berzNIK - YEAR II - NUMBER 11 - 25th FEBRUARY 2008 - (SUPPLEMENT OF TENDERNIK)

OFFER - 0 DENARS PER MINUTE

WITH VIP`S BUSINESS
 Date 25.02.2008 number 11
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Market democracy
- let`s play together
The challenge An unusual week is behind us. A week, in politic
view, that got the entire Macedonian public on its feet,
is yours - starting from the higher state`s establishment down to
publish your the ordinary people… Since berzNIK archives, selects
opinion, and distributes the economic and stock exchange infor-
mation published in the printed media, it could not resist
evaluation, this week to the events that directly reflect on the eco-
analysis, nomic market in the country. It is impossible to remain
remarks, or indifferent when you have been asked to change your
own name, as it is a thorn in the neighbor`s flash. What
comment the for? Well, the whole public knows this, still it allows the
events on the freedom to make conditions for our change of the
Macedonian name... even though the political countries that appeal
on world democracy are involved... I would state here
market from without a doubt that in contrast to the recent unsuccess-
your ful efforts of the political structures, congratulations to
the Macedonian lions who after 10 humanitarian years
perspective gain their independence and they are recongnised
under the constitutional name of the country, that is
Republic of Macedonia, within the International
Association of Lions.
Contrary to this dimension of political conditioning,
on the other hand, the events in our northern neighbors
are completely opposite, where a new state is being
formed in the Balkan region, Kosovo declares indepen-
dance... This is a indeed democracy, some people to
have two countries (if they feel like it) while others to
have their ancient name denied... These are simple
democratic and political courses you need to follow,
conditionally speaking, otherwise you will not be
allowed to participate in the game... Well, we are on our
ground now, out of the politics that more or less dictates
the economic transactions... Especially, having in mind
that the Macedonian capital market has suffered due to
the events in Kosovo... We have been hearing the com-
ments of the stock analysts for weeks that the investors
are reserved in terms of the movements caused follow-
ing Kosovo`s declaration of independence... The reflex-
ive recognition or rejection by the relevant political and
economic forces is actually the first step, or news, that
would put the status quo things in motion…
Well, this is the particular week in which, besides
the series of turbulent events, many positive economic
events happened that are important to the further devel-
opment of the market… First of all, as the stock
exchange analysts evaluated, we encountered drastic
positive leaps, therefore the trade volume is high, at
least in terms of the traded quantities, whereas a price
growth of certain stocks was recorded in the last two
days of the week, labeled by someone as the start of
the bull...
It could not have been expected some great step
ahead in the previous week, hence the investors are not
in a state of readiness... However, there were events
that marked the week and will leave a further mark on
the capital market in the future… For instance, a round
table was held on the subject: The role of the custodi-
an bank within the fully funded pension insurance in
Republic of Macedonia. An area of interest that empha-
sizes inevitably, alongside with the development of the
capital market, the function of the banks as guardian of
berzNIK
3
the property, as one of the new financial services within
the modern financial trends. In order to introduce this
area in details, MAPAS in cooperation with the USAID`s
Business Environment Project, hired experts from
Croatia that has several years of experience in the field
of private pension funds.
Of course, a large attention was drawn in the public
to the controversy in relation to the Credit Bureau for
Indebtedness of Physical Entities. An institution which is
not in favor of the Macedonian citizens considering the
actual standard. No more living on credit. Despite the
announcements implying that the personal data will be
subjected to inspection only upon the citizens consent,
the opinions are still divided… The concerned parties,
the physical and legal entities, believed that this will vio-
late their rights to privacy and to personal data protec-
tion, that is to say considering what king of data the
Bureau will have at its disposal, it might be easily
abused. In fact, the experiences of other countries indi-
cate that the personal data is largely abused within the
Credit Bureau.
The week ended with most unordinary event, the
awarding of the Oscar for Social Responsibility of the
Companies (OOP). Around 73 companies participated
in this project, while only 15 of them were nominated for
the award. This is a step ahead in relation to the
improvement of the companies` image. OOP builds up
the consumers` loyalty under the basis of ethic value,
reduces the financial risks and improves the quality of
the products and the services, increased the motivation
and productivity among the employees and enhances
the market performance in a way the necessary
changes can be implemented faster and consequent-
ly… A simple practice used years back by the devel-
oped economic markets.
The brokerage Euro Broker is presented in this edi-
tion of berzNIK, which recently started to provide invest-
ment advices according to the market components…
Namely, they underlined during the promotion: In future,
the uninformed physical and legal entities, who are not
familiar with the securities market and the investment
philosophy, will not need to guide themselves upon the
advices by the quasi-experts, instead they can immedi-
ately turn to the right place - the investment advice com-
pany or the investment funds where the investment
advisors work....
Anyway, I think that a particular part of their advice
will be a challenge for you to publish your opinion, eval-
uation, analysis, remarks, or to comment the events on
the Macedonian market from your perspective.
The berzNIK pages are left open for your notes,
advices, proposals, experience, events…
Until the next Monday
Makedonka Baldazarska
BerzNIK editor-in-chief
e-mail: berzNIK@interNIK.com.mk
 4 berzNIK number 11
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 25.02.2008

NEWS... NEWS...

MACEDONIAN OSCAR AWARD NOMINEES CROATIAN INGRA IS BUYING

SHARES OF MAVROVO
TINEX AND PHARMACHEM - FIRST IN SOCIAL Through price sensitive information
RESPONSIBILITY published on the Macedonian Stock Ex-
change on 18th of February, ADG Mavrovo
informs that an announcement from the
Apart from the Oscar statuette, the companies from the category of large enterprises ranked on the company INGRA DD from Zagreb, Republic
first, second and the third place and four from the category of SMEs which shared the first position also of Croatia was received through fax in 01:10
received CSR plaque, a right to a promotion in one of the countries in the region: Serbia, Monte Negro, pm in the premises of ADG Mavrovo-
Bosnia and Herzegovina, and Albania, as well as a promotion in front of the German business communi- Skopje.
ty in Berlin. They also gained a right to use CSR logo on promotional materials, web pages and products The intention of the company INGRA
DD from Zagreb to buy shares of ADG
As of last year, the Corporate Social Responsibility (CSR) Project was promoted in this Mavrovo-Skopje through the Macedonian
region as part of the concept in SEE. The project is being implemented by the German agency Stock Exchange was the subject of the
InWent, and ILTIS from Germany, BASMEKT consortium and Balkan net from Skopje are announcement.
regional coordinators.
Within the framework of this project, the awarding ceremony for the most successful com- ALKALOID TO OPEN A
panes which are implementing activities towards the accomplishment of CSR concept was also NEW DEVELOPMENT AND
organized. 75 firms from two categories - SMEs and large enterprises - applied to the competi-
tion for socially responsible enterprises. After the selection in accordance with the grading of
QUALITY CONTROL
their projects, 15 firms entered the shortlist, 7 of which are from the category of SMEs and 8 INSTITUTE
from the category of big companies.
The most successful companies received the Macedonian Oscar Award for Corporate On 20th of February 2008, Alkaloid set
Social Responsibility. Four firms from the category of SMEs shared the first position: the corner stone of the Development and
Pharmachem from Skopje, Renova from Dzepciste, Tetovo, Rade Koncar Servis from Skopje, Quality Control Institute. It is a matter of a
and Birkat Logistik from Stip. In the category of large enterprises, Tinex was ranked first, Ading highly sophisticated technologic-analytic
was ranked second and Makstil was ranked as third. Makpetrol, Tutunski Kombinat from Prilep, unit, which will control the quality of
JSP from Skopje, Teteks from Tetovo and the cement factory Usje were the other companies Alkaloid's medicaments and which will per-
from the category of large companies which also received acknowledgments for CSR, while form activities complemented with the
from the category of SMEs, Duna Computers, Inet from Skopje and Mont were the companies development process of generic drugs that
which also received acknowledgments. will be included in the industrial production.
The investment will be approximately
nine million euros, and the institute will have
a surface of 1,540 square meters, and the
OHRIDSKA BANKA EXPANDS ITS predicted deadline for opening of the Insti-
BUSINESS NETWORK tute is the beginning of 2009. It is planed
about 60 new vacancies to be opened in the
NEW SUBSIDIARIES IN KARPOS AND Institute's sectors for analytical and techno-
logical development.
GJORCE PETROV
Until the middle of 2008, the business net- Ohridska Banka, member of Societe Generale tation of innovative products and expansion of
work will be expanded with new subsidiaries Group, opened two new subsidiaries. One the business network. The board of directors
in Gostivar, Kumanovo, Tetovo, Karpos 1, located in Karpos 3, across the shopping cen- decided to open at least six subsidiaries in the
Aerodrom and Veles ter "Leptokarija", and the other is located in the first half of the year, which would be achieving
Municipality of Gjorce Petrov. The coverage of of half of projected coverage in 2008. The next
In order to enable a better accessibility to the bank in Skopje is increasing with the new locations are Gostivar, Kumanovo, Tetovo,
the services and to get closer to its clients, subsidiaries. Karposh 1 and Aerodrom in Skopje and Veles
- stated First CEO of Ohridska Banka Bernard
In this occasion, by 11th of April, citizens Koenig.
will be able to use the promotion offer of cash-
express and housing credit without administra- Ohridska Banka, guided by Societe
tive costs and debit card "MasterCard" on 50% Generale's corporative principles for social
discount for the first year membership. responsibility, made a donation and supported
humanitarian basketball match in Karpos and
- Opening of the two new subsidiaries is in ecological event "Tree Day" in Gjorce Petrov.
the direction of our strategic determination for
expansion on Macedonian market, implemen-

