Business Dialogue - CorD Magazine No.171

Leaders’

MLADEN VUKANAC General Manager, Sauter Building Control Serbia

BILJANA TOMOVIĆ BMI Country Managing Director for Serbia and Montenegro

World’s Largest Roofing & Never Compromise Waterproofing Business On Quality PAGE /32

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MEETING POINT CHRISTOS ALEXOPOULOS PH.D. College of Applied Health Studies, Ćuprija

Education As A Business PAGE /36

Center for Dental Aesthetics and Implantology

Airport City - The “Film set” exhibition

How Important Is A Smile When Business To Communication? Creates Art PAGE /37

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MLADEN VUKANAC, GENERAL MANAGER, SAUTER BUILDING CONTROL SERBIA

Never Compromise On Quality The Serbian market is capable of recognising quality, and were it not so Sauter wouldn’t have survived this long on the market

toring. An inch of shortcuts in this respect can hinder progress, as quality can only surface as a standard in an adequately regulated market, and this is something we should all insist upon.

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witzerland’s SAUTER Group, as one of the leading companies in the field of building automation and green building system integration, provides energy efficiency and control, while automation has the highest importance in green building, says Mladen Vukanac, General Manager of Sauter Building Control Serbia The construction industry in Serbia, particularly in larger cities, is bustling with activity. How do you perceive the standards and procedures employed in Serbia in comparison to other European markets?

It is a fact that the construction industry is going through substantial development, and this is indeed something to celebrate.

You see, economies descending into crisis always see their building industries suffer, while healthy investments in the building industry are a true sign of prosperity.

With regard to procedures and standards, we – as a country – should certainly follow in the footsteps of developed countries, and especially EU member states. Defining standards is a crucial and functional necessity of every market economy, yet the actual application of these standards and procedures in practise is difficult to achieve.

This is a process requiring constant moni-

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How often are building automation and green building system integration used in Serbia and what are the benefits?

Sauter is a Swiss company with a hundred years of tradition in building automation. We always like to point out our devotion to the Serbian market. In the former Republic of Yugoslavia, Sauter realised some capital projects like the automation of the “VMA” Military Medical Academy, the Sava Centre and Hotel Jugoslavija. During the ‘90s, Sauter remained committed to the market and was one of the few foreign

We never left the Serbian market and were always the first to bring technical innovation in our domain

companies that had a representative office in Belgrade at that time. Amongst the turmoil of heavy sanctions, we realised projects like the automation of the Vuk’s Monument underground rail station and the NIS office building in Novi Sad. We never left the market and were always

the first to bring technical innovations in our field. Today it is almost impossible to imagine a new building in Serbia without automation, and the green building philosophy is deeply interwoven with our principles and decade-long mission.

There are many benefits of green building. Our primary mission is to increase energy efficiency and control the air quality in these buildings. Automation is of the greatest importance in green building; it is essential, if you will, and brings immense benefits during the process of certifying a building that aspires to be classified as a green building.

To what extent do the differing economic potentials of the markets you cover impact on the possibilities of applying your exceptionally high standards?

High standards go hand-in-hand with quality. Sauter is a company that would never compromise on its quality, regardless of the cost. Our research and development centre in Basel is in the final stages of perfecting our new “Internet of things” solutions that will be available on our market as early as next year. The Serbian market is capable of recognising quality, and were that not so Sauter would not have survived for this long on the market. What I can tell you is that the level of technologies and solutions we employ in projects in Serbia is the same as in any developed EU country.

All our clients prefer to plan things longterm, to think several steps ahead; and with this frame of mind, Sauter is the only logical choice.

BILJANA TOMOVIĆ, BMI COUNTRY MANAGING DIRECTOR FOR SERBIA AND MONTENEGRO

World’s Largest Roofing & Waterproofing Business BMI is the only company on a global level providing solutions for both pitched and flat roofs

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e believe in the strong customer benefit this holistic approach will bring as it will allow us to focus on the true underlying customer needs, rather than on individual technologies, says Biljana Tomović, BMI Country Managing Director for Serbia and Montenegro, speaking to CorD. How did the merger with such a large system as this come about?

BMI Group is part of the Standard Industries family of companies. Standard Industries is a global industrial company with interests in building materials. Our inovative industrial solutions have maintained their enduring value for over a century, and we aren’t resting on our laurels.

We believe success relies on us always moving forward. We embrace change as an opportunity to remain agile and unlock possibilities, as we anticipate future needs and build towards them. Besides BMI Group, Standard Industries’ operating companies include GAF, North America’s largest and most advanced residential and commercial roofing manufacturer.

