berzNIK - YEAR II - NUMBER 31 - 14th JULY 2008 - (SUPPLEMENT OF TENDERNIK)
Date 14.07.2008 number 31
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Budget cake distributed
- Macedonian state (royal) bag is more and more full. It
collects more and more finances, we already have surplus
in the budget and we are facing a situation which causes
Finance Minister, let`s say, sweet pain. How to spend this
amount of cash? These are words used by Professor Tome
Nenovski promoting his book Structure of Public Finances
in the Republic of Macedonia. Thesis, which I believe you
will agree with me, is justified by t6he state budget rebal-
ance which this year is extended by 260 million euros.
The Government of the Republic of Macedonia appro-
ved the 2008 budget rebalance in which projected incomes
amount 144.7 billion
denars, which is 12.4%
June inflation reaches 10% as well. Steep price increase compared to
increase of energy, food and some other goods, on the preliminary 2008
world and domestic markets, give different image to budget projection. Ex-
the current inflation in contrary to the inflation which penditures are projected
30years ago shook the world. Then inflation was inte- on 150.371 billion de-
grated as structural problem, and current is a result of nars. Projected deficit is
the price increase of basic products, Minister estimated on 5.665 billi-
Slavevski considers. on denars and it is with-
- In this moment we should pay attention on pre- in the frames of the pro-
venting the current price increase not to turn in struc- jection of 1.5% of the
tural inflation, which is based upon the fight between gross domestic product.
different population strata to protect the life standard. According to the
If workers` life standard erodes, they will try to com- Minister of Finance Traj-
pensate it with the demand for higher salaries, which ko Slavevski, increased
according to Slavevski is the most dangerous trap for incomes are a result if
Macedonia, which might launch the spiral inflation the increased collection
growth. of all kinds of taxes, ex-
And when we are discussing on the life standard, pected increased divi-
the Government should work a bit more… The state dend from Makedonski
bag is full, but regardless if the inflation was imported Telekom and increased
or not, regardless the fact that the increase of salaries income of concessions
might pump-up even more the inflation balloon – real- and privatizations.
ity is different, population that survives on monthly - Projected incomes
salaries only, with no extra incomes, barely survives increase of 12.4% by the
the month…and despite the will to be loyal citizen and end of the year is a re-
pay bills, the chain of regular payment, still fails to be sult of the recent realis-
introduced, for which part of the blame goes to veter- tic achievements in the
an-managers, who circulate their assets through their first half of the year and
accounts and pockets at the expense to abuse of they are way above pla-
unpaid labor, of still dutiful workers!...or, if you like, ned expectations by
abusing the kind-hearted and obedience of the social- 10.25%, Minister of Fi-
ist-fashion educated personnel… nance Trajko Slavevski
stated on the briefing in
the Government.
He explained that incomes of the personal income tax
by the end of the year is estimated to reach 8.9 billion
denars which is increased by 7% compared to the plans,
and the profit tax is expected to bring 9 billion denars
income by the end of the year, which is 71% increase.
As Slavevski explained, planed incomes are a result of
positive inflows in the first six months of the year which
resulted with surplus of 5.7% of the planed in the personal
income tax, and 61.6% in the profit tax.
- Such achievements in the profit tax and the personal
income tax confirms the correct reform determination for
berzNIK
3
introduction of the concept of flat tax which did not provoke
any disturbing, but, in contrary, provided increase of tax
incomes, stimulating tax-payers to meet reduced obliga-
tions towards the state on time and fully, Finance Minister
stressed.
Value Added Tax incomes are estimated at 38.661 bil-
lion denars which is by 6.5% more than preliminary project-
ed. The Government redirected the surplus towards the
education sector, amortization of the negative effects of the
oil price increase, employment stimulations and towards
redundant workers.
In the education sector will be redirected 1.5 billion
denars in aim of implementation of the compulsory high
education, the project PC for every child, free-of-charge
textbooks for socially endangered families, for new faculties
and University of Informatics, as well as free-of-charge
internet in dormitories and for improving of the science and
research projects in the country.
The rebalance provided 750 million denars for Go-
vernment proposed measures for amortization of the nega-
tive effects of the oil price increase, in front of all for subven-
tions of farmers with planed 300 million denars and reduc-
tion of incomes from pay-toll fees and registration of vehi-
cles in amount of 450 million denars.
In order of employment stimulations are allocated 56
million denars as a financial support to employers for sub-
sidizing of the health insurance contributions in the first 18
months for newly employed persons by 27 years of age and
hiring redundant workers.
