MKBN20080623 0028e

berzNIK - YEAR II - NUMBER 28 -23th JUNE 2008 - (SUPPLEMENT OF TENDERNIK)
Date 23.06.2008 number 28

DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
berzNIK
3
Reckoning without one`s host

This week, should we exempt the generally negative 2007. Telecom officials offered explanation that there was a
evaluations, critiques and complaints regarding the political need for further discussion for these points among the major-
post-elections voting and by all means the talks of our politi- ity shareholders. In other words, the point regarding the dis-
cal establishment with the highest diplomats in Brussels, the tribution of the profit was put off the agenda at last week`s
attention of the Macedonian public was turned to the events shareholders meeting of the Macedonian Telecom. It is
around the shareholders` meeting of the Macedonian unknown when the dividend will be distributed.
Telecom. Assembly expected to give the outcome of the pay-
ment of the two-year dividend that was to be paid to the gov- The state capital representative, Zoran Trajcevski, ex-
ernment, a situation which is treading water for the time plained that after the government at the last shareholders
being… The government is simply in a standstill, it cannot meeting suggested voting against the proposal of the major-
come to an agreement with the Macedonian Telecom. Now, ity shareholder, after internal communication it was agreed
the company is its own boss and it can decide whatever it these two points to be taken off the agenda and to be debat-
feels like… Furthermore, it is envisaged with the legal regu- ed on the next shareholders meeting.
lation in the country… The distribution of the profit is decided
(with or without voting on the shareholders` meeting) by the - The legal deadline is not exceeded, this will be the first
company`s management team i.e. the dominant shareholder. point of the Board of Directors and a new shareholders meet-
Now, the beliefs that we ing will be scheduled within the legal period. The government
- The European Union in eager expectation of a will have investors that holds to its request and we hoe a solution will be reached as
new proposal from the mediator Matthey Nimitz in the more or less will invest soon as possible, explains the government representative.
dispute between Greece and Macedonia in belief that and develop something Anyhow, the dividend cannot be paid on June 30, since as
the quarrel will very soon become history in this country`s telecom- things stand, explained Trajcevski, from a standpoint of the
(Hard to believe though…) munication system, presidential function of Macedonian Telecom`s shareholders
- We should be realistic. I would like to believe that which at the time was far meeting, first there should be a session of the Board of
the problem will be resolved soon with the proposal behind the western, and Directors and then the new shareholders meeting should be
coming from New York-stated in Brussels the High that we will have profit do scheduled with a point on the agenda within a 21 day period.
European Representative Javier Solana after the not cope with each ot-
meeting with Macedonian PM Nikola Gruevski. her… For the time being, the government has no intention of
- Slovenia does not decide in Brussels, ED does- making exceptions, it continues the battle over the profit on
Greek Foreign Minister Dora Bakoyannis reminded What will be the final which it counted during the fashioning of the party agenda
her Slovene counterpart Dimitrij Rupel, pointing out outcome from the calcu- and implemented it in the 100 steps. Out of this reasons the
that the Slovene European plans for Macedonia are lations for about 60 or government requests full payment of the dividend-around 60
chasing a chimera. Furthermore, is our government around 30 million euros million euros, and is very unlikely it will settle with halved
aware that Slovenia has not many countries it can and whose investment amount of around 27 million euros from the Hungarian own-
count on for the Macedonian portfolio…? plan will suffer, the go- ers. The government and Magyar Telekom are yet to negoti-
- Meantime, Greece has open support from vernment`s or the plan of ation about the amount of the dividend that has to be paid.
Bulgaria, Cypress, Portugal, Luxemburg, Belgium, as the Macedonian Teleco-
well as the new EU presiding country - France. mmunications, is truly ar- Contrary to the government`s requests, the head of
- First of all, I believe that we could be of help if we guable… Maktel (chief executive officer), Nikolai JB Beckers, claims
reiterate that Macedonia has no plan B, but only a plan The common prac- the company will step forward with an investment plan.
A i.e. becoming part of the European family one day. tice showed that when
However, it is not France that will play key role in this two parties have discrep- - We will submit the plan to the board of directors when
process, but the Commission, which at the end of ancies regarding the it will be ready. What we are talking about here is a consid-
October will reveal the annual report that will or will not amount of money, which erably large amount from several tens of million of euros. I
give recommendation for opening talks, says the at least should be an cannot inform the media about it before informing the Board
French Ambassador to the country, Bernar Valero. average or legal right for of Directors.
- Taking into account these positions of the the successful working, it
European democrats, then it is justified the assess- is a rule that all cards are The smaller shareholder also request higher dividend.
ment of the Russian agency ITAR-TASS that EU has put on the table, and by The minority shareholder and a former employee in the
no intention in pressing Greece regarding its name this a refer to those of Telekom, Simon Gruevski, on the other hand, reacted the do-
issue with Macedonia, the reason why Greece block speculative nature. minant shareholders in the company disobeyed the laws in
Macedonia`s integration process in EU and NATO. Now both involved Macedonia. According to him, the debate on the dividend
As things stand, what else can be expected from parties are cornered: the was out off at an intervention of PM Nikola Gruevski. A gestu-
EU in the final document except to point out to Telecom loses the mono- re he hails: I congratulate the Prime Minister for reaching a
Macedonia that it must settle the dispute with the Union poly in the fixed line tele- wise decision for the first time, since the government and we
member state, Greece, for the purpose of opening phony… Ontel kicked have right to much higher dividend than they are offering to
accession talks, which should happen by the end of the start and this week Cos- us.
year as best case scenario. And this best case sce- mofon too… The govern- - In the year of 2000, before the sale of the Telecom, the
nario, according to the Prime Minister, would mean: ment, on the other hand, Government received 60 million euros in dividend. The gov-
Should we reach a good solution previously arranged is on hot water, it should ernment should now receive a dividend of 27 million euros for
by Skopje and Athens, we will organize referendum… keep its promises, many the last year with less than 500,000 fixed telephones and one
of which were to be ful- million and two hundred thousand mobile telephones. Where
filled with this amount of money…nevertheless, it is unex- did the money go?-Asks the shareholder Gruevski.
pected problem that consumes additional energy… Talking For 2006 and 2007, the shareholders should divide a
about the shareholders` meeting, which was rescheduled for profit of 160 million euros. The government owns 34 percent
the last week, it didn`t debate on the draft decision for the of the capital of the telecommunications company, which was
distribution of the new profit, or the distribution of dividend for benefiting from the monopoly in the fixed telephony for years.
Until the next Monday
Makedonka Baldazarska
BerzNIK editor-in-chief
e-mail: [email protected]
4 berzNIK number 28
Date 23.06.2008
STOCK EXCHANGE NEWS... STOCK EXCHANGE NEWS...

MACEDONIAN STOCK EXCHANGE
REGIONAL BANKS`S JOIN
PRESENTATION
Regular revision of MBI-10 and MBID
On 16.06.2008, the MSE Index Commission made a regular revision on MBI-10 index The first road show in the
and MBID Index. autumn in Vienna
According to the Methodology, the MSE Index Commission decided that starting from
17.06.2008, the following shares are part of the MBI-10 index: Komercijalna banka AD
Skopje, Granit AD Skopje, Alkaloid AD Skopje, Makstil AD Skopje, Stopanska banka AD
Bitola, Makpetrol AD Skopje, Toplifikacija AD Skopje, Beton AD Skopje, Ohridska banka AD The mutual web-portal for which
Ohrid and ZK Pelagonija AD Bitola. Macedonian Stock Exchange is responsible
The next regular revision of MBI-10 is on 15.12.2008. for it is expected by the end of this year.
According to the Methodology for calculation of MBID, the MSE Index Commission
decided that the elements of MBID are the ordinary shares of the following companies:
Fabrika za cevki 11 Oktomvri AD Kumanovo, Arcelormittal Skopje (HRM) AD Skopje, QB Stock Exchanges of Zagreb,
Macedonia AD Skopje, Stopanska banka AD Skopje, Prilepska pivarnica AD Prilep, Belgrade, Ljubljana, Macedonia, Saraje-
Arcelormittal Skopje (CRM) AD Skopje, Makedonski telekom AD Skopje, UNI Bank AD vo, Banja Luka, Necks and Montenegro
Skopje, Tutunska Banka AD Skopje, Popova Kula AD Demir Kapija, ICN Farm AD Skopje, begin with the regional capital market
Ading AD Skopje and OKTA AD Skopje. presentation through international road
These 13 elements of MBID are taking 86% of the total turnover on the Market of pub- show organization, creation of mutual
licly held companies in the previous quarter. index – blue chip and benchmark – and
The next regular revision of MBID is on 15.09.2008. mutual web-portal. This is the conclusion
from the Regional CCE Capital Markets
Day held in the first half of June this year.
ANNUAL FINANCIAL REPORT OF MACEDONIAN STOCK EXCHANGE
The president of the Zagreb Stock
Last year – a year of records Exchange administration, Roberto Mo-
tusic, explained that projects will be fi-
nanced by the mutual fund, while the
The report of the Macedonian Stock Exchange a.d. Skopje in 2007 contains main factors and cir- realization of separate projects will be led
cumstances (business environment) which had effect on the work of Macedonian Stock Exchange in by certain Stock Exchange. The Belgrade
2007, the main characteristics of the stock exchange work, retrospect of achieved results from the Stock exchange will be responsible for
trade, undertaking activities for Stock Exchange`s promotion and public`s education, normative the projects of joined stock exchange in-
dices, according to the statements it sho-
activities, international cooperation, investment activities as well as report of the financial work per
uld end by the end of October.
annual account for 2007.
According to the announcements of
Basic trade characteristics in 2007 are: the Ljubljana`s Stock exchange, the first
international road show should be held in
Total turnover (on all grounds) in 2007 was 41.702.320.447 denars (around 682 mil- Vienna in October, while the mutual web-
lion euros), which is 34,45% more compared with 2006; portal for which Macedonian Stock Ex-
Total turnover of the “classical” trade in 2007 was 30.404.479.894 denars (around change is responsible for is expected by
496,9 million euros), which is 181.66% more compared with 2006; the end of this year. According to Ivan
The turnover realized by shares (Official and Regular market) in 2007 was Steriev, director of the Macedonian
28.844.638.931denars (around 471.4 million euros), which is 236.78% more compared with Stock Exchange, the portal will unite data
2006; from eight regional markets with listed
In 2007 a turnover of 1.559.840.963 denars was realized with bonds (around 25.4 shares, as well as regional stock exchan-
million euros), which is 30.05% less than 2006; ge indices, without possibility to trade on.
Ini 2007 a share sale was realized by public stock auctions in total sum of
96.326.524 denars(around 1.5 millio euros), which is 98.45% less compared with 2006; On the regional stock exchanges
In 2007 116 blosck transactions in total sum of 11.201.514.029 denars (around conference in Zagreb 21 listed compani-
183.06 million euros) are registered, which is 19.82% less than 2006. The biggest participa- es took part. They were invited to present
tion in the turnover with block transactions had the realized block transactions with shares of themselves before the regional investors.
Komercijlna banka AD Skopje in total value of 3.240.629.660 denars, realized through 34 Additional 160 meetings between inves-
transactions which represents 28.93% from the total turnover through block transactions and tors and share issuers were held.
the realized block transaction with EVN Macedonia`s shares in total value of 3.043.537.577
denars representing 27.17% from the total turnover through block transactions; The mutual projects so far can not be
In the turnover`s structure dominated the transactions concluded on the Official used for regional markets capital connec-
market with 48.15% participation in the total turnover on the Stock Exchange in 2007; tion, because currently each of these
Finally in 2007, shares of 38 companies were listed on the Official Stock Exchange Stock Exchanges works according to the
listing; domicile legal regulative is responsible
Market capitalization of the listed shares reached 113 billion denars (around 1.853 before domestic regulator and conducts
million euros) and records growth of 122.45%, while the market bond`s capitalization reached own working practice.
20.3 billion denars (331.6 million euros) representing a match for 9.45% compared with 2006.
In order to compare the trade results of the Stock Exchange for 2007 and 2006, a table of The next Regional CCE Capital Mar-
calculated stock results is presented for the period January – December 2007 and January- kets Day should take place in Belgrade,
December 2006, as well as the structure of the turnover realized in 2007. next year.
(Macedonian Stock Exchange report – 2007)

