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DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS 3Date 24.03.2008 number 15 berzNIK

Foreigners believe in us, and we…

Last week will be remembered after two things -turning point of the investors` trust in Macedonia, andturning point on the capital market - record-breakingfall and record-breaking increase of the MSE Index.

We have lived to see - foreigners believe more inus than we do. Johnson Matthey should happened tous, its Regional Manager for Macedonia, ColinGeoffrey, to convey, i.e. say the message that ourcountry has good investment potentials; that it couldsoon become the leading country in Europe accordingto development of automobile parts industry; that the

political situation in the coun-try, as well as the increasinginflation, is not an obstaclefor the planned forthcomingbusiness; that there are dif-ferent political systems, withmuch more serious issuesthan those in Macedonia,which is not a problem for thebusiness; that the name dis-pute between Macedoniaand Greece is a family dis-cussion. Just to remind - it isa matter of 50 million euro in-vestment for factory con-struction in the free economiczone Bunardgik. It is the lar-gest European investment ofthis international company inthe last 30 years. And, whatis more important - unlike ourpolitical domestic persons,Geoffrey believes in us: Noneof the current events was fa-miliar to us when we decidedto invest in your country. In fi-

ve years I see Macedonia as NATO and EU member. Impressive, and at the same time very encourag-

ing for the stock exchange players as well. We are veryclose to gain back trust in ourselves, and there goesmarket movement. The week began with relatively lowturnover and MBI-10 down 2.11%, continued with cor-rection, with intensified fall of the index value by 5.5%,which is the highest fall on daily basis and lowest indexvalue this year. However, after the first two days, i.e.after the statement of the Johnson Matthey missionarythat they are here on Johnson Controls recommenda-tion, and that at least two foreign companies are inter-ested to develop its business (in the same field) in ourcountry, yet, on the following day, on Wednesday, theStock Exchange correction has soothed. The fall hasstabilized too - the index lost only 0.3%.

The real turning point happened on Thursday. TheMSE Index MBI-10 went up 6.12 percents. Positive ref-reshment on the Stock Exchange has continued on thelast trading day of the week when it reached 5.67%.Earlier, in only one month the stock exchange index

had a fall by 17.27 percents, so the 12% increase intwo days was experienced as a seriously encouragingsignal. The gap between the enormous offer and minordemand was balanced and lost. The shares` prices ofalmost all companies were increasing significantly, andpositive surprise was the high turnover, which remind-ed on the good old times on the Stock Exchange.

In addition, in favour of the new positive events onthe Stock Exchange are also the unrevised incomesheets for 2007 that all listed companies have announ-ced, 29 of which presented gains, while only nine hadloss. The total announced profit of the listed compani-es for the first nine months in 2007 is 123% highercompared to the same period in the previous 2006.The total announced profit of the listed companies for2007 was increased by 37.04% in comparison to theannounced profit for the first nine months of the year.

Hence, unlike the political structures, politicalinsinuations, the large foreign financial economic play-ers have faith in Macedonia. They do not kneel beforethe political barriers, but spread optimism among do-mestic investors. The inflation is not just a reflection ofthe domestic economy, but a reflection of the globalcrisis as well. However, in order to amortize the econo-mic stroke, the Professor Vanco Uzunov in the intervi-ew for berzNIK recommends: The Government shouldnot delete taxes, excises, customs, etc., but to reducethem because the rate at which they are charged ishigher, and even with lower rate they could at least addto the Budget, and the final retail price will be reduced.Uzunov says: This year we will have higher inflationthan the planned and that will affect the rate of the eco-nomic development, but average must not be allowed.

Evidence that there is a positive climate in this co-untry is the major attendance of the 34th Furniture Fairthis year. On this event, which takes place from 21 to26 March, participate 400 representatives, 130 ofwhich are domestic, and 260 are foreign brands from26 world countries. Thus, besides the Macedonian par-ticipants, there are also representatives from Albania,Austria, Belgium, Bosnia and Herzegovina, Bulgaria,China, Kosovo, Croatia, Czech Republic, Germany,Greece, Italy, Korea, Poland, Serbia, Slovenia, Slova-kia, Taiwan, Hungary, Finland, France, The Nether-lands, Spain, Switzerland, Turkey, and USA.

The representatives of these countries, and follow-ing their optimistic step - the domestic investors aswell, besides the hard positions of the politicians, haveshown trust for presentation and performance on theMacedonian market. They have demonstrated thatthere is a room for positive climate, faith that the namedispute will be resolved and Macedonia will succeed toobtain NATO membership…

Until the next Monday

Makedonka BaldazarskaBerzNIK editor-in-chief

e-mail: [email protected]

- Ten enemies cannot do a man the harmthat he does to himself. This maxim remindsme a lot on what is happening to us at the mo-ment in Macedonia - political Rashoumon ef-fect. As if we did not have enough of the exter-nal pressures and conditions, the reflectionsof the world crisis on our still fragile economy,inflation, and on top of everything, we, as well,are at each other`s throats - I am thinking ofpolitical structures. Now, at the eleventh hour,is not the time to outsmart, is not the time todemonstrate political skills and argue - toaccentuate the pretentious activities of theparty players about who has said what, whohas promised what, who has done what… asif they were competing who to get the negati-ve points… They are competing who will spitout the other more. And, we have electedthem to present us with dignity, pride, as be-comes one historically literate nation. Theyhave a good model, they have something toshow the world, they only need prudence andtactics to prove all that. The last kilometersshould be run out in the right way, and as partof the triple composition to fasten ourselves tothe NATO locomotive, and later to becomepart of the European family…

4 DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTSberzNIK number 15 Date 24.03.2008

STOCK EXCHANGE ….NEWSINOVO BROKER AD SKOPJE

Temporary banned to perform all security servicesThe brokerage house Inovo Broker AD Skopje since 17.03.2008 doesn`t trade with securi-

ties. Inovo Broker`s temporal suspension lasts 30 working days. This ban of Inovo Broker ADSkopje on performing security services for which it received permit, started to implement since15.03.2008 which was a working day but not trading day. The Securities Commission reachedthe decision of the temporal ban on performing security services of the brokerage house InovoBroker AD Skopje, with extraordinary control and established that the brokerage house soldshares to its clients with orders of expired deadline.

The member Inovo Broker AD Skopje is suspended by trading in securities of MacedonianStock Exchange AD Skopje in a period of 30 working days, starting from 15.03.2008. At the sametime, in accordance to the Stock Exchange Decision, the brokerage house Inovo Broker ADSkopje is temporarily excluded from the Stock Exchange membership during the ban.

SINCE 21ST OF MARCH UNTIL 26TH OF MARCH - MEBEL 2008

ON THE FAIR - 400 FIRMS FROM 26 COUNTRIES

The 34th International Fair of Furniture,Household and Social Buildings Equipment,Manufacturing Supplies, and Furniture IndustryMachinery - MEBEL 2008 - will be held from21st of March to 26th of March. The exhibits ofthe manufacturers are exhibited on coverage of15,000 square meters, i.e. the total capacity ofthe fair, as well as 300 square meters of theyard.

There are 400 representatives, 158 directexhibitioners, 240 indirect exhibitioners, 130 ofwhich are domestic participants, and there arealso 240 international brands from 26 countries.So, apart from the exhibitors from Macedonia,there are also participants from Albania, Aust-ria, Belgium, Bosnia and Herzegovina, Bulga-ria, China, Croatia, the Czech Republic, Ger-many, Greece, Italy, Korea, Poland, Serbia, Ko-sovo, Slovenia, Slovakia, Taiwan, Hungary, Fin-land, France, Netherlands, Spain, Switzerland,Turkey and USA.

Among them, Turkey will participate in akind of organized joint performance of about 20firms through the fair house Forem Meridianfrom Istanbul.

- This event is very significant for the

Republic of Macedonia and it represents an op-portunity for various groups to unite and ex-change opinions regarding the latest technolo-gies, ideas and achievements in this sector.This country's lumber industry sector partici-pates with 3.22% of the industrial productionand it cover about 6,100 employees. There are1,156 registered legal entities who operate inthis industry in Macedonia, of which, 560 manu-facture the primary products, and the rest ma-nufacture the final products. The fact that theindustrial production increased in 2007, i.e. thatthe trade exchange with other countries is 129million euros of which 26 million euros are fromexport, gives us a right to say that we have abetter progress in this segment of the industry.

Regarding the improvement of the busi-ness climate, especially in this sector, the Go-vernment of the Republic of Macedonia enab-led a forming of a cluster for the lumber indus-try which today includes 55 companies, with atendency that number to increase, said Deputy

Minister of Economy Kiro Spadzov on the occa-sion of the opening of the 34th International Fairof Furniture, Household and Social BuildingsEquipment, Manufacturing Supplies, and Furni-ture Industry Machinery - MEBEL 2008.

The traditional awarding of the Fair GlobeAward to the manufacturers and the traderswho will participate on the Fair is also part of theprogram of the event. Awards in 10 categorieswill be awarded, and the grading will be carriedout by an external commission and in accor-dance with the rulebook. The awarding ceremo-ny will take place in the Fair's management buil-ding on 24th of March.

To the delight of the visitors and the potenti-al buyers, the firms which participate on the Fairare offering an attractive discount on their pro-ducts, as well as favorable payment conditions,i.e. installments. The co-organizer of the Fair,ProCredit Bank, offered favorable loans for ren-ovation of the home and procurement of furni-ture.

An attendance of more than 80,000 visitors,to whom the latest products and services of thedomestic and foreign furniture firms will be offe-red, is expected this year as well.

The visitors will also participate in a prizewinning game. With the tickets, they will receivea brochure with a coupon which can bring thema voucher of 300, 500 or 700 euros, whereuponthe winner can choose any peace of furniturefrom any producer within the value of the vou-cher. The drawing of the winners will be publicand it will take place in the Metropolis Arena on26th of March in 5:00 pm.

REGULAR REVISION OF MBID

Change of the companies`attitude which comprise theindexOn 17.03.2008, the Stock Exchange Index

Commission performed regular revision of theindex MBID and according to the Methodologyfor calculation of the public held companies -MBID, the Stock Exchange Index Commissiondecided that MBID elements are the ordinaryshares issued by the following joint stock com-panies: Arcelormittal Skopje (HRM) ADSkopje, Fabrika za cevki 11 Oktomvri ADKumanovo, Makedonski Telekomunikaci ADSkopje, Arcelormittal Skopje (CRM) ADSkopje, Stopanska Banka AD Skopje,Tutunska Banka AD Skopje, Rade Koncar ADSkopje, OKTA AD Skopje, UNI Banka ADSkopje, Prilepska pivarnica AD Prilep, KjubiMakedonija AD Skopje, ICN - farm AD Skopje,and MZT HEPOS AD Skopje. These thirteenshares - elements of MBID comprise around53.15 percent of the total turnover of the mar-ket of publicly held companies market, in thelast quarter.

Strumica tabak, Karpos and Sileks bankahave been removed from the list of companieswhose shares have been determining thisindex. Okta, ICN farm and Rade Koncar tookover the position of the previously mentionedcompanies. The next regular revision of MBIDis on 15.06.2008.

The 34th International Fair of Furniture, Household andSocial Buildings Equipment, Manufacturing Supplies,and Furniture Industry Machinery started on Friday.This year, 400 firms from 26 countries will be exhibited,of which, 158 direct exhibitors and 240 indirect exhi-bitors, 260 foreign brands and 130 domestic exhibitors.


