principles of energy efficiency, small changes in the habits of citizens could reduce electricity consumption in households by as much as 20 per cent and fulfil their basic

goal of having lower bills, but at the same time being responsible towards the environment.

According to survey results, some citizens already understand the fundamentals of energy efficiency that imply using less energy to do the same job without compromising on comfort.

Of those who save energy, 22 per cent state that they do so via saving light bulbs, while 16.2 per cent consume less energy due to thermal insulation in their homes. Serbian citizens are aware of the impacts of irrational energy use and 30.8 per cent of survey participants estimate that the biggest consequence of excessive electricity consumption at the global level is insecurity in electricity supply, while 29.6 per cent see climate change as the biggest consequence and 25.6 per cent of citizens cite pollution of

the environment. The remaining 13 per cent did not respond to this question.

Energy efficiency isn’t the same as saving, because saving always implies giving up something, and efficiency doesn’t. Through energy efficiency we don’t undermine the quality of life or work, but we do reduce costs and preserve the environment. By using energy saving light bulbs, eco regulation of electrical appliances, as well as thermal insulation on buildings, we can significantly reduce electricity consumption. When purchasing electrical appliances, consumers should take into account energy class, because class A is the most efficient, while G is the least efficient, and the difference in costs can be as much as twice as high.

The survey also showed that awareness is increasing of the benefits of energy efficiency, with 38 per cent of citizens having replaced window frames, and an increasing number of them buying energy-efficient devices with components tailored to use as little energy as possible.

Heat insulation is one of the best ways to prevent heat dissipation in the winter and ease cooling during the summer. Improving heat insulation, which involves replacing window frames, fixing windows and doors or roof insulation, is planned by almost half of survey respondents (49 per cent) in the next few years. An apartment or house with a high level of energy efficiency allows a family to live comfortably and save money through reduced bills. The key to achieving savings is to see your home as a single energy system with mutually dependent parts. For example, a heating system is not just a stove – it is a complete heat transfer system, which starts from the stove and transmits heat through pipes and ventilation holes. Even the highest quality stove, with a high degree of energy efficiency, will burn a lot of fuel if ventilation ducts and openings, walls, ceilings, windows or doors allow air to escape.

Internal insulation can also be a solution, because it is cheaper than external, primarily because it uses thinner materials. The negative side

of internal insulation is the creation of moisture or damp in places where an insulated wall comes into contact with an non-insulated wall or surface.

The cheapest method is to improve home insulation by closing the places, holes and cracks through which air escapes.

EFFICIENT AIR CONDITIONING FOR TROPICAL WAVES Energy efficiency is especially relevant during tropical days, when air conditioning units work day and night

Serbia has committed itself to reducing total energy consumption via energy efficiency by nine per cent by 2018. And every inhabitant of Serbia can contribute to achieving this goal and at the same time reduce their electricity bills if they apply some of the recommendations for raising energy efficiency in urban areas. Air conditioning units need not necessarily be large consumers, provided they are used efficiently and rationally. It is also important to use a device with the highest possible

energy class, and the best carry the ‘A’ mark. Experts also highlight the great importance of choosing adequate air conditioning and that the quality of the device is a very important factor in consumption. Devices with the same cooling capacity, but of different energy classes, do not use the same amount of energy. For example, air conditioners with the energy class “A” use up to 25 per cent less electricity than “D” class devices.

Serbia has been marked by a series of heat waves during summer 2017 and record consumption of electricity during that period. Almost the whole of July was hot, with air temperatures exceeding 40 degrees Celsius, while tropical temperatures and higher use of air conditioning during the day increased electricity consumption. On individual days in Belgrade those increases were recorded as being up to 20 per cent higher at the day level compared to the July average. EPS customers consumed 89 million kilowatt-hours on 11th July, which is record-breaking summer daily energy consumption. During the summer in Serbia, any change in the maximum daily temperature by 1°C causes a change in consumption by 820,000 kilowatt-hours on a daily basis.

Serbia has committed itself to reducing total energy consumption via energy efficiency by nine per cent by 2018. And every inhabitant of Serbia can contribute to achieving this goal and at the same time reduce their electricity bills if they apply some of the recommendations for raising energy efficiency.

GAUGING HOME EFFICIENCY Professional energy experts use special equipment to identify places where air escapes, places where insulation is lacking and devices that do not work properly. An expert analyses how well your energy systems work in combination and compares this analysis with your utility bills. This is followed by a recommendation to improve energy efficiency, for greater comfort and security, in accordance with your budget.

Some auditors will also calculate how quickly your investment will pay off. ■ ENERGY 2017

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SERBIAN ENERGY MIX

In The Shadow Of Technological

Innovation Renewable energy, energy efficiency through the applying of contemporary environmentally friendly technologies – a business opportunity for the development of Serbia's industry and green economy

NIKOLA RAJAKOVIĆ Professor at the University of Belgrade School of Electrical Engineering

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he transition of Serbia’s energy towards renewable sources demands a strategy of gradually moving away from coal by the end of this century and introducing new energy technology solutions in all segments of production, distribution and energy management. And in Serbian energy companies they have to place their profession ahead of politics, says Nikola Rajaković, professor at the University of Belgrade’s School of Electrical Engineering.

• The development of the energy sector is conditioned by the application of new technologies. How much has technology advanced in that area in the last decade, and in which segment is the technological revolution most evident?

New energy technologies are undeniably crucial to the development of the energy sector, and their advancement in the last decade is evident, although we cannot talk about

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revolutionary advances. Progress can be felt in the development of technologies for renewable energy sources, in energy efficiency technologies, environmentally friendly technologies, but also in conventional technologies and energy storage technologies, and, finally, as the synthesis of all of these steps, stands smart grid technology.

When I say that there’s been no revolutionary shift, I’m primarily thinking in terms of the energy fusion possibilities that were expected to enter into wider industrial applications. Unfortunately, the uncontrollability of these technologies still renders them uncertain when it comes to satisfying energy needs. Renewable energy sources will be mentioned further below, so it should be noted here that progress in energy efficiency technologies (better thermal insulation in buildings thanks to new materials, LED technology in lighting, more efficient electric motors, reduced losses in iron en-

ergy devices, again thanks to new materials etc.) has reduced demand for energy significantly. Likewise, environmentally-friendly technologies, primarily in thermal power plants, contribute significantly to gradually withdrawing fossil fuel technologies from use without dramatic cuts.

Improvements in battery production technologies that enable a transfer to electrical transport with increased storage capacity are a very influential factor in the introduction of renewable sources.

And, at the end of this small overview, it is important to note that smart grid technologies (the superposition of communication and information infrastructure on the conventional energy network) not only allow the integration of renewable sources, but also automation in energy networks, with unheard of effects in managing consumption. I think the advancement of technology is most evident in this segment.

• The world is struggling to secure as many renewable energy sources as possible. Which countries are prevailing in its production and which renewable energy is utilised the most today?

The world is definitely turning increasingly towards renewable energy sources. Solar power plants for the production of electric energy, as well as panels for the preparation of technological hot water, are certainly among the most important technologies for renewable sources. However, wind farms (both onshore and offshore) are of huge importance. The estimates differ regarding the energy mix that the world will have in 2050, but it is certain that the participation of these two renewable energy technologies in the total contribution of renewables will be dominant. In parallel with this and biomass application technologies, heat pump technology, cogeneration, and other aspects, applying renewables already have a strong impact that will become even greater over time.

Technologically developed countries dominate in the application of renewable sources. The countries of Western Europe set

themselves apart here, but also the United States and China, as the two most powerful economies, are also accelerating their share in the global use of renewable sources.

• Where is Serbia on the list of countries using renewable energy sources?

Serbia occupies a very modest place on the list of countries that use renewable energy sources. We are far behind countries from our own neighbourhood (Greece,

The world is definitely turning increasingly towards renewable energy sources.

Solar power plants for the production of electric energy, as well as panels for the preparation of technological hot water, are certainly among the most important technologies for renewable sources Romania etc.), and even further behind developed countries. There are multiple reasons, but our traditional conservatism towards technological innovations has contributed to this outcome. Instead of

seeing the use of renewables as a business opportunity for our industry, it is followed by numerous obstacles.

• What should be done for Serbia to gain large solar parks and more small hydroelectric plants, to use biomass, geothermal sources and other sources that Serbia has in abundance?

It is primarily necessary to change the attitude towards technological innovations, which is very difficult. On the other hand, it is possible to significantly strengthen institutions by simplifying procedures for obtaining permits. And, ultimately, it is necessary to build a framework to maximise the economic advantages of applying renewable sources.

Incentive prices for renewable sources as a mechanism have already been overcome in developed countries, and in our country we expect them to give some more odd good result. Moreover, the price of a kWh produced from solar power plants in many countries is competitive with the price for energy from conventional power plants. I hope we will have a similar situation in our country. ■

ENERGY 2017

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INTERVIEW • How strong are the links between science and the holders of state functions when it comes to the development of the country's energy?

This link certainly exists, but it also needs to be even stronger and more productive.

One of our problems in energy is the lack of continuity in the management of the energy sector, which requires decisions made over a span of 20 to 50 years, while politics logically only counts from election to election.

If experts and responsible professionals continuously managed the energy sector with the minimal influence of daily politics, the results would be incomparably better.

• What should be done for the proposals of experts to have more practical implementation, primarily in the development of Serbian energy enterprises?

We have enough quality proposals from the profession, though they are very often on the side of preserving the status quo. Namely, this energy transition towards renewable sources must also carry elements of the break with the previous situation. What needs to be done is to apply experts’ proposals, and that is very difficult in circumstances when politics are placed ahead of the profession in Serbian energy companies.

• Serbia produces 70% of its electricity from coal? What are our prospects like with that resource in the future; how rich are the reserves?

Serbia has coal for the next 50 at the current rate of use, perhaps a decade or so longer.

Serbia’s energy strategy must project a vision for the decades without coal, and they are at the end of this century. In energy terms, that’s not such a distant horizon, although from the human perspective it’s really far away. So, the real question in this context is what the energy mix in Serbia is like without coal.