berzNIK
5
C O N T E N T S 16.06.2008 MONDAY
INTRODUCTION . . . . . . . . . . . . . . . . . . . . . . . . . . 3 1. SHORT REVIEW OF EVENTS
STOCK EXCHANGE NEWS... . . . . . . . . . . . . . . . . . . . . 4 - Kavadarci blocked; Truck drivers claim reduced a block transaction when capital of our biggest pharma-
oil fees; the transporters on general strike, are the head- ceutical company was sold for one million and 70 000
berzNIK, MONDAY, TUESDAY, WEDNESDAY........... 5-7 lines on most daily newspapers title-pages today. Na- euro. The stock exchange indexes had a downward ten-
mely, over 1500 international transporters from the co- dency over the week, and the last day, the MBI-10 noted
BAR HARBOR, MONTENEGRO – SEA DISTRIBU- untry, members of Makamtrans, yesterday started a ge- a fall by 0, 53 %, the index of the public owned compani-
TION CENTER FOR THE MACEDONIAN neral strike in Kavadarci. The truck drivers claim increa- es MBID also reduced by0, 50 per cent. Only the bond
GOODS!?.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8-9 se of the transportation price which has not been chan- index OMB increased by 0, 06 per cent. The brokers
ged for four years, reduction of registration costs, and think that there will be better times for the capital mar-
ITALIAN-MACEDONIAN BUSINESS FORUM IN correction of the excise duty, the tariffs or the VAT. The ket in autumn. According to Alaksandar Manev from
OHRID. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8-9 transporters rise of price by 40 %, as much as the oil pri- the investment fund Ilirika, the pessimism on the stock
ce has increased in the last months, but also shortening exchange is still present, which is due to the small turn-
TRIPLE S LEARNING ON THE MACEDONIAN of the deadline for payment, which was 90 days. over, although the Macedonian companies realize good
MARKET. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10-11 In Vreme you will read that the price shock in the oil financial results.
derivatives can be moderated by a direct finance help in There you will read that few thousand people, who-
ON THE FAIR – THE WORLD OF PRIVATE the economy. This is estimation of the experts in a situa- se properties were unjustly taken, can not be paid dam-
LABEL IN AMSTERDAM ...........................12 tion when the derivatives prices increase fast. - The ages by the state with bonds. A reason for that is that
numbers show that more money in the budget is collect- the amendments of the Law on issuing denationalizati-
PROMOTION: GUIDE TO THE MACEDONIAN ed from VAT of derivatives from those that are project- on bond, which predicted issuing of two more issues of
VINERIES .............................................12 ed. This difference must be returned in the economy, denationalization bonds, which was not adopted by the
more precisely to the transporters and the farmers. The previous parliament. So, with that, there is no legal ba-
berzNIK, THURSDAY, FRIDAY, SATURDAY ..............13-15 Government should now define the model by which this sis to continue payments on denationalization claims.
money will end up in these sectors - says Boris Rika- Starting from 2002, until now, the Republic of Macedo-
WEEKLY MAGAZINES.....................................16 lovski, expert in the oil business. According to him, the nia had six issues of denationalization bonds, when
Government will be able to amortize the price shock on- bonds worth 199 million euro were issued.
EVENTS THAT MARKED THE WEEK..............17 ly through direct investments in the economy, and will Dnevnik informed that Stopanska banka allowed
therefore ease the inflation. early payment of the estate loan with no commission
WEEKLY REVIEW OF THE MACEDONIAN STOCK Biznis reports that the holding of the seminar on to- and reduced administrative costs. The bank decided to
EXCHANGE...............................................18-19 pic: Estimation of the real value of companies and sha- cover the costs for estimation of the property which is
res based on fundamental and technical analysis, which left as mortgage for estate loans for new users. This
was organized by the Securities Group by the Economic offer is valid for the claims which will be submitted by
I M P R E S S U M Chamber of Macedonia in the period of June 9th to 12th the end of June this year.
2008. Lecturer of the seminar was Sam Wankin. Visi- Utrinski vesnik informs that the Government,
tors of the seminar were representatives of broker hous- through the Directorate for protection and saving, pur-
es, brokers, fund management associations, investment chases three fire preventive airplanes, so-called amphi-
advisors, banks, revisers, accountants, journalists. Bea- bians. The best offer will be chosen next month on 25th,
Publishing: INTERNACIONAL NIK AD - Skopje
ring in mind that the Macedonian Stock Exchange is still by public bidding. Ten of these vehicles should be speci-
Media library and digital archive immature and not efficient market, the estimation based alized for ceasing fire in forests, and the other two for
Editors office: berzNIK on the accounting was underlined, a process that invol- urban areas. The director of the Directorate, Shaban
Address: Square MAKEDONIJA bb, p.box 882 Skopje, 1000, ves direct revision and study of the financial reports and Saliu, says that the international tenders for procure-
R.Makedonija the management decisions. ment of airplanes and vehicles are announced in Gaze-
Phone. 02/25.32.800 faks: 02/25.32.839 Vecer yesterday announced the stock exchange tte and they are now collecting offers.pplying a system
web: www.interNIK.com.mk; analysis, according which the brokers prognosis is that of natural insemination of the flower, known as hidro-
e-mail: [email protected] the Stock Exchange will revive. A profit of 3, 5 million pony. The total investment is 10 million euro, 50 % of
euro was realized on the capital market on the last stock them are of invested own assets, and the rest is loan
Executive Director: Zdravko Josifovski exchange week. One third of the profit was realized by from the World Bank…
Account Menager: Divna Pesic
Public relations:
ICT Manager:
Natasa Dimovska
Kiro Velkovski 2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS
Marketing manager: Ivona Josifovska 1. THE TRANSPORTERS IN GENERAL STRIKE (*****)
Assistent: Stojne Danilova 2. THE INDEXES GO IN RED (***)
Logistics manager: Ana Petrova
Finance manager: Gordana Stojanovska DNEVNIK p.7 NEW SUBSIDIARY OF KOMERCIJALNA BAN-
p.5 TRUCK DRIVERS CLAIM REDUCED OIL FEES KA
STOCK EXCHANGE REVIEW OF EVENTS IN THE p.6 THE PREMIUM- SPARK OF HOPE FOR THE p.7 THE WEST BALKANS` COUNTRIES SHOULD
PRINT MEDIA berzNIK TOBACCO PLANTERS INCREASE THE ECONOMIC GROWTH
p.6 NEW CONDITIONS FOR HOUSING CREDIT p.8 AGROKOR REPURCHASES VEGETABLES,
berzNIK is founded in year 2007. THE AGRICULTURAL WORKERS UNIN-
FROM STOPANSKA
STOCK EXCHANGE REVIEW OF EVENTS IN THE BIZNIS FORMED
PRINT MEDIA berzNIK p.1 THE BALKAN CHAMBERS NETWORK IN VECER
Number: 28 HUNT FOR INVESTMENTS p.6 KAVADARCI BLOCKED
Date: 23.06.2008 p.3 THE DAMAGED ONES, LEFT WITHOUT p.6 ACCORDING TO BROKERS` PROGNOSIS:
BONDS THE STOCK EXCHANGE WILL REVIVE IN
IT IS DISTRIBUTED FOR SUBSCRIBERS ONLY p.3 THE PRICES ON THE MOBILE TELEPHONY SEPTEMBER
TO GO DOWN AGAIN p.7 SWEDMILK WITH 70 DAIRY PRODUCTS ON
FRONT PAGE PHOTO: p.4 70 MILLIONS OF DENARS – INSURANCE MACEDONIAN MARKET
PROMOTION
p.7 FOR THE BANKS – COMPULSORY DEPOSIT VREME
Photo: WITH NBRM p.6 LOWER PRICES OF MOBILE TELEPHONY?
Robert Spasovski p.13 SUPPORT OF THE CONCRETE DEMANDS p.6 THE GOVERNMENT MUST RETURN OIL
FROM THE SMALL AND MEDIUM SIZED ONES PROFIT
Editorial staff of berzNIK p.13 PROMOTION OF THE PARTNERSHIP WITH p.7 OWN CONSTRUCTION WORKS ARE THE
Internet distributive system: www.interNIK.com.mk AMERICAN COMPANIES CHEAPEST
Editor: Makedonka Baldazarska p.13 HOW TO ASSESS THE REAL VALUE OF THE p.7 WESTERN BALKAN SEEKS INVESTORS
Journalist: Vaska Mickoska, Kiro Simonovski COMPANIES AND SHARES? VEST
DTP: Tatijana Trpkovska p.15 CRASH OF THE MBI AND MBID p.1 GOVERNMENT BUYS THREE AMPHIBIAN
Editorial staff: PLANES
News Evaluator: Anita Bashoska, R. Tasovska
p.15 TURNOVER WORTH 23.3 MILLIONS OF
[operators]:Mare Lazarevska, Arslan Skoro, Zoran Stamatovski, DENARS p.6 STRIKE OF OVER 1 500 TRANSPORTERS
Martin Arsovski, Gorge Redzik, Toni Arsovski i Darko Tripunovski p.16 THE INDEXES GO IN RED p.7 FIRE EQUIPMENT TENDER ANNOUNCED
[translators]: translator's manager Senka Mihajlovska, Angelina p.17 THE PROBLEM WITH THE RECORD – BREAK- p.13 JSP BUYS DOUBLE-DECKERS
Filipovska, Slobodan Trajkovski, Aleksandar Stamenkovski, Aneta ING PRICES OF THE BLACK GOLD REMAINS NOVA MAKEDONIJA
Menoska, Filip Koviloski, Darko Ivanovski UTRINSKI VESNIK p.1 INVEST IN STOCKS, COPPER AND SUGAR
Fotoreporter: Robert Spasovski p.4 THE TRANSPORTERS IN GENERAL STRIKE DISTILLING PLANTS IN BRAZIL
p.5 10 MILLION EURO FOR CROP PRODUCTION p.8 MAKPETROL SINKS MBI-10 BY MORE THAN
Marketing, distribucija i prodazba: p.6 DRY PLASTERS OF RENOVA PRESENT IN 4%
INTERNACIONAL NIK AD - Skopje AFRICA AND ASIA p.9 WEAK DOLLAR RISES OIL!
p.7 CHEAPENED THE DURABLE MILK AND THE p.9 GREEN HOUSES THE BIGGEST INVESTMENT
CHEESE OF IMB
6 berzNIK number 28
Date 23.06.2008
17.06.2008 TUESDAY
1. SHORT REVIEW OF EVENTS
The problem between OKTA and citizens who papers, the biggest currency reserves holds China Croatian diary Dukat announces the finaliza-
reside near the refinery is top news in all papers. – 1,682 billion dollars, followed by Japan with 970 tion of the take over of Macedonian diary Ideal
Printed media inform that the refinery refused to billion dollars, Russia 549.1 billion dollars, India Sipka, which was instigated last November. Dukat
install pollution measurement instruments and sub- 304.9 billion dollars and Taiwan with 290 billion dol- now has in its possession 100% of Ideal Sipka.
mitting of regular measurement results to citizens lars. From neighboring countries, Bulgaria holds Dukat`s investment motivated investment cycle in
who live in the surroundings and constantly com- 17.9 billion dollars and Croatia 15.5 billion dollars. the development of the primary production of milk,
plain the smoke. Management also has no inten- Total currency reserves in the world, including increase of milk`s purchasing base, introduction of
tions to research recent pollution of the water, soil gold, are estimated on 6.822 billion dollars. This new technologies for increase of quality and pro-
and air in these villages. This unfavorable news for topic is extended by Vecer conveying that the level duction growth, for company`s better positioning
citizens was announced by the representatives of of currency reserves at the end of 2007 provided on Macedonian and foreign markets.
the ministry of environment after the meeting with coverage of 3.8 monthly exports, and in this Milk production area brings the information
management of OKTA. However, citizens moment they are reduced at 3.5 of the monthly that Danish group Danube Foods, owner of many
announce to look for justice on international court, coverage. According to experts, keeping of diaries in the region, including the one in Bitola, up
because they believe that it is the right place to reserves above this level is not recommended, until this July will sell company`s capital worth 1.56
prove that refinery pollutes the environment and because in that case means are less exploited. billion euros. Diaries in Bitola and Bucen Kozjak
harms their health. Oil price in the world yesterday stared drop- are part of Danube Foods group. Director of Bitola
Mobile operator VIP introduced new complete ping since UN General Secretary Ban Ki-moon diary Predrag Cvetkovic considers that these
communications solution – VPN, intended for announced the Saudi Arabia is going to increase announcements refer on some diaries in Serbia
medium and large enterprises, paper convey. the production avoiding the responsibility for oil and it is not going to affect IMB Bitola.
Private virtual network represents complete price increase, papers convey. While the world Dnevnik also conveys information published in
telecommunications solution that unites employed boils of rallies and debates, we monitor the oil Croatian media, according to which European
in one company in one users` group. As stressed shock, title in Dnevnik. No comment – is govern- Bank for Reconstruction and Development (EBRD)
by VIP officials, there are two tariff models – the ment`s response asked about means applied by and German Investments Bank (DEG) show inter-
first is intended for companies that hire from 25 to Macedonia to manage inflation aftermath caused est for taking over Croatian construction company
100 lines, and the second is intended for compa- by the increase of oil derivatives. The paper also Ingra. According to them, following the finalization
nies of more than 100 lines. conveys that the ministry preserves the stand that of the capitalization and take over of Macedonian
Macedonia is ranked 94th in the world with there is no possibility for reduction of oil fees, as construction company Mavrovo, Ingra prepares to
currency reserves of 2.15 billion dollars, American citizens and truck drivers` demand, but only the reshape company`s capital, i.e. on the next share-
Financial Concern Bloomberg announced. decision for 30% reduction of vehicle insurance holders` assembly will pass a decision for depreci-
According to the report conveyed by most remains. ation of the share in ration 1:150.
2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