There are 90 million denars projected for supporting of
6,000 unemployed citizens victims of redundancy or liquida-
tion of enterprises with predominantly state ownership until
their next employment or pensioning.
For the new Ministry of Informatics and realization of
projects in the institution are projected 231 million denars,
for buying of Embassy building in London and liaisons in
Japan and Kazakhstan 200 million denars and 20 million
denars for payment of carrier allowance to state officials.
Increased incomes that will be spent in the second half
of the year, according to the Minister, will not have inflation
effects on the economy.
- Everything that is provided by actual incomes which
does not imply inflation financing or financing by new issue
of money by the Central Bank and it is projected within the
frames of appropriate budget deficit can not have inflation
effect over economy, Minister stressed, and added that
measures conducted by the Government in the last six and
a half months are directed towards anti-inflation activities
and amortization of consequences or support of certain
groups which are the most affected by the price increase.
According to him, measures conducted by the National
Bank, across increase of interests to affect the inflation, are
not expected to have effects in the next two years because,
according to him, no monetary policy can affect on reduc-
tion of oil and food price which are import products.
Slavevski assures that neither the end of the year, nor
by the end of 2009, there will be any change of denar cur-
rency exchange compared to the euro.
Until the next Monday
Makedonka Baldazarska
BerzNIK editor-in-chief
e-mail: berzNIK@interNIK.com.mk
 4 berzNIK number 31
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 14.07.2008

SECURITIES COMMISSION
IN AGROPLOD A.D. RESEN

Both SwissLion and Gjorgi Kitanovski own 25% from the shares Securities Central
The Securities and Exchange Commission during the inspection of the way of acquiring Depositary- sanctioned
the shares in Agroplod Resen established that the person Gjorgji Kitanovski as single
shareholder owns 6.621 ordinary shares which present 32, 93% of the total number of issued The Securities and Exchange Commis-
ordinary shares with voting right from Agroplod a.d. Resen. The Commission ascertains that sion seizes the accordance of Stevan Sap-
Kitanovski acquired over 25% of the shares, without giving offer to purchase which would be cevski, for period of 30 working days, for
its obligation according to the Law on buying joint stock company. This behavior was sanc- Director of the Securities Central De-
tioned by the Securitiesand Exchange Commission, therefore brought decision with which the positary AD Skopje for making two irregu-
voting right of Gjorgji Kitanovski is being seized and the dividend right of 1.592 regular shares larities:
which owns Agroplod AD Resen. More, 1592 ordinary shares present 7, 93% of the ordinary
shares with voting right of the company. - block transaction settlement with
More, because violation of Law on buying joint stock companies, the Securities and shares issued by IK Banka AD Skopje aga-
Exchange Commission seizes the right and the dividend right of 1.356 shares which present inst the Law on Securities and the Central
6, 75% of the total number of voting right shares. After the passed measures by Securities Securities Depository and
and Exchange Commission, both SwissLion DOO Skopje and Gjorgji Kitanovski own 25%
each of the voting shares in Agroplod a.d. Resen. - irregular settlement of transaction
with shares issued by the Macedonian
Stock Exchange AD Skopje, respectively
Fines up to 5.000 euro for three companies unbiased delay of the settlement out of the
legal deadline on basis of conclusions
On the meeting held on 09.07.2008,presided by the President of Securities and adopted by bankruptcy judge which are not
Exchange Commission, Marina Nakeva- Kavkarova, the Commission brought decision legal basis for this acting.
with which seizes the voting right and the dividend right from 1.699 ordinary shares with
voting right of Fustelarko Borec AD Bitola, in ownership of Mal Metropol DOOEL Bitola, and More, so far against the director of the
acquired contrary to the Law on buying joint stock companies. Also, the Securities and Securities Central Depositary Stevan Sap-
Exchange Commission passed fines up to 5.000 euro for the purchaser of the shares of Mal cevski, the same has passed three sanc-
Metrolpol DOOEL Bitola and for the brokerage house, Bitola Broker AD Bitola, and up to tions.
2.000 euro for the persons in charge for the two entities.

The Commission sanctioned two brokerage houses.