THE INTEREST RATES WILL NOT INCREASE

- Ohridska Banka does not have an intention to increase the interest rates for the citizens
or for the firms - says First CEO of Ohridska Banka Bernard Koenig. - I feel that this inflation
pressure is due to special effects, mostly guided by the recent increase of the prices of the oil,
of the raw materials, as well as of the prices of the food.
According to Koenig, the assessment of the loan placements with reference to GDP is still
low and there is a potential for achieving of the level of the countries from the region. We expect
our placements to continue in the same pace as in 2007, i.e. 60% of the placements to go to
loans for individuals and 40% to the economy.
 Date 25.02.2008 number 11
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
berzNIK
5
18.02.2008 MONDAY
C O N T E N T S 1. SHORT REVIEW OF EVENTS
WEEKLY REVIEW… ..............................2 -Ahead of us is maybe the most uncertain week Exchange to the EuroCity consulting, which became
for the past three years, not only for our Stock Ex- new shareholder of the Stock Exchange last Friday.
INTRODUCTION . . . . . . . . . . . . . . . . . . . . . 3 change, but also for the stock markets in the whole re- You will read in Vecer that the mobile operators
NEWS... NEWS... ...............................4 gion. This is the title today's Biznis started this work- complain to the big bureaucratic obstacles when pro-
ing week with. What creates the culmination is the viding the necessary documentation for placing infra-
berzNIK, TUESDAY, WEDNESDAY, declaration of Kosovo's independency and the same structure and base stations not only in Macedonia but
THURSDAY… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7 opens many unknown events, starting the safety in Bulgaria as well… Mobile operators here have be-
aspects on the Balkans, all the way to the influence en pointing to this problem for few years and recently
CREDIT BUREAU FOR INDEBTEDNESS OF that it has on the economic courses, energy conditi- the State Construction Inspectorate threatened them
NATURAL PERSONS............... . . . . . . . . . . 8 ons, flow of goods and people etc… to destroy the illegal base stations.
By the way, according to the stock exchange Same obstacle expect to have the holders of Wi-
AFTER 10 YEARS OF HUMANITARIAN analysis published in Biznis, the correction that start- max licenses who are yet to start working.
ACTIVITIES. . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 ed the first Friday of February, the 2 of this month, Today in Biznis you will read an interesting story
REACTION OF EURO CITY CONSULTING..10 continued past week too on the Macedonian Stock about the outfall of Macedonian ores into the neigh-
Exchange. The turnover realized in the regular trading borhood. In the old good times, when the mining-met-
EURO BROKER AD SKOPJE............. 10-11 again moved within the average 50 million denars da- allurgy-chemical-processing complex was completely
ily but unlike two weeks ago when the prices more or circled in relation to zinc and lead, the yearly produc-
THE THIRD MOBILE OPERATOR WITH NEW less kept the same level, this week we witnessed gre- tion passed 100 thousand tons of metals. The value
OFFER. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 ater price correction with the most liquid shares. The of this production was bigger than 100 million dollars,
main reason for such decline of share price is again of whereas there was pure profit of about ten millions.
BY PENSION FUNDS` DEVELOPMENT ON uneconomic nature- the instable political situation on Nevertheless, this complex fell apart with the tran-
THE CAPITAL MARKET. . . . . . . . . . . . . . . . . . 13
the Balkans, to put it mildly "chases" the capital away sition and now good part of the ore is being smelted
berzNIK, , THURSDAY, FRIDAY, from these areas. This influence can be mostly seen in Bulgaria. All in all, although Macedonia has great
SATURDAY . . . . . . . . . . . . . . . . . . . . . . .14-16 on the bigger stock exchanges in the region, where capacities, not by far is in condition of using the rea-
there is exceptionally big instability the past two sonable prices of zinc and lead on the world market to
WEEKLY MAGAZINES...…....................17 weeks, which with low intensity conveys to our stock profit from significantly from the placement, because
exchange as well. the Veles smeltery is out of operation since it is under
WEEKLY REVIEW OF THE MACEDONIAN Vecer however publishes that the Macedonian insolvency procedure. In situation on non-existence of
STOCK EXCHANGE. . . . . . . . . . . . . . . . . 18-20 week has finally moved a little the past week. The such capacity in the country, significant part of the
spring movement was announced by the last weekly zinc and lead dig in Macedonia are being transported
I M P R E S S U M turnover of 11.3 million euros. Comparing the week to Bulgaria, where they are being re-melted.
before this turnover is three times bigger. The increa- Most of the daily papers report the appeal that
sed turnover on the stock exchange was result of Bul- Macedonia could soon get into energy crisis because
garian insurance company Euroins, which bought the of the Government's bad evaluations on the yearly
dominant package shares in Makosped insurance for needs of power. Even in the beginning of the year
Publishing: INTERNACIONAL NIK AD - Skopje 7.35 million euros. The selling was realized through one could see that the demands are bigger than the
Media library and digital archive two block transactions in which were sold 83.25 per- real offer, and domestic capacities did not realize the
Editors office: berzNIK cent of Skopje insurance company. Significant event Government's predictions, because of defects in ther-
Address: Square MAKEDONIJA bb, p.box 882 Skopje, 1000, on the stock exchange last week was the transaction mal power stations or lack of rains, the Energy bal-
R.Makedonija in which were sold 148 shares of Macedonian Stock ance for 2008 adopted by the Government.
Phone. 02/25.32.800 faks: 02/25.32.839
web:
e-mail:
www.interNIK.com.mk;
info@interNIK.com.mk
2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS
1. BIG QUESTIONMARK OVER STOCK MARKET COURSES (***)
Executive Director: Zdravko Josifovski 2. RECORD PRICES OF ALUMINUM, PLATINUM AND OIL (**)
Account Menager: Divna Pesic
Public relations: Natasa Dimovska DNEVNIK p.6 EVEN THE WIMAX OPERATORS HAD A
Marketing manager: Ivona Josifovska p.7 CIVIL ENGINEERS ANNOUNCE HIGHER PROBLEM WITH THE BASE STATIONS
Assistent: Stojne Danilova PRICES p.7 SNOWDROPS ANNOUNCE THE STOCK
E-business manager: Ratko Projkovski p.7 E-GOVERNMENT WILL BRING MORE EXCHANGE SPRING
Logistics manager: Ana Petrova HIGH QUALITY SERVICES FOR THE CITIZENS p.7 KIRO KUCUK FACES CLOSURE?
Finance manager: Gordana Stojanovska BIZNIS VREME
p.1 OFFICIAL MARKET`S TURNOVER - p.4 MARIOVO COAL TO SAVE US FROM
STOCK EXCHANGE REVIEW OF EVENTS IN THE ENERGY CRISIS
PRINT MEDIA berzNIK
21.769.108 DENARS
p.1 BIG QUESTIONMARK OVER STOCK p.5 OFFICIAL RECEIVER OF MIKRON
berzNIK is founded in year 2007. MARKET COURSES BECAME THE OWNER
p.1 THE EXPORT OF METALS COULD BE p.6 SUNFLOWER TO RETURN ON THE
STOCK EXCHANGE REVIEW OF EVENTS IN THE HARD AS LEAD FIELDS
PRINT MEDIA berzNIK p.3 FROM IMPORT - 40 PERCENTS OF p.6 THE SMALL STORES ARE ANGRY AT THE
Number: 11 REQUIRED POWER GOVERNMENT
Date: 25.02.2008 p.4 THE EXPORT OF METALS COULD BE p.6 MAKOSPED REVIVED THE TRADE
HARD AS LEAD p.7 AMBO LOOKS FOR DOMESTIC
IT IS DISTRIBUTED FOR SUBSCRIBERS ONLY
p.7 AN EXPENSIVE PLACE FOR SHOPPING INVESTORS
FRONT PAGE PHOTO: FOR THE FOREIGN INVESTORS VEST
VIP with new offer p.11 BIG QUESTION OVER STOCK MARKET p.7 LIVING COSTS HIGHER FOR 8.7 PER
COURSES CENT
Photo: p.11 CHART AND GRAPHIC REVIEW OF MBI- NOVA MAKEDONIJA
Robert Spasovski 10 FROM 11.02 TO 15.02.2008 p.1 A 3.6 PERCENT PRICE APPRECIATION OF
p.12 INCREASE OF MBI-10 AND MBID FOODSTUFFS
Editorial staff of berzNIK p.12 OFFICIAL MARKET`S TURNOVER - p.5 A 3.6 PERCENT PRICE APPRECIATION OF
Internet distributive system: www.interNIK.com.mk FOODSTUFFS
Editor: Makedonka Baldazarska
21.769.108 DENARS
DTP: Tatijana Trpkovska, p.12 MBI 15-02-2008 p.5 SMALL BUSINESSES TO PAY PROFIT TAX
Editorial staff: UTRINSKI VESNIK p.5 EXPECTATION FOR KOSOVO STERILIZE
News Evaluator: Anita Bashoska, R. Tasovska p.7 BAD PLAN WILL BRING MACEDONIA TO THE STOCK EXCHANGE
[operators]:Mare Lazarevska, Arslan Skoro, Zoran Stamatovski, ENERGY CRISIS p.5 RECORD PRICES OF ALUMINUM, PLA-
Martin Arsovski, Gorge Redzik, Toni Arsovski i Darko Tripunovski p.7 LAST MONTH, THE PRICE OF TOMA TINUM AND OIL
[translators]: translator's manager Senka Mihajlovska, Angelina TOES MORE EXPENSIVE IN RELATION TO DE- SPIC
Filipovska, Slobodan Trajkovski, Aleksandar Stamenkovski, Aneta CEMBER 2007 p.7 WHO WILL HEAR THE SILENCE OF THE
Menoska, Filip Koviloski, Darko Ivanovski
Fotoreporter: Robert Spasovski
p.8 THE DISCREET CHARM OF THE OLD ADMINISTRATION?
FASHION BANKING p.7 EUR 150 MILLION FOR THE STATE`S SPI
Marketing, distribucija i proda`ba: p.8 DEUTSCHE BANK AVOIDS MORTGAGE DER WEB
INTERNACIONAL NIK AD - Skopje CRISIS p.7 CUSTOMER FOR POPOVA SAPKA WANT
VECER ED
 6 berzNIK number 11
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 25.02.2008

1. SHORT REVIEW OF EVENTS
The declaration of independence in Kosovo
and the influence of this act over the Macedonian
economy is top news in all of today's newspa-
pers. The business relations between Macedonia
and the newly declared independent Kosovo
should not undergo significant turbulences, beca-
use as Branko Azevski, president of the Econo-
mic Chamber of Macedonia stated, he does not
see a reason for revising the existing relations in
a situation when over 90 percent of the compani-
es from Macedonian and Kosovo are private and
mind their own interest. On the other hand, the
businessmen have divided opinions - one consid-
er that the import in Kosovo would become even
larger, while others predict certain turbulences,
which would not have a positive impact over the
activity of the Macedonian companies, because
the trade exchange with neighbouring Serbia is
grater than the one with Kosovo. Although Serbia
is not going to impose an official trade embargo,
some of our businessmen fear that economic
blockades are ruled out.
The Macedonian passenger and cargo trans-
porters, as Vecher informs, do not expect the
Government of Serbia to close the border if Ma-
cedonia acknowledges the independence of Ko-
sovo. If this actually does happen, the Macedoni-
an transporters would be forced to use alternati-
ve options for transporting goods to the Europe-
an countries.
Today`s editions of the daily newspapers al-
so inform about the Conference: Global busi-
ness-support of Macedonia for NATO, which was
held in Skopje. The Macedonian accession in
NATO would mean an increase of the foreign in-
vestments, because the investors want stability,
which comes with becoming a member of the Alli-
ance. When Bulgaria accessed NATO, we start-
ed counting the investments in billions of dollars
- Ljubomir Ivanov pointed out, representative of
Bulgaria and chairman of the Conference. How-
ever, according to the statement of Mirche Chek-
redgi, vice-president of the Economic Chamber
of Macedonia, domestic are also needed not only
foreign. Macedonia is still a country with not en-
ough developed economy, therefore all invest-
ments that enter would be important, especially
in the part of the energy, traffic and civil engineer-
ing sector.
In Utrinski Vesnik you could read that not
even one foreign bank has opened a subsidiary
in our country, or that there is any interest for it.
Actually, that means that the legal possibility that
the state gave to foreign banks, in order to attract
well-established bank brands to invest in out co-
untry, gave no results. This possibility was provid-
ed to the foreign banks by the new Law on
Banks, which came into force in the middle of last
year.
Dnevnik informs about the dilemmas regard-
ing the functioning of the private credit bureau,
conveying the statement of Goran Rafajlovski,
owner of the company Rafajlovski Consulting,
who considers that this Bureau could make
uncertain the protection of personal data, beca-
use the banks would have the possibility to rece-
ive data regarding the indebtedness of the citi-
zens without their consent. On the other hand the
director of the Directorate for Personal Data Pro-
tection, Mirjana Marushik explains that fact a
19.02.2008 TUESDAY
special law regulates this issue is an advantage
for Macedonia.
The Croatian construction company Ingra
announces that it has an intention to purchase
shares of the domestic construction company
Mavrovo. According to the Croatian media, as
conveyed by Utrinski Vesnik, in a period of ten
days should complete the transaction for take-
over the construction company Mavrovo, through
the Macedonian Stock Exchange. So far it is un-
known how many shares is the foreign company
going to purchase. Croatian analysts predict that
the construction companies on the Macedonian
market are going to develop rapidly.
All daily newspapers inform of the price app-
reciation of the petrol. The retail prices of the pet-
rol MB-96, EUROSUPER-95 and EUROSUPER-
98 are one denar higher starting from today, whi-
le the prices of the diesel and the extra light fuel
are two denars higher. According to the Energy
Regulatory Commission, the refinery prices of
the oil derivates increased 2.93 percent in aver-
age, and the retail prices went up 2.28 percent.
Tikvesh is the most favourite brand in South-
eastern Europe. The prize that was awarded by
the visitors of Brand Fair International, biggest
manifestation in the area of branding in South-
eastern Europe was held in Belgrade. The vinery
won it in a competition amongst 60 well-estab-
lished world and regional brands that were pres-
ent at the manifestation.

