MKBN20080714-0031E

berz

NIK

- Y

EA

RII

-

NU

MB

ER

31

- 1

4th

JU

LY2

00

8 -

(S

UP

PL

EM

EN

T O

F T

EN

DE

RN

IK)

DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS 3Date 14.07.2008 number 31 berzNIK

Until the next MondayMakedonka Baldazarska

BerzNIK editor-in-chiefe-mail: [email protected]

Budget cake distributed

- Macedonian state (royal) bag is more and more full. Itcollects more and more finances, we already have surplusin the budget and we are facing a situation which causesFinance Minister, let`s say, sweet pain. How to spend thisamount of cash? These are words used by Professor TomeNenovski promoting his book Structure of Public Financesin the Republic of Macedonia. Thesis, which I believe youwill agree with me, is justified by t6he state budget rebal-ance which this year is extended by 260 million euros.

The Government of the Republic of Macedonia ap pro -ved the 2008 budget rebalance in which projected incomes

amount 144.7 billiondenars, which is 12.4%increase compared tothe preliminary 2008budget projection. Ex -pen ditures are projectedon 150.371 billion de -nars. Projected deficit isestimated on 5.665 bi lli -on denars and it is with-in the frames of the pro -jection of 1.5% of thegross domestic product.

According to theMinister of Finance Traj -ko Slavevski, increasedin comes are a result ifthe increased collectionof all kinds of taxes, ex -pected increased divi-dend from MakedonskiTe lekom and increasedin come of concessionsand privatizations.

- Projected incomesincrease of 12.4% by theend of the year is a re -sult of the recent realis-tic achievements in thefirst half of the year andthey are way above pla -ned expectations by10.25%, Minister of Fi -nance Trajko Slavevskista ted on the briefing in

the Government. He explained that in comes of the personal income tax

by the end of the year is estimated to reach 8.9 billiondenars which is increased by 7% compared to the plans,and the profit tax is expected to bring 9 billion denarsincome by the end of the year, which is 71% increase.

As Slavevski explained, planed incomes are a result ofpositive inflows in the first six months of the year whichresulted with surplus of 5.7% of the planed in the personalincome tax, and 61.6% in the profit tax.

- Such achievements in the profit tax and the personalincome tax confirms the correct reform determination for

introduction of the concept of flat tax which did not provokeany disturbing, but, in contrary, provided increase of taxincomes, stimulating tax-payers to meet reduced obliga-tions towards the state on time and fully, Finance Ministerstressed.

Value Added Tax incomes are estimated at 38.661 bil-lion denars which is by 6.5% more than preliminary project-ed. The Government redirected the surplus towards theeducation sector, amortization of the negative effects of theoil price increase, employment stimulations and towardsredundant workers.

In the education sector will be redirected 1.5 billiondenars in aim of implementation of the compulsory higheducation, the project PC for every child, free-of-chargetextbooks for socially endangered families, for new facultiesand University of Informatics, as well as free-of-chargeinternet in dormitories and for improving of the science andresearch projects in the country.

The rebalance provided 750 million denars for Go -vernment proposed measures for amortization of the nega-tive effects of the oil price increase, in front of all for subven-tions of farmers with planed 300 million denars and reduc-tion of incomes from pay-toll fees and registration of vehi-cles in amount of 450 million denars.

In order of employment stimulations are allocated 56million denars as a financial support to employers for sub-sidizing of the health insurance contributions in the first 18months for newly employed persons by 27 years of age andhiring redundant workers.

There are 90 million denars projected for supporting of6,000 unemployed citizens victims of redundancy or liquida-tion of enterprises with predominantly state ownership untiltheir next employment or pensioning.

For the new Ministry of Informatics and realization ofprojects in the institution are projected 231 million denars,for buying of Embassy building in London and liaisons inJapan and Kazakhstan 200 million denars and 20 milliondenars for payment of carrier allowance to state officials.

Increased incomes that will be spent in the second halfof the year, according to the Minister, will not have inflationeffects on the economy.

- Everything that is provided by actual incomes whichdoes not imply inflation financing or financing by new issueof money by the Central Bank and it is projected within theframes of appropriate budget deficit can not have inflationeffect over economy, Minister stressed, and added thatmeasures conducted by the Government in the last six anda half months are directed towards anti-inflation activitiesand amortization of consequences or support of certaingroups which are the most affected by the price increase.

According to him, measures conducted by the NationalBank, across increase of interests to affect the inflation, arenot expected to have effects in the next two years because,according to him, no monetary policy can affect on reduc-tion of oil and food price which are import products.

Slavevski assures that neither the end of the year, norby the end of 2009, there will be any change of denar cur-rency exchange compared to the euro.

June inflation reaches 10% as well. Steep priceincrease of energy, food and some other goods, onworld and domestic markets, give different image tothe current inflation in contrary to the inflation which30years ago shook the world. Then inflation was inte-grated as structural problem, and current is a result ofthe price increase of basic products, MinisterSlavevski considers.

- In this moment we should pay attention on pre-venting the current price increase not to turn in struc-tural inflation, which is based upon the fight betweendifferent population strata to protect the life standard.If workers` life standard erodes, they will try to com-pensate it with the demand for higher salaries, whichaccording to Slavevski is the most dangerous trap forMacedonia, which might launch the spiral inflationgrowth.

And when we are discussing on the life standard,the Government should work a bit more… The statebag is full, but regardless if the inflation was importedor not, regardless the fact that the increase of salariesmight pump-up even more the inflation balloon – real-ity is different, population that survives on monthlysalaries only, with no extra incomes, barely survivesthe month…and despite the will to be loyal citizen andpay bills, the chain of regular payment, still fails to beintroduced, for which part of the blame goes to veter-an-managers, who circulate their assets through theiraccounts and pockets at the expense to abuse ofunpaid labor, of still dutiful workers!...or, if you like,abusing the kind-hearted and obedience of the social-ist-fashion educated personnel…

4 DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS

berzNIK number 31 Date 14.07.2008

SECURITIES COMMISSION

IN AGROPLOD A.D. RESEN

Both SwissLion and Gjorgi Kitanovski own 25% from the shares

The Securities and Exchange Commission during the inspection of the way of acquiringthe shares in Agroplod Resen established that the person Gjorgji Kitanovski as singleshareholder owns 6.621 ordinary shares which present 32, 93% of the total number of issuedordinary shares with voting right from Agroplod a.d. Resen. The Commission ascertains thatKitanovski acquired over 25% of the shares, without giving offer to purchase which would beits obligation according to the Law on buying joint stock company. This behavior was sanc-tioned by the Securitiesand Exchange Commission, therefore brought decision with which thevoting right of Gjorgji Kitanovski is being seized and the dividend right of 1.592 regular shareswhich owns Agroplod AD Resen. More, 1592 ordinary shares present 7, 93% of the ordinaryshares with voting right of the company.

More, because violation of Law on buying joint stock companies, the Securities andExchange Commission seizes the right and the dividend right of 1.356 shares which present6, 75% of the total number of voting right shares. After the passed measures by Securitiesand Exchange Commission, both SwissLion DOO Skopje and Gjorgji Kitanovski own 25%each of the voting shares in Agroplod a.d. Resen.

Securities CentralDepositary- sanctioned

The Securities and Exchange Com mi s -si on seizes the accordance of Stevan Sap -cev ski, for period of 30 working days, forDi rec tor of the Securities Central De -positary AD Skopje for making two irregu-larities:

- block transaction settlement withshares issued by IK Banka AD Skopje aga -inst the Law on Securities and the Cen tralSecurities Depository and

- irregular settlement of transactionwith shares issued by the MacedonianStock Ex change AD Skopje, respectivelyunbiased de lay of the settlement out of thelegal deadline on basis of conclusionsadopted by bankruptcy judge which are notlegal basis for this acting.

More, so far against the director of theSe curities Central Depositary Stevan Sap -cev ski, the same has passed three sanc-tions.

Fines up to 5.000 euro for three companies

On the meeting held on 09.07.2008,presided by the President of Securities andExchange Commission, Marina Nakeva- Kavkarova, the Commission brought decisionwith which seizes the voting right and the dividend right from 1.699 ordinary shares withvoting right of Fustelarko Borec AD Bitola, in ownership of Mal Metropol DOOEL Bitola, andacquired contrary to the Law on buying joint stock companies. Also, the Securities andExchange Commission passed fines up to 5.000 euro for the purchaser of the shares of MalMetrolpol DOOEL Bitola and for the brokerage house, Bitola Broker AD Bitola, and up to2.000 euro for the persons in charge for the two entities.

The Commission sanctioned two brokerage houses.

- The brokerage house VIP AD Skopje committed for coordination of the funds fromthe main capital of the company. The Securities and Exchange Commission passed finesup to 5.000 euro for VIP AD Skopje and up to 2.000 euro for the director of the brokeragehouse.

- The brokerage house Fersped AD Skopje is obliged, in period of 90 days, to syn-chronize the structure of the funds from the main capital, and to make report to theCommission…. On the same meeting were issued also two licenses for brokers.

IN REGIONAL SOUTHEAST EUROPE

Agrokor, Saponia and Podravka, well known brands

– top companies

On Thursday in Sarajevo the Independent Agency for Selection and Promotion of Ma -nagers and European Management Association elected three Croatian companies Agrokor,Saponia and Podravka as top companies with top brands in Southeast Europe.

Agrokor won the award for the Jana water brand, which is being distributed in 25 coun-tries. Mepas, Saponia`s general distributor in Bosnia and Herzegovina, won the award fortop detergent brand Fax and the Croatian unique spice product Vegeta by Podravka is thethird award – winning top brand.

The general director of Unicredit bank, Berislav Kutle, Lerka Pulic from Agrokor andZdenko Pavcek from Slovenian Chamber of Commerce won the award for best managersof 2008.

Sale of own shares through private offering

On the meeting was given approval Ohridska banka AD Ohrid to sell own sharesthrough private offering. The matter is of 1.315 ordinary shares of the total purchase valueof 10.726.455 denars.

Rejected two applicationsfor emission

The Securities and Exchange Com mi -ssion rejected the applications for issuingof second emission of shares through pri-vate offering of the brokerage house IlirikaInvestments AD Skopje and InternationalHotels AD Skopje.

DEUTSCHE BANK AWARDEDKOMERCIJALNA BANKA AD SKOPJE

The direct processing ofoperations – the most quality

manner

Komercijalna banka has received yetanother confirmation of its successful andpro fessional operations. On July 2 De ut s -che Bank presented the bank an award forthe being the most successful in STP –Straight Through Processing for 2007 inhandling Deutsche Bank money orders.

The STP system is a significant com-ponent of the services of Deutsche Bank,which has found in the long-lasting andpro ductive cooperation with Komercijalnabanka a partner for increasing the volumeof money orders and lowering total coststhrough the STP system.


