berzNIK - YEAR II - NUMBER 15 - 24th MARCH 2008 - (SUPPLEMENT OF TENDERNIK)
Date 24.03.2008 number 15
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Foreigners believe in us,
and we…
Last week will be remembered after two things -
turning point of the investors` trust in Macedonia, and
turning point on the capital market - record-breaking
fall and record-breaking increase of the MSE Index.
We have lived to see - foreigners believe more in
us than we do. Johnson Matthey should happened to
us, its Regional Manager for Macedonia, Colin
Geoffrey, to convey, i.e. say the message that our
country has good investment potentials; that it could
soon become the leading country in Europe according
to development of automobile parts industry; that the
political situation in the coun-
- Ten enemies cannot do a man the harm try, as well as the increasing
that he does to himself. This maxim reminds inflation, is not an obstacle
me a lot on what is happening to us at the mo- for the planned forthcoming
ment in Macedonia - political Rashoumon ef- business; that there are dif-
fect. As if we did not have enough of the exter-
nal pressures and conditions, the reflections ferent political systems, with
of the world crisis on our still fragile economy, much more serious issues
inflation, and on top of everything, we, as well, than those in Macedonia,
are at each other`s throats - I am thinking of which is not a problem for the
political structures. Now, at the eleventh hour, business; that the name dis-
is not the time to outsmart, is not the time to pute between Macedonia
demonstrate political skills and argue - to
and Greece is a family dis-
accentuate the pretentious activities of the
party players about who has said what, who cussion. Just to remind - it is
has promised what, who has done what… as a matter of 50 million euro in-
if they were competing who to get the negati- vestment for factory con-
ve points… They are competing who will spit struction in the free economic
out the other more. And, we have elected zone Bunardgik. It is the lar-
them to present us with dignity, pride, as be- gest European investment of
comes one historically literate nation. They
have a good model, they have something to
this international company in
show the world, they only need prudence and the last 30 years. And, what
tactics to prove all that. The last kilometers is more important - unlike our
should be run out in the right way, and as part political domestic persons,
of the triple composition to fasten ourselves to Geoffrey believes in us: None
the NATO locomotive, and later to become of the current events was fa-
part of the European family… miliar to us when we decided
to invest in your country. In fi-
ve years I see Macedonia as NATO and EU member.
Impressive, and at the same time very encourag-
ing for the stock exchange players as well. We are very
close to gain back trust in ourselves, and there goes
market movement. The week began with relatively low
turnover and MBI-10 down 2.11%, continued with cor-
rection, with intensified fall of the index value by 5.5%,
which is the highest fall on daily basis and lowest index
value this year. However, after the first two days, i.e.
after the statement of the Johnson Matthey missionary
that they are here on Johnson Controls recommenda-
tion, and that at least two foreign companies are inter-
ested to develop its business (in the same field) in our
country, yet, on the following day, on Wednesday, the
Stock Exchange correction has soothed. The fall has
stabilized too - the index lost only 0.3%.
The real turning point happened on Thursday. The
MSE Index MBI-10 went up 6.12 percents. Positive ref-
reshment on the Stock Exchange has continued on the
last trading day of the week when it reached 5.67%.
Earlier, in only one month the stock exchange index
berzNIK
3
had a fall by 17.27 percents, so the 12% increase in
two days was experienced as a seriously encouraging
signal. The gap between the enormous offer and minor
demand was balanced and lost. The shares` prices of
almost all companies were increasing significantly, and
positive surprise was the high turnover, which remind-
ed on the good old times on the Stock Exchange.
In addition, in favour of the new positive events on
the Stock Exchange are also the unrevised income
sheets for 2007 that all listed companies have announ-
ced, 29 of which presented gains, while only nine had
loss. The total announced profit of the listed compani-
es for the first nine months in 2007 is 123% higher
compared to the same period in the previous 2006.
The total announced profit of the listed companies for
2007 was increased by 37.04% in comparison to the
announced profit for the first nine months of the year.
Hence, unlike the political structures, political
insinuations, the large foreign financial economic play-
ers have faith in Macedonia. They do not kneel before
the political barriers, but spread optimism among do-
mestic investors. The inflation is not just a reflection of
the domestic economy, but a reflection of the global
crisis as well. However, in order to amortize the econo-
mic stroke, the Professor Vanco Uzunov in the intervi-
ew for berzNIK recommends: The Government should
not delete taxes, excises, customs, etc., but to reduce
them because the rate at which they are charged is
higher, and even with lower rate they could at least add
to the Budget, and the final retail price will be reduced.
Uzunov says: This year we will have higher inflation
than the planned and that will affect the rate of the eco-
nomic development, but average must not be allowed.
Evidence that there is a positive climate in this co-
untry is the major attendance of the 34th Furniture Fair
this year. On this event, which takes place from 21 to
26 March, participate 400 representatives, 130 of
which are domestic, and 260 are foreign brands from
26 world countries. Thus, besides the Macedonian par-
ticipants, there are also representatives from Albania,
Austria, Belgium, Bosnia and Herzegovina, Bulgaria,
China, Kosovo, Croatia, Czech Republic, Germany,
Greece, Italy, Korea, Poland, Serbia, Slovenia, Slova-
kia, Taiwan, Hungary, Finland, France, The Nether-
lands, Spain, Switzerland, Turkey, and USA.
The representatives of these countries, and follow-
ing their optimistic step - the domestic investors as
well, besides the hard positions of the politicians, have
shown trust for presentation and performance on the
Macedonian market. They have demonstrated that
there is a room for positive climate, faith that the name
dispute will be resolved and Macedonia will succeed to
obtain NATO membership…
Until the next Monday
Makedonka Baldazarska
BerzNIK editor-in-chief
e-mail: berzNIK@interNIK.com.mk
 4 berzNIK number 15
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 24.03.2008

STOCK EXCHANGE ….NEWS

INOVO BROKER AD SKOPJE REGULAR REVISION OF MBID

Temporary banned to perform all security services Change of the companies`

The brokerage house Inovo Broker AD Skopje since 17.03.2008 doesn`t trade with securi- attitude which comprise the
ties. Inovo Broker`s temporal suspension lasts 30 working days. This ban of Inovo Broker AD index
Skopje on performing security services for which it received permit, started to implement since
15.03.2008 which was a working day but not trading day. The Securities Commission reached On 17.03.2008, the Stock Exchange Index
the decision of the temporal ban on performing security services of the brokerage house Inovo Commission performed regular revision of the
Broker AD Skopje, with extraordinary control and established that the brokerage house sold index MBID and according to the Methodology
shares to its clients with orders of expired deadline. for calculation of the public held companies -
MBID, the Stock Exchange Index Commission
The member Inovo Broker AD Skopje is suspended by trading in securities of Macedonian decided that MBID elements are the ordinary
Stock Exchange AD Skopje in a period of 30 working days, starting from 15.03.2008. At the same shares issued by the following joint stock com-
time, in accordance to the Stock Exchange Decision, the brokerage house Inovo Broker AD panies: Arcelormittal Skopje (HRM) AD
Skopje is temporarily excluded from the Stock Exchange membership during the ban. Skopje, Fabrika za cevki 11 Oktomvri AD
Kumanovo, Makedonski Telekomunikaci AD
Skopje, Arcelormittal Skopje (CRM) AD
Skopje, Stopanska Banka AD Skopje,
SINCE 21ST OF MARCH UNTIL 26TH OF MARCH - MEBEL 2008 Tutunska Banka AD Skopje, Rade Koncar AD
Skopje, OKTA AD Skopje, UNI Banka AD
ON THE FAIR - 400 FIRMS Skopje, Prilepska pivarnica AD Prilep, Kjubi
FROM 26 COUNTRIES Makedonija AD Skopje, ICN - farm AD Skopje,
and MZT HEPOS AD Skopje. These thirteen
shares - elements of MBID comprise around
53.15 percent of the total turnover of the mar-
ket of publicly held companies market, in the
last quarter.
Strumica tabak, Karpos and Sileks banka
have been removed from the list of companies
whose shares have been determining this
index. Okta, ICN farm and Rade Koncar took
over the position of the previously mentioned
companies. The next regular revision of MBID
is on 15.06.2008.