Rejected two applications
- The brokerage house VIP AD Skopje committed for coordination of the funds from
the main capital of the company. The Securities and Exchange Commission passed fines
for emission
up to 5.000 euro for VIP AD Skopje and up to 2.000 euro for the director of the brokerage The Securities and Exchange Commi-
house. ssion rejected the applications for issuing
- The brokerage house Fersped AD Skopje is obliged, in period of 90 days, to syn- of second emission of shares through pri-
chronize the structure of the funds from the main capital, and to make report to the vate offering of the brokerage house Ilirika
Commission…. On the same meeting were issued also two licenses for brokers. Investments AD Skopje and International
Hotels AD Skopje.

Sale of own shares through private offering

On the meeting was given approval Ohridska banka AD Ohrid to sell own shares DEUTSCHE BANK AWARDED
through private offering. The matter is of 1.315 ordinary shares of the total purchase value KOMERCIJALNA BANKA AD SKOPJE
of 10.726.455 denars.
The direct processing of
operations – the most quality
IN REGIONAL SOUTHEAST EUROPE
manner
Agrokor, Saponia and Podravka, well known brands Komercijalna banka has received yet
another confirmation of its successful and
– top companies professional operations. On July 2 Deuts-
che Bank presented the bank an award for
On Thursday in Sarajevo the Independent Agency for Selection and Promotion of Ma- the being the most successful in STP –
nagers and European Management Association elected three Croatian companies Agrokor, Straight Through Processing for 2007 in
Saponia and Podravka as top companies with top brands in Southeast Europe. handling Deutsche Bank money orders.

Agrokor won the award for the Jana water brand, which is being distributed in 25 coun- The STP system is a significant com-
tries. Mepas, Saponia`s general distributor in Bosnia and Herzegovina, won the award for ponent of the services of Deutsche Bank,
top detergent brand Fax and the Croatian unique spice product Vegeta by Podravka is the which has found in the long-lasting and
third award – winning top brand. productive cooperation with Komercijalna
banka a partner for increasing the volume
The general director of Unicredit bank, Berislav Kutle, Lerka Pulic from Agrokor and of money orders and lowering total costs
Zdenko Pavcek from Slovenian Chamber of Commerce won the award for best managers through the STP system.
of 2008.
 Date 14.07.2008 number 31
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
C O N T E N T S
1. SHORT REVIEW OF EVENTS
Macedonian Stock Exchange recovers
INTRODUCTION . . . . . . . . . . . . . . . . . . . . . . . . . . 3 The Macedonian Stock Exchange is a leader in the re-
gion, is the headline of the stock exchange analyses in Vre-
SECURITIES COMMISSION . . . . . . . . . . . . . . . . . . . . . . . 4 me, in which you can read that after the record monthly drop
in June, the past seven days MBI 10 index have increased
STOCK EXCHANGE NEWS... . . . . . . . . . . . . . . . . . . . . . 4 by 7,2 percents, which is higher increase that the one on the
regional securities markets, even higher than the one of so-
berzNIK, MONDAY, TUESDAY, WEDNESDAY........... 5-7
me of the stock exchanges in Europe. Belgrade’s index Be-
lex 15 and the Slovenian SBTI Top dropped for over 4%.
London’s lost 0, 96% of its worth and the German DAX have
CONVERSATION ON THE OCCASION .... . . . . 8-9 reduced by one percent. But, there is another paradox, al-
though the Macedonian stock exchange have increased the
THE TWO NEWEST BOOKS OF PROFESSOR market value, in most of the companies, but on the Official
TOME NENOVSKI PROMOTED. . . . . . . . . . . . . 10-12 market, the turnover was lower by 29 percents in relation to
the previous week when the stock exchange index had
berzNIK, THURSDAY, FRIDAY, SATURDAY ..............13-15 downward trend.
Vecer makes analyses too -The Stock Exchange revi-
WEEKLY MAGAZINES.....................................16 ves. The past Stock exchange week was marked by the in-
crease of indices, but also of the shares prices of the com-
EVENTS THAT MARKED THE WEEK..............17 panies with greatest participation in the realized turnover. On
the capital market were realized 2, 3 million euro, that is 72%
WEEKLY REVIEW OF THE MACEDONIAN STOCK on the Official market. In block transaction was realized turn-
EXCHANGE...............................................18-19 over of 11, 4 percents. And on the Regular market 16, 6 per-
cents. The Stock exchange index the last stock exchange
day MBI-10 reached 5154,02 index points which in relation
to the previous day it is increase by 2,06 percents. On Friday
the index of Publicly Held Companies MBID dropped by 0,
75%, while the index of bonds OMB remained without chan-
I M P R E S S U M ge of the value.
