It was a good opportunity to introduce the guests to the tourist assets of the city in the north of Banat and to exchange experiences in the economic activity that was most affected by the coronavirus pandemic.

After a break from 2013, the tourist organization of Kikinda was re-established this year and gained momentum in its work, in order to raise the tourist offer to a higher level. One of the ways for people to get better acquainted with the charms of the plain and famous destinations for sightseeing was the first “Tourist Encounters”.

VN Natasa Pavlovic

– TO Vojvodina initiated the “Tourist Meetings” three years ago, and within the promo tour “Summer Pannonian Adventure”, Kikinda was also presented. By organizing Tourist Meetings, we will succeed in further improving the tourist offer of Vojvodina. The meetings will be held in eight more places in the province – said Natasa Pavlovic, director of the Tourist Organization of Vojvodina.

Although one of the economic activities most affected by the coronavirus pandemic, tourism in Vojvodina has successfully overcome the crisis of the previous year and a half. According to official statistics, in the first five months of this year, there was an increase in tourist arrivals in Vojvodina of almost 44 percent, and the number of overnight stays was 48 percent.

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– That is an extremely important result. Vojvodina has a lot to offer, as official statistics show. I am proud that the results are encouraging, especially when it comes to domestic tourists.

VN

Last year and this year, tourism managed to cope with the coronavirus pandemic. Vrdnik Spa recorded the largest increase in tourists of 88 percent, followed by Subotica and Lake Palić, Sombor and Novi Sad in May – 74 percent – Pavlović pointed out.

The internal statistics of the Info Center of TO Vojvodina show that tourists are interested in visiting other parts, and during the summer months, the most current are the beaches and spas.

– Spa tourism is on the rise and is in the lead in terms of visits by domestic and foreign tourists who have started coming. Tourists are also interested in some programs that offer places in Vojvodina. For example, “Mokrin house” recorded a large increase in tourists, and last year it was included in the regular program within the cross-border cooperation project implemented by TO Vojvodina with partners from Hungary – says Pavlović.

Better days for Serbian tourism

What factors will be crucial in the time that awaits us, how to set ourselves in further development, how to reach better solutions in tourism management, in which areas rapid changes will be needed – are just some of the questions that will occupy tourism workers for a long time. The answers to some questions are already self-evident, and investments have largely begun.

VN Dr Nenad Ivanišević

– The province has invested over 100 million dinars in raising the infrastructure in tourism on the territory of AP Vojvodina. It is obvious that it gives results, because we cannot talk about serious results in tourism, if we do not have serious capacities. The plan is that in the future, during each distribution of funds, we will invest significant funds in the development of tourist potentials.

In that way, we can compete with countries that have the sea. The idea is for the TO of Vojvodina to put an emphasis on weekends in the province. Also, the development of gastro, cyclo and hunting tourism will be our priority – said Dr. Nenad Ivanišević, Provincial Secretary for Economy and Tourism.

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Inflation in Germany was the highest in the last ten years in May – 2.5 percent. This is the fifth month that prices are rising. However, the European Central Bank does not intend to change its policy any time soon.

The rise in energy prices pushed up prices for German consumers in May, which is the biggest monthly increase in ten years. Goods and services cost an average of 2.5 percent more than in the same month last year, the German Federal Bureau of Statistics announced on Monday.

This is the highest level since September 2011. Since the end of the temporary sales tax reduction period at the end of last year, prices have risen for five months in a row.

In May of this year, consumers had to set aside a lot for energy, which grew by ten percent in one year. At the start of the pandemic crisis, in the first quarter of last year, world crude oil prices fell sharply due to low demand. In the meantime, they are healed.

In addition, earlier this year, a tax on carbon dioxide emissions was introduced in Germany – 25 euros per tonne. This mainly refers to the combustion of oil, gasoline, fuel oil and natural gas. Compared to the same month last year, food products increased by 1.5 percent, and services by 2.2 percent.

Experts predict that the price increase will continue in the coming months. VP Bank chief economist Thomas Gitzel believes the current inflation dynamics are underestimated.

“German price increases are now starting the ‘turbo’ movement. “Since the blocking of prices completely last year, so many products became cheaper, inflation now seems to be higher compared to last year,” he said.

Holger Schmiding, head of economic analysis at Berenberg Bank, estimates that annual inflation could be as high as four percent. He also points out the reason – in the second half of last year, the sales tax was temporarily lowered, so it was reflected in lower prices, and that process has now been reversed.

Other economists also believe that annual inflation could be significantly higher than three percent. But economics expert at Commerzbank financial institute Marco Wagner says it will be a temporary rise in inflation.

“Ultimately, it was caused by time-limited effects, so a significantly lower inflation rate can be expected from next year,” he said.

Not much importance should be given to the monthly results of measuring inflation, warns Jerg Zeiner, chief economist of the Frankfurt Union Investment fund. According to Thomas Gitzel, chief economist of VP Bank, this “trouble” will disappear next year.

“Germany, and even the Eurozone as a whole, will be dealing with much lower rates than excessive in the long run. “The European Central Bank knows this,” he said.