Minister of Economy Kiro Spadzov on the occa-

The 34th International Fair of Furniture,
Household and Social Buildings Equipment,
Manufacturing Supplies, and Furniture Industry
Machinery - MEBEL 2008 - will be held from
21st of March to 26th of March. The exhibits of
the manufacturers are exhibited on coverage of
15,000 square meters, i.e. the total capacity of
the fair, as well as 300 square meters of the
yard.
There are 400 representatives, 158 direct
exhibitioners, 240 indirect exhibitioners, 130 of
which are domestic participants, and there are
also 240 international brands from 26 countries.
So, apart from the exhibitors from Macedonia,
there are also participants from Albania, Aust-
ria, Belgium, Bosnia and Herzegovina, Bulga-
ria, China, Croatia, the Czech Republic, Ger-
many, Greece, Italy, Korea, Poland, Serbia, Ko-
sovo, Slovenia, Slovakia, Taiwan, Hungary, Fin-
land, France, Netherlands, Spain, Switzerland,
Turkey and USA.
Among them, Turkey will participate in a
kind of organized joint performance of about 20
firms through the fair house Forem Meridian
from Istanbul.
- This event is very significant for the
The 34th International Fair of Furniture, Household and
Social Buildings Equipment, Manufacturing Supplies,
and Furniture Industry Machinery started on Friday.
This year, 400 firms from 26 countries will be exhibited,
of which, 158 direct exhibitors and 240 indirect exhi-
bitors, 260 foreign brands and 130 domestic exhibitors.
Republic of Macedonia and it represents an op-
portunity for various groups to unite and ex-
change opinions regarding the latest technolo-
gies, ideas and achievements in this sector.
This country's lumber industry sector partici-
pates with 3.22% of the industrial production
and it cover about 6,100 employees. There are
1,156 registered legal entities who operate in
this industry in Macedonia, of which, 560 manu-
facture the primary products, and the rest ma-
nufacture the final products. The fact that the
industrial production increased in 2007, i.e. that
the trade exchange with other countries is 129
million euros of which 26 million euros are from
export, gives us a right to say that we have a
better progress in this segment of the industry.
Regarding the improvement of the busi-
ness climate, especially in this sector, the Go-
vernment of the Republic of Macedonia enab-
led a forming of a cluster for the lumber indus-
try which today includes 55 companies, with a
tendency that number to increase, said Deputy
sion of the opening of the 34th International Fair
of Furniture, Household and Social Buildings
Equipment, Manufacturing Supplies, and Furni-
ture Industry Machinery - MEBEL 2008.
The traditional awarding of the Fair Globe
Award to the manufacturers and the traders
who will participate on the Fair is also part of the
program of the event. Awards in 10 categories
will be awarded, and the grading will be carried
out by an external commission and in accor-
dance with the rulebook. The awarding ceremo-
ny will take place in the Fair's management buil-
ding on 24th of March.
To the delight of the visitors and the potenti-
al buyers, the firms which participate on the Fair
are offering an attractive discount on their pro-
ducts, as well as favorable payment conditions,
i.e. installments. The co-organizer of the Fair,
ProCredit Bank, offered favorable loans for ren-
ovation of the home and procurement of furni-
ture.
An attendance of more than 80,000 visitors,
to whom the latest products and services of the
domestic and foreign furniture firms will be offe-
red, is expected this year as well.
The visitors will also participate in a prize
winning game. With the tickets, they will receive
a brochure with a coupon which can bring them
a voucher of 300, 500 or 700 euros, whereupon
the winner can choose any peace of furniture
from any producer within the value of the vou-
cher. The drawing of the winners will be public
and it will take place in the Metropolis Arena on
26th of March in 5:00 pm.
 Date 24.03.2008 number 15
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
C O N T E N T S
INTRODUCTION . . . . . . . . . . . . . . . . . . . . . 3 1. SHORT REVIEW OF EVENTS
STOCK EXCHANGE NEWS... . . . . . . . . . . . . . . . 4 Amortized Start of the Capital Market is the headline
of the stock exchange analysis carried by Vecer. It states:
SINCE 21ST OF MARCH UNTIL 26TH OF In spite of the current political situation in this country, the
MARCH - MEBEL 2008.. . . . . . . . . . . . . . . . . . . . . . 4 turnover on the capital market marked increase in the pre-
vious week. Realized turnover of 5, 2 million euros, which
berzNIK, MONDAY, TUESDAY, WEDNESDAY. is 125% increase in respect with the opening week of
… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7 March. The shares of almost all companies are plunging,
but nevertheless, shares of Mavrovo building company ha-
JOHNSON MATTHEY AFTER THE FOOT- ve gained 1, 5 million euros through a trade of 16 percent
STEPS OF JOHNSON CONTROLS. . . . . . . . . . 8 of the company`s outstanding shares. 39.000 of Mavrovo`s
shares have been sold in more than 60 transactions at a
STOCK EXCHANGE NEWS... STOCK single price of 2.450 denars.
EXCHANGE NEWS... ...........................9 The Croatian building company Ingra, which officiali-
zed its interest in taking over Mavrovo, has become hold-
INTERVIEW: VANCO UZUNOV, er of the capital.The small purchasers were persistent in
the trade on the Macedonian Stock Exchange, also con-
ECONOMY PROFESSOR AT THE firmed with the information that the closing day of the stock
FACULTY OF LAW IN SKOPJE... 10-11 exchange week recorded sound daily turnover of 1, 2 mil-
lion euros. Thus, the stress prompted by the Croatian and
.AFTER LONG-STANDING BUSINESS Slovenian investors during the previous days on the mar-
COOPERATION-PARTNERSHIP... . . . . . . . 12 ket has been absorbed. The stock exchange analysts are
optimistic this time and announce solid week on the Stock
SECURITIES COMMISSION...................12 Exchange. Last week, top losers were the shares of the
companies Teteks, Makstil, Granit, Stopanska Banka-Bito-
berzNIK, FRIDAY, SATURDAY ...........13-15 la and Komercijalna Banka.
The inflation reduces the competitiveness, informs
WEEKLY MAGAZINES...…....................16 Vreme. Namely, the devaluation of the denar is on the con-
venience for the importers, given the fact that for a longer
WEEKLY REVIEW OF THE MACEDONIAN period of time they have been saying the denar is overrat-
STOCK EXCHANGE. . . . . . . . . . . . . . . . . 17-19 ed, which has a negative impact on their business. By defi-
nition, devaluation means reduction of the value of the do-
mestic currency in relation with other, foreign currency, so
I M P R E S S U M the devaluation will help the importing companies to incre-
ase their incomes since they are being paid in foreign cu-
rrencies for their sales abroad. In times of plunging value
of the domestic currency, they would also make profit from
the difference in the exchange rates.
Publishing: INTERNACIONAL NIK AD - Skopje As far as the inflation is concerned, it has a negative
Media library and digital archive effect on the export-orientated companies. The inflation
Editors office: berzNIK
Address: Square MAKEDONIJA bb, p.box 882 Skopje, 1000,
prompts products price increase on the home market,
R.Makedonija which results into price increase abroad as well.
Phone. 02/25.32.800 faks: 02/25.32.839 Vreme carries the story that the tobacco growers will
web: www.interNIK.com.mk; be among the first to benefit from the subventions. This ye-
e-mail: info@interNIK.com.mk ar the subventions are at 45 million euros and the applica-
tion procedure for their usage is on the run. The subventi-
Executive Director: Zdravko Josifovski on payment will be carried through the Agency for financial
Account Menager: Divna Pesic support in agriculture and rural development, also known
Public relations: Natasa Dimovska as Payment Agency.
Marketing manager: Ivona Josifovska The applications for receiving subventions will last un-
Assistent: Stojne Danilova til May 31, and the payments will be realized after the far-
E-business manager: Ratko Projkovski mers meet the required conditions.
Logistics manager: Ana Petrova
The Hungarian company Fornetti Sole will build facto-
Finance manager: Gordana Stojanovska
ry for baking goods in the Municipality Ilinded. This compa-
STOCK EXCHANGE REVIEW OF EVENTS IN THE
PRINT MEDIA berzNIK 2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS
berzNIK is founded in year 2007. 1. MACEDONIA IN EU THROUGH AGRICULTURE (****)
2. THE HOTELIERS FROM OHRID AND STRUGA COULD MAKE 20 MILLION EUROS (**)
STOCK EXCHANGE REVIEW OF EVENTS IN THE
DNEVNIK
PRINT MEDIA berzNIK
p.7 THE INFLATION IN THE EU HIGHER THAN AL-
Number: 15
Date: 24.03.2008 LOWED
p.7 TOBACCO PRODUCERS DEMAND 30% HIGH-
IT IS DISTRIBUTED FOR SUBSCRIBERS ONLY ER PRICES
p.7 KOSOVAN COMPANIES BUY LAND IN MACEDO-
FRONT PAGE PHOTO: NIA
MEBEL 2008 p.7 THE HOTELIERS SWEAR IN CHEAPER CHAR-
TER FLIGHTS
Photo: UTRINSKI VESNIK
Robert Spasovski p.7 AUSTRIAN TOURISTS RETURN TO OHRID
p.7 STOPANSKA BANKA - SKOPJE IMPROVED THE
Editorial staff of berzNIK TERMS FOR THE MORTGAGE LOAN
Internet distributive system: www.interNIK.com.mk p.8 GOLD HITS 1,000 US DOLLARS AN OUNCE FOR
Editor: Makedonka Baldazarska FIRST TIME
Journalist: Vaska Mickoska p.8 AIR FRANCE-KLM TAKES OVER ALITALIA
DTP: Tatijana Trpkovska p.8 US INVESTORS SUE SOCIETE GENERALE
Editorial staff: VECER
News Evaluator: Anita Bashoska, R. Tasovska
p.5 WE BECAME FOOD IMPORTERS INSTEAD OF
[operators]:Mare Lazarevska, Arslan Skoro, Zoran Stamatovski,
EXPORTERS
Martin Arsovski, Gorge Redzik, Toni Arsovski i Darko Tripunovski
[translators]: translator's manager Senka Mihajlovska, Angelina p.6 FORNETTI TO BUILD FACTORY FOR PASTRY
Filipovska, Slobodan Trajkovski, Aleksandar Stamenkovski, Aneta p.6 THE STOCK EXCHANGE - BAROMETER OF
Menoska, Filip Koviloski, Darko Ivanovski THE POLITICAL OCCURRENCES
Fotoreporter: Robert Spasovski p.6 THE PRICE OF THE COOKING OIL REMAINS
THE SAME
Marketing, distribucija i proda`ba: p.7 RETIREMENT AT 15 YEARS WORKING SPAN
INTERNACIONAL NIK AD - Skopje VREME
p.1 MACEDONIA IN EU THROUGH AGRICULTURE
berzNIK
5
17.03.2008 MONDAY
ny offered best price of 600 denars a square meter for the
land covering an area 20.040 square meters.
Dragan Simonovski, the spokesperson of the Ministry
of Transport and Communications, informs the public auc-
tion for the building land in this Skopje municipality, projec-
ted for small economy, was held on March 11.
-The firm, according to the contract concluded with
the Ministry of Transport and Communications, is obliged
to provide building license within six months, in compli-
ance with the municipality urban plan, and construct the
object within a period of two years. Should the deadline is
exceeded, the contract will be cancelled and the land will
be returned to the possession of Macedonia.
Officials from the Ministry informed the firm was part
of the Hungarian Fornetti Group, which offered its products
on the markets throughout 20 countries, among which En-
gland, Germany, Sweden, Russia, Italy, Bosnia and Herze-
govina, Croatia and Serbia from 2002.
Vreme carries the story that the market gardeners
from the Veles village of Basino have secured export of
one hundred tons of scallion for the Croatian Konzum. The
producers from this village had arranged the export all by
themselves, without state help. Each night, one heavy
goods vehicle loaded with this market gardening product
travels from the village of Basino to Zagreb. Konzum pays
50 denars a kilo scallion. The payment is carried immedi-
ately after the handover of the amount.
Ohrid and Struga hoteliers may earn 20 million euros
from Austrian tourists, informs Nova Makedonija. On Berlin
Tourist Fair, the Hotel Association of Macedonia (HOTAM)
arranged with a famous Australian tour operator organized
visits for tourists from this country to Ohrid and Struga from
April 15 until June 15 the following year, HOTAM Chairman
Donco Taneski announced in Ohrid.
He added that from 2.000 to 4.000 tourists would co-
me to Ohrid and Struga every day to spend their seven-
day arrangement. They would pay 80 euros a day for half
board. This price includes the daily half board which varies
from 26 to 36 euros, with shopping, excursions and food in
the restaurants i.e. the entire non-board expenses up to
the amount of 80 euros.
Utrinski Vesnik offer the story that in spite of the re-
cord-breaking oil price increase, the price of the gold has
set a record and for the first time it was sold for 1.000 dol-
lars an ounce. The price increase was stimulated by the
weakened American dollar and the fears for the American
economy. The concern over a possible recession in USA is
the reason why the investors are purchasing products like
gold, as an alternative for the companies` shares and the
American dollar. The value of gold went up for around 20
percent since the beginning of the year after the 32% price
appreciation in 2007.
p.5 EMPLOYMENT AND CAREER FAIR
p.5 STRATA HAVE COVERED THE FIELDS AND THE
YARDS
p.6 THIRD BLOCK DISCONNECTED
p.6 THE INFLATION DECREASES THE COMPETI-
TIVENESS
p.6 SOMEBODY DEPRECIATES SHARES` PRICE
p.6 TOBACCO PRODUCERS THE FIRST TO COL-
LECT SUBVENTIONS
p.7 WE HAVE GOATS, BUT WE IMPORT MILK
p.7 OIL RISES IN PRICE ONLY FOR KUMANOVO
CITIZENS
p.11 A PASTRY FACTORY TO BE BUILD
VEST
p.2 LOWEST SALARY IN OHRID - 8,100 DENARS
p.5 ERLIFT SERVIS TO START FLYING IN APRIL
p.6 HUNDRED TONS OF SPRING ONIONS FOR
CROATIA-BASED FIRM KONZUM
NOVA MAKEDONIJA
p.4 THE HOTELIERS FROM OHRID AND STRUGA
COULD MAKE 20 MILLION EUROS
p.5 OHIS TO REMAIN WITHOUT ELECTRICITY DUE
TO A DEBT OF 500.000 EUROS
p.5 THE CROATIAN CONSTRUCTION COMPANY
CEIC ENTERS BULGARIAN MARKET
SPIC
p.6 GOVERNMENT DEVOTES TO AGRICULTURE
 6 berzNIK number 15
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 24.03.2008

