berzNIK - YEAR II - NUMBER 27 -16th JUNE 2008 - (SUPPLEMENT OF TENDERNIK)

THE ECONOMIC GROWTH IS NOT LINEAR,

IT FACES SHOCKS
Date 16.06.2008 number 27
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Macedonia rushes and rushes with the
European agenda, but Europe, are still far-off…
- Macedonia is aware that is not prepared to become
member in near future, but is prepared to start the negoti-
ations for EU membership. We have administrative and po-
litical capacity and on basis of the fulfilled criteria and the
results that are achieved ,we have a chance to start the
negotiations, which will increase the efforts and the mo-
tivation for further reforms, stressed the Minister Antonio
Milososki at the meetings with the high members of the
European parliament, emphasizing the EU integration as
priority of the foreign policy of Republic of Macedonia…
- To continue with working on the European agenda
and the reforms, suggested the Euro parliamentarians
Doris Pak, Jelko Kacin and Angelika Ber… - Efforts for
surpassing the name dispute with Greece to be made, sug-
gests the Euro commis-
Whether Macedonia, after NATO’s brush - off, will sioner Olli Rehn…. The
obtain positive report by the European Commissi- support for Euro and Eu-
on?... Disputable question… isn’t it? So if we make ro Atlantic integration of
one retrospective, it is not hard to conclude that, no Republic of Macedonia
matter whose history reading book of the Balkan’s pe- by the Vice-Presidents
ople is looked, or more the archive cadastre notaries, of the group for the Eu-
the topic itself: Macedonia sits on the European table, ropean national parties
I assume, since the Ottoman times… But there is al- Mar Karas, Inko Fridrih
ways something that is missing in composing the mo- and Ana Ibrisagik, are
saic and Macedonia not to be part of Europe not only the recommendations
geographically but also and politically and sociologi- that they gave to Miloso-
cally… Macedonia since long times obtains tasks and ski during the two day vi-
it is not that they are not appropriately worked out, but sit of Brussels.
then, again obtains new variances of the tasks. So- After these marvelo-
mething, seemingly as the one in the moment as the us wishes and suggesti-
re-run in some parts of Macedonia… if the re-run is ons, we have to admit
fair and democratic… the negotiations for EU would that our first man of the
start…From here the words- In our country we will Macedonian diplomacy
fight for uniformity, equality and legality. All of us to be beautifully composed
equal I front of the law, but the Minster Milosovski af- our gratitude: - The
ter the meeting with the Commissary for enlargement name issue is not hurtful
in the European Commission Olli Rehn in Brussels, only for the Macedonia’s
again start the topic for discussion…Of course, de- progress and develop-
pending of the epilogue… ment, but also for the
credibility of NATO and
EU principles, stressed Milososki, in the same time inform-
ing the European democrats (apart from their knowledge for
the situation) that Macedonian side, contrary to the Greek,
has constructive attitude towards issue solution.
- Greece after the NATO’s Summit in Bucharest starts
with implementation of the so called a-typical embargo, with
making additional hurdles in the political and also in the
economic communication. That kind of attitude of Greece is
not contributing, as was underlined in the European Parlia-
ment, there is no constructive plan, contrary to the Republic
of Macedonia’s attitude. Also, Milososki appointed the indi-
cators that are showing that Greece misuses the name dis-
pute as excuse for achieving other internal and external
political goals.
Speaking of the suggestions for continuance of the
work on the European agenda and the reforms, Milososki
another time underlined the position of the Government: -
That is also our goal.
We are at the eve of another working summer and
autumn in order to be able to meet all terms, both as Go-
vernment and partner of the European Commission.
And now, speaking of the support, the leaders of the
European national parties Mar Karas, Inko Friedrih and
berzNIK
3
Anna Ibrisagic made public promise that they will demand
the European Commission Macedonia to start the ne-
gotiations for membership in the European Union towards
the end of 2008. They expressed satisfaction that the citi-
zens in the early elections voted, as they say, pro-European
policy and rate, appointing in the same time that our coun-
try is prepared to make the next step.
Certainly, the European democrats didn’t forget to re-
mind the chief of Macedonian diplomacy of the course of
the happenings on 15 June, but also of the readiness for
meeting some standards of the EU from which depends
whether Macedonia will obtain positive report by the
European Commission. The chief of the Macedonian dip-
lomacy assures that the Government would do anything
that is in its power in order to meet the goals. But, in front
of the European parliamentarians, the Minister Milososki
underlined that it would be much easier if the leader of the
relevant political parties of the Macedonian ethnical
Albanian, come out publicly to condemn the incidents
caused by certain individuals and groups, to dissociate from
them (it would be really democratically). Also recommend-
ed that- the Macedonian citizens and the democracy will not
be hostages of some individuals which haven’t understood
the democratic process in the country.
- The Macedonian Minister for foreign affairs after the
meetings with the Euro-Parliamentarians expressed satis-
faction, because many of them have good knowledge of the
happenings in Macedonia. At the end of the two day visit of
Brussels, the Minister for foreign affaires Antonio Milososki
stressed that in the European parliament Macedonia have
many friends and major group of parliamentarians are prin-
cipled supporters of the European aspirations of our coun-
try.
Milososki for the meeting of negotiators with the medi-
ator Matthew Nimitz expressed hope that in relation of the
beginning of the negotiations with EU, Greece will respect
the Copenhagen criteria, and France as future chairman
will remain principled with the common values. It is a fact
that Macedonia in that process will continue to use the
power of the arguments, but it is hard for Greece to main-
tain the democratic principles, at least taking in considera-
tion the current happenings…
However, apart from the objections of Greece and the
demands for prolongation of the negotiations for the name,
they will still continue, is the conclusion from the meeting
inn New York. - That process continues with good will from
both sides. I don’t see discontinuity in the process, stated in
New York the mediator Matthey Nimitz after the meeting
with the negotiators Nikola Dimitrov and Ademantios
Vassilakis. According to the mediator, although the new
Government is not composed, the results from the elections
clearly showed who will be the Prime Minister and the lead-
ing party in the Parliament, so there are no reasons for the
negotiations to be delayed. According to him, the events in
the last couple of months have brought some new ele-
ments: the gap hasn’t been reduced nor narrowed, says
Nimitz, but the discussion themes, according to him, are
more focused.
For Nimitz 9th July, as given deadline by NATO in order
Macedonia to join Croatia and Albania in the process for
entry in the Alliance, is not a deadline for the name dispute,
therefore these negotiations have no deadline…
Until the next Monday
Makedonka Baldazarska
BerzNIK editor-in-chief
e-mail: berzNIK@interNIK.com.mk
 4 berzNIK number 27
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 16.06.2008

STOCK EXCHANGE NEWS... STOCK EXCHANGE NEWS..

NATIONAL BANK`S ANNOUNCEMENT COUNCIL OF NATIONAL BANK OF
THE REPUBLIC OD MACEDONIA
ZK Pelagonija will say goodbye to its shares in
Stopanska Banka of Bitola The interest of collateral
loan increased for one percent
The sale of ordinary shares issued from Stopanska Banka a.d. Bitola, will be offered on
sale of Macedonian Stock Exchange a.d. Skopje with public stock exchange auctions The Decision for obligatory deposit
with the National Bank of the Republic of
In accordance with the Law on banks (Article 137 and 138) the governor of NBRM reached a Macedonia and the Decision for the inter-
decision implementing the share sale of Stopanska banka a.d Bitola, ownership of ZK Pelagonija ests of National Bank of the Republic of
– Bitola, by NBRM. Macedonia are the two decisions the
Council of the National Bank of the
The share sale is announced in Official Gazette No.67 form 30 May this year and in nine news- Republic of Macedonia has adopted on the
papers on 2 June 2008 god. session that was held on June 12 this year.
Stopanska Banka Bitola issued total 389.779 ordinary shares and 1.198 priority shares. The
nominal value of the shares is 3000 denars. The main principal is 1.172.931 000 denars. -According to the Decision for obligatory
The announcement offers 63.381 ordinary shares on sale issued by the Bank, whose owner is deposit with the National Bank of the Republic of
ZK Pelagonija from Bitola. The participation of the shares on sale in the total number of bank`s Macedonia, banks and saving banks will be
ordinary shares is 16.29%. The off set price of one share is 8.899 denars. obliged to allocate obligatory deposit if their
The shares will be sold on Macedonian Stock Exchange a.d. Skopje through public stock auc- increase of the population credits exceeds 40%
tions: at the end of December of 2008.
-Three packages per 5, 43% by which every package is composed of 21.127 ordinary shares
selling on the principle all or nothing. Packages will be sold on auctions held in the following days: The allocation of obligatory deposit will be
-17.11.2008 the three packages will be sold at a price of 5.43 %; carried out monthly for the amount for which the
-18.11.2008 – unsold packages form the previous auctions will be sold; banks would possibly overdraw the established
-19.11.2008 -unsold packages from the previous auctions will be sold; rate of interest increase, provided with the
-20.11.2008 - unsold packages from the previous auctions will be sold; Decision. The Decision refers to the period of
-21.11.2008 - unsold packages from the previous auctions will be sold; July-December 2008, and on the obligatory
deposit the National Bank of the Republic of
The off set price on the auction is 8.899 denars. Macedonia will be paying interest of 1% yearly.
If nobody accepts the off set price on the public auction, the shares will be offered at a price The purpose of adopting this Decision is to dis-
lower than the initial price on the next auction, and the sale price will be reduced for another 10%, courage the too-fast increase of the population
until or more investors didn`t state readiness to buy the offered shares. credits which reached 55% on yearly basis. On
The shares offered on sale will be paid in cash. The settlement should be performed within one hand this credit increase has an influence on
three days from the day of holding the public Stock Exchange auction. the significant increase of the country’s trade
On the public Stock Exchanges only participants with prior consent by the NBRM`s governor deficit, and at the same time, it already manifests
for meeting the conditions needed for gaining the property of shareholder in a bank and which to the first signs of worsening of the banks’ credit
NBRM will submit written statement that they will pay the assets within the deadline determined by portfolio engaged with the population.
this announcement.
The conditions and the documentations needed for achieving the property of shareholder in The Council also adopted amendment of the
the bank are regulated in Articles 13, 17 (paragraph 1, item 5,6,7,8 and 13 and in paragraph 2,3,4, Decision for interests of the National Bank of the
and 5) Article 18 (paragraph 3) from the Law on banks (Official Gazette of RM No. 67/2007) and Republic of Macedonia. Namely, the interest the
Chapter X and XI from the Decision for issuing consents (Official Gazette of RM No.91/2007 and National Bank of the Republic of Macedonia
134/2007). charges for the collateral credit, instead of 7,5%
Every person interested to participate on public stock auctions should submit until 30 it will be 8,5%. This increase of the collateral
September inclusive, a request of the necessary documentations due to establishment of meeting credit interest has been caused by the previous
the criteria necessary to become shareholder in the bank. If the shares are cancelled, the total pro- increase of the interest of treasury bills, in order
cedure for share sale will repeat. to maintain the usual difference between these
The sale of shares will be conducted Authorized person by the governor Jane Lekovski. two types of instruments.

