b e r z N I K - YEAR II - NUMBER 49 - 17th NOVEMBER 2008

FOR ALL COMPANIES

ONE-STOP-SHOP INFO PORTAL
Date 17.11.2008 number 49
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
berzNIK
3
Peoples’ opinions: developing or restrictive
budget?
Macedonia – the new miracle in Europe; The financial crisis in Macedonia limited on the real sector for now; The
biggest Draft-Budget by far of nearly 2.7 billion euros, the key document important for country`s economy, is now hand-
ed to the MPs. These are the top-news that marked last week, which according to me did not leave any citizen indiffer-
ent. We had the opportunity to red many analyses, estimations and comments and not only from experts, economists,
financiers, investors, bankers, but we have to admit that most of the critics and remarks came from the politicians and
opposition MPs.
- While the world mobilizes and calls for savings, Macedonian Government takes the stand as nothing in Macedonia
has been affected by the crisis… -Brave, but very risky. The Budget maybe payable, and maybe not. In extremely risky
time the Government increases the budget deficit and entrusts future generations to pay the debt that now rises due to
the investments. The part of the deficit in the gross-domestic product is very big. These are economy experts` comments
on the Government`s plan for neutralization of the global crisis effects, in order of motivating the economic growth.
- The Government has prepared record breaking budget for 2009 in order of making the country richer and citizens
poorer, opposition party comments, accusing the in state account for next year does not
include money for recovery of the aftermath of the financial crisis, and say that the Budget
The Government has prepared the biggest is contradictory to the pre-elections program of DPMNE. –They announced reduction of the
budget in country`s history. It is 2.7 billion euros public expenses by 33%. Instead, they are going to increased it to 39%. When you are in
weight. This means that next year the Government crisis, you do not make development budget. All countries in the region pass restrictive
will spend 300 million euros more than this year. budgets with lower deficits.
Most of the budget, or 20%, are projected for cap- In contrary to their stands, the Finance Minister Trajko Slaveski rejects the fact that
ital investments in the road and rail infrastructure, Macedonia faces recession. According to him, orders for import in some sectors are
energy, education, culture, informatics education, reduced, which is expected to decelerate their economic activities. But, increased invest-
and restrictive expenses are projected for non- ments in the infrastructure in conditions of financial crisis are necessary for responding the
productive items, such as goods and services. recession pressure in the economy. Such theory of revival of the economy by increasing of
According to the Draft-Budget, capital investments the public expenses in the infrastructural projects, known as Keynes`, already worked for
will take 500 million euros, which also enter in the Great Britain, and they intend to use it again in order of exiting the current financial crisis.
deficit by covering 1%. There are projected 4.2 bil- The exact effects of the global economic crisis over Macedonian financial system and
lion denars for subsidies of farmers, 20 million real economy and measures that the competent institutions assumed in order of overcom-
euros for construction of several road destina- ing of the possible unfavorable conditions, were topics on the session of the Assembly
tions, 10 million euros for construction of main Commission for Financing and Budget which gathered heads of the executive and mone-
roads and 10 million euros for construction of the tary power, Securities Commission and MSE officials, and representatives of the two econ-
railroad part of the Corridor 8 and 18.2 million omy chamber in Macedonia. The conclusion was expected. No country is immune to the
euros for education. For elections are allocated global crisis, and so is Macedonia. But, the Minister of Finance used this session as well to
400 million denars and extra 400 million for cover- assure that the financial sector successfully rejected the first hit. However, he admits that
ing of debts of the public health institutions. From the consequences, though in retard, will overflow the real sector. They are already felt in
the total incomes, 59% are planed to be covered the production and service sector, and their influence is directly manifested in the process-
by taxes, which are by 9.3% higher. The projected ing of metals and ore, which is understandable, because their prices dropped on world mar-
deficit, which is also set on the highest level so far kets…But, on the other hand, the banking sector showed to be resistant to the financial cri-
by 2.8% of the GDP, will be financed from foreign sis, because Macedonia banks are well capitalized, and mostly depend on the domestic
loaning from the World Bank, domestic loans deposits and are highly solvent, which is the basic factor to continues crediting and
across issuing of state securities and other forms response the demand of their clients.
of debt. In the same time, the macroeconomic sta- Yet, Slaveski assures that the Government has the mechanisms in 2009 to response
bility should be preserved and the economic the problems that might appear, but he stressed that there are no plans for financial sup-
growth to reach 5.5%, and keep the inflation bel- port of certain companies, adding that everything will be done to protect the citizens. How?
low 3.5%. This is an issue to be discussed.
The NBRM Governor Petar Gosev stressed that the banking sector in the country is
stable and risks from the global crisis enter the country across the real sector, which can not be summed that easily.
–You can amortize some of those consequences, but not all of them. It depends mostly on how long the financiual cri-
sis will last, Gosev stresses. While banks in Macedonian are backed by their own assets, i.e. 73% are deposits, and only
11% external assets, which expose us to the crisis, but due to the proportion it should not bring any major consequences
over Macedonia. According to the Governor, citizens` deposits are secured by the banks which are able to respond to
all claims of the savers, and by the state. But, the consequences in the real sector are already obvious, businessmen
chambers claim. Many sacked workers due to the reduced production, canceled agreements, reduced export. Additional
problem is the payment of the delivered goods, which increases companies` indebtedness. Out of these reasons, busi-
nessmen consider that the Government should not support to the economy financially but by reducing of taxes.
And while the battle on the home ground is fought between the budget and the necessity of undertaking concrete
protective measures against the financial crisis, on the other end of the globe, Macedonia is represented as the new mir-
acle in Europe and land of IT experts. Governmental team led by the Prime Minister Nikola Gruevski, on the business
forum in Chicago and San Francisco showed the country as successful business destination. He called American busi-
nessmen to invest in Macedonia, because now it is one of the best phases for attracting of foreign investors, stressing
the comparative advantages of our country for their future investments. And are we observed in that way by Intel, Hewlett
Packard and Oracle…

Until the next Monday

Makedonka Baldazarska
BerzNIK editor-in-chief
e-mail: berzNIK@interNIK.com.mk
 4 berzNIK number 49
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 17.11.2008

THE NEW INVESTMENT IF THE SIF FUND

INET TO INVEST EXTRA 700,000 DOLLARS

INet Skopje is promoted in authorized distributor of IBM software which enables direct access to hardware and software solutions based
upon IBM`s innovative portfolio. This agreement also provides access to resources and training courses of IBM, which is simplified way of
earning competitive advantage on the market on which companies distinguish themselves across innovations and skills

acedonian Company INet, which ny will evaluate which products from IBM`s ing courses of IBM, which is simplified way of

M deals with distribution and implemen-

ta tion of computer, networking ad
communications equipment, became the offi-
cial distributor of software solutions of IBM. In
the same time, according to the recent held
press-conference announcements, the in -
vestment fund SIF also invested in the com-
pany.
- These are two very important events
and not only in the development of our com-
pany, but also the development of the domes-
tic IT industry, said Toni Petreski, INet CEO.
- INet starts the strategic partnership with
IBM in the field of hardware distribution since
1998. The successful ten-year cooperation
INet is company which distributes and implements computer, networking ad communications equip-
ment and covers all areas of the informatics and communications technology. Beside the strategic
agreements with Lenovo (authorize distributor), SAP (service partner), Red Hat (advanced partner
and authorized training partner), Xerox (authorized distributor), IBM (authorized hardware distribu-
tor), on the 1ST OF |November the company became authorized distributor of IBM workstation
Software.
contributed for INet to focus on the wider
portfolio of IBM products and services and as
an outcome to start distribution of additional
values of IBM software products, Petreski
said.
- But, the deepening of the partnership
between INet and IBM does not stops here,
because in the near future INet will offer
appropriate IBM training and will complete
the offer of IBM solutions. Contracts for real-
ization are already signed and soon we are
going to complete one offer for concrete solu-
tions, based upon the IBM platform. Regard-
ing the distribution, our primary clients are all
IT companies which operate in Macedonia,
for certain portfolios for IBM and in Kosovo,
and we hope that very soon we are going to
win the Albanian market.
According to the head of INet, the compa-
array, which include 3,600 products, will be
sold in the country. In this occasion, INet or-
ganized workshop, which was attended by
representatives of 12 companies, which are
going to be the link between IBM, INet and
the final users who use the delivery and the
appropriate implementation of the IBM soft-
ware.
- IBM`s goal, especially when it is direct-
ly represented in Macedonia, is to offer the
leading technologies and solutions for all lev-
els in companies, in the IT infrastructure and
the business operations, and use the strong
connections with its business partners in
order of realization of such goal, says Goran
Babic, Director of IBM office in Skopje.
- We are happy to increase our recent
partnership with INet, providing them the li-
cense of authorized distributor with extra va-
lue for IBM Workstation Software in Mace-
donia. We believe that now INet will be in po-
sition to improve the support of Macedonian
companies no matter small, medium or big, to
increase their business and become more
competitive across the application of the inte-
grative and innovative solutions provided by
IBM, says Babic.
Kevin Redmond, Partner Manager of
IBM Software Group CEMAAS, local clients
will benefit from the agreement between IBM
and INet by obtaining direct access to the
hardware and software solutions based upon
IBM`s innovative portfolio. – This agreement
also provides access to resources and train-
earning competitive advantage on the market
on which companies distinguish themselves
across innovations and skills, Redmond said.
Oliver Kosturanov, Manager in the in-
vestment fund SIF, member of the family of
18 funds in the global investment company
SEAF, explaining their decision to invest in
INet, stressed that in this case it is a matter
of company that knows how to add value to
the process of distribution. – We were anima-
ted by the fact that the company of this size
has incredibly developed sense of corporati-
ve management from all aspects. However,
from the aspect of transparency, although
INet has no obligation to deliver its financial
reports on the web site, they do that on regu-
lar bases. Their other characteristics are the
integrity, honest approach to the business,
approach to the clients, buyers and distribu-
tors, ethic conduct and equal treatment for all
owners, Kosturanov stressed.
The fact that the company grows con-
stantly from the very beginning and will deve-
lop, and invests in human resources, shows
that the company is led by management with
integrity.
Very important factor in passing the deci-
sion was the INet`s openness for entering of
institutional investor, which brings many nov-
elties. In fact, according to Kosturanov, -It is
very important for us that the potential growth
of the entire IT market in RM is pretty big, i.e.
it is a matter of one of the most dynamic in
the region. – The IT market in Macedonia in
2007 was 163 million dollars, which repre-
sents duplicating compared to the past year.
According to the information of SIF, it is ex-
pected this market in the next four years to
mark growth rate between 15% and 20% on
annual bases, Kosturanov says.
According to the plan, in the next three
years INet will receive total of 700,000 dollars
of investments. Directly from the fund will be
invested 150,000 dollars to finalize the capi-
talization, i.e. fresh money injection of capital
in the company, and these assets will provide
ownership between 15% and 20% for the
Fund.
In the same time, there will be investment
of 300,000 dollars fir implementation of the
SAP/ERP software in INet. The implementati-
on period will be 18 months, in which the first
phase lasts 6 months. Source of financing is
the technical support of SIF and own funds of
INet, and the third source are 250,000 dollars
bank financing, for support of its major provi-
ders. Most of the funds will be intended for
the major and crucial provider of INet, IBM,
as well as for wining markets outside Mace-
donia, i.e. Kosovo and Albania.
 Date 17.11.2008 number 49
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
C O N T E N T S
INTRODUCTION........................................3 1. SHORT REVIEW OF EVENTS
THE NEW INVESTMENT IF THE SIF FUND.........4 Presentation of Macedonia before the American in-
vestors, reads Vecer headline. The economic ministers,
berzNIK, MONDAY,TUESDAY,WEDNESDAY.............5-7 lead by PM Nikola Gruevski, as of today will be on a se-
veral-day visit to USA to present the investment possibili-
SLAVEVSKI ON THE 5TH VIENNA ECONOMIC ties to the American businessmen. Team Macedonia will
FORUM ..............................................8-9 present the economic policies with a special emphasis
GLOBAL WEEK OF THE ENTREPRENEURSHIP.....9 on the reforms for promoting the information society and
the education for the purpose of improving the overall
PROFESSOR TOME NENOVSKI WITH NEW business climate and attracting well-known American in-
PUBLICATION........................................10 vestors. - Thin capital market in the opening week of No-
REVIEW OF THE REGIONAL STOCK EXCHANGE..11 vember with barely 2.4 million euros in turnover, a sum
that last year was a turnover from the daily trading on the
GAZI BABA, ZELS AND MAKEDONSKI STOPANSKI Macedonian securities market, it is stated in the stock
KATALOG WITH JOINT PROJECT..................12 exchange analysis of Vecer, according to which, the ban-
king shares were most traded last week. The most de-
CONVERSATION WITH A REASON.............12-14 manded banking securities were those of Komercijalna
Banka, Ohridska Banka and Stopanska Banka Bitola, as
ACCORDING TO THE DECISION OF THE NATIONAL well as the pharmaceutical company Alkaloid. These
BANK OF MACEDONIA..............14 companies` share prices were mainly unchanged, which
was a reason that the indices had no greater oscillations.
berzNIK, THURSDAY, FRIDAY, SATURDAY ..............15-17 Neither the companies` positive financial results, reali-
zed in the first nine months of the year, did encourage
berznik - WEEKLY NEWS...............................18 the investors to invest into securities.
Some 60% of the trading was realized on the
EVENTS THAT MARKED THE WEEK..............19
Official Market, while the rest on the Regular. - Fall in the
NEWS... WORLD... .................................20-21 turnover and slight increase in the value; it is the prelimi-
nary preview of the last week on the Macedonian Stock
WEEKLY REVIEW OF THE MACEDONIAN STOCK Exchange carried by Biznis. Both indices, although fluc-
EXCHANGE...............................................18-19 tuating during the week, at the end closed at higher
weekly level, MBI-10 up 0.55%, MBID up2.65%. The
I M P R E S S U M thing that should concern is the fall in the turnover com-
pared with two weeks ago. If the overall weekly turnover
does not count the several large crossed transactions on
the Regular market, so called free market, as well as the
Publishing: INTERNACIONAL NIK AD - Skopje transactions with state bonds and ProCredit Bank`s cor-
Media library and digital archive porate bond, then the average daily turnover from trad-
Editors office: berzNIK ing in shares drops to only 14.8 million denars. Such
Address: Square MAKEDONIJA bb, p.box 882 Skopje, 1000, turnover inevitably reduces the liquidity of the capital
R.Makedonija market, slashing it by half in the case of the most liquid
Phone. 02/25.32.800 faks: 02/25.32.839
web: www.interNIK.com.mk;
shares compared with last week… It is obvious that nei-
e-mail: info@interNIK.com.mk ther the favorable prices not the solid performance of so-
me of our companies are now enough prerequisite for
Executive Director: Zdravko Josifovski some more massive return of the investors back to the
Account Menager: Divna Pesic capital market.
Public relations: Natasa Dimovska The world stock markets also do not show signs for
ICT Manager: Kiro Velkovski
Marketing manager: Ivona Josifovska
stabilization in near future. After the elections, the power
Assistent: Stojne Danilova in USA is now taken over by the democrats, which was
Logistics manager: Ana Petrova considered in the stock exchange circles as a moment of
Finance manager: Gordana Stojanovska uncertainty which promoted fall in the leading American
indices.
STOCK EXCHANGE REVIEW OF EVENTS IN THE - Furthermore, after such turbulences, exactly how
PRINT MEDIA berzNIK
much do the people trust the banking system? Utrinski
berzNIK is founded in year 2007. Vesnik scrutinizes this issue in the article titled Crisis
Fails to Stop Crediting. There are mounting rumors abo-
STOCK EXCHANGE REVIEW OF EVENTS IN THE ut the safety of the savings deposits in the business
PRINT MEDIA berzNIK
Number: 49
Date: 17.11.2008
2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS
IT IS DISTRIBUTED FOR SUBSCRIBERS 1. MACEDONIAN STOCK EXCHANGE A BIT "GREENER" (*****)
ONLY 2. THE BANKS TURNED TOWARDS LENDING ACTIVITIES OF THE CORPORATE SECTOR (***)
FRONT PAGE PHOTO:
ONE-STOP-SHOP INFO PORTAL FOR ALL DNEVNIK
COMPANIES p.7 COMMODITY RESERVES TO BE KEPT ABROAD TOO
BIZNIS
Photo: p.1 THE BANKS TURNED TOWARDS LENDING ACTIVITIES
Robert Spasovski OF THE CORPORATE SECTOR
Editorial staff of berzNIK p.1 PRICES AND PERFORMANCES OF THE COMPANIES
Internet distributive system: www.interNIK.com.mk FAVORABLE-INVESTORS LEAVE THE MARKET
Editor: Makedonka Baldazarska p.4 PROJECTS OF OVER 4 BILLION EUROS
Journalist: Vaska Mickoska, Kiro Simonovski p.7 MAKEDONSKI TELEKOM WITH THE MOST MODERN
DTP: Tatijana Trpkovska TRIPLE-PLAY SERVICE
Editorial staff: p.8 RELATIVELY STABILE ON THE STOCK EXCHANGE
News Evaluator: Renata Tasovska p.9 MBI-10 10.11.2008
[operators]:Mare Lazarevska, Arslan Skoro, Zoran Stamatovski, p.9 MBI-10, MBID GO DOWN
Martin Arsovski, Gorge Redzik i Darko Tripunovski p.9 RECORD MKD 62,1 MILLION IN TURNOVER
[translators]: translator's manager Senka Mihajlovska, UTRINSKI VESNIK
Slobodan Trajkovski, Aneta Menoska, Filip Koviloski p.1 MACEDONIA, ENERGY IMPORT-DEPENDENT COUN-
Fotoreporter: Robert Spasovski TRY
p.8 CRISIS FAILS TO STOP CREDITING
Marketing, distribucija i prodazba: VECER
INTERNACIONAL NIK AD - Skopje p.6 BANK SHARES MOST TRADED
berzNIK
5
10.11.2008 MONDAY
banks in Macedonia. Actually, choosing a bank is a very
important decision in the everyday life.
…It takes years and continuous efforts for the peo-
ple to gain trust in some bank. The banks in Macedonia
have proven worthy of the clients` trust and they will not
fail. Stopanska Banka AD Skopje, NBG Group member,
pursues its business policy and plans in accordance with
the banking regulations and as the largest bank in Mace-
donia, it gave a considerable contribution to the existen-
ce of a healthy, high liquidity, banking system in Macedo-
nia.
As related news, Vreme publishes that the bankers
will make home delivery of the pensions as postmen.
- The pensioners have only one week to open trans-
action accounts through which they will receive their
pensions. However, there are thousands of pensioners
that are handicapped or live in remote places, so they
need a vehicle to come to the nearest bank. Most of the
pensioners say that it would be better if the postman bro-
ught their pension to them as now they have additional
expenses openly to raise the money. Under public pres-
sure, the Ministry of Labor launched negotiations with
several banks for their agents to deliver pensions to the
pensioners if they are unable to do so from their transac-
tion account.
Biznis informs about over four billion euros in proj-
ects in the energy sector that are currently considered by
the government, which is carrying out analysis for their
profitability and the dynamics for realization on a longer
period… Furthermore, besides increased home electric-
ity production, it is also aiming at securing stabile ener-
gy system that is to cope with all challenges, develop-
ment alternatives , as well as improved networking in the
region and inside the state in terms of efficient utilization
of Macedonia`s energy resources. In this sense, given
the increasing electricity deficit in the past period and the
increasing need for import, which is enormous cost each
year, there will be special emphasis on the energy proj-
ects and ventures.
- The Commodity Reserves Bureau next year will be
divided into two institutions: Commodity Reserves Agen-
cy and Oil and Oil Derivatives Directorate, , according to
Dnevnik .The Bureau`s Director, Gordana Ivanovic, says
this division will carried out in order to improve the man-
agement with this institution and prevent abuses with
commodities. .. With the new law, the money for oil re-
serves will be raised from the contribution for mandatory
oil and oil derivatives reserves, which is paid for import
and production of oil derivatives. Money will be also rai-
sed from international cooperation and projects, founda-
tions and gifts from other sources. Until now, the reser-
ves were financed from the budget. Another novelty is
the possibility for temporary of permanent storage and
keeping part of the mandatory reserves in EU member
state, if the country lacks storage facilities.
p.6 MACEDONIA BEFORE US INVESTORS
VREME
p.6 MACEDONIAN STOCK EXCHANGE A BIT "GREENER"
p.6 THE WHEAT PRICE DOES DOWN, THE BREAD CAN`T
SEEM TO GO CHEAPER
p.7 THE BANKERS WILL DELIVER PENSIONS AT THE
DOORS, LIKE POSTMEN
VEST
p.6 AGROBAR VINICA ANNOUNCES LAYOFFS
NOVA MAKEDONIJA
p.8 TRAJKO SLAVESKI ATTENDS THE FORUM FOR
INVESTORS
p.9 THE GOVERNMENT SELLS OVERHEATED OIL
WITHOUT ECOLOGIC LIMITATIONS-
p.9 SUVENIR TO BE SOLD WITH INITIAL PRICE OF
2.75 MILLION EUROS
p.9 ELECTRONICALLY ISSUED 849 CEMT – PERMITS
SPIC
p.2 THE RECESSION PRESSED DOWN TWO MORE AME-
RICAN BANKS
 6 berzNIK number 49
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 17.11.2008