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

1. NATO ENTRANCE TO INCREASE INVESTMENTS (****)
2. THE PRICE OF THE PETROL INCREASED FOR 1 DENAR,DIESEL FOR TWO DENARS (****)
DNEVNIK VECER
p.1 NATO WILL BRING FOREIGN INVESTMENTS p.6 NOBODY WANTS THE SMELTER
p.7 NATO WILL BRING FOREIGN INVESTMENTS p.6 THERE WILL BE NO ECONOMIC EMBARGO TOWARD KOSO-
p.7 BUSINESSMEN - AFRAID OF PROBLEMS WITH SERBIA VO
p.7 CREDIT BUREAU-POSSIBILITY FOR CITIZENS` DISCRETION? p.6 SILENT BLOCKADE FROM SERBIA
p.7 CROATIAN INGRA - ONE STEP TO MAVROVO p.6 TIKVES WON THE PRICE OF REGIONAL BRAND
p.7 MBI 18.02.2008 p.6 TRANSPORTERS DON`T EXPECT CLOSED GATE AT PRESE-
p.11 WHO AND HOW DESTROYED MAKOTEKS? VO
p.14 ZORA FACTORY PRIVATIZATION UNDER INVESTIGATION p.7 WATCH OUT! VIDEO MONITORING!
BIZNIS p.7 THE PRICE OF THE GASOLINE INCREASED FOR DENAR,
p.1 KOMERCIJALNA BANKA WITH THE GREATEST PARTICIPA- DIESEL FOR TWO DENARS
TION IN THE TURNOVER VREME
p.2 NATO ENTRANCE TO INCREASE INVESTMENTS p.6 COMPANIES MUST NOT ASK FOR IDENTIFICATION NUMBER
p.2 THE PRICE OF THE GASOLINE INCREASED FOR DENAR, p.7 WE ARE IN DANGER OF EMBARGO AND LOSING THE SER-
DIESEL FOR TWO DENARS BIAN MARKET
p.11 KOMERCIJALNA BANKA WITH THE GREATEST PARTICIPA- p.7 PETROL UP FOR 1 MKD, DIESEL 2 MKD UP
TION IN THE TURNOVER p.7 EXPORT MAY EVEN INCREASE
p.12 MBI-10 INCREASE OF 37.21 INDEX POINTS p.7 STOPANSKA BANKA BITOLA IS THE MOST LIQUID
p.12 TRADING VALUE - 33.839.187, 00 DENARS p.7 SHORT RECKONINGS MAKE LONG FRIENDS!
p.12 MBI 18-02-2008 VEST
UTRINSKI VESNIK p.2 THE PRICE OF THE PETROL INCREASED FOR 1 DENAR,
p.1 A SUBSIDIARY IN MACEDONIA? NO, THANK YOU DIESEL FOR TWO DENARS
p.4 BUSINESSMEN AFRAID OF SILENT ECONOMICBLOCKAGE p.2 CROATIAN INGRA ANNOUNCES TAKEOVER OF ADG MAVRO-
BY SERBIA VO
p.8 THE FOREIGN BANKS ARE UNWILLING TO OPEN SUB- p.7 HEAVY METALS STILL POISON CITIZENS OF VELES!
SIDIARIES IN THE COUNTRY p.9 65% HIGHER IRON PRICE
p.8 TIKVES-MOST FAVORITE BRAND IN SOUTHEAST EUROPE NOVA MAKEDONIJA
p.8 CROATIAN INGRA WANTS TO BUY MAVROVO- p.5 TEC NEGOTINO-LAST RESORT FOR MACEDONIA
p.8 THE PRICE OF THE PETROL INCREASED FOR 1 p.5 OVER 30,000 PEOPLE WILL BE EMPLOYED IN AGRICULTURE
DENAR,DIESEL FOR TWO DENARS SPIC
p.8 MBI 18.02.2008 p.7 MACEDONIA IS NOT EXPORTING ELECTRICITY TO KOSOVO
p.8 9% INFLATION - SHOCK FOR THE CITIZENS p.7 NATO MEMBERSHIP TO BRING NEW INVESTMENTS
p.8 NATO ACCESSION TO INCREASE INVESTMENTS
 Date 25.02.2008 number 11
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
berzNIK
7
20.02.2008 WEDNESDAY
1. SHORT REVIEW OF EVENTS
The news reported today in all the daily for their further training. related to the rebranding of the consulting house
newspapers was that the monetary authorities The attention of the media is focused on the Grand Thornton in Macedonia. The company has
came up with measures to fight against the inflati- new offers of the third mobile operator VIP, which accepted the new identity and logo and became
on whose rate in January climbed up to nearly 9 after five months of commercial working enlarged recognizable as part of the organization Grant
percent. Namely, the officials in NBM stated that its postpaid portfolio with a business offer. They Thornton International. - "Our clients receive a
in order to alleviate the results from the high infla- launched on the markets two offers - VIP Team distinctive, personalized service here in Macedo-
tion and to prevent the same to experience a me- and VIP Business, each of it has three tariff mod- nia. The new brand actively demonstrates our
dium-term spill over, they decided to increase els intended for the SMEs and the families. The membership in a leading global organization that
the interest rates of the treasury bills from 5.08 users of any of the tariff models have the possibi- gives our clients access to the knowledge and
percent, as much as they amounted on the last lity of making free calls within the network of VIP the experience of over 2,200 partners from mem-
auction, to 5.25 percent. Such decision brought Team or VIP Business, while the charging is per ber-companies in over 100 countries," explained
by the officials in NBM opens the question whet- second. Ruzica Filipceva, Managing Partner. Furthermo-
her this will cause a growth of the credit interest Dnevnik reports on the new investment in the re, Grant Thornton International is one of the
rates, having in mind that the treasury bill rates municipality of Strumica. In order to start the world`s leading organizations of independent ac-
are one of the factors that form the bank interest working operations of the enterprise Agro-Berza countants and consulting companies providing
rates? The bankers said that their interest rates before the beginning of this year`s purchase sea- auditing, tax and special advisory services to pri-
will remain the same for now, since the bankers son, the municipality decided to construct acces- vately held companies and public enterprises.
have own fund sources and business policy. sible road to the place where Agro-Berza would A huge attention was drawn to the news re-
However, if this trend continues, it is possible to be located. For that reason the Municipality of vealing that the Slovenian TUS will construct 20
result in increasing the bank credit interest rates Strumica will allocate approximately MKD 35 mil- markets investing thereby EUR 90 million. This is
as well for the citizens and the companies. lion from the budget. The Government will also anticipated in the four-year plan for investing in
The daily newspapers report in addition the participate with 30-30% in the realization of this Macedonia, which was presented yesterday by
agreement between the Government and the investment. A location covering 150,000 square the director of TUS, Jernej Mur, to the Vice Prime
representatives of the Economic Chamber, the meters at the outskirts of Strumica has been alre- Minister of the Government of Republic of Mace-
Chambers of Commerce, the Economic Chamber ady provided. The obligation of the Municipality is donia, Zoran Stavreski. According to the reports
of North-West Macedonia and of the International to prepare the entire utility infrastructure. - The from the Vice Prime Minister`s Cabinet, Mur an-
Council of Investors on establishment of training enterprise Agro-Berza will contain industrial cool- nounced that the first two supermarkets in Stip
center for managers and of mini associations of er for storing of fresh vegetables, a series of utili- and Kumanovo will officially start the working
the SMEs for joint participation on the market. ty structures for calibration and packing in accor- operations in the following two months, whereas
The Vice Prime Minister Stavreski stated in that dance with the European standards, a modern la- they will begin this year with the construction of
occasion that the training of managers and the boratory for examination of the quality and the another four markets in Skopje, Prilep, Struga
gaining of knowledge and skills is an acute prob- ecological correctness of the production. and Strumica. It is planed that over 700 people
lem and for that reason a school will be formed The daily newspapers conveyed the news will be employed in the TUS markets.
2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS
1. TUS WILL EMPLOY 700 PEOPLE IN HIS MARKET IN MACEDONIA (***)
2. TWO NEW TARIFF MODELS - VIP TEAM AND VIP BUSINESS (***)
DNEVNIK AL ECONOMIES
p.1 NBM GIVES SIGNAL OF INCREASED LOAN INTERESTS p.8 MACEDONIAN PORK ON A MARKET IN SERBIA
p.5 NBM GIVES SIGNAL OF INCREASED LOAN INTERESTS p.8 GRANT THORNTON WITH NEW BRAND IDENTITY
p.7 STOCK EXCHANGE REQUESTED TO ANNUL THE SALE OF p.8 70 COMPANIES WANT OIL DEALS IN IRAQ
SHARES p.12 TRIAL ON NATIONAL BANK CASE CONCLUDED
p.7 TRAINING CENTER FOR MANAGERS TO BE FORMED VECER
p.7 MBI 19-02-2008 p.6 INDEPENDENT KOSOVO TO HAVE POSITIVE EFFECT ON THE
p.8 MONEY FOR BUILDING OF A ROAD TO AGRO-BERZA APPROVED ECONOMY
p.8 VIP PACKAGES FOR SMALL FIRMS p.6 POSTPAID WITH FREE OR INCLUDED CALLS
p.8 BUSINESS FOUNDATION IN THE SELF-EMPLOYMENT PROJECT VREME
p.8 THERE IS NO DOMESTIC RAW MATERIAL FOR BIO-DIESEL PRO- p.1 KOSOVO TO STIR UP MACEDONIAN STOCK EXCHANGE
DUCTION p.6 THE INFLATION REACHES 8.7 PERCENT
p.14 TRIAL AGAINST SMILENSKI AND TRPESKI BEFORE SHOWDOWN p.6 KOSOVO TO STIR UP MACEDONIAN STOCK EXCHANGE
BIZNIS p.6 BUSINESSMEN SHOULD SEIZE THEIR CHANCE
p.1 MANAGERS TO TRAIN SKILLS IN ORDER OF CONQUERING THE p.6 ENGROTUS OPENS MARKETS THROUGHOUT MACEDONIA
MARKET p.6 SHARES OF VITAMINKA SUFFER 15% DROP
p.2 90 MILLION EUROS FOR 20 MARKETS p.9 THE CITIZENS OF SKOPJE NEED LANTERNS TO FIND THEIR
p.2 TWO NEW TARIFF MODELS - VIP TEAM AND VIP BUSINESS HOMES
p.3 5, 25% INTEREST RATE FOR TREASURY BILLS p.11 CITIZENS' IDENTIFICATION NUMBER IS BEING MISUSED
p.3 MANAGERS TO TRAIN SKILLS IN ORDER OF CONQUERING THE VEST
MARKET p.1 INFLATION 8.7 %
p.3 STAVREVSKI CALLS ON THE COMPANIES TO GRAB THE KOSO- p.7 NATIONAL BANK TAMES THE INFLATION OF 8.7 PERCENT
VAN MARKET NOVA MAKEDONIJA
p.11 PENSION FUNDS TO MANAGE INFLATION HARDLY p.1 GRAB KOSOVO MARKET
p.11 CAN MICROFINANCING BE A GOOD FAIRY FOR FINANCERS? p.2 NEITHER ELECTRICITY NOR WATER WITHOUT CONTRACT!
p.12 MBI-10 UP FOR 117, 8 INDEX POINTS p.3 GRAB KOSOVO MARKET
p.12 REALIZED 36,359,429.70 DENARS IN 211 TRANSACTIONS p.5 STABILE ENERGY SITUATION IN MACEDONIA
p.12 MBI 19.02.2008 p.5 PERSPECTIVES FOR THE MACEDONIAN BUSINESS IN KOSOVO
p.16 70 INTERNATIONAL COMPANIES REQUIRE CONTRACTS p.5 SLOVENIAN ENGROTUS TO BUILD 20 MARKETS
p.16 THE PRICE OF IRON ORE APPRECIATES BY 65 PERCENT p.5 MARIOVO LIES OVER COAL
p.16 AN ANNUAL LOSS OVER USD 50 BILLION p.5 PEACEFUL TRADING DAY, MBI-10 RAISED UP BY KOMERCIJAL-
UTRINSKI VESNIK NA AND ALKALOID
p.1 THE INTEREST RATES TO GO UP? SPIC
p.1 THE CUSTOMS ADMINISTRATION BLOCKS THE COOKING OIL p.3 THE BELGRADE STOCK EXCHANGE DECLINES
IMPORT p.7 CLOSING STATEMENT FROM THE CASE AGAINST THE BANKER
p.4 NBM INCREASES THE TREASURY BILL RATES, THE INTEREST SMILENSKI
RATES WILL GO UP? p.9 KOSOVO LEAVES US THE SULFUR FROM OKTA
p.5 THE CUSTOMS ADMINISTRATION BLOCKS THE COOKING OIL p.9 VIP`S ENTRY REDUCED THE PRICES OF THE MOBILE TELEPHO-
IMPORT NY
p.8 NO SUBSIDIARIES-ARE BANKS WAITING FOR CLEAR COAST? p.9 TUS TO BUILD 20 MARKETS AND TO EMPLOY 700 WORKERS
p.8 TUS WILL EMPLOY 700 PEOPLE IN HIS MARKET IN MACEDONIA p.9 STAVREVSKI SUMMONED COMPANIES TO USE THE MARKET OF
p.8 VIP CREATES POSTPAID OFFERS FOR BUSINESS CUSTOMERS KOSOVO
p.8 MBI 19-02-2008 p.9 AGROBERZA- STRUMICA TO START SOON
p.8 STAVRESKI: KOSOVO TO HAVE POSITIVE EFFECT ON REGION-
 8 berzNIK
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
CREDIT BUREAU FOR INDEBTEDNESS OF NATURAL PERSONS
PRIVATE DATA INTO
INSPECTION ONLY WITH
CITIZENS' PERMISSION!?
he announcement for establishment of a
T credit bureau, through which the banks
can see whether the citizens pay the cred-
its regularly and whether they pay the municipal
fees on time, has caused interest in the public
and among citizens. This is a result of the Law
on Credit Bureau, which is being prepared by
the Bankers' Association and the Ministry of
Finance at the moment, and whose provisions
envisage the data for natural persons and com-
panies' indebtedness to be sent to the Credit
Bureau without their consent, but the data col-
lection to be used only with citizens' permission.
Concerned parties, natural persons and
legal entities, believe that this will violate their
rights to privacy and protection of the personal
data, i.e. the data that are going to be at the
Bureau's disposal can easily be misused. In
fact, other countries' experiences also show
that credit bureaus do many abuses of the per-
sonal information. Hence, according to the
explanation of Marijana Marusik, director of the
Directorate for Personal Data Protection, it is
good that in the Republic of Macedonia this
issue will be regulated with a separate law,
unlike the European countries, which have
solved its functioning by a decision or some
provision in the law on banks. A lot of attention
was paid in the working version in order this law
to be in accordance with the provisions of the
Law on Personal Data Protection as well.
Actually, it is within the Directorate's compe-
tences because all laws that include provisions
concerning the personal data protection are
submitted for Directorate's opinion and it indi-
cates whether these provisions are in compli-
ance with the legal regulation for personal data
protection or not.
number 11
- Although the data will be collected in the
Bureau without citizens' consent, the use of the
data will be only with citizens' permission and it
is important that the citizens can withdraw that
consent at any time. The working version of the
law provides the citizens to have access to their
data and see who else had access to them -
Marusik says. - Just for illustration, if you have
requested a credit in a bank, it will ask for per-
mission to check your profile in the credit
bureau in order to see how much do you
already owe to other banks. Later, if you ask for
access to your personal data in the credit bure-
au, you will be able to see who else had access
to your data. It means, except the bank where
you have applied for credit, nobody else has the
right to see your data.
In addition, during its two-and-a-half-year of
existence, the Directorate for Personal Data
Protection, in accordance with its basic func-
tion, has made an inspection and supervision of
the personal data processing in few fields, ini-
tially in the banking and telecommunication
sector, as well as in the public institutions, i.e.
where the largest personal data collections
exist. - Absolutely, I do not want to say that per-
Concerned parties, natural persons and
legal entities, believe that this will violate
their rights to privacy and protection of the
personal data, i.e. the data that are going to
be at the Bureau's disposal can easily be
misused. In fact, other countries' experi-
ences also show that credit bureaus do
many abuses of the personal information
Date 25.02.2008
sonal data abuses happen in our country; there
are no such interventions in the institutions and
companies - on the contrary. Everywhere we
have noticed an expressed will for total harmo-
nization between the institutions and compa-
nies' operation with the provisions of this law -
Marusik points out. There are certain inconsis-
tencies only about the principles for personal
data protection, and not because somebody
does not want to respect those principles delib-
erately, but due to ignorance of the law. It is nor-
mal to certain point because in the European
countries, even though laws for personal data
protection exist from some time ago, the
researches have shown that in this area they
hardly get used to abidance of these provisions
and it cannot be said that Macedonian is an
exception.
Albeit the Law on Credit Bureau is still in
preparation, for some time now, many banks
and public utilities in this country, in order to
improve their debt collection, have hired com-
panies or agencies for debt collection by the
holders of credits or services. The citizens, on
the other hand, who were contacted by these
agencies, are in a dilemma whether that means
violation of the provisions of the Law on
Personal Data Protection, i.e. believe that these
agencies can abuse their personal data, which
they have given to the banks or the companies.
According to Zoran Pandev, deputy director of
the Directorate for Personal Data Protection,
there are no legal obstacles. - Mainly, it is a
matter of two kinds of contracts. Firstly, there is
a contract for personal data processing, where
the bank is supervisor of the personal data, and
the data processor, which is a person who
processes the data on behalf of the bank, is the
agency for administrative debt collection. In the
contract for personal data processing, the
Agency informs the citizens on behalf of the
bank or the public utility that they have not paid
the installment or have unpaid municipal fees.
 Date 25.02.2008 number 11
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
berzNIK
9
they are allowed to behave inappropriately.
Data Register Moreover, they are not allowed to call in some
inappropriate time, or, yet, to give information to
other people. It means, the one who is indebt-
The basic right the citizens have is to be informed where their personal data are used, who
ed, registered as such in the company, only
has them, and whether it is in compliance with the Law on Personal Data Protection. Specifically
he/she should be contacted and reminded
in function of this right is the existence of the central register within the Directorate because pur-
about his/her obligation, and faced with the le-
suant to this Law all companies, private or public, are obliged to report their personal databases
gal consequences. Accordingly, if he/she does
in this Register. Just one week ago we had a test-period when few institutions were included,
not pay, his/her endorsers, warrantors will be
such as Tutunska banka, Komercijalna banka, and few other banks - Marusik says. - Since now
informed.
all presumptions for the Register functioning are created, the companies are required to obey this
On the other hand, regarding the endorsers
legal obligation.
of credit applicants, one can say that they also
have the right to be notified about this, even
They should introduce themselves in that way Obligatory Relations, where the claim is trans- though it is a matter of a debt of one natural
as well. Regarding the personal data protection, ferred from one to another person by purchase. person that defers from them. However, they
the company itself should define the protection In accordance with that Law, there is an obliga- also have interest of being aware of the situa-
standards that these Agencies should apply, i.e. tion to inform the debtor that there is change of tion of the credit applicant, whether he pays
the protection should not be minor than then the creditor. We cannot dispute the creditor's regularly or not because they are endangered
one ordered by the bank or the company that right to call the debtors in order to collect its as well. Sometimes the endorsers are notified,
has hired them. debt, Pandev explains. - In many cases it is and it usually happens when the debtor was
even recommended because it happens people contacted and refused to pay.
The second way of collection is through the to forget, to lose a bill, or miss paying the
transfer contract, contained in the Law on installment, etc. However, that does not mean V.M.