Together, we represent the world’s largest roofing and waterproofing business. At the moment we operate 184 manufactur-

ing facilities and 150 sales offices in 80 countries worldwide. On six continents we employ around 15,000 people. BMI Group was established following the merging of Braas Monier and Icopal. Standard Industries acquired the Icopal Group in 2016, as leading pan-European manufacturer of waterproofing and flat roofing solutions. In 2017 Standard Industries acquired Braas Monier, as leading manufacturer of pitched roofing solutions. The combined heritage of these two groups represents a rich history of delivering roofing and waterproofing excellence to customers, brings together some of the

At the moment we operate 184 manufacturing facilities and 150 sales offices in 80 countries worldwide

biggest and most trusted names in the industry and makes us unique. BMI is the only company on a global level providing solutions for both pitched and flat roofs.

What part of products do you import for the Serbian market?

BMI Serbia and Montenegro is a leading manufacturer of flat and pitched roofing systems in Serbia, with decades of industry experience. We deliver innovative roofing and waterproofing systems, designed to transform the way people live

and work. Providing shelter, protection and peace of mind for architects, roofers, building- and homeowners alike. Our dedicated experts assist with design and project solutions, technical advice and product information for both residential and non-residential projects. Our wellestablished and trusted brands such as Bramac, Villas, Wolfin, Icopal and Monier give BMI Serbia and Montenegro a face to the customer. So far, we have no production facility in Serbia and we import all of our products from neighbouring countries and affiliated companies all across Europe and the U.S. We are constantly striving to improve: by evolving our products, systems and solution, by developing our people and by enhancing our approach to the market in order to deliver exceptional value to our customers.

Are you satisfied with operations to date and what are your future plans?

Our plan for 2019 is to strengthen the markets’ understanding of the importance and benefits that high-quality building materials and roofing solutions can bring. We are also transforming the way we will address our markets, offering full roofing system for all types of roofs, no matter whether they are pitched or flat. We believe in the strong customer benefit this holistic approach will bring as it will allow us to focus on the true underlying customer needs, rather than on individual technologies. At BMI, it is our ambition to provide roofing solutions that protect what matters most to people across the world.

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Warning

“What is happening in Kosovo is a warning to us about how harmful the consequences of trade and other blockades can be” – ANA BRNABIC, SERBIAN PRIME MINISTER

LOCAL NEWS JUBMES BANK

SALE OF 28.51% OF JUBMES BANK CAPITAL ADVERTISED

MIND PARK

KRAGUJEVAC GETS ITS FIRST FACTORY The first factory within the MIND Park industrial complex in Kragujevac opened last month – AMM Manufacturing, which produces rail vehicle components, and is owned by Bratislav Milanovic.

At the opening, Serbian President Aleksandar Vucic pointed out that 260 workers had been employed at the new facility, in addition to the 600 workers previously employed at the Siemens facility.

Germany’s Siemens, which took over Milanovic Inzenjering Kragujevac in early February, will operate within the MIND Park.

So far, the first factory of MIND Group, an aluminum processing facility, has been completed, and the construction of another one, which will process steel, has begun and should be completed in March 2019.

source: ekapija.com

The Ministry of Finance of Serbia opened the call for collection of bids for the sale of 28.51% of the capital of Jubmes banka a.d. Beograd.

Letters of intent with binding bids are to be sent by 9th April 2019.

The total assets of Jubmes Bank amount to around €120 million, the total capital is around €30 million, and the bank has two branch offices.

The share capital offered consists of regular shares owned by the Republic of Serbia and the shares of the banks in bankruptcy in which the Deposit Insurance Agency is the bankruptcy supervisor.

Interested parties will be provided with access to data in order to carry out a legal-financial analysis of the bank’s operations, and the service will be available until 24th January 2019.

source: ekapija.com

CALZEDONIA

NATIONAL BANK OF SERBIA

KEEPING THE KEY POLICY RATE STEADY The Executive Board of the National Bank of Serbia (NBS) voted to keep the key policy rate steady at 3.00%, where it has now been since April.

At its latest monetary policy meeting, the Bank judged its current monetary policy stance supportive of overall price stability, while also buttressing strong economic momentum. Inflation continued to remain comfortably within the target band of 1.5%–4.5% in October (October: 2.2%) and the NBS expects it to continue to move within the target band over the next two years. Moreover, the recent decline in global crude oil prices will factor favorably into the inflation outlook. Regarding the solid economic showing, the Bank referenced the effects of previous monetary policy easing and the investment impetus.

While the communiqué lacked clear forward guidance, the NBS continued to stress that downside risks to the economy stem primarily from the external backdrop.

