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DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS 3Date 25.02.2008 number 11 berzNIK

Market democracy - let`s play together

The challengeis yours -publish youropinion, evaluation,analysis,remarks, orcomment theevents on theMacedonianmarket fromyour perspective

An unusual week is behind us. A week, in politicview, that got the entire Macedonian public on its feet,starting from the higher state`s establishment down tothe ordinary people… Since berzNIK archives, selectsand distributes the economic and stock exchange infor-mation published in the printed media, it could not resistthis week to the events that directly reflect on the eco-nomic market in the country. It is impossible to remainindifferent when you have been asked to change yourown name, as it is a thorn in the neighbor`s flash. Whatfor? Well, the whole public knows this, still it allows thefreedom to make conditions for our change of thename... even though the political countries that appealon world democracy are involved... I would state herewithout a doubt that in contrast to the recent unsuccess-ful efforts of the political structures, congratulations tothe Macedonian lions who after 10 humanitarian yearsgain their independence and they are recongnisedunder the constitutional name of the country, that isRepublic of Macedonia, within the InternationalAssociation of Lions.

Contrary to this dimension of political conditioning,on the other hand, the events in our northern neighborsare completely opposite, where a new state is beingformed in the Balkan region, Kosovo declares indepen-dance... This is a indeed democracy, some people tohave two countries (if they feel like it) while others tohave their ancient name denied... These are simpledemocratic and political courses you need to follow,conditionally speaking, otherwise you will not beallowed to participate in the game... Well, we are on ourground now, out of the politics that more or less dictatesthe economic transactions... Especially, having in mindthat the Macedonian capital market has suffered due tothe events in Kosovo... We have been hearing the com-ments of the stock analysts for weeks that the investorsare reserved in terms of the movements caused follow-ing Kosovo`s declaration of independence... The reflex-ive recognition or rejection by the relevant political andeconomic forces is actually the first step, or news, thatwould put the status quo things in motion…

Well, this is the particular week in which, besidesthe series of turbulent events, many positive economicevents happened that are important to the further devel-opment of the market… First of all, as the stockexchange analysts evaluated, we encountered drasticpositive leaps, therefore the trade volume is high, atleast in terms of the traded quantities, whereas a pricegrowth of certain stocks was recorded in the last twodays of the week, labeled by someone as the start ofthe bull...

It could not have been expected some great stepahead in the previous week, hence the investors are notin a state of readiness... However, there were eventsthat marked the week and will leave a further mark onthe capital market in the future… For instance, a roundtable was held on the subject: The role of the custodi-an bank within the fully funded pension insurance inRepublic of Macedonia. An area of interest that empha-sizes inevitably, alongside with the development of thecapital market, the function of the banks as guardian of

the property, as one of the new financial services withinthe modern financial trends. In order to introduce thisarea in details, MAPAS in cooperation with the USAID`sBusiness Environment Project, hired experts fromCroatia that has several years of experience in the fieldof private pension funds.

Of course, a large attention was drawn in the publicto the controversy in relation to the Credit Bureau forIndebtedness of Physical Entities. An institution which isnot in favor of the Macedonian citizens considering theactual standard. No more living on credit. Despite theannouncements implying that the personal data will besubjected to inspection only upon the citizens consent,the opinions are still divided… The concerned parties,the physical and legal entities, believed that this will vio-late their rights to privacy and to personal data protec-tion, that is to say considering what king of data theBureau will have at its disposal, it might be easilyabused. In fact, the experiences of other countries indi-cate that the personal data is largely abused within theCredit Bureau.

The week ended with most unordinary event, theawarding of the Oscar for Social Responsibility of theCompanies (OOP). Around 73 companies participatedin this project, while only 15 of them were nominated forthe award. This is a step ahead in relation to theimprovement of the companies` image. OOP builds upthe consumers` loyalty under the basis of ethic value,reduces the financial risks and improves the quality ofthe products and the services, increased the motivationand productivity among the employees and enhancesthe market performance in a way the necessarychanges can be implemented faster and consequent-ly… A simple practice used years back by the devel-oped economic markets.

The brokerage Euro Broker is presented in this edi-tion of berzNIK, which recently started to provide invest-ment advices according to the market components…Namely, they underlined during the promotion: In future,the uninformed physical and legal entities, who are notfamiliar with the securities market and the investmentphilosophy, will not need to guide themselves upon theadvices by the quasi-experts, instead they can immedi-ately turn to the right place - the investment advice com-pany or the investment funds where the investmentadvisors work....

Anyway, I think that a particular part of their advicewill be a challenge for you to publish your opinion, eval-uation, analysis, remarks, or to comment the events onthe Macedonian market from your perspective.

The berzNIK pages are left open for your notes,advices, proposals, experience, events…

Until the next Monday

Makedonka BaldazarskaBerzNIK editor-in-chief

e-mail: [email protected]

4 DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTSberzNIK number 11 Date 25.02.2008

NEWS... NEWS...

CROATIAN INGRA IS BUYINGSHARES OF MAVROVO

Through price sensitive informationpublished on the Macedonian Stock Ex-change on 18th of February, ADG Mavrovoinforms that an announcement from thecompany INGRA DD from Zagreb, Republicof Croatia was received through fax in 01:10pm in the premises of ADG Mavrovo-Skopje.

The intention of the company INGRADD from Zagreb to buy shares of ADGMavrovo-Skopje through the MacedonianStock Exchange was the subject of theannouncement.

MACEDONIAN OSCAR AWARD NOMINEES

TINEX AND PHARMACHEM - FIRST IN SOCIALRESPONSIBILITY

Apart from the Oscar statuette, the companies from the category of large enterprises ranked on thefirst, second and the third place and four from the category of SMEs which shared the first position alsoreceived CSR plaque, a right to a promotion in one of the countries in the region: Serbia, Monte Negro,Bosnia and Herzegovina, and Albania, as well as a promotion in front of the German business communi-ty in Berlin. They also gained a right to use CSR logo on promotional materials, web pages and products

As of last year, the Corporate Social Responsibility (CSR) Project was promoted in thisregion as part of the concept in SEE. The project is being implemented by the German agencyInWent, and ILTIS from Germany, BASMEKT consortium and Balkan net from Skopje areregional coordinators.

Within the framework of this project, the awarding ceremony for the most successful com-panes which are implementing activities towards the accomplishment of CSR concept was alsoorganized. 75 firms from two categories - SMEs and large enterprises - applied to the competi-tion for socially responsible enterprises. After the selection in accordance with the grading oftheir projects, 15 firms entered the shortlist, 7 of which are from the category of SMEs and 8from the category of big companies.

The most successful companies received the Macedonian Oscar Award for CorporateSocial Responsibility. Four firms from the category of SMEs shared the first position:Pharmachem from Skopje, Renova from Dzepciste, Tetovo, Rade Koncar Servis from Skopje,and Birkat Logistik from Stip. In the category of large enterprises, Tinex was ranked first, Adingwas ranked second and Makstil was ranked as third. Makpetrol, Tutunski Kombinat from Prilep,JSP from Skopje, Teteks from Tetovo and the cement factory Usje were the other companiesfrom the category of large companies which also received acknowledgments for CSR, whilefrom the category of SMEs, Duna Computers, Inet from Skopje and Mont were the companieswhich also received acknowledgments.

OHRIDSKA BANKA EXPANDS ITS BUSINESS NETWORK

Until the middle of 2008, the business net-work will be expanded with new subsidiariesin Gostivar, Kumanovo, Tetovo, Karpos 1,Aerodrom and Veles

In order to enable a better accessibility tothe services and to get closer to its clients,

Ohridska Banka, member of Societe GeneraleGroup, opened two new subsidiaries. Onelocated in Karpos 3, across the shopping cen-ter "Leptokarija", and the other is located in theMunicipality of Gjorce Petrov. The coverage ofthe bank in Skopje is increasing with the newsubsidiaries.

In this occasion, by 11th of April, citizenswill be able to use the promotion offer of cash-express and housing credit without administra-tive costs and debit card "MasterCard" on 50%discount for the first year membership.

- Opening of the two new subsidiaries is inthe direction of our strategic determination forexpansion on Macedonian market, implemen-

tation of innovative products and expansion ofthe business network. The board of directorsdecided to open at least six subsidiaries in thefirst half of the year, which would be achievingof half of projected coverage in 2008. The nextlocations are Gostivar, Kumanovo, Tetovo,Karposh 1 and Aerodrom in Skopje and Veles- stated First CEO of Ohridska Banka BernardKoenig.

Ohridska Banka, guided by SocieteGenerale's corporative principles for socialresponsibility, made a donation and supportedhumanitarian basketball match in Karpos andecological event "Tree Day" in Gjorce Petrov.

NEW SUBSIDIARIES IN KARPOS ANDGJORCE PETROV

THE INTEREST RATES WILL NOT INCREASE

- Ohridska Banka does not have an intention to increase the interest rates for the citizensor for the firms - says First CEO of Ohridska Banka Bernard Koenig. - I feel that this inflationpressure is due to special effects, mostly guided by the recent increase of the prices of the oil,of the raw materials, as well as of the prices of the food.

According to Koenig, the assessment of the loan placements with reference to GDP is stilllow and there is a potential for achieving of the level of the countries from the region. We expectour placements to continue in the same pace as in 2007, i.e. 60% of the placements to go toloans for individuals and 40% to the economy.

ALKALOID TO OPEN ANEW DEVELOPMENT ANDQUALITY CONTROLINSTITUTE

On 20th of February 2008, Alkaloid setthe corner stone of the Development andQuality Control Institute. It is a matter of ahighly sophisticated technologic-analyticunit, which will control the quality ofAlkaloid's medicaments and which will per-form activities complemented with thedevelopment process of generic drugs thatwill be included in the industrial production.

The investment will be approximatelynine million euros, and the institute will havea surface of 1,540 square meters, and thepredicted deadline for opening of the Insti-tute is the beginning of 2009. It is planedabout 60 new vacancies to be opened in theInstitute's sectors for analytical and techno-logical development.