2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS1. COMPANIES CAN APPLY FOR IMPORT-EXPORT ELECTRONICALLY (****)2. THE BULL RAISED THE PRICES, YET IT REDUCED THE TURNOVER (***)

07.07.2008 MONDAY

1. SHORT REVIEW OF EVENTS

DNEVNIKp.5 VITAMINKA OPENS NEW PRODUCTION PLANTp.5 INCREASED WATER PRICES, LIMITED CONSUMP-

TION RECOMMENDED p.6 CATERING SERVICES HIGHER FOR 1.7 PERCENT

BIZNISp.1 TRUSTEES AND SHAREHOLDERS WANT OWNER-

SHIP OVER THE DEPARTMENT STORE p.1 SWISSLION AGROPLOD WITH NEW INVEST-

MENTS OF 10 MILLIONS OF EUROSp.5 IMPORT AND EXPORT REQUESTS TO BE DELIV-

ERED ELECTRONICALLY p.12 REGIONAL PRODUCTS TO REACH TRADE OF 1

BILLION EUROS! p.13 INITIATIVES FOR ENTICING THE FOREIGN IN VES -

TORSp.14 CREATING INTERNAL SUPPORT NETWORKp.15 2.06 PERCENTS INCREASE OF THE MBI – 10

UTRINSKI VESNIKp.1 EVERYBODY IS SAVING IN CURRENCIES, THE NB -

RM CALMS DOWN – NO DEVALUATION p.7 INVESTMENTS OF AROUND 150 MILLION EXPEC-

TEDp.7 THE COUNTRY WILL KEEP NECESSARY RE SER -

VES OF OILp.7 COMPANIES TO DEMAND PERMITS FOR EXPORT

AND IMPORT ELECTRONICALLYp.7 VITAMINKA TO MAKE BISCUITS FOR FOREIGN

MARKETS

VECERp.6 GAS GOES UP!p.6 SUPERMARKET TUSH IN KUMANOVOp.6 MBI-10 RAISES MORE THAN 7% p.6 ELEM SPENT 18 MILLION EUROS ILLEGALLY p.7 ELECTRONIC LICENSE ISSUINGp.7 INTEREST OF 10 PERCENT FOR FIXED-TERM

DENAR SAVING VREME

p.1 WE SPEND HALF OF OUR SALARIES FOR PETROLp.6 BUSINESSMEN TO ESCAPE ONE-STOP SHOPS p.6 VINICA RESIDENTS TO CHALLENGE THE EXPEN-

SIVE OIL WITH THE RAPE p.6 MACEDONIAN STOCK EXCHANGE THE LEADER IN

THE REGIONp.7 VITAMINKA FROM PRILEP TO ENLARGE

VESTp.2 IMPORT–EXPORT DEMAND ON INTERNET

NOVA MAKEDONIJAp.7 THE BULL RAISED THE PRICES, YET IT REDUCED

THE TURNOVER p.7 BUSINESSMEN DEMAND ONE-STOP SHOP FOR

EXPORT-IMPORT! SPIC

p.1 NEW ENERGY SHOCK? p.5 THE INDUSTRY AHEAD OF NEW ENERGY SHOCKp.5 COMPANIES CAN APPLY FOR IMPORT-EXPORT

ELECTRONICALLY

Macedonian Stock Exchange recoversThe Macedonian Stock Exchange is a leader in the re -

gi on, is the headline of the stock exchange analyses in Vre -me, in which you can read that after the record mon thly dropin June, the past seven days MBI 10 index ha ve in cre a sedby 7,2 percents, which is higher in cre a se that the one on there gional securities markets, even hig her than the one of so -me of the stock exchanges in Eu rope. Bel grade’s index Be -lex 15 and the Slovenian SB TI Top dropped for over 4%.Lon don’s lost 0, 96% of its worth and the German DAX havere duced by one per cent. But, there is another paradox, al -tho ugh the Ma ce donian stock ex chan ge have increased themar ket va lue, in most of the com panies, but on the Officialmarket, the turnover was low er by 29 percents in relation tothe previous week when the stock exchange index haddown ward trend.

Vecer makes analyses too -The Stock Exchange re vi -ves. The past Stock exchange week was marked by the in -cre ase of indices, but also of the shares prices of the com -pa nies with greatest participation in the realized turn over. Onthe capital market were realized 2, 3 milli on euro, that is 72%on the Official market. In block tran sac tion was re alized turn -over of 11, 4 percents. And on the Regular mar ket 16, 6 per-cents. The Stock exchange in dex the last stock exchangeday MBI-10 reached 5154,02 index points which in relationto the previous day it is increase by 2,06 per cents. On Fridaythe index of Publicly Held Companies MB ID dropped by 0,75%, whi le the index of bonds OMB re mained without chan -ge of the value.

In Utrinski vesnik you will read, all are saving their fore -ign exchange while NBRM eases- there is no inflation. Thehigh inflation and the fear of devaluation were the ma in rea-sons for people’s savings of foreign exchanges. If this trend,sin ce recently, was feature mainly for the citizens, now alsothe Macedonian companies started more and more to orienttow ards savings in stable foreign ex chan ge. That shows al -so the newest researches of Na ti o nal bank of Macedonia.Ex perts are precise that the main re ason for this phenome-non is the fear of devaluation… Spe culations about the pos-sib le devaluation are not new, but now they additionally arebe coming more intense as a result of the high increase ofpri ces , but also of some ot her factors, as the high trade de -fi cit, which only in five months surpassed 1,1 million denars.The first man of the mo netary power, the governor PetarGosev, contrary to the se fearing, keeps his precise attitudethat he will mainta in the stability of established rate of denarand that there is absolutely no threat of devaluation.

Utrinski publishes also that the investments are cruci alfor selection of concessioner for the airports. The proce du refor granting under concession the airports Alexander theGre at in Skopje and St. Apostle Paul in Ohrid should be fini -

s hed in two months, and the main criteria for the se lec tion ofcon cession will be the investments. This was an no unced byZo ran Krstevski, director of the Public enterpri se for aviati -on, saying that with that will begin new era in the Ma ce do ni -an aviation, in the celebration of the 55 an niversary of Oh -rid’s airport. - For almost one year the Go vernment is lead-ing a procedure for the airports granting under concessionand construction of new cargo-airport in Stip. Now we are inthe second phase in which for the tender have applied re -now ned world companies, as the German Hohtiv, the Vi e n -na airport, Turkish Taf and French company Egis. The fol-low ing phase is the one in which they will give the offers forthe planned investments. We are expecting the investmentsto amount approxima te ly 150 million euro, announced Krs -tev ski.

Almost all printed media are conveying the informati onthat the companies will be able the applications related toim port and export of goods to deliver via electronic way.Through the system, the companies will be able to submitelec tronic application for 70 permissions without waiting infront of the desks and to submit additional documents on pa -per. The system is intended for companies which en ga gewith import and export of goods and forwarding, and for over15 institutions which issue permissions for import, ex portand transit of goods and for Custom’s Administration.

Vecer announced also that the natural gas in the co un -try probably will increase by 10 percents. The major im por -ter in the country, Skopje’s company Makpetrol has al re adysub mitted the application to the Energy Regulatory Com mis -si on. With the correction of the current price of na tu ral gas,which amounts 22, 5 denars per cubic meter, it is acceptedthe new price to amount approximately 25 de nars per cubicme ter. Prilep’s Vitaminka these days officially started thepro duction of biscuits in the new plant. The factory has re a -lized investment worth 5, 5 million euro, of which four milli onare credit from the European Bank for Reconstruction andDevelopment. The new investment is a five year project forextension of production.

Biznis conveys some of the conclusions made from theme eting of representatives of the Regional chamber with se -at in Prilep and the local self-government of Mu ni ci pality ofPri lep, and the many delegation from Pert, Wes tern Aus t ra -lia, who was staying in Macedonian from 26 to 30 June. Du -ring their visit in the country, the delegation ma de couple ofmeetings with ministers and businessmen. The guests wereinvited to invest in Macedonia, be ca use our Diaspora is thebridge which reproaches the two distant countries. Also, theywere informed that Ma ce do nian is prepared for obtainingnew technologies and trans fer of knowledge, especially inthe area of implementa tion of alternative energy sources,and offers high educated and hardworking people.

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: 31Date: 14.07.2008

IT IS DISTRIBUTED FOR SUBSCRIBERS ONLY

FRONT PAGE PHOTO:THE TWO NEWEST BOOKS OF PROFESSOR

TOME NENOVSKI

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

SECURITIES COMMISSION . . . . . . . . . . . . . . . . . . . . . . . 4

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

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

CONVERSATION ON THE OCCASION .... . . . . 8-9

THE TWO NEWEST BOOKS OF PROFESSORTOME NENOVSKI PROMOTED. . . . . . . . . . . . . 10-12

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

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

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

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



Good start of the week, MBI-10 increasesby 6.88% - this was the title of the stock ex chan -ge analysis in Biznis. A turnover of 79.47 millionde nars was made on Macedonian Stock Ex -chan ge yesterday. Through one block-transacti -on, 7,484 shares were traded from Zito product,Sve ti Nikole for DEN 45.3 million. In the regulartra ding on the Official market there were 30 mil-li ons and on the Regular market 4.15 million de -nars. Meaning, with 30 million denars MBI-10 in -cre ased by 6.88%, an increase we have not se -en for such a long time. MBID index has in cre a -sed by 2.7% and the bonds index by minimal0.06%. Without any exceptions, all shares ofMBI-10 were going up yesterday. Makpetrolwent up the most. With an increase by 25.02%in fixing and traded 43 shares, the average pricewent up to DEN 81.894,77 per share. The big -gest turnover was realized with the shares ofGra nit.

Is the optimism on the Stock Exchange res -to ring? – Utrinski vesnik writes. Judging by thein creasing trend of the indexes and the in cre a -sed number of transactions and turnover, theana lysts and the brokers hope that, after sever-al-month stagnation, the optimism returnedamong the investors on the Stock Exchangeand things are getting better.

The analysts are already writing about “there turn of the bull” after the index of the ten mostli quid companies closed with positive value lastweek.

Today`s newspapers convey the informati -on about the adoption of the Law on FinancialSe curity which will increase market liquidity andeffi cacy. The law is expected to enable betterpro tection of financial transactions amongst

subjects and to increase the liquidity and effici -en cy of the financial market, simultaneously re -du cing the administrative burden during makingfi nancial security agreements. According to ex -pla nation of the Minister of Finance Mr. TrajkoSlaveski, the Law refers both to domestic andfo reign subjects. It enables integration and effi-ci ency of the financial market, as well as stabili-ty of the financial system, supporting the free-dom of providing services and free movement ofca pital on the single financial services market,the minister indicated.

Utrinski vesnik publishes that the new Lawon Public Roads envisages state roads to be gi -ven under concession. The Law also providesfo unding of Agency for state roads which will befi nanced from the pay tolls for using a highway,the national road or part of them. On the Agen -cy’s account will be transferred the fee for theuse of the roads from foreign vehicles. The newLaw provides the fee from the car registration tobe shared equally between the Agency for StateRo ads and the City of Skopje, i.e. the municipa-li ties.

Though crude oil prices continue going wildon world markets, and it was more than certainthat home prices would have gone up by someper cent yesterday, Macedonian Energy Re gu la -to ry Commission, by some miracle, decided notto change the price in the next 15 days. Ac -cording to yesterday’s decision, diesel in cre a -sed by half a denar, extra-light fuel increased byde nar and heating oil by 2.67 denars per kilo-gram.

Preserving the same petrol prices in Ma ce -do nia is a result of denar record low against thedo llar. The referent prices of oil derivates on

world markets, according to Energy RegulatoryCom mission, mark petrol increase in average by1.66% and diesel by 2.32% in the past 14 days.

Dnevnik, however, gives the information -Fi ne of EUR 10.000 to 20.000 for companiesand EUR 3.000 to 6.000 for citizens that willusurp a state agricultural land, the Ministry ofAg riculture informs. Those who use a state landwith out a leasing contract have time to collectthe crop and give up the fields. On the contrary,the fines will be double from the envisaged.According to the new law on agricultural land, fi -nes are also envisaged for those who have a le -a sing contract, but do not use the fields proper-ly.