German economics expert Isabel Schnabel, a member of the European Central Bank Board, stressed in mid-May that the monetary policy of the main European financial institution was set in the medium term and explained that it meant “that we look at all these fluctuations of terms ”.

For the whole of 2021, the European Central Bank expects inflation of 1.5 percent. The new forecast will be published in June.

The inflation rate is one of the important indicators for the formation of the monetary policy of the European Central Bank. Its goal is for inflation for the entire eurozone to be just under two percent, a sufficient distance from zero. However, the goal has not been achieved for years.

In the United States, inflation has been higher recently than in the eurozone. In April, it was 4.2 percent more than in the same month last year. It was the biggest jump since September 2008.

Washington has approved giant aid packages because of the crisis. The March package alone amounts to $ 1.9 trillion, which is almost one-tenth of the nation’s annual economic performance. In addition, mass vaccination has advanced further in the United States than in Europe, so economic life is normalizing more rapidly in a significant area of ​​service activities.

Bernie Madoff has passed away at age 82 in federal prison serving a 150-year sentence.

How it all started

In 1960, Madoff registered a company to trade shares worth no more than five dollars. He soon managed to convince his friends and relatives to invest in his business, so that after the financial problems he got into, he could get his father-in-law’s money out.

It is not known exactly when Madoff began to apply the Ponzi scheme. He testified in court that it started in 1991, but his chief accountant Frank Di Pascali, who had worked for the company since 1975, said the scam had been going on “since he can remember”.

Meidof’s modus operandi

The system worked by Madoff depositing the client’s funds into a single bank account that he used to pay existing clients who wanted to cash in. He financed the buyouts by attracting new investors and their capital.

With the outbreak of the great financial crisis in 2008, Madoff could no longer sustain the fraud as the market shrank sharply.

Who reported him to the authorities

At the end of that year, on December 10, 2008, Madoff confessed everything to his sons who worked with him, but, as I claim, they were not familiar with the scheme. His sons reported him to the authorities the next day.

Recent reports have shown that he has more than $ 64 billion in client assets.

Success at all costs

From a young age, Madoff longed for great success in life.

Speaking on the phone from prison, Madoff told reporter Steve Fishman that his father ran a sporting goods store that went bankrupt due to a shortage of steel during the Korean War.

“You watch it happen and you see your father whom you adore. He built a big deal and then lost everything,” Madoff said at the time.

Fishman says Madoff was determined to achieve “lasting success by any means.”

Why it took so long

Apparently, the extremely high profits encouraged customers to look the other way.

He deposited their funds in the account of the bank JP Morgan and Chase and let them “multiply over time”. According to one estimate, the bank could earn as much as 483 million dollars from those deposits, so the management was not inclined to inquire about the origin of the money.

When clients wanted to raise their profits, Madoff financed the payments with new capital, which he attracted with a reputation for incredible returns by earning their trust.

He nurtured the impression of exclusivity, often rejecting clients at first. This model has enabled about half of Madoff’s investors to cash in on profits. After the fraud was discovered, they were asked to contribute to the “victims’ fund” in order to compensate the deceived investors.

Judgment and family tragedy

He was sentenced to 150 years in prison and forced to give up 170 billion dollars. In 2009, his three homes and a yacht were sold at auction. He served his sentence in the American Federal Prison Butner in North Carolina.

Madoff insisted that he acted alone, although several of his associates ended up behind bars. His older son Mark Madoff killed himself exactly two years after his father’s fraud was exposed. Several of Madoff’s associates also killed themselves. Madoff’s other son, Andy, died of cancer in 2014.

As Bernie said

About the regulations: “In today’s regulatory environment, it is almost impossible to break the rules … but it is impossible for the violation to remain undetected, certainly not for a long period of time.”

“The nature of any human being, certainly anyone from Wall Street, is that the better offer you make to a customer, the worse the offer for you.”

During the plea hearing on March 12, 2009: “I am painfully aware that I have deeply hurt many people.”

“When I started my Ponzi scheme, I believed that it would end soon and that I would be able to get myself and my clients out. As the years went by, I realized that my arrest would inevitably come this day as well.”

world
April 11, 2021 – 23:03

A Ukrainian soldier was killed and another wounded Sunday in a series of shootings with Russian-backed rebels as tensions rise sharply on the country’s eastern border.

Ukrainian authorities have announced that 27 soldiers have been killed in the region alone this year. The news comes after shocking images were spread on social media where Russian tanks, missiles and armored vehicles were being transported by freight trains to Crimea and near the disputed Donbas region.

A senior Kremlin official said Russia would mercilessly crack down on anyone who endangers its citizens in the Donbas region, adding that such a move could bring an “end” to Ukraine. On the other hand, the Turkish authorities have claimed that the Pentagon has requested permission to cross the Bosphorus Strait for two of their warships, which will be headed to the Black Sea. According to Turkish authorities, US ships will remain in the area, so close to the Ukrainian conflict in Donbass, until early May, at least until now.