AGP Executive Report

EU Merger Scrutiny: The European Commission has opened an investigation into Paramount’s $111bn Warner Bros. Discovery deal after filings showed about $24bn in backing from Saudi, Qatar and Abu Dhabi sovereign wealth funds, under the EU foreign subsidies rules, with a July 14 deadline for a decision on whether to clear or deepen the probe. UK Competition Watch: The UK’s CMA has formally started its investigation into the same Paramount-WBD merger, with an Aug. 7 decision on whether it should move to a phase two review, while Australia and New Zealand have already cleared it. Regional Diplomacy: Serbia’s PM Djuro Macut will attend the SEECP summit in Sofia, focused on regional connectivity, economic cooperation and security, with North Macedonia’s president also listed among participants. North Macedonia Governance: A Skopje watchdog says the government is withholding key details and costs for independence celebrations, fueling criticism over transparency in public spending. Energy Security: The Energy Community reports improving gas storage readiness across South-East Europe, noting North Macedonia must secure access to gas stored abroad to meet winter requirements. Health Tech Expansion: Genesis Pharma and Alnylam are expanding RNAi therapeutics commercialization to the Nordic region, adding North Macedonia to the partnership’s Southeast Europe footprint. Mining Output: AIM-listed Central Asia Metals reported higher May production at its Sasa zinc-lead mine in North Macedonia and copper output at Kounrad in Kazakhstan, alongside stronger received metal prices.

Government Transparency Clash: North Macedonia’s VMRO-DPMNE-led cabinet is facing fresh criticism over opaque public spending tied to its planned 35th Independence Day celebrations, with watchdogs saying costs and the selection of the production company remain hidden despite promises of “spectacular” international performances. EU Enlargement & Regional Business Outlook: At the EU-Western Balkans Summit in Montenegro, EU leaders pushed to speed up accession and framed enlargement as a security and economic priority, while a Franco-German proposal floated “gradual integration” options for candidates—an issue that will shape future market access and investment planning across the region, including North Macedonia. Energy Security for the Region: The Energy Community’s 2026 gas storage report says supply security is improving as storage rules are implemented; for North Macedonia, the focus is on securing access to gas stored abroad to meet winter reserve needs. Corporate & Industrial Signals: Heidelberger Druckmaschinen (HEIDELBERG) says it is accelerating its transformation into a broader technology group using dual-use technologies, signaling potential new business directions for industrial suppliers and partners. Environment & Resources: A new Europe-wide ranking puts North Macedonia among the more forested countries (about 40% forest cover), adding context for land-use, climate, and restoration policy debates.

EU-Western Balkans Summit: EU leaders met in Montenegro’s Tivat to push faster Western Balkans integration, framing enlargement as a security and economic necessity and highlighting reforms, regional cooperation, and practical benefits for citizens and businesses. EU Enlargement Mechanics: The summit also revived debate on “membership-lite” ideas and incentives for candidates, while leaders stressed merit-based accession and the need to keep justice and rule-of-law standards tight. Energy Security (Gas): A new Energy Community gas storage report says supply security in South-East Europe is improving; Serbia and Ukraine have met 2025/early-2026 fill targets, while North Macedonia (without its own storage) must secure access to gas stored abroad. Renewables Finance: The EBRD approved a EUR 175m loan for PPC renewable projects (wind/solar) across Romania, Greece and Bulgaria, supporting about 400MW and skills training tied to battery storage. Regional Connectivity (SEECP): Turkey’s FM Hakan Fidan will represent President Erdogan at the SEECP summit in Sofia, expected to stress connectivity projects (transport and energy) to deepen regional integration. Capital Markets: Iute Group’s EUR 140m bond tap lifted its 2030 bond volume to EUR 300m, starting trading on Nasdaq Tallinn and Frankfurt.