11.11.2008 TUESDAY
1. SHORT REVIEW OF EVENTS

Records on the increase of the gross-domes-
tic product, which was announced by the State
Statistical Office, is the top news in all today print
media. According to them, the 2007 GDP amounts
353.79 billion denars. The biggest part of the ad-
ded value in the structure of 2007 GDP is covered
by these sectors: processing industry 18.4%, reta-
il and wholesale trade, reparation of motor vehi-
cles and bikes 14.6% and farming, hunting and fo-
restry 9.4%. The final consumption in 2007 com-
pared to 2006 increases nominally by 11.3% as a
result of the increase of the final consumption of
the households, including the non-profitable insti-
tutions which serve the households 12.2% and
the final public consumption 7.5%. In 2007 the
gross-investments in the structure of GDP cove-
red 24.2%, and there is also marked nominal in-
crease of investments in basic assets of 26.7%
compared to 2006. The export of goods and serv-
ice sin 2007 compared to 2006 increased by
26.5% and the export 23.3%.
Macedonian monetary gold, deposited in the
strongbox of the International Alignment Bank in
Basel, Switzerland, in the last there months lost
one third of its value due to the melting of the pri-
ce of this metal on world markets. Yet, despite va-
riable price, monetary economy experts recom-
mend the country to keep 10% of the f the total
currency reserves in gold out of strategic reasons.
According to NBRM, the part of the monetary gold
in the total currency reserves in the first six
months 2008 amount s8.5%. AT the end of June,
when the gold price was at highest level – 932
dollars per ounce, the value of the gold in the cur-
rency reserves reached nearly 130 million euros.
By the end of 2007, 7.6% of Macedonian reserves
were in gold.
Instead of saving money for hard days bro-
ught by the financial crisis, which aftermath is ex-
pected to be felt next year, the state has prepared
huge budget focused on the public consumption,
which entirely sucked the economy, experts who-
se stands were conveyed by Utrinski Vesnik say.
According to them, this would be direct impact to
the private sector, because outflow of money in
the public sector is forced, but also there is a hit
over the citizens, who will probably pay new and
higher taxes, in order of feeding such budget. The
next year budget policy will force the National
Bank to increase rates, which is going to hit citi-
zens the most on whose behalf the state will
increase the indebtedness.
Most of the print media focus on the consequ-
ence of the fall of the metal price on world markets
over Macedonian metallurgy. The ferrosilicium
combine Silmak this week will lay-off 200 workers.
– The ferrosilicium price dropped by 40%, and the
steel industry requires less ferrosilicium which
forced us to shut off more furnaces, says Dzvon-
ko Stojanovski, the head of Silmak. The Director
of Bucim Nikolajco Nikolov stresses that all com-
panies struggle to stay on the market.
– We asked the Government to cancel the ex-
cises, reduction of concessions and taking part in
the domestic energy, which was to alleviate pour
operations. We have no positive result what so
ever, says Nikolov. Up until now, metallurgy com-
panies laid off more than 1,000 workers.
The oil pried will increase more than 100 dol-
lars a barrel when the world economy will exit the
crisis, and by 2030 will reach 200 dollars, Interna-
tional Energy Agency (IEA) prognoses. The oil in-
dustry must invest 350 billion dollars by 2030 in
development of the oil fields in order of amortizing
the reduction of the exploitation.
Yesterday trade on MSE was disastrous – is
the evaluation in papers` market reports, based
upon the fact that the total turnover amounts only
6.83 million denars. Out of which 1.85 million de-
nars were realized from bonds, which means that
less than 5 million were directed towards buying
of shares of domestic companies. Such low turn-
over brought reduction for MBI-10 by 0.96% and
value bellow 3,000 index points. MBID also drop-
ped by 0.63% and OMB by 0.01%. The highest
turnover marked Komercijalna Banka. Second
most traded on the Official market were the dena-
tionalization bonds from the seventh issue, which
achieved turnover of 1,345,234.23 denars. The
biggest turnover on the Regular Market marked
shares of Makedonski Telekom Skopje with trad-
ed 1,402 stocks at price of 420.14 denars, which
is 0.75% increase, and the total turnover realized
by these shares was 589,036 denars. In the same
time this was one of the shares that marked incre-
ase Monday.
All papers convey the decision of the Energy
regulatory Commission, for reduction of the petrol
price, which starting last night are sold at lower
prices in average by 5.42%.

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

1. PETROL GOES DOWN (*****)
2. 2007 GDP UP 5.9% (***)

DNEVNIK p.8 HOW WILL THE ENORMOUS BUDGET FIND ASSETS?

p.1 EVN MAKES EARLY ELECTRICITY INCREASE VECER
p.9 PETROL GOES DOWN p.6 SILMAK OPERATES WITH THREE HEATERS
p.9 REPLEK MAKES TRIPLE PROFIT INCREASE p. 6 DRIVERS FILL THE TANKS ALL THE WAY
p.9 GDP INCREASED BY 5.9% 2007 p.7 IN 2006 THE GDP WAS 5.9%
p.10 VALUE OF MONETARY GOLD MELTS VREME
BIZNIS p.6 NEW FURLOUGHS FOR WORKERS
p.1 THE BIGGEST TURNOVER WAS MADE BY THE SHARES OF p.7 THE OIL PRICES WENT CHEAPER THE PRICE OF THE DIE-
MACEDONIAN TELECOMMUNICATIONS SEL REMAINED THE SAME
p.3 THE OIL PRICE DROPS THE PRICE OF THE DIESEL VEST
REMAINS THE SAME p.2 GROSS-DOMESTIC PRODUCT 5,9 PER CENT HIGHER LAST
p.9 THE OIL PRICE AGAIN OVER 100 DOLLARS? YEAR
p.11 OFFICIAL MARKET DOMINANT ON THE MACEDONIAN p.3 PETROL GOES CHEAPER, THE PRICE OF THE DIESEL UN-
STOCK EXCHANGE TRADING CHANGED
p.12 LACK OF INVESTORS ON MACEDONIAN STOCK EXCHAN- NOVA MAKEDONIJA
GE p.8 POOR DEMAND THE REASON FOR THE FORCED LEAVES
p.12 STATER BANK BEGAN WITH INVESTMENT BANKING IN SILMAK
p.13 THE BIGGEST TURNOVER WAS MADE BY THE SHARES OF p.8 PETROL CHEAPER FOR 1,5 AND 2 DENARS PER LITER
MACEDONIAN TELECOMMUNICATIONS p.9 STRUMICA-SEATED EDINSTVO SEWS UNIFORMS FOR
p.13 10.11.2008 BRITISH ARMY AND POLICE
p.15 AN INCOME OF 85,8 MILLION DENARS BEFORE TAXATION p.9 SILICON VALLEY VIA CLOSED-DOOR STATE PROTOCOL!?
UTRINSKI VESNIK p.9 2007 GDP UP 5.9%
p.1 HOW WILL THE ENORMOUS BUDGET FIND ASSETS? SPIC
p.5 HALVED PRODUCTION OF SILMAK p.6 VELES RECEIVED NEW INDUSTRIAL ZONE
p.7 BANKERS HAVE GOOD SALARIES BUT RUDE BEHAVIOR p.6 REDUCED PRICE OF THE OIL
p.8 THE GAS DROPS, THE OTHER PRICES HIGH AGAIN p.6 THE RECESSION STOKE 200 WORKERS FORM SILMAK
p.8 BOTH THE INDEX AND THE TURNOVER GO DOWN
 Date 17.11.2008 number 49
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
berzNIK
7
12.10.2008 WEDNESDAY
1. SHORT REVIEW OF EVENTS