• The European Union is seeking that the countries of the region decommission at least 13 obsolete coal-fired power plants by 2023. Serbia needs to decommission as many as five old thermal blocks? How realistic is that and where will this shortfall of power be compensated for?

We really have old capacities in thermoblocks (Kolubara A, TENT A1 and A2, Kostolac A1 and A2, TE Morava etc.), and this is something that is our reality. The profession introduced the concept of RE-

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PLACEMENT CAPACITY and the Kostolac B3 block, with 350 MW of power, built by Chinese companies, is seen as such. It is certain that it would have been even better to start building a larger power block of about 700 MW over a decade ago, with a better degree of exploitation, but back then politics made the bad decision not to launch such a project. Afterwards the circumstances in Europe also changed in relation to the use of coal, so there simply wasn’t a strategic partner to implement such a project. Thus, this less-bad decision to construct the Kostolac B3 unit was made and from this block part of the lacking energy will be accounted for. The remaining expected energy shortfalls

Serbia occupies a very modest place on the list of countries that use renewable energy sources. We are far behind countries from our own neighbourhood (Greece, Romania etc.), and even further behind developed countries should be produced from renewable sources, according to my reasoning.

• European countries are determined to replace fossil fuels with cleaner energy, but some EU members, such as Germany, are still building coal-fired power plants. Considering that Europe has confirmed coal reserves for an entire century, can we abandon use of that resource in the near future?

When it comes to the future of coal, it will remain influential in the coming decades, even in Europe until 2050, but its relative significance is decreasing and the transition to cleaner technologies than coal are becoming a priority. It is in this context

that the further use of coal in European energy needs to be considered.

• Many countries have also announced the closure of nuclear power plants, but none of them have progressed beyond pure announcements? What is the perspective for the development of nuclear energy worldwide?

Nuclear technology accounts for, and will continue to account for, a significant share in the production of electricity in Europe and elsewhere in the world, and that will continue in the decades ahead. Reducing this share, while increasing the share of renewables and reducing the share of fossil fuels, is the job of transitioning energy. Progress in nuclear technologies mean the nuclear option remains very influential, so at some point over the next 30 years Serbia will also have to decide whether to build a nuclear power plant or to rely exclusively on renewable energy in the coal-free situation. In my view, the development of technologies for the accelerated development of smart grids will make the option of exclusively renewable sources very realistic.

• Serbia has a Moratorium that prohibits the construction of nuclear power plants, while on the other hand it is surrounded by around dozens of nuclear reactors in the neighbourhood, at distance of 50 to 400 kilometres.

Does Serbia need nuclear power?

This answer is not necessary at this juncture. Serbia is in a favourable position because it can wait another three decades, while we are still successfully using our coal, before it has to give that answer.

• When we look at energy from the planetary perspective, technologically and in production terms, which of the world's energy trends are applicable in Serbia today?

Primarily solar technology, but also conventional hydro and thermo technologies, has a wide range of possible applications in Serbia. In addition to them, wind utilisation technology, biomass and heat pumps have good prospects in our country. ■

INTERVIEW BALZ BAUR, MS OF ENVIRONMENTAL SCIENCE, ETH ZURICH, BASNA

How To Invert ClimateChange

Company BASNA, in its mission to protect the environment, produces Energy and Biochar from biomass. With this new concept they are claiming to have more effect on the environmental protection than any other energy project based on CHP

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estern Serbia has huge wood biomass potential. It is there where company BASNA has utilized this natural gift to harmonize with nature, using the most efficient methods to transform wood into Biochar, which is in increasing demand, says BASNA owner Balz Baur. It is this unique concept of producing Biochar and at the same time renewable energy that sets BASNA apart from other companies in the field.

Their product is not intended for burning, but has far more widespread applications – such as soil improver in agricultural land, and increasingly in livestock feed. That way it can contribute not only to reduce the greenhouse effect, but has the potential to contribute solving many other challenges we face as a civilization.

• You claim to have a greater impact on reducing the Greenhouse effect than conventional biomass cogeneration plants.

How so?

Our technology is no better than anyone else's, especially when it comes to converting from heat to electricity. You must look at our concept as a whole to understand what differentiates BASNA from others.

• So “producing charcoal” does the trick?

Unfortunately, it is not that simple. During the production of charcoal many hazardous gases emerge from the biomass. Most of these gases have an even higher impact on global warming than CO2. In traditional coal kilns, these gases are released into the atmosphere. We carry out cogeneration from these gases, with an efficiency of around 20 per cent.

50 per cent of the energy content is stored in the charcoal, while we have a total exploitation rate of 70 per cent on the biomass energy content yearround. This is far better than any biomass CHP.

• But when you burn the charcoal you are back to only 20% efficiency?

That depends on how the charcoal is used, and this is precisely where our concept stands out among other renewable energy projects. Our high temperature charcoal is crystalline. The intended use of our charcoal is not to burn it, but to apply it in agriculture (= Biochar). All Biochar will eventually end up in the ground and will not decay for centuries.

The farmer gets more and longer lasting fertile manure, as well as carbon sequestration and humus restoring effects, for free During the growth of a tree, CO2 is assimilated from the atmosphere and O2 is released. Later we convert the tree into charcoal. There the C-atom from the CO2 becomes embedded in a stable carbon-grid. By applying charcoal in agriculture, you isolate CO2 from the air and place it in the ground, whereby it acts like a carbon sink. And you can simultaneously exploit the gases’ heat energy during the carbonisation process.

I always say: “By heating your swimming pool in wintertime, you are actually doing more good for the environment than if you weren’t heating it”.

• Why should we apply charcoal in agriculture?

As an additive to livestock fodder! Recent studies show that applying Biochar in animal husbandry has almost countless positive effects.

The fact is that charcoal has the capacity to absorb toxins from the body and toxins in animal fodder are well known (mycotoxins. bacterial toxins and environmental pollutants like pesticides and heavy metals).

Even more interesting is the observation of increased fodder efficiency. In a piglet farm in Germany, for instance, instead of 2.8kg of fodder per kilo of weight gain, only 2.2kg were needed.

The piglets also finished 14 days earlier than the control group. We are repeating this trial in Serbia right now.

The most interesting fact to me is that the use of preventative and acute antibiotics can thereby be avoided. Moreover, the hygienic conditions (due to reduced diarrhoea), animal health and tendency towards aggressive behaviour have clearly improved.

Similar observations were made in cattle husbandry, where meat quality and milk production also improved. And, as an extra bonus, after feeding Biochar to your animal, you will find the charcoal in the manure is charged with plant available nutrients. The farmer gets more and longer lasting fertile manure, as well as carbon sequestration and humus restoring effects, for free.

In the end, the farmer can increase profitability due to lower feeding costs, lower veterinary costs and more fertile land, with reduced expenses on fertilisers and irrigation. Everybody is happy, including the animal. And that’s how you get electricity and heat energy, extract CO2 from the atmosphere and place carbon in the ground! ■ ENERGY 2017

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ELECTRICITY

Serbian EMS Certified As Electricity Transmission System Operator Serbian state-owned company, Elektromreža Srbija (EMS), has obtained certification as an electricity transmission system operator (TSO). The certification opens the way for EMS to obtain a license to operate transmission system and to transmit electricity

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he Council of the Energy Agency of Serbia (AERS) issued the certificate to EMS in early August, after several conditions were resolved, in line with the Energy Community opinion.

After obtaining the certificate, EMS will be able to apply for a license to operate a transmission system and transmit electricity, the AERS told Balkan Green Energy News portal.

The main purpose of issuing of the certification is to confirm that TSO is independent of its network users, or market stakeholder, such as electricity producers and traders, as well as mostly large buyers, AERS officials said.

EMS submitted a request for certification in October 2016, and the AERS issued a preliminary decision to issue the certificate early of 2017. The decision was submitted to the Energy Community for an opinion.

The Energy Community Secretariat issued a negative opinion in June, stating that EMS was not unbundled in line with the ownership unbundling model as required by Article 9 of

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the Electricity Directive. It said that EMS was still controlled directly by the Government, the representative of state ownership in both EMS and state electric power company Elektroprivreda Srbije (EPS).

Prior to the final decision, it was necessary to ensure the independence of the operator by

Prior to the final decision, it was necessary to ensure the independence of the operator by separating competences over EMS and public enterprises that are engaged in production and supplying of electricity separating competences over EMS and public enterprises that are engaged in the production and supply of electricity.

Since one ministry was in charge for both the

EMS and EPS, the Law on Ministries had to be changed which was done in June 2017. The competencies over public companies which produce or supply electricity were transferred from the Ministry of Economy to the Ministry of Mining and Energy. These competencies concern activities on the appointment of management bodies, as well as other acts relating to the operations of these companies.

The AERS officials said that the EMS has also fulfilled other conditions related to the other Energy Community remarks.

In November 2016, EMS announced that it had started operating as a joint-stock company.

The new name of the company is EMS AD. It operates as a non-public joint-stock company with 100 per cent state ownership, without the possibility of purchase of shares by other legal entities or individuals.

In January, the Serbian Government appointed Jelena Matejić as the new acting director of EMS. ▪

Source: balkangreenenergynews.com

CORPORATE NEDA LAZENDIĆ, WINDVISION, COUNTRY MANAGER SERBIA

Serbia Is A Reliable Partner “Besides the Alibunar wind farm, WindVision is open to developing other projects in Serbia”, says Neda Lazendić, Country Manager of the Serbian branch of the Dutch-Belgian company in this interview for CORD

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e are inspired to go further” is the motto of this company that, with a focus on producing ‘green energy’, has already gone so far that it could be said that it has already left a legacy of an environmentally clean future.

Founded as a Dutch-Belgian company, WindVision works on two continents and in eight countries, among them Serbia.

It is dedicated to clean, safe energy. In Serbia it became known already in 2010 as the investor of the wind farm Alibunar.

Neda Lazendić manages WindVision’s Serbian branch.

In this interview for CORD she says that the company’s management recognises our country as a reliable partner, primarily owing to the project in Alibunar. Asked if she finds Serbia ready and open for business in the renewable energy field besides formal regulations, she mentions that “basic national legislation is established through the existing Energy Law with accompanying bylaws and other relevant laws”.

