AGP Executive Report

EU Merger Scrutiny: The European Commission has opened an investigation into Paramount’s $111bn Warner Bros. Discovery merger after filings showed about $24bn in backing from Saudi, Qatar and Abu Dhabi sovereign wealth funds, with a July 14 deadline for a decision under the EU Foreign Subsidies rules. UK Competition Watch: Britain’s CMA has formally started its probe into the same deal, with an Aug. 7 deadline to decide whether it goes to a deeper phase. Local Industry Link: North Macedonia is named among the approvals for the merger, while the country also appears in the region-wide footprint of a separate pharma expansion: Genesis Pharma and Alnylam are extending RNAi therapeutics commercialization to North Macedonia and other Southeast Europe markets. Mining Output: Central Asia Metals reported May production gains at its Sasa zinc-lead mine in North Macedonia and copper output at Kounrad in Kazakhstan, citing higher received metal prices and improved revenues. Energy Security: The Energy Community’s 2026 gas storage report says North Macedonia must secure storage access abroad to meet winter reserve expectations, as Serbia and Ukraine exceed fill targets. EU Enlargement Momentum: EU-Western Balkans summit coverage keeps spotlighting faster accession paths, with North Macedonia repeatedly referenced in the broader regional integration push.

Industrial Transformation: HEIDELBERG says it has accelerated its shift into a broader technology group, using a dual-use approach to expand into defense, security, energy, charging infrastructure and industrial systems under HD Advanced Technologies. Public Spending Transparency: A Skopje watchdog says the VMRO-DPMNE-led government is withholding costs and selection details for this year’s Independence Day celebrations, despite promises of major international performances. Energy & Renewables Finance: The EBRD approved a EUR 175m loan for PPC renewable projects in Romania, Greece and Bulgaria, targeting about 400MW of wind and solar and training up to 150 engineers for battery storage. Gas Security Rules: The Energy Community reports improving winter readiness as Serbia and Ukraine meet storage targets, while North Macedonia is expected to secure access to gas stored abroad. EU Enlargement Momentum: EU leaders in Montenegro pushed “gradual integration” and faster accession steps for Western Balkans states, linking enlargement more directly to security concerns. Regional Diplomacy: Türkiye’s foreign minister Hakan Fidan will represent President Erdoğan at the SEECP summit in Sofia, highlighting connectivity and regional unity. Retail Expansion: SPAR enters Iceland with two stores under a Drangar deal, using Samkaup to scale fresh and convenience offerings. Cyber Extortion Watch: The Silent Ransom Group is shifting to fast-flux infrastructure, with advisories warning of ongoing data-leak extortion targeting sensitive sectors. Forestry Snapshot: A data roundup ranks North Macedonia among Europe’s more forested countries, with forest cover at about 40% of land area.

EU Enlargement & Security: EU leaders meeting in Montenegro’s Tivat pushed “gradual integration” and faster accession, framing enlargement as a geostrategic necessity amid Russia-Ukraine fallout and wider security risks; Energy Finance: EBRD approved a EUR 175 mln loan for PPC renewable projects (wind/solar) across Romania, Greece and Bulgaria, with training support for up to 150 engineers in battery storage; Gas Supply Rules: Energy Community’s 2026 gas storage report says Serbia and Ukraine are meeting winter fill targets, while North Macedonia must secure storage access abroad equivalent to 15% of average annual consumption; Balkan Industry & Trade: Balkan Expo 2026 is running B2B food-industry meetings with 400+ regional firms, including agriculture, processing and packaging players; Cyber Extortion Risk: Silent Ransom Group (SRG) is shifting to fast-flux botnet infrastructure, with FBI warnings that law firms and other sensitive sectors are being targeted; Local Business Links: Kazanlak and Spain’s Xativa discussed twinning and cooperation in mechanical engineering, culture and tourism.

