berzNIK - YEAR II - NUMBER 20 -28th APRIL 2008 - (SUPPLEMENT OF TENDERNIK)

- INCREASED DOMESTIC PRODUCTION

SALVATION FOR EXPENSIVE FOOD
Date 28.04.2008 number 20
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Dutch grant
– sign of faith in Macedonia
* The Government received one more acknowledg-
ment for the successful reform and economic policy, one
more support before the Easter holidays – a grant agree-
ment for improvement of the investment climate and public
sector management. Meaning, the macroeconomic stabili-
ty of Macedonia will be supported by a grant in the amount
of 7 million euros, provided by the Dutch Government as a
support to the project, financed by World Bank. According
to the Ambassador of the Kingdom of the Netherlands,
Simone Filippini, her country is supporting the develop-
ment of many countries all over the world, but it rarely sup-
ports macroeconomic
projects. – The fact that
Even before the elections – praises, support and the country receives mac-
encouragement for us to continue on our way ro support is a sign of fa-
towards Europe, even though we were tripped on the ith in it, emphasized Am-
way towards NATO. Everyone supports us, but bassador Filippini. She
nobody can stand on the way of our Southern neigh- recommended to World
bor. The country which is the main reason for the suf- Bank and the Minister
fering of the Macedonians on the Balkans and wider. Slaveski to use the funds
The ones who say one thing in our faces and have wisely.
different attitudes behind our backs know this very In the name of the
well. Sure, this is my thesis. This whole thing is just trust given, Minister Sla-
flattering, everything OK, but nothing can be done veski informed that the
without good neighboring relations. I do not know as funds are already project-
of when does changing of your own name is classi- ed in the current budget.
fied as good neighboring relations…If you are not – These projects are
called X there goes the neighborhood…Just like the focused towards improve-
commercial, either credit card or no sale…That is ment of the investment
democracy for you in the civilized world of the big climate and strengthen-
countries…It will be as they wish – democratic, or as ing of the efficiency of the
they plan, only with an economic restraint, or in other public sector and its man-
words, quiet economic blockade…But, anyhow, in agement. Slaveski em-
the name of the good neighboring relations and for phasized that part of the
the sake of the big democratic countries, we are try- money from the grant will
ing to carry out the wishes which should bring eco- be used for improvement
nomic progress in Macedonia…Well, we lasted this of the investment climate
far, we suffered a lot, we only need a bit of diploma- through reforms in the ju-
cy and we will become a part of the smart democra- diciary and the labor mar-
cy!...Is not the boon of mankind contained in the well- ket, strengthening of the
being of all nations?... financial mediation and
supervision and strength-
ening of the competitiveness of the business sector. The
second part refers to strengthening thorough public sector
management, where reforms of the public administration,
the public health and the decentralization process are
being financed.
World Bank Resident Representative to Macedonia,
Markus Repnik, emphasized that the contribution from this
agreement is significant and that it supports the key ele-
ments in a reform agenda. According to him, the reform
agenda which was carried out under these projects already
gave results. – In September last year, Macedonia was
ranked among the best countries regarding the rate of
improvement of the business climate in World Bank’s
Report, Doing Business. Repnik emphasized that World
Bank, along with the Dutch Government and other interna-
tional partners will support Macedonia in its reforms and
European integration.
* The Italian investors also concluded that Macedonia
is interesting for investments. Businessman from this coun-
try is interested of building of a hotel from the brand of
Sheraton or Hilton in Skopje. This was announced by the
Italian businessmen during their visit in this country. They
showed most interest for the energy sector, as well as for
investing in real estate and the environment in Macedonia.
* The German construction company Hochtief is also
interested to invest in our country, the airport in Skopje,
Financial Times Deutschland said immediately before the
holiday. The newspaper, quoting Government sources from
berzNIK
3
Macedonia, points out that Hochtief, which already owns
shares in the airports in Tirana and Athens (as well as in
the airports in Sydney, Budapest, Hamburg and Düssel-
dorf), has a good chance to win the deal for the Macedo-
nian airports. According to Government’s plan, which was
recently published in the media, the best bidder should
invest 300 million euros in the development of the three air-
ports in this country.
* Even the Greek businessmen, who are some of the
biggest investors in Macedonia, are interested for the busi-
ness cooperation between the two countries to continue.
Let us remind that Greece invested about 300 million
euros and makes a profit of about a billion euros in Mace-
donia. I do not believe that the Greek politicians forgot this
data when they forbid MAT to fly over their territory. Then,
deliberately or accidentally, the barriers also appeared dur-
ing the traditional import of Macedonian lamb into Greece
before the Easter holidays. What could be expected after
all of this… Counteroffensive of course… Now the
Macedonian citizens are also canceling the tourist arrange-
ments for Greece. First the trips for the Easter holidays
were canceled, and now the summer arrangements are
also boycotted. According to the estimations, even 80% of
our citizens who had an intention to spend their summer in
Greece gave up from the idea. The situation encourages
the citizens who boycott the Greek products and compa-
nies in Macedonia. The turnover is decreased by 15% only
in the supermarkets of VERO. They ignore the fact that
5.56% of the employees in the country are working in com-
panies with Greek capital.
We will also lose in this trading war, but, in any case,
our Southern neighbor stepped on the dignity of the com-
mon citizen and of the rich people who went shopping in
Greece… Let us not forget that the Greek market was
overcrowded with Macedonian shoppers during every holi-
day… They emptied their valets there. But, as things are at
the moment, both sides lose. Because of the cancellation
of all arrangements to Greece, the tourist agencies in
Macedonia lost about half a million euros. They will not get
their money back, because they paid the money to their
Greek partners several months ago as a deposit for renting
of hotel rooms and suites for the summer tourist season.
Representatives of the Association of the Travel Agen-
cies of Macedonia say that if they consider the rented char-
ters to the Greek islands, the damage for the cancellation
of the arrangements for Greece would be somewhere
between 3 and 5 million euros.
* The war with economic restrictions which was initiat-
ed by Greece involves the businessmen as well. Due to
that, not only the political authorities came out with harsh
reactions and protest note, but the chairman of the busi-
ness association in Macedonia also tried to amortize the
situation. Chairman of the Economic Chamber of Macedo-
nia Branko Azeski wrote to his Greek counterpart Georg
Kasimatis, from whom he requested to appeal to the
Greek authorities to cancel the blockades of the Macedo-
nian products which are exported to Greece. According to
Azeski, the recent occurrences with the Euro-Atlantic inte-
grations disappointed the business community, but they did
not discourage in their orientation for the economy to con-
tinue functioning in accordance with the matrix of the
reforms regarding NATO and the EU.
Until the next Monday
Makedonka Baldazarska
BerzNIK editor-in-chief
e-mail: berzNIK@interNIK.com.mk
 4 berzNIK number 20
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 28.04.2008

SLOVENIAN EXPERIENCE FOR USING THE PRE-ACCESSION FUNDS

ON THE ROAD TOWARD EU

- RURAL DEVELOPMENT A PRIORITY
- EU’s agricultural policy is actually
expressed as mutual policy and therefore it
is very important that we prepare on time
for its implementation, so a lot of resources,
both human and financial have to be given
to this project. In this direction Macedonian
progresses pretty good