2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS1. MACEDONIA IN EU THROUGH AGRICULTURE (****)2. THE HOTELIERS FROM OHRID AND STRUGA COULD MAKE 20 MILLION EUROS (**)

17.03.2008 MONDAY1. SHORT REVIEW OF EVENTS

DNEVNIKp.7 THE INFLATION IN THE EU HIGHER THAN AL-

LOWED p.7 TOBACCO PRODUCERS DEMAND 30% HIGH-

ER PRICES p.7 KOSOVAN COMPANIES BUY LAND IN MACEDO-

NIAp.7 THE HOTELIERS SWEAR IN CHEAPER CHAR-

TER FLIGHTSUTRINSKI VESNIK

p.7 AUSTRIAN TOURISTS RETURN TO OHRIDp.7 STOPANSKA BANKA - SKOPJE IMPROVED THE

TERMS FOR THE MORTGAGE LOANp.8 GOLD HITS 1,000 US DOLLARS AN OUNCE FOR

FIRST TIMEp.8 AIR FRANCE-KLM TAKES OVER ALITALIAp.8 US INVESTORS SUE SOCIETE GENERALE

VECERp.5 WE BECAME FOOD IMPORTERS INSTEAD OF

EXPORTERSp.6 FORNETTI TO BUILD FACTORY FOR PASTRYp.6 THE STOCK EXCHANGE - BAROMETER OF

THE POLITICAL OCCURRENCESp.6 THE PRICE OF THE COOKING OIL REMAINS

THE SAMEp.7 RETIREMENT AT 15 YEARS WORKING SPAN

VREMEp.1 MACEDONIA IN EU THROUGH AGRICULTURE

p.5 EMPLOYMENT AND CAREER FAIRp.5 STRATA HAVE COVERED THE FIELDS AND THE

YARDSp.6 THIRD BLOCK DISCONNECTEDp.6 THE INFLATION DECREASES THE COMPETI-

TIVENESSp.6 SOMEBODY DEPRECIATES SHARES` PRICEp.6 TOBACCO PRODUCERS THE FIRST TO COL-

LECT SUBVENTIONS p.7 WE HAVE GOATS, BUT WE IMPORT MILK p.7 OIL RISES IN PRICE ONLY FOR KUMANOVO

CITIZENSp.11 A PASTRY FACTORY TO BE BUILD

VESTp.2 LOWEST SALARY IN OHRID - 8,100 DENARSp.5 ERLIFT SERVIS TO START FLYING IN APRILp.6 HUNDRED TONS OF SPRING ONIONS FOR

CROATIA-BASED FIRM KONZUMNOVA MAKEDONIJA

p.4 THE HOTELIERS FROM OHRID AND STRUGACOULD MAKE 20 MILLION EUROS

p.5 OHIS TO REMAIN WITHOUT ELECTRICITY DUETO A DEBT OF 500.000 EUROS

p.5 THE CROATIAN CONSTRUCTION COMPANYCEIC ENTERS BULGARIAN MARKET

SPICp.6 GOVERNMENT DEVOTES TO AGRICULTURE

Amortized Start of the Capital Market is the headlineof the stock exchange analysis carried by Vecer. It states:In spite of the current political situation in this country, theturnover on the capital market marked increase in the pre-vious week. Realized turnover of 5, 2 million euros, whichis 125% increase in respect with the opening week ofMarch. The shares of almost all companies are plunging,but nevertheless, shares of Mavrovo building company ha-ve gained 1, 5 million euros through a trade of 16 percentof the company`s outstanding shares. 39.000 of Mavrovo`sshares have been sold in more than 60 transactions at asingle price of 2.450 denars.

The Croatian building company Ingra, which officiali-zed its interest in taking over Mavrovo, has become hold-er of the capital.The small purchasers were persistent inthe trade on the Macedonian Stock Exchange, also con-firmed with the information that the closing day of the stockexchange week recorded sound daily turnover of 1, 2 mil-lion euros. Thus, the stress prompted by the Croatian andSlovenian investors during the previous days on the mar-ket has been absorbed. The stock exchange analysts areoptimistic this time and announce solid week on the StockExchange. Last week, top losers were the shares of thecompanies Teteks, Makstil, Granit, Stopanska Banka-Bito-la and Komercijalna Banka.

The inflation reduces the competitiveness, informsVreme. Namely, the devaluation of the denar is on the con-venience for the importers, given the fact that for a longerperiod of time they have been saying the denar is overrat-ed, which has a negative impact on their business. By defi-nition, devaluation means reduction of the value of the do-mestic currency in relation with other, foreign currency, sothe devaluation will help the importing companies to incre-ase their incomes since they are being paid in foreign cu-rrencies for their sales abroad. In times of plunging valueof the domestic currency, they would also make profit fromthe difference in the exchange rates.

As far as the inflation is concerned, it has a negativeeffect on the export-orientated companies. The inflationprompts products price increase on the home market,which results into price increase abroad as well.

Vreme carries the story that the tobacco growers willbe among the first to benefit from the subventions. This ye-ar the subventions are at 45 million euros and the applica-tion procedure for their usage is on the run. The subventi-on payment will be carried through the Agency for financialsupport in agriculture and rural development, also knownas Payment Agency.

The applications for receiving subventions will last un-til May 31, and the payments will be realized after the far-mers meet the required conditions.

The Hungarian company Fornetti Sole will build facto-ry for baking goods in the Municipality Ilinded. This compa-

ny offered best price of 600 denars a square meter for theland covering an area 20.040 square meters.

Dragan Simonovski, the spokesperson of the Ministryof Transport and Communications, informs the public auc-tion for the building land in this Skopje municipality, projec-ted for small economy, was held on March 11.

-The firm, according to the contract concluded withthe Ministry of Transport and Communications, is obligedto provide building license within six months, in compli-ance with the municipality urban plan, and construct theobject within a period of two years. Should the deadline isexceeded, the contract will be cancelled and the land willbe returned to the possession of Macedonia.

Officials from the Ministry informed the firm was partof the Hungarian Fornetti Group, which offered its productson the markets throughout 20 countries, among which En-gland, Germany, Sweden, Russia, Italy, Bosnia and Herze-govina, Croatia and Serbia from 2002.

Vreme carries the story that the market gardenersfrom the Veles village of Basino have secured export ofone hundred tons of scallion for the Croatian Konzum. Theproducers from this village had arranged the export all bythemselves, without state help. Each night, one heavygoods vehicle loaded with this market gardening producttravels from the village of Basino to Zagreb. Konzum pays50 denars a kilo scallion. The payment is carried immedi-ately after the handover of the amount.

Ohrid and Struga hoteliers may earn 20 million eurosfrom Austrian tourists, informs Nova Makedonija. On BerlinTourist Fair, the Hotel Association of Macedonia (HOTAM)arranged with a famous Australian tour operator organizedvisits for tourists from this country to Ohrid and Struga fromApril 15 until June 15 the following year, HOTAM ChairmanDonco Taneski announced in Ohrid.

He added that from 2.000 to 4.000 tourists would co-me to Ohrid and Struga every day to spend their seven-day arrangement. They would pay 80 euros a day for halfboard. This price includes the daily half board which variesfrom 26 to 36 euros, with shopping, excursions and food inthe restaurants i.e. the entire non-board expenses up tothe amount of 80 euros.

Utrinski Vesnik offer the story that in spite of the re-cord-breaking oil price increase, the price of the gold hasset a record and for the first time it was sold for 1.000 dol-lars an ounce. The price increase was stimulated by theweakened American dollar and the fears for the Americaneconomy. The concern over a possible recession in USA isthe reason why the investors are purchasing products likegold, as an alternative for the companies` shares and theAmerican dollar. The value of gold went up for around 20percent since the beginning of the year after the 32% priceappreciation in 2007.

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STOCK EXCHANGE REVIEW OF EVENTS IN THEPRINT MEDIA berzNIK

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STOCK EXCHANGE REVIEW OF EVENTS IN THEPRINT MEDIA berzNIKNumber: 15Date: 24.03.2008

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FRONT PAGE PHOTO:MEBEL 2008

Photo:Robert Spasovski

Editorial staff of berzNIKInternet distributive system: www.interNIK.com.mkEditor: Makedonka BaldazarskaJournalist: Vaska MickoskaDTP: 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 proda`ba: INTERNACIONAL NIK AD - Skopje

I M P R E S S U M

C O N T E N T S

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

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

SINCE 21ST OF MARCH UNTIL 26TH OFMARCH - MEBEL 2008.. . . . . . . . . . . . . . . . . . . . . . 4

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

JOHNSON MATTHEY AFTER THE FOOT-STEPS OF JOHNSON CONTROLS. . . . . . . . . . 8

STOCK EXCHANGE NEWS... STOCKEXCHANGE NEWS... . . . . . . . . . . . . . . . . . . . . . . . . . . .9

INTERVIEW: VANCO UZUNOV,ECONOMY PROFESSOR AT THEFACULTY OF LAW IN SKOPJE. . . 10-11

.AFTER LONG-STANDING BUSINESSCOOPERATION-PARTNERSHIP... . . . . . . . 12

SECURITIES COMMISSION.. . . . . . . . . . . . . . . . . .12

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

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

WEEKLY REVIEW OF THE MACEDONIANSTOCK EXCHANGE. . . . . . . . . . . . . . . . . 17-19


The past trading week on the MacedonianStock Exchange was under strong psychologi-cal pressure. Turbulences in government coaliti-on have caused panic among the share owners,who hurried to sell them at any cost. On the ot-her hand, many have used this moment and bo-ught the shares offered by very low prices. All ofthis, as one could read in the stock exchangeanalysis in today's edition of Nova Makedonija,affected the turnover on the stock exchange toincrease for more than 130 percent comparingto last year. Nevertheless, foreign investors aga-in saved the stock exchange and the price level,because they stayed buying in moments whendomestic small investors were selling with loss.How much will this cost them, market will showsoon.

The question is how much time domestic in-vestment public will need to realize that the pri-ces of ten liquid blue-chips are very low in com-parison to the prices they can reach on the mar-ket thanks to their potentials, capacities and per-formances, stands in the analysis of this daily.

Macedonian economy has started to feelthe negative inflation effects, informs Dnevnik.The inflation, which reached 10 percent, redu-ces the competition of Macedonian exportingcompanies. Their expenses are now much big-ger than those the companies in EU have, whe-re the inflation is 3 percent. Economists warnthat the inflation usually affects the exportersand brings advantages for the importers. TheGovernment however, is not concerned beca-use it provides most of the incomes from the va-lue added tax. This means that more expensive

product accordingly increases the amount thatgoes in the budget - say economists. Exportingcompanies say that if the input the inflation intheir products they won't be competitive for theexternal market. Therefore they increase theproduction and compensate losses with the in-ternal resources.

One could read in all today's print mediathat by the end of the year Macedonian EnergySystem-Operator (MEPSO) will import 210,180MWh power by average price of 86,12 euros perMWh. The total amount of money that should bepaid for the provided electricity is 18.1 millioneuros. The power will be bought from four com-panies-traders: EFT from Switzerland, Rudnapgroup from Serbia, Vivid Power from Bulgariaand GEN from Slovenia. As the company an-nounces, the average price of this supply is low-er for 5.42 euros or 5.9 percent comparing to theprevious power supply.

Deutsche telecom will buy 20% of the sha-res in the Greek company OTE from the Greekinvestment firm Marfin investment for 2.5 billioneuros, the German telecommunications compa-ny announced yesterday.

According to the assessments of the ex-perts, this way, Deutsche telecom will strength-en the monopoly in Macedonia, where it alreadyowns Makedonski telekomunikacii and the mo-bile operator T-Mobile. The German telecommu-nications giant will now focus on Cosmofon, se-cond largest mobile operator and winner of apermit for WiMax-telecommunications. The Ger-man company, which finished the last quarter of2007 with a loss of 757 million euros, is losing

more and more subscribers of the fixed-line te-lephony in Germany, and it is facing a strongcompetition in USA.

Paper Vest informs that the German auto-mobile giant Volkswagen showed interest forusing certain services of few of the Macedonianautomobile suppliers. For that purpose only, the-se days will be organized direct meetings withthe 11 manufacturers of car parts in Macedonia,with representatives of Volkswagen, where it willbe analyzed the production capacities, the refer-ences, the possibilities and the level of quality ofthe domestic companies.

Stopanska banka AD Skopje reduced theinterest rate on mortgage loan for all interestedin it. Now, with the mortgage loan of Stopanskabanka, there is a possibility for choosing of a lo-an with a guaranteed interest rate of 6% per ye-ar in the first three years or a guaranteed inter-est rate of only 5.5% in the first year. After theexpiration of the period with the guaranteed in-terest rate, the changeable interest rate, whichcurrently is 8.25% per year, is applied.

Diesel oil increases for 2.5 denars, and theprice of the gas remains the same, the EnergyRegulatory Commission decided.The retail priceof the diesel fuel will be 66 denars, and the priceof the extra light fuel 55 denars per liter. The pri-ce of MB - 96 will remain 70.50 denars per liter,eurosuper - 95, and eurosuper - 98, 68.50 de-nars per liter. By the decision of the Energy Re-gulatory Commission, the retail price of the hea-ting oil M-2 will increase from 27.413 to 28.040denars per kilo.

