Serbian SME’s Still Represent a Potential for Overall Economic Development

Although late, economic development of Serbia prior to the Global economic crisis was relatively fast, comparing to other transitory economies. Small and medium scale enterprises (SMEs) had also fast growth and become important economic subject. The Global economic crisis has negatively influenced the national economy from late 2009, including SMEs. Those companies and shops are on the low level of international competitiveness, as a consequence of process of de – industrialization and slow process of restructuring. In order to get better look into labor productivity driving forces an analysis was performed through regression framework, while the analyses, performed for EU countries was used as a benchmark. Those results pointed that labor productivity growth of Serbian SMEs during recession years was results of decreasing employment and not from expansion. It also pointed that export growth and investments growth are important for increase in labor productivity. Improving labor productivity is essentially important for increasing international competitiveness of Serbian SMEs. It is very complex issue from analytical point of view and improvement in data basis and analytical methodology would be useful, especially for decision makers and policy makers also

The Process of Mergers And Acquisitions – a Way For Higher Concentration in the Banking Sector

Serbia has started transition of its financial system in 2000 and until 2008 the first phase of transition is finished. The national financial system became of bancocentric character, with very week insurance, leasing,innovative institutions, funds and financial markets. The main step ahead made banking system, whichrecovered credit and saving functions, with high capitalization, high interest rates and interest margins,but with low efficiency and low level of its concentration. If look at the process of mergers and acquisition in Serbian banking system one can recognized two episodes. The first wave of mergers was happened in 2005-2006, when more than one dozen of banks changed ownership structure, both state owned and private ones. As a result of this first wave the ownership structure of banking sector became completely different with three fourth of banks in foreign hands, like in other transitory economies. Although the transition of all banks is not finished before the Global economic crisis came, and a lot of economists expected the new wave of mergers and acquisition, the crisis phase was rather not seen as right time for doing this. With general economic recovery started in 2015 it seems that there were some steps forward in this regard. Some banks left the national market because of their own problems (Greek, Belgian, French), some banks were lost their licenses. In recent period several banks were acquired and it seems that the general picture is changed, with 20 banks all in all, with increasing concentration of the sector. One has to be aware of still high potential of national banking system for development. In other words, total volume of bank’s crediting is still on the low level, measuring their share in GDP. Although the national banking system became profitable from 2005 on, the profitability is still low. Total capital of banks is also too low, and on the microeconomic level (considering a bank as a single company) the capital of average bank is too small by international standards. It is also worth noting that banks during last several years considerably lowered the share of nonperforming loans, NPLs, due to measures introduced by the Central bank and by its own. The share of NPLs in the total portfolio of Serbian banks is now even lower than in comparison to the pre- crisis period. In the future firstly, there is a need for further concentration of the national banking system. Secondly, considering a banco-centric character of the national financial system there is a room for additional changings, which the Central bank as the main regulator can introduce. A process of liberalization of banking system is one of the important issues, as it is necessary to open room for new players, like micro credit institutions and saving companies and cooperatives, and especially for new innovative hi-tech institutions. The aim of the paper is threefold. Firstly, to measure the level of concentration of the national banking system, with intention to point a need for further process of mergers and acquisitions. Secondly, to point differences in two waves of M&E, which produces sharp discrepancies in the prices of acquired banks. Thirdly, to suggest further necessary market reforms in the national financial system. The paper is based on the results of the process of mergers and acquisitions of banks in Serbia with reference to the period since 2000, both in the period before and after Covid-19. During the pandemic (2019-2021) and after, larger banks increased the level of liquidity and decreased the level of credit activity compared to smaller banks operating in Serbia. Nevertheless, the profitability of larger banks in Serbia remained at a high level compared to smaller banks. Larger banks in the pre- and post-pandemic period achieve higher rates of return on capital compared to smaller competitors. In the same period, larger banks reduced the share of capital in the balance sheet, but within limits that do not threaten the stability of the banking sector. Also, large banks have opportunities when it comes to reducing costs, through digitalization, and achieve higher rates of profitability, but also lower passive interest rate