FIRST REGIONAL INVESTOR CONFERENCE OF THE CAPITAL MARKETS OF THE COUNTRIES OF SOUTHEAST
EUROPE

Promotion of Alkaloid, Granit and Komercijalna banka

-Last week the stock exchanges of Banja Luka, Belgrade, Ljubljana, Sarajevo, Zagreb, the Macedonian stock exchange and the stock
exchanges of Montenegro and NEX Montenegro from Montenegro organized the first common regional investor conference of the capital markets
of the countries from Southeast Europe. The purpose of the conference is promotion of the leading regional companies and capital markets and
attraction of new investors.
On June 11, 2008 in the hotel of Sheraton in Zagreb was held the first regional investor conference of the capital markets of Southeast Europe. On this
event all eight stock exchanges of the region took part, the stock exchanges from Banja Luka, Belgrade, Ljubljana, Sarajevo, Zagreb, the Macedonian stock
exchange and the stock exchanges of Montenegro and NEX Montenegro from Montenegro. The companies listed on these stock exchanges were represent-
ing themselves on this conference, and at the same time they held separate meetings with the interested investors.
Among the 24 companies that were represented on the conference were also the three companies listed on the Macedonian stock exchange: Alkaloid
a.d. Skopje, Granit a.d. Skopje and Komercijalna banka a.d. Skopje.
The regional investor conferences are one of the activities projected with the Memorandum for partnership signed in December of 2007. Their goal is to
provide promotion of the regional capital market and its companies.
This event caused great interest and attention among investors. Present were about 150 institutional investors and approximately 160 separate meeting
with investors were held. By the end of 2008 it is planned another investor conference to be held, which will be intended for international investors. It is planned
this event to take place on fall in Vienna.
 Date 16.06.2008 number 27
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
berzNIK
5
09.06.2008 MONDAY
C O N T E N T S 1. SHORT REVIEW OF EVENTS
INTRODUCTION . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Cosmofon stops operating, is the top news con- transactions Wednesday and Friday (shares of Alka-
veyed by all today`s newspaper editions, which was loid Skopje, Toplifikacija Skopje, ZK Pelagonija Bito-
STOCK EXCHANGE NEWS. . . . . . . . . . . . . . . . . . . . . . . 4 released by Greek Ta Nea. As Greek paper announ- la and OKTA Skopje), which practically contributed
ces, Cosmote, company that owns Macedonian Cos- this week turnover to reach higher level compared to
berzNIK, MONDAY, TUESDAY, WEDNESDAY........... 5-7 mofon, after careful insight of the agreement for stra- last week.
tegic partnership, signed by the German company Above mentioned transactions determined then
GROWTH OF THE MACEDONIAN VEGETABLE Deutsche Telekom and Greek government, accepted most traded shares last week. At least 100,000 citi-
CROP PRODUCTION. . . . . . . . . . . . . . . . . . . . . . . . . . . 8-9 the conditions, according to which Cosmote cancels zens with better chance for employment, is the title
BASIC NATIONAL CHAMBER OF YOUNG
all activities in Macedonia and it will not use the li- of Nova Makedonija, which analysis forecasts that
ENTREPRENEURS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8-9
cense for mobile telephony in Montenegro. The goal, Government`s new program will release from paying
according to Ta Nea, is to stay aside of Deutsche Te- health contributions in terms of 18 months if they em-
COMPETITIVENESS OF THE SOUTH - EAST lekom`s interests in these countries. German opera- ploy citizens under 27 years or older than 50 years,
EUROPEAN COUNTRIES AND THE CHALLENGES tor is present in Macedonia across mobile operator redundant workers from state owned companies.
ON THE WAY TO THE EU ........................10-12 T-Mobile Macedonia, and after the realization of the Health Insurance Fund, one of the institutions in
German-Greek contract, the company will take cont- charge for implementation of this governmental me-
berzNIK, THURSDAY, FRIDAY, SATURDAY ..............13-14 rol over Cosmofon. This opens the risk Deutsche Te- asure, announced soon start. Employers` Organiza-
lekom to control 92% of the domestic market of mo- tion supports the initiative and say that the time will
WEEKLY MAGAZINES.....................................15 bile telephony. Cosmofon officials, as daily papers show the effect of this measure over increase of em-
convey, refuse to comment announces released in ployment rate.
REVIEW OF THE REGIONAL STOCK EXCHANGES ..16 Greece. At the beginning of the year, Cosmofon star- Utrinski Vesnik announces that Russian Lukoil
EVENTS THAT MARKED THE WEEK..............17 ted reduction of the number of employees…They re- wants to expand its activities in Macedonia. In order
fused to comment the number of lay-offs, but con- to achieve these goals, according to paper`s infor-
WEEKLY REVIEW OF THE MACEDONIAN STOCK firmed that sacking is part of the process of sell, i.e. mation, company`s president Vagit Alekperov infor-
EXCHANGE...............................................18-19 reconstruction of the company for other services. Be- med Macedonian president Crvenkovski about
side concession for TSM mobile telephony services, company`s investment activities, especially on the
last year obtained license for the third generation of Balkans, including Macedonia… Macedonian presi-
I M P R E S S U M mobile telephony – 3G, and wireless fixed line tele- dent supported Lukoil`s plans fir developments of
phony – WiMAX. our country and released expectations that in the
Biznis conveys that MSE is on margins of eco- forthcoming period they will be realized at much fas-
nomic developments in the country. Following the ter tempo.
elections, as we assumed, there was no change on Utrinski also conveys announcement released
Publishing: INTERNACIONAL NIK AD - Skopje
Media library and digital archive MSE when it comes to turnover and movement of by NBRM for sell of 16% of shares of Stopanska
Editors office: berzNIK prices of the most traded shares. Even more, leading Banka Bitola, owned by Farming Cooperative Pela-
Address: Square MAKEDONIJA bb, p.box 882 Skopje, 1000, index MBI-10 in every day last week was marking gonija from Bitola. These shares NBRM will offer on
R.Makedonija negative results, closing at 5,595 index points, which sell across MSE, by public stock exchange biddings.
Phone. 02/25.32.800 faks: 02/25.32.839
web: www.interNIK.com.mk; is the lowest value since 17.04.2008. Beside MBI- Announcement is released on NBRM`s internet site,
e-mail: info@interNIK.com.mk 10`s weekly drop of 2.72%, there were remarkable and it was also announced in several daily papers.
Executive Director: Zdravko Josifovski 2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS
Account Menager: Divna Pesic
Public relations: Natasa Dimovska 1. COSMOFON TO CLOSE IN MACEDONIA (****)
ICT Manager: Kiro Velkovski 2. LUKOIL WANTS TO EXPAND IN MACEDONIA (***)
Marketing manager: Ivona Josifovska
Assistent: Stojne Danilova DNEVNIK p.8 GREEK MEDIA CLAIM THAT WILL CLOSE
Logistics manager: Ana Petrova
Finance manager: Gordana Stojanovska
p.1 COSMOFON TO CLOSE IN MACEDONIA KOSMOFON
p.2 LUKOIL WANTS TO EXPAND ACTIVITIES p.9 LUKOIL WANTS TO EXPAND IN MACEDONIA
STOCK EXCHANGE REVIEW OF EVENTS IN THE p.7 HYPO BANK ENTERS THE CAPITAL MARKET p.9 G-8 COUNTRIES, CHINA, INDIA AND SOUTH
PRINT MEDIA berzNIK p.7 THE CEMENT FACTORY IS NOT CAUSING KOREA CONCERNED ABOUT THE EXPEN-
DISEASES SIVE OIL
berzNIK is founded in year 2007. p.7 MACEDONIAN PEOPLE CAN HAVE SOME VECER
STOCK EXCHANGE REVIEW OF EVENTS IN THE ELECTRICITY p.6 INCREASE OF THE PRICES OF THE OIL TO-
PRINT MEDIA berzNIK BIZNIS DAY?
Number: 27 p.1 THE IMPORT HAS EATEN THE EXPORT p.7 STOCK EXCHANGE WAITS FRO BETTER TI-
Date: 16.06.2008 TWICE MES
p.1 THE TRANSITION TRACES ILLEGAL CHAN- p.7 INTEREST OF 10% FOR FIXED-TERM DE-
IT IS DISTRIBUTED FOR SUBSCRIBERS ONLY NELS NARS
FRONT PAGE PHOTO: p.3 THE INVESTIGATION ENDS IN AUTUMN? VREME
p.4 THE MACEDONIAN MARKET- CHALLENGE p.6 TURNOVER DECREASED BY EIGHT TIMES
FOR THE INSURANCE COMPANIES p.6 THE MARKET WILL WAIT FOR REAL COMPE-
Photo: p.13 NEW FACTORY, TECHNOLOGY AND COM- TITION
Robert Spasovski PUTER CENTER p.7 APARTMENT LOAN STUCK IN DOUBLE TA-
Editorial staff of berzNIK p.15 DROP OF MBI-10- INCREASE OF MBID XES
Internet distributive system: www.interNIK.com.mk p.15 ON THE OFFICIAL MARKET TURNOVER OF VEST
Editor: Makedonka Baldazarska 11, 8 MILLION DENARS p.7 KOSMOFON TO CLOSE
Journalist: Vaska Mickoska, Kiro Simonovski с.15 MBI REPORT FOR 06.06.2008 NOVA MAKEDONIJA
DTP: Tatijana Trpkovska p.16 GREAT EXPECTATIONS OF INVESTORS p.8 THE STOCK EXCHANGE HOSTAGE OF THE
Editorial staff: p.16 CREDITS WITH FAVORABLE TERMS FOR DUI AND DPA QUARRELS
News Evaluator: Anita Bashoska, R. Tasovska
[operators]:Mare Lazarevska, Arslan Skoro, Zoran Stamatovski, PROFESSIONALS p.8 COSMOFON TO LEAVE MACEDONIA!?
Martin Arsovski, Gorge Redzik, Toni Arsovski i Darko Tripunovski p.17 MBI – 10 CRASHED BELLOW 5.600 POINTS p.8 AT LEAST 100.000 CITIZENS WITH GREATER
[translators]: translator's manager Senka Mihajlovska, Angelina p.17 THE STOCK EXCHANGE ON THE MARGINS CHANCE FOR EMPLOYMENT
Filipovska, Slobodan Trajkovski, Aleksandar Stamenkovski, Aneta OF THE ECONOMIC GOINGS-ON IN THE CO- SPIC
Menoska, Filip Koviloski, Darko Ivanovski UNTRY p.1 GRUEVSKI FYROM 102.3 PERCENTS
Fotoreporter: Robert Spasovski UTRINSKI VESNIK p.4 I AM GRUEVSKI FROM FYROM
Marketing, distribucija i prodazba: p.8 MEPSO SELLS ALL NIGHT SURPLUS POWER p.5 KOSMOFON LANDLINE OPERATOR…
INTERNACIONAL NIK AD - Skopje FOR THE FIRST TIME p.5 … AND MAYBE CLOSES DOWN?
p.8 NBM TO SELL 16 PERCENT FROM THE SHA- p.5 LUKOIL TO EXPAND IN MACEDONIA
RES OF STOPANSKA BANKA-BITOLA
 6 berzNIK
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
1. SHORT REVIEW OF EVENTS
The price of the petrol, which is speeding tow-
ards 80 denars a liter, is the news that hit the head-
lines of all today`s newspaper editions. After yes-
terday`s decision of the Energy Regulatory Com-
mission, a liter of petrol MB-96 is now sold for
78.50 denars, which is two denars more than two
weeks ago, while the diesel went up for one denar.
Regulatory Commission officials explain that the oil
derivatives price increase has resulted from the in-
crease of the crude oil price on the world markets
and the exchange rate between the dollar and the
denar. As forecasted by the world analysts, the oil
is expected to reach a price of 150 dollars a barrel
as early as the beginning of July.
Almost all newspapers carry out the story
about the start of the construction of the first pur-
chase and distribution center, in which the Croatian
company Agrokor along with the Macedonian Go-
vernment will invest 15.5 million euros and the pro-
ject will be also financially supported by the Muni-