2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS1. BIG QUESTIONMARK OVER STOCK MARKET COURSES (***)2. RECORD PRICES OF ALUMINUM, PLATINUM AND OIL (**)

18.02.2008 MONDAY1. SHORT REVIEW OF EVENTS

DNEVNIKp.7 CIVIL ENGINEERS ANNOUNCE HIGHER

PRICESp.7 E-GOVERNMENT WILL BRING MORE

HIGH QUALITY SERVICES FOR THE CITIZENSBIZNIS

p.1 OFFICIAL MARKET`S TURNOVER - 21.769.108 DENARS

p.1 BIG QUESTIONMARK OVER STOCK MARKET COURSES

p.1 THE EXPORT OF METALS COULD BE HARD AS LEAD

p.3 FROM IMPORT - 40 PERCENTS OF REQUIRED POWER

p.4 THE EXPORT OF METALS COULD BE HARD AS LEAD

p.7 AN EXPENSIVE PLACE FOR SHOPPING FOR THE FOREIGN INVESTORS

p.11 BIG QUESTION OVER STOCK MARKETCOURSES

p.11 CHART AND GRAPHIC REVIEW OF MBI-10 FROM 11.02 TO 15.02.2008

p.12 INCREASE OF MBI-10 AND MBID p.12 OFFICIAL MARKET`S TURNOVER -

21.769.108 DENARS p.12 MBI 15-02-2008

UTRINSKI VESNIKp.7 BAD PLAN WILL BRING MACEDONIA TO

ENERGY CRISISp.7 LAST MONTH, THE PRICE OF TOMA

TOES MORE EXPENSIVE IN RELATION TO DE-CEMBER 2007

p.8 THE DISCREET CHARM OF THE OLD FASHION BANKING

p.8 DEUTSCHE BANK AVOIDS MORTGAGE CRISIS

VECER

p.6 EVEN THE WIMAX OPERATORS HAD APROBLEM WITH THE BASE STATIONS

p.7 SNOWDROPS ANNOUNCE THE STOCK EXCHANGE SPRING

p.7 KIRO KUCUK FACES CLOSURE?VREME

p.4 MARIOVO COAL TO SAVE US FROM ENERGY CRISIS

p.5 OFFICIAL RECEIVER OF MIKRON BECAME THE OWNER

p.6 SUNFLOWER TO RETURN ON THE FIELDS

p.6 THE SMALL STORES ARE ANGRY AT THE GOVERNMENT

p.6 MAKOSPED REVIVED THE TRADEp.7 AMBO LOOKS FOR DOMESTIC

INVESTORSVEST

p.7 LIVING COSTS HIGHER FOR 8.7 PER CENT

NOVA MAKEDONIJAp.1 A 3.6 PERCENT PRICE APPRECIATION OF

FOODSTUFFS p.5 A 3.6 PERCENT PRICE APPRECIATION OF

FOODSTUFFS p.5 SMALL BUSINESSES TO PAY PROFIT TAX p.5 EXPECTATION FOR KOSOVO STERILIZE

THE STOCK EXCHANGEp.5 RECORD PRICES OF ALUMINUM, PLA-

TINUM AND OILSPIC

p.7 WHO WILL HEAR THE SILENCE OF THE ADMINISTRATION?

p.7 EUR 150 MILLION FOR THE STATE`S SPIDER WEB

p.7 CUSTOMER FOR POPOVA SAPKA WANTED

-Ahead of us is maybe the most uncertain weekfor the past three years, not only for our Stock Ex-change, but also for the stock markets in the whole re-gion. This is the title today's Biznis started this work-ing week with. What creates the culmination is thedeclaration of Kosovo's independency and the sameopens many unknown events, starting the safetyaspects on the Balkans, all the way to the influencethat it has on the economic courses, energy conditi-ons, flow of goods and people etc…

By the way, according to the stock exchangeanalysis published in Biznis, the correction that start-ed the first Friday of February, the 2 of this month,continued past week too on the Macedonian StockExchange. The turnover realized in the regular tradingagain moved within the average 50 million denars da-ily but unlike two weeks ago when the prices more orless kept the same level, this week we witnessed gre-ater price correction with the most liquid shares. Themain reason for such decline of share price is again ofuneconomic nature- the instable political situation onthe Balkans, to put it mildly "chases" the capital awayfrom these areas. This influence can be mostly seenon the bigger stock exchanges in the region, wherethere is exceptionally big instability the past twoweeks, which with low intensity conveys to our stockexchange as well.

Vecer however publishes that the Macedonianweek has finally moved a little the past week. Thespring movement was announced by the last weeklyturnover of 11.3 million euros. Comparing the weekbefore this turnover is three times bigger. The increa-sed turnover on the stock exchange was result of Bul-garian insurance company Euroins, which bought thedominant package shares in Makosped insurance for7.35 million euros. The selling was realized throughtwo block transactions in which were sold 83.25 per-cent of Skopje insurance company. Significant eventon the stock exchange last week was the transactionin which were sold 148 shares of Macedonian Stock

Exchange to the EuroCity consulting, which becamenew shareholder of the Stock Exchange last Friday.

You will read in Vecer that the mobile operatorscomplain to the big bureaucratic obstacles when pro-viding the necessary documentation for placing infra-structure and base stations not only in Macedonia butin Bulgaria as well… Mobile operators here have be-en pointing to this problem for few years and recentlythe State Construction Inspectorate threatened themto destroy the illegal base stations.

Same obstacle expect to have the holders of Wi-max licenses who are yet to start working.

Today in Biznis you will read an interesting storyabout the outfall of Macedonian ores into the neigh-borhood. In the old good times, when the mining-met-allurgy-chemical-processing complex was completelycircled in relation to zinc and lead, the yearly produc-tion passed 100 thousand tons of metals. The valueof this production was bigger than 100 million dollars,whereas there was pure profit of about ten millions.Nevertheless, this complex fell apart with the tran-sition and now good part of the ore is being smeltedin Bulgaria. All in all, although Macedonia has greatcapacities, not by far is in condition of using the rea-sonable prices of zinc and lead on the world market toprofit from significantly from the placement, becausethe Veles smeltery is out of operation since it is underinsolvency procedure. In situation on non-existence ofsuch capacity in the country, significant part of thezinc and lead dig in Macedonia are being transportedto Bulgaria, where they are being re-melted.

Most of the daily papers report the appeal thatMacedonia could soon get into energy crisis becauseof the Government's bad evaluations on the yearlyneeds of power. Even in the beginning of the yearone could see that the demands are bigger than thereal offer, and domestic capacities did not realize theGovernment's predictions, because of defects in ther-mal power stations or lack of rains, the Energy bal-ance for 2008 adopted by the Government.

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

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Assistent: Stojne DanilovaE-business manager: Ratko Projkovski

Logistics manager: Ana PetrovaFinance manager: Gordana Stojanovska

STOCK EXCHANGE REVIEW OF EVENTS IN THEPRINT MEDIA berzNIK

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STOCK EXCHANGE REVIEW OF EVENTS IN THEPRINT MEDIA berzNIKNumber: 11Date: 25.02.2008

IT IS DISTRIBUTED FOR SUBSCRIBERS ONLY

FRONT PAGE PHOTO:VIP with new offer

Photo: Robert Spasovski

Editorial staff of berzNIKInternet distributive system: www.interNIK.com.mkEditor: Makedonka BaldazarskaDTP: Tatijana Trpkovska,Editorial 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 proda`ba: INTERNACIONAL NIK AD - Skopje

I M P R E S S U M

C O N T E N T S

WEEKLY REVIEW… ..............................2

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

NEWS... NEWS... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4

berzNIK, TUESDAY, WEDNESDAY, THURSDAY… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7

CREDIT BUREAU FOR INDEBTEDNESS OFNATURAL PERSONS. . . . . . . . . . . . . . . . . . . . . . . . . 8

AFTER 10 YEARS OF HUMANITARIAN ACTIVITIES. . . . . . . . . . . . . . . . . . . . . . . . . . . . 9

REACTION OF EURO CITY CONSULTING..10

EURO BROKER AD SKOPJE. . . . . . . . . . . . . 10-11

THE THIRD MOBILE OPERATOR WITH NEWOFFER. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12

BY PENSION FUNDS` DEVELOPMENT ONTHE CAPITAL MARKET. . . . . . . . . . . . . . . . . . 13

berzNIK, , THURSDAY, FRIDAY, SATURDAY . . . . . . . . . . . . . . . . . . . . . . .14-16

WEEKLY MAGAZINES...….. . . . . . . . . . . . . . . . . . .17

WEEKLY REVIEW OF THE MACEDONIANSTOCK EXCHANGE. . . . . . . . . . . . . . . . . 18-20


The declaration of independence in Kosovoand the influence of this act over the Macedonianeconomy is top news in all of today's newspa-pers. The business relations between Macedoniaand the newly declared independent Kosovoshould not undergo significant turbulences, beca-use as Branko Azevski, president of the Econo-mic Chamber of Macedonia stated, he does notsee a reason for revising the existing relations ina situation when over 90 percent of the compani-es from Macedonian and Kosovo are private andmind their own interest. On the other hand, thebusinessmen have divided opinions - one consid-er that the import in Kosovo would become evenlarger, while others predict certain turbulences,which would not have a positive impact over theactivity of the Macedonian companies, becausethe trade exchange with neighbouring Serbia isgrater than the one with Kosovo. Although Serbiais not going to impose an official trade embargo,some of our businessmen fear that economicblockades are ruled out.

The Macedonian passenger and cargo trans-porters, as Vecher informs, do not expect theGovernment of Serbia to close the border if Ma-cedonia acknowledges the independence of Ko-sovo. If this actually does happen, the Macedoni-an transporters would be forced to use alternati-ve options for transporting goods to the Europe-an countries.

Today`s editions of the daily newspapers al-so inform about the Conference: Global busi-ness-support of Macedonia for NATO, which washeld in Skopje. The Macedonian accession inNATO would mean an increase of the foreign in-

vestments, because the investors want stability,which comes with becoming a member of the Alli-ance. When Bulgaria accessed NATO, we start-ed counting the investments in billions of dollars- Ljubomir Ivanov pointed out, representative ofBulgaria and chairman of the Conference. How-ever, according to the statement of Mirche Chek-redgi, vice-president of the Economic Chamberof Macedonia, domestic are also needed not onlyforeign. Macedonia is still a country with not en-ough developed economy, therefore all invest-ments that enter would be important, especiallyin the part of the energy, traffic and civil engineer-ing sector.

In Utrinski Vesnik you could read that noteven one foreign bank has opened a subsidiaryin our country, or that there is any interest for it.Actually, that means that the legal possibility thatthe state gave to foreign banks, in order to attractwell-established bank brands to invest in out co-untry, gave no results. This possibility was provid-ed to the foreign banks by the new Law onBanks, which came into force in the middle of lastyear.

Dnevnik informs about the dilemmas regard-ing the functioning of the private credit bureau,conveying the statement of Goran Rafajlovski,owner of the company Rafajlovski Consulting,who considers that this Bureau could makeuncertain the protection of personal data, beca-use the banks would have the possibility to rece-ive data regarding the indebtedness of the citi-zens without their consent. On the other hand thedirector of the Directorate for Personal Data Pro-tection, Mirjana Marushik explains that fact a

special law regulates this issue is an advantagefor Macedonia.

The Croatian construction company Ingraannounces that it has an intention to purchaseshares of the domestic construction companyMavrovo. According to the Croatian media, asconveyed by Utrinski Vesnik, in a period of tendays should complete the transaction for take-over the construction company Mavrovo, throughthe Macedonian Stock Exchange. So far it is un-known how many shares is the foreign companygoing to purchase. Croatian analysts predict thatthe construction companies on the Macedonianmarket are going to develop rapidly.

All daily newspapers inform of the price app-reciation of the petrol. The retail prices of the pet-rol MB-96, EUROSUPER-95 and EUROSUPER-98 are one denar higher starting from today, whi-le the prices of the diesel and the extra light fuelare two denars higher. According to the EnergyRegulatory Commission, the refinery prices ofthe oil derivates increased 2.93 percent in aver-age, and the retail prices went up 2.28 percent.