KONSTRUKTOR

OPENS FIFTH FACTORY IN SERBIA

THE BEST CONTRACTOR IN 2018

Italian apparel company Calzedonia has opened a production plant in Kula, in northern Serbia.

The new factory, Calzedonia’s fifth in Serbia, will have 300 employees and will contribute to the acceleration of Vojvodina’s economic growth, the provincial government said in a statement.

“We believe that the future of Serbia and Vojvodina is bright, which is why we are expanding our production,” the president of Calzedonia, Sandro Veronesi, said.

Calzedonia has 3,500 employees in Serbia working in four factories, all of them located in Vojvodina. source: seenews.com

The company Konstruktor was awarded for “Best Contractor in 2018” by CIJ, CEE & SEE, a European digital and printed real estate service. CIJ Awards are credible awards for “real estate” businessmen in Serbia and the region of Southeast Europe .Konstruktor presented the buildings built in the past year, such as Lidl-the most modern business building, Stop Shop Vrsac-retail park, Green Avenue-business /residental complex, Proteam Logistics Center. In addition to “CIJ awards” for the best contractor in 2018, in the past 12 months, Konstruktor also received the “Golden Gazelle of Serbia” award for the fastest growing company in Serbia, awarded by BISNODE, also the “AAA” rating of credit rating excellence, as well as new “Excellence” business certificate.

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Agreement

“I am still convinced that the Belgrade-Pristina dialogue could go on despite the current difficulties. Two sides are able to reach a legally binding agreement to normalize their relations, but is was up to Belgrade and Pristina, not Brussels” – FEDERICA MOGHERINI, EU’S HIGH REPRESENTATIVE FOR FOREIGN AFFAIRS CBS INTERNATIONAL

RECORD YEAR ON THE REAL ESTATE MARKET

SBB

AWARD FOR EON The SBB company has won this year’s Iskorak Godine (step forward of the year) award for its EON set top box which connects television content with Android TV digital services and applications, turning every TV into a Smart TV. The award is traditionally given by the Serbian Association of Managers for unique technological innovations. The integrated Eon platform brings a completely new era of television to the market, allowing users to watch all channels on offer

by SBB, advanced functions and Android services such as You Tube, Google Play Music, downloading and playing games from Google Play Games and thousands of other apps from the Google Play Store.

PRELJINA

WIELAND ELECTRIC PLANNING TO BUILD NEW FACTORY IN PRELJINA

The representatives of Wieland Electric, Oliver Eitrich and Ulrich Schaarschmidt, while visiting Čačak, announced hiring more workers by the end of the year.

They also met with Čačak Mayor, Milun Todorovic to discuss the construction of a new production facility in the industrial zone in Preljina, where they expect to employ around 600 new workers.

At the meeting with the representatives of the local government, they expressed their satisfaction with the beginning of the production process, the good choice of the workforce and the good cooperation with the town authorities. To remind, Wieland Electric Serbia launched their production in a rented space on 8th October 2018, and has so far employed 50 workers out of the 300 people that sent job applications.

source: serbianmonitor.com

The leadingreal estateconsultancyCBS International, part of the Cushman&Wakefield Group, is ending the year 2018 with positive assessment of the real estate markettrends in the upcoming period.According to their estimation, the current number of construction sites in Belgrade is significantly higher as compared to the past five years, and we can mark the current year as remarkably good as per the number of realized investments.By the end of the year 2020, Belgrade will, with the finalization of the office development schemes currently under construction, reach 1 million square meters of office space in its offer, whereas in the total number of transactions realized by the agencies in the first three quarters of 2018, CBS International accounted for 65% of lease and sales acquisitions. Equally so, Belgrade retail market will double its offer with the construction of three shopping malls in the next two years, which will enable the expansion of the present as well as arrival of new brands.

IT

SERBIAN TECHNOLOGY MOVED PART OF PRODUCTION TO CHINA Many Serbian technology companies, together with their partners, have already installed a part of their manufacturing in China. And this has proven to be “a very good commercial move.”

Mihailo Vesović, an adviser to the president of the Serbian Chamber of Commerce, said this, and added that Chinese companies will support Serbian firms when they digitise part of their production or move over completely to “industry 4.0, digitisation.”

According to him, this is about new technologies that are being developed in Serbia and which can, together with large Chinese companies, be placed for mass production in China. Asked whether the Belgrade Technology Park, to be built in cooperation with China, will compete with the existing Scientific-Technology Park, Vesovic said that this investment will be only an additional opportunity to create successful companies that will be the carriers of new development technologies.

He said that large companies are looking for start-ups that will develop new technologies in the future.