Macedonia needs no financial support from
the International Monetary Fund in order of over-
coming the financial crisis, Minister of Finance
Trajko Slavevski reiterated from Vienna on the
margins of the Investment Conference. According
to Guardian, Slavevski considers that the country
has no need of IMF, because the banking sector
showed to be well capitalized, which is the basic
reason for maintaining of the cooperation with
IMF. Such statement has once again rejected the
guardianship of this institution, which while being
hired by the country, prescribed tightened mone-
tary and fiscal policy, which were the precondition
for establishing of macroeconomic stability. The
passing of the Draft-Budget for 2009, which is the
biggest up until now, only underlined Govern-
ment`s intention and desire to share the budget
cake independently, without any external interfer-
ing. The creation of the big budget and projection
of high budget deficit must be supported by new
indebtedness.
The Government is persistent in putting pres-
sure over the National Bank of Macedonia to re-
duce the referent interest rate, papers convey.
The last such recommendation, which precise the
reduction of the interest rate, was dispatched to
the NBRM Governor by the Minister of Finance
Trajko Slavevski from Vienna. – It is time the cen-
tral bank to reduce the interest rates by nearly
2%, because the inflation threat from the begin-
ning of the year is reduced. The basic rates from
the beginning of 2008 increased to 7% from the
initial 4.6% last autumn. It should be reduced, pro-
bably on previous levels, Slavevski said. Accor-
ding to experts, on one hand, the Government
calls the central bank to loose the monetary poli-
cy, and on the on the other hand, with the next
year budget deficit of 2.8%, the Government does
not leave space for NBRM to introduce reduction,
and creates need for increase of the basic interest
rate in order of preventing the consumption.
Print media convey other activities of the Mi-
nister in Vienna such as his meting with the MB of
Raiffeisen Bank Herbert Stepic. – As many
banks in Austria, Raiffeisen wants to consolidate
first. We are going to wait on the finalization of the
Q1 next year, in order of considering bank`s posi-
tion. In this context is bank`s stand for entering in
Macedonia, Slavevski stated.
From the banking sector is the information
that ProCredit Bank increased regular interest ra-
tes of savings deposits and fixed deposits in de-
nars and euros. Bank officials said that interest ra-
tes of deposits in denars amounts 9.5% for depo-
sits fixed on 5 years. Regarding the fixed deposits
in euros, ProCredit Bank continues the action of
saving which provides clients interest rate of 5.5%
for deposits fixed on 1 year.
Finance Group, the financial department of
Alfa Finance Holding, yesterday officially took
over the majority of 51% and became new owner
of Macedonian investment mediator Evrobroker.
The deal increased company`s capital by 500,000
euros, which enables complete license for perfor-
ming investment and brokerage services. Accord-
ing to Evrobroker, the work of the investment me-
diator will be actively supported by the financial
know-how, which is on disposal of the team of Fi-
nance Group in the field of stock exchange trade.
American IT giant Intel will invest in education
in Macedonia – is the news conveyed by Macedo-
nian newspapers, which is published on the Go-
vernment`s web site. –The Memorandum of Un-
derstanding provides support from Intel by certain
investments in education, said the Prime Minister
Gruevski on the signing of the document with the
President of Intel MB. Government`s team in San
Francisco met the top management of Hewlett
Packard, Oracle and Sun Microsystems. The Ag-
riculture Institute established restored and moder-
nized enology laboratory, which is equipped with
the most contemporary equipment for vine ana-
lyzes.
The modernization required 205,000 euros
provided by European Union. There was also tra-
ining of the stuff in the laboratory. The installation
of the new equipment will provide the enology la-
boratory to apply advanced and sophisticated me-
thods and analyzing techniques, which are going
to meet the needs of the vine sector for adjusting
of the international demands, as well as the de-
mand of the European Commission.
Same as Monday, indices on Macedonian
Stock Exchange lost their value, in which the in-
dex of Publically held Companies is the major lo-
oser reducing down 0.98%, MBi-10 lost 0.75%
and Bonds` Index lost 0.07%. The most traded
shares on the Official market were those of Ko-
mercijalna Banka, followed by the stocks of the
construction company Granit and Makpetrol.

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

1. “INTEL” TO INVEST IN MACEDONIAN INFORMATION SCIENTISTS (*****)
2. SLAVESKI: MACEDONIA DOESN`T NEED HELP FROM IMF (***)

DNEVNIK p.8 SO FAR, EVERYTHING IS JUST A DISCSSION WITH RAIF-

p.1 WE WILL PAY FOR DECADES FOR THE NEW BUDGET FEISEN BANK
p.1 INTEL TO INVEST IN MACEDONIA p.9 THE GOVERNMENT REJECTS THE COOPERATION WITH
p.7 WE WILL PAY FOR DECADES FOR THE NEW BUDGET IMF IN ANY OCCASION
p.7 SILMAK SENT 200 WORKERS ON FURLOUGH p.9 REDUNDANT WORKERS TO RAISE TENTS
p.7 LONDON REQUESTS GLOBAL MECHANISM TO PREVENT p.9 FARMERS DEMAND DEVELOPMENT SUBSIDIES, AND NOT
HE FINANCIAL CRISIS SOCIAL
p.7 WE WILL PAY FOR DECADES FOR THE NEW BUDGET p.9 BUSINESS DEVELOPMENT WILL BE TRAINED
p.9 INTEL TO INVEST IN MACEDONIA p.9 MACEDONIAN VINE BY EUROPEAN MODEL
p.9 RAIFFEISEN WILL WAIT THE GLOBAL CRISIS TO CALM VECER
DOWN p.7 OPENED LABARATORY FOR WINE ANALYSIS
BIZNIS VREME
p.1 THE INFLATION WILL NOT EXCEED 5.5 PERCENT p.6 INVESTORS POSTPONE
p.1 MACEDONIAN BUSINESSMEN ARE WELCOMED AT ANY p.6 THE PRICE OF THE FOOD REMAINS THE SAME
TIME VEST
p.1 AMERICAN INTEL TO INVEST IN MACEDONIA p.3 BULGARIAN COMPANY BOUGHT “EUROBROKER”
p.4 MACEDONIAN BUSINESSMEN WELCOMED ANY TIME p.3 OVER 1,000 WORKERS OF FURLOUGH
p.5 MACEDONIAN BUSINESSMEN WELCOMED ANY TIME NOVA MAKEDONIJA
p.5 THE INFLATION WILL NOT EXCEED 5.5 PERCENT p.1 INTEL TO INVEST IN MACEDONIAN INFORMATION SCIEN-
p.7 AMERICAN INTEL TO INVEST IN MACEDONIA TISTS
p.12 THE TURNOVER TODAY RECORDS INCREASE p.8 SLAVESKI: MACEDONIA DOESN`T NEED HELP FROM IMF
p.13 THE TURNOVER TODAY RECORDS INCREASE p.8 FURNACES SHUT DOWN, THE RED LIGHT IS ON FOR SIL-
p.13 STOCK EXCHANGE REPORT 11.11.2008 MAK
UTRINSKI VESNIK p.9 INTEL TO INVEST IN MACEDONIAN INFORMATION SCIEN-
p.8 THE AUTHORITY PERSISTENTLY PRESSURES FOR LOWER TISTS
RATES OF INTEREST - WILL THE NBRM GIVE IN TO? SPIC
p.8 PROKREDIT INCREASED THE INTERESTS OF THE SAVINGS p.6 GRUEVSKI: INTEL WILL INVEST IN MACEDONIA
p.8 ALFA FINANCE HOLDING NEW OWNER OF "EURO BROKER"
 8 berzNIK
BERZANSKI PREGLEDNIK NA NASTANI VO PE^ATENI MEDIUMI
SLAVEVSKI ON THE 5TH VIENNA ECONOMIC FORUM
10% HIGHER DIRECT INVESTMENTS
NEXT YEAR
I
n the past period, Macedonia has shown sig-
nificant success and improvement in the field
of economics, as well as other spheres of our
society.
In 2008 Macedonian economy continued
the growth as a result to the increased invest-
ments, high levels of industrial production and
improved business climate, before all support-
ed by Government`s successful economic poli-
cy. Positive movements are marked in almost
all economy sectors, which show that Macedo-
nian economy finally leaves the transitional
apathy.
- The Gross-Domestic Product continues
the initial trend of high growth rates started in
2007. It reached 6.5% growth in the Q2, and in-
dicators show that there is close growth in the
Q3 2008. Important to stress is the diversificati-
on of this growth, i.e. the fact that all production
sectors take part in the growth. Future expecta-
tions are that the GDP will still achieve high
growth rate, before all as a result to the impro-
ved productivity and competitiveness of Mace-
donian companies, as well as the increased le-
vel of direct foreign and domestic investments,
Slaveski stressed.
Regarding the inflation, the relatively high
increase of the general price level, which start-
ed in the second half 2007, mostly affected by
the external factor, continues in the second half
2008. By the mid year the inflation stabilized
and started to drop on monthly terms. There are
expectorations for further stabilization of price
of food, oil and raw materials on world markets,
as well as measures undertaken by the Govern-
ment, the inflation to continue decreasing, rea-
ching 5%-5.5% by the end of the year. The
gross-investments, as a ground for future econ-
omy growth, in Q1 and Q2 2008 marked incre-
ased dynamics of 74.5% and 100.2%. As a
result of the high growth rate, they made signifi-
cant increase of the participation in the GDP,
from 18% in Q2 2007, to 31.6% in the same qu-
arter 2008.
INTENSIVE REFORM ACTIVITIES
The improvement achieved in the economy
growth, conducted reforms and improved busi-
ness environment were recognized by renow-
ned international institutions. In this occasion,
beside the leading business portal Forbes,
which in the report Best Countries for Business
ranked Macedonia on the 50th position for do-
ing business, which is improvement by 32 posi-
tions compared to 2007, and the Doing Busi-
ness report of the World Bank has also confirm-
ed achieved improvement by ranking our coun-
try 8 places higher compared to 2007 (from
79th to 71st position).
The intensive reform activities, especially in
the field of taxation, as well as other areas, im-
proved the business climate in Macedonia, ha-
ve positive reflection of Macedonian investment
activities and improved the perception of the fo-
reign investors for Macedonia. However, direct
number 49
foreign investments in the first seven months
2008 amount nearly 300 million euros, which is
9.8% increase compared to the same period
last year. Expectations in 2009 show that Mace-
donia will receive nearly 500 million euros for-
eign investments based on SDI, which com-
pared to the 2008 projections will represent
10% increase.
Confirmation for the opportunities of Mace-
donian economy is the enter of renowned world
brands, including Johnson Controls and John-
son Matthey, as well as many other companies
that have already entered or show active inter-
est for extending of their business activity in
Macedonia.
I would like to point out that we do not
underestimate possible negative effects from
the world financial crisis over entire investment
activity, payment balance and SDI, but, we
believe that by cautious planning of the econo-
mic policies and continuation of the started re-
form activities we can expect positive results
and further improvement of Macedonian econo-
my.
SUCCESSFUL PUBLIC DEBT MANAGEMENT
In this occasion allow me to express and
share with you our satisfaction of the achieved
success in the field of public debt management.
However, the public debt of the Republic of
Macedonia in the first half 2008 dropped by
1450.2 million euros, and at the end of June it
reached 23.3% of the GDP. In the same time,
the debt of the general state power reduced by
5.1%, reaching 20.7%, which is significantly
lower compared to the Maastricht Criteria, Sla-
veski said.
The middle term strategy for public debt
management establishes the goal for mainta-
ining of the debt of the general state power debt
below the target of 35% of GDP. In the same ti-
me it establishes the limits of the public debt,
which must not surpass 40% of GDP.
This positive trend allows Macedonian
Government to start planning of major public
investments directed towards improvement of
the road and rail infrastructure, as well as the
energy sector. In order of achieving of these
goals, the Ministry of Finance is in procedure of
estimating the most favorable ways of providing
means for financing of these projects.
- In the same time, the Government under-
takes initiatives for improving of the conditions
in the energy sector. In cooperation with Mace-
donian energy public enterprises ELEM AD and
MEPSO AD, the Government has identified
several projects, such as combined thermal-
electric power plant, revitalization of the ther-
mal-power plant in Bitola and several projects
related to the opening of new coal mines across
the country.
These projects are planed to be realized in
period 2009-2013. Our analysis showed that
the financing of these projects should be made
across raising loans by the public enterprises,
Date 17.11.2008
The delegation of the Ministry of Finance lead
by the Minister Trajko Slaveski attended the 5th
Vienna Economic Forum on 10th and 11th of
November, which discussed on – Investment
opportunities in countries from the Adriatic and
Black Sea and the Caspian region-Seizing the
real chance. Minister Slaveski presented the
major economic achievements in past few
years, pointing out on the key activities under-
taken by the Macedonian Government, as well
as the aspects of our EU integration. This is the
complete speech on topic Investments
Financing, EU Support and International
Financial Institutions.
under guarantees of the Government of the
Republic of Macedonia.
STABLE BANKING SYSTEM
The stability of the banking sector has the
most important role in the stability of the entire
financial system. The current level of develop-
ment of the banking sector in the country and its
concentration towards the traditional banking,
contributed very much to be relatively isolated
from the world financial flows, due to turbu-
lences in the ongoing global crisis, they had no
influence over our financial system. Financial
indicators show that Macedonian banking sec-
tor in characterized by high profitability, solven-
cy and operative efficiency. The credence in the
banking sector increased as a result of the dy-
namic development, saving is the basic source
of assets that banks place as loans in the real
sector. Banks are well capitalized, they have on
their disposal appropriate level of assets and
entirely cover the identified risks. Capital appro-
priate rate, as a basic measure for banks` stabi-
lity, of the entire banking system amounts
15.6% and it is by 7.6% higher compared to the
legally provided minimum.
- This shows that the banking sector in Ma-
cedonia is stable and faces no problems that
lurk behind this sector in other countries and
currently it has the ability to amortize external
shocks, Slaveski stressed.
EU SUPPORTS MACEDONIAN REFORM
AGENDA
In the addressing, Minister Slaveski dis-
cussed on several aspects from the process of
 Date 17.11.2008 number 49
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
berzNIK
9
Commission will be. The Government has paid
MACEDONIA HAS NO NEED OF IMF INTERVENTION great importance to the process of establish-
ment of national system for decentralized man-
Macedonia needs no financial support from the International Monetary Fund in order of sur- agement of EU means, which represents pre-
passing of the international financial crisis, Minister Trajko Slaveski stressed in Vienna on the condition for using of the IPA funds. This system
margins of the 5th Vienna Economic Forum. The statement was published in The Guardian news- is going to increase the feeling of national own-
paper, which explains that in Macedonia there is 100% guarantee for the first 10,000 euros, and ership over the process of national financing by
that the next such amount of savings has 90% guarantee. In the same time, the newspaper con- the help we receive, as well the most efficient
veys that the local banks are not going to increase the amounts f citizens` deposits, which are way of linking to the financing of the national
guaranteed, which was already done by many countries. There is the comparison with activities, necessities and priorities.
Montenegro which following other countries in the region and Europe, decided to guarantee the The recently redefined national plan, which
entire amount. defines the most important steps in the process
-Macedonia has no need of IMF intervention because the banking sector has proved to be of accreditation, adopted and according to it
well capitalized. Macedonian banks mark high solvency, Slaveski said explaining that during Macedonian Government expects decision
October local banks have faced increased withdrawal of deposits by the citizens, but many are from the European Commission for transferring
returned din banks again, The Guardian conveys. of the competences for means management by
June 2009.
- We believe that Macedonia moves in the
our Euro-integration, especially issues related to all components of its new instrument for pre- right direction. We share the same values and
to the support we receive on our road to achiev- accession help. This is great challenge, great beliefs as you do. We are aware that there are
ing of higher standards I different areas. opportunity and great obligation for the Govern- many obstacles on our road, out of which some
- During last decade, EU constantly pro- ment, Slaveski said. are reasonable and objective. But, unfortunate-
vides support for development of Macedonian - By the means that the European Commis- ly we also face irrational problems, which can
society and economy across different pro- sion granted to Macedonia, our country will pro- be hardly understood in context of the modern
grams. The total help from EU since 1992 vide achievement of the national priorities relat- world in which we live, Slaveski said at the end.
amounts more than 870 million euros. As our ed to the reform processes in Macedonia and - In any case, the Government of the Re-
biggest donor, European Union support the na- the EU integration agenda. The Government public of Macedonia, by citizens` support, is
tional activities and national reform agenda ac- has firmly decided to employ these means in firmly dedicated to overcoming of such prob-
ross different instruments, and results are more the most efficient and most effective possible lems, in order of creating of prosperous country
than obvious. Further on, by obtaining of the way, because we are aware that the more obvi- which is going to be successful and prestigious
status of candidate-state, EU opened the door ous results we show, the bigger support of the partner.