“But we should not ignore the importance of harmonising them with the legislation of the Energy Community in this field and increasing the production of energy precisely from renewable sources to 27% by 2020. Besides this, the model of the Contract for Purchase of Electrical Energy

must be adapted to the conditions of the international financial institutions that will provide funds for implementing such projects. The first wind farms in our country have only just been built in recent years, with a total installed capacity of 25MW. But following European trends, Serbia has given the green light to build some large wind farms, and their potential is expected to be realised in the coming year.”

We think that, as a future member of the European Union, Serbia can reach its electricity production targets, fulfil its international obligations and provide a better energy future • Beside the Alibunar wind farm project that you have been focused on, are you planning further projects in Serbia?

“Since WindVision regards Serbia as a business environment with a future, ready

to adapt to large investments, we remain open to partnership also in future projects, though our current priority is building the Alibunar wind farm.”

• WindVision works in several countries on two continents. As the sustainable development of the planet, including of course ‘green energy’, is one of the most important global subjects, which of WindVision’s countries is most sensitive to the necessity of the ‘energy transition’?

“We think that ’green energy’ is the present reality rather than an alternative.

According to research by the International Renewable Energy Agency IRENA, wind as a renewable source should be able to produce a quarter of the European Union’s electricity supply, which would increase the security of the European energy system considerably. About 11% is currently generated from this source. When you know that during last year a full 44% of all new electricity plants in European countries utilise wind power to generate electricity, it’s clear that this energy source is becoming dominant.

“In this context, I would name Belgium and France as characteristic ‘WindVision countries’, where we have projects on the drawing board and being built.” ▪ ENERGY 2017

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INTERVIEW LJUBOMIR NOVKOVIĆ, GENERAL MANAGER, ALFA-GAS TERM

A Serbian Dream That Came True Alfa-gas Term in Kula is an example of a successful family vision of developing renewable energy

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wenty-five years ago, Ljubomir Novković and his family recognised the advantages of renewable energy and started investing in new technology. Today, Alfa-gas Term is recognised as the best supplier of thermal energy plants providing clean energy, and is in demand both in Serbian and on the region’s markets. Family ideas are successfully realised with the state assistance, in cooperation with the experts of the School of Technical Sciences of the University of Novi Sad and foreign partners, and their work and clientele keep growing.

• Your company mainly deals in building building thermal energy plants and planning gas and water supply layouts. How competitive do you think the Serbian market is locally and compared with global trends?

It was back in 1992 that I set out on a journey into the uncertainty and beauty of entrepreneurship, with boundless support from my family – wife Irina, daughter Maja and son Dejan. Having done the market research, we realised that renewable energy is a field lacking in research, applicability and power plant supply.

With selfless expert help from Professor Dušan Gvozdenac and his associates from the School of Technical Sciences in Novi Sad, we’ve been tirelessly perfecting and applying our knowledge in this area. Not only do we install thermal energy plants but we also design them. With major government support, the Serbian market has great prospect.

Our country has an excellent geographical position and is rich in waters and geothermal energy. With its favourable climate, the country has an amazing potential to save and substitute oil, coal, wood and gas as primary energy sources.

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The benefits of renewable energy are cleaner environment, unpolluted air and soil, and as well as a considerable financial savings.

Compared with global trends, we are moving up, and we’re doing it with our own brainpower.

• You are a co-founder of the Renewable Energy Society. Is Serbia dedicated to energy awareness and renewable energy?

It was back in 1992 that I set out on a journey into the uncertainty and beauty of entrepreneurship with boundless support from my family – wife Irina, daughter Maja and son Dejan Compared to 1992, Serbia is now an important factor when it comes to using new, clean technologies.

The Renewable Energy Society wants to affirm the use of renewable energy and to educate people

about it. We organise lectures for the general public and industry, focusing in particular on the installation of heat pumps, sanitary hot water solar heaters and photovoltaic panels. We have performed well in the industrial application of renewable energy systems, making considerable financial savings. We expect to raise public awareness significantly if helped financially by the government.

We have established successful cooperation with foreign partners such as Viessmann, Vaillant etc. Our current activities include the substitution of a mazut-fired boiler room with a gas-fired containerised boiler plant.

We get great support from the local government, led by the Mayor of Kula Perica Videkanjić and his team, Mr Milojičić, Mr Miljanić, Mr Kostić and Mr Trifunović. They recognise the importance of renewable energy and its benefits.

• Your career started in a workshop set up during the war and hyperinflation, and you are now running a respectable company. Does this prove that a Serbian dream can come true or is this simply a Novković reality?

It’s true, starting a business under those conditions wasn’t easy. But if you have faith in your family, yourself and the people around you, and if you have a vision, it’s much easier.

Years of hard work and commited staff have helped our business grow and the quality of our work improve.

Of course, it was possible for me to realise the “Serbian dream” ‒ or the “Novković reality” ‒ because in addition to great associates and good people behind me, I had the greatest treasure of all, my grandchildren Leda, Stefana, Bodin and Nikodin. ▪

INTERVIEW JASMINA POPOVIĆ, DIRECTOR, DNP INŽENJERING NOVI SAD

Ready For All Professional Challenges

DNP-Inženjering d.o.o. (Ltd.) was founded on 3rd November 2014, with the main activity of designing electrical power facilities of all voltage levels. Headquartered are in Novi Sad, the company’s founder and director is Jasmina Popović

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he company was established with a staff of three electrical engineers, but after two years and 10 months of operations that figure had grown to 12 employees.

As a company, we have major permits in the Republic of Serbia: P050E1, P061E1, P062E1 and P190E1, while in Serbia we also have licenses for designing the constructive phase and electro phase high power and electrical power plants.

In 2015 the company introduced standard certifications ISO 9001, ISO 14001 and OHSAS 18001, and in 2017 it also added ISO/IEC 27001.

• Which projects do you consider as being the company’s best references?

In the previous period, we applied ourselves to achieve a high position on the domestic market and in the region, with additional activities of designing electrical power facilities of various types: TS Pančevo 3, Zrenjanin 3, Sombor 2, Šipovo, Kotor Varoš and Nevesinje, VE Vladimirovac, Bela Anta and Nikine Vode, HET-HE Trebinje 1, EVP Trebješica and the Minel Dinamo Test Station, as well as many other diverse tasks that were challenges

We are ready to deal with all the challenges we face, in both designing the reconstruction of existing facilities and designing the construction of new ones

• Which parts of the company would you single out as being the carriers of its development?

The leading role in the company belongs to engineers, who have enviable experience in designing electrical power facilities in both Serbia and abroad. Based on their experience and the application of the latest programmes used in this field of design, we as a company are not lagging behind the rest of the world in the field of globalisation. What's more, we are ready to deal with all the challenges we face, in both designing the reconstruction of existing facilities and designing the construction of new ones.

which our designers managed to implement successfully. Of all the projects we have done to date, we are most proud of the project TS and PRP wind farm Vladimirovac, for investors WindVision, which was also an inclusive project for the founding of the company. In addition to this project, we would particularly highlight the project of the new substation, TS Šipovo in Bosnia’s Republika Srpska, as well as the project to reconstruct EVP Trebješica in Montenegro.

The company has a trend to constantly

develop and improve all employees in the field of design, in order to be as competitive as possible on the domestic and world markets. Cooperation with renowned contractors in Serbia (Energotehnika Južna Bačka Novi Sad, Energomontaza Beograd and Elektromontaza Kraljevo), as well as with equipment manufacturers (Siemens Belgrade, Schrack Novi Sad, Schneider Belgrade and Eaton Belgrade), enables us to constantly advance and improve the quality of our projects at the highest level.

• When it comes to designing electrical energy facilities, how competitive are we with global achievements in that domain?

Bearing in mind the constant changes in the electricity market, the increase in consumption and new sources of energy, it is very important to respond effectively to the demands of this market. Our market is global, but we also appreciate the specificities of the regional and local markets where we operate. In this sense, we meet the following requirements: • continuous improvement of professional skills in knowledge, • trained and responsible associates, • access to relevant information, • ability to adapt to different regional and local market specifics; and • efficient organisation ■ ENERGY 2017

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MY LIFE

B y R A DM I L A STA N KOV I Ć

Not Even Government

Needs Such Media MANOJLO MANJO VUKOTIĆ,

LONG-TIME EDITOR OF DAILY NEWSPAPERS AND OWNER OF VUKOTIĆ MEDIA PUBLISHING HOUSE

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he Vukotić family is a renowned Montenegrin family whose origin dates back for 600 years. They were warriors, generals, dukes, serdars, skillful politicians, artists, sportsmen etc. Manojlo Manjo Vukotić (1938) is undoubtedly the most famous media arbiter in the former Yugoslavia.

More specifically, he is the greatest master in journalism for the highest

As a student of world literature, he was an editor in magazine Student. He continued writing in Večernje Novosti (Evening News), where he spent more than three decades. At the beginning of the nineties, he was chief editor of Borba, at the time when the entire opinionated intelligence and opposition wrote for it. Throughout his five-decade long career as a journalist, he designed and established dailies Blic and Glas javnosti, both achieving high circulation. As chief editor of Novosti, from 2000 to 2013, he brought this newspaper its former glory and circulation. As chief editor, he signed around one billion eight hundred million copies of newspapers!

And 8.6 million books. For the past four years, he has been the owner of a reputable publishing house Vukotić media circulations of dailies. Vukotić was born in Cetinje, as the grandson of colonel Jovan and the son of Vukale, a law graduate and a high functionary in the Zeta Banate who experienced the fate of the most horrific Montenegrin divisions: at the beginning of the Second World War, three brothers joined the Partisans, while the fourth, Manjo’s father, joined the Chetniks. In May 1945, from Zidani Most, Vukale ran SEPTEMBER

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to Italy, then to America, where he was buried in the first row in front of the Nova Gračanica Monastery, on the outskirts of Chicago. At the time of the stern communist regime, Manjo was asked to denounce his father, and his mother to denounce her husband, which they never did. Manjo began studying world literature in Belgrade the year Danilo Kiš and Muharem Pervić finished it as the top graduates of the first generation. Throughout his entire studies, he wrote for Student, after which he moved to a city newspaper called Beogradska nedelja, and

the papers all the time. Novosti always has to be anywhere where there are at least a thousand people.’ And that editor of a ‘communist yellow paper’, Slobodan Glumac, translated Nobel Prize winners from the German and French language!”