EU-Western Balkans Summit Momentum: EU leaders met in Montenegro to push faster Western Balkans integration, framing enlargement as a security and economic necessity; EU Accession Incentives: a Franco-German idea would reward candidates meeting criteria with earlier single-market access or observers in EU institutions, aiming to cut the long, slow negotiation process; North Macedonia-EU Context: the summit included North Macedonia among the candidates, while regional talks also stressed merit-based reforms and stronger business links; Energy Security for the Region: the Energy Community says gas supply security is improving as Serbia and Ukraine hit storage targets, while North Macedonia is expected to secure gas access abroad aligned with EU rules; Capital Markets: Iute Group’s EUR 140m bond tap lifted its 2030 bond volume to EUR 300m, supporting growth of its digital banking push; Local Business Angle: Skopje’s film “Skateboarding Is Not for Girls” spotlights gender expectations and forced marriage, reflecting broader social themes that can shape workforce and consumer dynamics.

EU Enlargement Momentum: EU leaders meeting in Montenegro (Tivat) pushed a faster, more “dynamic” Western Balkans accession path, with a 6bn-euro support facility and ideas like earlier “observer” access to parts of the single market to keep reforms moving. North Macedonia-EU Politics: The summit backdrop is still the slow, merit-based process—while leaders stress regional cooperation and security, North Macedonia remains among the candidates facing long negotiations. Regional Economic Ties: North Macedonia’s foreign affairs and foreign trade minister Timco Mucunski met Bosnia’s Elmedin Konakovic, agreeing to deepen economic cooperation, boost business forums, and improve transport links, including restoring the Skopje–Sarajevo air route. Capital Markets & Digital Banking: Iute Group’s EUR 300m bond due 2030 started trading on Nasdaq Tallinn and Frankfurt after a EUR 140m tap, aiming to fund growth of its digital bank model across markets. Aviation Demand Signal: While European airports saw their first year-on-year passenger decline since recovery, Uzbekistan posted 9.1% growth—an outlier that highlights shifting travel flows. Cyber & Finance Risk: The Silent Ransom Group is reportedly upgrading extortion infrastructure with fast-flux tactics, with law firms and other sensitive sectors flagged as targets. Education & Mobility: Sofia University reported 1,431 international students from 55 countries, including a large share from the Western Balkans under government programmes—useful context for regional talent pipelines.

EU Enlargement Momentum: EU leaders and Western Balkan partners met in Tivat, Montenegro, to push faster, more credible accession, with security and geopolitics (Russia/China, migration, hybrid threats) now driving the agenda alongside reforms; Regional Integration Incentives: a Franco-German idea would reward candidates that meet criteria with earlier single-market access and other “gradual integration” steps, while also simplifying the accession process; North Macedonia Angle: North Macedonia is among the candidate states discussed as the EU seeks to keep the merit-based path moving despite disputes and slow progress; Montenegro Accession Watch: Montenegro’s EU bid is described as “within reach,” with leaders pointing to a working group drafting its accession treaty and a 2028 target; Cyber/Business Risk: separate reporting highlights the Silent Ransom Group’s shift to fast-flux botnet infrastructure for data theft and extortion, a reminder for law firms and other sensitive sectors to tighten defenses; Trade & Events: Balkan Expo 2026 in the region is running with B2B meetings for food-industry firms, supporting cross-border partnerships and sourcing.

EU-Western Balkans Summit: EU leaders met in Montenegro’s Tivat to push a faster, more credible enlargement path, framing integration as a security and economic necessity amid Russia-Ukraine fallout and pressure from Russia and China. Pre-accession Benefits: Brussels backed a “membership-lite” idea, including gradual access to the single market and incentives tied to reforms, alongside a 6 billion euro facility to speed up the process. Montenegro Accession Watch: Montenegro’s leaders said the country is on track for EU membership by 2028, with an accession treaty drafting group already in place. North Macedonia Angle: North Macedonia remains among the candidate states discussed, while the summit also highlighted the need for merit-based reforms and good-neighbourly relations. Cyber Risk for Business: Separate coverage warned that the Silent Ransom Group has upgraded data-leak extortion using fast-flux infrastructure, targeting sensitive sectors including law firms—an issue for regional companies handling confidential data. Regional Trade & Networking: At Balkan Expo 2026 in Montenegro, food-industry firms are set for B2B meetings, signaling continued cross-border business matchmaking in the Western Balkans.

