MKIBN20080526-0024E

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berzNIK - YEAR II - NUMBER 24 -26 th MAY 2008 - (SUPPLEMENT OF TENDERNIK) COMPETITION – CHALLENGE FOR FAMILY FARMERS

Transcript of MKIBN20080526-0024E

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COMPETITION – CHALLENGE FORFAMILY FARMERS

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DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS 3Date 26.05.2008 number 24 berzNIK

Until the next Monday

Makedonka Baldazarska

BerzNIK editor-in-chief

e-mail: [email protected]

Yet again, during election campaigns –investments… investments…

During the second week of election campaigns, otherthan the usual party tribunes, speech competitions amongpolitical rivals and, of course, the heated finger pointing, inpublic focus were also the announcements on big invest-ments. Believe it or not, besides being full with politics,printed media top subjects were precisely the announce-ments on big foreign investments entry.

- French to invest 60 millioneuros in Bunardzik; Ford, Re -nault… to drive Macedonianparts… French company withGreen field investment in Ma ce -do nia. These are the headlinesat the beginning of the week.The Government’s announce-ment that the Minister VeleSamak is in closing negotiati -ons with the French companyfor direct investment in the freeeco nomic zone Bunardzik, bro -ught a dose of optimism bothamong business communityand citizens. According to thean nouncement, French are go -ing to produce aluminum motorhe ads for Ford, Renault, Cit ro -en and other brands of cars.The investment is to amount 60mi llion euros in the first phaseand will reach up to 100 millionswith in six years. At the start,500 persons will be employedand around thousand later, whowill make a profit of over 200mi llion euros within the next fiveye ars. Currently, the negotiati -ons on entry of this investmentare in their final phase, a com-pe tition of Macedonia being oneof the neighbor countries. Thiswill be first French Greenfieldin vestment in Bunardzik that isgo ing to be a turning-point of at -trac ting investments in Ma ce do -nia. The income that this com-pa ny intends to leave hereamounts to 300 million euros inthe pending five to ten years,which is much more than John -son Controls or Johnson Mat -they together, Minister Samaksta ted. Everything is prepared,

only the potential investor should pick Macedonia!

- Demir Halk Bank bought the controlling stake of IKBanka. This is the news that marked the IK Banka takeoverby the new foreign owner. The Bank announced signing sa -le contract of its dominant parcel of shares to the Dutch De -mir Halk Bank. EBRD will remain the important shareholderwith a parcel of 25% of the shares. According to informationby IK Banka, the Demir Halk Bank was established in theyear of 1992. It has affiliates and branches in theNetherlands, Germany, Belgium, and representation officein Turkey. Its assets are estimated to about two billion eu -

ros. DHB is active in crediting legal entities and natural per-sons, as well as in placement on developing markets. Thetake over will be done after both banks obtain approval bythe National Bank of Macedonia and the competent regula-tors in the Netherlands.

Another big investment marked last week. Iskra DDfrom Slovenia is to invest in Macedonia. It plans ending allpreparations by the end of this year and latest January thefollowing year to start building a factory in Bunardzik. Iskrainvestment will be carried out in two phases – around hun-dred persons will be employed in the first phase, whilst inthe second, by the end of the investment, the number ofemployees will reach up to 500. – The difference betweenMacedonia and other countries from the region is that youhave a Government that actually wants to do something.We have an excellent experience with the current adminis-tration, which has done the job well and I think many impor-tant countries in this field can learn a lot from you, Mr.Sesok said.

Looked through the prism of economy, the week endedjust like it began – with the top news on the business com-munity, i.e. with the official start of the new establishedMacedonian-Israeli company Agrilend, which after a year ofpostponement, accidently or not, starts before the elec-tions. Shareholders in the new company Agrilend are theGovernment of Macedonia with 51 percents of shares and49% is Israeli capital. The company was founded with anominal capital of 1.5 million denars (25 thousand euros)and should be a direct competition to the private sectorregarding the agricultural products trade.

The contract with the Israeli company Soli Group LCDwas signed last year, which practically made official the ini-tiative for establishment of a Macedonian-Israeli joint stockcompany, which will purchase the agricultural products sur-plus and place it on foreign markets.

It is envisaged that this type of sale will make goodmarketing promotion of Macedonian agricultural products,such as garden-stuff, then milk and dairy products, but ofthe processed agricultural products as well, in order to havean organized performance on the demanding foreign mar-ket.

This week, agro businessmen from Canada are alsoscanning the terrain in Macedonia regarding investments inthe field of stockbreeding. At the meeting with the Ministerof Agriculture Mr. Aco Spasenoski, they demonstrated inter-est in investing in production of beef.

- Macedonia could be an ideal place where we couldinvest in beef production. For the time being I cannot tellanything concretely where we are to direct our investments,but we are planning to bring new kinds of livestock in yourcountry – said Mr. Meno Cornelson, agro businessmanfrom Canada. He said the knowledge, rebirth and sun donot think on citizens…

Once again, throw good money afterbad. There is a provoking mistake even onthe site of the European Parliament. Insteadof Macedonian, the Slavic-Macedonian lan-gu age dawned on the site. Nobody has nei-ther heard nor saw how the Report by ErikMe ijer on our country, which, despite beingag reed upon and adopted, dawned on theEu ropean Parliament’s site with changedna me of our country’s language – Slavic-Ma -ce donian. For three days, European citizenswe re reading – the scandalous Greek provo-ca tion. Even after the intervention by MFAand our Embassy this attribute for the spo-ken language of Macedonians has been de -le ted and the agreed term – Macedonianlan g uage - was returned.

That’s the way things are, folks. Whileyou are crowding the political runners’stands and listen to the party auction on thesta te`s name – how both parties beat theirbreasts with Macedonian legacy, Greekswork hard and effectively, aren’t they… Whi -le Macedonia is being occupied with electi -ons, Greece is doing everything in its powerto ruin our positions in EU, which is obvious-ly working… Asymmetric or not, the disputewith the name of Macedonia seems to havelarge political dimension once again only athome, where people are carried away byeuphoria and patriotism, while outside bor-ders nothing has changed – lobbyists dozedoff, and who gives a damn about us. Theway things are - Greek politicians are profil-ing on the preoccupation of Macedonianpoliticians. Hence, the assurance by theGreek Prime Minister Costas Karamanlisthat the purpose of Greece is not to isolateMacedonia from EU and NATO, but believesits integration should contribute to enduringstabilization and development of the regionas a whole, is asymmetric with their latestmoves…

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4 DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS

berzNIK number 24 Date 26.05.2008

SECURITIES COMMISSION

FROM THE FIRST OF JUNE

The trading of the StockExchange to become cheaper

The Stock Exchange and the Depository havedecreased the compensations for its services,after the (KHV) Securities Commissiondemanded to recheck their height and to per-form a correction

The Securities commission has giventhe accordance to the new Pricelists aboutthe height of the compensations beingcharged by Makedonska Berza A.D. Skopjeand the Central depository for securitiesJ.S.C Skopje, with which the commissionspaid from the clients decrease. This meansthat the trading on the Macedonian marketof securities becomes cheaper. The StockExchange and the Depositary havedecreased the compensations for their serv-ices, after the KHV demanded to rechecktheir height and to perform a correction.With this move, the Stock Exchange and theDepositary are monitoring the policy of KHV,which decreased the compensations thatwere being charged by them for about 30percents. The new pricelists of the StockExchange and of the Depositary will beapplicable from 1st of June, and they will beoperational until 1st of October, after whichone will perform an analysis on the marketin order to determine the effects of the over-all decrease of the services and the possibil-ities for new decrease of the compensationswill be checked.

THE SLOVENIANS ARE SPREADING THE FUND NETWORK IN MACEDONIA

KD funds – to found two open investment funds

On the session being held on 19.05.2008, with which the President of the KHB, MarinaNakjeva - Kavrakova was presiding, the Commission has given the permit for founding a com-pany for fund management KD funds A.D. Skopje. The founders of KD Funds A.D. Skopje areone foreign legal entity – KD Skldi management company LLC, Ljubljana and two physical enti-ties from the Republic of Macedonia. The basic assets of the company amount 150 000 euros.It is envisaged for the company to found and manage two open investment funds. With the foun-dation of the new fund Management Company, increases the competitiveness of the investmentwork on the Macedonian market of securities. Along with KD funds A.D. Skopje, there are totalof four fund management companies in the country.

ON THE DEMAND OF THE PUBLIC PROSECUTION

The shares of Swisslion in Agroplod – blocked On the demand of the State public prosecution of RM, the Securities Commission has

adopted a decision with which Swisslion LLC Skopje is banned of disposing, alienating, encum-bering, realizing right to lien, and one limits the right to vote on 5 339 shares that they have inAgroplod A.D. Resen, until the effectiveness of the court procedure led before the Court of Firstinstance Skopje 2. Namely, the State prosecution office has filed charges against SwisslionLLC Skopje for determining the nullity of the signed agreement with the Ministry of economy forthe sale of 5 339 shares of Agroplod A.D. Resen.

MICROGRANULAT AND KARPOS – PREDILNICA

Annulment of the registration The Securities Commission will demand the Central Register of the Republic of Macedonia

to annul the decision for registering the joining of Mikrogranulat A.D. Tetovo with the Karpos –Predilnica A.D. Kriva Palanka. At the same time, KHV has reached a decision with whichKarpos – Predilniac A.D. Kriva Palanka and the person liable, are being indebted to perform theannulment of the registration. The Securities Commission commanded the Macedonian StockExchange A.D. Skopje to timely stop the trading with the shares of Karpos – Predilnica A.D.Kriva Palanka, and the Central Depositary of Securities A.D. Skopje for a period of time not tooperate the non trading transactions of the shares of Karpos – Predilnica A.D. Kriva Palanka.

KIB AD Kumanovo

With a new name and with lowered assets

Stater Banka AD is the new name ofCorporate Commercial Bank, or shortly KIB ADfrom Kumanovo.

- The decision on changing the Bank’ na -me was adopted by the shareholders of the As -sem bly, held on 22.05.2008, and the same be -co mes effective after receiving previous ap pro -val from the Governor of the national Bank ofMa cedonia, stand in the information which theBank published on the Macedonian Stock Ex -chan ge.

Otherwise, the Bank in the last year reali -zed total income of 172.538.038, 00 denars,the total expenses are 161.994.864, 00 de -nars, whilst the profit before taxation is10.543.174, 00 denars.

On the annual Assembly, the shareholdershave adopted a decision for lowering the basicassets of the Bank by annulment – withdrawalof their own shares, because according to theLaw on Banks, if the Bank does not makeexpropriation of its own shares in period of oneyear, it is obliged to annul them without exten-sion.

Therefore, exertion on the basic assets of

the Bank is made, which amounts601.573.440, 00 denars, and the same is divid-ed to 343.655 ordinary shares and 6097 pref-erence shares, by annulling 4.477 own sharesin amount of 7.700.440, 00 denars. The nomi-nal value of one share is 1.720, 00 denars.

After lowering the basic assets, the initialca pital of the Bank will amount 593.873.000,00 denars, and the same id divided to 339.178

ordinary shares and 6.097 preference shares.The nominal value of one share amounts 1.720denars. This decision will be realized after theregistration in the trade register.

On the assembly, the shareholders haveadopted a decision for the Business policy andthe financial plan of KIB AD Kumanovo for2008, as well as the Development (Strategic)plan of the Bank for the period 2008-2012.

Milestone Last year, the corporation Milestone bought the Corporate Commercial Bank (Ko mer ci jal -

no Investiciona Banka) – KIB AD Kumanovo. After the last emission of shares Milestone owns90, 98% of the ordinary shares. So far, the Milestone Corporation invested in Macedonia over22, 5 million euros. Otherwise, milestone owns 50% of Zegin, and 50% of Zegin Tin (owner ofwine vault Lozar Veles).

Milestone is a Nordic group, which functions in the field of banking, insurance and mana -ge ment with finances. Milestone’s mission is to establish itself as a leading Nordic financialgro up which offers investments in its own basic industries.

Milestone owns and manages Sjova, one of the biggest insurance companies, Invik & Co,Swedish financial group and Askar Kapital, investments bank.