18.03.2008 TUESDAY
1. SHORT REVIEW OF EVENTS
The past trading week on the Macedonian product accordingly increases the amount that more and more subscribers of the fixed-line te-
Stock Exchange was under strong psychologi- goes in the budget - say economists. Exporting lephony in Germany, and it is facing a strong
cal pressure. Turbulences in government coaliti- companies say that if the input the inflation in competition in USA.
on have caused panic among the share owners, their products they won't be competitive for the Paper Vest informs that the German auto-
who hurried to sell them at any cost. On the ot- external market. Therefore they increase the mobile giant Volkswagen showed interest for
her hand, many have used this moment and bo- production and compensate losses with the in- using certain services of few of the Macedonian
ught the shares offered by very low prices. All of ternal resources. automobile suppliers. For that purpose only, the-
this, as one could read in the stock exchange One could read in all today's print media se days will be organized direct meetings with
analysis in today's edition of Nova Makedonija, that by the end of the year Macedonian Energy the 11 manufacturers of car parts in Macedonia,
affected the turnover on the stock exchange to System-Operator (MEPSO) will import 210,180 with representatives of Volkswagen, where it will
increase for more than 130 percent comparing MWh power by average price of 86,12 euros per be analyzed the production capacities, the refer-
to last year. Nevertheless, foreign investors aga- MWh. The total amount of money that should be ences, the possibilities and the level of quality of
in saved the stock exchange and the price level, paid for the provided electricity is 18.1 million the domestic companies.
because they stayed buying in moments when euros. The power will be bought from four com- Stopanska banka AD Skopje reduced the
domestic small investors were selling with loss. panies-traders: EFT from Switzerland, Rudnap interest rate on mortgage loan for all interested
How much will this cost them, market will show group from Serbia, Vivid Power from Bulgaria in it. Now, with the mortgage loan of Stopanska
soon. and GEN from Slovenia. As the company an- banka, there is a possibility for choosing of a lo-
The question is how much time domestic in- nounces, the average price of this supply is low- an with a guaranteed interest rate of 6% per ye-
vestment public will need to realize that the pri- er for 5.42 euros or 5.9 percent comparing to the ar in the first three years or a guaranteed inter-
ces of ten liquid blue-chips are very low in com- previous power supply. est rate of only 5.5% in the first year. After the
parison to the prices they can reach on the mar- Deutsche telecom will buy 20% of the sha- expiration of the period with the guaranteed in-
ket thanks to their potentials, capacities and per- res in the Greek company OTE from the Greek terest rate, the changeable interest rate, which
formances, stands in the analysis of this daily. investment firm Marfin investment for 2.5 billion currently is 8.25% per year, is applied.
Macedonian economy has started to feel euros, the German telecommunications compa- Diesel oil increases for 2.5 denars, and the
the negative inflation effects, informs Dnevnik. ny announced yesterday. price of the gas remains the same, the Energy
The inflation, which reached 10 percent, redu- According to the assessments of the ex- Regulatory Commission decided.The retail price
ces the competition of Macedonian exporting perts, this way, Deutsche telecom will strength- of the diesel fuel will be 66 denars, and the price
companies. Their expenses are now much big- en the monopoly in Macedonia, where it already of the extra light fuel 55 denars per liter. The pri-
ger than those the companies in EU have, whe- owns Makedonski telekomunikacii and the mo- ce of MB - 96 will remain 70.50 denars per liter,
re the inflation is 3 percent. Economists warn bile operator T-Mobile. The German telecommu- eurosuper - 95, and eurosuper - 98, 68.50 de-
that the inflation usually affects the exporters nications giant will now focus on Cosmofon, se- nars per liter. By the decision of the Energy Re-
and brings advantages for the importers. The cond largest mobile operator and winner of a gulatory Commission, the retail price of the hea-
Government however, is not concerned beca- permit for WiMax-telecommunications. The Ger- ting oil M-2 will increase from 27.413 to 28.040
use it provides most of the incomes from the va- man company, which finished the last quarter of denars per kilo.
lue added tax. This means that more expensive 2007 with a loss of 757 million euros, is losing
2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS
1. DIESEL APPRECIATES BY 2.5 DENARS, PETROL PRICES UNCHANGED (*****)
2. DEUTSCHE TELECOM TO BECOME AN OWNER OF 1/5 OF THE GREEK COMPANY OTE (****)
DNEVNIK p.2 MACEDONIA AND INDIA SIGN AN AGREEMENT FOR INVEST-
p.7 THE COMPETITION OF THE MACEDONIAN IMPORTED PRO- MENT PROTECTION
DUCTS FALLS DOWN p.3 VOLKSWAGEN INTERESTED IN SERVICES OF THE MACEDONI-
p.7 DEUTSCHE TELECOM STRENGTHENS MONOPOLY IN MACE- AN SUPPLIERS
DONIA p.3 DIESEL APPRECIATES BY 2.5 DENARS
p.7 FOUR COMPANIES WILL IMPORT ELECTRICITY FOR MEPSO p.7 MEPSO TO COMPENSATE POWER WITH BULGARIAN NEK
p.7 THE PRICE OF THE DIESEL OIL ROSE BY 2.5 DENARS. p.7 32 JEEPS AND BASEBALL HATS FOR THE FORESTERS
p.7 MBI 17.03.2008 p.7 HOUSING CREDIT OF STOPANSKA BANKA AT 5.5% INTEREST
UTRINSKI VESNIK RATE
p.5 EVN-ESM INSTIGATES MASS CUT OFF ACTION p.10 DEUTSCHE TELECOM TO BECOME AN OWNER OF 1/5 OF THE
p.7 MEPSO WILL PAY 18 MILLION EUROS FOR THE NEW IMPORT GREEK COMPANY OTE
OF ELECTRICITY p.10 DOLLAR SLIDES TO FRESH EURO LOW
p.7 DIESEL APPRECIATES BY 2.5 DENARS, PETROL PRICES UN- p.10 AIR FRANCE-KLM TAKES OVER ALITALIA
CHANGED p.10 JP MORGAN CHASE BUYS BEAR STEARNS FOR 2 US DOLLARS
p.7 COUNTRY TO LOOK FOR A WAY OUT FOR THE TOBACCO FAC- PER SHARE
TORY - PRILEP NOVA MAKEDONIJA
VECER p.2 PURCHASE PRICE OF 33 DENARS
p.4 THE AIRPORTS OF PARIS AND VIENNA INTERESTED IN DOMES- p.3 THE PRICE OF DIESEL OIL IS GETTING CLOSER TO THE PRICE
TIC AIRPORTS OF THE GAS
p.6 NEW BENEFITS FOR MORTGAGE LOAN p.3 MACEDONIA MOVES FORWARD
p.7 REDUCED HYDRO-POTENTIAL TO COST 18 MILLION EUROS p.5 INNOVO BROKER AD SKOPJE SUSPENDED
p.7 THE SMELTER WAITS FOR A NEW OWNER p.5 POLITICAL LESSON FOR THE INVESTORS
p.7 DIESEL OIL WITH A RECORD-BREAKING PRICE OF 66 DENARS p.5 THE LIMIT OF THE LOAN IS OVER 150,000 EUROS WITH A RE-
VREME PAYMENT PERIOD OF UP TO 30 YEARS
p.5 PURCHASING POINTS TO PUT END TO STRINGENCY p.5 FORNETTI TO BUILD A DISTRIBUTIVE CENTER IN ILINDEN
p.6 THE URGENT IMPORT WILL COSTS US CHEAPER p.5 TPP NEGOTINO WILL WORK IN FULL CAPACITY
p.6 OIL TO BE SOUGHT IN MACEDONIA p.5 FOUR COMPANIES WILL IMPORT ELECTRICITY
p.6 MOST IMPORTANT ENERGY CAPACITY JUST REPAIRS SPIC
p.6 INOVO BROKER SUSPENDED p.6 THE JOB FAIR STARTED
p.6 THE DIESEL GOT MORE EXPENSIVE FOR 2, 5 DENARS p.7 TRIPLED TAX RETURNS
p.7 MACEDONIA TO FACE RECESSION p.7 VOLKSWAGEN IN SKOPJE
p.7 THE POLITICIANS DEAF FOR THE ECONOMY p.7 SCALLION FROM BASHINO SELO ON CROATIAN MARKET
p.7 MACEDONIAN STOCK MARKET THE MOST INSTABLE p.7 INDUSTRIAL PRODUCTS 10.2-PERCENT MORE EXPENSIVE
VEST COMPARED TO LAST YEAR
p.2 STARTING TODAY UP TO MARCH 21 - SKOPJE FAIR DAYS OF p.7 DEUTSCHE TELECOM WILL BUY ONE FIFTH OF COSMOFON
EDUCATION AND CAREER
 Date 24.03.2008
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
1. SHORT REVIEW OF EVENTS
The start of the construction of Johnson Mat-
they's plant in Macedonia is top news in all daily
newspapers. In the middle of April, in the eco-
nomic zone Bunardzik will be laid the foundation
stone of the new capacity of this British Company,
which starting May next year will begin with the
production of the automobile parts.
The first phase of the investment is worth 50
million euros, while the second phase is expected
to start after three years. According to the words of
Geoffrey Colin, Regional Manager of Johnson
Matthey for Macedonia, it is a matter of the largest
investment this company has made in Europe in
the past 30 years. - The free economic zone offers
excellent performances for factories for production
of automobile parts. I have heard that two more
multinational companies of this field are interested
in investing in Macedonia, Colin pointed out. The
political situation of the country is not a problem
for the company since the British automobile giant,
which makes 12 billion dollars profit, has factories
in 50 countries in the world, and in some of them
the problems are much more serious.
Another information in Vecer confirms that this
country is on the map of the automobile industry.
There can be read that eleven producers of auto-
mobile parts of the country will cooperate with the
German Volkswagen Group. Volkswagen has cho-
sen our companies on the basis of their own
severe criteria for this serious business and strate-
gic partnership. At the first Macedonian Conferen-
ce for automobile suppliers held in Skopje, which
was organized by the Minister of Foreign Invest-
ments Vele Samak and USAID, through the Pro-
ject for Competitiveness, was emphasized that
Macedonian producers of automobile parts have
the opportunity to supply parts for Audi, Skoda,
and Seat. Domestic companies included in the au-
tomobile business are: Vesna SAP, IZO Staklo,
number 15
Amak, SIPO, Velmaks, Ruen, TT Plast, Niche
Aurora, Pruteks, MZT Learnica, and TCG Learni-
ca.
In Utrinski vesnik`s report one could read
about the new fall of the stock exchange index. Af-
ter the great decline of the stock exchange index
MBI-10 last week, the Stock Exchange breaks re-
cords again. Yesterday, the value of this index re-
corded a decline of 5.5 percent, which is the high-
est decline of the index this year. The total realized
turnover of the share trading on the Stock Exchan-
ge yesterday was 50.1 million denars. The most
traded shares on the Official market were the sha-
res of Komercijalna banka, which were sold for
5.800 denars or at 2.8 percent lower price than
before. According to analysts, the decline is a re-
sult of the changes in the political situation that sti-
mulates investors to sell the shares at significant-
ly lower prices.
The news also includes the one about the cal-
culation changes of MBID, index that refers to the
shares of publicly held companies. Strumica
tabak, Karpos and Sileks Banka were removed
from the list of companies that have been deter-
mining this index so far. Okta, ICN farm and Rade
Koncar were added to this list. The shares of 13
companies are taken into consideration while cal-
culating the MBID index: Arcelormital Skopje
(HRM), Arcelormital Skopje (CRM), Pipe factory
11 Oktomvri, Kumanovo, Makedonski Telekomuni-
kacii, Stopanska Banka, Tutunska Banka, Rade
Koncar, OKTA, UNI banka, Prilepska pivarnica,
QBE Makedonija, INC Farm and MZT HEPOS.
Today, all printed media mark the restart of
Silmak. After the company has begun receiving
electricity from ELEM three out of the seven sto-
ves for ferrosilicon production have been activa-
ted, and approximately 400 employees are back to
work.
berzNIK
7
19.03.2008 WEDNESDAY
According to the one-year contract between
Silmak and ELEM, electricity will be provided for
the company from the night surpluses for the price
of 21.5 euros per megawatt-hours, and the price
for the daily distribution for Silmak is said to be
profitable. If the ferrosilicon price on the world
stock exchanges continues going up, other stoves
can be restarted.
The European Bank for Reconstruction and
Development (EBRD) announced the advertise-
ment for the project with which a construction of
residential buildings for the middle class in several
Balkan countries is projected to be financed,
Vecer informs. The project should be implemented
in Macedonia, Albania, Bosnia and Herzegovina,
Bulgaria, Moldova, Serbia, Montenegro, Ukraine
and Croatia, and it is planed 150 million euros to
be raised. In this way, the competition on the mar-
ket, where small constructors who do not have a
capacity or do not wish to build residential settle-
ments in accordance to the standards are current-
ly dominant, would be boosted. The European
Bank for Reconstruction and Development will
finance the project with 20% of the overall capaci-
ty, i.e. 30 million euros at the most from the total
expenses in the amount of 150 million euros.
Another innovation for the clients of Ohridska
Banka, newspapers inform. Ohridska banka has
introduced new revolving credit cards - Mas-
terCard Standard and MasterCard Gold, which are
issued without endorsers. The credit limit of
MasterCard Standard is up to 180.000 denars and
the limit of MasterCard Gold is 360.000 denars.
The cards are with a non-interest grace peri-
od of 45 days, enabled for automatic payment of
the monthly expenses with standing order.
Revolving cards are made according to the tech-
nology that provides security and protection from
misuse.