T
he purchase of Macedonian products,
implementation of the Book of Rules fro
milk, rural development projects and
appropriate usage of the money from the
European funds are the topics on which
Macedonian and Slovenian ministries of agri-
culture discussed at the last week’s meeting in
Skopje. On this second visit to Macedonia,
Slovenian Minister of Agriculture Iztok Jarc and
the host, Minister of Agriculture of Macedonia,
Aco SPasenovski, came to mutual conclusion
that our country moves in the right direction in
the agriculture sector. Our country will use
Slovenian experience to get closer to the
European standards. Slovenian experts will be
carrying out trainings for increase of the fresh
milk quality and will help in as much bigger and dizing and the European funds, in the upcoming money from the European pre-accession funds,
more rational usage of the European funds for period the Agriculture Ministry has to direct and the country allocates 300 million euros for
development of rural environments as possible. toward the rural development as well, the mis- grants in agriculture yearly for the hundred reg-
- We talked about specific things we can do ter from Slovenia said. istered farmers.
together and about deepening what we have Slovenia has successfully been using the K.S.
done the past years. We discussed about the
implementation of the Book of Rules on the milk
quality of a farm and exchange of experiences, OPENED OFFICE OF SLOVENIAN-MACEDONIAN BUSINESS CLUB
where Slovenian experts would train our farm-
ers and milk producers. In this period of coordi-
nation and adjustment we will actually be using
NEW IMPULSES FOR GREAT BUSINESS COOPERATION
the Slovenian experience, Spasenoski said.
Slovenian minister pointed out that for the In the rooms of the Economic chamber of Macedonia last week was opened an Office of
past period Macedonia has made big success Slovenian-Macedonian business club and accepted were 19 new members. At the gathering of
in adjusting Macedonian legislation to the one the companies bearers of the business relations between the two countries, present were also
of EU. - EU’s agricultural policy is actually the Ambassador and the Consul of Republic of Slovenia to Macedonia, Alain Brian and Tomaz
expressed as mutual policy and therefore it is Trobentar.
very important that we prepare on time for its The Slovenian-Macedonian Business Club was founded in 2004 at the initiative of Marijan
implementation, so a lot of resources, both Siftar, ex Ambassador, together with few companies with joint capital from the Republic of
human and financial have to be given to this Macedonia. The business club was formed to improve the economic activities, for support of
project. In this direction Macedonian progress-
turnover, investments, the economic cooperation and development between the economic enti-
es pretty good, Jarc said.
He confirmed Slovenia’s readiness to con- ties of the two countries, as well as for the support Republic of Slovenia is giving to the
tinue helping our country in the development of Republic of Macedonia to its road toward the European Union.
Macedonian village and announced technical President of the Club’s assembly is Momo Rafajloski, and president of the Board of
aid in setting software for keeping track on the Directors Damir Kuder. As of November last year the Club started to operate professionally,
purchase from the placement of fruit, vegetable and for executive director is appointed Iskra Jovanovik. Starting with the first 10 companies,
and meat, adjusted to the Macedonian needs, founders of the club, now the club has 73 members. Besides with joint capital, members are
with special accent to the food safety, all of this also firms and companies which are in full Macedonian ownership, but cooperate with Republic
for business connection and placement of of Slovenia. This only shows that there is climate of cooperation but also that Macedonia is
Macedonian products in Slovenia, especially in favorable place for investments.
the part of early garden products, fruit, veg- Ambassador of Republic of Slovenia, Alain Brian Bergant, pointed out that this was one of
etable and Macedonian lamb. the most active business clubs of this kind on the Balkan and on the territory of former
As very important the Slovenian minister Yugoslavia, and next is announced financial support by the Slovenian country.
pointed the standard projects for small process-
- Compared to the other EU countries, Slovenian consulate in the Republic of Macedonia
ing capacities for their business activities. –
That’s the model of rural development, where has the most liberal regime and the biggest number of issued visas- Tomaz Trobentar under-
Slovenia has great experience. These small lined. – The alleviations that are planned refer to the part of business trips to Republic of
projects will help Macedonian villages and Slovenia. When submitting the documents for visa, the document issued by the Economic
Macedonian rural development to be able to chamber of Macedonia on the company where the applicant works will no longer be required.
develop. Slovenian experience plays big role At the end of June it is planned organizing of Days of Slovenian-Macedonian Business
here, both in using the European funds and the Club, when the members will have an opportunity to present themselves to the wider public.
specific standard projects. Apart from the subsi-
 Date 28.04.2008 number 20
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
berzNIK
5
C O N T E N T S 21.04.2008 MONDAY
INTRODUCTION . . . . . . . . . . . . . . . . . . . . . 3 1. SHORT REVIEW OF EVENTS
SLOVENIAN EXPERIENCE FOR USING THE Greece and Macedonia are on the edge of trade The reason for this are too high criteria placed by the
PRE-ACCESSION FUNDS . . . . . . . . . . . . . . . . . . . . 4 war; Lamb and MAT remain blocked; the Government Customs, complain importers. According to the cus-
still hasn`t received an official answer to the protest no- toms it is about companies` inertia and insufficient
berzNIK, MONDAY, TUESDAY, WEDNESDAY. . . . 5-7 te sent to Greek authorities on the occasion of the information about the entire exemption of bank guaran-
transporter MAT`s ban for charter flights in this country. tee.
NBRM- WORKROOM FOR THE FOOD These are the main news in all today`s newspapers. - The politics – barometer of the stock market is
PRICES AND INFLATION . . . . . . . . . . . . . . . . . 8 - 9 For the Government, according to competent bodies the headline of the weekly stock exchange analysis
familiar with this problem this situation and the block- published by Vecer. According to the analysis small
JOHN JONOVSKI, OWNER OF PHALANX ade of Macedonian lamb import mean trade war of profit of 4.2 million euros was realized on Macedonian
CAPITAL.....................................10-11 Greece with Macedonia. In addition to this thesis are Stock Exchange. This is less for one million euros in
the protests of Greek farmers who announced block- relation to previous week. By the middle of the week,
OPTIMISM FOR THE MACEDONIAN
TEXTILE......................................10-11 ade of Macedonian lamb import. Greek stockbreeders the stock exchange index MBI-10 was dropping and
are against the import of lamb or any other meat from increasing to close the week with 5.692, 42 index
STOCK EXCHANGE NEWS.................. 12 Macedonian stockbreeders because it will endanger points, which is 1.17% decline. These indicators only
the sale and the price of their products. This is second confirm that capital market hasn`t been left immune to
berzNIK, THURSDAY, FRIDAY, SATURDAY..13-14 shock for Macedonian stockbreeders since ten days the current political event in the country.
ago, during the import ahead of eastern holidays; Gre- Dnevnik informs about the stock exchange analy-
WEEKLY MAGAZINES...…....................15 ece stopped our shipments, leaving around 60 thou- sis published in Croatian newspaper, Poslovni
sand lambs unsold. Dnevnik. – Psychological moments in investors behav-
BUSINESS MEETING OF EC AND THE PRESI- - The European bank for reconstruction and devel- ior not the market`s fundament are crucial for stock
DENT OF THE GOVERNMENT AND VMRO- opment (EBRD) has announced a credit line of 250 mil- exchange indexes movement in the region. The events
DPMNE, NIKOLA GRUEVSKI......................16 lions of euros for support of the development of the in the last few months confirm theories from the school
micro, small and medium sized entrepreneurships on books. The interest about investigating investors`
PAST WEEK IN THE TOKEN OF... ..............17 the Western Balkan. The board of directors of EBRD on behavior emerges after the New York Stock Exchange
12 of May will hold a meeting to dispute about the downfall in 1929 which resulted with the bankrupt of
WEEKLY REVIEW OF THE MACEDONIAN approval of the credit line for the financial in Serbia, hundreds of banks where many Americans lost their
STOCK EXCHANGE............................18-19 Montenegro, Bosnia and Herzegovina, Macedonia, jobs. Than the psychologists established that majority
Croatia, and Albania and in Kosovo. The purpose of of the market behaves according to the psychology of
I M P R E S S U M this project is to straighten the crediting of the small the public pile which characterizes with irrational
and medium sized entrepreneurships, and to provide behavior. According to questionnaires, 73% of the
development of the mortgaging credits, leasing, factor- investors in Japan and 64% in USA give advantage to
ing services, i.e. repurchasing of short term debts as psychology of investors before markets`s fundaments.
well as development of the insurance services. Spokesperson of Zagreb Stock Exchange, Zeljko
Publishing: INTERNACIONAL NIK AD - Skopje
Vreme publishes that importers use bank guaran- Kardum, considers that the rapid decline and growth of
Media library and digital archive tee and don`t dare to use customs relief. So far none of shares on the Stock Exchanges in the region indicate
Editors office: berzNIK Macedonian companies asked for one hundred percent that investors behave euphorically.
Address: Square MAKEDONIJA bb, p.box 882 Skopje, 1000, reduction of the bank guarantee for import of goods.
R.Makedonija
Phone.
web:
02/25.32.800 faks: 02/25.32.839
www.interNIK.com.mk;
2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS
e-mail: info@interNIK.com.mk 1. THE LAMB AND MAT REMAIN BLOCKED (****)
2. THE EUROPEAN BANK HAS ANNOUNCED 250 MILLIONS OF EUROS FOR THE WESTERN BALKAN (****)
Executive Director: Zdravko Josifovski
Account Menager: Divna Pesic DNEVNIK p.8 THE EUROPEAN BANK HAS ANNOUNCED
Public relations: Natasa Dimovska p.11 EXPORT IN UKRAINE STARTING FALL 250 MILLIONS OF EUROS FOR THE WEST-
ICT Manager: Kiro Velkovski p.11 EUPHORIA MOVES THE STOCK MARKETS ERN BALKAN
Marketing manager: Ivona Josifovska IN THE REGION p.8 OLEG DERIPASKA - RICHEST RUSSIAN
Assistent: Stojne Danilova p.11 IDEA FOR NEW CREDIT CARDS IN EURO- BUSINESSMAN
Logistics manager: Ana Petrova VECER
Finance manager: Gordana Stojanovska
PE
p.11 CATTLEMEN DO NOT SELL THEIR LAMBS p.6 THE GREEK STOCKBREEDERS HAVE PUT
STOCK EXCHANGE REVIEW OF EVENTS IN THE BIZNIS A RAMP ON THE MACEDONIAN LAMB
PRINT MEDIA berzNIK p.1 OKTA PAID 154; MAKEDONSKI SHUMI p.6 GREECE WILL NOT RECALL THE DECISI-
OWES 18 MILLION EUROS ON ON MAT
berzNIK is founded in year 2007. p.2 CAPITAL MARKET BETWEEN THE POLI- p.6 THE POLITICS – THE BAROMETER OF
STOCK EXCHANGE REVIEW OF EVENTS IN THE
TICS AND REGIONAL STOCK EVENTS THE STOCK MARKET
PRINT MEDIA berzNIK p.3 ABSURD GREEK JUSTIFICATIONS OF THE VREME
Number: 20 FOOLISH MOVE!? p.6 THE GREEK STOCKBREEDERS HAVE PUT
Date: 28.04.2008 p.3 GREEK FARMERS BLOCKED THE BOR- A RAMP ON THE MACEDONIAN LAMB
DER p.6 GREECE WILL NOT RECALL THE DECISI-
IT IS DISTRIBUTED FOR SUBSCRIBERS ONLY p.3 SPEAK UP WEEKEND NEW OFFER FOR ON ON MAT
FRONT PAGE PHOTO: THE YOUTH p.6 THE POLITICS – THE BAROMETER OF
PETAR GOSEV - GOVERNER OF NBRM p.7 CREDIT LINE OF 250 MILLION EUROS FOR THE STOCK MARKET
WESTERN BALKANS VEST
Photo: p.12 ECONOMISTS SPEAK THE SAME LANGU- p.6 EVN – ESM SHOULD DISCONNECT HALF
Robert Spasovski AGE OF MACEDONIA
Editorial staff of berzNIK
p.12 REINFORCEMENT OF THE COMPETITION p.7 GREEKS WITH BARRICADES AGAINST
Internet distributive system: www.interNIK.com.mk IN PHASES MACEDONIAN LAMB
Editor: Makedonka Baldazarska p.13 IN FAVOR OF THEIR OWN DAMAGE NOVA MAKEDONIJA
Journalist: Vaska Mickoska, Kiro Simonovski p.15 MBI-10 FELL FOR 1, 17 PER CENT p.1 PASSENGERS AHEAD, LAMBS STOP!
DTP: Tatijana Trpkovska p.15 THE BLOCK SKOPJE WEIGHTY 23, 5 MI- p.5 JANAKIEVSKI FILES PROTEST NOTE TO
Editorial staff: LLION DENARS THE GREEK MINISTRY OF TRANSPORT
News Evaluator: Anita Bashoska, R. Tasovska
[operators]:Mare Lazarevska, Arslan Skoro, Zoran Stamatovski, p.15 BLOCK TRANSACTIONS WITH SHARES p.5 EBRD INVESTS 250 MILLION EUROS IN
Martin Arsovski, Gorge Redzik, Toni Arsovski i Darko Tripunovski OF EVROPA - SKOPJE WESTERN BALKAN
[translators]: translator's manager Senka Mihajlovska, Angelina p.16 THE PROJECTED RATE OF ANNUAL IN- p.5 CAPITAL OF 4,2 MILLION EUROS TRADED
Filipovska, Slobodan Trajkovski, Aleksandar Stamenkovski, Aneta CREASE OF THE CAPITAL M4-28,6 PER- ON THE STOCK EXCHANGE
Menoska, Filip Koviloski, Darko Ivanovski CENTS SPIC
Fotoreporter: Robert Spasovski p.16 THIS WEEK IS EXPECTED FALL IN PRICE p.5 THE BUTCHERIES IN STRUMICA ARE IN
Marketing, distribucija i proda`ba: UTRINSKI VESNIK LOSSES BEFORE EASTER
INTERNACIONAL NIK AD - Skopje p.7 OIL RAGES ON GLOBAL STOCK MAR- p.5 QUARTER BILLIONS OF EUROS FOR
KETS, GOVERNMENT JUST WATCHES WESTERN BALKAN
 6 berzNIK number 20
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 28.04.2008

1. SHORT REVIEW OF EVENTS
- This year, Macedonia should make econo-
mic growth of 4.5%, while the growth will be 5%
next year; this was the prognosis of the Interna-
tional Monetary Fund which was published to-
day’s editions of all print media. This prognosis
is part of the latest report, which was prepared
by experts of the International Monetary Fund
and which is meant for the European countries.
These prognoses are far lower than those
for the following period that have planned the
Macedonian authorities who are outgoing, and
who envisage that the GDP will range between
6 and 6.5%.
The experts doubt that in time of elections
they can achieve such successful economic re-
sults. The Macedonian economy achieved an
increase of 5.1% last year.
In the analysis for the ranging of the Euro-
pean economy, announced yesterday on the of
IMF’s website, it is estimated that Croatia in the
same period will make growth of 4% in 2008 and
6% in 2009, while Serbia 4.3% in 2008 and 6%
in 2009, while Serbia 4.3% in 2008 and less
than 4% in 2009.
The news that Macedonia received a grant
from the Dutch government from seven millions
of euros for improving the investment climate
and for straightening the managing and the effi-
ciency of the public sector was also topical in to-
day’s editions of the daily newspapers. The Am-
bassador Simone Filipini said that Holland
supports the development of many countries,
but in a small part of them finances macroeco-
nomic projects. Since 1999, Holland has provid-
ed 102 million euros as a macroeconomic sup-
port of Macedonia. The money is already
planned in the Budget.
The Prime Minister Nikola Gruevski, the
Deputy Prime Minister Zoran Stavreski, the Mi-
nister of Finance Trajko Slaveski and the direc-
tor of ELEM Vlatko Cingoski met with the busi-
nessmen from the Macedonian Chambers of
Commerce. They wanted to hear their demands
and proposals, which, according to Gruevski,
could be even included in the electoral program
of the party. The invitation for the meeting came
from the Government’s services, but Gruevski
emphasized that they met at VMRO-DPMNE’s
request.
The purchase of Macedonian products, im-
plementing the regulations for milk, projects for
rural development and right utilization of the mo-
ney from the European funds are the key topics
on which discussed the Macedonian and Slove-
nian ministers of agriculture, today’s editions of
the print media inform.
With liberalization to cheaper Internet. Ma-
cedonian railways rented part of the optical cab-
le that is in their ownership to the VIP operator
of TELESMART. The price is 3000 denars per a
kilometre, and the time for which the cables will
be rented will be determined at the signing of
the agreement that could be signed from two to
ten years. It is a matter of a total length of an op-
tical cable from Tabanovce to Veles, which en-
ters Skopje too, with length of 120 kilometres,
and in the next phase other optical cables will be
offered, informs Nikola Dimitrovski, director of
Macedonian railways Transport. This is a sec-
ond time for the optical cable to be rented. The
first time it was in 2006, but because a deal had
been made with an indirect agreement with one
22.04.2008 TUESDAY
domestic company, it was annulled.
In today’s edition of the daily newspapers
you will read that the entire Macedonian export
is carried out without an international mark. No-
ne of the agricultural food products from Mace-
donia does not have international trademark.
The trademarks mean that the products are
standardized and quality, and without them, the
products are without their geographic origin.
There is a danger for the products we export
without the symbols contained in the trademark,
to end up on the markets in other countries as
some other products without geographical ori-
gin.
The news about the export of lambs in Gre-
ece does not stop. The Macedonian lamb will
still end up on the Greek market as Serbian
meat, are the speculations from the butchers
from Skopje, while Greece complains that they
are overflow with smuggled lamb meat from our
country. - The Serbian companies buy our meat
and export it in Greece as their own. Therefore
there is an increased export and smuggling of
lamb meat in Serbia, a country that had been
unknown for the domestic exporters-the butch-
ers say. The representatives of the federation of
farmers in Macedonia do not know whether the
lamb is being smuggled in Greece and they
claim that the repurchase this year is drastically
lower, than from the last year.
- The Government’s Spokesman Ivica
Bocevski and the Minister of Agriculture Aco
Spasenovski came out yesterday with appeals
to the Greek authorities, and the first man of the
Macedonian Chambers of Commerce, Branko
Azeski, addressed to the Greek businessmen.