Tikvesh is the most favourite brand in South-eastern Europe. The prize that was awarded bythe visitors of Brand Fair International, biggestmanifestation in the area of branding in South-eastern Europe was held in Belgrade. The vinerywon it in a competition amongst 60 well-estab-lished world and regional brands that were pres-ent at the manifestation.

1. SHORT REVIEW OF EVENTS

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS1. NATO ENTRANCE TO INCREASE INVESTMENTS (****)2. THE PRICE OF THE PETROL INCREASED FOR 1 DENAR,DIESEL FOR TWO DENARS (****)

19.02.2008 TUESDAY

DNEVNIKp.1 NATO WILL BRING FOREIGN INVESTMENTSp.7 NATO WILL BRING FOREIGN INVESTMENTS p.7 BUSINESSMEN - AFRAID OF PROBLEMS WITH SERBIAp.7 CREDIT BUREAU-POSSIBILITY FOR CITIZENS` DISCRETION?p.7 CROATIAN INGRA - ONE STEP TO MAVROVO p.7 MBI 18.02.2008p.11 WHO AND HOW DESTROYED MAKOTEKS? p.14 ZORA FACTORY PRIVATIZATION UNDER INVESTIGATION

BIZNISp.1 KOMERCIJALNA BANKA WITH THE GREATEST PARTICIPA-

TION IN THE TURNOVER p.2 NATO ENTRANCE TO INCREASE INVESTMENTS p.2 THE PRICE OF THE GASOLINE INCREASED FOR DENAR,

DIESEL FOR TWO DENARSp.11 KOMERCIJALNA BANKA WITH THE GREATEST PARTICIPA-

TION IN THE TURNOVER p.12 MBI-10 INCREASE OF 37.21 INDEX POINTSp.12 TRADING VALUE - 33.839.187, 00 DENARSp.12 MBI 18-02-2008

UTRINSKI VESNIKp.1 A SUBSIDIARY IN MACEDONIA? NO, THANK YOU p.4 BUSINESSMEN AFRAID OF SILENT ECONOMICBLOCKAGE

BY SERBIAp.8 THE FOREIGN BANKS ARE UNWILLING TO OPEN SUB-

SIDIARIES IN THE COUNTRYp.8 TIKVES-MOST FAVORITE BRAND IN SOUTHEAST EUROPEp.8 CROATIAN INGRA WANTS TO BUY MAVROVO-p.8 THE PRICE OF THE PETROL INCREASED FOR 1

DENAR,DIESEL FOR TWO DENARSp.8 MBI 18.02.2008

p.8 9% INFLATION - SHOCK FOR THE CITIZENSp.8 NATO ACCESSION TO INCREASE INVESTMENTS

VECERp.6 NOBODY WANTS THE SMELTER p.6 THERE WILL BE NO ECONOMIC EMBARGO TOWARD KOSO-

VO p.6 SILENT BLOCKADE FROM SERBIAp.6 TIKVES WON THE PRICE OF REGIONAL BRAND p.6 TRANSPORTERS DON`T EXPECT CLOSED GATE AT PRESE-

VOp.7 WATCH OUT! VIDEO MONITORING! p.7 THE PRICE OF THE GASOLINE INCREASED FOR DENAR,

DIESEL FOR TWO DENARSVREME

p.6 COMPANIES MUST NOT ASK FOR IDENTIFICATION NUMBER p.7 WE ARE IN DANGER OF EMBARGO AND LOSING THE SER-

BIAN MARKETp.7 PETROL UP FOR 1 MKD, DIESEL 2 MKD UPp.7 EXPORT MAY EVEN INCREASEp.7 STOPANSKA BANKA BITOLA IS THE MOST LIQUID p.7 SHORT RECKONINGS MAKE LONG FRIENDS!

VESTp.2 THE PRICE OF THE PETROL INCREASED FOR 1 DENAR,

DIESEL FOR TWO DENARSp.2 CROATIAN INGRA ANNOUNCES TAKEOVER OF ADG MAVRO-

VO p.7 HEAVY METALS STILL POISON CITIZENS OF VELES! p.9 65% HIGHER IRON PRICE

NOVA MAKEDONIJAp.5 TEC NEGOTINO-LAST RESORT FOR MACEDONIAp.5 OVER 30,000 PEOPLE WILL BE EMPLOYED IN AGRICULTURE

SPICp.7 MACEDONIA IS NOT EXPORTING ELECTRICITY TO KOSOVO p.7 NATO MEMBERSHIP TO BRING NEW INVESTMENTS


1. SHORT REVIEW OF EVENTS20.02.2008 WEDNESDAY

DNEVNIKp.1 NBM GIVES SIGNAL OF INCREASED LOAN INTERESTS p.5 NBM GIVES SIGNAL OF INCREASED LOAN INTERESTS p.7 STOCK EXCHANGE REQUESTED TO ANNUL THE SALE OF

SHARES p.7 TRAINING CENTER FOR MANAGERS TO BE FORMEDp.7 MBI 19-02-2008p.8 MONEY FOR BUILDING OF A ROAD TO AGRO-BERZA APPROVEDp.8 VIP PACKAGES FOR SMALL FIRMSp.8 BUSINESS FOUNDATION IN THE SELF-EMPLOYMENT PROJECTp.8 THERE IS NO DOMESTIC RAW MATERIAL FOR BIO-DIESEL PRO-

DUCTIONp.14 TRIAL AGAINST SMILENSKI AND TRPESKI BEFORE SHOWDOWN

BIZNISp.1 MANAGERS TO TRAIN SKILLS IN ORDER OF CONQUERING THE

MARKETp.2 90 MILLION EUROS FOR 20 MARKETSp.2 TWO NEW TARIFF MODELS - VIP TEAM AND VIP BUSINESSp.3 5, 25% INTEREST RATE FOR TREASURY BILLSp.3 MANAGERS TO TRAIN SKILLS IN ORDER OF CONQUERING THE

MARKETp.3 STAVREVSKI CALLS ON THE COMPANIES TO GRAB THE KOSO-

VAN MARKETp.11 PENSION FUNDS TO MANAGE INFLATION HARDLYp.11 CAN MICROFINANCING BE A GOOD FAIRY FOR FINANCERS?p.12 MBI-10 UP FOR 117, 8 INDEX POINTSp.12 REALIZED 36,359,429.70 DENARS IN 211 TRANSACTIONS p.12 MBI 19.02.2008p.16 70 INTERNATIONAL COMPANIES REQUIRE CONTRACTSp.16 THE PRICE OF IRON ORE APPRECIATES BY 65 PERCENTp.16 AN ANNUAL LOSS OVER USD 50 BILLION

UTRINSKI VESNIKp.1 THE INTEREST RATES TO GO UP?p.1 THE CUSTOMS ADMINISTRATION BLOCKS THE COOKING OIL

IMPORTp.4 NBM INCREASES THE TREASURY BILL RATES, THE INTEREST

RATES WILL GO UP?p.5 THE CUSTOMS ADMINISTRATION BLOCKS THE COOKING OIL

IMPORTp.8 NO SUBSIDIARIES-ARE BANKS WAITING FOR CLEAR COAST?p.8 TUS WILL EMPLOY 700 PEOPLE IN HIS MARKET IN MACEDONIAp.8 VIP CREATES POSTPAID OFFERS FOR BUSINESS CUSTOMERSp.8 MBI 19-02-2008p.8 STAVRESKI: KOSOVO TO HAVE POSITIVE EFFECT ON REGION-

AL ECONOMIESp.8 MACEDONIAN PORK ON A MARKET IN SERBIAp.8 GRANT THORNTON WITH NEW BRAND IDENTITYp.8 70 COMPANIES WANT OIL DEALS IN IRAQp.12 TRIAL ON NATIONAL BANK CASE CONCLUDED

VECERp.6 INDEPENDENT KOSOVO TO HAVE POSITIVE EFFECT ON THE

ECONOMYp.6 POSTPAID WITH FREE OR INCLUDED CALLS

VREMEp.1 KOSOVO TO STIR UP MACEDONIAN STOCK EXCHANGEp.6 THE INFLATION REACHES 8.7 PERCENTp.6 KOSOVO TO STIR UP MACEDONIAN STOCK EXCHANGEp.6 BUSINESSMEN SHOULD SEIZE THEIR CHANCE p.6 ENGROTUS OPENS MARKETS THROUGHOUT MACEDONIAp.6 SHARES OF VITAMINKA SUFFER 15% DROPp.9 THE CITIZENS OF SKOPJE NEED LANTERNS TO FIND THEIR

HOMESp.11 CITIZENS' IDENTIFICATION NUMBER IS BEING MISUSED

VESTp.1 INFLATION 8.7 %p.7 NATIONAL BANK TAMES THE INFLATION OF 8.7 PERCENT

NOVA MAKEDONIJAp.1 GRAB KOSOVO MARKETp.2 NEITHER ELECTRICITY NOR WATER WITHOUT CONTRACT!p.3 GRAB KOSOVO MARKETp.5 STABILE ENERGY SITUATION IN MACEDONIAp.5 PERSPECTIVES FOR THE MACEDONIAN BUSINESS IN KOSOVOp.5 SLOVENIAN ENGROTUS TO BUILD 20 MARKETSp.5 MARIOVO LIES OVER COALp.5 PEACEFUL TRADING DAY, MBI-10 RAISED UP BY KOMERCIJAL-

NA AND ALKALOIDSPIC

p.3 THE BELGRADE STOCK EXCHANGE DECLINES p.7 CLOSING STATEMENT FROM THE CASE AGAINST THE BANKER

SMILENSKIp.9 KOSOVO LEAVES US THE SULFUR FROM OKTAp.9 VIP`S ENTRY REDUCED THE PRICES OF THE MOBILE TELEPHO-

NYp.9 TUS TO BUILD 20 MARKETS AND TO EMPLOY 700 WORKERSp.9 STAVREVSKI SUMMONED COMPANIES TO USE THE MARKET OF

KOSOVOp.9 AGROBERZA- STRUMICA TO START SOON

The news reported today in all the dailynewspapers was that the monetary authoritiescame up with measures to fight against the inflati-on whose rate in January climbed up to nearly 9percent. Namely, the officials in NBM stated thatin order to alleviate the results from the high infla-tion and to prevent the same to experience a me-dium-term spill over, they decided to increasethe interest rates of the treasury bills from 5.08percent, as much as they amounted on the lastauction, to 5.25 percent. Such decision broughtby the officials in NBM opens the question whet-her this will cause a growth of the credit interestrates, having in mind that the treasury bill ratesare one of the factors that form the bank interestrates? The bankers said that their interest rateswill remain the same for now, since the bankershave own fund sources and business policy.However, if this trend continues, it is possible toresult in increasing the bank credit interest ratesas well for the citizens and the companies.

The daily newspapers report in addition theagreement between the Government and therepresentatives of the Economic Chamber, theChambers of Commerce, the Economic Chamberof North-West Macedonia and of the InternationalCouncil of Investors on establishment of trainingcenter for managers and of mini associations ofthe SMEs for joint participation on the market.The Vice Prime Minister Stavreski stated in thatoccasion that the training of managers and thegaining of knowledge and skills is an acute prob-lem and for that reason a school will be formed

for their further training. The attention of the media is focused on the

new offers of the third mobile operator VIP, whichafter five months of commercial working enlargedits postpaid portfolio with a business offer. Theylaunched on the markets two offers - VIP Teamand VIP Business, each of it has three tariff mod-els intended for the SMEs and the families. Theusers of any of the tariff models have the possibi-lity of making free calls within the network of VIPTeam or VIP Business, while the charging is persecond.