1. SHORT REVIEW OF EVENTS

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS1. DIESEL APPRECIATES BY 2.5 DENARS, PETROL PRICES UNCHANGED (*****)2. DEUTSCHE TELECOM TO BECOME AN OWNER OF 1/5 OF THE GREEK COMPANY OTE (****)

18.03.2008 TUESDAY

DNEVNIKp.7 THE COMPETITION OF THE MACEDONIAN IMPORTED PRO-

DUCTS FALLS DOWN p.7 DEUTSCHE TELECOM STRENGTHENS MONOPOLY IN MACE-

DONIAp.7 FOUR COMPANIES WILL IMPORT ELECTRICITY FOR MEPSOp.7 THE PRICE OF THE DIESEL OIL ROSE BY 2.5 DENARS. p.7 MBI 17.03.2008

UTRINSKI VESNIKp.5 EVN-ESM INSTIGATES MASS CUT OFF ACTION p.7 MEPSO WILL PAY 18 MILLION EUROS FOR THE NEW IMPORT

OF ELECTRICITYp.7 DIESEL APPRECIATES BY 2.5 DENARS, PETROL PRICES UN-

CHANGEDp.7 COUNTRY TO LOOK FOR A WAY OUT FOR THE TOBACCO FAC-

TORY - PRILEPVECER

p.4 THE AIRPORTS OF PARIS AND VIENNA INTERESTED IN DOMES-TIC AIRPORTS

p.6 NEW BENEFITS FOR MORTGAGE LOANp.7 REDUCED HYDRO-POTENTIAL TO COST 18 MILLION EUROS p.7 THE SMELTER WAITS FOR A NEW OWNER p.7 DIESEL OIL WITH A RECORD-BREAKING PRICE OF 66 DENARS

VREMEp.5 PURCHASING POINTS TO PUT END TO STRINGENCYp.6 THE URGENT IMPORT WILL COSTS US CHEAPERp.6 OIL TO BE SOUGHT IN MACEDONIAp.6 MOST IMPORTANT ENERGY CAPACITY JUST REPAIRS p.6 INOVO BROKER SUSPENDED p.6 THE DIESEL GOT MORE EXPENSIVE FOR 2, 5 DENARSp.7 MACEDONIA TO FACE RECESSION p.7 THE POLITICIANS DEAF FOR THE ECONOMYp.7 MACEDONIAN STOCK MARKET THE MOST INSTABLE

VESTp.2 STARTING TODAY UP TO MARCH 21 - SKOPJE FAIR DAYS OF

EDUCATION AND CAREER

p.2 MACEDONIA AND INDIA SIGN AN AGREEMENT FOR INVEST-MENT PROTECTION

p.3 VOLKSWAGEN INTERESTED IN SERVICES OF THE MACEDONI-AN SUPPLIERS

p.3 DIESEL APPRECIATES BY 2.5 DENARSp.7 MEPSO TO COMPENSATE POWER WITH BULGARIAN NEKp.7 32 JEEPS AND BASEBALL HATS FOR THE FORESTERSp.7 HOUSING CREDIT OF STOPANSKA BANKA AT 5.5% INTEREST

RATE p.10 DEUTSCHE TELECOM TO BECOME AN OWNER OF 1/5 OF THE

GREEK COMPANY OTE p.10 DOLLAR SLIDES TO FRESH EURO LOWp.10 AIR FRANCE-KLM TAKES OVER ALITALIAp.10 JP MORGAN CHASE BUYS BEAR STEARNS FOR 2 US DOLLARS

PER SHARENOVA MAKEDONIJA

p.2 PURCHASE PRICE OF 33 DENARSp.3 THE PRICE OF DIESEL OIL IS GETTING CLOSER TO THE PRICE

OF THE GASp.3 MACEDONIA MOVES FORWARD p.5 INNOVO BROKER AD SKOPJE SUSPENDEDp.5 POLITICAL LESSON FOR THE INVESTORSp.5 THE LIMIT OF THE LOAN IS OVER 150,000 EUROS WITH A RE-

PAYMENT PERIOD OF UP TO 30 YEARSp.5 FORNETTI TO BUILD A DISTRIBUTIVE CENTER IN ILINDENp.5 TPP NEGOTINO WILL WORK IN FULL CAPACITYp.5 FOUR COMPANIES WILL IMPORT ELECTRICITY

SPICp.6 THE JOB FAIR STARTEDp.7 TRIPLED TAX RETURNSp.7 VOLKSWAGEN IN SKOPJEp.7 SCALLION FROM BASHINO SELO ON CROATIAN MARKETp.7 INDUSTRIAL PRODUCTS 10.2-PERCENT MORE EXPENSIVE

COMPARED TO LAST YEARp.7 DEUTSCHE TELECOM WILL BUY ONE FIFTH OF COSMOFON


1. SHORT REVIEW OF EVENTS19.03.2008 WEDNESDAY

DNEVNIKp.4 THE FACTORY FOR CATALYSTS TO BE BUILT IN APRILp.5 PRODUCTION OF JAKA 80 TO BE BANNED p.7 THE PROCEDURE FOR FARMERS` INSURANCE STUCKp.7 OHIS WITHOUT ELECTRICITY TODAYp.7 SILMAK STARTS OPERATINGp.7 THE NUMBER OF TOURISTS INCREASED FOR 41, 4%

UTRINSKI VESNIKp.1 JOHNSON MATTHEY WILL START BUILDING IN APRILp.8 SILMAK STARTED THE PRODUCTION OF FERROSILICON p.13 ELEM PRODUCED 5 PERCENT LESS ELECTRICITY, IN JANUARY

AND FEBRUARYp.13 PRILEP STOCKBREEDERS DIDN`T SELL 10.000 LAMBS DUE TO

TACTICS p.14 THE MACEDONIAN FIRMS ARE UNPREPARED TO RAISE THEIR

COMPETITIVENESSp.14 NEW RECORD DECLINE OF THE STOCK EXCHANGE INDEXp.14 CHANGES IN THE MBID INDEX CALCULATIONp.14 NEW REVOLVING CREDIT CARDS OF OHRIDSKA BANKAp.14 DOUBLE FORMULA FOR USE OF MEDICATIONS OF JAKA 80 p.14 EVN-ESM WITH NEW TRANSFORMERS IN SKOPJEp.14 JEROME KERVIEL RELEASED FROM PRISON

VECERp.6 BALKAN REAL-ESTATE PROJECTp.6 1.2 MILLION EUROS INVESTED IN SKOPJE`S NETWORK p.6 SMALL HYDRO PLANTS TO CAUSE PROBLEMSp.6 SILMAK WORKS THREE SHIFTS p.7 JOHNSON MATTHEY WILL START THE CONSTRUCTION OF THE

FACTORY IN APRILp.7 FLIGHT AUTHORITIES CONSIDER IT DONE

p.7 VOLKSWAGEN SETS ITS SIGHTS ON OUR COMPANIESp.7 NEW REVOLVING CARDS

VREMEp.1 NEW WAVE OF APPRECIATION ON THE WAYp.2 POLITICAL DRAMA STUPEFIES MSE p.7 OHRID AND STRUGA WILL BE LEFT WITHOUT WATER?!p.7 THE CROSS AND OTHER PUBLIC ENTERPRISES WILL BE LEFT

WITHOUT ELECTRICITYp.7 NEW WAVE OF APPRECIATION ON THE WAYp.7 BRITISH GIANT FINDS SECURITY IN MACEDONIA

VESTp.6 BANNED PRODUCTION OF 35 DRUGS OF JAKA 80

NOVA MAKEDONIJAp.5 VOLKSWAGEN ON THE FIRST MACEDONIAN CONFERENCE OF

CAR SUPPLIERSp.5 JOHNSON MATTHEY TO START BUILDING FACTORY FOR CAR

PARTSp.5 BLACK TUESDAY ON THE STOCK EXCHANGE p.5 ELEM PRODUCED 19.14 PERCENTS UNTIL FEBRUARYp.5 SILMAK STARTED GETTING ELECTRICITY FROM THE STATE

SPICp.7 THE PLANTS OF JAKA 80 IN RADOVISH ARE NOT GOING TO BE

SEALED?p.8 PRICE OF DIESEL HIGHER THAN PETROL? p.8 EBRD WILL BUILD APARTMENTS ON THE BALKANp.8 ELEM PRODUCED 1,155 GIGAWATT HOURS OF ELECTRICITY IN

TWO MONTHSp.8 EVN: THE SUPPLY ODF ELECTRICITY IN SKOPJE IS IMPROVINGp.8 ENORMOUS FALL OF SHARES ON MSE p.9 THE DEBTS FOR ELECTRICITY WILL DESTROY OHRID

The start of the construction of Johnson Mat-they's plant in Macedonia is top news in all dailynewspapers. In the middle of April, in the eco-nomic zone Bunardzik will be laid the foundationstone of the new capacity of this British Company,which starting May next year will begin with theproduction of the automobile parts.

The first phase of the investment is worth 50million euros, while the second phase is expectedto start after three years. According to the words ofGeoffrey Colin, Regional Manager of JohnsonMatthey for Macedonia, it is a matter of the largestinvestment this company has made in Europe inthe past 30 years. - The free economic zone offersexcellent performances for factories for productionof automobile parts. I have heard that two moremultinational companies of this field are interestedin investing in Macedonia, Colin pointed out. Thepolitical situation of the country is not a problemfor the company since the British automobile giant,which makes 12 billion dollars profit, has factoriesin 50 countries in the world, and in some of themthe problems are much more serious.

Another information in Vecer confirms that thiscountry is on the map of the automobile industry.There can be read that eleven producers of auto-mobile parts of the country will cooperate with theGerman Volkswagen Group. Volkswagen has cho-sen our companies on the basis of their ownsevere criteria for this serious business and strate-gic partnership. At the first Macedonian Conferen-ce for automobile suppliers held in Skopje, whichwas organized by the Minister of Foreign Invest-ments Vele Samak and USAID, through the Pro-ject for Competitiveness, was emphasized thatMacedonian producers of automobile parts havethe opportunity to supply parts for Audi, Skoda,and Seat. Domestic companies included in the au-tomobile business are: Vesna SAP, IZO Staklo,

Amak, SIPO, Velmaks, Ruen, TT Plast, NicheAurora, Pruteks, MZT Learnica, and TCG Learni-ca.

In Utrinski vesnik`s report one could readabout the new fall of the stock exchange index. Af-ter the great decline of the stock exchange indexMBI-10 last week, the Stock Exchange breaks re-cords again. Yesterday, the value of this index re-corded a decline of 5.5 percent, which is the high-est decline of the index this year. The total realizedturnover of the share trading on the Stock Exchan-ge yesterday was 50.1 million denars. The mosttraded shares on the Official market were the sha-res of Komercijalna banka, which were sold for5.800 denars or at 2.8 percent lower price thanbefore. According to analysts, the decline is a re-sult of the changes in the political situation that sti-mulates investors to sell the shares at significant-ly lower prices.

The news also includes the one about the cal-culation changes of MBID, index that refers to theshares of publicly held companies. Strumicatabak, Karpos and Sileks Banka were removedfrom the list of companies that have been deter-mining this index so far. Okta, ICN farm and RadeKoncar were added to this list. The shares of 13companies are taken into consideration while cal-culating the MBID index: Arcelormital Skopje(HRM), Arcelormital Skopje (CRM), Pipe factory11 Oktomvri, Kumanovo, Makedonski Telekomuni-kacii, Stopanska Banka, Tutunska Banka, RadeKoncar, OKTA, UNI banka, Prilepska pivarnica,QBE Makedonija, INC Farm and MZT HEPOS.

Today, all printed media mark the restart ofSilmak. After the company has begun receivingelectricity from ELEM three out of the seven sto-ves for ferrosilicon production have been activa-ted, and approximately 400 employees are back towork.

According to the one-year contract betweenSilmak and ELEM, electricity will be provided forthe company from the night surpluses for the priceof 21.5 euros per megawatt-hours, and the pricefor the daily distribution for Silmak is said to beprofitable. If the ferrosilicon price on the worldstock exchanges continues going up, other stovescan be restarted.