The net income of Milestone inclusive with 2007 amounts 21, 332 million ISK, the totalobtainable capital amounts 69, 513 ISK, whereas the total assets is 391, 627 million ISK.

Last week, the corporation donated 60.000 euros in charity in Macedonia. Of them, 30.000to Polio Plus NGO intended for aid of the people with special needs and the other half to theMuseum of Macedonia, respectively for the support of its task in continuing the research, pro-tection and representation of the historical and cultural heritage of Macedonia.

Milestone announced donation for the education, respectively for offering scholarships tostudents for Macedonia, who want to get a diploma for postgraduate studies in the field offinances and marketing at one of the universities in Island.

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DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS 5Date 26.05.2008 number 24 berzNIK

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS1. SWEDMILK- CAMPAIGN FOR ORGANIC MILK PRODUCTION (*****)2. ON MSE RISKY, IN INVESTMENT FUNDS SAFE (**)

19.05.2008 MONDAY

1. SHORT REVIEW OF EVENTS

DNEVNIKp.1 MONEY STARTS TO BECOME EXPENSIVE p.5 SWEDMILK TO PURCHASE ORGANIC MILK p.7 BIG DEMAND FOR MACEDONIAN WORKERSp.7 THE PRODUCTIVITY MUST INCREASEp.7 CARRIERS OF THE YEAR DECLARED

BIZNISp.1 RISKY ON MSE , SAFE IN INVESTMENT FUNDS p.1 A LOT CAN BE DONE, WHAT LACKS IS PRO-

MOTION AND CONTACTSp.2 INVESTBANKA BLOCK – POSITIVE SIGNAL

FOR INVESTORSp.3 IN JUNE WILL BE PAID THE LAST YEAR`S DIVI -

DEND OF AT LEAST 28 MILLION EURO!p.4 ON MSE RISKY, IN INVESTMENT FUNDS SAFE p.11 BUSINESS COMMUNITY INCLUDED IN PROG -

RA MME PREPARATIONp.15 DEPRECIATION OF MBI-10, INCREASE OF MB -

ID AND OMBp.15 THE OFFICIAL MARKET WITH 16.8 MILLION

DE NARS OF TURNOVERp.15 MBI REPORT FOR 16.05.2008

UTRINSKI VESNIKp.7 FOR THE BROKERS THE PRICE OF THE OIL

WILL INCREASE AND FOR OPEK IT WILL STA-BI LIZE

p.7 CAMPAIGN FOR ORGANIC MILK PRODUCTION p.7 IFC TO SUPPORT INVESTMENTS IN MACEDO-

NIA p.10 WORLD ECONOMY ON THE EDGE OF THE

DISASTER p.10 SLOVAKIA GETS THE GO – AHEAD TO ADOPT

THE EURO VECER

p.1 WE GOT IN MACEDONIA THROUGH THEFRONT DOOR

p.6 ORGANIC MILK FOR HIGHER PROFIT p.7 THE STOCK EXCHANGE RECORDS LOW

TURN OVER THIS WEEK TOOVREME

p.6 THE POLICY REDUCED THE TRADEp.6 BILLIONAIRE CONVINCES YAHOO TO ACCEPT

MICROSOFT`S OFFERp.7 BIG TAXES SHOCK THE SMALL COMPANIES p.7 OIL PRICE BREAKS RECORDS

VESTp.3 SWEDMILK- CAMPAIGN FOR ORGANIC MILK

PRODUCTIONp.4 THE AGREEMENTS WITH T-HOME DO NOT

HAVE TO BE SIGNEDNOVA MAKEDONIJA

p.9 2 MILLION EURO TURNOVER LAST WEEK p.9 THE GREEK BLOCKADE LOOSENS?p.9 THE PRODUCTS OF IGM TRADE WITH CE-

MARK p.9 SLAVESKI WILL PRESENT MACEDONIA IN

FRONT OF EBRDp.9 OIL BREAKS RECORD AGAIN p.9 THE FARMERS CAN EARN MORE ON ORGAN-

IC MILKSPIC

p.4 FIRST FREIGHT CAR WAGONS ALLOWEDPASSING TOWARDS GREECE

Apart from the regular reports and reviews for theoc currences on the Stock Exchange, the newsrooms al -so relay the atmosphere from the Saturday’s concert ofthe Balkan star Zdravko Colic and the English pop gro -up Sugababes which was held on Makedonija squareand which was organized on the occasion of the re b ran -ding of Makedonski telekomunikacii into T-Home in theeco nomic columns of today’s edition of the daily news-pa pers.

- Money are becoming expensive, is the title of thein terview with the First General Manager of Stopanskaban ka Gligor Bisev, published in the daily newspaperVe cer, in which he states his opinion about the eventsre garding the increase of the interest rates of the loans.It is more than certain that by the end of the month thebanks will increase the interest rates of the loans forabout 1%, as a response to the signals they receivedfrom the NBRM. According to Gligor Bisev, First GeneralMa nager of Stopanska banka, there is no room for thebanks to absorb the interest rates increase through mo -re efficient operation. He predicts that these moves willnot affect much the citizens and the companies whichare already into debts, and what will the reaction be oftho se who planned to raise loan is yet to be seen. As aru le, everywhere in the world, when the monetary poli-cy gives a signal for change of the interest rates, thebanks follow it in one to one ration. Monetary policy hassent a signal that money becomes expensive throughthe increase of the nominal interest rates.

At the end of June, 208 to 30 million euros will flowin to the state budget as a dividend form the profit of lastyear’s operation of Makedonski telekomunikacii, Biznispub lished. The new government that will be formed bythe parties, i.e. the coalition which will win the electionswill decide for which purpose will be aimed the funds.Be side the government and the dominant owner Ma gy -ar Telecom, dividend will be paid to the minor sharehol -ders, (they should share about two million euro), andmost of them are employees and pensioners from Ma -ke donski telekomunikacii.

- Swedmilk to purchase organic milk, Dnevnik pub-lish ed. Dairy Swedmilk yesterday announced their planto purchase organic milk. In that occasion the companywill organize informative campaign for farmers from sixre gions in the country. Meetings with farmers from Bi to -la, Kavadarci, Lipkovo, Mavrovo and in company’s pre -mi ses are planned for next week.

- Basic rule for the organic milk is that the fodder

must be organic. Cow milk is considered organic aftersix months feeding with fodder with certificated organicori gin. According to company’s records organic produc-ti on is the most emerging sector in the world farming. Asof 1990, the sell of organic food in Europe increasesfrom 20% to 24% a year.

- Today’s edition of the daily newspapers relayedthe weekly stock exchange analysis, according towhich, there was a small turnover on the Stock Ex chan -ge last week as well. A turnover of 2.3 million euros washard ly realized within these five working days togetherwith block transaction of Invest Bank-Skopje by whichover thousand of shares have been sold for a sum of144,000 euros. The biggest turnover was realized onthe Official market of over 80% from the transactions.The first five companies were Komercijalna banka-Skop je, Alkaloid, Construction Company Granit, Makstiland Makpetrol. The value of the shares declined thro ug -hout the week, only the share of Fersped recorded anin crease of 2.5% and the biggest decline of over 13%re corded RZ Instituti The stock exchange index MBI-10re corded growth of 1.05%. The index of publicly ownedcom panies MBID increased by 0.38% and the bond in -dex OMB increased by 0.14%.

On MSE risky, in investment funds safe, is a head-line in today’s edition of the daily newspaper Biznis.

Saving in bank does not provide profit, because an -nual interest rates move between 8% and 10%. The re -fo re, most of the citizens redirected their money towardsthe stock exchange currently overwhelmed by calm andtra de fall. Investing across investment funds guaranteessa fe profit. In this case, investing is entrusted to profes-si onals who invest money on foreign securities markets.But, this is not the only advantage compared to individu -al investing. The basic advantage lies in the fact that inac cordance to The Law of Foreign Currency Ope ra ti -ons, investment funds can invest in foreign financial ins -tru ments, and domestic natural and legal entities do notha ve that opportunity.

Utrinski vesnik published the analysis of DeutscheWe lle, according to which, the brokers predict that thepri ce of the oil will increase, unlike the representativesof OPEC, who claim that it will stabilize. In any case,they agree that the price of the oil will increase with cer-tain oscillations until the end of the year, warn the ex -perts and this will of course not go round our country.The estimations of the brokers are different and are mo -v ing from 140 to 200 dollars per barrel of crude oil.

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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: 24Date: 26.05.2008

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

Marketing, distribucija i prodazba: INTERNACIONAL NIK AD - Skopje

I M P R E S S U M

C O N T E N T S

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

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

KIB AD KUMANOVO. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

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

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

INTERVIEW: KOCE PETROV, OWNER OF DUNACOMPUTERS – SKOPJE...................10-11

LAND POLICY IN MARKET AND CONSUMERS’INTEREST.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .11-12

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

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

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

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

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6 DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS

berzNIK number 24 Date 26.05.2008

The announcement of the Minister obligedfor attracting foreign investments, Vele Samak,for the entering of French company in free eco-nomic zone Bunargik, is the most significantnews in today’s printed media. The company willpro duce aluminum engine parts for ford, Re na -ult, Citroen, and other brand names. - This willbe the first French Greenfield-investment in Bu -nargic, which will make turning point in attract-ing investments in Macedonia. The profit , thatwill make the company in Macedonia ,willamount over 300 million euro in the following fi -ve-ten years much more than Johnson controlsand Johnson Matthey together, underlines theMi nster Samak, who expects the Board of Di -rec tors of the French company to make final de -ci sion in the following days or weeks.

Another foreign investment, but this time inthe baking sector, is top news in today’s news-pa pers. Namely, Damir form Netherlands hassigned contract with IK Banka, for purchasing ofthe controlling stake of shares. The undertakingwill be realized when the two banks will receivepermission from National Bank of Macedoniaand competent regulators in Netherlands. Thepri ce ,at which will be sold over 62 percents ofthe capital of IK Banka ,haven’t been an noun -ced, but from IK Banka are expecting the newshareholder and strategic partner of the bank tokeep and increase the trend of increase and de -ve lopment of its experience and resources, withthis will be provided additional opportunities andad vantages for the companies and citizens inMa cedonia.

Printed media followed the public openingof tender documentation in the first phase for

con cession of Macedonian airports. For conces-si on, this comprises building, reconstruction andusa ge of the airports Alexander the Great andSt. Apostle Paul, and for construction of newcar go-airport in Shtip, documentation had sub-mitted the companies TVA from Turkey, Viennaair port from Austria, Hochtief from Germany andEgis from France/Great Britain. The secondpha se of tender will start after detail consideringof documentation, when the commission for im -ple mentation procedure will submit demand forofferings from qualified companied. From the airtraffic, media marked the landing to Skopje’s air-port of the new Macedonian charter companyAirlift service, that form the following weekshould have flights on relation Sofia – Ohrid, twotimes in a week during the summer.

Deutsche Telecom reported the Co mmi ssi -on for protection of competition for entering ofthe German brand name in Greek OTE, withwhich can be made monopoly in mobile telepho -ny in Macedonia, because this company, withthe bargain, will become proprietor of T-Mobileand Cosmofon, inform the newspapers. Whatwill happen at us, where in accordance with there gulations for protection of competition, onecom pany can own two mobile operators, the bo -di es in competence decision is still to come. Ifthe commission ascertains that this bargainwould make monopoly in mobile telephony inthe country, then the Greek OTE should sellCos mofon. According to the newspaper, thecom mission for protection of competition, in pe -ri od of 25 to 90 days will come with decision forthis case.

Large number of agriculturalists and small

bu siness will remain without work because ofsmall profitability and the impossibility to useEu ropean funds, state experts for Dnevnik,ana lyzing what will mean the Macedonian ac ce -ssi on in the EU.- The European market will tellwho can and who cannot be part of the competi -ti ve relations. In order not to happen completedown fall of small businesses, firstly, laws shouldbe adopted in order to support the bulking andmain taining of small business and small agricul-tu ralists - recommends Professor Boris Anakiev.But, apart from that, the contributions from theEU entrance, are still greater that the losses, be -ca use that would mean increased foreign in -vest ments, obtaining European money and sup-port in introducing higher standards for producti -on and safety.