Gas Security Update: The Energy Community’s 2026 gas storage report says supply security in South-Eastern and Eastern Europe is improving as candidate countries align storage rules with EU standards; Serbia and Ukraine have exceeded 2025 fill targets and hit early-2026 interim goals, while North Macedonia, Moldova and Bosnia and Herzegovina are expected to secure access to gas stored abroad (at least 15% of average annual consumption). EU Enlargement Push: At the EU–Western Balkans summit in Montenegro, EU leaders backed faster accession and “gradual integration” ideas, with Germany and France proposing incentives like earlier single-market access or observers in EU formats for countries meeting sector criteria. North Macedonia Business & Industry: Euromax Resources says North Macedonia’s Higher Administrative Court annulled the 2023 withdrawal of approval for its Ilovica 6 and Ilovica 11 concession merger, restoring the merger approval and paving the way for renewed talks with state institutions. Cyber Extortion Watch: Silent Ransom Group (SRG) is shifting to fast-flux botnet infrastructure, complicating disruption efforts as it targets sensitive sectors including law firms. Food Trade & Networking: Balkan Expo 2026 is running B2B meetings with 400+ food-industry representatives, including processing, packaging and agriculture players, plus product tastings.

EU Enlargement Momentum: EU Enlargement Chief Marta Kos says Poland’s objections to Ukraine’s next EU steps are “solved,” with Ukraine set to move to the next joining stage on June 15 and Brussels aiming to open all six enlargement clusters by mid-July. Western Balkans Summit: At the EU-Western Balkans meeting in Tivat, leaders including António Costa, Emmanuel Macron and Friedrich Merz pushed a faster, more credible accession path, with talk of “gradual integration” and fewer veto-driven steps. North Macedonia in the Mix: The EU summit agenda explicitly includes North Macedonia as one of the six candidates, while local business-relevant developments continue: Euromax Resources says North Macedonia’s higher administrative court restored approval for its Ilovica concessions merger, clearing a key step for its Ilovica-Shtuka gold-copper project. Cyber Extortion Watch: Silent Ransom Group (SRG) is shifting to fast-flux DNS infrastructure, with the FBI warning of ongoing data-theft extortion targeting sensitive sectors like law firms. Food & Trade Networking: Balkan Expo 2026 is running B2B food-industry meetings with 400+ regional participants, spanning processing, packaging and agriculture.

EU Enlargement Push: EU leaders at the Western Balkans summit in Montenegro (Tivat) renewed efforts to speed up accession, framing enlargement as a security and energy necessity amid Russia-Ukraine pressures and wider geopolitical risk. Gradual Integration Plan: Germany and France floated “gradual integration” ideas—letting candidates join parts of EU single-market and policy formats earlier, with incentives tied to meeting criteria and a simplified negotiation path. Roam Like at Home: The EU Council approved extending the “Roam Like at Home” roaming scheme to the Western Balkans (including North Macedonia), with sectoral talks now starting so citizens and businesses see roaming benefits sooner. North Macedonia EU Bid Context: EU officials stressed that faster, more credible steps are needed to avoid frustration in countries like North Macedonia, where past vetoes have slowed progress. Mining & Industry: Euromax Resources said North Macedonia’s Higher Administrative Court annulled a 2023 withdrawal decision, restoring merger approval for its Ilovica concessions—aiming to restart work and support local growth. Cyber Risk for Services: Silent Ransom Group upgraded its data-leak extortion with fast-flux infrastructure, with law firms and other sensitive sectors flagged as targets.

EU Enlargement Push: EU leaders at the Western Balkans summit in Montenegro renewed efforts to speed up accession, with Germany and France backing “gradual integration” and incentives like earlier single-market access and EU programme participation for reforming candidates. Roam Like at Home: The EU Council approved talks to extend the “Roam Like at Home” roaming zone to Albania, Bosnia and Herzegovina, Kosovo, Montenegro, North Macedonia and Serbia, aiming to cut roaming costs for travellers. North Macedonia Business & Mining: Euromax Resources says North Macedonia’s Higher Administrative Court restored approval for its Ilovica 6 and Ilovica 11 concessions merger, clearing the way for renewed talks with state institutions. Cyber Extortion Risk: Silent Ransom Group (SRG) is shifting to fast-flux DNS infrastructure, with advisories warning of ongoing data-theft extortion targeting sensitive sectors. Regional Industry & Jobs: A Western Balkans labour outlook highlights persistent worker shortages affecting construction, manufacturing and services, while new employment plans under the Berlin Process aim to broaden access for groups like Roma. Food Trade Spotlight: Balkan Expo 2026 opened with B2B meetings bringing 400+ food-industry representatives across the region.