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

1. MACEDONIA SMUGGLED LAMB`S MEAT IN GREECE?! (*****)
2. HOLLAND DONATION OF SEVEN MILLION EUROS (****)
DNEVNIK TOR FROM NETHERLANDS
p.7 GREECE ACCUSES US OF LAMB SMUGGLING VECER
p.7 HOLLAND DONATION OF SEVEN MILLION EUROS p.6 VIP AND TELESMART RENTED PART OF THE OPTIC CABLE
p.7 THE RAILWAYS RENTS OUT THE OPTICAL CABLE p.6 GRUEVSKI: ELECTIONS WILL NOT AFFECT ECONOMY
p.7 МBI 21.04.2008 p.6 AFTER TETOVO MILK BREAD REDUCES PRICE AS WELL
p.17 THE FAULTED STOVE OF USJE WILL NOT BE DISCONNECTED p.7 GREEK BLOCKADES TO STOP!
BIZNIS p.7 MACEDONIA SMUGGLED LAMB`S MEAT IN GREECE?!
с.1 MACEDONIA WITH ECONOMIC GROWTH TO FIVE PERCENT VREME
p.3 GOOD STOCK FINDS ITS PLACEMENT p.2 THE BUSINESS PEOPLE ARE LOBBYING AGAINST THE TRADE WAR
p.3 THOUSANDS OF LAMBS SMUGGLED p.6 THE FARMERS WILL LEARN FROM SLOVENIA
p.3 SEVEN MILLION EUROS GRANT FOR THE COUNTRY p.7 THE BUYER OF ALUMINA BECAME STATE SECRET
p.13 МBI 21.04.2008 p.7 THE CONSTRUCTION WORKERS DEMAND BETTER PROTECTION
p.13 THE FALL OF MBI-10 CONTINUES p.7 WITH THE LIBERALIZATION TO CHEAPER INTERNET
p.13 ON THE OFFICIAL MARKET REALIZED 15 MILLIONS OF DENARS p.7 NO HERO TO PROTECT OUR FOOD ABROAD
p.14 69, 2 MILLION DENARS TO PURCHASE ITS OWN SHARES p.9 THE CEMENT FACTORY WENT OUT WITH A FINE
p.14 NON-TRADE TRANSFERS VEST
p.14 TEN MOST LIQUID LISTED COMPANIES p.2 DUTCH GRANT OF SEVEN MILLIONS OF EUROS
p.14 ALKALOID TO ALIENATE PERSONAL SHARES p.4 TAXING THE TIP OF THE WAITERS
UTRINSKI VESNIK p.7 ROASTED LAMB FOR THE SLOVENIAN MINISTER
p.1 IMF FOR THE FOLLOWING YEAR ENVISAGES ECONOMIC GROWTH NOVA MAKEDONIJA
OF ONLY 4, 5 PERCENTS p.3 ECONOMIC GROWTH OF 4, 5 PER CENT IN MACEDONIA
p.1 APPEAL FROM MACEDONIA TO GREECE TO STOP THE TRADE WAR p.5 THE FOOD PRICE THREATENS THE STABILITY
p.9 МBI 21.04.2008 p.5 ONE DENAR FOR A MINUTE TALK
p.9 VIP AND TELESMART WILL USE THE OPTICAL CABLE OF MZ p.5 SPEAK UP WEEKEND WITH REDUCED TARIFF
p.10 ONE DENAR PER MINUTE OF CONVERSATION THROUGH VIP p.5 DELIKATES DIAZ EXPORTED BAKED GOODS WORTH 400 THOSAND
MOBILE OPERATOR EURO
p.10 SGIP TRAINED WORKERS FOR PROTECTION OF ACCIDENTS p.5 THE FIRST SLOVENIAN SUPERMARKET IN SHTIP
с.10 IMF FOR THE FOLLOWING YEAR PROGNOSES GROWTH OF 4, 5 SPIC
PERCENTS p.1 THE LAMB GOES TO GREECE WITH SERBIAN PASSPORT
p.10 TEXTILE WORKERS ASK GOVERNMENT TO HURRY UP ON PROTO- p.6 7 MILLIONS OF DUTCH EUROS FOR MACEDONIA
COL WITH TURKEY p.6 INCREASE FOR 4.5 PERCENTS
p.10 A GRANT OF SEVEN MILLIONS OF EUROS FOR THE PUBLIC SEC-
 Date 28.04.2008
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
1. SHORT REVIEW OF EVENTS
The trade war between Greece and
Macedonia is getting deeper.
The problems with the lamb export are very
present in the daily papers even today. After the
accusations in the Greek papers of lamb smug-
gling from Macedonia, the Government is seri-
ously considering to officially ban the lamb
export to Greece… The minister of agriculture
Aco Spasenoski says that the stock breeders
should not worry that their lambs will stay in the
stockyards, since after the Eastern holidays he
would organize export for the Middle East.
Nevertheless, the exporters are already mark-
ing negative balance and claim that it is too late
now to compensate the lost placement of lamb
in Greece by redirecting the export in other
countries… Greek health inspectors require on
the meat intended for stores there be seal that
the meat was from FYROM. Greek farmers yes-
terday stopped the protests organized against
the lamb import from Macedonia, Bulgaria and
Turkey.
In order not to lose the Greek market, the
Macedonian companies plan to open their own
representation branches in Serbia and Bulga-
number 20
ria.They claim that they do not have any prob-
lems with their Greek partners, but they are
complaining about the obstructions from the
state organs in Greece.
The freighters were first to be under the
blow, being forced by the Greek customs to
alter the data in the documents. The customs
services confirm that the protocol of passen-
gers on the Macedonian – Greek border has
been cut in half and only the containers with
Chinese goods, which arrive on the Thessaloni-
ki port, have been passing without problems,
and their final destination is Macedonia.
The German company Deutsche Telecom
wants to have a total control upon the decision
making process of the Direction council of the
Greek telecommunication company OTE, to-
day’s Dnevnik reports. At this moment the
Greek state and Deutsche Telecom are owners
by 25% each plus one from the share capital of
OTE.
The two companies are present on the
Macedonian market too. Deutsche Telecom
through the Hungarian Matav owns Macedoni-
an telecom and Mobimak, and OTE is owner of
berzNIK
7
23.04.2008 WEDNESDAY
the second mobile operator Kosmofon.
Only small percent of the milk meets all
European standards, and the major part does
not meet the required criteria. Therefore there
is transitional period until 2012. Within these
few years the farmers have to be trained and
work has to be done on field so that about 70 to
80 percent of the Macedonian milk can meet
the EU standards - minister of agriculture, Aco
Spasenovski, said at the visit of Central inde-
pendent milk laboratory at the Faculty of Veteri-
nary Medicine.
All business man is opposing the applying
of patriotic fiscal receipts, but the Government
is persistent in the intention for their compulso-
ry applying, until the beginning of July, this year,
Utrinski Vesnik informs. Even the two Cham-
bers of Commerce, which usually have different
stands and requirements in their address to the
Government were united about this question.
In Biznis one could see in more details the
financial reports on the working of several com-
panies, such as Alkaloid, Toplifikacija, ZK
Pelagonija…

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

1. EXPORT IN GREECE VIA SERBIA AND BULGARIA (*****)
2. DEUTSCHE TELECOM WANTS A TOTAL CONTROL OF OTE (**)
Export in Greece via Serbia and Bulgaria
In order not to lose the Greek market, the
Macedonian companies plan to open their own
representation branches in Serbia and
Bulgaria. The businessmen are afraid that the
deteriorated political relations between the two
countries are going to endanger their business
even more. They claim that they do not have
any problems with their Greek partners, but
they are complaining about the obstructions
from the state organs in Greece.
- I have already been inquired about the
procedures and I have understood that it is the
easiest to open a company in Bulgaria, but in
Serbia as well. I already have Bulgarian pass-
port and it will be easy to move the business
through this country – says the owner of a trad-
ing company from Strumica.
In the Chamber of commerce in Macedonia
confirm that the administrative procedures with
the southern neighbor have been increased,
but the documentation acknowledgeable.
Deutsche Telecom wants a total
control of OTE
The German company “Deutsche Telecom”
wants to have a total control upon the decision
making process of the Direction council of the
Greek telecommunication company OTE,
announced yesterday the “Imerisija” newspa-
per. Also the negotiations between the govern-
ment in Athens and “Deutsche Telecom” are
continuing in this direction, reported MIA.
At this moment the Greek state and
Deutsche Teleco” are owners by 25% each
plus one from the share capital of OTE.