Dnevnik reports on the new investment in themunicipality of Strumica. In order to start theworking operations of the enterprise Agro-Berzabefore the beginning of this year`s purchase sea-son, the municipality decided to construct acces-sible road to the place where Agro-Berza wouldbe located. For that reason the Municipality ofStrumica will allocate approximately MKD 35 mil-lion from the budget. The Government will alsoparticipate with 30-30% in the realization of thisinvestment. A location covering 150,000 squaremeters at the outskirts of Strumica has been alre-ady provided. The obligation of the Municipality isto prepare the entire utility infrastructure. - Theenterprise Agro-Berza will contain industrial cool-er for storing of fresh vegetables, a series of utili-ty structures for calibration and packing in accor-dance with the European standards, a modern la-boratory for examination of the quality and theecological correctness of the production.

The daily newspapers conveyed the news

related to the rebranding of the consulting houseGrand Thornton in Macedonia. The company hasaccepted the new identity and logo and becamerecognizable as part of the organization GrantThornton International. - "Our clients receive adistinctive, personalized service here in Macedo-nia. The new brand actively demonstrates ourmembership in a leading global organization thatgives our clients access to the knowledge andthe experience of over 2,200 partners from mem-ber-companies in over 100 countries," explainedRuzica Filipceva, Managing Partner. Furthermo-re, Grant Thornton International is one of theworld`s leading organizations of independent ac-countants and consulting companies providingauditing, tax and special advisory services to pri-vately held companies and public enterprises.

A huge attention was drawn to the news re-vealing that the Slovenian TUS will construct 20markets investing thereby EUR 90 million. This isanticipated in the four-year plan for investing inMacedonia, which was presented yesterday bythe director of TUS, Jernej Mur, to the Vice PrimeMinister of the Government of Republic of Mace-donia, Zoran Stavreski. According to the reportsfrom the Vice Prime Minister`s Cabinet, Mur an-nounced that the first two supermarkets in Stipand Kumanovo will officially start the workingoperations in the following two months, whereasthey will begin this year with the construction ofanother four markets in Skopje, Prilep, Strugaand Strumica. It is planed that over 700 peoplewill be employed in the TUS markets.

1. TUS WILL EMPLOY 700 PEOPLE IN HIS MARKET IN MACEDONIA (***)2. TWO NEW TARIFF MODELS - VIP TEAM AND VIP BUSINESS (***)

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS


The announcement for establishment of acredit bureau, through which the bankscan see whether the citizens pay the cred-

its regularly and whether they pay the municipalfees on time, has caused interest in the publicand among citizens. This is a result of the Lawon Credit Bureau, which is being prepared bythe Bankers' Association and the Ministry ofFinance at the moment, and whose provisionsenvisage the data for natural persons and com-panies' indebtedness to be sent to the CreditBureau without their consent, but the data col-lection to be used only with citizens' permission.

Concerned parties, natural persons andlegal entities, believe that this will violate theirrights to privacy and protection of the personaldata, i.e. the data that are going to be at theBureau's disposal can easily be misused. Infact, other countries' experiences also showthat credit bureaus do many abuses of the per-sonal information. Hence, according to theexplanation of Marijana Marusik, director of theDirectorate for Personal Data Protection, it isgood that in the Republic of Macedonia thisissue will be regulated with a separate law,unlike the European countries, which havesolved its functioning by a decision or someprovision in the law on banks. A lot of attentionwas paid in the working version in order this lawto be in accordance with the provisions of theLaw on Personal Data Protection as well.Actually, it is within the Directorate's compe-tences because all laws that include provisionsconcerning the personal data protection aresubmitted for Directorate's opinion and it indi-cates whether these provisions are in compli-ance with the legal regulation for personal dataprotection or not.

- Although the data will be collected in theBureau without citizens' consent, the use of thedata will be only with citizens' permission and itis important that the citizens can withdraw thatconsent at any time. The working version of thelaw provides the citizens to have access to theirdata and see who else had access to them -Marusik says. - Just for illustration, if you haverequested a credit in a bank, it will ask for per-mission to check your profile in the creditbureau in order to see how much do youalready owe to other banks. Later, if you ask foraccess to your personal data in the credit bure-au, you will be able to see who else had accessto your data. It means, except the bank whereyou have applied for credit, nobody else has theright to see your data.

In addition, during its two-and-a-half-year ofexistence, the Directorate for Personal DataProtection, in accordance with its basic func-tion, has made an inspection and supervision ofthe personal data processing in few fields, ini-tially in the banking and telecommunicationsector, as well as in the public institutions, i.e.where the largest personal data collectionsexist. - Absolutely, I do not want to say that per-

sonal data abuses happen in our country; thereare no such interventions in the institutions andcompanies - on the contrary. Everywhere wehave noticed an expressed will for total harmo-nization between the institutions and compa-

nies' operation with the provisions of this law -Marusik points out. There are certain inconsis-tencies only about the principles for personaldata protection, and not because somebodydoes not want to respect those principles delib-erately, but due to ignorance of the law. It is nor-mal to certain point because in the Europeancountries, even though laws for personal dataprotection exist from some time ago, theresearches have shown that in this area theyhardly get used to abidance of these provisionsand it cannot be said that Macedonian is anexception.

Albeit the Law on Credit Bureau is still inpreparation, for some time now, many banksand public utilities in this country, in order toimprove their debt collection, have hired com-panies or agencies for debt collection by theholders of credits or services. The citizens, onthe other hand, who were contacted by theseagencies, are in a dilemma whether that meansviolation of the provisions of the Law onPersonal Data Protection, i.e. believe that theseagencies can abuse their personal data, whichthey have given to the banks or the companies.According to Zoran Pandev, deputy director ofthe Directorate for Personal Data Protection,there are no legal obstacles. - Mainly, it is amatter of two kinds of contracts. Firstly, there isa contract for personal data processing, wherethe bank is supervisor of the personal data, andthe data processor, which is a person whoprocesses the data on behalf of the bank, is theagency for administrative debt collection. In thecontract for personal data processing, theAgency informs the citizens on behalf of thebank or the public utility that they have not paidthe installment or have unpaid municipal fees.

CREDIT BUREAU FOR INDEBTEDNESS OF NATURAL PERSONS

PRIVATE DATA INTO INSPECTION ONLY WITH CITIZENS' PERMISSION!?

Concerned parties, natural persons andlegal entities, believe that this will violate

their rights to privacy and protection of thepersonal data, i.e. the data that are going to

be at the Bureau's disposal can easily bemisused. In fact, other countries' experi-ences also show that credit bureaus do

many abuses of the personal information


Macedonian Lions Clubs after decade ofactivities under auspices of district ofSlovenia are proclaimed as Lions

District 132 Macedonia, i.e. they managed to beindependent and on the map of the Int-ernational Organization to be registered undercountry`s constitutional name of Macedonia.This news to Macedonian Lions will be anno-unced personally by the President of the inter-national association Mahendra Amarasuriya,who is going to visit Skopje this weekend. Onthe occasion of the celebration of 10th anniver-sary of Lions Clubs in Macedonia, was organ-ized festive dinner on which cheque of1,000,000 denars was donated to the stateschool for children with damaged eyesightDimitar Vlaho" in Skopje. This is the first projectperformed as community of all Lions Clubs inMacedonia. The symbolism of donating of thischeque means that beside donations for thisschool for necessities of the educationalprocess (Braille reading machines, Braille print-ers etc), during 2008 all Lions Clubs will be ded-icated to humanitarian activities that shouldhelp proteges of this state school.

Lions Clubs in Macedonia (Saint Pan-telejmon, Vardar, Gazi Baba and Idadija) withtheir joined donations and donations of eminentmembers of their own Clubs take active part inthe non-governmental campaign: "Friends ofChildren`s Clinic 2003-2005", which providedreconstruction of this important health institu-tion for all children across the state.

Beside the fight against blindness, in accor-

dance to broad program, Lions Clubs are dedi-cated to any help for their community, takeactive participation in works for protection ofnatural and cultural resources, provide supportfor education of diabetics, take part in prepara-tion of programs for deaf persons, preparationsof programs for help in natural disasters and allkind of humanitarian projects that circum-stances impose in order of development of cer-

tain community. The development of "lionism" inone certain country means broad developingprocess of the civil society and mutual solidari-ty on all levels of functioning of the state. Aslargest world humanitarian organization in theworld, International Association of Lions Clubshas special status, influence and cooperationwith the United Nations.

They should introduce themselves in that wayas well. Regarding the personal data protection,the company itself should define the protectionstandards that these Agencies should apply, i.e.the protection should not be minor than thenone ordered by the bank or the company thathas hired them.

The second way of collection is through thetransfer contract, contained in the Law on

Obligatory Relations, where the claim is trans-ferred from one to another person by purchase.In accordance with that Law, there is an obliga-tion to inform the debtor that there is change ofthe creditor. We cannot dispute the creditor'sright to call the debtors in order to collect itsdebt, Pandev explains. - In many cases it iseven recommended because it happens peopleto forget, to lose a bill, or miss paying theinstallment, etc. However, that does not mean

they are allowed to behave inappropriately.Moreover, they are not allowed to call in someinappropriate time, or, yet, to give information toother people. It means, the one who is indebt-ed, registered as such in the company, onlyhe/she should be contacted and remindedabout his/her obligation, and faced with the le-gal consequences. Accordingly, if he/she doesnot pay, his/her endorsers, warrantors will beinformed.

On the other hand, regarding the endorsersof credit applicants, one can say that they alsohave the right to be notified about this, eventhough it is a matter of a debt of one naturalperson that defers from them. However, theyalso have interest of being aware of the situa-tion of the credit applicant, whether he paysregularly or not because they are endangeredas well. Sometimes the endorsers are notified,and it usually happens when the debtor wascontacted and refused to pay.

V.M.

Data RegisterThe basic right the citizens have is to be informed where their personal data are used, who

has them, and whether it is in compliance with the Law on Personal Data Protection. Specificallyin function of this right is the existence of the central register within the Directorate because pur-suant to this Law all companies, private or public, are obliged to report their personal databasesin this Register. Just one week ago we had a test-period when few institutions were included,such as Tutunska banka, Komercijalna banka, and few other banks - Marusik says. - Since nowall presumptions for the Register functioning are created, the companies are required to obey thislegal obligation.

International Association of Lions ClubsInternational Association of Lions Clubs is the largest humanitarian organization in the world

and includes 1.35 million men and women on all ages which are members of 46,000 Clubslocated in 194 countries and geographic areas. Lions Clubs are most recognized by their deter-mination for help of persons with damaged eyesight. Lions Clubs organized in their nationalassociations are non-governmental, non-party and non-religious associations, but their mem-bers are individuals from different political parties and religions. Basic goal of the "lionism", asworld association, is humanity and support for all of those who need help.

