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DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS 3Date 23.06.2008 number 28 berzNIK

Until the next Monday

Makedonka Baldazarska

BerzNIK editor-in-chief

e-mail: [email protected]

Reckoning without one`s hostThis week, should we exempt the generally negative

evaluations, critiques and complaints regarding the politicalpost-elections voting and by all means the talks of our politi-cal establishment with the highest diplomats in Brussels, theattention of the Macedonian public was turned to the eventsaround the shareholders` meeting of the MacedonianTelecom. Assembly expected to give the outcome of the pay-ment of the two-year dividend that was to be paid to the gov-ernment, a situation which is treading water for the timebeing… The government is simply in a standstill, it cannotcome to an agreement with the Macedonian Telecom. Now,the company is its own boss and it can decide whatever itfeels like… Furthermore, it is envisaged with the legal regu-lation in the country… The distribution of the profit is decided(with or without voting on the shareholders` meeting) by thecompany`s management team i.e. the dominant shareholder.

Now, the beliefs that wewill have investors thatmore or less will investand develop somethingin this country`s telecom-munication system,which at the time was farbe hind the western, andthat we will have profit donot cope with each ot -her…

What will be the finaloutcome from the calcu-la tions for about 60 oraro und 30 million eurosand whose investmentplan will suffer, the go-vern ment`s or the plan ofthe Macedonian Teleco -mmu nications, is truly ar -gu able…

The common prac-tice showed that whentwo parties have discrep-an cies regarding theamo unt of money, whichat least should be anave rage or legal right forthe successful working, itis a rule that all cards areput on the table, and bythis a refer to those ofspe culative nature.

Now both involvedparties are cornered: theTe lecom loses the mo no -po ly in the fixed line te le -phony… Ontel kickedstart and this week Cos -mofon too… The govern-ment, on the other hand,is on hot water, it shouldkeep its promises, manyof which were to be ful-

filled with this amount of money…nevertheless, it is unex-pected problem that consumes additional energy… Talkingabout the shareholders` meeting, which was rescheduled forthe last week, it didn`t debate on the draft decision for thedistribution of the new profit, or the distribution of dividend for

2007. Telecom officials offered explanation that there was aneed for further discussion for these points among the major-ity shareholders. In other words, the point regarding the dis-tribution of the profit was put off the agenda at last week`sshareholders meeting of the Macedonian Telecom. It isunknown when the dividend will be distributed.

The state capital representative, Zoran Trajcevski, ex -plained that after the government at the last shareholdersmeeting suggested voting against the proposal of the major-ity shareholder, after internal communication it was agreedthese two points to be taken off the agenda and to be debat-ed on the next shareholders meeting.

- The legal deadline is not exceeded, this will be the firstpoint of the Board of Directors and a new shareholders meet-ing will be scheduled within the legal period. The governmentholds to its request and we hoe a solution will be reached assoon as possible, explains the government representative.Anyhow, the dividend cannot be paid on June 30, since asthings stand, explained Trajcevski, from a standpoint of thepresidential function of Macedonian Telecom`s shareholdersmeeting, first there should be a session of the Board ofDirectors and then the new shareholders meeting should bescheduled with a point on the agenda within a 21 day period.

For the time being, the government has no intention ofmaking exceptions, it continues the battle over the profit onwhich it counted during the fashioning of the party agendaand implemented it in the 100 steps. Out of this reasons thegovernment requests full payment of the dividend-around 60million euros, and is very unlikely it will settle with halvedamount of around 27 million euros from the Hungarian own-ers. The government and Magyar Telekom are yet to negoti-ation about the amount of the dividend that has to be paid.

Contrary to the government`s requests, the head ofMaktel (chief executive officer), Nikolai JB Beckers, claimsthe company will step forward with an investment plan.

- We will submit the plan to the board of directors whenit will be ready. What we are talking about here is a consid-erably large amount from several tens of million of euros. Icannot inform the media about it before informing the Boardof Directors.

The smaller shareholder also request higher dividend.The minority shareholder and a former employee in the

Te lekom, Simon Gruevski, on the other hand, reacted the do -mi nant shareholders in the company disobeyed the laws inMa cedonia. According to him, the debate on the dividendwas out off at an intervention of PM Nikola Gruevski. A gestu -re he hails: I congratulate the Prime Minister for reaching awi se decision for the first time, since the government and weha ve right to much higher dividend than they are offering tous.

- In the year of 2000, before the sale of the Telecom, theGo vernment received 60 million euros in dividend. The gov-ernment should now receive a dividend of 27 million euros forthe last year with less than 500,000 fixed telephones and onemillion and two hundred thousand mobile telephones. Wheredid the money go?-Asks the shareholder Gruevski.

For 2006 and 2007, the shareholders should divide aprofit of 160 million euros. The government owns 34 percentof the capital of the telecommunications company, which wasbenefiting from the monopoly in the fixed telephony for years.

- The European Union in eager expectation of anew proposal from the mediator Matthey Nimitz in thedispute between Greece and Macedonia in belief thatthe quarrel will very soon become history

(Hard to believe though…)- We should be realistic. I would like to believe that

the problem will be resolved soon with the proposalcoming from New York-stated in Brussels the HighEuropean Representative Javier Solana after themeeting with Macedonian PM Nikola Gruevski.

- Slovenia does not decide in Brussels, ED does-Greek Foreign Minister Dora Bakoyannis remindedher Slovene counterpart Dimitrij Rupel, pointing outthat the Slovene European plans for Macedonia arecha sing a chimera. Furthermore, is our governmentaware that Slovenia has not many countries it cancount on for the Macedonian portfolio…?

- Meantime, Greece has open support fromBulgaria, Cypress, Portugal, Luxemburg, Belgium, aswell as the new EU presiding country - France.

- First of all, I believe that we could be of help if wereiterate that Macedonia has no plan B, but only a planA i.e. becoming part of the European family one day.However, it is not France that will play key role in thisprocess, but the Commission, which at the end ofOctober will reveal the annual report that will or will notgi ve recommendation for opening talks, says theFrench Ambassador to the country, Bernar Valero.

- Taking into account these positions of theEuropean democrats, then it is justified the assess-ment of the Russian agency ITAR-TASS that EU hasno intention in pressing Greece regarding its nameissue with Macedonia, the reason why Greece blockMacedonia`s integration process in EU and NATO.

As things stand, what else can be expected fromEU in the final document except to point out toMacedonia that it must settle the dispute with the Unionmember state, Greece, for the purpose of openingaccession talks, which should happen by the end of theyear as best case scenario. And this best case sce-nario, according to the Prime Minister, would mean:Should we reach a good solution previously arrangedby Skopje and Athens, we will organize referendum…

4 DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS

berzNIK number 28 Date 23.06.2008

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

MACEDONIAN STOCK EXCHANGE

Regular revision of MBI-10 and MBID

On 16.06.2008, the MSE Index Commission made a regular revision on MBI-10 indexand MBID Index.

According to the Methodology, the MSE Index Commission decided that starting from17.06.2008, the following shares are part of the MBI-10 index: Komercijalna banka ADSkopje, Granit AD Skopje, Alkaloid AD Skopje, Makstil AD Skopje, Stopanska banka ADBitola, Makpetrol AD Skopje, Toplifikacija AD Skopje, Beton AD Skopje, Ohridska banka ADOhrid and ZK Pelagonija AD Bitola.

The next regular revision of MBI-10 is on 15.12.2008.According to the Methodology for calculation of MBID, the MSE Index Commission

decided that the elements of MBID are the ordinary shares of the following companies:Fabrika za cevki 11 Oktomvri AD Kumanovo, Arcelormittal Skopje (HRM) AD Skopje, QBMacedonia AD Skopje, Stopanska banka AD Skopje, Prilepska pivarnica AD Prilep,Arcelormittal Skopje (CRM) AD Skopje, Makedonski telekom AD Skopje, UNI Bank ADSkopje, Tutunska Banka AD Skopje, Popova Kula AD Demir Kapija, ICN Farm AD Skopje,Ading AD Skopje and OKTA AD Skopje.

These 13 elements of MBID are taking 86% of the total turnover on the Market of pub-licly held companies in the previous quarter.

The next regular revision of MBID is on 15.09.2008.

REGIONAL BANKS`S JOINPRESENTATION

The first road show in theautumn in Vienna

The mutual web-portal for whichMacedonian Stock Exchange is responsible

for it is expected by the end of this year.

Stock Exchanges of Zagreb,Belgrade, Ljubljana, Macedonia, Sa ra je -vo, Banja Luka, Necks and Montenegrobe gin with the regional capital marketpre sentation through international roadshow organization, creation of mutualindex – blue chip and benchmark – andmu tual web-portal. This is the conclusionfrom the Regional CCE Capital MarketsDay held in the first half of June this year.

The president of the Zagreb StockEx change administration, Roberto Mo -tusic, explained that projects will be fi -nan ced by the mutual fund, while therealization of separate projects will be ledby certain Stock Exchange. The BelgradeStock exchange will be responsible forthe projects of joined stock exchange in -di ces, according to the statements it sho -uld end by the end of October.

According to the announcements ofthe Ljubljana`s Stock exchange, the firstinternational road show should be held inVienna in October, while the mutual web-portal for which Macedonian Stock Ex -chan ge is responsible for is expected bythe end of this year. According to IvanSteriev, director of the MacedonianStock Exchange, the portal will unite datafrom eight regional markets with listedsha res, as well as regional stock ex chan -ge indices, without possibility to trade on.

On the regional stock exchangescon ference in Zagreb 21 listed compani -es took part. They were invited to presentthemselves before the regional investors.Additional 160 meetings between in ves -tors and share issuers were held.

The mutual projects so far can not beused for regional markets capital connec-ti on, because currently each of theseStock Exchanges works according to thedo micile legal regulative is responsiblebe fore domestic regulator and conductsown working practice.

The next Regional CCE Capital Mar -kets Day should take place in Belgrade,next year.

ANNUAL FINANCIAL REPORT OF MACEDONIAN STOCK EXCHANGE

Last year – a year of records

The report of the Macedonian Stock Exchange a.d. Skopje in 2007 contains main factors and cir-cumstances (business environment) which had effect on the work of Macedonian Stock Exchange in2007, the main characteristics of the stock exchange work, retrospect of achieved results from thetrade, undertaking activities for Stock Exchange`s promotion and public`s education, normativeactivities, international cooperation, investment activities as well as report of the financial work perannual account for 2007.

Basic trade characteristics in 2007 are:

� Total turnover (on all grounds) in 2007 was 41.702.320.447 denars (around 682 mil-lion euros), which is 34,45% more compared with 2006;

� Total turnover of the “classical” trade in 2007 was 30.404.479.894 denars (around496,9 million euros), which is 181.66% more compared with 2006;

� The turnover realized by shares (Official and Regular market) in 2007 was28.844.638.931denars (around 471.4 million euros), which is 236.78% more compared with2006;

� In 2007 a turnover of 1.559.840.963 denars was realized with bonds (around 25.4million euros), which is 30.05% less than 2006;

� Ini 2007 a share sale was realized by public stock auctions in total sum of96.326.524 denars(around 1.5 millio euros), which is 98.45% less compared with 2006;

� In 2007 116 blosck transactions in total sum of 11.201.514.029 denars (around183.06 million euros) are registered, which is 19.82% less than 2006. The biggest participa-tion in the turnover with block transactions had the realized block transactions with shares ofKomercijlna banka AD Skopje in total value of 3.240.629.660 denars, realized through 34transactions which represents 28.93% from the total turnover through block transactions andthe realized block transaction with EVN Macedonia`s shares in total value of 3.043.537.577denars representing 27.17% from the total turnover through block transactions;

� In the turnover`s structure dominated the transactions concluded on the Officialmarket with 48.15% participation in the total turnover on the Stock Exchange in 2007;

� Finally in 2007, shares of 38 companies were listed on the Official Stock Exchangelisting;

� Market capitalization of the listed shares reached 113 billion denars (around 1.853million euros) and records growth of 122.45%, while the market bond`s capitalization reached20.3 billion denars (331.6 million euros) representing a match for 9.45% compared with 2006.In order to compare the trade results of the Stock Exchange for 2007 and 2006, a table ofcalculated stock results is presented for the period January – December 2007 and January-December 2006, as well as the structure of the turnover realized in 2007.

