On Friday, the price of gold reached over $2,500 per ounce, setting a record, and with the average gold bar weighing 400 ounces, its value now stands at a million dollars.

Gold prices have increased by more than 20% since the beginning of the year, as central banks, led by China, are buying gold to reduce their reliance on U.S. dollars.

Central banks and investors view gold as a long-term, reliable store of value during times of economic turmoil. This is because when interest rates fall, gold prices tend to rise, making bars more attractive than bonds.

Investors also consider gold a hedge against inflation, as gold bars retain their value even when many prices are rising.

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The export of ICT services in the first half of this year amounted to 1.943 billion euros, and from 2012 to 2023, revenue from exports in this sector has increased tenfold.

Additionally, based on current projections, it is expected that by the end of the year, ICT service exports will reach 4 billion euros.

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Preliminary research at Obradov Potok indicates a significant geological anomaly 100 meters below the surface, suggesting extensive mineralization consistent with gold. 

With four drilling rigs active and further analyses underway, the company is optimistic about discovering a new deposit. 

CEO Andrew Bray noted Rogozna’s potential to become one of the largest undeveloped gold deposits globally, also containing copper and zinc.

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The agreement outlines a capacity of at least 1.6 billion cubic meters per year for the two-way gas pipeline, which will span 13 kilometers in Serbia and 86 kilometers in Romania. The Serbian segment is slated for completion by 2027, with the entire project expected to be operational by 2028.

“We aim to commence construction next year, ensuring this project becomes a reality by 2028,” Minister Burduja stated at the signing ceremony in Kladovo, situated on the Danube opposite Romania. The interconnection site will be located at the northern border between the two nations.

Minister Đedović Handanović emphasized that this marks a new phase in the long-standing bilateral energy cooperation between Serbia and Romania, which has spanned over five decades. She highlighted that electricity trade constituted 28% of their trade exchange last year.

“By connecting with Romania and Bulgaria, and soon with North Macedonia, Serbia is positioning itself as a crucial transit country and a key partner in ensuring the energy security of Central and Eastern European nations regarding gas supply,” Đedović Handanović asserted.

Romania, which produced almost 30% of the European Union’s gas in the first quarter, has ambitious plans to boost its output further. Minister Burduja revealed that the Neptun Deep offshore gas project in the Black Sea, an investment of EUR 4 billion, is set to double Romania’s gas production from 2027. Additionally, intensive drilling at the Caragele onshore site, backed by a EUR 200 million investment program, is expected to reach full capacity this year.

Burduja also noted that Romania’s transmission system operator, Transgaz, is swiftly completing the segment from the Black Sea coast at Tuzla to Podișor in the south, the final piece of the BRUA project. The pipeline, named after Bulgaria, Romania, Ukraine, and Austria, will transport gas from offshore platforms to the western border.

Furthermore, Burduja highlighted Romania’s promotion of the Vertical Gas Corridor, an initiative to connect Greece, Bulgaria, Romania, Hungary, Slovakia, Moldova, and Ukraine, offering alternative gas supply routes beyond Russia.

The ministers also discussed the ongoing power interconnection project between Reșița in Romania and Pančevo in Serbia, set to be completed next year as part of the Trans-Balkan Electricity Corridor. Additionally, they addressed the Đerdap 3 pumped storage hydropower plant project, a continuation of their shared hydropower efforts on the Danube with the Đerdap 1 and 2 (Iron Gate) complexes.

This agreement not only strengthens bilateral ties but also underscores the growing importance of regional cooperation in achieving energy security and sustainability in Southeast Europe.

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According to Bloomberg’s calculations, technology billionaires, who dominate the list of the world’s wealthiest, saw their combined wealth shrink by $68 billion.

Mark Zuckerberg, Sergey Brin, and Larry Page each lost over $3 billion. Elon Musk’s net worth fell to $235 billion as of August 2, according to the Bloomberg Billionaires Index.