AFTER 10 YEARS OF HUMANITARIAN ACTIVITIES

MACEDONIAN LIONS
- INDEPENDENT
acedonian Lions Clubs after decade of

M activities under auspices of district of

Slovenia are proclaimed as Lions
District 132 Macedonia, i.e. they managed to be
independent and on the map of the Int-
ernational Organization to be registered under
country`s constitutional name of Macedonia.
This news to Macedonian Lions will be anno-
unced personally by the President of the inter-
national association Mahendra Amarasuriya,
who is going to visit Skopje this weekend. On
the occasion of the celebration of 10th anniver-
sary of Lions Clubs in Macedonia, was organ-
ized festive dinner on which cheque of dance to broad program, Lions Clubs are dedi- tain community. The development of "lionism" in
1,000,000 denars was donated to the state cated to any help for their community, take one certain country means broad developing
school for children with damaged eyesight active participation in works for protection of process of the civil society and mutual solidari-
Dimitar Vlaho" in Skopje. This is the first project natural and cultural resources, provide support ty on all levels of functioning of the state. As
performed as community of all Lions Clubs in for education of diabetics, take part in prepara- largest world humanitarian organization in the
Macedonia. The symbolism of donating of this tion of programs for deaf persons, preparations world, International Association of Lions Clubs
cheque means that beside donations for this of programs for help in natural disasters and all has special status, influence and cooperation
school for necessities of the educational kind of humanitarian projects that circum- with the United Nations.
process (Braille reading machines, Braille print- stances impose in order of development of cer-
ers etc), during 2008 all Lions Clubs will be ded-
icated to humanitarian activities that should
help proteges of this state school.
International Association of Lions Clubs
Lions Clubs in Macedonia (Saint Pan-
telejmon, Vardar, Gazi Baba and Idadija) with International Association of Lions Clubs is the largest humanitarian organization in the world
their joined donations and donations of eminent and includes 1.35 million men and women on all ages which are members of 46,000 Clubs
members of their own Clubs take active part in located in 194 countries and geographic areas. Lions Clubs are most recognized by their deter-
the non-governmental campaign: "Friends of mination for help of persons with damaged eyesight. Lions Clubs organized in their national
Children`s Clinic 2003-2005", which provided associations are non-governmental, non-party and non-religious associations, but their mem-
reconstruction of this important health institu- bers are individuals from different political parties and religions. Basic goal of the "lionism", as
tion for all children across the state. world association, is humanity and support for all of those who need help.