(Macedonian Stock Exchange report – 2007)


2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS1. THE TRANSPORTERS IN GENERAL STRIKE (*****)2. THE INDEXES GO IN RED (***)

16.06.2008 MONDAY

1. SHORT REVIEW OF EVENTS

DNEVNIKp.5 TRUCK DRIVERS CLAIM REDUCED OIL FEES p.6 THE PREMIUM- SPARK OF HOPE FOR THE

TOBACCO PLANTERSp.6 NEW CONDITIONS FOR HOUSING CREDIT

FROM STOPANSKABIZNIS

p.1 THE BALKAN CHAMBERS NETWORK INHUNT FOR INVESTMENTS

p.3 THE DAMAGED ONES, LEFT WITHOUTBONDS

p.3 THE PRICES ON THE MOBILE TELEPHONYTO GO DOWN AGAIN

p.4 70 MILLIONS OF DENARS – INSURANCE p.7 FOR THE BANKS – COMPULSORY DEPOSIT

WITH NBRMp.13 SUPPORT OF THE CONCRETE DEMANDS

FROM THE SMALL AND MEDIUM SIZED ONESp.13 PROMOTION OF THE PARTNERSHIP WITH

AMERICAN COMPANIESp.13 HOW TO ASSESS THE REAL VALUE OF THE

COMPANIES AND SHARES? p.15 CRASH OF THE MBI AND MBIDp.15 TURNOVER WORTH 23.3 MILLIONS OF

DENARSp.16 THE INDEXES GO IN RED p.17 THE PROBLEM WITH THE RECORD – BREAK-

ING PRICES OF THE BLACK GOLD REMAINSUTRINSKI VESNIK

p.4 THE TRANSPORTERS IN GENERAL STRIKE p.5 10 MILLION EURO FOR CROP PRODUCTIONp.6 DRY PLASTERS OF RENOVA PRESENT IN

AFRICA AND ASIA p.7 CHEAPENED THE DURABLE MILK AND THE

CHEESE OF IMB

p.7 NEW SUBSIDIARY OF KOMERCIJALNA BAN -KA

p.7 THE WEST BALKANS` COUNTRIES SHOULDINCREASE THE ECONOMIC GROWTH

p.8 AGROKOR REPURCHASES VEGETABLES,THE AGRICULTURAL WORKERS UNIN-FORMED

VECERp.6 KAVADARCI BLOCKEDp.6 ACCORDING TO BROKERS` PROGNOSIS:

THE STOCK EXCHANGE WILL REVIVE INSEPTEMBER

p.7 SWEDMILK WITH 70 DAIRY PRODUCTS ONMACEDONIAN MARKET

VREMEp.6 LOWER PRICES OF MOBILE TELEPHONY? p.6 THE GOVERNMENT MUST RETURN OIL

PROFIT p.7 OWN CONSTRUCTION WORKS ARE THE

CHEAPEST p.7 WESTERN BALKAN SEEKS INVESTORS

VESTp.1 GOVERNMENT BUYS THREE AMPHIBIAN

PLANES p.6 STRIKE OF OVER 1 500 TRANSPORTERSp.7 FIRE EQUIPMENT TENDER ANNOUNCED p.13 JSP BUYS DOUBLE-DECKERS

NOVA MAKEDONIJAp.1 INVEST IN STOCKS, COPPER AND SUGAR

DISTILLING PLANTS IN BRAZIL p.8 MAKPETROL SINKS MBI-10 BY MORE THAN

4% p.9 WEAK DOLLAR RISES OIL! p.9 GREEN HOUSES THE BIGGEST INVESTMENT

- Kavadarci blocked; Truck drivers claim reducedoil fees; the transporters on general strike, are the head-li nes on most daily newspapers title-pages today. Na -me ly, over 1500 international transporters from the co -un try, members of Makamtrans, yesterday started a ge -ne ral strike in Kavadarci. The truck drivers claim in cre a -se of the transportation price which has not been chan -ged for four years, reduction of registration costs, andcorrection of the excise duty, the tariffs or the VAT. Thetrans porters rise of price by 40 %, as much as the oil pri -ce has increased in the last months, but also shorteningof the deadline for payment, which was 90 days.

In Vreme you will read that the price shock in the oilde rivatives can be moderated by a direct finance help inthe economy. This is estimation of the experts in a situa -ti on when the derivatives prices increase fast. - Thenum bers show that more money in the budget is collect-ed from VAT of derivatives from those that are project-ed. This difference must be returned in the economy,mo re precisely to the transporters and the farmers. TheGo vernment should now define the model by which thismo ney will end up in these sectors - says Boris Ri ka -lov ski, expert in the oil business. According to him, theGo vernment will be able to amortize the price shock on -ly through direct investments in the economy, and willthe refore ease the inflation.

Biznis reports that the holding of the seminar on to -pic: Estimation of the real value of companies and sha -res based on fundamental and technical analysis, whichwas organized by the Securities Group by the EconomicChamber of Macedonia in the period of June 9th to 12th2008. Lecturer of the seminar was Sam Wankin. Vi si -tors of the seminar were representatives of broker hous-es, bro kers, fund management associations, investmentad visors, banks, revisers, accountants, journalists. Be a -r ing in mind that the Macedonian Stock Exchange is stillim mature and not efficient market, the estimation basedon the accounting was underlined, a process that in vol -ves direct revision and study of the financial reports andthe management decisions.

Vecer yesterday announced the stock exchangeana lysis, according which the brokers prognosis is thatthe Stock Exchange will revive. A profit of 3, 5 millioneu ro was realized on the capital market on the last stockex change week. One third of the profit was realized by

a block transaction when capital of our biggest pharma-ce utical company was sold for one million and 70 000eu ro. The stock exchange indexes had a downward ten-den cy over the week, and the last day, the MBI-10 noteda fall by 0, 53 %, the index of the public owned compani -es MBID also reduced by0, 50 per cent. Only the bondin dex OMB increased by 0, 06 per cent. The brokersthink that there will be better times for the capital mar-ket in autumn. According to Alaksandar Manev fromthe in vestment fund Ilirika, the pessimism on the stockex change is still present, which is due to the small turn -over, although the Macedonian companies realize goodfi nancial results.

There you will read that few thousand people, who -se properties were unjustly taken, can not be paid dam-ages by the state with bonds. A reason for that is thatthe amendments of the Law on issuing denationalizati -on bond, which predicted issuing of two more issues ofde nationalization bonds, which was not adopted by thepre vious parliament. So, with that, there is no legal ba -sis to continue payments on denationalization claims.Star ting from 2002, until now, the Republic of Ma ce do -nia had six issues of denationalization bonds, whenbonds worth 199 million euro were issued.

Dnevnik informed that Stopanska banka allowedear ly payment of the estate loan with no commissionand reduced administrative costs. The bank decided toco ver the costs for estimation of the property which isleft as mortgage for estate loans for new users. Thisoffer is valid for the claims which will be submitted bythe end of June this year.

Utrinski vesnik informs that the Government,through the Directorate for protection and saving, pur-cha ses three fire preventive airplanes, so-called am phi -bi ans. The best offer will be chosen next month on 25th,by public bidding. Ten of these vehicles should be speci -a lized for ceasing fire in forests, and the other two forur ban areas. The director of the Directorate, ShabanSa liu, says that the international tenders for procure-ment of airplanes and vehicles are announced in Ga ze -t te and they are now collecting offers.pplying a systemof natural insemination of the flower, known as hidro-pony. The total investment is 10 million euro, 50 % ofthem are of invested own assets, and the rest is loanfrom the World Bank…

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: 28Date: 23.06.2008

IT IS DISTRIBUTED FOR SUBSCRIBERS ONLY

FRONT PAGE PHOTO:PROMOTION

Photo:Robert Spasovski

Editorial staff of berzNIKInternet distributive system: www.interNIK.com.mkEditor: Makedonka BaldazarskaJournalist: Vaska Mickoska, Kiro SimonovskiDTP: Tatijana TrpkovskaEditorial staff:News Evaluator: Anita Bashoska, R. Tasovska[operators]:Mare Lazarevska, Arslan Skoro, Zoran Stamatovski,Martin Arsovski, Gorge Redzik, Toni Arsovski i Darko Tripunovski [translators]: translator's manager Senka Mihajlovska, AngelinaFilipovska, Slobodan Trajkovski, Aleksandar Stamenkovski, AnetaMenoska, Filip Koviloski, Darko IvanovskiFotoreporter: 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

STOCK EXCHANGE NEWS... . . . . . . . . . . . . . . . . . . . . 4

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

BAR HARBOR, MONTENEGRO – SEA DISTRIBU-TION CENTER FOR THE MACEDONIANGOODS!?.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8-9

ITALIAN-MACEDONIAN BUSINESS FORUM INOHRID. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8-9

TRIPLE S LEARNING ON THE MACEDONIANMARKET. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10-11

ON THE FAIR – THE WORLD OF PRIVATELABEL IN AMSTERDAM . . . . . . . . . . . . . . . . . . . . . . . . . . .12

PROMOTION: GUIDE TO THE MACEDONIANVINERIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .12

berzNIK, THURSDAY, FRIDAY, SATURDAY ..............13-15

WEEKLY MAGAZINES.....................................16

EVENTS THAT MARKED THE WEEK..............17

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



The problem between OKTA and citizens who

reside near the refinery is top news in all papers.

Printed media inform that the refinery refused to

install pollution measurement instruments and sub-

mitting of regular measurement results to citizens

who live in the surroundings and constantly com-

plain the smoke. Management also has no inten-

tions to research recent pollution of the water, soil

and air in these villages. This unfavorable news for

citizens was announced by the representatives of

the ministry of environment after the meeting with

management of OKTA. However, citizens

announce to look for justice on international court,

because they believe that it is the right place to

prove that refinery pollutes the environment and

harms their health.

Mobile operator VIP introduced new complete

communications solution – VPN, intended for

medium and large enterprises, paper convey.

Private virtual network represents complete

telecommunications solution that unites employed

in one company in one users` group. As stressed

by VIP officials, there are two tariff models – the

first is intended for companies that hire from 25 to

100 lines, and the second is intended for compa-

nies of more than 100 lines.

Macedonia is ranked 94th in the world with

currency reserves of 2.15 billion dollars, American

Financial Concern Bloomberg announced.

According to the report conveyed by most

papers, the biggest currency reserves holds China

– 1,682 billion dollars, followed by Japan with 970

billion dollars, Russia 549.1 billion dollars, India

304.9 billion dollars and Taiwan with 290 billion dol-

lars. From neighboring countries, Bulgaria holds

17.9 billion dollars and Croatia 15.5 billion dollars.

Total currency reserves in the world, including

gold, are estimated on 6.822 billion dollars. This

topic is extended by Vecer conveying that the level

of currency reserves at the end of 2007 provided

coverage of 3.8 monthly exports, and in this

moment they are reduced at 3.5 of the monthly

coverage. According to experts, keeping of

reserves above this level is not recommended,

because in that case means are less exploited.