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

1. JOHNSON MATTHEY WILL START BUILDING IN APRIL (*****)
2. BANNED PRODUCTION OF 35 DRUGS OF JAKA 80 (****)
DNEVNIK p.7 VOLKSWAGEN SETS ITS SIGHTS ON OUR COMPANIES
p.4 THE FACTORY FOR CATALYSTS TO BE BUILT IN APRIL p.7 NEW REVOLVING CARDS
p.5 PRODUCTION OF JAKA 80 TO BE BANNED VREME
p.7 THE PROCEDURE FOR FARMERS` INSURANCE STUCK p.1 NEW WAVE OF APPRECIATION ON THE WAY
p.7 OHIS WITHOUT ELECTRICITY TODAY p.2 POLITICAL DRAMA STUPEFIES MSE
p.7 SILMAK STARTS OPERATING p.7 OHRID AND STRUGA WILL BE LEFT WITHOUT WATER?!
p.7 THE NUMBER OF TOURISTS INCREASED FOR 41, 4% p.7 THE CROSS AND OTHER PUBLIC ENTERPRISES WILL BE LEFT
UTRINSKI VESNIK WITHOUT ELECTRICITY
p.1 JOHNSON MATTHEY WILL START BUILDING IN APRIL p.7 NEW WAVE OF APPRECIATION ON THE WAY
p.8 SILMAK STARTED THE PRODUCTION OF FERROSILICON p.7 BRITISH GIANT FINDS SECURITY IN MACEDONIA
p.13 ELEM PRODUCED 5 PERCENT LESS ELECTRICITY, IN JANUARY VEST
AND FEBRUARY p.6 BANNED PRODUCTION OF 35 DRUGS OF JAKA 80
p.13 PRILEP STOCKBREEDERS DIDN`T SELL 10.000 LAMBS DUE TO NOVA MAKEDONIJA
TACTICS p.5 VOLKSWAGEN ON THE FIRST MACEDONIAN CONFERENCE OF
p.14 THE MACEDONIAN FIRMS ARE UNPREPARED TO RAISE THEIR CAR SUPPLIERS
COMPETITIVENESS p.5 JOHNSON MATTHEY TO START BUILDING FACTORY FOR CAR
p.14 NEW RECORD DECLINE OF THE STOCK EXCHANGE INDEX PARTS
p.14 CHANGES IN THE MBID INDEX CALCULATION p.5 BLACK TUESDAY ON THE STOCK EXCHANGE
p.14 NEW REVOLVING CREDIT CARDS OF OHRIDSKA BANKA p.5 ELEM PRODUCED 19.14 PERCENTS UNTIL FEBRUARY
p.14 DOUBLE FORMULA FOR USE OF MEDICATIONS OF JAKA 80 p.5 SILMAK STARTED GETTING ELECTRICITY FROM THE STATE
p.14 EVN-ESM WITH NEW TRANSFORMERS IN SKOPJE SPIC
p.14 JEROME KERVIEL RELEASED FROM PRISON p.7 THE PLANTS OF JAKA 80 IN RADOVISH ARE NOT GOING TO BE
VECER SEALED?
p.6 BALKAN REAL-ESTATE PROJECT p.8 PRICE OF DIESEL HIGHER THAN PETROL?
p.6 1.2 MILLION EUROS INVESTED IN SKOPJE`S NETWORK p.8 EBRD WILL BUILD APARTMENTS ON THE BALKAN
p.6 SMALL HYDRO PLANTS TO CAUSE PROBLEMS p.8 ELEM PRODUCED 1,155 GIGAWATT HOURS OF ELECTRICITY IN
p.6 SILMAK WORKS THREE SHIFTS TWO MONTHS
p.7 JOHNSON MATTHEY WILL START THE CONSTRUCTION OF THE p.8 EVN: THE SUPPLY ODF ELECTRICITY IN SKOPJE IS IMPROVING
FACTORY IN APRIL p.8 ENORMOUS FALL OF SHARES ON MSE
p.7 FLIGHT AUTHORITIES CONSIDER IT DONE p.9 THE DEBTS FOR ELECTRICITY WILL DESTROY OHRID
 8 berzNIK number 15
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 24.03.2008

JOHNSON MATTHEY AFTER THE FOOTSTEPS OF JOHNSON CONTROLS

MACEDONIA ON THE MAP OF THE

AUTOMOTIVE INDUSTRY
The construction of factory for production of
automotive parts will begin in the free econom-
ic zone Bunardzik in mid-April. The positive
experiences of Johnson Controls also influ-
enced the decision the UK-based company to
realize an investment in Macedonia. Recently,
the Volkswagen Group also presented its inter-
ests and needs for cooperation and procure-
ment of parts in front of 11 Macedonian firms
Thus, Macedonia is on the automotive indus-
try map, where our domestic producers will
be able to directly supply parts for the brands
Volkswagen, Audi, Skoda and Seat-stated
Samak. - The strategy of Volkswagen, as the
biggest European automotive producer, is to
constantly looking for competitive suppliers.
Regardless of their size, if they show quality,
Volkswagen is ready to develop them.
USAID economic development director.
The expectations of the Minister Samak
and USAID are increased orders by
Volkswagen for the domestic firms, which will
result with an increased turnover, domestic
production and investment, new employ-
ments and increasing of the quality of the
work.

In a direction of integrating of the global The concrete investments and planed

Judged by the events this past week and
the interest of big multinational companies to
invest in this country, Macedonia is on its way
to be marked as a large regional center for
production of automotive parts on the auto-
motive industry map. For a start, the UK-
based company Johnson Matthey will start
the construction of a factory for production of
automotive parts in the free economic zone
Bunardzik in mid-April. It is planed the capac-
ity to start working in May next year, and the
total production will be exported on the EU
market. The positive experiences of Johnson
Controls also influenced the decision the UK-
based company to realize an investment in
Macedonia. - The free economic zone offers
excellent performances for factories for pro-
duction of car parts. I know at least two multi-
national companies from the automotive
industry which are very interested to invest in
Macedonia-Geoffrey Colin, Johnson Matthey
regional director for Macedonia, emphasized
and added that there are serious chances
the free economic zone to turn into a center
for development of the production of automo-
tive parts.
The announcements from the recently
held first conference for the automotive sup-
pliers, which was organized by Vele Samak,
Minister without portfolio responsible for at-
tracting foreign investments, in partnership
with the USAID project for competitiveness in
Macedonia, are a reason to think that the ini-
tial investment of Johnson Matthey could be
comprehended as a green light for entrance
of other companies from the European Union
to Macedonia. On the Conference, the Volks-
wagen Group, as a major producer, present-
ed its interest and needs for cooperation and
procurement of parts in front of 11 Macedo-
nian firms, which already produce parts or
which have a potential of becoming suppli-
ers. Vesna SAP, IZO Staklo, Amak, SIPO,
Ruen, T-T Plast, Nietzsche Aurora, Pruteks,
MZT Learnica, TCG Learnica entered n com-
petition for cooperation with Volkswagen, but
which one of them will enter the chain of pro-
duction of every new vehicle will depend on
the estimation of the Group which firm has
the necessary capacities, references, oppor-
tunities, and level of quality of the products. -
chains of automotive suppliers, USAID will business of these world brands got the atten-
also help the Macedonian companies thro- tion of the other automotive producers, such
ugh the competitiveness project. - We sup- as Renault, Ford, Fiat and General Motors,
port the initiatives Macedonia to become which already showed an interest to visit our
more competitive on the global economy. On country and to scout the conditions and pos-
the long run, these initiatives will result with sibilities for eventual future investments in
an increased added value of the export and capacities for production automotive parts.
with new job positions, says Marsha Wong, V.M.
JOHNSON CONTROLS FINDS
ENGINEERING POOL IN MACEDONIA
Johnson Controls has become the first components to PCBs that go into car instru-
auto electronics supplier to set up in ment clusters. Pilot production began in
Macedonia after building a $30M electronic December and six assembly lines will be in
components plant in the capital Skopje. full operation by the end of 2009, he said.
Macedonia's location is favorable
Management evaluated Poland, because it is near the company's other CEE
Romania and Slovakia for expansion, but operations. The plant supplies the compa-
chose Macedonia primarily due to the avail- ny's factory in Namestovo, Slovakia. PCBs
ability of engineers. are sent by road up through Serbia daily,
with minimal freight costs, arriving in
"In the other locations we For the potential investors Slovakia one day later, Simon
were having difficulty finding from the automotive industry said.
and keeping qualified engine- which have an intention to in-
vest in Macedonia, we relay
ers," said Philippe Simon, the experiences of Johnson Simon sees possible syn-
Johnson Controls' VP of glob- Controls, the company which ergies with the company's
al electronics. "We are the first was the first to open a factory Bulgaria R&D center, which
in the industry settling down for production of automotive
electronics in the free econo- develops embedded software
here and that gives us the mic zone Bunardzik. The text solutions that are integrated
advantage of having skilled was published on EE Times Eu- into instrument clusters and
people joining the company rope on 17.03.2008 multimedia systems. Skopje is
and staying with us over a long period of ti- 200 kilometers (120 miles) from the R&D
me." center in Bulgaria's capital Sofia.
The Czech Republic, Slovakia, Poland The Macedonian government is eagerly
and Romania are expected to become accommodating foreign investors, offering
major auto export hubs and centers for auto low tax rates and other financial incentives
electronics suppliers, feeding local and to set up operations.
Western European markets. But labor mar-
kets are tightening, wages are rising and Overall, Macedonia's operational costs
suppliers must consider looking to new are comparable to Romania and Bulgaria.
regions for production. "Nevertheless, the increase in costs over
the next couple years will be significantly
Johnson Control's Skopje plant has an lower in Macedonia than in other [CEE]
assembly-and-test line for fitting electronic countries," Simon said.
 Date 24.03.2008 number 15
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
berzNIK
9
STOCK EXCHANGE NEWS … STOCK EXCHANGE NEWS…

KIB from Kumanovo gets out of the loss Negative balance

In its report on the balance of success for 2007, the joint-stock company Commercial
for Zito Vardar
Investment Bank ad Kumanovo marks significantly better results than the year before, when the In the unrevised balance of success of
bank made almost no profit. From all positions in the financial report, increase has been marked Zito Vardar ad Veles for 2007, one can mark
only with the incomes of the field which are 78.250.000 denars, unlike the previous year when decline of the company's financial results.
their amount was 68.261.000 denars. The incomes from interests, provisions and compensations Namely, before taxation the company suf-
showed decrease in 2007, but on the other hand, the field's expenditures have reduced for fered loss of 22.500.000 denars and the pro-
almost double comparing to 2006, so in 2007 their amount in 120.621.000 denars. Before taxa- fit from the regular working was only
tion in 2006 the bank had suffered loss of 77.059.000 denars and in 2007 has made profit of 27.707.000 denars.
10.543.000 after taxation. The net profit for the whole year is 9.092.000 denars, which means that
the crisis has been overcome.