1. CURRENCY RESERVES BRING 94TH POSITION (*****)
2. NO OUTCOME ON OKTA ISSUE (*****)
DNEVNIK VECER
с.1 PEACEFULLY FOLLOWING THE OIL SHOCK p.6 VPN FOR LARGE CUSTOMERS
p.1 OKTA REFUSES TO REVEAL POLLUTION RESULTS p.6 SAUDI ARABIA DECREASES OIL PRICE
p.7 PEACEFULLY FOLLOWING THE OIL SHOCK p.6 RECORD INFLATION IN THE EURO ZONE
p.7 THE OIL PRICE REDUCED MINIMALLY p.6 MACEDONIA RANKS 94TH IN FOREIGN CURRENCY RE-
p.7 CURRENCY RESERVES BRING 94TH POSITION SERVES
p.7 VIP HAS SERVICE FOR ENTERPRISES p.6 OVER 50,000 TONS OF EARLY VEGETABLE EXPORTED
p.9 EBRD THROUGH INGRA IN MAVROVO p.7 DANUBE FOODS WILL SELL DAIRIES
p.17 OKTA REFUSES TO REVEAL POLLUTION RESULTS p.8 OKTA STRONGER THAN THE STATE?
BIZNIS VREME
p.1 THE LOANS ARE MOST PROFITABLE p.5 OKTA PROMISED MOUNTAINS AND VALLEYS, BUT CHAN-
p.1 MACEDONIA ON 94TH POSITION IN THE WORLD GED ITS MIND
p.3 VPN FOR MIDDLE-SIZED AND BIG COMPANIES p.6 NEW BENEFITS FOR COMPANY TELEPHONE NUMBERS
p.3 MACEDONIA ON 94TH POSITION IN THE WORLD VEST
p.4 THE LOANS ARE MOST PROFITABLE p.2 CROATIAN DUKAT FINISHED THE TAKEOVER OF IDEAL
p.12 MBI – 10 DROPS 10 DAYS IN A ROW- SHIPKA
p.13 FALL OF MBI-10 AND MBID p.7 OKTA STRONGER THAN THE STATE
p.13 SHARES OF TTK BANK UP FOR 10,99 PERCENT p.10 THE INFLATION IN THE EURO ZONE IS 3, 7 PER CENT
p.15 PRESENTATION OF REGIONAL CAPITAL MARKET STARTS NOVA MAKEDONIJA
p.15 RECAPITALIZATION OF THE SLOVENIAN INSURANCE COM- p.1 WE DO HAVE AN ASPIRIN, BUT WE DON`T HAVE INJECTION
PANY TRIGLAV FOR THE OIL
p.15 CONVERSION OF THE VALUE OF THE TETEKS SHARES p.8 MSE IN RED
UTRINSKI VESNIK p.8 WE DO HAVE AN ASPIRIN, BUT WE DON`T HAVE INJECTION
с.6 NO OUTCOME ON OKTA ISSUE FOR THE OIL
p.7 VIP HAS NEW SERVICES FOR THE COMPANIES SINCE YES- p.8 VIP WITH NEW POST-PAID SERVICE FOR MIDDLE-SIZED
TERDAY AND BIG COMPANIES
p.7 DUKAT FROM CROATIA HAS COMPLETED THE UNDERTAK- p.9 MACEDONIA RANKED 94TH ACCORDING TO CURRENCY
ING OF IDEAL SHIPKA RESERVES
p.8 MACEDONIA 94TH IN THE WORLD ACCORDING TO THE SPIC
FOREIGN EXCHANGE RESERVES p.1 HAS OKTA MORE FILTRATING TO DO?
p.8 DINAR TO REACH HIGHEST VALUE p.7 THE FILTER DOES NOT CLEAN THE DEBTS
p.7 NEW SERVICES BY VIP
berzNIK
7
18.06.2008 WEDNESDAY
- The Government does not make any ex- inted chairman of the Board of directors of Mav- of certain companies which compose the MBI-10
ceptions – they demand 60 millions of Euros. rovo, and Hrvoje Cezar and Gligor Donevski are index. With total turnover of little over 30 million
This is the amount that Makedonski Telekom is new members of the Board of directors. denars, MBI-10 has fallen for 0,55%. The biggest
supposed to pay out to the Government as divi- Ingra`s CEO Igor Oppenheim will perform turnover of almost 12 million denars was realized
dend for the past two years. This is the news of function president of the Supervisory committee with the shares of Makpetrol.
the day according to the publications in the daily of Mavrovo, and Jasna Ludviger and the Mace- Vreme reports that- yesterday, the oil has
papers, which announced that on the toady’s donian businessman Risto Gushterov were ap- significantly become cheaper on the electronic
shareholding assembly of the Macedonian tele- pointed members of the Supervisory committee. trading on the New York Stock Exchange, after at
com, the Government will again demand for the The company had a loss in the amount of 2.35 one moment on the day before yesterday, it was
total gain of the company to be allocated which million Euros last year. In the papers today you priced almost 140 dollars per barrel. The short
amounts about 60 millions of Euros. A week ago, will also read that Croatian company Dukat com- term and drastic increase of the price of the oil is
the majority shareholder in Maktel, Magyar Tele- pleted the acquisition of the Macedonian dairy explained by the Stock Exchange analysts with
com has allowed for the half of the profits to be Ideal Shipka. The entrance of Dukat will bring the decrease of the value of the dollar. Yesterday,
divided from around 147 millions of Euros reali- new investments in the milk production and an in- the American light oil for the shipment in July in
zed in 2006 and 2007. According to this, the Ma- crease of the purchase base of the milk, introduc- New York was priced 134.38 dollars per barrel.
cedonian government would receive a dividend tion of new technology for increasing the quality Both Dnevnik and Vreme report that the
of only 28 millions of Euros, in accordance with and better positioning Ideal Shipka on the market World Bank will invest in the infrastructure in
the capital from 34.8 percents that is owned in abroad. The dairy Ideal Shipka is the second lar- Southeast Europe. -The business and the munic-
the Telecom. Due to this proposal of the foreign gest dairy in Macedonia, and it is leading cheese ipal infrastructure on the Balkan is not developed
shareholder, last week, the state representatives manufacturer on the market. It processes 30 mil- and there is much to be done in order to meet the
have left the assembly in a sign of revolt and the lion liters of milk per year. The dairy Dukat is an European Union standards – thinks Shabaz
session was interrupted. Magyar Telecom as a owner of four more production plants in Zagreb, Mavadat, director of IFC for southern Europe
majority shareholder with 63 percents of the capi- Bjelovar, Somobor (Serbia) and Gradacac and for central Asia.The agreement is worth 35
tal has the right to adopt the revised financial re- (Bosnia and Herzegovina). millions of euros, and it should help improving the
ports for the work of the company in 2007 and to Biznis reports-2007 a record-breaking one living standards and creating better conditions for
reach a final decision for the dividend even with- for Macedonian stock exchange. The total turn- leading a business in Macedonia, Bosnia and
out government’s approval. over on the Macedonian stock exchange realized Herzegovina, Bulgaria, Croatia, Montenegro, Ro-
Vecer reports that as of today Kosmofon be- through trading in BEST – system, block transac- mania and Ukraine. The credit line of IFC, which
gins with land-line telephony. Sources from the tions and public stock exchange auctions in 2007 has a deadline of payment up to 10 years, will
company say that their prices will be lower even amounts 41 702 320 447 denars, or around 682 enable the Austrian commission to develop small
by 40% from the prices currently offered by Tele- millions of Euros. This is for 34.45% more com- and medium sized projects.
com. For a start, they will offer two service packa- pared to the 2006. These are the official num- By the end of the year, EVN Macedonia will
ges. A possibility for free calls, as well as for pre- bers, summed up in the report of the Macedonian file a claim for increase of the electricity price.
paid vouchers, i.e. recharge as much as the citi- Stock Exchange for 2007. The realized turnover According to the president of the company’s
zens want. Few daily papers reported that Croa- of trading in the BEST – System, amounts 30 404 Board of Directors, Georg Valdner, at the
tian construction company Ingra has changed the 479 894 denars (around 496.9 millions of Euros), moment it was hard to say how much increase
management of Mavrovo. Few months after tak- which is for 181.66% more in relation to 2006. they will claim, because on the one side there
ing over the shares of domestic civil engineering This paper reports that according to the stock ex- was the inflator pressure, and on the other, the
company, on the head positions Ingra mainly put change analysis, on Macedonian stock exchange calculation of costs which should be covered with
personnel from Croatia. As the company anno- yesterday has been marked increase of turnover, the electricity price, report most of today’s
unced yesterday, Marjan Kostrencic was appo- but mainly the trading was done with the shares