Beside the fight against blindness, in accor-

10 berzNIK
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
EURO BROKER AD SKOPJE
PROTECTION, SECURITY AND
INVESTMENT ADVISING OF CLIENTS
FROM NOW ON
In the future uneducated natural and
legal entities who are not familiar with
the securities market and do not know
the philosophy of investing, will not
have the necessity to be guided by the
advices of quasi experts, but they can
immediately turn to the real address,
whether it is investment advising com-
panies or investment funds where
investment advisors operate
rokerage firm EURO BROKER AD Skopje
B successfully operates in this sphere
from 2003 as authorized member of
the Macedonian Stock Exchange AD Skopje
(MSE). The company has already built up its
image and rating among domestic and for-
eign public, so the number of clients con-
stantly increases. As a result of its highly pro-
fessional and experts relations towards
clients and after realization of purchasing
orders and all additional activities in trade of
shares, EURO BROKER AD Skopje achieved sig-
nificant results on the financial market. It is
confirmed by the 110% increase of turnover
last year compared to 2006, and the increase
of 119% of the number of realized orders in
2007 compared to 2006. The fact that EURO
REACTION OF EURO CITY
CONSULTING
ATTEMPT FOR
OBSTRUCTION OF THE
DEAL IS IN INTEREST
OF INDIVIDUALS
Last week EURO BROKER AD Skopje
was topical in the public due to one unusual
development in stock market circles. The sell
of 148 regular shares of Macedonian Stock
number 11
BROKER AD Skopje has built up long-term busi-
ness cooperation with large number of clients
is supported by the increase of the number of
realized transactions last year compared to
2006, which record 171% increase.
From its establishment up until today,
EURO BROKER AD Skopje constantly improves its
work, adjusting to world standards and
actively participating in development pro-
cesses on Macedonian financial market. In
that order, procedures that are very formal
and complicated, and in which smallest lapse
can cause great consequences, are conduct-
ed by extreme accuracy and success. During
our existence, we pay special attention the
issue of legal protection and security of our
clients. The respect of, not only legal regula-
Exchange AD Skopje traded on 15th of
February, were not registered in Central
Securities Depository, i.e. they were not paid
within legal term (three days after the trans-
action which is in accordance to Article 64 of
the Law on Securities). In fact, Euro City
Consulting, company that bought 5.3% of
MSE capital, was not registered as owner of
securities until 20th of February, although
there were paid 440,000 euros (as part of
insolvency estate of Radobanka).
According to information of daily papers,
Date 25.02.2008
tions, but also contemporary principles of
corporative management and ethical code of
conduct, are accepted axioms in our work.
We take every day care for protection of
clients` interest, directly, over management
of general acts of EURO BROKER AD Skopje and
separate acts signed by us, as well as indi-
rectly, by providing professional help and
monitoring.
Our goal is every client of EURO BROKER AD
Skopje, regardless the level of his acknowl-
edgement and information about the proper-
ty he owns and regardless the value of that
property, every time to be equally served by
paying attention and energy from our profes-
sional personnel, in order of meeting his
interests and needs.
CSD as competent institution for sell of
shares, realized the alignment day later, after
the reaction of the new owners. Without
entering motives due to which the new owner
was not registered, the fact remains that the
very act of transaction was realized in accor-
dance to all legal regulations, which was dis-
puted neither by MSE, nor by Securities
Commission, money were paid on time.
Because there were no petitions from com-
petent institutions, the transaction was sup-
posed to be realized on time, and not after
one day of delay, i.e. after the reaction of the
 Date 25.02.2008
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Regarding the fact that securities
market is actuated by information, every
investor must be exceptionally cautious
which received information on any com-
pany or action will be considered as rel-
evant in bringing investment decision.
The advice is to be cautious while
receiving of unverified information, beca-
use in any case the source of that infor-
mation has determined goal that should
be achieved. It is sure that this informati-
on is not distributed so you, and only
you, end up with extra profit.
The decision whether to buy or sell
one specific shares is not brought upon
only one information. More correct and
well analyzed information guarantee that
brought decision is correct.
Guided from this information that
investors face in every day investing, EU-
RO BROKER in its business policy planed
introduction of the service investment
advising as unavoidable part of future
activities, which, off course, will be real-
ized across licensed experts in that field,
who already work in this brokerage firm.
Investment advisors are exceptional-
ly important ring in the successful func-
tioning of the securities market. In the
future uneducated natural and legal enti-
ties who are not familiar with the securities
market and do not know the philosophy of
investing, will not have the necessity to be
guided by the advices of quasi experts, but
they can immediately turn to the real ad-
dress, whether it is investment advising com-
panies or investment funds where invest-
ment advisors work.
Establishing of company`s fundaments,
application of technical analysis and sublima-
tion of as much as possible information that
affect over certain company are the major
attributes upon which decision whether cer-
tain security will be bought, at which price
and when to be sold. Unavoidable part, espe-
new owner and involved parts of the transac-
tions. Due to these incidental or intentional
misunderstandings, the buyer of shares
revealed their revolt publicly across public
announcement that we convey in full content.
Public announcement:
On 15th of February 2008 Euro City
Consulting DOO Skopje, financially support-
ed by structure of Alpha Finance Holding AD
Sofia (dominant owner of Kapital Banka AD
Skopje), bought 148 shares on Macedonian
number 11
cially in the part of the domestic market, will
be acknowledgements for the quality of man-
agement teams the code of functioning and
their connections with lobby groups. Reac-
hing of information to less transparent joined
stock companies and knowing investor`s
psychology, which is very important on the
securities market, are just additional argu-
ment why EURO BROKER also puts accent to
investment advising.
Macedonian market in the previous peri-
od did not remain intact to regional stock
exchange trends. In the last six months we
have experienced one of the greatest price
corrections caused partly due to global
securities market issued by Macedonian
Stock Exchange AD Skopje. The transaction
was realized on fully transparent and honest
way in public competition with other in-
vestors. Achieved price of 181,000 denars
per share is public voice of confidence for
MSE management and appropriately evalu-
ates its recent development. Investment is
part of the successive strategy of Alpha Fi-
nance Holding AD Sofia for development of
its business in Macedonia.
Attempts for obstruction of the deal serve
berzNIK
11
trends that affected other markets as
well, and partly due to open issues,
whether Macedonia is going to enter
NATO, whether Macedonia is going to
receive date for negotiations with EU,
what will be the outcome of Kosovo
issue? All these open issues made
investors restrain from investing or sell
part of their portfolios.
Such condition resulted in the last
six months in particular, which means
that we have experienced the greatest
price correction, out of which, uneduca-
ted investors, small investors who in-
vested in shares in which their rela-
tives, friends and neighbors invested,
suffered the most. In the rush for fast
profit they were buying shares at high
prices and sold them at lower values. It
was the goods they do know enough.
When trend turned downhill, they start-
ed fearing, thinking that it was the way
to protect part of the initial investment. I
hope that such cases will be reduced in
the future thanks to us, regardless if it is
a matter of natural entity or company
that are maybe successful in certain
business segment, but have lack of
acknowledgement of the security mar-
ket. I hope that we are going to justify
the saying that it is the best and eco-
nomically most justified to ask professional if
you do not know.
EURO BROKER AD Skopje
St. Veljko Vlahovic 1/12-2 1000
Skopje, Republic of Macedonia
Telephone 02/3215198 02/321199
Fax 02/3223397
www.eurobroker.com.mk
eurobroker@mt.net.mk
Office
St. 27th of March 1 floor 5
Telephone 02/3298815
Fax 02/3298819
individual interests and they are categorically
against interests of the state, buyer`s credi-
tors and participants on Macedonian capital
market, before all.
We are expecting all competent bodies to
take part in soon resolving of this case, which
would represent clear signal for respecting
and implementing of European standards for
transparency of capital market in order of
achieving maximum level of trust by EU in-
vestors.
EURO CITY CONSULTING DOO
SKOPJE
12 berzNIK number 11
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 25.02.2008

THE THIRD MOBILE OPERATOR WITH NEW OFFER

WITH VIP`S BUSINESS

OFFER - 0 DENARS PER MINUTE
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BUSINESS, 24 hours a day and 0 denars per minute towards VIP
TEAM`s members; complete use of the monthly subscription; tariff
per second starting from the first minute.