In Stock market an analysis of Bizniz readsthat, foreign investments have increased thepar ticipation on the Official market on the StockMar ket the previous month. According to statisti -cal data on the Stock Market, foreign participati -on has increased for one percent, respectivelyfo reign legal entities had participated with20,51%, and the foreign physical entities with2,29%, with which the total participation of for-eigners on the Official market and with sharesand bonds amounts 22,81%.

From the world’s news, the media marksthe news for another increase of petroleum pri -ce over the limit of 127 dollars per barrel, whichfo llowed after the statement of the president ofOPEC, that petroleum production will not in cre -a se, because the world is already sufficiently su -p plied.

1. SHORT REVIEW OF EVENTS

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

1. THE FRENCH TO INVEST 60 MILLION EUROS IN BUNARDZIK (*****)2. DUTCH DHB BUYS EC BANK (*****)

20.05.2008 TUESDAY

DNEVNIKp.5 ANTIMONOPOLY COMMISSION TO MONITOR THE MERGING

OF T-MOBILE AND COSMOFONp.8 AIRLIFT SERVICE- NEW MACEDONIAN AIRLINEp.8 THE EU INTEGRATION WILL EXTINGUISH THE SMALL FARM-

ERSp.9 HOLLAND DEMIR HALK BANK BUYS EC BANKp.9 FOUR COMPANIES IN RACE FOR MACEDONIAN AIRPORTS p.9 FRENCH COMPANY POTENTIAL INVESTOR IN BUNARDZIK

BIZNISp.1 PRODUCTION OF PARTS FOR THE ENGINES OF FORD, RE NA -

ULT...p.1 DEMIR-HALK BANK BUYS CONTROLLING STAKE OF IK BANKA p.4 AIRLIFT SERVICE TO BRING TOURISTS FROM SOFIA TO

OHRIDp.12 112,382,000 DENARS TO BE UNVEILED p.12 REPLEK WITH PROFIT OF 48 MILLION DENARSp.12 CONVERSION OF PRIORITY SHARESp.13 MBI-10 DROPS BY 9, 39 INDEX POINTSp.13 SHARES OF GRANIT SKOPJE-THE MOST TRADED p.13 MBI REPORT 19.05.2008p.15 INCREASED TRADE PARTICIPATION OF THE FOREIGN IN VES -

TORS p.16 PETROLEUM PRICE OVER 127 DOLLARS AGAIN

UTRINSKI VESNIKp.9 IT WILL BE EXAMINED WHETHER THERE WILL BE MONOPOLY

IN MOBILE TELEPHONYp.11 DUTCH DHB BUYS EC BANKp.11 THE OFFERS ON AIRPORTS CONCESSION – OPENED p.11 MAKPETROL WILL PAY DIVIDEND OF 1 000 DENARS PER SHA -

REp.11 FRENCH COMPANY WITH GREEN-FIELD INVESTMENT IN BU -

NAR DZIK VECER

p.6 THE FRENCH TO INVEST 60 MILLION EUROS IN BUNARDZIK p.6 IK BANK UP FOR SALE TO DHB BANKp.7 IS THERE GOING TO BE MONOPOLY IN THE MOBILE TELEPH-

ONYp.7 FOUR COMPANIES RACING FOR THE AIRPORTS

VREMEp.6 THE DUTCH TOOK OVER IK BANKp.6 TOMAS MIROW – NEW PRESIDENT OF EBRDp.6 MOBILE TELEPHONY EXAMINED BY THE ANTI MONOPOLISTS p.7 THE FRENCH TO ENTER BUNARDZIK

VESTp.3 DUTCH BANK PURCHASES PACKAGE OF SHARES OF IK BANK

p.6 AN – 24 OF AIRLIFT SERVICE LANDED p.6 FOUR COMPANIES TO SUBMIT OFFERS FOR THE AIRPORTS

NOVA MAKEDONIJAp.8 AIRLIFT SERVICE TO FLY CHARTERp.8 FOUR COMPANIES TO GO AFTER MACEDONIAN AIRPORTS p.8 DEMIR-HALK BANK TAKES OVER IK BANKAp.8 GRANIT WITH 50 PER CENT OF THE STOCK EXCHANGE

TURN OVERp.8 FRENCHMEN WILL PRODUCE CAR ENGINE PARTS FOR

FORD, AUDI AND PEUGEOT IN BUNARDZIK SPIC

p.6 FOUR COMPANIES SHOW INTEREST FOR MACEDONIAN AIR-PORTS

p.6 DEUTSCHE TELEKOM STARTS DISSUADING p.6 FORD, RENAULT AND CITROEN WILL USE MACEDONIAN

PARTS?

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DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS 7Date 26.05.2008 number 24 berzNIK

The strategic partnership between the lead-ing world company for mobile telephony, Vo da -fone and VIP operator is today’s breaking newsin all daily print media. The first joint product ofthese two companies which is presented in Ma -ce donia is the Blackberry solution, and it is ama tter of licensed technology which enableseasy access to internet and e-mail through mo -bi le phone, and which is introduced in Ma ce do -nia for the first time. Nikola Ljushev, Chief Exe -cu tive Officer of VIP, pointed out that the Ma ce -do nian subscribers can now enjoy the bestproducts and services from their exclusive part-nership with Vodafone, which otherwise existssin ce 2003. This will also enable more direct be -ne fits as approach to exclusive mobile devices,ser vices, larger international roaming coverageand other products of the Vodafone group, aswell as approach to its sponsorships.

Today, there is excellent news for everybo -dy who wants to make money through the StockEx change. As of the beginning of the nextmonth they will be able to do that cheaper, i.e.by lower commission. Practically, since June 1stthis year the stock jobbing on the Macedonianca pital market cheapens. The Securities andEx change Commission yesterday reported thatthey agreed the new tariffs for the allowancesthe Macedonian Stock Exchange and the Cen t -ral Securities Depository. The implementation ofthe new tariffs will start on June, 1 and will lastun til October, 1, after which an analysis will bema de to determine the effects from the services

pri ce reduction examining at the same time pos-si bilities for new price reduction of compensa-tions, convey all of today’s newspapers.

The Ombudsmen’s office wants terminationof the contract by which Swisslion Companyfrom Skopje was sold state shares in factory Ag -ro plod from Resen, because the deal had beensign ed during election campaign two years ago,when SDSM was in power. At the request of theOm budsmen’s office, the Securities Commi ssi -on passed decision two days ago by which it for-bids Swisslion to possess, sell and pledge sha -res in Agroplod until the court procedure is over.There are 5,339 shares which on June 24, 2006had been sold to Swisslion - Skopje, which isda ughter-company of Swisslion from Takovo,Ser bia, writes today’s issue of Vecer.

Dnevnik conveys interesting topic: - We willmake biodiesel from tobacco seed. The To ba -cco Institute in Prilep planted specific types ofto bacco on experimental field in order to produ -ce biodiesel. Director of the Institute, Kiril Fi li -pov ski, informed that experts in cooperationwith the company Veda are working on tobaccopro totypes which can provide seed for biodiesel.Ac cording to the owner of Veda, Boris Jan kov -ski, previous tests have indicated that biodieselfrom tobacco seed has higher efficiency, andtests were also made on rocket diesel motor.

If announcements for sale of Investbankaare true, which proclaimed that an Austrian bankin a partial ownership of Erste Bank is interest-ed to buy it, as well as the rumors on IK Banka

for which the Dutch DHB is interested, then thedomestic shareholders who own the dominantpackage in the Macedonian banking sectorcould be counted on the fingers of one hand.

Out of a total 17 banks only two to threesmall banks remained in ownership of domesticshareholders. In the interview with the ProfessorMihail Petkovski published today by Nova Ma -ke donija, he explains that the presence of for-eign capital I positive, nevertheless he adds thatit should not be idealized and brings risks withitself.

KD funds AD Skopje is the new company forfunds management that received work permitfrom the Securities Commission. Founders ofKD funds are one foreign legal entity - KD AssetManagement Company D.O.O Ljubljana andtwo physical entities from Macedonia. It isplann ed the company to found and manage twoopen investment funds.

The results of the yesterday’s trading areconveyed by Biznis. On the securities market onTuesday was carried total trade value of39.672.916, 78 denars through 189 transac-tions. The total value by markets was the follow-ing: on the Official market 31.515.612, 79 de -nars were realized through 139 transactions,whi le the other 8.157.364, 00 denars were reali -zed on the regular market through 50 transacti -ons. MBI-10 dropped by 0.14 percent, MBID re -cor ded decline of 0.59 percent, OMB recordedin crease of 0.44 percent.

1. SHORT REVIEW OF EVENTS

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

1. VODAFONE ENTERS IN MACEDONIA (*****)2. THE STOCK EXCHANGE TURNOVER CHEAPENS (****)

21.05.2008 WEDNESDAY

DNEVNIKp.7 BIODIESEL FROM TOBACCO SEED p.7 TTP BITOLA TO EMPLOY 10 PEOPLE

p.7 VODAFONE ENTERED MACEDONIAp.7 STOCK EXCHANGE`S LOWER COMMISSIONS

BIZNISp.1 PAYMENT OPERATIONS INCREASE AT 260.6 BILLON

DENARS p.1 TRADING ON CAPITAL MARKET BECOMES CHEAPER p.3 VODAFONE ENTERS IN MACEDONIA p.3 TERRAIN FOR POSSIBLE INVESTMENTS IS EXPLOREDp.3 EVN INVESTED 67 MILLION EUROS p.5 PAYMENT OPERATIONS INCREASE AT 260.6 BILLON

DENARS p.12 ALKALOID, STOPANSKA BANKA BITOLA AND MAKPETROL

TOP THREEp.12 MSE CHARGES HIGHEST FEES IN THE REGION p.12 TRADING ON CAPITAL MARKET BECOMES CHEAPER p.13 DECLINE OF MBI-10 AND MBIDp.13 SHARES OF MACEDONIAN STOCK EXCHANGE – MOST

TRADED p.13 MBI REPORT 20.05.2008p.14 SWISSLION`S VOTING SHARES IN AGROPLOD LIMITS p.14 NEW COMPANY FOR FUNDS MANAGEMENT KD FUNDS

SKOPJE p.14 STOPS THE TRADING OF SHARES OF KARPOS-PREDILNICA p.14 SHARE BUY-BACKS OF LISTED COMPANIES` SHARES

UTRINSKI VESNIKp.11 IS SWISSLION TO REMAIN OWNER OF AGROPLOD FROM

RESEN?

p.11 VODAFONE AVAILABLE ON THE MARKET THROUGH VIPp.11 THE STOCK EXCHANGE TURNOVER CHEAPENS

VECERp.1 SWISSLION TO LOSE AGROPLOD p.6 INVESTMENTS OF 67 MILLION EUROp.6 SWISSLION TO LOSE AGROPLODp.6 TRADE ON MSE GETS CHEAPER p.7 BLACKBERRY IN MACEDONIA FOR THE FIRST TIME

VREMEp.1 THE CRAFTSMEN CHASE THE UKRAINIAN OILp.4 KISELA VODA TO SUE THE CEMENT FACTORY AGAINp.6 THE CRAFTSMEN CHASE THE UKRAINIAN OILp.6 VODAFONE FLIED IN MACEDONIA WITH FORMULA 1p.7 COSMOFON MAY HAVE NEW OWNERS?!

VESTp.7 BLACKBERRY ARRIVED IN MACEDONIA

NOVA MAKEDONIJAp.1 MAKEDONSKI ZELEZNICI ARE UNDER GREEK EMBARGO

EVERY SECOND DAYp.1 FOREIGNERS BUY ALL MACEDONIAN BANKSp.2 FOREIGNERS BUY ALL MACEDONIAN BANKSp.8 VIP AND VODAFONE BRING US BLACKBERRYp.8 MBI-10 DROPS, SHARES OF “GRANIT” RAISES!?! p.8 SLOVENIAN COMPANY TO OPEN TWO NEW FUNDS p.8 SC: SWISSLION CANNOT POSSESS ALL SHARES OF AGRO-

PLOD SPIC

p.8 TRADING WITH SHARES GETS CHEAPER p.8 EVN INVESTS 67 MILLION EUROS p.8 VODAFONE COMES IN MACEDONIA

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8 DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS

berzNIK number 24 Date 26.05.2008

JOTI POPOVSKI, WINNER OF THE ENERGY GLOBE AWARD

THE MACEDONIAN INVENTIONS – USEFUL AND COMMERCIAL?