FROM 17-23 NOVEMBER – GLOBAL WEEK OF THE ENTREPRENEURSHIP
IN MACEDONIA – BUILDING FUTURE
THROUGH BUSINESS IDEAS AND TRAINING
Global week of entrepreneurship for the
first time in Macedonia. The purpose of the
event is to create future generation entrepre-
neurs by stimulating creative ideas related with
the social and economic changes or to present
the global initiative by which the Republic of
Macedonia will become next year part of the
only world event in which million people will ta-
ke part with an only goal to create future thro-
ugh the entrepreneurship.
About the meaning of the Global week of
the entrepreneurship in Macedonia, as well as
the planned events and partners talk about
representatives of the organizers, Aleksandar
Sekulic from the Foundation – Entrepreneur-
ship service for young people and Igor Niko-
loski from the project for Entrepreneurship
support, competition and innovations.
According to the exclusively rich program
of this year`s first global week of the entrepre-
neurship, we will get familiar with the results of
the Governmental program for self-employ-
ment, activities of the Self-employment Agen-
cy, the Agency for promotion of the entrepre-
neurship as well as the program for develop-
ment of the United Nations. It is envisage a do-
nator entrepreneurship conference, entrepre-
neurship conference for human resources and
developmental funds, round table for the need
of modules introduction in the formal educati-
on, business forum.
Various promotions have been planned as
well as presentations, workshops; trainings
open days of more locations in Skopje and in
the cities across the state.
The maintenance of the Global week of
entrepreneurship in Macedonia welcomes the
ambassadors of Great Britain and Norway, An-
drew Kee and Carl Shotz.
- The global week of entrepreneurship is
an initiative to inspire the young people to be
more creative, innovative, and imaginative. Its
goal is to teach to be open-minded or to make
their ideas real and most important of all is to
mark them.
For one week millions of people across the
world will join the movement of the en -
trepreneurship in order to create new ideas
and to seek better ways to create goods, said
Andrew Kee, ambassador of the Great Britain
to Macedonia, who will personally be involved
in the events that would be part of the Global
entrepreneurship week.
He stated that the campaign of the United
Kingdom covers wide specter of interested
events – from student trainee to in the produc-
tion enterprises, voluntary activities and activi-
ties for raising funds, projects for improvement
of school environment, awards for the most
successful young entrepreneurship ideas, lec-
tures forums TV shows, blogs.
Macedonia is a country whose economic
potential is yet to be expressed. The promotion
of the concept of entrepreneurship as proac-
tive approach towards the utilization of busi-
ness potentials and the reduction of the unem-
ployment rate is surely one of the directions
that lead forward. I hope that the Global entre-
preneurship week will encourage young to
become entrepreneurs across the interactive
events which include those that in any case
would not be taken into consideration as enter-
prise, said the ambassador Andrew Kee.
The Norwegian ambassador Carl Wibye
underlined that one of the principal goals of the
Norwegian assistance to Macedonia is to stim-
ulate the reform processes in the construction
of the institutions, to strengthen the economic
and social life of Macedonians, emphasizing
the main industrial development and the devel-
opment of the private sector as important seg-
ments in order to create the basis of the incre-
ased economic development in the region.
- The Global entrepreneurship week for
the first time is being organized in Macedonia.
It means that Macedonia joined the family of
more than 70 countries across the world inclu-
ding more than 30 organizers to lead the
events in order to encourage young people to
give entrepreneurship ideas.
They will practice their entrepreneurship
ideas in order to create positive environment in
many areas of the life of young people to work
or in school. The Norwegian Government un-
derlines the importance of the entrepreneur-
ship in develop in Macedonia and supports the
project Young entrepreneurship services
(YES) known as Business incubator in the mu-
nicipality Gazi Baba.
The basic idea is to strengthen the local
innovative system in Macedonia, by stimulat-
ing the practical entrepreneurship between
young people offering complete activities
which will ease the start of new actions, the
ambassador Wibye said.
10 berzNIK
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
PROFESSOR TOME NENOVSKI WITH NEW PUBLICATION
MACROECONOMICS - WORLD
ECONOMY ORCHESTRATOR
The world has been going through the third oil crisis, which is fortunately fading away, but comes with an after-
shock-the world financial crisis we have bee witnessing for the past few months.-Perhaps both the world and
the macroeconomists would have been satisfied if all of this stopped. –I fear that the recession will not end
here but we should prepare ourselves for ever bigger shock by the real sector…
N
ot every economist can write a book on
macroeconomics, as writing a book on
macroeconomics takes enormous theo-
retical as well as practical knowledge. When I
say enormous theoretical then I really mean of
a volume of knowledge which in order to be
transfigured into a textbook must be first gai-
ned, then synthesized so that it can become a
textbook and a book as we have today. With
these words Professor Dimitar Eftimovski
started the presentation of the book Macroeco-
nomics by Tome Nenovski, the third textbook
on macroeconomics in Macedonia.
The explanation why Nenovski is among
the few economists that can deal with such field
of interest, according to the reviewer, was pri-
marily in the theoretical knowledge of the au-
thor, which has transfigured into eight published
books. As for the practical experience, on the
other hand, Eftimovski reiterated that Nenovski,
during his working years, was director of the
directorate for analysis at NBRM and a deputy
governor afterwards…
As for the book itself, it`s basic characteris-
tic is that it has been written in the manner of
the European, or if you wish, the American text-
books on macroeconomics that offer to the stu-
dents, as their primary goal, a clear way to gain
knowledge in the field of the macroeconomics.
–Although it wasn`t pointed out in the book,
those who are professional in the economics
clearly see that the field of interest was treated
on short, long and very long terms, which is a
great quality in relation with most of the books
at home we have been able to use-Eftimovski
said.
During the presentation of the book con-
tent, the reviewer put special emphasis on the
part containing the most significant theoretical
knowledge about the roots of the macroeco-
nomics, its roots, as well as modern headings-
the road paved by the modern economists. – “It
treats two macroeconomic schools-the classi-
cal economic theory and the Keynesian econo-
mic theory, leaving possibility for which schools
offer best solutions in which conditions. This is
very important since the economics is science
of choices. We as macroeconomists should
choose whether to increase the inflation rate at
the expense of, let`s say the unemployment on
short terms, and how this will affect GDP. We al-
so should choose whether at this moment the
phase of the economic cycle allows us restric-
tive or expansionist fiscal i.e. monetary policy.
In the field of the economic growth we are again
faced with a choice-in which factors it should be
invested at the moment and what are the fac-
tors that stimulate economic growth?” - said
Eftimovski.
The author of this book provides answers
to these and many other questions of the type.
number 49
In other words, he makes us think about the
choice we should make when considering two
different policies, two different schools in the
macroeconomic theory prevailing at the mo-
ment.
The reviewer pointed out that the analysis
over the macroeconomic balance, which has
been extremely good elaborated, gives the im-
pression that we are talking about field of inter-
est that is easily solvable and comprehendible,
although it is a very hard decision for the gov-
ernments when it comes to establishing a level
of macroeconomic stability and the available
instruments. Macroeconomics also presents
the measurements for the economic activity, or
more precisely, the national accounting, explai-
ning the notions of gross domestic products,
gross national product, real and potential GDP,
nominal and actual GDP, differences between
GDP and GNP. While explaining the economic
growth, the author moves into the fields of eco-
nomy on much longer terms in order to trace
the sources that the economy should most effi-
ciently and optimally invest into, and the same
goes for the companies. The author gives larg-
er preview of the economic cycles, providing
direct explanation for today`s crisis, putting the
emphasis on the oil crisis, the energy depend-
ency of the small and open economies as ours.
Furthermore, the book speaks in details about
unemployment and inflation, topics interesting
not only for the economic public, but the com-
mon citizens as well. The author has also scru-
tinized the savings and the investments, as well
as their mutual relationship from both points of
view.
Namely, according to the neoclassical com-
ponent and premise, the savings equal invest-
ments. On the other hand, Keynesian econom-
ic theory has it that the investments equal sav-
ings. Or in other words, explains Eftimovski, the
classicists say save to invest and the Keynesi-
ans say - invest to save. These are major diffe-
rences in the economic logics.
Concluding that the author has responded
to the challenge to write contemporary, complex
and easily acceptable textbook and with a rec-
ommendation for reading for all those who want
to know more about the macroeconomic sci-
ence or refresh their past knowledge, Eftimov
highlighted that this work of Tome Nenovski
stands side by side with the works of several
other economists - Bogoev, Uzunov, Klusev,
Fiti, who have left a significant mark ion the de-
velopment of the macroeconomic science in our
country.
According to Tome , the main challenge for
writing such book are the dynamic changes oc-
curring in the macroeconomics and the econo-
my as a while, stimulating every macroecono-
mist to write , analyze and advise how to over-
Date 17.11.2008
The third book on macro-
economics in the country
come certain problems… Its complexity, on the
other hand, can be viewed from the fact that the
macroeconomics, when talking about the econ-
omy, is in the focus off attention. It is the heart
of the economy worldwide and the orchestra-
tion of the world economy depends on the way
it is established and the yokes inside the ma-
croeconomic instruments and elements.
Nenovski reiterated that in the past few de-
cades there gas been serious and dynamic
changes, caused by different shakedowns in
the global economy. at first there was the oil
shock, which occurred at the beginning of the
70`s when oil prices increased three times and
when the world met such economic phenome-
non for the first time-the stagflation. Immediate-
ly afterwards, by the end of the seventies and at
the threshold of the eighties of the past century,
there was the second oil shock which was fol-
lowed by an after effect-the debt crisis that has
been keeping the undeveloped world under
control to this very date.
- The other changes to which the macro-
economics and the overall world economy were
exposed in the past twp or three decades is the
strong globalization. There also was informati-
on technology that prompted the restructuring
the world economy-explains Nenovski.
In the mid 90`s there were the Asian tigers
that made a blast in the balance in the econom-
ic relations between the east and the west at
the time to give raise to the giants, reflected in
the BRIC group-Brazil, Russia, India and China,
which with their enormous population, on one
hand, and the fast emerging economies, on the
other, caused serious impairment of the relati-
ons between the offer and the demand on world
level, which ultimately resulted into appropriate
changes on macro-level worldwide and chan-
ges we are witnessing.
According to Nenovski, within the past two
or three years the world has been going thro-
ugh the third oil crisis, which is fortunately fad-
ing away, but comes with an aftershock-the
world financial crisis we have bee witnessing
for the past few months.-Perhaps both the
world and the macroeconomists would have
been satisfied if all of this stopped, said Nenov-
ski.
– I fear that the recession will not end here
but we should prepare ourselves for ever bigger
shock by the real sector and I believe that with-
in the following six or seven months the world
economy will be faced with the biggest econo-
mic crisis in the world after the one from 1929.
Date 17.11.2008 number 49
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
berzNIK
11
REVIEW OF THE REGIONAL STOCK EXCHANGE
12 berzNIK number 49
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 17.11.2008