1. EVN WILL CLAIM INCREASE OF THE ELECTRICITY PRICE, ELEM DOES NOT EVEN THINK ABOUT THAT (****)
2. CROATIAN COMPANY INGRA REPLACES DIRECTORS IN MAVROVO (***)
DNEVNIK FRONT
p.7 ESM-EVN TO REQUEST APPRECIATION OF THE ELECTRICI- VECER
TY p.1 EVN TO REQUEST APPRECIATION OF THE ELECTRICITY
p.7 NEW INVESTMENTS IN THE BUSINESS INFRA-STRUCTURE p.4 COSMOFON BECOMES FIXED-LINE PHONE OPERATOR
ON THE BALKAN p.6 THE GOVERNMENT DOES NOT MAKE ANY EXCEPTIONS –
p.9 MAVROVO WITH NEW MANAGEMENT THEY DEMAND 60 MILLIONS OF EUROS
p.9 FOUNDATION STONE OF ZLETOVICA SET p.6 DUKAT TAKES OVER IDEAL SHIPKA
BIZNIS p.6 DEVELOPMENT OF THE INFRASTRUCTURE IN SEE
p.1 GOVERNMENT MAKES NO CONCESSIONS – CLAIMS ON 60 VREME
MILLION EUROS DIVIDEND p.6 MONEY FROM THE WORLD BANK FOR THE INFRA-STRUC-
p.1 MBI ON A LOWEST LEVEL IN 52 WEEKS! TURE
p.12 MBI ON A LOWEST LEVEL IN 52 WEEKS! p.6 THE OIL SIGNIFICANTLY DECREASES ITS PRICE
p.13 МBI 18.06.2008 p.7 THE MANAGEMENT OF MAVROVO TO BE CHANGED
p.13 MBI-10 FELL BY 29, 12 INDEX POINTS VEST
p.13 THE OFFICIAL MARKET “TURNED” 28.4 MILLIONS OF p.8 CROATIAN COMPANY INGRA REPLACES DIRECTORS IN
DENARS MAVROVO
p.14 THE FOREIGNERS WITH PARTICIPATION OF 50.67 PER- NOVA MAKEDONIJA
CENTS IN THE TURNOVER p.8 NEW TRANSFER OF MAKPETROL, TOPLIFIKACIJA FALLS BY
p.14 REGULAR REVISION OF MBI-10 AND MBID 5%
p.16 OIL HITS RECORD NEAR 140 US DOLLARS A BARREL p.8 EVN WILL CLAIM INCREASE OF ELECTRICITY PRICE
UTRINSKI VESNIK p.8 AGAIN, PREVENTED ENTRANCE OF RADIOACTIVE WASTE
p.5 LAID THE GROUND FLOOR ON THE DAM ZLETOVICA FROM KOSOVO
p.7 EVN REVITALIZES HEC KALIMANCI SPIC
p.8 EVN WILL CLAIM INCREASE OF THE ELECTRICITY PRICE, p.6 OKTA ON STATE`S BACK?
ELEM DOES NOT EVEN THINK ABOUT THAT p.6 EVN DEMANDS ELECTRICITY PRICE INCREASE
p.8 THE CROATIANS APPOINTED THEIR PEOPLE ON MAVROVO p.6 THE SMELTER IN VELES GOT NEW OWNERS?
8 berzNIK number 28
Date 23.06.2008
BAR HARBOR, MONTENEGRO – SEA DISTRIBUTION CENTER FOR THE MACEDONIAN GOODS!?
THE SHORTEST WAY IS SIMULTANEOUSLY THE

LONGEST
The Bar Harbor is not easily accessible for the cedonian industries, ferrous industry and on the place of the wooden relic from the
Macedonian companies, because there is not a steel industry, which create above 20% of the 19th century, through which, heavy goods
direct transport access to Montenegro. The gross domestic product and almost half of vehicles cannot pass. On the other hand, the
shortest route through the Republic of Albania, the Macedonian export, are completely blo- railway transport, which must go through
which is approximately 300 kilometers long, is cked. Due to blockades on railway and non- Belgrade, in spite of the fact that there is a
unusable. Heavy goods vehicles cannot pass functioning of the Thessalonica Harbor, the competitive price in relation to the truck
through the wooden bridge on Bojana River. major Macedonian companies have no way transport, is very slow and complicated (wait-
how to sell their products to foreign partners ing for enough cargo, customs procedures,
The Bar Harbor is ready to become a dis- and if such extremely unfavorable situation etc.), especially for frozen goods. We don’t
tribution center for Macedonian goods during continues in the next period, the overall even consider the possibility for transport
their export on foreign markets. On an area economy in the country will suffer long-term through Kosovo/UNIHCR because of the
of 200 hectares, the harbor is working in a consequences. high guarantees requested for the transport
free trade zone and it makes a turnover in the of the goods.
amount of five million tons of goods, and Transport – obstacle for more
what is most important, it offers high-quality After the discussions between Bar Har-
services and competitive prices. This, among intensive cooperation bor’s management and the representatives
the other things, was pointed out by Slobo of the Macedonian companies, as well as the
Pejovic, Executive Director of Bar Harbor, at But, despite of the fact that it was even bilateral meetings, two initiatives were also
the recent presentation of Bar Harbor, Mon- offered as a permanent solution for sea raised. Initiating discussions and eventual
tenegro, in the Economic Chamber of Mace- transport of goods to Macedonia, the Bar making an agreement between the three rail-
donia. Harbor is inaccessible for the Macedonian ways (Montenegrin, Serbian, and Macedo-
companies from a reason that it is very diffi- nian), which would guarantee the prices and
The presentation itself is a result of cult to organize a fast transport through third the speed of the transport of the goods, was
Chamber’s efforts to meet the requirements countries, regarding that Macedonia does suggested. The other refers to a visit, organ-
of its members, who, regarding the recent not have a direct transport access to the Re- ized by the Economic Chamber of Macedo-
occurrences connected to the blockades of public of Montenegro. Namely, the shortest nia, of the local companies to the Bar Harbor,
the Thessalonica Harbor, suffer enormous route through the Republic of Albania, which whereupon the transport capacities and the
losses and have unplanned costs in their is approximately 300 kilometers long, is quality of the services of this harbor would be
everyday work. Furthermore, the major Ma- unusable, because they didn’t build a bridge determined.
ITALIAN-MACEDONIAN BUSINESS FORUM IN OHRID
THE EXPERIENCES FOR WASTE

National Institute for Foreign Trade (ICE) and the mayor Aleksandar Petreski, which had For the support of the Macedonian Busi-
USAID project for plastic recycling called on col- been, also supported by the Italian Plastic ness Sector, with special emphasis of the
laboration between the Italian and Macedonian and Rubbery Machinery Association (ASSO- environment protection, plastic recycling and
shareholders on theme recycling of plastic COMAPLAST) and the Association of the the public-private partnerships, was discu-
Units of Local Governments of Macedonia ssing also the director of the USAID Mission
On 18 and 19 June, The USAID Project (ZELS). in Macedonia, Patricia Rider, who said:
for plastic recycling , in collaboration with the
Italian Institute for Foreign Trade, organized - Today’s initiative connects two - The environment protection is chal-
the first Italian-Macedonian Business Forum important topics: presentation of and interest lenge not only for Macedonia - that is univer-
for recycling of plastic (B2B) in Ohrid. On the for the newest achievements of the Italian sal issue. Around the world, the world lead-
first day of the Forum were organized B2B technology for plastic recycling and the con- ers are focusing on the role of private and
meetings between Italian and Macedonian cept for public- private partnerships in waste public sectors for protection of our planet.
companies for plastic recycling, as well as management, said the Ambassador Dona- Therefore, today it is success to be seen
presentation for the last trends and technolo- tino Markon, at the official opening which members of Government, business repre-
gies for plastic recycling. On the same day, took place on 19 June, in Ohrid. -The last to- sentatives and leaders of the communities to
the USAID project for plastic recycling pic is the winning formula that connects the discuss for the present and potential partner-
announced the establishing of PETRA, the municipalities and which provides better ships that will transform the plastic recycling
first association of individuals engaged for quality of services, better environment and in one permanent industry in Macedonia.
recycling in Macedonia. On the second day, better life. Italy has enormous experience in
the Italian experts presented their models this trend and we hope that this initiative is The Minister of Environment and Phy-
and experiences in the implementation of only the beginning of experience exchange, sical Planning, Xhelil Bajrami, the Vice Pre-
partnership among the public and private knowledge and collaboration between our sident of ZELS Nevzat Bejta and the Mayor
companies. The host of the Forum was the countries. of Ohrid, Aleksandar Petreski, emphasized
berzNIK
9
Economic industry, processing of lumber, tex-
cooperation between tile, leather, rubber, chemical indus-
try, tourism, traffic, and use of Bar
Macedonia and Harbor.
Montenegro
According to the analyses, main
economic sectors which have enor-
The difficulties in the transport mous potential for increasing the size
infrastructure and the shortage of of the mutual trade exchange bet-
the direct road and air connection ween the two countries are the civil
are an enormous obstacle for engineering sector, the food industry
strengthening of the trade ex- and the pharmaceutical industry. In
change between Macedonia and the part of the civil engineering sec-
Montenegro. In addition, the trade tor, there are always about 1,500-
exchange between the two coun- 2,000 qualified construction workers
tries is carried out in accordance on the Montenegrin market who parti-
with the Free Trade Agreement cipate in big construction projects as
between the Republic of Macedo- subcontractors for foreign compani-
nia and the Serbia-Montenegro es. In addition, the Macedonian con-
Union (effective since August struction companies point out that
2006) and the 2006 multilateral permits for construction firms and de-
free trade agreement CEFTA. Sin- signers still do not function in our co-
ce the beginning of this year, untry, which is disabling them to work
Montenegro is implementing the legally abroad. From the pharmaceu-
Interim Agreement for stabilization tical industry, the firms Alkaloid and
and association, thus increasing Replek already entered and have a
the capacity of both countries for good position on the Montenegrin
using the benefits from CEFTA. market. Through several tenders,
they also have a big part in the medi-
Agricultural products, food- cations’ business on that market. The
stuff, medicaments, chemical in- energy sector and power industry are
dustry products, textile products, areas of possible cooperation, espe-
steel processing industry products cially now, in terms of a new unique
are prevalent in the export from energy market of Southeastern Euro-
Macedonia to Montenegro. On the pe.
other hand, canned vegetables, This cooperation will be even mo-
fruit juices, beer, lumber industry products, Montenegro. Until now, the firms from the re successful with the completion of the con-
aluminum products, and hot rolled wire are two countries achieved cooperation in the struction of the transmission systems in Al-
the products which are mostly imported from sectors energy, metallurgy, steel processing bania.
MANAGEMENT-TO BE WELCOMED
the necessity for the increased collaboration The Italian Government - donor for 2000, The Office of ICE on Skopje operates
between all shareholders, in order making environment protection as Section for promotion of trade of the
permanent policies that will help in the at- Italian Embassy in Macedonia, providing
tracting of foreign investments in Macedonia. The Italian government was one of the assistance of the Italian investors and organ-
major donors in the area of environment pro- izing events and projects for promotion of the
Related to the Forum, on 19 June, the tection in Macedonia. In 2005, Memorandum bilateral trade and investments.
USAID project for plastic recycling and of Understanding was signed between the
Municipality of Ohrid officially announced the Italian and Macedonian Government with The project for Plastic Recycling worth 1,
beginning of the Program for collection of draft of collaboration among the two coun- 2 million dollars is realized by MDC TI-NET in
PET in Ohrid by signing Memorandum of Un- tries and the implementation of Kyoto Pro- partnership with the municipalities, as well as
derstanding. tocol, in order to attract Italian investors inter- private and public companies for waste man-
The director of the USAID Mission in ested in earning green credits in Macedonia. agement. The project has recently finished
Macedonia, Patricia Rider announced that the pilot-program in four municipalities and
Ohrid will be the center of the campaign for In the frames of the Memorandum, since now is making efforts for extension in other
raising of public awareness for recycling, 2004 is implemented the three year project 20 municipalities.
supported by USAID project for plastic recy- worth three million euro for Inter-border col-
cling and realized by the Municipality, Public laboration for permanent local development The project initiated programs for collect-
Service Company-Ohrid and NGO Jagoda. of the border region of Prespa, including the ing and recycling of plastic and for Recycling
Municipality Likenas (Albania) and the Clubs in the primary schools, equipment of
Rider encouraged the representatives of Municipalities Ohrid and Resen. Ecological Irelands, and for assistance of the
the municipalities and communities to inten- eight companies for recycling in providing the
sify their effort for protection of Ohrid’s natu- ICE is Agency of the Italian Government equipment.
ral beauty. present in over 80 countries. Since June
10 berzNIK number 28
Date 23.06.2008
TRIPLE S LEARNING ON THE MACEDONIAN MARKET
WORLD’S GREATEST MINDS – LEADERSHIP