EU Enlargement Push (Western Balkans): German Chancellor Friedrich Merz and French President Emmanuel Macron urged faster EU enlargement at the EU-Western Balkans summit in Montenegro, backing “gradual integration” incentives like earlier single-market access and observers in EU institutions, while also calling to simplify the process. EU Connectivity for Businesses: The EU Council approved talks to extend “Roam Like at Home” to the Western Balkans (including North Macedonia), aiming to boost cross-border connectivity for citizens and companies. North Macedonia in the Mix: EU leaders reiterated that North Macedonia is among the six “WB6” candidates, with the country’s accession path still tied to reforms and political consensus. Local Business & Industry Link: Balkan Expo 2026 in the region is set to host B2B meetings with food-industry players and partners, highlighting ongoing trade and production ties relevant to North Macedonia’s exporters. Cyber Risk for Sensitive Sectors: The Silent Ransom Group (SRG) is shifting to fast-flux botnet infrastructure for data theft and extortion, with law firms flagged as targets—an issue for regional professional services and IT readiness. Energy & Investment Signals: EU summit discussions also tied enlargement urgency to energy security and migration routes, underlining why regional infrastructure and supply deals remain strategic.

EU Enlargement Push: German Chancellor Friedrich Merz and French President Emmanuel Macron urged faster EU enlargement at the EU–Western Balkans summit in Montenegro, backing “gradual integration” rewards for candidates that meet accession criteria, plus a simpler, less veto-heavy negotiation path. Roam Like at Home: The EU Council approved opening talks to extend the “Roam Like at Home” roaming zone to Albania, Bosnia and Herzegovina, Kosovo, Montenegro, North Macedonia and Serbia, with sectoral agreements now set to follow. North Macedonia Business & Resources: Euromax Resources says North Macedonia’s Higher Administrative Court restored approval for the merger of its Ilovica 6 and Ilovica 11 concessions, clearing the way to finalise a new agreement and restart its Ilovica-Shtuka gold-copper project. Aviation & Trade Links: ACI Europe reported Europe’s airport passenger traffic fell 0.7% year-on-year in April 2026; notably, Albania, North Macedonia and Moldova still posted growth, while Germany and parts of Western Europe declined. Education Diplomacy: Separate from the EU track, governments are doubling down on education diplomacy and global scholarships to build skills and research partnerships worldwide.

EU Enlargement Push: EU leaders in Montenegro’s Tivat backed “gradual integration” for the WB6—Albania, Bosnia, Kosovo, North Macedonia, Montenegro and Serbia—so candidates can join parts of EU programmes and single-market formats before full membership, with Germany and France urging a faster, more credible path. Roam Like at Home: The EU Council approved talks to extend “Roam Like at Home” to the WB6, aiming to cut roaming costs for citizens and boost cross-border business connectivity. 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 momentum for its Ilovica-Shtuka gold-copper project. Energy Security: The Energy Community reports improving gas security in South East and Eastern Europe as aspirants implement EU-aligned storage rules; North Macedonia is expected to secure gas via access to storage abroad. Aviation Demand: ACI Europe reports European airport passenger traffic fell 0.7% year-on-year in April 2026, with notable declines in Germany, the UK and France, while Albania, North Macedonia and Moldova still grew. Food & Trade: Balkan Expo 2026 in Montenegro runs through June 6 with B2B meetings drawing 400+ food-industry representatives across the region, alongside agriculture and packaging players.