Oil price in the world yesterday stared drop-

ping since UN General Secretary Ban Ki-moon

announced the Saudi Arabia is going to increase

the production avoiding the responsibility for oil

price increase, papers convey. While the world

boils of rallies and debates, we monitor the oil

shock, title in Dnevnik. No comment – is govern-

ment`s response asked about means applied by

Macedonia to manage inflation aftermath caused

by the increase of oil derivatives. The paper also

conveys that the ministry preserves the stand that

there is no possibility for reduction of oil fees, as

citizens and truck drivers` demand, but only the

decision for 30% reduction of vehicle insurance

remains.

Croatian diary Dukat announces the finaliza-

tion of the take over of Macedonian diary Ideal

Sipka, which was instigated last November. Dukat

now has in its possession 100% of Ideal Sipka.

Dukat`s investment motivated investment cycle in

the development of the primary production of milk,

increase of milk`s purchasing base, introduction of

new technologies for increase of quality and pro-

duction growth, for company`s better positioning

on Macedonian and foreign markets.

Milk production area brings the information

that Danish group Danube Foods, owner of many

diaries in the region, including the one in Bitola, up

until this July will sell company`s capital worth 1.56

billion euros. Diaries in Bitola and Bucen Kozjak

are part of Danube Foods group. Director of Bitola

diary Predrag Cvetkovic considers that these

announcements refer on some diaries in Serbia

and it is not going to affect IMB Bitola.

Dnevnik also conveys information published in

Croatian media, according to which European

Bank for Reconstruction and Development (EBRD)

and German Investments Bank (DEG) show inter-

est for taking over Croatian construction company

Ingra. According to them, following the finalization

of the capitalization and take over of Macedonian

construction company Mavrovo, Ingra prepares to

reshape company`s capital, i.e. on the next share-

holders` assembly will pass a decision for depreci-

ation of the share in ration 1:150.


2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

1. CURRENCY RESERVES BRING 94TH POSITION (*****)2. NO OUTCOME ON OKTA ISSUE (*****)

17.06.2008 TUESDAY

DNEVNIKс.1 PEACEFULLY FOLLOWING THE OIL SHOCK p.1 OKTA REFUSES TO REVEAL POLLUTION RESULTSp.7 PEACEFULLY FOLLOWING THE OIL SHOCKp.7 THE OIL PRICE REDUCED MINIMALLYp.7 CURRENCY RESERVES BRING 94TH POSITION p.7 VIP HAS SERVICE FOR ENTERPRISESp.9 EBRD THROUGH INGRA IN MAVROVOp.17 OKTA REFUSES TO REVEAL POLLUTION RESULTS

BIZNISp.1 THE LOANS ARE MOST PROFITABLEp.1 MACEDONIA ON 94TH POSITION IN THE WORLDp.3 VPN FOR MIDDLE-SIZED AND BIG COMPANIES p.3 MACEDONIA ON 94TH POSITION IN THE WORLDp.4 THE LOANS ARE MOST PROFITABLEp.12 MBI – 10 DROPS 10 DAYS IN A ROW-p.13 FALL OF MBI-10 AND MBIDp.13 SHARES OF TTK BANK UP FOR 10,99 PERCENT p.15 PRESENTATION OF REGIONAL CAPITAL MARKET STARTS p.15 RECAPITALIZATION OF THE SLOVENIAN INSURANCE COM-

PANY TRIGLAVp.15 CONVERSION OF THE VALUE OF THE TETEKS SHARES

UTRINSKI VESNIKс.6 NO OUTCOME ON OKTA ISSUE p.7 VIP HAS NEW SERVICES FOR THE COMPANIES SINCE YES-

TERDAYp.7 DUKAT FROM CROATIA HAS COMPLETED THE UNDERTAK-

ING OF IDEAL SHIPKAp.8 MACEDONIA 94TH IN THE WORLD ACCORDING TO THE

FOREIGN EXCHANGE RESERVESp.8 DINAR TO REACH HIGHEST VALUE

VECERp.6 VPN FOR LARGE CUSTOMERSp.6 SAUDI ARABIA DECREASES OIL PRICEp.6 RECORD INFLATION IN THE EURO ZONEp.6 MACEDONIA RANKS 94TH IN FOREIGN CURRENCY RE -

SERVESp.6 OVER 50,000 TONS OF EARLY VEGETABLE EXPORTEDp.7 DANUBE FOODS WILL SELL DAIRIES p.8 OKTA STRONGER THAN THE STATE?

VREMEp.5 OKTA PROMISED MOUNTAINS AND VALLEYS, BUT CHAN -

GED ITS MIND p.6 NEW BENEFITS FOR COMPANY TELEPHONE NUMBERS

VESTp.2 CROATIAN DUKAT FINISHED THE TAKEOVER OF IDEAL

SHIPKAp.7 OKTA STRONGER THAN THE STATEp.10 THE INFLATION IN THE EURO ZONE IS 3, 7 PER CENT

NOVA MAKEDONIJAp.1 WE DO HAVE AN ASPIRIN, BUT WE DON`T HAVE INJECTION

FOR THE OIL p.8 MSE IN RED p.8 WE DO HAVE AN ASPIRIN, BUT WE DON`T HAVE INJECTION

FOR THE OILp.8 VIP WITH NEW POST-PAID SERVICE FOR MIDDLE-SIZED

AND BIG COMPANIES p.9 MACEDONIA RANKED 94TH ACCORDING TO CURRENCY

RESERVES SPIC

p.1 HAS OKTA MORE FILTRATING TO DO?p.7 THE FILTER DOES NOT CLEAN THE DEBTSp.7 NEW SERVICES BY VIP


- The Government does not make any ex -cep tions – they demand 60 millions of Euros.This is the amount that Makedonski Telekom issup posed to pay out to the Government as divi-dend for the past two years. This is the news ofthe day according to the publications in the dailypa pers, which announced that on the toady’ssha reholding assembly of the Macedonian tele-com, the Government will again demand for theto tal gain of the company to be allocated whichamounts about 60 millions of Euros. A week ago,the majority shareholder in Maktel, Magyar Te le -com has allowed for the half of the profits to bedi vided from around 147 millions of Euros reali -zed in 2006 and 2007. According to this, the Ma -ce donian government would receive a dividendof only 28 millions of Euros, in accordance withthe capital from 34.8 percents that is owned inthe Telecom. Due to this proposal of the foreignsha reholder, last week, the state representativesha ve left the assembly in a sign of revolt and thesession was interrupted. Magyar Telecom as ama jority shareholder with 63 percents of the capi -tal has the right to adopt the revised financial re -ports for the work of the company in 2007 and tore ach a final decision for the dividend even with-out government’s approval.

Vecer reports that as of today Kosmofon be -gins with land-line telephony. Sources from thecom pany say that their prices will be lower evenby 40% from the prices currently offered by Te le -com. For a start, they will offer two service packa -ges. A possibility for free calls, as well as for pre-pa id vouchers, i.e. recharge as much as the citi-zens want. Few daily papers reported that Cro a -ti an construction company Ingra has changed thema nagement of Mavrovo. Few months after tak-ing over the shares of domestic civil engineeringcom pany, on the head positions Ingra mainly putper sonnel from Croatia. As the company an no -unced yesterday, Marjan Kostrencic was ap po -

inted chairman of the Board of directors of Mav -ro vo, and Hrvoje Cezar and Gligor Donevski arenew members of the Board of directors.

Ingra`s CEO Igor Oppenheim will performfun ction president of the Supervisory committeeof Mavrovo, and Jasna Ludviger and the Ma ce -do nian businessman Risto Gushterov were ap -po inted members of the Supervisory committee.The company had a loss in the amount of 2.35million Euros last year. In the papers today youwill also read that Croatian company Dukat com-ple ted the acquisition of the Macedonian dairyIde al Shipka. The entrance of Dukat will bringnew investments in the milk production and an in -cre ase of the purchase base of the milk, introduc-ti on of new technology for increasing the qualityand better positioning Ideal Shipka on the marketab road. The dairy Ideal Shipka is the second lar -gest dairy in Macedonia, and it is leading cheesema nufacturer on the market. It processes 30 mil-lion liters of milk per year. The dairy Dukat is anowner of four more production plants in Zagreb,Bjelovar, Somobor (Serbia) and Gradacac(Bosnia and Herzegovina).

Biznis reports-2007 a record-breaking onefor Macedonian stock exchange. The total turn -over on the Macedonian stock exchange realizedthrough trading in BEST – system, block transac-ti ons and public stock exchange auctions in 2007amounts 41 702 320 447 denars, or around 682millions of Euros. This is for 34.45% more com-pared to the 2006. These are the official num-bers, summed up in the report of the MacedonianStock Exchange for 2007. The realized turnoverof trading in the BEST – System, amounts 30 404479 894 denars (around 496.9 millions of Euros),which is for 181.66% more in relation to 2006.This paper reports that according to the stock ex -change analysis, on Macedonian stock exchangeyesterday has been marked increase of turnover,but mainly the trading was done with the shares

of certain companies which compose the MBI-10index. With total turnover of little over 30 milliondenars, MBI-10 has fallen for 0,55%. The biggestturnover of almost 12 million denars was realizedwith the shares of Makpetrol.

Vreme reports that- yesterday, the oil hassignificantly become cheaper on the electronictrading on the New York Stock Exchange, after atone moment on the day before yesterday, it waspriced almost 140 dollars per barrel. The shortterm and drastic increase of the price of the oil isexplained by the Stock Exchange analysts withthe decrease of the value of the dollar. Yesterday,the American light oil for the shipment in July inNew York was priced 134.38 dollars per barrel.

Both Dnevnik and Vreme report that theWorld Bank will invest in the infrastructure inSoutheast Europe. -The business and the munic-ipal infrastructure on the Balkan is not developedand there is much to be done in order to meet theEuropean Union standards – thinks ShabazMavadat, director of IFC for southern Europeand for central Asia.The agreement is worth 35mi llions of euros, and it should help improving theliving standards and creating better conditions forleading a business in Macedonia, Bosnia andHerzegovina, Bulgaria, Croatia, Montenegro, Ro -ma nia and Ukraine. The credit line of IFC, whichhas a deadline of payment up to 10 years, willenable the Austrian commission to develop smalland medium sized projects.