MACEDONIAN LIONS - INDEPENDENT

AFTER 10 YEARS OF HUMANITARIAN ACTIVITIES

EURO BROKER AD SKOPJE

Brokerage firm EURO BROKER AD Skopjesuccessfully operates in this spherefrom 2003 as authorized member of

the Macedonian Stock Exchange AD Skopje(MSE). The company has already built up itsimage and rating among domestic and for-eign public, so the number of clients con-stantly increases. As a result of its highly pro-fessional and experts relations towardsclients and after realization of purchasingorders and all additional activities in trade ofshares, EURO BROKER AD Skopje achieved sig-nificant results on the financial market. It isconfirmed by the 110% increase of turnoverlast year compared to 2006, and the increaseof 119% of the number of realized orders in2007 compared to 2006. The fact that EURO

BROKER AD Skopje has built up long-term busi-ness cooperation with large number of clientsis supported by the increase of the number ofrealized transactions last year compared to2006, which record 171% increase.

From its establishment up until today,EURO BROKER AD Skopje constantly improves itswork, adjusting to world standards andactively participating in development pro-cesses on Macedonian financial market. Inthat order, procedures that are very formaland complicated, and in which smallest lapsecan cause great consequences, are conduct-ed by extreme accuracy and success. Duringour existence, we pay special attention theissue of legal protection and security of ourclients. The respect of, not only legal regula-

tions, but also contemporary principles ofcorporative management and ethical code ofconduct, are accepted axioms in our work.We take every day care for protection ofclients` interest, directly, over managementof general acts of EURO BROKER AD Skopje andseparate acts signed by us, as well as indi-rectly, by providing professional help andmonitoring.

Our goal is every client of EURO BROKER ADSkopje, regardless the level of his acknowl-edgement and information about the proper-ty he owns and regardless the value of thatproperty, every time to be equally served bypaying attention and energy from our profes-sional personnel, in order of meeting hisinterests and needs.

In the future uneducated natural andlegal entities who are not familiar withthe securities market and do not knowthe philosophy of investing, will nothave the necessity to be guided by theadvices of quasi experts, but they canimmediately turn to the real address,whether it is investment advising com-panies or investment funds whereinvestment advisors operate

Last week EURO BROKER AD Skopjewas topical in the public due to one unusualdevelopment in stock market circles. The sellof 148 regular shares of Macedonian Stock

Exchange AD Skopje traded on 15th ofFebruary, were not registered in CentralSecurities Depository, i.e. they were not paidwithin legal term (three days after the trans-action which is in accordance to Article 64 ofthe Law on Securities). In fact, Euro CityConsulting, company that bought 5.3% ofMSE capital, was not registered as owner ofsecurities until 20th of February, althoughthere were paid 440,000 euros (as part ofinsolvency estate of Radobanka).

According to information of daily papers,

CSD as competent institution for sell ofshares, realized the alignment day later, afterthe reaction of the new owners. Withoutentering motives due to which the new ownerwas not registered, the fact remains that thevery act of transaction was realized in accor-dance to all legal regulations, which was dis-puted neither by MSE, nor by SecuritiesCommission, money were paid on time.Because there were no petitions from com-petent institutions, the transaction was sup-posed to be realized on time, and not afterone day of delay, i.e. after the reaction of the

REACTION OF EURO CITYCONSULTING

ATTEMPT FOROBSTRUCTION OF THEDEAL IS IN INTERESTOF INDIVIDUALS

PROTECTION, SECURITY AND INVESTMENT ADVISING OF CLIENTSFROM NOW ON


Regarding the fact that securitiesmarket is actuated by information, everyinvestor must be exceptionally cautiouswhich received information on any com-pany or action will be considered as rel-evant in bringing investment decision.

The advice is to be cautious whilereceiving of unverified information, beca-use in any case the source of that infor-mation has determined goal that shouldbe achieved. It is sure that this informati-on is not distributed so you, and onlyyou, end up with extra profit.

The decision whether to buy or sellone specific shares is not brought upononly one information. More correct andwell analyzed information guarantee thatbrought decision is correct.

Guided from this information thatinvestors face in every day investing, EU-RO BROKER in its business policy planedintroduction of the service investmentadvising as unavoidable part of futureactivities, which, off course, will be real-ized across licensed experts in that field,who already work in this brokerage firm.

Investment advisors are exceptional-ly important ring in the successful func-tioning of the securities market. In thefuture uneducated natural and legal enti-ties who are not familiar with the securitiesmarket and do not know the philosophy ofinvesting, will not have the necessity to beguided by the advices of quasi experts, butthey can immediately turn to the real ad-dress, whether it is investment advising com-panies or investment funds where invest-ment advisors work.

Establishing of company`s fundaments,application of technical analysis and sublima-tion of as much as possible information thataffect over certain company are the majorattributes upon which decision whether cer-tain security will be bought, at which priceand when to be sold. Unavoidable part, espe-

cially in the part of the domestic market, willbe acknowledgements for the quality of man-agement teams the code of functioning andtheir connections with lobby groups. Reac-hing of information to less transparent joinedstock companies and knowing investor`spsychology, which is very important on thesecurities market, are just additional argu-ment why EURO BROKER also puts accent toinvestment advising.

Macedonian market in the previous peri-od did not remain intact to regional stockexchange trends. In the last six months wehave experienced one of the greatest pricecorrections caused partly due to global

trends that affected other markets aswell, and partly due to open issues,whether Macedonia is going to enterNATO, whether Macedonia is going toreceive date for negotiations with EU,what will be the outcome of Kosovoissue? All these open issues madeinvestors restrain from investing or sellpart of their portfolios.

Such condition resulted in the lastsix months in particular, which meansthat we have experienced the greatestprice correction, out of which, uneduca-ted investors, small investors who in-vested in shares in which their rela-tives, friends and neighbors invested,suffered the most. In the rush for fastprofit they were buying shares at highprices and sold them at lower values. Itwas the goods they do know enough.When trend turned downhill, they start-ed fearing, thinking that it was the wayto protect part of the initial investment. Ihope that such cases will be reduced inthe future thanks to us, regardless if it isa matter of natural entity or companythat are maybe successful in certainbusiness segment, but have lack ofacknowledgement of the security mar-ket. I hope that we are going to justifythe saying that it is the best and eco-

nomically most justified to ask professional ifyou do not know.

EURO BROKER AD SkopjeSt. Veljko Vlahovic 1/12-2 1000Skopje, Republic of Macedonia

Telephone 02/3215198 02/321199Fax 02/3223397

[email protected]

OfficeSt. 27th of March 1 floor 5

Telephone 02/3298815Fax 02/3298819

new owner and involved parts of the transac-tions. Due to these incidental or intentionalmisunderstandings, the buyer of sharesrevealed their revolt publicly across publicannouncement that we convey in full content.

Public announcement:

On 15th of February 2008 Euro CityConsulting DOO Skopje, financially support-ed by structure of Alpha Finance Holding ADSofia (dominant owner of Kapital Banka ADSkopje), bought 148 shares on Macedonian

individual interests and they are categoricallyagainst interests of the state, buyer`s credi-tors and participants on Macedonian capitalmarket, before all.

We are expecting all competent bodies totake part in soon resolving of this case, whichwould represent clear signal for respectingand implementing of European standards fortransparency of capital market in order ofachieving maximum level of trust by EU in-vestors.

EURO CITY CONSULTING DOOSKOPJE

securities market issued by MacedonianStock Exchange AD Skopje. The transactionwas realized on fully transparent and honestway in public competition with other in-vestors. Achieved price of 181,000 denarsper share is public voice of confidence forMSE management and appropriately evalu-ates its recent development. Investment ispart of the successive strategy of Alpha Fi-nance Holding AD Sofia for development ofits business in Macedonia.

Attempts for obstruction of the deal serve



VIP calls of 0 denars per minute towards all networks with VIPBUSINESS, 24 hours a day and 0 denars per minute towards VIPTEAM`s members; complete use of the monthly subscription; tariffper second starting from the first minute.

THE THIRD MOBILE OPERATOR WITH NEW OFFER

WITH VIP`S BUSINESS OFFER - 0 DENARS PER MINUTE

VIP`s entry on Macedonian market ofmobile telephony, may be consideredto be one of the most successful

entries of the mobile communications history.- According to many analysis made by inde-pendent experts, we started to work commer-cially six months ago, with full prepaid teleph-ony services spectra, and six weeks afterthat we introduced our first postpaid residen-tial offer, stated Nikola Ljusev, Chief Exe-cutive Director of VIP operator, on last weekpromotion of new services. I hope that youwill agree that the most important gain ofVIP`s entry is that we actuated Macedonianmarket, introduced new quality standardsand greater value. More precisely, we havemade the prepaid accessible to all citizens inMacedonia. With our offers the prices of pre-paid reduced to 50 percent in average, andpostpaid prices reduced to 30 percent. Foronly three months we accomplished what wehave planned with a license for the first year.Today, even 70 percent of VIP`s calls gothrough VUP`s network, which enables usersmore quality services.

Ljusev explained that they are satisfiedfrom they have accomplished, but he can notpublishes yet VIP`s audited financial results,because the results of Telecom Austria, i.eMobilcom group will be published on 27 Feb-ruary. - In this moment, I can only mentionsome price sensitive information for our busi-ness. So, we are expanding our sale networkand currently we have nine own stations inmajor cities of Macedonia, we have over 9thousand sale centers, we offer the best ser-vice, and we have modern contact center

that works 24 hours a day,seven days in week, i.e. weprovide our services in 365days of the year to our userson Macedonian, Albanianand other languages. 50%percent of our employees aredirectly in contact with theusers which is a number torespect. The key of our suc-cess are definitely our 160employed. I consider nowthat, citizens are happier, be-cause they pay less and talkmore, - said Ljusev.

Therefore, we startedwith a revolutionary prepaidoffer, and than we continuedwith postpaid, and now is thetime to consider about thebusiness offer, in the busi-ness segment, which was ex-pected for a long time on themarket - continued to explain Mario Cveta-novic, Chief Director of VIP operator.

- Now is the moment to activate one usersegment which is very important for Mace-donia. And if someone asks us why wehadn`t done this before, the answer is thatwe wanted to achieve the same effect as wehad with the prepaid. This offer is intendedfor small and middle sized enterprises, fami-ly businesses, which compose the spine ofMacedonian economy. Really, there is rea-son now, for users not to talk through VIP -simply and accessible - because VIP pro-

vides them the best value of their money. Wehave understood users` demand and there-fore we offered the simplest and transparentoffers for the business sector, three from VIPTeam and VIP Business. By VIP, users gaina lot more- full utilization of the monthly sub-scription, tariff per second starting from thefirst second of the talk, same call price, 24hours day, cheap international conversa-tions. Users can save a lot and can talklonger with improved quality, at any time ofthe day, emphasized Cvetkovic.

The procedure of concluding contract ofthe tariff from VIP Team and VIP Business issimpler. The contracts can be concluded inall VIP centers and partnership shops acrossthe Republic of Macedonia.

