BERZNIK 0049 - 17.11.2008 on English - MKBN20081117-0049E

bbeerrzzNNIIKK

-- YY

EEAA

RRIIII

--

NNUU

MMBB

EERR

4499

-- 11

77tthh

NNOO

VVEE

MMBB

EERR

2200

0088

ONE-STOP-SHOP INFO PORTAL

FOR ALL COMPANIES

DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS 3Date 17.11.2008 number 49 berzNIK

Until the next Monday

Makedonka BaldazarskaBerzNIK editor-in-chief

e-mail: [email protected]

Peoples’ opinions: developing or restrictivebudget?

Macedonia – the new miracle in Europe; The financial crisis in Macedonia limited on the real sector for now; Thebiggest 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 andopposition MPs.

- While the world mobilizes and calls for savings, Macedonian Government takes the stand as nothing in Macedoniahas been affected by the crisis… -Brave, but very risky. The Budget maybe payable, and maybe not. In extremely riskytime the Government increases the budget deficit and entrusts future generations to pay the debt that now rises due tothe investments. The part of the deficit in the gross-domestic product is very big. These are economy experts` commentson 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 citizenspoorer, opposition party comments, accusing the in state account for next year does notinclude money for recovery of the aftermath of the financial crisis, and say that the Budgetis contradictory to the pre-elections program of DPMNE. –They announced reduction of thepublic expenses by 33%. Instead, they are going to increased it to 39%. When you are incrisis, you do not make development budget. All countries in the region pass restrictivebudgets with lower deficits.

In contrary to their stands, the Finance Minister Trajko Slaveski rejects the fact thatMacedonia faces recession. According to him, orders for import in some sectors arereduced, which is expected to decelerate their economic activities. But, increased invest-ments in the infrastructure in conditions of financial crisis are necessary for responding therecession pressure in the economy. Such theory of revival of the economy by increasing ofthe public expenses in the infrastructural projects, known as Keynes`, already worked forGreat Britain, and they intend to use it again in order of exiting the current financial crisis.

The exact effects of the global economic crisis over Macedonian financial system andreal economy and measures that the competent institutions assumed in order of overcom-ing of the possible unfavorable conditions, were topics on the session of the AssemblyCommission for Financing and Budget which gathered heads of the executive and mone-tary power, Securities Commission and MSE officials, and representatives of the two econ-omy chamber in Macedonia. The conclusion was expected. No country is immune to theglobal crisis, and so is Macedonia. But, the Minister of Finance used this session as well toassure that the financial sector successfully rejected the first hit. However, he admits thatthe consequences, though in retard, will overflow the real sector. They are already felt inthe production and service sector, and their influence is directly manifested in the process-ing of metals and ore, which is understandable, because their prices dropped on world mar-kets…But, on the other hand, the banking sector showed to be resistant to the financial cri-sis, because Macedonia banks are well capitalized, and mostly depend on the domesticdeposits and are highly solvent, which is the basic factor to continues crediting andresponse the demand of their clients.

Yet, Slaveski assures that the Government has the mechanisms in 2009 to responsethe problems that might appear, but he stressed that there are no plans for financial sup-port of certain companies, adding that everything will be done to protect the citizens. How?This is an issue to be discussed.

The NBRM Governor Petar Gosev stressed that the banking sector in the country isstable 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 only11% external assets, which expose us to the crisis, but due to the proportion it should not bring any major consequencesover Macedonia. According to the Governor, citizens` deposits are secured by the banks which are able to respond toall claims of the savers, and by the state. But, the consequences in the real sector are already obvious, businessmenchambers claim. Many sacked workers due to the reduced production, canceled agreements, reduced export. Additionalproblem 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 concreteprotective 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 businessforum 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, stressingthe comparative advantages of our country for their future investments. And are we observed in that way by Intel, HewlettPackard and Oracle…

The Government has prepared the biggestbudget in country`s history. It is 2.7 billion eurosweight. This means that next year the Governmentwill spend 300 million euros more than this year.Most of the budget, or 20%, are projected for cap-ital investments in the road and rail infrastructure,energy, education, culture, informatics education,and restrictive expenses are projected for non-productive items, such as goods and services.According to the Draft-Budget, capital investmentswill take 500 million euros, which also enter in thedeficit by covering 1%. There are projected 4.2 bil-lion denars for subsidies of farmers, 20 millioneuros for construction of several road destina-tions, 10 million euros for construction of mainroads and 10 million euros for construction of therailroad part of the Corridor 8 and 18.2 millioneuros for education. For elections are allocated400 million denars and extra 400 million for cover-ing of debts of the public health institutions. Fromthe total incomes, 59% are planed to be coveredby taxes, which are by 9.3% higher. The projecteddeficit, which is also set on the highest level so farby 2.8% of the GDP, will be financed from foreignloaning from the World Bank, domestic loansacross issuing of state securities and other formsof debt. In the same time, the macroeconomic sta-bility should be preserved and the economicgrowth to reach 5.5%, and keep the inflation bel-low 3.5%.

4 DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS

berzNIK number 49 Date 17.11.2008

THE NEW INVESTMENT IF THE SIF FUND

INET TO INVEST EXTRA 700,000 DOLLARS

Macedonian Company INet, whichdeals with distribution and implemen-ta tion of computer, networking ad

com munications equipment, became the offi-ci al distributor of software solutions of IBM. Inthe same time, according to the recent heldpress-conference announcements, the in -vest ment fund SIF also invested in the com-pany.

- These are two very important eventsand 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 withIBM in the field of hardware distribution since1998. The successful ten-year cooperation

contributed for INet to focus on the widerportfolio of IBM products and services and asan outcome to start distribution of additionalvalues of IBM software products, Petreskisaid.

- But, the deepening of the partnershipbetween INet and IBM does not stops here,because in the near future INet will offerappropriate IBM training and will completethe offer of IBM solutions. Contracts for real-ization are already signed and soon we aregoing to complete one offer for concrete solu-tions, based upon the IBM platform. Re gard -ing the distribution, our primary clients are allIT companies which operate in Macedonia,for certain portfolios for IBM and in Kosovo,and we hope that very soon we are going towin the Albanian market.

According to the head of INet, the compa-

ny will evaluate which products from IBM`sar ray, which include 3,600 products, will besold in the country. In this occasion, INet or -ga nized workshop, which was attended byrepresentatives of 12 companies, which aregoing to be the link between IBM, INet andthe final users who use the delivery and theappropriate implementation of the IBM soft-ware.

- IBM`s goal, especially when it is direct-ly represented in Macedonia, is to offer theleading technologies and solutions for all lev-els in companies, in the IT infrastructure andthe business operations, and use the strongconnections with its business partners inorder of realization of such goal, says Goran

Babic, Director of IBM office in Skopje.- We are happy to increase our recent

part nership with INet, providing them the li -cen se of authorized distributor with extra va -lue for IBM Workstation Software in Ma ce -donia. We believe that now INet will be in po -si tion to improve the support of Macedoniancompanies no matter small, medium or big, toincrease their business and become morecompetitive across the application of the inte-grative and innovative solutions provided byIBM, says Babic.

Kevin Redmond, Partner Manager ofIBM Software Group CEMAAS, local clientswill benefit from the agreement between IBMand INet by obtaining direct access to thehard ware and software solutions based uponIBM`s innovative portfolio. – This agreemental so provides access to resources and train-

ing courses of IBM, which is simplified way ofearning competitive advantage on the marketon which companies distinguish themselvesacross innovations and skills, Redmond said.

Oliver Kosturanov, Manager in the in -vest ment fund SIF, member of the family of18 funds in the global investment companySEAF, explaining their decision to invest inINet, stressed that in this case it is a matterof company that knows how to add value tothe process of distribution. – We were anima -ted by the fact that the company of this sizehas incredibly developed sense of corporati -ve management from all aspects. However,from the aspect of transparency, althoughINet has no obligation to deliver its financialre ports on the web site, they do that on regu-lar bases. Their other characteristics are thein tegrity, honest approach to the business,ap proach to the clients, buyers and distribu-tors, ethic conduct and equal treatment for allowners, Kosturanov stressed.

The fact that the company grows con-stan tly from the very beginning and will de ve -lop, and invests in human resources, showsthat the company is led by management within tegrity.

Very important factor in passing the deci-si on was the INet`s openness for entering ofins titutional investor, which brings many nov-e lties. In fact, according to Kosturanov, -It isve ry important for us that the potential growthof the entire IT market in RM is pretty big, i.e.it is a matter of one of the most dynamic inthe region. – The IT market in Macedonia in2007 was 163 million dollars, which repre-sents duplicating compared to the past year.Ac cording to the information of SIF, it is ex -pec ted this market in the next four years tomark growth rate between 15% and 20% onan nual bases, Kosturanov says.

According to the plan, in the next threeyears INet will receive total of 700,000 dollarsof investments. Directly from the fund will beinvested 150,000 dollars to finalize the capi-talization, i.e. fresh money injection of capitalin the company, and these assets will provideownership between 15% and 20% for theFund.

In the same time, there will be investmentof 300,000 dollars fir implementation of theSAP/ERP software in INet. The implementati -on period will be 18 months, in which the firstpha se lasts 6 months. Source of financing isthe technical support of SIF and own funds ofINet, and the third source are 250,000 dollarsbank financing, for support of its major pro vi -ders. Most of the funds will be intended forthe major and crucial provider of INet, IBM,as well as for wining markets outside Ma ce -do nia, i.e. Kosovo and Albania.

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 strategicagreements with Lenovo (authorize distributor), SAP (service partner), Red Hat (advanced partnerand authorized training partner), Xerox (authorized distributor), IBM (authorized hardware distribu-tor), on the 1ST OF |November the company became authorized distributor of IBM workstationSoftware.

INet Skopje is promoted in authorized distributor of IBM software which enables direct access to hardware and software solutions basedupon 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


2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

1. MACEDONIAN STOCK EXCHANGE A BIT "GREENER" (*****)2. THE BANKS TURNED TOWARDS LENDING ACTIVITIES OF THE CORPORATE SECTOR (***)

10.11.2008 MONDAY

1. SHORT REVIEW OF EVENTS

DNEVNIKp.7 COMMODITY RESERVES TO BE KEPT ABROAD TOOBIZNISp.1 THE BANKS TURNED TOWARDS LENDING ACTIVITIES

OF THE CORPORATE SECTORp.1 PRICES AND PERFORMANCES OF THE COMPANIES

FAVORABLE-INVESTORS LEAVE THE MARKETp.4 PROJECTS OF OVER 4 BILLION EUROSp.7 MAKEDONSKI TELEKOM WITH THE MOST MODERN

TRIPLE-PLAY SERVICEp.8 RELATIVELY STABILE ON THE STOCK EXCHANGE p.9 MBI-10 10.11.2008p.9 MBI-10, MBID GO DOWNp.9 RECORD MKD 62,1 MILLION IN TURNOVERUTRINSKI VESNIKp.1 MACEDONIA, ENERGY IMPORT-DEPENDENT COUN-

TRY p.8 CRISIS FAILS TO STOP CREDITINGVECERp.6 BANK SHARES MOST TRADED

p.6 MACEDONIA BEFORE US INVESTORS VREMEp.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 POSTMENVESTp.6 AGROBAR VINICA ANNOUNCES LAYOFFSNOVA MAKEDONIJAp.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 SPICp.2 THE RECESSION PRESSED DOWN TWO MORE AME -

RICAN BANKS

Presentation of Macedonia before the American in -ves tors, reads Vecer headline. The economic ministers,lead by PM Nikola Gruevski, as of today will be on a se -ve ral-day visit to USA to present the investment possibili -ti es to the American businessmen. Team Macedonia willpre sent the economic policies with a special emphasison the reforms for promoting the information society andthe education for the purpose of improving the overallbu siness climate and attracting well-known American in -ves tors. - Thin capital market in the opening week of No -vem ber with barely 2.4 million euros in turnover, a sumthat last year was a turnover from the daily trading on theMa cedonian securities market, it is stated in the stockex change analysis of Vecer, according to which, the ban -king shares were most traded last week. The most de -man ded banking securities were those of KomercijalnaBan ka, Ohridska Banka and Stopanska Banka Bitola, aswell as the pharmaceutical company Alkaloid. Thesecom panies` share prices were mainly unchanged, whichwas a reason that the indices had no greater oscillations.Ne ither the companies` positive financial results, reali -zed in the first nine months of the year, did encouragethe investors to invest into securities.

Some 60% of the trading was realized on theOfficial Market, while the rest on the Regular. - Fall in theturn over and slight increase in the value; it is the prelimi -na ry preview of the last week on the Macedonian StockEx change carried by Biznis. Both indices, although fluc-tu ating during the week, at the end closed at higherweekly level, MBI-10 up 0.55%, MBID up2.65%. Thething that should concern is the fall in the turnover com-pa red with two weeks ago. If the overall weekly turnoverdo es not count the several large crossed transactions onthe Regular market, so called free market, as well as thetran sactions with state bonds and ProCredit Bank`s cor-po rate bond, then the average daily turnover from trad-ing in shares drops to only 14.8 million denars. Suchturn over inevitably reduces the liquidity of the capitalmar ket, slashing it by half in the case of the most liquidsha res compared with last week… It is obvious that nei-ther the favorable prices not the solid performance of so -me of our companies are now enough prerequisite forso me more massive return of the investors back to theca pital market.