By the end of the year, EVN Macedonia willfile a claim for increase of the electricity price.According to the president of the company’sBoard of Directors, Georg Valdner, at themoment it was hard to say how much increasethey will claim, because on the one side therewas the inflator pressure, and on the other, thecalculation of costs which should be covered withthe electricity price, report most of today’s



1. EVN WILL CLAIM INCREASE OF THE ELECTRICITY PRICE, ELEM DOES NOT EVEN THINK ABOUT THAT (****)2. CROATIAN COMPANY INGRA REPLACES DIRECTORS IN MAVROVO (***)

18.06.2008 WEDNESDAY

DNEVNIKp.7 ESM-EVN TO REQUEST APPRECIATION OF THE ELECTRICI-

TYp.7 NEW INVESTMENTS IN THE BUSINESS INFRA-STRUCTURE

ON THE BALKANp.9 MAVROVO WITH NEW MANAGEMENTp.9 FOUNDATION STONE OF ZLETOVICA SET

BIZNISp.1 GOVERNMENT MAKES NO CONCESSIONS – CLAIMS ON 60

MILLION EUROS DIVIDEND p.1 MBI ON A LOWEST LEVEL IN 52 WEEKS!p.12 MBI ON A LOWEST LEVEL IN 52 WEEKS!p.13 МBI 18.06.2008p.13 MBI-10 FELL BY 29, 12 INDEX POINTSp.13 THE OFFICIAL MARKET “TURNED” 28.4 MILLIONS OF

DENARSp.14 THE FOREIGNERS WITH PARTICIPATION OF 50.67 PER-

CENTS IN THE TURNOVERp.14 REGULAR REVISION OF MBI-10 AND MBID p.16 OIL HITS RECORD NEAR 140 US DOLLARS A BARREL

UTRINSKI VESNIKp.5 LAID THE GROUND FLOOR ON THE DAM ZLETOVICA p.7 EVN REVITALIZES HEC KALIMANCIp.8 EVN WILL CLAIM INCREASE OF THE ELECTRICITY PRICE,

ELEM DOES NOT EVEN THINK ABOUT THATp.8 THE CROATIANS APPOINTED THEIR PEOPLE ON MAVROVO

FRONTVECER

p.1 EVN TO REQUEST APPRECIATION OF THE ELECTRICITYp.4 COSMOFON BECOMES FIXED-LINE PHONE OPERATORp.6 THE GOVERNMENT DOES NOT MAKE ANY EXCEPTIONS –

THEY DEMAND 60 MILLIONS OF EUROSp.6 DUKAT TAKES OVER IDEAL SHIPKAp.6 DEVELOPMENT OF THE INFRASTRUCTURE IN SEE

VREMEp.6 MONEY FROM THE WORLD BANK FOR THE INFRA-STRUC-

TUREp.6 THE OIL SIGNIFICANTLY DECREASES ITS PRICEp.7 THE MANAGEMENT OF MAVROVO TO BE CHANGED

VESTp.8 CROATIAN COMPANY INGRA REPLACES DIRECTORS IN

MAVROVONOVA MAKEDONIJA

p.8 NEW TRANSFER OF MAKPETROL, TOPLIFIKACIJA FALLS BY5%

p.8 EVN WILL CLAIM INCREASE OF ELECTRICITY PRICEp.8 AGAIN, PREVENTED ENTRANCE OF RADIOACTIVE WASTE

FROM KOSOVOSPIC

p.6 OKTA ON STATE`S BACK?p.6 EVN DEMANDS ELECTRICITY PRICE INCREASE p.6 THE SMELTER IN VELES GOT NEW OWNERS?

National Institute for Foreign Trade (ICE) and theUSAID project for plastic recycling called on col-laboration between the Italian and Macedonianshareholders on theme recycling of plastic

On 18 and 19 June, The USAID Projectfor plastic recycling , in collaboration with theItalian Institute for Foreign Trade, organizedthe first Italian-Macedonian Business Forumfor recycling of plastic (B2B) in Ohrid. On thefirst day of the Forum were organized B2Bmeetings between Italian and Macedoniancompanies for plastic recycling, as well aspresentation for the last trends and technolo-gies for plastic recycling. On the same day,the USAID project for plastic recyclingannounced the establishing of PETRA, thefirst association of individuals engaged forrecycling in Macedonia. On the second day,the Italian experts presented their modelsand experiences in the implementation ofpartnership among the public and privatecompanies. The host of the Forum was the

mayor Aleksandar Petreski, which hadbeen, also supported by the Italian Plasticand Rubbery Machinery Association (ASSO-COMAPLAST) and the Association of theUnits of Local Governments of Macedonia(ZELS).

- Today’s initiative connects twoimportant topics: presentation of and interestfor the newest achievements of the Italiantechnology for plastic recycling and the con-cept for public- private partnerships in wastemanagement, said the Ambassador Do na -tino Markon, at the official opening whichtook place on 19 June, in Ohrid. -The last to -pic is the winning formula that connects themunicipalities and which provides betterquality of services, better environment andbet ter life. Italy has enormous experience inthis trend and we hope that this initiative isonly the beginning of experience exchange,knowledge and collaboration between ourcountries.

For the support of the Macedonian Bu si -ness Sector, with special emphasis of theen vironment protection, plastic recycling andthe public-private partnerships, was discu -ssing also the director of the USAID Missionin Macedonia, Patricia Rider, who said:

- The environment protection is chal-lenge not only for Macedonia - that is univer-sal issue. Around the world, the world lead-ers are focusing on the role of private andpublic sectors for protection of our planet.The refore, today it is success to be seenmem bers of Government, business repre-sen tatives and leaders of the communities todis cuss for the present and potential partner-ships that will transform the plastic recyclingin one permanent industry in Macedonia.

The Minister of Environment and Phy -sical Planning, Xhelil Bajrami, the Vice Pre -sident of ZELS Nevzat Bejta and the Mayorof Ohrid, Aleksandar Petreski, emphasized

ITALIAN-MACEDONIAN BUSINESS FORUM IN OHRID

THE EXPERIENCES FOR WASTE

The Bar Harbor is not easily accessible for theMacedonian companies, because there is not adirect transport access to Montenegro. Theshortest route through the Republic of Albania,which is approximately 300 kilometers long, isunusable. Heavy goods vehicles cannot passthrough the wooden bridge on Bojana River.

The Bar Harbor is ready to become a dis-tribution center for Macedonian goods duringtheir export on foreign markets. On an areaof 200 hectares, the harbor is working in afree trade zone and it makes a turnover in theamount of five million tons of goods, andwhat is most important, it offers high-qualityservices and competitive prices. This, amongthe other things, was pointed out by SloboPejovic, Executive Director of Bar Harbor, atthe recent presentation of Bar Harbor, Mon -te negro, in the Economic Chamber of Ma ce -do nia.

The presentation itself is a result ofChamber’s efforts to meet the requirementsof its members, who, regarding the recentoc currences connected to the blockades ofthe Thessalonica Harbor, suffer enormouslos ses and have unplanned costs in theireve ryday work. Furthermore, the major Ma -

ce donian industries, ferrous industry andsteel industry, which create above 20% of thegross domestic product and almost half ofthe Macedonian export, are completely blo -ck ed. Due to blockades on railway and non-functioning of the Thessalonica Harbor, thema jor Macedonian companies have no wayhow to sell their products to foreign partnersand if such extremely unfavorable situationcontinues in the next period, the overalleconomy in the country will suffer long-termconsequences.

Transport – obstacle for moreintensive cooperation

But, despite of the fact that it was evenoffered as a permanent solution for seatrans port of goods to Macedonia, the BarHar bor is inaccessible for the Macedoniancom panies from a reason that it is very diffi-cult to organize a fast transport through thirdco untries, regarding that Macedonia doesnot have a direct transport access to the Re -pub lic of Montenegro. Namely, the shortestroute through the Republic of Albania, whichis approximately 300 kilometers long, isunusable, because they didn’t build a bridge

on the place of the wooden relic from the19th century, through which, heavy goodsvehicles cannot pass. On the other hand, therailway transport, which must go throughBelgrade, in spite of the fact that there is acompetitive price in relation to the trucktransport, is very slow and complicated (wait-ing for enough cargo, customs procedures,etc.), especially for frozen goods. We don’teven consider the possibility for transportthrough Kosovo/UNIHCR because of thehigh guarantees requested for the transportof the goods.

After the discussions between Bar Har -bor’s management and the representativesof the Macedonian companies, as well as thebilateral meetings, two initiatives were alsoraised. Initiating discussions and eventualmaking an agreement between the three rail-ways (Montenegrin, Serbian, and Ma ce do -nian), which would guarantee the prices andthe speed of the transport of the goods, wassuggested. The other refers to a visit, organ-ized by the Economic Chamber of Ma ce do -nia, of the local companies to the Bar Harbor,whereupon the transport capacities and thequality of the services of this harbor would bedetermined.

BAR HARBOR, MONTENEGRO – SEA DISTRIBUTION CENTER FOR THE MACEDONIAN GOODS!?

THE SHORTEST WAY IS SIMULTANEOUSLY THELONGEST



MANAGEMENT-TO BE WELCOMED

the necessity for the increased collaborationbetween all shareholders, in order makingper manent policies that will help in the at -tracting of foreign investments in Macedonia.

Related to the Forum, on 19 June, theUSAID project for plastic recycling andMunicipality of Ohrid officially announced thebeginning of the Program for collection ofPET in Ohrid by signing Memorandum of Un -der standing.

The director of the USAID Mission inMacedonia, Patricia Rider an nounced thatOhrid will be the center of the campaign forraising of public awareness for recycling,supported by USAID project for plastic recy-cling and realized by the Municipality, PublicService Company-Ohrid and NGO Jagoda.

Rider encouraged the representatives ofthe municipalities and communities to inten-sify their effort for protection of Ohrid’s natu-ral beauty.

The Italian Government - donor for environment protection

The Italian government was one of themajor donors in the area of environment pro-tection in Macedonia. In 2005, Memorandumof Understanding was signed between theItalian and Macedonian Government withdraft of collaboration among the two coun-tries and the implementation of Kyoto Pro -tocol, in order to attract Italian investors inter-ested in earning green credits in Macedonia.

In the frames of the Memorandum, since2004 is implemented the three year projectworth three million euro for Inter-border col-laboration for permanent local developmentof the border region of Prespa, including theMunicipality Likenas (Albania) and theMunicipalities Ohrid and Resen.

ICE is Agency of the Italian Governmentpresent in over 80 countries. Since June

2000, The Office of ICE on Skopje operatesas Section for promotion of trade of theItalian Embassy in Macedonia, providingassistance of the Italian investors and organ-izing events and projects for promotion of thebilateral trade and investments.

The project for Plastic Recycling worth 1,2 million dollars is realized by MDC TI-NET inpartnership with the municipalities, as well asprivate and public companies for waste man-agement. The project has recently finishedthe pilot-program in four municipalities andnow is making efforts for extension in other20 municipalities.

The project initiated programs for collect-ing and recycling of plastic and for RecyclingClubs in the primary schools, equipment ofEcological Irelands, and for assistance of theeight companies for recycling in providing theequipment.

Economic cooperation betweenMacedonia andMontenegro

The difficulties in the transportinfrastructure and the shortage ofthe direct road and air connectionare an enormous obstacle forstrengthening of the trade ex -chan ge between Macedonia andMon tenegro. In addition, the tradeex change between the two coun-tri es is carried out in accordancewith the Free Trade Agreementbet ween the Republic of Ma ce do -nia and the Serbia-MontenegroUnion (effective since August2006) and the 2006 multilateralfree trade agreement CEFTA. Sin -ce the beginning of this year,Mon tenegro is implementing theIn terim Agreement for stabilizationand association, thus increasingthe capacity of both countries forusing the benefits from CEFTA.

Agricultural products, food-stuff, medicaments, chemical in -dus try products, textile products,steel processing industry productsare prevalent in the export fromMa cedonia to Montenegro. On theother hand, canned vegetables,fruit juices, beer, lum ber industry products,aluminum products, and hot rolled wire arethe products which are mostly imported from

Montenegro. Until now, the firms from thetwo countries achieved cooperation in thesectors energy, metallurgy, steel processing

industry, processing of lumber, tex-tile, leather, rubber, chemical indus-try, tourism, traffic, and use of BarHarbor.

According to the analyses, maineconomic sectors which have enor-mous potential for increasing the sizeof the mutual trade exchange bet -ween the two countries are the civilengineering sector, the food industryand the pharmaceutical industry. Inthe part of the civil engineering sec-tor, there are always about 1,500-2,000 qualified construction workerson the Montenegrin market who parti -ci pate in big construction projects assub contractors for foreign compani -es. In addition, the Macedonian con -struc tion companies point out thatper mits for construction firms and de -sig ners still do not function in our co -un try, which is disabling them to workle gally abroad. From the pharmaceu-ti cal industry, the firms Al ka loid andRep lek already entered and have ago od position on the Mon tenegrinmar ket. Through several ten ders,they also have a big part in the medi -ca tions’ business on that market. Theener gy sector and power industry areare as of possible cooperation, espe-ci ally now, in terms of a new uniqueener gy market of Southeastern Eu ro -pe.