GUIDEPOST FOR THE DOMESTIC MANAGERS
The world’s most outstanding personalities, renowned speakers, proven business gurus, former heads of states, Nobel Prize winners, sports legends, and HR
and CRM experts are now available for the Macedonian menageries as well
T
riple S Learning is a specialized training Pak, UBS etc. knowledge of the most significant business
center in the areas of sales, service and Jack Welch, Tom Peters, Michael Porter, gurus, which will allow our clients to carry out
success. Triple S Learning separates Philip Kotler, Helmut Kohl, Jay Conrad Levin- their missions. The mission through which
the knowledge and methodology contained son, Neil Armstrong, Carl Lewis, Michael we will supply information and and answers
in the training programs, which are used Owen, Niki Lauda, Helen Hunt, Mark Fritz from the real world which are easy to imple-
even by the world’s leading companies, as are just part of over 2,500 speakers from the ment in practice and can be transformed into
unique and innovative in the modern working base of CSA Speakers Ltd who we represent money.
conditions. Triple S Learning is a leading and who might become a part of the succes-
company in the region, which offers its servi- sful business stories of the Macedonian com- What can CSA Speakers @ Triple S offer to
ces in Serbia, Slovenia and Croatia, and so- panies, who might become part of the corpo- the Macedonian companies
on in Bosnia and Herzegovina, through its lo- rate and promotional activities of the Mace-
cal representative offices there. donian companies. Access to the world’s most significant
These people, who set new standards businessmen, academicians, and politicians
About CSA Speakers @ Triple S and an agreement of their engagement.
Assistance in identification of the
As of recently, Triple S Learning is best person who can:
an authorized partner of CSA Speakers speak at companies’ conferences
Ltd. The newly formed company CSA organize strategic meetings
Speakers @ Triple S will cover the terri- run workshops
tories of Macedonia, Serbia, Croatia, train and teach managers
and Slovenia. run and moderate corporate
The purpose of our strategic part- events
nership with Celebrity Speakers Asso- represent the company at product
ciates (CSA) is to give an opportunity to launches
the Macedonian companies and the to be a part of companies’ promo-
companies from the region to get in tional campaigns
touch with the world’s most outstanding to hold a speech at an opening
personalities, renowned speakers, ceremony
proven business gurus, former heads of Through its functioning, CSA
states, Nobel Prize winners, sports leg- Speakers @ Triple S offers free con-
ends, and HR and CRM experts. sulting for selection of speaker from our
portfolio in accordance with your needs
About CSA Celebrity Speakers and the effect you want to achieve, as
Associates well as consultations, advices and
assistance in organizing a conference.
Celebrity Speakers Associates A complete high professional logistics
(CSA) is a global network of speaker regarding the engagement of the per-
bureaus. For more than 20 years, its bu- son and its agenda during the stay is
siness and motivational speakers has included in the services.
been instrumental in providing speech-
es at conferences, business events, Why should the Macedonian companies
management development programs, use speakers
seminars and workshops, road shows
and exhibitions, after dinner events and There are many reasons to believe
product launches and one-to-one coa- that engaging a speaker for a corporate
ching. We are entrusted with the manage- and pawned the road of man’s successes, event would help Macedonian companies
ment of our speakers’ services, who are are the most relevant representatives of the achieve their missions and become leaders
among the world’s most outstanding perso- human intelligence and success. In order to on the market:
nalities from the field of professional busi- convey the secrets of their success, as well Receiving practical advices for the
ness, academia, politics, sport, entertain- as the technologies of the companies which direction of development of their business by
ment and the arts. We are highly motivated to strategies they invented, they are now people who set amazing records in manag-
guide you every step of the way to plan a tru- engaged as speakers, consultants and men- ing the world’s largest corporations and
ly unforgettable event. Apart from the top lo- tors of the companies all over the world. increasing the profit
gistics service, we strive to provide our cus- Their mission is to help companies promote They can advice them and give direct
tomers with topical speakers who will meet their development and cope with the every- instructions for development and implemen-
their corporate requirements. Some of CSA’s day challenges in the intention of becoming tation of powerful action plans
clients: Microsoft, Pepsi Co International, leaders on the market. Idea and inspiration for creative and in-
Motorola, Hewlett Packard, Ericsson, Dell novative marketing
Corp, Siemens Group, KPMG, Pricewaterho- Mission Creates a sense of commonality and
use Coopers, Shell International, Xerox, Go- belonging in the company among the em-
odyear, Reuters, Barclays Bank, British Tele- Our mission is to contribute to the econo- ployees
com, Swiss Telecom, Glaxo Smith Kline, For- mic development of the region and to initiate Motivates employees to make efforts
tune Magazine, Institutional Investors, Tetra positive changes by enabling access to the for carrying out the company’s mission
berzNIK
11
world’s most outstanding people, who set
new standards with their works and success-
es, people whose names are a synonym for
success for decades, and what is most
important, those people are now ready to
share their knowledge and intelligence with
the Macedonian companies.
We call this initiative a new era for the

Macedonian companies/businesses, becau-
se we strongly believe and we are convinced
that this opportunity will bring revolutionary
and spectacular positive changes to the Ma-
cedonian managers, i.e. it will prepare them
for the global processes. For example, imag-
ine a meeting for strategic planning of the
Managerial/Executive Board of a Macedoni-
an company, on which a person such as Jack
Welch, the man in whose time the company
GE achieved a market price of amazing 376
billion US dollars, attends. He is now ready to
give directions to other companies and give
them tips how to develop their business and
on which market possibilities to focus. They
already went down that road and coped with
equally challenging problems. Or a meeting
for creating of an annual marketing strategy
with Jay Conrad Levinson or Philip Kotler,
people who wrote the best books for mana-
The companies have an opportunity to for a way and a solution to carry out our mis- gers. Further on, business meeting, work-
find out the secrets for the buyers’ motives, sion: to initiate positive changes in people’s shop of the team for product development of
their sense for the products from an expert in lives and their companies. We came to the a Macedonian company moderated by Na-
a certain area and to use that knowledge for idea that the best way to do it is to come up than Schulhof, the man who invented the
making loyal customers with a way to reach to the secrets of the suc- MP3 Player.
Providing enormous media attention cess of the greatest minds in Europe and the
and coverage in numerous PR texts and world, to the people which were leading the The brands which were known on the Eu-
announcements positive economic changes in the other parts ropean markets until now became a reality in
Building image of brand which sets and of the world and to bring them to Macedonia our country. For example, Pelé can be a part
meets high quality standards in order for them to convey the philosophies of a promotional campaign of a certain Mace-
of the world’s most successful individuals donian product, first face of a company, or
There are no more restrictions for the and companies. Tom Peters or Henry Kissinger can attend
Macedonian companies – now they have an on a strategic meeting of a domestic compa-
access to the world elite. Now the superior We are especially happy that the ny. These are people who are engaged by
knowledge of the world’s greatest minds will Macedonian companies now have the oppor- the world’s largest companies for decades,
pawn the road to conquering of the European tunity to find out the secrets of the successful but this became a reality for the Macedonian
markets! people, the people who are in the boards of companies as well, thanks to our agreement
the world’s leading companies from the type with the company CSA.
CSA Speakers @ Triple S of General Electric, Intel, Burger King etc for
decades, people who once were heads of Marija Solevska
The company CSA Speakers @ Triple S states and diplomats, Nobel Prize winners Executive Director
was founded as a result of the strategic ag- and sports legends. I am talking about the CSA Speakers @ Triple S
reement between Triple S Learning (speciali-
zed training center) and Celebrity Speakers Business language is the only common language in the world
Associates (global network of speaker bure-
aus), with which Triple S Learning becomes How much can the people who have been a part of the successes of the world’s largest
a representative of over 2,500 world’s out- companies help us with their knowledge, experience and skills and how much is their
standing speakers, business gurus, Nobel knowledge and skills applicable in Macedonia? Dagmar Outul from CSA says: I was a
Prize winners, former presidents, sports leg- guest on one of Jack Welch’s lectures in Zagreb and one of the participants on the confer-
ends etc for the territories of Macedonia, Ser- ence asked Jack Welch the same question. His answer was the following: Business lan-
bia, Croatia, and Slovenia. guage is the only common language which is understood by all people from across the
globe. The goals, the strategies, the challenges and the problems with which businessmen
- We were working on this idea for a long and managers from all over the world are facing are the same everywhere. We live in a
time. We were wondering how our company global world, we share the same values, and we are facing the same problems regardless
can contribute to Macedonia and the Mace- if the company is located in Africa, USA or Croatia. The companies in the economically sta-
donian companies in this crucial period when ble regions already went down the road which the Macedonian companies are currently
the process of globalization is reflected even passing, they faced the same problems, they bore the same weight and pressure. We
in our business reality, when the European believe that the future of the Macedonian companies and the Macedonian business is
future of Macedonia and the European mar- bright, but would not it be wonderful if we do not have to make the same mistakes, that we
ket are a tendency of all citizens and busi- could learn from other people’s experiences, to use experts from all over the world who
nessmen, and, what is more important, how have already been down the road which we are passing at the moment. We can at least
to help Macedonian companies achieve their try to accelerate this process by using their knowledge and experience. It is one of the rea-
missions, increase their profit, develop their sons because of which the people who achieved their peak and accomplished all of their
businesses and not to be geographically dis- life’s goals decided to share their knowledge with the world by becoming part of the con-
criminated in the process. We were looking ferences of the companies.
Date 23.06.2008
ON THE FAIR – THE WORLD OF PRIVATE LABEL IN AMSTERDAM
FOR THE FIRST TIME, companies wanted products offering the best
suitable offer for quality, good packaging and
PROMOTION OF THREE
attraction and to satisfy the latest demands
of their end-users. Companies established
very significant contacts with several relevant
MACEDONIAN COMPANIES retail traders/buyers with which they have
good chances of building strategic supply
partnership relations. Despite that, they`ve
Over 1.600 companies have been presented on this year`s fair promotion, from more used this opportunity to study the competiti-
than 35 national and regional pavilions. The new exhibitors from Cyprus, Sweden, on`s offer, new products and to collect ideas
Macedonian, Litany, Malaysia and Canada promoted its products, regions and coun- for expanding their product lines and their
tries. The Private Label Manufacturers Association Fair is the place where retail and adjustment towards the specific private label
wholesale traders make contacts with suppliers for their private lebel programs. program demands.
The special marketing private label con-
U
SAID`s program Agbis supported three processor, and Tehnoalat – Gevgelija veg- ference held earlier, helped Macedonian
Macedonian agribusiness companies etable processor (products and food) - have companies to see the possible way of use of
to take part as exhibitors on the World already accepted the NASSR and ISO stan- the private label opportunities and was very
of Private Lebel 2008 Fair in Amsterdam, dards being able to produce high quantities useful for the participants. The conference
held last month. of high quality products, which mean that, covered wide range of representations and
are ready to appear on the EU Private Label workshops dedicated to private label princi-
The World of Private label, the biggest market. This is the first time for one Mace- ples, issues related to the sale, such as the
fair in this industrial branch, reflects the glob- donian group to tae part as exhibitors of this political and practices used by the majority of
al growth of the retail and their private label fair. AgBiz helped them to exhibit their prod- international retailers in the supply, export
supply chains. This year's event was itsbig- ucts and coordinated their participation. This growth, EU export rules and regulations as a
gest ever, with more than 3,200 exhibit represented excellent opportunity for tool in improving the export, quality control
stands, representing more than 1,600 com- Tehnoalat, Intermak and Vitalia to advance and crisis management.
panies.The new exhibitors from Cyprus, their understanding for meeting the demands
Sweden, Macedonia, Litany, Malaysia and in relation to private label and to determine As participants on the fair the world of
Canada promoted their products, regions the production and sale potential of private private labels, Macedonian companies beca-
and countries. The Private Label Manufac- label products in EU supermarkets. me PLMA`s members providing them con-
tures Association fair is the place where Eu- stant exposure to great number of potential
ropean retail and wholesale traders find sup- The World of Private Label fair was signi- buyers for different consumer segments.
pliers for private label program. This fair is ficant place for promotion of the companies-
crossroad where buyers and vendors from participators` products before all categories USAID`s AgBiz program will continue to
almost 70 countries meet and join partner- of buyers of private labels, as well as rese- support owners from Macedonian agribusi-
ships of private label at the same time having arching the opportunities for contact estab- ness in order to help them complete the ne-
insight in the latest achievements in relation lishment with the key trade and retail factors. cessary improvements in their work, to get
to products. The fair enabled the companies-exhibitors to the maximum of its work and to meet buyers
be represented to buyers from whole Europe requests enabling them to sale their products
Inter-Max, Veles, processor of forest and other countries. Managers of trade, successfully through the private label ca-
mushrooms; Vitalia - Skopje, healthy food brand and categories from the leading retail nals.
The catalogue plays the key role to present and pro-