The anaerobic station for purifying utili-ties and industrial waste water, inven-tion of the Master of Science Joti

Popovski is the winner of the prestigiousEnergy Globe re ward, Austrian foundationthat functions under the wings of the UnitedNations, the World Bank and the Europeancouncil for renewable energy. The technolog-ical invention of Joti Popovski won in thecompetition of 853 projects in the area of wa -ter conservation, which were submitted byrep resentatives from 109 states. This wasthe reason, two days before the trip to Bru s -sels on the award ceremony,(on the 26th ofMay this year, in the European parliament),to talk with Popovski about his invention thatrep resents a revolution in the purifying ofwas te water and with that in the ecology inge neral.

�What advantages does Your invention of -fer in relation to the current technology in thearea of purifying the waste water, which was there ason for you to won this prestigious award?

- With the anaerobic station for purifyinguti lities and industrial waste water, shortly sa -id, one saves electricity by using alternativemethods, which protects the human environ-ment. The station purifies the water and pro-tects the surface water and produces biogaswith high concentration of methane – 87%that can be used as bio-fuel. In comparisonto the conventional purifying stations, the

ana erobic stations do not spend electricity,do not require maintenance and qualifiedper sonnel, there is no danger of reeking, in -sects or infections. These stations are set onse veral times smaller space from the con-ven tional stations and because they are im -ple mented into the ground, they do not dete-ri orate the living environment. The purifiedwa ter and the sediments can be used for irri-ga tion of agriculture products or greenery.And, what is very important, the price of the -se stations is much lower than on the aerobicand the conventional ones for purifying wastewater.

�For this invention of yours you have wonse veral awards, like the award of the Republic ofMa cedonia – patent of the year in 2001, Goldenme dal with dedication of the 50th Innovation ex -hibition, researching new technologies – EUREKAwith Brussels the same year, The Medal from theGovernment of the Kingdom of Belgium for theprotection of the living environment. Your patenthas won the certificate from the Check Republicand it is authorized by the World organization forintellectual ownership, with a siege in Geneva.From when did you actually start and how didyour work go?

- I am occupied with this issue since1982, when I have constructed the first bio –fil ter thanks to Alkaloid that enabled me aneco logical laboratory to develop this project.This first bio – filter manufactured biogas withbig concentration of methane – 87%. I havebe en performing examinations on it in theperiod of 1982 – 1986 but I did not haveenough conditions to construct the station. Atthat time, because I had been working withthe waste water of Pivara and Alkaloid, I sug-gested to make a station for these two facto-ries, but, whether the economic or the legalconditions were not allowing this. Actually, atthat time on has been thinking very littleabout the ecology. I had the first opportunityto build the station in 1998 for the Islamic fac-

ul ty in Kondovo, on which I am grateful evento day for the showed trust. This is a very bigdeal for me. Even bigger confession is thatthis year, when for the first time after 10years, before delegation of Serbian expertswe opened the valve for sediments at thesta tion on Kondovo and pure water cameout.

�Besides the many world awards and ac -knowledgements for your invention, in this coun-try one does not know enough, and it is not usedmuch practically. What is the reason, accordingto you for such indifferent relation of the countrytowards this exceptional invention?

- There is a scheme in our country – firstto get affirmed abroad and them to be ac -cepted at home. Because no one trusts you.And in other big companies, in big countriesthis goes differently. Someone finances forthese things to be done. Here I will say thatwe are poor country in this perspective butnot miserable. I think that if on EUREKA al re -a dy five Macedonian have won golden me -dals this means that Macedonia has capaci-ty for innovations. And for innovations onehas to invest a little bit. One trip in a foreigncountry from one clerk from the ministries,costs the same as the expenses of the inno-va tor. We can not invest in base or sciencepro jects, to study how the DNA moves, in qu -anta, to measure, but we have to work onconcrete projects that give immediate re -sults, which are useful and can be commerci -alized.

For instance, I, at this moment have onefil ter for removing nitrates from the drinkingwa ter. But I have blocked myself financiallyand I can not realize it. I need more sophisti-cated measurement appliance. My garage ismy laboratory. All the laboratory phases I ha -ve passed with personal means. But in orderto go outside, you must be completely sure.For that, one needs someone else’s help, orI will wait when I will succeed to collect

If on EUREKA, already five Macedonianshave won golden medals, this means thatMacedonia has capacity for innovations.And one has to invest a lot for the innova-tions… we should work on concrete proj-ects that give immediate results, whichare useful and can be commercialized…Macedonia is poor, but not miserablecountry for one not to invest in theacknowledged inventions…

CONVERSATION ON THE OCCASION...

The inventor, Joti Popovski for twoyears now is working jointly with the compa-ny Intermont D.P. from Skopje, which is theonly company in the world that projects andexecutes the anaerobic purifying stations ofPopovski. – More than three years I was in asearch of a foreign partner in order to con-struct purifying stations, because I see thefuture in them. In the invention of Joti, I havediscovered a revolutional solution for purify-ing the utilities and the industrial waste wa -ter, charged with organic material – says thedi rector of Intermont, Dragi Petrusevski.

For Petrusevski is also not logical why thein vention of Popovski is hard to be acceptedin Macedonia, although in the world it is al re -a dy accepted and demanded. From theexam ple of the collector in Ohrid, the advan-ta ges of the anaerobic station can be clearlyseen, says Petrusevski.

– We were in Pro ak va in Ohrid. Theirpumps, installed in the pre – pump stationsare constantly malfunctioning and burningout. The station is old more than 20 yearsand it is not profitable to invest in it. After wepresented the invention to them, they con-

gratulated Joti that the solution is excellent,but there is no contact until today whatsoev-er. We have explained to them that with ourpurifying stations the wa ter can directly belet into the lake.

The problem of Proakva is that theyhave not paid their electricity bills for twoyears, and they pay one million euros annu-ally. And, our stations for Ohrid cost aroundfive millions of euros. Meaning, in five yearsthey will pay the whole investment and theywill not have to pay for million of euros forelectricity in the future.

The purifying stations – revolution in the purifying the waste water

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DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS 9Date 26.05.2008 number 24 berzNIK

enough money for such investments in orderto continue with the work. Or I could findspon sor from abroad. But is there an interestfor such filter? All of the level spot cities, fromBu dapest to Paris do not drink tap water be -ca use these nitrates.

�One of the very important performances ofthe anaerobic station is that the station in rela-tion to the conventional purifying stations, costsfour times cheaper. Besides that, the countrypre fers installment of stations from foreignmanufacturers. Why?

- We still can not determine why this isthe case, what is the problem or the truth,why we can not work from around here. Fromthe Ministry of living environment, after themeeting they have sent us beautiful congrat-ulations and promise that we will cooperate.It was all left to that. Here I must say what itis that poses an obstacle in Macedonia. Thecorruption is an obstacle. Why? The marginswith the foreign producers are much biggerand being that way, the one buying the sta-tion does not think further – for maintenance,paying electricity. He or she thinks about themargin. This is normal. There are factors thatshare the money and they must think whe -ther with a certain amount ofmo ney they will make onlyone station. Here is the prob-lem. They should find themost economical technology.I will illustrate the conditionthro ugh two examples. Ourof fer for the purifying stationof the police academy was fo -ur times cheaper than the of -fer from an Austrian companythat got the job. No one is in -te rested to at least ask whythis is like this. Second exam-ple is the municipality of Ae -rod rom, for which we madefree project and analysis, sothe Municipality can applywith some donor organizati -on. Our investment for Gornoand Dolno Lisice for six thou-sand equivalent citizens wasabout 450 thousands ofeuros. From the paper of themunicipality we find out thatthe mayor for pre – pump pri -ce has signed an agreementfor nine millions of euros. Anda referendum was planned inorder to start to take 500euros from every family.

�Your stations are alreadypresent on three continents,which real curiosity is the puri-fying station installed on theAntarctic for the needs of theinternational expedition. Do youundertake something and it isfor the placement of your inven-tion abroad?

- Several days ago I co -me from Dubai where the se -cond station has already

been built. Three more stations are going tobe built there on the island of the sheik. And,Dubai, at least according to me is one of thebiggest construction locations in the world,where huge amounts of money are spent.There is also interest from the Chinese that

have managed to come only to Budapestbecause they did not get an entrance visa forMacedonia. So, they have sent in Hun ga ri -ans to see and to bring the results from theana lysis that are being performed in the lab-ora tories of the former Zelezara. We got an

offer even from India, for 11 stati -ons, but they also have vias prob-lems because they have to travelall the way to China for them.From the other hand, our authori-ti es have demanded the Chineseand the Indian citizens to have anag reement signed with us in orderto be given the visas. Are we notfigh ting for foreign investments?We receive offers from Brazil, Ca -nada… We have been called togo in turkey in order to present thestation. However, we can not thinkabout much serious approach andplacement for now, because we, Imean my Ecological bureau andIntermont D.P., the company thatmanufactures and installs theanaerobic stations, do not havethe power to advertize ourselves.

The state should finally meetthis technology and to help us,because these purifying stationsare home made patent. Even thetotal raw materials, including thepaint against corrosion are ofMacedonian origin. From theother side, one can not forget thatthe first assignment as a state,which we are going to get afterthe admission in EU is to purifythe waste water. Especially thewater that pours into the riverVardar, because in a way, it goesin the Union. Anyhow, a state pro-gram should be made for thisproblem. As two small companies,we can not make this kind of pro-gram – it should be made on thebasis of the anaerobic purifyingstations for utilities and industrialwaste water.

V.M.

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10 DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS

berzNIK number 24 Date 26.05.2008

*The Institute for Information Research wasopened in Stip, last week. Duna Computerstogether with Makpromet appeared as founder.Who came with the idea, did Duna Computershave a direct need of establishing this kind ofInstitute in Macedonia?

- Exactly. We felt the need of suchInstitute for a long time. I consider that open-ing such institution which will provide devel-opment of IT products, IT solutions, IT serv-ices is more than necessary. The idea how-ever began absolutely unexpectedly. OnOctober 11, the Yachtsmen Association ofMacedonia, Pampur, organized Regatta inCroatia. By chance, the Director ofMakpromet from Stip, Mile Atanasov wasthere as well, and during all that socializing,he asked me to come in his company andscan his IT infrastructure. That is when theidea of doing something together was creat-ed.

The project “Three I” is also a joint prod-uct of Duna Computers and Makpromet, and

actually is abbreviation ofthe Institute for In for ma tionResearch. This project hasfew dimensions: develop-ment of prepared IT-pack-ages, something that every-one can buy from a shelfand use it without additionalsupports and frustrationssuch as: where is the pro-grammer, etc. The secondthing is to help with thedevelopment in that region.Be si des Mile, I come fromthe re gion as well, so wedecided to enable the youngpeople from this town toprogress in the IT. Dunaemploys programmers fromdifferent towns and so me ofthem are travelling eve ryday, some of them live he re,and give away great part oftheir salary for rent in Skop -je. This way, locally thingsare much simpler. And third-ly, after the faculty in Stipwas opened, we agreed oncooperation with the Facultyof Electrical Engineering, sowe plan on combining all ofthat and now that all thedices are at one place, the

mosaic gave even more beautiful image –“Three I”.

That is why we decided to invest in it.One of the things will be development of theAp ple solutions, which of course dovetailsdirectly in our business.

*When it comes to Duna Computers the firstassociation is the showroom in the CityShopping Center and one fabulous HD CinemaDisplay from Apple. Whose was the idea for intro-ducing the Apple products in Macedonia?

- Technically, we try to introduce newideas which at the beginning, in our countryseem impossible to be done. It was the casewith the laser printers which worked 45pages in a mi nute. Everybody said that suchthing does not exist. The same happens now.I believed that the mobile devices can beused even by a collector (it is now used in thePE Water Economy) unlike the others, whodid not believe in that. The apple productsattracted us ten years ago, but in my opinion

it is not enough only to be a representative,to import them and to sell their technologicalachievements. Obtaining the ag reement wassimply the easiest thing. Certain standardsshould have been respected, such as theApple Store we opened in the City ShoppingCenter – in a big store, to put very few things.Usually in our country, in a small store youput everything. But when it comes to Applethey have quite different philosophy. It is likea piece of art, and the piece of art does nottolerate uploading, it needs space to breathe,the man should be able to look from allsides…

*What is your strongest sector at themoment? Why brings you most profit?