DNEVNIK p.8 TOPLIFIKACIJA WITH PROFIT OF 1,9 MILLION EUROS

p.8 DEUTSCHE TELECOM WANTS A TOTAL CONTROL OF OTE p.9 THE BUSINESS MAN UNITED OPPOSE THE PATRIOTIC
p.9 МBI 22.04.2008 CASH BOXES, THE GOVERNMENT DOESN’T WANT TO BOW
p.9 PLACEMENT OF LAMB MEAT WILL BE FORBIDDEN ON THE p.9 EASIER TAXATION IN PRO
GREEK MARKET VECER
p.9 EXPORT IN GREECE VIA SERBIA AND BULGARIA p.6 TALKS OF ONE DENAR PER MINUTE
p.9 MACEDONIAN MILK IN FOUR YEARS IN EU p.6 CERTIFICATES FOR PROTECTION AT WORK
BIZNIS p.6 SPEAK UP WEEKEND - 3, 9 DENARS PER MINUTE
p.1 IT IS TOO LATE FOR REDIRECTION p.6 ONE TONE LAMB MEAT FROM MACEDONIA AND BULGARIA
p.4 IT IS TOO LATE FOR REDIRECTION CAPTURED IN GREECE?!
p.11 THE THREE STOCK EXCHANGE INDEXES IN INCREASE VREME
p.11 CONCLUDED FIVE TRANSACTIONS WORTH 36,7 MILLION p.7 THE RECEIVER TO SAY THE TRUTH ABOUT ALUMINA
DENARS NOVA MAKEDONIJA
p.11 A TURNOVER OF 14, 3 MILLION DENARS THROUGH 154 p.5 ONLY SWEDMILK AND BITOLA DAIRY OWN EXPORTING
TRANSACTIONS LICENSES
p.11 MBI 22.04.2008 p.5 ALKALOID REALIZED 6.8 MILLIONS OF EUROS OF PROFITS
p.15 MILESTONE DOMINANT OWNER WITH 90, 98 PER CENT IN 2007
p.15 NET- PROFIT FOR 2007- 146 978 567 DENARS p.5 PILKO WILL OPEN NEW PROPULSION FOR DELICATESSEN
p.15 ABOUT 25.000.000 DENARS FOR DIVIDEND OF ORDINARY PRODUCTS
SHARES p.5 IN GREECE ONE TON OF LAMB MEAT FROM MACEDONIA
p.15 NON-TRADE TRANSFERS OF LISTED COMPANIES` SHARES AND BULGARIA CONFISCATED
UTRINSKI VESNIK SPIC
p.8 ALKALOID MADE PROFIT OF 6,8 MILLION EUROS LAST p.1 THE PATRIOTIC FISCAL RECEIPTS IN CIRCULATION
YEAR p.5 STARTED THE ISSUE OF FULL LENGTH FISCAL RECEIPTS
 8 berzNIK
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
NBRM - WORKROOM FOR THE FOOD PRICES AND INFLATION
SALVATION FOR EXPENSIVE FOOD
- INCREASED DOMESTIC PRODUCTION
What are the reasons for the increase of food prices? Are these one-time factors or structural movements that will have influence
on longer term? Who loses and who wins in these relative movements of prices? What can be done to maintain macro-economic
stability and soften the consequences on the poor people on short and long term? - are only few of the questions on which experts
debated at the workroom organized by NBRM
- The increase of food prices in
Macedonia is among the highest ones,
Governor Petar Gosev pointed out at the
workroom on subject: Food prices and infla-
tion, organized by NBRM right before the
Eastern holidays.
In March this year the inflation was 10,2
percent and the increase of the food expens-
es are 20,6 percent. According to Gosev the
best answer for such price shocks is the con-
crete plan for increase of the offering on agri-
cultural and industrial food products from
domestic production. Increased investments
in this sector and measures taken to prevent
further degradation of the plowland are the
only answer to this kind of events. – Most of
the central banks throughout the world react
on these events by tightening up monetary
policy, the Governor underlines adding that
NBRM reacts on the same way, regardless to
the opinions that allegedly there is nothing to
be done here.
Introduction speech of the Governor
- As a problem the food prices and infla-
tion concern the regular people, manufac-
tures, the experts and creators of economic
policies. The concern is more than under-
standable, because there is hardly someone
who hasn’t felt the consequences of infla-
tion… Opposite to the high benefits the mod-
ern civilization has provided, at least half of
the total world’s population of 6,6 billion peo-
ple have problems with providing the basic
existential needs… According to the World
Bank, ¾ from them are among the poorest
people in the world. IMF index, by which the
prices of the stock exchange food stocks are
being measured, from 1997 to 2007 has
been increased for 85%, calculated into dol-
lars…In January this year the food prices in
the world have increased for 33% compared
to the same month last year, and the energy
price, which is an important factor in food
production as well, has increased for 65%.
As exceptionally open economy with high
rate of import, especially in some sectors
(extremely dependent on energy import and
significantly dependent in the food sector),
Macedonia, with this economic structure and
the small template, is basically an absorber
of the world’s shocks. And that is why the
food and energy increase is inevitably
inputting itself in our price indexes and the
number 20
Date 28.04.2008
life expenses. In Macedonia the life expens- As one of the growing economies, represent-
es in March this year were 10,2% bigger than ing one fifth of the world’s population, China
in March last year, with the food expenses eats half of the world’s pigs. Here we cannot
increase of 20,6%. The domination of food forget India and the other growing economies
prices influence on the overall life expenses as well. For the past few years the demand
index, because of the low incomes of the for bio-fuels has been increasing pretty fast,
households, is as many as 38.2 percent. Just because of the growing prices of the fossil
for comparison, in the developing countries energy.
this index is about 30% and in the developed
countries it moves between 10 and 15%. - The supply was also affected by the
exceptional climate conditions. Four of the
Since our analyses show that for the past five biggest wheat exporters have reduce of
few years the inflation in Macedonia has production because of the bad conditions for
been under strong influence by the food cultivation in 2007.
prices, this clearly imposes the significance
of the movements and conditions in the The next key question is- Will the trend of
agronomy and food-processing sector both food prices increase go on? The answer is
for the Central bank and the monetary poli- not simple. Based on old experiences, after
cy… certain period of time, one can believe that
the market equilibrium will be removed. The
- The reasons for the food prices supply will meet the requests and the prices
increase are to be looked in both supply and will calm down. However, analysts point to
demand. Namely, the countries with low significant risks. Namely, the growing income
income mark strong increase for many years. per citizen and strengthening the demand for
Apart from the income increase per citizen, alternative sources of fuels, will continue the
there is strong process of urbanization, which upward pressure on the food prices. Current
caused increase of demand for higher caloric forecasts suggest that in the bigger growing
food, especially the meat, milk and eggs. economies the increase will go on.
Between 1962 and 2003, the meat consump- Second, the climate changes which rele-
tion per citizen in the developing countries gate the environment, the urbanization that
had increased three times, while the con- reduces the lands for cultivation of agricultur-
sumption of cereals had increased for only al products and reduce of the number of
20% per citizen. Analyses show that the meat farmers, seems to be another threat for the
consumption had increased accordingly to supply as answer to the future.
the GDP increase, but also that to produce
one kilo beef one needs eight kilos of wheat. - Is there something good in the latest
The price shock exported
Pero Dimshoski, deputy-minister of Agriculture, Forestry and Water Economy:
Food prices on the world markets have marked in increase of over 50% comparing the
year before. For the past few months the high prices of food and fuels have stimulated
inflation globally contributing to reduce of the households’ consumption power, whereas
EU already discusses increase of social transfers and their possible negative effect on the
already upward inflation movement. The same trend affected the Macedonian economy.
The index of agricultural products prices in Macedonia marks constant increase compar-
ing last year. In conditions of intensive trade exchange and externally exported price shock,
increased domestic prices have been determined by the prices on the world’s market with
certain influence in the same direction as result of the reduced domestic supply caused by
the unfavorable weather conditions. The negative input from outside is big, especially in
the energy and cereals. The cereals have increased from 70% to 90%. The strategy will be
clearer to us with the new crop. It will define new conditions, so we will know what direc-
tion the prices in the new economic year will take.
 Date 28.04.2008
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
increase of the food and food products prices
and the significant improvement of the agricul-
ture’s position in the inter-department
exchange?
Can this lead to reduce of poverty and
balance between supply and demand on
longer term, with positive effects on the
macro-economic stability? My answer is- yes
it can.
Namely, the high incre-
ase of food prices is some-
thing like a double-edged
sword. On one hand, the
three billion people who
live at the villages, the
three quarters are the lion
part of the total number of
people in the category of
poor people in the world,
and it is logic to them that
their position will improve
through the relative price
increase of the agricultural
products…
This food price incre-
ase is stimulation for posi-
tive response by the poli-
tics. Finally, this sector will
be paid greater attention,
both in the spoiled West
and the poor underestimat-
ed world of the developing
countries. Based on the old
lessons, it is reasonable to
expect: instead of blocking,
unblocking of the DOHA
negotiations on the issues
enclosed in the agriculture
agenda; Instead to keep
and increase the subsidies
in agriculture, to be an
opportunity for their reduc-
tion and at the same time
to increase investments in the agriculture;
Instead of ban on export of certain products,
which some countries did unfortunately, the
ban on other trade obstacles too should be
removed.
In this direction the stimulation of new
contract on the global food policy deserves
our support, which was done on the recent
spring meeting of IMF and the World Bank,
which basic goal is long-term increase of
agricultural production with special support to
the agricultural policies in the poorer coun-
tries.
Prices of Macedonian food - the highest
In Macedonia the increase of the food
prices is among the highest ones. In March
this year, on a yearly level, prices are 20,6%
higher.
Within this food index, the prices of the
wheat products have increased for 26%, the
ones of fresh and processed vegetable for
37%, of the fresh and processed fruit for
29,8%, of the milk for 20,6 percent and of the
fats for 49,9%. What do these indexes of
number 20
increase show?
- In the inflation of 10,2% in March, the
food partakes with 7,88 percentage points or
77%. This means that in this period we can
freely use the term agflation in Macedonia.
We can see that there is great increase with
the products which are from domestic origin
and which Macedonia is net-exporter of, as
well as products which we completely export
or to which, more or less, Macedonia is net-
exporter.
Through the prism of external-trade
Statistical aspects in
measuring inflation
Snezana Shipovik - State Statistical
Office: The index of life expenses marks
inflation. In 2007 there was relatively low
average annual inflation - 2,3% in
Macedonia and 2,4% in the EU countries.
The indicative inflation at the end of the
year was 6,1% here opposite to 3,2% in
the EU countries. In 2008 the upward trend
of inflation continues, starting 7,4% in
January to 10,2% in March.
The indicators that determined the
inflation in 2007 are most expressed in
relation to the food and non-alcoholic bev-
erages with 39,6 percent. Water, electricity
and other fuels take 12,2%, traffic takes
9%, clothing and shoes take 7,7%.
berzNIK
9
exchange, as well as through some physical
indicators, the analysis at the side of supply
and demand has been offering us pretty neg-
ative findings for the agricultural production
and the overall food sector of Macedonia for
the past few decades. Data show that from
1998 to 2007 Macedonia has constant deficit
of food products in the exchange with the
world, on yearly level with average of 174,6
million euros (without tobacco
and beverages). In 2007 the
deficit is 221,5 million euros
or total of 1.745,7 million
euros for the past ten years.
Since the overall trade deficit
in the past decade is 8.680,4
million euros, 20, 1% goes to
the deficit of agricultural prod-
ucts.
The import’s share in the
overall consumption of food
products in the period of
1998-2006 increases the
whole time, it goes from
19,5% in 1998 to 29,2% in
2006. Increase of the import-
ing component can also be
marked with certain agricultu-
ral products such as the me-
at, milk, etc.
From the indicators for
certain agricultural products-
meat, milk, the garden prod-
ucts, sugar…as well as from
the size of the agricultural
lands, one can draw conclu-
sions that: agricultural pro-
duction is in stagnation, op-
posite to the domestic grow-
ing requirements; The deficit
of the agronomy and agricul-
tural-food products in the
exchange with the world
increases; The lands for plan-
ting agricultural products reduce all the time;
The dependence from the food from the rest
of the world increases, creating an opportuni-
ty for the world market to even more dictate
our domestic prices and even without the
non-trade connections with the world and
especially with certain regions.
Summarizing, Governor Gosev pointed
out that more probable and wiser is to expect
that the food prices in the world, and accord-
ingly here as well, will not go down and we
should be prepared for this kind of situation.
The best answer for such price shocks by the
supply is the concrete plan for increase of the
offering on agricultural and industrial food
products from domestic production. In-
creased investments in this sector and meas-
ures taken to prevent further degradation of
the plowland are the only answer to this kind
of events. After the decade derelictions, the
climate in this sector is finally great. The prof-
itability rate is going up, with significant
increase of the food prices, which most likely
is not of short-term nature, and the increase
of demand in the world, as all forecasts say,
will continue.
V.M.
10 berzNIK number 20
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 28.04.2008