Amazon faced the steepest decline, with its shares dropping nearly 9% in a single day, erasing almost $16 billion from founder Jeff Bezos‘ fortune. This marks the third-largest loss for Bezos, who previously saw his wealth decrease by $36 billion in April 2019 following his divorce settlement. Bezos’ net worth now stands at approximately $191 billion.

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This expansion, announced on LinkedIn, marks a key growth step for the company, which has a registered capital of 2,000 convertible marks in Bosnia and Herzegovina and recently established a branch in Banja Luka.

Ananas had previously entered the North Macedonian market by acquiring Vebspot, along with its brands Grouper.mk and Paopao.mk.

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According to the Republic Institute of Statistics (RZS), this growth is primarily driven by foreign tourists.

The data reveals an impressive 11.4% increase in the number of international visitors, while domestic tourists recorded a modest 1.8% rise in overnight stays.

The largest number of tourists came from Turkey, with 26,626 arrivals. China followed with 16,822 tourists, and Bosnia and Herzegovina ranked third with 16,664 visitors.

Belgrade continues to be Serbia’s top tourist destination, boasting 330,161 overnight stays. Novi Sad registered 53,497 overnight stays, and Niš recorded 32,194.

Among spa destinations, Sokobanja led with 56,533 overnight stays, followed closely by Vrnjačka Banja with 56,242. Mountain resorts also showed strong performance, with a total of 231,476 overnight stays. Zlatibor was the most visited mountain resort with 85,412 overnight stays, followed by Kopaonik (35,050) and Tara (29,540).

These positive trends underscore the growing appeal of Serbia as a travel destination, particularly among international tourists, highlighting the country’s diverse attractions and increasing prominence on the global tourism map.

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Some countries exceeded the 40-year mark, with the highest averages recorded in the Netherlands (43.7 years), Sweden (43.1 years), and Denmark (41.3 years). In contrast, the shortest working lives were found in Romania (32.2 years), Italy (32.9 years), and Croatia (34 years).

For men, the average expected working life in the EU was 39 years. The longest averages were in the Netherlands (45.7 years), Sweden (44.1 years), Denmark and Ireland (both 42.8 years), while the shortest were in Croatia (35.4 years) and both Bulgaria and Romania (35.6 years). 

Women in the EU had an average working life expectancy of 34.7 years. The longest averages were recorded in Sweden (41.9 years), followed by the Netherlands and Estonia (both 41.5 years). The shortest were in Italy (28.3 years), Romania (28.5 years), and Greece (30.6 years).

Since 2013, the average expected working life in the EU had been steadily increasing. It dropped for the first time in 2020, due to the COVID-19 pandemic, from 34.7 years in 2013 to 35.9 years in 2019, and then to 35.6 years in 2020. By 2021, the average returned to pre-pandemic levels.

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Gazprom, the Russian energy giant, announced this landmark achievement through its press service, highlighting the significance of this accomplishment in the context of the bilateral gas sales agreement between Gazprom and the China National Petroleum Corporation (CNPC).

The Power of Siberia pipeline, a colossal infrastructure project managed by Gazprom, was inaugurated in 2019. It was constructed to transport natural gas from the remote regions of eastern Siberia to energy-hungry markets in China. Since its inception, this pipeline has become a vital artery in the energy relations between the two nations, underscoring Russia’s pivotal role in meeting China’s growing energy demands.

According to the statement, the latest surge in gas supply not only meets but exceeds the daily contractual obligations of Gazprom, reflecting the robust operational capabilities and strategic importance of the Power of Siberia pipeline. This achievement is seen as a testament to the strengthening economic ties and the deepening energy cooperation between Russia and China.

The Power of Siberia project represents a significant step in Russia’s strategy to diversify its energy exports, reducing its reliance on European markets and tapping into the expanding Asian energy sector. For China, securing a stable and reliable energy source is crucial for sustaining its economic growth and development, making the partnership with Russia an essential component of its energy strategy.