PROMOTION: GUIDE TO THE MACEDONIAN VINERIES
MACEDONIAN WINES GETTING

mote the Macedonian wine brands to the foreign
businessmen and to give positive effects for the
increasing export. Furthermore, In Design Studio
announces new annual editions with richer content
in the years to come NEARER TO THE EUROPEAN
- Guide to the Macedonian Vineries is the
title of the latest catalogue that presents 23
TABLES…
leading vineries in the country, promoted by
IN Design Studio (Chamber member) in coo- In Design Studio announces new annual edi- by In Design Stuidio.
peration with the Economic Chamber of Ma- tions with richer content in the years to come.
cedonia. The satisfaction to see almost all estab-
- For centuries, Macedonia has been lished vineries from the Republic of Macedo-
The luxurious presentation of the home known as a producer of the best wines in the nia gathered here, in one place this night gi-
vineries for the numerous visitors was en- region. With this catalogue, Guide to the Ma- ves another stimulus for cherishing this
riched with a degustation of the top Macedo- cedonian Vineries, we wanted to contribute event, which we believe will grow into a Day
nian wine brands. This is a second guidebo- to the promotion of this tradition of ours. This of the Macedonian Vineries, which will be tra-
ok of this type by IN Design Studio present- catalogue is a response to the needs for pro- ditionally held each year for the purpose of
ing the possibilities of the Republic of Mace- motion of the Macedonian wine industry. opening possibilities for contacts and coope-
donia and the capacities for productions of ration among the vineries, the interested con-
one of the country`s aces , the wine, for pla- In the six years of existence, In Design sumers and promoters.
cement on the international markets. The Studio has made a number of projects, how-
catalogue plays the key role to present and ever, we must highlight that this project is de- The catalogue will continue presenting
promote the Macedonian wine brands to the dicated to one of the most distinguishable the Republic of Macedonia and its products
foreign businessmen and to give positive ef- marks of the Republic of Macedonia-the qu- and heritage on all fairs worldwide!
fects for the increasing export. Furthermore, ality red and white wines; it was emphasized
berzNIK
13
19.06.2008 THURSDAY
Today news is mainly focused on three cable to the home and optical cable to the pave- tions. With their work, they just enable big
events: Cosmofon starts fixed telephony; the gov- ment. These projects will introduce in Macedonia entrance of foreign investments and improving of
ernment continues the battle with Telekom for the the most sophisticated network that will enable the economy. From the bank they say that in the
dividend of 60 million euros and Chebren and Ga- connection of 50 to 100 megabytes for the popu- following period, the biggest accent will be put on
lishte will dry Vardar out. These three events are lation, Bakers says. the card payment operations, because this is a
followed by the announcement for the 15th anni- Chebren and Galishte will dry off Vardar is the trend – changing the cash with non cash payment.
versary of UNI Bank in Macedonia and doubts re- title with which Shpic emphasizes the yesterday’s Uni Bank, has ended its work in the first trimester
garding the illegal sell of Veles smeltery. debate for the construction of these hydro power with an increase of all the segments in the opera-
Without exception, all daily editions convey plants. –the conditions for construction and for tions. - The Skopje company Metrudhem, founded
that the second mobile operator Cosmofon starts managing of the power plants Chebren and Ga- not longer than a month ago from a company with
fixed telephony across its GSM network, which lishte for Crna Reka are badly set, concluded part a siege on the Virgin Islands is the new owner of
covers 99.8% of the population in the country. The of the experts on the yesterday’s debate for the the Smeltery in Veles, say from the Board of sal-
price of 1 minute call within company`s network development of the energetic and protection of vation of Veles, from the restarting of the factory.
stands 0.49 denars per minute, and towards Ma- the living environment, which has been organized The offer from two millions and 250 000 euros
kedonski Telekom 0.99 denars, towards Cosmo- by Transparncy – Zero Corruption. Part of the par- from the company from Skopje, has approved by
fon 4.99 denars, and towards other mobile net- ticipants pointed out that there is no thorough the Swiss company Mineko, which is the biggest
works 9.99 denars. Users can choose some of the analysis for the water leve, and the biological min- trustee of MHK Zletovo in whose composition is
three postpaid packages which monthly subscrip- imum of Crna Reka, which is the biggest tributary the Smeltery. On the eight international tender for
tion stands from 199 to 599 denars including free to Vardar, is not predicted. This could decrease selling the Smeltery has participated the Turkish
minutes and prepaid package without subscripti- the water level of Vardar and to make a dispute company Jalim Disti Karet too, which has
on. As we announced, pages of today papers are with Greece. Macedonia, according to the interna- announced construction of a shopping mall on the
focused on opposite stands between the govern- tional regulations should maintain the biological place of the factory. The Board doubts the legiti-
ment and Makedonski Telekom regarding the minimum of the rivers that pour out in foreign macy of the tender.
amount of the distributed dividend. Both sides will countries. On the tender for construction of hydro In Vecer you will read: Yesterday the broker-
reconsider the decision for distribution of the divi- power plants, two companies have applied, the age house Delta Broker has officially marked the
dend. The distribution of the profit from 2006 and German RVE and the Austrian Ferbund. In April, beginning of its work in this country. Delta Broker,
2007 will be returned for further consideration in the government opened the offers, but the deci- before almost a month ago obtained the license to
front of the Board of Directors, and later on com- sion for who should manage the construction has work from the Securities Commission. The broker-
pany`s shareholders` assembly, since yesterday been postponed for after the elections. age house is registered with basic assets of 75
dropped from the agenda on the continuation of According to the conditions, the winner of the 000 euros, divided to 1 000 regular shares with
the session. This will exceed the term for the an- tender should build the power plants Chebren and nominal value of 75 euros per share.
nounced distribution of the dividend which was to Galishte in seven years, and after the construction In addition, as Biznis conveys on the Mace-
start on 30th of June. For now the mystery rema- is built, they will receive the power plant Tikvesh donian stock exchange, there had been a new de-
ins if the repeated consideration of the decision in a package. crease of the MBI – 10 yesterday. The Macedoni-
will accept the insisting of government represen- UNI Bank, the leader in the payment cards an Stock Exchange index amounts 5 168.57 and
tatives for distribution of the total amount of 60 mi- operations has celebrated the 15 years of exis- it marks a decrease for 1.75%. MBID amounts 5
llion euros, or company`s proposal for distribution tence in Macedonia. – In the previous years, Uni 923.04 and it marks a decrease of 1.53% while
of just half of the dividend in amount of 28 million Ban was around 28 – 29 times smaller than the OMB is 107.50 with an increase of 0.04%.
euros. Makedonski Telekom CEO Nicolay Bakers three biggest banks, and now it is only four to five Yesterday, 10 395 shares have been traded
announced that if government`s demand for distri- times. Our goal is to be leaders in the second via 140 transactions and bonds in nominal value
bution of the entire amount of the dividend, they group of banks, says Stojan Kralchev, head gen- of 9 167 euros through six transactions. In overall,
will be unable to realize company`s investment eral director of UNI Bank. In relation to the future 146 transactions have been concluded and a total
plan. It is a matter of some tens of million of euros, plans, he says that in the banking business, one turnover of 21 283 762.58 denars has been real-
to be more precise there are two projects, optical can not expect abrupt changes and new opera- ized.
1. COSMOFON STARS WITH FIXED TELEPHONY (*****)
2. WE WILL BECOME LEADING BANK IN THE REGION (***)
DNEVNIK CURRENCY
p.7 COSMOFON STARS WITH FIXED TELEPHONY p.10 MACEDONIA IS RANKED 81ST ACCORDING TO THE FREEDOM
p.7 REK BITOLA RECEIVED NEW EXCAVATOR OF TRADE
BIZNIS p.10 UNI BANK CONTINUES WITH THE SAME PACE OF CREDITING
p.1 ALLO IN POSTPAID AND PREPAID OPTION p.10 REGISTRATION FOR SUBVENTIONS UNTIL SEPTEMBER 30TH
p.1 THE GOVERNMENT CONTINUES THE FIGHT FOR 60 MILLION p.11 COSMOFON INTRODUCES FIXED LINE HALLO YESTERDAY
EURO VECER
p.1 WE WILL BE LEADERS IN THE SECOND GROUP OF BANKS p.4 WE WILL BECOME LEADING BANK IN THE REGION
p.4 ALLO IN POSTPAID AND PREPAID OPTION p.4 DELTA BROKER KICKS START
p.4 SMELTERY CAN NOT BE SOLD TO METRUDHEM SKOPJE p.6 CHEAPER CALLS WITH ALLO
p.4 THE GOVERNMENT CONTINUES THE FIGHT FOR 60 MILLION p.6 UNCERTAIN SALE OF THE VELES SMELTER
EURO p.7 WE WILL LOSE LESS THAN WE ARE TO WIN
p.5 STARTING PRICE OF 32.7 EUROS PER MEGAWATT-HOUR p.7 IT WASN`T DISCUSSED ON DIVIDEND
p.12 MBI-10 GOES DOWN FOR ANOTHER 1,75 PERCENT VREME
p.13 МBI 19.06.2008 p.6 COSMOFON STARTS FIXED TELEPHONY
p.13 MBI-10 FALLS AGAIN VEST
p.13 THE TREND OF SHARES` FALL CONTINUES p.3 COSMOFON WITH A MONTHLY FEE OF 200 DENARS
p.16 OIL GOES UP TO 134,17 DOLLARS NOVA MAKEDONIJA
UTRINSKI VESNIK p.7 INDEX GOES DOWN FASTER THAN THE SHARE PRICES
p.1 FROM NEW YEAR, INCREASE OF THE PRICES FOR ELECTRIC- p.7 COSMOFON STARTS FIXED TELEPHONY
ITY DUE TO INFLATION p.7 HEC TIKVESH- INVESTMENT OR GIFT?
p.2 ARE WE GOING TO PAY FOR MORE EXPENSIVE ELECTRICITY SPIC
FROM NEW YEAR? p.1 COSMOFON BECOMES NEW FIXED PHONE OPERATOR
p.5 THE DECISION FOR THE DIVIDEND FROM TELECOM - DELAYED p.4 INSTANT COMPANY BUYS VELES SMELTERY?
p.9 TENDER GAMES WITH THE HEALTH OF VELES CITIZENS p.6 CHEBREN AND GALISHTE TO DRY VARDAR OUT?
p.10 BETTER SURE THAN SORRY- EVERYONE SAVES IN FOREIGN
Date 23.06.2008
20.06.2008 FRIDAY
Macedonian citizens take loans in order to price for one barrel of oil would be about 100 dol- country throughout the region.
meet everyday needs and rarely for buying apart- lars because the current is too high and motivates Both Macedonian companies explain that so
ments or other housing facilities. The research of inflation in the producer countries. far they have not even discussed the option, nor
GFK group from Skopje has shown these results The world oil price shock enabled the any information arrived from the Greek side.
conveyed in all today’s newspapers. According to Macedonian Government make profit with a great The Croatian trading chain Konzum an-
the research, 71% of the population in the country amount. More precisely, bearing in mind that the nounced that it is worked on establishing firm in
has established cooperation with some commer- VAT for oil derivatives is 18 percent, and by the Macedonia, whose activity will be to organize pro-
cial bank, while 65% are beneficiaries of banking continuous rise of prices, increases the percent of duction and purchase of fruit and vegetables. The
services. However, only 2% use electronic bank- the permanent participation of this tax, so that company Konzum, which is member of Agrokor
ing services… The research shows that the low great amount of unplanned extra money form the group, will be registered in Valandovo by the
standard, high prices and increased demand are black gold go in the state budget. name Anska Reka-Nova, with a seed capital of
only some of the reasons for the need of loan. As one can read in Utrinski vesnik, although 5000 euro. At the same time, is announced estab-
Nevertheless, the population is still over indebted the new government is not formed yet, it is lishment of an identical firm in Serbia, and Kon-
and compared to the countries from the region we already preparing to adopt a rebalance of the zum establishes both firms together with another
are in the average. 2008 budget to distribute the extra money. Croatian company Plodovi na zemjata - Matievikj.
Greek parliament gave green light for the sale Vreme also considers this matter, but from a EVN-Macedonia shut down the power in 21
of part of telecommunications company OTE to different point of view, and informs that the utility enterprises throughout the country for
German Deutsche Telekom - one can read in Government will not reduce VAT and the excise of unsettled electricity debts. If the companies don’t
printed media. This course of events makes more oil derivates, but will reduce the prices of the tech- accept the proposals on servicing the debts, they
real the announcement that there will be monop- nical check and the pay toll, as measures that will will be shut down again for longer period of time-
oly in the mobile telephony in the country now as soften the price shock from the continuous oil EVN warns, and explain that so far not one pro-
Deutsche Telekom is to own two mobile operators price increase. posal for paying the debts on installments had
in Macedonia which cover 92% of the market Today’s newspapers mark the interest of the been accepted.
together. - We consider relevant the moment foreign railway companies for investing in, respec- The Public Revenue Office detects the tax
when Deutsche Telekom will takeover the man- tively purchasing part of the Macedonian evaders is the title of the text in Biznis, and it
agement of Cosmofon and when the concentra- Railways. Namely, the biggest railway company informs that round 60 million euros evaded tax
tion of power will have to be reported, says the on the Baltic, Skinest Rail, is interested in invest- were discovered by tax inspectors in the control
President of Commission for Protection of ing in Macedonian Railways, writes Vecer. As conducted over tax payers during last year. From
Competition, Cedomir Kralevski. Nova Makedonija conveys on the other hand, the the total evaded tax, about 23, 5 million euros are
Record oil prices on the world market contin- Greek Railway wants to buy the transport part of based on unpaid value added tax. As far as the
ue to be in the limelight of the newspapers. Thus, Macedonian Railways. Greece shows interest for personal tax is concerned 12, 8 million euros have
Vreme conveys that according to the statement of purchasing the Macedonian shipping company been evaded, and 14, 6 million euros for income
the Minister of Finance of Kuwait, Mustafa Si- Fersped, company which is very well positioned tax.
mali, for the Agency Bloomberg, a reasonable on the Balkan with branches in almost every