This cooperation will be even mo -re successful with the completion of the con-struction of the transmission systems in Al -bania.




Triple S Learning is a specialized trainingcenter in the areas of sales, service andsuccess. Triple S Learning separates

the knowledge and methodology containedin the training programs, which are usedeven by the world’s leading companies, asuni que and innovative in the modern workingcon ditions. Triple S Learning is a leadingcom pany in the region, which offers its servi -ces in Serbia, Slovenia and Croatia, and so -on in Bosnia and Herzegovina, through its lo -cal representative offices there.

About CSA Speakers @ Triple S

As of recently, Triple S Learning isan authorized partner of CSA SpeakersLtd. The newly formed company CSASpeakers @ Triple S will cover the terri-tories of Macedonia, Serbia, Croatia,and Slovenia.

The purpose of our strategic part-nership with Celebrity Speakers As so -ciates (CSA) is to give an opportunity tothe Macedonian companies and thecom panies from the region to get intouch with the world’s most outstandingpersonalities, renowned speakers,proven business gurus, former heads ofstates, Nobel Prize winners, sports leg-ends, and HR and CRM experts.

About CSA Celebrity SpeakersAssociates

Celebrity Speakers Associates(CSA) is a global network of speakerbureaus. For more than 20 years, its bu -siness and motivational speakers hasbeen instrumental in providing speech-es at conferences, business events,ma nagement development programs,seminars and workshops, road showsand exhibitions, after dinner events andpro duct launches and one-to-one co a -ching. We are entrusted with the manage-ment of our speakers’ services, who areamong the world’s most outstanding perso-na li ties from the field of professional busi-ness, academia, politics, sport, entertain-ment and the arts. We are highly motivated togu ide you every step of the way to plan a tru -ly unforgettable event. Apart from the top lo -gistics service, we strive to provide our cus-tomers with topical speakers who will meettheir corporate requirements. Some of CSA’sclients: Microsoft, Pepsi Co International,Mo torola, Hewlett Packard, Ericsson, DellCorp, Siemens Group, KPMG, Pri ce wa ter ho -u se Coopers, Shell International, Xerox, Go -od year, Reuters, Barclays Bank, British Te le -com, Swiss Telecom, Glaxo Smith Kline, For -tu ne Magazine, Institutional Investors, Tetra

Pak, UBS etc.Jack Welch, Tom Peters, Michael Porter,

Philip Kotler, Helmut Kohl, Jay Conrad Le vin -son, Neil Armstrong, Carl Lewis, MichaelOwen, Niki Lauda, Helen Hunt, Mark Fritzare just part of over 2,500 speakers from thebase of CSA Speakers Ltd who we representand who might become a part of the succe s -s ful business stories of the Macedonian com-pa nies, who might become part of the corpo-ra te and promotional activities of the Ma ce -do nian companies.

These people, who set new standards

and pawned the road of man’s successes,are the most relevant representatives of thehuman intelligence and success. In order toconvey the secrets of their success, as wellas the technologies of the companies whichstrategies they invented, they are nowengaged as speakers, consultants and men-tors of the companies all over the world.Their mission is to help companies promotetheir development and cope with the every-day challenges in the intention of becomingleaders on the market.

Mission

Our mission is to contribute to the econo -mic development of the region and to initiatepo sitive changes by enabling access to the

know ledge of the most significant businessgu rus, which will allow our clients to carry outthe ir missions. The mission through whichwe will supply information and and answersfrom the real world which are easy to imple-ment in practice and can be transformed intomo ney.

What can CSA Speakers @ Triple S offer tothe Macedonian companies

Access to the world’s most significantbusinessmen, academicians, and politicians

and an agreement of their engagement.Assistance in identification of the

best person who can:�speak at companies’ conferences�organize strategic meetings�run workshops�train and teach managers�run and moderate corporate

events�represent the company at product

launches�to be a part of companies’ promo-

tional campaigns�to hold a speech at an opening

ceremonyThrough its functioning, CSA

Speakers @ Triple S offers free con-sulting for selection of speaker from ourportfolio in accordance with your needsand the effect you want to achieve, aswell as consultations, advices andassistance in organizing a conference.A complete high professional logisticsregarding the engagement of the per-son and its agenda during the stay isincluded in the services.

Why should the Macedonian companiesuse speakers

There are many reasons to believethat engaging a speaker for a corporate

event would help Macedonian companiesachieve their missions and become leaderson the market:

�Receiving practical advices for thedirection of development of their business bypeople who set amazing records in manag-ing the world’s largest corporations andincreasing the profit

�They can advice them and give directinstructions for development and implemen-tation of powerful action plans

�Idea and inspiration for creative and in -no vative marketing

�Creates a sense of commonality andbe longing in the company among the em -ployees

�Motivates employees to make effortsfor carrying out the company’s mission

TRIPLE S LEARNING ON THE MACEDONIAN MARKET

WORLD’S GREATEST MINDS – LEADERSHIPGUIDEPOST FOR THE DOMESTIC MANAGERS

The world’s most outstanding personalities, renowned speakers, proven business gurus, former heads of states, Nobel Prize winners, sports legends, and HRand CRM experts are now available for the Macedonian menageries as well


�The companies have an opportunity tofind out the secrets for the buyers’ motives,their sense for the products from an expert ina certain area and to use that knowledge formaking loyal customers

�Providing enormous media attentionand coverage in numerous PR texts andannouncements

�Building image of brand which sets andmeets high quality standards

There are no more restrictions for theMacedonian companies – now they have anaccess to the world elite. Now the superiorknowledge of the world’s greatest minds willpawn the road to conquering of the Europeanmarkets!

CSA Speakers @ Triple S

The company CSA Speakers @ Triple Swas founded as a result of the strategic ag -reement between Triple S Learning (speciali -zed training center) and Celebrity SpeakersAs so ciates (global network of speaker bu re -a us), with which Triple S Learning becomesa representative of over 2,500 world’s out-standing speakers, business gurus, NobelPrize winners, former presidents, sports leg-ends etc for the territories of Macedonia, Ser -bia, Croatia, and Slovenia.

- We were working on this idea for a longtime. We were wondering how our companycan contribute to Macedonia and the Ma ce -donian companies in this crucial period whenthe process of globalization is reflected evenin our business reality, when the Europeanfuture of Macedonia and the European mar-ket are a tendency of all citizens and busi-nessmen, and, what is more important, howto help Macedonian companies achieve theirmissions, increase their profit, develop theirbusinesses and not to be geographically dis-criminated in the process. We were looking

for a way and a solution to carry out our mis-sion: to initiate positive changes in people’slives and their companies. We came to theidea that the best way to do it is to come upwith a way to reach to the secrets of the suc-cess of the greatest minds in Europe and theworld, to the people which were leading thepositive economic changes in the other partsof the world and to bring them to Macedoniain order for them to convey the philosophiesof the world’s most successful individualsand companies.

We are especially happy that theMacedonian companies now have the oppor-tunity to find out the secrets of the successfulpeople, the people who are in the boards ofthe world’s leading companies from the typeof General Electric, Intel, Burger King etc fordecades, people who once were heads ofstates and diplomats, Nobel Prize winnersand sports legends. I am talking about the

world’s most outstanding people, who setnew standards with their works and success-es, people whose names are a synonym forsuccess for decades, and what is mostimportant, those people are now ready toshare their knowledge and intelligence withthe Macedonian companies.

We call this initiative a new era for theMa cedonian companies/businesses, be ca u -se we strongly believe and we are convincedthat this opportunity will bring revolutionaryand spectacular positive changes to the Ma -ce donian managers, i.e. it will prepare themfor the global processes. For example, imag-ine a meeting for strategic planning of theManagerial/Executive Board of a Ma ce do ni -an company, on which a person such as JackWelch, the man in whose time the companyGE achieved a market price of amazing 376billion US dollars, attends. He is now ready togive directions to other companies and givethem tips how to develop their business andon which market possibilities to focus. Theyalready went down that road and coped withequally challenging problems. Or a meetingfor creating of an annual marketing strategywith Jay Conrad Levinson or Philip Kotler,pe ople who wrote the best books for mana -gers. Further on, business meeting, work-shop of the team for product development ofa Macedonian company moderated by Na -than Schulhof, the man who invented theMP3 Player.

The brands which were known on the Eu -ro pean markets until now became a reality inour country. For example, Pelé can be a partof a promotional campaign of a certain Ma ce -donian product, first face of a company, orTom Peters or Henry Kissinger can attendon a strategic meeting of a domestic compa-ny. These are people who are engaged bythe world’s largest companies for decades,but this became a reality for the Macedoniancom panies as well, thanks to our agreementwith the company CSA.

Marija SolevskaExecutive Director

CSA Speakers @ Triple S

Business language is the only common language in the worldHow much can the people who have been a part of the successes of the world’s largest

companies help us with their knowledge, experience and skills and how much is theirknowledge and skills applicable in Macedonia? Dagmar Outul from CSA says: I was aguest on one of Jack Welch’s lectures in Zagreb and one of the participants on the confer-ence asked Jack Welch the same question. His answer was the following: Business lan-guage is the only common language which is understood by all people from across theglobe. The goals, the strategies, the challenges and the problems with which businessmenand managers from all over the world are facing are the same everywhere. We live in aglobal world, we share the same values, and we are facing the same problems regardlessif the company is located in Africa, USA or Croatia. The companies in the economically sta-ble regions already went down the road which the Macedonian companies are currentlypassing, they faced the same problems, they bore the same weight and pressure. Webelieve that the future of the Macedonian companies and the Macedonian business isbright, but would not it be wonderful if we do not have to make the same mistakes, that wecould learn from other people’s experiences, to use experts from all over the world whohave already been down the road which we are passing at the moment. We can at leasttry to accelerate this process by using their knowledge and experience. It is one of the rea-sons because of which the people who achieved their peak and accomplished all of theirlife’s goals decided to share their knowledge with the world by becoming part of the con-ferences of the companies.



USAID`s program Agbis supported threeMacedonian agribusiness companiesto take part as exhibitors on the World

of Private Lebel 2008 Fair in Amsterdam,held last month.

The World of Private label, the biggestfair in this industrial branch, reflects the glob-al growth of the retail and their private labelsup ply chains. This year's event was itsbig -gest ever, with more than 3,200 exhibitstands, representing more than 1,600 com-panies.The new exhibitors from Cyprus,Sweden, Macedonia, Litany, Malaysia andCa nada promoted their products, regionsand countries. The Private Label Ma nu fac -tures Association fair is the place where Eu -ropean retail and wholesale traders find sup-pliers for private label program. This fair iscrossroad where buyers and vendors fromalmost 70 countries meet and join partner-ships of private label at the same time havinginsight in the latest achievements in relationto products.

Inter-Max, Veles, processor of forestmushrooms; Vitalia - Skopje, healthy food

processor, and Tehnoalat – Gevgelija veg-etable processor (products and food) - havealready accepted the NASSR and ISO stan-dards being able to produce high quantitiesof high quality products, which mean that,are ready to appear on the EU Private Labelmarket. This is the first time for one Ma ce -donian group to tae part as exhibitors of thisfair. AgBiz helped them to exhibit their prod-ucts and coordinated their participation. Thisrepresented excellent opportunity forTehnoalat, Intermak and Vitalia to advancetheir understanding for meeting the demandsin relation to private label and to determinethe production and sale potential of privatelabel products in EU supermarkets.