JOHN JONOVSKI, OWNER OF PHALANX CAPITAL

THE DISTRUST AND THE BUREAUCRACY

– OBSTACLE FOR FASTER ECONOMIC
DEVELOPMENT
John Jonovski is an economic expert with over 15 years of investment banking
experience, revision, advisory to the countries in transition from the region,
including Macedonia. He gains the experience in the field of economy working
as a director in the investment banking sectors in world famous banks and
investment funds such as UBS Bank of Switzerland, ABN-AMRO, Rothschild
Funds Management, Coopers & Lybrand, and he brought it in Macedonia for the
first time when he acted as financial adviser to the former Prime Minister,
Vlado Buchkovski.
In 2005 he founds his own company to provide world-class financial services
to clients in the fast growing markets of South East Europe, Phalanx Capital,
with headquarters in London, and a year ago the company opens up its branch
office in Skopje.
What is the main occupation of Phalanx - Corporate finance, which includes
Capital, and since when are you present in Ma- strategic financial consultancy, mergers
cedonia? & acquisitions, restructuring, evaluations
and capital rising, equity and dead capi-
- A year and half ago, we started working tal. In that part, for example in mergers
actively in Macedonia, Practically, I am always and acquisitions, we are not doing deals
on relation London-Skopje, but because we ha- which are smaller than 15 – 20 million eu-
ve a lot of work, we decided to open up an offi- ros, we prefer doing deals at around 30
ce in Skopje. At the moment we are working ve- million euros or more. We simply have
ry actively in Serbia, and we consider making set up quotas for each indicator apart.
Belgrade our regional headquarters. So, for example if it is a matter of dead
Principally, we are dealing with financial capital, we will not do anything that is
services. We are engaged in four lines of busi- less than 20 million euros. If it is equity
ness: capital, we will look for things which are

OPTIMISM FOR THE MACEDONIAN TEXTILE

EXPORT IN EU – WITHOUT DUTY

With the Protocol for diagonal cumulation between Macedonia and Turkey, the Macedonian merce, adding that the Macedonian textile
textile workers will be able to distribute the final products in the EU member states without industry is suffering enormous losses because
having to pay duty, wherewith they will be more competitive, even though they will use it cannot use this benefit. He reminded that
imported material even in October last year, the Customs Ad-
The Macedonian producers of final textile region. ministration of Macedonia signalized that this
products will finally have conditions for equal Considering that Turkey is among the agreement is effective and that it can be used,
competitiveness on the competitive market in biggest producers of raw material for textile because of what, many textile firms from the
the European Union. It will be enabled by the products, it is clear why the Macedonian textile
Protocol for diagonal cumulation between companies are eager to sign the Protocol as
Macedonia and Turkey, with which, the possibil- soon as possible and to start using the advan-
ity for implementation of materials with Turkish tages which it offers. The lack of this document
Diagonal cumulation
origin in the Macedonian products meant for is one of the reasons why the Macedonian tex- A final textile product, in order to gain
export in the EU member states. This way, the tile industry falls behind the textile industries of preferential origin, has to be manufactured
textile producers and traders will be more com- the countries from the region, especially of from yarn. This cumulation allows that prod-
petitive by 12-15%, a percentage which was Romania and Bulgaria, to which, this previous- uct to be made in Macedonia from imported
meant for payment of duty for the Macedonian ly signed diagonal cumulation enabled acceler- materials, in this case, from Turkish materi-
products until now. This presents a very signifi- ated development. Many of our companies lost als. So, the products, even though they do
cant positive impulse for this branch, because, partners from the European countries, which not meet the yarn criterion, will meet the cri-
according to the incomplete statistical data, the found partners in the countries from the region. terion for preferential origin, i.e. duty will not
textile realized an export of $686 million in the – The further delay of the signing would mean be paid if they are exported in EU member
EU member states and USA last year, where- missing one more production season, that’s states, says Irina Nedelkovska, independ-
upon about 50% were exported to Germany. why, we appeal the Protocol to be signed as ent councilor from the Origin Service at the
Except in Germany, the final textile products soon as possible. The technical Government Customs Administration of the Republic of
were also distributed at the markets in Greece, should find a way to realize this, emphasizes Macedonia.
Italy and the United Kingdom, and 1/3 of the Vlado Netkov, member of Textile Industry
total export went to the countries from the Group at the Macedonian Chamber of com-
 Date 28.04.2008
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
probably five million euros, and up.
Then, there is another line, which is Trading
and Securities – we do retail trading, rather we
help our clients with large portfolios, in the regi-
on, to achieve good liquidity for those portfolios.
So we do, trading and securities, then we
do principle investment, and a principle invest-
ment is when we find an opportunity which is
interesting, for example - firm needs money, or
they want to do something, then we consider
investing our own money, and we will bring
other investors alongside us, to invest in differ-
ent businesses.
We are looking for return in period of three
years, and we want at least 30% of the profit.
And the last sequence of the business is
asset management; this is a business which we
are building up at the moment, and that is a
new line which includes wealth management,
we work with the people who have a lot of mo-
ney. We help them to manage their wealth, and
we usually work with people who have at least
one million euros to invest.
What are the human resources that
Phalanx Capital has on disposal and what is
the experience of your team?
- Our executive consists of three people –
me, Michael Jonovski and Hugh Creal. I
believe that collectively, we’ve got over 45
years of international investment banking expe-
rience. We have done more than 80 transac-
tions, with a total value of more than 20 billion
euros. We have done that in Australia, America,
Europe, and Asia…
In the professional portfolio of our team I
can enumerate companies like Union Bank of
Republic of Macedonia started using Turkish
raw materials for the products meant for export
in the EU member states. But, it was concluded
that the approvals received from our Customs
Administration are not valid. – It is now asked
which will be the repercussions from all of this,
because some of our companies’ partners will
request compensation, from a reason that they
will have to pay duty for the products imported
from Macedonia in their countries, says Netkov.
- The process is ongoing, emphasized
Hasan Kizartichi, the trade representative of
Turkey to Macedonia, the Protocol for origin of
the goods between the two countries in the
framework of the Free Trade Agreement is
already completed, prepared, and delivered to
the Macedonian authorities. – Now it is only
number 20
Switzerland, ABN – AMRO Capital, British
Telecom, World Bank, L’Oreal, M6 Investments,
OTE and many others, where we have worked
as investment advisors.
The Government of the Republic, Pivara –
Skopje, Investbanka are all part of our engage-
ment in Macedonia.
In the Government of SDSM you were
financial advisor of the Prime Minister at that
time, Vlado Buchkovski. What do you think of
the Macedonian economy at the moment, and
where do you think we are going in the future?
- Macedonia is moving forward, but slowly.
The legal system in Macedonia still does not
function as it should, because the legal reforms,
the judiciary and the one-stop-shop system are
still in progress.
If we discuss the economy, and why
Macedonia is not moving forward, I think it is
because of a culture of non trusting individuals,
respectively people who are constantly disrupt-
ing the business. It is a general culture in the
bureaucracy.
The business climate in Macedonia is
improving, and in that direction are the cam-
paigns for attracting foreign investments. It is
though only on of the factors. Other important
and influential factors are: the infrastructure,
the people, respectively the human capital,
communication with markets, openness to
other markets, business-friendly governance,
and a business-friendly bureaucracy.
I think that the Government can reduce the
personal taxes more, which would significantly
increase the foreign capital.
My opinion is that Macedonia never rea-
ched an economic consensus about where it
necessary for the Macedonian side to sign it, to
return it to Turkey, and thus the bureaucratic
part would be finished. Only the ratification will
remain – says Kizartichi.
Statistic
According to the unofficial statistical data for 2007, the Macedonian textile industry exported
products worth $686 million, while textile products and raw materials worth $517,416,142 were
imported. Over 86% of the products are exported in EU member states, USA and the countries
from the region.
The women’s blouses, which were third most exported product in 2006. Farther, men’s blous-
es, women’s trousers and jackets, men’s trousers and jackets and blazers also had a big part in
the export. There are 14,453 employees in this industry.
berzNIK
11
really wants to go, and that is a major obstacle
for the economy for all these years.
Considering your work, you are certain-
ly acquainted with the work of the Macedonian
Stock Exchange. How do you comment the
recent activities and events connected with
the Stock exchange?
- Regarding the Macedonian Stock Ex-
change, I would say that people hate taking los-
ses. Having a paper loss in ok, but a cash loss,
people hate to realize cash loss. Physiologi-
cally, lots of people hold on to the hope that the
prices are going to rise, so there are lots of psy-
chological issues here. Not accessing NATO
has caused nothing special, but a small turbu-
lence on the Stock Exchange, definitely cause
by the psychological factor only. When a share
starts to depreciate, the people are afraid to
sell, thinking it will never rise back. The
Macedonian citizen has no financial experience
or whatsoever regarding these matters. When
you are purchasing a share, you are investing
in a business. When you are investing in a busi-
ness, you need to make a certain evaluation,
and here the investment is done over specula-
tions only.
So, what I want to say is that people ought
to educate themselves. If they do not want to be
informed they should at least invest in someone
who is educated, or simply they should invest
where he invests.
The investment funds are good for them,
because they are de facto managed by people
with extensive experience.
K.S.
Krum Efremov, State Councilor for Trade
from the Ministry of Economy, also expressed
optimism and emphasized that it is expected
that the Protocol will soon be put in use, despite
of the political situation in this country. The
Protocol will have to be published in the Official
Gazettes of both countries, as well as in the
Official Gazette of the European Union.
With the diagonal cumulation of the origin
of the goods, all products which will be export-
ed from the region will be marked with a region-
al mark. Until now, Macedonia could have
exported only products which were declared as
Macedonian in the EU, whereupon duty was
paid, i.e. the products which contained compo-
nents with an origin from the other countries,
were not acknowledged as Macedonian prod-
ucts.
V.M.
12 berzNIK number 20
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 28.04.2008

STOCK EXCHANGE NEWS... STOCK EXCHANGE NEWS...