The European Bank for Reconstruction andDevelopment (EBRD) announced the advertise-ment for the project with which a construction ofresidential buildings for the middle class in severalBalkan countries is projected to be financed,Vecer informs. The project should be implementedin Macedonia, Albania, Bosnia and Herzegovina,Bulgaria, Moldova, Serbia, Montenegro, Ukraineand Croatia, and it is planed 150 million euros tobe raised. In this way, the competition on the mar-ket, where small constructors who do not have acapacity or do not wish to build residential settle-ments in accordance to the standards are current-ly dominant, would be boosted. The EuropeanBank for Reconstruction and Development willfinance the project with 20% of the overall capaci-ty, i.e. 30 million euros at the most from the totalexpenses in the amount of 150 million euros.

Another innovation for the clients of OhridskaBanka, newspapers inform. Ohridska banka hasintroduced new revolving credit cards - Mas-terCard Standard and MasterCard Gold, which areissued without endorsers. The credit limit ofMasterCard Standard is up to 180.000 denars andthe limit of MasterCard Gold is 360.000 denars.

The cards are with a non-interest grace peri-od of 45 days, enabled for automatic payment ofthe monthly expenses with standing order.Revolving cards are made according to the tech-nology that provides security and protection frommisuse.

1. JOHNSON MATTHEY WILL START BUILDING IN APRIL (*****)2. BANNED PRODUCTION OF 35 DRUGS OF JAKA 80 (****)

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS


JOHNSON MATTHEY AFTER THE FOOTSTEPS OF JOHNSON CONTROLS

The construction of factory for production ofautomotive parts will begin in the free econom-ic zone Bunardzik in mid-April. The positiveexperiences of Johnson Controls also influ-enced the decision the UK-based company torealize an investment in Macedonia. Recently,the Volkswagen Group also presented its inter-ests and needs for cooperation and procure-ment of parts in front of 11 Macedonian firms

Judged by the events this past week andthe interest of big multinational companies toinvest in this country, Macedonia is on its wayto be marked as a large regional center forproduction of automotive parts on the auto-motive industry map. For a start, the UK-based company Johnson Matthey will startthe construction of a factory for production ofautomotive parts in the free economic zoneBunardzik in mid-April. It is planed the capac-ity to start working in May next year, and thetotal production will be exported on the EUmarket. The positive experiences of JohnsonControls also influenced the decision the UK-based company to realize an investment inMacedonia. - The free economic zone offersexcellent performances for factories for pro-duction of car parts. I know at least two multi-national companies from the automotiveindustry which are very interested to invest inMacedonia-Geoffrey Colin, Johnson Mattheyregional director for Macedonia, emphasizedand added that there are serious chancesthe free economic zone to turn into a centerfor development of the production of automo-tive parts.

The announcements from the recentlyheld first conference for the automotive sup-pliers, which was organized by Vele Samak,Minister without portfolio responsible for at-tracting foreign investments, in partnershipwith the USAID project for competitiveness inMacedonia, are a reason to think that the ini-tial investment of Johnson Matthey could becomprehended as a green light for entranceof other companies from the European Unionto Macedonia. On the Conference, the Volks-wagen Group, as a major producer, present-ed its interest and needs for cooperation andprocurement of parts in front of 11 Macedo-nian firms, which already produce parts orwhich have a potential of becoming suppli-ers. Vesna SAP, IZO Staklo, Amak, SIPO,Ruen, T-T Plast, Nietzsche Aurora, Pruteks,MZT Learnica, TCG Learnica entered n com-petition for cooperation with Volkswagen, butwhich one of them will enter the chain of pro-duction of every new vehicle will depend onthe estimation of the Group which firm hasthe necessary capacities, references, oppor-tunities, and level of quality of the products. -

Thus, Macedonia is on the automotive indus-try map, where our domestic producers willbe able to directly supply parts for the brandsVolkswagen, Audi, Skoda and Seat-statedSamak. - The strategy of Volkswagen, as thebiggest European automotive producer, is toconstantly looking for competitive suppliers.Regardless of their size, if they show quality,Volkswagen is ready to develop them.

In a direction of integrating of the globalchains of automotive suppliers, USAID willalso help the Macedonian companies thro-ugh the competitiveness project. - We sup-port the initiatives Macedonia to becomemore competitive on the global economy. Onthe long run, these initiatives will result withan increased added value of the export andwith new job positions, says Marsha Wong,

USAID economic development director.

The expectations of the Minister Samakand USAID are increased orders byVolkswagen for the domestic firms, which willresult with an increased turnover, domesticproduction and investment, new employ-ments and increasing of the quality of thework.

The concrete investments and planedbusiness of these world brands got the atten-tion of the other automotive producers, suchas Renault, Ford, Fiat and General Motors,which already showed an interest to visit ourcountry and to scout the conditions and pos-sibilities for eventual future investments incapacities for production automotive parts.

V.M.

MACEDONIA ON THE MAP OF THEAUTOMOTIVE INDUSTRY

Johnson Controls has become the firstauto electronics supplier to set up inMacedonia after building a $30M electroniccomponents plant in the capital Skopje.

Management evaluated Poland,Romania and Slovakia for expansion, butchose Macedonia primarily due to the avail-ability of engineers.

"In the other locations wewere having difficulty findingand keeping qualified engine-ers," said Philippe Simon,Johnson Controls' VP of glob-al electronics. "We are the firstin the industry settling downhere and that gives us theadvantage of having skilledpeople joining the companyand staying with us over a long period of ti-me."

The Czech Republic, Slovakia, Polandand Romania are expected to becomemajor auto export hubs and centers for autoelectronics suppliers, feeding local andWestern European markets. But labor mar-kets are tightening, wages are rising andsuppliers must consider looking to newregions for production.

Johnson Control's Skopje plant has anassembly-and-test line for fitting electronic

components to PCBs that go into car instru-ment clusters. Pilot production began inDecember and six assembly lines will be infull operation by the end of 2009, he said.

Macedonia's location is favorablebecause it is near the company's other CEEoperations. The plant supplies the compa-ny's factory in Namestovo, Slovakia. PCBsare sent by road up through Serbia daily,with minimal freight costs, arriving in

Slovakia one day later, Simonsaid.

Simon sees possible syn-ergies with the company'sBulgaria R&D center, whichdevelops embedded softwaresolutions that are integratedinto instrument clusters andmultimedia systems. Skopje is

200 kilometers (120 miles) from the R&Dcenter in Bulgaria's capital Sofia.

The Macedonian government is eagerlyaccommodating foreign investors, offeringlow tax rates and other financial incentivesto set up operations.

Overall, Macedonia's operational costsare comparable to Romania and Bulgaria."Nevertheless, the increase in costs overthe next couple years will be significantlylower in Macedonia than in other [CEE]countries," Simon said.

JOHNSON CONTROLS FINDS ENGINEERING POOL IN MACEDONIA

For the potential investorsfrom the automotive industrywhich have an intention to in-vest in Macedonia, we relaythe experiences of JohnsonControls, the company whichwas the first to open a factoryfor production of automotiveelectronics in the free econo-mic zone Bunardzik. The textwas published on EE Times Eu-rope on 17.03.2008


STOCK EXCHANGE NEWS … STOCK EXCHANGE NEWS…

Vitaminka keeps achieving positive results In the balance of success for 2007 joint-stock company Vitaminka from Prilep marks slight

increase of incomes from the sell comparing to the year before. So, unlike then when they were936,938,000 denars, in 2007 the amount reaches 1.046.046.000 denars. The other operationalincomes last year have increased more than double and are 31,751,000 denars, compared to theincomes of 12,416,000 denars in 2006. Positive result is also the profit of 4,759,000 denars oppo-site to the loss of 12,090,000 denars in the supplies and running production changes. One couldmark similar contradiction in the results of operational working, where in 2006 the company suf-fered loss of 46,049,000 denars and last year it made profit of 55,655,000 denars. The profitbefore taxation was 44,865,000 denars, while Vitaminka ended 2007 with slight increase of thenet profit (comparing to 2006) of 37.595.000 denars.

Investbanka with almost three times the profit Last year was a very successful financial year for Investbanka ad Skopje, followed by:

income increase from about 50.000.000 denars from the interests comparing to 2006 when thebank earned 189.654.859 denars on the basis of interests, as well as income increase of64.645.248 denars from provisions and compensations. The bank's successful working of lastyear reflected on the incomes, which have increased more than double and are now 817.870.246denars. The profit before taxation has significantly been increased and its amount is 273.848.117denars comparing to the amount of 69.339.415 denars in 2006. Investbanka ended the success-ful year with almost three times the net profit, which amount is 250.200.695 denars. The bankputs down the big positive changes to the payment of loans classified in the more risky categoriesas well as to the dubious and disputable claims which have brought to liberating the specialreserve and removing the significant extraordinary gains.

KIB from Kumanovo gets out of the loss In its report on the balance of success for 2007, the joint-stock company Commercial

Investment Bank ad Kumanovo marks significantly better results than the year before, when thebank made almost no profit. From all positions in the financial report, increase has been markedonly with the incomes of the field which are 78.250.000 denars, unlike the previous year whentheir amount was 68.261.000 denars. The incomes from interests, provisions and compensationsshowed decrease in 2007, but on the other hand, the field's expenditures have reduced foralmost double comparing to 2006, so in 2007 their amount in 120.621.000 denars. Before taxa-tion in 2006 the bank had suffered loss of 77.059.000 denars and in 2007 has made profit of10.543.000 after taxation. The net profit for the whole year is 9.092.000 denars, which means thatthe crisis has been overcome.

Makstil with the same pace of operation In 2007 Makstil kept more or less the same pace of operation and achievements, with

insignificant decrease of net profit comparing to 2006. The incomes from the sell however haveslightly increased with an amount of 5.765.198.305 denars, and there is also increase of the otheroperational incomes which in 2007 were 117.613.890 denars and the year before 109.974.483.The company's profit from the operational working has increased and is now 229.936.697 denarsand there is an increase of the financial incomes as well. Makstil's profit from the regular work-ing before taxation is 166.040.578 denars, which means that 2006 was after all a bit more suc-cessful year for the company, when the net profit reached 174.065.952 denars.

Replek- twice as bigger net profit In 2007 joint-stock company Replek had achieved enormous success comparing to the pre-

vious year and significantly improved financial results in many segments. Most noticeable is theincrease of the incomes from deposits share where, unlike 2006 when they were 39.926.141denars, in 2007 their amount reached 125.751.000 denars. There is also an increase of theincomes by the basis of interests, exchange rate differentials and similar incomes of 17.334.302denars. Profits from the regular working before taxation, same is after it, are twice as bigger, actu-ally 99.386.495 denars before and 93.220.679 after taxation, and in 2007 these profits are189.978.176 denars and 182.966.390 denars. Replek's balance of success for 2007 shows twiceas bigger net profit than the previous year.

Negative balance for Zito Vardar

In the unrevised balance of success ofZito Vardar ad Veles for 2007, one can markdecline of the company's financial results.Namely, before taxation the company suf-fered loss of 22.500.000 denars and the pro-fit from the regular working was only27.707.000 denars.

Reduced profit of RZ Ekonomika

For the past year the joint-stock companyRZ Ekonomika from Skopje has markedslight increase only in certain segments. Thesell has increased insignificantly and theincomes from it are 54.334.000 denars,unlike the amount of 40.043.000 in 2006. Theother operational incomes however, havedecreased by three times and are now5.783.000 denars. The profit from the opera-tional working has slightly been increasedwith amount of 15.783.000 denars. Profitafter taxation has been decreased, so the netprofit at the end of 2007 too has significantlybeen decreased and is now 15.883.000denars comparing to 17.125.000 denars theyear before.

Unsuccessful year for EMO from Ohrid

In 2007 Ohrid EMO ad marks decline ofthe financial results. Namely, the amount ofexpenditures by different parameters over-passes the amount of the incomes from thesell, interests and the exchange rate differen-tials, as well as the other business incomes.Hence, from the regular working before taxa-tion EMO was in loss of 124.231.603 denarsand about five million denars loss fromextraordinary expenditures. The overall lossfor the company's financial year is129.780.495 denars.

Granit continues with thepositive balance

Construction company Granit ad had asuccessful business year in which itincreased the incomes in all segments. As aresult to this, the profit from the operationalworking in 2007 is 400.050.000 denars,unlike the previous year when its amount was319.232.000 denars. Increase can be markedalso in the profit before taxation, with anamount of 386.956.000 denars. Granit endsthe financial year with net profit of339.989.000 denars.


