In Serbia, amidst ongoing inflation which has started to slow down over the past five months, salaries have recorded a slight real growth on an annual basis, but have seen a slight monthly decline due to seasonal reasons. Average gross and net wages for July 2023 increased by 14.6% nominally and 1.9% in real terms compared to the previous July, with the average gross salary being 115,664 dinars and the net salary at 83,781 dinars. The median net salary for July was 64,734 dinars, indicating that 50% of employees earned up to this amount. The average net salary in the public sector was 85,730 dinars, while it was 82,998 dinars outside the public sector. The lowest average salary was recorded by entrepreneurs and their employees, with a net salary of 42,566 dinars. Only employees in computer programming, consulting, and related activities had an average net salary over 200,000 dinars, while those in oil and gas extraction and air transport joined them with over 150,000 dinars. Analysts from Bloomberg Adria have highlighted that changes in workers' bargaining power and structural changes in the labor market have led to the fastest growth in average gross wages in the region over the last decade. Projections suggest that nominal gross wage growth will remain in the low double-digit area for some time, with a slowdown to single-digit growth rates possible in 2024.

PLAY (Iceland) received approval at its annual general meeting to increase its share capital by up to 1.2 billion shares and proceed with a cash injection from existing shareholders and a public offering of new shares. The offering includes one million shares at ISK4.50 per share for subscription commitments worth ISK4.5 billion from existing shareholders and other investors, and up to 111,111,112 shares at the same price in a public issue targeting up to ISK500 million, with priority for current shareholders in case of oversubscription.

IranAir, despite not being on the latest US sanctions list, faces a potential ban from flying to Europe by the G7 over allegations of Iran selling missiles to Russia. A senior US official warned of a swift and severe response if Iran provides Russia with ballistic missiles. IranAir currently operates flights to eight European destinations. Sanctions discussions have affected IranAir for years, including issues with aircraft purchases from Airbus and ATR due to the 2015 Iran nuclear deal and ongoing sanctions.

Asian migrant workers from countries like Nepal, India, the Philippines, Bangladesh, and Sri Lanka are filling the labor shortage in the Adria region. Despite seeking better lives, many face challenges, including fraudulent job offers and high recruitment fees. The article highlights the experiences of Anisha, a Nepalese worker in Serbia, and the practices of her employer, La Chicken House, part of La grupa, which provides good living conditions and regular pay. The article also discusses the significant increase in work permits issued in Serbia and other Adria region countries, the reliance on foreign labor, and the challenges and changes in employment practices, including the need for better integration and accommodation for foreign workers. The article was written with the help of Janja Zalar from Slovenia and Edita Vlahović Žuvela from Croatia.

Commodities are basic raw materials used in industry and trade, including oil, gas, metals, and agricultural products. Trading can occur physically or through financial instruments like futures contracts, options, and ETFs. Major exchanges for commodities include NYMEX, CME, ICE, LME, COMEX, and the London Bullion Market. Futures contracts allow investors to buy or sell commodities at predetermined prices in the future, providing risk hedging and speculation opportunities. Options give the right but not the obligation to buy or sell assets, while ETFs offer investment in various assets through exchanges.

On Monday, shares of tourism companies rose, driving the largest European stock market indices into positive territory as data indicates that inflation is slowing down more rapidly. Inflation in the Eurozone is expected to fall below the targeted two percent by early 2025, earlier than the European Central Bank's predictions. However, ECB Vice President Luis de Guindos warned that inflation could temporarily accelerate again due to the base effects of last fall's sharp increase in energy and food prices. The Euro Stoxx 50 index increased by 0.73 percent, while the Stoxx Europe 600 grew by 0.75 percent. The German DAX strengthened by 0.67 percent, the French CAC 40 by 0.63 percent, and the Italian FTSE MIB by 1.43 percent, thanks to banks. The Bloomberg Dollar Spot Index remained largely unchanged, as did the euro at a value of 1.0693 to the dollar. Overall, the best-performing stocks in the European capital markets were in the travel industry, with a jump of 1.7 percent.

On Monday, shares of tourism companies rose, driving the largest European stock market indices into positive territory as data indicates that inflation is slowing down more rapidly. Inflation in the Eurozone is expected to fall below the targeted two percent by early 2025, sooner than the European Central Bank's predictions. However, ECB Vice President Luis de Guindos warned that inflation could temporarily accelerate again due to the base effects of last fall's sharp increase in energy and food prices. The Euro Stoxx 50 index increased by 0.73%, while the Stoxx Europe 600 grew by 0.75%. Germany's DAX strengthened by 0.67%, France's CAC 40 by 0.63%, and Italy's FTSE MIB by 1.43%, thanks to banks. The Bloomberg Dollar Spot Index remained largely unchanged, as did the euro at a value of 1.0693 against the dollar. Overall, the best-performing stocks in the European capital markets were in the travel industry, with a jump of 1.7%.