EU-Western Balkans Summit: EU leaders in Tivat, Montenegro pushed “faster and more credible” enlargement, with Germany and France backing a gradual integration-by-sector idea that could let candidates join parts of EU formats before full membership; EU Connectivity for Businesses: the EU Council approved talks to extend “Roam Like at Home” to the WB6 (including North Macedonia), aiming to cut roaming costs and boost cross-border trade and everyday travel; North Macedonia Mining: Euromax Resources won a North Macedonian court ruling restoring approval for its Ilovica 6/Ilovica 11 concession merger, clearing the way to finalize a new deal with state institutions for its Ilovica-Shtuka gold-copper project; Aviation Demand Signals: ACI Europe reported European airport passenger traffic fell 0.7% year-on-year in April 2026, with North Macedonia among markets still posting growth—useful context for logistics planning; Energy Security: the Energy Community said gas security is improving as storage rules advance, with North Macedonia expected to secure gas stored abroad to meet winter needs.

EU-Western Balkans Summit: EU leaders and Western Balkan officials meet in Tivat to push accession momentum, gradual integration ideas, and regional cooperation, with Commissioner Marta Kos saying Montenegro and Albania are moving into next accession phases. Roam Like at Home: The EU Council approved talks to extend the “Roam Like at Home” roaming area to the WB6 (including North Macedonia), with the Commission now negotiating sectoral agreements tied to Stabilisation and Association Agreements. North Macedonia mining & investment: Euromax says North Macedonia’s Higher Administrative Court restored its 2023 merger approval for Ilovica 6 and Ilovica 11 concessions, clearing the way to finalise a new agreement and restart growth plans around its Ilovica-Shtuka gold-copper project. Aviation demand: ACI Europe reports Europe’s airport passenger traffic fell 0.7% year-on-year in April 2026, with declines in Germany and other markets; Albania, North Macedonia and Moldova still posted growth. Energy transition: North Macedonia’s JETIP platform lists ~80 projects worth about €1.7bn, with financing secured for ~€460m, including major renewables like the Bitola 3 solar plant. Transport infrastructure: Serbia has launched an environmental process for a Corridor 10 high-speed double-track rail upgrade through North Macedonia, aiming to replace slow tunnels and raise speeds. Energy security: The Energy Community says gas security is improving as storage rules advance; for countries without storage like North Macedonia, access to gas stored abroad is expected to cover at least 15% of average annual consumption. Just transition finance: North Macedonia’s just transition platform has reached €1.7bn, supporting the country’s shift toward cleaner energy and industry. Film industry: North Macedonia Film Agency awarded €1.5m in 2026 production grants to 14 projects, including major feature and documentary titles.

Roam Like at Home for WB6: The EU Council has approved talks to extend the “Roam Like at Home” roaming deal to Albania, Bosnia and Herzegovina, Kosovo, Montenegro, North Macedonia and Serbia, with sectoral negotiations to follow under their Stabilisation and Association Agreements—meaning travelers could use calls, texts and mobile data abroad without extra roaming charges. EU enlargement push: EU Council President António Costa used a Western Balkans tour to stress enlargement as a geostrategic priority, pairing reform demands (rule of law, institutions, regional cooperation, EU policy alignment) with political reassurance ahead of a summit in Montenegro. Energy security in the region: The Energy Community says gas security is improving as EU-aligned storage rules roll out; for countries without storage, including North Macedonia, access to gas stored abroad is expected to cover at least 15% of average annual consumption. North Macedonia energy transition: The Ministry of Energy 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. North Macedonia film funding: The Film Agency awarded €1.5m in 2026 production grants to 14 projects, backing major features and documentaries, including “The King of the Garbage” and “Whirlwind of Extinction.” Aviation demand signal: Airport traffic across Europe fell 0.7% in April 2026 year-on-year, but Albania, North Macedonia and Moldova still posted strong growth. Construction and jobs pressure (regional): A Western Balkans employment commentary warns employers can’t find workers while large groups remain excluded from the labour market, with the Berlin Work Plan explicitly naming Roma and other vulnerable groups.