- The fines range from EUR 1.000 to100.000 for those who use the agricultural landfor other purposes, pollute the land or have builtho uses on agricultural parcels – the Ministry de -cla red.

Today, you will also read that the suprema-cy battle over Agroplod is intensifying. The cur-rent dominant owner of Agroplod, Serbian com-pa ny Swisslion, may be deprived from runningthe company on July 23, when company’s Sha -re holders’ Assembly is scheduled. In that case,the head of company would become the domi-nant individual shareholder Georgi Kitanov, whoowns 33% of Agroplod stocks, and he will joinstocks with other small shareholders at the As -sembly, which will practically represent 40% ofstocks. This might occur due to deprived vote of5,339 stocks or 25.39% of the stocks owned bySwis slion by the Securities Commission on de -mand of the Public Prosecution.


2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

1. GROWTH OF THE TURNOVER AND THE SHARE PRICES (****)2. SWISSLION WILL WIN THE BATTLE OVER AGROPLOD (****)

08.07.2008 TUESDAY

DNEVNIKp.9 DRACONIAN FINES FOR STATE FIELD USURPATION p.9 THE FOOD INDUSTRY IS THE FUTURE OF PELAGONIJAp.9 REK BITOLA INCREASES THE ELECTRICITY PRODUCTION p.9 AGRICULTURISTS RECEIVE OIL SUBVENTIONS p.9 INCREASED DIESEL PRICES FOR HALF A DENAR

BIZNISp.1 MBI-10 INCREASES FOR INCREDIBLE 6.88 PERCENT p.2 WE ARE NOT GOING TO REBRAND THE COMPANY RE -

GARD LESS GREEK BLOCKADES p.3 THE LAW ON PUBLIC ROADS TO ORGANIZE THE ROAD

SEC TOR p.3 MONTHLY LEASE OF 56,640 DENARSp.3 HIGHER LIQUIDITY AND EFFICIENCY ON THE MARKETp.11 MSE IN RED OF 70 PCT p.13 TRADED 76.42 PERCENT OF ZITO PRODUKT, SVETI NIKOLEp.13 GROWTH OF THE TURNOVER AND THE SHARE PRICESp.15 OIL PRICE TO CONTINUE TO GO UPp.15 DIESEL GOES UP- PETROL WITH THE OLD PRICE

UTRINSKI VESNIKp.5 GENERAL REPARATION OF ALL THREE BLOCKS OF REK

BITOLA p.6 PUBLIC ROADS TO BE GIVEN UNDER CONCESSION p.6 THE BATTLE FOR SUPREMACY OVER AGROPLOD INTENSI-

FIES p.6 IS THE OPTIMISM ON THE STOCK EXCHANGE RESTORING?p.7 OIL BURNS WORLDWIDE, HOME PRICES REMAIN

VECERс.1 SWISSLION WILL WIN THE BATTLE OVER AGROPLOD p.6 MONOPOLY OF MAKEDONIJA PAT TO ABOLISHp.6 ROAMING BURNS LIKE THE SUNp.6 DIESEL BECOMES EXPENSIVE IN OUR COUNTRY, BUT NOT

THE PETROLVREME

p.6 ONLY 170 MILLION EUROS REMAIN FOR CITIZENSp.6 RUSSIANS CAME BACK IN REK BITOLA p.7 PETROL PRICE THE SAME, IT WILL INCREASE IN TWO

WEEKS VEST

p.3 OVERHAUL OF THE THREE BLOCKS OF REK BITOLAp.3 DIESEL GOES UP FOR HALF A DENAR

NOVA MAKEDONIJAp.1 MSE RAISES IN HONOUR OF THE NEW CABINET p.7 TURBULENT DAY p.7 STOCK MARKET JUMPS IN HONOR OF THE NEW GOVERN-

MENT p.7 EXCEEDS THE PRODUCTION IN REK BITOLA IN THE FIRST

SIX MONTHS p.8 THE PRICE OF THE DIESEL INCREASES, THE OIL PRICE

REMAINS THE SAME p.8 FATMIR BESIU REQUESTS NEW ASSESSMENT OF AGRO-

PLOD? SPIC

p.6 FISCALISATION LEFT THE COUNTERS EMPTY p.7 INCREASED PRICE OF DIESEL


As of November this year, the trading will bealleviated for the Macedonian export-import com-pa nies, today’s edition of all daily newspapers in -form. It will be enabled by the Customs Ad mi nis -tra ti on’s single window system, through which theda ta, information, and documents necessary forthe tra de operations are submitted, and then thecont rol of the good is carried out only once in oneplace. The project, implemented by the CustomsAd mi nis tra tion of the Republic of Macedonia incooperation with USAID, will be also available tothe forwarding com panies and to over 15 stateinstitutions. The sin gle window system will signif-icantly reduce the pe riod, expenses, and docu-ments of the companies, which, until now, had tosubmit 120 various ty pes of export and importpermits. USAID Mission Di rector Patricia Raderexpects this single window sys tem to improve theefficiency and to make Ma ce donia more attrac-tive for the foreign investors.

The work of the export-import companiesand trans porters in this country will also be easedwith the introduction of the non-stop working ho -urs of the newly opened public customs wareho -u se, pro per ty of the transport firm Deni internati -o nal, whereupon the clients will receive Eu ro pe -an customs ser vi ces and they will receive theirgo ods more quickly. The unnecessary long andex pensive stay of the he avy goods vehicles in thecus toms storages and ter minals in the countrywill be avoided this way.

The planned export of Macedonian honey forthe Summer Olympics in Beijing will not be reali -zed, citizens association Esnafi published in to -day’s edition of the print media. The reason forthis is the necessary financial support the mem-

bers did not receive, although they were prom-ised from the Mi nistry of Agriculture. Namely, thedomestic bee-ke epers request money from thestate to go to Chi na and to deliver 300 tons of ho -ney without an im port agreement with the Chi ne -se Import Company and agreed details of thedeal. The bee-keepers sta te that their plan was togo to Beijing and to ag ree upon the desired quan-ti ty and the price of the ho ney. In order for theship ment to get on time in Be ijing, it should havebeen sent about a month ago.

Credit applicants under intensified observati -on, is the title of the article in Biznis, where it isread that the new Credit register, which is prepa -red by the National Bank of the Republic of Ma -ce donia, will ease the work of the banks, especi -a lly in the cur rent period of expansion of the lend-ing operati ons. It comprises records on clients’ in -deb tedness - legal entities with sum over 500,000de nars, natu ral entities with indebtedness of over150,000 de nars and all other natural and legalen tities that ha ve more than 50,000 denars in sa -vin gs houses. The register will be complementedby two new in for mation, providing of the credit i.e.mor tgage, en dor ser, money deposit and debt ma -turity, which will pro vide insight in the number ofdays being late for pay ment.

The inflation is temporary and it will signifi-can tly decrease next year, is the prognosis of theVi e n na Institute for International Economic Re la -ti ons in the study of the countries from Middle andEas tern Eu rope, published in today’s edition ofthe daily news paper Utrinski vesnik. It is empha-si zed in the stu dy that the countries from the re -gi on support well the global quakes, which is link -ed to the in cre a sed productivity of the workers,

which manages to re duce the problem with rateap preciation and grow ing costs of the labor. Ac -cor ding to the analysis, in the South Eastern co -un tries, the economic growth on middle term canbe stabilized to five or six percents, but that wouldnot reduce the high un em ployment rate. Balkanwill remain source of work ing force, but mainlythey are unqualified workers.

The Government came out with one moreme a sure which should absorb the consequencesfrom the increase of the oil price. As of next year,the co un try will begin to store crude oil reserves,oil types of motor and airplane petrol, diesel fueland ke ro se ne, EL cooking oil and heating oil. Oilde rivates will no longer be kept in the frames ofstock reserves and for them will not be set asidebud get funds, but they will be purchased withfunds from the compulsory compensation, com-prised in the fuels price. The compensation willbe paid by the importers and producers of oil andoil derivates.

After the “boom” on MBI-10 index two daysago, yesterday there was a slight fall and itended on 5,564 index points, i.e. positive 1.02%.The in dex of the publicly owned companies hasended on po sitive 1.03% and the index of thebonds - OMB, on negative 0.01%. The totalturnover of the trading was a bit smaller in rela-tion to the trading two days ago and it amounted70,362,601.91 denars through 287 transactions.On the Official market, a to tal turnover of29,220,479.92 denars has been re alized through214 transactions, while the value of the tradingon the Regular market was 11,217,122 denarsthrough 72 transactions.



1. IMPORT-EXPORT PERMITS IN SINGLE-WINDOW (*****)2. MACEDONIAN HONEY DOES NOT GO TO BEIJING (****)

09.07.2008 WEDNESDAY

DNEVNIKp.1 ELEM ILLEGALLY SPENT 18 MILLION EUROSp.7 THERE WAS NO SIGNED AGREEMENT FOR IMPORT OF HO -

NEY TO CHINAp.7 IMPORT-EXPORT PERMITS IN SINGLE-WINDOWp.7 INFLATION WILL DECLINE THE NEXT YEAR

BIZNISp.1 THE BUYERS ARE LOSING THEIR BREATH p.1 LOAN BORROWERS UNDER INTENSIFIED MONITORING p.1 ONE APPEAL - ON ONE PLACEp.3 LOAN INDEBTEDNESS FOR THE SPORTS HALLS AND THE

RE GIONAL ROADSp.4 CUSTOMS SERVICES 24 HOURS PER DAYp.11 EMO OHRID AMONG THE MOST SUCCESSFUL ENTERPRIS-

ES IN THE HOLDINGp.11 MAKPETROL TO PAY DIVIDENDp.12 THE BUYERS ARE LOSING THEIR BREATH p.13 24 PERCENTS OF ALKALOID HAVE BEEN TRADED IN ONE

BLOCK TRANSACTION p.13 SMALL DECREASE OF THE TURNOVER OF THE STOCK EX -

CHANGE p.16 SUMMER UNI DEPOSIT WITH INCREASED INTEREST RATES

UTRINSKI VESNIKp.1 MACEDONIAN HONEY DOES NOT GO TO BEIJINGp.2 WHERE GOES THE STOCK EXCHANGE? p.7 THE GOVERNMENT WILL MAKE OIL RESERVES, COMPANI -

ES WILL PAYp.8 TEXTILE BRANDS CANNOT BE MADE OF EXPENSIVE LO -

ANS p.9 ALL THE PERMITS FOR EXPORT AND IMPORT ON ONE CO -

UNTER p.9 EVN-ESM CUTS OFF AGAIN

p.9 MILD RISE OF MBI-10p.9 OIL YESTERDAY UNDER 140 DOLLARS

VECERp.6 SWITCHING OFF OF NON-PAYERSp.6 EXPORT- IMPORTS PERMIT FROM THE OFFICE

VREMEp.1 THE REGULATION COMMISSION WILL DECIDE p.4 MACEDONIA SUGARED ITS HONEY BY ITSELFp.6 BOSNIA’S TOMATOES PULLED DOWN THE PRICE OF STRU-

MICA’S TOMATOESp.6 AMERICANS WILL EAT RISE FROM KOCANI p.6 COMPANIES DN’T KNOW HOW TO OBTAIN EUROPEAN MO -

NEYp.7 THE HEATING WILL HEAT US BY 60 PER CENT?p.7 PERMISSION WITH ONE CLICK ON THE INTERNET

VESTp.2 STARTING FROM NOVEMBER SINGLE-WINDOW OF THE

CUSTOMSNOVA MAKEDONIJA

p.7 BROKEN RISE p.7 CUSTOMS INTRODUCES ONE-STOP SHOP SYSTEM p.7 CENTRAL HEATING TO INCREASE FOR 60 PERCENT?p.8 MONEY FROM THE DIASPORA DOES NOT COVER THE DE -

FICIT SPIC

p.7 THE MATTERS IN THE THERMAL POWER PLANTS TO BE FI -NALLY SETTLED

p.7 HEAVY GOODS VEHICLES PASS THE BORDER THROUGHONE SINGLE-WINDOW

p.7 20 MAYORS TO WORK ON CANDLES p.7 MACEDONIAN HONEY DOESN`T GO TO CHINA



CONVERSATION ON THE OCCASION ...