“It’s possible that today a new company will be created that will destroy a big one, which has been around for 100 years old and which we thought was indestructible,” Vesovic added. Source: Tanjug WORLD BANK

READY TO INVEST UP TO €300 MLN IN 4 PROJECTS IN SERBIA

The World Bank plans to invest up to €300 million in four projects in Serbia next year - in agriculture, trade, tax administration and digitalisation, the lender’s country manager for Serbia, Stephen Ndegwa, has said.

The bank has additional projects with a combined value of 300 million euro in the pipeline and has so far spent €800 million out of the €1.8 billion envisaged in the five-year investment plan for Serbia, Ndegwa said.

The 2019 draft budget adopted by the government represents a step towards further economic growth, as it keeps the fiscal stability, while at the same time increases investment by about $300 million, the World Bank country manager for Serbia noted.

Source: seenews.com

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CHRISTOS ALEXOPOULOS PH.D., COLLEGE OF APPLIED HEALTH STUDIES, ĆUPRIJA

Education As A Business Foreign students’ economic contribution In this anniversary year that marks the 20th year of the existence of the College of Applied Health Studies in Ćuprija, we spoke with the college’s director and professor of vocational studies, Christos Alexopoulos Ph.D.

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resenting key points of the college’s policy for attracting foreign students who provide a beneficial contribution to the state economy, director Alexopoulos also revealed plans for 2019.

Statistics show that numbers of foreign students in Serbia have fallen drastically over the last 30 years. What do you think is the main reason for this?

It is estimated that there were around 30,000 foreign students in Serbia during the 1980s, with costs here significantly lower compared to Western European countries and with Yugoslav universities enjoying a good reputation and top experts as educators. The most popular colleges were in Zagreb and Belgrade. Today, compared to those bygone times, the number of foreign students in Serbia is low. It is estimated that there are fewer than 2,000 foreign students at this moment. The main reason is war. After the collapse of the former country, numerous interstate treaties ceased to be valid, and there was no interest in studying in a country on which sanctions had been imposed.

Why do you think the circumstances can be different at this moment?

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I believe that the policies of President Aleksandar Vučić guarantee the country’s stability. The image of his cabinet governing the economy is similar in education. We intend to copy the pattern from the national economy. The president welcomes German companies, so we welcome students from all over the world. Moreover, experience has shown that recommendations are the best advertisement, so foreign students can later bring each other. Our country has lots to offer. Our accredited colleges are

The College of Applied Health Studies in Ćuprija is starting to implement European directives, contributing to some extent to Serbia not delaying on accession to the European Union still highly rated, and the total cost of study is lower. Annual tuition fees for foreign students range from 1,000 to 5,000 euros.

The Diploma of the Medical College can be notified for work in America. The same diploma that would cost you $500,000 in the U.S. is five times cheaper here.

Apart from the state, what is your institution’s strategy and what are your plans for 2019?

I would emphasise two crucial points.

At this moment, the most important thing is that we integrate into European flows.

The College of Applied Health Studies in Ćuprija is starting to implement European directives, contributing to some extent to Serbia not delaying on accession to the European Union. We also support the Ministry of Education’s project to encourage foreign students to come and invest their knowledge in Serbia, which will certainly result in improvement for the Serbian economy.

In that regard, a delegation of our college recently visited the Faculty of Health Studies of the University of Rijeka, which has study programmes that already comply with EU Directive 55/13. We plan to make the necessary preparations in 2019 and to establish cooperation with this institution, which is more experienced and which can teach us what steps to take in order to implement directives in a timely manner.

We will soon submit new curricula for accreditation and we want them to be based on these directives.

Another very important element is the implementation of the digitisation process. At the College of Applied Health Studies in Ćuprija we have provided the necessary equipment, such as a multimedia classroom, server room, optic cables and the like, so that students can master the IZIS program, which is used in hospitals and other health institutions.

CENTER FOR DENTAL AESTHETICS AND IMPLANTOLOGY

How Important Is A Smile To Communication?

We are all aware of the importance of smiling in our private lives. We show smiles to our loved ones and others in our surroundings when we’re happy, when greeting someone with “Good morning”, or during friendly or emotional chats in a bar or restaurant.

A great day is always filled with plenty of smiling and lots of good energy. In our private lives, our smile is almost always reciprocated, at least if those around us feel our energy

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owever, in our professional, business or diplomatic lives, we don’t always receive the same feedback. Why is smiling so important in our professional life? It is today common knowledge that a person with a nice and attractive smile is probably on the right road to personal and professional success or – vice verse – someone with an unattractive and visually problematic smile is somehow hampered on their road to social recognition. Such people, although often very talented and highly skilled, hide their smiles through strange facial expressions, creating suspicion with regard to their communicational capabilities.