cipality of Strumica. Besides the Croatian market,
the agricultural products that are to be purchased
by Agrokor will be also placed in Austria, Slovenia,
Hungary, Germany and other EU countries where
this Croatian company holds supermarkets. Accor-
ding to the announcements, the purchase and dis-
tribution center will be officially opened at the begi-
nning of the following season.
Among the hottest news in the print media is
today`s startup and promotion of the association of
young entrepreneurs, which will function within the
Economic Chamber of Macedonia. Chamber offici-
als announce that the association will enable conti-
nuous development of the leadership skills, social
responsibility and the entrepreneurship spirit
2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS
1. ASSOCIATION OF YOUNG ENTREPRENEURS FORMED (****)
2. CROATIANS TO BUILD CENTER FOR PURCHASE OF VEGETABLE IN STRUMICA (**)
DNEVNIK
p.7 COSMOFON: WE WILL NOT CEASE
p.7 THE PETROL PRICE INCREASED TO 78, 5 DENARS
p.9 ASSOCIATION OF YOUNG ENTREPRENEURS FORMED
BIZNIS
p.1 MAY’S TURNOVER ON THE STOCK MARKET HALVES
p.1 UNREGISTERED ACTIVITY – UNREGISTERED MONEY
p.12 FALL OF THE THREE STOCK EXCHANGE INDEXES
p.12 MOST TRADED THE SHARES OF MAKPETROL SKOPJE
p.12 MBI REPORT 09.06.2008
p.13 SALES CONTINUE - INDICES IN RED
p.13 FREAKY FRIDAY CAME EARLY ON WALL STREET
p.15 MAY’S TURNOVER ON THE STOCK MARKET HALVES
p.16 NEW RECORD OIL PRICE – ABOVE 139 US DOLLARS
p.16 UNI DENAR DEPOSIT WITH AN ATTRACTIVE INTEREST
RATE
p.16 PETROL GOES UP TWO, DIESEL GOES UP HALF A DENAR
p.17 SMALL BUSINESSES - MAJOR ACHIEVEMENTS
UTRINSKI VESNIK
p.1 KOSMOFON DENIES TO BE CLOSED
p.1 ELECTIONS DELAY TENDERS FOR HYDRO POWER PLANTS
p.5 YOUNG ENTREPRENEURS TO FORM ASSOCIATION
p.7 МBI 09.06.2008
p.7 CROATIANS TO BUILD CENTER FOR PURCHASE OF VEGE-
TABLE IN STRUMICA
p.7 PETROL TO GO UP FOR TWO AND DIESEL FOR HALF DE-
NAR
VECER
p.1 STRUMICA VEGETABLE ON THE MARKETS IN EU
p.4 THE TIME OF CASINO THEORY ON THE STOCK EXCHANGE
number 27
Date 16.06.2008
10.06.2008 TUESDAY
among the young people, which are crucial for the realization of the tenders for energy will be run-
bringing positive changes in the society. Leaders ning late at least a year, although on many occasi-
and entrepreneurs aged up to 40 years will be tra- ons they were regarded as crucial for this county
ined by the means of local, national and internatio- i.e. for its energy future, given the fact that our co-
nal projects in the Macedonian Economic Cham- untry has limited energy potential and increasing
ber. demand for electricity, and the country spends a lot
The mobile operator Cosmofon, in its announ- of money on importing expensive electricity. Bear-
cement carried by the newspapers, rejects as un- ing in mind that the construction of the energy pro-
grounded the announcements that this company jects will last several years, then postponing of the
will be closed in order to prevent creation of a mo- startup procedures should concern us.
nopoly in Macedonia, since with the takeover of The stock exchange analysis of the brokerage
OTE, Deutsche Telekom will own around 90 per- house Moj Broker published in Biznis newspaper
cent of the mobile telephony market in Macedonia. puts forward the dilemma, in respect with yester-
The reason for such thing lies in the fact that the day`s fall of MBI-10 by 1.33%, whether the value of
contract between the Greek government and De- the Macedonian companies will continue this
utsche Telekom still hasn`t been ratified by the downward trend until august, when the govern-
Greek Parliament. Officials from the Commission ment should be formed, or will continue falling in-
for Protection of the Competition, on the other fluenced by the other factors that are shaking the
hand, inform they still haven`t received any notifi- world economy. Nevertheless, the shares of Mak-
cation from Deutsche Telekom, which will possibly petrol were the most traded on the Official Market
give directions about the fate of the second mobile yesterday, followed by the shares of Fersped as
operator in our country. Vecer also carries informa- runner ups and Toplifikacija at the third place. The
tion from the field of the telecommunications, an- shares of the Macedonian Telecom were the most
nouncing distribution of dividend of 80 million eu- traded on the Regular Market.
ros. In accordance with the percentage it takes on The same newspapers gives the analysis over
the Macedonian Telekom, the Government will get the world capital markets conducted by the fund
around 27 million euros. The situation on the fixed management company Moj Fond AD, saying that
telephony in this country is a filed of interest of Vre- the main events on Wall Street last Friday were the
me too, informing that a real competition in this information for the oil price increase by 11 dollars
sector will be felt no earlier than September, when and the greatest unemployment rate in USA in the
Ontel, the second fixed telephony operator, is to past 22 years, causing real panic and sell-outs,
complete the expansion of its network; the same which has resulted with a fall of the main indices of
thing is also announced by Cabletel and Nexcom. over 3 percent.
In the article titled Elections delay tenders for
hydro power plants, Utrinski Vesnik informs that
GONE
p.6 YOUNG ENTREPRENEURS IN ASSOCIATION
p.6 INCREASED LIVING EXPENSES
p.7 ABOUT 80 MILLION EUROS TO BE DISTRIBUTED
p.7 THE PETROL IS HEADED TOWARDS 80 DENARS PER LITER
VREME
p.1 GAS STATIONS DRAW INFLATION
p.6 TELEPHONE COMPETITORS ARE OUTWITTING WITH PA-
CKETS
p.7 GAS STATIONS DRAW INFLATION
p.7 LUKOIL WANTS TO EXPAND IN MACEDONIA
VEST
p.2 ON.TEL TO ACCUSE WHOLESALE PRICES OF TELEKOM
p.3 PETROL GOES UP TWO DENARS
NOVA MAKEDONIJA
p.1 KOSMOFON: WE WILL NOT BE CLOSED
p.8 THE PRICE OF THE OIL GOES UP, THE MAKPETROL SHARE
GOES DOWN
p.8 ALL THE WORKERS BACK TO WORK IN SILMAK
p.8 NATIONAL ASSOCIATION OF YOUNG ENTREPRENEURS TO
BE FORMED
p.8 THE LIVING EXPENSES FOR MAY INCREASED
p.9 PETROL GOES UP TWO, DIESEL GOES UP HALF A DENAR
p.9 THE CUSTOMS ADMINISTRATION WILL INVESTIGATE WHE-
THER CUSTOMS OFFICERS ARE INVOLVED IN THE SMUG-
GLING OF CIGARETTES
SPIC
p.7 VELES TO PROTEST AGAINST THE SMELTER
p.7 ANOTHER APPRECIATION OF THE FUELS
p.7 EXPENSIVE LIVING
 Date 16.06.2008
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
1. SHORT REVIEW OF EVENTS
- Sava invest, the new company for funds
management, is top news in the economic rub-
rics of daily newspapers, according to the num-
ber of the articles. Sava invest DD Skopje obta-
ined permission for establishing company for
funds management by the securities Commissi-
on, convey today’s issues of print media. Accor-
ding to the Securities Commission, the basic ca-
pital of the new company amounts 200.000 eu-
ro, and the founders are two legal entities, Po-
zavarovalnica Sava a.d. Ljubljana, Slovenia and
DD for insurance Sava tabak - Skopje. The
company will establish and manage with three
investment funds.
The Securities Commission gave approval
also to the clearing house Klirinski interbankars-
ki sistemi a.d. Skopje for issuance seventh emi-
ssion of shares in amount of 14.670.000 denars.
IK banka DD Skopje obtained permission to sell
1.051 of their shares through public offer.
TTK Banka increased its wide range of pro-
ducts with the introducing of product intended
for child savings is one of the events that mar-
ked the previous day. With the child savings
every client younger than eighteen years has
the opportunity to have transactions account
and savings account, and there are also two
types of saving books, denars savings book and
foreign currency savings book. TTK Banka in
the frames of its campaign donated the kids
from the SOS Detsko selo - Skopje with check
in amount of 85.000 denars.
After the yesterdays rising of the petrol pri-
ces, Dnevnik made an interesting analyze: As
number 27
much for hotel as for petrol, in which Dnevnik
makes comparison of the petrol’s prices in our
country to the ones in the other countries. The
petrol’s expensiveness in Macedonia is right be-
hind the one in Serbia. With the last rising of pri-
ces of oil derivates, one litter of unleaded petrol
in our country costs 1, 22 euro, and at the Ser-
bian gas stations is sold at price of 1, 24 euro.
The price of the same type of petrol in Croatia
amounts 1,22 euro, as costs in our country, and
cheaper is the unleaded petrol in Monte Negro,
where cots 1, 18 euro, in Slovenia costs 1, 16
euro per litter , in Bulgaria 1, 14 euro and in Bos-
nia and Herzegovina costs 1,08 euro. The citi-
zens who are planning in the following two
weeks to travel on holiday in some of these co-
untries should set aside at least 100 euro only
for fuel.
On the same subject, which apparently mo-
re frequently imposes as dominant, the newspa-
per Biznis writes that the oil on world’s stock
markets, yesterday, realized considerable drop
of price after previously reached the historic re-
cord of 139 dollars per barrel. Light American oil
on the stock market in New York dropped to
134, 35 dollars per barrel while on London’s
stock market one barrel of Brent reached price
of 133, 91 dollar. According to the experts’ cal-
culations the oil price this summer most proba-
bly will reach price of 150 dollars per barrel, be-
cause of the fact that the drop of the market of-
fer surpasses the weak demand.
Goldman Sachs, most attractive bank in the
energetic market and one of the first that predic-
berzNIK
7
11.06.2008 WEDNESDAY
ted increase of the oil’ price two years ago,
when in that time seemed illusory, the previous
month warned that the oil price may increase to
even two hundred dollars per barrel in the fol-
lowing two years, writes today’s Biznis.
In the same newspaper you can read the
Agony of the Macedonian shareholders doesn’t
ends, stock market indices still in red. In the text
stands that also the yesterday’s drop on the Ma-
cedonian stock market indices was grave. MBI-
10 closed at -1, 61% worth 5.431,98 points. This
is the lowest level since 15.04.2008, thus the
lowest value in the past twelve months.
Dnevnik conveys that National Bank will ta-
ke 16 percents of the ordinary shares in Stopan-
ska banka- Bitola, which are in ownership of the
Agricultural combine Pelagonija, because the
management of Pelagonija haven’t met the
terms for becoming owner. The shares will be
offered on sale through stock market auctions
on 17th November this year.
Vecer announces that the shares of the
pharmaceutical company Alkaloid, in amount of
almost one million euro, yesterday were sold in
the Stock Exchange in block-transaction.
Most of the daily newspapers announced
that EVN modernized the network. The new
high voltage switchers in the transformer Stru-
mica 1, new 110 kilovolt transmission line near
Kavadarci and revitalization of most of the trans-
formers are the new investments of” EVN Make-
donija “in the distributive network.