- Well, I can say we are the strongest atwhat we started. At the moment we have agame of luck at Duna Computers, whichmeans that everyone who rents a copier onleasing becomes participant in a game ofluck for a vehicle type Ford Fiesta. We reallyhave lots of renters here. Starting fromTelekom, T-mobile, to companies such asAlkaloid, etc…, lots of clients, from small tobig ones. We see the purchasers as benefici-aries of services. The IT sector is a service,not a product. All the major companies aresomewhat oriented towards software, andleave the hardware to the Chinese andKoreans, where the production is cheap. Wefollow that trend, as a matter of fact that wasour primary idea, to sell services, and notboxes…

*Does it mean that the Apple products areselling good in Macedonia? With the dynamicsyou projected?

- Well, more and more. Even more thanthe dynamics we projected. We succeededto sell them on retail, respectively homebased; we already managed to sell it to com-panies, as a complete IT solution. More andmore often the companies replace the old I-Mac computers, they put wireless infrastruc-ture of Macintosh, and they buy Appleservers… So, we have companies which areexclusively oriented to the Macintosh opera-tive systems.

*Why do not we make it clear for the readers,what is actually the difference between the HPoperative system and the Linux, respectivelyworking with Macintosh?

INTERVIEW: KOCE PETROV, OWNER OF DUNA COMPUTERS – SKOPJE

WITH THE SOFTWARE FOR MARKET ANALYSIS – WE CONQUER NEW MARKETS

Customer Relationship Management (CRM) is software for market analysis, sales analysis tools. There is nothing like it onthe market. Of course, lots of other CRM solutions which satisfy certain needs can be found, but we succeeded in focusing

on something that cannot be found. DUNA already has its software which it sold in Serbia, Kosovo, in Bosnia, as well as inAzerbaijan. Next to come is Armenia, afterwards Bulgaria, then Kazakhstan, Kirghizstan…which means we are conquering

new markets.

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DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS 11Date 26.05.2008 number 24 berzNIK

- Apple is an excellent example for that.They started in the eighties of the last centu-ry by producing computer in a garage andafter a short period of time they could not sat-isfy the demand. Afterwards they inventedthe first graphic interface, and afterwardsthey introduced fire-wire. I want to say theywere the first ones to commercialize. Today,the new Mac Book Air has no CD ROM. Itmeans that in five years even a CD would notexist. It will simply be replaced with flashdrives, just as it was the case with the floppydiscs. “Apple” are leaders when it comes tothat. I believe that even the latest things inthe I Phone, such as multi-touch screen; willbecome standard at every phone in a shorttime, because it offers certain benefits to theusers which are already proven.

Last year, we organized mini fair for theApple products and during it I made largeranalysis regarding its philosophy.

For example in the Hollywood industry,they say “bad guys use Windows, good guysuse Apple”. For example in “24” the series,the good ones CTU, use Apple, and the badone use Windows. Not by chance, it repre-sents a symbol of originality.

*Do you have strategy about where wouldyou develop in the future? Do you consider entryon the Stock Exchange eventually?

- We have discussed that lots of times,but that seeks for a more serious approach,having in mind that the Stock Exchange is aserious thing. I honestly think that today noone from the IT sector can complain on nothaving job. Duna already has its softwarewhich it sold in Serbia, Kosovo, in Bosnia, aswe ll as in Azer baijan. Next to come is Ar me -nia, afterwards Bulgaria, then Kazakhstan,Kirghizstan…which means we are conquer-ing new markets.

*What in fact are you selling? What kind ofsoftware is it about?

- Customer Relationship Management(CRM) is software for market analysis, salesanalysis tools. There is nothing like it on themarket. Of course, lots of other CRM solu-tions which satisfy certain needs can befound, but we succeeded in focusing onsomething that cannot be found.

Certain companies loved it and acceptedit.

*What are the Human Resources Duna Com -puters has on disposal?

- The portfolio of Duna Computers iswide: from production of software, offeringsoftware services, service, selling computersand printers, renting printers and copiers,selling fiscal cash-registers. I always find outabout the number of employees when wehave ISO 9001 recertification, and which isconducted once a year. The number of con-stantly employed is somewhere from 40 to50.

*So, you have introduced ISO certification…

- In 2001 we have introduced ISO 2001,

and in 2004 we have introduced ISO 14001– Environmental standard. Lots of peoplesaid why do you need, you do not pollute.But I say we do. The first thing we did was toreplace the old vehicles with new mopeds.On one side it gave us greater mobility, andon the other side the emission of gasesreleased by the previous vehicles is lowered.So such a small segment, but when I sawhow much our computer repair techniciansmove through Skopje, I realized that it wasnot so small. When all the companies woulddo the same, we would have fresh air inSkopje.

*What are the beginnings and the ascent ofDuna Computers?

- Duna computers is founded in 1994 byAleksandar Pajkovski and me. When wegraduated on the Faculty of Electrical En -gineering, the IT business in Macedonia juststarted development and we decided to sellcomputers and printers. We immediately sawthat there are other things in the IT sectorsuch as software development, developmentof mobile and printer solutions, in otherwords something that the other companies atthat time did not offer.

We realized the first major deals by print-ing, like for example during the introductionof the first election identity cards inMacedonia. All of those thousand of identitycards should have printed in 14 days, with adelivery deadline of 15 days. We succeededin providing machines which print 45 pagesin a minute, something that at that point wasunimaginable, seeing that the fastest printerwas four pages in a minute. Somehow wegot specialized in that field of printing andproduction of documents, as well as in themobile solution at the same time. We havelongtime experience in this field, which iswhy our beneficiaries are one of leadingcompanies in Macedonia.

*Why do not we make a parallel, the resultsthen and the results 14 years later?

- Well, there is a lot of difference. Then, asmaller company, lower turnover, lot lessexpenses. Even today when we have meet-ings, we say that at that time we knew every-thing, whereas now everything is different.More em ployees, we do not have insight ateverything, everyone has certain responsibil-ities. Also at that time the competition wassmaller, and the business was better, the out-come was higher. Today is much more diffi-cult, because the changes in the technologygo very fast. Then we had a situation, oneoperating system for mobile computers tolast for seven, eight years. Today, WindowsMobile, Windows C, every half a year some-thing new appears and you should adjust it.All of this means daily monitoring of the newflows, because if it all remains on what youhave then you are facing the end, especiallyin the IT sector.

There is no stopping here. On the otherside, it is a positive feedback, which makesyou to invest even more, to learn and yousimply do not when it ends.

K.S.

LAND POLICY IN MARKET AND CONSUMERS’ INTEREST

COMPETITION– CHALLENGEFOR FAMILYFARMERS Agricultural stimulations allocated for this yearand the announced support will makeMacedonian farmer competitive on the domes-tic and European markets within the next fouryears

The promotion of agricultural competi-tiveness in order to face the global chal-lenges was subject of the InternationalConference that took place in Skopje lastweek and was organized by the Farmers’Federation of the Republic of Macedonia(FFRM). The EU Ambassador to Ma ce do -nia, Mr. Erwin Fouere, also had his addressin presence of representatives of the agri-cultural sector from almost all countries inthe Region. Greeting the idea for holding theConference, he conveyed part of the experi-ences of his native Ireland, one of the lead-ing European countries regarding growingeconomies in the last decade and presentedhis position on the situation with the agricul-tural sector in Macedonia.

- In Ireland the situation has changeddrastically. It is a more industrial countrynow, however, agricultural traditions in cer-tain fields still exist, especially in sheepbreading. This is something we also want topreserve in countries like Macedonia due tothe large challenges it is going to face whenjoining EU. If this begins early, the difficul-ties that countries like mine had faced willprobably be avoided. Therefore, I greet thisinitiative by FFRM on gathering expertsfrom the region and some European coun-tries such as Sweden, who are present hereto exchange experiences. The commonland policy of EU, which was developed byits first six member countries, is essential forthe competitiveness of European agricultureand agricultural sector as a whole, whichincludes 90 million posts, the AmbassadorFouere emphasized.

In his exhaustive speech on this subjecthe indicated that in Western Europeancountries subsidizing the agriculture in orderto secure the food supply was past and nowthe EU policy was focused on food manu-facturers, from cereals to gardening andfruit-growing, in order to be able to stand ontheir own feet and be a competition both toEuropean and world market.

- The latest land policy development isdesigned to adjust (based on the experi-ence from 2003 reforms) and be convincedthat the policy can handle the modern chal-lenges such as climate changes. EuropeanCommission is completely devoted to the

continues on page 12

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12 DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS

berzNIK number 24 Date 26.05.2008

issue on agricultural competitiveness.However, to be competitive does not mean tohave lower price, but a better quality, to pro-duce, for example, wine, cheese, and meatthat the consumers worldwide demand. Forthose who compete for high quality productsit is important to have access to labeling andgeographic origin system and quality recog-nition. The rural development policy is alsoan essential element, which means not onlyimprovement of products’ quality but alsoimprovement of the life quality in rural areas.Manufacturers must adjust to new politicaland economic circumstances and, as Ma ce -donia being a candidate country, there aremany things that should be done in order toprepare the country to adjust to EU member-ship criteria. Rural municipalities here, as inIreland before, suffer form a high percentageof immigration and deserted houses. Thereare small sheep breeding farms that cannotendure due to low prices of theirproducts. For example, they get only20 denars for a kilogram of wool onthe market. A lot should be investedin order to preserve the tradition ona local level, for instance sheepbreeding and sheep products. It isvery important agricultural communi-ty to survive, as well as to synchro-nize production and market demandand develop placement and market-ing. We are already providing fundsfor rural development through vari-ous financial instruments and theprojected for development in theperiod between 2007 and 2009amounts to 90 million euros. Thisshows the enormous potential in thisand closely-related fields like agrotourism, which was very successful in Slo -venia, where many agricultural farms devel-oped their homes by the aid of the EU pre-accession funds, Mr. Fouere explained.

As a closing statement Mr. Fouere alsoindicated the key role of the Federation inincreasing the agricultural competitiveness,which has the leading role in all sector inter-ventions, whilst the task of authorities beingthe development of policies that correspondto market and consumers. The progress ofagricultural competitiveness is a large chal-lenge and the ways to achieve that are noteasy at all, but I have no doubts thatMacedonia and the agricultural sector willrespond to that challenge, Mr. Fouere said atthe end of his speech.

At the Conference, Mr. Dragi Dimit ri -evski, Professor at the Faculty of Agricultureand Food in Skopje, also had his presenta-tion on the situation with the Macedonianagriculture, as well as on the FFRM role.

- Macedonian agriculture is a significanteconomic sector, taking the third placeregarding Gross Domestic Product withapproximately 12%. For a long time now,Macedonian agriculture has been a sectorthat supports the entire economy and towhich belongs around 20% of the labor pur-suant to the International Labor Organization

and methodology. Its development as of theyear 2000 to date can be manifested throughthe changes in the gross value of production,which constantly increases. Moreover, char-acteristic of the Macedonian agricultural sec-tor is that the ratio between vegetable pro-duction and stockbreeding production isunfavorable. It indicates that it is not on thelevel of high-developed countries yet, andthat the vegetable production makes threequarters of the total production, Mr.Dimitrievski pointed out.

We do not use the production capacitiesenough and it is a problem Macedonia hasbeen facing since its independence to date.Additionally, in the period from the year 2000to 2007, a reduction of agricultural areas hasbeen detected. About ten years ago, agricul-tural arable areas spread on approximately660 000 hectares, while today we have adecrease for over 100 000 hectares.

Macedonian agriculture evolves in twomain agricultural structures – agricultural

enterprises, companies that emerged fromformer agro-plants and some new ones,which are market-oriented and where 20% ofthe agricultural land is located, and on theother hand, those that are important for pre-serving the traditions – family economies, anarea where the Federation operates. Theycultivate approximately 80 percents of theagricultural small-sized and fragmentalareas, and larger attention should be paid tothis agricultural structure in future. Accordingto inventory in 2007, 193,000 family agricul-tural economies cultivated around 260 000hectares. However, in average it is a matterof a very small structure, i.e. very small farmswith less then one and a half hectare of landwith parcels. One agricultural family hasapproximately eight to 10 parcels, wheremodern mechanization cannot be used. Theeconomy there cannot leave its mark andthat is the field that should be worked on infuture in order to surmount the problem.