VIP enriches its portfolio of telephoneapparatus per most attractive prices on themarket. Therefore, the premium telephoneapparatus Motorola RAZR2 V8, SamsungArmani, Nokia N95 8GB, Sony EricssonW910i can be bought at VIP`s shops at mostsuitable prices.

After the successful start of the prepaid and postpaid services for residential users, VIPexpanded its portfolio with six new postpaid business offers with simple tariff models.Postpaid business offer, intended above all for the small and middle enterprises, as well asthe families. Special postpaid offers so called VIP Team 300, VIP Team 900, VIP Team 1800and VIP Business 500, VIP Business 900 and VIP Business 1600, enables users callstoward all networks of 0 denars per minute to members of VIP Team, toward all network inVIP Business, at regular price of talks of 5.9 denars per minute - 24 hours a day. The offersare developed and adjusted to the needs of these users which represent the majority ofenterprises in Macedonia. Users from small and middle enterprises and families that usethis type of mobile telephony services, according to the research have in average, fivemobile phone lines, for which they pay 22.000 denars in average.


The increasing role of the Republic of Macedonia`s capitallyfinanced pension insurance in capital market`s development,

inevitably imposes the function- guardian of property, as one ofthe new financial services in the frames of contemporary finan-

cial trends.

BY PENSION FUNDS` DEVELOPMENT ON THE CAPITAL MARKET

BANKS WITH NEW FUNCTION - GUARDIANS OF PROPERTY

"The role of the bank-guardian ofproperty in frames of capitallyfinanced pension insurance in the

Republic of Macedonia" - was subject mat-ter of round table meeting, which took placethis week, organized by the Agency forSupervision of capitally financed pensioninsurance, in cooperation with USAID/proj-ect for business surroundings. For moredetailed introduction with this problematic,experts from Croatia have been engaged, acountry that already has several yearsexperience in the area of private pensionfunds.

The idea for this subject presentationcame out from pension funds` increased ro-le in the capital market` development whichinevitably imposes the function- guardian ofproperty, as one of the new financial servic-es in the frames of contemporary financialtrends. For this purpose, organizers haveengaged relevant experts from Republic ofCroatia. The experts from Croatia, Dub-ravko Stimac - President of the Board ofDirectors of the contemporary pension fundPBZ Croatia Insurance and Ira Stroili, Di-rector of Leveling-Transaction banking inHypo Alpe Adria Group have previously vis-

ited Republic ofMacedonia.

At the beginning of theround table meeting, theCroatian expert`s reportpresented the bank-guar-dian role, a regulatory fra-mework, recent practice inpension funds` work andthe world practice, afterwhich followed interactivediscussion where experi-ences and experts opini-ons on this topic were ex-changed.

"In Croatia, the pensionreform was implemented in2001, so now we have fewyear of experience.Pension funds are becom-ing stronger, even most im-portant players in the area

of capital market. Like everywhere in theworld, the private funds carry capital mar-ket`s liquidity and activity, as well as newinstruments and services provided by thefinancial institutions - Stimac emphasized inhis presentation.

"Macedonia also has pension funds andinvestment funds and what is important nowis to make the last so - called fine adjust-ments of financial institutions` legislation

and organization. The purpose of this proj-ect is to enable the development of this seg-ment of commercial banks, because thebanks are guardians of the securities also.MAPAS and USAID concluded that Mace-donia has one big obstacle for this qualitystep to happen, and that is to change thelaw, in order to open banks-guardians acco-unts in the depository institutions, to per-form turnovers directly for their clients inpension and investment funds and to keepthe securities on opened account in the cen-tral depositor", said the Croatian consultant.

On the presentation attended by repre-sentatives of major banks, the SecurityCommission, Republic of Macedonia`sNational Bank, the Ministry of Labor andSocial Politics and the Ministry of Finances, was concluded that these recommenda-tions for settling the obstacles of the func-tion guardian of property` s implementationand development, at Macedonian businessbanks will give new impulse and stimulus tocitizens and financial institutions to enter thenew trend of economic leadership which willimprove the entire economic situation in thestate.

In the world this is a regular practice andaccording to the researches of Croatian pre-senter Stimac, the situation in the worldbanks- guardians of property is the follow-ing:

Bank-guardian`s capital value (billion dollars):

1997 2004

Chase Manhattan Bank - 4.772 5.854

State Street Bank Boston - 3.772 6.200

The Bank of New York - 3.100 6.800

Bankers Trust - 2.000 3.963

Northern Trust Company - 1.012 2.800



1. ALKALOID TO SPREADS THE BRAND ABROAD (*****)2. OHRIDSKA BANKA TO OPEN NEW SUBSIDIARIES ALL OVER THE COUNTRY (****)

21.02.2008 THURSDAY

Today`s newspaper issues without exceptioninform that the interest rates of the credits forcompanies and citizens will not go up, in spite ofthe fact that the Central Bank have decided to in-crease the interest rates of the treasury bills,which is one of the monetary instruments for con-trolling the inflation. The Macedonian bankershold position that in spite of the inflation growthand the increased costs of living, this increase ofthe interest rates of the treasury bills is minimaland due to this the credits will not go up in price.The National Bank of the Republic of Macedonia(NBRM) informs that it has increased the interestrates of the treasury bills from 5, 08 percent, thevalue of the last auction, to 5, 25 % in order to ab-sorb the consequences from the high inflation andprevent it from spilling into middle terms. Accord-ing to the bankers, it is a common measure takenby the National Bank in order to collect the surplusof money in circulation, which is a result of the ra-ised state red tape salaries and pensions. ThisNBRM anti-inflation measure still leaves room forprofit, the bankers point out.

Utrinski Vesnik, on the other hand, carriesopinions of experts, who believe that it is still tooearly for tightening the budget leash for taming theinflation. It is true that the measure for fiscal poli-cy restrictions is at Government`s disposal at ti-mes when the inflation is being active, howeversuch move is unnecessary for the time being, saythe experts, pointing out that should this 9%

monthly inflation rate continues in the months tocome, the Government will have to resort to mo-derate restrictions of the public expenditure.

As Dnevnik informs, Eurocity Consulting stillhas not been registered as owner of 5, 3% of theMacedonian Stock Exchange capital, since theCentral Securities Depositary did not settled thetransaction in which 148 shares were sold last Fri-day. The Official Receiver of Rado Banka has soldthe securities for an amount of around 440.000euros as part of the insolvency estate. The Depo-sitary confirms the settlement have not been carri-ed out, since the Redundancy Court Council haveblocked the execution. Experts in this filed claimthat a Redundancy Court Council decision cannotstop the settlement and it will be performed tomor-row. Biznis, on the other hand, informs that thebroker agency Euro Broker, which on behalf andat the expense of Eurocity Consulting, believesthat the unperformed share settlement and trans-fer on the account of the client- purchaser, not on-ly that damages the client, but the entire capitalmarket too.

The placement of the cornerstone of Alkalo-id`s Institute for Development and Control of Qu-ality is an event carried by some print media. Theinvestment costs around 9 million euros, and theInstitute will cover an area of 1.540 square metersand offer 60 new jobs. The object and the equip-ment have been fashioned after the strict and spe-cific demands of the good medication production

practice, and as the company`s Director General,Zivko Mukaetov, says, the institute will introducenew technologies, sustain superior quality andmeet the demands of the European and Americanregulatory organs.

The newspapers carry interesting story thatthe Macedonian trade with the Near East countri-es is devastating, although there is great potentialfor economic cooperation. According to the statis-tics, last year`s trade with these countries was$21, 7 million, of which 5 million come from ex-port, and 16 million dollars from import, while thetotal 1998 trade was $31 million, 27 million dol-lars from export and 2 million dollars from import.The reasons for such situation lie in the undevel-oped business relations and the lack of diplomaticoffices.

The stock exchange reports in Biznis statethat the securities market last Wednesday markedtotal trading value of MKD 41.857.489, 31 from313 transactions.

The Official Market have realized MKD35.565.822, 30 through 253 transactions, whilethe remaining MKD 6.291.667, 00 have been rea-lized on the Regular Market through 60 transacti-ons, when MBI-10 index recorded 2, 71% appreci-ation in relation with the previous day.

On the Official Market, most traded were theshares of Makpetrol, Alkaloid and KomercijalnaBanka.


DNEVNIKp.1 THE CREDITS WILL NOT GO UP FOR NOWp.5 THE CREDITS WILL NOT GO UP FOR NOW p.5 GRUEVSKI: PROJECTED INFLATION REMAINS p.7 MBI 20-02-2008p.6 BUYER STILL DOES NOT OWN 5% OF MSE p.6 ALKALOID IS BUILDING INSTITUTE FOR CONTROL OF MED-

ICINESp.6 TWO NEW SUBSIDIARIES OF OHRIDSKA BANKAp.6 PROTESTS IN BETON OHRID p.7 GENERAL COMPANIES TO CONQUEST KOSOVOp.7 THE PRODUCTION OF COOKING OIL IN BLAGOJ GJOREV

STOPSp.7 15 COMPANIES RACE FOR OSCAR FOR SOCIAL RESPONSI-

BILITYp.7 POOR TRADE EXCHANGE WITH MIDDLE EAST

BIZNISp.1 THE INTEREST RATES WILL NOT INCREASE p.3 ALKALOID IS BUILDING INSTITUTE FOR QUALITY DEVELOP-

MENT AND CONTROLp.5 THE INTEREST RATES WILL NOT INCREASEp.11 NEW SUBSIDIARIES OPENED IN KARPOS 3 AND GJORCE

PETROV p.12 MBI-10 WITH SIGNIFICANT INCREASE OF 2.71 PERCENTp.12 MOST TRADED THE SHARES OF MAKPETROL SKOPJEp.12 MBI 20-02-2008p.13 DISTURBED REPUTATION OF EURO BROKER - MATERIAL

DAMAGES FOR FOREIGN INVESTORUTRINSKI VESNIK

p.1 IT IS TOO EARLY TO CONSTRAIN THE BUDGET DUE TOINFLATION

p.5 DUTY-FREE COOKING OIL IMPORT KICKS STARTp.8 IT IS TOO EARLY TO CONSTRAIN THE BUDGET DUE TO

INFLATION p.8 OHRIDSKA BANKA IS NOT GOING TO INCREASE CREDITS`

INTEREST RATES p.8 KIA CEED - MACEDONIAN CHOICE FOR CAR OF THE YEAR p.8 SWISS COMPANY DENIES STOCK EXCHANGE TRANSAC-

TIONp.8 ALKALOID IS BUILDING INSTITUTE FOR DEVELOPMENT

AND CONTROL OF DRUGS` QUALITYp.8 MBI 20-02-2008

VECERp.1 THE CREDITS WILL NOT APPRECIATEp.1 ALKALOID TO SPREADS ITS BRAND ABROADp.4 ALKALOID TO SPREADS THE BRAND ABROAD p.6 CREDITS` RATES ARE NOT GOING TO INCREASE p.6 THE SHEIKS DO NOT KNOW THE BENEFITS OF INVESTING