The world stock markets also do not show signs forsta bilization in near future. After the elections, the powerin USA is now taken over by the democrats, which wascon sidered in the stock exchange circles as a moment ofun certainty which promoted fall in the leading Americanindices.

- Furthermore, after such turbulences, exactly howmuch do the people trust the banking system? UtrinskiVes nik scrutinizes this issue in the article titled CrisisFails to Stop Crediting. There are mounting rumors abo -ut the safety of the savings deposits in the business

banks in Macedonia. Actually, choosing a bank is a veryim portant decision in the everyday life.

…It takes years and continuous efforts for the peo-ple to gain trust in some bank. The banks in Macedoniaha ve proven worthy of the clients` trust and they will notfail. Stopanska Banka AD Skopje, NBG Group member,pur sues its business policy and plans in accordance withthe banking regulations and as the largest bank in Ma ce -do nia, it gave a considerable contribution to the existen -ce of a healthy, high liquidity, banking system in Ma ce do -nia.

As related news, Vreme publishes that the bankerswill make home delivery of the pensions as postmen.

- The pensioners have only one week to open trans-ac tion accounts through which they will receive theirpen sions. However, there are thousands of pensionersthat are handicapped or live in remote places, so theyneed a vehicle to come to the nearest bank. Most of thepen sioners say that it would be better if the postman bro -ught their pension to them as now they have additionalex penses openly to raise the money. Under public pres-su re, the Ministry of Labor launched negotiations withse veral banks for their agents to deliver pensions to thepen sioners if they are unable to do so from their transac-ti on account.

Biznis informs about over four billion euros in proj-ects in the energy sector that are currently considered bythe government, which is carrying out analysis for theirpro fitability and the dynamics for realization on a longerpe riod… 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 there gion and inside the state in terms of efficient utilizationof Macedonia`s energy resources. In this sense, giventhe increasing electricity deficit in the past period and thein creasing need for import, which is enormous cost eachyear, there will be special emphasis on the energy proj-ects and ventures.

- The Commodity Reserves Bureau next year will bedi vided into two institutions: Commodity Reserves Agen -cy and Oil and Oil Derivatives Directorate, , according toDnev nik .The Bureau`s Director, Gordana Ivanovic, saysthis division will carried out in order to improve the man-age ment with this institution and prevent abuses withcom modities. .. With the new law, the money for oil re -ser ves will be raised from the contribution for mandatoryoil and oil derivatives reserves, which is paid for importand production of oil derivatives. Money will be also ra i -sed from international cooperation and projects, founda-ti ons and gifts from other sources. Until now, the re ser -ves were financed from the budget. Another novelty isthe possibility for temporary of permanent storage andkeeping part of the mandatory reserves in EU membersta te, if the country lacks storage facilities.

Publishing: INTERNACIONAL NIK AD - SkopjeMedia library and digital archiveEditors office: berzNIKAddress: Square MAKEDONIJA bb, p.box 882 Skopje, 1000,

R.Makedonija Phone. 02/25.32.800 faks: 02/25.32.839web: www.interNIK.com.mk;e-mail: [email protected]

Executive Director: Zdravko JosifovskiAccount Menager: Divna Pesic

Public relations: Natasa DimovskaICT Manager: Kiro Velkovski

Marketing manager: Ivona JosifovskaAssistent: Stojne Danilova

Logistics manager: Ana PetrovaFinance manager: Gordana Stojanovska

STOCK EXCHANGE REVIEW OF EVENTS IN THEPRINT MEDIA berzNIK

berzNIK is founded in year 2007.

STOCK EXCHANGE REVIEW OF EVENTS IN THEPRINT MEDIA berzNIKNumber: 49Date: 17.11.2008

IT IS DISTRIBUTED FOR SUBSCRIBERSONLY

FRONT PAGE PHOTO:ONE-STOP-SHOP INFO PORTAL FOR ALLCOMPANIES

Photo:Robert SpasovskiEditorial staff of berzNIKInternet distributive system: www.interNIK.com.mkEditor: Makedonka BaldazarskaJournalist: Vaska Mickoska, Kiro SimonovskiDTP: Tatijana TrpkovskaEditorial staff:News Evaluator: Renata Tasovska[operators]:Mare Lazarevska, Arslan Skoro, Zoran Stamatovski,Martin Arsovski, Gorge Redzik i Darko Tripunovski [translators]: translator's manager Senka Mihajlovska,Slobodan Trajkovski, Aneta Menoska, Filip KoviloskiFotoreporter: Robert Spasovski

Marketing, distribucija i prodazba: INTERNACIONAL NIK AD - Skopje

I M P R E S S U M

C O N T E N T S

INTRODUCTION.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3

THE NEW INVESTMENT IF THE SIF FUND.. . . . . . . .4

berzNIK, MONDAY,TUESDAY,WEDNESDAY.. . . . . . . . . . . .5-7

SLAVEVSKI ON THE 5TH VIENNA ECONOMICFORUM .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .8-9

GLOBAL WEEK OF THE ENTREPRENEURSHIP. . . . .9

PROFESSOR TOME NENOVSKI WITH NEWPUBLICATION.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .10

REVIEW OF THE REGIONAL STOCK EXCHANGE..11

GAZI BABA, ZELS AND MAKEDONSKI STOPANSKIKATALOG WITH JOINT PROJECT. . . . . . . . . . . . . . . . . .12

CONVERSATION WITH A REASON.. . . . . . . . . . . .12-14

ACCORDING TO THE DECISION OF THE NATIONALBANK OF MACEDONIA. . . . . . . . . . . . . .14

berzNIK, THURSDAY, FRIDAY, SATURDAY ..............15-17

berznik - WEEKLY NEWS...............................18

EVENTS THAT MARKED THE WEEK..............19

NEWS... WORLD... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .20-21

WEEKLY REVIEW OF THE MACEDONIAN STOCKEXCHANGE...............................................18-19


1. PETROL GOES DOWN (*****)

2. 2007 GDP UP 5.9% (***)

11.11.2008 TUESDAY


Records on the increase of the gross-domes-tic product, which was announced by the StateSta tistical Office, is the top news in all today printme dia. According to them, the 2007 GDP amounts353.79 billion denars. The biggest part of the ad -ded value in the structure of 2007 GDP is coveredby these sectors: processing industry 18.4%, re ta -il and wholesale trade, reparation of motor vehi-cles and bikes 14.6% and farming, hunting and fo -res try 9.4%. The final consumption in 2007 com-pared to 2006 increases nominally by 11.3% as aresult of the increase of the final consumption ofthe households, including the non-profitable insti-tu tions which serve the households 12.2% andthe final public consumption 7.5%. In 2007 thegross-investments in the structure of GDP cove -red 24.2%, and there is also marked nominal in -cre ase of investments in basic assets of 26.7%com pared to 2006. The export of goods and serv-ice sin 2007 compared to 2006 increased by26.5% and the export 23.3%.

Macedonian monetary gold, deposited in thestrongbox of the International Alignment Bank inBa sel, Switzerland, in the last there months lostone third of its value due to the melting of the pri -ce of this metal on world markets. Yet, despite va -ri able price, monetary economy experts recom-mend the country to keep 10% of the f the totalcur rency reserves in gold out of strategic reasons.Ac cording to NBRM, the part of the monetary goldin the total currency reserves in the first sixmonths 2008 amount s8.5%. AT the end of June,when the gold price was at highest level – 932dollars per ounce, the value of the gold in the cur-

ren cy reserves reached nearly 130 million euros.By the end of 2007, 7.6% of Macedonian reserveswe re 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 preparedhu ge 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 tothe private sector, because outflow of money inthe public sector is forced, but also there is a hitover the citizens, who will probably pay new andhigher taxes, in order of feeding such budget. Thenext year budget policy will force the NationalBank to increase rates, which is going to hit citi-zens the most on whose behalf the state willincrease the indebtedness.

Most of the print media focus on the consequ -en ce of the fall of the metal price on world marketsover Macedonian metallurgy. The ferrosiliciumcom bine Silmak this week will lay-off 200 workers.– The ferrosilicium price dropped by 40%, and thesteel industry requires less ferrosilicium whichforced us to shut off more furnaces, says Dzvon -ko Stojanovski, the head of Silmak. The Directorof Bucim Nikolajco Nikolov stresses that all com-pa nies struggle to stay on the market.

– We asked the Government to cancel the ex -ci ses, reduction of concessions and taking part inthe domestic energy, which was to alleviate pourope rations. We have no positive result what soever, says Nikolov. Up until now, metallurgy com-pa nies 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 thecrisis, and by 2030 will reach 200 dollars, In ter na -tional Energy Agency (IEA) prognoses. The oil in -dustry must invest 350 billion dollars by 2030 inde velopment of the oil fields in order of amortizingthe reduction of the exploitation.

Yesterday trade on MSE was disastrous – isthe evaluation in papers` market reports, basedupon the fact that the total turnover amounts only6.83 million denars. Out of which 1.85 million de -nars were realized from bonds, which means thatless than 5 million were directed towards buyingof shares of domestic companies. Such low turn -over brought reduction for MBI-10 by 0.96% andva lue bellow 3,000 index points. MBID also drop -ped by 0.63% and OMB by 0.01%. The highestturnover marked Komercijalna Banka. Secondmost traded on the Official market were the dena-tionalization bonds from the seventh issue, whichachieved turnover of 1,345,234.23 denars. Thebiggest turnover on the Regular Market markedshares of Makedonski Telekom Skopje with trad-ed 1,402 stocks at price of 420.14 denars, whichis 0.75% increase, and the total turnover realizedby these shares was 589,036 denars. In the sametime this was one of the shares that marked in cre -a se Monday.

All papers convey the decision of the Energyregulatory Commission, for reduction of the petrolprice, which starting last night are sold at lowerprices in average by 5.42%.

DNEVNIKp.1 EVN MAKES EARLY ELECTRICITY INCREASE p.9 PETROL GOES DOWN p.9 REPLEK MAKES TRIPLE PROFIT INCREASE p.9 GDP INCREASED BY 5.9% 2007 p.10 VALUE OF MONETARY GOLD MELTS

BIZNISp.1 THE BIGGEST TURNOVER WAS MADE BY THE SHARES OF

MACEDONIAN TELECOMMUNICATIONS p.3 THE OIL PRICE DROPS THE PRICE OF THE DIESEL

REMAINS THE SAMEp.9 THE OIL PRICE AGAIN OVER 100 DOLLARS?p.11 OFFICIAL MARKET DOMINANT ON THE MACEDONIAN

STOCK EXCHANGE TRADING p.12 LACK OF INVESTORS ON MACEDONIAN STOCK EX CHAN -

GE p.12 STATER BANK BEGAN WITH INVESTMENT BANKING p.13 THE BIGGEST TURNOVER WAS MADE BY THE SHARES OF

MACEDONIAN TELECOMMUNICATIONS p.13 10.11.2008p.15 AN INCOME OF 85,8 MILLION DENARS BEFORE TAXATION

UTRINSKI VESNIKp.1 HOW WILL THE ENORMOUS BUDGET FIND ASSETS?p.5 HALVED PRODUCTION OF SILMAKp.7 BANKERS HAVE GOOD SALARIES BUT RUDE BEHAVIORp.8 THE GAS DROPS, THE OTHER PRICES HIGH AGAINp.8 BOTH THE INDEX AND THE TURNOVER GO DOWN

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

p.6 SILMAK OPERATES WITH THREE HEATERS p. 6 DRIVERS FILL THE TANKS ALL THE WAY p.7 IN 2006 THE GDP WAS 5.9%

VREMEp.6 NEW FURLOUGHS FOR WORKERS p.7 THE OIL PRICES WENT CHEAPER THE PRICE OF THE DI E -

SEL REMAINED THE SAME VEST

p.2 GROSS-DOMESTIC PRODUCT 5,9 PER CENT HIGHER LASTYEAR

p.3 PETROL GOES CHEAPER, THE PRICE OF THE DIESEL UN -CHAN GED

NOVA MAKEDONIJAp.8 POOR DEMAND THE REASON FOR THE FORCED LEAVES

IN SILMAKp.8 PETROL CHEAPER FOR 1,5 AND 2 DENARS PER LITER p.9 STRUMICA-SEATED EDINSTVO SEWS UNIFORMS FOR

BRITISH ARMY AND POLICEp.9 SILICON VALLEY VIA CLOSED-DOOR STATE PROTOCOL!?p.9 2007 GDP UP 5.9%

SPICp.6 VELES RECEIVED NEW INDUSTRIAL ZONE p.6 REDUCED PRICE OF THE OILp.6 THE RECESSION STOKE 200 WORKERS FORM SILMAK




1. “INTEL” TO INVEST IN MACEDONIAN INFORMATION SCIENTISTS (*****)

2. SLAVESKI: MACEDONIA DOESN`T NEED HELP FROM IMF (***)

12.10.2008 WEDNESDAY


Macedonia needs no financial support fromthe International Monetary Fund in order of over-co ming the financial crisis, Minister of FinanceTrajko Slavevski reiterated from Vienna on themar gins of the Investment Conference. Accordingto Guardian, Slavevski considers that the countryhas no need of IMF, because the banking sectorshow ed to be well capitalized, which is the basicre ason for maintaining of the cooperation withIMF. Such statement has once again rejected thegu ardianship of this institution, which while beinghired by the country, prescribed tightened mone-ta ry and fiscal policy, which were the preconditionfor establishing of macroeconomic stability. Thepassing of the Draft-Budget for 2009, which is thebig gest up until now, only underlined Go vern -ment`s intention and desire to share the budgetca ke independently, without any external interfer-ing. The creation of the big budget and projectionof high budget deficit must be supported by newin debtedness.