ZK PELAGONIJA AD BITOLA
Net profit of 146,978,567
denars
ZK Pelagonija – Bitola made a net profit in
the amount of 146,978,567 denars in 2007.
The company reports incomes of
1,091,859,424 denars in the income state-
ment, while the total expenses were in
amount of 931,942,533 denars.
In the balance sheet, the total assets are
in the amount of 2,847,095,083 denars, while
the total liabilities are worth 2,847,095,083
denars.
After taxation in the amount of
146,978,567 denars, the company separates
23,987,533 denars from the retained earn-
ings, which presents 15% of the profit in oblig-
atory reserve fund, 2,615,077 denars, i.e. 2%
in dividend from preference shares which are
a property of Pension and Disability Insurance
Fund of Macedonia and 120,375,957 denars
meant for reinvesting in investments of the
company.
Also, with a decision of the shareholders’
Assembly, Dine Mitrov from Skopje, Doctor of
Veterinary Medicine, was appointed inde-
pendent member of the board of directors.
FERSPED A.D. SKOPJE
Forwarding agencies in May
will divide over 33 million
denars
Fersped A.D. Skopje in its decision for
profit`s allocation after the annual account and
financial reports for the business 2007 came
out with the following information:
The largest forwarding company ended
2007 with profit (after taxation) of 189.568.541
denars. On the basis of the decision for use
and allocation of the dividend after annual
account 33.020.650 denars will be allocated for
dividends of shareholders and 156.547.891
denars remain as unallocated profit. First trad-
ing day without the right on dividend for 2007 is
06.05.2008, while the last trading day with the
right on dividend is 5 May 2008.
-The datum of evidence which establishes
the list of shareholders who have a right on div-
idend for 2007 is 08.05.2008.
ALKALOID AD SKOPJE
Dividend – 100 denars per share
Alkaloid a.d. according to the results from the audited financial report realized in 2007 total
sale of 4.26 billion denars, which presents an increase of 20.48 percent compared to 2006. 41
percent of the sale has been realized on the domestic market, while 59 percent of the sale was
realized on foreign markets. Consolidated net profit for 2007 amounts 376.5 million denars and
compared with previous year is increased by 10%. The unit net profit for 2007 is 418.56 million
denars i.e. around 6.8 million euros. According to the decision reached by the shareholder`s
assembly, the profit will be allocated for dividend and personal income tax, additional expenses
on the basis of the decision and personal income tax for investments. The part for dividend and
personal income tax is around 159 million denars or 38 percent from the total profit, 26 percent
of the profit or 108.5 millions are intended for additional costs while 36 percent of the profit or
150.9 million denars will be reinvested. Owners of Alkaloid` shares will receive net dividend of 100
denars net per one share.
According to the dividend calendar, the last trading day with the right on dividend for 2007 is
7 May, first trading day without the right of dividend is 8 May, and the datum of acquiring the right
on dividend is 12 May this year. The dividend will be paid on 16.05.2008.
Buy-back
Shareholders of Alkaloid a.d. on an annual shareholder assembly reached a decision for
acquiring own shares with purchase of one tenth from company`s principal. Shares will be pur-
chased from the special reserves separated in the past years.
At the same time a decision has been reached for alienating own shares in order to maintain
the stability of the company and to harmonize it with legal provisions. The nominal value of one
ordinary share of Alkaloid is 25.56 euros. The shares which are subject of alienation are with the
right on vote, under the principle of one share- one vote in company`s assembly. The procedure
for the sale of shares will be conducted in accordance with the provisions from the Law on
Securities. Alkaloid after alienating their own shares will notify the Security Commission and the
public about the quantity of the recorded and paid securities.
TOPLIFIKACIJA AD SKOPJE
25,000,000 denars for dividend of ordinary shares
The shareholders’ Assembly of Toplifikacija AD Skopje brought a decision for disposition of the
2007 profit. According to the information submitted to the Macedonian Stock Exchange, the com-
pany will separate 15% (17,655,510 denars) from the net profit of 117,703,398 denars for legal
reserves. 25,000,000 denars in gross amount for 450,000 shares in a price of 55.55 denars per
share will be separated dividend of ordinary shares of the shareholders. The rest will be consid-
ered as retained earnings and it will be used for investing.
According to the dividend calendar, last trading day cum-dividend is 30.04.2008. First trading
day ex-dividend is 02.05.2008, and the record date is 06.05.2008. The dividend will be paid until
30.09.2008, and the payment will be carried out through shareholders’ transaction accounts.

SKOPSKI PAZAR AD SKOPJE

The shareholders will share
15 millions of denars
In 2007, Skopski Pazar A.D. has realized
total turnover of 1.994.902.310 denars, while
the total expenditure amounts 1.838.533.466
denars. On the session of the Shareholders
Meeting, held on 20 April 2008, after adopting
the year account for 2007, a decision is made
for the net income of the company, in amount of
94.272.717,00 denars to be allotted in reserves
for purchase of own shares, for which are allo-
cated 69.272.717 denars, for participation in
the income of the employees and the manage-
ments are allocated 20 millions of denars, while
the amount for dividend is 15 millions of
denars.
The dividend for regular share amounts
155 denars or 5 % of their nominal value, while
for the priority share will be paid divided of 210
denars, which is 7% of their nominal value.
According to the dividend calendar, last day for
trading without right on dividend for 2007 is 29
April 2008, first day of trading without dividend
is 30 April, and datum for acquiring right on div-
idend for 2007 is 5.05.2008. The dividends will
be paid off in the legal term, until 30 September
2008.
On the shareholders meeting, also, was
reached decision with which the funds envis-
aged for purchase of own shares, in amount of
69.272.717,00 denars are approved, as well as
unspent allocated funds in the past years in
amount of 319.588.974,50 denars to be real-
ized for purchase of at most 10% of the total
number of shares. The purchase should be
made with procedure envisaged by the Statute
and Law on trade companies, at price which
will be attained on the Macedonian Stock
Exchange, but not lower than the established
nominal value of the shares and not higher
than three hundred denars per share. The
shares should be purchased in period of one
year, from the day of bringing the decision.
 Date 28.04.2008 number 20
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
berzNIK
13
24.-25.04.2008 THURSDAY-FRIDAY
1. SHORT REVIEW OF EVENTS

Base inflation 2, 7% down is the news I
believe the citizens are most interested in and the
news that was carried by all newspapers. The
National Bank of Macedonia in March recorded a
slowdown of the base inflation (food and energy
not included) from 3, 2% in February down to 2,
7% in March, calculated on annual level. The
Central Bank informs about constant monitoring
of the economic trends and the effects of the
measures conducted for stabilization of the infla-
tion expectations. According to NBRM data,
March recorded continuation of the upward trend
of the credits and deposits in the banking sector.
The deposits have been increased by 25, 6% and
the credits by 42, 2% on annual basis.
- Macedonian veto on the Greek tourism is
the major news that hit the headlines of the news-
papers` holiday editions. Around half a million
euros are the figures mentioned as loss of the
Macedonian travel agencies, which left deposits
to reserve accommodation for the Easter holidays
in Greece, which, on the other hand, were can-
celled by the Macedonian citizens. Three million
contracts for the forthcoming summer season will
also fail and the loss of the agencies may vary
from 400 thousand to one million euros depending
on the number of cancelled accommodation. The
problems of the tourist workers, after the latest
events regarding the name dispute with Greece,
were put on table by the representatives of the
Association of the Travel Agencies of Macedonia-
ATAM yesterday in the Economic Chamber of
Macedonia. Angel Ivanov, Deputy Chairman of
ATAM and owner of the travel agency Adriatic
Mavrovo, regards this as veto for the Macedonian
tourism-Greece has declared war to us, not a
classic one, but war in tourism and economy.
We would not get our funds back, which is a
major loss for us-says Ivanov.
Another internet service of the Cadastre is
the daily event that almost all daily editions paid
attention to. The State Office for Geodesy Affairs
promotes additional option to the already existing
internet service, enabling search and insight into
the real estate data base throughout the territory
of Macedonia in those cadastre municipalities
with established real estate cadastre. The real
estate search will be carried by the number of the
deed or by the number of cadastre parcel in the
cadastre municipality where the data is searched;
the service is free of charge.
Today you will read about the story that
Macedonia started selling the excess of night
electricity. The warm weather, the shut down of
the heating in the households, as well as the still
turned-off air conditioners in the past few months
brought significantly reduced electricity expendi-
ture than the planned. According to MEPSO, on
April 22, the electricity expenditure was 15, 6%
smaller than the planned and the technical loss in
the transport network was down by 20, 8% than
the plan. A day earlier, the expenditure was down
by 14, 9% and the technical loss by 25, 7%, while
on April 20, the consumption of energy was down
14, 3% with 22, 5 smaller technical loss then the
planned.
The farmers are demanding from Gruevski
righteous allocation of subventions, inform the
media. Namely, the Prime Minister yesterday met
with representatives of the farmers, from whom he
asked suggestions for improvements in this area.
“We want our program to collect information
from the field, not only from the experts”, said
Gruevski. He highlighted that the general tenden-
cy for support of the farming would be rounded
up. “70 million euros have been projected for the
following year and another 100 million for 2010”,
emphasized Gruevski. The farmers are satisfied
with the increased subventions, but reacted on
their allocation, as well as on the allocation of
arable land. “We had some remarks on the alloca-
tion of the subventions and recommendations for
reduced administrative granting procedures”, said
Marija Gjoseva - Kovacevic, analyst from the
Federation of Farmers.

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

1. MACEDONIANS DON`T WANT TO GO TO GREECE, AGENCIES TO LOSE 500 THOUSAND EUROS? (*****)
2. THE FARMERS REQUESTED FAIR DIVISION OF SUBVENTIONS FROM GRUEVSKI (***)

DNEVNIK p.7 INTERNET – SERVICE OF THE LAND REGISTER EXPANDS

p.5 FENI OBTAINS INTEGRATED ECOLOGICAL PERMIT p.7 THE NIGHTLY SURPLUSES OF ELECTRICITY WILL BE SOLD
p.8 WE PAY THE HIGHEST TAXES FOR PENSION AND HEALTH FOR THE FIRST TIME
INSURANCE p.10 THE FARMERS REQUESTED FAIR DIVISION OF SUBVEN-
p.8 THE MACEDONIAN PRICES ARE THE LOWEST, BUT ALSO TIONS FROM GRUEVSKI
THE PURCHASE POWER p.10 NBM IS CLOSELY MONITORING THE INFLATION
p.8 МBI 23.04.2008 p.10 NATIONAL VITICULTURE STRATEGY
BIZNIS VECER
p.6 DEPOSIT WORTH HALF OF MILLION EUROS GOES DOWN p.1 THE GOVERNMENTS` SUPPORT TO THE FARMING WILL
THE DRAIN RISE
p.10 ITALIAN GOVERNMENT TO SAVE ALITALIA p.5 THE BASIC INFLATION REDUCED TO 2,7%
p.11 MBI-10 INCREASES AGAIN p.6 OHIS IS COMPLETELY SWITCHED OFF
p.11 TRADE VALUE OF 13.250.857, 27 DENARS p.6 SELLING OF NIGHT ELECTRICITY THROUGH AUC-TION
p.14 TEN MOST LIQUID LISTED COMPANIES p.6 MACEDONIAN VETO FOR THE GREEK TOURISM
p.14 SHARE BUY-BACKS OF LISTED COMPANIES` SHA-RES p.7 NEW INTERNET SERVICES FOR REAL ESTATE
p.14 STOCK EXCHANGE TERMS p.7 THE GOVERNMENTS` SUPPORT TO THE FARMING WILL
p.15 PLIVA WILL RISE THE CAPITAL FOR 194, 57 MILLION HRK RISE
p.15 DISTRIBUTED 33.020.650 DENARS FOR DIVIDEND PAYMENT VREME
p.15 21, 1 MILLION DENARS OF ONE TRANSACTION p.5 SEEKING FOR SOLUTION FOR THE NIGHT ELECTRIC
p.15 UNI BANK WITH 100 MILLION DENARS PROFIT POWER SURPLUSES
p.16 CREDITS UP TO 150 000 EURO WITHOUT PROPERTY MORT- p.5 BY STIMULATIONS TO A PROPER LIFE
GAGE VEST
p.16 THE EURO OVERCAME 1, 60, AND THAN RETURNED ON 1, p.6 HALF MILLIONS OF EUROS LOSS FOR THE CANCELLED
59 DOLLARS ARRANGEMENTS FOR GREECE
p.16 THE OIL PRICE IS 119, 90 DOLLARS p.6 THE PRIME MINISTER ON A PARTY CONSULTATION WITH
UTRINSKI VESNIK THE AGRICULTURAL WORKERS
p.1 MACEDONIANS ESCAPE GREECE p.14 ITALIAN GOVERNMENT TO SAVE ALITALIA
p.5 MACEDONIANS DON`T WANT TO GO TO GREECE, AGEN- p.14 YAHOO REPORTS A JUMP IN PROFITS
CIES TO LOSE 500 THOUSAND EUROS? p.14 OIL TWICE AS EXPENSIVE AS LAST YEAR
p.6 WORKERS OF BETON, BITOLA PAID MEMBERSHIP FEE NOVA MAKEDONIJA
WITHOUT BEING MEMBERS OF THE TRADE UNION p.3 A DIRECT INSIGHT IN REAL ESTATE
p.7 МBI 23.04.2008 SPIC
p.7 WE HAVE LOWER PURCHASING POWER THAN THE SER- p.6 OHIS LEFT WITHOUT ELECTRICITY
BIANS AND THE ALBANIANS
14 berzNIK number 20
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 28.04.2008