IN THIS COUNTRYp.6 BLAGOJ GJOREV STOPS PRODUCTION

VREMEp.5 DRUGS TO BE CONTROLLED WITHIN THE COUNTRYp.5 NINE YEARS WITHOUT CONTRIBUTIONS, ONE YEAR WITH-

OUT SALARYp.5 CAPITAL GET STUCK IN CENTRAL REGISTERp.5 CONTRACTED ELECTRICITY IMPORTp.6 THE INTERESTS STAGNATE FOR NOWp.6 MAKPETROL WITH THE BIGGEST TURNOVER

VESTp.6 PESTICIDES WITH BANDEROLSp.6 ALKALOID BUILDS AN INSTITUTE OF DRUG`S QUALITY

CONTROLp.7 THE INTERESTS WILL NOT INCREASEp.10 PRICES OF OIL AGAIN UNDER 100 US DOLLARS

NOVA MAKEDONIJAp.2 ARCHEOLOGICAL RESEARCHES CONTINUE p.3 FOUNDATION STONE OF THE INSTITUTE FOR DEVELOP-

MENT AND CONTROL OF QUALITY WITHIN ALKALOIDp.4 REDUCED PRODUCTION OF ELECTRICITYp.9 WITH HIGHER INTERESTS - FIGHT AGAINST INFLATIONp.9 PROMOTIONAL OFFER FOR CASH EXPRESS CREDITSp.9 HIPO OPENS NEW REAL ESTATE COMPANYp.9 OIL HITS RECORD 100.10 US DOLLARS A BARRELp.9 THE DAIRY IMB OF BITOLA IMPORTS TO GREECEp.9 THE SLOVENIANS TOOK OVER THE SUPERVISION IN VAR-

DAR INSURANCESPIC

p.2 PRICES OF THE OIL AGAIN DROP IN ASIAp.6 THE GOVERNMENT WAS WRONG TO ANNOUNCE THAT IT

WILL RAISE THE SALARIES IN THE FORTHCOMING YEARS,THE ECONOMISTS SAY

p.6 OHRIDSKA BANKA TO OPEN NEW SUBSIDIARIES ALL OVERTHE COUNTRY

p.6 LESS ELECTRICITY IS BEING PRODUCED



1. ALLOCATION OF TRACTORS FROM JAPANESE GRANT (***)2. THE PRODUCTION OF COOKING OIL IN MASLODAJNA STOPPED (***)

22.02.2008 g. FRIDAY


Biznis conveys that wining-companies of theOscar for Social Responsibility will be announcedtoday. There are 15 companies that participate inthe race for wining of the Oscar awarded in theframes of regional project conducted by theGerman agency Invent, Iltis and consortiumBasme.ky and Balkan net from Skopje. Thesecompanies entered final round in accordance tothe criteria for achievements of socially responsi-ble enterprises. Candidate-companies are: BirkartLogistik from Stip, Renova and Teteks from Tetovoand Duna Computers, INet, Mont, Rade Koncar,Pharhmahem, Ading, the Public Traffic Enterprise,Makpetrol, Makstil, Tinex, Tutunski kombinat andcement factory Usje, companies seated in Skopje.Regional project Social Responsibility of compa-nies is initiated in the second half of 2007, in orderof promotion of the concept for social responsibil-ity of companies (SRC) in Southeast Europe.Newly founded Coordinative Body for socialresponsibility of companies, which operates with-in Governemtn`s Economic-Social Council, con-ducts activities in Macedonia.

Biznis also brings the information that by2010 Macedonia can realize 83.5 million euros ofinvestments in the rural development from IPARDprogram. Out of them, 31.3 million euros comefrom EU, and the rest is national funds, Minister ofAgriculture, Forestry and Water Economy, AcoSpasenoski, stressed. The goal of IPARD is

improvement of living and standard quality in ruralareas, across the increase of the income andopening of new working posts. This would beachieved across investments in farmingeconomies, investments in processing and mar-keting of farming products and development ofeconomic activities in rural areas. IPARD programincludes production of milk, meat, grape, wine,fruit and vegetable, and funds will be used startingnext year.

Today edition of Vest convey the terminationof the production of vegetable oil in Veles foodindustry Blagoj Gjorev, explaining that the factoryhas no funds to purchase unrefined oil, whichreached the price of 1.300 euros per ton. E x i tfrom this situation, according to plant`s manage-ment, is in Government`s assurances to providecertain quantities of unrefined oil from state stockreserves, which later would be compensated. Onthe other hand, Utrinski Vesnik informs that dutyfree import of oil approved by the Government didnot contribute towards reduction of prices of thisproduct. In contrary, new shipments of oil in ourcountry can be found by new, higher prices, whichsurpass the value of 100 denars per litter.

One hundred base stations without appropri-ate documentation were registered by the con-struction inspection on the territory of Skopje,which reached 400 illegal base stations installedby the three mobile operators, threatened with

demolition, Spic conveys. Last month, construc-tion inspection ordered dislocation of 114 basestations of T-Mobile, 138 of Cosmofon and 57 ofVIP operator. Final showdown is expected in thenext two months, due to appeals that the threemobile operators submitted to the Second-Instance Commission.

Vecer conveys Croatian experiences relatedto pension and investments funds, which areground for every strong economy. -Such fundsbecome important subjects on the capital marketworldwide, because they bring profit toeconomies, Dubravko Stimac, President of theManagement Board of Compulsory Pension FundPBZ Croacia Osiguranje, adding that importantrole in that process have commercial banks askeepers pf pension funds` property.

Biznis conveys yesterday developments onMSE with total turnover reached 72,577,574.65cacross 392 transactions. Official market realized65,748,541.00 across 297 transactions, while therest 6,822,033.00 were realized on the regularmarket across 60 transactions. MBI-10 record2.15% increase and MBID record 2.42% increase.The most traded shares were those of SkopskiPazar, followed by shares of Alkaloid Skopje.Sloping change of price on official market recordshares of RZ "Ekonomika" Skopje, and increaseis also recorded at shares of OHIS Skopje.

DNEVNIKp.5 NEGOTIATIONS WITH OKTA START NEXT MONTH p.7 INFLATION ALSO DEPENDS ON SHARE SALESp.7 SLIGHT, BUT REFRESHING PRICE INCREASE ON STOCK

EXCHANGEp.9 BANKS IN THE REGION GET STABILIZED p.9 GOVERNMENT ASKS ELECTRICITY FROM BULGARIAp.9 CRIMINAL CHARGES AGAINST EMPLOYMENT AGENCY

DIRECTOR p.9 EUROCITY BECOMES HOLDER OF FIVE PERCENTS OF

STOCK EXCHANGE BIZNIS

p.1 RECENT PAYMENT OF DIVIDEND ACTUATES THE MARKETp.4 100 FOR FARMERS, 40 FOR LEGAL ENTITIES p.11 THE EUPHORIA INCREASED THE ÑRÎÂÅÕ FOR MORE THAN

TWO PERCENTp.11 NEW BRANCH IN SKOPJE - UNIVERSITY CLINICAL CENTERp.11 YESTERDAY ON MACEDONIAN STOCK EXCHANGE,

INCREASE OF MBI-10 AND MBIDp.12 MKD 72.577.574, 65 IN TOTAL TRADING VALUEp.12 MBI 21.02.2008p.13 RECENT PAYMENT OF DIVIDEND ACTUATES THE MARKET

UTRINSKI VESNIKp.1 WITHOUT FEES, OIL STILL EXPENSIVE p.1 THE GOVERNMENT IN SEARCH FOR ELECTRICITYp.2 THE COOKING OIL GOT ENTANGLED

p.4 WITHOUT FEES, OIL STILL EXPENSIVE p.8 THE GOVERNMENT IN SEARCH FOR ELECTRICITYp.8 IT IS NOT A MATTER OF RISK FOR A BANK TO BE A

GUARDIAN OF THE PENSION FUNDS p.8 ÌBI 20-02-2008p.9 MASLODAJNA IS WORKING, REFINERY WAITING FOR THE

SUPPLIES TO RUN OUTp.9 MACEDONIAN MILK IN GREEK MARKETS p.9 ALLOCATION OF TRACTORS FROM JAPANESE GRANTp.9 CHOOSING MOST SUCCESSFUL TRANSPORTATION FIRMS

p.9 NEW SUBSIDIARY OF NLB TUTUNSKA BANKAVECER

p.7 OIL - 101 US DOLLARS A BARRELp.7 STRONG ECONOMY DOESN`T EXISTS WITHOUT STRONG

PENSION FUNDSp.7 TODAY, ADVERTISEMENTS FOR TRACTORS p.8 THE LIONS - INDEPENDENT AND RECOGNIZED WITH THEIR

CONSTITUTIONAL NAME VREME

p.5 THE STATE SUES TOPLIFIKACIJAp.6 PURCHASED MORE THAN 6,000 TONS OF TOBACCO p.6 SOLD PART OF THE STOCK EXCHANGE p.7 DISMISSAL FOR EMPLOYMENT AGENCY DIRECTORp.7 ALL SHARES GO UP IN VALUE

VESTp.2 BLAGOJ GJOREV STOPS PRODUCTION OF COOKING OILp.10 PRICE OF THE OIL OVER 100 US DOLLARS, INVESTORS

BUYING GOLDp.10 MICROSOFT WANTS TO REPLACE YAHOO DIRECTORS

NOVA MAKEDONIJAp.6 BULGARIA WILL RESCUE US BY EXPORTING ELECTRICITYp.6 MIDDLE EAST - UNTAPPED POTENTIAL FOR ECONOMIC

COOPERATION p.6 GAZPROM ARRANGES NEW ENERGY PROJECTS IN IRAN

p.6 INGRA WANTS TO PURCHASE MAVROVO p.6 NEW HEDGE FUND OF THE MACEDONIAN STOCK

EXCHANGE - BETA INVEST CAPITALp.7 TIKVES THE FAVORITE REGIONAL BRAND p.7 THE AUSTRALIAN COMPANY LEND EQUITY INVESTS IN

SKOPJE SPIC

p.2 THE OIL REACHED OVER 101 US DOLLARSp.8 REGISTERED ANOTHER 100 ILLEGAL BASE STATIONS OF

THE MOBILE OPERATORS p.8 THE PRODUCTION OF COOKING OIL IN MASLODAJNA

STOPPED



1. MACEDONIAN OSCARS FOR FIVE SOCIALLY RESPONSIBLE ENTERPRISES (****)2. SILMAK OPERATIONAL BY MIDDLE OF MARCH (***)

23.02.2008 SATURDAY

The Macedonian Oscar for socially respon-sible enterprises presented for the first time inthis country. Out of 28 large enterprises thatcompeted at the public announcement of theGerman agency InWent, consortium BASMEKT and Balkan Net Foundation, the Oscar stat-uette went to Tinex market chain from Skopjefor the successful realization of the project foremploying parentless young from the fosterhome 11 Oktomvri, Vecer has the story. Otherwinners of this year`s Social ResponsibilityCompetition are the small and medium enter-prises Farmahem from Skopje, Renova fromTetovo, Rade Koncar service from Skopje,Birkart Logistik from Stip, Utrinski Vesnik pro-vides additional information.

The project was aiming at increasing theawareness of the enterprises, developingnational strategy and forming coordinative bodythat will stand for better business climate.