TELEKABEL IS ALSO COMPETING IN THE

LANDLINE TELEPHONY

Telekable fully covers Bitoa, Stip and 70percents of Skopje. Since recently star -ted working also in Strumica, and from

1st October they are planning to start oper-ating in Veles. The cable operator plans net-work expansion in all towns in the country.

The entering of Telekable on the landlinetelephony and their partnership with theAustrian company I-call we used as occa-sion for conversation with Zoran Iliev, man-ager of this cable operator. According to Ilievafter the signing of the contract for intercon-nection with Makedonski telekom (one weekago) the only thing that is still unsolved is todecide about the technical details. Ilievannounces also summer discount, respec-tively reduction of the modems by 50 per-cents and the digital receivers by 30 per-cents.

- We are always oriented towardsthe needs and desires of the home users.We are following their living standard and weare trying to give them the best offering,since our begging of working, says Iliev,referring to their path of development.

We started with few brands. In January2007 in Stip we opened Robi, the next yearin Bitola, in 1999 in Sveti Nikole.Everywhere we started with different brandsbecause of the that time Law which was pre-scribing that one owner could have only onecable network, says Iliev.- Later that impru-dent law was altered, so one operator couldobtain license for working on the whole terri-tory of Macedonia. That procedure lasteduntil the previous year and now remainedonly the rebranding to be made, which weare expecting to happen no later than theNew Year, when all networks will use thename Telekabel. The networks Robi we willrebranded in Telekabel, because that brand

name is most familiar to the people. The net-work in Skopje was opened in 2000 andafterwards we directed ourselves towardspromotion of the services, such as the cabletelevision, fast cable Internet, instead of con-quering new territories. Since the beginningwe started working with quality materials,which at that time amounted 27 times morethat those of the competition. Our connec-tion was expensive, but in the same time wewere offering enhanced quality and we hadsatisfied users, say Iliev.

For the question about the number ofusers of the services of Telekable in themoment and their further strategy weobtained the following answer. Iliev say:

- We always know the exact numberof internet users, but we don’t know theexact number of users of cable televisionbecause there are always connections anddisconnections of users, transferring toanother cable networks, new connections,so we cannot always precise the exact num-ber of users, but we know the figures oneach territory separately. More, the numberof internet users we determine according othe number of sold modems which nowamounts approximately 17.000 inMacedonia.

Is it possible to be user of Internet, but notto be subscriber of the cable television ofTelekabel? Is it possible these two services tobe separated?

That is possible, but that service is stilltoo expensive. We also have optic network,through which we are transmitting internetsignal, and this network is used usually bythe state institutions, banks, but I believethat that price will be reduced very soon.More, the cable for internet is the samecable for television and cannot be separatedfrom technical reasons. Also, according tothe number of users we are paying VAT eachmonth to the Agency for electronic communi-cations, no matter if some of the usershaven’t paid the bill for the month; we arepaying according to the number of userstherefore all must pay for cable television,because it is base for all the other services.Telephony can be used separately from theinternet, but it cannot be separated from thecable television in the moment. Later, whenthe other network extends, the IP part canprovide that service too.

We are very satisfied for the internet andwe believe that we have made good busi-

ness, although at the begging we weren’tsure about that, and to be honest, we wereseeing this business more as advertising,but at the end it turned out as very good andprofitable business. On the other side, wehave problems in maintaining the margins ofthe cable television, to have at least someminimum profit. This situation is a result ofthe copyrights. All contracts made with sometelevision are related to very dynamic pricesand every year the price goes up, and weare trying not to change the price for sub-scription, 350 denars.

Where do you see the solution?

The solution lays, above all, in the digi-talization, because the basic package hasenough channels which some people per-haps don’t want to watch, but simply theyare in the package, and with the digitaliza-tion they will have option to choose whatthey want to see and to be made packagesby chose. That service in our country isavailable since November the previous year,there is offer of that kind of package, but weare still testing what is the best.

The previous week you have announcedentering in the landline telephony. What are theconversation prices, having in regard the cur-rent high interconnection prices with T-Home?

I don’t know exactly. The price relates toconversations on regional level, not on local.So far, we have made only regional intercon-nection on three points, three regional cen-ters- Bitola, Stip and Skopje and it have tobe in that way if we want to have calls in thewhole country, but that would be in thefuture, if we have enough traffic we canmake also regional connection, and then theprice would be lower. From that point ofview, T-Home has advantage, they are cov-ered with regulation, they are paying us forlocal conversations, and we pay them forregional.

The most important fact, which nobodypresents, is that we have made connectionwith Telekom, and now we are unimportantfactor for them and they have the right to dic-tate the price. However, since we obtaingreater number of users, the interests will bedifferent, the same prices will be valid, wewill pay to T-Home, but also reversely, theywill pay us.

Who do you consider as your major com-petitor in the moment? You have T-Home,Cabletel, Ontel, T-Home… as your competitors….

Another cable operator starts in the landline telephony. Telekabel with commercial sale of the serviceswill start from 1st September, and on the landline market in Macedonia makes partnership with the Austrian

company I-call.


Currently, only Telekabel enters into ter-ritories where operates Cabletel, and wehave a little advantage, because theybought networks which were not operatingand they are starting form the beginning withthe work. In about year we expect them to beout major competitors.

The announcement for entering in the land-line telephony you revealed together with theAustrian company I-call. On which level is thecollaboration of Telekabel with the Austriancompany I-Call?

Currently we have great technical sup-port in the internet by this Austrian company.Now we made the new company for teleph-ony,” I-call Makedonija” , where the Austriancompany has share of 50 percents, so we’llsee how great will be the interest for thistelephony. More, the support is ,above all,technical.

Partnership with stable company on stable base

Juren Majner- representative of the foreignpartner of Telekabel, in this way” I call” repre-

sented its company. Our company is fromEdinburg and is second by size in Austria inthis business, which presents something likeconglomerate among the other operators ofcable internet and television. The companydisposes with capital worth three millioneuro and in this moment I’ am not able to sayexactly how much will be invested inMacedonia.

We have chosen Telekabel from thatreason that in this company we see goodpartner and loyal competitor which can satis-fy the needs of the market. In Telekabel wesaw, above all stable company with stablebase, which is not seeking for money inorder to be partner, but also a company thathas what to offer.

Is it possible to make comparison among

the services which you are offering in Austriaand the services that Telekabel offers inMacedonia, in technical sense, for example,whether there is difference in the service quali-ty, whether the internet there is faster than here,what services do you offer in Austria and whatare the prices?

Great part of the services that are offer-ing our company and Telekable are match-ing, in sense of technical coverage. Ourcompany offers package of analogue anddigital television with modem that imple-ments the both technologies, without furtheroperations necessary by the users, whichmeans that all that is automatic and we areoffering also landline telephony. The endconsumers can dial only one telephonenumber in order to solve the problems withthat service. Having in regard that our serv-ices are very competitive, their price on theAustrian market is also competitive.

In some European countries it is already apractice the regulatory bodies to be able tointervene in the telecommunications sector forseparating the infrastructure from the otherbusinesses that are providing services, in orderthe interconnection prices to be more competi-tive. Do you expect such practice in here?

Macedonia as small market still provideshigh prices for such services; however, theRegulatory commission should make effortsin order to improve the competition by cer-tain market repercussions. Compared to

Austria, the problem in Macedonia lays inthe interconnection, respectively in that thatin Macedonia should make interconnectionin each town separately, and in Austria itgoes through one station.

What are your expectations in relation toall this? Whether the Agency for electroniccommunications is moving towards the realliberalization and ruining Telekom’s monop-oly?

I believe that the Agency honestly wantsto help you, but they are not very acquaintedwith that matter and have not sufficient tech-nical training. The Agency cannot makemany changes, because the owner is stillthe state, but I believe that soon the govern-ment will engage itself about this issue.Therefore, the most important thing is we tooffer quality services and the people as soonas possible to make connections to the net-work, so we can determine the number ofsubscribers. The Agency gave us somebasic information about the course of thatprocess and great parts of its announcementare realized, for example the prices signifi-cantly dropped in a year. T-Home hasadvantage in the regard that in anyEuropean country is most powerful than itscompetition, with exception of England.

Mainly, what we should achieve is reduc-tion of landline telephony prices inMacedonia, with which will profit also thosewho will subscribe and those who will notchange the provider.

K.S.

Matijas Hajn, manager for Eastern Europe, from the German company WiZiCommunications.

We cooperate with Telekable for ten years. On the German market, WiZi Com -munications exists for already 80 years, and two- thirds of our production is form the areaof telecommunications equipment and cable television. The matter is of family businesswhich is not listed on the stock market, and the information for our capital is confidential.The previous year we had working capital worth 100 million euro, and we expect work-ing capital of 110 million euro for this year.

The collaboration with Telekabel above is from physical nature, the greatest part fromthe equipment of Robi and Telekabel is our production.



THE TWO NEWEST BOOKS OF PROFESSOR TOME NENOVSKI PROMOTED

THE WHOLLY TRINITY FOR THE PUBLIC MONEY –

ECONOMICALLY, EFFECTIVELY AND EFFICIENT

SPENDING

Professor D-r Tome Nenovski beganits professional career in 1978 in Re -pub lic of Macedonia`s National

Bank, working currently as external profes-sor at the American college. He has morestudies from the field of the economy, 260studies and 6 books issued so far.

- Perceiving the need of the Ma ce -donian public for one finished study fromthe field of the public finances which wo uldinclude all new reforms and structu red on amanner comprehensible and easily acces-sible not only for students specia-li zed onthe economy, but for citizens as well, theInstitute decided to publish the bo ok“Struc ture of Republic of Ma ce do nia`s pub-lic finances”, - said the di rectorof the Institute of econo micstrategy and international rela-tion, Biljana Janeva ad d ingthat the Institute believes in thatthis book is of great importanceto us, marking new chapterfrom the work of the Institute inOhrid, which is publishing thisbook for the first time to ser veas a textbook and guidebo ok forfuture creators of the fis cal pol-icy, above all our fu tu re stu-dents, which can also ea si ly beused by all interested ins -titutions, owners and citizensincluded directly and indirectlyin the system of public asset`screation or spending.

- The main purpose of thisstu dy is to present the reesta-blished institutionalized publicfi nance` structure in the Re pub -lic of Macedonia. The inheritedpublic finances in the past wereunable to provide possibility forfull reestablishment of the eco-no mic system in our country.Due to this, a need of full publicfi nance transformation ap pe a -red in our country and their ad -jus tment towards the contempo-ra ry changes in world frames.Par ticularly, this study incorpo-ra tes all amendments and re -forms made in our state in thepast years in order to create oneclear image about Macedonia`sapproximation towards the Eu -ro pean and world standards inthis field, Janeva said.