1. THE MACEDONIANS- AVERAGE INDEBTED (*****)
2. KONZUM ESTABLISHES COMPANY IN VALANDOVO (***)
DNEVNIK MISSION WAITS ON PROVES

p.5 FORMED BOARD FOR SALVATION FORM THE SMELTER IN p.9 BALTIC COMPANY WANTS TO INVEST IN MACEDONIAN
VELES RAILWAY
p.7 EVN CUTS-OFF DEBTORS
p.14 STARTING JULY 1CITIZENS CAN CHANGE THE OPERATOR VECER
BUT NOT THE NUMBER p.7 SKINEST RAIL WANTS TO INVEST IN THE RAIL-WAYS
p.14 KONZUM ESTABLISHES COMPANY IN VALANDOVO p.7 DEUTSCHE TELEKOM BUYS OTE
p.15 CREDITS ARE RAISED FOR EVERYDAY NEEDS p.8 ABOUT 21 UTILITY ENTERPRISES SHUT DOWN
p.8 LAST YEAR A BULL, THIS YEAR BEAR MARKET
BIZNIS
p.1 60 MILLION EUROS EVADED TAX DETECTED VREME
p.1 EVERYDAY NEEDS ARE SOLVED WITH BANK LOANS p.8 THE MACEDONIANS ARE AVERAGE INDEBTED
p.2 MSE MAKES FAST FORWARD TOWARDS THE BOTTOM p.8 REASONABLE PRICE- 100 DOLLARS
p.3 EVERYDAY NEEDS ARE SOLVED WITH BANK LOANS
p.4 60 MILLION EUROS EVADED TAX DETECTED VEST
p.5 THE ROAD OF WINE FROM 23 WINERIES p.6 KOSMOFON PART OF DEUTSCHE TELEKOM
p.12 INCREASED TURNOVER ON THE STOCK EXCHANGE
p.13 МBI 19-06-2008 NOVA MAKEDONIJA
p.13 FALL OF THE THREE STOCK EXCHANGE INDEXES p.10 MBI-10 IN FREE FALL, WHEN WILL IT STOP?
p.10 THE BATTLE FOR VELES SMELTERY IS YET TO COME
UTRINSKI VESNIK p.10 THE GREEK RAILWAYS ARE INTERESTED FOR MZ-
p.1 GREEK PARLIAMENT APPROVES OTE SALE TRANSPORT
p.1 HOW WILL BE USED THE EXTRA PROFIT OF THE OIL
p.3 THE GOVERNMENT ALREADY MAKES PLANS HOW THEY SPIC
WILL USE THE OIL EXTRA MONEY p.6 RAISE CREDIT IF NECESSARY
p.9 CROATIAN KONZUM ESTABLISHED NEW FIRM IN VALANDO- p.7 EVN DOES NOT FORGIVE TO UTILITY ENTERPRISES
VO p.7 REPURCHASE FIRM OF CROATIAN KONZUM IN VALANDO-
p.9 THE MACEDONIANS- AVERAGE INDEBTED VO
p.9 GREEK PARLIAMENT APPROVES OTE SALE – OUR COM-
berzNIK
15
21.06.2008 SATURDAY
Maktel is to pay fees to the monetary author- called Max ADSL 2 plus a personal computer for block transaction on which 98 millions of denars
ities in USA and Hungary; Magjar Telecom has residential users and a special offer called Paket - went to…
submitted a report to the New York Stock Market │Max ADSL plus a personal computer with which The continuant fall of the value of the shares
about the investigation in Maktel, news that has as part of the offer of services to the widespread on the Macedonian stock exchange has started
market the headings of today’s Saturday’s edi- Internet on the market, they offer and trade with from the last year. But the most dramatic is the
tions in the printed media. The ruling institutions in personal and portable computers and computer condition since April this year, when Macedonia
USA and Hungary could demand sanctions for equipment… On the market of personal comput- did not obtain the invitation for membership in
people from Magjar Telecom and from its branch- ers, telecom participates with even 50% from the NATO. According to the Stock Exchange data,
es in Macedonia and Montenegro, including turnover – react from the Chamber of Information from the 1st of April this year until today, the MBI
penalties from the monetary authorities of these and communication technology at the CCA. – 10 marks a decrease of 25.67 percents. More
two states for the criminal working on the Today’s newspapers inform that the demand tragic is the fact that this index has not had a
Macedonian and on the Montenegrin telecom. for landlines from Cosmofon is huge. Namely, close up with positive value since 15th of May this
This is stated in the newest annual report that after the announcement for launching services in year.
Madjar Telecom has sent these days to the the landline area under the ALLO brand, over 1 Shpic announces that the local population
American commission for securities, in which the 000 demands for connection have arrived. from the villages near the refinery Okta will get
financial operations of the Hungarian company According to the general executive director, measurement stations with which one would have
and its branches from Macedonia and Monte- Petros Lefkovic, this is only part of the ambitious control on the pollution from the refinery, drinkable
negro are described in details, as well as the ex- plans of the company, which are planned for the water and new investments in the infrastructure,
pected implications from the investigation for nearest future. Namely, soon, one expects for ecology and in the Health, after the new manage-
committing money embezzlement. Cosmofon to launch services for the 3G and Wi- ment of Okta has accepted these demands.
In the elaborated report that has been pre- max technologies that can bring unlimited possi- Dnevnik conveys that the EU leaders have
pared on 260 pages, the Hungarian company bilities for communication. demanded for the European commission to look
reports the American institution that the data for Today one can read how much the Macedo- through the possible short term measurements for
the financial scandal for laundered 6.7 millions of nians do not care for the safety of their property. decreasing the pressure from the oil price shock.
euros by the Hungarian directors in the Mace- According to the insurance companies, only 5% Macedonia will not follow this advice from
donian telecom are under careful consideration from the population have insurance. In fact, only Brussels and it remains on its stance that the
from the authorized institutions in Macedonia too. 50 000 households in Macedonia from a total of taxes for the oil derivates will not be decreased.
For several times, former employees in the 800 000 have insurance. The citizens confess that - Until now, we have repeated for several
Macedonian Telecom have pointed out to possible they do not have the habit to insure their homes, times that the demand for lower taxes for the oil is
malversations in the company. but they also say that they do not have the money. unproductive. The option for implementing taxes
Accusations addressed to the Macedonian (Reports MIA). for the higher incomes from the oil companies has
Telecom have been made by the Chamber of Utrinski with detailed stock exchange analy- not been considered. However, I do not know if it
Information and communication technologies and sis. The decrease of the value of the shares on is going to be efficient when Macedonia is mot an
services (IKT I Chamber) at the Chambers of the Macedonian stock exchange is continuing. oil manufacturer, but importer. The companies,
commerce association, which has submitted a The Macedonian stock exchange index MBI – 10 while importing, pay the entire taxes – reported
demand for initiating a procedure against the marks minuses almost every day, and the Martin Martinovski, spokesman of the Ministry of
Macedonian Telecom for misuse of the conces- turnover that is being realized is more than mod- finances.
sion. According to CCA, the misuse of the conces- est. Yesterday, the high turnover from 136 millions
sion is being performed via offering the package of denars was an exception, and it was due to a