The Government is persistent in putting pres-su re over the National Bank of Macedonia to re -du ce the referent interest rate, papers convey.The last such recommendation, which precise there duction of the interest rate, was dispatched tothe NBRM Governor by the Minister of FinanceTrajko Slavevski from Vienna. – It is time the cen-tral bank to reduce the interest rates by nearly2%, because the inflation threat from the begin-ning of the year is reduced. The basic rates fromthe beginning of 2008 increased to 7% from theini tial 4.6% last autumn. It should be reduced, pro -bab ly on previous levels, Slavevski said. Ac cor -

ding to experts, on one hand, the Governmentcalls the central bank to loose the monetary poli-cy, and on the on the other hand, with the nextyear budget deficit of 2.8%, the Government doesnot leave space for NBRM to introduce reduction,and creates need for increase of the basic interestra te in order of preventing the consumption.

Print media convey other activities of the Mi -nis ter in Vienna such as his meting with the MB ofRa iffeisen Bank Herbert Stepic. – As manybanks in Austria, Raiffeisen wants to consolidatefirst. We are going to wait on the finalization of theQ1 next year, in order of considering bank`s posi-ti on. In this context is bank`s stand for entering inMa cedonia, Slavevski stated.

From the banking sector is the informationthat 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 de po -sits fixed on 5 years. Regarding the fixed depositsin euros, ProCredit Bank continues the action ofsa ving which provides clients interest rate of 5.5%for deposits fixed on 1 year.

Finance Group, the financial department ofAl fa Finance Holding, yesterday officially tookover the majority of 51% and became new ownerof Macedonian investment mediator Evrobroker.The deal increased company`s capital by 500,000eu ros, which enables complete license for perfor -ming investment and brokerage services. Ac cor d -ing to Evrobroker, the work of the investment me -di ator will be actively supported by the financialknow-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 Ma ce do -ni an newspapers, which is published on the Go -vernment`s web site. –The Memorandum of Un -derstanding provides support from Intel by certaininvestments in education, said the Prime MinisterGruevski on the signing of the document with thePresident of Intel MB. Government`s team in SanFrancisco met the top management of HewlettPackard, Oracle and Sun Microsystems. The Ag -ri culture Institute established restored and moder -ni zed enology laboratory, which is equipped withthe most contemporary equipment for vine ana-lyzes.

The modernization required 205,000 eurospro vided by European Union. There was also tra -i ning of the stuff in the laboratory. The installationof the new equipment will provide the enology la-bo ratory to apply advanced and sophisticated me -thods and analyzing techniques, which are goingto meet the needs of the vine sector for adjustingof the international demands, as well as the de -mand of the European Commission.

Same as Monday, indices on MacedonianStock 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 tradedsha res on the Official market were those of Ko -mer cijalna Banka, followed by the stocks of thecon struction company Granit and Makpetrol.

DNEVNIKp.1 WE WILL PAY FOR DECADES FOR THE NEW BUDGET p.1 INTEL TO INVEST IN MACEDONIA p.7 WE WILL PAY FOR DECADES FOR THE NEW BUDGETp.7 SILMAK SENT 200 WORKERS ON FURLOUGH p.7 LONDON REQUESTS GLOBAL MECHANISM TO PREVENT

HE FINANCIAL CRISIS p.7 WE WILL PAY FOR DECADES FOR THE NEW BUDGET p.9 INTEL TO INVEST IN MACEDONIA p.9 RAIFFEISEN WILL WAIT THE GLOBAL CRISIS TO CALM

DOWNBIZNIS

p.1 THE INFLATION WILL NOT EXCEED 5.5 PERCENT p.1 MACEDONIAN BUSINESSMEN ARE WELCOMED AT ANY

TIME p.1 AMERICAN INTEL TO INVEST IN MACEDONIA p.4 MACEDONIAN BUSINESSMEN WELCOMED ANY TIME p.5 MACEDONIAN BUSINESSMEN WELCOMED ANY TIMEp.5 THE INFLATION WILL NOT EXCEED 5.5 PERCENT p.7 AMERICAN INTEL TO INVEST IN MACEDONIAp.12 THE TURNOVER TODAY RECORDS INCREASEp.13 THE TURNOVER TODAY RECORDS INCREASE p.13 STOCK EXCHANGE REPORT 11.11.2008

UTRINSKI VESNIKp.8 THE AUTHORITY PERSISTENTLY PRESSURES FOR LOWER

RATES OF INTEREST - WILL THE NBRM GIVE IN TO?p.8 PROKREDIT INCREASED THE INTERESTS OF THE SAVINGSp.8 ALFA FINANCE HOLDING NEW OWNER OF "EURO BROKER"

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

p.9 THE GOVERNMENT REJECTS THE COOPERATION WITHIMF IN ANY OCCASION

p.9 REDUNDANT WORKERS TO RAISE TENTS p.9 FARMERS DEMAND DEVELOPMENT SUBSIDIES, AND NOT

SOCIAL p.9 BUSINESS DEVELOPMENT WILL BE TRAINED p.9 MACEDONIAN VINE BY EUROPEAN MODEL

VECERp.7 OPENED LABARATORY FOR WINE ANALYSIS

VREMEp.6 INVESTORS POSTPONE p.6 THE PRICE OF THE FOOD REMAINS THE SAME

VESTp.3 BULGARIAN COMPANY BOUGHT “EUROBROKER” p.3 OVER 1,000 WORKERS OF FURLOUGH

NOVA MAKEDONIJAp.1 INTEL TO INVEST IN MACEDONIAN INFORMATION SCIEN-

TISTS p.8 SLAVESKI: MACEDONIA DOESN`T NEED HELP FROM IMF p.8 FURNACES SHUT DOWN, THE RED LIGHT IS ON FOR SIL-

MAKp.9 INTEL TO INVEST IN MACEDONIAN INFORMATION SCIEN-

TISTS SPIC

p.6 GRUEVSKI: INTEL WILL INVEST IN MACEDONIA



BERZANSKI PREGLEDNIK NA NASTANI VO PE^ATENI MEDIUMI8SLAVEVSKI ON THE 5TH VIENNA ECONOMIC FORUM

10% HIGHER DIRECT INVESTMENTS

NEXT YEAR

In the past period, Macedonia has shown sig-nificant success and improvement in the fieldof 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 andim proved business climate, before all support-ed by Government`s successful economic po li -cy. Positive movements are marked in al mostall economy sectors, which show that Ma ce do -ni an economy finally leaves the transitionalapa thy.

- The Gross-Domestic Product continuesthe initial trend of high growth rates started in2007. It reached 6.5% growth in the Q2, and in -dicators show that there is close growth in theQ3 2008. Important to stress is the diversificati -on of this growth, i.e. the fact that all productionsec tors take part in the growth. Future expecta-ti ons are that the GDP will still achieve highgrowth rate, before all as a result to the im pro -ved productivity and competitiveness of Mace -do nian companies, as well as the increased le -vel of direct foreign and domestic investments,Slaveski stressed.

Regarding the inflation, the relatively highin crease of the general price level, which start-ed in the second half 2007, mostly affected bythe external factor, continues in the second half2008. By the mid year the inflation stabilizedand started to drop on monthly terms. There areex pectorations for further stabilization of priceof food, oil and raw materials on world markets,as well as measures undertaken by the Go vern -ment, the inflation to continue decreasing, re a -ching 5%-5.5% by the end of the year. Thegross-investments, as a ground for future econ-o my growth, in Q1 and Q2 2008 marked in cre -a sed dynamics of 74.5% and 100.2%. As aresult 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 economygrowth, conducted reforms and improved busi-ness environment were recognized by re now -ned international institutions. In this occasion,be side the leading business portal Forbes,which in the report Best Countries for Businessranked Macedonia on the 50th position for do -ing business, which is improvement by 32 posi-ti ons compared to 2007, and the Doing Bu si -ness report of the World Bank has also confir m -ed achieved improvement by ranking our coun-try 8 places higher compared to 2007 (from79th to 71st position).

The intensive reform activities, especially inthe field of taxation, as well as other areas, im -pro ved the business climate in Macedonia, ha -ve positive reflection of Macedonian investmentac tivities and improved the perception of the fo -re ign investors for Macedonia. However, direct

fo reign investments in the first seven months2008 amount nearly 300 million euros, which is9.8% increase compared to the same periodlast year. Expectations in 2009 show that Ma ce -donia will receive nearly 500 million euros for-eign investments based on SDI, which com-pared to the 2008 projections will represent10% increase.

Confirmation for the opportunities of Ma ce -do nian economy is the enter of renowned worldbrands, including Johnson Controls and John -son Matthey, as well as many other companiesthat have already entered or show active inter-est for extending of their business activity inMa cedonia.

I would like to point out that we do notunderestimate possible negative effects fromthe world financial crisis over entire investmentactivity, payment balance and SDI, but, webelieve that by cautious planning of the econo -mic policies and continuation of the started re -form activities we can expect positive resultsand further improvement of Macedonian econo-my.

SUCCESSFUL PUBLIC DEBT MANAGEMENT

In this occasion allow me to express andsha re with you our satisfaction of the achievedsuc cess in the field of public debt management.How ever, the public debt of the Republic ofMacedonia in the first half 2008 dropped by1450.2 million euros, and at the end of June itre ached 23.3% of the GDP. In the same time,the debt of the general state power reduced by5.1%, reaching 20.7%, which is significantlylow er compared to the Maastricht Criteria, Sla -ve ski said.

The middle term strategy for public debtma nagement establishes the goal for ma in ta -ining of the debt of the general state power debtbe low 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 MacedonianGovernment to start planning of major publicinvestments directed towards improvement ofthe road and rail infrastructure, as well as theenergy sector. In order of achieving of thesegoals, the Ministry of Finance is in procedure ofestimating the most favorable ways of providingmeans for financing of these projects.

- In the same time, the Government under-takes initiatives for improving of the conditionsin the energy sector. In cooperation with Ma ce -do nian energy public enterprises ELEM AD andMEPSO AD, the Government has identifiedseveral projects, such as combined thermal-electric power plant, revitalization of the ther-mal-power plant in Bitola and several projectsrelated to the opening of new coal mines acrossthe country.

These projects are planed to be realized inperiod 2009-2013. Our analysis showed thatthe financing of these projects should be madeacross raising loans by the public enterprises,

under guarantees of the Government of theRepublic of Macedonia.

STABLE BANKING SYSTEM

The stability of the banking sector has themost important role in the stability of the entirefinancial system. The current level of develop-ment of the banking sector in the country and itsconcentration towards the traditional banking,contributed very much to be relatively isolatedfrom the world financial flows, due to turbu-lences in the ongoing global crisis, they had noinfluence over our financial system. Financialindicators show that Macedonian banking sec-tor in characterized by high profitability, solven-cy and operative efficiency. The credence in theban king sector increased as a result of the dy -namic development, saving is the basic sourceof assets that banks place as loans in the realsector. Banks are well capitalized, they have ontheir disposal appropriate level of assets andentirely cover the identified risks. Capital appro-pri ate rate, as a basic measure for banks` stabi -li ty, of the entire banking system amounts15.6% and it is by 7.6% higher compared to thele gally provided minimum.

- This shows that the banking sector in Ma -ce donia is stable and faces no problems thatlurk behind this sector in other countries andcur rently it has the ability to amortize externalshocks, Slaveski stressed.

EU SUPPORTS MACEDONIAN REFORMAGENDA

In the addressing, Minister Slaveski dis-cussed on several aspects from the process of

The delegation of the Ministry of Finance leadby the Minister Trajko Slaveski attended the 5th

Vienna Economic Forum on 10th and 11th ofNovember, which discussed on – Investment

opportunities in countries from the Adriatic andBlack Sea and the Caspian region-Seizing thereal chance. Minister Slaveski presented the

major economic achievements in past fewyears, pointing out on the key activities under-taken by the Macedonian Government, as well

as the aspects of our EU integration. This is thecomplete speech on topic Investments

Financing, EU Support and InternationalFinancial Institutions.


our Euro-integration, especially issues relatedto the support we receive on our road to achiev-ing of higher standards I different areas.

- During last decade, EU constantly pro-vides support for development of Macedoniansociety and economy across different pro-grams. The total help from EU since 1992amounts more than 870 million euros. As ourbig gest donor, European Union support the na -ti onal activities and national reform agenda ac -ross different instruments, and results are morethan obvious. Further on, by obtaining of thesta tus of candidate-state, EU opened the door

to all components of its new instrument for pre-ac cession help. This is great challenge, greatop portunity and great obligation for the Go vern -ment, Slaveski said.