The promoter of the book, the statesecretary in the Mi nistry of Finances,Snezana Kos ta di no ska – Miloseska, saidthat the topic elabo rated by Nenoski in hisbook is very complex one and of greatimportance to the Re public of Macedonia.According to her, this study of the profes-sor Nenovski is a real study not only frommacroeconomic as pect enabling all profes-sionally engaged per sons in the publicadministration and tho se interested in thistopic to easily learn how the publicfinances function. She em phasized thatNenovski in his published stu dies writesabout very complex issues such as settle-ment of important issues, from the field ofmonetary and fiscal theory, issued disused

in the true moment, in a moment whenMacedonian state had been establishingand these policies need to be formed.Hence, he not only registered the eventsand the situations and had compared themwith the world trends and tendencies buthe also implemented them. He is con-stituent part of Macedonian economic sys-tem. The state secretary emphasized thatprofessor has dedicated his entire atten-tion to public finances.

- I appreciate that this is a real studynot only from macroeconomic aspect butalso enabling all professionally engagedsubjects in the Public Administration andall interested parties which I believe we are

all interested as being a tax payersto easily learn how this mechanismfunctions, in which direction itmoves, what is the essence, saidMiloseska, congratulating Ne nov -ski for the successful study statingthat: I recommend all to read thisbook, which will give you opportu-nity to contribute in something wemust im prove. A lot of work hasbeen do ne in this sphere. Theauthor himself emphasized in thepreface that the previous publicfinances system could have beena brake for all re forms in the coun-try if it didn`t trans formed. If itdidn`t modulated properly to allworld tendencies and process-es…. This system is progressiveand harmonized with the EU stan-dards, toward which we strive.

The question is notwhether, but when theSEE countries willbecome a part of the EU

Parallel to these everyday pro-fessional activities, Nenovski hascreated rich journalistic business,creation and publishing more co -lumns, experts` analysis and stud-ies elaborating certain economicproblems. His attitudes are incor-porated in complete integrity, a setof published texts – Eco no micBrightening.

- As a publicist, D-r Nenovskiregularly appears in the dailymedia. Probably, his written word

The economic strategy and international relation Institutepromoted in Ohrid last week the following books: Structure of

the Public Finances of the Republic of Macedonia and theEconomic brightening by the professor D-r Tome Nenovski.

Professor Nenovski dedicates the book Structure of Republicof Macedonia`s public finances, to the recently deceased

academic Nikola Klusev and for his selflessness lecture ofthe economy`s secrets. The way his book is structured may

represent guidebook for those engaged in the publicfinances system`s realization on central and local level, but it

can also be useful for all businessmen and citizens whichdirectly or indirectly are engaged in the process of creation

or spending the public means. The second book, Economic brightening, represents Tome

Nenovski`s set of studies published in the period from 2006to 2008. The book is divided on three thematic contents

where professor analyses the comments the economic policymeasures, pointing out to the advantages and imperfections

offering certain solutions.


does not belong among the most popularfor the broader public but however itshould among the most popular for thosepublic which create policies, for those whoimplement the policies and for all peopleconcerned about our country who want thetransition to end as soon as possible, andthe prosperity to come sooner, saidProfessor D-r Marjan Bojadziev, professorat the American college, on the promotionof Nenovski`s second book, “EconomicBrightening”.

His critical positive disposition is alsoconnected to this dimension towards theconcrete measures and solution of the eco-nomic policy. He analyses the measures ofthe economic policy and comments thesame, criticizing the institutions and of co -ur se recommends and innovates new bet-ter solutions. In that sense, we can say itap pears as educator of the broader inter-est public, about the novelties in the legis-lation and their practical implementation.

As far as the book is concerned, wecan say that it represents a set of textspub lished in the period from 2007 and2008. The texts are systemized inthree the matic contents such as:Financial sector, real sector, andFiscal decentralization. In the part ofthe Financial Sector, pro fessorNenovski elaborates many populartopics. In several texts he writesabout the need of reduction of cashcirculation and improvement of thecard (plastic) working. Fortunately inthis segment, the progress made bythe Republic of Macedonia over thepast period is obvious. In one of thetexts Nenovski writes about theadvantages from the introduction ofthe electronic money and we sincere-ly hope that the progress in this fieldwill be more intensive in the periodthat comes.

In the text named Stagflation, No -vevski writes about the major eco-nomic problems for which we`ve tho ughtthere are history. The force by which theexpenditures inputs move forward have aglobal dimension which is no related withthe local economic policy. The entire worldfaces this glo bal crisis on which Republicof Ma ce donia as a small and opened econ-omy can not have an effect.

But, as Nenovski says the successful-ness of the economic policy should be inthe capacity of amortizing the external im -pacts, which especially should be directedin to industries affected by these inputs,such as agriculture, transport and the traf-fic.

Texts referring the grey economy are ofspecial importance. I consider that thesetexts raise the social capacity for dealingwith the grey economy`s problem.

In the part of the book Real Sector, No -vevski writes about several significant is -sues such as improved economic ambient,be tter utilization of the accessible EUfunds…

He writes about opportunities which EUgives and the advantages of Macedoniagiven by CEFTA, as porch in the EU mem-bership. I would like to separate onethough of Nenovski in this part, for which Ibelieve all interested for the euro integra-tion should take into consideration. Todaythe real question is not whether, but whenthe SEE countries will become a part ofEU. The challenge is too big, and the chan -ce too hopeful to miss.

The third part named Fiscal De cen -tralization, includes the topics pointing outto weaknesses of its implementation, es -tab lishment transfer system for communi-ties` fiscal capacity, construction of fiscalstrategy for successful budgeting.

In the part of the decentralizationNenovski writes about the model of publicprivate partnership, which became more

ve ry popular in the speech but still not sopopular or implemented in practice. Wehope that these texts will raise the publicawareness for the opportunities offered bypublic private partnership.

These books elaborate one economicsphere in the new Macedonian history onspecific manner, with us as witnesses andha ve created reforms of crucial significan -ce and enormous influence for Macedoniancitizens and Macedonian society.

I express satisfaction and great grati-tude to professor Nenovski for this type ofcontribution in the scientific sphere in thecomplete approach towards this significantfield.

Radical change in the publicfinances collection

- Probably those who know me will askthemselves why I am writing a book onpublic finances, knowing that my preoccu-pation, my recent professional engage-ment was directed towards the monetarypolicy, banking, the macro economy as aunit, and not towards the public finances,as a constituent part of the macro econo-my. According to me there are several rea-sons, who`ve made me to redirect towardsthis professional, theoretical and practicalpreoccupation, said professor TomeNenovski on the promotion of his books.

The author of the book Professor D-rNenovski stating the reasons, due to whichhe decided to start dealing with the publicfinances problem, said that a radical chan -ge in the public incomes collection hasbeen made as a result of the introductionof the flat tax from one party and reinforcedfinancial control which competent institu-tions have conducted in the past period.

- I would say that that as daily analystsand observer of the entire economic event,

I`ve noticed that they strongly influenceupon the strong reconstruction of Ma -ce donian economy. I will not discuss alot about the content elements of thisbook, and I will only say the changesand the re forms appearing in theaccounting, public procurements, pub-lic sector, treasury system, and publiccontrol, public debt and pub lic fi -nances are numerous as well as o thersegments which couldn`t pass thro -ugh what have been happening es -sentially in the past such as collectionof incomes of the Republic of Ma ce -donia.

I think that a radical change hasbeen made in collection of the publicincomes, as a result of the flat tax in -troduction and as well as from theenforced financial control which com-petent institutions have been conduct-ed it in the past.

Filling the state budget, and the wordBudget for who don`t know, comes fromthe French word “Budget” which means aroyal sack collecting the money spent onpublic needs.

This is our budget and our royal sackwhich collects more and more assets andwe already have surplus in the budgetexperiencing a situation which creates littleproblem to minister for finances. How tospend the money?

This sack should be constantly con -trolled, tight to a chain, locked, whose keyhas the minister of finances who sho uld bevery rational in spending of this money.

Actually we come to conclusion sever-al times mentioned in the book, says

Filling the state budg-et, and the word Budgetfor who don`t know,comes from the Frenchword “Bud get” which me -ans a royal sack collectingthe money spent on publicneeds. This is our budgetand our royal sack whichcollects more and moreassets and we alreadyhave surplus in the budgetexperiencing a situationwhich creates little prob-lem to minister for fi nan -ces. How to spend themo ney? Authority especially those dealing with thepublic finances control and spending should alwayshas the holy trinity – the three “E”. So, the publicmoney should be managed on economical, effectiveand efficient manner.



Nenovski -that the authority especiallythose dealing with the public finances con-trol and spending should always have theholy trinity – the three “E”. So, the publicmoney should be managed on economical,effective and efficient manner. This iswhat I constantly emphasize to ourstudents: You can not ignore thosethree E when you`re dealing with pub-lic money…

This preoccupation or thosechanges happening in the field of pub-lic finances in the past several yearsmade me comment them on a mannerwhich I call public facing with the pub-lic through giving proper comments,analyses, studies published in differ-ent newspapers or different studies.

The major part of materials con-tained in the Economic Brighteningrefers to the chan ges appeared in thepublic sector…

I`ve considered that thosechanges led towards abandoning thetransitional period through whichMacedonia passes and preserving theday light – reviewing the economicclear weather above our state whichslowly began to transform in one eco-nomic field for one equal competitionfor those who want to enter on thisbusiness field. …

Those are the economic operatorswhich have proper chance for easier

entrance in the economy, for mutual com-petitive fight and accomplishment of thefinal goal of each business i.e. the profitand this leads towards what we all want,long-term economic development of the

RM. Of course the situation is changing.

Black clouds appear for time to timeabove our country having serious threat forthe national economy on which authorsshould pay special attention.

Threat don`t come from inside butfrom outside and among the state inthe world our state is the most exposedstate to the world influences. Becauseall happened in a very short time.

The latest shock is what`s happen-ing on the world level by fuels` growthand the elementary products` price in -crease representing a kind of threat tothe National economy for the Re publicof Macedonia.

Due to which my first study isnamed “Risky Year” trying to underlinethe threats to people dealing with eco-nomic policy on which the economicpolicy will be exposed to during thisyear in order to take all necessarymeasures to protect the economy fromthese influences.

If the personal influences make lit-tle contribution for Macedonian econo-my, I would say that I am satisfiedtoday.

Actually this was intention, littleadornment, little boasting and recom-mendation for what to expect and rec-ommendation to those who must pro-

tect the economy.

Citizens in the public dialogue

The Institute of economic strategies and international relations Ohrid, is established two years ago. It is responsible for

providing non-partial and non-political research about issues significant for the Macedonian society and the way of increasing

citizens` participation in the public dialogue development. Our mission as the director Biljana Janeva said is to enable

Macedonian people alternative perspectives for the economy and issues related with the external policy. The base of our work

is the universal principles regarding the democracy, individual responsibility, the rule of law, freedom of market economy and

entrepreneurship and our vision is to see Macedonia integrated in EU and NATO… For these purposes the Institute succeed-

ed to impose Macedonian non-governmental scene with original attitudes and projects and to develop international network of

supporters and friends among the largest international systems and institutions. Recently after many months of negotiation the

Institute has jouned the network of the educational Initiative towards Central and East Europe (EIC). It is located in Washington

and represents international non-profitable organization, that has its own branches in Vienna, Prague, Budapest and its mis-

sion is to help in the promotion and the start of the free democratic societies in the region by organizing training, publications

and studies, about issues of great importance of how certain nations deal with the decade transition. By accomplishment of

these purposes and business, the Institute Ohrid attempts to act as a realizer of these ideas and activities, designed to enforce

citizens` connections with the political and non-governmental institutions by dynamizing the public debates mainly for the top-

ics of the economic external policies stimulating the members of the parliament, journalists, intellectuals, non-governmental

organizations and generally the public in the Republic of Macedonia to cooperate and to have more transparent and quality

dialogue. In that direction are realized more lectures of eminent foreign political analysts, members of the international recog-

nized and reputed instructions, conducted surveys, conferences, book publications and other research materials.