Reduced profit of
Investbanka with almost three times the profit RZ Ekonomika
Last year was a very successful financial year for Investbanka ad Skopje, followed by: For the past year the joint-stock company
income increase from about 50.000.000 denars from the interests comparing to 2006 when the RZ Ekonomika from Skopje has marked
bank earned 189.654.859 denars on the basis of interests, as well as income increase of slight increase only in certain segments. The
64.645.248 denars from provisions and compensations. The bank's successful working of last sell has increased insignificantly and the
year reflected on the incomes, which have increased more than double and are now 817.870.246 incomes from it are 54.334.000 denars,
denars. The profit before taxation has significantly been increased and its amount is 273.848.117 unlike the amount of 40.043.000 in 2006. The
denars comparing to the amount of 69.339.415 denars in 2006. Investbanka ended the success- other operational incomes however, have
ful year with almost three times the net profit, which amount is 250.200.695 denars. The bank decreased by three times and are now
puts down the big positive changes to the payment of loans classified in the more risky categories 5.783.000 denars. The profit from the opera-
as well as to the dubious and disputable claims which have brought to liberating the special tional working has slightly been increased
reserve and removing the significant extraordinary gains. with amount of 15.783.000 denars. Profit
after taxation has been decreased, so the net
profit at the end of 2007 too has significantly
been decreased and is now 15.883.000
Makstil with the same pace of operation denars comparing to 17.125.000 denars the
year before.
In 2007 Makstil kept more or less the same pace of operation and achievements, with
insignificant decrease of net profit comparing to 2006. The incomes from the sell however have
slightly increased with an amount of 5.765.198.305 denars, and there is also increase of the other
operational incomes which in 2007 were 117.613.890 denars and the year before 109.974.483.
Unsuccessful year for
The company's profit from the operational working has increased and is now 229.936.697 denars EMO from Ohrid
and there is an increase of the financial incomes as well. Makstil's profit from the regular work-
ing before taxation is 166.040.578 denars, which means that 2006 was after all a bit more suc- In 2007 Ohrid EMO ad marks decline of
cessful year for the company, when the net profit reached 174.065.952 denars. the financial results. Namely, the amount of
expenditures by different parameters over-
passes the amount of the incomes from the
sell, interests and the exchange rate differen-
Vitaminka keeps achieving positive results tials, as well as the other business incomes.
Hence, from the regular working before taxa-
tion EMO was in loss of 124.231.603 denars
In the balance of success for 2007 joint-stock company Vitaminka from Prilep marks slight and about five million denars loss from
increase of incomes from the sell comparing to the year before. So, unlike then when they were extraordinary expenditures. The overall loss
936,938,000 denars, in 2007 the amount reaches 1.046.046.000 denars. The other operational for the company's financial year is
incomes last year have increased more than double and are 31,751,000 denars, compared to the 129.780.495 denars.
incomes of 12,416,000 denars in 2006. Positive result is also the profit of 4,759,000 denars oppo-
site to the loss of 12,090,000 denars in the supplies and running production changes. One could
mark similar contradiction in the results of operational working, where in 2006 the company suf-
fered loss of 46,049,000 denars and last year it made profit of 55,655,000 denars. The profit
before taxation was 44,865,000 denars, while Vitaminka ended 2007 with slight increase of the
net profit (comparing to 2006) of 37.595.000 denars. Granit continues with the
positive balance
Replek- twice as bigger net profit Construction company Granit ad had a
successful business year in which it
increased the incomes in all segments. As a
In 2007 joint-stock company Replek had achieved enormous success comparing to the pre- result to this, the profit from the operational
vious year and significantly improved financial results in many segments. Most noticeable is the working in 2007 is 400.050.000 denars,
increase of the incomes from deposits share where, unlike 2006 when they were 39.926.141 unlike the previous year when its amount was
denars, in 2007 their amount reached 125.751.000 denars. There is also an increase of the 319.232.000 denars. Increase can be marked
incomes by the basis of interests, exchange rate differentials and similar incomes of 17.334.302 also in the profit before taxation, with an
denars. Profits from the regular working before taxation, same is after it, are twice as bigger, actu- amount of 386.956.000 denars. Granit ends
ally 99.386.495 denars before and 93.220.679 after taxation, and in 2007 these profits are the financial year with net profit of
189.978.176 denars and 182.966.390 denars. Replek's balance of success for 2007 shows twice 339.989.000 denars.
as bigger net profit than the previous year.
10 berzNIK
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
INTERVIEW: VANCO UZUNOV, ECONOMY PROFESSOR AT THE FACULTY OF LAW IN SKOPJE
POLITICS-DIRECTLY RESPONSIBLE FOR
THE OIL RECORD-BREAKING PRICES
: If in the seventies of last cen-
tury the oil record prices on the
world market were result of
OPEC's decision, now they are
directly related to the political
events on global level
What the Government can do is not to annul taxes, excises,
duties etc., but to reduce them, because the base on which
they are charged is higher and by having smaller rate it
can still load the budget and yet it will reduce the final
Oil price breaks records on the worlds
markets and obviously, directly or indirectly, it
affects Macedonian economy as well. How do
you comment this trend and what would the
impact be on Macedonian economy in general?
- What is now happening with the oil
prices is nothing new, but it started one-two
years ago with the war interventions in Iraq.
Nevertheless, we know that the oil price goes
on growing continuously, and for the past few
days it has reached a record-breaking price,
so every new price increase we call a record,
and then there's another one and another
one…
What is this due to?
number 15
retail price.
- Oil is a stock exchange product and as
such, apart from the rules of stock exchange
operation, is subjected also to psychological
moments, more specifically influences on the
price predicted from expectations which, are
however determined by various political
events in the world. Thus, if in the areas of oil
production there are war interventions or any
kind of political events, for the people trading
with oil that's a sign that something will be
changing in future, and this surely affects the
price. Beside this, the oil price is also affect-
ed by the proportion between the main world
currencies, most of all the price of dollar
opposite to the euro… Nonetheless, the price
has gotten that far that, although no one in
the world's circles discuss it officially, it cre-
Date 24.03.2008
ates a situation analog to the one in the '70s
when so called oil shocks were happening. In
two occasions there had been drastic
increase of oil price, caused by the decision
of the oil cartel in the world, OPEC, the
Organization of the Petroleum Exporting
Countries. They simply decided that they sell
their natural treasure cheap on the world's
markets, and the other countries were using
this. Therefore, they drastically increased the
oil price overnight causing the so called oil
shock. Some countries even needed a whole
decade to absorb this, because at that time
the entire industry was related to the cheap
oil, the energy actually, and technologically
speaking, the biggest production capacities
in the world were tied to use oil. The world
then learnt its lessons and various other
things started to operate concerning technol-
ogy and use of energy, so the oil crisis began
to calm down during the '80s and '90s of last
century.
So in the '70s the oil price was dictated
by OPEC, and now it is directly related to the polit-
ical events…
- For a long period USA was fine with
both the high oil price and the weak dollar
vis-?-vis the other currencies. These days
there's a record reached on this plan too- the
dollar has the lowest value vis-?-vis the euro
ever. This however affects the oil price. At the
end of last year and especially in the begin-
ning of this year, the world economy entered
recession and this has now been installed in
the oil price and the dollar's low value. This
crisis started in USA, and then it spread in
Europe and Asia, which has also been
installed in the expectations of trading with
oil, so it's normal that the oil price is growing.
What will happen in Macedonia?
- We too belong in those who will be pay-
ing the price, since Macedonia is nor a man-
ufacturer, oil exporter actually, or has the
power to change something in that direction.
We are small country which is 100 percent
dependent on oil import and, whatever the
price on the world market we will be paying it,
and at home we cannot change the range of
its consumption on a short-term because we
do not have technical development for this.
For economies like Macedonia this is anoth-
er dead end situation.
We can do nothing else but bear the
account and pay it as high as it gets. As you
can see for yourself, even now when the oil
price is constantly growing, do people drive
less? One can say that they even drive their
cars more!
Isn't that a strange phenomenon…?
 Date 24.03.2008
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
-It's not that strange because the
demand flexibility is very low. The oil has
obviously become one of those products
where demand does not depend on the price
increase or it depends very little, because
you simply have to spend it, just like medica-
tions: when you need a medicine, as much
as expensive, you buy it. So, every time you
are at a gas station you will get pset, but you
will fill gas nonetheless and the next morning
you will start your car, and then after some
time we will start using just one car. The
same happens with the households which
use heating oil- people cannot say "we are
turning the heating off"… Until we keep the
power price low in Macedonia, it is cheap to
transfer from oil into power domestic heating,
but this does not apply for cars, industry etc.,
but the thing is that here, the power price too,
sooner or later, if not this the next year will
increase even more. It is good if the
Government started dealing with this and
says what dynamic the power price will go up
by, so that we do not receive it as a shock
later on. Then, we will again start spending
oil and pay the price, and on a longer-term,
after these lessons, we will have to do some-
thing not to be that dependant on using oil
only.
You said we will again be the ones pay-
ing the oil price. What would the influence be on
economy concerning the companies which are
directly concerned with the situation? They wait
the Government to do something, and the
Government obviously cannot do much. Can
there be bigger impact on Macedonian econo-
my?
- Definitely. As to these companies, there
is an impact on their expenditure structure
and it's obvious that the expenses range in
their overall income will be increased.
Meaning, the companies which are depend-
ent on oil will hardly be able to overcome this
increase of expenses by increasing the
prices, because they are not highly competi-
tive on the market, are not exclusive brand
manufacturers, cannot increase the price,
which means they will start making loss. First
they will start observing the structure of other
expenses; if the oil price goes up, they will
observe the prices of other raw materials and
that way come to the price of working force:
or reduction of salaries and dismissal of
workers. So little by little this will lead to neg-
ative balance and bankruptcy. If they go
bankrupt, it's a stroke for the entire economy-
one losses jobs, tax payers and everything
else. This is the price all of us will be paying.
The Government does not control the oil
price at all, but it can only act on the domes-
tic component that is been included in the
price, such as excises and taxes. The
Government can, and this is its discretionary
right, reduce all other taxes related to the oil
at home. However, in that case it will have to
find another source, because these sources
have already been planned in the budget and
are enclosed in the incomes for this year.
What other source can the Government find?
I don't see any other source, so there will be
number 15
budget deficit and the budget expenditure will
have to be cut down, and this is again the
same price payment: the Government will
have to reduce the social transfers or invest-
ments in the infrastructure or education.
What the Government can do is not to annul
taxes, excises, duties etc., but to reduce
them, because the base on which they are
charged is higher and by having smaller rate
it can still load the budget and yet it will
reduce the final retail price. The Government
can do this and I don't why it doesn't.
These days people talk about denar
devaluation. Minister Trajko Slaveski denies it,
but there are still speculations of such possibil-
ity when this, obviously bad period for the
Government related to the epilog from April 2 in
Bucharest, ends?
- There should be no speculations on
devaluation at all. This is the way it starts. It's
a psychological moment, when people start
looking, they will increase the price them-
selves without having any reason for that.
One just has to believe there will be no deval-
uation.
Devaluation is a thing one doesn't dis-
cuss about. You either believe in rate or you
don't. So, if we don not believe the rate, we
will say- we don't have denar, give us euro!
But that's not the way to go, because the
inflation is critical now regardless to whether
there is devaluation or not. The part of the
price increase on foreign markets has its
influence and it will raise inflation for few per-
cents. The Government made a mistake here
which it doesn't admit, but it will have to,
because it had an emission of money circula-
tion, too big of expenditure which will have to
cut down. Nevertheless, inflation should not
and must not happen. If it does, then we are
going back in the year of 1992-93, on the
level of 15 years ago, after our independen-
cy. The question on denar devaluation
should not be stimulated. The Government
berzNIK
11
should cut the budget expenditure down, and
that's so unpopular at the moment. There
should be discipline introduced on the credit
cards market, because this too is one of the
reasons. Every citizen who owns credit card
is at least one or two salaries beyond the per-
mitted overdraft, and that's enormous
amount of money, as big as the inflation, we
are talking millions. In Macedonia there are
at least 500 000 citizens who own credit
card, and at least 450 000 of them are one or
two salaries beyond permitted overdraft,
which means about 90%. That's an enor-
mous amount of circulation money, which is
virtual. All of it is negative balance on certain
credit cards, which will come handy in future,
but at the moment what's effective is the con-
sumption on the market, and that's inflation.
What mechanisms would keep the
inflation on low level?
- First, the banks will be forced to estab-
lish order: one to reduce the limit on permit-
ted overdrafts and second, to make citizens
do debt redemption within short period or to
increase the loans interest rates, so that they
will have to do it. All this will lead to inflation
reduction and it will definitely not lower the
rate. Actions have to be taken, but not
through devaluations. As you can see, the
National Bank reacts, within three weeks it
increased the treasury bills price twice, and
made the signals very clearly. Now the fiscal
policy too has to play its part through the
banking mechanism. These are coordinated
policies, the monetary and the fiscal. If the
rate devalues, then we talk very big infla-
tions. That's an inflation spiral that we cannot
control, it controls itself. At any case, this
year we will have bigger inflation than the
planned and it will affect the economic
growth rate, but we should not allow there be
any breakdowns.
K.S.
12 berzNIK
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
AFTER LONG-STANDING BUSINESS COOPERATION-PARTNERSHIP
TATJANA BOSEVSKA BECAME CO-OWNER
OF LOGIN SYSTEMS
Venko Gligorov transfers 3% of his partnership
share in Login Systems to Tatjana Bosevska, oper-
ational director of Login Systems, for and amount
with discount rate of the market value.
s of last week, operational director of Lo-
A gin Systems Tatjana Bosevska has beco-
me co-owner of Login Systems. Venko
Gligorov, one of the owners has agreed with
Tatjana Bosevska on transfer of his partnership
share of 3% for an amount which is with dis-
count rate of Login Systems' market value. The
current agreement will be implemented by the
end of March in the business records of Login
Systems.
- It is wonderful the feeling when long-
standing business cooperation will be closed
with partnership in Login Systems, says Venko
Gligorov, founder, co-owner and general man-
ager of Login Systems. "Tanja is an example for
employee, colleague and manager in a compa-
ny that everyone would wish for.
Tatjana Bosevska joined Login Systems'
team in 1996 with transfer from another compa-
ny for lower salary. According to Venko Gligo-
rov, during all these years Tanja shows excepti-
onal values most of all honesty, integrity, fight
for the company, passion for victory and suc-
cess- both personal and of the company.
Determination and neatness are her stron-
ger sides, and Tanja has overcome almost im-
possible challenges, knowledge and skills, ob-
tained many diplomas and crowned her educa-
tion with MBA diploma from the Sheffield Uni-
versity in Thessalonica.
At the same time she showed magnificent
sense for the key moments in the company
when she sacrificed part of her private time not
to put the management and the other colleagu-
es in invidious position, Gligorov pointed out.
Apart from this, for the past few years Tat-
jana Bosevska has actively been engaging in
the management meetings of owners Venko
Gligorov and SEAF. She also had very impor-
tant advisory and research role in the forming
and initial working of the Macedonian Cham-
bers of Commerce and the global initiative Ma-
cedonia 2025. Without her engagement Login
Systems would had more difficulties opening
the branches in Bitola and the companies in Ko-
sovo and Albania.
Tatjana Bosevska is Master in Manage-
ment of University of Sheffield and Graduated
SECURITIES COMMISSION
Public reproach for TTK Banka
The Securities Commission on the session
held on 03.March this year, reached a decision by
which it pronounces public reproach to TTK
Banka AD Skopje, Securities Directorate , Bitola
and the director of the Directorate, Vasilka Niko-
lovska, due to breaching the provisions of article
number 15
Electrical Engineer in informatics and automat-
ics. She has been married to Mihail and is a
mother of two teenage kids. Today, Tanja is
mentor of young managers in the Top Class
program of the Entrepreneurs and Managers
Development Center CEED-Skopje.
According to Dejan Kalinikov, SEAF repre-
sentative and one of the co-owners of Login
Systems, Tanja's accession into the ownership
structure was good move for the company. -She
has already been involved in passing important
strategic decisions of Login Systems and with
her involvement as co-owner she can see
things from another angle which we will all have
use from.
- The opportunities for personal and profes-
sional development of the employees of Login
Systems are very big, said Tatjana Bosevska,
Login Systems' operative director and a new
co-owner. -As top of all these opportunities,
starting today it's the option for buying share in
the company, which closes and makes comple-
te everything that a growing and modern com-
pany can offer its employees.
Important determination of Login Systems
is its employees to have the best working condi-
tions so that they can satisfy their needs for
work and earn. Login Systems offers its em-
ployees various types of options for earning sa-
laries and compensation packages with basic
and variable share of the salary, bonuses and
awards for realization and overcoming of plans,
attractive benefits, participation in the profit, as
well as buying share in the company by non-
commercial conditions.
121, paragraph 2 of the Law on Securities and
article 6 of the Book of Rules of content and man-
ner of keeping the book of orders (Official Gazette
of RM number 6/07), because of the made
changes in the book of orders - blocks of the Di-
rectorate to the order number 1002975757 - 66
for purchasing 5.200 shares from the issuer GP
Granit AD Skopje, issued by GP Granit AD Skop-
je. The announcement of the public reproach for
breaching the provisions will be made on the web
Date 24.03.2008
In 2002 SEAF invested almost half a million
USD and became co-owner of 35% of the share
in Login Systems. From then and up to this date
Login Systems has increased its operational
working and achieved business results ten ti-
mes bigger. Starting as Macedonian company
with 20 employees, Login Systems has grew in-
to regional company with 50 employees with of-
fice in Skopje, branch in Bitola and companies
with 100% ownership in Pristina, Kosovo and
Tirana, Albania. According to the report Euro-
biznis is making, several years in a row Login
Systems has been on the list of 200 biggest and
most successful companies in Macedonia.
SEAF is American investment fund with
office in USA. Its shareholders are USAID, EB-
RD, IFC (part of the World Bank) and the Ger-
man investment fund DEG.
About Login Systems
Founded in 1991, Login systems is leading
regional provider of IT-communication solutions
based on the biggest software companies in the
world (Microsoft, Symantec and McAfee), the
most successful manufactures of communica-
tion equipment (Linksys, Nortel and Motorola)
and the innovative leader in the area of comput-
er equipment and services (Hewlett-Packard,
Intel, i-mate and HTC).
Through its wide partnership net, com-
posed of independent computer and communi-
cation companies, Login Systems provides the
products and the proper solutions with efficient
logistic services, covered by the financial sector
and professional services, meeting the needs of
the consumers in the region.
sites of the Security Commission, Macedonian
Stock Exchange AD Skopje, Central Securities
Depository AD Skopje and in one daily newspaper
in the Republic of Macedonia.
The decision is effective from the day of its
adoption and the same will be published in the
Official Gazette of the Republic of Macedonia.
The appeal, against this decision doesn`t not
postpone its implementation.
 Date 24.03.2008
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
1. SHORT REVIEW OF EVENTS
Macedonian Stock Exchange index yesterday
declined 0.33%, which is drastic change com-
pared to previous days, is one of the main titles in
Dnevnik, but also news conveyed by almost all
daily media. According to this analysis, for the first
time this year, the number of companies that mark
share price increase is higher compared to those
that lost value. Price increase mark 17 companies
and 16 fall. Other companies that traded shares
mark stagnancy. Share of OHIS mark highest in-
crease of 23.03%. Biggest fall mark Blagoj Gjorev
from Veles of 33.33%. MSE records turnover of
34.5 million denars. According to experts, this
slight fall can be interpreted as some kind of mini-
turnover of developments on stock exchange, be-
cause MSE marks every day fall in last two weeks
breaking new records. For example, yesterday
stock market index marked dramatic fall of 5.5%.
Daily paper Vreme also prepared stock mar-
ket analysis. According to their research, total
profit of listed companies on MSE is 125% higher
compared to 2006, which shows that current
share drop is a result of political instability.
- There is no economic justification for current
developments on MSE, beside one fact - uncer-
tainty due to the open issue - is Macedonia going
to receive invitation for NATO accession, is the
appraisal of Krste Shajnoski, head of Eurobroker.
The news for recovery of world stock markets
was conveyed by almost all daily papers.
Shares of bigger European and Asian compa-
nies boosted on yesterday trade. Reason for re-
turn of positive trend on world markets is the deci-
sion of the American Federal Reserves Board to
2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS
1. GERMAN RWE INTENDS TO INVEST 500 MILLION EUROS (*****)
2. THE FUTURISTIC CITY IN THE REGION OF OVCE POLE WOULD COST 200 BILLION EUROS (****)
number 15
reduce basic interest rate in the country for
2.25%. This is one of the biggest cuts of interest
rates since 1982. That caused record breaking in-
crease of leading indices on NYSE on Wall Street
in the last five years. Indices with value increase:
Dow John, S&P 500, NASDAQ, and FTSE 100.
Many banks announced that interests on credits
for citizens and companies are reduced for
5.25%. Major gainers are former losers, such as
banks USB, Credit Agricole and Deutsche Bank.
Today edition of printed media inform that
German company RWE Power plans to invest
more than 500 million euros for building of two
hydro power plants Chebren and Galishte in
Mariovo.
The investment will contribute for tourism
development, and we are going to make balance
between economic and ecology standards, com-
pany Vice President
Petar Sistenic said after meeting with Mayor
of Prilep Marjan Risteski.
According to the mayor, the realization of this
investment brings many benefits. Economy will be
stimulated, new working posts will be opened,
only for the construction of plants will be hired
2,000 unemployed citizens, and situation with
water supply will be improved directly.
Government`s ambitious announcements for
building of super-modern city for young couples in
the center of Ovce Pole plain is news only for
those uninformed. The idea for realization of such
enormous project belongs to futurists in the eight-
ies from the last century, when there were two
locations considered. One is on locality Sveti Ni-
berzNIK
13
20.03.2008 THURSDAY
kole - Knezje - Lozovo - Mamutcevo, and the ot-
her between Sveti Nikole and Miladinovci, which
is now again considered. This is news that domi-
nates papers` today editions.
Experts in this issue claim that in this time
and in these conditions it is impossible, and Ma-
cedonia has no financial capacity to bare that lo-
ad. The fact is that city for 100,000 inhabitants in
Ovce Pole, as planed, would cost 200 million eu-
ros.
There is interesting news from the region. Ac-
cording to the report of the Center for International
Relations from Ljubljana, trade chain Merkator,
producer of appliances Gorenje and pharmaceuti-
cal company Krka are the three leading Slovenian
multinational companies in 2007. The report that
does not include financial companies shows that
Slovenian corporations are minor in world terms,
therefore only five of them own property higher
than 800,000 euros abroad. These three compa-
nies own more than half of property abroad of all
Slovenian companies, while the five leading com-
panies own 28% of the property.
For the first time since its enter in Macedonia,
mobile operator Cosmofon, achieved 100,000
euros profit last year.
- Even in condition of strengthened competi-
tiveness in the fourth quartile, when this mobile
operator started operating, Cosmofon increased
subscription base with 52,165 new clients. This
makes total subscription base at the end of last
year to rise at 593,026 clients, which is 25.5%
more compared to 2006, is said in announcement
released by Cosmofon.