1. SHORT REVIEW OF EVENTS
Increased agricultural production can cause
price reduction, is the conclusion of the workshop:
“Inflation and food prices” organized by NBRM on
24 April this year. This Governor`s message is
conveyed by all Saturdays newspapers. The infla-
tion in Macedonia is imported. It is a result of
world trends, consider Macedonian economic
experts. The food in Macedonia will increase
again within the next period like everywhere in the
world. Products demand will continue to increase
without any price reduction. The best way to
respond the forthcoming shocks is to prepare con-
crete plan to increase the demand of agricultural
and food products, giving significance to
increased investments in agricultural sector and
subvention reduction because it is obvious that
low prices maintained for decades and the small
number of farmers are not necessary conditions
for increase of the demand. This is National
Bank`s evaluation saying that many central banks
reacted to this price shock by strengthening the
monetary policy, more likely to happen in
Macedonia too. Probably the prices will continue
to increase due to expensive fuels on the world
stock exchanges – climate changes, poor har-
vests and most of all due to increased bio-fuel
production.
Businessmen are satisfied from the coopera-
tion with the Government, informs Vecer.
Macedonian businessmen`s suggestions and rec-
ommendations from the area of infrastructure and
fiscal policy will be part of VMRO-DPMNE`s pro-
gram for the incoming parliamentary elections
which should be held on 1 June this year.
Gruevski presented his attitude just after busi-
nessmen`s meeting, members of Macedonian
Chamber of Commerce. Prime Minister confirmed
that economists are satisfied with recent govern-
mental economic policy. He stated that their open-
ness will help solving the private sector problems,
and will improve country`s business climate.
- We will bring the biggest investment in the
country, claims Cristian Kern, member of the
Administrative Board of Austrian Verbund in the
interview for Dnevnik. Austrian company Verbund
competes for construction of the hydro plants
Cebren and Galiste in Macedonia. Cristian
Kern, member of the administrative board of
Verbund says that this project will realize the
biggest investment in the country so far. Company
planned to invest 6.7 billion euros by 2015 in the
country and abroad, part of which are planned for
Macedonia as well. This company is the leading
producer of electricity in its country and leading
company for hydro power in continental Europe.
- Hydro power plant project Cebren and
Galiste means a lot to us. We want Macedonia to
be a starting point for our expansion in Southeast
Europe, developing successful partnership with
Macedonian power plants and significantly to con-
26.04.2008 SATURDAY
tribute for region`s power supply.
- The Balkan quarrel about lamb meat is the
Vest`s headline. If the Bible was written especial-
ly for Balkan, the ten commandments would prob-
ably be: You shall not desire your neighbor`s lamb
– Routers started the news about the lamb meat
quarrel before Easter holidays. The question
whose lamb meat is the best involves customs,
market economy, and the national pride as well. –
I appeal to customers to eat Greek meat for
Easter holidays, said the Greek minister for agri-
culture, Alexandros Kontos, explaining that the
Greek meat is better, healthier and by buying the
meat they support Greek farmers. But Macedo-
nian minister for agriculture Aco Spasenoski
says that Greek claims are absurd.
- The world demand our meat, he said, and if
the Greeks don`t want it there are countries that
are prepared to pay high price for the lamb.
Poor end of the modest trade week this year
is the headline about the stock analysis in Nova
Makedonija. Another poor trade week to mark the
end of the weekly stock below the average drama.
The turnover in the classical trade with shares
amounts 7.5 million denars, which is below the
average and very weak stock edition. Obviously
the stock stagnated. There is no demand, no sup-
ply. Buyers wait the turn of events. They are all
buying time and wait the early parliamentary elec-
tions.

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

1. MACEDONIA AHEAD OF NEW PRICE SHOCKS (***)
2. WE ARE GOING TO BRING THE BIGGEST INVESTMENT IN THE COUNTRIЕ (**)

DNEVNIK p.7 STOCKBREEDERS DEMAND GREATER CONCERN

p.13 TRADE UNIONISTS TO REACH COLLECTIVE AGREEMENTS p.7 INTEREST RATES WILL INCREASE IF THE INFLATION CON-
p.13 PROCREDIT DEMANDS NO PROPERTY MORTGAGE TINUES
p.13 WE ARE GOING TO BRING THE BIGGEST INVESTMENT IN VEST
THE COUNTRYЕ p.4 BALKAN FEUD OVER LAMB
UTRINSKI VESNIK p.5 ONLY 300 MACEDONIANS WENT TO GREECE I
p.1 MACEDONIA AHEAD OF NEW PRICE SHOCKS NOVA MAKEDONIJA
p.11 FOOD PRICE TO GO UP IN MACEDONIA p.5 BIGGER OFFER OF DOMESTIC FOOD – RESPONSE TO THE
p.11 BREAD PRICE REDUCED FOR ONE DENAR PRICE SHOCK
p.11 MEMORANDUM FOR DEVELOPMENT OF AGRICULTURE p.5 THE TRADESMEN ARE PLANNING NEW INCREASE OF THE
p.11 GRUEVSKI LISTENS TO THE RECOMMENDATIONS FROM PRICES
THE ECONOMIC CHAMBER p.5 POOR END OF THE MOST MODEST TRADE WEEK THIS
p.12 THE WORLD THREATENED BY THE DANGER OF THE YEAR
BIGGEST RECESSION EVER? p.5 CROATIA IS THE MOST EXPENSIVE COUNTRY IN THE
p.12 FALL OF THE AVERAGE NET-SALARY OF 350 DENARS REGION
VECER p.5 THE PRICES OF THE OIL ARE DECREASING
p.6 BUSINESSMEN ARE SATISFIED OF THE COOPERATION p.5 FERSHPED AND TOPLIFICATION WILL SHARE A DIVIDEND
WITH THE GOVERNMENT p.6 OHIS GOT ELECTRICITY BY THE PROPOSAL OF THE MINIS-
p.6 LOWER PRICES REQUIRE INCREASED FARMING PRODUC- TRY OF FINANCES
TION p.6 MEPSO SELLS 3080 MEGAWATT HOURS OF ELECTRIC
p.7 MORE INVESTMENTS FOR BETTER ECONOMIC GROWTH ENERGY
VREME p.6 CHEAPER BREAD FROM ZITO LUX
p.6 THE ELECTRICITY IMPORTS IS REGULAR p.6 ONLY THE CEMENT FACTORY USJE IS BUYING NIGHT SUR-
p.6 WANTED BUYERS FOR NIGHT ELECTRICITY SURPLUSES PLUSES OF ELECTRICITY
p.6 OHIS RECEIVED ELECTRICITY
 Date 28.04.2008 number 20
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
1. SHORT REVIEW IN THE WEEKLY MAGAZINES
KAPITAL
P.10 SERBIA TO SAVE MACEDONIA FROM DARKNESS
Macedonia will no longer be dependent from the transmission line that
brings electricity for our state transit from Serbia across Kosovo. Serbian
transmission company will soon start the construction of the transmission
line to Macedonia that will provide safe transmission of energy to Macedonia.
P.11 BUSINESS COMMUNITY STRIKES BACK
Macedonian pianist and greatest culture ambassador Maestro Simon
Trpceski was presented new concert piano Stanway – model D, produced in
Hamburg, which costs around 120,000 euros.
P.11 ITALIANS WANT TO BUILD HOTELS SHERATON AND HILTON
IN MACEDONIA
Italian investor is interested for building hotels Sheraton and Hilton in
Skopje. This was announced by Italian businessmen to Deputy Prime
Minister during their visit to Macedonia.
P.11 GERMAN HOTKIV TAKES POSITION FOR CONTROL OVER
MACEDONIAN AIRPORTS
German construction company Hotkiv is interested to invest in the
Skopje airport, Financial Times Deutschland announced. The paper, quoting
governmental sources from Macedonia, points out that Hotkiv, which already
controls parts of airports in Tirana and Athens, has fine chances to win the
deal.
P.12 NOT EUROPEAN AT ALL
Craftsmen moral does not allow politics to interfere in business. And
European principles and rules also do not allow obstacles and blockades for
circulation of goods and services. This is the first letter for start of negotia-
tions of every country that intends to enter EU, but not for Greece.
P.18 AND NOW GOODBYE…UNTIL THE NEXT ECONOMIC BOOM
To write on Macedonian economy is really frustrating. It is hard to per-
sist on objective analyses about irresponsible behavior of politicians and
effects of that conduct over the business and economy.
P.34 CLIENTS` CREDENCE IS THE MOST IMPORTANT
It was four years ago since UNI Bank obtained new ownership structure.
What you obviously managed to achieve is to make an image of you as pro-
fessional bank that take care of the relationship with clients and their needs.
Can you tell us about the satisfaction from the achievement in the past four
years compared to the goals you had?
On the beginning of the passed four years period, period that followed
after changes in bank`s ownership and management structure, were set sev-
eral basic goals and directions for achieving them.
P.42 YOU CAN PROFIT EVEN WHEN MARKETS FALL
One week after the NATO summit in Bucharest, MBI-10 index started to
fall without control, and at the end of the past week the situation stabilized.
Some analysts gave different interpretations about current development on
Macedonian Stock Exchange.
P.46 PILKO TO OPEN NEW PLANT FOR DELICATESSEN PROD-
UCTS
Slaughterhouse for fresh pork Pilko plans to start production of deli-
catessen products next year and open new plant for that purpose.
P.46 DELIKATES DIAZ EXPORTS BAKED PRODUCTS WORTH
400.000EUROS IN GREECE IN JUST FIVE MONTHS
Kocani seated factory for production of bread, frozen baked products
and candies, Delikatesen Diaz, in the last five months exported 300 tons of
baked products in Greece in total amount of 400,000 euros, company`s man-
agement stated.
berzNIK
15
21.04.-26.04.2008 MONDAY-SATURDAY
P.66 TINEX WITH DOUBLE INCREASED TURNOVER IN MACEDO-
NIA IN FIVE YEARS
Kapital: You are the first retail market chain in Macedonia. Tell us your
current condition on the market today?
Todorovic: In this moment we have 32 markets that will be 33 soon, with
more than 800 employees. Our latest market will be big hypermarket; I can
say the biggest market in the country, which is going to be located on the
space of the former slaughterhouse of Godel.
P.70 OUR STRATEGIC GOAL IS EXTENDING OF THE RETAIL NET-
WORK
Kapital: Skopski Pazar is company with many years of experience on
Macedonia market. On which fields is this company active?
Skopski Pazar is joined stock company for trade and export-import.
Company successfully operates in many fields of national economy in its 65-
year existence.
MAKEDONSKO SONCE
P36 THE FLAME OF THE INFLATION TO “BURN” THE CITIZENS
Macedonia is slowly starting to “crack” under the pressure of the two-fig-
ure inflation rate, which it is experiencing second month in a row. The infla-
tion continues growing and it achieved to 10.2% last month. What is espe-
cially worrying is that the inflation exceeded all predictions of the domestic
financial experts.
FORUM
p.32 VIA INNOVATIONS TO WORLD SUCCESS
The Macedonian information industry continues to be the generator in
the field of innovations and the creativity. The world trends in using the top
information technology have been presented these days on the Days of inno-
vations, a manifestation being organized for the first time this year by the
local office from Microsoft.
p.35 ALKALOID IS THE MOST TRADED
The political incertitude of the forthcoming extraordinary parliamentary
elections and the bad news about the resolution of the name doesn’t give
any space for optimism to investors. The mood of the home and foreign
investors, present on our market, is still changing, up and down, so as the
diagram of the index. The correction on the market is going, still, with the
same tempo.
p.44 THE CAPITAL AND THE FOREIGN BRANDS ARE PROVIDING
STABILITY
Forum:n In the last few years we were constantly being emphasized that
the admission in NATO will bring us more investments. What happens now,
after we did not receive an invitation to access the Alliance in Bucharest?
Samak: from my discussions with the foreign businessmen these days
and earlier, as well as from the analysis of the movements of the foreign
investments in the countries in the region and from Eastern Europe before
and after the accession in NATO and the European Union, one can conclude
that this decision will not change the events drastically.
GLOBUS
p.23 GREEK INVESTMENTS DRIED UP AFTER THE VETO
The political estrangement between Macedonia and Greece pulled back
the economic cooperation between these two countries. MAT, the export of
the Macedonian lamb, the tourism… The row of collateral victims increases
on daily basis. Some of the problems are years old, nevertheless the politi-
cal elites are heating them up. These days, the Greek authorities openly for-
malized why they are blocking MAT’s flights and landings through their terri-
tory for years now.
16 berzNIK number 20
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 28.04.2008

BUSINESS MEETING OF EC AND THE PRESIDENT OF THE GOVERNMENT AND VMRO- DPMNE, NIKOLA GRUEVSKI

THE BUSINESSMEN PROPOSALS PART

OF THE PARTYS` PROGRAM
The businessmen suggest and claim taxa-
tion on the distributed profit only, and not on
the reinvested profit from the future
Government, a model that is applied in R.
Estonia

On April 22nd, the members of the

Management Board of the Economic Chamber
of Macedonia (EC) had a business meeting with
the president of the Government and VMRO-
DPMNE, Nikola Gruevski. On the meeting
which was held yesterday in the premises of the
Economic Chamber, the business community
discussed upon the current economic issues.
EC heralds to initiate such meetings with the
other political parties as well.