1. MACEDONIANS IRRESPONSIBLE – ONLY 5% OF THE HOMES INSURED (*****)
2. TELECOM ACCUSED OF MONOPOLY BEHAVIOR (***)
DNEVNIK p.3 MACEDONIAN TELECOM TO PAY FINES TO THE MONETARY

p.5 NO FUEL TAX REDUCTION POWERS THAT BE IN USA AND HUNGARY
p.7 ONLY 5% OF THE HOMES ARE INSURED p.7 TELECOM ABUSES THE CONCESSION
p.7 TELECOM ACCUSED OF MONOPOLY BEHAVIOR p.7 COSMOFON KILLS TELECOM`S PRICES
p.8 ONLY 5% OF THE HOUSEHOLDS ARE INSURED
UTRINSKI VESNIK
p.8 STOCK EXCHANGE GOES DOWN, NOT A SIGN OF THE FOR- VREME
EIGNERS AND THE POWER JUST SILENTLY OBSERVES p.8 ANTIMONOPOLISTS FROM MACEDONIA WITH TIED HANDS
p.8 TEN PERCENT OF MAKOSPED`S SHARES SOLD
p.8 HUGE DEMAND FOR FIXED LINES FROM KOSMOFON VEST
p.8 IT CHAMBER REQUESTS AN ACTION AGAINST MAKEDONS- p.10 ONLY FIVE PERCENTS OF THE HOUSEHOLDS TO BE
KI TELEKOM INSURED
p.9 GREEK RAILWAYS TOO INTERESTED IN MACEDONIAN
RAILWAYS NOVA MAKEDONIJA
p.9 ZITO BITOLA ON INTERNATIONAL TENDER FOR THE THIRD p.9 МBI 20.06.2008
TIME p.9 MBI-10 CONTINUES TO DROP
p.9 MACEDONIANS IRRESPONSIBLE – ONLY 5% OF THE p.9 WHAT KIND OF DOWRY SHOULD GIVE THE GOVERNMENT
HOMES INSURED FOR CHEBREN AND GALISHTE
VECER SPIC
p.1 THE SCANDAL FOR CORRUPTION IN TELECOM INVOLVING p.6 HALF OF MACEDONIA’S POPULATION DOESN’T KNOW
HOME POLITICIANS REVEALED BY VECER GETS INTERNA- WHAT IS INSURANCE
TIONAL DIMENSION p.6 OKTA BOWED IN FRONT OF THE LOCAL POPULATION
p.1 COSMOFON KILLS TELECOM`S PRICES
Date 23.06.2008
16.06.-21.06.2008 MONDAY-SATURDAY
1. SHORT REVIEW IN THE WEEKLY MAGAZINES
GLOBUS carry out activities in the area of work with the local residents, payment
operations in the country and other banking matters.
Pg. 26 THE EASIER WAY TO BECOME BANK SLAVE
Though among the poorest nations in Europe, Macedonians in the Pg. 46 NEW PRODUCT FROM TTK BANK- CHILD’S SAVING
last five years, compared to the regional average, are the most indebted
towards banks, statistics data of neighboring central banks show. The With donation of 85 thousand denars to the SOS Children’s Village,
National Bank of the Republic of Macedonia fights against this policy of TTK bank today promoted its new product “child’s saving”. The benefits
increase consumption by the citizens, which is motivated by banks. This with the child’s saving, according to the bank’s marketing director, Elena
institution is left on its own to deal with the inflation which is strengthened Mladenovska-Jelenkovik, are the attractive interests and no minimal
by the public consumption and citizens` indebtedness towards banks deposit for opening a saving account, which can be denar or foreign
which increased by 58.9% in the first tow months only. exchange.
For now, competent institutions and banks ignore the alarming red
light which was switched on by the monetary power. Pg. 52 IMF TO INVESTIGATE WHO “RAISES” THE OIL PRICE
Ministers of G8 called the IMF and the International Energy Agency

KAPITAL (IEA) to investigate the real reasons and financial speculations which
caused high increase of the oil price.
Pg. 14 TIKVES OPENS COMPANY IN GREAT BRITAIN
Tikves Wines International Limited United Kingdom is the name of
the new company that Macedonian vinery Tikves and company Rizzi FORUM
GMbh from Germany founded together.
Pg. 26 we are driving with danger of cancer
Pg. 15 DANUBE FOOD SELLS BITOLA DAIRY AND KOZJAK? This thing that several years ago had been a subject of million law-
suits is not regulated by laws and book of rules in Macedonia. It is about
Until next July, Danish group Danube Food, in which ownership are an additive MTBE (methyl tertiary butyl ether) used in unleaded petrol
several dairies in the region, among which the one from Bitola as well, production as substitute of the lead. American scientist determined that
will put on sale the capital worth 1,56 million Euros, Reuters reports the the long-term exposure of this substance can cause cancer to humans.
statement from Rade Pribicevic, director of corporative and legal affairs Therefore, in 2006, MTBE was forbidden for use in fuels in all 50 states
of the Danish group. in USA, as in part of the West European countries. In Macedonia even
96 percent from the fuels are unleaded.
Pg. 28 OUR NEW CHALLENGE IS TO ENTER THE LAND-LINE
TELEPHONY! Pg. 31 decreasing trend of securities
Last week Macedonian Stock Exchange recorded a share decline of
Ambitious, open, direct, energetic, and yet down to earth- is the all companies which compose Macedonian stock exchange index. MBI-
impression you get once you meet Petros Lefkovic, the man who six 10 had lost on Thursday 2.94% of its value from the opening of the trade
months ago was appointed head executive director of one of the biggest week on Monday until Thursday.
mobile operators in the country-KOSMOFON. He took the head position
of the company in very dynamic period both for the company itself and Pg.32 “Stanari” first environmental thermal power plant
the market. The ministry of environment, physical planning and civil engineering
of Republic of Serbia issued environmental permit for the project of ther-
Pg. 41 GRANIT, ALKALOID AND KOMERCIJALNA BANKA TWIN- mal power plant “Stanari” construction in the Republic of Serbia. This is
CLED BESIDE THE BIG NEIGHBORS first permit from this kind, issued on the area of west Balkans.
Fund managers, brokers, financial analysts, bankers and other stock Pg. 33 532 million newspapers sold per day
exchange workers from the entire region of Southeast Europe, the morn- According to the report of the world association of newspapers the
ing of June 11th filled the lobby of the Sheraton hotel downtown Zagreb. daily newspapers` sale last year increased by 2.57 percent in 230 coun-
tries. According to data of this association, 532 million samples of daily
Pg. 44 THE INDEX CONTINUES TO GO DOWN, INVESTORS newspapers a day are sold in world representing 9.5% or 46 million sam-
INTERESTED IN STATE BONDS (09-12.06.2008) ples more compared to 2003.
Last stock exchange week, the state denationalization bond from the
fifth emission was the most traded security on the Macedonian stock MAKEDONSKO SONCE
exchange in the classical trading.
Increased deficit
Pg. 46 STOPANSKA BANKA IMPROVES THE CONDITIONS FOR p. 28 In the first four months of 2008 the negative foreign exchange
MORTGAGE LOAN balance reached a record 902 million dollars. Although is difficult to make
future prognosis just on the basis of these numbers, still something
Stopanska banka Skopje improved the conditions for all users of doesn`t change in a positive sense, there is a risk the trade deficit by the
mortgage loan. All clients who will file request by the end of this month end of this year to exceed even 2.5 billion dollars.
will be provided with early payment of the mortgage loan without com-
mission, as well as reduced administrative expenses.
DENES
Pg. 46 NEW SUBSIDIARYOF KOMERCIJALNA BANKA OPENED
IN STRUGA Pg. 21 The Government analyzes the situation, economy fears
The price of the crude oil is expected to drop. At least the analysis
Komercijalna banka opened another subsidiary in Struga, located in indicates this, giving suitable evaluation of the announcement for pro-
part of the space of Customs terminal Jugotrans. The subsidiary will duction increase of one of the largest producers, Saudi Arabia.
berzNIK
17
EVENTS THAT MARKED THE WEEK...
UNI BANKA CELEBRATES 15-YEARS EXISTENCE IN MACEDONIA VIP OPERATOR WITH NEW
SERVICES ON THE MARKET
GOAL - LEADERS OF THE SECOND
GROUP OF BANKS VPN SOLUTION
Awarded the first prize- trip to the Olympic Games in Beijing for two. The prizewinning game
FOR SUCCESSFUL
lasted from April 21 and everyone who used the VISA and VIZA Electronic credit cards in amount
of 1000 denars and more of UNI bank could partake in it BUSINESS
This service allows companies to exactly
plan and reduce the communications
costs. Each company independently
defines the terms of use for each individ-
ual mobile phone line
Vip Operator introduces an innovative

complete communication solution - VPN
intended for medium and large compa-
nies on the Macedonian market for the
first time. VPN or Virtual Private Network
is a complete telecommunications solu-
tion which integrates the employees in a
given company or institution in a closed
user group, where each individual user
can have his/her own specific profile with
appropriate rights, privileges and limita-
tions, tailored according to his/her
requirements and needs, as well as
according to the needs of the company.
VIP VPN allows companies to select
and administer each individual user pro-
UNI bank’s management assesses the because the trend is the non-cash payment. file within the group independently at any
15-year existence and operation in Mace- The first trimester UNI bank ended with moment. This means that the companies
donia as successful and voices satisfaction increase in all segments of its working. The can just activate and deactivate all indi-
by what they have achieved so far. – Accor- banking incomes from interests, commissi- vidual SIM cards within the group, can
ding to the asset and the other indicators, we ons and rate differences are 309,5 million de- assign short user numbers for quicker
are behind the big banks, but, from being 28 nars, which is 6,5 percent more than the dialing, set the call limits, as well as to
times smaller than the three big banks five same period last year. The bank made profit allow or limit calls to determined destina-
years ago, now UNI bank is only four to five of 27,5 million denars before taxation. The tions. In addition, Vip VPN provides the
times smaller. Our goal is to be leaders in the placement of overall credits has increased companies possibility to determine the
second group of banks, Stojan Kralcev, the for 10,2 while the deposit base marks drastic division of business and private calls for
first general director of UNI bank, said, who increase for ten times. In five years, including each individual number, as well as sepa-
at the occasion of the 15-year anniversary 2007, the bank’s net-asset has been incre- rate bills for private and business calls. All
organized prizewinning game for the bank’s ased for 4,8 times. these functionalities of VPN allow compa-
users. nies, institutions, and organizations to
Kralcev assessed that the National Bank plan and cut their communication costs
Voicing satisfaction from the current of the Republic of Macedonia’s last measure optimally.
working, he said that the current number of for obligatory deposits of the banks in the There are two tariff models of the VIP
clients was 160.000, who are being served central bank, will have no repercussions on VPN communications solution: VIP VPN
through 38 subsidiaries, and in future they approving loans and that with their bank they Corporate, suitable for companies with 25
will strive toward the bank becoming the lea- go up to the level of 40 percent, and as to the to 100 individual user lines and VIP VPN
ding one in the region oriented to its clients interest rates, he says that they will keep up Corporate Plus, suitable for companies
with wide range of products and services, with the trend of treasury bills interest rates. with more than 100 lines, with option of
with an accent to the credit cards operations, selecting consecutive numbers.
Date 23.06.2008
W E E K LY R E V I E W O F M A C E D O N I A N S T O C K E X C H A N G E
period 16.06. - 20.06.2008
berzNIK
19

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berzNIK - YEAR II - NUMBER 28 -23th JUNE 2008 - (SUPPLEMENT OF TENDERNIK)

Date 23.06.2008 number 28

Reckoning without one`s host

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

(Macedonian Stock Exchange report – 2007)

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

THE SHORTEST WAY IS SIMULTANEOUSLY THE

ITALIAN-MACEDONIAN BUSINESS FORUM IN OHRID

THE EXPERIENCES FOR WASTE

TRIPLE S LEARNING ON THE MACEDONIAN MARKET

WORLD’S GREATEST MINDS – LEADERSHIP

We call this initiative a new era for the

ON THE FAIR – THE WORLD OF PRIVATE LABEL IN AMSTERDAM

The special marketing private label con-

The catalogue plays the key role to present and pro-

MACEDONIAN WINES GETTING

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

DNEVNIK MISSION WAITS ON PROVES

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

DNEVNIK p.3 MACEDONIAN TELECOM TO PAY FINES TO THE MONETARY

Ministers of G8 called the IMF and the International Energy Agency

Vip Operator introduces an innovative

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