In Utrinski vesnik you will read, all are saving their fore-
ign exchange while NBRM eases- there is no inflation. The
high inflation and the fear of devaluation were the main rea-
sons for people’s savings of foreign exchanges. If this trend,
since recently, was feature mainly for the citizens, now also
the Macedonian companies started more and more to orient
Publishing: INTERNACIONAL NIK AD - Skopje
Media library and digital archive
towards savings in stable foreign exchange. That shows al-
Editors office: berzNIK so the newest researches of National bank of Macedonia.
Address: Square MAKEDONIJA bb, p.box 882 Skopje, 1000, Experts are precise that the main reason for this phenome-
R.Makedonija non is the fear of devaluation… Speculations about the pos-
Phone. 02/25.32.800 faks: 02/25.32.839 sible devaluation are not new, but now they additionally are
web: www.interNIK.com.mk; becoming more intense as a result of the high increase of
e-mail: info@interNIK.com.mk prices , but also of some other factors, as the high trade de-
ficit, which only in five months surpassed 1,1 million denars.
Executive Director: Zdravko Josifovski The first man of the monetary power, the governor Petar
Account Menager: Divna Pesic Gosev, contrary to these fearing, keeps his precise attitude
Public relations: Natasa Dimovska
ICT Manager: Kiro Velkovski
that he will maintain the stability of established rate of denar
Marketing manager: Ivona Josifovska and that there is absolutely no threat of devaluation.
Assistent: Stojne Danilova Utrinski publishes also that the investments are crucial
Logistics manager: Ana Petrova for selection of concessioner for the airports. The procedure
Finance manager: Gordana Stojanovska for granting under concession the airports Alexander the
Great in Skopje and St. Apostle Paul in Ohrid should be fini-
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. COMPANIES CAN APPLY FOR IMPORT-EXPORT ELECTRONICALLY (****)
2. THE BULL RAISED THE PRICES, YET IT REDUCED THE TURNOVER (***)
STOCK EXCHANGE REVIEW OF EVENTS IN THE
PRINT MEDIA berzNIK DNEVNIK
Number: 31 p.5 VITAMINKA OPENS NEW PRODUCTION PLANT
Date: 14.07.2008 p.5 INCREASED WATER PRICES, LIMITED CONSUMP-
TION RECOMMENDED
IT IS DISTRIBUTED FOR SUBSCRIBERS ONLY p.6 CATERING SERVICES HIGHER FOR 1.7 PERCENT
BIZNIS
FRONT PAGE PHOTO: p.1 TRUSTEES AND SHAREHOLDERS WANT OWNER-
THE TWO NEWEST BOOKS OF PROFESSOR SHIP OVER THE DEPARTMENT STORE
TOME NENOVSKI p.1 SWISSLION AGROPLOD WITH NEW INVEST-
MENTS OF 10 MILLIONS OF EUROS
Photo: p.5 IMPORT AND EXPORT REQUESTS TO BE DELIV-
Robert Spasovski ERED ELECTRONICALLY
p.12 REGIONAL PRODUCTS TO REACH TRADE OF 1
Editorial staff of berzNIK BILLION EUROS!
Internet distributive system: www.interNIK.com.mk p.13 INITIATIVES FOR ENTICING THE FOREIGN INVES-
Editor: Makedonka Baldazarska TORS
Journalist: Vaska Mickoska, Kiro Simonovski p.14 CREATING INTERNAL SUPPORT NETWORK
DTP: Tatijana Trpkovska p.15 2.06 PERCENTS INCREASE OF THE MBI – 10
Editorial staff:
UTRINSKI VESNIK
News Evaluator: Anita Bashoska, R. Tasovska
[operators]:Mare Lazarevska, Arslan Skoro, Zoran Stamatovski,
p.1 EVERYBODY IS SAVING IN CURRENCIES, THE NB-
Martin Arsovski, Gorge Redzik, Toni Arsovski i Darko Tripunovski
RM CALMS DOWN – NO DEVALUATION
[translators]: translator's manager Senka Mihajlovska, Angelina p.7 INVESTMENTS OF AROUND 150 MILLION EXPEC-
Filipovska, Slobodan Trajkovski, Aleksandar Stamenkovski, Aneta TED
Menoska, Filip Koviloski, Darko Ivanovski p.7 THE COUNTRY WILL KEEP NECESSARY RESER-
Fotoreporter: Robert Spasovski VES OF OIL
p.7 COMPANIES TO DEMAND PERMITS FOR EXPORT
Marketing, distribucija i prodazba: AND IMPORT ELECTRONICALLY
INTERNACIONAL NIK AD - Skopje p.7 VITAMINKA TO MAKE BISCUITS FOR FOREIGN
MARKETS
berzNIK
5
07.07.2008 MONDAY
shed in two months, and the main criteria for the selection of
concession will be the investments. This was announced by
Zoran Krstevski, director of the Public enterprise for aviati-
on, saying that with that will begin new era in the Macedoni-
an aviation, in the celebration of the 55 anniversary of Oh-
rid’s airport. - For almost one year the Government is lead-
ing a procedure for the airports granting under concession
and construction of new cargo-airport in Stip. Now we are in
the second phase in which for the tender have applied re-
nowned world companies, as the German Hohtiv, the Vien-
na airport, Turkish Taf and French company Egis. The fol-
lowing phase is the one in which they will give the offers for
the planned investments. We are expecting the investments
to amount approximately 150 million euro, announced Krs-
tevski.