INTERVIEW: VANCO UZUNOV, ECONOMY PROFESSOR AT THE FACULTY OF LAW IN SKOPJE

POLITICS-DIRECTLY RESPONSIBLE FORTHE OIL RECORD-BREAKING PRICES

Oil price breaks records on the worldsmarkets and obviously, directly or indirectly, itaffects Macedonian economy as well. How doyou comment this trend and what would theimpact be on Macedonian economy in general?

- What is now happening with the oilprices is nothing new, but it started one-twoyears ago with the war interventions in Iraq.Nevertheless, we know that the oil price goeson growing continuously, and for the past fewdays it has reached a record-breaking price,so every new price increase we call a record,and then there's another one and anotherone…

What is this due to?

- Oil is a stock exchange product and assuch, apart from the rules of stock exchangeoperation, is subjected also to psychologicalmoments, more specifically influences on theprice predicted from expectations which, arehowever determined by various politicalevents in the world. Thus, if in the areas of oilproduction there are war interventions or anykind of political events, for the people tradingwith oil that's a sign that something will bechanging in future, and this surely affects theprice. Beside this, the oil price is also affect-ed by the proportion between the main worldcurrencies, most of all the price of dollaropposite to the euro… Nonetheless, the pricehas gotten that far that, although no one inthe world's circles discuss it officially, it cre-

ates a situation analog to the one in the '70swhen so called oil shocks were happening. Intwo occasions there had been drasticincrease of oil price, caused by the decisionof the oil cartel in the world, OPEC, theOrganization of the Petroleum ExportingCountries. They simply decided that they selltheir natural treasure cheap on the world'smarkets, and the other countries were usingthis. Therefore, they drastically increased theoil price overnight causing the so called oilshock. Some countries even needed a wholedecade to absorb this, because at that timethe entire industry was related to the cheapoil, the energy actually, and technologicallyspeaking, the biggest production capacitiesin the world were tied to use oil. The worldthen learnt its lessons and various otherthings started to operate concerning technol-ogy and use of energy, so the oil crisis beganto calm down during the '80s and '90s of lastcentury.

So in the '70s the oil price was dictatedby OPEC, and now it is directly related to the polit-ical events…

- For a long period USA was fine withboth the high oil price and the weak dollarvis-?-vis the other currencies. These daysthere's a record reached on this plan too- thedollar has the lowest value vis-?-vis the euroever. This however affects the oil price. At theend of last year and especially in the begin-ning of this year, the world economy enteredrecession and this has now been installed inthe oil price and the dollar's low value. Thiscrisis started in USA, and then it spread inEurope and Asia, which has also beeninstalled in the expectations of trading withoil, so it's normal that the oil price is growing.

What will happen in Macedonia?

- We too belong in those who will be pay-ing the price, since Macedonia is nor a man-ufacturer, oil exporter actually, or has thepower to change something in that direction.We are small country which is 100 percentdependent on oil import and, whatever theprice on the world market we will be paying it,and at home we cannot change the range ofits consumption on a short-term because wedo not have technical development for this.For economies like Macedonia this is anoth-er dead end situation.

We can do nothing else but bear theaccount and pay it as high as it gets. As youcan see for yourself, even now when the oilprice is constantly growing, do people driveless? One can say that they even drive theircars more!

Isn't that a strange phenomenon…?

: If in the seventies of last cen-tury the oil record prices on theworld market were result ofOPEC's decision, now they aredirectly related to the politicalevents on global level

What tthe GGovernment ccan ddo iis nnot tto aannul ttaxes, eexcises,duties eetc., bbut tto rreduce tthem, bbecause tthe bbase oon wwhich

they aare ccharged iis hhigher aand bby hhaving ssmaller rrate iitcan sstill lload tthe bbudget aand yyet iit wwill rreduce tthe ffinal

retail pprice.


-It's not that strange because thedemand flexibility is very low. The oil hasobviously become one of those productswhere demand does not depend on the priceincrease or it depends very little, becauseyou simply have to spend it, just like medica-tions: when you need a medicine, as muchas expensive, you buy it. So, every time youare at a gas station you will get pset, but youwill fill gas nonetheless and the next morningyou will start your car, and then after sometime we will start using just one car. Thesame happens with the households whichuse heating oil- people cannot say "we areturning the heating off"… Until we keep thepower price low in Macedonia, it is cheap totransfer from oil into power domestic heating,but this does not apply for cars, industry etc.,but the thing is that here, the power price too,sooner or later, if not this the next year willincrease even more. It is good if theGovernment started dealing with this andsays what dynamic the power price will go upby, so that we do not receive it as a shocklater on. Then, we will again start spendingoil and pay the price, and on a longer-term,after these lessons, we will have to do some-thing not to be that dependant on using oilonly.

You said we will again be the ones pay-ing the oil price. What would the influence be oneconomy concerning the companies which aredirectly concerned with the situation? They waitthe Government to do something, and theGovernment obviously cannot do much. Canthere be bigger impact on Macedonian econo-my?

- Definitely. As to these companies, thereis an impact on their expenditure structureand it's obvious that the expenses range intheir overall income will be increased.Meaning, the companies which are depend-ent on oil will hardly be able to overcome thisincrease of expenses by increasing theprices, because they are not highly competi-tive on the market, are not exclusive brandmanufacturers, cannot increase the price,which means they will start making loss. Firstthey will start observing the structure of otherexpenses; if the oil price goes up, they willobserve the prices of other raw materials andthat way come to the price of working force:or reduction of salaries and dismissal ofworkers. So little by little this will lead to neg-ative balance and bankruptcy. If they gobankrupt, it's a stroke for the entire economy-one losses jobs, tax payers and everythingelse. This is the price all of us will be paying.The Government does not control the oilprice at all, but it can only act on the domes-tic component that is been included in theprice, such as excises and taxes. TheGovernment can, and this is its discretionaryright, reduce all other taxes related to the oilat home. However, in that case it will have tofind another source, because these sourceshave already been planned in the budget andare enclosed in the incomes for this year.What other source can the Government find?I don't see any other source, so there will be

budget deficit and the budget expenditure willhave to be cut down, and this is again thesame price payment: the Government willhave to reduce the social transfers or invest-ments in the infrastructure or education.What the Government can do is not to annultaxes, excises, duties etc., but to reducethem, because the base on which they arecharged is higher and by having smaller rateit can still load the budget and yet it willreduce the final retail price. The Governmentcan do this and I don't why it doesn't.

These days people talk about denardevaluation. Minister Trajko Slaveski denies it,but there are still speculations of such possibil-ity when this, obviously bad period for theGovernment related to the epilog from April 2 inBucharest, ends?

- There should be no speculations ondevaluation at all. This is the way it starts. It'sa psychological moment, when people startlooking, they will increase the price them-selves without having any reason for that.One just has to believe there will be no deval-uation.

Devaluation is a thing one doesn't dis-cuss about. You either believe in rate or youdon't. So, if we don not believe the rate, wewill say- we don't have denar, give us euro!But that's not the way to go, because theinflation is critical now regardless to whetherthere is devaluation or not. The part of theprice increase on foreign markets has itsinfluence and it will raise inflation for few per-cents. The Government made a mistake herewhich it doesn't admit, but it will have to,because it had an emission of money circula-tion, too big of expenditure which will have tocut down. Nevertheless, inflation should notand must not happen. If it does, then we aregoing back in the year of 1992-93, on thelevel of 15 years ago, after our independen-cy. The question on denar devaluationshould not be stimulated. The Government

should cut the budget expenditure down, andthat's so unpopular at the moment. Thereshould be discipline introduced on the creditcards market, because this too is one of thereasons. Every citizen who owns credit cardis at least one or two salaries beyond the per-mitted overdraft, and that's enormousamount of money, as big as the inflation, weare talking millions. In Macedonia there areat least 500 000 citizens who own creditcard, and at least 450 000 of them are one ortwo salaries beyond permitted overdraft,which means about 90%. That's an enor-mous amount of circulation money, which isvirtual. All of it is negative balance on certaincredit cards, which will come handy in future,but at the moment what's effective is the con-sumption on the market, and that's inflation.

What mechanisms would keep theinflation on low level?

- First, the banks will be forced to estab-lish order: one to reduce the limit on permit-ted overdrafts and second, to make citizensdo debt redemption within short period or toincrease the loans interest rates, so that theywill have to do it. All this will lead to inflationreduction and it will definitely not lower therate. Actions have to be taken, but notthrough devaluations. As you can see, theNational Bank reacts, within three weeks itincreased the treasury bills price twice, andmade the signals very clearly. Now the fiscalpolicy too has to play its part through thebanking mechanism. These are coordinatedpolicies, the monetary and the fiscal. If therate devalues, then we talk very big infla-tions. That's an inflation spiral that we cannotcontrol, it controls itself. At any case, thisyear we will have bigger inflation than theplanned and it will affect the economicgrowth rate, but we should not allow there beany breakdowns.

K.S.

AFTER LONG-STANDING BUSINESS COOPERATION-PARTNERSHIP

As of last week, operational director of Lo-gin Systems Tatjana Bosevska has beco-me co-owner of Login Systems. Venko

Gligorov, one of the owners has agreed withTatjana Bosevska on transfer of his partnershipshare of 3% for an amount which is with dis-count rate of Login Systems' market value. Thecurrent agreement will be implemented by theend of March in the business records of LoginSystems.

- It is wonderful the feeling when long-standing business cooperation will be closedwith partnership in Login Systems, says VenkoGligorov, founder, co-owner and general man-ager of Login Systems. "Tanja is an example foremployee, colleague and manager in a compa-ny that everyone would wish for.

Tatjana Bosevska joined Login Systems'team in 1996 with transfer from another compa-ny for lower salary. According to Venko Gligo-rov, during all these years Tanja shows excepti-onal values most of all honesty, integrity, fightfor the company, passion for victory and suc-cess- both personal and of the company.

Determination and neatness are her stron-ger sides, and Tanja has overcome almost im-possible challenges, knowledge and skills, ob-tained many diplomas and crowned her educa-tion with MBA diploma from the Sheffield Uni-versity in Thessalonica.

At the same time she showed magnificentsense for the key moments in the companywhen she sacrificed part of her private time notto put the management and the other colleagu-es in invidious position, Gligorov pointed out.

Apart from this, for the past few years Tat-jana Bosevska has actively been engaging inthe management meetings of owners VenkoGligorov and SEAF. She also had very impor-tant advisory and research role in the formingand initial working of the Macedonian Cham-bers of Commerce and the global initiative Ma-cedonia 2025. Without her engagement LoginSystems would had more difficulties openingthe branches in Bitola and the companies in Ko-sovo and Albania.

Tatjana Bosevska is Master in Manage-ment of University of Sheffield and Graduated

Electrical Engineer in informatics and automat-ics. She has been married to Mihail and is amother of two teenage kids. Today, Tanja ismentor of young managers in the Top Classprogram of the Entrepreneurs and ManagersDevelopment Center CEED-Skopje.

According to Dejan Kalinikov, SEAF repre-sentative and one of the co-owners of LoginSystems, Tanja's accession into the ownershipstructure was good move for the company. -Shehas already been involved in passing importantstrategic decisions of Login Systems and withher involvement as co-owner she can seethings from another angle which we will all haveuse from.

- The opportunities for personal and profes-sional development of the employees of LoginSystems are very big, said Tatjana Bosevska,Login Systems' operative director and a newco-owner. -As top of all these opportunities,starting today it's the option for buying share inthe company, which closes and makes comple-te everything that a growing and modern com-pany can offer its employees.

Important determination of Login Systemsis its employees to have the best working condi-tions so that they can satisfy their needs forwork and earn. Login Systems offers its em-ployees various types of options for earning sa-laries and compensation packages with basicand variable share of the salary, bonuses andawards for realization and overcoming of plans,attractive benefits, participation in the profit, aswell as buying share in the company by non-commercial conditions.