IP`s entry on Macedonian market of that works 24 hours a day,

V mobile telephony, may be considered

to be one of the most successful
entries of the mobile communications history.
seven days in week, i.e. we
provide our services in 365
days of the year to our users
- According to many analysis made by inde- on Macedonian, Albanian
pendent experts, we started to work commer- and other languages. 50%
cially six months ago, with full prepaid teleph- percent of our employees are
ony services spectra, and six weeks after directly in contact with the
that we introduced our first postpaid residen- users which is a number to
tial offer, stated Nikola Ljusev, Chief Exe- respect. The key of our suc-
cutive Director of VIP operator, on last week cess are definitely our 160
promotion of new services. I hope that you employed. I consider now
will agree that the most important gain of that, citizens are happier, be-
VIP`s entry is that we actuated Macedonian cause they pay less and talk
market, introduced new quality standards more, - said Ljusev.
and greater value. More precisely, we have
made the prepaid accessible to all citizens in Therefore, we started
Macedonia. With our offers the prices of pre- with a revolutionary prepaid
paid reduced to 50 percent in average, and offer, and than we continued
postpaid prices reduced to 30 percent. For with postpaid, and now is the
only three months we accomplished what we time to consider about the
have planned with a license for the first year. business offer, in the busi-
Today, even 70 percent of VIP`s calls go ness segment, which was ex-
through VUP`s network, which enables users pected for a long time on the
more quality services. market - continued to explain Mario Cveta- vides them the best value of their money. We
novic, Chief Director of VIP operator. have understood users` demand and there-
Ljusev explained that they are satisfied fore we offered the simplest and transparent
from they have accomplished, but he can not - Now is the moment to activate one user offers for the business sector, three from VIP
publishes yet VIP`s audited financial results, segment which is very important for Mace- Team and VIP Business. By VIP, users gain
because the results of Telecom Austria, i.e donia. And if someone asks us why we a lot more- full utilization of the monthly sub-
Mobilcom group will be published on 27 Feb- hadn`t done this before, the answer is that scription, tariff per second starting from the
ruary. - In this moment, I can only mention we wanted to achieve the same effect as we first second of the talk, same call price, 24
some price sensitive information for our busi- had with the prepaid. This offer is intended hours day, cheap international conversa-
ness. So, we are expanding our sale network for small and middle sized enterprises, fami- tions. Users can save a lot and can talk
and currently we have nine own stations in ly businesses, which compose the spine of longer with improved quality, at any time of
major cities of Macedonia, we have over 9 Macedonian economy. Really, there is rea- the day, emphasized Cvetkovic.
thousand sale centers, we offer the best ser- son now, for users not to talk through VIP -
vice, and we have modern contact center simply and accessible - because VIP pro-
The procedure of concluding contract of
the tariff from VIP Team and VIP Business is
simpler. The contracts can be concluded in
After the successful start of the prepaid and postpaid services for residential users, VIP all VIP centers and partnership shops across
expanded its portfolio with six new postpaid business offers with simple tariff models. the Republic of Macedonia.
Postpaid business offer, intended above all for the small and middle enterprises, as well as
the families. Special postpaid offers so called VIP Team 300, VIP Team 900, VIP Team 1800
and VIP Business 500, VIP Business 900 and VIP Business 1600, enables users calls VIP enriches its portfolio of telephone
toward all networks of 0 denars per minute to members of VIP Team, toward all network in apparatus per most attractive prices on the
VIP Business, at regular price of talks of 5.9 denars per minute - 24 hours a day. The offers market. Therefore, the premium telephone
are developed and adjusted to the needs of these users which represent the majority of apparatus Motorola RAZR2 V8, Samsung
enterprises in Macedonia. Users from small and middle enterprises and families that use Armani, Nokia N95 8GB, Sony Ericsson
this type of mobile telephony services, according to the research have in average, five W910i can be bought at VIP`s shops at most
mobile phone lines, for which they pay 22.000 denars in average. suitable prices.
 Date 25.02.2008
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
BY PENSION FUNDS` DEVELOPMENT ON THE CAPITAL MARKET
BANKS WITH NEW FUNCTION
- GUARDIANS OF PROPERTY
he role of the bank-guardian of
"T property in frames of capitally
financed pension insurance in the
Republic of Macedonia" - was subject mat-
ter of round table meeting, which took place
this week, organized by the Agency for
Supervision of capitally financed pension
insurance, in cooperation with USAID/proj-
ect for business surroundings. For more
detailed introduction with this problematic,
experts from Croatia have been engaged, a
country that already has several years
experience in the area of private pension
funds.
The idea for this subject presentation
came out from pension funds` increased ro-
le in the capital market` development which
inevitably imposes the function- guardian of
property, as one of the new financial servic-
es in the frames of contemporary financial
trends. For this purpose, organizers have
engaged relevant experts from Republic of
Croatia. The experts from Croatia, Dub-
ravko Stimac - President of the Board of
Directors of the contemporary pension fund
PBZ Croatia Insurance and Ira Stroili, Di-
rector of Leveling-Transaction banking in
Hypo Alpe Adria Group have previously vis-
number 11
The increasing role of the Republic of Macedonia`s capitally
financed pension insurance in capital market`s development,
inevitably imposes the function- guardian of property, as one of
the new financial services in the frames of contemporary finan-
ited Republic of
Macedonia.
At the beginning of the
round table meeting, the
Croatian expert`s report
presented the bank-guar-
dian role, a regulatory fra-
mework, recent practice in
pension funds` work and
the world practice, after
which followed interactive
discussion where experi-
ences and experts opini-
ons on this topic were ex-
changed.
"In Croatia, the pension
reform was implemented in
2001, so now we have few
year of experience.
Pension funds are becom-
ing stronger, even most im-
portant players in the area
of capital market. Like everywhere in the
world, the private funds carry capital mar-
ket`s liquidity and activity, as well as new
instruments and services provided by the
financial institutions - Stimac emphasized in
his presentation.
"Macedonia also has pension funds and
investment funds and what is important now
is to make the last so - called fine adjust-
ments of financial institutions` legislation
Bank-guardian`s capital value (billion dollars):
Chase Manhattan Bank -
State Street Bank Boston -
The Bank of New York -
Bankers Trust -
Northern Trust Company -
berzNIK
13
cial trends.
and organization. The purpose of this proj-
ect is to enable the development of this seg-
ment of commercial banks, because the
banks are guardians of the securities also.
MAPAS and USAID concluded that Mace-
donia has one big obstacle for this quality
step to happen, and that is to change the
law, in order to open banks-guardians acco-
unts in the depository institutions, to per-
form turnovers directly for their clients in
pension and investment funds and to keep
the securities on opened account in the cen-
tral depositor", said the Croatian consultant.
On the presentation attended by repre-
sentatives of major banks, the Security
Commission, Republic of Macedonia`s
National Bank, the Ministry of Labor and
Social Politics and the Ministry of Finances
, was concluded that these recommenda-
tions for settling the obstacles of the func-
tion guardian of property` s implementation
and development, at Macedonian business
banks will give new impulse and stimulus to
citizens and financial institutions to enter the
new trend of economic leadership which will
improve the entire economic situation in the
state.
In the world this is a regular practice and
according to the researches of Croatian pre-
senter Stimac, the situation in the world
banks- guardians of property is the follow-
ing:
1997 2004
4.772 5.854
3.772 6.200
3.100 6.800
2.000 3.963
1.012 2.800
14 berzNIK number 11
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 25.02.2008

21.02.2008 THURSDAY
1. SHORT REVIEW OF EVENTS
Today`s newspaper issues without exception monthly inflation rate continues in the months to practice, and as the company`s Director General,
inform that the interest rates of the credits for come, the Government will have to resort to mo- Zivko Mukaetov, says, the institute will introduce
companies and citizens will not go up, in spite of derate restrictions of the public expenditure. new technologies, sustain superior quality and
the fact that the Central Bank have decided to in- As Dnevnik informs, Eurocity Consulting still meet the demands of the European and American
crease the interest rates of the treasury bills, has not been registered as owner of 5, 3% of the regulatory organs.
which is one of the monetary instruments for con- Macedonian Stock Exchange capital, since the The newspapers carry interesting story that
trolling the inflation. The Macedonian bankers Central Securities Depositary did not settled the the Macedonian trade with the Near East countri-
hold position that in spite of the inflation growth transaction in which 148 shares were sold last Fri- es is devastating, although there is great potential
and the increased costs of living, this increase of day. The Official Receiver of Rado Banka has sold for economic cooperation. According to the statis-
the interest rates of the treasury bills is minimal the securities for an amount of around 440.000 tics, last year`s trade with these countries was
and due to this the credits will not go up in price. euros as part of the insolvency estate. The Depo- $21, 7 million, of which 5 million come from ex-
The National Bank of the Republic of Macedonia sitary confirms the settlement have not been carri- port, and 16 million dollars from import, while the
(NBRM) informs that it has increased the interest ed out, since the Redundancy Court Council have total 1998 trade was $31 million, 27 million dol-
rates of the treasury bills from 5, 08 percent, the blocked the execution. Experts in this filed claim lars from export and 2 million dollars from import.
value of the last auction, to 5, 25 % in order to ab- that a Redundancy Court Council decision cannot The reasons for such situation lie in the undevel-
sorb the consequences from the high inflation and stop the settlement and it will be performed tomor- oped business relations and the lack of diplomatic
prevent it from spilling into middle terms. Accord- row. Biznis, on the other hand, informs that the offices.
ing to the bankers, it is a common measure taken broker agency Euro Broker, which on behalf and The stock exchange reports in Biznis state
by the National Bank in order to collect the surplus at the expense of Eurocity Consulting, believes that the securities market last Wednesday marked
of money in circulation, which is a result of the ra- that the unperformed share settlement and trans- total trading value of MKD 41.857.489, 31 from
ised state red tape salaries and pensions. This fer on the account of the client- purchaser, not on- 313 transactions.
NBRM anti-inflation measure still leaves room for ly that damages the client, but the entire capital The Official Market have realized MKD
profit, the bankers point out. market too. 35.565.822, 30 through 253 transactions, while
Utrinski Vesnik, on the other hand, carries The placement of the cornerstone of Alkalo- the remaining MKD 6.291.667, 00 have been rea-
opinions of experts, who believe that it is still too id`s Institute for Development and Control of Qu- lized on the Regular Market through 60 transacti-
early for tightening the budget leash for taming the ality is an event carried by some print media. The ons, when MBI-10 index recorded 2, 71% appreci-
inflation. It is true that the measure for fiscal poli- investment costs around 9 million euros, and the ation in relation with the previous day.
cy restrictions is at Government`s disposal at ti- Institute will cover an area of 1.540 square meters On the Official Market, most traded were the
mes when the inflation is being active, however and offer 60 new jobs. The object and the equip- shares of Makpetrol, Alkaloid and Komercijalna
such move is unnecessary for the time being, say ment have been fashioned after the strict and spe- Banka.
the experts, pointing out that should this 9% cific demands of the good medication production
2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS
1. ALKALOID TO SPREADS THE BRAND ABROAD (*****)
2. OHRIDSKA BANKA TO OPEN NEW SUBSIDIARIES ALL OVER THE COUNTRY (****)
DNEVNIK VECER
p.1 THE CREDITS WILL NOT GO UP FOR NOW p.1 THE CREDITS WILL NOT APPRECIATE
p.5 THE CREDITS WILL NOT GO UP FOR NOW p.1 ALKALOID TO SPREADS ITS BRAND ABROAD
p.5 GRUEVSKI: PROJECTED INFLATION REMAINS p.4 ALKALOID TO SPREADS THE BRAND ABROAD
p.7 MBI 20-02-2008 p.6 CREDITS` RATES ARE NOT GOING TO INCREASE
p.6 BUYER STILL DOES NOT OWN 5% OF MSE p.6 THE SHEIKS DO NOT KNOW THE BENEFITS OF INVESTING
p.6 ALKALOID IS BUILDING INSTITUTE FOR CONTROL OF MED- IN THIS COUNTRY
ICINES p.6 BLAGOJ GJOREV STOPS PRODUCTION
p.6 TWO NEW SUBSIDIARIES OF OHRIDSKA BANKA VREME
p.6 PROTESTS IN BETON OHRID p.5 DRUGS TO BE CONTROLLED WITHIN THE COUNTRY
p.7 GENERAL COMPANIES TO CONQUEST KOSOVO p.5 NINE YEARS WITHOUT CONTRIBUTIONS, ONE YEAR WITH-
p.7 THE PRODUCTION OF COOKING OIL IN BLAGOJ GJOREV OUT SALARY
STOPS p.5 CAPITAL GET STUCK IN CENTRAL REGISTER
p.7 15 COMPANIES RACE FOR OSCAR FOR SOCIAL RESPONSI- p.5 CONTRACTED ELECTRICITY IMPORT
BILITY p.6 THE INTERESTS STAGNATE FOR NOW
p.7 POOR TRADE EXCHANGE WITH MIDDLE EAST p.6 MAKPETROL WITH THE BIGGEST TURNOVER
BIZNIS VEST
p.1 THE INTEREST RATES WILL NOT INCREASE p.6 PESTICIDES WITH BANDEROLS
p.3 ALKALOID IS BUILDING INSTITUTE FOR QUALITY DEVELOP- p.6 ALKALOID BUILDS AN INSTITUTE OF DRUG`S QUALITY
MENT AND CONTROL CONTROL
p.5 THE INTEREST RATES WILL NOT INCREASE p.7 THE INTERESTS WILL NOT INCREASE
p.11 NEW SUBSIDIARIES OPENED IN KARPOS 3 AND GJORCE p.10 PRICES OF OIL AGAIN UNDER 100 US DOLLARS
PETROV NOVA MAKEDONIJA
p.12 MBI-10 WITH SIGNIFICANT INCREASE OF 2.71 PERCENT p.2 ARCHEOLOGICAL RESEARCHES CONTINUE
p.12 MOST TRADED THE SHARES OF MAKPETROL SKOPJE p.3 FOUNDATION STONE OF THE INSTITUTE FOR DEVELOP-
p.12 MBI 20-02-2008 MENT AND CONTROL OF QUALITY WITHIN ALKALOID
p.13 DISTURBED REPUTATION OF EURO BROKER - MATERIAL p.4 REDUCED PRODUCTION OF ELECTRICITY
DAMAGES FOR FOREIGN INVESTOR p.9 WITH HIGHER INTERESTS - FIGHT AGAINST INFLATION
UTRINSKI VESNIK p.9 PROMOTIONAL OFFER FOR CASH EXPRESS CREDITS
p.1 IT IS TOO EARLY TO CONSTRAIN THE BUDGET DUE TO p.9 HIPO OPENS NEW REAL ESTATE COMPANY
INFLATION p.9 OIL HITS RECORD 100.10 US DOLLARS A BARREL
p.5 DUTY-FREE COOKING OIL IMPORT KICKS START p.9 THE DAIRY IMB OF BITOLA IMPORTS TO GREECE
p.8 IT IS TOO EARLY TO CONSTRAIN THE BUDGET DUE TO p.9 THE SLOVENIANS TOOK OVER THE SUPERVISION IN VAR-
INFLATION DAR INSURANCE
p.8 OHRIDSKA BANKA IS NOT GOING TO INCREASE CREDITS` SPIC
INTEREST RATES p.2 PRICES OF THE OIL AGAIN DROP IN ASIA
p.8 KIA CEED - MACEDONIAN CHOICE FOR CAR OF THE YEAR p.6 THE GOVERNMENT WAS WRONG TO ANNOUNCE THAT IT
p.8 SWISS COMPANY DENIES STOCK EXCHANGE TRANSAC- WILL RAISE THE SALARIES IN THE FORTHCOMING YEARS,
TION THE ECONOMISTS SAY
p.8 ALKALOID IS BUILDING INSTITUTE FOR DEVELOPMENT p.6 OHRIDSKA BANKA TO OPEN NEW SUBSIDIARIES ALL OVER
AND CONTROL OF DRUGS` QUALITY THE COUNTRY
p.8 MBI 20-02-2008 p.6 LESS ELECTRICITY IS BEING PRODUCED
 Date 25.02.2008
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
1. SHORT REVIEW OF EVENTS
Biznis conveys that wining-companies of the
Oscar for Social Responsibility will be announced
today. There are 15 companies that participate in
the race for wining of the Oscar awarded in the
frames of regional project conducted by the
German agency Invent, Iltis and consortium
Basme.ky and Balkan net from Skopje. These
companies entered final round in accordance to
the criteria for achievements of socially responsi-
ble enterprises. Candidate-companies are: Birkart
Logistik from Stip, Renova and Teteks from Tetovo
and Duna Computers, INet, Mont, Rade Koncar,
Pharhmahem, Ading, the Public Traffic Enterprise,
Makpetrol, Makstil, Tinex, Tutunski kombinat and
cement factory Usje, companies seated in Skopje.
Regional project Social Responsibility of compa-
nies is initiated in the second half of 2007, in order
of promotion of the concept for social responsibil-
ity of companies (SRC) in Southeast Europe.
Newly founded Coordinative Body for social
responsibility of companies, which operates with-
in Governemtn`s Economic-Social Council, con-
ducts activities in Macedonia.
Biznis also brings the information that by
2010 Macedonia can realize 83.5 million euros of
investments in the rural development from IPARD
program. Out of them, 31.3 million euros come
from EU, and the rest is national funds, Minister of
Agriculture, Forestry and Water Economy, Aco
Spasenoski, stressed. The goal of IPARD is
2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS
1. ALLOCATION OF TRACTORS FROM JAPANESE GRANT (***)
2. THE PRODUCTION OF COOKING OIL IN MASLODAJNA STOPPED (***)
number 11
improvement of living and standard quality in rural
areas, across the increase of the income and
opening of new working posts. This would be
achieved across investments in farming
economies, investments in processing and mar-
keting of farming products and development of
economic activities in rural areas. IPARD program
includes production of milk, meat, grape, wine,
fruit and vegetable, and funds will be used starting
next year.
Today edition of Vest convey the termination
of the production of vegetable oil in Veles food
industry Blagoj Gjorev, explaining that the factory
has no funds to purchase unrefined oil, which
reached the price of 1.300 euros per ton. E x i t
from this situation, according to plant`s manage-
ment, is in Government`s assurances to provide
certain quantities of unrefined oil from state stock
reserves, which later would be compensated. On
the other hand, Utrinski Vesnik informs that duty
free import of oil approved by the Government did
not contribute towards reduction of prices of this
product. In contrary, new shipments of oil in our
country can be found by new, higher prices, which
surpass the value of 100 denars per litter.
One hundred base stations without appropri-
ate documentation were registered by the con-
struction inspection on the territory of Skopje,
which reached 400 illegal base stations installed
by the three mobile operators, threatened with
berzNIK
15
22.02.2008 g. FRIDAY
demolition, Spic conveys. Last month, construc-
tion inspection ordered dislocation of 114 base
stations of T-Mobile, 138 of Cosmofon and 57 of
VIP operator. Final showdown is expected in the
next two months, due to appeals that the three
mobile operators submitted to the Second-
Instance Commission.
Vecer conveys Croatian experiences related
to pension and investments funds, which are
ground for every strong economy. -Such funds
become important subjects on the capital market
worldwide, because they bring profit to
economies, Dubravko Stimac, President of the
Management Board of Compulsory Pension Fund
PBZ Croacia Osiguranje, adding that important
role in that process have commercial banks as
keepers pf pension funds` property.
Biznis conveys yesterday developments on
MSE with total turnover reached 72,577,574.65c
across 392 transactions. Official market realized
65,748,541.00 across 297 transactions, while the
rest 6,822,033.00 were realized on the regular
market across 60 transactions. MBI-10 record
2.15% increase and MBID record 2.42% increase.
The most traded shares were those of Skopski
Pazar, followed by shares of Alkaloid Skopje.
Sloping change of price on official market record
shares of RZ "Ekonomika" Skopje, and increase
is also recorded at shares of OHIS Skopje.

