Conference raises 1.8 billion euros for Balkan flood relief

Conference raises 1.8 billion euros for Balkan flood relief

Money from the conference will be used to support Serbia and Bosnia and Herzegovina. In other business news: The European Bank for Reconstruction and Development approves a credit line for Albania's Deposit Insurance Agency (ADIA).

A donor conference in Brussels raised 1.8 billion euros to support Serbia's and Bosnia and Herzegovina's (BiH) recovery from floods in May. Of the amount, nearly 810 million euros will go to BiH, and the remaining 995 million will go to Serbia.

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The European Commission recommended that Serbia suspend the construction of the South Stream pipeline until it is fully in line with European law, the Politika daily wrote. The Commission noted it is not against the project, but is against the way the project is being carried out.

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Slovenia ranks 28th in the world -- the highest ranking in the region -- in this year's Global Innovation Index. Other country rankings include Cyprus at 30th, Croatia (42), Bulgaria (44), Greece (50), Turkey (54), Romania (55), Montenegro (59), Macedonia (60), Serbia (67), BiH (81) and Albania (94). The index ranks world economies' innovation capabilities and results as a driver of economic growth and prosperity. It is published by the World Intellectual Property Organisation, the France-based business school INSEAD, and Cornell University in the US.

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The Serbian parliament approved laws that reduce job protection and raise the retirement age for women from 60 to 65 years as part of efforts to revive the country's economy and fight unemployment. The legislation was passed despite massive protests organised by trade unions.

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Bulgaria has overtaken France as the...