The National Bank of Serbia (NBS) is expected to maintain its reference interest rate at 6.5% due to signs of slowing inflation, marking the fourth consecutive pause. Analysts, including Mihael Blažeković from Bloomberg Adria, predict that this rate is likely the terminal rate for the current restrictive monetary policy. A Bloomberg survey indicates that most economists do not foresee a rate change, with expectations of a rate cut in the second quarter of 2024. Official inflation data will be released on November 13, with predictions of a decline to single digits. The European Central Bank's actions and local economic conditions will influence future NBS decisions. Despite high food prices, a downward trend is expected, potentially leading to a reduction in the reference rate in the latter half of 2024.

The National Bank of Serbia (NBS) has decided for the fourth consecutive time to keep the reference interest rate at 6.5%, aligning with expectations due to a declining inflation trend. This decision follows the easing of global inflationary pressures and the establishment of a downward trajectory in domestic inflation. The NBS also maintained deposit and credit facility rates at 5.25% and 7.75%, respectively. Analysts, including Jakub Kratky from Generali Investments, noted that the NBS's decision was expected and reflects satisfaction with slowing inflation and improved economic growth. The NBS continues to monitor geopolitical tensions and volatile global commodity prices, which could impact inflation expectations. The decision comes after a significant tightening campaign, with the NBS raising rates by 550 basis points. Finance Minister Siniša Mali reported a significant drop in October inflation to 8.5%, down from 10.2% in September.

The financial market is a crucial part of any economy, offering opportunities for investing and trading various instruments. Commodities, such as oil, gas, metals, and agricultural products, are essential goods used in industry and trade. Trading commodities can be done physically or through financial instruments like futures, options, or ETFs. Futures allow investors to buy or sell a specific quantity of commodities at a predetermined price in the future, providing risk protection and speculation opportunities. Options give investors the right, but not the obligation, to buy or sell an asset at a set price within a specific period. ETFs are financial instruments used to invest in various assets, offering liquidity, diversification, and transparency.

For the second consecutive month, tourist arrivals in Serbia from Turkey have surpassed those from Russia since the beginning of the year, with Turkish visitors typically staying for shorter periods. The increase in Turkish arrivals has been influenced by a visa-free regime between the two countries, the general recovery of travel, and more flights between Belgrade and Istanbul. In September alone, Serbia saw 25,083 Turkish visitors compared to 14,126 Russians. The trend of Turkish surpassing Russian arrivals began in May, but it was not until August that the cumulative number of Turkish arrivals for the year exceeded Russian arrivals. This could be attributed to the increased number of flights and the visa-free regime introduced last year. Despite the increase, Turkish visitors choose shorter stays in Serbia compared to Russians, with 381,716 overnight stays recorded for 151,310 Turkish guests versus 508,412 overnight stays for 129,785 Russian arrivals. Overall, Serbia welcomed 1.6 million tourists in the first nine months of the year, a 24% increase year-on-year, with the most significant growth from China (317.7%) as it continues to recover post-pandemic.

For the second consecutive month, tourist arrivals from Turkey to Serbia have surpassed those from Russia since the beginning of the year, with Turkish visitors typically staying for shorter periods. Factors contributing to the increase in Turkish arrivals include a visa-free regime between the two countries, the general recovery of travel, and more flights between Belgrade and Istanbul. Despite the increase, Russian tourists have recorded more overnight stays than Turkish tourists. Overall, Serbia has seen a 24% annual increase in tourist arrivals, with the most significant growth from China. While the total number of tourist arrivals in Serbia increased by 3.3% year-on-year in September, the number of overnight stays decreased by 9.5%.

In the past week, Serbia saw significant economic developments, including the announcement that inflation in October will finally be single-digit. The International Monetary Fund gave a positive review of Serbia's economic policies, supporting wage and pension increases. Serbia's GDP growth was 3.5% in Q3, with optimistic projections for the year-end. The Eurozone's inflation slowed to its lowest in two years, and similar trends are expected in Serbia. The Federal Reserve in the US maintained its interest rate, while economic pressures persist. Financial results from major Serbian companies were reported, and significant investments and donations were highlighted.

Serbia is likely facing another round of snap elections and is planning to issue a variety of bonds, both corporate, supported by the state, and government, to finance EXPO 2027, with a planned expenditure of 200 million euros this year alone. The Fiscal Council warned that not all reports confirming the economic and social viability of EXPO have been published. Despite inflation slowing in Serbia, consumers are penalizing the food industry for high prices. The European Central Bank decided not to increase interest rates this month, but President Christine Lagarde cautioned that the fight against inflation is not over. Corporate earnings reports from companies like Meta and Mercedes influenced market trends, with major indices falling and U.S. Treasury yields hitting 5% for the first time since 2007. The 'magnificent seven' tech companies saw disappointing results, erasing $200 billion in market value. Bitcoin's price surged, and renewed conflict in Gaza affected oil markets. Nidec's shares fell after earnings reports, and Greenpeace indicated Japan lags behind Germany in transitioning to electric vehicles. Serbian tourism showed significant growth, with the reopening of Sava Center and expanded culinary offerings expected to boost visitor numbers. Tennis star Maria Sharapova realized the business aspect of sports, and celebrity chef Jamie Oliver is set to open a restaurant in Belgrade.