EU Enlargement Momentum: EU and Western Balkan leaders met in Tivat, Montenegro, to push a faster, more credible accession path as geopolitical pressure from Russia and China grows; Montenegro’s EU bid is described as “within reach,” with an accession treaty drafting group already in place and a 2028 target repeatedly cited. Franco-German Incentives: German Chancellor Friedrich Merz and French President Emmanuel Macron backed a plan to reward candidates that meet criteria with gradual single-market access and observer roles, plus a simplified negotiation timetable to cut the current procedural burden. North Macedonia Angle: North Macedonia is among the candidate states at the summit, while EU officials again highlighted merit-based reforms and the need to keep disputes from derailing progress. Cyber & Business Risk: Separate coverage flags the Silent Ransom Group (SRG) shifting to fast-flux botnet infrastructure, targeting sectors including legal services and finance—an operational risk for firms across the region. Local Economy Link: Kazanlak’s municipal leadership met a Spanish delegation from Xativa to discuss culture, education, tourism and business cooperation, including steps toward a twinning partnership.

EU-Western Balkans Summit Momentum: EU and Western Balkan leaders met in Tivat, Montenegro, to push faster, more credible enlargement, with France and Germany backing incentives for quicker reforms and gradual access to parts of the single market; Montenegro’s path is framed as “within reach,” while the summit also stressed economic integration and regional security. Roam Like at Home & Single-Market Integration: EU leaders discussed extending free roaming to the Western Balkans and deepening economic ties through the Growth Plan, aiming to make benefits visible before full membership. North Macedonia EU Politics: The broader enlargement push comes amid ongoing disputes that have historically blocked North Macedonia’s EU progress, including constitutional and minority-rights issues. Business & Trade Events: Balkan Expo 2026 in Montenegro runs through June 6 with B2B meetings bringing food-industry firms and exporters together for partnerships across the region. Local Diplomacy with Economic Angle: Kazanlak (Bulgaria) and Spain’s Xàtiva discussed twinning and cooperation in culture, education, tourism, and business, highlighting industrial strengths and youth retention. EU Enlargement Meets Security Reality: Summit preparations included heightened security and migration-rule tightening, reflecting the bloc’s focus on hybrid threats and migration pressures.

EU-Western Balkans Summit: EU leaders and Western Balkan governments met in Tivat, Montenegro, to push faster enlargement and deeper pre-accession integration, with Montenegro’s EU bid framed as “within reach” for 2028 and Brussels drafting an accession treaty. Gradual Integration & Incentives: France and Germany backed a “membership-lite” style approach, offering candidates earlier access to parts of the single market and EU programmes while keeping reforms merit-based. North Macedonia EU Politics: In Skopje, opposition SDSM renewed criticism of PM Hristijan Mickoski over claims tied to constitutional amendments and the start of accession talks. Regional Business & Trade: Balkan Expo 2026 in Montenegro runs through June 6 with B2B meetings and food-industry participation across the Western Balkans, aiming at new partnerships and market links. Energy/Mining Update: Euromax Resources said North Macedonia’s Higher Administrative Court restored approval for its Ilovica 6 and Ilovica 11 concession merger, clearing the way to finalize a new agreement. Security & Risk: A foiled plot and heightened security marked the summit, while separate reporting highlighted ongoing cyber-extortion threats and Iran-linked terror allegations involving North Macedonia.