DNEVNIK AT CITIZENS` INSPECTION

p.4 DENAR WILL NOT DEVALUATE VREME
p.4 THE GOVERNMENT WILL ATTRACT INVESTMENT WITH A NEW p.1 EACH MONTH 10 NEW PERCENT OF INFLATION
CITY p.2 WHO IS SEEING PROFIT, WHEN THERE IS NO FUTURE?
p.6 MINIMAL DECLINE OF MACEDONIAN STOCK EXCHANGE p.5 THE SOIL AROUND CEMENT FACTORY POLLUTED WITH
p.6 THE PRICES OF THE SHARES ALL OVER THE WORLD ARE PETROL COKE
INCREASING p.6 EACH MONTH 10 NEW PERCENT OF INFLATION
p.6 MERCATOR, GORENJE, AND KRKA - LARGEST SLOVENIAN p.6 CHEMICAL INDUSTRY FEARS THE CONSEQUENCES
COMPANIES p.6 JOHNSON MATTHEY BRINGS INVESTORS TO VISIT MACEDO-
p.7 GERMAN RWE INTENDS TO INVEST 500 MILLION EUROS NIA
p.7 PROCREDIT BANK ENCOURAGES CHILDREN`S SAVINGS p.6 COSMOFON PROFITED FOR THE FIRST TIME
p.7 REVOLVING CARDS BY OHRIDSKA BANKA p.6 THE GERMANS LOBBY FOR CEBREN AND GALISTE
UTRINSKI VESNIK VEST
p.5 SELMANI TO DECIDE ON JAKA 80 p.6 GERMAN RWE POWER INTERESTED IN CEBREN AND GALISTE
p.6 THE FUTURISTIC CITY IN THE REGION OF OVCE POLE WOULD p.10 MERCATOR, GORENJE, AND KRKA -THE LARGEST SLOVENIAN
COST 200 BILLION EUROS COMPANIES
p.7 STOCK EXCHANGE STABILIZES, FOREIGN FUNDS RESERVED p.10 ALITALIJA AND AIR FRANCE TRADE UNIONS STUCK AT LAY-
p.8 GERMAN RVE TO INVEST 500 MILLION EUROS IN CEBREN AND OFFS
GALISTE p.13 STREET BOARDS TO MEASURE THE POLLUTION OF USJE
p.8 MAYBE THE DRAMATIC LEAP OF THE SHARES ON WALL NOVA MAKEDONIJA
STREET HAS NO BASIS p.9 COOKING OIL PRICE REMAINS THE SAME
p.8 EVN-ESM BEGINS DISCONNECTING DEBTORS p.9 SILMAK PRODUCED THE FIRST QUANTITIES OF FERROSILI-
p.9 AFTER FIVE YEARS OF WORK, KOSMOFON MAKES PROFIT CON
FOR THE FIRST TIME p.9 FININVEST - NEW PRIVATE FUND
p.9 MEPSO TENDERS TO BE DISPLAYED ON INTERNET p.9 CHANGE IN THE COMPOSITION OF THE COMPANISE WHICH
p.9 KOMERCIJALNA HAS SET UP FOUR NEW ATM`S ARE INCLUDED IN THE MBID
p.9 SMALL OIL PRICE DEPRECIATION p.9 RECORD BREAKING GROWTH OF THE SHARES ON WALL
VECER STREET
p.6 IN THE BEGINNING, FORNETTI WILL INVEST ONE MILLION p.9 GREEK HELLENIC EXCHANGE WANTS TO TAKE OVER LJUBL-
EUROS JANA STOCK EXCHANGE
p.6 TOPLIFIKACIJA PUMPS THE BILLS SPIC
p.6 OHIS RECEIVED A WARNING p.6 OHIS TO BE THE FIRST VICTIM OF EVN
p.7 MICROSOFT MACEDONIA WORKS ON DETRIMENT OF THE p.6 GERMAN RWE WANTS TO BUILD POWER PLANTS IN MACEDO-
DOMESTIC COMPUTER EXPERTS NIA
p.7 RAIFFEISEN TO GUARANTEE INGRA OFFER FOR MAVROVO p.6 SILMAK PRODUCED FIRST QUANTITIES OF FERROSILICIUM
p.7 COSMOFON WORKS WITH PROFIT p.7 ARSOV JUMPS ON USJE
p.9 THE POLLUTION AROUND THE CEMENT FACTORY - 24 HOURS p.8 6.5 MILLION EUROS STUCK IN MAKEDONSKA BANKA
14 berzNIK number 15
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 24.03.2008