European stocks saw a slight increase ahead of the European Central Bank's (ECB) interest rate decision, with investors monitoring comments from central bankers, analysts, and company earnings. ECB President Christine Lagarde expressed satisfaction with the fight against inflation through monetary policy but voiced concerns over fiscal measures. Analysts from Commerzbank, Barclays, and UBS Group warned that the ECB might surprise markets by raising minimum reserve requirements (MRR) to reduce costs and excess liquidity. Most analysts expect an MRR increase within the next 12 months. Key European stock indices showed mixed performance, with retail stocks declining and insurance stocks rising.

European stocks have seen a slight increase the day before the European Central Bank's (ECB) interest rate decision, with investors monitoring comments from central bankers, analysts, and company earnings on the stock exchange. ECB President Christine Lagarde expressed satisfaction with the progress in combating inflation through monetary policy but remains concerned about fiscal measures. Due to persistent inflation, strategists from companies like Commerzbank, Barclays, and UBS Group warned that the ECB might unexpectedly raise the minimum reserve requirements (MRR) this week to reduce costs and absorb excess liquidity. Most analysts surveyed by Bloomberg expect an MRR increase within the next 12 months, with Barclays and Commerzbank suggesting a potential rise to two percent this week. The Euro Stoxx 50 index gained 0.18%, while the Stoxx Europe 600 was up 0.02% at the end of trading. Germany's DAX increased by 0.11%, the UK's FTSE 100 by 0.36%, and France's CAC 40 by 0.29%, but Italy's FTSE MIB fell by 0.47%. Retail company stocks fared the worst, while insurance stocks rose.

European stocks saw a slight increase ahead of the European Central Bank's (ECB) interest rate decision, with investors monitoring comments from central bank leaders, analysts, and earnings reports. ECB President Christine Lagarde expressed satisfaction with the fight against inflation through monetary policy but remained concerned about fiscal measures. Analysts from Commerzbank, Barclays, and UBS Group warned that the ECB might surprise markets by raising the minimum reserve requirements (MRR) to curb costs and excess liquidity. The Euro Stoxx 50, Stoxx Europe 600, German DAX, British FTSE 100, and French CAC 40 indices all saw modest gains, while retail stocks underperformed and insurance stocks rose. The Bloomberg Dollar Spot Index increased slightly, while the euro remained stable.

October is Cybersecurity Month, highlighting the increasing importance of cybersecurity amid complex geopolitical conditions. The article discusses the evolution of cyber warfare, the vulnerabilities of individuals and businesses to cyberattacks, and the role of artificial intelligence in enhancing phishing schemes. Dragan Davidović from Kaspersky emphasizes the critical role of cybersecurity in business continuity. PwC's research identifies malware, phishing, ransomware, and DDoS attacks as prevalent in the Western Balkans. The National Cyber Security Index ranks Croatia, Serbia, and Slovenia as leading in regional cybersecurity development. Despite advancements, education on cybersecurity remains limited. Bloomberg Intelligence analysts note the growing importance of cloud solutions in cybersecurity. The article underscores the need for businesses to invest in cybersecurity expertise and solutions to mitigate risks.

Serbia recorded the highest growth in the tourism industry in the region for 2022, driven by increased prices in an inflationary environment, a larger tourist offer, and a recovery in demand post-pandemic. The country saw a 7.2% increase in overnight stays, largely due to an influx of Russian tourists following the war in Ukraine and a rise in business and conference tourism. Bosnia and Herzegovina followed with a 4.3% growth. Compared to 2019, tourist overnight stays have recovered in Slovenia and Croatia, but Serbia exceeded its pre-pandemic numbers with a 21.8% increase, while Bosnia and Herzegovina and North Macedonia have not yet reached their 2019 figures. Revenue from foreign tourists in the region grew by 30% in 2022, with Serbia experiencing a 55% increase compared to 2021 and a 72.3% increase compared to 2019. Croatian tourism remains dominant, accounting for 65% of total overnight stays and 78% of total revenue in the region. The sector's largest companies, including Delta Hospitality and MK Mountain Resort, showed signs of recovery, with a median sales growth of nearly 77%. Despite the sales growth, profitability levels measured by EBITDA and EBIT margins saw a significant decline in 2022 compared to the pre-pandemic period. The tourism industry has seen significant investments totaling €680.5 million over the past four years, with four Croatian companies leading, particularly Valamar with investments worth €263 million. The labor market in the sector has seen wage growth outpacing the general level, but wages, especially for auxiliary staff, remain relatively low.

The most expensive car driven on Serbian streets this year is a Ferrari SF90 Spider, valued at over 700,000 euros, topping the list of the most expensive cars in the region compiled by Bloomberg Adria. The car, a 2022 model with an approximate value of 708,480 euros, is the brand's first series-production hybrid with a retractable roof. It carries Belgrade license plates and is equipped with the 'assetto fiorano' racing package. The Serbian Customs Administration reported the vehicle's value at 590,000 euros before taxes. The top 10 list includes two Ferraris, along with Bentley, Lamborghini, and Audi. The second Ferrari, a model 812 GTS, found a buyer in Belgrade. A luxury Maserati GranTurismo Trofeo Primaserie, one of only 75 of its kind and priced at 289,071 euros, remains unsold and unregistered.