EU-Western Balkans Summit (Tivat): EU leaders meeting in Montenegro pushed a faster, more credible enlargement path for the WB6, with European Council President António Costa backing a Franco-German “momentum” push and the European Commission President Ursula von der Leyen calling for a more dynamic process; North Macedonia EU politics: Skopje’s European integration debate stays heated as opposition SDSM argues President Antonio Costa and an EU Parliament progress report confirm no “additional guarantees” beyond constitutional amendments; Roam Like at Home: The EU Council approved talks to extend the Roam Like at Home roaming-free zone to Albania, Bosnia and Herzegovina, Kosovo, Montenegro, North Macedonia and Serbia, with the Commission set to negotiate sectoral agreements; Business & investment angle: The summit agenda also ties enlargement to “shared prosperity” and single-market integration, while Montenegro’s accession timetable and reform benchmarks remain the key test case for the region’s business outlook; Security spillover: A separate U.S.-linked terror case again spotlights alleged attacks including an arson attack on a synagogue in North Macedonia, underscoring ongoing regional security risks.

EU-Western Balkans Summit in Tivat: EU leaders meet in Montenegro as Brussels pushes a faster, merit-based path to accession, with Montenegro and Albania highlighted as moving into new phases; the agenda also covers gradual single-market integration, the Growth Plan, and rule-of-law expectations. Roam Like at Home expansion: The EU Council approved talks to extend the “Roam Like at Home” roaming area to the WB6 (including North Macedonia), with sectoral agreements to follow and roaming charges set to be removed for travelers across the expanded zone. North Macedonia EU politics: Opposition SDSM renews pressure on PM Hristijan Mickoski, arguing Brussels is clear that constitutional amendments for Bulgarians are the only condition to start accession talks, while Parliament reporting points to limited rule-of-law progress. North Macedonia business/industry: Euromax Resources says North Macedonia’s Higher Administrative Court restored its 2023 merger approval for Ilovica 6 and Ilovica 11 concessions, clearing the way to finalize a new agreement and restart project momentum. Aviation demand signal: ACI Europe reports Europe’s airport passenger traffic fell 0.7% year-on-year in April 2026, with North Macedonia among markets still posting growth. Energy security: The Energy Community’s gas storage report says gas security in South East Europe is improving as aspirants implement EU-aligned storage rules; for North Macedonia, the model relies on access to gas stored abroad. Tourism cost pressure in the region: Albania’s short-term rental prices are rising fast, while North Macedonia is cited as the cheapest European destination for daily rentals—an angle relevant for regional competitiveness.

EU Enlargement Momentum: EU Council approved opening negotiations to extend the “Roam Like at Home” scheme to the Western Balkans (WB6: Albania, Bosnia and Herzegovina, Kosovo, Montenegro, North Macedonia and Serbia), with the European Commission now starting sectoral talks anchored in Stabilisation and Association Agreements—another practical step to keep EU integration visible for citizens and businesses. EU Politics & Reforms: European Council President António Costa is pushing the Tivat summit agenda, urging Western Balkans leaders to accelerate rule-of-law and democratic reforms to keep accession credible, while stressing North Macedonia must implement the 2022 constitutional changes to unlock negotiations. Energy Security: The Energy Community reports improving gas security across South East and Eastern Europe as EU-aligned storage rules roll out; for North Macedonia (no storage), the focus is securing access to gas stored abroad. Competition & Retail: North Macedonia’s antimonopoly commission cleared Sport Vision group expansion via BDS Co’s acquisition of eight companies, extending sports footwear and clothing retail operations across the region including North Macedonia. Tourism Costs: Albania’s short-term rental market is getting pricier as demand rises, pushing it to the second most expensive in the Balkans for daily rentals; North Macedonia is cited as the cheapest in Europe by average nightly rates. Aviation Demand: Passenger traffic at European airports fell 0.7% in April 2026 year-on-year, but Albania and North Macedonia still posted strong growth. Business/Finance: Central Asia Metals proposed to buy Cygnus Metals in a deal valuing Cygnus at about A$232m, adding a copper-gold development project in Québec to its existing North Macedonia assets.