DNEVNIK p.9 NEW SUBSIDIARY OF NLB TUTUNSKA BANKA

p.5 NEGOTIATIONS WITH OKTA START NEXT MONTH VECER
p.7 INFLATION ALSO DEPENDS ON SHARE SALES p.7 OIL - 101 US DOLLARS A BARREL
p.7 SLIGHT, BUT REFRESHING PRICE INCREASE ON STOCK p.7 STRONG ECONOMY DOESN`T EXISTS WITHOUT STRONG
EXCHANGE PENSION FUNDS
p.9 BANKS IN THE REGION GET STABILIZED p.7 TODAY, ADVERTISEMENTS FOR TRACTORS
p.9 GOVERNMENT ASKS ELECTRICITY FROM BULGARIA p.8 THE LIONS - INDEPENDENT AND RECOGNIZED WITH THEIR
p.9 CRIMINAL CHARGES AGAINST EMPLOYMENT AGENCY CONSTITUTIONAL NAME
DIRECTOR VREME
p.9 EUROCITY BECOMES HOLDER OF FIVE PERCENTS OF p.5 THE STATE SUES TOPLIFIKACIJA
STOCK EXCHANGE p.6 PURCHASED MORE THAN 6,000 TONS OF TOBACCO
BIZNIS p.6 SOLD PART OF THE STOCK EXCHANGE
p.1 RECENT PAYMENT OF DIVIDEND ACTUATES THE MARKET p.7 DISMISSAL FOR EMPLOYMENT AGENCY DIRECTOR
p.4 100 FOR FARMERS, 40 FOR LEGAL ENTITIES p.7 ALL SHARES GO UP IN VALUE
p.11 THE EUPHORIA INCREASED THE ÑRÎÂÅÕ FOR MORE THAN VEST
TWO PERCENT p.2 BLAGOJ GJOREV STOPS PRODUCTION OF COOKING OIL
p.11 NEW BRANCH IN SKOPJE - UNIVERSITY CLINICAL CENTER p.10 PRICE OF THE OIL OVER 100 US DOLLARS, INVESTORS
p.11 YESTERDAY ON MACEDONIAN STOCK EXCHANGE, BUYING GOLD
INCREASE OF MBI-10 AND MBID p.10 MICROSOFT WANTS TO REPLACE YAHOO DIRECTORS
p.12 MKD 72.577.574, 65 IN TOTAL TRADING VALUE NOVA MAKEDONIJA
p.12 MBI 21.02.2008 p.6 BULGARIA WILL RESCUE US BY EXPORTING ELECTRICITY
p.13 RECENT PAYMENT OF DIVIDEND ACTUATES THE MARKET p.6 MIDDLE EAST - UNTAPPED POTENTIAL FOR ECONOMIC
UTRINSKI VESNIK COOPERATION
p.1 WITHOUT FEES, OIL STILL EXPENSIVE p.6 GAZPROM ARRANGES NEW ENERGY PROJECTS IN IRAN
p.1 THE GOVERNMENT IN SEARCH FOR ELECTRICITY
p.2 THE COOKING OIL GOT ENTANGLED p.6 INGRA WANTS TO PURCHASE MAVROVO
p.6 NEW HEDGE FUND OF THE MACEDONIAN STOCK
p.4 WITHOUT FEES, OIL STILL EXPENSIVE EXCHANGE - BETA INVEST CAPITAL
p.8 THE GOVERNMENT IN SEARCH FOR ELECTRICITY p.7 TIKVES THE FAVORITE REGIONAL BRAND
p.8 IT IS NOT A MATTER OF RISK FOR A BANK TO BE A p.7 THE AUSTRALIAN COMPANY LEND EQUITY INVESTS IN
GUARDIAN OF THE PENSION FUNDS SKOPJE
p.8 ÌBI 20-02-2008 SPIC
p.9 MASLODAJNA IS WORKING, REFINERY WAITING FOR THE p.2 THE OIL REACHED OVER 101 US DOLLARS
SUPPLIES TO RUN OUT p.8 REGISTERED ANOTHER 100 ILLEGAL BASE STATIONS OF
p.9 MACEDONIAN MILK IN GREEK MARKETS THE MOBILE OPERATORS
p.9 ALLOCATION OF TRACTORS FROM JAPANESE GRANT p.8 THE PRODUCTION OF COOKING OIL IN MASLODAJNA
p.9 CHOOSING MOST SUCCESSFUL TRANSPORTATION FIRMS STOPPED
16 berzNIK number 11
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 25.02.2008