- By the means that the European Com mis -si on granted to Macedonia, our country will pro-vide achievement of the national priorities relat-ed to the reform processes in Macedonia andthe EU integration agenda. The Governmenthas firmly decided to employ these means inthe most efficient and most effective possibleway, because we are aware that the more obvi-ous results we show, the bigger support of the

Commission will be. The Government has paidgreat importance to the process of establish-ment of national system for decentralized man-agement of EU means, which represents pre-condition for using of the IPA funds. This systemis going to increase the feeling of national own-ership over the process of national financing bythe help we receive, as well the most efficientway of linking to the financing of the nationalactivities, necessities and priorities.

The recently redefined national plan, whichdefines the most important steps in the processof accreditation, adopted and according to itMa cedonian Government expects decisionfrom the European Commission for transferringof the competences for means management byJune 2009.

- We believe that Macedonia moves in theright direction. We share the same values andbeliefs as you do. We are aware that there aremany obstacles on our road, out of which someare reasonable and objective. But, unfortunate-ly we also face irrational problems, which canbe hardly understood in context of the modernworld in which we live, Slaveski said at the end.

- In any case, the Government of the Re -pub lic of Macedonia, by citizens` support, isfirmly dedicated to overcoming of such prob-lems, in order of creating of prosperous countrywhich is going to be successful and prestigiouspartner.

MACEDONIA HAS NO NEED OF IMF INTERVENTION

Macedonia needs no financial support from the International Monetary Fund in order of sur-passing of the international financial crisis, Minister Trajko Slaveski stressed in Vienna on themargins of the 5th Vienna Economic Forum. The statement was published in The Guardian news-paper, which explains that in Macedonia there is 100% guarantee for the first 10,000 euros, andthat the next such amount of savings has 90% guarantee. In the same time, the newspaper con-veys that the local banks are not going to increase the amounts f citizens` deposits, which areguaranteed, which was already done by many countries. There is the comparison withMontenegro which following other countries in the region and Europe, decided to guarantee theentire amount.

-Macedonia has no need of IMF intervention because the banking sector has proved to bewell capitalized. Macedonian banks mark high solvency, Slaveski said explaining that duringOctober local banks have faced increased withdrawal of deposits by the citizens, but many arereturned din banks again, The Guardian conveys.

Global week of entrepreneurship for thefirst time in Macedonia. The purpose of theevent is to create future generation entrepre-ne urs by stimulating creative ideas related withthe social and economic changes or to presentthe global initiative by which the Republic ofMa cedonia will become next year part of theon ly 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 ofthe entrepreneurship in Macedonia, as well asthe planned events and partners talk aboutrep resentatives of the organizers, AleksandarSe kulic from the Foundation – En trep re ne ur -ship service for young people and Igor Ni ko -lo ski from the project for Entrepreneurshipsupport, competition and innovations.

According to the exclusively rich programof this year`s first global week of the entrepre-ne urship, we will get familiar with the results ofthe Governmental program for self-employ-ment, activities of the Self-employment Agen -cy, the Agency for promotion of the entrepre-ne urship as well as the program for develop-ment of the United Nations. It is envisage a do -nator entrepreneurship conference, entrepre-ne urship conference for human resources andde velopmental funds, round table for the needof modules introduction in the formal educati -on, business forum.

Various promotions have been planned aswell as presentations, workshops; trainings

open days of more locations in Skopje and inthe cities across the state.

The maintenance of the Global week ofen trepreneurship in Macedonia welcomes theam bassadors of Great Britain and Norway, An -drew Kee and Carl Shotz.

- The global week of entrepreneurship isan initiative to inspire the young people to bemo re creative, innovative, and imaginative. Itsgo al is to teach to be open-minded or to maketheir ideas real and most important of all is tomark them.

For one week millions of people ac ross theworld will join the movement of the en -trepreneurship in order to create new ideasand to seek better ways to create goods, saidAndrew Kee, ambassador of the Great Britainto Macedonia, who will personally be involvedin the events that would be part of the Globalentrepreneurship week.

He stated that the campaign of the UnitedKingdom covers wide specter of interestedevents – from student trainee to in the produc-tion enterprises, voluntary activities and activi-ties for raising funds, projects for improvementof school environment, awards for the mostsuccessful young entrepreneurship ideas, lec-tures forums TV shows, blogs.

Macedonia is a country whose economicpotential is yet to be expressed. The promotionof the concept of entrepreneurship as proac-tive approach towards the utilization of busi-ness potentials and the reduction of the unem-

plo yment rate is surely one of the directionsthat lead forward. I hope that the Global entre-preneurship week will encourage young tobecome entrepreneurs across the interactiveevents which include those that in any casewould not be taken into consideration as enter-prise, said the ambassador Andrew Kee.

The Norwegian ambassador Carl Wibyeunderlined that one of the principal goals of theNorwegian assistance to Macedonia is to stim-ulate the reform processes in the constructionof the institutions, to strengthen the economicand social life of Macedonians, emphasizingthe main industrial development and the devel-opment of the private sector as important seg-ments in order to create the basis of the in cre -a sed economic development in the region.

- The Global entrepreneurship week forthe first time is being organized in Macedonia.It means that Macedonia joined the family ofmore than 70 countries across the world in clu -ding more than 30 organizers to lead theevents in order to encourage young people togi ve entrepreneurship ideas.

They will practice their entrepreneurshipideas in order to create positive environment inmany areas of the life of young people to workor in school. The Norwegian Government un -derlines the importance of the entrepreneur-ship in develop in Macedonia and supports thepro ject Young entrepreneurship services(YES) known as Business incubator in the mu -ni cipality Gazi Baba.

The basic idea is to strengthen the localin novative system in Macedonia, by stimulat-ing the practical entrepreneurship betweenyoung people offering complete activitieswhich will ease the start of new actions, theam bassador Wibye said.

FROM 17-23 NOVEMBER – GLOBAL WEEK OF THE ENTREPRENEURSHIP

IN MACEDONIA – BUILDING FUTURETHROUGH BUSINESS IDEAS AND TRAINING


DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS10PROFESSOR TOME NENOVSKI WITH NEW PUBLICATION

Not every economist can write a book onma croeconomics, as writing a book onma croeconomics takes enormous theo-

re tical as well as practical knowledge. When Isay enormous theoretical then I really mean ofa volume of knowledge which in order to betrans figured into a textbook must be first ga i -ned, then synthesized so that it can become atext book and a book as we have today. Withthe se words Professor Dimitar Eftimovskistar ted the presentation of the book Macro e co -no mics by Tome Nenovski, the third textbookon macroeconomics in Macedonia.

The explanation why Nenovski is amongthe few economists that can deal with such fieldof interest, according to the reviewer, was pri-ma rily in the theoretical knowledge of the au -thor, which has transfigured into eight publishedbooks. As for the practical experience, on theot her hand, Eftimovski reiterated that Nenovski,du ring his working years, was director of thedirectorate for analysis at NBRM and a deputygovernor afterwards…

As for the book itself, it`s basic characteris-tic is that it has been written in the manner ofthe 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 gainknowledge in the field of the macroeconomics.–Although it wasn`t pointed out in the book,those who are professional in the economicscle arly see that the field of interest was treatedon short, long and very long terms, which is agre at quality in relation with most of the booksat home we have been able to use-Eftimovskisaid.

During the presentation of the book con-tent, the reviewer put special emphasis on thepart containing the most significant theoreticalknow ledge about the roots of the macroeco-nomics, its roots, as well as modern headings-the road paved by the modern economists. – “Ittreats two macroeconomic schools-the classi-cal economic theory and the Keynesian econo -mic theory, leaving possibility for which schoolsoffer best solutions in which conditions. This isve ry important since the economics is scienceof choices. We as macroeconomists shouldcho ose whether to increase the inflation rate atthe expense of, let`s say the unemployment onshort terms, and how this will affect GDP. We al -so should choose whether at this moment thephase of the economic cycle allows us restric-tive or expansionist fiscal i.e. monetary policy.In the field of the economic growth we are againfaced with a choice-in which factors it should beinvested at the moment and what are the fac-tors that stimulate economic growth?” - saidEftimovski.

The author of this book provides answersto these and many other questions of the type.

In other words, he makes us think about thecho ice we should make when considering twodif ferent policies, two different schools in themac roeconomic theory prevailing at the mo -ment.

The reviewer pointed out that the analysisover the macroeconomic balance, which hasbeen extremely good elaborated, gives the im -pres sion that we are talking about field of inter-est that is easily solvable and comprehendible,al though it is a very hard decision for the gov-ernments when it comes to establishing a levelof macroeconomic stability and the availableins truments. Macroeconomics also presentsthe measurements for the economic activity, ormo re precisely, the national accounting, ex pla i -n ing the notions of gross domestic products,gross national product, real and potential GDP,no minal and actual GDP, differences betweenGDP and GNP. While explaining the economicgrowth, the author moves into the fields of eco -nomy on much longer terms in order to tracethe sources that the economy should most effi-ciently and optimally invest into, and the samegoes for the companies. The author gives larg-er preview of the economic cycles, providingdirect explanation for today`s crisis, putting theemphasis on the oil crisis, the energy depend-ency of the small and open economies as ours.Furthermore, the book speaks in details aboutunemployment and inflation, topics interestingnot only for the economic public, but the com-mon citizens as well. The author has also scru-tinized the savings and the investments, as wellas their mutual relationship from both points ofview.

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, theclas sicists say save to invest and the Key ne si -ans say - invest to save. These are major diffe-ren ces in the economic logics.

Concluding that the author has respondedto the challenge to write contemporary, complexand easily acceptable textbook and with a rec-ommendation for reading for all those who wantto know more about the macroeconomic sci-ence or refresh their past knowledge, Eftimovhighlighted that this work of Tome Nenovskistands side by side with the works of severalother economists - Bogoev, Uzunov, Klusev,Fiti, who have left a significant mark ion the de -ve lopment of the macroeconomic science in ourcountry.

According to Tome , the main challenge forwri ting such book are the dynamic changes oc -cur ring in the macroeconomics and the econo-my as a while, stimulating every macroecono-mist to write , analyze and advise how to over-

co me certain problems… Its complexity, on theot her hand, can be viewed from the fact that themacroeconomics, when talking about the econ-omy, is in the focus off attention. It is the heartof the economy worldwide and the orchestra-tion of the world economy depends on the wayit is established and the yokes inside the ma -cro economic instruments and elements.

Nenovski reiterated that in the past few de -ca des there gas been serious and dynamicchan ges, caused by different shakedowns inthe global economy. at first there was the oilshock, which occurred at the beginning of the70`s when oil prices increased three times andwhen the world met such economic phenome-non for the first time-the stagflation. Im me di a te -ly afterwards, by the end of the seventies and atthe 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 hasbeen keeping the undeveloped world undercontrol to this very date.

- The other changes to which the macro-economics and the overall world economy wereexposed in the past twp or three decades is thestrong globalization. There also was informati -on technology that prompted the restructuringthe world economy-explains Nenovski.

In the mid 90`s there were the Asian tigersthat made a blast in the balance in the econom-ic relations between the east and the west atthe time to give raise to the giants, reflected inthe BRIC group-Brazil, Russia, India and China,which with their enormous population, on onehand, and the fast emerging economies, on theot her, caused serious impairment of the relati -ons between the offer and the demand on worldle vel, which ultimately resulted into appropriatechanges on macro-level worldwide and chan -ges we are witnessing.

According to Nenovski, within the past twoor three years the world has been going thro -ugh the third oil crisis, which is fortunately fad-ing away, but comes with an aftershock-theworld financial crisis we have bee witnessingfor the past few months.-Perhaps both theworld and the macroeconomists would havebeen satisfied if all of this stopped, said Ne nov -ski.

– I fear that the recession will not end herebut we should prepare ourselves for ever biggershock by the real sector and I believe that with-in the following six or seven months the worldeconomy will be faced with the biggest econo -mic crisis in the world after the one from 1929.

The third book on macro-economics in the country

MACROECONOMICS - WORLDECONOMY 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 andthe macroeconomists would have been satisfied if all of this stopped. –I fear that the recession will not endhere but we should prepare ourselves for ever bigger shock by the real sector…

11Date 17.11.2008 number 49 berzNIKDAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS

R E V I E W O F T H E R E G I O N A L S T O C K E X C H A N G E



CONVERSATION WITH A REASON

Conceptual solution providing all information in one place. The One-Stop-Shop info portal exists not only foraccessing to information, but also enables organized and simplified access to the information of public characteryou are entitled to

The Municipality of Gazi Baba, in cooperation with Makedonski Stopanski Katalog and ZELS, last weekannounced launching pilot project for one-stop-shop info portal of the economic subjects. The research andpolls over business subjects located on the territory of this municipality will start during this month.

The aim of this research, which kicks off as a pilot project precisely in the municipality with the largestnumber of industrial objects, is gathering all relevant information for the economic subjects working on theterritory of the Republic of Macedonia, storing and carrying to the public by the means of the one-stop-shopinfo portal.