EU Enlargement Push: European Council President António Costa urged North Macedonia to implement all agreed constitutional changes to unlock EU membership talks, stressing “what has been agreed has been agreed” ahead of the Western Balkans summit in Tivat. Energy & Gas Security: The Energy Community says gas security across South East and Eastern Europe is improving as storage rules roll out; for North Macedonia, the model relies on access to gas stored abroad. Just Transition Funding: North Macedonia’s just transition platform reached €1.7bn in identified projects, with financing secured for about €460m, including renewable capacity and the Bitola 3 solar project. Film Grants: The North Macedonia Film Agency approved €1.5m in 2026 production grants, backing 14 projects including major features and documentaries. Retail & Competition: Sport Vision’s new owner move was reported to the North Macedonian antimonopoly commission, covering control of eight sports retail companies across the region. Aviation Demand: European airport traffic fell 0.7% in April year-on-year, but Albania, North Macedonia and Moldova still posted growth. Energy Transition Projects: The Ministry of Energy outlined progress on JETIP, with around 80 renewable and storage projects identified and growing private-sector financing. Regional Business Watch: Central Asia Metals’ proposed $232m takeover of Cygnus Metals highlights continued investor interest in North Macedonia-linked mining portfolios.

EU Enlargement Push: European Council President António Costa used visits to the Western Balkans to press for faster reforms and said North Macedonia must implement the 2022 agreed constitutional changes to unlock EU accession talks. EU Governance & Rule of Law: The European Parliament’s AFET committee adopted reports on Serbia, Kosovo, Bosnia and North Macedonia, flagging rule-of-law stagnation in North Macedonia and political deadlock elsewhere. Energy Security: The Energy Community says gas security is improving across South East and Eastern Europe as EU-aligned storage rules roll out; for countries without storage like North Macedonia, the expectation is access to gas stored abroad equivalent to at least 15% of average annual consumption. North Macedonia Energy Transition: Skopje reported progress on the Just Energy Transition Investment Platform (JETIP), with about €1.7bn in identified projects and financing secured for roughly €460m, including major renewables like the Bitola 3 solar plant. Film Funding: The North Macedonia Film Agency approved its first 2026 production grants, distributing €1.5m across 14 projects. Competition/Retail: The antimonopoly commission cleared Sport Vision group expansion via a concentration involving eight Polish-owned sports retail companies across the region, including North Macedonia. Business & Markets: Central Asia Metals proposed a $232m takeover of Cygnus Metals, a deal that would add a copper-gold development project in Québec to CAML’s existing operations in North Macedonia and Kazakhstan.

M&A Watch: Central Asia Metals has proposed an all-scrip takeover of ASX/TSX-V-listed Cygnus Metals in a deal valuing Cygnus at about $232m (a 60% premium), with Cygnus shareholders to receive 0.06 new CAML shares per Cygnus share; the combined group would add Cygnus’ Chibougamau copper-gold project in Québec to CAML’s existing producing assets in North Macedonia and Kazakhstan, and a Toronto listing is planned. Competition & Retail: Sport Vision group expansion continues as Serbia-founded BDS Co reports a concentration to gain control of eight Polish Marketing Investment Group footwear and clothing retailers across Central and Eastern Europe, including operations in North Macedonia. Energy Transition: North Macedonia’s Just Energy Transition Investment Platform (JETIP) has identified about €1.7bn in projects, with €460m already financed, including a 134 MW Bitola 3 solar plant deal signed in late 2025 and a growing renewables share in installed capacity. EU Path & Politics: EU Council President António Costa reiterated that North Macedonia must implement the 2022 agreed constitutional changes to unlock EU membership talks, stressing “what has been agreed has been agreed.” Culture & Grants: The Film Agency announced the first 2026 production grants, distributing €1.5m to 14 projects, including major feature and documentary awards.