Production trends in Macedonian agricul-ture are relatively stabile as of 2000 to date,but yields are low, particularly in productionof crops and industrial cultures. Regardingstockbreeding production, the number of cat-tle has dropped and especially devastating isthe situation with the sheep breeding com-pared to the past, when there was four times

more livestock. In this sector yields are alsovery low in comparison to yields in developedcountries. Stockbreeding depends a lot onthe fodder import, mainly granular, whichmeans that potentials in this sector are limit-ed, especially those that are dependant onconcentrated provender both in pig breedingand poultry.

Macedonian agriculture competition is ata low level, from many reasons, amongwhich is the small structure of family agricul-ture economies in whose possession is mostof the capacities. Low yields lead toincreased production expenses, i.e. highprice that prevents the market competitive-ness. They are worked on, but have not beenreached yet.

The processing industry as part of thefood production chain “from field to table” hasits flaws, and no cooperative relations havebeen established since nobody has investedin it for many years.

Regarding the impact of the land policyover competitiveness, one can saythat for a longer period of time thetreatment of the country and the landpolicy was inadequate, i.e. there wasa low level of budget support. Themain land policy consisted predomi-nantly of relatively higher protectionpolicies on the market, but asMacedonia is becoming World TradeOrganization member, the protectionis diminishing and more adequatepolicy and major budget support isrequired in order to provide the com-petitiveness of agricultural products.

For many years, investment poli-cy was one of the reasons that theMacedonian agriculture as low-accu-mulative was unable to improve itscapacities and modernize means of

production, which led to low productiveness.Furthermore, one should work intensively onthe market infrastructure and strengtheningmarket institutions. Of course, not allMacedonian agriculture is uncompetitive.There are certain competitive sectors, princi-pally gardening, viticulture and sheep breed-ing, which have a competitive power on themarket mostly because of the low labor priceand low production expenses. Other reasonsare prices, which were relatively stabile until2006, excluding 2005 when there was signif-icant price reduction due to the admission ofMacedonia in the WTO. However, in 2007the prices of barley, sunflower, etc. wereincreased. It led to positive influencesregarding cereals, and negative influences inthe field of stockbreeding concerning milkand meat production.

In 2006, we had only 18 million eurosdeficit, but, yet, in 2007 the deficit increaseddrastically to 27 million euros due to thealready familiar reasons. This concerned theproducts that are most important for con-sumers and nutrition strategy for population –the milk, which we have been importing con-tinuously from 2000 to 2006, as well as meat,sugar, sunflower and other products. There isa positive balance of payments solely regard-ing sheep and goat products.

continues from page 11

LAND POLICY IN MARKET AND CONSUMERS’ INTEREST

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1. SHORT REVIEW OF EVENTS

1. STOLEN 6.7 MILLION EUROS FROM MACEDONIAN TELECOM (*****)

2. MACEDONIA IS IDEAL LOCATION FOR PRODUCTION OF BEEF (**)

22.05.2008 THURSDAY

The scandal in Makedonski Telekom, in which6.7 million Euros were stolen in two years, is topnews in all today’s papers. According to the officialan nouncement from the majority owner, in the pe -ri od from 2004 to 2006 this sum has illegally been“poured out” from Hungarian company Magyar Te -le kom on consulting services. In the report pre-pared by the American auditing house White andCase it stands that there are evidence for illegalac tions in forming and implementing six contractson certain services, made with consulting housefrom Cyprus. As the papers report, MakedonskiTe lekom gives no comment to this information,be cause Magyar Telekom conducts the investiga-tion. Financial scandal came out at the end of2005, after the embezzlement in Montenegro Te -le kom, which is also in ownership of the Hun ga ri -an company, because of what there was internalinvestigation conducted there. The dividend pay-ment for 2005 was late because of the investigati -on in Macedonia. Since it is listed on New Yorkstock market, Magyar Telekom, mother-companyof Makedonski Telekom, was punished by theAme rican, Hungarian and Macedonian financialauthorities for not submitting annual financial re -port on time.

Swisslion d.o.o. Skopje claims that theSecurities Commission has no legal right to banthe company to posses its stocks in Agroplod Re -sen, today’s Vest informs. - “Our stocks are block -ed illegally. We bought shares of Agroplod on pub-lic call and they were paid across MSE - Klime

Mes kov, director of Swisslion, explains addingthat if there was any irregularity, the state or SCwe re to react one and half year ago, when the ag -re ement was concluded. SC blocked company`sstocks on Public Attorney`s Office demand whichsu es Swisslion for establishing of invalidity of thecon cluded agreement with the Ministry of Eco no -my for sell of 5,339 shares of Agroplod AD Re sen.

The print media also convey the assessmentof Canadian businessmen that Macedonia wasideal place for beef production, given on the meet-ing of Agriculture Minister Aco Spasenoski withthe joint parliamentary business delegation fromCa nada. On the meeting also discussed had beenthe possible placement of Macedonian productson the Canadian market, especially of garden pro -ducts and vine which is already present on thismar ket, but in small amounts.

It is expected there be placement of Ma ce do -ni an Ajvar and Lutenica on the north-Americanmar ket soon, since American distributers haveshown big interest for them on the Global Foodand Style Fair that takes place in Chicago. The re -fo re, the AgBiz program of the American agencyfor international development (USAID) will helpdo mestic companies to arrange cooperation withpart ners from USA, Dnevnik reports. Macedoniancom panies Altra, Universal promet, Bonum, Tr go -pro dukt, Lars and Intermak, which export 80 to 95percent of their production, have participated onthe Fair.

The opening of the first Institute for In for ma -

tics in Stip was met with big interest by the printme dia. Director of Makpromet, Mile Atanasovand Koce Petrov from Duna computers, point outthat the Institute’s main goal was to promote andsti mulate the development of this region throughope ning new jobs which will stop the young intel-lec tuals to leave their birth place and move to theca pital as the most developed business center inthe country. The two companies will also give tenscho larships to young students, and within theirpro jects in information researches they will coope -ra te with the new university Goce Delcev fromStip.

There will be electricity despite the overhauls,is the title of the text in Utrinski vesnik, where onecan read about the electro-energetic condition inthe country. As ELEM claims, there will be enoughpower for the next months and there is no needfor import, despite that the regular annual repairsin REK Bitola are underway, and TEC Oslomej willnot operate for another month, also because of re -pair. The measures taken are in accordance withhe energy balance for this year, and the threeblocks of Bitola thermal power station will be fixedby the middle of October, actually by the beginn -ing of the heating season, when they will be com-ple tely ready to meet the needs of the electro-ener getic system. Although the next months REKBi tola will operate with two blocks, the power pro-duc tion will fully cover the domestic needs.

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

DNEVNIKp.9 STOLEN 6.7 MILLION EUROS FROM MACEDONIAN TELE-

COMp.11 AMERICANS WANT MACEDONIAN AJVARp.11 CANADIAN WANTS TO RAISE CATTLE IN MACEDONIA

BIZNISp.3 ABOUT 6.7 MILLION EUROS IN A HOLE p.3 MACEDONIA IS IDEAL LOCATION FOR PRODUCTION OF

BEEF p.3 ABOUT 1,260 MWH OF ELECTRICITY ON SALE p.13 MBI-10 SLIDES 2.4 INDEX POINTS p.13 TRADING VALUE – 21.5 MILLION DENARSp.13 MBI REPORT ON 21.05.2008p.14 TOPLIFIKACIJA WITH MKD 15.2 MILLION OF LOSSESp.14 BETON TO ALLOCATE 735,672 DENARS DIVIDEND FOR PDIp.15 SHARE BUY-BACKp.15 NON-TRADE TRANSFERS p.16 THE OIL HAS REACHED ALMOST 130 DOLLARS PER BAR-

RELUTRINSKI VESNIK

p.10 MACEDONIAN TELECOM EMBEZZLED 6.7 MILLION EUROSIN 2005

p.10 THERE WILL BE POWER DESPITE THE OVERHAULS p.12 THE OIL REACHED 130 DOLLARS PER BARREL, WILL IT

REACH 200? VECER

p.6 NEW INSTITUTE FOR IT RESEARCHES TO BE OPENED p.6 THE AGRIBUSINESS AND INFORMATICS IN THE FOCUS OF

INVESTORS

p.7 WE SHOULD THINK ABOUT THE POSITION OF GREECE INNATO

p.7 BARREL OF OIL – 130 DOLLARS VREME

p.1 EVERYONE WASHES HANDS FROM THE POISONOUS OILp.5 FOREIGNERS INTERESTED IN BEEF p.5 HERZEGOVINA LIES ON OIL FIELDSp.5 LUKOIL TO INVEST 15 MILLION EUROS IN MONTENEGRO p.5 MACEDONIAN TELECOM WAS WORKING ILLEGALLYp.5 THE CRAFTSMEN WASH THEIR HANDS FROM THE OIL

VESTp.7 TELECOM HAS SPENT 6.7 MILLIONS OF EUROS, ILLEGALLYp.8 SWISSLION: OUR STOCKS IN AGROPLOD ARE BLOCKED

ILLEGALLY p.8 FIRST IT INSTITUTE OPENED

NOVA MAKEDONIJAp.1 TWO MILLION EUROS DAMAGE FOR MACEDONIAN RAIL-

WAYS p.2 TWO MILLION EUROS DAMAGE FOR MACEDONIAN RAIL-

WAYS p.8 BIT BY BIT ON THE STOCK EXCHANGEp.8 SHARES OF GRANIT MARK HIGHEST TURNOVER, THIRD

DAY IN A ROW p.8 OIL NEAR $130 A BARREL p.8 €6.7 MILLION EMBEZZLEMENT IN MACEDONIAN MAGYAR

TELEKOMSPIC

p.10 MAGYAR TELEKOM WITH EVIDENCE FOR EMBEZZLE-MENTS IN MACEDONIA

DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS 13Date 26.05.2008 number 24 berzNIK

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14 DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS

berzNIK number 24 Date 26.05.2008

1. SHORT REVIEW OF EVENTS

1. BREAD – FIRST VICTIM OF THE RAGING OIL PRICE (*****)

2. PANDE LAZAROV, THE FORMER FIRST MAN OF ESM IS DETAINED (****)

23.05.2008 FRIDAY

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

The oil continues to break records. Today`snews¬pa¬pers report the news for the new recordof 135 dollars a barrel. The price rise came afterthe American Government announced that thestate raw oil reserves reduced. The US De -partment of energy suddenly announced in publicthat the raw oil reserves reduced for 5, 4 millionbarrels in a week. From the beginning of this year,the oil price has raised by about 34 per cent.

Although Macedonia is completely dependentof oil derivatives import in the last months, andthere is rise of fuel prices every 15 days, theGovernment does not consider undertaking anyme asures. According to the spokesman IvicaBocevski, the Government follows the world oilprices and if they it necessary to intervene, theywill. Under the influence of the world Stock Ex -chan ges, the Energy Regulatory Commission ra -ised the selling fuel prices in the last ten days. Ifthe price rise tendency on the stock exchangescontinues, it is inevitable to have new rise of oilderivatives prices in Macedonia, was published inNova Makedonija.

In accordance with the oil price rise, the foodprice in the world also raised. The prices of thefood stuffs will remain high in 2008 and the hungerproblem can deepen despite the record food pro-duction this year, announced the United NationsFood and Agriculture Organization. According tothe last anticipations of FAO, the world productionof grains will reach 2, 2 billion tones in 2008,

which is 3,8 per cent more compared with lastyear, reported today`s Utrinski vesnik.

The Government establishes a company forwholesale trade of fruit and vegetables, Agriland,which together with the Israeli firm Soli Group willestablish joint stock company that will exportMacedonian agricultural products on the marketsabroad.

Agriland is a joint stock company where theon ly owner is the Macedonian Government, whichinves ted 1, 5 million denars to establish it. AsDnev nik informs, the Macedonian - Israeli Com -pa ny is expected to start operating in the beginn -ing of next month. In the company, the Go vern -ment will own 49 per cent of the capital, and theremaining 51 per cent will be owned by the Israelifirm.