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

1. SAVA INVEST NEW COMPANY FOR FUNDS MANAGEMENT (*****)
2. TTK BANK OFFERS CHILD SAVINGS (****)

DNEVNIK p.7 МBI 10.06.2008

p.1 FOR PETROL AS MUCH AS FOR HOTEL p.7 CHILD SAVINGS IN TTK BANK
p.9 МBI 10.06.2008 p.7 EVN-ESM TO MODERNIZE DISTRIBUTIVE NETWORK
p.9 TTK BANK OFFERS "CHILD SAVINGS" p.7 SAVA TO FORM INVESTMENT FUNDS
p.9 SAVA INVEST NEW INVESTMENT FUND
p.9 NBM TAKES AWAY SHARES IN STOPANSKA BANKA-BITOLA VECER
p.9 ON VACATION WITH POCKET OF MONEY FOR PETROL p.6 SAVA INVEST WILL MANAGE FUNDS
p.6 INVESTMENTS IN STRUMICA AND IN KAVADARCI
BIZNIS p.6 THE SOLUTION IS REDUCED FLIGHTS OR NEW AIRPLANES
p.1 THE STOCK EXCHANGE INDEXES IN RED p.6 SOLD SHARES OF ALKALOID WORTH MILLION EURO
p.1 SAVA INVEST NEW COMPANY FOR FUNDS MANAGEMENT
p.3 POSSIBILITIES FOR LEADER SKILLS DEVELOPMENT VREME
p.3 SHARE OF LAST YEARS` DIVIDEND OF 80 MILLION EURO p.6 NEW FUND MANAGEMENT COMPANY
p.12 EC BANK TO SELL OWN SHARES p.7 PETROL MORE STRIKES THE MACEDONIAN POCKET
p.12 CHILD SAVINGS WITH ATTRACTIVE INTERESTS p.7 SMALL BANKS WITH OLD INTEREST RATES
p.12 SAVA INVEST NEW COMPANY FOR FUNDS MANAGEMENT
p.13 ABOUT 7.742 SHARES FROM ALKALOID TRADED IN BLOCK NOVA MAKEDONIJA
TRANSACTION p.8 MBI-10 CONTINUES TO DROWN, CORRECTION REINFORCE
p.13 MBI-10 FALLS FOR 1,61 PERCENT p.8 NINE NEW ECONOMIC PROMOTERS
p.13 МBI 10.06.2008 p.8 TTK BANK INTRODUCES CHILDREN`S SAVINGS
p.15 THE STOCK EXCHANGE INDEXES IN RED p.8 EVN MODERNIZES DISTRIBUTIVE NETWORK
p.16 OIL PRICE DROPS TO 134,35 DOLLARS p.8 STRIKE IN THE GREEK OTE AGAINST THE INCOMING OF
DEUTSCHE TELECOM
UTRINSKI VESNIK
p.1 EXPENSIVE PETROL PUSHES TRANSPORTERS` PRICES SPIC
p.5 EXPENSIVE PETROL PUSHES TRANSPORTERS` PRICES p.2 THE OIL SHORTAGE IS A MYTH
 8 berzNIK
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
GROWTH OF THE MACEDONIAN VEGETABLE CROP PRODUCTION
LEGAL TRADERS WILL HAVE A PRIORITY AT THE
BORDER CROSSINGS
The Macedonian companies should export the veg-
etable further away from the neighboring countries
and the farmers should form cooperatives for
organized distribution, representatives of the Mi-
nistry of Agriculture, Forestry and Water Economy
recommend.
he fall of the wholesale prices of the
T early vegetables, especially in the
Strumica region, is unreal, concluded
the representatives of the farmers on the
meeting with the Minister of Agriculture Aco
Spasenoski last week, directly blaming the
unlicensed traders and the retailers for this
phenomenon. In order to curb this situation,
to stabilize the purchase prices and to
increase export, the Minister Spasenoski
announced an increased activity of the
inspection, as well as cooperation with the
Customs Administration, which will introduce
a special line for the legal traders on the bor-
der crossings, because there is an increased
production in the agriculture sector this year.
- I think that the agriculture is slowly
becoming significant in the society and in the
Macedonian economy. The discussions on
the monthly meetings with the farmers, with
their representatives, with the farmers`
union, where we considered the current
problems in the agriculture, what can be do-
ne and the current agricultural policy of the
Ministry of Agriculture, Forestry and Water
Economy also contributed for that. The pro-
duction and the purchase of vegetables were
BASIC NATIONAL CHAMBER OF YOUNG ENTREPRENEURS
IF YOU STOP LEARNING TODAY-TOMORROW YOU
WILL NOT BE DEVELOPMENT`S LEADER
Young entrepreneurs from Macedonia joined in
chamber as a part of the international network JCI,
spread over more than hundred countries, which
instruct the entrepreneurs at the age of 40. The pur-
pose of the Chamber is to develop leadership capa-
bilities, social responsibility and entrepreneur’s
spirit at young people, activating at the same time
the positive economic changes in the society.
N
ational Chamber of young entrepre-
neurs was founded last week on initia-
tive of Macedonian Chamber of Co-
mmerce and with cooperation of the interna-
tional young entrepreneur’s organization JCI.
The development of the branch office is
the base of every economy. The use of for-
eign experiences can contribute to strength-
en the companies` competition. JCI interna-
number 27
among the first items, then there was the
problematic about the milk, the subsidizing,
and it was also discussed about the insur-
ance, payment and the registration of farm-
ers.
Production for commendation
We are happy to inform that the Ma-
cedonian vegetable crop production is drasti-
cally growing. The production of tomatoes in
2003 was 22,596 tons, while the production
of tomatoes in 2007 was 47,832 tons, and
such is the case with the cucumbers gherkins
– from 13,590 tons to approximately 19,000
tons. We have an increase of the production
of cabbage from 19,012 tons in 2003 to
43,808 tons in 2007. In the recent period, the
export and the prices of the vegetables are
satisfactory. Only the Strumica region regis-
tered a drastic fall of the purchase prices of
the vegetables in the last few days, repre-
sentatives of this region pointed out and
added that the fall is due to certain middle-
men and retailers which agree on the price.
As a reaction to that, in order for the Ma-
cedonian vegetables to be exported unhinde-
red, we agreed with the Customs Adminis-
tration the trucks loaded with vegetables to
have an advantage in the export on all border
crossings in the period from 8 pm until 1 am,
when the export is most intense. It was also
agreed that there will be a special line for the
vegetables on the border crossing Tabanov-
ce, whereupon, instead on the terminals, the
tional is international organization which fo-
cuses on young entrepreneurs and through
its program activities attempts to influence on
development of their leadership`s and man-
agement capabilities and business leading.
The junior international chamber is the
best kept secret probably in whole Europe,
and we will reveal this secret in Macedonia
too, said at the beginning of its representa-
tion Richard Heck, member of the organiza-
tion since 2000.
- I`m entrepreneur and leader of five
organizations. To be a volunteer in the junior
international chamber requires much time.
But I can that it’s worth the energy and the
effort invested in this engagement. I worked
on European conference last year, I was
Date 16.06.2008
clearing will be performed directly on the bor-
der, where there would be a phytosanitary
inspector as well. One more benefit for the
exporters is the credit lines which they can
use with 5% interest for purchase of agricul-
tural products, Minister Spasenoski stated.
Manipulations with the milk prices
The farmers requested from the market
and the land inspectors to go on field more in
order to prevent potential abuses during the
purchase. Even though the large companies
are still purchasing, the Ministry again ap-
peals to the markets in the region and wider
where the Macedonian products are distrib-
uted, that Macedonia currently has a surplus
of products and appeals to them to purchase
the same.
It is interesting that in Strumica again
there is a fall of the purchase price of the milk
for two, three and four denars by the several
private Strumica dairies, while the large pur-
chasers like the Swedish and Bitola dairy did
not register such falls.
- We don’t know why this problem with
the fall of the purchase prices is appearing in
the Strumica region. In order to annul this,
we once more appeal to dairies not to abuse
the subventions in amount of two denars
which was given to the farmers who would
sell the milk to a dairy and, proportionally to
that, to reduce the price by two denars.
three years a member of the board and now
I give instructions in the frames of the Orga-
nization.
Approximately four million people are
members of this organization, at the age of
mid twenties and forties. Japanese, America
and Korea have most participants with more
than 45 thousand members. We have 35
thousand members in Europe and 12 thou-
sand members in Germany, which is the
biggest in the frames of this membership.
Conferences have been organized on four
subjects all over the world, and very soon
there will be a conference in New Delhi, In-
dia. The same conference represents a proj-
ect, so that, Serbia too will organize a confer-
ence.
The mission is to develop leadership
 Date 16.06.2008
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Those two denars are not meant to make a
difference in the price, but they are a subven-
tion for applying of the milk production rule-
book, in order for the farmers to be able to
buy equipment, chemicals for disinfection
and for production of more quality milk with
those money.
The first phase of the payment of two
denar per liter for the milk should have ended
in May. In some cities, the dairymen submit-
ted the lists from where they bought the milk,
and that procedure is not finished in 70% of
the dairies and the manufacturers cannot
take subventions of two denars.
- The dairies informed us that they are in
a phase of updating, so we appeal to them to
submit the lists as soon as possible. If the
Strumica region has a milk surplus and if the
trend of decreasing of the price continues,
then other dairymen, who would purchase
the milk in that region, will come-Spasenoski
emphasized.
This year – more fertile harvest
Veljo Tantarov, President of Farmers’
Union, said that, apart from the problems
which appear in the Strumica region, they
also discussed with the Minister about the
forthcoming harvest which will cover over
130,000 hectares this summer.
- The current condition with the cereals in
the entire country is well and we hope that
this year we will have a more fertile harvest
than last year, which we evaluate as one of
the worst in the past 15 years. We will have
good crop in some regions, especially in
Ovce Pole, but we are concerned by the fact
that the conditions with the crops are not so
good in Pelagonija, from where the biggest
number 27
berzNIK
9
Insuring agricultural crops in case
of badweather conditions
- Macedonia has increased and quality products
which should be distributed on the European markets,
wherewith it would maintain the realistic price. In order
to realize that, the farmers should form cooperatives
which would administer the production, said Minister
of Agriculture Aco Spasenoski on the meeting with the
press last week.
In our country, Spasenoski added, there is not a
tradition for the farmers to mutually register firms
through which they will realize purchase and export,
even though the country covers 50% of the expenses.
According to him, it is expected that businessmen
from Albania will visit Macedonia next week for even-
tual signing of agreements for purchase of the domestic production. Spasenoski pointed out the
unsolved property-rights relations in the agriculture as a major problem and he mentioned that
the purpose of the subventions is to eliminate the illegal actions, especially in the cadastre.
He informed that the interest for insuring the agricultural production from in case of bad
weather conditions, especially in the regions of Negotino, Kavadarci and Kocani. – The proce-
dure for obtaining policy is simple. The farmer should report his production in the district unit and
to insure it in order for the country to return 30% of the value of the policy later, Spasenoski said.
The interest of the insurance companies for providing such services is also increasing.
Vardar Insurance, Insurance national policy and Eurolink are the companies in which the farm-
ers can insure themselves from natural disasters. The state separated 70 million denars for this
measure this year, and the deadline for applying is 30th of June.
amounts of wheat and barley are expected, ed in the distribution of the products. These
because the rains are causing problems to several categories of unlicensed traders
the farmers for a while now. would be avoided this way. The Farmers’
Federation is at disposal with its resources,
Noticing the problems about the distribu- through which it will organize certain train-
tion of agricultural products, the Farmers’ ings and it would help farmers in the registra-
Federation of the Republic of Macedonia in- tion and in the reinvigoration from those agri-
formed the Ministry of Agriculture and asked cultural losses, stated Gjoko Danailov, Pre-
for a support in forming of agricultural coop- sident of the Farmers’ Federation of the Re-
eratives, where they would directly be includ- public of Macedonia.