GAZI BABA, ZELS AND MAKEDONSKI STOPANSKI KATALOG WITH JOINT PROJECT CONVERSATION WITH A REASON
One-Stop-Shop Info Portal for All Companies Macedonian Business Catalogue is
preparing the new catalogue for 2009 for
Conceptual solution providing all information in one place. The One-Stop-Shop info portal exists not only for the economic subject in the country in
accessing to information, but also enables organized and simplified access to the information of public character cooperation with ZELS and the
you are entitled to Municipality of Gazi Baba and started
surveys over the business subjects on
The Municipality of Gazi Baba, in cooperation with Makedonski Stopanski Katalog and ZELS, last week its territory, the birth place from which
announced launching pilot project for one-stop-shop info portal of the economic subjects. The research and the pilot project for opening one-stop-
polls over business subjects located on the territory of this municipality will start during this month. shop info portal for gathering all
The aim of this research, which kicks off as a pilot project precisely in the municipality with the largest required data about business subjects in
number of industrial objects, is gathering all relevant information for the economic subjects working on the
one place
territory of the Republic of Macedonia, storing and carrying to the public by the means of the one-stop-shop
info portal.
The Mayor of the Municipality of Gazi Baba, Koce Trajanovski, said
this project, the polls over the business subjects, kicks start precisely
from their municipality for most of the industrial objects in the country that
are located there.
- The aim of this pilot project is carrying out research that will record
all potentials and production capacities that the business subjects from
the Municipality of Gazi Baba have at their disposal. The information
gathered during this research will serve as an opportunity for preparing
appropriate analyses and statistical reports for the needs of the local
self-government, as well as an opportunity for the potential investors to
have an insight into all relevant information.
The necessity for introducing such a system requires boosting the We work in teams, gather information and the 2009 catalogue is being pre-
ongoing decentralization of the local self-government and fast and effi- pared. We process all data we believe that should be included. The service will
cient activities of the business subjects, which has been aggravated be provided by expert teams…
without fast and relevant access to information, Trajanovski explained.
He added that the gathered data and information of public character will result into the publication acedonian Business Catalogue
“Capacities of the Municipality of Gazi Baba”, which will be the first of its kind, as a presentation of the facts
regarding the municipality through a single analytical and statistical approach. M (MSK) will contain data that the ot-
her business catalogues did not ha-
After the completion of this research, by the end of 2008, we will resort towards preparations for one- ve i.e. it will contain up to 5 data. MSK will
stop-shop info portal, an applicable solution that will gather in one place all data from the polls, as well as be composed of at least 100 questions re-
all information, rules and procedures of public character. garding the classification of the type of pro-
ducts, services, staff profile, structure of
WHAT IS ONE-STOP-SHOP INFO PORTAL? working potential, profit… Furthermore, be-
The one-stop-shop info portal actually means collecting, systematization and distribution of all data sides the print edition of the Macedonian
gathered from the polls, as well as all information, ruled and procedures of public character related with the Business Catalogue, the self-titled compa-
working of the business subjects in the Republic of Macedonia. They will be indexed according to previous- ny will also have its own webpage with in-
ly defined rules and implemented European information classification standards. Thus, all users will have formation of public character i.e. all public
the opportunity to use related information of different character and at the same time provide efficient, safe information from the state institutions will
and progressive working in the municipalities and the business subjects in R. Macedonia. be put together in one place and a consult-
ing service will be also provided… About
WHAT WILL BE THE PORTAL COMPOSED OF? the details we talked with Dobrila Mance-
The one-stop-shop info portal will integrate all data gathered from the polls over the business subjects va, MSK project manager.
as well as the public information on business subjects provided by all state institutions in RM, including the
unofficial information published by the media, both in print and electronic form. *MSK project is undergoing prepara-
For Dobrila Manceva of Makedonski Stopanski Katalog, the basing vision of the company is ground- tions, but what exactly we are talking abo-
ed on the fact that the fast information nowadays is of crucial importance. ut here?
- In this context, we underline our initiative for introducing one-stop-shop info portal, which actually
means implementation and systematization of information of public character related with the work of all - As we all know, it is an undisputable
business subjects in the Republic of Macedonia, the state institutions and the local self-government. It fact that the timely information in such ti-
would mean securing efficient, fast, safe and progressive working of the municipalities and the business mes is of essential importance for the busi-
subjects in the Republic of Macedonia. The necessity for introducing such as system is determined by the ness subjects, the state institutions and the
need for fast response of the business subjects, which is virtually impossible without fast and relevant local self-government. With the increase in
access to information, Manceva explained. the computer literacy, today anyone can
The one-stop-shop info portal will be completed with a research that will be carried out during this search over the internet and at the same
month and rounded up by gathering , systematization and distribution of data extracted from the official, time have access to different sources of
that is, public information available to all state institutions, as well as the unofficial carried through the information. However, the thing that it is a
media (print and electronic). real issue at the moment is how to come to
The implementation of such a conceptual solution is grounded on long-year experience if the European the right information form a pile of informa-
states and nearing to the European standards, which is one of the primary intentions of the Republic of tion i.e. relevant information that will enable
Macedonia as a state. brining fast and right decision in managing
- Makedonski Stopanski Katalog, in cooperation with the Municipality of Gazi Baba and ZELS will take and investing of the potential investors.
part in the promotion f all municipalities in the Republic of Macedonia. This cooperation will give many ben- Besides the basic information profiled
efits such as preview and insight into the real capacities of all municipalities which with the decentraliza- by the companies themselves, we will be
tion have a need to create realistic picture of their own capacities for construction of objects of public inter- also providing consulting services in terms
est, it was highlighted by Manceva. of giving directions, help through the proce-
To conclude, the implementation of the one-stop-shop info portal will meet the social need for profes- dures for realization of the requests, appli-
sional, fast and quality access to information, which nowadays is considered as one of the primary condi- cations required for receiving information
tions for better work of all business subjects in the Republic of Macedonia. In one word, we offer concep- not only for the business subjects, but for
tual solution for gathering all information in one place. individuals as well.
 Date 17.11.2008
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
DOBRILA MANCEVA, MACEDONIAN BUSINESS CATALOGUE PROJECT MANAGER
PAVING ACCESS TO PUBLIC
INFORMATION
*What is the MSKJ concept like, what
does it include?
- MSK is a set of information of public
character. It means a collection of all data in
the state that originate from administrative
and other sources, such as information found
in newspapers, TV programs, brochures etc.
Besides data, the catalogue will also in-
clude the procedures for meeting certain
needs for dealing with peoples` and legal en-
tities` issues.
For instance, while issuing title, we offer
an explanation about the procedure. We, in
cooperation with the institutions, will receive
the information about the procedural steps
and the same will be implemented in our sys-
tem.
In simple words, the entire procedure will
be presented as a piece of information with
instructions for reaching to the necessary so-
lution for the problems or requests in ques-
tion. For perfect realization of the project, we
will make additional cooperation with other
companies that will performs such services
for third sides…That is the main point…
*What is the idea for MSK based on?
- The idea for MSK is based on collecting,
arranging and archiving of all publicly reve-
aled by certain institutions or media and sub-
limating them through a certain system that
will produce timely and efficient data for the
users.
*What is the difference between the already
existing i.e. common catalogues as a collection
of data for the economic subjects in RM and the
Macedonian Business Catalogue?
- It`s a fact there are some catalogues in
Macedonia, however, the print edition of the
Macedonian Business Catalogue will be dif-
ferent, as it will contain larger number of con-
crete data for certain business subject, which
will be drawn from the data base established
in the 90`s. the basic difference between the
already published catalogues for legal enti-
ties and state institutions and the Macedoni-
an Business Catalogue that is being prepared
by our company is that they contain five or six
pieces of information that identify certain
legal entity, but our company is preparing
much wider range of data and not only in ver-
tical sense, but in horizontal as well i.e. any-
thing related with the material-financial, tech-
nical-technological and staff potential of that
certain business subject. In point of fact, if we
draw a small comparison with what was used
from the current data, we can easily conclude
that they all offer the basic elements: seat,
streets, phone number and possibly webpage
of email address. Contrary to such scarce
number 49
data, MSK will be a conceptual solution for all
possible data related with a business subject.
For instance, how many employees it has,
who is the founder, manager, home and for-
eign partners, the kind of startup capital (mix-
ed, home , foreign), whether it is small, medi-
um - sized or large enterprise… These are
the key data for an insight into the profile of a
certain company… The basic things accord-
ing to which we distinguish from the others
are well organized and indexed data. Our go-
al is to pave the access to public informati-
on…
*Do you already have a data base and
how many economic subjects are there
in RM?
- In principle, that is a variable figure, but
our data base is quite large. Precisely in this
field, verifying the real number, we have la-
unched promotional campaign with the Muni-
cipality of Gazi Baba, starting with the regis-
tration check up of the already recorded legal
entities i.e. those that are still active…
*What is the feedback from the insti-
tutions given the fact it is a data base of
a wider range… Are they cooperative?
- Absolutely. Generally speaking, we ha-
ve established cooperation with most of the
administrative sources that project data of
different profiles and we are working on
deepening that cooperation as it is of com-
mon interest.
Normally, the institutions are working in
the name of the state, in the name of the
common welfare and all data they produce
are of public character. This is practically our
specialty - we process the data of unofficial
character i.e. information previously publish-
ed in newspapers and other media. I am re-
ferring to about daily, weekly and monthly
newspapers, a single base of processed in-
formation from the past 15 years, through
which we ca absolutely come to information
of unofficial character published in official
media…
Furthermore, it is important to be men-
tioned that we do not deal with the validity
and the authenticity of the information, but
claim that the information was told, carried
and published in this or that newspaper,
which can be absolute upgrade of the com-
plete image of a certain company. The entire
system is also based on some sort of know-
how, which has been built in the country for
an entire decade and by all means we have
implemented much of the world practice re-
garding this matter.
All in all, we are absolutely different from
what used to be the common practice in RM
and wider on the Balkans.
berzNIK
13
*Will the catalogue be in electronic
form only or there will be print form?
- MSK is prepared both in print and digi-
tal form. The catalogue as hard copy will con-
tain the basic data only, while the electronic
version on our webpage will offer all charac-
teristic data about the economic subjects.
*Macedonian Business Catalogue
will also offer consulting service?
- Our clients, besides the basic data
about the companies they want to cooperate
with, will also be advised how to access to
the company they are interested in. In point
of fact, although the one-stop-shop system
has been introduced in our country, the pro-
cedures regarding the ways for obtaining the
required information, reaching the appropria-
te answer or solution for the request are still
quite complicated. From this standpoint, we
will act exclusively in that direction-to inform
and give directions to our clients for every-
thing they need, where to go and how to act
in order to have the job done. The service for
these data will not be commercial; we will
offer them for free.
Basically, this is a proactive measure by
the Government which is aiming at sublimati-
on of all data at one place, so all the client
has to do is ask. The state institutions are ab-
solutely meet their responsibilities, but the
difference is that these data are not publicly
available on the way we are to present them
to the public. Normally, besides the hard copy
and the electronic base, we will also have a
call center, which will answer to the citizens`
questions…
*We are talking about private invest-
ment, and you say you offer free infor-
mation?
The investment is private, but the Mace-
donian Business Catalogue, as a mature so-
cial organization that takes care of the com-
mon welfare, will offer all data of social inter-
14 berzNIK number 49
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 17.11.2008