Hand in hand with Borba’s and Politika’s schools of journalism, Novosti managed with its own profile to develop Novosti’s school of journalism. The most modern one. The most attractive one. Generations of journalists began learning the ropes there the moment they stepped into the editorial office. Everyone began with the Belgrade column. I remember when Dragan Jovanović (a NIN writer and columnist afterwards) came as a graduate of philosophy, I gave him to follow the events in the Savski Venac municipality. Young people learned from this, learned the tricks of the trade, the rules of the profession…This is the difference between today’s journalists and journalists of the time.

Despite so many schools and faculties of journalism available nowadays, they enter journalism without knowledge, without general education, without enough wishes and ideas. Cold and flat.

It’s important that they have a job. But journalism is not a computer task or a clerk register.”

When chief editor Mirko Stamenković made him editor of the Belgrade column, he told him: “Politika has a circulation of 100,000 copies in Belgrade, ours is 90,000. The task is to outrun Politika.” After a year, Manjo triumphantly showed that the circulation of Novosti in Belgrade outran Politika’s.

■ Personally, Vukotić liked culture and sports best, but he was also accomplished both as a journalist and as a chief ediVukotic and Slobodan Milosevic tor who knew how to then to Večernje novosti. achieve high circuA journalist can’t apply auto-censorship if they see “At the time of my their editor and chief editor don’t. Unfortunately, most lation with political arrival to Novosti, in events and topics: of today’s chief editors do apply it. Well, that is not September 1966, Nov“In Tito’s time, there journalism. Not even its cheap replica. It’s like, instead were certain rules osti had already had you had to follow. You a reputation and high of Lubarda’s painting, you have a gobelin of the couldn’t criticise Tito circulation. According painting. Tiny stitches or the Yugoslav People’s to today’s standards, Army, but you could write critically about almost everything else. Those Novosti was somewhat a yellow press paper, a sensationalist newswho say they couldn’t, lie. Of course, you had to be ready to pay the paper, a tabloid in a mild sense. However, it was a much more serious price. There was a price for the free word as well. and responsible editorial concept than any other tabloid today. For Newly established and won freedoms could be recognized on every example, Novosti had a column that was the forerunner of all modern page of Novosti – from politics to sports. Novosti was the first to dare columns on celebrities – Klub poznatih (eng. Celebrities’ Club) that shorten Tito’s speeches. Why, Jovan Kesar and I cut Tito’s speech at the was published every day. Once, when I was still young and pretentious, Tenth Congress of the League of Communists of Yugoslavia from 120 I complained at the editorial staff meeting about Lepa Lukić showdown to 16 pages! Congressional speeches of party republic leaders ing up in the column several times the previous week. That is when could be reduced to one page. Or, photo-reports and photo-news from I learned a lesson I have never forgotten, taught by then chief editor the country and the world were published in the middle pages, and Slobodan Glumac, my idol and my role model in editing: he invited along the entire height – a pretty girl. Truck drivers would cut out me to his office – he didn’t want to say it in front of everyone – and those nudes and put them on windshields. And the circulation – more said: ‘Maybe you don’t like the songs of Lepa Lukić, but she has sold than 300,000 copies. You know who the audience is, who to ‘target’, 400,000 records. Someone who sells that many records has to be in 68 |

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who to seduce. The editorial office was headed by strong professionals. They stood upright. They protected us. They defended concepts, ideas, they defended the mission. Without this, there is no freedom of journalism, not even in the strongest of democracies…”

■ Vukotić believes nothing much has changed in the last twenty years of democratic government: “Every multi-party government wanted to influence newspapers, expected their loyalty. The blindness of vanity.

The delusion of upstarts. The ambition of the unintelligent. Many were pushing: leaders, bosses, counselors, PRs, deadheads… Back off! You make a barrier, a professional barrier, and there is no pass.

Once, Tadić’s office wanted to stop an interview with him because I wouldn’t accept their title.

Fine, I said, then there’s no interview. I am the editor of this paper, not you. You don’t like it – replace me. And that is how you win. During the election campaign, they asked us to report on and photograph some alleged students who protested in front of Toma Nikolić’s house and demanded to see his diploma. This is the best you got? We are not doing it. We are not going to do what the ministers’ offices ask. We have our concept. We have our views. We have our devoted readers.

We are accountable to them. Without them, we too become servants in the government! There is no servitude. And, whether I’ll be chief editor – I don’t care. It is my temporary assignment, not a lifelong senator role.”

interest. He was not reckless. He could recognize a good topic that would interest people, regardless of their social status and education. Following his basic principle of journalism to be in the service of truth, he cannot understand what he finds today: “I cannot fathom that such huge amount of lies and fabrications is found in almost all newspapers, and that such insane kind of vocabulary is used. This isn’t journalism anymore. It has lost its fundamental

■ After so much experience and all the turbulences, the story of censorship in today’s Vukotic and Zoran Djindjic journalism seems riprinciples, main goals, diculous to Vukotić: It is easy to speak about and document the “A journalist can’t tabloidisation of Serbian journalism today. It has even basic obligations.

It is easy to speak apply auto-censorship reached Politika. However, it is even more painful and about and document the if they see their editor difficult to talk about the tabloidisation of Serbia, its tabloidization of Serbian and chief editor don’t. journalism today. It has Unfortunately, most of politics, its society, its culture, its education… Those even reached Politika. today’s chief editors do fountains of lies and deceptions “water” hundreds However, it is even more apply it. Well, that is not of thousands of people every day painful and difficult to journalism. Not even its talk about the tabloidicheap replica. It’s like, instead of Lubarda’s painting, you have a gobelin of the painting. zation of Serbia, its politics, its society, its culture, its education… Those Tiny stitches. This is, among other reasons, why today we have this fountains of lies and deceptions “water” hundreds of thousands of people theory that you have to support the government in order to make every day. If we have – a we do have – barren chief editors in the media, newspapers. Nonsense! This is good neither for the government nor frightened and poor journalists, primitive and temporary media owners, the media. This was also demonstrated during the time of Milošević’s those media cannot have a reputation, strength, trust, circulation… In such autocracy: media independent of the government had around 650,000 environment, among other things, two suppositions, two currents become copies, while the state media had far fewer than that.” widespread. First: if you support the government, you’re safe. Second: if you are gunning for celebrities and yellow press, you have circulation and income. Both these are lies. Both deny reality. Today, in Serbia, Informer ■ Vukotić knew when to leave something out one day, so (that costs 20 dinars) is the only daily that has more than 100,000 sold it could be published the next. He knew how to wisely use copies. And Novosti, and Blic, and Kurir, and especially Politika, have information that was to be hidden for a greater goal and SEPTEMBER

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fewer than 60,000 sold copies. All three or four news weeklies don’t even sell 35,000 copies! The total circulation is lower than it was four years ago – almost by double! Therefore, there is no serious media power. They don’t play an important role. They’ve become episodists. It all looks like a puppet show. As such, it is an expensive, a very expensive children’s toy.

And for that, a high price will be paid. It was so much easier, for instance, to ruin Novosti’s circulation and make it plummet by half, than it will be for anyone to turn it into a serious high-circulation newspaper again.

■ In response to the remark that the power of print media has moved to the other side, to the Internet and social network, CorD’s interlocutor says: “It’s only partly true.

I may be a conservative representative of the old school, but I don’t believe all those social networks and the Internet will outplay newspapers in semi-literate, underdeveloped Serbia. They have a wide reach, superficial and incomplete information – and not much further than that. Print media must find mechanisms to outsmart social networks. For that, you need ideas, creativity, imagination, will, concept… But there is no surrender and defeat.

The front is open…

■ Many do not know that Manjo is the author of some of the legendary titles in newspapers that can now be found in textbooks for the Faculty of Political Sciences. For Manjo, Novosti was his father and his mother.

The rest were children.

Witnessing the decline in circulation of this newspaper is difficult for him, both personally and professionally: “There are some useful, rescuing moves that must be taken immediately.

Borba Printing House is the ‘producer’ of 75% of the newspapers of the Novosti Company that is 80% stateowned. Just as the state has 30% share in Novosti, and in the third company, Borba, it has 100% share.

They should be joined in one house that will be called Novosti. House Borba hasn’t existed for a long time. There is no parFounder of Blic daily paper ent newspaper Borba. The state must agree with the Today we have this theory that you have to support majority owner of Novothe government in order to make newspapers. sti, Miša Beko, on how to Nonsense! This is good neither for the government nor resolve this. “

the media. This was also demonstrated during the time of Miloševi ’s autocracy: media independent of the government had around 650,000 copies, while the state media had far fewer than that

■ One of these ‘open fronts’ for Vukotić is culture and education: “There are almost no pages dedicated to culture. They have been replaced by pages and pages on celebrities. From day to day, on an ever more regular basis, we read more about some unknown singers, on love affairs of singers’ children, birthdays, outfits, than about theater and books. Cheap, bad, distasteful, contagiously sick…When I recall that, for example, 30 years ago, theater critic of Novosti Žarko Komanin would immediately after a premier in the evening write 35 lines of review so that it could already be in the paper in the morning, I wonder: Why wouldn’t they do it like that now? Nowadays, there are no regular critics of theater, film, books. There are no names. No one to guide you, to show you the way, no one to teach you. Hundreds of scribblers 70 |

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are practicing, while great names have withdrawn. They have been banished by editorial philistines. Guides to tastelessness are being written for the audience. The so-called cultural columns are becoming flea markets.

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■ It was inevitable to ask him why he had not solved that while he was director and chief editor of the

Novosti Company. The answer is: “The documentation contains the first letter I sent to the Government of Zoran Živković in 2003, suggesting that those three companies join. And that they be called Novosti. Later, I wrote respectively to the federal and the republic government. Everyone agreed this should be done, but no one wanted to carry it out. When I came to the head of the entire Novosti house, in October 2000, everything was one stateowned house – the so-called Federal Public Institution Borba. It was managed by members of the Yugoslav Left party. Novosti drowned and even lost the status of a joint-stock company earned in 1992.