The World of Private Label fair was signi -fi cant place for promotion of the companies-participators` products before all categoriesof buyers of private labels, as well as re se -arching the opportunities for contact estab-lishment with the key trade and retail factors.The fair enabled the companies-exhibitors tobe represented to buyers from whole Europeand other countries. Managers of trade,brand and categories from the leading retail

companies wanted products offering the bestsuitable offer for quality, good packaging andattraction and to satisfy the latest demandsof their end-users. Companies establishedvery significant contacts with several relevantretail traders/buyers with which they havegood chances of building strategic supplypart nership relations. Despite that, they`veused this opportunity to study the competiti -on`s offer, new products and to collect ideasfor expanding their product lines and theirad justment towards the specific private labelprog ram demands.

The special marketing private label con-fe rence held earlier, helped Macedoniancom panies to see the possible way of use ofthe private label opportunities and was veryuse ful for the participants. The conferenceco vered wide range of representations andworkshops dedicated to private label princi-ples, issues related to the sale, such as thepo litical and practices used by the majority ofin ternational retailers in the supply, exportgrowth, EU export rules and regulations as atool in improving the export, quality controland crisis management.

As participants on the fair the world ofpri vate labels, Macedonian companies be ca -me PLMA`s members providing them con-stant exposure to great number of potentialbuy ers for different consumer segments.

USAID`s AgBiz program will continue tosup port owners from Macedonian agribusi-ness in order to help them complete the ne -ce ssary improvements in their work, to getthe maximum of its work and to meet buyersre quests enabling them to sale their productssuc cessfully through the private label ca -nals.

ON THE FAIR – THE WORLD OF PRIVATE LABEL IN AMSTERDAM

FOR THE FIRST TIME, PROMOTION OF THREEMACEDONIAN COMPANIES Over 1.600 companies have been presented on this year`s fair promotion, from morethan 35 national and regional pavilions. The new exhibitors from Cyprus, Sweden,Macedonian, Litany, Malaysia and Canada promoted its products, regions and coun-tries. The Private Label Manufacturers Association Fair is the place where retail andwholesale traders make contacts with suppliers for their private lebel programs.

The catalogue plays the key role to present and pro-mote the Macedonian wine brands to the foreignbusinessmen and to give positive effects for theincreasing export. Furthermore, In Design Studioannounces new annual editions with richer contentin the years to come

- Guide to the Macedonian Vineries is theti tle of the latest catalogue that presents 23le ading vineries in the country, promoted byIN Design Studio (Chamber member) in co o -pe ration with the Economic Chamber of Ma -cedonia.

The luxurious presentation of the homevi neries for the numerous visitors was en -riched with a degustation of the top Ma ce do -nian wine brands. This is a second guidebo -ok of this type by IN Design Studio present-ing the possibilities of the Republic of Ma ce -donia and the capacities for productions ofone of the country`s aces , the wine, for pla -ce ment on the international markets. Thecatalogue plays the key role to present andpro mote the Macedonian wine brands to thefo reign businessmen and to give positive ef -fects for the increasing export. Furthermore,

In Design Studio announces new annual edi-tions with richer content in the years to come.

- For centuries, Macedonia has beenknown as a producer of the best wines in there gion. With this catalogue, Guide to the Ma -ce donian Vineries, we wanted to contributeto the promotion of this tradition of ours. Thisca talogue is a response to the needs for pro-mo tion of the Macedonian wine industry.

In the six years of existence, In DesignStu dio has made a number of projects, how-ever, we must highlight that this project is de -di cated to one of the most distinguishablemarks of the Republic of Macedonia-the qu -a lity red and white wines; it was emphasized

by In Design Stuidio.

The satisfaction to see almost all estab-lished vineries from the Republic of Ma ce do -nia gathered here, in one place this night gi -ves another stimulus for cherishing thisevent, which we believe will grow into a Dayof the Macedonian Vineries, which will be tra-di tionally held each year for the purpose ofope ning possibilities for contacts and coope -ra tion among the vineries, the interested con-su mers and promoters.

The catalogue will continue presentingthe Republic of Macedonia and its productsand heritage on all fairs worldwide!

MACEDONIAN WINES GETTINGNEARER TO THE EUROPEAN

TABLES…

PROMOTION: GUIDE TO THE MACEDONIAN VINERIES


1. COSMOFON STARS WITH FIXED TELEPHONY (*****)2. WE WILL BECOME LEADING BANK IN THE REGION (***)

19.06.2008 THURSDAY

Today news is mainly focused on threeevents: Cosmofon starts fixed telephony; the gov-ern ment continues the battle with Telekom for thedi vidend of 60 million euros and Chebren and Ga -lish te will dry Vardar out. These three events arefo llowed by the announcement for the 15th an ni -ver sary of UNI Bank in Macedonia and doubts re -gar ding the illegal sell of Veles smeltery.

Without exception, all daily editions conveythat the second mobile operator Cosmofon startsfix ed telephony across its GSM network, whichco vers 99.8% of the population in the country. Thepri ce of 1 minute call within company`s networkstands 0.49 denars per minute, and towards Ma -ke donski Telekom 0.99 denars, towards Cos mo -fon 4.99 denars, and towards other mobile net-works 9.99 denars. Users can choose some of thethree postpaid packages which monthly subscrip-ti on stands from 199 to 599 denars including freemi nutes and prepaid package without subscripti -on. As we announced, pages of today papers arefo cused on opposite stands between the govern-ment and Makedonski Telekom regarding theamount of the distributed dividend. Both sides willreconsider the decision for distribution of the divi-dend. The distribution of the profit from 2006 and2007 will be returned for further consideration infront of the Board of Directors, and later on com-pany`s shareholders` assembly, since yesterdaydropped from the agenda on the continuation ofthe session. This will exceed the term for the an -no unced distribution of the dividend which was tostart on 30th of June. For now the mystery re ma -ins if the repeated consideration of the decisionwill accept the insisting of government represen-ta tives for distribution of the total amount of 60 mi -lli on euros, or company`s proposal for distributionof just half of the dividend in amount of 28 millioneuros. Makedonski Telekom CEO Nicolay Bakersannounced that if government`s demand for distri-bution of the entire amount of the dividend, theywill be unable to realize company`s investmentplan. It is a matter of some tens of million of euros,to be more precise there are two projects, optical

cable to the home and optical cable to the pave-ment. These projects will introduce in Macedoniathe most sophisticated network that will enableconnection of 50 to 100 megabytes for the popu-lation, Bakers says.

Chebren and Galishte will dry off Vardar is thetit le with which Shpic emphasizes the yesterday’sde bate for the construction of these hydro powerplants. –the conditions for construction and forma naging of the power plants Chebren and Ga -lish te for Crna Reka are badly set, concluded partof the experts on the yesterday’s debate for thede velopment of the energetic and protection ofthe living environment, which has been organizedby Transparncy – Zero Corruption. Part of the par-ti cipants pointed out that there is no thoroughanalysis for the water leve, and the biological min-imum of Crna Reka, which is the biggest tributaryto Vardar, is not predicted. This could decreasethe water level of Vardar and to make a disputewith Greece. Macedonia, according to the interna-tional regulations should maintain the biologicalminimum of the rivers that pour out in foreigncountries. On the tender for construction of hydropower plants, two companies have applied, theGerman RVE and the Austrian Ferbund. In April,the government opened the offers, but the deci-sion for who should manage the construction hasbeen postponed for after the elections.

According to the conditions, the winner of thetender should build the power plants Chebren andGalishte in seven years, and after the constructionis built, they will receive the power plant Tikveshin a package.

UNI Bank, the leader in the payment cardsoperations has celebrated the 15 years of exis-tence in Macedonia. – In the previous years, UniBan was around 28 – 29 times smaller than thethree biggest banks, and now it is only four to fivetimes. Our goal is to be leaders in the secondgroup of banks, says Stojan Kralchev, head gen-eral director of UNI Bank. In relation to the futureplans, he says that in the banking business, onecan not expect abrupt changes and new opera-

tions. With their work, they just enable bigentrance of foreign investments and improving ofthe economy. From the bank they say that in thefollowing period, the biggest accent will be put onthe card payment operations, because this is atrend – changing the cash with non cash payment.Uni Bank, has ended its work in the first trimesterwith an increase of all the segments in the opera-tions. - The Skopje company Metrudhem, foundednot longer than a month ago from a company witha siege on the Virgin Islands is the new owner ofthe Smeltery in Veles, say from the Board of sal-vation of Veles, from the restarting of the factory.The offer from two millions and 250 000 eurosfrom the company from Skopje, has approved bythe Swiss company Mineko, which is the biggesttrustee of MHK Zletovo in whose composition isthe Smeltery. On the eight international tender forselling the Smeltery has participated the Turkishcompany Jalim Disti Karet too, which hasannounced construction of a shopping mall on theplace of the factory. The Board doubts the legiti-macy of the tender.

In Vecer you will read: Yesterday the broker-age house Delta Broker has officially marked thebeginning of its work in this country. Delta Broker,before almost a month ago obtained the license towork from the Securities Commission. The broker-age house is registered with basic assets of 75000 euros, divided to 1 000 regular shares withnominal value of 75 euros per share.

In addition, as Biznis conveys on the Ma ce -do nian stock exchange, there had been a new de -cre ase of the MBI – 10 yesterday. The Ma ce do ni -an Stock Exchange index amounts 5 168.57 andit marks a decrease for 1.75%. MBID amounts 5923.04 and it marks a decrease of 1.53% whileOMB is 107.50 with an increase of 0.04%.

Yesterday, 10 395 shares have been tradedvia 140 transactions and bonds in nominal valueof 9 167 euros through six transactions. In overall,146 transactions have been concluded and a totalturnover of 21 283 762.58 denars has been real-ized.


DNEVNIKp.7 COSMOFON STARS WITH FIXED TELEPHONYp.7 REK BITOLA RECEIVED NEW EXCAVATOR

BIZNISp.1 ALLO IN POSTPAID AND PREPAID OPTION p.1 THE GOVERNMENT CONTINUES THE FIGHT FOR 60 MILLION

EUROp.1 WE WILL BE LEADERS IN THE SECOND GROUP OF BANKSp.4 ALLO IN POSTPAID AND PREPAID OPTION p.4 SMELTERY CAN NOT BE SOLD TO METRUDHEM SKOPJE p.4 THE GOVERNMENT CONTINUES THE FIGHT FOR 60 MILLION

EUROp.5 STARTING PRICE OF 32.7 EUROS PER MEGAWATT-HOUR p.12 MBI-10 GOES DOWN FOR ANOTHER 1,75 PERCENT p.13 МBI 19.06.2008p.13 MBI-10 FALLS AGAIN p.13 THE TREND OF SHARES` FALL CONTINUES p.16 OIL GOES UP TO 134,17 DOLLARS

UTRINSKI VESNIKp.1 FROM NEW YEAR, INCREASE OF THE PRICES FOR ELECTRIC-

ITY DUE TO INFLATION p.2 ARE WE GOING TO PAY FOR MORE EXPENSIVE ELECTRICITY

FROM NEW YEAR? p.5 THE DECISION FOR THE DIVIDEND FROM TELECOM - DELAYEDp.9 TENDER GAMES WITH THE HEALTH OF VELES CITIZENS p.10 BETTER SURE THAN SORRY- EVERYONE SAVES IN FOREIGN

CURRENCYp.10 MACEDONIA IS RANKED 81ST ACCORDING TO THE FREEDOM

OF TRADE p.10 UNI BANK CONTINUES WITH THE SAME PACE OF CREDITINGp.10 REGISTRATION FOR SUBVENTIONS UNTIL SEPTEMBER 30TH p.11 COSMOFON INTRODUCES FIXED LINE HALLO YESTERDAY

VECERp.4 WE WILL BECOME LEADING BANK IN THE REGION p.4 DELTA BROKER KICKS STARTp.6 CHEAPER CALLS WITH ALLOp.6 UNCERTAIN SALE OF THE VELES SMELTERp.7 WE WILL LOSE LESS THAN WE ARE TO WINp.7 IT WASN`T DISCUSSED ON DIVIDEND

VREMEp.6 COSMOFON STARTS FIXED TELEPHONY

VESTp.3 COSMOFON WITH A MONTHLY FEE OF 200 DENARS

NOVA MAKEDONIJAp.7 INDEX GOES DOWN FASTER THAN THE SHARE PRICES p.7 COSMOFON STARTS FIXED TELEPHONY p.7 HEC TIKVESH- INVESTMENT OR GIFT?