est for free for a period of one year. Nor- ACCORDING TO THE DECISION OF THE NATIONAL BANK OF MACEDONIA
mally, in future they will produce certain
expenses by themselves. Our strategy will THE CORPORATIVE MANAGEMENT
most likely aim to keep them in the free CODEX IS OBLIGATORY FOR THE BANKS
domain, but the time will tell how much we
will succeed in that… AS WELL
To clarify, we are talking about the
procedures, while for the data for the busi- Banks in the Republic of Macedonia by the end of the year should adopt the
ness subjects there will be tariff book. Un- Corporative Management Codex. Accordion to the Decision of the National Bank of
like them, the public data will be only im- Macedonia the deadline for creation and adoption of the Codex is 31st of December.
plemented as an integral part of the Mace-
donian Business Catalogue. The corporative management should provide responsible, transparent and
ethic conduct of all employees and all concerned parts within the bank. The Cor-
*What is your view from the initial porative Management Codex that will be created by the banks will provide easi-
cooperation with the economic sub- er and simplified way the bank to reach for capital and increase of the reputation.
jects? Banks in the Republic of Macedonia by the end of the year should adopt the
Corporative Management Codex. Accordion to the Decision of the National Bank
- So far, excellent. They were delight- of Macedonia the deadline for creation and adoption of the Codex is 31st of December.
ed to hear about such initiative. Although - Good corporative management is important precondition for successful, stable and strong bank, and the applica-
all procedures and information do exist, tion of the principles of transparency in their operations is of exquisite importance in the moment, regarding the reasons
we make concept into all of this can be that added up for the current world financial crisis. The crisis and bankruptcy of some major banks point out the impor-
packed appropriately, discretely, classified tance of banks` corporative management, was established on the workshop organized by the National Bank of the
and what is more important, sublimated in Republic of Macedonia, USAID`s Business Environment Project (BEA) in cooperation with the Corporative Management
one place… Project of the International Finance Organization (IFC).
These data, unlike the other service - The application of the principles of corporative management in banks is important especially for earning citizens`
centers, we be available through us up to trust. Beside banks, the corporative management has recently been in focus of the companies, regarding the fact that
48 hours after the application is submit- many companies have bankrupted as a result of the management system failures, said Milica Arnaudova, NBRM Rep-
ted... They can find the data separately, resentative.
but we will have them sublimated and, The report on financial aspects of corporative management showed to be fine reference in determination of banks`
what is a very important element, in rela- practices such as frankness, integrity and responsibility, not only in Great Britain, but worldwide as well, which represents
tion with the other data… We are able to a motive for adoption of the Codex. The corporative management understands management in interest of shareholders
provide complete history of relations since and all concerned parts, in order the bank to gain capital, and instigate establishing and increase of businesses and solv-
the independence of Macedonia… ing of the problem of high unemployment, was stressed on the seminary.
- Basic priorities are guarantee of shareholders` rights, transparency of the shareholding structure, efficiency of
*Is there such system in the banks` long-term goals, care for the employees, explained the representatives of the Law Firm Mens Legis, Biljana
region? Cakmakova. - We must make difference and we must not mix the meaning of the corporative and corporate manage-
ment. The meaning of corporative management is much wider compared to the corporate management, because the
- No, we are the first. This concept has corporative management in fact applies for management of bank in interest of all shareholders and concerned parts,
been modified on the basis of the Ame- which the corporate management is tool for doing business. Both items correlate in part of bank`s strategy. On the other
rican experience, for which we own cer- hand, bank`s strategy and its achievement represents the most important and basic content of the corporative manage-
tain licenses for the territory of Europe… ment, and bank`s strategy is just one of the elements of the meaning of the corporative management which is wider and
What we are producing already exists in more general. The corporative management should provide responsible, transparent and ethic conduct of all employees
some form in Europe, but is concentrated and all concerned parts in the bank. The Corporative Management Codex that will be created by the banks will provide
on the information that determines the easier and simplified way the bank to reach for capital and increase of the reputation.
classical business i.e. seller-buyer… Banks in the Republic of Macedonia by the end of the year should adopt the Corporative Management Codex.
In our case, the data will be integral Accordion to the Decision of the National Bank of Macedonia the deadline for creation and adoption of the Codex is 31st
part, but they will not bear the basic ele- of December. The corporative management should provide responsible, transparent and ethic conduct of all employees
ments of the catalogue itself, but will be and all concerned parts within the bank. This should provide avoiding any kinds of frauds or corruption, illegal and irre-
based on what marks the transformation, sponsible conduct within the bank. On long term, this system of corporative management created by the banks will pro-
the insecurity among people, the validity vide easier and simplified way the bank to reach for capital and increase of the reputation. The codex of corporative man-
of certain document, work… agement is prepared by bank`s Supervisory Board, and adopted by bank`s Assembly. In accordance to the decision of
We just help the climate to stand on its NBRM, the codex enters into power on the 31st of December 2008, which means that every bank starting the 1st of
own feet… Our society has reached the January should have prepared codex for corporative management. Basic principles that should be included in the codex
freedom of information in the economy are the principle of guarantee of the rights and interests of all shareholders. All shareholders should be aware of that their
and we don`t see any reason why this rights will be achieved. Voting right, the right to attend shareholders` assembly and the right to take part in passing of
should remain a bugbear. Many of the decisions, the right to vote and be voted. The principle of distribution of competences is the basic principle, principle of
people who don`t have internet will be ab- transparency of the shareholding structure, principle of effective bank management across setting of long-term strategies
le to receive information from the call cen- in their operations, principle of effective control over financial and economic activities of the bank, across well internal revi-
ter, sion, their social security, principle of independence, which would avoid all kinds of conflict of interests. The decision of
The thing what is important to use and NBRM also imposes principles for well and clear defining of the qualifications that should have every member of the
what is considered to be our vision us to Supervisory Board. Beside the experience, knowledge and other elements required by NBRM, the process of appoint-
be a company that will act not only in RM, ing of members of Supervisory Board must pay attention to persons with integrity. The Supervisory Board must be sure
but wider as well. At the moment we own that the Management Board and other persons with special rights and responsibilities in the bank, make regular moni-
data base fir the companies in RK with an toring over bank`s operations. In the same time, all of them should use the information received from the internal revi-
intention Macedonian Business Catalogue sion service. It is of great importance to build a line for informing and transfer of information from all employees to their
to become leading company in the region direct superiors. Transparency of the corporative management and principle of –know your structure. Members of the
and to enlarge the base with data about Supervisory and Management Boards must know the structure of the bank well, especially if it has subsidiaries abroad.
companies from the regional countries. In the same time the must be one special chapter that relates on the shareholders` assembly, its work, the way it
We work in teams, gather information was summoned, protection of the rights of minority shareholders, said representative of the Law Firm Mens Legis
and the 2009 catalogue is being prepared. Cakmakova.
We process all data we believe that Besides the stressing of the obligation for passing of codices in the next two months, this workshop, second in a
should be included. The service will be row, was directed towards explaining of several problems in the field of policy of corporative management, such as issues
provided by expert teams… related to the compensation and internal auditors.
 Date 17.11.2008
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
1. SHORT REVIEW OF EVENTS
- The budget for 2009, which is the biggest so
far, enters today in the assembly- Minister for
finance, Trajko Slaveski, officially and solemnly
will deliver it to the president of the parliament,
Trajko Slaveski. As Utrinski conveys – it is no
secret that the Government prepared the biggest
budget so far worth 2.67 billion euros, with a
record trade deficit planned to 2.8 percent from the
gross-domestic product. The Draft-Budget for
2009 and the macro economic projections for next
year envisage the gross domestic product to
record rate of growth by 5.5 percent. Main instiga-
tor for the growth will be the industry due to which
the start of the production with the realized direct
foreign investments as well as the improvement of
the performances on the domestic industrial
capacities. From the aspect of the expenditures of
the gross domestic product, instigator of econom-
ic growth will be the gross investments which in
2009 is expected to reach 30 percent of the gross
domestic product. The increase of the gross
domestic product is expected to be realized in con-
ditions of stabile and low price level, where the
inflation rate measured as average is not expected
to exceed the projected rate of 3.5 percent…
- Our ministers have tried to catch the
American investors, conveys Dnevnik.-The minis-
ter for information society Ivo Ivanovski told the
joke about the friend and the lion according to
which the one that runs faster will survive to
around 40 companies from the Silicon Valley on
the business forum, Macedonia as country of IT
experts, organized by Macedonian embassy in
Washington. In other words, the minister explained
this on the following manner: many countries have
tried to attract investors. Macedonia`s advantage
is that it is one step ahead, presenting all business
benefits that our country offers to the foreign
investors. The Prime Minister Nikola Gruevski
gave an idea for opening university for information
technology in Macedonia making the country a
number 49
regional leader in the information education.
Utrinski vesnik, conveys the information that
the American Agency Blumberg is in the process
of concluding agreement for issuing information
from Macedonian Stock Exchange to its web site.
As the newspaper capital finds out, it is about a
contract according to which the Macedonian Stock
Exchange could deliver information about the trad-
ing with securities in real time to the Blumberg
platforms. This means that all companies and
financial institutions subscribers to Blumberg can
soon follow the Macedonian Stock Exchange trad-
ing.
Actually, as this daily newspaper conveys,
Macedonian Stock Exchange is closer to sale-
Unofficially, the package of over 60 percent of the
capital has been formed on the Stock Exchange in
order o be offered to the potential investor. The
package includes the shareholders who started
the initiative and the opportunity to join other
shareholders as well… The procedure has been
already started with the submission of the initiative
to the Ministry of Finance about the changes in the
Law on securities. The initiative demands to
increase the limit of the percentage of shares that
one shareholder must own, because according to
the current law nobody can own more than 10 per-
cent of the shares of the Stock Exchange. It is
planned t to form bigger package in order to attract
the real brands on the stock exchange industry.
The stock exchange analysts have separate opin-
ions regarding these announcements for possible
sale of the Stock Exchange because the value on
the Stock Exchange is build on the basis of the
market capitalization of companies that are listed
on the Stock Exchange and in this period it is sig-
nificantly reduced. Yesterday`s decline of the stock
exchange index confirmed that the events in the
region reflect the domestic capital market. The
index of the ten most liquid companies MNI-10
dropped for 4 percent to 2,848.17 index points.
berzNIK
15
13.11.2008 THURSDAY
Biznis conveys that the global financial crisis
will directly hit the Balkan as well above all the
small and middle sized companies. But, the conse-
quences will be indirectly felt by the countries that
significantly invested in the region such as for
instance, Greece, stated the American Joseph
Stiglich, Nobel price winner in economy. The rea-
son for concern is much founded. The problem
does not directly come from USA but it is a conse-
quence of domino effect of the crisis, Stiglich con-
siders. He adds that when countries face crisis
than investors are also hit by this, above all the
Greek and Austrian. As one of the measures in
such situation the Nobel winner says that the loans
must reprogram in order to avoid the recession.
- Macedonia stole Johnson Matthey from Cro-
atia, conveyed the Croatian media and Nova Ma-
kedonija conveyed this information to Macedonian
public. According to Poslovni dnevnik, representa-
tives of the British company in the past period vis-
ited Croatia two times in order to select location for
construction of the factory for catalysors intended
to driving vehicles on electricity. They visited Nova
Gradiska, Kutina, Varazdin and Virovitica and
chose Virovitica as a place suitable for realization
of this investment. According to representatives of
the Croatian Agency for export and investment
promotion, they achieved meeting with local
authorities in this city, however at the end they
gave up from inevtsing in Croatia, and above all
due to the high bills for electricity and water and
due to the amount of the salaries in this country.
According to Croatian media, the British decided to
invest in the free zone Skopje, former Bunardzik.
In Vreme you will read –On the world
exchanges the oil cheaper than last year – The
price of the oil on the world Stock Exchanges
dropped yesterday to the lowest level since the
beginning of 2007 as a result of the fears from
entering the global economy in recession and from
the fuel consumption`s reduction.

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

1. VARDAR OSIGURUVANJE MARKS SLIGHT FALL OF COLLECTED PREMIUMS (*****)
2. LOWEST PRICE OF THE OIL ON THE WORLD STOCK EXCHANGES (***)

DNEVNIK ERS
p.1 MINISTERS HUNT INVESTORS TELLING JOKES p.7 THE STOCK EXCHANGE CLOSER TO BEING SOLD
p.7 МБИ 10 12.10.2008 p.7 MACEDONIAN STOCK EXCHANGE IN NEGOTIATIONS WITH
p.9 VARDAR OSIGURUVANJE MARKS SLIGHT FALL OF COL- BLOOMBERG
LECTED PREMIUMS p.7 INCREASED THE LOSSES OF "LOTARIJA NA MAKEDONIJA"
p.9 MINISTERS HUNT INVESTORS TELLING JOKES p.7 SLOVENIAN "TRIGLAV" WITH SUCCESSFUL RESULT
BIZNIS p.8 МБИ 10 - 12.11.2008
p.1 ANOTHER WEAK MARKET DAY p.9 THE BIGGEST BUDGET OF 2009 ENTERS IN THE ASSEMBLY
p.1 THE FINANCIAL CRISIS WILL HIT THE BALKAN VECER
p.2 LOWEST PRICE OF THE OIL ON THE WORLD STOCK p.6 BILLION EUROS PREMIUMS BY THE END OF THE YEAR
EXCHANGES p.7 INCREASED THE INTEREST RATES OF SAVINGS DEPOSITS
p.3 VARDAR INSURANCE COLLECTED INSURANCE PREMIUMS VREME
OF 17.1 MILLION EUROS?- p.1 THE WATER STARTED TO FLOW, EVN TO COURT
p.8 GREAT DECLINE OF THE INDICES p.3 THE WATER STARTED TO FLOW AGAIN, CITIZENS WILL
p.9 ANOTHER WEAK MARKET DAY PRESS CHARGES
p.10 THE OFFICIAL MARKET "TURNS OVER" THE TRADING ON p.6 MACEDONIA TOOK “JOHNSON MATTHEY” FROM CROATIA
THE STOCK EXCHANGE p.7 THE OIL CHEAPER THAN LAST YEAR
UTRINSKI VESNIK NOVA MAKEDONIJA
p.1 REK BITOLA HAS NO DIRECTOR YET IT DISMISSES WORK- p.8 MACEDONIA STOLE “JOHNSON MATTHEY” FROM CROATIA
ERS p.8 THE OIL WITH LOWEST PRICE SINCE THE BEGINNING OF
p. 2 REK BITOLA HAS NO DIRECTOR YET IT DISMISSES WORK- 2007
16 berzNIK number 49
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 17.11.2008

1. SHORT REVIEW OF EVENTS
- The budget for 2009, which is the biggest so
far, enters today in the assembly- Minister for
finance, Trajko Slaveski, officially and solemnly
will deliver it to the president of the parliament,
Trajko Slaveski. As Utrinski conveys – it is no
secret that the Government prepared the biggest
budget so far worth 2.67 billion euros, with a
record trade deficit planned to 2.8 percent from
the gross-domestic product. The Draft-Budget for
2009 and the macro economic projections for next
year envisage the gross domestic product to
record rate of growth by 5.5 percent. Main instiga-
tor for the growth will be the industry due to which
the start of the production with the realized direct
foreign investments as well as the improvement of
the performances on the domestic industrial
capacities. From the aspect of the expenditures of
the gross domestic product, instigator of econom-
ic growth will be the gross investments which in
2009 is expected to reach 30 percent of the gross
domestic product. The increase of the gross
domestic product is expected to be realized in
conditions of stabile and low price level, where the
inflation rate measured as average is not expect-
ed to exceed the projected rate of 3.5 percent…
- Our ministers have tried to catch the
American investors, conveys Dnevnik. - The min-
ister for information society Ivo Ivanovski told the
joke about the friend and the lion according to
which the one that runs faster will survive to
around 40 companies from the Silicon Valley on
the business forum, Macedonia as country of IT
experts, organized by Macedonian embassy in
Washington. In other words, the minister ex-
plained this on the following manner: many coun-
tries have tried to attract investors. Macedonia`s
advantage is that it is one step ahead, presenting
all business benefits that our country offers to the
foreign investors. The Prime Minister Nikola
Gruevski gave an idea for opening university for
information technology in Macedonia making the
country a regional leader in the information edu-
cation.
Utrinski vesnik, conveys the information that
the American Agency Blumberg is in the process
of concluding agreement for issuing information
from Macedonian Stock Exchange to its web site.
As the newspaper capital finds out, it is about a
contract according to which the Macedonian
Stock Exchange could deliver information about
the trading with securities in real time to the Blum-
berg platforms. This means that all companies
and financial institutions subscribers to Blumberg
can soon follow the Macedonian Stock Exchange
trading.
Actually, as this daily newspaper conveys,
Macedonian Stock Exchange is closer to sale-Un-
officially, the package of over 60 percent of the
capital has been formed on the Stock Exchange in
order o be offered to the potential investor. The
package includes the shareholders who started
the initiative and the opportunity to join other
shareholders as well…The procedure has been
already started with the submission of the initia-
tive to the Ministry of Finance about the changes
in the Law on securities. The initiative demands to
increase the limit of the percentage of shares that
one shareholder must own, because according to
the current law nobody can own more than 10 per-
cent of the shares of the Stock Exchange. It is
planned t to form bigger package in order to
attract the real brands on the stock exchange
industry. The stock exchange analysts have sep-
arate opinions regarding these announcements
for possible sale of the Stock Exchange because
the value on the Stock Exchange is build on the
basis of the market capitalization of companies
that are listed on the Stock Exchange and in this
period it is significantly reduced. Yesterday`s
decline of the stock exchange index confirmed
14.11.2008 FRIDAY
that the events in the region reflect the domestic
capital market. The index of the ten most liquid
companies MNI-10 dropped for 4 percent to
2,848.17 index points.
Biznis conveys that the global financial crisis
will directly hit the Balkan as well above all the
small and middle sized companies. But, the con-
sequences will be indirectly felt by the countries
that significantly invested in the region such as for
instance, Greece, stated the American Joseph
Stiglich, Nobel price winner in economy. The rea-
son for concern is much founded. The problem
does not directly come from USA but it is a conse-
quence of domino effect of the crisis, Stiglich con-
siders. He adds that when countries face crisis
than investors are also hit by this, above all the
Greek and Austrian. As one of the measures in
such situation the Nobel winner says that the
loans must reprogram in order to avoid the reces-
sion.
- Macedonia stole Johnson Matthey from
Croatia, conveyed the Croatian media and Nova
Makedonija conveyed this information to Macedo-
nian public. According to Poslovni dnevnik, repre-
sentatives of the British company in the past peri-
od visited Croatia two times in order to select
location for construction of the factory for cata-
lysors intended to driving vehicles on electricity.
They visited Nova Gradiska, Kutina, Varazdin and
Virovitica and chose Virovitica as a place suitable
for realization of this investment. According to rep-
resentatives of the Croatian Agency for export and
investment promotion, they achieved meeting with
local authorities in this city, however at the end
they gave up from inevtsing in Croatia, and above
all due to the high bills for electricity and water
and due to the amount of the salaries in this coun-
try. According to Croatian media, the British decid-
ed to invest in the free zone Skopje, former Bu-
nardzik.