They ruined the house in all aspects: financially, organizationally, professionally… We had to rebuild it, like after a war. A few years later, comprise was made in agreement with the government, but there

■ From Tito to Vučić, there is no politician Manjo Vukotić has not met or known, or has even become friends with.

Recalling those who have been either difficult or easy to talk to, he lists: “It wasn’t comfortable dealing with Stane Dolanc, or with Nikola Ljubičić who acted like the second Tito. Or with Branko ■ At the time, Vukotić believed that agreements with the Mikulić. It was easy to agree on everything with Stipe Šuvar or state would be easier and that the state will leave the media Vidoje Žarković, get valuable information from them. I remember on its own, just as it announced: a very valuable talk with “It didn’t want to! It still beMilovan Đilas in the same lieved it was all its. It returned office of Borba in which I nothing, it gave nothing. I delater succeeded him. Durcided that we should sue the state and get 10,000 square ing Milošević’s rule, there meters in Kosovska street were some decent people (new part of the house). Later you could cooperate with, on, Borba Printing House from young Ivica Dačić and (100% state-owned) also Goran Perčević, to Milutin joined to fight for its 6,000 Mrkonjić or Dragan Tomić. square meters. Everything I never talked to the memwas built with the money of bers of the Yugoslav Left these two companies. The party, because it was the state didn’t spend a dime. most malicious party preWe won, twice in court, even sent at the political scene. though experts had been choAfterwards, among the socalled democrats there were sen by the court. In the end, also those who were insoa capital court decided that everything belonged to the lent, arrogant, presumptustate and that no further apous. It was easiest to work with the exceptional Zoran peals were possible. I think Đinđić, with whom I comthey are possible. It should be requested and obtained. I municated on a daily basis don’t like to say it – through if necessary. With Boris the Strasbourg Court. And Tadić, I could always talk why wouldn’t the state accept openly. When the Serbian justice? Well, it couldn’t be Progressive Party came, as ours in the time of commueveryone knows, I left soon “Every multi-party government wanted to afterwards. nism. But it can be today. Just influence newspapers, expected their loyalty. The There have been many as it can in thousands of comblindness of vanity. The delusion of upstarts. The interlocutors on the long, panies. Why can’t it be some sort of restitution? The state ambition of the unintelligent. Many were pushing: constantly rolling conveyor that can speed up but rarely is returning villas, hotels, palleaders, bosses, counselors, PRs, deadheads… stops. They are not all politiaces to private owners, it is returning thousands of acres cians, of course. I have met, of land to the Church, it is returning farms to Germans in Vojvodina, why gotten to know and become friends with many writers, actors, isn’t it returning this to those who built it, gave their money, their income, painters, businessmen, sportsmen…” their work?! Here’s how it is, after 70 years of existence and operation in There is no way Manjo will stop working. He says he will keep that house, Novosti does not own a single square meter! Just like Politika working until the rest of his life. Every day, he goes to work to his built a 25-story house, and the bank took the house from it, due to loans publishing house Vukotić media, in the centre of Belgrade, where and interests, and made Politika a subtenant! But were the state to, for he has published more than 70 valuable and interesting books in example, return that space to Novosti, the Company would be at least 30 less than four years of its existence. million Euros richer. A healthier, or, a more desirable bachelorette. But it won’t, ‘it’s holding by thin air’, as Šotra would say. It has an unquenchable ■ And, as always, he is optimistic: desire to manage, through its supervisory committees (to whom those “My every wish came true. Maybe there are some left. I would do houses give large appanages), but it hasn’t given and is not giving a single almost everything all over again. Happiness is my companion, and dinar. It’s not healthy!” work – my identity card. And I am still dreaming sweet dreams.” ■

was a turn of events: three companies were made. Novosti regained the status of a joint-stock company, and was given four semi-failed companies as ‘compensation’. Nonetheless, new restructuring was possible. And it was done.”

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CULTURE CALENDAR

Night Of Music 2017 1 –Tašmajdan Stadium – 20.30

The Night of Music has become a tradition of Belgrade and a new symbol of summer.

The First Night of Music brought together 15,000 people who enjoyed the magic of music under a star-studded sky, and that was followed by an award – we were declared the biggest cultural spectacle of the year and thus won our place under the Belgrade sky.

And that’s why we have to repeat this spectacle this year, together with you!

This year on 1st September, starting at 8:30pm, at Tašmajdan Stadium, the second annual Night of Music will be held!

Our star performers this year will be the RTS Symphony Orchestra and the RTS Choir, under the guidance of maestro Bojan Suđić. They will lead us on a musical journey around the world, which will see us visit as many as 20 countries through different pieces of music.

The special guests of the Kolibri Choir will transport some back to their childhood, while creating wonderful memories for others.

The magic of this night also has some surprises, but be patient and follow us, because the most beautiful night of the year is ahead of us.

Just like last year, the concert is completely free of charge for all visitors!

Come along and bring your friends, grandmothers, mothers, fathers, sweethearts; come so we can again show that Belgrade is the world and that Belgrade knows how to listen when something is really worthy of its attention.

Radomir Stančić: Risk & Adventure 7-30 – Goethe-Institut – 19.30 According to the artist’s own words, the basic component of his work is to react to the first “raw” idea and to remain faithful to it in realisation – and that is a risk. This means that his studio is his head - the artist conceives the work, collects what he needs, and doesn’t try it anywhere in advance. So his exhibition

is also a surprise for him. And the risk is simultaneously an adventure - in some works the artist trod barefoot on broken glass, rode a horse at a gallop, and so on.

At the Goethe-Instutut will be exhibited his white “Kvadrat/krst” [Square/cross] (1989), with a segment of the multiplying of the same work, which is simultaneously placed in the space in multiple variations. The wall and floor are also integral parts of the work. The work relates to Russian painter Kazimir Malevich.

Small Stories: David Lynch Photo Exhibition 1 - Cultural Centre Of Belgrade - 20.00 While the world enjoys the latest series of the cult TV serial Twin Peaks and is again honouring the work of David Lynch, the Cultural Centre of Belgrade has decided to dedicate one of the key programmes in the year of its 60th anniversary to this exceptional creator, not only of film, but also of fine/visual art. The exhibition, which runs from 1st to 30th September, comprises 56 black & white large format photographs with all the characteristics of Lynch’s films: a wonderful interweaving of references to reality and phantasmagoric interventions and compositions.

This exceptional and consistently devised exhibition provides an insight into Lynch’s visual creativity, which, unlike his cinematic opus, the Serbian public has not previously had the

Belgrade Of Light 10 – Tašmajdan Stadium – 20.30 This exhibition of works by two prominent artists, Vollrad Kutcher and Predrag Caranović, entitled “Illusions”, will usher in this year’s week dedicated to the culture of light as part of the 2017 Belgrade of Light festival. German artist Vollrad Kutcher, easily recognisable for his out-of-theordinary artistic sensibility and works in which a repeating theme is the mu-

tual relationship between images and imagination, will introduce himself with “Shining Role Models”. Serbian artist Predrag Caranović, a master of illusion, light and darkness, will show his “Still Life” sculpture, which was especially conceived for this exhibition.

From a creative, educational and

16 – Belgrade Youth Centre – 21.00

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with rock. Part of the revolution at that time was Red Snapper, whose debut album, “Prince Blimey”, inspired many groups around the world, including our most popular underground jazz compositions, such as Fish in Oil or Teleport!

The latest project – “Hyena” (2014, Lo Recordings) – has enjoyed great critical reviews for its uncompromising nature, while the band continues to record and perform worldwide tirelessly for a faithful audience that knows what good club entertainment is, with fans dispersed from Japan, through

scientific perspective, the “Shimmering” programme, designed for children and young people, will this year delve, in particular, into experiments with visual effects and projections, as well as exploration of the phenomenon of persistency of sight and optical illusions.

In view of the upcoming UNESCO proclamation of the International Day of light, the Belgrade of Light festival will focus specifically on establishing the organisational core of the National Committee of Serbia for celebrations of the International Day of Light.

Pierre Gonnord Photo Exhibition

Red Snapper After a sensational first concert performance at the 2009 Belgrade Jazz Festival, when the Belgrade Youth Centre’s Americana Hall proved too small to accommodate everyone who was interested, English dance jazzfunk group Red Snapper returns to celebrate with us the 20th anniversary of its masterpiece - the album “Prince Blimey” – which changed world music trends in 1996.

With their debut albums in the mid-90s, music was changed by great groups like Massive Attack, Portishead, Tricky, Bjork, and The Prodigy, who set new boundaries for the fusion of electronic dance music

opportunity to familiarise itself with.

The Small Stories exhibition, produced

by Paris’s Item Editions gallery and the European House of Photography, where the exhibition premiered in 2014, will, in accordance with the wish of the author, be shown exclusively in the three gallery spaces of the Cultural Centre of Belgrade. The exhibition will be accompanied by numerous ancillary programmes: lectures, thematic tours by experts and creators from different fields, educational and creative workshops for high school pupils and younger children and, of course, a film programme.

Eastern Europe to South America! In the last year the group has been on a successful world tour, performing tracks from its most famous album, “Prince Blimey”, at the request of many fans worldwide.

21 – Instituto Cervantes – 19.00 The portraits of Pierre Gonnord carefully and impressively represent the dignity of the human being and invite us to recognise ourselves in them.

The balance achieved between the individual and collective is one of the factors that define this artist’s work. The characters in his works belong to social groups and communities from Spain and its border regions, without losing their essence, their ability to represent themselves and to watch us through the lens of the camera. In this case, the featured portraits are of women and men who work deep underground in a mine in Asturias.

A self-taught photographer, Gonnord exhibited his works in Spain and also

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abroad. The opening of the exhibition will be attended by its curator, Carmen Fernández Ortiz.