The Mayor of the Municipality of Gazi Baba, Koce Trajanovski, saidthis project, the polls over the business subjects, kicks start preciselyfrom their municipality for most of the industrial objects in the country thatare located there.

- The aim of this pilot project is carrying out research that will recordall potentials and production capacities that the business subjects fromthe Municipality of Gazi Baba have at their disposal. The informationgathered during this research will serve as an opportunity for preparingappropriate analyses and statistical reports for the needs of the localself-government, as well as an opportunity for the potential investors tohave an insight into all relevant information.

The necessity for introducing such a system requires boosting theongoing decentralization of the local self-government and fast and effi-cient activities of the business subjects, which has been aggravatedwithout fast and relevant access to information, Trajanovski explained.He added that the gathered data and information of public character will result into the publication“Capacities of the Municipality of Gazi Baba”, which will be the first of its kind, as a presentation of the factsregarding the municipality through a single analytical and statistical approach.

After the completion of this research, by the end of 2008, we will resort towards preparations for one-stop-shop info portal, an applicable solution that will gather in one place all data from the polls, as well asall information, rules and procedures of public character.

WHAT IS ONE-STOP-SHOP INFO PORTAL?The one-stop-shop info portal actually means collecting, systematization and distribution of all data

gathered from the polls, as well as all information, ruled and procedures of public character related with theworking of the business subjects in the Republic of Macedonia. They will be indexed according to previous-ly defined rules and implemented European information classification standards. Thus, all users will havethe opportunity to use related information of different character and at the same time provide efficient, safeand progressive working in the municipalities and the business subjects in R. Macedonia.

WHAT WILL BE THE PORTAL COMPOSED OF?The one-stop-shop info portal will integrate all data gathered from the polls over the business subjects

as well as the public information on business subjects provided by all state institutions in RM, including theunofficial information published by the media, both in print and electronic form.

For Dobrila Manceva of Makedonski Stopanski Katalog, the basing vision of the company is ground-ed on the fact that the fast information nowadays is of crucial importance.

- In this context, we underline our initiative for introducing one-stop-shop info portal, which actuallymeans implementation and systematization of information of public character related with the work of allbusiness subjects in the Republic of Macedonia, the state institutions and the local self-government. Itwould mean securing efficient, fast, safe and progressive working of the municipalities and the businesssubjects in the Republic of Macedonia. The necessity for introducing such as system is determined by theneed for fast response of the business subjects, which is virtually impossible without fast and relevantaccess to information, Manceva explained.

The one-stop-shop info portal will be completed with a research that will be carried out during thismonth and rounded up by gathering , systematization and distribution of data extracted from the official,that is, public information available to all state institutions, as well as the unofficial carried through themedia (print and electronic).

The implementation of such a conceptual solution is grounded on long-year experience if the Europeanstates and nearing to the European standards, which is one of the primary intentions of the Republic ofMacedonia as a state.

- Makedonski Stopanski Katalog, in cooperation with the Municipality of Gazi Baba and ZELS will takepart in the promotion f all municipalities in the Republic of Macedonia. This cooperation will give many ben-efits such as preview and insight into the real capacities of all municipalities which with the decentraliza-tion have a need to create realistic picture of their own capacities for construction of objects of public inter-est, it was highlighted by Manceva.

To conclude, the implementation of the one-stop-shop info portal will meet the social need for profes-sional, fast and quality access to information, which nowadays is considered as one of the primary condi-tions for better work of all business subjects in the Republic of Macedonia. In one word, we offer concep-tual solution for gathering all information in one place.

Macedonian Business Catalogue ispreparing the new catalogue for 2009 forthe economic subject in the country incooperation with ZELS and theMunicipality of Gazi Baba and startedsurveys over the business subjects onits territory, the birth place from whichthe pilot project for opening one-stop-shop info portal for gathering allrequired data about business subjects inone place

Macedonian Business Catalogue(MSK) will contain data that the ot -her business catalogues did not ha -

ve i.e. it will contain up to 5 data. MSK willbe composed of at least 100 questions re -garding the classification of the type of pro -ducts, services, staff profile, structure ofwork ing potential, profit… Furthermore, be -sides the print edition of the MacedonianBu siness Catalogue, the self-titled compa-ny will also have its own webpage with in -for mation of public character i.e. all publicinformation from the state institutions willbe put together in one place and a consult-ing service will be also provided… Aboutthe details we talked with Dobrila Man ce -va, MSK project manager.

*MSK project is undergoing prepara-tions, but what exactly we are talking abo -ut here?

- As we all know, it is an undisputablefact that the timely information in such ti -mes is of essential importance for the busi-ness subjects, the state institutions and thelocal self-government. With the increase inthe computer literacy, today anyone cansearch over the internet and at the sametime have access to different sources ofinformation. However, the thing that it is areal issue at the moment is how to come tothe right information form a pile of informa-tion i.e. relevant information that will enablebrining fast and right decision in managingand investing of the potential investors.

Besides the basic information profiledby the companies themselves, we will bealso providing consulting services in termsof giving directions, help through the proce-dures for realization of the requests, appli-cations required for receiving informationnot only for the business subjects, but forindividuals as well.

GAZI BABA, ZELS AND MAKEDONSKI STOPANSKI KATALOG WITH JOINT PROJECT

One-Stop-Shop Info Portal for All Companies

We work in teams, gather information and the 2009 catalogue is being pre-pared. We process all data we believe that should be included. The service will

be provided by expert teams…


DOBRILA MANCEVA, MACEDONIAN BUSINESS CATALOGUE PROJECT MANAGER

*What is the MSKJ concept like, whatdoes it include?

- MSK is a set of information of publiccha racter. It means a collection of all data inthe state that originate from administrativeand other sources, such as information foundin newspapers, TV programs, brochures etc.

Besides data, the catalogue will also in -clu de the procedures for meeting certainneeds for dealing with peoples` and legal en -ti ties` issues.

For instance, while issuing title, we offeran explanation about the procedure. We, incooperation with the institutions, will receivethe information about the procedural stepsand the same will be implemented in our sys-tem.

In simple words, the entire procedure willbe presented as a piece of information withins tructions for reaching to the necessary so -lution for the problems or requests in ques-tion. For perfect realization of the project, wewill make additional cooperation with othercompanies that will performs such servicesfor third sides…That is the main point…

*What is the idea for MSK based on?

- The idea for MSK is based on collecting,ar ranging and archiving of all publicly re ve -aled by certain institutions or media and sub-limating them through a certain system thatwill produce timely and efficient data for theusers.

*What is the difference between the alreadyexisting i.e. common catalogues as a collectionof data for the economic subjects in RM and theMacedonian Business Catalogue?

- It`s a fact there are some catalogues inMa cedonia, however, the print edition of theMa cedonian Business Catalogue will be dif-ferent, as it will contain larger number of con-crete data for certain business subject, whichwill be drawn from the data base establishedin the 90`s. the basic difference between thealready published catalogues for legal enti-ties and state institutions and the Mace do ni -an Business Catalogue that is being preparedby our company is that they contain five or sixpieces of information that identify certainlegal entity, but our company is preparingmuch wider range of data and not only in ver-ti cal sense, but in horizontal as well i.e. any-thing related with the material-financial, tech-ni cal-technological and staff potential of thatcer tain business subject. In point of fact, if wedraw a small comparison with what was usedfrom the current data, we can easily concludethat they all offer the basic elements: seat,streets, phone number and possibly webpageof email address. Contrary to such scarce

data, MSK will be a conceptual solution for allpossible 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 arethe key data for an insight into the profile of acer tain company… The basic things accord-ing to which we distinguish from the othersare well organized and indexed data. Our go -al is to pave the access to public informati -on…

*Do you already have a data base andhow many economic subjects are therein RM?

- In principle, that is a variable figure, butour data base is quite large. Precisely in thisfi eld, verifying the real number, we have la -unched promotional campaign with the Mu ni -cipality of Gazi Baba, starting with the regis-tration check up of the already recorded legalentities i.e. those that are still active…

*What is the feedback from the insti-tutions given the fact it is a data base ofa wider range… Are they cooperative?

- Absolutely. Generally speaking, we ha -ve established cooperation with most of theadministrative sources that project data ofdifferent profiles and we are working ondeepening that cooperation as it is of com-mon interest.

Normally, the institutions are working inthe name of the state, in the name of thecom mon welfare and all data they produceare of public character. This is practically ourspe cialty - we process the data of unofficialcha racter i.e. information previously pub lish -ed in newspapers and other media. I am re -fer ring to about daily, weekly and monthlynews papers, a single base of pro cessed in -for mation from the past 15 years, throughwhich we ca absolutely come to informationof unofficial character published in officialme dia…

Furthermore, it is important to be men-tioned that we do not deal with the validityand the authenticity of the information, butcla im that the information was told, carriedand published in this or that newspaper,which can be absolute upgrade of the com-ple te image of a certain company. The entiresys tem is also based on some sort of know-how, which has been built in the country foran entire decade and by all means we haveim plemented much of the world practice re -gar ding this matter.

All in all, we are absolutely different fromwhat used to be the common practice in RMand wider on the Balkans.

*Will the catalogue be in electronicform 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 electronicversion on our webpage will offer all charac-teristic data about the economic subjects.

*Macedonian Business Cataloguewill also offer consulting service?

- Our clients, besides the basic dataabout the companies they want to cooperatewith, will also be advised how to access tothe company they are interested in. In pointof fact, although the one-stop-shop systemhas been introduced in our country, the pro-ce dures regarding the ways for obtaining there quired information, reaching the appropria -te answer or solution for the request are stillqu ite complicated. From this standpoint, wewill act exclusively in that direction-to informand give directions to our clients for every-thing they need, where to go and how to actin order to have the job done. The service forthe se data will not be commercial; we willoffer them for free.

Basically, this is a proactive measure bythe Government which is aiming at sublimati -on of all data at one place, so all the clienthas to do is ask. The state institutions are ab -so lutely meet their responsibilities, but thedifference is that these data are not publiclyavailable on the way we are to present themto the public. Normally, besides the hard copyand the electronic base, we will also have acall 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 Ma ce -do nian Business Catalogue, as a mature so -ci al organization that takes care of the com-mon welfare, will offer all data of social inter-

PAVING ACCESS TO PUBLICINFORMATION



est for free for a period of one year. Nor -mally, in future they will produce certainexpenses by themselves. Our strategy willmost likely aim to keep them in the freedomain, but the time will tell how much wewill succeed in that…

To clarify, we are talking about theprocedures, while for the data for the busi-ness subjects there will be tariff book. Un -li ke them, the public data will be only im -ple mented as an integral part of the Ma ce -do nian Business Catalogue.

*What is your view from the initialco operation with the economic sub-jects?

- So far, excellent. They were delight-ed to hear about such initiative. Althoughall pro cedures and information do exist,we make concept into all of this can bepacked appropriately, discretely, classifiedand what is more important, sublimated inone place…

These data, unlike the other ser vicecenters, we be available through us up to48 hours after the application is submit-ted... They can find the data separately,but we will have them sublimated and,what is a very important element, in rela-tion with the other data… We are able toprovide complete history of relations sincethe independence of Ma ce do nia…

*Is there such system in theregion?

- No, we are the first. This concept hasbeen modified on the basis of the Ame -rican experience, for which we own cer-tain licenses for the territory of Europe…What we are producing already exists insome form in Europe, but is concentratedon the information that determines theclassical business i.e. seller-buyer…

In our case, the data will be integralpart, but they will not bear the basic ele-ments of the catalogue itself, but will bebased on what marks the transformation,the insecurity among people, the validityof certain document, work…

We just help the climate to stand on itsown feet… Our society has reached thefreedom of information in the economyand we don`t see any reason why thissho uld remain a bugbear. Many of thepeople who don`t have internet will be ab -le to receive information from the call cen-ter,

The thing what is important to use andwhat is considered to be our vision us tobe a company that will act not only in RM,but wider as well. At the moment we owndata base fir the companies in RK with anintention Macedonian Business Catalogueto become leading company in the regionand to enlarge the base with data aboutcompanies from the regional countries.

We work in teams, gather informationand the 2009 catalogue is being prepared.We process all data we believe thatshould be included. The service will beprovided by expert teams…

ACCORDING TO THE DECISION OF THE NATIONAL BANK OF MACEDONIA

THE CORPORATIVE MANAGEMENTCODEX IS OBLIGATORY FOR THE BANKSAS WELL

Banks in the Republic of Macedonia by the end of the year should adopt theCorporative Management Codex. Accordion to the Decision of the National Bank ofMacedonia the deadline for creation and adoption of the Codex is 31st of December.

The corporative management should provide responsible, transparent andethic conduct of all employees and all concerned parts within the bank. The Cor -po rative Management Codex that will be created by the banks will provide easi-er and simplified way the bank to reach for capital and increase of the reputation.

Banks in the Republic of Macedonia by the end of the year should adopt theCorporative Management Codex. Accordion to the Decision of the National Bankof Macedonia the deadline for creation and adoption of the Codex is 31st of December.

- Good corporative management is important precondition for successful, stable and strong bank, and the applica-tion of the principles of transparency in their operations is of exquisite importance in the moment, regarding the reasonsthat added up for the current world financial crisis. The crisis and bankruptcy of some major banks point out the impor-tance of banks` corporative management, was established on the workshop organized by the National Bank of theRepublic of Macedonia, USAID`s Business Environment Project (BEA) in cooperation with the Corporative ManagementProject of the International Finance Organization (IFC).