SPICp.1 COSMOFON BECOMES NEW FIXED PHONE OPERATORp.4 INSTANT COMPANY BUYS VELES SMELTERY? p.6 CHEBREN AND GALISHTE TO DRY VARDAR OUT?



1. THE MACEDONIANS- AVERAGE INDEBTED (*****)

2. KONZUM ESTABLISHES COMPANY IN VALANDOVO (***)

20.06.2008 FRIDAY


Macedonian citizens take loans in order tomeet everyday needs and rarely for buying apart-ments or other housing facilities. The research ofGFK group from Skopje has shown these resultsconveyed in all today’s newspapers. According tothe research, 71% of the population in the countryhas established cooperation with some commer-cial bank, while 65% are beneficiaries of bankingservices. However, only 2% use electronic bank-ing services… The research shows that the lowstandard, high prices and increased demand areonly some of the reasons for the need of loan.Nevertheless, the population is still over indebtedand compared to the countries from the region weare in the average.

Greek parliament gave green light for the saleof part of telecommunications company OTE toGerman Deutsche Telekom - one can read inprinted media. This course of events makes morereal the announcement that there will be monop-oly in the mobile telephony in the country now asDeutsche Telekom is to own two mobile operatorsin Macedonia which cover 92% of the markettogether. - We consider relevant the momentwhen Deutsche Telekom will takeover the man-agement of Cosmofon and when the concentra-tion of power will have to be reported, says thePresident of Commission for Protection ofCompetition, Cedomir Kralevski.

Record oil prices on the world market contin-ue to be in the limelight of the newspapers. Thus,Vreme conveys that according to the statement ofthe Minister of Finance of Kuwait, Mustafa Si -mali, for the Agency Bloomberg, a reasonable

price for one barrel of oil would be about 100 dol-lars because the current is too high and motivatesinflation in the producer countries.

The world oil price shock enabled theMacedonian Government make profit with a greatamount. More precisely, bearing in mind that theVAT for oil derivatives is 18 percent, and by thecontinuous rise of prices, increases the percent ofthe permanent participation of this tax, so thatgreat amount of unplanned extra money form theblack gold go in the state budget.

As one can read in Utrinski vesnik, althoughthe new government is not formed yet, it isalready preparing to adopt a rebalance of the2008 budget to distribute the extra money.

Vreme also considers this matter, but from adifferent point of view, and informs that theGovernment will not reduce VAT and the excise ofoil derivates, but will reduce the prices of the tech-nical check and the pay toll, as measures that willsoften the price shock from the continuous oilprice increase.

Today’s newspapers mark the interest of theforeign railway companies for investing in, respec-tively purchasing part of the MacedonianRailways. Namely, the biggest railway companyon the Baltic, Skinest Rail, is interested in invest-ing in Macedonian Railways, writes Vecer. AsNova Makedonija conveys on the other hand, theGreek Railway wants to buy the transport part ofMacedonian Railways. Greece shows interest forpurchasing the Macedonian shipping companyFersped, company which is very well positionedon the Balkan with branches in almost every

country throughout the region.Both Macedonian companies explain that so

far they have not even discussed the option, norany information arrived from the Greek side.

The Croatian trading chain Konzum an -nounced that it is worked on establishing firm inMacedonia, whose activity will be to organize pro-duction and purchase of fruit and vegetables. Thecompany Konzum, which is member of Agrokorgroup, will be registered in Valandovo by thename Anska Reka-Nova, with a seed capital of5000 euro. At the same time, is announced estab-lishment of an identical firm in Serbia, and Kon -zum establishes both firms together with anotherCroatian company Plodovi na zemjata - Matievikj.

EVN-Macedonia shut down the power in 21utility enterprises throughout the country forunsettled electricity debts. If the companies don’taccept the proposals on servicing the debts, theywill be shut down again for longer period of time-EVN warns, and explain that so far not one pro-posal for paying the debts on installments hadbeen accepted.

The Public Revenue Office detects the taxevaders is the title of the text in Biznis, and itinforms that round 60 million euros evaded taxwere discovered by tax inspectors in the controlconducted over tax payers during last year. Fromthe total evaded tax, about 23, 5 million euros arebased on unpaid value added tax. As far as thepersonal tax is concerned 12, 8 million euros havebeen evaded, and 14, 6 million euros for incometax.

DNEVNIKp.5 FORMED BOARD FOR SALVATION FORM THE SMELTER IN

VELESp.7 EVN CUTS-OFF DEBTORS p.14 STARTING JULY 1CITIZENS CAN CHANGE THE OPERATOR

BUT NOT THE NUMBER p.14 KONZUM ESTABLISHES COMPANY IN VALANDOVO p.15 CREDITS ARE RAISED FOR EVERYDAY NEEDS

BIZNISp.1 60 MILLION EUROS EVADED TAX DETECTED p.1 EVERYDAY NEEDS ARE SOLVED WITH BANK LOANS p.2 MSE MAKES FAST FORWARD TOWARDS THE BOTTOM p.3 EVERYDAY NEEDS ARE SOLVED WITH BANK LOANS p.4 60 MILLION EUROS EVADED TAX DETECTED p.5 THE ROAD OF WINE FROM 23 WINERIES p.12 INCREASED TURNOVER ON THE STOCK EXCHANGE p.13 МBI 19-06-2008p.13 FALL OF THE THREE STOCK EXCHANGE INDEXES

UTRINSKI VESNIKp.1 GREEK PARLIAMENT APPROVES OTE SALE p.1 HOW WILL BE USED THE EXTRA PROFIT OF THE OILp.3 THE GOVERNMENT ALREADY MAKES PLANS HOW THEY

WILL USE THE OIL EXTRA MONEY p.9 CROATIAN KONZUM ESTABLISHED NEW FIRM IN VALANDO-

VOp.9 THE MACEDONIANS- AVERAGE INDEBTED p.9 GREEK PARLIAMENT APPROVES OTE SALE – OUR COM-

MISSION WAITS ON PROVES p.9 BALTIC COMPANY WANTS TO INVEST IN MACEDONIAN

RAILWAY

VECERp.7 SKINEST RAIL WANTS TO INVEST IN THE RAIL-WAYSp.7 DEUTSCHE TELEKOM BUYS OTEp.8 ABOUT 21 UTILITY ENTERPRISES SHUT DOWN p.8 LAST YEAR A BULL, THIS YEAR BEAR MARKET

VREMEp.8 THE MACEDONIANS ARE AVERAGE INDEBTED p.8 REASONABLE PRICE- 100 DOLLARS

VESTp.6 KOSMOFON PART OF DEUTSCHE TELEKOM

NOVA MAKEDONIJAp.10 MBI-10 IN FREE FALL, WHEN WILL IT STOP? p.10 THE BATTLE FOR VELES SMELTERY IS YET TO COME p.10 THE GREEK RAILWAYS ARE INTERESTED FOR MZ-

TRANSPORT

SPICp.6 RAISE CREDIT IF NECESSARY p.7 EVN DOES NOT FORGIVE TO UTILITY ENTERPRISESp.7 REPURCHASE FIRM OF CROATIAN KONZUM IN VALANDO-

VO




1. MACEDONIANS IRRESPONSIBLE – ONLY 5% OF THE HOMES INSURED (*****)

2. TELECOM ACCUSED OF MONOPOLY BEHAVIOR (***)

21.06.2008 SATURDAY

Maktel is to pay fees to the monetary author-ities in USA and Hungary; Magjar Telecom hassubmitted a report to the New York Stock Marketabout the investigation in Maktel, news that hasmarket the headings of today’s Saturday’s edi-tions in the printed media. The ruling institutions inUSA and Hungary could demand sanctions forpeople from Magjar Telecom and from its branch-es in Macedonia and Montenegro, includingpenalties from the monetary authorities of thesetwo states for the criminal working on theMacedonian and on the Montenegrin telecom.This is stated in the newest annual report thatMadjar Telecom has sent these days to theAmerican commission for securities, in which thefinancial operations of the Hungarian companyand its branches from Macedonia and Mon te -negro are described in details, as well as the ex -pected implications from the investigation forcommitting money embezzlement.

In the elaborated report that has been pre-pared on 260 pages, the Hungarian companyreports the American institution that the data forthe financial scandal for laundered 6.7 millions ofeuros by the Hungarian directors in the Ma ce -donian telecom are under careful considerationfrom the authorized institutions in Macedonia too.For several times, former employees in theMacedonian Telecom have pointed out to possiblemalversations in the company.

Accusations addressed to the MacedonianTelecom have been made by the Chamber ofInformation and communication technologies andservices (IKT I Chamber) at the Chambers ofcommerce association, which has submitted ademand for initiating a procedure against theMacedonian Telecom for misuse of the conces-sion. According to CCA, the misuse of the conces-sion is being performed via offering the package

called Max ADSL 2 plus a personal computer forresidential users and a special offer called Paket -│Max ADSL plus a personal computer with whichas part of the offer of services to the widespreadInternet on the market, they offer and trade withpersonal and portable computers and computerequipment… On the market of personal comput-ers, telecom participates with even 50% from theturnover – react from the Chamber of Informationand communication technology at the CCA.

Today’s newspapers inform that the demandfor landlines from Cosmofon is huge. Namely,after the announcement for launching services inthe landline area under the ALLO brand, over 1000 demands for connection have arrived.According to the general executive director,Petros Lefkovic, this is only part of the ambitiousplans of the company, which are planned for thenearest future. Namely, soon, one expects forCosmofon to launch services for the 3G and Wi -max technologies that can bring unlimited possi-bilities for communication.

Today one can read how much the Mace do -nians do not care for the safety of their property.According to the insurance companies, only 5%from the population have insurance. In fact, only50 000 households in Macedonia from a total of800 000 have insurance. The citizens confess thatthey do not have the habit to insure their homes,but they also say that they do not have the money.(Reports MIA).

Utrinski with detailed stock exchange analy-sis. The decrease of the value of the shares onthe Macedonian stock exchange is continuing.The Macedonian stock exchange index MBI – 10marks minuses almost every day, and theturnover that is being realized is more than mod-est. Yesterday, the high turnover from 136 millionsof denars was an exception, and it was due to a

block transaction on which 98 millions of denarswent to…

The continuant fall of the value of the shareson the Macedonian stock exchange has startedfrom the last year. But the most dramatic is thecondition since April this year, when Macedoniadid not obtain the invitation for membership inNATO. According to the Stock Exchange data,from the 1st of April this year until today, the MBI– 10 marks a decrease of 25.67 percents. Moretragic is the fact that this index has not had aclose up with positive value since 15th of May thisyear.

Shpic announces that the local populationfrom the villages near the refinery Okta will getmeasurement stations with which one would havecontrol on the pollution from the refinery, drinkablewater and new investments in the infrastructure,ecology and in the Health, after the new manage-ment of Okta has accepted these demands.