The American railway giant Wabtech is a newowner of the Macedonian company MZT Hepos.The American company announced that it buysthe Italian group for railway stopping systems pro-duction, Polispa, for 53 million euro. The man-agers of Wabtech, a company that offers differentproducts, technologies and services on the globalmarket, state that by purchased Polispa, they willintensify their strategic presence on the marketand will raise the profit on the international mar-ket. MZT Hepos, a company that produces sys-tems for stopping in the railway transport, is aleader in on the Macedonian market for the exporttoward China.

For the financial malversations in Makedonskitelekom, when 6, 7 million euro were defalcated,the Government will indict a procedure foramends. According to law experts, whose opin-ions are reported by Nova Makedonija, theGovernment that is owner of share capital in thecompany has a legitimate right to claim responsi-bility and amends for financial malversations. –We will absolutely indict procedure for amends.We follow the findings of the inspection. After thefinal findings, a procedure will follow - says IvicaBocevski, spokesman of the Government.

Vecher reports the arrest of Pande Lazarov,an ex-director of Elektrostopanstvo Makedonija.Namely, Lazarov, who fired about 1000 workersbefore the privatization of ESM, yesterday wasdetained by the police, suspect for money launde -ring and power abuse. He is suspect by thepolice, according to the findings of the investiga-tion, that as a director of ESM in the period of1996 to 1998, he took 300 000 dollars and 190000 German marks, informed from the Ministry ofinternal affairs.

On Tuesday on the money market was real-ized a total profit of 12.153.353, 56 denars, and93 transactions were realized of 66 transactions,while the rest of 3.380.422 denars were realizedon the regular market of 27 transactions. The onlyshare that had profit of over one million denars-third day in a row- was the share of MacedonianStock Exchange.

DNEVNIKp.1 EVERY NIGHT WE GIVE OUR NEIGHBORS POWER FOR

FREE p.9 WE GIVE OUR NEIGHBORS ELECTRICITY FOR FREEp.11 THE GOVERNMENT CREATES COMPANY FOR EXPORT OF

FARMING PRODUCTS

BIZNISp.1 BONDS – LIFE BELT FOR INVESTORS p.1 PAYMENT CARD TRANSACTIONS UP BY 6.5% p.3 PAYMENT CARD TRANSACTIONS UP BY 6.5% p.3 STATE PROPERTY BEING SQUANDERED BUT NOBODY

TAKES ACTION p.4 BREAD TO BE KNEADED WITH DOMESTIC WHEAT p.4 BONDS – LIFE BELT FOR INVESTORS p.7 CRIMINAL CHARGE FOR PANDE LAZAROV p.14 MBI 22.05.2008p.14 8.7 MILLION DENARS REALIZED ON THE OFFICIAL MARKET p.14 MBI-10 INCREASED BY 6.21 INDEX POINTS p.15 NON - TRADING TRANSFERS OF SHARES p.16 OIL PRICE REACHED 135 DOLLARS PER BARREL

UTRINSKI VESNIKp.1 BREAD – FIRST VICTIM OF THE RAGING OIL PRICEp.3 BREAD – FIRST VICTIM OF THE RAGING OIL PRICEp.10 THE FOOD PRICES TO INCREASE p.10 CONSORTIUM TOOK OVER PERUTNINA FROM PTUJp.11 THE BANKS ARE GENEROUSLY GIVING CREDITS, UNTIL

WHEN?p.11 HERZEGOVINA HAS OIL AS MUCH AS SAUDI ARABIA

VECERp.1 PANDE LAZAROV, THE FORMER FIRST MAN OF ESM IS

DETAINED p.3 PANDE LAZAROV, THE FORMER FIRST MAN OF ESM IS

DETAINED p.7 ELECTRICITY DISCONNECTION CONTINUES p.7 RAILWAY CONNECTION WITH BULGARIA AND ALBANIA IS

NECESSARY

VREMEp.1 LAZAROV WAS STEALING FROM ESMp.3 PANDE LAZAROV APPREHENDEDp.6 MORE THAN 135 DOLLARS FOR ONE BARREL OF OIL p.6 OIL FOOD YET TO BE ANALYZED p.6 GASIFICATION OF STRUMICA IN THREE YEARS

VESTp.14 THE OIL FOR OVER 135 DOLLARS

NOVA MAKEDONIJAp.4 PANDE LAZAROV DETAINED OVER CORRUPTION p.8 THE SHARE ON THE MACEDONIAN STOCK EXCHANGE

WOKE UP THE THREE YEAR`S SLEEPp.8 GOVERNMENT TO CLAIM DAMAGES FOR TELECOM EMBEZ-

ZLEMENTSp.8 OIL REACHED 135 DOLLARS PER BARREL p.8 AMERICAN GIANT WABTEC TAKES OVER MZT HEPOS”

SPICp.1 FORMER ESM DIRECTOR PANDE LAZAROV ARRESTEDp.6 FORMER ESM DIRECTOR PANDE LAZAROV ARRESTED

Page 15: MKIBN20080526-0024E

1. SHORT REVIEW OF EVENTS

1. ISKRA FROM SLOVENIA TO BUILD FACTORY IN BUNARGIK (*****)

2. MACEDONIA DOES NOT HAVE EVEN ONE THIRD OF THE EUROPEAN GDP PER CAPITA (*)

24.05.2008 SATURDAY

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

The settlement of another foreign investor inMacedonia is the top news in Saturday`s newspa-pers. All editions carry the story about Iskra, oneof the largest Slovene companies in the electron-ic industry, which is to build factory for parts in thefree trade zone Bunardzik. The memo on under-standing was signed by PM Nikola Gruevski andDusan Sesok, Iskra`s General Director. Accordingto the announcements, the construction of the fac-tory will start no later than January the followingyear with plans for employing around 500 peoplewithin a period from 3 to 5 years after the con-struction.

Utrinski Vesnik announces the formation of agovernmental company for trade with vegetables,which is to be direct competition to the privatesector in the trade with agricultural products. Inthe Israeli - Macedonian company - Agriland,which has 1.5 million denars startup capital, theMacedonian Government owns 51 percent of theshares and 49% go to the Israeli capital. Thereare forecasts that this form of sale will make goodmarketing promotion of the Macedonian agricul-tural products, as the gardening products, thenmilk and dairies, as well as processed agriculturalproducts for the purpose of organized promotionon the fastidious external market.

There is a concerning statistic showing thatMacedonia has barely one third from theEuropean GDP pert capita, informs Nova

Makedonija, which carries Eurostat data. Withinthe past ten years, in contrast with the Europeanaverage, the Gross Domestic Product (GDP) percapita in Macedonia went up for only 2 percent.Compared with the other countries, Macedonia isin the bottom of the list according to this econom-ic indicator. Furthermore, there is another interest-ing comparison with Romania, which was lessdeveloped in Macedonia in 1999, but gained quickgrowth and marked 40 percent GDP per capita,which is over 14 percent increase.

Although the fuel prices are setting newrecords and have gone up for 30 percent sincethe beginning of the year, the citizens mark in cre -a sing consumption of derivatives. Due to this, thestate is collecting more money in the budget forexcises and VAT for the petrol. According to thedata from the Public Revenue Office carried bythe print media, the opening three months of thisyear collected 1.5 billion denars (26 million euros)on this basis, which is more than the same periodin 2006, when the oil price started climbing up.

The surplus of electricity in the energy sys-tem, which is generated during the night, is beingfor sale for almost all of the time. Only 2,163megawatts from the offered 11,837 megawatt-ho -urs were sold on the previous three auctions. Ac -cording to the explanation of MEPSO`s spo kes -person, Nikola Stojanov, the working regime ofthe thermal power plant REK Bitola allows 20 per-

cent reduction of the night production capacity,and should there is any surplus, the electricity issent in the system. It is registered as compensa-tion after a takeover by the neighboring countries.Whoever takes the electricity should return it butin the same period of the day. Such thing is unfa-vorable for us since we already have excess ofelectricity during nighttime.

With credit to certain placement of agricultur-al products, reads the article headline in Vreme,informing that the purchasers of grapes, crops orgardening products can use credits with 5 percentinterest rate. We have allocated 8 million euros.This money can be used for primary productionwith 4 percent and for the purchasers with 5 per-cent interest rate. Half of this amount has beenused to date, which indicates there is a tremen-dous interest both among the farmers and thecompanies, highlighted Zivko Jankulovski, De -pu ty Prime Minister for Agriculture.

All weekend editions of the print mediamarked the promotion of Skopsko Silver Moon,the new beer that the Skopje Brewery started dis-tributing across the catering objects in the country.Officials from the company state that the beer is acomplete innovation of their experts and a resultof extensive research over the needs, desires andexpectations of the home consumers, especiallyof the younger generation.

DNEVNIKp.1 THE ELECTRICITY IS NOT FREE

p.1 ALTHOUGH EXPENSIVE, PETROL SELLS LIKE HOT CAKES

p.9 МBI 23.05.2008

p.9 SLIGHT INTEREST FOR THE NIGHT SURPLUSES

p.9 THE ELECTRICITY IS NOT FOR FREE

p.9 ISKRA WILL BUILD FACTORY IN BUNARGIK

p.9 ALTHOUGH EXPENSIVE, PETROL SELLS LIKE HOT CAKES

p.11 PROMOTION OF THE NEW BEER SKOPSKO SILVER MOON

UTRINSKI VESNIKp.9 МBI 23.05.2008

p.9 BREWERY – SKOPJE WITH NEW SILVER MOON BEER

p.9 THE GOVERNMENTAL COMPANY FOR TRADE IN VEG-

ETABLE TO START ITS WORK BEFORE THE ELECTIONS

VECERp.1 ISKRA FROM SLOVENIA TO BUILD FACTORY IN BUNARGIK

p.3 SKOPSKO SILVER MOON, A BRAND FOR THE YOUNG GEN-

ERATION

p.7 ISKRA TO BUILD A FACTORY

VREMEp.7 ISKRA WILL BUILD IN BUNARGIK

p.7 CREDIT PROVIDES POSITIVE PURCHASE OF AGRICULTUR-

AL PRODUCTS

NOVA MAKEDONIJAp.8 GRANIT’S HARES TRADED IN THREE SECONDS IN AMOUNT

OF 14 MILLION DENARS

p.8 MACEDONIA DOES NOT HAVE EVEN ONE THIRD OF THE

EUROPEAN GDP PER CAPITA

p.8 NO LORRIES COLUMNS AT BOGORODICA

p.8 SLOVENIAN ISKRA WILL BUILD FACTORY IN BUNARGIK

p.8 THE OIL PRICE WILL CONTINUE TO RISE

DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS 15Date 26.05.2008 number 24 berzNIK

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GLOBUS

c.11 ALKALOID SATISFIED FROM THE JUDGMENT FOR THE CAF-FEINE

The eminent company Alkaloid in the future will not be subject to abuse,especially with the caffeine imitation. This has been said by the first man ofthe company, Zivko Mukaetov, on the two day conference that was heldtogether with several faculties from Skopje.

C.36 ST. GRUJO IS NOT KILLING THE INFLATIONLast year we were shaking if the price reached 100 dollars per barrel,

and now it is 130 dollars, with a tendency for year and a half to reach 200dollars! Are we not seeing the “bear” before our door or as a state we are justjoyful on the record – breaking contributions from the taxes foe every liter onthe gas stations.