The gastro-market trend is gaining momentum in Belgrade, with new social habits influencing food preferences. Factors such as time constraints, attractive prices for new experiences, and informal atmospheres have popularized gastronomic markets. These markets offer a variety of tastes and ingredients, allowing people to experience different culinary traditions. In Belgrade, the Zemun Market's Pretop restaurant, focusing on fresh bread, pork, and champagne, exemplifies this trend. The trend includes exclusive market locations and is expected to continue with the development of a new conceptual market at Belgrade Waterfront. Michelin has recognized the quality of street food by including food kiosks in its star-rated restaurant list, highlighting the global recognition of this culinary movement.

Pharmaceutical company Galenika confirmed the acquisition of the Serbian-Slovenian company Lifemedic, aiming to expand the portfolio of its Brazilian owner, NC Group, in the region. Galenika will own 100% of Lifemedic shares, gaining exclusive distribution of Pharmalife Research's products in Serbia, Bosnia and Herzegovina, Macedonia, and Montenegro. The transaction is expected to be completed by the end of Q4 2023, pending antitrust approvals. Lifemedic distributes natural supplements and has partnerships with over 5,000 pharmacies. Ricardo Vian Marques, CEO of Galenika, highlighted the acquisition as a step towards international expansion and commitment to investment and innovation.

Pharmaceutical company Galenika confirmed the acquisition of the Serbian-Slovenian company Lifemedic, aiming to expand its portfolio and regional presence under the ownership of Brazil's NC Group. The deal includes 100% of Lifemedic's shares and exclusive distribution rights for Pharmalife Research's products in Serbia, Bosnia and Herzegovina, Macedonia, and Montenegro. The transaction is expected to be finalized by the end of Q4 2023, pending antitrust approvals. Lifemedic distributes natural supplements and has partnerships with over 5,000 pharmacies. The acquisition is part of Galenika's internationalization strategy and commitment to innovation, with plans to build new factories by 2025.

Pharmaceutical company Galenika confirmed the acquisition of the Serbian-Slovenian company Lifemedic, signaling further investments and portfolio expansion by Galenika's Brazilian owner, NC Group, in the region. Galenika will own 100% of Lifemedic, taking over exclusive distribution of Pharmalife Research products in Serbia, Bosnia and Herzegovina, North Macedonia, and Montenegro. The transaction is expected to be completed by the end of Q4 2023, pending antitrust approvals. Ricardo Vian Marques, General Manager of Galenika, highlighted the acquisition as a step towards internationalization and commitment to investment and innovation. Lifemedic, with revenues of €4.6 million in 2022, has been distributing natural supplements and has partnerships with over 5,000 pharmacies. Zoran Stanimirović, General Manager of Lifemedic, anticipates additional value and expansion from the acquisition.

Inflation in Serbia continues to slow, with significant developments including the state taking full ownership of Air Serbia after Etihad Airways sold its stake. Continental AG plans global layoffs, with uncertain impacts on its Serbian workforce. Oil and gas prices are falling, reflecting reduced economic activity, though OPEC's report offers some optimism. Upcoming economic data releases from the UK, Eurozone, US, and Spain are anticipated.

Israel has called for the evacuation of civilians in Gaza, signaling a major incursion into the Hamas-controlled territory. The Israeli army has urged civilians to move south for their safety, while Hamas has advised residents to stay put. The UN has strongly opposed the evacuation order, warning of potential tragedy. The situation has escalated with over 1,300 people killed in Israel and 1,530 in Gaza due to ongoing attacks. Iran has warned of possible war crimes and the opening of new fronts in the region.

The S&P 500 index traded above 4,500 points as investors remained optimistic about the US economy avoiding a recession despite potential prolonged high interest rates by the Federal Reserve. Real estate and materials sectors led the gains, with Norwegian Cruise Line Holdings seeing a significant rise in stock price. Economic data showed increased retail sales and producer prices, driven by higher energy costs. Analysts suggest that while the US growth story remains strong, Europe faces risks of stagflation. The Federal Reserve is expected to maintain current rates next week, with a possibility of another hike later in the year.

WSZL, a subsidiary of Hungarian logistics giant Waberer’s International, has acquired a majority stake in Serbian distributor MD International (MDI). The acquisition aims to strengthen Waberer’s position in complex logistics in the region. MDI, founded in 1997, employs 286 people across four distribution centers in Serbia. The deal, pending regulatory approval, includes an option to purchase the remaining 45% of MDI. Analysts suggest the acquisition could significantly boost Waberer’s sales and market share. The transaction also highlights growing cooperation between Serbia and Hungary, with potential long-term benefits from increased trade facilitated by Asian investments.