In 2002 SEAF invested almost half a millionUSD and became co-owner of 35% of the sharein Login Systems. From then and up to this dateLogin Systems has increased its operationalworking and achieved business results ten ti-mes bigger. Starting as Macedonian companywith 20 employees, Login Systems has grew in-to regional company with 50 employees with of-fice in Skopje, branch in Bitola and companieswith 100% ownership in Pristina, Kosovo andTirana, Albania. According to the report Euro-biznis is making, several years in a row LoginSystems has been on the list of 200 biggest andmost successful companies in Macedonia.

SEAF is American investment fund withoffice in USA. Its shareholders are USAID, EB-RD, IFC (part of the World Bank) and the Ger-man investment fund DEG.

About Login Systems

Founded in 1991, Login systems is leadingregional provider of IT-communication solutionsbased on the biggest software companies in theworld (Microsoft, Symantec and McAfee), themost successful manufactures of communica-tion equipment (Linksys, Nortel and Motorola)and the innovative leader in the area of comput-er equipment and services (Hewlett-Packard,Intel, i-mate and HTC).

Through its wide partnership net, com-posed of independent computer and communi-cation companies, Login Systems provides theproducts and the proper solutions with efficientlogistic services, covered by the financial sectorand professional services, meeting the needs ofthe consumers in the region.

TATJANA BOSEVSKA BECAME CO-OWNER OF LOGIN SYSTEMS

Venko Gligorov transfers 3% of his partnershipshare in Login Systems to Tatjana Bosevska, oper-ational director of Login Systems, for and amountwith discount rate of the market value.

The Securities Commission on the sessionheld on 03.March this year, reached a decision bywhich it pronounces public reproach to TTKBanka AD Skopje, Securities Directorate , Bitolaand the director of the Directorate, Vasilka Niko-lovska, due to breaching the provisions of article

121, paragraph 2 of the Law on Securities andarticle 6 of the Book of Rules of content and man-ner of keeping the book of orders (Official Gazetteof RM number 6/07), because of the madechanges in the book of orders - blocks of the Di-rectorate to the order number 1002975757 - 66for purchasing 5.200 shares from the issuer GPGranit AD Skopje, issued by GP Granit AD Skop-je. The announcement of the public reproach forbreaching the provisions will be made on the web

sites of the Security Commission, MacedonianStock Exchange AD Skopje, Central SecuritiesDepository AD Skopje and in one daily newspaperin the Republic of Macedonia.

The decision is effective from the day of itsadoption and the same will be published in theOfficial Gazette of the Republic of Macedonia.The appeal, against this decision doesn`t notpostpone its implementation.

SECURITIES COMMISSION

Public reproach for TTK Banka



1. GERMAN RWE INTENDS TO INVEST 500 MILLION EUROS (*****)2. THE FUTURISTIC CITY IN THE REGION OF OVCE POLE WOULD COST 200 BILLION EUROS (****)

20.03.2008 THURSDAY

Macedonian Stock Exchange index yesterdaydeclined 0.33%, which is drastic change com-pared to previous days, is one of the main titles inDnevnik, but also news conveyed by almost alldaily media. According to this analysis, for the firsttime this year, the number of companies that markshare price increase is higher compared to thosethat lost value. Price increase mark 17 companiesand 16 fall. Other companies that traded sharesmark stagnancy. Share of OHIS mark highest in-crease of 23.03%. Biggest fall mark Blagoj Gjorevfrom Veles of 33.33%. MSE records turnover of34.5 million denars. According to experts, thisslight fall can be interpreted as some kind of mini-turnover of developments on stock exchange, be-cause MSE marks every day fall in last two weeksbreaking new records. For example, yesterdaystock market index marked dramatic fall of 5.5%.

Daily paper Vreme also prepared stock mar-ket analysis. According to their research, totalprofit of listed companies on MSE is 125% highercompared to 2006, which shows that currentshare drop is a result of political instability.

- There is no economic justification for currentdevelopments on MSE, beside one fact - uncer-tainty due to the open issue - is Macedonia goingto receive invitation for NATO accession, is theappraisal of Krste Shajnoski, head of Eurobroker.

The news for recovery of world stock marketswas conveyed by almost all daily papers.

Shares of bigger European and Asian compa-nies boosted on yesterday trade. Reason for re-turn of positive trend on world markets is the deci-sion of the American Federal Reserves Board to

reduce basic interest rate in the country for2.25%. This is one of the biggest cuts of interestrates since 1982. That caused record breaking in-crease of leading indices on NYSE on Wall Streetin the last five years. Indices with value increase:Dow John, S&P 500, NASDAQ, and FTSE 100.Many banks announced that interests on creditsfor citizens and companies are reduced for5.25%. Major gainers are former losers, such asbanks USB, Credit Agricole and Deutsche Bank.

Today edition of printed media inform thatGerman company RWE Power plans to investmore than 500 million euros for building of twohydro power plants Chebren and Galishte inMariovo.

The investment will contribute for tourismdevelopment, and we are going to make balancebetween economic and ecology standards, com-pany Vice President

Petar Sistenic said after meeting with Mayorof Prilep Marjan Risteski.

According to the mayor, the realization of thisinvestment brings many benefits. Economy will bestimulated, new working posts will be opened,only for the construction of plants will be hired2,000 unemployed citizens, and situation withwater supply will be improved directly.

Government`s ambitious announcements forbuilding of super-modern city for young couples inthe center of Ovce Pole plain is news only forthose uninformed. The idea for realization of suchenormous project belongs to futurists in the eight-ies from the last century, when there were twolocations considered. One is on locality Sveti Ni-

kole - Knezje - Lozovo - Mamutcevo, and the ot-her between Sveti Nikole and Miladinovci, whichis now again considered. This is news that domi-nates papers` today editions.

Experts in this issue claim that in this timeand in these conditions it is impossible, and Ma-cedonia has no financial capacity to bare that lo-ad. The fact is that city for 100,000 inhabitants inOvce Pole, as planed, would cost 200 million eu-ros.

There is interesting news from the region. Ac-cording to the report of the Center for InternationalRelations from Ljubljana, trade chain Merkator,producer of appliances Gorenje and pharmaceuti-cal company Krka are the three leading Slovenianmultinational companies in 2007. The report thatdoes not include financial companies shows thatSlovenian corporations are minor in world terms,therefore only five of them own property higherthan 800,000 euros abroad. These three compa-nies own more than half of property abroad of allSlovenian companies, while the five leading com-panies own 28% of the property.

For the first time since its enter in Macedonia,mobile operator Cosmofon, achieved 100,000euros profit last year.

- Even in condition of strengthened competi-tiveness in the fourth quartile, when this mobileoperator started operating, Cosmofon increasedsubscription base with 52,165 new clients. Thismakes total subscription base at the end of lastyear to rise at 593,026 clients, which is 25.5%more compared to 2006, is said in announcementreleased by Cosmofon.


DNEVNIKp.4 DENAR WILL NOT DEVALUATEp.4 THE GOVERNMENT WILL ATTRACT INVESTMENT WITH A NEW

CITYp.6 MINIMAL DECLINE OF MACEDONIAN STOCK EXCHANGE p.6 THE PRICES OF THE SHARES ALL OVER THE WORLD ARE

INCREASINGp.6 MERCATOR, GORENJE, AND KRKA - LARGEST SLOVENIAN

COMPANIESp.7 GERMAN RWE INTENDS TO INVEST 500 MILLION EUROSp.7 PROCREDIT BANK ENCOURAGES CHILDREN`S SAVINGSp.7 REVOLVING CARDS BY OHRIDSKA BANKA

UTRINSKI VESNIKp.5 SELMANI TO DECIDE ON JAKA 80 p.6 THE FUTURISTIC CITY IN THE REGION OF OVCE POLE WOULD

COST 200 BILLION EUROSp.7 STOCK EXCHANGE STABILIZES, FOREIGN FUNDS RESERVEDp.8 GERMAN RVE TO INVEST 500 MILLION EUROS IN CEBREN AND

GALISTEp.8 MAYBE THE DRAMATIC LEAP OF THE SHARES ON WALL

STREET HAS NO BASISp.8 EVN-ESM BEGINS DISCONNECTING DEBTORSp.9 AFTER FIVE YEARS OF WORK, KOSMOFON MAKES PROFIT

FOR THE FIRST TIMEp.9 MEPSO TENDERS TO BE DISPLAYED ON INTERNETp.9 KOMERCIJALNA HAS SET UP FOUR NEW ATM`Sp.9 SMALL OIL PRICE DEPRECIATION

VECERp.6 IN THE BEGINNING, FORNETTI WILL INVEST ONE MILLION

EUROSp.6 TOPLIFIKACIJA PUMPS THE BILLSp.6 OHIS RECEIVED A WARNINGp.7 MICROSOFT MACEDONIA WORKS ON DETRIMENT OF THE

DOMESTIC COMPUTER EXPERTSp.7 RAIFFEISEN TO GUARANTEE INGRA OFFER FOR MAVROVOp.7 COSMOFON WORKS WITH PROFITp.9 THE POLLUTION AROUND THE CEMENT FACTORY - 24 HOURS

AT CITIZENS` INSPECTIONVREME

p.1 EACH MONTH 10 NEW PERCENT OF INFLATION p.2 WHO IS SEEING PROFIT, WHEN THERE IS NO FUTURE?p.5 THE SOIL AROUND CEMENT FACTORY POLLUTED WITH

PETROL COKEp.6 EACH MONTH 10 NEW PERCENT OF INFLATION p.6 CHEMICAL INDUSTRY FEARS THE CONSEQUENCESp.6 JOHNSON MATTHEY BRINGS INVESTORS TO VISIT MACEDO-

NIAp.6 COSMOFON PROFITED FOR THE FIRST TIMEp.6 THE GERMANS LOBBY FOR CEBREN AND GALISTE

VESTp.6 GERMAN RWE POWER INTERESTED IN CEBREN AND GALISTEp.10 MERCATOR, GORENJE, AND KRKA -THE LARGEST SLOVENIAN

COMPANIESp.10 ALITALIJA AND AIR FRANCE TRADE UNIONS STUCK AT LAY-

OFFSp.13 STREET BOARDS TO MEASURE THE POLLUTION OF USJE

NOVA MAKEDONIJAp.9 COOKING OIL PRICE REMAINS THE SAMEp.9 SILMAK PRODUCED THE FIRST QUANTITIES OF FERROSILI-

CONp.9 FININVEST - NEW PRIVATE FUNDp.9 CHANGE IN THE COMPOSITION OF THE COMPANISE WHICH

ARE INCLUDED IN THE MBIDp.9 RECORD BREAKING GROWTH OF THE SHARES ON WALL

STREETp.9 GREEK HELLENIC EXCHANGE WANTS TO TAKE OVER LJUBL-

JANA STOCK EXCHANGESPIC

p.6 OHIS TO BE THE FIRST VICTIM OF EVNp.6 GERMAN RWE WANTS TO BUILD POWER PLANTS IN MACEDO-

NIAp.6 SILMAK PRODUCED FIRST QUANTITIES OF FERROSILICIUMp.7 ARSOV JUMPS ON USJEp.8 6.5 MILLION EUROS STUCK IN MAKEDONSKA BANKA




1. THE PRICES OF MACEDONIAN STOCK EXCHANGE HAVE INCREASED (*****)2. SOME INSTITUTIONS IN OHRID WERE LEFT WITHOUT WATER BY PROAKVA (****)

21.03.2008 FRIDAY


All of today`s editions of the daily newspapersreport about the revival of the trading on the Ma-cedonian Stock Exchange, where yesterday wasrealized the greatest turnover in the last ten days.After few days of depreciation of the shares anddecline of MBI-10 index, many companies markshare price increase, and MBI-10 index marked6.12% increase. The market had a strong demandstimulus, which according to the Stock Exchangeanalysts` shows that investors assessed it wastime to purchase on these price levels, whichmost of them evaluate as low. Largest marketturnover recorded the Alkaloid share with 9.4 milli-on denars before the Granit share with 8.5 milliondenars and the share of Komercijalna Banka with6.6 million denars. There was intensified increaseof the average prices of many listed shares. TheKomercijalna Banka share increased MKD 300,Toplifikacija - MKD 598, Alkaloid - MKD 719, Gra-nit - MKD 119, Makstil - MKD 36. Still, it is too ear-ly to project whether the price levels will increasehaving in mind the political situation in our countryand the challenges with the NATO integration invi-tation.

In the focus of the printed media was also theannouncement of the initial financial results for2007, according to which, as proven before, appe-ared to be the banking sector. The high profits ofthe banks dominate compared to the companiesfrom the other sectors.