KAPITAL

p.8 DELTA BROKER NEW BROKERAGE COMPANYDelta broker is the name of the new brokerage company founded last

week in Skopje. The 25th brokerage company in Macedonia is establishedwith capital of 75 thousands euros.

p.10 THE PATENT IS THE KEY OF SUCCESSFUL PHARMACEUTI-CAL BUSINESS

Patented medicines are the key of pharmaceutical business` success.They are also crucial for state`s economic development which depends onpharmaceutical industry.

p.11TIKVES WON THE CHAMPIONSHIP ON THE FAIR IN NOVI SAD The wines of the winery cellar Tikves won the championship on the agro

fair held in Novi Sad among competition of 750 presented wines. p.11 FOUR COMPANIES IN THE RACE FOR MACEDONIAN AIR-

PORTS The companies Vienna export, Austria, TAV, Turkey, Hochtief, Germany

and the British-French Egis delivered the public tender documents for issu-ing concession for construction, reconstruction and utilization of the airportsAleksandar VeliKI and Sv. Apostol Pavle and for construction of the newcargo-airport in Stip.

p.12 THE DUTCH DHB PURCHASED THE EXPORT CREDIT BANKIK bank signed a purchase agreement of package of shares between the

consortium shareholder of the export credit bank AD Skopje and Demir-HalkBank, founded in Rotterdam, Nederland.

p.14 IFC JOINS THE INVESTMENTS OF SORAVIA GROUP IN THEREGION

The International Financial Corporation (IFC) joined Soravia Real EstateDevelopment Group as strategic financial partner, and became an owner of13 % of the company.

p.22 OVER 500 MILLION EUROS FORM THE BUDGET FOR AGRI-CULTURISTS BY 2012!

VMRO-DPMNE won the previous elections with the attractive and goodprepared economic program. The party now has the same program only thistime expanded.

p.29 THERE IS NO WINE BETTER THAN MACEDONIANWell-know enologists, wine experts, members of the association of the

European consulate of wine knights and representatives of the winery cellarsaccompanied by Slovenian media, last week visited the winery Skovin.

p.38 THE STATE HAS THE BIGGEST BENEFIT FROM THEINCREASED OIL PRICES

Few days ago, in one debate show on Croatian television dedicated onthe record oil price increase, one of the guests, Davor Stern (former direc-tor of the Croatian oil company INA, today a vice-president of the Russian oilgiant TNK, in a function of oil lobbyist stated that everyone benefit from theincreased prices of the “Black gold”: countries exporters of oil, countriesimporters of oil, because their governments benefit due to increased taxbase for calculating VAT at oil derivates.

p.42THE STATE DENATIONALIZATION BOND – LAST WEEK`S MOSTTRADED SECURITIES

Last week the stock exchange turnover in the classical trade was high-er in relation to the week before, for around 14 % and was 130 million denars(around 2.1 million euros).

p.44 ZK PELAGONIJA WITH LOSS OF 72 THOUSAND EUROS IN

THE FIRST QUARTER ZK Pelagonija ended the first quarter of this year with loss of 72 thou-

sand euros or 4.42 million denars. In the same period last year the companyrealized profit of 1.75 million euros or 107.7 million denars, indicate the quar-ter financial report of ZK Pelagonija

p.44 BLOCKED SHARES OF SWISSLION IN AGROPLOD p.46 ERSTE BANK ENTERS IN INVEST BANK Invest Bank announced that it is in serious negotiations with the Austrian

Steiermarkische bank und Sparkassen AG, and very soon they will be thenew owners of Invest Bank.

p.47 NEW BRANCH OFFICE OF OHRIDSKA BANKA, KUMANOVOOhridska banka, a member of Societe Generale Group has opened

branch office in Kumanovo, enabling greater services` accessibility drawingnearer to clients.

p.47 KOMERCIJALNA BANKA INSTALLED THE FIRST DRIVE UPATM IN MACEDONIA

Komercijlna Banka placed its 100 ATM and the first Drive Up ATM at theMakpetrol`s gas station located near Vodno - Tavtalidze

p.47 Uni Bank records revenue growth of 65 %Uni Bank in the first three months this year realized total bank revenues

(interests, commissions, and exchange rate differentiates) of 309.5 milliondenars, which represents an increase of 65% compared with the same peri-od last year ( 187.9 million denars), while on a net-base the revenue growthis 56%, the bank announces.

p.48 DOMINATION OF DEUTSCHE TELECOM IN THE REGIONDeutsche Telecom makes efforts to complete the telecommunication

market on South East Europe through purchase of one fifth of the capital ofthe Greek telecommunication company OTE.

FORUM

p.26 MACEDONIA TO BECOME SINGAPORE?A letter from the future. Macedonia 2012. The total foreign investments,

including the past two months of this year, have increased to 500 million dol-lars. The total foreign investments for the past four years (2008-2012) aremore than two billion dollars.

P.33 SHARES OF KOMERCIJALNA – MOST TRADED SHARES. The past trade week began with a turnover of 21 million denars in the

classical trade of shares on the Official market where MBI-10 dropped by 0.4percent. On the Regular market which realized a value of 3.2 million denars,the share of iDevelop had the biggest participation in the turnover, realizing1.38 million denars through 15.700 traded shares.

MAKEDONSKO SONCE

p.34 THE INFLATION IN MACEDONIA WON THE BANK INTERESTSAlthough bankers bore as much as they could, still the bank interest s

can not bear the pressure of the high inflation, which two months exceedsthe two digit limits. Starting from June, 1, citizens and companies will facenew higher interest rates, between 0.5 and 1 percent in average.

DENES

p.21 THE CONSTRUCTION OF THE CORRIDOR SOUTH-WEST ORTOTAL ISOLATION

Macedonian railways, still more, the export-import companies in thestate, in the days of the transport blockade by Greece, have increased costs,because they must seek another quick alternatives to export the products bynot suffering losses due to the products` delay to the final destination.

FOKUS

p.9 THE FOOD WITH HIGHER PRICE BY 2015The World Bank expects the food prices to remain high in the next years.

The executive director of the bank, Juan Jose Daboub, stated that the foodprice increase is not a temporary appearance which could exceed in fewmonths. On the contrary, the World Bank considers that the food prices willremain high at least until 2015.

1. SHORT REVIEW IN THE WEEKLY MAGAZINES

19.05.-24.05.2008 MONDAY-SATURDAY

16 DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS

berzNIK number 24 Date 26.05.2008

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Both partners will continue to work as inde-pendent companies, but VIP has the exclusiverights to offer Vodafone`s products and services toits clients. The operator VIP will add the logo ofVodafone to all products and services offered as aresult of this partnership.

Mobile operator VIP and the world internati -o nal mobile communicational group, Vodafone,last week officially presented its exclusive stra -te gic partnership. VIP`s users will join the glob-al community of Vodafone which currently hasover 520 million members throughout the world.Vodafone has over 252 million users at the endof 2007 and has direct investments in 25 coun-tries of five continents. Vodafone is present on41 partner market with 270 million users in over60 countries throughout the world.

Vodafone announced that Macedonia willwork exclusively with VIP.

- Telecommunication services on the Bal -kans record rapid growth and it is our pleasurethat Vodafone has now the opportunity throughits partnership with the mobile operator VIP toen ter in another Balkan market. The partner-

ship with Vodafone will ensure that the total as -sort ment of VIP`s international standard pro -ducts and services will finally be available to -get her with the unique local services of VIP`susers, said Stefan Vail, senior manager of Vo -da fone`s partner markets.

Nikola Ljusev, chief executive director ofVIP, considers the partnership with Vodafone asbe nefit for all users of their telephone network.They indicated again their innovative approachon Macedonian mobile telecommunication mar-ket. Introducing this product on Macedonianmar ket indicates that VIP continues to joinworlds on a leading international communicati -on group and VIP`s local knowledge.

Thanks to the partnership, VIP`s users infu ture will enjoy in more innovative services, ex -clu sive telephone apparatus in the internationalro aming coverage of Vodafone. Both partnerswill continue to work as independent compani -es, but VIP has the exclusive rights to offer Vo -da fone`s products and services to its users.Se veral members of Mobilkom Austria group,as Mobilkom Austria (Austria), VIPNET (Cro a -tia), MTEL (Bulgaria), SIMOBIL (Slovenia) andVIP mobile (Serbia) have already joined thispartnership with Vodafone.

The first benefit for Macedonian citizensfrom this strategic partnership is introducing theBlackBerry of Vodafone – intelligent phones,soft ware and services in order to enable easyac cess to e-mail, phone, calendar, Internet,mul timedia contents and similar applications.This is the first product introduced by VIP, fol-low ing the announcement of the strategic part-nership with Vodafone in Macedonia. On theve ry beginning, VIP will offer BlackBerry® En -terprise Server and BlackBerry® InternetService with selection of intelligent phonesBlackBerry® Curve™ 8310 and BlackBerry®Pearl™ 8100.

- Blackberry intelligent phones are sterili -

zed and innovative communication apparatuswhich combine voice, e-mail, Internet browseand data applications. As a result of our strate-gic partnership with Vodafone and the Mo bil -kom Austria group this is the first time Ma ce do -ni an market to have access to these productsand services. We believe that BlackBerry soluti -on will bring users new and more exciting waysof communication, stated Mario Cvitovic, chiefmarketing director of VIP.

Charmaine Eggberry, vice president andMa naging Director for Europe Middle East andAfrica, also stated his satisfaction from theintroduced BlackBerry solution in Macedonia.BlackBerry intelligent phones enable people tobe connected with their colleagues, friends andfamily as well as mobile approach to the grow-ing volume of the business and personal appli-cations. VIP will offer BlackBerry EnterpriseServer for larger enterprises and BlackBerryInternet Service for residential users or smallercompanies.

NEW BEER FROM PIVARA SKOPJE

SKOPSKO SILVERMOON TO THE LIKING OF THE NEWGENERATION

- Skopsko Silver Moon is the name of thenew beer from Pivara Skopje AD, which sinceFriday last week started to be distributed in thecatering objects throughout the country.

It is a matter of a light beer which offers fab-ulous refreshment in the moments of fun andsocialization.

It is produced by original recipe, by the helpof the ultimate technology of Pivara Skopje.Transparent bottle, with distinctive shape and

metalized label makes Skopsko silver Moon theultimate innovation on the domestic market ofbeer.

- Skopsko Silver Moon represents revolu-tion on the Macedonian beer market. It is theoffspring of Skopsko – the most powerful beerbrand in the Republic of Macedonia, and one ofthe most powerful brands in our country in gen-eral, and in the region for that matter.

Pivara Skopje is the only Macedonian bre -we ry which has experience, knowledge and theca pacity to launch a sub-brand, modified andad justed to the habits and the lifestyle of theyoung, urban generation, and to everyone whofeels just as young”, stated Igor Ilievski, mar-ke ting manager of Pivara Skopje, on occasionof the launching the new beer.

“Skopsko Silver Moon is a modern, urbanbeer, above all intended for young, dynamic,prog ressive people who follow the modernworld trends. The projections are that already in

the first months after the promotion, SkopskoSilver Moon will be tested by 70% of the youngbeer consumers in our country, and even by90% of the young consumers in the agebetween 18 and 30. We believe that this beerwill become preferred brand at many of theseconsumers”, stated Martina Misheska, Ma na -ger for Domestic Beer Brands in Pivara Skopje.

Skopsko SilverMo on will be availablefor the consumers pri-ma rily through the ca -te ring objects (disco -theques, bars, nightclubs…)

Skopsko SilverMo on is dimensionedto two million bottlesun til the end of thisyear.

VIP`S EXCUSIVE PARTNERSHIP WITH VODAFONE

BLACKBERRY AVAILABLE IN MACEDONIA

BlackBerry Enterprise ServerFor corporative users, the Blackberry

Enterprise Server Software is safety integrat-ed with existing corporative systems forenabling constant wireless approach on e-mail and other corporative data together withthe advanced security, safety and IT adminis-tration.

BlackBerry Internet ServiceFor individuals and smaller businesses,

BlackBerry Internet Service enables theusers to approach to ten corporative and per-sonal e-mail addresses (including the e-mailaddress of most popular Internet serviceproviders) from one apparatus.

BlackBerry Curve 8310:BlackBerry Curve 8310 is powerful and

intuitive intelligent phone which besides thefull equipped keyboard has a compact size.The apparatus also includes rich multimediapossibilities such as integrated GPS whichsupports location-based applications andservices such as mapping and navigation.

BlackBerry Pearl 8100BlackBerry Pearl 8100 intelligent phone

is one of the smallest and easiest on the mar-ket, packs the functionality and performancein elegant design. In its compact and stylishlook, this triumphal apparatus includes pow-erful communicational tools and rich multime-dia possibilities which includes camera,music and video player and advanced mem-ory part for additional data storage.

DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS 17Date 26.05.2008 number 24 berzNIK

EVENTS THAT MARKED THE WEEK...

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W E E K LY R E V I E W O F M A C E D O N I A N S T O C K E X C H A N G Eperiod 19.05. - 23.05.2008

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