Major U.S. stock indices traded with mixed results as investors awaited key economic data and several Federal Reserve speeches. October inflation data for the U.S. is expected on Tuesday, following a significant slowdown in the Eurozone. The week's economic data will help shape market direction amid bets that interest rates have peaked at 5.5%. Analysts from Oppenheimer Asset Management and E*Trade highlighted the potential market impact of the data. Goldman Sachs' CEO noted a reduced recession risk, while UBS strategists predicted significant rate cuts by the Fed next year. The S&P 500 remained stable, and U.S. Treasury yields fell. The dollar weakened, and oil prices rose following an OPEC report.

Expo 2027, to be held in Belgrade, Serbia, is seen as a significant opportunity for economic development and regional cooperation. The event is expected to attract 2.5 million visitors, with a total economic impact estimated at 1.1 billion euros. The Serbian Chamber of Commerce, along with other regional economic chambers, anticipates benefits such as increased tourism, job creation, and overall economic growth. The construction sector is expected to gain the most, with major infrastructure projects planned ahead of the exhibition. However, experts caution that the success of the event depends on effective management and the ability to attract foreign visitors. The Expo is also seen as a chance to showcase the region's openness to innovation and cooperation. Air Serbia is expected to benefit from the influx of visitors, and the hospitality sector is preparing for the increased demand. The article also discusses the potential long-term impact of the Expo on urban development, comparing it to previous international exhibitions.

Capgemini, a major IT services company with over 350,000 employees, has acquired Serbian company HDL Design House. Capgemini's clients include prominent companies such as Bayer, Volkswagen, Airbus, and Adobe. The company is part of the French CAC 40 index and operates in various industries including aviation, defense, automotive, and healthcare. Capgemini has a market value of 28.8 billion euros and is expected to see continued growth in net earnings. The company has significant operations in Europe and North America, with the highest revenue growth recorded in North America in 2022. Major shareholders include institutional investors from the US.

Most European indices ended the day in the red as policymakers announced potential further interest rate hikes. European stocks had their worst week in the last month, with a weekly decline of 1.8%. ECB's chief economist Philip Lane stated that interest rates have reached a level that could help reduce inflation to 2%, but this may take time and depends on data. The Stoxx 600 index lost 0.36%, Germany's DAX fell 0.13%, and France's CAC 40 dropped 0.42%, while London's FTSE 100 saw a slight increase of 0.07%. The euro's value against the dollar remained unchanged at 1.0664.

Biman Bangladesh Airlines faces operational challenges for its planned Dhaka to Rome route due to US sanctions on Iran, which prevent the airline from paying overflying charges to Iran. This may force the airline to alter its flight path, increasing flight time and operational costs. Despite informing the US that the route is purely commercial, Biman has not received a response. The airline began selling tickets for the route on February 15, with the first flight scheduled for March 26, and plans to code-share with Italian airlines.

Azat Hakim, former shareholder of Tulpar Air, has filed a lawsuit against the company for RUB890 million, claiming he was underpaid for his stake sold in 2022. Hakim, who owned 49% of the airline, left after a disagreement with the majority shareholder, TAIF, over the company's restructuring. Tulpar Air, which saw significant revenue and profit growth in 2022, was previously part of Hakim's Tulpar Aero Group.

The S&P 500 index traded above 4,500 points as investors remained optimistic about the US economy avoiding a recession despite potential prolonged high interest rates by the Federal Reserve. The real estate and materials sectors led the gains, with Norwegian Cruise Line Holdings seeing the highest individual company growth. Economic data showed increased retail sales and producer prices, driven by higher energy costs. Analysts suggest that while the US growth story remains strong, Europe faces rising stagflation risks. The Federal Reserve is expected to maintain current rates next week, with a possibility of another hike later this year.

The National Bank of Serbia (NBS) decided to pause the increase of the reference interest rate for the second consecutive time, keeping it at 6.5 percent. Despite this, the NBS has tightened monetary conditions by increasing mandatory reserve rates. The decision was influenced by the continued easing of global inflationary pressures and the established downward trend in domestic inflation. The NBS also highlighted the need to assess the full effects of previous interest rate hikes. Analysts noted the declining trend in inflation and the absence of external price pressures, while also pointing out the increased liquidity in the banking system.

The halt in operations at Pošta Srbije has led to a surge in demand for courier services as online retailers seek alternatives. Workers at Pošta Srbije have initiated a spontaneous work stoppage, demanding better wages and conditions, and refusing to participate in activities of the ruling party. Despite a recent offer of a 40% wage increase from the director of Pošta Srbije, the workers remain unsatisfied, citing years without raises. The disruption has significantly impacted the delivery of packages and pensions, particularly in rural areas. Courier services like Dexpress and Bex are experiencing increased pressure due to the postal service halt.

The S&P 500 index traded above 4,500 points as investors remained optimistic about the US economy avoiding a recession despite potential prolonged high interest rates by the Federal Reserve. Real estate and materials sectors led the gains, with Norwegian Cruise Line Holdings seeing the highest individual company growth. Economic data showed increased retail sales and producer prices, driven by higher energy costs. Analysts from Oanda and FHN Financial provided insights on market resilience and potential future rate hikes by the Fed.