Prvi nalaz sredozemnog repaša Tadarida teniotis (Rafinesque, 1814) u Srbiji

Sredozemni repaš, Tadarida teniotis (Rafinesque, 1814) je vrsta slepog miša iz porodice Molossidae, rasprostranjena uglavnom na području Mediterana. Pripadnici ove vrste koriste skloništa u pukotinama teško dostupnih litica i stena, lete brzo i visoko iznad tla, i sposobni su za duge letove. Budući da je T. teniotis zabeležena u susednim državama i da u Srbiji postoje za nju pogodna staništa, prisustvo ove vrste na teritoriji Srbije je bilo očekivano. Na području zaštićenog prirodnog dobra Predeo izuzetnih odlika 'Vlasina' vršena je inventarizacija faune slepih miševa u periodu 2015-2017. godine. U veče 18. oktobra 2017. godine na lokalitetu Vlasina Stojkovićeva (42.691016o severne geografske širine, 22.373792o istočne geografske dužine, 1356 m n.v.) primenom metode ultrazvučne audiodetekcije definitivno je potvrđeno prisustvo vrste T. teniotis, što predstavlja njen prvi nalaz u Srbiji. Ovim je ukupan broj vrsta faune slepih miševa Srbije povećan na 31. Dalja istraživanja su neophodna kako bi se utvrdilo da li postoje skloništa ove vrste, da li se reprodukuje i/ili hibernira na teritoriji Srbije

Copper-induced changes of lipid peroxidation and hemato-biochemical parameters in rat blood: Protective role of flavonoids

The effects of subchronic exposure to copper (Cu) on lipid peroxidation, hemato-biochemical parameters, and the possible protective role of flavonoids Quercetin and (-)-Epicatechin were studied. Male Wistar albino rats were treated with Cu (560 mg/L, p.o. as CuCl2·2H2O for 5 weeks) and Quercetin and (-)-Epicatechin (40 mg/kg BW each, i.p., every third day during the last 3 weeks) alone or in combination. Cu increased the concentration of lipid peroxides, decreased the number of erythrocytes, hemoglobin and hematocrit values and increased the activities of aspartate aminotransferase, alanine aminotransferase and lactate dehydrogenase. Coadministration of Quercetin and (-)-Epicatechin with Cu lowered the process of lipid peroxidation and restored examined hemato-biochemical parameters to control values. Our results indicate that Cu induced oxidative damage in erythrocytes, which led to anemia, while Quercetin and (-)-Epicatechin showed a protective effect on the hemato-biochemical processes in the blood of rats

Effect of aspartame on biochemical and oxidative stress parameters in rat blood

Aspartame (ASP) is one of the most widely used nonnutritive sweeteners. This study investigates the chronic effects of ASP on hematological and biochemical parameters, and its effects on the oxidative/antioxidative status in the red blood cells of Wistar albino rats. Rats were provided with ASP (40 mg/kg/daily for six weeks) in drinking water. Increased food and fluid intake was observed in the ASP-treated rats. Total body mass was significantly decreased in the ASP-treated rats. Treatment with ASP caused an increase in the concentrations of glucose, cholesterol, LDL-cholesterol, and in the activities of alanine aminotransferase (ALT), aspartate aminotransferase (AST) and lactate dehydrogenase (LDH), as well as a decrease in the levels of HDL-cholesterol in the serum. A significant decline in the number of white blood cells (WBC) was observed after ASP uptake. Based on the results we conclude that ASP induces oxidative stress, observed as an alteration of the glutathione redox status, which leads to increased concentrations of nitric oxide (NO) and lipid peroxides (LPO) in the red blood cells. Changes in biochemical parameters, lipid metabolism, as well as changes in the levels of oxidative stress markers and the appearance of signs of liver damage indicate that chronic use of ASP can lead to the development of hyperglycemia, hypercholesterolemia and associated diseases

Seasonal variations of microbiological parameters of water quality of the Velika Morava river Serbia