skills, to develop own responsibility, entre-
preneurship and fellowship, in order to come
to positive change. Our motto is to be better-
better husbands and wives, and better man-
agers. The founder of our organization,
Biedenberg didn`t imagine our progress
today. In our version several additional
issues in relation to the activity as citizens in
the society are involved. Our web-site indi-
cates that we communicate through four
channels – entrepreneurship, leadership,
management, and training. In order to
achieve that we are based on four matters –
business working and behavior, as second
base personal development, training and
leadership so that you can be a leader of
your own organization despite that you are
not a leader in the company that you work in,
and joining JCI means that you become a
member on the international organization.
The last base is the projects of the com-
munity and the participation in it. The proj-
ects present opportunities to learn, to devel-
op as individual and as a group.
Why to join? The first reason is the per-
sonal development. If you stop learning
today you will never be a leader of the devel-
opment tomorrow. The second reason is the
leadership. If you want to be leaders in our
organization JCI, you can make mistakes
and you can pass this experience in your
enterprises. Other reasons are the societal
responsibility and community`s projects,
through which we help our children to live in
better tomorrow. And of course fellowship –
when there are many people with the same
mental opinion and the same ideas, you
know that you are wining. The last matter is
the international events and fun.
We focus on development of good lead-
ers, on broad network, personal develop-
ment of skills in all areas, to be the best in the
learning business of good techniques, oppor-
tunity to meet people who work in the same
field as you sharing at the same time the
interests and becoming trainer as I am.
What is the benefit? Despite the profes-
sional thing that you learn, you meet many
people; have free training, free network and
free knowledge sharing. In order to reassure
that you are the next individual I will point out
some of them – mister Heineken, well known
after the beer Heineken, but nobody knows
that he was a member of this organization,
Mr. Kennedy, Chirac, Clinton, Coffe Anan.
You also have your leaders in Macedonia
and you should be proud that you have such
names as Mother Teresa, and Alexander
the Great who were leaders in the past and
will continue to be leaders in future, empha-
sized among the other Richard Heck.
Experts of JCI consider that Macedonia
too has a suitable business climate, especial-
ly with alleviating the company`s registration
process, and conditions of forming new com-
panies.
The Macedonian National Chamber of
young entrepreneurs is based on the same
model as in other countries too, where this
organization is present. Financing the organ-
ization is made by membership fee, sponsor-
ships and governmental assets when it’s
about social projects. In more than 100 coun-
tries in the world, the international JCI organ-
ization has over 250 thousand members.
10 berzNIK
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
COMPETITIVENESS OF THE SOUTH- EAST EUROPEAN COUNTRIES AND THE CHALLENGES
ON THE WAY TO THE EU
THE ECONOMIC GROWTH IS NOT LINEAR,
IT FACES SHOCKS
The Baltic countries, although they have suffered economic shocks, their economies converge significantly after the fast
healing. The Central European countries started converging earlier, in 2001, and Bulgaria and Romania much lately… the
finance convergence includes the home spending, foreign direct investments and the private crediting
T
he researches implemented by the
European Commission on the situation
in the ten new member- states in the
European Union, show that all of them have
different economic growth, but also that there
are differences in their real nearing to the
Union`s growth level. For the growth and im-
portance of the economic policy, underlining
the question are there any limitations for the
real convergence speed, spoke Istvan Se-
keli, director for research in the Directorate
General for Economic and Financial Affairs in
the European Commission, on the recent
conference organized by the National Bank
of Macedonia.
- The analyses show that the Baltic coun-
tries` economies, although they have suf-
fered economic shocks, converge significant-
ly after the fast healing. The Central Europe-
an countries started converging earlier, in
2001, and Bulgaria and Romania much late-
ly. At the same time, great deficit on the cur-
rent account was noted with the fast conver-
gence - said Sekeli.
- Nobody doesn`t really know where is
the limit of the convergence. We are facing a
different situation than the one we have
experienced in the past. For these countries,
we can say that on this income level, the
working force quality is unusually high. It is
clearly indicated with the modern technology.
Namely, it shows those countries can produ-
ce better and more quality products if they
have more educated cadres. The Baltic co-
untries - Lithuania and Latvia are example of
that as they realize much faster develop-
ment, especially in export.
But, there are also other factors that are
important for the macroeconomic develop-
ment, i.e. that influence the potential growth,
like the institutional quality, acquiring educati-
on, etc. Firstly, institution`s quality, not only
the public, but the private as well is of a great
importance. The second factor is acquiring
appropriate education. The third factor is fi-
nance convergence, which includes the ho-
me saving, foreign investments and private
crediting. I would mention the governments`
efficiency as the last factor.
Finance integration
The finance integration and its influence
on the finance convergence are of a great
importance for the West Balkans countries
number 27
Date 16.06.2008
because they are surviving a credit boom… on, which could mean deflation. That price in-
We revise four possibilities to see the dynam- flexibility comes to the forth right here. Some
ic of the currency policy. We have a flexible countries have bigger problems to afford the
currency or flexible prices and we have in- adaptation. Similar example is the current
flexible prices. So far, it was much spoken on account deficit reduction. For example, the
whether the application of a flexible currency credit shock and its influence on the current
is good. Actually, there is interaction between account. In this case, there is a period when
these two things. If the country has flexible
prices, the implications of a fixed currency
are smaller. If the country has completely fle-
xible prices, theoretically, this regime be-
comes almost unimportant. At the same time,
if the country has inadaptable prices, which
do not only include the prices market, but the
labour market as well, than important impli-
cations happen. The country can become
more sensitive to certain shocks and chan-
ges. Those are the greatest challenges a co-
untry faces when creating its policy. If a co-
untry ha s a flexible currency or completely
flexible home prices, than they are equally
distributed.
We take the households as second
example. There are three kinds of house-
holds. The ones are oriented toward liquidity,
i.e. spend as much as they earn, the second
ones are those who take credits, depending
on their collateral, and the third group house-
holds is composed of households that have
funds and do whatever they want with them.
Suddenly, the households have need for
credits, not of a same value as their collater-
al, but they take higher amount, e.g. 10 %
more. It does not happen only here, it hap-
pens in other countries as well. It is a shock
in a system, when every household exceeds
the limit it is able to pay, to cover it by the
pawn. So, they have unlimited access to take
credits from the bank. Actually, they have
certain limitations, but if they are removed,
the households will be able to take higher
amounts, which they will not be able to cover
by the pawns. This way the country can not
make progress, on the contrary, it returns in
the previous phase. The liabilities increase.
So, both processes appear to be almost
same. Therefore, when some problem or
shock arises, the policy creators can not
notice all the problems immediately. They
should revise all the aspects, the conditions
when they arose and so on. Even after that
appropriate policy can be created.
If we consider the last example, in phase
two is the credit shock. It is especially difficult
part, because the fixed currency can be ma-
de only through reduction of the home inflati-
 Date 16.06.2008 number 27
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
berzNIK
11
Macedonia has been approaching to the more advanced transition economies with high tempo in the past few years. We have been
achieving positive and stabile growth rates for several years in a row, but we are still far from the Eurozone average. Namely, the produc-
tivity in the trade sector is growing with relatively lower rates in relation with our foreign partners, which was especially expressed by the
lack of large foreign companies and the loss of important foreign markets due to export of low quality products. These were movements
that caused inflation pressures and absence of real appreciation in each situation, as it was the case in the transition countries. This is the
conclusion from the international conference organized by the National Bank of the Republic of Macedonia (NBRM) entitled “The
Competitiveness of Southeast European countries and challenges.”
The Governor of NBRM, Petar Gosev, on this occasion announced that in the last decade, Macedonia was recording relatively low eco-
nomic growth rate of 2.7% in average, which also brings low dynamics in approaching to EU. The gross domestic product per capita is
25.7% of the Eurozone average although it marked increase in relation with the year of 1996 (23.6%).
- In other words, we have bee achieving positive and stabile growth rates, furthermore, we reached the highest growth rate in 2007 with
GDP of 5.1%. This process is backed by the realized foreign investments and the expedited credit expansion, which last year marked
growth of 39%. Since last year`s closing quarter, the home inflation rate has speeded up largely due to the global food and energy price
increase-said Gosev.
However, all these parameters related to the economic growth are part of the transformation not only of our country, but the transfor-
mation of the Central and Southeast European countries on their road to the EU accession, which, as the Governor highlighted, will leave
great mark in the history of mankind.