Energy & Infrastructure: SOCAR, TotalEnergies, XRG and BOTAŞ signed a 15-year gas deal for 33bn cubic metres from Azerbaijan’s Absheron field to Turkey starting in 2029, with production planned above 4bn cm annually and a final investment decision expected in 2026—an agreement that could unlock full-scale development. Energy Security: The Energy Community says gas security in South East and Eastern Europe is improving as EU-aligned storage rules roll out; for North Macedonia, Moldova and Bosnia, the focus is securing access to gas stored abroad equivalent to at least 15% of average annual consumption. Power & Transition (North Macedonia): North Macedonia’s Just Energy Transition Investment Platform (JETIP) has identified about 80 projects worth ~€1.7bn, with financing secured for ~€460m, including public renewables and storage, plus private-sector mobilization of over €210m. Transport (Corridor 10): Serbia’s environmental process for a double-track high-speed railway on Corridor 10 through North Macedonia is underway, with works starting near Tabanovce and plans to replace tunnels that currently cap speeds. Aviation: European airport passenger traffic fell 0.7% in April 2026 year-on-year, with declines linked to Middle East disruption, Easter timing and industrial action; Albania, North Macedonia and Moldova still posted growth. Business & Industry (Mining): Central Asia Metals proposed buying Cygnus Metals for about $232m, adding a copper-gold development project in Québec to its existing North Macedonia and Kazakhstan assets. Local Industry Support (Film): North Macedonia’s Film Agency awarded €1.5m in 2026 production grants to 14 projects, including major feature and documentary funding.

Energy Security Watch: The Energy Community says gas security in South East and Eastern Europe is improving as EU-aligned storage rules roll out, with North Macedonia expected to secure access to gas stored abroad equivalent to at least 15% of average annual consumption. Just Transition Funding: North Macedonia’s Just Energy Transition Investment Platform has reached about €1.7bn in identified projects, with financing secured for roughly €460m, including major renewables like the Bitola 3 solar plant. Energy Infrastructure Push: Serbia’s energy ministry backs a €14.4bn plan for 2028-2035, including gas interconnectors with North Macedonia and Romania, plus storage expansion and new power and grid projects. Mining & Investment: Central Asia Metals proposes buying ASX-listed Cygnus Metals in an all-scrip deal valued around $232m, adding the Chibougamau copper-gold project to its portfolio that already includes North Macedonia assets. EU Enlargement & Migration: EU lawmakers strike a deal on tougher return rules and “return hubs,” while EU leaders signal enlargement remains a strategic priority for the Western Balkans, including North Macedonia. Film Industry Grants: North Macedonia’s Film Agency awarded €1.5m in 2026 production grants to 14 projects, spanning features, documentaries and minority co-productions. Transport Connectivity: Serbia has started an environmental assessment process for a Corridor 10 high-speed double-track railway through North Macedonia, targeting faster passenger and freight speeds.

Mining & M&A: Central Asia Metals has proposed to buy Cygnus Metals in an all-share deal worth about A$232m, offering 0.06 new CAML shares per Cygnus share (a 60% premium), adding the Chibougamau copper-gold project in Québec to its portfolio alongside its North Macedonia operations. Energy Transition: North Macedonia’s Just Energy Transition Investment Platform (JETIP) has identified around 80 projects worth ~€1.7bn, with financing secured for about €460m, including 252 MW of public-sector renewables such as the 134 MW Bitola 3 solar plant. Transport Infrastructure: A step toward a high-speed rail link on Corridor 10 is moving forward, with Serbia publishing details for a double-track electrified upgrade through North Macedonia (about 195 km), aimed at higher speeds and replacing tunnel-limited sections. Energy Security: Serbia’s energy ministry says new gas interconnections with North Macedonia and Romania are planned within two years as part of a broader gas-sector development program. Culture & Creative Industries: The North Macedonia Film Agency awarded €1.5m in 2026 production grants to 14 films, including major feature and documentary projects. EU Policy Watch: EU leaders are pushing a renewed enlargement push for the Western Balkans while also tightening migration return rules, with North Macedonia still described as stuck in the accession process. Retail Demand: North Macedonia’s retail sales rose 2.1% year-on-year in April, with food and essential categories driving the strongest growth.