What is the importance of smiling in communication?

Smiling allows people to perceive you as a happy person, whether it comes as part of verbal or non-verbal communication. Then, when approaching someone while wearing a smile on your face, you are telling that person that you’re friendly through your body language.

As there is no second chance to make a good first impression, smiling is of great importance to the communication process.

Considering that we meet strangers on a daily basis, and try to establish the kinds of relations needed to achieve professional success with them, we would be well-advised to maintain or establish the appearance of a great smile. Those who already have an attractive smile could always benefit from regular professional hygienist treatment and possible teeth whitening. Those whose smile isn’t so

enticing could really benefit from modern dental techniques and protocols that have significantly raised the quality, predictability and overall possibilities of change.

Great digital diagnostic possibilities, 3D print technologies in orthodontics, implant planing and restorative work, new ceramic materials and microscopic magnification could all lead to great post-treatment satisfaction. The duration of most of these treatments is also shorter than previously!

So, if you find yourself somewhat dissatisfied with the aesthetics of your smile, don’t hesitate to visit an expert dental office and discuss treatment possibilities. You’ll probably be amazed by the overall improvement in treatment options and concepts. If you let experienced professionals deal with your problem, you might experience a tremendous change in your overall quality of life, both privately and professionally. It is worth taking the first step!

Dr Igor Ristić www.drristic.com

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Candidate

“Around 400 Hungarian soldiers currently serve in KFOR. Hungary also wants to put forward a Hungarian candidate for the next command post” – PETER SZIJJARTO, HUNGARIAN FOREIGN MINISTER

REGIONAL NEWS ALBANIA

FERRO-CHROME AMONG WORLD’S HIGHEST QUALITY

MONTENEGRO

NEW DECORATIONS FOR BUDVA - €50,000 The City of Budva will be decorated with all sorts of Christmas decorations and lights until mid January, with €50,000 having been allocated from the City budget for the adornments that were installed at the beginning of November.

Rade Bauk, director of Budva’s public utility company, confirmed that the installation of festive decorations and lighting began at the beginning of November and that, in agreement with the authorities of the Budva municipality, the lights will be formally turned on collectively on 1st December.

The main decorations are located along the main road leading to the Old City of Budva, as well as on the square around the ancient walls of the Old City. In addition, the main boulevards are decorated festively, as is part of the embankment in the City of Petrovac.

Plans are for Budva, Petrovac and Montenegro’s other coastal towns to remain decorated until mid-January.

Over 12 million tonnes of Ferro-Chrome is currently produced worldwide every year. A huge part of this production comes from large countries with countless resources, like South Africa and China, while other significant chromium and ferrochrome manufacturers include Kazakhstan, India and Russia.

Via company AlbChrome, Albania’s product is currently exported to 52 countries worldwide, while Europe remains its main market – where the most developed industrial countries have the biggest share of imports of this item from Albanian.

Albania is ranked high among the group of countries worldwide with the highest quality desposits of this mineral. Alongside Albania, the list also features countries like Sweden, Kazakhstan, Turkey and Russia.

AlbChrome’s decision to focus on quality rather than reduced costs and the blind goal of profit has enabled it to achieve the highest parameters in extracting the final product.

BOSNIA-HERZEGOVINA

HYDRO-POWER PLANT ‘DABAR’ TO COST €200 MILLION Hydro-Power Plant Dabar has selected a consortium led by AF-Consult Switzerland Ltd. in a tender to provide legal, financial and technical advisory services in the process of awarding a turnkey/engineering, procurement and construction (EPC) contract for the 160 MW Dabar Hydro-Power Plant (HPP Dabar).

The consultant will be paid BAM 1,897,155.10 (around €972,000), excluding HPP DABAR HEAD-RACE VAT, according to the documentation available via the ‘Hidroelektrana Dabar’ TUNNEL CONSTRUCTION website. The value of the project to build and finance HPP Dabar’s remaining facilities is estimated at around €200 million, according to the text of the invitation for EOIs, as posted by HET. Under the preferred financial model, HPP Dabar’s future project partner would secure a loan to cover at least 85% of the project costs against a guarantee from the government of Bosnian entity Republika Srpska. The loan would be repaid in cash or electricity over a 15-year period, following a four-year grace period. According to the text of the invitation, the interest rate would be around 3%.

HPP Dabar, which would cover the remaining project costs from its own sources, would own 100% of the 160 MW hydro-power plant on the river Trebišnjica.