the prices in certain country are higher than
the prices in other countries. What do not
surprise us are that in many Balkans` coun-
tries and other countries, theoretically we
can divide the both shocks and can see how
each country reacts on certain shock. There
must be other problems as well, which give
different results.
Here are also the biggest policy challen-
ges. The economies develop fast, the opini-
ons of the public and the policy makers might
differ, but when phase two comes, all the
problems a country faces in its economy
come to the forth.
Challenges
Important thing in this is the efficiency of
the Government and the quality of the public
financing, as well as the labor quality and the
possibility of introducing innovations. In
many countries, the financial system is being
dominated by foreign corporations and insti-
tutions, which can borrow means under their
conditions. There are other mechanisms,
such as private transfers, not only in Western
Balkan but in other countries too. And, it is
very important to mention that when the cap-
ital goes in, it only creates bigger productivi-
ty. Meaning, everything depends on the fi-
nancial system and how efficiently it can deal
the means it owns. If means are not invested,
the overall process will be founded on the
expectations from several investments in the
future. This is based on some expectations
from the crediting that, unless we have
means that are not being allocated according
to their quality, then we can not have suc-
cessful distribution of means and their pro-
jection where it is necessary.
When it is possible the households invest
too, regardless of the fact for what kind of
investment it is all about. Every household
wants to achieve more, to invest – whether in
their education or in other spheres of the live.
If there are not enough investments, there
will be no progress of the productivity, which
draws other consequences. Unless the sys-
tem does not have, or its capacities are limit-
ed, then it is hard that certain society will
achieve success.
Some of the implications in this part are
– big government does not mean that it is
wrong thing, but it is a question how this gov-
ernment is efficient. Maybe the sintagma big
government should adjust to the sintagma of
government that is big enough to achieve
certain success. There are governments that
are big by numbers, but they are not efficient
enough in implementation of the politics.
Once more I would mention the problem of
incorrect allocation of the means. Unless one
big government knows hoe to rightfully allo-
cate the means, then, the success will be dif-
ficult to be achieved.
As second item, I will mention the incre-
ase of the crediting again, which signifies an
increase of the potentials. Every day the cre-
ators of the politics should not think what
could they have done, but they should give
more attention from the following day to real-
ly pledge for the fulfilling of the previously set
goals – to allocate the means they have real-
ized in areas where they will be used the
best. As third, one mentions the trust in the
foreign exchange savings. Until few years
ago, most of the domestic savings have been
in foreign exchange currencies. It is not a
matter of making a comparison between the
savings in domestic currency and in foreign
exchange currency. The problem is in the
way of doing that and who are the investors
in these means. The savings in foreign ex-
change are as much useful as they are the
savings in domestic currency. However, the
problem in most of the countries is that the
smaller banks are actually in ownership of
bigger foreign banks.
Priorities
In terms of priorities and the goal they
should define when creating the policy, the
growth potential should be improved and in-
creased, no matter which segment of the go-
vernment we talk about. The government
should enable positive environment which
will enable economic growth. There are also
other important activities of the government,
and if we look back again on what we have
said, than it can be concluded that all shocks
one economy can suffer, i.e. negative effects,
can only return the country one step back.
Key role of the government in providing
stabile financial basis is reducing the activi-
ties that slow down country`s development.
Satisfactory allocation, dispersion of the ca-
dres should be enabled.
The financial integration is only in favour
of the EU countries, not only those who are
already members, but I hope as well the ap-
continues on page 12
12 berzNIK
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
COMPETITIVENESS OF THE SOUTH- EAST EUROPEAN COUNTRIES AND THE CHALLENGES
ON THE WAY TO THE EU
continues from page 11
plicant countries will benefit of that, so adop-
tion of wrong policies should be avoided.
Certain weaknesses are also present
here, and the central among them is the effi-
ciency, the effectiveness of the government,
especially in the public sector. Another as-
pect would be the credit boom notable in ma-
ny countries and it can be wrongly interpret-
ed, because the situation is far more favou-
rable than it looks like. What can the govern-
ment do in order to deal with it? It is very
important to establish a policy that would be
scientifically founded. It should reflect the
real situation. The government can not deci-
de upon, for example, certain rise by 25 %,
see the real possibility for such rise. There is
an interaction between the development of
the macro economy and the credit policy. Di-
agnose is the most important. If we deter-
mine the reasons for certain shock wrongly,
than the consequences can be great. The
factors which are important for a country to
estimate its own capacity are almost same in
all countries. It is the reforms that should help
when adapting on those consequences. It
should be long- term goal. The growth is not
a linear process, it faces certain shocks and
the faster they are overcame, the more suc-
cessful will be the country, the economy.
In many cases, there are certain external
shocks which can totally prevent the imple-
mentation of certain policy. But, still, it must
be realized that only one effective policy can
bring progress. If this progress is moved, we
will face certain problems in many segments.
Main factor- stabile course
The competitiveness in South - Eastern
Europe is one of the most important issues
that should be solved in the process of EU in-
tegration of these countries, pointed out Pe-
ter Mooslechner, director of Peter the Eco-
nomic Analysis Section – Oesterreichische
National bank, who explained the initial gap
at income on the Conference, the factors that
are in its basis in the SEE countries and their
competitiveness in the Frames of Europe
and which direction does the region move to.
- According to the income levels it can be
noticed that they are lower in the South-
Eastern European countries are lower than in
the EU countries. Those amounts are differ-
ent indifferent countries. But I think that in
general, coming closer to the level which is
realized in the EU member - states is positi-
ve. So, it should be seen how much time will
pass until reconciliation is reached, i.e. low-
ering the lag in income amount. What would
happen if the income rises by 2 % at aver-
age; how long will it take if these countries or
this group of countries reach rise by 5 %, 6
%, etc? It will take time, which is seen from
the experience of Portugal and Greece,
which, at the time they integrated in the EU
number 27
had such problem and still try to achieve the
EU average level.
The new member - states fit well in the
trend that is notable in the EU countries. The
market participation in the SEE countries`
export is much lower, but when they will inte-
grate in the Union, their complete EU integra-
tion will be seen, so for this reason, this fac-
tor`s importance should be born in mind.
Main factor which propels the competi-
tion is the stable real currency. What we see
in Macedonia is stabile currency, and the
same applies to the other SEE countries.
But, also, what we see growing is the costs
per working force. There are clear differen-
ces among the new member - states. For ex-
ample, this is also notable in Romania,
Czech Republic, Hungary. But, still, there are
positive examples- Slovenia, Croatia, where
it is adapted on the purchasing price parity.
There is concern that the costs per working
force will be the SEE countries problem in
the EU convergence process. On the other
side, there are clear improvements of the
institutional framework. There is a significant
improvement in Macedonia in the last ten
years and the level of these transition indica-
tors is now moving much closer to those
noted in the EU countries. At this moment,
the region`s advantage is that the main ele-
ment is that one of the strongest factors give
indication toward certain loss or lowering the
price competitiveness, but the weak factors
give a better image- there is better infrastruc-
ture and it supports the trade with the EU
markets. The geographic location, the close-
ness to the enlarged EU, than progress in the
regional cooperation and integration and it is
clear that these countries are attractive for
foreign direct investments.
Progress in the trade integration
It is evident that the SEE countries are
coming closer to the EU level, which shows
that there is clear increase in the stocks and
services export. Macedonia has therefore
good performances in that aspect too. Which
factors are in the basis of these favourable
movements? It seems like mainly the increa-
sed participation in the interregional trade
has its own significant part. We see that the
export participation with the prosperous EU
states is reduced, but that of the new EU
member- states is increased. The increased
participation of the SEE region integration is
the main locomotion of the export increase. If
we revise the kind of goods that are traded,
we can realize that there is smaller concen-
tration of chemical products and machines in
the export, and that is one of the critical po-
ints in the integration process. These are the
two areas where more advanced products
are included, with higher quality. If we con-
sider the comparative advantages of the SEE
countries on the EU advanced market, it is
evident that there is progress in processing
and the other processed stocks and prod-
Date 16.06.2008
ucts, which is not a case at oils, chemical
products, machines and transport equip-
ment. There is technologic advancement, off
course, but the structural differences remain.
In many cases, in many countries it will
have to be seen why occurs greater export of
low-technology level products than high-
technology level products for export.
The trade balance and the balance of the
current account were mentioned many times
so far. What we see is that the trade courses
in these countries increase and are now on
much higher level than in 2000. But, at the
same time the balance has worsened, IMF
also mentioned this. We face this on a world
level as the oil and food prices movement.
They are risk factors and bring challenge for
the economic policy in this area. There are
great examples, like Montenegro compared
with the external deficits in the Region, but it
is thought that the deficit deepens over the
years. The same is valid for some of the EU
members. What is good for Macedonia is that
despite the worsening, it has much better
starting point than many other countries in
the Region in this respect, and that can be
good for your integration process.
Foreign investments
There are interesting differences among
the countries in the composition of the com-
bined current and capital account. For exam-
ple, SEE from Bulgaria to Macedonia, includ-
ing Croatia, have big stocks and services
deficit, and in Albania, Macedonia, Bosnia
and Herzegovina the capital account is not
used, but the income transfers. Also, high
level of foreign direct investments is notable.
In some countries, like Croatia, which is mo-
re advanced in the process of integration,
they are higher. Montenegro also, which at-
tracts many foreign direct investments, and
Macedonia ism not that much attractive.
The composition of the foreign direct
investments should be taken into considera-
tion here. In many of these countries the
services are very significant, especially in the
finance sector. As a conclusion the question-
where does the region go - is asked. One
important fact is that SEE has a significant
value according to the cost and the price in
relation to EU. EU is most important trade
partner of the SEE countries, but they have
low participation in the EU overall import,
which indicates significant potential for
growth. The trade with Central and Eastern
Europe and the five countries of this region
shows strongest growth than the rest of the
EU. The specialization of the low-technology
and basic products faces great competition
with the Asian countries, especially China.
Obviously, technologic advancement is nec-
essary in order to achieve long-term compet-
itiveness.
V.M.
 Date 16.06.2008
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
1. SHORT REVIEW OF EVENTS
The government and the telecom did not
come to an agreement in the agreed, this is the
conclusion that comes after the yesterday’s the-
atric end of the Shareholding assembly of
Telecom. The government is not satisfied with half
dividend from the Macedonian telecom and
demands the total amount from the gain, convey
the daily newspapers. it is a matter of a gain in the
work of the Macedonian telecom in 2007 and the
accumulated gain from 2006. Yesterday, the rep-
resentatives from the government capital in the
Macedonian telecom have left the meeting of the
Shareholding assembly dissatisfied from the sug-
gested dividend, due to which the Assembly was
interrupted. According to the suggestion from
Magjar telecom, which was adopted in the last
month from the Board of directors, for the two
years half of the profits should be divided. But in
this case, the government is entitled to 28 millions
of euros instead of the planned 60 millions…
In the focus of today’s press is also the news
for the First regional conference for investors from
the market of capital in Southeastern Europe, held
yesterday in Zagreb. All of the eight stock
exchanges from the region of Southeastern
Europe are participating on the conference and
they are presented with 24 regional companies.
Organizing portfolio representation for the
investors in the region is one of the activities
envisaged with the partnership memorandum,
signed by the stock exchanges in 2007. This rep-
resentation has a goal of promoting the regional
market and the companies. 150 institutional
investors were present on the conference where
160 bilateral discussions between the investors
and the companies have been agreed upon.
number 27
And, as Vecer and Biznis report, yes-
terday most of the shares marked low liquidity on
the Stock Exchange. The correction has caused
decrease of the stock exchange index MBI – 10
for 0.83% and the yesterday’s trading day has
ended with traded 78.5 millions of denars from all
of the market segments. Namely, in the last sev-
eral days, the investors were not asking about the
selling price of the shares. It seems like the main
objective had been to be selling as fast as it is
possible and at any cost. Such panic way of sell-
ing resulted with the sale of the shares for lower
prices than the initial ones… However, yesterday,
the interest of the investors was turned towards
the denationalization bonds from the fifth emis-
sion. With them, a turnover of 45 millions of
denars has been realized or almost 60% from the
total turnover on the market.
Nova Makedonija with Stock Exchange
analysis too, according to which, the envisages
that with the emerge of the investment funds, the
courses of the Macedonian Stock Exchange for
securities will become active, did not came true.
This, as it stands in the text is basic impression
upon which almost every manager and analyst
included in this business agree. The explanation
is that the political condition that created psy-
chosis with the citizens and the investors is the
main reason because of which the funds did not
succeed to collect enough capital in order to
become movers on the Stock Exchange.
There are five fund management companies
and three active open investment funds. There
are also thirty private investment funds in the
country, from which most of them work with secu-
rities.
berzNIK
13
12-13.06.2008 THURSDAY-FRIDAY
Several of the today’s newspapers have
announced the news that the Tikvesh Winery is
registering a company in Great Britain under the
name Tikvesh wines international limited, with a
goal to win this market. As founders of the new
company are the Kavadari winery with a packet of
51% of the shares and the German company
Risse with 49%. The purpose of the joint compa-
ny is researching the Western European market,
logistics and placement of the products of
Tikvesh, inform from the Winery.
Today, you can also read that the head office
of OTE from Greece in whose ownership is the
second mobile operator in the country, confirmed
that Kosmofon is not closing down. According to
the Greek newspapers Katimerini and
Elefterotipija, the president of OTE and Kosmote,
Mr. Panagis Vurlumis, in the speech before the
parliament has rejected the publications in some
media for the sale and for the closing down of
Kosmofon, estimating them as irresponsible.
Vreme conveys the analysis of the World
Bank, calling the countries from Western Balkan
to deepen the integration process in the European
Union and the intracooperation, to decrease the
expenses for telecommunication services and to
solve the problem with the lack of electricity in
order to support their economic growth.
-The last decade, especially the last five
years were extremely good for the countries of
Western Balkan. Now they should improve and
maintain their successes in decreasing the pover-
ty and to get closer towards EU, even and if the
surroundings set new challenges – is stated in the
report from the World Bank.