This record-setting delivery is expected to further solidify the relationship between Gazprom and CNPC, paving the way for future collaborations and potentially higher levels of gas exports in the years to come. As global energy dynamics continue to evolve, the successful operation of the Power of Siberia pipeline underscores the importance of strategic infrastructure investments in fostering long-term international partnerships.

In an era where energy security and cooperation are more critical than ever, Russia’s latest achievement marks a significant chapter in the ongoing narrative of global energy trade, highlighting the pivotal role of the Power of Siberia pipeline in shaping the future of energy relations between two of the world’s most influential nations.

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The company also saw its EBITDA rise to €44.2 million, reflecting a 13.8% increase. With this robust growth trajectory, Delta Holding is on course to surpass the €1 billion revenue mark by year-end, projecting a 20% rise to €1.032 billion, alongside an anticipated annual EBITDA of €107 million, a 29% growth.

This exceptional performance is largely driven by significant advancements in distribution, manufacturing, real estate, and the hospitality sector. Delta Auto Group witnessed a 27% revenue surge, with BMW leading the premium segment as the market frontrunner. DMD Serbia’s revenue grew by 21%, and the agribusiness sector, particularly agro-distribution and livestock production, also saw notable gains. Additionally, the food and beverage sector experienced an 11% increase in revenue, while Delta Real Estate reported a 34% rise, attributed to the ongoing reconstruction of Sava Center and the launch of new projects such as Delta District, Delta Iron, and Delta Land.

Delta’s hospitality ventures, including Crowne Plaza, Radisson Old Mill, Indigo, and InterContinental Ljubljana, posted a remarkable 46% increase in revenue, fueled by continuous investments and the anticipated opening of InterContinental Belgrade ahead of EXPO 2027. Ananas, Delta’s e-commerce arm, solidified its leadership with over 500,000 products and 1,100 partners, and expanded into Montenegro and Bosnia and Herzegovina. Furthermore, Delta Holding’s 15th annual sustainability report highlights a 30,000-ton reduction in CO2 emissions through renewable energy initiatives, underscoring the company’s commitment to innovative technologies, green building, and the development of its workforce through artificial intelligence applications.

Photo: Delta Holding

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The facility is set to employ 300 workers by the end of 2027.

The foundation stone-laying ceremony was attended by Serbian President Aleksandar Vučić, Economy Minister Adrijana Mesarović, Italian Ambassador Luca Gori, Ariston Group President Paolo Merloni, and COO Pierluigi Astorino.

During the event, Vučić projected that the factory’s exports would reach €240 million by 2025. He remarked, “This is a major and vital company for Niš. Ariston, a family-run business, generates annual revenues of €3 billion, employs approximately 10,700 people, and exports to 150 markets. I am thankful to the family and all those from Italy who made this decision.”

The 30,000 square meter factory is slated for completion in December 2025. Ariston also operates a smaller facility in Svilajnac, established in 2019.

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As part of the traditional annual Excellence Awards, an expert jury comprising editors, journalists and researchers selected the most successful banks in more than 100 countries across the globe based on a range of parameters including financial performance, business development and transformation, products and services, data solutions and technology, as well as ESG standards.

Winners in the best bank country awards were those banks that have shown strong financial performance, an ability to adapt to changing market and regulatory conditions, innovativeness and a strong commitment to clients and shareholders.

“Winning as many as three Euromoney awards in one year is not only a confirmation of the successful realization of our strategic business priorities, but also of the strong impact we have on the economy, citizens and the community as a whole. Despite intense market consolidation and a complex economic environment, we managed to achieve the best business results in the history of Banca Intesa and maintain the leadership position based on organic growth that implies an innovative offer, dynamic digitization and a developed ESG agenda. I am honoured that Euromoney recognized not only this success, but also our efforts to integrate sustainability factors into all business decisions and business segments, as well as to provide our corporate clients with relevant assistance through strong financial support, advanced digital solutions, but also incentives for achieving ESG goals”, said Darko Popović, President of the Executive Board of Banca Intesa.