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10 WAYS

TO HAVE A MORE RELAXING FESTIVE SEASON THIS YEAR As we all know, the Christmas and New Years’ holidays are a time for family, fun and relaxation. Or so the theory goes, because for a lot of us the festive season also brings with it all manner of things to take care of, from buying and organising gifts and food, to taking care of kids and in-laws.

In short, the festive period can be stressful if we’re not careful. Here are ten ways to de-stress this season.

1. Plan time for yourself 2. Go outdoors 3. Beat the rush and breathe easy 4. Treat yourself to some serious spa therapy 5. Simplify your seasonal decorations 6. Indulge in classic games and pastimes 7. Don’t overcommit 8. Do a good deed for someone 9. Get into the spirit with a real vocal choir 10. Take Christmas Day off, or plan the perfect festive escape

Recognition

“We resisted taking this measure for a long time now, but there was no other way out. The tax will be removed with full normalisation, and full normalisation means recognition” – RAMUSH HARADINAJ KOSOVO’S PRIME MINISTER CROATIA

CROATIAN BANKS DOUBLE PROFITS IN 2018

BULGARIA

TOP EUROPEAN HOLIDAY DESTINATION FOR BRITS The travel trends list of the Association of British Travel Agents (ABTA) reveals that Bulgaria is top of the list when it comes to European destinations, with a 30 per cent increase in bookings for 2019. Bulgaria was named as the cheapest place for a summer holiday last year by M&S Bank - and this year it’s been even cheaper.

Research showed that family holidays are 1.4% cheaper this year than in 2017, a saving of €63, with Sunny Beach in Bulgaria coming out on top. Greece has also had a rise in bookings, with a six per cent rise. A holiday there for a family of four will cost €3,515 all inclusive, which works out at €820 for flights, accommodation, food, drinks and activities for seven days and nights.

The UK Post Office also early this year named the island of Corfu as one of the best-value destinations in Europe for a getaway, with prices down 24.2 per cent.

In the first nine months of last year, banks in Croatia achieved pre-tax profits of 5.25 billion Kuna (€709 million), double the profits earned in the same period last year. The Croatian National Bank (CNB) has published the profit and loss accounts for banks in the country this year, confirming that this has so far proven to be an extremely profitable year. In the first three quarters of this year there were 23 active banks in Croatia, which is three less than last year – with two banks having entered into voluntary liquidation and one opened bankruptcy proceedings. Figures from the CNB show that banks in Croatia increased their profits, from January to the end of September, by a healthy 99.7 per cent, or around 2.62 billion Kuna (€354 million).

HUNGARY

KONZUM-OPUS MERGER APPROVED Shareholders of listed holding companies Opus Global and Konzum approved the proposed merger of Konzum with Opus at shareholders meetings last month. All of Konzum’s assets will be transferred to Opus, which will act as the company’s legal successor, while Opus will continue to operate as a public company. Opus and Konzum announced their merger plans in October, and the acquisition is expected to be finalised by 31st March 2019.

Both companies are controlled by billionaire investor Lőrinc Mészáros, a long-time friend and ally of Hungarian Prime Minister Viktor Orbán. In the October announcement, the management estimated market capitalisation of the future merged company would reach HUF 350-400 billion €1.08-€1.2 billion), while combined net assets will exceed €988 million. The merged company’s EBITDA is targeted at €926.5mln.

A presentation posted along with the October announcements showed the merged company’s annual revenues climbing to exceed €617.2 million in 2019, which is more than double Konzum and Opus’s combined turnover of €237.8 million over the past twelve months.

ROMANIA

WHERE ARE ROMANIA’S BEST PAID EMPLOYEES? Bucharest is no longer Romania’s only development centre, attracting all investments and big businesses in the country. Some areas of the country have developed faster than the capital in recent years, the most significant of which being Cluj-Napoca and its surrounding area.

However, Bucharest remained the largest employer nationwide in 2018, with more than a million employed workers, while the workforce shortage faced by companies has pushed wages up. According to Paylab.ro, a salary comparison site launched by local recruitment platform eJobs, the monthly average net salary in Bucharest stands at €580. The second among top cities with the highest salaries is Cluj-Napoca, with an average monthly salary of €567. Timiş, in Western Romania, is also close, with an average net wage of €565. Elsewhere, the average salary is €551 in Alba, €540 in Harghita and €534 in Brasov and Sibiu.

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AIRPORT CITY - THE “FILM SET” EXHIBITION

When Business Creates Art

MLICA MIHAJLOVIĆ LOOKING AT PHOTO OF HER

The “Film set” exhibition offered original photos of our most famous actors produced in only one copy and featuring their signature- all revenue intended for FDU

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fter a series of very interesting and creative strides taken in recent years, the CSR activities of Airport City Belgrade proved even more challenging this year, both for the ordering company and the talented youngsters who worked on the ‘Film set’ project.