Dnevnik conveys that the EU leaders havedemanded for the European commission to lookthrough the possible short term measurements fordecreasing the pressure from the oil price shock.Macedonia will not follow this advice fromBrussels and it remains on its stance that thetaxes for the oil derivates will not be decreased.

- Until now, we have repeated for severaltimes that the demand for lower taxes for the oil isunproductive. The option for implementing taxesfor the higher incomes from the oil companies hasnot been considered. However, I do not know if itis going to be efficient when Macedonia is mot anoil manufacturer, but importer. The companies,while importing, pay the entire taxes – reportedMartin Martinovski, spokesman of the Ministry offinances.


DNEVNIKp.5 NO FUEL TAX REDUCTION p.7 ONLY 5% OF THE HOMES ARE INSUREDp.7 TELECOM ACCUSED OF MONOPOLY BEHAVIOR

UTRINSKI VESNIKp.8 STOCK EXCHANGE GOES DOWN, NOT A SIGN OF THE FOR-

EIGNERS AND THE POWER JUST SILENTLY OBSERVES p.8 TEN PERCENT OF MAKOSPED`S SHARES SOLD p.8 HUGE DEMAND FOR FIXED LINES FROM KOSMOFONp.8 IT CHAMBER REQUESTS AN ACTION AGAINST MAKEDONS-

KI TELEKOM p.9 GREEK RAILWAYS TOO INTERESTED IN MACEDONIAN

RAILWAYSp.9 ZITO BITOLA ON INTERNATIONAL TENDER FOR THE THIRD

TIME p.9 MACEDONIANS IRRESPONSIBLE – ONLY 5% OF THE

HOMES INSURED

VECERp.1 THE SCANDAL FOR CORRUPTION IN TELECOM INVOLVING

HOME POLITICIANS REVEALED BY VECER GETS INTERNA-TIONAL DIMENSION

p.1 COSMOFON KILLS TELECOM`S PRICES

p.3 MACEDONIAN TELECOM TO PAY FINES TO THE MONETARYPOWERS THAT BE IN USA AND HUNGARY

p.7 TELECOM ABUSES THE CONCESSION p.7 COSMOFON KILLS TELECOM`S PRICESp.8 ONLY 5% OF THE HOUSEHOLDS ARE INSURED

VREMEp.8 ANTIMONOPOLISTS FROM MACEDONIA WITH TIED HANDS

VESTp.10 ONLY FIVE PERCENTS OF THE HOUSEHOLDS TO BE

INSURED

NOVA MAKEDONIJAp.9 МBI 20.06.2008p.9 MBI-10 CONTINUES TO DROP p.9 WHAT KIND OF DOWRY SHOULD GIVE THE GOVERNMENT

FOR CHEBREN AND GALISHTE

SPICp.6 HALF OF MACEDONIA’S POPULATION DOESN’T KNOW

WHAT IS INSURANCE p.6 OKTA BOWED IN FRONT OF THE LOCAL POPULATION


GLOBUS

Pg. 26 THE EASIER WAY TO BECOME BANK SLAVEThough among the poorest nations in Europe, Macedonians in the

last five years, compared to the regional average, are the most indebtedtowards banks, statistics data of neighboring central banks show. TheNational Bank of the Republic of Macedonia fights against this policy ofincrease consumption by the citizens, which is motivated by banks. Thisinstitution is left on its own to deal with the inflation which is strengthenedby the public consumption and citizens` indebtedness towards bankswhich increased by 58.9% in the first tow months only.

For now, competent institutions and banks ignore the alarming redlight which was switched on by the monetary power.

KAPITAL

Pg. 14 TIKVES OPENS COMPANY IN GREAT BRITAINTikves Wines International Limited United Kingdom is the name of

the new company that Macedonian vinery Tikves and company RizziGMbh from Germany founded together.

Pg. 15 DANUBE FOOD SELLS BITOLA DAIRY AND KOZJAK?

Until next July, Danish group Danube Food, in which ownership areseveral dairies in the region, among which the one from Bitola as well,will put on sale the capital worth 1,56 million Euros, Reuters reports thestatement from Rade Pribicevic, director of corporative and legal affairsof the Danish group.

Pg. 28 OUR NEW CHALLENGE IS TO ENTER THE LAND-LINETELEPHONY!

Ambitious, open, direct, energetic, and yet down to earth- is theimpression you get once you meet Petros Lefkovic, the man who sixmonths ago was appointed head executive director of one of the biggestmobile operators in the country-KOSMOFON. He took the head positionof the company in very dynamic period both for the company itself andthe market.

Pg. 41 GRANIT, ALKALOID AND KOMERCIJALNA BANKA TWIN-CLED BESIDE THE BIG NEIGHBORS

Fund managers, brokers, financial analysts, bankers and other stockexchange workers from the entire region of Southeast Europe, the morn-ing of June 11th filled the lobby of the Sheraton hotel downtown Zagreb.

Pg. 44 THE INDEX CONTINUES TO GO DOWN, INVESTORSINTERESTED IN STATE BONDS (09-12.06.2008)

Last stock exchange week, the state denationalization bond from thefifth emission was the most traded security on the Macedonian stockexchange in the classical trading.

Pg. 46 STOPANSKA BANKA IMPROVES THE CONDITIONS FORMORTGAGE LOAN

Stopanska banka Skopje improved the conditions for all users ofmortgage loan. All clients who will file request by the end of this monthwill be provided with early payment of the mortgage loan without com-mission, as well as reduced administrative expenses.

Pg. 46 NEW SUBSIDIARYOF KOMERCIJALNA BANKA OPENEDIN STRUGA

Komercijalna banka opened another subsidiary in Struga, located inpart of the space of Customs terminal Jugotrans. The subsidiary will

carry out activities in the area of work with the local residents, paymentoperations in the country and other banking matters.

Pg. 46 NEW PRODUCT FROM TTK BANK- CHILD’S SAVING

With donation of 85 thousand denars to the SOS Children’s Village,TTK bank today promoted its new product “child’s saving”. The benefitswith the child’s saving, according to the bank’s marketing director, ElenaMladenovska-Jelenkovik, are the attractive interests and no minimaldeposit for opening a saving account, which can be denar or foreignexchange.

Pg. 52 IMF TO INVESTIGATE WHO “RAISES” THE OIL PRICE

Ministers of G8 called the IMF and the International Energy Agency(IEA) to investigate the real reasons and financial speculations whichcaused high increase of the oil price.

FORUM

Pg. 26 we are driving with danger of cancer This thing that several years ago had been a subject of million law-

suits is not regulated by laws and book of rules in Macedonia. It is aboutan additive MTBE (methyl tertiary butyl ether) used in unleaded petrolproduction as substitute of the lead. American scientist determined thatthe long-term exposure of this substance can cause cancer to humans.Therefore, in 2006, MTBE was forbidden for use in fuels in all 50 statesin USA, as in part of the West European countries. In Macedonia even96 percent from the fuels are unleaded.

Pg. 31 decreasing trend of securitiesLast week Macedonian Stock Exchange recorded a share decline of

all companies which compose Macedonian stock exchange index. MBI-10 had lost on Thursday 2.94% of its value from the opening of the tradeweek on Monday until Thursday.

Pg.32 “Stanari” first environmental thermal power plant The ministry of environment, physical planning and civil engineering

of Republic of Serbia issued environmental permit for the project of ther-mal power plant “Stanari” construction in the Republic of Serbia. This isfirst permit from this kind, issued on the area of west Balkans.

Pg. 33 532 million newspapers sold per dayAccording to the report of the world association of newspapers the

daily newspapers` sale last year increased by 2.57 percent in 230 coun-tries. According to data of this association, 532 million samples of dailynewspapers a day are sold in world representing 9.5% or 46 million sam-ples more compared to 2003.

MAKEDONSKO SONCE

Increased deficit p. 28 In the first four months of 2008 the negative foreign exchange

balance reached a record 902 million dollars. Although is difficult to makefuture prognosis just on the basis of these numbers, still somethingdoesn`t change in a positive sense, there is a risk the trade deficit by theend of this year to exceed even 2.5 billion dollars.

DENES

Pg. 21 The Government analyzes the situation, economy fears The price of the crude oil is expected to drop. At least the analysis

indicates this, giving suitable evaluation of the announcement for pro-duction increase of one of the largest producers, Saudi Arabia.

1. SHORT REVIEW IN THE WEEKLY MAGAZINES

16.06.-21.06.2008 MONDAY-SATURDAY




EVENTS THAT MARKED THE WEEK...

VIP OPERATOR WITH NEW

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defines the terms of use for each individ-ual mobile phone line

Vip Operator introduces an innovativecomplete communication solution - VPNintended for medium and large compa-nies on the Macedonian market for thefirst time. VPN or Virtual Private Networkis a complete telecommunications solu-tion which integrates the employees in agiven company or institution in a closeduser group, where each individual usercan have his/her own specific profile withappropriate rights, privileges and limita-tions, tailored according to his/herrequirements and needs, as well asaccording to the needs of the company.

VIP VPN allows companies to selectand administer each individual user pro-file within the group independently at anymoment. This means that the companiescan just activate and deactivate all indi-vidual SIM cards within the group, canassign short user numbers for quickerdialing, set the call limits, as well as toallow or limit calls to determined destina-tions. In addition, Vip VPN provides thecompanies possibility to determine thedivision of business and private calls foreach individual number, as well as sepa-rate bills for private and business calls. Allthese functionalities of VPN allow compa-nies, institutions, and organizations toplan and cut their communication costsoptimally.

There are two tariff models of the VIPVPN communications solution: VIP VPNCorporate, suitable for companies with 25to 100 individual user lines and VIP VPNCorporate Plus, suitable for companieswith more than 100 lines, with option ofselecting consecutive numbers.

GOAL - LEADERS OF THE SECOND

GROUP OF BANKS

UNI bank’s management assesses the15-year existence and operation in Ma ce -donia as successful and voices satisfactionby what they have achieved so far. – Ac cor -ding to the asset and the other indicators, weare behind the big banks, but, from being 28times smaller than the three big banks fiveyears ago, now UNI bank is only four to fivetimes smaller. Our goal is to be leaders in thesecond group of banks, Stojan Kralcev, thefirst general director of UNI bank, said, whoat the occasion of the 15-year anniversaryorganized prizewinning game for the bank’susers.

Voicing satisfaction from the currentwork ing, he said that the current number ofcli ents was 160.000, who are being servedthrough 38 subsidiaries, and in future theywill strive toward the bank becoming the le a -d ing one in the region oriented to its clientswith wide range of products and services,with an accent to the credit cards operations,

be cause the trend is the non-cash payment. The first trimester UNI bank ended with

in crease in all segments of its working. Thebanking incomes from interests, commissi -ons and rate differences are 309,5 million de -nars, which is 6,5 percent more than thesame period last year. The bank made profitof 27,5 million denars before taxation. Theplacement of overall credits has increasedfor 10,2 while the deposit base marks drasticin crease for ten times. In five years, including2007, the bank’s net-asset has been in cre -ased for 4,8 times.

Kralcev assessed that the National Bankof the Republic of Macedonia’s last measurefor obligatory deposits of the banks in thecentral bank, will have no repercussions onapproving loans and that with their bank theygo up to the level of 40 percent, and as to theinterest rates, he says that they will keep upwith the trend of treasury bills interest rates.

UNI BANKA CELEBRATES 15-YEARS EXISTENCE IN MACEDONIA

Awarded the first prize- trip to the Olympic Games in Beijing for two. The prizewinning gamelasted from April 21 and everyone who used the VISA and VIZA Electronic credit cards in amountof 1000 denars and more of UNI bank could partake in it



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 16.06. - 20.06.2008

MKBN20080623-0028E

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Transcript of MKBN20080623-0028E