The businessmen presented their objec-
tions and suggestions they consider should be
comprised in the program of this political party,
in order to improve and develop the companies
businesses.
“On the basis of the analyses of the Go-
vernments` recent activities in accordance with
the businessmen claims which were applied
two years ago, we found that over 50 % are fin-
ished or in progress. The proposals and the EC
position on the name issue and Macedonia`s
NATO accession will be delivered to the
Government in written”, said Venko Gligorov,
president of EC.
At the meeting were revised the Govern-
ments` recent activities according to the docu-
ment which EC applied on the business meet-
ing held on 21.06.2006. The businessmen sug-
gest and claim taxation on the distributed profit
only, and not on the reinvested profit from the
future Government, a model that is applied in R.
Estonia. In order to reduce the unemployment
rate, they suggest reduction of the income con-
tributions, as well as opening economic zones
for home investors. They also discussed imple-
menting regulatory law on chamber working
and public authorizations.
“It is problems that affect the businessmen,
as well as problems that can be used as an
advantage. We listened to them carefully and
we will implement them more successfully in
our program, that after the elections, we expect
will become Governments` program in the fol-
lowing four years”, said Gruevski.
The Governments` deputy president in
charge of economic issues, Zoran Stavreski,
the minister of finance, Trajko Slavevski, the
minister of transport and communications, Mile
Janakieski and the director of AD “Elektranina
Makedonija”, Vlatko Chingoski were also
present at the meeting with the business com-
munity.

LAST WEEK – TWO PUBLIC EXCHANGE AUCTIONS

Five transactions in value of 36, 7 million denars
On 22.04.2008, the Macedonian Stock
Exchange of Securities, Inc. Skopje, held the
115th public exchange action of shares and
holdings.
The public exchange action offered sale of
shares from 40 shareholding companies and
the holdings of 15 companies with limited
objectives, property of the Pension and
Disability Insurance Fund of Macedonia.
Five transactions paid in cash have been
concluded on action:
 A holding of 8, 39% of the value was
sold to Rudproekt Ltd. Skopje for a price of
100, 00% from the initial price of the holding.
The total value of the transaction amounts
668.500, 00 denars.
 A holding of 8, 59% of the value was
sold to Skopje Fair Ltd. Skopje for a price of
100, 00% from the initial price of the holding.
The total value of the transaction amounts
31.843.200 denars.
 A holding of 10, 68% of the value
was sold to Veterinary Station ZDRAVJE
Kochani for a price of 100, 00% from the initial
price of the holding. The total value of the trans-
action amounts 299.815 denars.
 A holding of 26, 20% of the value 00% from the initial price of the holding. The
was sold to MKC Kozjak Ltd Kumanovo for a total value of the transaction amounts 103.864,
price of 100, 00% from the initial price of the 60 denars.
holding. The total value of the transaction
amounts 3.800.200 denars. The total value of the turnover realized on
 A holding of 6, 72% of the value was the held public exchange actions is 36.715.579,
sold to Ltd. Bitolamak Bitola for a price of 100, 60 denars.
PIOM sold the shares in the company Makedonija from Strumica
On 23.04.2008, the Macedonian Stock Exchange of Securities, Inc. Skopje, held the 116th
public exchange action of shares and holdings.
The public exchange action offered sale of shares from 40 shareholding companies and
holdings of 10 companies with limited objectives, property of the Pension and Disability
Insurance Fund of Macedonia.
At the auction was concluded one transaction in cash, whereupon 6.750 shares issued by
AD Makedonija – factory for production of sanitary ceramics Strumica, for a price of 3.140, 00
denars per shares, which is 12, 62% from the basic assets of the company. The total value of the
transaction amounts 21.195.000, 00 denars.
The total value of the turnover realized on the held public exchange actions is 21.195.000,
00 denars.
 Date 28.04.2008
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
PAST WEEK IN THE TOKEN OF...
IN THE COMMERCE CHAMBER OF MACEDONIA – GENERAL ASSEMBLY OF GS1 MACEDONIA
The Certified accreditation – model for the success and of the
business ethics of the companies
The system of the certified accreditation
represents new model for determining and for
promotion of the success of the business ethics
of the companies members in GS1 Macedonia
and the promotion of the successful companies
credited for the development and for the imple-
mentation of BS1 system in the republic of
Macedonia – said the president of GS1 Mace-
donia, Branko Azeski on the fourth session of
the Board of directors and the third session of
the General assembly of the Macedonian asso-
ciation for numbering the commodities – GS1
Macedonia. On this meeting, Azeski as a part of
the program activities promoted the accreditati-
on system, which on world level is unique, orig-
inal and own creation of GS1, Macedonia. With
the system of accreditation as its own cre-
ditworthiness of the member, one provides po-
pularizing and promoting the companies that re-
gularly cover their obligations on the basis of
using the GS1 standards in their business
working.
The president of GS1 in Macedonia, Azeski
evaluated that the development pace of GS1,
Macedonia, the increased assortment and qual-
ity of the services that are being offered on the
Macedonian business – community are ade-
number 20
berzNIK
17
products and services are included in the con-
temporary world courses of national and inter-
national level.
quate. But, more encouraging is the fact that GS1
Through the GEPIR project, all of the active Macedonia is becoming a factor for the
members of GS1, Macedonia are included in increase of the competitiveness in the
the international electronic catalog and realiz- Macedonian business community, and all in all
ing business contacts with over 1 000 000 com- the awareness for the necessity of the imple-
panies throughout the world that barcode their mentation of the GS! Standards in the business
products and at the same time a possibility for working – emphasized Branko Azeski.
the foreign companies to made business deals The members of GS1 Macedonia by apply-
with the Macedonian members of GS1 ing the GS1 standards in their own work are
Macedonia is provided. The increase of the getting numerous benefits improving their work,
membership in GS1 Macedonia is continuous, increasing their profitability, competitiveness
reaching the number of approximately 1 300 and acknowledgement on the domestic,
companies, which with the bar-coding of their European and on the world market.
Meeting of the businessmen and the VMRO- DPMNE leadership
- In the last few days we started intensive consultations, negotiations and collecting ideas,
proposals for the program from economic chambers, syndicates, farmers assemblies and all
good ideas that will bring progress and improvement of the condition will be applied in the pro-
gram of VMRO- DPMNE- underlined Gruevski on the official meeting with the management board
of the Economic Chamber. That, according to the Prime Minister, was a beneficial meeting, with
a serious approach, and that the businessmen were satisfied with the program so far.
The president of the Economic Chamber, Branko Azeski stated that in a conversation with
the Prime Minister Nikola Gruevski and his economic team they obtained conviction that the
economy will be priority in the Governments` agenda if VMRO-DPMNE win the elections and they
also obtained conviction for law regulation of consulting the business community in economic
acts adoption.

GD GRANIT AD SKOPJE ny owns, by the price reached on Macedonian latest.

Award for the management
team- own shares
Construction company Granit from Skopje
made profit of 348.137.827,00 denars last
year. In accordance with the decision passed
on the Shareholders’ Meeting that took place
on 24.04.2008, out of the total profit
67.998.994,00 denars were allocated for divi-
dend, 12,166.574,50 denars for awarding the
management team, for purchase of own sha-
res are planned 50 million denars while
217.972.303 denars will be reinvested in new
funds. The award for the management team
will be paid out in own shares that the compa-
stock exchange, on the day when the decision
for distribution of the profit is passed. At the sa-
me time, the Board of directors is authorized to
determine what persons from the management
team will be awarded and with how many sha-
res, and to deliver the list to the Central securi-
ties depositor. The dividend per share is 23 de-
nars. According to the calendar for dividend
payment, the last trading day cum-dividend for
2007 is May the 9th, first trading day ex-divi-
dend is May the 12th, and the date for registra-
tion according to which the list of shareholders
who have the right to receive dividend for 2007
is established, is May 14, 2008. The dividend
payment will take place by 30.09.2008 at the
At the Shareholders’ Meeting was passed
decision for gaining own shares by purchase,
according to which the number of shares that
can be purchased by the company is 10% from
the total number of shares issued by the com-
pany, or total of 307.137 shares. The purchase
of shares is supposed to be carried out by
stock exchange price not lower than 600 de-
nars and not more than 2.500 denars. The pur-
chase will be carried out with the funds for this
purpose, in accordance with the decision for
distribution of profit. At the Shareholders’ Meet-
ing elected were the new members of the Su-
pervisory Committee and adopted the amend-
ments to the Statute of GD Granit AD Skopje.

TUESDAY, APRIL 22, 2008

KOMERCIJALNO
Quotation of Continual Treasury bond Nr.1 in 2008 INVESTICIONA BANKA AD
KUMANOVO
On the session held on 21.04.2008, the Board of Directors of the Macedonian Stock exchange
has brought a decision for quotation of the Continual Treasury bond Nr.1 in 2008 Milestone owns 90.98%
The Continual Treasury bond Nr.1 in 2008 has the following characteristics:
- Type of security: Continual Treasury bond Nr.1 in 2008, issued in dematerialized form, Komercijalno Investiciona Banka AD
is worded on name, and is unlimitedly negotiable; Kumanovo informs that the seventh issue of
- Issued by: Republic of Macedonia; securities, sale of treasury shares, ended on
- Total amount of the issue: 300.000 MKD; 18.04.2008.
- Nominal value of one bond: 10.000 MKD; The private offer of the securities was
- Number of issued bonds in the issue: 30; approved by the Securities and Exchange
- Date of issue: 31.03.2008; Commission on 13.03.2008 and it was pub-
- Rate of interest: 6, 75% per year. The interest is calculated from 31.03.2008; lished in the daily Dnevnik on 10.04.2008.
- Deadline of submitting the bonds: 31.03.2011; 215,000 ordinary shares (securities) out of
- Way of payment: The interest is paid once a year, on 31.03, in period of three years. The the offered 215,000 securities were sold for a
capital needs to be paid after the expiration of three years from the issuing, respectively on price of 369,800,000 denars, wherewith the
31.03.2011. sale was fully carried out. The nominal value of
- Beginning of trading with bonds: 23.04.2008, on the Official market of the Macedonian the shares was 1,720 denars per share.
Stock Exchange; The part of Milestone Ehf. Iceland
- ISIN: MKMINNF20G143; increased with the new issue and it is now
- Code for trading on the Stock Exchange: DO160311 90.98%.
18 berzNIK number 20
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 28.04.2008

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 21.04. - 24.04.2008
Date 28.04.2008 number 20
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
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