- The application of the principles of corporative management in banks is important especially for earning citizens`trust. Beside banks, the corporative management has recently been in focus of the companies, regarding the fact thatma ny companies have bankrupted as a result of the management system failures, said Milica Arnaudova, NBRM Rep -resentative.

The report on financial aspects of corporative management showed to be fine reference in determination of banks`practices such as frankness, integrity and responsibility, not only in Great Britain, but worldwide as well, which representsa motive for adoption of the Codex. The corporative management understands management in interest of shareholdersand all concerned parts, in order the bank to gain capital, and instigate establishing and increase of businesses and solv-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 ofbanks` long-term goals, care for the employees, explained the representatives of the Law Firm Mens Legis, BiljanaCakmakova. - 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 thecorporative management in fact applies for management of bank in interest of all shareholders and concerned parts,which the corporate management is tool for doing business. Both items correlate in part of bank`s strategy. On the otherhand, bank`s strategy and its achievement represents the most important and basic content of the corporative manage-ment, and bank`s strategy is just one of the elements of the meaning of the corporative management which is wider andmore general. The corporative management should provide responsible, transparent and ethic conduct of all employeesand all concerned parts in the bank. The Corporative Management Codex that will be created by the banks will provideeasier and simplified way the bank to reach for capital and increase of the reputation.

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 of Macedonia the deadline for creation and adoption of the Codex is 31stof December. The corporative management should provide responsible, transparent and ethic conduct of all employeesand all concerned parts within the bank. This should provide avoiding any kinds of frauds or corruption, illegal and irre-sponsible conduct within the bank. On long term, this system of corporative management created by the banks will pro-vide easier and simplified way the bank to reach for capital and increase of the reputation. The codex of corporative man-agement is prepared by bank`s Supervisory Board, and adopted by bank`s Assembly. In accordance to the decision ofNBRM, the codex enters into power on the 31st of December 2008, which means that every bank starting the 1st ofJanuary should have prepared codex for corporative management. Basic principles that should be included in the codexare the principle of guarantee of the rights and interests of all shareholders. All shareholders should be aware of that theirrights will be achieved. Voting right, the right to attend shareholders` assembly and the right to take part in passing ofdecisions, the right to vote and be voted. The principle of distribution of competences is the basic principle, principle oftransparency of the shareholding structure, principle of effective bank management across setting of long-term strategiesin their operations, principle of effective control over financial and economic activities of the bank, across well internal revi-sion, their social security, principle of independence, which would avoid all kinds of conflict of interests. The decision ofNBRM also imposes principles for well and clear defining of the qualifications that should have every member of theSupervisory Board. Beside the experience, knowledge and other elements required by NBRM, the process of appoint-ing of members of Supervisory Board must pay attention to persons with integrity. The Supervisory Board must be surethat the Management Board and other persons with special rights and responsibilities in the bank, make regular moni-toring over bank`s operations. In the same time, all of them should use the information received from the internal revi-sion service. It is of great importance to build a line for informing and transfer of information from all employees to theirdirect superiors. Transparency of the corporative management and principle of –know your structure. Members of theSupervisory and Management Boards must know the structure of the bank well, especially if it has subsidiaries abroad.

In the same time the must be one special chapter that relates on the shareholders` assembly, its work, the way itwas summoned, protection of the rights of minority shareholders, said representative of the Law Firm Mens LegisCakmakova.

Besides the stressing of the obligation for passing of codices in the next two months, this workshop, second in arow, was directed towards explaining of several problems in the field of policy of corporative management, such as issuesrelated to the compensation and internal auditors.


1. VARDAR OSIGURUVANJE MARKS SLIGHT FALL OF COLLECTED PREMIUMS (*****)

2. LOWEST PRICE OF THE OIL ON THE WORLD STOCK EXCHANGES (***)

13.11.2008 THURSDAY

- The budget for 2009, which is the biggest sofar, enters today in the assembly- Minister forfinance, Trajko Slaveski, officially and solemnlywill deliver it to the president of the parliament,Trajko Slaveski. As Utrinski conveys – it is nosecret that the Government prepared the biggestbudget so far worth 2.67 billion euros, with arecord trade deficit planned to 2.8 percent from thegross-domestic product. The Draft-Budget for2009 and the macro economic projections for nextyear envisage the gross domestic product torecord rate of growth by 5.5 percent. Main instiga-tor for the growth will be the industry due to whichthe start of the production with the realized directforeign investments as well as the improvement ofthe performances on the domestic industrialcapacities. From the aspect of the expenditures ofthe gross domestic product, instigator of econom-ic growth will be the gross investments which in2009 is expected to reach 30 percent of the grossdomestic product. The increase of the grossdomestic product is expected to be realized in con-ditions of stabile and low price level, where theinflation rate measured as average is not expectedto exceed the projected rate of 3.5 percent…

- Our ministers have tried to catch theAmerican investors, conveys Dnevnik.-The minis-ter for information society Ivo Ivanovski told thejoke about the friend and the lion according towhich the one that runs faster will survive toaround 40 companies from the Silicon Valley onthe business forum, Macedonia as country of ITexperts, organized by Macedonian embassy inWashington. In other words, the minister explainedthis on the following manner: many countries havetried to attract investors. Macedonia`s advantageis that it is one step ahead, presenting all businessbenefits that our country offers to the foreigninvestors. The Prime Minister Nikola Gruevskigave an idea for opening university for informationtechnology in Macedonia making the country a

regional leader in the information education. Utrinski vesnik, conveys the information that

the American Agency Blumberg is in the processof concluding agreement for issuing informationfrom Macedonian Stock Exchange to its web site.As the newspaper capital finds out, it is about acontract according to which the Macedonian StockExchange could deliver information about the trad-ing with securities in real time to the Blumbergplatforms. This means that all companies andfinancial institutions subscribers to Blumberg cansoon follow the Macedonian Stock Exchange trad-ing.

Actually, as this daily newspaper conveys,Ma cedonian Stock Exchange is closer to sale-Unofficially, the package of over 60 percent of thecapital has been formed on the Stock Exchange inorder o be offered to the potential investor. Thepackage includes the shareholders who startedthe initiative and the opportunity to join othershareholders as well… The procedure has beenalready started with the submission of the initiativeto the Ministry of Finance about the changes in theLaw on securities. The initiative demands toincrease the limit of the percentage of shares thatone shareholder must own, because according tothe current law nobody can own more than 10 per-cent of the shares of the Stock Exchange. It isplanned t to form bigger package in order to attractthe real brands on the stock exchange industry.The stock exchange analysts have separate opin-ions regarding these announcements for possiblesale of the Stock Exchange because the value onthe Stock Exchange is build on the basis of themarket capitalization of companies that are listedon the Stock Exchange and in this period it is sig-nificantly reduced. Yesterday`s decline of the stockexchange index confirmed that the events in theregion reflect the domestic capital market. Theindex of the ten most liquid companies MNI-10dropped for 4 percent to 2,848.17 index points.

Biznis conveys that the global financial crisiswill directly hit the Balkan as well above all thesmall and middle sized companies. But, the conse-quences will be indirectly felt by the countries thatsignificantly invested in the region such as forinstance, Greece, stated the American JosephStiglich, Nobel price winner in economy. The rea-son for concern is much founded. The problemdoes 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 crisisthan investors are also hit by this, above all theGreek and Austrian. As one of the measures insuch situation the Nobel winner says that the loansmust 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 Macedonianpublic. According to Poslovni dnevnik, representa-tives of the British company in the past period vis-ited Croatia two times in order to select location forconstruction of the factory for catalysors intendedto driving vehicles on electricity. They visited NovaGradiska, Kutina, Varazdin and Virovitica andchose Virovitica as a place suitable for realizationof this investment. According to representatives ofthe Croatian Agency for export and investmentpromotion, they achieved meeting with localauthorities in this city, however at the end theygave up from inevtsing in Croatia, and above alldue to the high bills for electricity and water anddue to the amount of the salaries in this country.According to Croatian media, the British decided toinvest in the free zone Skopje, former Bunardzik.

In Vreme you will read –On the worldexchanges the oil cheaper than last year – Theprice of the oil on the world Stock Exchangesdropped yesterday to the lowest level since thebeginning of 2007 as a result of the fears fromentering the global economy in recession and fromthe fuel consumption`s reduction.


DNEVNIKp.1 MINISTERS HUNT INVESTORS TELLING JOKESp.7 МБИ 10 12.10.2008p.9 VARDAR OSIGURUVANJE MARKS SLIGHT FALL OF COL-

LECTED PREMIUMSp.9 MINISTERS HUNT INVESTORS TELLING JOKES

BIZNISp.1 ANOTHER WEAK MARKET DAY p.1 THE FINANCIAL CRISIS WILL HIT THE BALKANp.2 LOWEST PRICE OF THE OIL ON THE WORLD STOCK

EXCHANGES p.3 VARDAR INSURANCE COLLECTED INSURANCE PREMIUMS

OF 17.1 MILLION EUROS?-p.8 GREAT DECLINE OF THE INDICES p.9 ANOTHER WEAK MARKET DAY p.10 THE OFFICIAL MARKET "TURNS OVER" THE TRADING ON

THE STOCK EXCHANGEUTRINSKI VESNIK

p.1 REK BITOLA HAS NO DIRECTOR YET IT DISMISSES WORK-ERS

p. 2 REK BITOLA HAS NO DIRECTOR YET IT DISMISSES WORK-

ERSp.7 THE STOCK EXCHANGE CLOSER TO BEING SOLDp.7 MACEDONIAN STOCK EXCHANGE IN NEGOTIATIONS WITH

BLOOMBERG p.7 INCREASED THE LOSSES OF "LOTARIJA NA MAKEDONIJA" p.7 SLOVENIAN "TRIGLAV" WITH SUCCESSFUL RESULT p.8 МБИ 10 - 12.11.2008p.9 THE BIGGEST BUDGET OF 2009 ENTERS IN THE ASSEMBLY

VECERp.6 BILLION EUROS PREMIUMS BY THE END OF THE YEARp.7 INCREASED THE INTEREST RATES OF SAVINGS DEPOSITS

VREMEp.1 THE WATER STARTED TO FLOW, EVN TO COURT p.3 THE WATER STARTED TO FLOW AGAIN, CITIZENS WILL

PRESS CHARGES p.6 MACEDONIA TOOK “JOHNSON MATTHEY” FROM CROATIA p.7 THE OIL CHEAPER THAN LAST YEAR

NOVA MAKEDONIJAp.8 MACEDONIA STOLE “JOHNSON MATTHEY” FROM CROATIA p.8 THE OIL WITH LOWEST PRICE SINCE THE BEGINNING OF

2007



1. MORE SHARES IN MINUS (*****)

2. ONLY T-MOBILE NOT INTERESTED FOR 3G (***)

14.11.2008 FRIDAY


- The budget for 2009, which is the biggest sofar, enters today in the assembly- Minister forfinance, Trajko Slaveski, officially and solemnlywill deliver it to the president of the parliament,Trajko Slaveski. As Utrinski conveys – it is nosecret that the Government prepared the biggestbudget so far worth 2.67 billion euros, with arecord trade deficit planned to 2.8 percent fromthe gross-domestic product. The Draft-Budget for2009 and the macro economic projections for nextyear envisage the gross domestic product torecord rate of growth by 5.5 percent. Main instiga-tor for the growth will be the industry due to whichthe start of the production with the realized directforeign investments as well as the improvement ofthe performances on the domestic industrialcapacities. From the aspect of the expenditures ofthe gross domestic product, instigator of econom-ic growth will be the gross investments which in2009 is expected to reach 30 percent of the grossdomestic product. The increase of the grossdomestic product is expected to be realized inconditions of stabile and low price level, where theinflation rate measured as average is not expect-ed to exceed the projected rate of 3.5 percent…

- Our ministers have tried to catch theAmerican investors, conveys Dnevnik. - The min-ister for information society Ivo Ivanovski told thejoke about the friend and the lion according towhich the one that runs faster will survive toaround 40 companies from the Silicon Valley onthe business forum, Macedonia as country of ITex perts, organized by Macedonian embassy inWa shington. In other words, the minister ex -plained this on the following manner: many coun-tries have tried to attract investors. Macedonia`sadvantage is that it is one step ahead, presentingall business benefits that our country offers to theforeign investors. The Prime Minister NikolaGruevski gave an idea for opening university for

information technology in Macedonia making thecountry a regional leader in the information edu-cation.

Utrinski vesnik, conveys the information thatthe American Agency Blumberg is in the processof concluding agreement for issuing informationfrom Macedonian Stock Exchange to its web site.As the newspaper capital finds out, it is about acontract according to which the MacedonianStock Exchange could deliver information aboutthe trading with securities in real time to the Blum -berg platforms. This means that all companiesand financial institutions subscribers to Blumbergcan soon follow the Macedonian Stock Exchangetrading.