The Government is to give to Silmak elec-tricity from the night surplus at lowest price pos-sible, and the factory should be restarted by themiddle of the following month at latest. This wasarranged in Jegunovce by Deputy PrimeMinister Zoran Stavreski and company`s direc-tor, Dzvonko Stojanovski. Stojanovski addedthis company would also meet its energy needsby importing electricity, but didn`t reveal con-

crete date when the factory will be restarted.That will depend on the provided import elec-tricity needs. The number of workers that willreturn to their working positions will alsodepend on the provision of the necessary kilo-watt-hours, Vest provides additional informa-tion. The contract will be valid by the end of theyear. The talks between the Government andSilmak lasted for two months. The companyshut down its capacities on January 4 this yeardue to the high price of the electricity. OnFebruary 11, Silmak Management sacked 502workers. Now, only around 40 workers havebeen engaged for maintaining the stoves andthe other machines, informs today`s issue ofDnevnik.

Vecer carries the story that Kiro Spandzov,Deputy Minister of Economy, yesterday deniedthe statement of the transmission operatorMEPSO that this country`s situation with elec-tricity production had been alarming, sinceaccording to the indications of this department,this years` energy balance has been pursuedwithin the projected framework. According toSpandzov, 3 percent deterioration from theenergy balance (which displays the electricityneeds, as well as the electricity production) hasbeen registered from the beginning of the yearto date, and that was within the limits of the

allowed 5 percent deterioration.The shares in Europe and Asia, as well as

the American features, go down. This followsafter the profit of RWE AG failed to meet ana-lysts` forecasts, the oil fall pushed the energyproducers down to lower positions, while con-cerns about war of prices prevails among thetelephony companies. RWE value plunged atlowest level in one month in Frankfurt, afterGermany`s second largest utility servicerecorded unexpected loss in the closing quar-ter.

UNI Bank increases the interest rates forfixed-term foreign and home currency deposits.The interest rates for fixed-term deposits indenars vary up to 10 percent, and should for-eign currency is made in fixed term, the interestrate reaches up to 6 percent. The citizens canmake their money fixed-term deposits from 1month up to 3 years.

Utrinski Vesnik provides additional informa-tion that the clients can add sums to theirdeposits without canceling the already existingfixed-term deposit. Any client that will makefixed-term deposit in UNI Bank will also getMasterCard or Visa payment card free ofcharge.

2.TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

DNEVNIK

p.5 THE INSOLVENT OUT OF THE FINANCIAL MARKETp.7 MBI 21-02-2008p.7 THE GOVERNMENT GAVE CHEAP ELECTRICITY TO SILMAKp.7 FIVE FIRMS REWARDED FOR SOCIAL RESPONSIBILITYp.7 SPANCHEV: NO CONCESSIONS FROM THE ENERGY BAL-

ANCEp.7 2 MILLION EUROS INVESTED IN SIGMA

UTRINSKI VESNIK

p.1 SILMAK OPERATIONAL BY MIDDLE OF MARCHp.6 SILMAK OPERATIONAL BY MIDDLE OF MARCH p.7 MACEDONIAN OSCARS FOR FIVE SOCIALLY RESPONSIBLE

ENTERPRISESp.7 UNI BANK INCREASES INTEREST RATES FOR FIXED-TERM

DEPOSITSp.8 SHARES IN EUROPE AND ASIA AND AMERICAN FEATURES

GO DOWN p.8 SOCIETE GENERALE TAKES OVER MAJORITY PACKAGE IN

ROSBANKp.8 MBI 22.02.2008

VECER

p.1 500 PEOPLE BACK TO WORKp.6 INCREASED INTERESTS FOR SAVINGS DEPOSITSp.6 DO WE NEED ELECTRICITY OR NOT?!p.7 TINEX WON THE MACEDONIAN OSCAR AWARDp.7 SILMAK WILL RESTART IN MARCH

VREMEp.1 SILMAK WILL START OPERATING p.5 PETRA MITEVA SENTENCED TO THREE YEARS` IMPRISON-

MENTp.5 THE INDUSTRIAL COMPLEX TO START OPERATING IN

MARCH!p.6 AN ITALIAN COMPANY WILL BUILD A FACTORYp.7 FIVE COMPANIES WERE REWARDED p.7 GAS POWER PLANTS TO RESCUE US FROM DARK AND COLDp.7 A WEEK OF APPRECIATED STOCKS

VEST

p.7 SILMAK RESTARTED ITS WORK WITH NIGHT ELECTRICITYSURPLUSES

NOVA MAKEDONIJA

p.2 LOGISTIC SUPPORT FOR OVER 60 WESTERN EUROPEANCOMPANIES!

p.5 SOCIETE GENERALE ANNOUNCES EUR 947 MILLION PROF-IT

p.6 SKOPJE`S TOPLIFIKACIJA OWES EUR 200,000p.6 19 PEOPLE LAID-OFF p.6 THE TURKISH BUSINESSMEN WILL INVEST IN THE FOOD

AND CONSTRUCTION INDUSTRY

SPIC

p.7 THREE YEARS` IMPRISONMENT FOR PETRA MITEVAp.7 TINEX WINS OSCAR FOR SOCIAL RESPONSIBILITY


GLOBUS

P.10 KOCEVSKI ANNOUNCES RESISTANCE Veles citizens got to check the new proverb that uninvited guests not

always stand behind the door. All presumptions that Veles citizens will havethe representatives of Mineco company for their neighbors turned out true.

P.32 I AM NOT PART OF THE FOOTBALL MAFIA!-CLAIM-Ljubomir Mihajlovic claims he is staying in Skopje and is acces-

sible to the Serbian Ministry of Interior, which says still hasn`t looked up forhim

KAPITAL

P. 10 POTENCA ASSETS MANAGEMENT - First assets ManagementCompany in Macedonia

Potenca assets management is the name of the new financial interme-diation company founded in Skopje by domestic and foreign investors.

P. 10 Bulgarian AG Capital enters in the real estate business inMacedonia

Bulgarian company of real estate management AG Capital has openedreal estate Management Company in Macedonia.

P. 11 Popova Sapka third time on tenderSki center Popova Sapka is on sale third time since the first two tenders

didn`t succeed due to lack of buyers.P. 14 Deutsche Bank avoided the mortgage crisisThe biggest German bank, Deutsche Bank avoided the crisis of the

mortgage loan market and prepares to take over other banks in crisis.P. 18 Ministers hide their shares Macedonian public doesn`t know in which companies ministers have

shares. The law protects them! They are not obliged to inform the public inwhich companies they posses shares. Macedonian treats this information aspersonal information!?! Just to compare: officials in the normal world, espe-cially those of the executive authority, are obliged to report in which compa-nies they have shares, in order to prevent the conflict of interests. Reasonsare very clear: Firstly, ministers and envoys have authorized access to infor-mation that other investors don`t have, and this place them in insider posi-tion. Secondly they have opportunity to lobby for bargains, laws and meas-ures which will bring greater profit of the company in which they act asshareholders.

P. 19 Ministers hide their shares P. 20 Ministers hide their shares P. 20 Only six ministers have shares!P. 21 Only six ministers have shares!P. 32 Ten companies fill 40% of Macedonian BudgetP. 32 Ten companies fill 40% of Macedonian BudgetLast year was one of the more successful economic years for

Macedonia, with the greatest GDP`s growth rate. The profit of Macedoniancompanies increased of 30% last year.

P. 34 Ingra admitted publicly that it secretly took over Mavrovo.The fax sent in 13:10 on Monday on 18 February (according to the let-

ter sent to Macedonian Stock Exchange by Mavrovo), Croatian companyIngra officially has confirmed the information that have been circling last fewweeks that Mavrovo wants to buy ADG Mavrovo.

P. 38 The Audit report is a significant instrument for decision makingLidija Nanus director of Deloitte & Touche MacedoniaThe audit report is a significant instrument for decision making.P. 39.The audit report is a significant instrument for decision making

(frame)The auditor has very important role in conditions of capital market`s and

economy existence, because it gives opinion of the financial reports objec-tivity presented by companies. The auditor will be criminally charged for themade negligence. But, have you ever heard of fining an auditor who didn`trespect auditor standards in Macedonia? Therefore the public is surprisedwhen events such as Mavrovo, Ohis, Macedonian Stock Exchange, ExportImport Bank appears… I think nobody suits chaotically conditions. Auditorsdon`t suits this, as well as capital market, the development of the compa-

nies, who want to expand, though issuing securities, domestic and foreigninvestors, and state.

P. 39. The Audit report is significant instrument for decision makingLidija Nanus, director of Deloitte & Touche MacedoniaGenerally, Macedonian public is less aware and familiar with the mean-

ing and the role of the independent auditors. What is the role of the auditorsand how important they are for capital market`s development and attractinginvestments in the economy?

P. 42 Who pays the American real estate market`s failure?On the recent meeting of the world economic leaders of G7 group in

Tokyo, the current damage measured through the value of the written-offinstruments based on mortgage loans from the bank balances in USA, isestimated to over 400 billion dollars.

P. 44 Why the interests of denar savings grow?In the past years, the loans given by banks recorded great increase,

therefore they started to collect long-term deposits which bring greater inter-est rates as a consequence of the undertaken risk on long-term. In condi-tions of increased competition between Macedonian banks, this kind ofinterest leads towards offer of higher interest of the domestic long-term sav-ings.

P. 46 Procredit group opens bank in ArmeniaProcredit group expanded its bank network by opening new bank in

Armenia that will attend small business in this country. P. 47 The consumer basket in January records price increase of 3.6%The consumer basket for one four member family in January, calculat-

ed n the basis of the retail prices compared to the previous month , is high-er for 3.6% i.e. 12.030 denars.

FORUM

P. 33 Makpetrol`s shares - most traded onesBased on stock exchange background, the week before Kosovo`s inde-

pendence declaration, which was the most stressful, is one of the last polit-ical- psychological moments by which the investors observe every event ofMacedonian stock-exchange market.

P. 33 Forum anticipates P. 34 Euro investment for qualityAlkaloid with global plans After regional markets development, Alkaloid directed its entire strategy

towards global markets. Alkaloid is already seriously present in USA andRussia. The new investment is in the following direction: constructing anInstitute for quality control and development.

P. 35 Croatia and Montenegro, leaders in the use of mobile phone Mobile telephonyCroatia and Montenegro, part of former Yugoslav Republic`s nations,

are leaders in mobile phone use. In world frames, the biggest increase ofmobile phone use is recorded in African counties.

MAKEDONSKO SONCE

P. 42 Our emigrants are becoming foreign owners The fact that the latest governmental decision of full liberalization of

Macedonian real-estate market for foreigners is part of the business climateimprovement strategy is undeniable.

FOKUS

P. 19 Bucko gave, EVN paid, and Macedonia got candles P. 22 Nobody is concerned about the future of REK BitolaAs you can see, REK Bitola the main electricity supplier in Macedonia,

is not in this story. Vlado Buckovski and Spiro Mavrovski lead polemicsregarding this topic, away from the public eyes.

1. SHORT REVIEW IN THE WEEKLY MAGAZINES

18.02.-23.02.2008 MONDAY-SATURDAY


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

period 18.02. - 22.02.2008

MKIBN20080225-0011E

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