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

1. MORE SHARES IN MINUS (*****)
2. ONLY T-MOBILE NOT INTERESTED FOR 3G (***)

DNEVNIK p.8 EVERYONE IS SAVING-SALARIES IN OUR COUNTRY WILL

p.1 THE DRAFT-BUDGET IN THE PARLIAMENT STILL GO UP
p.1 ON SCHENGEN BLACK LIST UNTIL 2010 p.9 "T-MOBILE" THE ONLY BIDDER FOR THE 3-G TENDER
p.6 MACEDONIAN SNAIL GOES TO ITALY VECER
p.7 THE BUDGET FOR 2009 TO MAKE CITIZENS POOR p.8 T-MOBILE THE ONLY BIDDER
p.9 THE GLOBAL CRISIS WILL DESTROY THE MACEDONIAN AGRI- p.8 CURRENCY RESERVES INCREASED FOR EUR 19 MILLION
CULTURE VREME
p.9 ONLY T-MOBILE NOT INTERESTED FOR 3G p.6 WEDDING BUDGET IN TIMES OF CRISIS
BIZNIS VEST
p.3 "T-MOBILE" THE ONLY OPERATOR WITH OFFERING FOR 3-G p.11 GERMANY FACES RECESSION
SERVICES p.11 CHINA COVERS HUGE MARKET LOSSES OF HONG KONG
p.4 THE STOCK EXCHANGE CLOSER TO SALE p.11 BRITISH TELECOMMUNICATION GIANT TO SACK 10,000 WORK-
p.12 MACEDONIAN STOCK EXCHANGE KEEPS UP WITH THE ERS
WORLD TRENDS p.11 CHINA COVERS HUGE MARKET LOSSES OF HONG KONG
p.13 THE STOCK EXCHANGE AGONY CONTINUES NOVA MAKEDONIJA
p.13 STOCK EXCHANGE REPORT FOR 13.11.2008 p.1 HALF OF THE BUDGET INTENDED FOR SALARY, PENSIONS
p.15 DECLINE OF CROBEX BELOW 2,000 POINTS AND SOCIAL EXPENDITURES
p.15 PETROL, GORENJE AND INTEREVROPA SET NEGATIVE p.10 CANNING FACTORIES FROM GEVGELIJA WIN OVER THE
RECORDS FINNISH MARKET
p.15 WESTERN PESSIMISM FLOODS BULGARIAN STOCK p.10 SEAF TO INVEST IN THE IT COMPANY INET
EXCHANGE INDICES p.10 BUSINESS FORUM OF COMPANIES FROM PRILEP AND VAL-
p.15 MORE SHARES IN MINUS JEVO
p.15 MERKATOR SHARES FOR SALE! SPIC
p.15 EPCG SHARES ON THE FREE MARKET YESTERDAY p.6 THE BUDGET –ENIGMA FOR THE GOVERNMENTAL ADVER-
UTRINSKI VESNIK TISEMENTS
 Date 17.11.2008
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
1. SHORT REVIEW OF EVENTS
Top news in all of today`s newspapers are the
consequences of the global financial crisis over
the Macedonian economy, which were discussed
about during the yesterdays` session of the
Assembly Commission on Budget and Finance,
and on which besides the members of the
Commission, were as well present the Minister of
Finance, the Governor, MP`s and businessmen.
According to the businessmen, as a result of the
price decline of the Stock Exchange products and
the canceled orders, lots of companies are forced
to dismiss the employees and to decrease the
extent of their work.
At the same time, they point out that the
stroke from the crisis is about to be felt in practice,
especially after New Year, when new wave of dis-
missals are about to happen, ending or bringing
down to minimum of all the agreements for export
and orders.
The decrease of the extent of the work in the
real sector brings in question the maintenance of
the projection for the macroeconomic indicators,
which the Government built in the draft-budget for
the next year. As opposed to the real sector which
already marks losses, the fiscal and the monetary
authority persuade that this sector is safe and
sound, and that in case when needed there will be
taken additional protection measures. – We are
prepared to react if it is necessary. There is possi-
bility to protect the deposits with the Law in their
total value, especially with regards that the last
period at certain point there was a major with-
drawal of the deposits. As far as the crisis is con-
cerned, its consequences are so far felt in the real
sector, especially the metallurgists; however the
Government considers that with the money from
the tax payers it should not help separate compa-
nies. Throughout the world, the states supported
certain companies and financial institutions, but
they did it through purchase of preference shares
number 49
in those companies, pointed out the Minister of
Finance Trajko Slaveski. – The direct effects from
the crisis in our country come from the real, and
not from the financial sector. We do not have an
issue with non-liquidity and the unfinished capital-
ization of the banks, such as the case with the
banks in the USA and in Europe. Our banking sys-
tem is conservative, because of what is stabile
and liquid, with low level of portfolio risk. If we are
in a situation to fully return the placements of the
resources which belong to the more risky groups,
from B to D, it will seize only 17% from the capital
of the banks, pointed Goshev.
Lukoil Macedonia would have invested much
more in our country if there would not have been
monopolies like Okta, which dominates the mar-
ket by selling oil derivates. Valentin Zlatev,
Director of the Balkan directorate of “Lukoil” with
HQ`s in Sofia stated this, answering the journal-
ists` question why “Lukoil Macedonia” has smaller
extent of investments in the country compared to
the neighboring countries from the former
Yugoslavia. Namely, the recent investment of this
company in our country amounts EUR 12, 2 mil-
lion, whereas in Croatia the Russian giant invest-
ed EUR 69 million.
At the same time, in the state so far have
been built nine gas stations, and until the end of
2015 six more are expected to be built which will
round the number to 15, as it was the initial plan
of the company, in Croatia there are 14 gas sta-
tions of Lukoil, 158 in Serbia and nine in
Montenegro.
The company is in phase of negotiations for
entry on the markets in Slovenia and in Bosnia
and Herzegovina. In Bulgaria, Lukoil is present
with 165 gas stations and holds 24% of the mar-
ket with oil derivates.
The weekend issues of the newspapers con-
vey the news from London Guardian that through-
berzNIK
17
15.11.2008 SATURDAY
out Macedonia will pass one branch line of the
South gas pipeline, through which it is plan trans-
port of energy from the Middle East locations to
West European consumers. The European Union
with this ambitious plan for South gas pipeline has
as purpose to decrease the current major depend-
ence of the European countries from the Russian
gas. Guardian also writes that until next year EU
will make efforts to create special consortium of
European companies which can purchase gas
from the Caspian Sea region and from Azerbaijan,
through Turkey, the Balkan countries and Austria
to transfer it in Ukraine. The value of the entire
project is estimated to US $2, 5 million. The trans-
port of the Middle East gas for the Western coun-
tries should begin from 2013, and it will pass
through two directions. The Union ha determined
one branch line to pass through Romania and
Hungary, whereas the other one through
Macedonia, Kosovo, Albania, Montenegro, BIH,
Croatia and Slovenia. According to the European
strategies for energy, the basic purpose for this
project is avoidance of the Russian gas from the
PE Gasprom and the current monopoly which
Russia has over the European gas supply and
energy.
In the economy related articles you can read
the news that the Macedonian Post is about to be
privatized. As the Ministry of Transport and
Communications announces, for that purpose it
gave announcement for procurement of consult-
ing services for preparing a Study for determining
and election of most favorable model and extent
of partial privatization of the shareholding compa-
ny for post traffic “Macedonian Post”. The
announcement was also published in the daily
newspaper Financial Times.
The interested companies should submit the
participation documents latest until December 22.