With the decision to support the University of Belgrade’s Faculty of Dramatic Arts, which marked its 70th anniversary in 2018, and this elite business centre, the idea was launched to provide young people with their first professional engagement via an opportunity to express themselves artistically in the city’s most modern business space.

“We recognised this cooperation as a

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completely natural relationship. Airport City, as a hub where business is done, also provides an opportunity for us to help young people and provide the advantage of experience to their creativity and business start in life. The FDA has several departments that educate students in

Our most famous actors, alumni’s of FDU, were prepared to take the time to come to Airport City and pose for their young colleagues in this unusual ambience that isn’t linked to them

areas that are close to us, in the sense that it’s necessary for every brand to be heard about and seen. As such, that which they apply, in terms of visual arts, is precisely that which we come into contact with every day. From a website, to a bespoke film, an exhibition etc.,” explains Airport City communications advisor Marina Deleon.

The whole of 2018 unfolded in cooperation with the Belgrade Faculty of Dramatic Arts. The idea wouldn’t have succeeded if it hadn’t been supported wholeheartedly by Airport City CEO Adir El Al, while the students received from him only one instruction: Go ahead and present yourselves! And they were granted complete freedom.

MARINA DELEON AND BUYER

“It was fantastic cooperation with extremely liberated and creative young people, for whom this one this sudden opening up of space that was previously unknown to them. It was obviously a fantastic experience for them.

Two teams from FDU produced excellent corporate films for ACB, guided by their Dean Miloš Pavlović.

This was now followed by an exceptional calendar and exhibition, with which Airport City will mark the end of 2018.

“The photography department is also close to us, because from day one we’ve been building a very careful relationship towards our facades, given that they represent a very photogenic space that’s inspiring for many artists’ The students also started with different ideas. In the end, it turned out that their older colleagues, our most famous actors, were prepared to come and pose pro bono for their young colleagues at Airport City. And that’s why the project was named “Film set”. ACB sponsored necessary equipment and technical requirements, and they created a truly professional set mentored by professor Aleksandar Kostić.

When in Airport City they saw how fantastically it all turned out, they decided to take the next step –to offer these beautiful unique photos signed by actors

VANJA EJDUS WITH DAUGHTER

AIRPORT CITY CEO ADIR EL AL AND FDA DEAN MILOŠ PAVLOVIĆ

to business partners and the companies with which they cooperate, and all revenue generated is intended for the Faculty of Dramatic Arts. As the Dean said, it is essential for their university to keep up with modern technology, which is very difficult for a State-financed University.

It was a splendid event marking the end of 2018. And, as Airport City CEO El Al and Dean Pavlović agreed in their address, when given the right support

and trust, plus the freedom to express themselves, these talented youngster couldn’t fail to produce results!

January

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Future

“No dream is too big. No challenge is too great.

Nothing we want for our future is beyond our reach” – DONALD TRUMP, U.S. PRESIDENT

WORLD NEWS CHINA

HONG KONG STILL THE WORLD’S MOST VISITED CITY

USA

ALTRIA TO ACQUIRE CANNABIS COMPANY CRONOS GROUP

Hong Kong has been declared the most visited city in the world for the eighth consecutive year, beating off challenges from the likes of London, Paris and New York, according to the “Top 100 City Destinations 2018”, a survey conducted by global market research company Euromonitor International.

Some 52.57 million tourists visited Hong Kong between January and October 2018, 78.4 per cent of whom, or 41.29 million, were from the Chinese mainland. This total represented growth of 13 per cent among Chinese visitors, but also a 0.9 per cent decline in visitors from elsewhere.

The new poll highlighted the top 100 cities on the basis of 2017 statistics regarding international arrivals, which define visitors as any person spending at least 24 hours and not more than 12 months in another country.

Other mainland Chinese cities also figured in the top 100, with Guangzhou ranked 18th, Shanghai 26th and Beijing 54th.

Marlboro cigarette maker Altria is in the early stage of talks to acquire Canadian cannabis producer Cronos, as it seeks to diversify its business beyond traditional smokers.

The news comes as Altria is also eyeing a significant minority stake in e-cigarette company Juul, as both the cannabis and e-cigarette industries experience growth.

Total demand for cannabis, counting both legal and black market sales, is approximately $52.5 billion. Meanwhile, the e-cigarette market is projected to hit sales of $6.6 billion in the U.S. this year.