Serbia has launched 'Find Me,' a public alert system designed to quickly inform the public about missing children. The system, modeled after the American Amber Alert, sends notifications via TV, radio, SMS, and public displays. The initiative was driven by Igor Jurić, founder of the Tijana Jurić Foundation, following the tragic loss of his daughter. The system's implementation required amendments to Serbia's Criminal Code and Police Law. Multiple government ministries are collaborating on this project, and police chiefs will decide when to activate the alerts to avoid jeopardizing investigations or victim safety.

The yield on 12-year government bonds of the Republic of Serbia fell for the fifth consecutive time at the auction on Tuesday, with the execution rate reduced by 15 basis points. The bonds, maturing on August 20, 2032, were sold at a yield rate of 6.20% annually, with a semi-annual coupon payment of 4.50%. The auction volume was 5.1 billion dinars, with a total demand volume of 8.6 billion dinars, indicating high interest. The auction had a 100% realization rate, compared to 52.12% in the previous auction. Analysts attribute the yield reduction to lower inflation expectations and improved macroeconomic conditions.

Belgrade Expo 2027, themed 'Play for Humanity - Sports and Music for All,' will be the first specialized expo in Southeast Europe since Plovdiv over 30 years ago. Scheduled from May 15 to August 15, 2027, it aims to boost regional cooperation and economic growth. The event will feature extensive infrastructure, including exhibition halls, a central pavilion, and various public spaces. The Serbian government plans significant investments in infrastructure, estimated at €12 billion, with an expected economic impact of €1.1 billion. The expo is anticipated to attract 2.6 million tourists and create numerous job opportunities. Regional chambers of commerce view the event as a major opportunity for economic and tourism development. However, experts caution about the challenges and risks involved in organizing such a large-scale event.

Air Serbia has received approval from Chinese authorities for two new direct flights, capitalizing on the reduced competition from Western airlines due to increased flight costs caused by sanctions on Russia. The Serbian national carrier aims to expand its global network and has seen significant growth, with a notable increase in transit passengers and profits. The reopening of group travel to Serbia from China has boosted local tourism, although challenges remain due to the reduced number of flights to Western destinations and the slow recovery of international travel. The article also highlights the broader impact of these dynamics on the aviation industry and global tourism.

Portuguese wine producers aim to enter the Serbian market, leveraging their ability to produce high-quality wines at low prices. Experts highlight the uniqueness of Portuguese wines, made from over 250 indigenous grape varieties, and the potential lessons Serbian winemakers can learn. Despite the high quality, Portuguese wines are not well-known in Serbia, and market entry strategies are being discussed. The article also touches on the challenges faced by Serbian winemakers, including high prices and lack of cooperation among producers.

October is Cybersecurity Month, highlighting the increasing importance of cybersecurity amid geopolitical tensions. The article discusses the evolution of cyber threats, emphasizing the vulnerability of individuals and companies due to reliance on modern technologies. Dragan Davidovic from Kaspersky and analysts from Bloomberg Intelligence stress the need for robust cybersecurity measures as digital transformation progresses. PwC's research indicates that cybercrime, including malware and phishing, is prevalent in the Western Balkans. The National Cyber Security Index shows varying levels of cybersecurity development in the region, with Croatia leading. The article underscores the importance of cybersecurity awareness and education, especially in light of the COVID-19 pandemic's impact on remote work.

EXPO 2027 in Belgrade is anticipated to be a significant event for Serbia and the entire region, promising economic benefits, increased tourism, and regional cooperation. The event will feature extensive infrastructure projects, including new exhibition halls, a national pavilion, and improved transportation facilities. Key stakeholders, including the Chamber of Commerce and Industry of Serbia and the Government of Serbia, are optimistic about the economic impact, estimating a total economic effect of 1.1 billion euros. However, challenges such as geopolitical and economic uncertainties remain. The event is also seen as an opportunity for regional branding and cooperation, with neighboring countries like Bosnia and Herzegovina and Croatia expressing interest in participating.

Asian migrant workers from countries like Nepal, India, and the Philippines are addressing labor shortages in the Adria region. Despite facing numerous challenges, including high costs and fraudulent job advertisements, many find better living conditions and employment opportunities. Companies like La Group emphasize transparency and care for their employees, while others face issues with false job postings. The demand for foreign labor is high across various sectors, with significant contributions from countries outside the EU. However, the process of bringing in foreign workers is often fraught with intermediaries and legal complexities.

The most expensive car driven on Serbian streets this year is a Ferrari SF90 Spider, valued at over 700,000 euros. This car tops the list of the most expensive cars in the region for the first seven months of the year. The Ferrari SF90 Spider, a 2022 model, is the first hybrid series from Ferrari and features a retractable roof. Another notable car on the list is the Ferrari 812 GTS, which also found a buyer in Belgrade. The list of the top ten most expensive cars entering Serbia this year includes two Ferraris, a Bentley, a Lamborghini, and an Audi. Additionally, a luxury Maserati GranTurismo Trofeo Primaserie, valued at 289,071 euros, remains unsold.