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

1. THE CRISIS CAME IN MACEDONIA AS WELL (*****)
2. ONE BRANCH LINE OF THE SOUTH EUROPEAN GAS PIPELINE WILL PASS THROUGH MACEDONIA (***)
DNEVNIK с.10 OUTSPREAD THE NEW COINS OF MKD 10 AND 50
с.10 THE ECONOMY ALREADY SUFFERS THE CONSEQUENCES VREME
FROM THE GLOBAL CRISIS с.6 SOUTH GAS PIPELINE WILL PAS THROUGH MACEDONIA
с.10 THE AGREEMENT BETWEEN THE GOVERNMENT AND С.7 THE WORLD CRISIS ENTERED IN THE ASSEMBLY
OKTA, BARRIER FOR "LUKOIL" VEST
с.11 ONE BRANCH LINE OF THE SOUTH EUROPEAN GAS с.8 "LUKOIL" WITH LESS INVESTMENTS BECAUSE OF OKTA
PIPELINE WILL PASS THROUGH MACEDONIA с.9 THERE IS NO COMPANY WITHOUT DECREASED PRODUC-
с.11 “MACEDONIAN POST” TO BE PRIVATIZED TION
UTRINSKI VESNIK NOVA MAKEDONIJA
с.1 THE CRISIS CAME IN MACEDONIA AS WELL с.10 "GUARDIAN": THE SECOND BRANCH LINE OF THE SOUTH
с.7 THE CRISIS CAME IN MACEDONIA AS WELL EUROPEAN GAS PIPELINE WILL PASS THROUGH MACEDO-
с.8 "LUKOIL" SAYS IT IS LIMITED BY OKTA`S MONOPOLY NIA
с.9 "REPLEK" WITH PROFIT INCREASE с.10 PART OF "MACEDONIAN POST" TO BE PRIVATIZED
VECER с.10 INVESTMENTS OF OVER EUR 200 MILLION IN GEVGELIJA
18 berzNIK
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
IMF AND OECD PROPOSE
PRIVATIZATION OF
SLOVENIAN BANKS
Slovenian Banka - Least
Efficient in Europe
The International Monetary Fund and
the Organization for Economic Co-opera-
tion and Development marked the Slove-
nian banks as the least efficient in Europe
and believe that more private capital sho-
uld enter in Slovenia`s private sector and
point out Croatia as a role model. Given
the fact that the state banks are the least
efficient, the growth in private capital
should have greater effect on their work-
ing, according to the announcement of
Rudolph Bems of IMF and Pirit Sors of
OECD published in the Slovenian monthly
Bancni Vestnik.
They warn that the share of the direct
or indirect state ownership in the Slove-
nian banks is high, according to the regi-
onal criteria, and they point out that in the
two largest banks-Nova Ljubljanska Banka
(NLB) and Nova Kreditna Banka Maribor
(NKBM) the state and the para-state funds
are either majority or main shareholders or
own some 50 percent of the banking sec-
tor. Just for comparison, the report states
that the Slovenian banks and the other for-
eign investors control some 38 percent of
the Slovenian banking system, while in
Croatia the foreigners own 90 percent of
the sector.
The low efficiency rate of the Sloveni-
an banks may influence on the low com-
petitiveness in European level, and the im-
provement of the efficiency and the com-
petitiveness of the banks will stimulate
growth and financial stability, it is stated in
the report. However, it is also added that
the government and the left center of PM
Borut Pahor, who is to assume office soon,
announced the state`s intention to keep its
majority in the key banks, due to which it
would have to take other measures for im-
proving the banks` efficiency. ‘
IMF and OECD suggest to the Slove-
nian banks to improve the corporate man-
age ment standards, define long-term
growth strategy and listing the banks` sha-
res on the stock market.
Serbia Enters 15 - Month
Standby Arrangement
with IMF
Representatives of the Serbian Go-
vernment and the International Monetary
Fund (IMF) have reached an agreement
on economic program within the frame-
work of 15-month standby arrangement.
The arrangements should support the
government`s economic policy for main-
taining macroeconomic and financial sta-
bility. The 2008 budget deficit was
number 49
arranged at 1.5% of GDP. Previously, the
Serbian Government had finished consult-
ing with PM Mirko Cvetkovic regarding
the basic measures for saving for the pro-
jections of 2009 budget. There was an
agreement for the expense for salaries,
pensions and subventions to be balanced
in a way that will provide economic stabili-
ty.
Given the world economic crisis and
its possible effects on the Serbia economy,
the government members agree that all
budgetary beneficiaries should act respon-
sibly and cut down on expenses on all lev-
els, reads the announcements of PM`s
press department.
ECONOMIC STIMULUS
EFFORTS
China Approves $586
Billion Package
The Chinese government granted the
proposal for investing 986 billion dollars by
the end of 2010 for stimulating the econo-
my.
The assets will be invested in infra-
structure, social welfare and other key
sectors, reads the announcement publish-
ed on the government`s web site.
The government announced pursuing
active financial and moderately mild mon-
etary policy and proposing 17.5 billion dol-
lars tax alleviations for the enterprise.
Hong Kong in Recession
after Five Years
Hong Kong`s economy has slid into a
recession for the first time in five years die
to effects from the global economic events
that had greatest impact on its export and
spending.
The decline in the economic growth for
period July-September is 0.5%, thus put-
ting Hong Kong with the others that suf-
fered economic decreases for two straight
quarters, given the fact it suffered 1.2%
contraction in the second quarter as well.
After 5 years, following the SARS peri-
od in 2003, which had devastation effects
Date 17.11.2008
on the tourism in the region, Hong Kong
has technically entered recession. Hong
Kong government has already cut the
2008 GDP growth forecasts from 4% - 5%
to 3 - 3.5%.
INTERNATIONAL ENERGY
AGENCY
Prognoses about
Global Oil
Demand, Variable (IEA) has cut down
the prognosis about the world oil demand
die to the increasing number of data sug-
gesting that the global economy is in much
worse condition than previously assumed.
IEA announced that the oil demand for
2009 was expected to increase by only
350,000 barrels a day, which is 340,000
barrels a day less than the previous fore-
cast of the agency a month ago.
The cut in the prognosis for the growth
in the demand for the “black gold” came
after the International Monetary Fund
(IMF) on November 6 stated that the glob-
al economy was on its way to mark fall in
the annualized economic activities for the
first time since Second World War.
IEA also cut its prognosis about the
growth in the demand for oil in 2008 by
320,000 barrels a day to only 120,000 bar-
rels, which is the lowest daily level since
1985.
According to the latest forecasts, the
world oil demand for 2008 is expected to
average 86.2 million barrels a day and
86.5 million barrels for the following year.
GORDON BROWN URGES:
Reform in IMF and
Creating Global
Mechanisms for Crisis
Prevention
- At the G-20 Summit in Washington,
the government of Great Britain will tend
towards reaching a consensus for creating
new international financial system that will
modernize the Breton Woods agreement;
British PM Gordon Brown told the Lord
Mayor's banquet in London (ITAR-TASS
news agency).
The new system, according to Brown,
includes reformed, modern International
Monetary Fund, control over each econo-
my, early warning system and global cri-
sis-prevention mechanism.
The necessary steps in this direction,
according to the brutish PM, are recapital-
ization of the banks, restoration of loan
granting, urgent measures for preventing
the financial crisis from over spilling into
countries with medium incomes and sound
 Date 17.11.2008
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
EVENTS
coordinationTHAT MARKED
in the tax THE
and financial WEEK... IN OCTOBER
policy.
-In times of changes and great uncer-
tainty, the people expect from the govern-
ment decisive activities, Brown highlight-
ed. –Now is the time when we should give
up on the traditional solutions and build
innovative approach towards the complex
problems, United Kingdom`s PM added.
WTO CHIEF PROPOSES
Strong Global
Regulation over
Financial Markets
- There is necessity for establishing
strong global regulation over the financial
markets with clear rules and mechanisms
that will provide supervision and appropri-
ate sanctions if required, Pascal Lemy,
Director-General of the World Trade
Organization, told in an interview for the
French newspaper Le Monde.
- Today in the world there are interna-
tional organizations for trade, health, food,
environment or telecommunications, but
when it comes to the financial sector, there
is a loophole, Lamy says. That is why,
according to him, all countries should sup-
port the proposal for international regula-
tion over the financial markets, although
this comes with certain limitations on their
sovereignty.
US GOVERNMENT IN
DEBTS WITH FOREIGN
GOVERNMENTS
Some $ 2.6 Thousand
Billions in Debts
- The US Government at the moment
owns to foreign governments some 2.6
thousand billions of dollars, which is
approximately one fifth of the value of the
value of the American gross domestic
product, the economists warn.
The Chief Executive officer of the
Washington National Security Project stat-
ed that USA will have to pay the foreign
debt within the following few years.
He, calling upon the research pub-
lished by his organization, states that the
above-mentioned debts of the US
Government are a possible strategic threat
in times of a financial crisis.
- The foreign governments are invest-
ing into USA by buying out our debts, but
they also gain possibility to influence in a
manner we do not want.
According to him, the American debt
towards Russia increased to 74.4 billion
dollars, which is seven times higher than
at the beginning of the decade. However,
the US government`s debts towards China
are much higher than this, as China
bought securities issued by the US
Treasury for more than 800 billion dollars.
number 49
US Budget Deficit-
Staggering $ 237.2
billion
The US budget deficit in October
reached incredible 237.2 billion dollars,
inform the American media calling upon
data published by the US Treasury. This is
the highest amount in the US fiscal history
and it is four times higher than the deficit
in the federal budget in October last year
(56.8 billion dollars), according to the
media.
Most of the deficit is due to the amount
spent by the federal government for bail-
ing out the country`s financial system. In
October, the federal government spent
115 billion dollars on shares in the largest
American banks. By the end of the year,
this figure will reach 250 billion dollars
from the total of 700 billion dollars granted
by the Congress for overcoming the hard-
est financial crisis since the thirties of the
past century. In October, the overall vol-
ume of government expenses was 402 bil-
lion dollars.
According to the economists` fore-
casts, the deficit in the US federal budget
could surpass one trillion dollars by the
end of the financial year-September 31,
2009.
LUFTHANSA TAKES OVER
AUSTRIAN AIRLINES
One share-one Euro
Air transporter Austrian Airlines (AUA)
will be sold to the German Lufthansa,
announced the Austrian state holding
company OeIAG, the owner of 41,6 per
cent in the loss-making company. –From
now on OeIAG will be holding the closing
negotiations only with Lufthansa, -stands
in the announcement published after the
meeting of the board for privatization of
the Austrian air transporter. The other can-
didates for buying the Russian C7 and Air
France-KLM, no longer participate in the
competition, because the Russian compa-
ny did not deliver documents pursuant to
the European regulations for market com-
petition, while Air France-KLM did not
deliver the offering within the set term.
The director of OeIAG, said that the
selling price and the details from the
berzNIK
19
agreement with Lufthansa will be finalized
the next few weeks, adding that he
expects an answer within a month, which
will enable the directors of the holding
company to review the contract on the
meeting scheduled for December 5th. The
issues on the agenda include the request
of Lufthansa to the Austrian government to
take over the debt of Austrian Airlines,
worth Euro 500 million, which overall value
on the other hand, exceeds one billion
Euros. For the part of 41,6% that OeIAG
owns, Lufthansa offers Euro one per share
or total of Euro 360 thousand.
Last week, the shares of Austrian
Airlines on the Austrian stock exchanges
lost 0,38% of their value, one share actu-
ally was Euro 2,63.
IN FIVE YEARS
Turkey, the 17th biggest
economy in the world
- In five years Turkey will be the 17th
biggest economy in the world, informs
Turkish television channel CNN Turk.
It is considered that the country’s
gross domestic product (GDP) in year
2013 will reach 968,2 billion dollars.
This year Turkey’s GDP will be 798,8
billion dollars, and next year there will be
decrease of the GDP dropping to 789 bil-
lion dollars.
In 2010 it is expected Turkey’s GDP to
be around 829 billion dollars, in 2011- 874
billion dollars, in 2012- around 920 billion
dollars and in 2013- 968,2 billion dollars,
placing itself on the 17th position among
the world economies.
RUSSIA, IRAN AND QATAR
IN NEW ASSOCIATION
Forming gas OPEC
-Russian Prime Minister Vladimir Putin
indicated to the necessity of coordination
in the acting of the countries producers of
natural gas, pointing out that this doesn’t
mean forming cartel similar to the
Organization of Petrol Exporting Countries
(OPEC).
-This is so called Forum of countries
producers of gas and we support this idea,
underlined Putin after the meeting with
Egyptian Prime Minister Ahmed Nazif. The
countries producers of gas will hold the
next meeting in Moscow.
Previously the Iran Oil Minister Golam
Hosein Nazari said that Russia, Iran and
Qatar reached an agreement for forming
gas OPEC. The three countries own near-
ly 60 per cent of the world reserves of nat-
ural gas.
Europe and USA are against this kind
of cartel being formed, assessing that it
will be a threat to the world energy securi-
ty.
20 berzNIK number 49
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 17.11.2008

EVENTS THAT MARKED THE WEEK...

MICROSOFT MACEDONIA WITH NEW INTERFACE PACKAGE

SPELLING AND DICTIONARY ON MACEDONIAN

Microsoft promoted the new tool for spell check-up which enables avoiding printing or spelling omis-
sions in Cyrillic texts on Macedonian. This way you can continue working on the English version of
Microsoft Office 2007 that you are used to, but now there is somebody to check up your spelling and cor-
rect your misprints.

ast week Microsoft Macedonia presented posals will be considered and elected by of Windows Vista. For example, if the user

L the latest Language Interface Package

(LIP), which includes the spell check tool
for Macedonian language.
Microsoft prepared this tool in cooperation
with Professors from the Faculty of Philology in
Skopje and includes words classified by gen-
der, article and other grammar categories in
Macedonian language. Macedonian expert in
Microsoft technologies Dimitar Grozdanov,
explaining the spell check tool, said that users
who have insufficient knowledge in English can
use the help of the tool to transfer them into
Macedonia and Cyrillic, and then return to the
initial item in English. The Language Interface
Package includes installed spelling which mark
unknown words or international phrases in the
text and the user can create own word diction-
ary. The existing dictionary of words and phras-
es can be complemented by the user across
the open public online forum of Microsoft, which
will be open by mid February. Presented pro-
University Professors of Macedonian and
English from the Faculty of Philology.
Since 2004-2005 Microsoft started installa-
tion of records on Macedonian in the Office
System, and today we have developed versions
of those packages. The initiative of this project,
according to Microsoft Director Ilijanco
Gagovski, was a result of initiatives for pre-
serving of the Cyrillic alphabet and improve-
ment of the business communication of users
and their technology.
The Language Interface Package for
Macedonian language and Cyril letters can be
downloaded from www.microsoft.com.mk/lip
This Language Interface Package for
Windows Vista provides partly translated ver-
sion from the most frequently used areas on
Windows. After the installation of LIP, the text,
dialogue frames, menus, help topics and sup-
port and other items of the using interface will
be displayed in the language of LIP. The
untranslated text will be in the basic language
bought Spanish version of Windows Vista and
installed Catalan LIP, some texts will remain in
Spanish. You can install more than one LIP, so
every user of the PC may choose his language
in the LIP.
Supported LIP platforms operate only in 32
bit versions of Windows Vista and it can not be
installed on older versions of Windows or 64 bit
version of Windows Vista.
Microsoft Office 2007 includes the spell
check tool (spellchecker) based upon one built-
in dictionary of Macedonian language and ope-
rates in Macedonian and English version of Mic-
rosoft Office 2007.
Users who own licensed copy of Windows
operative system may download LIP on Mace-
donian on Microsoft Office 2007 from the web
site of Microsoft - www.microsoft.com.mk/lip.

PROCREDIT BANK WITH NEW OFFERS FOR SAVERS Alfa Finance Holding bought
Eurobroker
Savings and Fixed - Term Deposits with Higher Rates The Bulgarian Alfa Finance Holding became
owner of 51% of the Macedonian investment media-
ProCredit Bank increased the regular interest rates for the savings deposits and fixed –term tor Eurobroker. Their entrance means increase of the
deposits in denars and euros. The interest rate for denar deposits reaches up to 9.5% for 5 startup capital of this brokerage house for EUR 425
years. As for the euro fixed deposits, ProCredit Bank continues the savings campaign which thousand, respectively from the current 75 thousand,
give its clients possibility for 5.5% interest rate for one year fixed-term deposits . the capital now amounts EUR 500 thousand. This
- What is especially important for the savers is that they will be transparently and objective- capitalization enables Eurobroker to receive com-
ly informed about the terms of saving, the exact amount of interest rate i.e. the real rate with- plete license for executing investment and broker`s
out hidden expenses and that the interest rate is fixed for the flexible saving and the possibili- services, and to strengthen the position as a leader
ty for premature withdrawal of the assets without any restriction whatsoever, stated Kristina on the Macedonian market.
Mazni, deputy manager of the sector for citizens. One of the first targets is integration of the
ProCredit Bank has met the pensioners` demands, providing them with excellent terms for Macedonian financial markets through platform for
receiving pension through transaction account. electronic trade, which will make Macedonia the first
- The pensioners can withdraw their pension fast and easy from any of the 39 subsidiaries of the regional markets to supplement the Bulgarian
of the Banka and the ATMs throughout Macedonia. But what is more important, the pensioners stock Exchange.
will get excellent service, without waiting in lines for advise for using the payment cards and the
ATMs through the polite staff of ProCredit Bank, Krisitina Mazni added.
NLB Tutunska Broker too with
e-review
NLB Tutunska Broker too with stock exchange
reports on e-review. Its views, opinions, comments
ProCredit Bank is development-orientated bank that offers complete range of service and and analyses on the events on Macedonian capital
with a clear mission for supporting and developing small and medium-sized enterprises. Being market, as well as the movements and relations on
active for five years now, the first foreign bank in Macedonia has paid more than 380 million the regional and world stock exchanges, Tutunska
euros to more than 90,000 small and medium-sized enterprises and provides 107,000 clients broker will report on its e-review.
with general banking service. The shareholders of ProCredit Bank believe that the private sec- On the site are posted certain market data with
tor creates most of the working positions and gives significant contribution to the country`s an accent to the top shares with the biggest increase
economy. and decrease, and with the biggest daily
ProCredit Bank is a member of an international network of banks with 22 financial institu- turnover…The clients will have a review on the daily
tions worldwide, sharing the same corporate mission for developing small enterprises. movements of the regional and world stock
exchange indexes.
Date 17.11.2008 number 49
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
berzNIK
21
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 10.11. - 14.11.2008

TOTAL TURNOVER OF
MACEDONIAN STOCK EXCHANGE
INTEREST OF SEPARATE MARKET
SEGMENT IN TOTAL TURNOVER

REVIEW PER MARKET AND TYPES OF HV

10 MOST TRADED SECURITIES ON THE OFFICIAL MARKET

22 berzNIK number 49
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 17.11.2008