1. SHORT REVIEW OF EVENTS
The Macedonian Oscar for socially respon-
sible enterprises presented for the first time in
this country. Out of 28 large enterprises that
competed at the public announcement of the
German agency InWent, consortium BASME
KT and Balkan Net Foundation, the Oscar stat-
uette went to Tinex market chain from Skopje
for the successful realization of the project for
employing parentless young from the foster
home 11 Oktomvri, Vecer has the story. Other
winners of this year`s Social Responsibility
Competition are the small and medium enter-
prises Farmahem from Skopje, Renova from
Tetovo, Rade Koncar service from Skopje,
Birkart Logistik from Stip, Utrinski Vesnik pro-
vides additional information.
The project was aiming at increasing the
awareness of the enterprises, developing
national strategy and forming coordinative body
that will stand for better business climate.
The Government is to give to Silmak elec-
tricity from the night surplus at lowest price pos-
sible, and the factory should be restarted by the
middle of the following month at latest. This was
arranged in Jegunovce by Deputy Prime
Minister Zoran Stavreski and company`s direc-
tor, Dzvonko Stojanovski. Stojanovski added
this company would also meet its energy needs
by importing electricity, but didn`t reveal con-
crete date when the factory will be restarted.
That will depend on the provided import elec-
tricity needs. The number of workers that will
return to their working positions will also
depend on the provision of the necessary kilo-
watt-hours, Vest provides additional informa-
tion. The contract will be valid by the end of the
year. The talks between the Government and
Silmak lasted for two months. The company
shut down its capacities on January 4 this year
due to the high price of the electricity. On
February 11, Silmak Management sacked 502
workers. Now, only around 40 workers have
been engaged for maintaining the stoves and
the other machines, informs today`s issue of
Dnevnik.
Vecer carries the story that Kiro Spandzov,
Deputy Minister of Economy, yesterday denied
the statement of the transmission operator
MEPSO that this country`s situation with elec-
tricity production had been alarming, since
according to the indications of this department,
this years` energy balance has been pursued
within the projected framework. According to
Spandzov, 3 percent deterioration from the
energy balance (which displays the electricity
needs, as well as the electricity production) has
been registered from the beginning of the year
to date, and that was within the limits of the
23.02.2008 SATURDAY
allowed 5 percent deterioration.
The shares in Europe and Asia, as well as
the American features, go down. This follows
after the profit of RWE AG failed to meet ana-
lysts` forecasts, the oil fall pushed the energy
producers down to lower positions, while con-
cerns about war of prices prevails among the
telephony companies. RWE value plunged at
lowest level in one month in Frankfurt, after
Germany`s second largest utility service
recorded unexpected loss in the closing quar-
ter.
UNI Bank increases the interest rates for
fixed-term foreign and home currency deposits.
The interest rates for fixed-term deposits in
denars vary up to 10 percent, and should for-
eign currency is made in fixed term, the interest
rate reaches up to 6 percent. The citizens can
make their money fixed-term deposits from 1
month up to 3 years.
Utrinski Vesnik provides additional informa-
tion that the clients can add sums to their
deposits without canceling the already existing
fixed-term deposit. Any client that will make
fixed-term deposit in UNI Bank will also get
MasterCard or Visa payment card free of
charge.

2.TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

1. MACEDONIAN OSCARS FOR FIVE SOCIALLY RESPONSIBLE ENTERPRISES (****)

2. SILMAK OPERATIONAL BY MIDDLE OF MARCH (***)

DNEVNIK VREME
p.1 SILMAK WILL START OPERATING
p.5 THE INSOLVENT OUT OF THE FINANCIAL MARKET p.5 PETRA MITEVA SENTENCED TO THREE YEARS` IMPRISON-
p.7 MBI 21-02-2008 MENT
p.7 THE GOVERNMENT GAVE CHEAP ELECTRICITY TO SILMAK p.5 THE INDUSTRIAL COMPLEX TO START OPERATING IN
p.7 FIVE FIRMS REWARDED FOR SOCIAL RESPONSIBILITY MARCH!
p.7 SPANCHEV: NO CONCESSIONS FROM THE ENERGY BAL- p.6 AN ITALIAN COMPANY WILL BUILD A FACTORY
ANCE p.7 FIVE COMPANIES WERE REWARDED
p.7 2 MILLION EUROS INVESTED IN SIGMA p.7 GAS POWER PLANTS TO RESCUE US FROM DARK AND COLD
p.7 A WEEK OF APPRECIATED STOCKS
UTRINSKI VESNIK
VEST
p.1 SILMAK OPERATIONAL BY MIDDLE OF MARCH
p.6 SILMAK OPERATIONAL BY MIDDLE OF MARCH p.7 SILMAK RESTARTED ITS WORK WITH NIGHT ELECTRICITY
p.7 MACEDONIAN OSCARS FOR FIVE SOCIALLY RESPONSIBLE SURPLUSES
ENTERPRISES
p.7 UNI BANK INCREASES INTEREST RATES FOR FIXED-TERM NOVA MAKEDONIJA
DEPOSITS
p.8 SHARES IN EUROPE AND ASIA AND AMERICAN FEATURES p.2 LOGISTIC SUPPORT FOR OVER 60 WESTERN EUROPEAN
GO DOWN COMPANIES!
p.8 SOCIETE GENERALE TAKES OVER MAJORITY PACKAGE IN p.5 SOCIETE GENERALE ANNOUNCES EUR 947 MILLION PROF-
ROSBANK IT
p.8 MBI 22.02.2008 p.6 SKOPJE`S TOPLIFIKACIJA OWES EUR 200,000
p.6 19 PEOPLE LAID-OFF
VECER p.6 THE TURKISH BUSINESSMEN WILL INVEST IN THE FOOD
AND CONSTRUCTION INDUSTRY
p.1 500 PEOPLE BACK TO WORK
p.6 INCREASED INTERESTS FOR SAVINGS DEPOSITS SPIC
p.6 DO WE NEED ELECTRICITY OR NOT?!
p.7 TINEX WON THE MACEDONIAN OSCAR AWARD p.7 THREE YEARS` IMPRISONMENT FOR PETRA MITEVA
p.7 SILMAK WILL RESTART IN MARCH p.7 TINEX WINS OSCAR FOR SOCIAL RESPONSIBILITY
 Date 25.02.2008 number 11
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
1. SHORT REVIEW IN THE WEEKLY MAGAZINES
GLOBUS
P.10 KOCEVSKI ANNOUNCES RESISTANCE
Veles citizens got to check the new proverb that uninvited guests not
always stand behind the door. All presumptions that Veles citizens will have
the representatives of Mineco company for their neighbors turned out true.
P.32 I AM NOT PART OF THE FOOTBALL MAFIA!-
CLAIM-Ljubomir Mihajlovic claims he is staying in Skopje and is acces-
sible to the Serbian Ministry of Interior, which says still hasn`t looked up for
him
KAPITAL
P. 10 POTENCA ASSETS MANAGEMENT - First assets Management
Company in Macedonia
Potenca assets management is the name of the new financial interme-
diation company founded in Skopje by domestic and foreign investors.
P. 10 Bulgarian AG Capital enters in the real estate business in
Macedonia
Bulgarian company of real estate management AG Capital has opened
real estate Management Company in Macedonia.
P. 11 Popova Sapka third time on tender
Ski center Popova Sapka is on sale third time since the first two tenders
didn`t succeed due to lack of buyers.
P. 14 Deutsche Bank avoided the mortgage crisis
The biggest German bank, Deutsche Bank avoided the crisis of the
mortgage loan market and prepares to take over other banks in crisis.
P. 18 Ministers hide their shares
Macedonian public doesn`t know in which companies ministers have
shares. The law protects them! They are not obliged to inform the public in
which companies they posses shares. Macedonian treats this information as
personal information!?! Just to compare: officials in the normal world, espe-
cially those of the executive authority, are obliged to report in which compa-
nies they have shares, in order to prevent the conflict of interests. Reasons
are very clear: Firstly, ministers and envoys have authorized access to infor-
mation that other investors don`t have, and this place them in insider posi-
tion. Secondly they have opportunity to lobby for bargains, laws and meas-
ures which will bring greater profit of the company in which they act as
shareholders.
P. 19 Ministers hide their shares
P. 20 Ministers hide their shares
P. 20 Only six ministers have shares!
P. 21 Only six ministers have shares!
P. 32 Ten companies fill 40% of Macedonian Budget
P. 32 Ten companies fill 40% of Macedonian Budget
Last year was one of the more successful economic years for
Macedonia, with the greatest GDP`s growth rate. The profit of Macedonian
companies increased of 30% last year.
P. 34 Ingra admitted publicly that it secretly took over Mavrovo.
The fax sent in 13:10 on Monday on 18 February (according to the let-
ter sent to Macedonian Stock Exchange by Mavrovo), Croatian company
Ingra officially has confirmed the information that have been circling last few
weeks that Mavrovo wants to buy ADG Mavrovo.
P. 38 The Audit report is a significant instrument for decision making
Lidija Nanus director of Deloitte & Touche Macedonia
The audit report is a significant instrument for decision making.
P. 39.The audit report is a significant instrument for decision making
(frame)
The auditor has very important role in conditions of capital market`s and
economy existence, because it gives opinion of the financial reports objec-
tivity presented by companies. The auditor will be criminally charged for the
made negligence. But, have you ever heard of fining an auditor who didn`t
respect auditor standards in Macedonia? Therefore the public is surprised
when events such as Mavrovo, Ohis, Macedonian Stock Exchange, Export
Import Bank appears… I think nobody suits chaotically conditions. Auditors
don`t suits this, as well as capital market, the development of the compa-
berzNIK
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18.02.-23.02.2008 MONDAY-SATURDAY
nies, who want to expand, though issuing securities, domestic and foreign
investors, and state.
P. 39. The Audit report is significant instrument for decision making
Lidija Nanus, director of Deloitte & Touche Macedonia
Generally, Macedonian public is less aware and familiar with the mean-
ing and the role of the independent auditors. What is the role of the auditors
and how important they are for capital market`s development and attracting
investments in the economy?
P. 42 Who pays the American real estate market`s failure?
On the recent meeting of the world economic leaders of G7 group in
Tokyo, the current damage measured through the value of the written-off
instruments based on mortgage loans from the bank balances in USA, is
estimated to over 400 billion dollars.
P. 44 Why the interests of denar savings grow?
In the past years, the loans given by banks recorded great increase,
therefore they started to collect long-term deposits which bring greater inter-
est rates as a consequence of the undertaken risk on long-term. In condi-
tions of increased competition between Macedonian banks, this kind of
interest leads towards offer of higher interest of the domestic long-term sav-
ings.
P. 46 Procredit group opens bank in Armenia
Procredit group expanded its bank network by opening new bank in
Armenia that will attend small business in this country.
P. 47 The consumer basket in January records price increase of 3.6%
The consumer basket for one four member family in January, calculat-
ed n the basis of the retail prices compared to the previous month , is high-
er for 3.6% i.e. 12.030 denars.
FORUM
P. 33 Makpetrol`s shares - most traded ones
Based on stock exchange background, the week before Kosovo`s inde-
pendence declaration, which was the most stressful, is one of the last polit-
ical- psychological moments by which the investors observe every event of
Macedonian stock-exchange market.
P. 33 Forum anticipates
P. 34 Euro investment for quality
Alkaloid with global plans
After regional markets development, Alkaloid directed its entire strategy
towards global markets. Alkaloid is already seriously present in USA and
Russia. The new investment is in the following direction: constructing an
Institute for quality control and development.
P. 35 Croatia and Montenegro, leaders in the use of mobile phone
Mobile telephony
Croatia and Montenegro, part of former Yugoslav Republic`s nations,
are leaders in mobile phone use. In world frames, the biggest increase of
mobile phone use is recorded in African counties.
MAKEDONSKO SONCE
P. 42 Our emigrants are becoming foreign owners
The fact that the latest governmental decision of full liberalization of
Macedonian real-estate market for foreigners is part of the business climate
improvement strategy is undeniable.
FOKUS
P. 19 Bucko gave, EVN paid, and Macedonia got candles
P. 22 Nobody is concerned about the future of REK Bitola
As you can see, REK Bitola the main electricity supplier in Macedonia,
is not in this story. Vlado Buckovski and Spiro Mavrovski lead polemics
regarding this topic, away from the public eyes.
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DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 25.02.2008

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 18.02. - 22.02.2008
Date 25.02.2008 number 11
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
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DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 25.02.2008