Chinese mining giant Zijin is considering a $3.8 billion investment in the Bor copper mine over the next decade, highlighting the importance of copper in global energy transition. Meanwhile, China's economic struggles continue with falling industrial profits and a significant drop in Evergrande's stock prices. In contrast, Denmark's Novo Nordisk plans to introduce its popular weight-loss drug Wegovy to Serbia. The National Bank of Serbia is set to review inflation pressures and interest rates, while the ECB faces similar challenges. Italian PM Giorgia Meloni clarified her stance on bank profit taxes, and UBS reported record earnings amid its acquisition of Credit Suisse. Additionally, EU Council President Charles Michel emphasized the need for EU expansion by 2030, and Air Serbia reported higher passenger numbers than in 2022.

The revitalization of the 'Đerdap 1' hydroelectric power plant has been completed and is set to be integrated into the Serbian power system by November. The project, led by Elektroprivreda Srbije (EPS), involved modernizing six machines to enhance the plant's capacity. The main equipment supplier was the Russian company Silovije mašini, with additional contributions from local factories. The European Union recognized the importance of this project, providing significant funding through the Western Balkan Investments Framework. EPS plans further modernization projects and aims to establish its first wind farm next year. EPS reported substantial net profits for the first half of the year, attributed to favorable production conditions and cost reductions.

The financial leasing market in Serbia is growing but is not expected to reach the previously anticipated 900 million euros in 2023 due to a worsening economic climate and persistent inflation. The value of new leasing contracts increased by 19% in the first half of the year, with expectations to reach 830 million euros by year-end. The Association of Leasing Companies of Serbia (ALCS) remains optimistic about future growth, projecting the industry to hit around one billion euros annually next year. The leasing sector has shown a consistent annual growth rate of 13.3% over the past decade, with small and medium-sized enterprises being the primary users. The future of the industry is seen in digitalization and green transition, with leasing playing a crucial role in financing electric vehicles and renewable energy projects.

Asian labor migrants, including Nepalese, Indians, Filipinos, and Bangladeshis, are crucial in addressing the labor shortage in the Adria region. Despite facing numerous challenges and high costs, many find better opportunities. The article highlights the positive experiences of some migrants, such as Anisha from Nepal, who works in Serbia, and the supportive practices of employers like La grupa. However, it also exposes issues like illegal recruitment practices and false job advertisements. The demand for foreign workers is rising across the region, with significant contributions in sectors like construction, agriculture, and hospitality. The article underscores the complexities and economic implications of labor migration in the region.

Asian labor migrants, including Nepalese, Indians, Filipinos, and Sri Lankans, are addressing labor shortages in the Adria region. Despite facing challenges and high costs to secure employment, some find positive experiences, such as a group of Nepalese women working in Pančevo, Serbia. The demand for foreign workers is rising across various sectors, with significant increases in work permits issued in Serbia, Croatia, and Slovenia. However, the recruitment process is fraught with legal and logistical issues, including fraudulent job ads and high intermediary fees. Employers are increasingly involved in providing accommodation and support to foreign workers to ensure their well-being and integration.

The financial leasing market in Serbia is growing but will not reach the previously anticipated 900 million euros in 2023 due to persistent inflation affecting the economic climate. The value of new contracts increased by 19% in the first half of the year, with expectations to reach 830 million euros by year-end. The Association of Leasing Companies of Serbia (ALCS) remains optimistic about future growth, projecting the industry to hit around one billion euros annually next year. Leasing is seen as a crucial mechanism for financing, especially for small and medium-sized enterprises, and is expected to play a significant role in green mobility and energy initiatives.

Despite trading up on Friday, the S&P 500 index fell over two percent on a weekly basis after the Federal Reserve announced further interest rate hikes earlier in the week. Bond yields surged to their highest level since 2007 during the day. The Dow Jones Industrial Average lost 0.14 percent, while tech stocks held up on the day iPhone 15 sales began, with the Nasdaq 100 gaining 0.45 percent. Ford Motor Co. was among the biggest gainers after reaching an agreement with a striking union. Chinese companies listed in the US had a good day following news that the world's two largest economies are creating working groups for economic and financial cooperation. Ten-year US Treasury yields fell after temporarily climbing above 4.5 percent for the first time since 2007. Market traders remain very concerned about inflation and monetary policy amid recent oil price hikes and signals from the Federal Reserve that interest rates will not be falling soon, according to market analyst Fawad Razaqzada.

Since the beginning of September, the European aviation industry has seen relief following the summer travel surge despite persistent inflation. Eurocontrol data shows flight numbers at 93% of 2019 levels. Air Serbia reported a record of over three million passengers by mid-September, surpassing pre-pandemic numbers. Regional delays were noted, with Athens and Sofia experiencing the most significant delays. European airlines saw increased traffic in August, with Ryanair leading in passenger numbers. Budget airlines like Ryanair, Wizzair, and easyJet have seen stock price increases since the start of the year.