21.03.2008 FRIDAY
1. SHORT REVIEW OF EVENTS

All of today`s editions of the daily newspapers
report about the revival of the trading on the Ma-
cedonian Stock Exchange, where yesterday was
realized the greatest turnover in the last ten days.
After few days of depreciation of the shares and
decline of MBI-10 index, many companies mark
share price increase, and MBI-10 index marked
6.12% increase. The market had a strong demand
stimulus, which according to the Stock Exchange
analysts` shows that investors assessed it was
time to purchase on these price levels, which
most of them evaluate as low. Largest market
turnover recorded the Alkaloid share with 9.4 milli-
on denars before the Granit share with 8.5 million
denars and the share of Komercijalna Banka with
6.6 million denars. There was intensified increase
of the average prices of many listed shares. The
Komercijalna Banka share increased MKD 300,
Toplifikacija - MKD 598, Alkaloid - MKD 719, Gra-
nit - MKD 119, Makstil - MKD 36. Still, it is too ear-
ly to project whether the price levels will increase
having in mind the political situation in our country
and the challenges with the NATO integration invi-
tation.
In the focus of the printed media was also the
announcement of the initial financial results for
2007, according to which, as proven before, appe-
ared to be the banking sector. The high profits of
the banks dominate compared to the companies
from the other sectors.
Komercijalna Banka realized a profit of over
one billion denars, last year which is for a third
more than in 2006. Stopanska Banka - Bitola in-
creased the income last year of 58 million denars
to 257 million. Invest Banka reported profit of 300
percent. Amongst the companies, with a profit of
70 million euros, Alkaloid, Skopje was the most
profitable Macedonian company. Also the forward-
ing companies record a constant growth, as well
as the construction companies, black metallurgy,
pharmacy and the oil industry.
The mission of the International Monetary
Fund arrives on April 1, coveys Dnevnik. Encoun-
tering the spring meetings of IMF and World Bank
in Washington, and in function of preparing them-
selves for the May`s last arrangement review
which expires in August, this year, main topics of
interest of the representatives of the Monetary
Fund will be the economic indicators in the frames
of the political events in the country and the infla-
tion growth. Even though the Minister Trajko
Slaveski announced that correction of the inflation
rate will be made in accordance with the National
Bank and IMF, there is no official comment
whether and how much will be corrected the infla-
tion rate.
As it can be read in Dnevnik, the mobile ope-
rator Cosmofon may boast with successful work-
ing, which for the first time since it started operat-
ing in Macedonia in 2003, realized a turnover of
100.000 euros. Last year, the incomes of the com-
pany increased for 15, 8%, and reached 62, 2 mil-
lion euros, and as Cosmofon explains, the increa-
se is due to the increasing of the incomes in the
postpaid segment from outgoing calls (34%) and
the subscription base (65%). The incomes from
the monthly subscription have increased by
47.6%.
The Company Ingra will reconstruct and with
it will solve the financial problems of the Macedo-
nian company, which has a debt of 14 million eu-
ros for unpaid taxes, and for which it was announ-
ced a property confiscation and sale of the pro-
perty - through public offer. Therefore, Ingra is not
going to purchase shares from Mavrovo on the
Stock Exchange, but it will wait the opening of the
public offer.
After restarting the three stoves of Silmak, the
Combine produces 50 to 100 tones of ferrosilici-
um on daily basis, conveys Vecer. Until the end of
this year, these stoves are expected to produce
round 40.000 tones. With this, the production may
provide regular salary for the employees, because
the price of ferrosilicium is 1000 euros per tone on
the world Stock Exchanges - points out the direc-
tor Zvonko Stojanovski.
From the world news, the top of the actuality
is the price decrease of the oil, whose price decli-
ned at 100 dollars per barrel on international mar-
ket.However, according to the analysts, the de-
mand of the black gold will go higher in the future.
It is expected the demand for oil in the next five
years will be increased for 10 million barrels daily
and added to current 78 million.Member-states of
Organization of the Petroleum Exporting Countri-
es (OPEC), which supplies around 40% of the oil
on the world market, will have to cover less than
half of predicted growth demand of this raw mate-
rial by 2012.

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

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

DNEVNIK VREME
p.9 THE IMPORTED INFLATION HAS DOMESTIC INSTIGATOR p.5 EMO OHRID FINED ONE MILLION EUROS
p.10 BANKS OF RECORD PROFITS p.5 PETROL COKE CAUSES CANCER
p.10 COSMOFON MAKES PROFIT FOR THE FIRST TIME p.5 SOME INSTITUTIONS IN OHRID WERE LEFT WITHOUT
p.10 THE PRICES OF MACEDONIAN STOCK EXCHANGE HAVE WATER BY PROAKVA
INCREASED p.6 INFLATION TO BE REDUCED IN THREE MONTHS
p.10 PROAKVA LEFT THE STATE INSTITUTIONS WITHOUT p.6 SHARES OF COMPANIES BOOST
WATER VEST
p.10 KIRO KUCUK AVOIDS BANKRUPTCY p.6 KIRO KUCUK AVOIDS BANKRUPTCY
p.10 COMPENSATION FOR 1,400 FARMERS IN KRIVOGASHTANI p.7 THE BREAD WITH A SAME PRICE UNTIL JUNE
UTRINSKI VESNIK p.10 POLICE RAID BP OFFICES IN RUSSIA
p.7 OHRID AND STRUGA INHABITANTS - HOSTAGES OF UNPAID NOVA MAKEDONIJA
DEBTS p.2 THE DOMESTIC MANAGERS REQUEST BIGGER CONFI-
p.8 STATE INSTITUTIONS HAVE 15 MILLION EUROS DEBT FOR DENCE FROM THE STATE!
WATER AND ELECTRICITY p.6 PROAQUA TO NEGOTIATE WITH EVN
p.8 KIRO KJUCUK FROM VELES IS NOT IN BANKRUPTCY p.6 MEBEL 2008 STARTS
p.9 STOCK EXCHANGE TURNING POINT - INDEX INCREASES 6 p.6 OIL DECLINES AT 100 DOLLARS PER BARREL
PERCENTS p.6 THE DEMAND FOR OIL TO RISE
p.9 PETROLEUM PRICE FALLS UNDER HUNDRED DOLLARS p.6 GOOGLE FEARS NO RECESSION
PER BARREL p.7 BUYING SHARES FROM MACEDONIAN CONSTRUCTION
VECER COMPANY BY PUBLIC CALL
p.6 INGRA AND MAVROVO - WITH JOINED EFFORTS ON THE p.7 KONCAR FROM ZAGREB TO MODERNIZE THE TRAINS
RUSSIAN MARKET p.7 BULGARIA PUTS TOBACCO FACTORIES ON THE MARKET
p.6 THE RAILWAY WILL BE RIDING A TELECOMMUNICATION p.7 MAKEDONIJATURIST HAS NOTICED INCREASE OF THE NET
BUSINESS PROFIT FOR 17%
p.6 HOSPITAL TO BE LEFT WITHOUT WATER TODAY p.7 MBI-10 UP 6 PERCENTS, BUYERS ENCOURAGED
p.7 TOPLIFIKACIJA SAVES ON HEATING ENERGY p.7 EBRD WILL FINANCE CONSTRUCTION OF APARTMENTS
p.7 FEW PEOPLE ARE RACING FOR THE PLACE OF DIRECTOR FOR THE MIDDLE CLASS
p.7 SILMAK PRODUCES UP TO 100 TONES ON DAILY BASIS SPIC
p.7 THE PRICES OF THE SOFTWARE ARE THE SAME IN THE p.6 MILLENNIUM CROSS WILL KEEP LIGHTING
ENTIRE REGION
 Date 24.03.2008 number 15
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
berzNIK
15
22.03.2008 SATURDAY
1. SHORT REVIEW OF EVENTS

Last year, the Macedonian economy increa-
sed for 5, 1%, is the news conveyed by all Satur-
day newspaper editions. The Yesterday, the pub-
lic statisticians came out with an official announ-
cement that the gross domestic product in 2007
has undergone increase of 5, 1%. The Govern-
ment is extremely satisfied from the growth of the
national economy in the year that is behind us,
even besides the fact that at the beginning it an-
nounced a number higher than six, even 6, 5%.
The Government`s cabinet says that the increase
of 5, 1% is historically the highest in the last 17
years. The experts as well agree that it is a mat-
ter of a positive result. - The Government has re-
alized its program and has improved the busi-
ness climate. However, according to them most
important is this rate of growth, and even higher,
to keep on maintaining itself for few years in a
row, so that it can be felt on the lowering of the
enormous rate of unemployment in our country.
Monetary authority crucial for reduction of in-
flation is the title of the analysis published by Ut-
rinski vesnik. The experts consider that the Nati-
onal Bank of Macedonia is most responsible for
the inflation and control of prices level in the co-
untry. According to them, NBM had taken appro-
priate measures for increasing the interest of tre-
asury bills.
The professor Tome Nenovski considers that
the inflation is a world problem transferred in the
country through the importing products, and es-
pecially through the import of food-agricultural
products and most importantly, the high prices of
fuels, oil, coal, power, which price does not de-
pend on Macedonia. Nevertheless, regardless to
the world movements and the inflation transfers,
competent institutions in the country should react
properly, says Nenovski.
In this context Vreme announces: In times of
inflation, citizens make fixed-term deposits in the
banks, as a safer mode of saving their money. In
that way, they believe they can diminish the infla-
tory shock, by making secured deposits. How-
ever, the rates of interest of the fixed-term depo-
sits are lower than the inflation rate. In February
it amounted 9, 6%, whereas the rate of interest of
the fixed-term deposits are somewhere below
this rate of inflation, depending upon the period
of making the fixed term deposits.
The Saturday editions convey on the fact
that what was happening on the capital market in
the past two days is one more proof for the small
investors to be patient when the market is in cor-
rection. In the last two days the index has incre-
ased for 12%, and so did the turnover.
On the world Stock Exchanges, the investors
hope that the new measures of the American
Government will revive the financial flows on the
real estate market. The French Bank Societe Ge-
neral cannot escape the scandals. After the re-
cent fraud of about five billion euros, found itself
in the middle of the scandal regarding the disap-
pearance of 15 tones of gold. The French Bank
Group gave the Goldas Company from Turkey
gold objects worth 500 million US dollars. It was
done with purpose of their realization on the Is-
tanbul Stock Exchange of Gold; however the gol-
den objects somehow disappeared.
Today, you will read that TPP Negotino dis-
connected from electricity network. The Plant no
longer produces expensive electricity, due to the
additional import. Also the third block of TPP Bi-
tola is connected to the network. Due to this, TPP
Negotino worked few days at full capacity. Now,
since the additional import is made, and the third
block of the plant in Bitola operates again the
plant in Negotino is disconnected again.
Today`s newspapers transmit: Yesterday, the
Fund for National and Regional Roads publicly
opened the offers of the companies which are in
the game for highway construction of the section
Tabanovce - Kumanovo, part of the Corridor 10.
Within the deadline for submitting bids to the
Fund, eight companies have submitted complete
documentation, two Macedonian and six foreign
companies.
Some of the other interesting titles are: ERA
CITY will start with construction in April, Inspec-
tors are controlling JAKA 80, OHIS will sell parts
of its property, Kiro Kjucuk avoids bankruptcy…