In the rich publishing production developed by the Institute Ohrid, as promotion and issuing books are: Middle European

borders by Olli Rehn (on Macedonian and Albanian language); both book of Veton Latifi – Implementation of the agreements

(1) and (2) on Albanian language; the two successive editions for Republic of Macedonia external trade report for 2006 and

2007 on English and Macedonian language; the book Cultural Differences and social integration by Ganka Cvetanova and

other. Above all books that elaborate topics from fields which according to the Institute are significant for our society.


1. TUS ANNOUNCES INVESTMENTS OF 540 MILLION EUROS IN MACEDONIA (****)2. AGAIN DECREASE ON MACEDONIAN STOCK EXCHANGE (***)

10.07.2008 THURSDAY

The already started decrease of the prices ofthe shares on the Macedonian stock exchange co -n tinued yesterday, inform the today’s newspapersin the stock exchange’s reports. A turnover of 26mi llions of denars has been realized, and all thethree indexes on our stock exchange have endedin minus, where the MBI – 10 has de cre a sed themost, more than -4% in order to end on 5 339.78po ints. The MBID has decreased for -1.28%, andthe index of the bonds OMB for -0.20%. From thesha res, on the other side, the one of Toplificationhas lost the most, which had been trading yester-day for a price of 8 086 de nars, although last year,the same share has re a ched a maximum value of18 968 denars. Ac cor d ing to the analysts, the dec -re ase is most probably a result of the recent infor-ma tion about the in crease of the heating for 60 per-cents.

In today’s editions of the printed media, thenews about the opening of the modern shoppingmall of the Slovenian company Tush in Kumanovois among the top news. The supermarket, which of -fers over 14 000 products to the buyers is part ofthe chain of 23 supermarkets in the country, inwhich 540 millions of euros will be invested.

Among the most present news is the one thatProcredit bank, since yesterday in its branches hasimplemented the TCP appliances that are intendedfor cash procession. The appliances are set next tothe councilors for clients in the facilities of the bankand with them they can perform cash paymentsand repayments of the current endorsement, sav-ings and intern accounts, as well as pay ments oninstallments for credits and credit cards, are on oneplace. Procredit is the first bank in Macedonia thatuses these machines.

Komercijalna banka has received one more of -

fer for its successful and professional working, onecan read in the newspapers. Deutsche Bank hasawarded the reward for most successful Di rect pro-cessing (STP) for 2007, for the exceptional qualityin sending the payment messages to De utscheBank. It is a matter of significant component in theservices of Deutsche Bank, which in the long termand productive cooperation with Ko mer cijalnabanka sees a serious partner in the in cre ase of therange of the payment services and the decrease ofthe overall expenses via the system.

The news made public in Utrinski Vesnik whichis connected with the banking sector, conveys thatthe Constitutional court of the yesterday’s sessionhad annulled four provisions from the Law onbanks, reached in 2007. The three legal provisionsha ve been annulled because with them it is predict-ed that bank shareholders, managing people withspecial rights and liabilities, i.e. members of admin-istrative and supervisional boards, as well as mem-bers of the administration that are being deter-mined by the governor in business banks, are notto be convicted people. According to the court,there can not be signed condition in the Law for theperson not to be convicted, and whether the personwill be, it is a question of the one that is going totake the decision in the election.

The markets from Skopje will be closed if in theshortest possible term provided that special facili-ties are not provided for sales of milk, meat and ofeggs, is the announcement of the VeterinaryInstitute of Macedonia, which is being conveyed bythe newspapers. The reason for such step is thatthe veterinary inspectors have found many spoiltfood products on the markets in the last couple ofdays. Skopski Pazar A.D. did not comment the de -cision of the Veterinary Institute, but they announce

that they will abide by the legal obligation. The Macedonian brand Resana started to be

manufactured in a record – breaking amounts from10 tons per day, informs Vest. The Agroplod Com -pa ny has achieved the record in the newly con-structed hall for production of Resana, in which oneinvested with the strategy of the new owner of theSwisslion factory. From the manufactured amo -unts, even 88 percents are being exported on themar kets in the neighboring countries and in theoverseas countries like America and Australia.

And while the Resana is breaking new re -cords, the shareholder Gorgi Kitanovski, whichowns 33 percents from the capital in the factorybla mes in today’s Vecer that the privatization of Ag -ro plod is nothing but a pure game. According tohim, the Swisslion group does not have even onedenar of investments in the factory from Resen andthat they have been performing an unseen tortureand pressure on the employees in the factory inorder for them to sign reports that they are in favorof the Swisslion brand to stay in Agroplod.

The rush about the implementation and aboutthe functioning of the patriotic fiscal receipts is notcal ming down, inform some of the papers. Part ofthe tradesmen still have not upgraded their softwa -re from the fiscal appliances, while part of the onesthat issue them are giving false appearance for thebo ught Macedonian products. – These are parado -xes that illustrate that no one in the country, noteven the authoritative institutions, nor the trades-men are prepared for the patriotic fiscal appliancesand all of this in the shadow of the expected epilo -gue from the Constitutional court for the legitimacyof the implementation of these appliances, com-ments Utrinski vesnik.


DNEVNIKp.8 STARTING FROM 1 AUGUST -NEW PRICE OF HEATING p.8 NEW DEVICES OF PROCREDIT p.8 THE WORK OF GREEN MARKETS WITHOUT COOLERS BAN NED p.8 SUPERMARKET OF TUS IN KUMANOVO

BIZNISp.1 THE OFFICIAL MARKET SPINS THE STOCK EXCHANGEp.1 WE ARE AIMING TOWARDS LEADERSHIP IN THE GROUP OF

MEDIUM BANKS p.3 EXCEPTIONAL QUALITY IN SENDING PAYMENT MESSAGES p.3 SIRMA TO BUILD DAIRYp.4 THE GOVERNMENT WILL DEMAND HIGHER DIVIDEND AGAINp.12 THE BEAR STARTS TO DANCE AGAIN ON THE STOCK EX CHAN -

GE p.13 THE THREE STOCK EXCHANGE INDEXES ARE IN REDp.13 BIGGEST PART OF THE SHARES – LOSERSp.16 PROCREDIT BANK WITH TCR CASH PROCESSING DISPEN SERSp.16 KOMERCIJALNA BANKA OPENS SUBSIDIARY IN KUMANOVO

UTRINSKI VESNIKp.1 PATRIOTIC RECEIPTS DO NOT FUNCTION p.1 AGAIN DECREASE ON MACEDONIAN STOCK EXCHANGE p.1 THE COOLING DEVICES HEATED UP THE ELECTRICITYp.7 CONVICTED PERSONS TOO CAN BE SHAREHOLDERS OF A

BANK!? p.8 MKD 20.000 FOR LIQUOR LICENSEp.8 SLOVENIANS BRING TUS IN KUMANOVO p.8 THE MARKETS WILL BE CLOSED IF THEY SELL MEAT AND MILK

UNDER OPEN SKYp.8 DEUTSCHE BANK AWARDS KOMERCIJALNAp.8 FAST CASH REGISTERS IN PROCREDIT BANK

p.8 MAKPETROL WILL SHARE DIVIDEND TOMORROW VECER

p.6 BREAD CHEAPER BY TWO DENARS-p.6 AGROPLOD’S PRIVATIZATION IS SIMPLE TRICKERYp.6 BIO-FUELS INCREASED THE FOOD PRICE FOR 75 PERCENTp.6 SILMAK OBTAINS ECOLOGICAL PERMISSION p.7 AGRISAN TO PURCHASE AGRICULTURAL PRODUCTSp.7 AUTOMATIC CASH PROCESSING p.7 AWARD FROM DEUTSCHE BANK

VREMEp.6 SUMMER ON CREDIT p.6 THE HEATERS WILL FREEZE IF THE HEATING PRICE RE MAINS

UNCHANGEDp.6 WE WILL FINALLY KNOW WHAT WE ARE EATING p.6 THE MACEDONIAN SUM MORE EXPENSIVE THAN THE SLO -

VENIANVEST

p.8 10 TONS OF RESANA A DAYNOVA MAKEDONIJA

p.7 THE STOCK EXCHANGE REDUCES, SO DO THE PENSIONFUNDS

p.7 WHICH WAS THE DANCING BEAR? p.8 SIRMA TO BUILD DAIRY IN BITOLA p.8 NENOVSKI: FIXED INFLATION TO SEE THE DENAR RATEp.8 TUS ANNOUNCES INVESTMENTS OF 540 MILLION EUROS IN

MACEDONIA SPIC

p.7 FOOD CONTROL BY WORLD STANDARDS p.7 THE BREAD OF ZITO PRILEP TWO DENARS CHEAPER p.7 KUMANOVO TOO WITH SUPERMARKET OF SLOVENIAN SHOP-

PING CHAIN TUS



1. TELEKABEL ANNOUNCES THAT WILL BE THE FOURTH LANDLINE TELEPHONE OPERATOR (*****)

2. THE BUDGET INCREASED FOR 260 MILLIONS OF EUROS (****)

11.07.2008 FRIDAY


Decisions passed by the Securities commis-sion on its last session, are the main economictopics in printed media. All papers inform thatSecurities Commission (SC) passed decision for30 days suspension for the agreement on StevanSapcevski to become Director of the Central Se -curities Depository. He is sanctioned due to per-formed tow irregularities: alignment of block trans-action with shares issued by IK Banka Skopje incontrary to the Law on Securities and CSD rule-book and irregular alignment of transaction withstocks issued by Macedonian Stock Exchange,i.e. ungrounded delay of the alignment outside thelegal frame on the base of conclusions adopted bythe Redundancy Judge which do not representallowed legal ground for such act. Suspension willbe on power for 30 working days, and followingthis decision, which is opposed and appealed bySapcevski, he will continue performing the headfunction.

Securities Commission suspended the votingright and dividend over 1,356 stocks, due tobreaching of the Law on Takeover of Joined StockCompanies. Securities Commission suspendedthe right to vote and dividend on 1,592 (7.93%)ordinary shares owned by Gjorgji Kitanovski inAgroplod, who owns 32.93% of the company.Sha re suspension of Swisslion and Gjorgji Kita -novski, both own by 25% of Agroplod, compli-cates the fight within the company and the out-come of the shareholders` assembly is uncertain,which should be held on 23rd of July. According to

Utrinski Vesnik, this makes minor shareholder togain importance, whose votes might be decidingwhen it comes to the decision who is going to con-trol the company.

The news that cable operator Telekabel, inpartnership with telecommunications companyAicall, starting September will start offering fixedtelephony services, is also displayed in all news-papers. One week ago, company concludedagreement for interconnection wirh the bigger fix -ed operator in the country T-Home, which makesthe fourth fixed telephony operator after Make -donski Telekom, Ontel and Cosmofon. Telekabelofficials still refuse to reveal prices that will beoffered, but they announce the they will be muchlower than competition`s.