Komercijalna Banka realized a profit of overone billion denars, last year which is for a thirdmore than in 2006. Stopanska Banka - Bitola in-

creased the income last year of 58 million denarsto 257 million. Invest Banka reported profit of 300percent. Amongst the companies, with a profit of70 million euros, Alkaloid, Skopje was the mostprofitable Macedonian company. Also the forward-ing companies record a constant growth, as wellas the construction companies, black metallurgy,pharmacy and the oil industry.

The mission of the International MonetaryFund arrives on April 1, coveys Dnevnik. Encoun-tering the spring meetings of IMF and World Bankin Washington, and in function of preparing them-selves for the May`s last arrangement reviewwhich expires in August, this year, main topics ofinterest of the representatives of the MonetaryFund will be the economic indicators in the framesof the political events in the country and the infla-tion growth. Even though the Minister TrajkoSlaveski announced that correction of the inflationrate will be made in accordance with the NationalBank and IMF, there is no official commentwhether and how much will be corrected the infla-tion rate.

As it can be read in Dnevnik, the mobile ope-rator Cosmofon may boast with successful work-ing, which for the first time since it started operat-ing in Macedonia in 2003, realized a turnover of100.000 euros. Last year, the incomes of the com-pany increased for 15, 8%, and reached 62, 2 mil-lion euros, and as Cosmofon explains, the increa-se is due to the increasing of the incomes in thepostpaid segment from outgoing calls (34%) andthe subscription base (65%). The incomes from

the monthly subscription have increased by47.6%.

The Company Ingra will reconstruct and withit will solve the financial problems of the Macedo-nian company, which has a debt of 14 million eu-ros for unpaid taxes, and for which it was announ-ced a property confiscation and sale of the pro-perty - through public offer. Therefore, Ingra is notgoing to purchase shares from Mavrovo on theStock Exchange, but it will wait the opening of thepublic offer.

After restarting the three stoves of Silmak, theCombine produces 50 to 100 tones of ferrosilici-um on daily basis, conveys Vecer. Until the end ofthis year, these stoves are expected to produceround 40.000 tones. With this, the production mayprovide regular salary for the employees, becausethe price of ferrosilicium is 1000 euros per tone onthe world Stock Exchanges - points out the direc-tor Zvonko Stojanovski.

From the world news, the top of the actualityis the price decrease of the oil, whose price decli-ned at 100 dollars per barrel on international mar-ket.However, according to the analysts, the de-mand of the black gold will go higher in the future.It is expected the demand for oil in the next fiveyears will be increased for 10 million barrels dailyand added to current 78 million.Member-states ofOrganization of the Petroleum Exporting Countri-es (OPEC), which supplies around 40% of the oilon the world market, will have to cover less thanhalf of predicted growth demand of this raw mate-rial by 2012.

DNEVNIKp.9 THE IMPORTED INFLATION HAS DOMESTIC INSTIGATORp.10 BANKS OF RECORD PROFITSp.10 COSMOFON MAKES PROFIT FOR THE FIRST TIMEp.10 THE PRICES OF MACEDONIAN STOCK EXCHANGE HAVE

INCREASEDp.10 PROAKVA LEFT THE STATE INSTITUTIONS WITHOUT

WATERp.10 KIRO KUCUK AVOIDS BANKRUPTCYp.10 COMPENSATION FOR 1,400 FARMERS IN KRIVOGASHTANI

UTRINSKI VESNIKp.7 OHRID AND STRUGA INHABITANTS - HOSTAGES OF UNPAID

DEBTSp.8 STATE INSTITUTIONS HAVE 15 MILLION EUROS DEBT FOR

WATER AND ELECTRICITYp.8 KIRO KJUCUK FROM VELES IS NOT IN BANKRUPTCYp.9 STOCK EXCHANGE TURNING POINT - INDEX INCREASES 6

PERCENTSp.9 PETROLEUM PRICE FALLS UNDER HUNDRED DOLLARS

PER BARRELVECER

p.6 INGRA AND MAVROVO - WITH JOINED EFFORTS ON THERUSSIAN MARKET

p.6 THE RAILWAY WILL BE RIDING A TELECOMMUNICATIONBUSINESS

p.6 HOSPITAL TO BE LEFT WITHOUT WATER TODAYp.7 TOPLIFIKACIJA SAVES ON HEATING ENERGYp.7 FEW PEOPLE ARE RACING FOR THE PLACE OF DIRECTORp.7 SILMAK PRODUCES UP TO 100 TONES ON DAILY BASISp.7 THE PRICES OF THE SOFTWARE ARE THE SAME IN THE

ENTIRE REGION

VREMEp.5 EMO OHRID FINED ONE MILLION EUROS p.5 PETROL COKE CAUSES CANCER p.5 SOME INSTITUTIONS IN OHRID WERE LEFT WITHOUT

WATER BY PROAKVAp.6 INFLATION TO BE REDUCED IN THREE MONTHS p.6 SHARES OF COMPANIES BOOST

VESTp.6 KIRO KUCUK AVOIDS BANKRUPTCYp.7 THE BREAD WITH A SAME PRICE UNTIL JUNEp.10 POLICE RAID BP OFFICES IN RUSSIA

NOVA MAKEDONIJAp.2 THE DOMESTIC MANAGERS REQUEST BIGGER CONFI-

DENCE FROM THE STATE!p.6 PROAQUA TO NEGOTIATE WITH EVNp.6 MEBEL 2008 STARTSp.6 OIL DECLINES AT 100 DOLLARS PER BARRELp.6 THE DEMAND FOR OIL TO RISE p.6 GOOGLE FEARS NO RECESSIONp.7 BUYING SHARES FROM MACEDONIAN CONSTRUCTION

COMPANY BY PUBLIC CALLp.7 KONCAR FROM ZAGREB TO MODERNIZE THE TRAINSp.7 BULGARIA PUTS TOBACCO FACTORIES ON THE MARKETp.7 MAKEDONIJATURIST HAS NOTICED INCREASE OF THE NET

PROFIT FOR 17%p.7 MBI-10 UP 6 PERCENTS, BUYERS ENCOURAGEDp.7 EBRD WILL FINANCE CONSTRUCTION OF APARTMENTS

FOR THE MIDDLE CLASSSPIC

p.6 MILLENNIUM CROSS WILL KEEP LIGHTING


1. FAIR OF FURNITURE OPENS (***)2. ERA CITY WILL START WITH CONSTRUCTION IN APRIL (***)

22.03.2008 SATURDAY

Last year, the Macedonian economy increa-sed for 5, 1%, is the news conveyed by all Satur-day newspaper editions. The Yesterday, the pub-lic statisticians came out with an official announ-cement that the gross domestic product in 2007has undergone increase of 5, 1%. The Govern-ment is extremely satisfied from the growth of thenational economy in the year that is behind us,even besides the fact that at the beginning it an-nounced a number higher than six, even 6, 5%.The Government`s cabinet says that the increaseof 5, 1% is historically the highest in the last 17years. The experts as well agree that it is a mat-ter of a positive result. - The Government has re-alized its program and has improved the busi-ness climate. However, according to them mostimportant is this rate of growth, and even higher,to keep on maintaining itself for few years in arow, so that it can be felt on the lowering of theenormous rate of unemployment in our country.

Monetary authority crucial for reduction of in-flation is the title of the analysis published by Ut-rinski vesnik. The experts consider that the Nati-onal Bank of Macedonia is most responsible forthe inflation and control of prices level in the co-untry. According to them, NBM had taken appro-priate measures for increasing the interest of tre-asury bills.

The professor Tome Nenovski considers thatthe inflation is a world problem transferred in the

country through the importing products, and es-pecially through the import of food-agriculturalproducts and most importantly, the high prices offuels, oil, coal, power, which price does not de-pend on Macedonia. Nevertheless, regardless tothe world movements and the inflation transfers,competent institutions in the country should reactproperly, says Nenovski.

In this context Vreme announces: In times ofinflation, citizens make fixed-term deposits in thebanks, as a safer mode of saving their money. Inthat way, they believe they can diminish the infla-tory shock, by making secured deposits. How-ever, the rates of interest of the fixed-term depo-sits are lower than the inflation rate. In Februaryit amounted 9, 6%, whereas the rate of interest ofthe fixed-term deposits are somewhere belowthis rate of inflation, depending upon the periodof making the fixed term deposits.

The Saturday editions convey on the factthat what was happening on the capital market inthe past two days is one more proof for the smallinvestors to be patient when the market is in cor-rection. In the last two days the index has incre-ased for 12%, and so did the turnover.

On the world Stock Exchanges, the investorshope that the new measures of the AmericanGovernment will revive the financial flows on thereal estate market. The French Bank Societe Ge-neral cannot escape the scandals. After the re-

cent fraud of about five billion euros, found itselfin the middle of the scandal regarding the disap-pearance of 15 tones of gold. The French BankGroup gave the Goldas Company from Turkeygold objects worth 500 million US dollars. It wasdone with purpose of their realization on the Is-tanbul Stock Exchange of Gold; however the gol-den objects somehow disappeared.

Today, you will read that TPP Negotino dis-connected from electricity network. The Plant nolonger produces expensive electricity, due to theadditional import. Also the third block of TPP Bi-tola is connected to the network. Due to this, TPPNegotino worked few days at full capacity. Now,since the additional import is made, and the thirdblock of the plant in Bitola operates again theplant in Negotino is disconnected again.

Today`s newspapers transmit: Yesterday, theFund for National and Regional Roads publiclyopened the offers of the companies which are inthe game for highway construction of the sectionTabanovce - Kumanovo, part of the Corridor 10.

Within the deadline for submitting bids to theFund, eight companies have submitted completedocumentation, two Macedonian and six foreigncompanies.

Some of the other interesting titles are: ERACITY will start with construction in April, Inspec-tors are controlling JAKA 80, OHIS will sell partsof its property, Kiro Kjucuk avoids bankruptcy…

2.TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

DNEVNIKp.5 INSPECTORS CONTROL JAKA 80

UTRINSKI VESNIKp.5 MONETARY AUTHORITY CRUCIAL FOR REDUCTION OF

INFLATIONp.5 ACCORDING TO SELMANI, INSPECTION FINDINGS CRUCIAL

FOR JAKA 80`S DESTINYp.7 LAST YEAR, THE MACEDONIAN ECONOMY INCREASED

FOR 5, 1%p.7 EIGHT COMPANIES IN THE RACE FOR CONSTRUCTION OF

THE SECTION TABANOVCE-KUMANOVOp.9 AS OF THE START OF THIS YEAR, THE CITIZENS ARE BUY-

ING LESS CARSp.9 SEVEN CANDIDATES RUNNING FOR AEC DIRECTORp.9 ONE DENAR PER SMS MESSAGE FOR THE USERS OF VIPp.9 ELECTRONIC EDITION OF PORTA 3p.9 STOCK EXCHANGE UP AGAIN; FOREIGNERS RETURNp.9 FAIR OF FURNITURE OPENS - DISCOUNTS FOR THE BUY-

ERSVECER

p.4 THE GOVERNMENT REALIZED ITS PROGRAM AND HASIMPROVED THE BUSINESS CLIMATE

p.6 KIRO KJUCUK AVOIDS BANKRUPTCYp.6 OHIS WILL SELL PARTS OF THE PROPERTYp.6 15 TONES OF GOLD DISSAPPEARSp.6 ONE DENAR PER SMS MESSAGE FOR THE USERS OF VIPp.7 PELAGONIJA AND BETON OFFER LOWEST PRICESp.7 SEVEN CANDIDATES IN THE RACE FOR DIRECTOR p.7 SMELTERY NOT TO OPERATE ANYMOREp.7 ERA CITY WILL START WITH CONSTRUCTION IN APRIL

VREMEp.6 THE OIL FOR LESS THAN HUNDRED US DOLLARS PER BAR-

RELp.6 CITIZENS MAKE FIXED-TERM DEPOSITSp.6 FURNITURE AND EQUIPMENT FROM 400 COMPANIESp.7 EVN PENALIZED

p.7 OHIS ASKS FOR MONEY FROM THE GOVERNMENTp.7 GRANIT TO BUILD THE INFRASTRUCTURE

VESTp.6 FAIR OF FURNITURE OPENS p.7 SIX FOREIGN COMPANIES COMPETING FOR THE HIGHWAY

TABANOVCE - KUMANOVOp.8 GDP HAD INCREASED BY 5.2 PERCENTp.10 DON`T LET THEM OPEN THE SMELTER!p.13 OECD: ZERO GROWTH FOR THE US ECONOMY IN THE