Along with the Best Bank in Serbia award, Intesa Sanpaolo also took Euromoney recognitions for the Best Bank in Croatia and the Best Bank for Corporates in Slovakia in 2024, while its IMI-CIB Division was named Italy’s Best Investment Bank and Italy’s Best Bank for Corporates.

Established in 1969, Euromoney is one of the most renowned international financial magazines. The annual Excellence Awards, which the magazine has been granting to the most successful banks across the world for over 30 years, are considered as the most prestigious recognitions of the kind in the global banking market.

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The inauguration ceremony was attended by Serbian President Aleksandar Vučić and Stellantis CEO Carlos Tavares, underscoring the significance of this development for both the region and the country’s economy.

Stellantis, the majority owner of the Kragujevac plant with the Serbian government holding a minority stake, showcased the new model to President Vučić, who drove the vehicle to the company’s administrative building. Vučić hailed the event as a monumental day for Serbia and expressed confidence in the new model’s success, highlighting its potential contribution to Serbia’s GDP.

The Serbian government has supported Stellantis with a €48 million subsidy to facilitate the production of electric vehicles, which is expected to boost GDP growth by 0.5% next year. Vučić emphasized the need for Serbia to keep pace with global shifts towards electric vehicles, noting that Serbia is the only country in the Balkans with such production capabilities.

Carlos Tavares remarked on Stellantis’s commitment to continuing Fiat’s legacy in Serbia, acknowledging the challenges faced by the Kragujevac plant and expressing optimism for the future. The event marks a significant step forward in Serbia’s industrial and economic landscape, aligning with broader European trends in electric vehicle production and sustainability.

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German Chancellor Olaf Scholz highlighted the importance of the Jadar project, which involves lithium mining, stating that it is beneficial for Serbia. Alongside European Commission Vice President Maroš Šefčovič, Scholz assured that the highest environmental standards would be adhered to during the mining process.

“The European Commission and Serbia have signed an important agreement that will strengthen our cooperation in the supply of raw materials,” said Scholz.

Speaking at a joint press conference, Scholz emphasized that this is a European project: “Mining will be conducted with respect for the highest environmental protection standards, and Germany will assist in this effort.”

Scholz noted that the Jadar project brings significant development prospects and will create new jobs in Serbia. “This decision requires courage; we are taking an important step. By mining lithium in Serbia, we can meet our climate goals,” he said, adding, “We need batteries.”

Chancellor Scholz underscored that lithium is crucial for future mobility, akin to the role oil has played thus far. He mentioned that he had requested the president of Rio Tinto to ensure compliance with all environmental standards during exploitation and received assurances in return.

He also confirmed that Germany would support Serbia in environmental protection control, responding affirmatively to the Serbian government’s request.

The signing ceremony at the Palace of Serbia was attended by Serbian government ministers, President Aleksandar Vučić, German Chancellor Olaf Scholz, and ambassadors Luca Gori of Italy, Anke Konrad of Germany, and Christopher Hill of the United States.

Additionally, a Letter of Intent for developing the e-mobility value chain in Serbia was signed by Economy Minister Anđelka Atanasković, President of the European Bank for Reconstruction and Development (EBRD) Odile Renaud-Basso, and Executive Board member of KfW Group Christian Leibhach.

The Letter of Intent was also signed by Paolo Lombardo, Director of International Development Cooperation at Cassa Depositi e Prestiti, Ola Källenius, CEO of Mercedes-Benz, and Jakob Stausholm, CEO of Rio Tinto Group.

Moreover, the document was signed by Diego Pavia, CEO of EIT InnoEnergy, Marian Boček, CEO of InoBat, and Nemanja Mikač, CEO of ElevenEs.

This strategic partnership marks a pivotal moment for Serbia as it integrates more closely with European sustainability initiatives, promising substantial economic and environmental benefits.

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