European Day Of Languages 2017 26 – Various Locations – 12:00-22:00 Every 26th September sees the European Day of Languages celebrated in all areas of Europe. The commemorating of the European

Day of Languages in Serbia is organised by EUNIC Serbia (the network of European culture centres that are present or represented in Serbia): nine countries, eight languages and 16 organisations will be at the centre of events this time!

We highlight in particular the event to take place from 12pm to 3pm: Discovering European languages and culture.

Opening their doors in Knez Mihailova Street will be Goethe-Institut Belgrade, Instituto Cervantes de Belgrado and the French Institute in Serbia.

4pm – 10pm: European languages through music and art Free concert intended for all visitors, held in the music pavilion of Kalemegdan Fortress Park.

Following sell-out concerts in North America, Europe, South America and Mexico, Sting is arriving in Serbia as part of his latest 57th & 9th World Tour. This world-renowned artist will perform at the Belgrade Kombank Arena on 17th September. Sting is joined on this latest tour by a three-man band comprising his long-time collaborating guitarist Dominic Miller, Josh Freese (drums) and Rufus Miller (guitar), as well as special guest Joe Sumner and accordionist Percy

Lezginka Ensemble 29 - Sava Centre - 20.00 The Lezginka State Academic Dance Ensemble from Dagestan was founded in 1958, and since 1993 its director has been Russian Federation Government Prize Laureate and Honoured Cultural Worker Djambulat Magomedov. He preserved the multinational composition of the ensemble, in which the beauty of Dagestan dance is endowed with 33 nationalities of Dagestan and the

M.R.Carey 2803rsd

Cardon from The Last Bandoleros.

The guitar-led 57th & 9th World Tour began in North America in February this year and has so far visited more than 50 cities in Europe, Central and South America and Asia. The tour has enjoyed exceptional comments from fans and critics alike.

In 2001, the ensemble received a plaque from Russian President Vladimir Putin for its contribution to the development of the art of choreography.

The Lezginka ensemble has performed more than 70 concerts in Australia, New Zealand, the U.S., Italy, Spain, France, Bulgaria, Libya and elsewhere. In 2014, the ensemble took part in the formal ceremonies of the Sochi Winter Olympics. The ensemble is to perform in Belgrade for the first time ever, on 29th September at 8pm, in the Great Hall of the Sava Centre.

Researchers’ Night 2017 North Caucasus, as well as autochthonous Russians from Dagestan, making it unique in the world.

The ensemble has performed in 65 countries around the world, winning the title of Victor at the 48th World Folklore Festival for Professional Ensembles. This ensemble’s repertoire includes over 100 folk dances from Dagestan, the Caucasus and Russia.

51st BITEF 22-30 – Various Locations This year’s 51st BITEF – Belgrade International Theatre Festival – will take place across the city from 22nd to 30th September, under the slogan “Epic Trip”.

During the nine days of the festival, Belgrade will become the capital of world theatre, with the plays that audiences will be able to see within the selection of the main programme at this year’s festival coming from Belgium, the UK, Slovenia, Iran, Germany, Switzerland and Serbia.

The play “Mount Olympus – To glorify the cult of tragedy”, a 24-hour performance authored by celebrated Belgian director Jan Fabre, will officially opening this year’s Bitef on 23rd September

THE BOY ON THE BRIDGE

at the Sava Centre at 6pm.

This scenic spectacle, which lasts for 24 hours and which some critics have declared the most significant performance of the last few decades, is based on Greek mythology in its entirety, processed into its epics and tragedies.

As is the case every year, a rich accompanying programme will include discussion with authors, the Showcase section, Bitef Polyphony, Bitef Library, panels and many “after ten” parties.

Programme: bitef.rs

29 - Various Locations European Researchers’ Night is held annually throughout Europe and its neighbouring countries on the last Friday in September.

This year’s Researchers’ Night will be take place in over 300 cities on Friday 29th September.

European Researchers’ Night is an event dedicated to popularising science and learning through entertainment. This is a unique opportunity to meet researchers, converse with them and discover what they really do for society, in an interactive way.

A large number of experiments, popular science lectures, children’s activities, visits to research laboratories, scientific quizzes, games and competitions with researchers are among the contents awaiting visitors on the night itself.

The Institute for Molecular Genetics and Genetic Engineering (IMGGI) and the Faculty

of Physical Chemistry are jointly organising Researchers’ Night for the 6th time. Mark the date 29th September in your dairies, because this year’s programme includes the now traditional Treasure Hunt, but also a novelty entitled Open Laboratory.

Once upon a time, in a land blighted by terror, there was a very clever boy. The people thought the boy could save them, so they opened their gates and sent him out into the world. To where the monsters lived. In The Boy on the Bridge M. R. Carey returns to the world of The Girl With All the Gifts, the phenomenal word-of-mouth bestseller which is now a critically acclaimed film starring Sennia Nanua, Glenn Close, Gemma Arterton and Paddy Considine.

DARK TOWER I: THE GUNSLINGER Stephen King 1490rsd

‘

The man in black fled across the desert, and the gunslinger followed.’ The iconic opening line of Stephen King’s groundbreaking series, The Dark Tower, introduces one of his most enigmatic and powerful heroes: Roland of Gilead, the Last Gunslinger. Roland is a haunting figure, a loner, on a spellbinding journey toward the mysterious Dark Tower, in a desolate world which frighteningly echoes our own. On his quest, Roland begins a friendship with a kid from New York named Jake, encounters an alluring woman and faces an agonising choice between damnation and salvation as he pursues the Man in Black.

ANNA LIVIA PLURABELLE:FABER James Joyce 1160rsd

As James Joyce was working on Finnegans Wake, he asked his friend T.S. Eliot to shepherd an early extract, simply known as ‘Work in Progress’ into print.

This celebrated episode, Anna Livia Plurabelle, was the first part of Joyce’s extraordinary text to be published in England, printed in pamphlet form in 1930. It became the best-known section of Finnegans Wake, and one of Joyce’s favourites; revised and published independently more times than any other piece. This new edition in the Faber Modern Classics series includes a new foreword

by Edna O’Brien.

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CHILL OUT JAPAN

AKITA KANTO MATSURI ▶ Kanto Matsuri (Pole of Lanterns Festival from 3rd - 6th August) in Akita City is another one of the three great summer festivals of northern Japan. The highlight of this event are the twelve-meter-long bamboo poles holding 40 to 50 candle-lit paper lanterns and weighing to 50 kilograms carried by individuals who do fancy steps as they balance the lanterns on their foreheads, shoulders, chins and hips.

The origin of the festival is not known. Designed to bring good harvests, it has been held for at least 250 years and most likely evolved from efforts by local farmers to exorcize “sleeping demons” believed to bring disease and misfortune. The festival began taking its present shape in the early 19th century when candles became more widely available.

K E N YA

KENYAN LAWYER WANTS TO SUE ISREAL AND ITALY FOR KILLING JESUS CHRIST

▶ Alex Bellini is a 38-year-old public speaker from Italy who now lives in Oxford, UK, with his wife and two daughters. He wants to drop a specially designed survival capsule onto an iceberg in Greenland and live inside it for up to 12 months, or until the iceberg flips. Bellini is an adventurer at heart, and he sees this as his next great challenge. He also wants to highlight how climate change is affecting ice sheets, something that’s pretty topical now that a large chunk of the Larsen C ice shelf in Antarctica has just broken off.

“I’m not in love with Greenland, and I’m not personally in love with ice, even though I was born in the mountains. The reason I’m doing this is exploring, knowing, trying to understand how you can cope with unpredictable situations,” says Bellini.

Bellini has picked a town called Ilulissat as his base, which is located in the North West of Greenland.

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CANADA

TOILET PAPER LIMITED TO ‘TWO PER WEEK’ ▶ Residents of the Canadian New Brunswick seniors’ home have been informed they will each be limited to two rolls of toilet paper a week. The Manoir Notre-Dame in Moncton, said in a written notice the move is necessary because of an increase in overall costs.

“We will limit the rolls of toilet paper to

two per week which will be deposited every Monday in the rooms,” the notice read.

But management said if the residents exceed the number distributed, they will be able to obtain additional toilet paper if it’s added to their prescription deliveries.

ICELAND

TUPILAQ CHESS PIECES

▶ Icelandic Artist Haukur Halldorsson, sometimes known as the Hawk has made some rather unusual and unique ceramic chess pieces based in Greenlandic customs. The Tupilaq tradition from Greenland inspires the pieces; carved entities in Greanlandic folklore made for a variety of reasons like protection, luck, for hunting and so on, the Tupilaqs were traditionally made in secret in isolated places and from perishable materials.

Early European visitors to Greenland were understandably fascinated by the native legend and eager to see what Tupilaqs looked like so the Inuit people began to carve representations of them in more durable material like the sperm whale teeth or bone.

IRELAND

WORLD’S FIRST SELF-CATERING PUB ON AIRBNB

▶ Conroy’s Old Bar describes itself as the world’s first self-catering pub, and is nestled in the tiny, rural village of Aglish in County Tipperary, Ireland. It has

MONGOLIA

THE MONGOL DERBY ▶ Whatever else the modern world may be, this is certainly an interesting place for the artist who no longer has to limit their creativity to the canvas but can take their brush to the human body, painting images that both accentuate and disguise the natural.

The festival has a very long tradition. Artists from more than 50 different nations gave their best to stun and entertain visitors at the 20th anniversary of the Austrian World Bodypainting Festival (28th - 30th July) , the world championships for Bodypainters. The whole festival week started on July 28th offered a cumulative programme with workshops, art exhibition, the zombie walk and the surreal ball Body Circus. The festival came to its peak with the huge spectacle of the World Championships as well as more than 60 bands and DJs.

everything you’d expect from an authentic Irish pub, but with no other guests, no landlord, and no charge for drinks – you bring your own. It has a full mahogany bar, complete with pumps and even the old till, a dart board, skittles, a log fire and a huge array of board games. The pub also has a beer garden, complete with barbecue areas with stunning views, and an outdoor, open fire.

The Airbnb ad says that within a 20-mile radius, you will find: “Fishing, boating/sailing, water sports, walking, cycling, golf, horse riding/hunting, photography, go carting or even astronomy and genealogy.”