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

1. DISPUTE BETWEEN THE GOVERNMENT AND THE TELECOM (*****)
2. MACEDONIAN COMPANIES ON INVESTORS` CONFERENCE IN ZAGREB (**)

DNEVNIK p.4 OTE CONFIRMS KOSMOFON WILL NOT BE CLOSED

p.1 DISPUTE BETWEEN THE GOVERNMENT AND THE TELECOM p.8 МBI 11.06.2008
p.11 МBI 11.06.2008 p.8 VITALIA ON THE EBRD FORUM
p.11 TIKVES ESTABLISHES COMPANY IN ENGLAND p.8 CRASHES AND LOW LIQUIDITY OF THE STOCK EXCHANGE
p.11 OTE CLAIMS THAT KOSMOFON DOESN’T CLOSE UP- VECER
p.11 ELECTRICITY DEFICIT TO BE IMMEDIATELY SOLVED p.1 TELEKOM REFUSES TO DISTRIBUTE DIVIDEND
BIZNIS p.6 WESTERN BALKANS TO INTEGRATE IN EU
p.3 GOVERNMENT REPRESENTATIVES DISSATISFIED BY THE p.6 INVESTMENT BANKING STARTS
OFFERED DIVIDEND p.6 THERE IS NO ROOM FOR MHK ZLETOVO IN VELES
p.12 THE BONDS DOMINANT ON THE MARKET VREME
p.13 МBI 11.06.2008 p.1 THE GOVERNMENT QUARRELS WITH TELEKOM
p.13 TURNOVER RISE TO 78, 5 MILLION DENARS p.5 TANKS CLOG UP OKTA
p.13 FALL OF MBI- 10 BY 45, 02 INDEX POINTS p.6 WESTERN BALKAN SHOULD HURRY IN EU
p.15 SKOPSKI PAZAR HAS NO PROFITS FROM THE CUSTOMS p.6 PETROL CAUSES TRADE DEFICIT
TERMINAL VEST
p.15 BUY-BACK SHARES p.7 GOVERNMENT CLAIMS TWICE THE OFFERED DIVIDEND
p.15 NON-TRADING TRANSFERS NOVA MAKEDONIJA
p.15 PROMOTION OF THE MARKET FOR ATTRACTING OF NEW p.8 WHOLESALE, PIECE BY PIECE
INVESTORS p.8 INVESTMENT FUNDS FAIL TO BECOME MOVING FORCE OF
p.15 ON THE SERBIAN CAPITAL MARKET START THE CLOSED MSE
INVESTMENT FUNDS p.8 TIKVES ESTABLISHED COMPANY IN ENGLAND
p.16 NBRM TO RECEIVE NUMISMATIC MATERIAL p.9 DESULPHURIZATION OR BLOCKADE OF OKTA!
p.16 CONDITIONS FOR HOUSING CREDITS IMPROVED p.9 TELEKOM DISTRIBUTES DIVIDEND AT ITS OWN ASSESS-
p.16 EURO`S VALUE CONTINUES DROPPING MENT
p.16 STRENGTHENING OF THE DOLLAR CAUSED DROP OF THE p.9 STOPANSKA BANKA REDUCES HOUSING CREDIT FEES
OIL p.9 MACEDONIAN COMPANIES ON INVESTORS` CONFERENCE
UTRINSKI VESNIK IN ZAGREB
p.1 JOHNSON MATTHEY DELAYS THE FOUNDATION STONE SPIC
p.1 THE GOVERNMENT PLANS TO REALIZE PROMISES WITH p.1 VELES PROTESTS
TELEKOM DIVIDEND p.5 BLOCKADES BEFORE OKTA
14 berzNIK number 27
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 16.06.2008

14.06.2008 SATURDAY
1. SHORT REVIEW OF EVENTS

The news for the condition of the domestic
market of the mobile telephony is the most com-
mon among the Saturday’s printed media. The
newspapers inform that the Commission at the
Electronic communication agency has rejected
the appeals of the T – Mobile and Kosmofon oper-
ators for the initial solutions for referent offers for
interconnection, i.e. these two operators will
charge 50 percents lower prices for VIP for the
calls towards their network. The decision of the
Commission is final, and the operators are due to
submit the amendment of the referent offer for
approval to the Agency, in a deadline of 30 days
from the adoption of the second instance deci-
sion, is stated in the announcement of AEK, from
where they explain that such decision has been
reached in order for efficient competitiveness in
the area of public communication services in the
country to be promoted.
The National Bank wants to rein the increas-
ing trend of crediting, is the title of the article in
Vecer, which informs that the banks and the sav-
ings – banks in the country from the 1st of July will
be obliged to separate additional deposit with the
National Bank, in case if the growth of the credits
from the population goes over 40% at the end of
the year. About the compulsory deposit, the
National bank will pay interest from one percents
on annual level. The Council has adopted amend-
ment on the decision for the interest in the
National Bank, with which the interest being
charged by the National bank for the Lombard
credit instead of 7.5 percents will amount 8.5 per-
cents.
According to the Stock Market analysis in
Nova Makedonija, MBI – 10 continues to go down
and it has lost half percent more on last Thursday,
on the last trading day from the last week and it
closed on 5 358.34 points. The turnover of the offi-
cial market in classic trading was 17.7 millions of
denars. Bigger thickness of the traded shares in
one transaction on Thursday has been noted with
Granit, Alkaloid, Komercijalna Banka and
Makpetrol. Together, these shares have realized a
turnover of eight millions of denars, which repre-
sents almost half of the total turnover on the offi-
cial market, and they also dragged MBI – 10
down.
In Nova Makedonija you will read that the
Balkan chamber’s network will hunt down foreign
investments. Two thousand of companies from
EU and from Western Balkan can point out the
obstacles for attracting direct foreign investments
in the survey that will be implemented in the
frames of the “Partneri 2” project, with which the
investments in Albania, Bosnia and Herzegovina,
Macedonia, Croatia, Montenegro and in Serbia
will be promoted. The project costs at least 1.3
millions of euros, it will last 18 months and it has
been initiated and carried out by Euro Chambers.
Utrinski Vesnik emphasizes the leaving of the
third group of economic promoters of the country
during this week. Their destinations are Germany,
France, Norway, Denmark, Sweden, Finland and
the Baltic countries, then follow Russia, Ukraine
and Kazakhstan, Bulgaria with Romania Israel,
Jordan and Egypt, China, Hong Kong, Korea,
Japan and India with Malaysia, Singapore and
Australia. Macedonia will have a total of 18 pro-
moters abroad that are going to help in attracting
foreign investments.
Utrinski announces that Silmak will become
operational with seven stoves for the production
of ferrosilicium. After the reactivation of Silmak in
the beginning of March this year, one started with
monthly production of around 4 000 tons of fer-
rosilicium and now one gets near to 5 200 tons of
monthly production. For such production effect, all
of the 600 workers that had been on forced vaca-
tion earlier have been engaged.
In today’s newspapers is the announcement
that Usje and Silmak have bought the night elec-
tricity i.e. the electricity from the night surpluses,
which were offered by MEPSO in the period from
16th to 22nd of June. From this action, the trans-
mitting system operator will cash in 62 000 euros.