SECOND QUARTERp.13 BIGGEST FALL OF THE PRICES OF THE RAW MATERIALS

SINCE 1956NOVA MAKEDONIJA

p.1 FOREIGN PARTNERS CANCEL CONTRACTS! p.2 FOREIGN PARTNERS CANCEL CONTRACTS! p.4 DOUBLE TAXES PLAYS DOWN REAL ESTATE LEASING p.5 TPP NEGOTINO NO LONGER PRODUCES EXPENSIVE

ELECTRICITYp.5 COSMOFON PROFITED FOR THE FIRST TIMEp.5 A SCANDAL OF 500 MILLION DOLLARSp.5 THE WORLD BANK ALLOWS CREDIT OF 46.6 MILLION DOL-

LARS TO SERBIAp.6 USA WILL PROBABLY BE COVERED BY A RECESSIONp.6 THE EURO DECLINED FOR 1.2 PERCENT COMPARED TO

THE DOLLAR p.6 THE CONSTRUCTION OF ERA CITY TO START AT THE

BEGINNING OF APRILp.6 WALL STREET SHARES BOUNCE BACK AGAINp.6 MBI - 10 RECORDED AN INCREASE OF 12 PERCENT IN TWO

DAYSp.6 TTK BANK DID NOT HONOR THE LAW ON SECURITIESp.6 REIFFEISEN - BEST BANK IN MIDDLE AND EASTERN

EUROPESPIC

p.3 AGAIN SCANDAL IN SOCIETE GENERALE



GLOBUSp.10 STOCK EXCHANGE RECORD-HOLDERSAccording to the Public Revenue Office and the tax reports for 2006, one citizen

reported an income of 5 million euros by stock exchange speculations. The highest indi-vidual income reported for 2007, is 1.7 million euros.

p.10 THE STOCK EXCHANGE REACTS TO THE CRISISThe Stock Exchange on Tuesday recorded the lowest turnover in the last five years,

which fact hasn`t been interpreted yet, although it may be assumed that the uncertaintyabout NATO had an influence on Stock Exchange.

p.11 LJUPCO PALEVSKI SIGNIFICANT BANKING INVESTORThe company UPA enterprise, Ljupco LLC, in ownership of Ljupco Palevski, owns

30.06 percent of the capital of Sileks Banka. Palevski is known to the public by the serialcriminal complaints, and the last case is the lawsuit about the illegal construction Tifani, inwhich 35 million denars state money failed.

p.32 THE ECONOMY IS A VICTIM OF THE GOVERNMENTAL POLITICPrime Minister Nikola Gruevski doesn`t fight against the inflation because he is afraid

of endangering the strongest instigator of the economic growth - the consumption, and thepolitical instability in the region and in Macedonia might take away his main trump intend-ed to accomplish the annual growth of the GDP of 7 percent until 2013 - foreign invest-ments - analyze economic experts.

KAPITALP.10 VOLKSWAGEN ON THE FIRST CONFERENCE OF AUTO DEALERS IN

MACEDONIAOrganized by Minister Vele Samak, in charge of attracting foreign investments, in

partnership with USAID Competitiveness Project, the first Macedonian conference of autodealers, which was attended by officials of Volkswagen Group, was held in Skopje.

P.10 EnergyObserver: MACEDONIAN ELECTRICITY PRODUCTION TO FACECOLLAPSE - Macedonian electricity production faces collapse, is concluded in the analy-sis on Macedonian electro-energy system, published on EnergyObserver.com, the first pri-vate site in Europe that releases information related to energy, highlighting energy situa-tion in Southeast Europe.

P.10 SPANISH COMPANIES SHOW INTEREST TO INVEST IN MACEDONIA -Energy and infrastructure are the two most attractive sectors according to Spanish busi-nessmen who came in Skopje on business-meeting organized by the Chamber ofCommerce of the Republic of Macedonia.

P.10 FORNETTI TO BUILD BAKERY IN ILINDEN Company Fornetti Cone DOOEL Skopje, part of Fornetti Group from Hungary,

became owner of state owned building site in Municipality Ilinden and plans to build bak-ery.

P.10 FULL TIME COMPANY BUYS DIER KUMANOVOFull Time Company bought Dier AD from Kumanovo, factory for production of furni-

ture. "The Government passed a decision, and the Pension and Disability Insurance Fund,as major trustee, decided company Dier to be sold to foreign company," spokespersonBocevski said.

P.11 STATE LOTTERY IN DEAD-ENDThe plan for establishment of state lottery is still in processing stage. Government

spokesperson Ivica Bocevski says that details are not revealed to the public in the stage.P.11 AUSTRIAN TOURISTS RETURN IN OHRIDHotel Association of Macedonia (HOTAM) entered into a contract with famous

Austrian tour-operator on the Tourist Fair in Berlin for organized arrival of tourists from thiscountry in Ohrid and Struga starting 15th of April until 15th of June next year. DoncoTaneski HOTAM Director, said.

P.11 FININVEST - NEW PRIVATE FUNDFininvest is the latest private assets management company established last week.P.12 VENKO GLIGOROV GETS PARTNER IN LOGIN SYSTEMS Tatjana Boshevska, Operative Director in Login Systems became company`s co-

owner. Owner Venko Gligorov transferred 3% of his portion in Login Systems to TatjanaBoshevska.

P.12 ELEM ANNOUNCED TENDER FOR CONSTRUCTION OF GAS POWERPLANT - "Macedonian Power Plants announced tender for company for construction andoperative use of combined gas power plant Energetika, as partner in joined investment

P.12 UNIMAGINED SCENARIOS ARE ALSO POSSIBLEInternational Monetary Fund (IMF) warned worldwide Governments to consider

unimaginable scenarios in the process of preparation of plans for managing the emergingcrisis of the global financial system.

P.14 DEUTSCHE TELEKOM TO BUY 20% OF GREEK OTEEuropean biggest telecommunications group Deutsche Telekom, announced plan for

buying 20% of shares of Greek telecommunications company OTE, from InvestmentGroup Marvin at price of 2.5 billion euros.

P.18 STEEL INDUSTRY PULLS ENTIRE ECONOMYLike it or not, steel industry is the major moving force of Macedonian economy in the

past decade.P.22 THE MOMENT FOR STRUMICA IS YET TO COMEWe discuss with the young and ambitious Mayor of Strumica in moments when

Macedonian future is literally made P.34 RWE PREPARES TO TAKE PART ON TENDER FOR CONSTRUCTION OF

CHEBERN AND GALISHTERWE Group is one of the biggest holding companies, which also incorporates RWE

Power, company that announced its participation on the tender for construction of hydro-power plants Chebren and Galishte.

P.36 MSE VICTIM OF POLITICAL INSTABILITY AND GLOBAL ECONOMIC CRI-SIS - Two factors are crucial in determination of mid-term share price dynamics of aver-age Macedonian company.

P.38 MACEDONIA IS PROMOTED AS NEW ECONOMIC MIRACLE IN EUROPE P.40 BASIC INDICATORS FOR LISTED COMPANIES ON MSE OFFICIAL MAR-

KETP.40 TOP 10 LOSERS P.40 TOP 10 MOST LIQUID LISTED COMPANIES P.40 GOVERNMENTAL CRISIS CRUSHED MSE (10-14.03.2008)After weeks of anemic trading, low turnovers and low fluctuations of shares` prices,

mast week Macedonian Stock Exchange crushed! P.41 RZ USLUGI ACHIEVES 5.6 TIMES HIGHER PROFITRZ Uslugi last year achieved 5.6 times higher profit compared to 2006, company`s

unconsolidated balance sheet announced on MSE official web-site, shows. P.41 ZK PELAGONIJA RECORDS THREE TIMES PROFIT RISEAccording to records of balance of successes, ZK Pelagonija achieved great profit

growth of 2.75 times or 17.57% in 2007.P.44 NEW OFFER FOR BUYING VEHICLES FROM PROCREDIT BANK AND

PORSCHE MACEDONIAP.45 STOPANSKA BANKA IMPROVED CONDITIONS OF HOUSING CREDITS -

Stopanska Banka AD Skopje improved conditions for granting credit to all new users ofhousing credit who will submit applications by the end of June at the latest, and bank cov-ers notary public expenses for establishment of notary public act and expenses for valueestimation of the mortgaged property, entirely.

P.47 NUMBER OF TOURISTS MARKS 41.4% INCREASEAccording to records of State Statistical Office, the number of domestic tourists in

January 2008, compared to January 2007, increased at 49.3%, and the number of touristsmarks 32% increase.

P.49 AGROKOR FOCUSES ON ACQUISITIONS IN RUSSIAFocus is now transferred on searching for new "targets" for taking over some new

markets, Greece, Russia and Bulgaria, before all. P.58 EVERY MACEDONIAN OWES 65 EUROS FOR HOUSING CREDITHousing crediting marks in Macedonia marks increase in the last three years,

although participation of this activity in banks` total operation is still on lower level com-pared to countries in the region.

P.63 HOUSING LEASING AWAITS ITS MOMENTIn Macedonia, leasing as financial instrument is still not attractive for those who want

to buy apartment.P.64 BENEFICIAL HOUSING CREDITS MAKE US MARKET LEADERP.66 We are ready to take part in offer of new apartmentsInvestment of leasing companies in building of new housing premises will surmount

the problem of double taxation of the real estate turnover tax, and leasing will becomemore attractive for buying apartment, head of Hypo-Alpe-Adria Leasing - Skopje, GorgeVojnovic, says.

P.68 LEASING MIGHT ALLEVIATE BUYING APARTMENTSP.70 INCREASED OFFER OF APARTMENTS WILL INCREASE HOUSING CRED-

ITING - Interest for housing credits is significantly increased in the last several years, andrises constantly.

P.72 GIVE A CHANCE TO YOU DREAMS

MAKEDONSKO SONCEP.36 INFLATION INSTIGATES UNEMPLOYMENT - Beside Government`s opti-

mistic forecasts, Macedonia fails to exit the magic circle of high unemployment. We triedeverything.

FORUMP.26 PROFIT, SOCIAL MATTERS AND ECONOMYFormer MHK Zletovo Director Cedo Petrov denies his return in the combine. He says

that the smeltery has new management structure that sent a message that there will bepenalties and closing the plant if not invested in environment.

P.29 MAVROVO IN FOCUS OF STOCK MARKET INVESTORSOnly three companies on the Official Market did not mark share fall: Zito Vardar, OHIS

and RZ Ekonomika. Beside political confusion last week, black prognosis for MSE crushdid not occur.

P.29 FORUM FORECASTSWhen it comes to political chaos, this time it failed to overcome economic showdowns

of certain buyers.P.31 NOBODY ENTERTAINS THE ECONOMYWhile politicians bring decision on hard issues, Macedonian economy experiences

serious decay. World economic crisis knocks on the door. As it is not enough, we mixed itwith unserious political steps with surplus of vainglory.

P.32 ECONOMY FACES COLLAPSEDue to latest political developments in Serbia, investments in amount of 3 billion

euros are put on stand-by, MSE marks record breaking fall of listed shares, and high infla-tion can be serious problem in the forthcoming period. FOKUS

P.16 IMPORT STRATEGY, RATHER THAN PRODUCTIONIn the absence of competent person in the cabinet, so called leader, who will identify

situations and find solutions for numerous problems that make Macedonia electro-energysystem collapse, the chaos in this sphere continues.

P.32 COUNTRIES OF BIGGEST CONSUMPTION, LESS CONCERNEDWhen all comes together, there is quite foggy problem about reasons that make oil

raise, and these days it reaches record breaking prices of 110 barrels per barrel.P.34 HIGH PRICE FAVORS POWERFUL COUNTRIESAbout two years ago, when oil increased from 50 to 70 dollars per barrel in short peri-

od, major oil companies in USA achieved highest profits in their history and the history ofcorporative operations.

1. SHORT REVIEW IN THE WEEKLY MAGAZINES17.03.-22.03.2008 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 17.03. - 21.03.2008

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