In this study, we investigated the level of sanitary pollution and organic contamination of the Velika Morava River, the largest river in central Serbia. Samples of water for microbiological analysis were collected at 5 sites, monthly, from April 2010 to February 2011. Sanitary analysis, i.e. enumeration of total and fecal coliforms and intestinal enterococci, indicated moderate to critical fecal contamination, while organic load assessment (oligotroph to heterotroph ratio, index of phosphatase activity) revealed the category of moderately polluted water. We also investigated seasonal variations of these groups of bacteria and the factors that could contribute to these differences. Our results showed that the micro- biological quality of the water in the Velika Morava River during different seasons is affected by numerous factors such as unequal loading of wastewaters, solar irradiation, and relations of flow/dilution and rainfall/runoff. [Acknowledgments. This study was financially supported by the Ministry of Education and Science of the Republic of Serbia: projects No 173025, No 177045 and No 043002.

The anthropogenic impact on water quality of the river Danube in Serbia: Microbiological analysis and genotoxicity monitoring

The aim of this work was to examine the impact of urban wastewaters on the water quality of the Danube River in Serbia. Samples of water and sediments for microbiological analysis and genotoxicity monitoring were collected from 6 sites during spring and/or autumn 2010. Sanitary analysis, i.e. enumeration of total and fecal coliforms and intestinal enterococci, indicated moderate to critical fecal contamination, while organic load assessment (oligotroph to heterotroph ratio, index of phosphatase activity) revealed the category of moderately polluted water. Mercury-resistant bacteria were detected in all water samples, with high numbers at locations positioned downstream of Belgrade. There was no correlation of the microbiological parameters of the sediment and water samples. Genotoxicity monitoring, performed by the comet assay on hemocytes of mussels Sinanodonta woodiana, indicated a significant increase of DNA damage in mussels collected from the studied sites compared with the control group.Projekat ministarstva br. 173025 i br. 4300

The effects of Interleukin-6 on viability, redox homeostasis and migration capacity of human placental cells JEG-3 in chemically induced hypoxia

Interleukin-6 (IL-6) is a pleiotropic cytokine involved in the regulation of cell growth and differentiation exerting an important role in the immune and inflammatory response. This study aimed to evaluate the effects of three increasing concentrations of IL-6 (1 pg/mL, 5 pg/mL, and 10 pg/mL) on cell viability, redox homeostasis parameters (O2∙, NO2-, glutathione) and migratory potential in human trophoblast cell line JEG-3 under chemically induced hypoxia in short-term (24 h) and long-term (72 h) exposure. The obtained results show a dose-dependent reduction of cell viability and NO levels, while the concentration of O2 ∙increased. Levels of total glutathione increased in a dose-dependent manner compared to control cells, suggesting its significant antioxidative contribution in hypoxic conditions. The migratory potential of cells was significantly elevated in the two highest applied doses implying the disturbance of cell invasive homeostasis at its pathological concentrations, which could represent a risk factor in some pregnancy disorders.Publishe

Seasonal changes in oxidative stress biomarkers of the snail Viviparus acerosus from the Velika Morava River, Serbia

The river snail (Viviparus acerosus) from the Velika Morava River, Serbia was chosen in our study in order to determine seasonal changes in oxidative stress biomarkers between July (summer) and September (autumn). The activities of superoxide dismutase (SOD), catalase (CAT), glutathione peroxidase (GSH-Px), glutathione reductase (GR) and the phase II biotransformation enzyme glutathione-S-transferase (GST), as well as the concentration of total glutathione (GSH), were examined in the whole body of the river snails. The obtained results show significantly higher activities of CAT, GSH-Px, GR and biotransformation phase II enzyme GST in September compared to July, while the GSH concentration was lower. There was no general trend in the seasonal changes in the activity of SOD. The presented data show that animals in their natural environment are exposed to constant fluctuations of environmental conditions that could cause antioxidants to exhibit seasonal variations. This fact should be considered as an important variable in the interpretation of results in biomonitoring studies.Projekat ministarstva br. 173041 i br. 17302