It costs £180 to book for four guests for one night.

AUSTRALIA

ENCAPSULATING CIGARETTE BUTTS INTO ASPHALT ▶ Trillions of cigarette butts are produced every year worldwide, with most discarded into the environment. They take ages to break down while their toxic chemical load is released into creeks, rivers and the ocean.

Now a team at RMIT University in Melbourne, Australia, led by Dr Abbas Mohajerani has demonstrated that asphalt mixed with cigarette butts can handle

FRANCE

THE HOTEL SUPERYACHT ▶ The 41.5-metre schooner newly launched superyacht Satori has been designed to provide their guests with a holiday sailing across the Mediterranean. The boat’s stewards and two chefs – all trained at one or both of Borgo Santo Pietro’s two Michelin-starred restaurants - will be among the staff at all times. Their menus will vary from culinary traditions, local specialities and the vessel’s 200-bottle wine cellar with stock from their own collections. Given a maximum of 10 people can be accommodated in its 5 guest cabins, the yacht provides its guests with an impressively diverse array of amenities and distractions, including one of the yacht’s cabins that can be converted into a spa.

The yacht will sailing around Italy and southern France for the remainder of the summer and its concierge service will be on standby to arrange last-minute lunch reservations along the Amalfi Coast or cocktails in the Cote d’Azur.

Rates for Satori start from €84,000 per week.

heavy traffic and also reduce thermal conductivity.

This means the product could not only solve a huge waste

problem but would also be useful in reducing the urban heat island effect common in cities.

Mohajerani, a senior lecturer in RMIT’s School of Engineering, said he was keen to find solutions to mounting cigarette butt waste.

tember 1 and plying a route that stretches between Yokohama and Shimoda City at the southern tip of the Izu Peninsula. The Royal Express offers its limited number of 100 passengers a variety of tours and itineraries. They can be accommodated and a multipurpose carriage can be adapted to guests’ needs should the train be chartered on an exclusive-use basis and used for a wedding, concert or the like. Unlike many luxury trains, children are welcome on board and can reside in family-

JAPAN

JAPANESE ROYAL EXPRESS TRAIN REVEALED ▶ Long renowned as the home

of the shinkansen bullet train, Japan was strangely slow to compete with the likes of the Orient-Express by embracing unabashedly luxurious and languid rail travel Commencing service on Sep-

friendly carriages; a children’s library and ball pond are also on board to keep younger occupants entertained.

A one-way three-hour journey costs from €190 to €270, while extended overnight itineraries cost from €1,100 per person.

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FEATURE

THE 100TH ANNIVERSARY OF FORBES

From Rockefeller To Gates This year marks a major milestone for Forbes: The 100th anniversary of the inaugural September 1917 issue. The one-time-only September 2017 Centennial Anniversary issue will showcase the world’s 100 greatest living business minds, each sharing a cherished idea or story. Forbes is asking each to put forth his or her best ideas for the next 100 years

F

In 1946, Advertising Age reported that source of financial information. The ounded in 1917 by Bertie Charles Forbes ‘s circulation had leaped by magazine enjoyed success throughout (“B.C.”) Forbes, a business col26,000 in the space of four months, the 1970s and in 1982 launched the umnist for William Randolph and by 1948 Malcolm had launched the popular “Forbes Richest 400,” a list of Hearst’s newspaper chain, magazine’s annual January 1st ranking the 400 wealthiest Americans. When Forbes magazine was the only major of U.S. corporations, which eventually Malcolm Forbes died in 1990, his son business magazine in the US throughout became a profitable source of advertisSteve Forbes became editor in chief. the 1920s. By 1930, however, two busiing revenue (and anticipated the Fortune But the real architect behind much of ness magazines had joined the market: 500 list by five years).

Forbes’s growth was Malcolm S. Forbes, Business Week and Fortune. During the When B.C. died in May 1954, Forbes’s 1930s and into the 1940s, Forbes postwar bloom had begun to fade, magazine’s circulation numbers fell The real architect behind much and with the magazine’s ownership behind those of its two competitors. of Forbes’s growth was Malcolm divided between Malcolm, Bruce, Working with his father, Forbes’s and two other brothers it was unson Malcolm S. Forbes initiated S. Forbes, who oversaw the clear who would lead Forbes back several changes in the mid-1940s company from the 1960s until to battle against Business Week that increased circulation, includhis death in 1990 and Fortune. When a new managing ing hiring a staff of writers to work editor, Byron “Dave” Mack, began exclusively for Forbes and starting hiring researchers to verify writers’ the Forbes Investors Advisory Infacts, however, Forbes began to become who oversaw the company from the stitute, an investment-advice service. a more reliable source of information.

1960s until his death in 1990. He began Editors hired in the 1950s placed great Forbes’s circulation once again began to shake things up at the magazine, emphasis upon factual accuracy, a move to climb. Between 1954 and 1958 alone, insisting that it hire its own staff and appreciated by businessmen, who incirculation grew by more than 100 perstop relying on commissioned pieces. creasingly viewed Forbes as a reliable

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cent to 265,000, and in 1957 Forbes Inc.’s revenues stood at an estimated $3.5 million annually.

In 1966, Forbes’s circulation had passed Fortune, and by the end of 1967 it stood at 500,000, ahead of Fortune by 25,000 but still trailing Business Week by 30,000 readers. There were still false steps, however. Malcolm had begun buying expensive mansions, ranches, and even a Pacific island to offer getaways for businessmen seeking to live the Forbes life. By the end of 1972 Forbes’s circulation had climbed to 625,000 (75,000 higher than Fortune), subscriptions alone were generating $4.5 million a year and advertising was bringing in $20 million a year by 1976.

Forbes’s competition was only growing fiercer, however. By 1984, Forbes’s circulation of 770,000 trailed Business Week by 120,000 and led Fortune by only 22,000 readers. Worse, in gross advertising revenue Business Week and Fortune led with $156 million and $101 million, respectively, with Forbes trailing at $84 million. Still, Forbes had made enormous progress since 1964: It could boast that “one in five of our readers is a millionaire,” and it remained the second most profitable magazine after Playboy.

In 1982 Forbes launched its notorious “Forbes Richest 400” list, which helped to raise the magazine’s net worth to about $250 million. By 1983, Forbes ranked 8th among AdWeek ‘s “ten hottest” magazines (ranked by ad revenue). Since 1970, Forbes had expanded from an 18 percent share of the total ad revenues of Big Three business magazines in the US to 33 percent.

In February 1990, Malcolm died at age 70, leaving 51 percent of Forbes Inc. to his son Malcolm S. “Steve” Forbes and the rest to his three younger brothers.

Circulation stood at 735,000, and only Business Week sold more ad pages.

Forbes Inc. worked hard to keep pace with the increasingly global and technology driven business climate of the 1990s.

Because of its emphasis on high technology, some observers believed the company was more exposed than its rivals to the tech slowdown. Forbes revenues fell 26 percent in 2001 to $363 million as the recession cut into ad sales. So, Forbes ASAP was shuttered in October 2002 Nevertheless, the Internet remained a central part of the media empire. Jim Spanfeller was named CEO of Forbes.com in January 2001. He set out to exploit the advantages of the online product, such as the ability to target ads toward specific audiences, which could claim a refund if their ad metrics did not rise after 60 days. Forbes.com experimented with linking ads to keywords in its editorial content in the summer of 2004.

It dropped the practice due to a lack of acceptance from staffers.

The group was expanding its frontiers in the real world as well as in cyberspace.

Forbes magazine introduced its Forbes 2000 survey of the world’s largest companies in 2003. The next year, it dropped its list of the 500 largest U.S. companies to reflect the increasing importance of international business. Forbes Global Bertie Charles Forbes, founder was closed in July 2005 as the company restructured its international Whereas Forbes was famous for offerings through more local titles.

Forbes China had debuted in March its rankings of the world’s 2003 and local language editions largest corporations and also were brought out in Korea wealthiest individuals, the (2002), Russia (2004) and Asia privately owned company was (2005). Editions based in Dubai, Israel, and Poland began publishing less forthcoming about its in 2004, followed by the launch of own finances Forbes Turkey in 2005.

Whereas Forbes was famous for its rankings of the world’s largest corness 2.0, Industry Standard, and Red porations and wealthiest individuals, Herring, vied to become the business the privately owned company was less magazine for the Internet generation, forthcoming about its own finances.

Forbes opened a news office in Silicon After 97 years of family ownership, in Valley in 1997 and began to run more 2014 Forbes Media was sold to Integrated high technology cover stories. When Whale Media Investments from Hong in January 1999 Jim Michaels, after 37 Kong. The deal was worth $475 million, years, stepped down as executive editor, but the fact that Forbes was able to find it was no surprise that his replacement, a buyer at anything close to that price William Baldwin, had built a reputation surprised many media observers. ■ as a committed technophile.

The challenge of the Internet was the real story, however. Forbes launched a new technology quarterly supplement, Forbes ASAP, in 1992. In the mid-1990s Forbes moved rapidly to establish an online presence, christened “Forbes Digital Tool.” As hip, new magazines, including Wired, Fast Company, Busi-

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24 AUG

Film Encounters In Niš Held, Svetlana Bojković Awarded

Svetlana Bojković Reieves Award

The symbolic handing over of the keys of the City of Niš to actress Jelica Sretenović and the awarding of the Pavle Vuisić Prize to her colleague Svetlana ‘Ceca’ Bojković marked the opening of the 52nd Film Encounters (Filmski Susreti) at Niš Fortress.

The first evenings of the festival saw the screenings of the films “Stado” (Herd) and “Ustav Republike Hrvatske” (The Constitution).

At this year’s Festival of Acting Achievements of Domestic Feature Films, as the Encounters are officially called, 13 films were screened in the official programme, while two guest films and a series of accompanying events were also held, including “Kino Region”, during which visitors were able to watch films from the former Yugoslav republics.