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

1. THE BLOCKADES BEFORE “OKTA” AT EASE UNTIL MONDAY(*****)
2. DEPOSIT FOR THE BANKS FOR MORE GRANTED LOANS (*****)

DNEVNIK OVERFLOWS
p.7 "VIP" TO PAY CHEAPER INTERCONNECTION p.6 BANKS EXAGGERATE WITH CREDITS
UTRINSKI VESNIK VEST
p.3 DEPOSIT OF THE BANKS TO NBM IF THE CREDITS p.3 SILMAK TURNS ON ALL THE SEVEN STOVES
INCREASE FOR OVER 40 PERCENTS NOVA MAKEDONIJA
p.4 “SILMAK” TO START TO WORK WITH SEVEN STOVES p.8 THE FUNDS ARE DEPOSITING IN KOMERCIJALNA, ALKA-
p.7 МБИ 12.06.2008 LOID AND IN GRANIT
p.7 APPEALS OF “T-MOBILE” AND” KOSMOFON” TO BE REJECT- p.8 DESULFURIZATOR UNTIL MONDAY TO BE SET OR TO STOP
ED THE REFINING IN “OKTA
p.7 THE THIRD GROUP OF ECONOMIC PROMOTERS TO SET p.8 BALKAN CHAMBER’S NETWORK TO HUNT FOREIGN
OFF INVESTMENTS
p.7 THE BLOCKADES BEFORE “OKTA” AT EASE UNTIL MONDAY p.8 AEK REJECTED THE APPEALS OF “T – MOBILE” AND “KOS-
VECER MOFON”
p.6 DEPOSIT FOR THE BANKS FOR MORE GRANTED LOANS SPIC
p.6 USJE AND SILMAK BOUGHT THE NIGHT POWER p.1 “OKTA” TO RELEASE MOUNTAIN AIR?
VREME p.6 “OKTA” TO RELEASE MOUNTAIN AIR?
p.4 “OKTA” GOT EXPULSION UNTIL MONDAY
p.6 THE SALE OF PETROLEUM DRIES UP, STATE BUDGET
 Date 16.06.2008 number 27
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
1. SHORT REVIEW IN THE WEEKLY MAGAZINES
GLOBUS
Pg.28 LIFE WITH GAS-MASKS
This situation is not surprising by two reasons. The radioactive iron usu-
ally comes from Kosovo, where generally the radiation has highly been
increased because of the war there and taking into consideration that
Macedonia, despite the warnings from the International agency for atom
energy, still doesn’t have adequate warehouse for low and middle-radioac-
tive waste, then radioactive lightning rods and old radioactive sources that
were used in the industry can often be found among old iron.
KAPITAL
Pg. 8 LUKOIL IS YET TO EXPAND THE BUSINESS IN MACEDONIA
The upcoming period the Russian oil company Lukoil will expand its ac-
tivities in Macedonia, the company’s president, Vagit Alekperov, announced
on the meeting with Macedonian president, Branko Crvenkovski.
Pg.8 GOVERNMENT AND AGROKOR START BUSINESS TOGETHER
IN STRUMICA
In Strumica these days started the preparations for the construction of
the first agro-stock exchange in the country. According to the announce-
ments, the purchase-distribution center in Strumica will officially be opened
before the beginning of next production season.
Pg.11 KOSMOFON CONTINUES TO OPERATE, BUT IN WHAT WAY
The office of Kosmofon in Macedonia sent an announcement in which it
explains that it will not close, after the Greek paper Ta Nea published that the
company will close its branch in Macedonia so that it does not harm the inter-
ests of Deutsche Telekom.
Pg.11 BRILIJANT INVESTS 9,8 MILLION EUROS IN NEW PLANT
Cooking oil production factory Brilijant from Stip opened new plant for
production, in which it invests 9,8 million Euros. The new factory is equipped
with modern equipment, unique on the Balkans, which is from the world’s
famous manufacturer the German GEA Westphalia.
Pg.24 THE STRONGEST WAVE OF CHANGES COMES IN SEPTEM-
BER!
Macedonian telecommunication market starts to shake again. The few-
month “the calm before the storm”, which covered the market, right after the
bombastic announcements for the wide range of services the WiMax opera-
tors will offer, has ended, and now the market enters new chapter of very big
changes.
Pg.28 VODAFONE SEES GREAT POTENTIAL IN MACEDONIA
STEFAN VEIL SENIOR MANAGER FOR PARTNER MARKETS IN VO-
DAFONE
Besides that you now have exclusivity in the offer of BlackBerry servic-
es here, do you have any other plans on expanding your business on Mace-
donian market?
Veil: At the moment we implement BlackBerry on Macedonian market as
result of the mutual cooperation between Mobilkom Austria Group and
Vodafone, and there will be many other products coming in future as well.
Pg.40 INVESTMENT BANKING IN MACEDONIA AS WELL
Apart from the standard services they offer to the population and the
legal entities, banks in Macedonia offer no services of the so called invest-
ment banking, segment from the banking industry that develops in the region
more and more, and the developed countries have it from long ago. Or, to be
more specific, they haven’t offered such services until now.
Pg. 42 ZK PELAGONIJA LEAVES STOPANSKA BANKA-BITOLA BY
FORCE
Governor of National Bank of Macedonia, Petar Gosev, passed decisi-
on by which the shares ZK Pelagonija owns in Stopanska banka-Bitola will
be sold through public auction on Macedonian stock exchange.
berzNIK
15
09.06.-14.06.2008 MONDAY-SATURDAY
Pg. 43 THREE NEW OPEN FUNDS WILL ENTER STOCK EXCHAN-
GE1
Macedonian capital market received new institutional player. Insurance
company Sava Tabak together with Slovenian company Pozavarovalnica
Sava (Sava Re) from Ljubljana founded new company for investment funds
management which name is Sava Invest.
Pg. 44 A WEEK IN THE SIGN OF TOPLIFIKACIJA!
The first week of June brought nothing spectacular concerning the
turnover or the share prices. Realized have been transaction worth 113,6 mil-
lion denars, which is 13 million more compared to the week before. On the
official market the turnover was 20 million denars bigger and on the regular
market one million denar smaller.
Pg. 46 STOPANSKA BANKA INCREASED THE INTERESTS OF DE-
NAR CREDITS AND DEPOSITS
Stopanska banka increased the interest rates of denar credits and
deposits for 0,5 and 1%. Unchanged remain the interest rates of the credits
with property or deposit pledge.
Pg. 46 EXPERT-LOANS FOR PROFESSIONALS FROM OHRIDSKA
BANKA
Experts-loans of Ohridska banka are purposed for the professional
needs of legal and physical entities who deal with legal professions (lawyers,
notaries, bailiffs), medical professions (doctors, dentists, vets), technical pro-
fessions (architects, civil engineers, appraisers, auditors, consultant, book-
keepers) and other profession (reporters, artist etc.).
Pg.82 BECUTAN TURNS 30
In the hotel Belvi lat week Macedonian pharmaceutical company alkaloid
celebrated the 30th birthday of its most recognizable brand Becutan.
FORUM
Pg. 26 HIGHER ELECTRICITY PRICE IN FALL?
Recently the power price for households in Montenegro increased for 15
percent. This is third increase of the power in this country for period of one
year, with which electricity in this country became twice as higher than in the
other countries in the region.
Pg.27 THE BROOM TOO HAS TWO ENDS
Macedonian citizens keep more than 1,6 billion Euros in banks alone,
potential that no one takes it seriously. In every normally developed country
the banks are initiators of the investment activity, offering their savers proj-
ects which they would double up their funds by, more than they would make
from the interest yield.
Pg.31 TOPLIFIKACIJA THE MOST TRADED
In the first post-election week the capital market went without any signif-
icant changes.
Unlike the stock exchange in Belgrade, where there was big increase of
Belgrade BELEKS and movements on the market right after the elections, on
Macedonian stock exchange the first week after the early parliamentary elec-
tions, instead of increase we had fall of MBI-10 and the market turnover.
FOKUS
Pg. 25 WE ARE YET TO GET SHOCKED
Last Friday, the price of barrel oil increased for 11 dollars in one day
reaching record-breaking 138 dollars per barrel. The increase of about 9 per-
cent in one day is with no precedent in the history of trading with oil.
Pg.26 WITH THIS PACE, MACEDONIA WILL IN 2040 REACH THE
LEVEL OF CROATIA FROM 2007!
The big support that Nikola Gruevski and VMRO-DPMNE received on
the early parliamentary elections is mainly due to the successes the Gover-
nment had on economic plan.
16 berzNIK number 27
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 16.06.2008

REVIEW OF THE REGIONAL STOCK EXCHANGE

for the period 05.06. - 12.06.2008
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EVENTS THAT MARKED THE WEEK...

SECURITIES COMMISSION
KIBS - seventh share
Sava Invest-new company for funds management emission
Another company for funds management-Sava Invest AD Skopje on the capital market, The Securities Commission gave the
which got founding permit from the SC. Founders of Sava Invest AD Skopje are two legal per- Clearing house Klirinski Interbankarski sis-
sons-Pozavarovalnica Sava d.d. Ljubljana, Republic of Slovenia and the Joint-stock insurance temi AD Skopje permission to issue seventh
company Sava Tabak Skopje. The company’s capital is 200.000 Euros. It is planned the com- share emission. With this the KIBS received
pany to found and manage three open investment funds. Founding the new company for funds approval to issue 1.467 ordinary shares
management increases the competition in the investment operation on Macedonian securities worth 14.670.000 denars. The emission is
market. Sava Invest AD Skopje is the fifth company for funds management in the Republic of purposed for known buyers-the company’s
Macedonia. shareholders.

SKOPSKI PAZAR A.D. SKOPJE

Sale of shares by private offer No incomes from customs
The Export and Credit Bank AD Skopje also received approval to sell own shares by private terminal
offer. There are 1.051 ordinary shares by selling price of 49.000 denars per share, actually the
total selling value is 51.499.000 denars. Skopski Pazar a.d. Skopje notifies that,
starting 30.03.2008 the Company makes no
On the 103rd session, which took place on 09.06.2008, issued was one work permit for more incomes from customs terminal servic-
investment consultant. es. For this reason the overall income for
2008 is expected to be smaller than in 2007.

NEW PRODUCT ON THE FINANCIAL MARKET

GROW UP WITH TTK BANK

Within the campaign, TTK Bank, as a socially responsible bank, donated 85,000 denars to the children from SOS Children’s Village –
- Children’s savings is the new product in
the wide palette offered on the market by TTK
Bank, which has been created according to the
needs of the clients.
Children’s savings of TTK Bank offer the
most favorable interest rates, wherewith it ena-
bles parents to create savings for their children
which will “grow up” with them or which might
be used for tuitions, trips or other purposes.
The interest rates for denar savings depo-
sits move from 1% at sight, through 8% for term
deposits for one year, i.e. 8,50% and 9% for
Skopje, 1,000 denars per child
term deposits for two/three years. In euros sav-
ing, interest rate at sight is 0,90 %, for term
deposits for 12 months it is 3,50 %, for 24
months it is 4,50 %, and for term deposit to
three years it is 5,50%.
This product is available to all children
younger than 18. Every new saver will have a
transaction account and a savings account.
There are two types of savings books – denar
and foreign currency.
TTK Bank offers an opportunity to the clos-
est relatives and friends to deposit funds to the
children, wherewith TTK Bank would issue
them a marked voucher-greeting card which
they can give to the children. The funds
deposited on the account can be made term
deposits as well as withdrawn from the account.
Within the campaign, TTK Bank, as a
socially responsible bank, donated 85,000
denars to the children from SOS Children’s
Village – Skopje, 1,000 denars per child. All
people who wish to donate funds to the children
from SOS Children’s Village and provide a
peaceful childhood and bright future to them
can do so on the account 290100000086376.

TTK Bank s.c. Skopje is a bank in the

Republic of Macedonia which was founded by
merger of former Tetovska banka and Teteks-
kreditna banka on 1st of July 2006. On 4th of
October 2006, European Bank for Recons-
truction and Development (EBRD) became a
new shareholder and partner to TTK Bank, which
is a proof and a guarantee that it is a matter of
quality and stable bank with enormous develop-
ment potential. Teteks AD Tetovo Group is the
major shareholder with 43.80% of the capital, fol-
lowed by EBRD with 25% of the capital.
On 19th of December 2006, this cooperation
was crowned with signing of an Agreement for a
credit line for SMEs with EBRD, which is in func-
tion of bank’s objectives – to be a bank for the
small and medium-sized enterprises and the
population.
With the entrance of EBRD, the dedicated
team of experts of the bank has a permanent
objective to be a stable business partner in the
dynamic banking sector in this country and
abroad.
18 berzNIK number 27
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 16.06.2008

W E E K LY R E V I E W O F M A C E D O N I A N S T O C K E X C H A N G E
period 09.06. - 13.06.2008
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* Turnover value with included block transaction