Actually, as this daily newspaper conveys,Ma cedonian Stock Exchange is closer to sale-Un -offi cially, the package of over 60 percent of thecapital has been formed on the Stock Exchange inorder o be offered to the potential investor. Thepackage includes the shareholders who startedthe initiative and the opportunity to join othershareholders as well…The procedure has beenalready started with the submission of the initia-tive to the Ministry of Finance about the changesin the Law on securities. The initiative demands toincrease the limit of the percentage of shares thatone shareholder must own, because according tothe current law nobody can own more than 10 per-cent of the shares of the Stock Exchange. It isplanned t to form bigger package in order toattract the real brands on the stock exchangeindustry. The stock exchange analysts have sep-arate opinions regarding these announcementsfor possible sale of the Stock Exchange becausethe value on the Stock Exchange is build on thebasis of the market capitalization of companiesthat are listed on the Stock Exchange and in thisperiod it is significantly reduced. Yesterday`sdecline of the stock exchange index confirmed

that the events in the region reflect the domesticcapital market. The index of the ten most liquidcompanies MNI-10 dropped for 4 percent to2,848.17 index points.

Biznis conveys that the global financial crisiswill directly hit the Balkan as well above all thesmall and middle sized companies. But, the con-sequences will be indirectly felt by the countriesthat significantly invested in the region such as forinstance, Greece, stated the American JosephStiglich, Nobel price winner in economy. The rea-son for concern is much founded. The problemdoes 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 crisisthan investors are also hit by this, above all theGreek and Austrian. As one of the measures insuch situation the Nobel winner says that theloans must reprogram in order to avoid the reces-sion.

- Macedonia stole Johnson Matthey fromCroatia, conveyed the Croatian media and NovaMa kedonija conveyed this information to Ma ce do -nian public. According to Poslovni dnevnik, repre-sentatives of the British company in the past peri-od visited Croatia two times in order to selectlocation for construction of the factory for ca ta -lysors intended to driving vehicles on electricity.They visited Nova Gradiska, Kutina, Varazdin andVirovitica and chose Virovitica as a place suitablefor realization of this investment. According to rep-resentatives of the Croatian Agency for export andinvestment promotion, they achieved meeting withlocal authorities in this city, however at the endthey gave up from inevtsing in Croatia, and aboveall due to the high bills for electricity and waterand 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.

DNEVNIKp.1 THE DRAFT-BUDGET IN THE PARLIAMENT p.1 ON SCHENGEN BLACK LIST UNTIL 2010 p.6 MACEDONIAN SNAIL GOES TO ITALY p.7 THE BUDGET FOR 2009 TO MAKE CITIZENS POORp.9 THE GLOBAL CRISIS WILL DESTROY THE MACEDONIAN AGRI-

CULTURE p.9 ONLY T-MOBILE NOT INTERESTED FOR 3G

BIZNISp.3 "T-MOBILE" THE ONLY OPERATOR WITH OFFERING FOR 3-G

SERVICES p.4 THE STOCK EXCHANGE CLOSER TO SALE p.12 MACEDONIAN STOCK EXCHANGE KEEPS UP WITH THE

WORLD TRENDS p.13 THE STOCK EXCHANGE AGONY CONTINUES p.13 STOCK EXCHANGE REPORT FOR 13.11.2008p.15 DECLINE OF CROBEX BELOW 2,000 POINTS p.15 PETROL, GORENJE AND INTEREVROPA SET NEGATIVE

RECORDSp.15 WESTERN PESSIMISM FLOODS BULGARIAN STOCK

EXCHANGE INDICESp.15 MORE SHARES IN MINUS p.15 MERKATOR SHARES FOR SALE!p.15 EPCG SHARES ON THE FREE MARKET YESTERDAY

UTRINSKI VESNIK

p.8 EVERYONE IS SAVING-SALARIES IN OUR COUNTRY WILLSTILL GO UP

p.9 "T-MOBILE" THE ONLY BIDDER FOR THE 3-G TENDER VECER

p.8 T-MOBILE THE ONLY BIDDERp.8 CURRENCY RESERVES INCREASED FOR EUR 19 MILLION

VREMEp.6 WEDDING BUDGET IN TIMES OF CRISIS

VESTp.11 GERMANY FACES RECESSION p.11 CHINA COVERS HUGE MARKET LOSSES OF HONG KONG p.11 BRITISH TELECOMMUNICATION GIANT TO SACK 10,000 WORK-

ERS p.11 CHINA COVERS HUGE MARKET LOSSES OF HONG KONG

NOVA MAKEDONIJAp.1 HALF OF THE BUDGET INTENDED FOR SALARY, PENSIONS

AND SOCIAL EXPENDITURESp.10 CANNING FACTORIES FROM GEVGELIJA WIN OVER THE

FINNISH MARKET p.10 SEAF TO INVEST IN THE IT COMPANY INET p.10 BUSINESS FORUM OF COMPANIES FROM PRILEP AND VAL-

JEVOSPIC

p.6 THE BUDGET –ENIGMA FOR THE GOVERNMENTAL ADVER-TISEMENTS




1. THE CRISIS CAME IN MACEDONIA AS WELL (*****)

2. ONE BRANCH LINE OF THE SOUTH EUROPEAN GAS PIPELINE WILL PASS THROUGH MACEDONIA (***)

15.11.2008 SATURDAY

Top news in all of today`s newspapers are theconsequences of the global financial crisis overthe Macedonian economy, which were discussedabout during the yesterdays` session of theAssembly Commission on Budget and Finance,and on which besides the members of theCommission, were as well present the Minister ofFinance, the Governor, MP`s and businessmen.According to the businessmen, as a result of theprice decline of the Stock Exchange products andthe canceled orders, lots of companies are forcedto dismiss the employees and to decrease theextent of their work.

At the same time, they point out that thestroke 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 bringingdown to minimum of all the agreements for exportand orders.

The decrease of the extent of the work in thereal sector brings in question the maintenance ofthe projection for the macroeconomic indicators,which the Government built in the draft-budget forthe next year. As opposed to the real sector whichalready marks losses, the fiscal and the monetaryauthority persuade that this sector is safe andsound, and that in case when needed there will betaken additional protection measures. – We areprepared to react if it is necessary. There is possi-bility to protect the deposits with the Law in theirtotal value, especially with regards that the lastperiod 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 realsector, especially the metallurgists; however theGovernment considers that with the money fromthe tax payers it should not help separate compa-nies. Throughout the world, the states supportedcertain companies and financial institutions, butthey did it through purchase of preference shares

in those companies, pointed out the Minister ofFinance Trajko Slaveski. – The direct effects fromthe crisis in our country come from the real, andnot from the financial sector. We do not have anissue with non-liquidity and the unfinished capital-ization of the banks, such as the case with thebanks in the USA and in Europe. Our banking sys-tem is conservative, because of what is stabileand liquid, with low level of portfolio risk. If we arein a situation to fully return the placements of theresources which belong to the more risky groups,from B to D, it will seize only 17% from the capitalof the banks, pointed Goshev.

Lukoil Macedonia would have invested muchmore in our country if there would not have beenmonopolies like Okta, which dominates the mar-ket by selling oil derivates. Valentin Zlatev,Director of the Balkan directorate of “Lukoil” withHQ`s in Sofia stated this, answering the journal-ists` question why “Lukoil Macedonia” has smallerextent of investments in the country compared tothe neighboring countries from the formerYugoslavia. Namely, the recent investment of thiscompany 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 havebeen built nine gas stations, and until the end of2015 six more are expected to be built which willround the number to 15, as it was the initial planof the company, in Croatia there are 14 gas sta-tions of Lukoil, 158 in Serbia and nine inMontenegro.

The company is in phase of negotiations forentry on the markets in Slovenia and in Bosniaand Herzegovina. In Bulgaria, Lukoil is presentwith 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-

out Macedonia will pass one branch line of theSouth gas pipeline, through which it is plan trans-port of energy from the Middle East locations toWest European consumers. The European Unionwith this ambitious plan for South gas pipeline hasas purpose to decrease the current major depend-ence of the European countries from the Russiangas. Guardian also writes that until next year EUwill make efforts to create special consortium ofEuropean companies which can purchase gasfrom the Caspian Sea region and from Azerbaijan,through Turkey, the Balkan countries and Austriato transfer it in Ukraine. The value of the entireproject 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 passthrough two directions. The Union ha determinedone branch line to pass through Romania andHungary, whereas the other one throughMacedonia, Kosovo, Albania, Montenegro, BIH,Croatia and Slovenia. According to the Europeanstrategies for energy, the basic purpose for thisproject is avoidance of the Russian gas from thePE Gasprom and the current monopoly whichRussia has over the European gas supply andenergy.

In the economy related articles you can readthe news that the Macedonian Post is about to beprivatized. As the Ministry of Transport andCommunications announces, for that purpose itgave announcement for procurement of consult-ing services for preparing a Study for determiningand election of most favorable model and extentof partial privatization of the shareholding compa-ny for post traffic “Macedonian Post”. Theannouncement was also published in the dailynewspaper Financial Times.

The interested companies should submit theparticipation documents latest until December 22.



DNEVNIKс.10 THE ECONOMY ALREADY SUFFERS THE CONSEQUENCES

FROM THE GLOBAL CRISISс.10 THE AGREEMENT BETWEEN THE GOVERNMENT AND

OKTA, BARRIER FOR "LUKOIL"с.11 ONE BRANCH LINE OF THE SOUTH EUROPEAN GAS

PIPELINE WILL PASS THROUGH MACEDONIAс.11 “MACEDONIAN POST” TO BE PRIVATIZED

UTRINSKI VESNIKс.1 THE CRISIS CAME IN MACEDONIA AS WELLс.7 THE CRISIS CAME IN MACEDONIA AS WELLс.8 "LUKOIL" SAYS IT IS LIMITED BY OKTA`S MONOPOLY с.9 "REPLEK" WITH PROFIT INCREASE

VECER

с.10 OUTSPREAD THE NEW COINS OF MKD 10 AND 50VREME

с.6 SOUTH GAS PIPELINE WILL PAS THROUGH MACEDONIAС.7 THE WORLD CRISIS ENTERED IN THE ASSEMBLY

VESTс.8 "LUKOIL" WITH LESS INVESTMENTS BECAUSE OF OKTAс.9 THERE IS NO COMPANY WITHOUT DECREASED PRODUC-

TIONNOVA MAKEDONIJA

с.10 "GUARDIAN": THE SECOND BRANCH LINE OF THE SOUTHEUROPEAN GAS PIPELINE WILL PASS THROUGH MACEDO-NIA

с.10 PART OF "MACEDONIAN POST" TO BE PRIVATIZED с.10 INVESTMENTS OF OVER EUR 200 MILLION IN GEVGELIJA



IMF AND OECD PROPOSE

PRIVATIZATION OF

SLOVENIAN BANKS

Slovenian Banka - LeastEfficient in Europe

The International Monetary Fund andthe Organization for Economic Co-opera-tion and Development marked the Slo ve -nian banks as the least efficient in Europeand believe that more private capital sho -uld enter in Slovenia`s private sector andpoint out Croatia as a role model. Giventhe fact that the state banks are the leastefficient, the growth in private capitalshould have greater effect on their work-ing, according to the announcement ofRudolph Bems of IMF and Pirit Sors ofOE CD published in the Slovenian monthlyBancni Vestnik.

They warn that the share of the director indirect state ownership in the Slo ve -nian banks is high, according to the re gi -onal criteria, and they point out that in thetwo largest banks-Nova Ljubljanska Banka(NLB) and Nova Kreditna Banka Maribor(NKBM) the state and the para-state fundsare either majority or main shareholders orown some 50 percent of the banking sec-tor. Just for comparison, the report statesthat the Slovenian banks and the other for-eign investors control some 38 percent ofthe Slovenian banking system, while inCroatia the foreigners own 90 percent ofthe sector.

The low efficiency rate of the Slo ve ni -an banks may influence on the low com-petitiveness in European level, and the im -pro vement of the efficiency and the com-petitiveness of the banks will stimulategrowth and financial stability, it is stated inthe report. However, it is also added thatthe government and the left center of PMBorut Pahor, who is to assume office soon,an nounced the state`s intention to keep itsma jority in the key banks, due to which itwould have to take other measures for im -proving the banks` efficiency. ‘

IMF and OECD suggest to the Slo ve -nian banks to improve the corporate man-age ment standards, define long-termgrowth strategy and listing the banks` sha -res on the stock market.

Serbia Enters 15 - MonthStandby Arrangementwith IMF Representatives of the Serbian Go -

vern ment and the International MonetaryFund (IMF) have reached an agreementon economic program within the frame-work of 15-month standby arrangement.

The arrangements should support thegovernment`s economic policy for main-taining macroeconomic and financial sta-bility. The 2008 budget deficit was

arranged at 1.5% of GDP. Previously, theSerbian Government had finished consult-ing with PM Mirko Cvetkovic regardingthe basic measures for saving for the pro-jections of 2009 budget. There was anagreement for the expense for salaries,pensions and subventions to be balancedin a way that will provide economic stabili-ty.

Given the world economic crisis andits possible effects on the Serbia economy,the government members agree that allbudgetary beneficiaries should act respon-sibly and cut down on expenses on all lev-els, reads the announcements of PM`spress department.