24 AUG

Commemorating 50 Years Of Operations In Serbia

OPENING: Bernhard Wodl (left), Jovanka Obradovic Schiedel and Miodrag Mirković

Bernhard Wodl (left) H.E. Axel Dittmann, Miodrag Mirković and Jovanka Obradović Schiedel

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50 years of Lufthansa operations in Serbia

German airline Lufthansa celebrated 50 years of doing business in Serbia on 24th August, with the LH1406 flight from Frankfurt to Belgrade. In cooperation with Belgrade Nikola Tesla Airport, this occasion saw the organising of a special event to celebrate this airline’s success over the past half a century.

To mark the anniversary, the airline’s Airbus A321 was branded with a retro style, while the crew wore retro uniforms, thus symbolically showing respect for tradition and bygone times.

“Our success would not have been possible without the support and trust that we’ve built with our partners and passengers. We have many loyal customers in Serbia and enjoy a great reputation,” said Lufthansa Group General Manager for the markets of Bosnia-Herzegovina, Croatia, Montenegro, Serbia and Slovenia, Bernhard Wodl.

The first Lufthansa plane bound for Belgrade from Frankfurt, via Munich and Budapest, landed way back in 1967. Lufthansa today operates four flights a day from Nikola Tesla Airport, to Frankfurt and Munich.

The event to welcome passengers of the anniversary flight was attended, amongst others, by German Ambassador to Serbia H.E. Axel Dittmann.

22 AUG

70 Years Of Indian Independence Marked At Madlenianum

H.E. Narinder Chauhan

On the occasion of commemorating the 70th anniversary of the independence of India, the Embassy of India in Belgrade organised a performance of famous Indian dancer Bharatanatyam Geeta Chandran at Opera & Theatre Madlenianum. This exceptional artist skilfully perceives concepts of joy, beauty, values, aspirations, myths and spirituality in her performances.

Geeta Chandran is also the founder of the Natya Vriksha Dance Company, which is known for the high aesthetic quality of its group presentations.

In her endeavour to “dance through the universe”, she is highly involved in dance activities: performing, teaching, singing, organising, writing and promoting classical Indian dance with newer genres. Promoting art in education is her passion, while she is particularly dedicated to educating young generations about the values that classical dance brings to life.

21 AUG

Concert Of Colluvio Chamber Music

Celebrating the jubilee 60th anniversary of the Cultural Centre of Belgrade, the ceremonial hall of Belgrade City Assembly, under the patronage of the Austrian Cultural Forum, hosted the concert of Colluvio, an international chamber music workshop. The participants in the COLLUVIO project – nine talented and successful young musicians from Serbia, Montenegro, Croatia and Ukraine, first gathered at the beginning of August at Gut Hornegg Manor in Southern Styria, Austria. Under the artistic guidance of Yuri Kot (Ukraine), professor of piano studies at the Faculty of Music in Kiev, Olivera Milić-Hirscher (Serbia), violinist and professor of violin studies in Sremska Mitrovica, and Meinhard Holler (Austria), cellist and professor of cello studies in Munich, the young musicians spent ten days working on a demanding chamber music programme in preparation for a tour that takes them through Austria, Germany, Croatia, Bosnia-Herzegovina and Serbia.

COLLUVIO

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21 AUG

International Festival Of Chamber Choirs And Vocal Ensembles

15 AUG

Guitar Art Summer Fest In Herceg Novi

The 12th Annual Guitar Art Summer Fest took place in Montenegro’s Herceg Novi from 15th to 20th August, under the slogan ‘Guitar Integrations’. This festival has attracted guitar lovers, performers, artists, numerous tourists from the country and abroad, and all those who “integrate music”, for over a decade.

This year’s Guitar Art Summer Fest brought together performers and artists of different styles, who brought to Novi Sad Portuguese “Fado Iberia”, the Spanish flamenco of “Alfonso & Miguel Linares Flamenco Sextet”, Croatian pop-rock band “Parni Valjak”, Montenegro’s classic “Vox2feel Duo”, the Serbian acoustics of “Vlada & Bajka”, as well as the contemporary music of the “Sensartika trio”.

The accompanying programme saw the Sue Ryder Gallery host a photo exhibition entitled “The Life and Works of Augustin Barios”, dedicated to the most famous Paraguayan guitarist and composer of classical music, as well as workshops and master classes.

The festival was sponsored by Erste Bank.

The 12th consecutive International Festival of Chamber Choirs and Vocal Ensembles took place at seven different locations around Kragujevac. The festival, which ran from 21st to 24th August, was opened at the Knjaževsko-Srpski Theatre by composer and music theoretician Dr Anica Sabo and member of the City Council for Culture, Miljan Bjeltetić. As of this year, the festival has international significance, after having been recognised by the European Festival Association.

During the festival, audiences were presented with the Children’s Choir of the Bulgarian National Radio, the Chamber Choir Arte Semplice from Budapest, the Lira Women’s Chamber Choir from Blagoevgrad (Bulgaria), the Primo Secondary School Choir from Bydgoszcz (Poland), the Megiddo Chamber Choir from Israel, the Saint Stefan Dečani Choir from Novi Sad, the Liceum Choir and the mixed choir of the Faculty of Philology and Art from Kragujevac and A-cappella vocal group “Close Harmony Friends” from Slovakia.

15 AUG

“Dužijanac Day 2017"

The Bunjevac National Council and the Bunjevac Culture Centre marked Dužijanac Day, one of four national holidays of the Bunjevac national community.

Due to this year’s inclement weather, there was a ceremonial procession of decorated carriages to Subotica city centre, while the central celebration and giving of new bread was held at the Cathedral of Saint Teresa Avila, where a festive Eucharistic celebration was previously held.

This year’s Dužijanac included representatives of the Bunjevac nation from Hungary, KUD from Tompa, while guests also included members of one Bunjevac association from Čonoplje and the Subotica Association.

The premises of Bunjevac Matica also saw an exhibition of paintings in the straw technique, entitled “Dužijanac Day 2017”, opened.

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11 AUG

Team Finland Happy Hour

H.E. Pertti Ikonen

The “Team Finland Happy Hour and BIP beer and Tikveš wine tasting” event was held at the ambassadorial residence of Finnish Ambassador to Serbia H.E. Pertti Ikonen. Organised by the Embassy of Finland, in partnership with Mr Svetozar Janevski, Honorary Consul of Finland in Macedonia, owner of Tikveš and also responsible for BIP brewery, the event took place in the context of “Suomi Finland 100”, which commemorates a centenary of Finnish independence and celebrates the Year of Happiness.

Team Finland business partners and representatives of the Nordic Business Alliance, EU Embassies, international institutions and the media had an opportunity to enjoy Tikveš wine and BIP beer.

Addressing the gathering, Ambassador Ikonen emphasised the importance of enhancing the business environment in Serbia.

Suomi Finland 100 celebrations in Serbia, Montenegro and Macedonia are supported by partner companies ABB, Agromarket (Fiskars), BIP, Eco Consult, Eurocons, Finlandia, Finnpneumatic, I&F McCann Grupa, Inter Agrar (Valtra), KONE, KPA Unicon, Lindstrom, MasfergAgro (Sampo Rosenlew), NOKIA, Planmeca, Pneumaster (Nokian Tyres), Tikkurila and Tikveš.

02 AUG

Concert By The Youth Chamber Orchestra TURKSOY

After concerts in New York, London and Istanbul, the Youth Chamber Orchestra TURKSOY, held a concert as part of a tour of the Balkans in Belgrade at Madlenianum Operahouse and Theater.

Under the auspices of the Ministry of Culture and Tourism and the Embassies of Turkey and Azerbaijan, the orchestra performed works of world famous classic composers and compositions by authors from 14 countries.

The TURKSOY orchestra gathers once a year with new members each year, and this year it is a combination of young talents from Azerbaijan, Kazakhstan, Kyrgyzstan, Turkmenistan, the Republic of Turkey and the Russian Federation: Bashkurdistan and Tatarstan.

Mr. Anıl Kayalar, Counsellor – Charge d’Affaires a.i. of the Embassy of the Republic of Turkey to Serbia, H.E. Eldar Hasanov, Ambassador of Azerbeijan to Serbia and Mrs. Hasanov, H.E. Düsen KASEINOV, Secretary General of TURKSOY

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31 JUL

Photo Exhibition Marks 3rd International Day Of Yoga (IDY) In Belgrade

H.E. Narinder Chauhan, Ambassador of India to Serbia

The Embassy of India in Belgrade organised a photo exhibition from 28th July to 10th August dedicated to marking the 3rd International Day of Yoga (IDY) in Belgrade. The exhibition, on show on the central location of the Sava Promenade in Kalemegdan Fortress Park, comprised 30 selected photographs from the commemorating of the 3rd International Day of Yoga on Kalemegdan’s Victor’s Plateau and Yoga alongside the rivers Danube and Sava.

The Embassy of India in Belgrade, in association with Government of Serbia and the United Nations Country Team in Belgrade, marked International Day of Yoga on Saturday 17th June at the historic Kalemegdan Fortress on the Victor’s Plateau, beneath the Victor Monument overlooking the confluence of the Danube and Sava. More than 250 yoga enthusiasts performed yoga according to the Common Yoga Protocol in the presence of local officials and diplomats.

The Government of Serbia was among the 177 nations that co-sponsored India’s Resolution in the United Nations to declare 21st June as the International Day of Yoga.

28 JUL

Vernissage Switzerland Picture Exhibition

Andrej Reljić, Ana Grujović, Yana Mikhailova, H.E. Philippe Guex and Federico Sommaruga

Switzerland Tourism, in cooperation with the Embassy of Switzerland and the SSCC, has organised a vernissage of the exhibition of pictures around the Grand Tour of Switzerland. The exhibition is on display at Belgrade’s Kalamegdan Fortress from 28th July until 4th August.

Among the guests of the exhibition vernissage were Federico Sommaruga, Switzerland Tourism’s Director of Emerging Markets, H.E. Philippe Guex, Ambassador of Switzerland to the Republic of Serbia and to Montenegro, Yana Mikhailova, President of the Swiss-Serbian Chamber of Commerce, Ana Grujović, SSCC Executive Director, and Andrej Reljić, representing the Swiss-Serbian Diaspora.

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