State budget this year increased by 260 mil-lion euros. By the budget rebalance prepared bythe Government, incomes will amount 144.7 bil-lion denars, which is increase by 12.4% comparedto the projection, and expenditures are deter-mined at 150.3 billion denars. Projected deficit of5.6 billion denars, i.e. 1.5% of the projected grossdomestic product, can be read in the papers. Ac -cording to the Minister of Finance, Trajko Sla ve -ski, increased incomes are result of the increasecollection of all sorts of taxes, expected increaseddividend from Makedonski Telekom and increaseincome of concessions and privatization.

Some papers convey the protest of employ-ees of OHIS in front of the Government. Workersdemand the Government to find a way to pay their

8 late salaries and contributions for health andpen sion insurance for the last seven year. Theyare not satisfied of company`s management,which is state owned company. Half year ago,when workers threatened to strike, the Go vern -ment transferred one million euros on company`saccount, which were intended for salaries andpurchase of raw materials.

Saving in denars is reduced, Biznis conveys.The new saving of citizens is fully in foreign cur-rency, while denars deposits record drop onmonthly basis. It is characteristic that citizens, al -so in the corporative sector, record expressed ten-dencies for saving in foreign currency. This bringsdeceleration of the annual growth rate of denars`deposit potential, which reached 26.8% in May, incontrary to average 54.7% in 2007.

Macedonian Stock Exchange recordedincreased turnover of total of 32.26 million denars.MBI-10 dropped again, but only -0.87% reaching5,293.31 points, papers` stock exchange reportscon vey. Almost half of the turnover was realizedfrom stocks of Komercijalna Banka. These stocksrecord total trade of 2,738 stocks at average priceof 5,800 denars, other companies, components ofMBI-10, realized minimum trade. Regular Marketrecorded two unusual transactions. By 6.24 mil-lion denars were traded 102 stocks of the insur-ance brokerage firm Euromak Broker, and by 2.42million denars were traded 897 stocks, i.e. 15%,of the brokerage company Bitola Broker.

DNEVNIKp.7 DEBTS OF CITIZENS ARE NO LONGER A SECRET p.7 THE BUDGET INCREASED FOR 260 MILLIONS OF EUROSp.7 TELEKABEL WILL OFFER FIXED TELEPHONYp.7 THE EMPLOYEES OF OHIS PROTESTED IN FRONT OF THE

GO VERNMENTp.9 THE DIRECTOR OF THE CENTRAL DEPOSITARY SUSPEND-

EDp.9 AGROPLOD SHAREHOLDER SUSPENDED

BIZNISp.1 THE SAVERS BELIEVE MORE IN THE FOREIGN CURRENCY p.1 SC SANCTIONS BROKERAGE VIOLATIONSp.1 EVEN THE MOST LIQUID SHARES – ARE NOT SO LIQUID AS

IT SEEMS p.3 TELEKABEL TO OFFER SERVICES IN THE FIXED TELEPHO-

NYp.3 THE ACTION CONTINUES IN ARACINOVO, KONDOVO…p.4 THE CITIZENS BELIEVE MORE IN THE FOREIGN CURRENCYp.4 STABILE WAYS OF FINANCEp.5 THE COMPANY IS A PLAYER OF BIG NUMBERp.11 SKOPJE’S KOMUNA WITH 20.733.00 DENARS PROFITp.11 SHARE BUY-BACKp.11 NON- TRADE TRANSFERSp.12 EVEN THE MOST LIQUID SHARES – ARE NOT SO LIQUID AS

IT SEEMS p.13 MBI-10 DOWN – MBID UP p.13 KOMERCIJALNA BANKA SHARES WITH HIGHEST TURN -

OVER p.15 AGREEMENT ON STEVAN SAPCEVSKI SUSPENDEDp.15 5,000 EUROS FINE FOR BROKERAGE FIRM VIP p.15 OHRIDSKA BANKA TO SELL STOCKS BY PRIVATE OFFER p.15 MAL METROPOL BITOLA IS DEPRIVED OF RIGHT OVER

SOME STOCKS

UTRINSKI VESNIKp.4 THE DIRECTOR OF THE DEPOSITORY TEMPORARILY SUS-

PENDED p.7 WARNING PROTEST OF THE EMPLOYEES IN OHISp.7 TELEKABEL ANNOUNCES THAT WILL BE THE FOURTH

LAND LINE TELEPHONE OPERATORp.8 THE FIGHT FOR RESEN’S AGOPLOD IS BECOMING MORE

DIFFICULTVECER

p.6 COMPANY VEHICLE ON CREDITp.6 KITANOVSKI AND SWISSLION WERE LEFT WITHOUT PART

OF THE SHARES IN AGROPLODp.6 EMPLOYEES IN OHIS CLAIM THEIR EIGHT SALARIESp.7 COLLECTED MORE MONEY, THE COSTS INCREASEp.7 CUT OFF 10 PUBLIC ENTERPRICESp.7 TELEKABEL NEW FIXED OPERATOR

VREMEp.7 THE CIVIL SERVANTS WAGES WILL RISE UP AGAINp.7 NEW FIXED OPERATOR IN MACEDONIA

VESTp.2 BETON-BITOLA SENT INTO BANKRUPTCY p.7 PART OF THE SHARES OF SWISSLION AND KITANOVSKI IN

AGROPLOD TO BE SEIZED NOVA MAKEDONIJA

p.7 READJUSTMENT OF THEN BUDGET WITH A SURPLUS OF260 MILLION EURO

p.8 TELEKABEL WILL OFFER FIXED TELEPHONY FORM SEP-TEMBER

p.8 KOMERCIJALNA BANKA KEPT MBI-10 p.8 THE SHARES OF KITANOVSKI IN AGROPLOD FROZEN

SPICp.6 THE STATE REGISTRY BECAME HEAVIERp.6 TELEKABEL TO START WITH THE FIXED TELEPHONY




1. THE STATE REQUIRES 3 MILLION EURO FOR TAX FROM THE FARMERS (****)

2. SALARIES INCREASE WILL INFURIATE THE INFLATION (****)

12.07.2008 SATURDAY

Budget revision of plus EUR 260 millionkept the precedence of top news in daily news-papers. Budget increase is dangerous for theinflation, according to economic experts. – TheGovernment should manage state money care-fully and invest it in capital investments not inpublic consumption, experts warn. Otherwise,according to them, inflatory movements willheat up putting the state in unenviable positionto extinguish high prices fire. Contrary to theexperts warning, the Government plays it itsown way and announces no measures to amor-tize the inflation. Moreover, it points out thatNBM measures for interests` increase will notbe effective in the next two years because thereis no monetary policy which can influence oiland food price appreciation as they are importphenomena. Experts criticize Government forignoring the inflation. – The budget surplus ismore a result of the rapid jump of the food andoil prices than of the profit taxes and personalincome taxes. This money should be orientedtowards investment consumption insteadtowards the current, as provided with theBudget revision.

Citizens will have to get used to living withinflation – is the opinion of the First GeneralManager of the NLB Tutunska Banka, Mr.Gjorgji Jancevski, who explains in the inter-view for Vecer that there is no danger of denardevaluation at the moment as the foreign ex -change market is balanced. – Of course, big

problem for Macedonia is the trading deficit thatshould be resolved at high level. We have a sta-bile banking system, high level of foreign cur-rency reserves……While regarding the meas-ures for amortization of the inflation taken byNBRM, Mr. Jancevski says they will have differ-ent repercussions on different banks. For targetusers, however, it means that if a bank wants toincrease presence of the population loans andcontinues the placements without restrictions, itshould increase interests. The inflation is a glo -bal problem which has captured the entire worldand which will be present for some time.Citizens will have to get used to the inflation..

The country demands three million euro taxfrom farmers is the news conveyed by almostall printed media issues for Saturday. The col-lection of personal income tax for two and a halfyears retroactively upsets both farmers anddairies. In point of fact, the Public RevenueOffice claims that the dairies pay several millioneuros as income tax from the money they havepaid to the farmers since 2006. This disruptedthe dynamics of the current payment of the far -mers, which is 2 months late in some dairies.PRO did not respond to media why the person-al income tax will be paid retroactively, explain-ing it was a tax secret.

Utrinski vesnik informs that the famousAustrian Group Hypo Alpe Adria will enter theMacedonian financial market with its own bank.This Group is already operating in Macedonia

but only through their leasing company for thetime being. According to the information, almostcertainly this Group pretends to buy some ofthe medium-sized or small-sized banks in thiscountry. The thing that complicates the situationis that most of the banks of that rank in this co -untry have already obtained their strategic own-ers or are in the final process of their takeover.

Spic conveys the information that fourmajor companies entered closest election, com-peting for airports` concession. According to theGovernment`s Commission, the following com-panies meet the requirements: Vienna Airportfrom Austria, TAV from Turkey, Hochtief fromGermany and EGIS Kaupthing Singer andFriedlander with joint French-British capital. Assaid by Government sources, the German andthe Turkish company have greatest chances toget at least one of the airports under conces-sion as their portfolios are internationally popu-lar.

Today`s newspapers also inform about thenews that Metodi Smilenski is not guilty for theca se Kartonteks. Due to unfounded, i.e. obso-les ce of the criminal act, yesterday the BasicCo urt acquitted from charge Metodija Smi len -ski, accused for breach of duty because, aga -inst the law, in 2003 he transferred the propertyof Sveti Nikole`s company Kartonteks to one ofthe companies he owns in Macedonia and Aus -tria.


DNEVNIKp.7 TAX FOR THE PURCHASED MILKp.7 ARACINOVO AND KONDOVO IN DARK

UTRINSKI VESNIKp.1 THE INCREASED BUDGET THREAT FOR THE IN-FLA¬TI¬ON p.1 SMILENSKI ACQUITTED FOR KARTONTEKS p.7 THE INCREASED BUDGET THREAT FOR THE INFLA¬TI¬¬ON p.7 HYPO ALPE ADRIA TO BUY BANK IN MACEDONIA?p.8 THE STATE REQUIRES 3 MILLION EURO FOR TAX FROM

THE FARMERSVECER

p.1 THE CITIZENS HAVE TO GET USED TO THE INFLATI¬ON p.5 THE CITIZENS HAVE TO GET USED TO THE INFLATI¬ON p.7 THE FOOD DIRECTORATE HAS NO SENSE FOR FOOD

SAFE¬TYp.7 INTERRUPTION OF BREAD PRODUCTIONp.9 COMES THE TURN OF THE JUNCTION’S CIRCLEp.10 SMILENSKI TO BE NAILED IN LIE

VREMEp.7 PRO AND FARMERS REQUIRE MONEY FROM IMBp.7 SALARIES INCREASE WILL INFURIATE THE INFLATION

VESTp.2 THE COURT ACQUITTED FROM CHARGE SMILENSKI FOR

KARTONTEKS p.9 THEY ARE NOT PAYING THE MILK WITHOUT UNPAID PER-

SONAL TAXNOVA MAKEDONIJA

p.8 KOMERCIJALNA AMORTIZES THE FALL OF MBI-10 FOR TWODAYS

p.8 THE NATURAL GAS PRICE INCREASES BY 15 PER CENTSPIC

p.5 ACQUITTAL FOR METODI SMILENSKIp.6 CHEAPER ROAMING FOR COSMOFON SUBSCRIBERSp.6 THE MONEY SURPLUS IN BUDGET IS NOT FOR TREATING p.7 FOUR COMPANIES ARE COMPETING FOR AIRPORTS CON-

CESSION


GLOBUS

THE INFLATION IN MACEDONIA WILL GO UPJOVAN PEJKOVSKIReference: The Government should, soon, to restructure the sur-

plus of collected money in the budget on basis oil excises , or to easethe price shock by reducing the VAT rate for fuels or to approve addi-tional subventions for the farmers.