ECONOMIC STIMULUS

EFFORTS

China Approves $586Billion Package

The Chinese government granted thepro posal for investing 986 billion dollars bythe end of 2010 for stimulating the econo-my.

The assets will be invested in infra-struc ture, social welfare and other keysec tors, reads the announcement publish -ed on the government`s web site.

The government announced pursuingactive financial and moderately mild mon-etary policy and proposing 17.5 billion dol-lars tax alleviations for the enterprise.

Hong Kong in Recessionafter Five Years

Hong Kong`s economy has slid into arecession for the first time in five years dieto effects from the global economic eventsthat had greatest impact on its export andspending.

The decline in the economic growth forperiod July-September is 0.5%, thus put-ting Hong Kong with the others that suf-fered economic decreases for two straightquarters, 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

on the tourism in the region, Hong Konghas technically entered recession. HongKong government has already cut the2008 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 demanddie to the increasing number of data sug-gesting that the global economy is in muchworse condition than previously assumed.

IEA announced that the oil demand for2009 was expected to increase by only350,000 barrels a day, which is 340,000barrels a day less than the previous fore-cast of the agency a month ago.

The cut in the prognosis for the growthin the demand for the “black gold” cameafter the International Monetary Fund(IMF) on November 6 stated that the glob-al economy was on its way to mark fall inthe annualized economic activities for thefirst time since Second World War.

IEA also cut its prognosis about thegrowth in the demand for oil in 2008 by320,000 barrels a day to only 120,000 bar-rels, which is the lowest daily level since1985.

According to the latest forecasts, theworld oil demand for 2008 is expected toaverage 86.2 million barrels a day and86.5 million barrels for the following year.

GORDON BROWN URGES:

Reform in IMF andCreating GlobalMechanisms for CrisisPrevention

- At the G-20 Summit in Washington,the government of Great Britain will tendtowards reaching a consensus for creatingnew international financial system that willmodernize the Breton Woods agreement;British PM Gordon Brown told the LordMayor's banquet in London (ITAR-TASSnews agency).

The new system, according to Brown,includes reformed, modern InternationalMonetary 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 loangranting, urgent measures for preventingthe financial crisis from over spilling intocountries with medium incomes and sound


EVENTS THAT MARKED THE WEEK...coordination in the tax and financial 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 giveup on the traditional solutions and buildinnovative approach towards the complexproblems, United Kingdom`s PM added.

WTO CHIEF PROPOSES

Strong GlobalRegulation overFinancial Markets- There is necessity for establishing

strong global regulation over the financialmarkets with clear rules and mechanismsthat will provide supervision and appropri-ate sanctions if required, Pascal Lemy,Director-General of the World TradeOrganization, told in an interview for theFrench newspaper Le Monde.

- Today in the world there are interna-tional organizations for trade, health, food,environment or telecommunications, butwhen it comes to the financial sector, thereis 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, althoughthis comes with certain limitations on theirsovereignty.

US GOVERNMENT INDEBTS WITH FOREIGNGOVERNMENTS

Some $ 2.6 ThousandBillions in Debts- The US Government at the moment

owns to foreign governments some 2.6thousand billions of dollars, which isapproximately one fifth of the value of thevalue of the American gross domesticproduct, the economists warn.

The Chief Executive officer of theWashington National Security Project stat-ed that USA will have to pay the foreigndebt within the following few years.

He, calling upon the research pub-lished by his organization, states that theabove-mentioned debts of the USGovernment are a possible strategic threatin times of a financial crisis.

- The foreign governments are invest-ing into USA by buying out our debts, butthey also gain possibility to influence in amanner we do not want.

According to him, the American debttowards Russia increased to 74.4 billiondollars, which is seven times higher thanat the beginning of the decade. However,the US government`s debts towards Chinaare much higher than this, as Chinabought securities issued by the USTreasury for more than 800 billion dollars.

IN OCTOBER

US Budget Deficit-Staggering $ 237.2 billionThe US budget deficit in October

reached incredible 237.2 billion dollars,inform the American media calling upondata published by the US Treasury. This isthe highest amount in the US fiscal historyand it is four times higher than the deficitin the federal budget in October last year(56.8 billion dollars), according to themedia.

Most of the deficit is due to the amountspent by the federal government for bail-ing out the country`s financial system. InOctober, the federal government spent115 billion dollars on shares in the largestAmerican banks. By the end of the year,this figure will reach 250 billion dollarsfrom the total of 700 billion dollars grantedby the Congress for overcoming the hard-est financial crisis since the thirties of thepast 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 budgetcould surpass one trillion dollars by theend of the financial year-September 31,2009.

LUFTHANSA TAKES OVERAUSTRIAN AIRLINES

One share-one Euro Air transporter Austrian Airlines (AUA)

will be sold to the German Lufthansa,announced the Austrian state holdingcompany OeIAG, the owner of 41,6 percent in the loss-making company. –Fromnow on OeIAG will be holding the closingnegotiations only with Lufthansa, -standsin the announcement published after themeeting of the board for privatization ofthe Austrian air transporter. The other can-didates for buying the Russian C7 and AirFrance-KLM, no longer participate in thecompetition, because the Russian compa-

ny did not deliver documents pursuant tothe European regulations for market com-petition, while Air France-KLM did notdeliver the offering within the set term.

The director of OeIAG, said that theselling price and the details from the

agreement with Lufthansa will be finalizedthe next few weeks, adding that heexpects an answer within a month, whichwill enable the directors of the holdingcompany to review the contract on themeeting scheduled for December 5th. Theissues on the agenda include the requestof Lufthansa to the Austrian government totake over the debt of Austrian Airlines,worth Euro 500 million, which overall valueon the other hand, exceeds one billionEuros. For the part of 41,6% that OeIAGowns, Lufthansa offers Euro one per shareor total of Euro 360 thousand.

Last week, the shares of AustrianAirlines on the Austrian stock exchangeslost 0,38% of their value, one share actu-ally was Euro 2,63.

IN FIVE YEARS

Turkey, the 17th biggesteconomy in the world

- In five years Turkey will be the 17thbiggest economy in the world, informsTurkish television channel CNN Turk.

It is considered that the country’sgross domestic product (GDP) in year2013 will reach 968,2 billion dollars.

This year Turkey’s GDP will be 798,8billion dollars, and next year there will bedecrease of the GDP dropping to 789 bil-lion dollars.

In 2010 it is expected Turkey’s GDP tobe around 829 billion dollars, in 2011- 874billion dollars, in 2012- around 920 billiondollars and in 2013- 968,2 billion dollars,placing itself on the 17th position amongthe world economies.

RUSSIA, IRAN AND QATARIN NEW ASSOCIATION

Forming gas OPEC-Russian Prime Minister Vladimir Putin

indicated to the necessity of coordinationin the acting of the countries producers ofnatural gas, pointing out that this doesn’tmean forming cartel similar to theOrganization of Petrol Exporting Countries(OPEC).

-This is so called Forum of countriesproducers of gas and we support this idea,underlined Putin after the meeting withEgyptian Prime Minister Ahmed Nazif. Thecountries producers of gas will hold thenext meeting in Moscow.

Previously the Iran Oil Minister GolamHosein Nazari said that Russia, Iran andQatar reached an agreement for forminggas OPEC. The three countries own near-ly 60 per cent of the world reserves of nat-ural gas.

Europe and USA are against this kindof cartel being formed, assessing that itwill be a threat to the world energy securi-ty.



EVENTS THAT MARKED THE WEEK...

Last week Microsoft Macedonia presentedthe latest Language Interface Package(LIP), which includes the spell check tool

for Macedonian language.

Microsoft prepared this tool in cooperationwith Professors from the Faculty of Philology inSkopje and includes words classified by gen-der, article and other grammar categories inMacedonian language. Macedonian expert inMicrosoft technologies Dimitar Grozdanov,explaining the spell check tool, said that userswho have insufficient knowledge in English canuse the help of the tool to transfer them intoMacedonia and Cyrillic, and then return to theinitial item in English. The Language InterfacePackage includes installed spelling which markunknown words or international phrases in thetext and the user can create own word diction-ary. The existing dictionary of words and phras-es can be complemented by the user acrossthe open public online forum of Microsoft, whichwill be open by mid February. Presented pro-

posals will be considered and elected byUniversity Professors of Macedonian andEnglish from the Faculty of Philology.

Since 2004-2005 Microsoft started installa-tion of records on Macedonian in the OfficeSystem, and today we have developed versionsof those packages. The initiative of this project,according to Microsoft Director IlijancoGagovski, was a result of initiatives for pre-serving of the Cyrillic alphabet and improve-ment of the business communication of usersand their technology.

The Language Interface Package forMacedonian language and Cyril letters can bedownloaded from www.microsoft.com.mk/lip

This Language Interface Package forWindows Vista provides partly translated ver-sion from the most frequently used areas onWindows. After the installation of LIP, the text,dialogue frames, menus, help topics and sup-port and other items of the using interface willbe displayed in the language of LIP. Theuntranslated text will be in the basic language

of Windows Vista. For example, if the userbought Spanish version of Windows Vista andinstalled Catalan LIP, some texts will remain inSpanish. You can install more than one LIP, soevery user of the PC may choose his languagein the LIP.

Supported LIP platforms operate only in 32bit versions of Windows Vista and it can not beinstalled on older versions of Windows or 64 bitversion of Windows Vista.

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 ofMicrosoft Office 2007 that you are used to, but now there is somebody to check up your spelling and cor-rect your misprints.

Microsoft Office 2007 includes the spellcheck tool (spellchecker) based upon one built-in dictionary of Macedonian language and ope-ra tes in Macedonian and English version of Mic -ro soft Office 2007.

Users who own licensed copy of Windowsope rative system may download LIP on Ma ce -donian on Microsoft Office 2007 from the website of Microsoft - www.microsoft.com.mk/lip.

PROCREDIT BANK WITH NEW OFFERS FOR SAVERS

Savings and Fixed - Term Deposits with Higher Rates

ProCredit Bank increased the regular interest rates for the savings deposits and fixed –termdeposits in denars and euros. The interest rate for denar deposits reaches up to 9.5% for 5years. As for the euro fixed deposits, ProCredit Bank continues the savings campaign whichgive its clients possibility for 5.5% interest rate for one year fixed-term deposits .

- What is especially important for the savers is that they will be transparently and objective-ly informed about the terms of saving, the exact amount of interest rate i.e. the real rate with-out hidden expenses and that the interest rate is fixed for the flexible saving and the possibili-ty for premature withdrawal of the assets without any restriction whatsoever, stated KristinaMazni, deputy manager of the sector for citizens.

ProCredit Bank has met the pensioners` demands, providing them with excellent terms forreceiving pension through transaction account.

- The pensioners can withdraw their pension fast and easy from any of the 39 subsidiariesof the Banka and the ATMs throughout Macedonia. But what is more important, the pensionerswill get excellent service, without waiting in lines for advise for using the payment cards and theATMs through the polite staff of ProCredit Bank, Krisitina Mazni added.

Alfa Finance Holding boughtEurobrokerThe Bulgarian Alfa Finance Holding became

owner of 51% of the Macedonian investment media-tor Eurobroker. Their entrance means increase of thestartup capital of this brokerage house for EUR 425thousand, respectively from the current 75 thousand,the capital now amounts EUR 500 thousand. Thiscapitalization enables Eurobroker to receive com-plete license for executing investment and broker`sservices, and to strengthen the position as a leaderon the Macedonian market.

One of the first targets is integration of theMacedonian financial markets through platform forelectronic trade, which will make Macedonia the firstof the regional markets to supplement the Bulgarianstock Exchange.

ProCredit Bank is development-orientated bank that offers complete range of service andwith a clear mission for supporting and developing small and medium-sized enterprises. Beingactive for five years now, the first foreign bank in Macedonia has paid more than 380 millioneuros to more than 90,000 small and medium-sized enterprises and provides 107,000 clientswith general banking service. The shareholders of ProCredit Bank believe that the private sec-tor creates most of the working positions and gives significant contribution to the country`seconomy.

ProCredit Bank is a member of an international network of banks with 22 financial institu-tions worldwide, sharing the same corporate mission for developing small enterprises.

NLB Tutunska Broker too withe-review

NLB Tutunska Broker too with stock exchangereports on e-review. Its views, opinions, commentsand analyses on the events on Macedonian capitalmarket, as well as the movements and relations onthe regional and world stock exchanges, Tutunskabroker will report on its e-review.

On the site are posted certain market data withan accent to the top shares with the biggest increaseand decrease, and with the biggest dailyturnover…The clients will have a review on the dailymovements of the regional and world stockexchange indexes.


10 MOST TRADED SECURITIES ON THE OFFICIAL MARKET

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 Eperiod 10.11. - 14.11.2008

REVIEW PER MARKET AND TYPES OF HV

INTEREST OF SEPARATE MARKET

SEGMENT IN TOTAL TURNOVER

TOTAL TURNOVER OF

MACEDONIAN STOCK EXCHANGE

BERZNIK 0049 - 17.11.2008 on English - MKBN20081117-0049E

Documents

Transcript of BERZNIK 0049 - 17.11.2008 on English - MKBN20081117-0049E