Since the beginning of September, the European aviation industry has seen relief following the summer travel surge despite persistent inflation. Eurocontrol data shows flight numbers at 93% of 2019 levels. Air Serbia reported a record of over three million passengers in a year by mid-September, surpassing pre-pandemic figures. Punctuality has improved compared to 2022, though still below 2019 levels. Major delays were noted at Athens and Sofia airports. European airlines experienced increased traffic in August, with Ryanair leading in passenger numbers. Budget airline stocks have performed well, with significant gains for Ryanair, easyJet, and Wizzair.

Following the European Central Bank's decision to increase interest rates to combat persistent inflation, the euro fell against the dollar. Some analysts, including Robin Brooks of the International Institute of Finance, criticized the move as counterproductive. The ECB raised deposit rates to four percent, main refinancing operations to 4.5 percent, and marginal lending facilities to 4.75 percent. ECB President Christine Lagarde stated that future rate hikes would depend on incoming data. J.P.Morgan analysts, led by Meera Chandan, predicted the euro could fall to 1.02 against the dollar if the economy weakens further. Bond yields in the Eurozone fell, with German and Italian government bonds experiencing a drop in yields, indicating potential economic concerns.

Higher energy prices have led to the largest increase in producer prices in the USA in a year, with gasoline prices significantly contributing to this rise. The Producer Price Index for final demand rose by 0.7% in August compared to July, driven by a 20% increase in gasoline costs. Excluding food and energy, the index rose by 0.2%. Rising oil prices threaten to undermine progress made by supply chain normalization and economic slowdowns abroad. Retail sales in the USA increased by 0.6% in August, with most sectors showing growth despite higher consumer prices, particularly for gasoline. Stock markets in the USA saw gains as traders anticipated that the Federal Reserve would not raise interest rates next week.

Analysts expect the National Bank of Serbia (NBS) to pause its interest rate hikes due to easing inflation, projected to drop to 8% by year-end. Despite high inflation, a declining trend is anticipated due to stable global food prices and oil price expectations. NBS last raised rates in July and paused in August as inflation began to ease. Consumer price growth peaked at 16.2% in March, falling to 12.5% in July. Domestic price pressures are weakening, but wage growth and labor market trends support aggregate demand, slowing inflation reduction. NBS faces rising costs from interest payments on bank deposits and liquidity withdrawals, complicating further rate hikes. Economists predict NBS will maintain the 6.5% rate through the next two months, with inflation expected to slow to 11.8% in August and 10.9% in September.

The number of betting shops in Serbia surpasses the number of branches of the largest supermarket chains, with betting shops also experiencing significant revenue growth, particularly boosted by the FIFA World Cup. Data shows that the five largest betting companies have more outlets than the five largest supermarket chains. Mozzart and Max Bet lead in revenue among betting companies, while Delhaize and Lidl are notable in the retail sector. Ownership of betting companies is mostly private, with some owned by international firms like Merkur Casino GmbH and Novomatic.

During the pandemic, rental houses with pools became a popular investment, serving as private retreats from urban environments. However, inflation and rising living costs have impacted tourism in Serbia, with IT companies cutting back on team-building events at such properties. Airbnb's stock has seen significant growth since its IPO in late 2020, despite recent declines. Despite the downturn, Marko Milićević, owner of two rental houses in Bački Čurug, is expanding his business, citing sustained interest in rural tourism. His property, Čuružanka, caters to large celebrations and has received positive feedback from the local community.

Air Serbia has transported the same number of passengers by the end of August as it did in the entire year of 2022, despite facing industry challenges such as flight delays, labor shortages, and adverse weather conditions. The company expects to surpass the pre-pandemic record of 2.81 million passengers from 2019 in the first week of September. Executive Director Jiri Marek highlighted the summer season's challenges but also noted record-breaking passenger numbers to over 80 destinations worldwide. The Ministry of Construction, Transport and Infrastructure pressured the Belgrade airport concessionaire, Vinci, to address the labor shortage. Popular destinations included Tivat, Podgorica, Zurich, Paris, Amsterdam, Istanbul, Larnaca, Athens, Barcelona, and New York.

Flybe. (2002) was officially dissolved on March 18, 2023, leaving creditors with unpaid claims worth GBP684 million. The company, known as FBE Realisations 2021 Limited, ceased to exist after entering administration in 2020. Unsecured creditors, including BRAL Trustees and GLAS, received only a small proportion of the amounts owed. Flybe's brand name had stopped trading on January 28, 2023, after a brief relaunch in April 2022. The new Flybe, supported by Thyme Opco, also went out of business, leaving unrescuable debts of over GBP82.6 million, further impacting the older company's creditors.

The Court of Justice of the European Union upheld the European Commission's decision to allow Romania's state aid to TAROM, dismissing Wizz Air's appeal. The aid, classified as compatible with the internal market, was granted to TAROM in early 2020 to address its financial troubles. Wizz Air's arguments against the aid, including claims about market competition and repeated state subsidies, were refuted by the court. TAROM has faced significant financial losses over the years, with the last profitable year being 2008.