- The inflation doesn’t stops to go up? What are your prog-noses?

The turbulences on the global market and on the stock marketshave impact upon all the economies, thus on the Macedonian, too. Itis very natural to be expected that the increase of oil prices, the ener-gy and food will have direct impact upon the standard of our popula-tion, the economy and the lifestyle. The energy and the food have sig-nificant participation in determent of the inflation rate, and all thattogether will have impact upon accelerated increase of the livingcosts.

KAPITAL

P.10 THE GOVERNMENT DEMANDS ANNULMENT, ANDSWISSLION ANNOUNCE INVESTMENTS OF 10 MILLION EUROSIN AGROPLOD

The construction of the new production plants, the installation oftwo new production lines for production of biscuits, the introduction ofthe NASSR standard, the construction of the bakery, the introductionof new brands and new products in the plant for children`s food, theexpansion of the apple plantation and ostrich farms, are only a partof Swisslion investments in Agroplod – Resen, whose amount fromcompany`s taking over is eight million euros.

P.10 EBRD WILL INVEST 50 MILLION EUROS FOR REGIONALROADS IN MACEDONIA

The European Bank for Reconstruction and Development (EBRD)reviews the possibility for financial support of 50 million euros ofMacedonian fund for national and regional roads.

P.10 RUSSIANS TO MAINTAIN REK BITOLARussian company will maintain the energy blocks of the thermal

power plant REK Bitola, in the following period.

P.10 MACEDONIA WILL HAVE INVESTMENTS OF HALF BILLI -ON EUROS, THIS YEAR

Macedonia according to the foreign direct investments ended theyear 2007 as last on the list of 20 states from Central, East and So -uth-East Europe, envisaging a significant growth for this year.

P.20 NATIONAL BANK TO SUPPRESS THE ECONOMY GRO -WTH!?

The disagreements between the economic and monetary author-ities are becoming more evident to the public regarding the measuresthat should be taken to curb the inflation, which in June amountedover 10 percent.

P.26 MACEDONIAN INDUSTRY SEEKS WAY OUT TO SEAAround 76 thousand tons of hot rolled and cold rolled products,

iron and steel alloy and around 150 thousand tons of ferronickel, themost exported Macedonian products, have been exported last yearby ship.

P.40 MINCO JORDANOV TAKES THE HELM IN BETON!The businessman Minco Jordanov since the previous week is the

new president of the Board of directors of the construction companyBeton, instead of the past Mico Naskovski. Naskovski was presidentof this company for a half year, but on the session of the Board of di -rectors held the previous week, probably because of the bad results,he had been seized the head position in Beton.

P.42 WEEKLY GROWTH OF MBI-10 OF 5.5%The index last week on Monday to Friday recorded growth and

ended on 5.154 points the last day, representing 5.5 percent highervalue than on Monday.

P.45 DUKAT TO INVEST NINE MILLION EUROS IN IDEAL SIP -KA

The Croatian milk industry Dukat purchased the entire capital ofthe dairy Ideal Sipka from Bitola.

P.45 CROATIA INSURANCE TO INTRODUCE AGRICULTURALINSURANCE IN MACEDONIA TOO

Croatia Insurance has great ambitions related with the agricultur-al insurance (crops, plantation, goods), not only in Croatia but inMacedonia as well where they plan soon to offer new product – agri-cultural insurance, stated Damir Mihanovic, member of the CroatiaInsurance Administration for Croatian media.

P.46 EUROMONEY: STOPANSKA BANKA VOTED THE BESTBANK IN MACEDONIA FOR A SECOND TIME

Stopanska banka-Skopje is voted the best bank in Macedonia for2008 by the British financial magazine Euromoney.

FOKUS

с.31 MACEDONIA TOO WILL GET A COLD FROM THE AMER-ICAN SNEEZE

Reduction of our export will be among the first consequencesfrom the global financial crisis. The already miserable inflow of directforeign investments will also go down… And at the end, the greatestdirect risk from the recession will be the reduction of the transfers weare receiving from the diaspora and the temporary season workers.That, on the other hand, may be disastrous for the internal financialstability in the state!

MAKEDONSKO SONCEL

с.28 OHRID IS A TOURIST PEARL NUMBER ONE IN MACE-DONIA

The home tourist workers and hoteliers are expecting manytourists in the forthcoming main tourist season. Their expectationsare based on the decreased interest of the Macedonian citizens forspending their holiday in Greece on the other hand, and the increas-ing interest of the foreign tourist for Ohrid.

с.42 CALL FOR THE MACEDONIANS TO INVEST IN MACEDO-NIA

Bosko Rajcovski-Pelisterski was born 1945 in the beautifulPrespa village of Ljubojno, in the foot of Pelister, and in 1964, in thebloom of his youth, aged 19 he took the thorny road of the workabroad. At the time the young people in Prespa considered the workabroad more like a trend rather than making a living.

1. SHORT REVIEW IN THE WEEKLY MAGAZINES

07.07.-12.07.2008 MONDAY-SATURDAY




EVENTS THAT MARKED THE WEEK...

Slovenian company Tus plans to realize thesecond link from the chain of 20 su per -markets, planed to be constructed du ring

the next five years in all the major cities in Ma -cedonia. After the supermarket in Stip, a mo derntrade center was put into operation last week inKumanovo, on a surface of three thousandsquare meters. 37 persons are employed in thesupermarket and the total investment costs 2.7million euros.

Besides the supermarket offering buyersmo re than 14 thousand products, mainly ele-

men tary products, there are specialized camerasto res in the frames of the trade center as well asstores offering mobile phones and a branch of -fice of Komercijalna banka offering banking ser -vices.

- Tus has no intention to stop with Stip andKu manovo. We plan to open a trade center inSkop je, next year, which is our primary goal, dueto the number of citizens and the economic situ-ation. We plan to invest around 30 million eu ros– said Jernej Murn, Tus Trejd Ma ce do nia.

The launching of another supermarket inMacedonia actually represents a step forward toaccomplish company`s strategy for business`internationalization. Namely, after the successfulgrowth on the domestic market, where Tus trans-forms into the biggest trade chain which se venyears now carries the epithet of the fas test grow-ing enterprise, Tus decided to invest ab road andlast year it began to realize the investments inBosnia and Herzegovina, in Ser bia and

Macedonia. 60 million euros are plan ned to beinvested this year on all three foreign markets.Currently, Tus has 42 markets in the trade net-work in Slovenia, 49 supermarkets, 34 drug-stores, six Cash and Carry centers, three PlanetTus, 12 catering facility, 11 gas station servicesand 119 franchise business units.

The expansion of the retail network by con-struction of new points of sale and acquisitions,the offer of high – quality products and services,additional benefits to buyers and the high repu-tation on the market, are the elements whichinfluence on the high income growth, the marketshare and the number of employees. Besidesthe trade activity, Tus provides services regard-ing the entertainment, recreation, catering, real-estate and energy. According to all importantindicators, Tus can compete with the developedEuropean market, where in many segments Tusproductiveness and the efficiency are cruciallyabove the European average.

TCR is high quality automatic unit for counting of 200 to500 banknotes per minute, which is 10 times faster thanthe classical cash box, by which the time spent in the bankpremises will be reduced to 50%.

In order to improve the service towards cli -ents ProCredit Bank had introduced lastweek the TCR (Teller Cash Recycle) –

automated cash processing unit. This unit isbeing introdu ced for the first time in the bank-ing sector in Ma cedonia. From now on, theclients of Pro Cre dit Bank will perform transac-tions or more simple and safe way through theTCR units.

- TCR is automatic unit for counting, recog-nition and bill control. It is located next to theclient’s advisors, in the bank premises, whichmeans they can also perform cash and pay-ments of current, gyro, savings and intern ac co -unts, as well as, payment of loan and creditcard installments on one place, thus avoidingchan ge of place and going to the cashier. In thismo ment, the units implement denar transacti -ons but in future ProCredit Bank plans to usethe same units for implementation of euro tran -sac tions in cash as well as for current ex chan -ge.

ProCredit Bank introduces for the first timeTCR units for automatic cash processing onMacedonian banking sector. – It is about units

that significantly improve the services towardsour clients. These units function as a kind offast cashier that enable efficient, faster and sa -fer cash transactions, where the time neededfor transaction performance is reduced to mini-mum. TCR is high quality automated unit forcounting of 200 to 500 banknotes per minute,which is 10 times faster than the classical cashbox, by which the time spent in the bank prem-ises will be reduced to 50%. The units have nopurpose to replace the human resources in thebank, but to simplify the everyday work of theemployees and the clients, by which the effi-ciency of the service will be improved”. Thebank has installed 10 units in its braches, andanother ten are planed to be installed by theend of the year, explained Kristina Mazni fromretail department in ProCredit Bank.

Bank`s representatives gave positiveassessment of the work. ProCredit Bank suc-ceeded to increase the number of clients itserves and made services more accessible tothem, which inevitably contributed towards thestate`s financial sector development. The totalnumber of clients by the end of July 2008 in theBank has already exceeded the number of 101.

- According to their assessment, the bal-ance between the expenditures and the creditportfolio and the deposit base has been main-

tained. At the beginning of 2008 they haveincreased per 19 and 16 percent properly, andby the end of July 2008 they were 125 millioneu ros current credit portfolio, i.e. 124 million eu -ros deposit base, informs the bank.

Today after six years of functioning, over780 employees are employed in 36 branches ofthe bank in Macedonia.

The Bank informed that they`ve promotedthe training sector in the frames of ProCreditbank, as well as the Academy, but, at the sametime had invested in new units to improve thequality of the services.

PROCREDIT BANK PRESENTS YOU THE NEW AND ONLY

AUTOMATIC CASH PROCESSING UNITTCR units are installed in branches in Skopje 1,

Skopje – Novo Lisice, Skopje- Bit Pazar, Skopje- Centar,Kumanovo – Center, tetovo-Center, Stip, Ohrid –Turisticka, Bitola – center. Additional 10 are going to beinstalled in other cities in the course of the year.

ProCredit is developmental oriented bank, offering complete services whose aim is supportand development of the small and middle sized enterprises. Working actively almost five yearsnow, the first foreign bank in Macedonia paid more than 330 million euros to more than 80.000small and middle sized private enterprises and offers more than 100.000 clients with generalbanking services. ProCredit Bank`s shareholders consider that the private business sector offersthe biggest number of jobs and gives significant contribution towards the economy developmentin the country.

ProCredit Bank is a member of the international bank`s network, which counts 22 financialinstitutions throughout the world.

TUS EXPANDS ITS SUPERMARKET CHAIN NETWORK IN MACEDONIA

KUMANOVO – THE SECOND LINK OF THE CHAINTus donated 60.000 euros to the Daily Center of children with physical impediments from Kumanovo. The social

responsibility is company`s traditional which it practices as a sign of gratitude for the cooperation with each local com-munity.



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 07.07. - 11.07.2008


The value of the turnover is with included block transaction

MKBN20080714-0031E

Documents

Transcript of MKBN20080714-0031E