SWITZERLAND

PARLIAMENT PASSES SALARY EQUALITY LAW Women in Switzerland earn about a fifth less than men, according to the Federal Equality Office.

Now companies with over 100 employees will have to conduct regular salary equity checks, thanks to a new law passed in the Swiss Parliament. Supporters see this as a major step towards combatting gender discrimination in the workplace.

The House of Representatives agreed on the salary equality law nearly three years after the bill was introduced, with 99 votes in favour, 88 against, and four abstentions. The Senate approved the law in May. With this decision, Switzerland joins a select group of countries that have started mandating reporting on the gender pay divide.

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January

10 DO’S AND DON’TS OF THE OFFICE CHRISTMAS/NEW EVE PARTY

The season of office Christmas or New Year’s Eve parties is now in full of swing. But do you know the correct etiquette for handling this annual get-together? It includes things like eating before you go, avoiding romantic encounters and networking with your fellow colleagues.

Here we offer a list of the top 10 ways to stay out of trouble at this year’s office bash.

1. Attendance is key 2. Eat before you go 3. Network 4. Avoid romantic encounters 5. Keep your opinions to yourself 6. Don’t drink too much 7. Don’t be memorable for all the wrong reasons 8. Don’t flirt with the boss 9. Thank the host 10. Know when enough is enough

Builder

“China will always remain the builder of world peace, a contributor to global development, and an upholder of the international order” – XI JINPING, PRESIDENT OF CHINA

WORLD

UNILEVER TOPS NESTLE BY $1 BILLION IN SWANSONG HORLICKS BID

KIRILL DMITRIEV, CEO OF THE RUSSIAN DIRECT INVESTMENT FUND

RUSSIA

JOINT RUSSIAN-SAUDI FUND TO INVEST TWO BILLION DOLLARS CEO of the Russian Direct Investment Fund, Kirill Dmitriev, has said that Saudi Arabia has confirmed its interest in participating in several infrastructure projects in Russia.

“Saudi Arabia confirmed its interest in participating in several infrastructure projects presented by RDIF, and we plan to invest another $2 billion from the joint Russian-Saudi fund in Russia in the next year,” said Dmitriev, noting that twelve projects – related to petrochemicals, logistics and similar – are also in the pipeline.

He also noted that the volume of Saudi investment was already significant.

“Two years ago, Saudi Arabian investments stood practically at zero, while now they exceed $2 billion.”

Unilever’s departing CEO, Paul Polman, agreed - in a major push into India that may be his last deal - to pay around a billion dollars more than his closest rival for GlaxoSmithKline Plc’s consumer business in the country, according to insiders.

The Anglo-Dutch conglomerate agreed to pay €3.3 billion in cash and stock from its Indian subsidiary to take control of the consumer business, which includes famous malted milk drink Horlicks, while Nestle SA’s offer was lower. One of Polman’s last acts as CEO was attending a capital markets day in India with the rest of his executive team.

Under Polman, Unilever thwarted a takeover bid from U.S. rival Kraft Heinz Co. in 2017 and sold its spreads business to private equity firm KKR & Co. for $8.1 billion later that year. According to data compiled by Bloomberg, the India deal is the company’s third-largest acquisition since Polman took over as CEO in 2009.

UK

SHELL TO LINK EXECUTIVE PAY TO CARBON REDUCTION Petroleum giant Royal Dutch Shell is set to link the salaries of its executives to carbon emissions targets, following pressure from investors, including the Church of England Pensions Board.

The corporation is still in talks with investors over the precise figures of carbon targets and what percentage of pay might be impacted, but it is estimated that as many as 1,300 high-level employees could be hit by this change.

The Church of England, under the leadership of Archbishop of Canterbury Justin Welby, has led the way in pressuring the companies in which it invests to adopt a more ethical strategy – particularly with regard to fossil fuels.

In a bid to combat climate change, the World Bank also recently announced that it is to make $200 billion available to fund action from 2021-25 that will help countries adapt to the impact of warming and reduce greenhouse gas emissions.

WORLD

AMAZON - WORLD’S MOST VALUABLE COMPANY Amazon, the online shopping giant, has overtaken Microsoft as the world’s most valuable company, after the software giant itself ousted Apple, ending the iPhone maker’s five-year run at the top.

Shares in Amazon rose 4.7%, giving the company market capital of $865 billion.

The news follows a major downturn in trading across tech shares in recent weeks.

Amazon’s value surpassed $1 trillion earlier this year, before so-called FAANG stocks (Facebook, Amazon, Apple, Netflix and Alphabet) tumbled in November.

All five companies are yet to fully recover their share prices.

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