2.TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

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

DNEVNIK p.7 OHIS ASKS FOR MONEY FROM THE GOVERNMENT

p.5 INSPECTORS CONTROL JAKA 80 p.7 GRANIT TO BUILD THE INFRASTRUCTURE
UTRINSKI VESNIK VEST
p.5 MONETARY AUTHORITY CRUCIAL FOR REDUCTION OF p.6 FAIR OF FURNITURE OPENS
INFLATION p.7 SIX FOREIGN COMPANIES COMPETING FOR THE HIGHWAY
p.5 ACCORDING TO SELMANI, INSPECTION FINDINGS CRUCIAL TABANOVCE - KUMANOVO
FOR JAKA 80`S DESTINY p.8 GDP HAD INCREASED BY 5.2 PERCENT
p.7 LAST YEAR, THE MACEDONIAN ECONOMY INCREASED p.10 DON`T LET THEM OPEN THE SMELTER!
FOR 5, 1% p.13 OECD: ZERO GROWTH FOR THE US ECONOMY IN THE
p.7 EIGHT COMPANIES IN THE RACE FOR CONSTRUCTION OF SECOND QUARTER
THE SECTION TABANOVCE-KUMANOVO p.13 BIGGEST FALL OF THE PRICES OF THE RAW MATERIALS
p.9 AS OF THE START OF THIS YEAR, THE CITIZENS ARE BUY- SINCE 1956
ING LESS CARS NOVA MAKEDONIJA
p.9 SEVEN CANDIDATES RUNNING FOR AEC DIRECTOR p.1 FOREIGN PARTNERS CANCEL CONTRACTS!
p.9 ONE DENAR PER SMS MESSAGE FOR THE USERS OF VIP p.2 FOREIGN PARTNERS CANCEL CONTRACTS!
p.9 ELECTRONIC EDITION OF PORTA 3 p.4 DOUBLE TAXES PLAYS DOWN REAL ESTATE LEASING
p.9 STOCK EXCHANGE UP AGAIN; FOREIGNERS RETURN p.5 TPP NEGOTINO NO LONGER PRODUCES EXPENSIVE
p.9 FAIR OF FURNITURE OPENS - DISCOUNTS FOR THE BUY- ELECTRICITY
ERS p.5 COSMOFON PROFITED FOR THE FIRST TIME
VECER p.5 A SCANDAL OF 500 MILLION DOLLARS
p.4 THE GOVERNMENT REALIZED ITS PROGRAM AND HAS p.5 THE WORLD BANK ALLOWS CREDIT OF 46.6 MILLION DOL-
IMPROVED THE BUSINESS CLIMATE LARS TO SERBIA
p.6 KIRO KJUCUK AVOIDS BANKRUPTCY p.6 USA WILL PROBABLY BE COVERED BY A RECESSION
p.6 OHIS WILL SELL PARTS OF THE PROPERTY p.6 THE EURO DECLINED FOR 1.2 PERCENT COMPARED TO
p.6 15 TONES OF GOLD DISSAPPEARS THE DOLLAR
p.6 ONE DENAR PER SMS MESSAGE FOR THE USERS OF VIP p.6 THE CONSTRUCTION OF ERA CITY TO START AT THE
p.7 PELAGONIJA AND BETON OFFER LOWEST PRICES BEGINNING OF APRIL
p.7 SEVEN CANDIDATES IN THE RACE FOR DIRECTOR p.6 WALL STREET SHARES BOUNCE BACK AGAIN
p.7 SMELTERY NOT TO OPERATE ANYMORE p.6 MBI - 10 RECORDED AN INCREASE OF 12 PERCENT IN TWO
p.7 ERA CITY WILL START WITH CONSTRUCTION IN APRIL DAYS
VREME p.6 TTK BANK DID NOT HONOR THE LAW ON SECURITIES
p.6 THE OIL FOR LESS THAN HUNDRED US DOLLARS PER BAR- p.6 REIFFEISEN - BEST BANK IN MIDDLE AND EASTERN
REL EUROPE
p.6 CITIZENS MAKE FIXED-TERM DEPOSITS SPIC
p.6 FURNITURE AND EQUIPMENT FROM 400 COMPANIES p.3 AGAIN SCANDAL IN SOCIETE GENERALE
p.7 EVN PENALIZED
16 berzNIK number 15
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
1. SHORT REVIEW IN THE WEEKLY MAGAZINES
GLOBUS
p.10 STOCK EXCHANGE RECORD-HOLDERS
According to the Public Revenue Office and the tax reports for 2006, one citizen
reported an income of 5 million euros by stock exchange speculations. The highest indi-
vidual income reported for 2007, is 1.7 million euros.
p.10 THE STOCK EXCHANGE REACTS TO THE CRISIS
The Stock Exchange on Tuesday recorded the lowest turnover in the last five years,
which fact hasn`t been interpreted yet, although it may be assumed that the uncertainty
about NATO had an influence on Stock Exchange.
p.11 LJUPCO PALEVSKI SIGNIFICANT BANKING INVESTOR
The company UPA enterprise, Ljupco LLC, in ownership of Ljupco Palevski, owns
30.06 percent of the capital of Sileks Banka. Palevski is known to the public by the serial
criminal complaints, and the last case is the lawsuit about the illegal construction Tifani, in
which 35 million denars state money failed.
p.32 THE ECONOMY IS A VICTIM OF THE GOVERNMENTAL POLITIC
Prime Minister Nikola Gruevski doesn`t fight against the inflation because he is afraid
of endangering the strongest instigator of the economic growth - the consumption, and the
political instability in the region and in Macedonia might take away his main trump intend-
ed to accomplish the annual growth of the GDP of 7 percent until 2013 - foreign invest-
ments - analyze economic experts.
KAPITAL
P.10 VOLKSWAGEN ON THE FIRST CONFERENCE OF AUTO DEALERS IN
MACEDONIA
Organized by Minister Vele Samak, in charge of attracting foreign investments, in
partnership with USAID Competitiveness Project, the first Macedonian conference of auto
dealers, which was attended by officials of Volkswagen Group, was held in Skopje.
P.10 EnergyObserver: MACEDONIAN ELECTRICITY PRODUCTION TO FACE
COLLAPSE - Macedonian electricity production faces collapse, is concluded in the analy-
sis on Macedonian electro-energy system, published on EnergyObserver.com, the first pri-
vate site in Europe that releases information related to energy, highlighting energy situa-
tion in Southeast Europe.
P.10 SPANISH COMPANIES SHOW INTEREST TO INVEST IN MACEDONIA -
Energy and infrastructure are the two most attractive sectors according to Spanish busi-
nessmen who came in Skopje on business-meeting organized by the Chamber of
Commerce of the Republic of Macedonia.
P.10 FORNETTI TO BUILD BAKERY IN ILINDEN
Company Fornetti Cone DOOEL Skopje, part of Fornetti Group from Hungary,
became owner of state owned building site in Municipality Ilinden and plans to build bak-
ery.
P.10 FULL TIME COMPANY BUYS DIER KUMANOVO
Full Time Company bought Dier AD from Kumanovo, factory for production of furni-
ture. "The Government passed a decision, and the Pension and Disability Insurance Fund,
as major trustee, decided company Dier to be sold to foreign company," spokesperson
Bocevski said.
P.11 STATE LOTTERY IN DEAD-END
The plan for establishment of state lottery is still in processing stage. Government
spokesperson Ivica Bocevski says that details are not revealed to the public in the stage.
P.11 AUSTRIAN TOURISTS RETURN IN OHRID
Hotel Association of Macedonia (HOTAM) entered into a contract with famous
Austrian tour-operator on the Tourist Fair in Berlin for organized arrival of tourists from this
country in Ohrid and Struga starting 15th of April until 15th of June next year. Donco
Taneski HOTAM Director, said.
P.11 FININVEST - NEW PRIVATE FUND
Fininvest is the latest private assets management company established last week.
P.12 VENKO GLIGOROV GETS PARTNER IN LOGIN SYSTEMS
Tatjana Boshevska, Operative Director in Login Systems became company`s co-
owner. Owner Venko Gligorov transferred 3% of his portion in Login Systems to Tatjana
Boshevska.
P.12 ELEM ANNOUNCED TENDER FOR CONSTRUCTION OF GAS POWER
PLANT - "Macedonian Power Plants announced tender for company for construction and
operative use of combined gas power plant Energetika, as partner in joined investment
P.12 UNIMAGINED SCENARIOS ARE ALSO POSSIBLE
International Monetary Fund (IMF) warned worldwide Governments to consider
unimaginable scenarios in the process of preparation of plans for managing the emerging
crisis of the global financial system.
P.14 DEUTSCHE TELEKOM TO BUY 20% OF GREEK OTE
European biggest telecommunications group Deutsche Telekom, announced plan for
buying 20% of shares of Greek telecommunications company OTE, from Investment
Group Marvin at price of 2.5 billion euros.
P.18 STEEL INDUSTRY PULLS ENTIRE ECONOMY
Like it or not, steel industry is the major moving force of Macedonian economy in the
past decade.
P.22 THE MOMENT FOR STRUMICA IS YET TO COME
We discuss with the young and ambitious Mayor of Strumica in moments when
Macedonian future is literally made
P.34 RWE PREPARES TO TAKE PART ON TENDER FOR CONSTRUCTION OF
CHEBERN AND GALISHTE
RWE Group is one of the biggest holding companies, which also incorporates RWE
Power, company that announced its participation on the tender for construction of hydro-
power plants Chebren and Galishte.
P.36 MSE VICTIM OF POLITICAL INSTABILITY AND GLOBAL ECONOMIC CRI-
SIS - Two factors are crucial in determination of mid-term share price dynamics of aver-
age Macedonian company.
Date 24.03.2008
17.03.-22.03.2008 MONDAY-SATURDAY
P.38 MACEDONIA IS PROMOTED AS NEW ECONOMIC MIRACLE IN EUROPE
P.40 BASIC INDICATORS FOR LISTED COMPANIES ON MSE OFFICIAL MAR-
KET
P.40 TOP 10 LOSERS
P.40 TOP 10 MOST LIQUID LISTED COMPANIES
P.40 GOVERNMENTAL CRISIS CRUSHED MSE (10-14.03.2008)
After weeks of anemic trading, low turnovers and low fluctuations of shares` prices,
mast week Macedonian Stock Exchange crushed!
P.41 RZ USLUGI ACHIEVES 5.6 TIMES HIGHER PROFIT
RZ Uslugi last year achieved 5.6 times higher profit compared to 2006, company`s
unconsolidated balance sheet announced on MSE official web-site, shows.
P.41 ZK PELAGONIJA RECORDS THREE TIMES PROFIT RISE
According to records of balance of successes, ZK Pelagonija achieved great profit
growth of 2.75 times or 17.57% in 2007.
P.44 NEW OFFER FOR BUYING VEHICLES FROM PROCREDIT BANK AND
PORSCHE MACEDONIA
P.45 STOPANSKA BANKA IMPROVED CONDITIONS OF HOUSING CREDITS -
Stopanska Banka AD Skopje improved conditions for granting credit to all new users of
housing credit who will submit applications by the end of June at the latest, and bank cov-
ers notary public expenses for establishment of notary public act and expenses for value
estimation of the mortgaged property, entirely.
P.47 NUMBER OF TOURISTS MARKS 41.4% INCREASE
According to records of State Statistical Office, the number of domestic tourists in
January 2008, compared to January 2007, increased at 49.3%, and the number of tourists
marks 32% increase.
P.49 AGROKOR FOCUSES ON ACQUISITIONS IN RUSSIA
Focus is now transferred on searching for new "targets" for taking over some new
markets, Greece, Russia and Bulgaria, before all.
P.58 EVERY MACEDONIAN OWES 65 EUROS FOR HOUSING CREDIT
Housing crediting marks in Macedonia marks increase in the last three years,
although participation of this activity in banks` total operation is still on lower level com-
pared to countries in the region.
P.63 HOUSING LEASING AWAITS ITS MOMENT
In Macedonia, leasing as financial instrument is still not attractive for those who want
to buy apartment.
P.64 BENEFICIAL HOUSING CREDITS MAKE US MARKET LEADER
P.66 We are ready to take part in offer of new apartments
Investment of leasing companies in building of new housing premises will surmount
the problem of double taxation of the real estate turnover tax, and leasing will become
more attractive for buying apartment, head of Hypo-Alpe-Adria Leasing - Skopje, Gorge
Vojnovic, says.
P.68 LEASING MIGHT ALLEVIATE BUYING APARTMENTS
P.70 INCREASED OFFER OF APARTMENTS WILL INCREASE HOUSING CRED-
ITING - Interest for housing credits is significantly increased in the last several years, and
rises constantly.
P.72 GIVE A CHANCE TO YOU DREAMS
MAKEDONSKO SONCE
P.36 INFLATION INSTIGATES UNEMPLOYMENT - Beside Government`s opti-
mistic forecasts, Macedonia fails to exit the magic circle of high unemployment. We tried
everything.
FORUM
P.26 PROFIT, SOCIAL MATTERS AND ECONOMY
Former MHK Zletovo Director Cedo Petrov denies his return in the combine. He says
that the smeltery has new management structure that sent a message that there will be
penalties and closing the plant if not invested in environment.
P.29 MAVROVO IN FOCUS OF STOCK MARKET INVESTORS
Only three companies on the Official Market did not mark share fall: Zito Vardar, OHIS
and RZ Ekonomika. Beside political confusion last week, black prognosis for MSE crush
did not occur.
P.29 FORUM FORECASTS
When it comes to political chaos, this time it failed to overcome economic showdowns
of certain buyers.
P.31 NOBODY ENTERTAINS THE ECONOMY
While politicians bring decision on hard issues, Macedonian economy experiences
serious decay. World economic crisis knocks on the door. As it is not enough, we mixed it
with unserious political steps with surplus of vainglory.
P.32 ECONOMY FACES COLLAPSE
Due to latest political developments in Serbia, investments in amount of 3 billion
euros are put on stand-by, MSE marks record breaking fall of listed shares, and high infla-
tion can be serious problem in the forthcoming period.
FOKUS
P.16 IMPORT STRATEGY, RATHER THAN PRODUCTION
In the absence of competent person in the cabinet, so called leader, who will identify
situations and find solutions for numerous problems that make Macedonia electro-energy
system collapse, the chaos in this sphere continues.
P.32 COUNTRIES OF BIGGEST CONSUMPTION, LESS CONCERNED
When all comes together, there is quite foggy problem about reasons that make oil
raise, and these days it reaches record breaking prices of 110 barrels per barrel.
P.34 HIGH PRICE FAVORS POWERFUL COUNTRIES
About two years ago, when oil increased from 50 to 70 dollars per barrel in short peri-
od, major oil companies in USA achieved highest profits in their history and the history of
corporative operations.
Date 24.03.2008 number 15
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
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W E E K LY R E V I E W O F M A C E D O N I A N S T O C K E X C H A N G E
period 17.03. - 21.03.2008
18 berzNIK number 15
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 24.03.2008
Date 24.03.2008 number 15
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
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