Almost all printed media are conveying the information
that the companies will be able the applications related to
import and export of goods to deliver via electronic way.
Through the system, the companies will be able to submit
electronic application for 70 permissions without waiting in
front of the desks and to submit additional documents on pa-
per. The system is intended for companies which engage
with import and export of goods and forwarding, and for over
15 institutions which issue permissions for import, export
and transit of goods and for Custom’s Administration.
Vecer announced also that the natural gas in the coun-
try probably will increase by 10 percents. The major impor-
ter in the country, Skopje’s company Makpetrol has already
submitted the application to the Energy Regulatory Commis-
sion. With the correction of the current price of natural gas,
which amounts 22, 5 denars per cubic meter, it is accepted
the new price to amount approximately 25 denars per cubic
meter. Prilep’s Vitaminka these days officially started the
production of biscuits in the new plant. The factory has rea-
lized investment worth 5, 5 million euro, of which four million
are credit from the European Bank for Reconstruction and
Development. The new investment is a five year project for
extension of production.
Biznis conveys some of the conclusions made from the
meeting of representatives of the Regional chamber with se-
at in Prilep and the local self-government of Municipality of
Prilep, and the many delegation from Pert, Western Austra-
lia, who was staying in Macedonian from 26 to 30 June. Du-
ring their visit in the country, the delegation made couple of
meetings with ministers and businessmen. The guests were
invited to invest in Macedonia, because our Diaspora is the
bridge which reproaches the two distant countries. Also, they
were informed that Macedonian is prepared for obtaining
new technologies and transfer of knowledge, especially in
the area of implementation of alternative energy sources,
and offers high educated and hardworking people.
VECER
p.6 GAS GOES UP!
p.6 SUPERMARKET TUSH IN KUMANOVO
p.6 MBI-10 RAISES MORE THAN 7%
p.6 ELEM SPENT 18 MILLION EUROS ILLEGALLY
p.7 ELECTRONIC LICENSE ISSUING
p.7 INTEREST OF 10 PERCENT FOR FIXED-TERM
DENAR SAVING
VREME
p.1 WE SPEND HALF OF OUR SALARIES FOR PETROL
p.6 BUSINESSMEN TO ESCAPE ONE-STOP SHOPS
p.6 VINICA RESIDENTS TO CHALLENGE THE EXPEN-
SIVE OIL WITH THE RAPE
p.6 MACEDONIAN STOCK EXCHANGE THE LEADER IN
THE REGION
p.7 VITAMINKA FROM PRILEP TO ENLARGE
VEST
p.2 IMPORT–EXPORT DEMAND ON INTERNET
NOVA MAKEDONIJA
p.7 THE BULL RAISED THE PRICES, YET IT REDUCED
THE TURNOVER
p.7 BUSINESSMEN DEMAND ONE-STOP SHOP FOR
EXPORT-IMPORT!
SPIC
p.1 NEW ENERGY SHOCK?
p.5 THE INDUSTRY AHEAD OF NEW ENERGY SHOCK
p.5 COMPANIES CAN APPLY FOR IMPORT-EXPORT
ELECTRONICALLY
 6 berzNIK number 31
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 14.07.2008

1. SHORT REVIEW OF EVENTS
Good start of the week, MBI-10 increases
by 6.88% - this was the title of the stock exchan-
ge analysis in Biznis. A turnover of 79.47 million
denars was made on Macedonian Stock Ex-
change yesterday. Through one block-transacti-
on, 7,484 shares were traded from Zito product,
Sveti Nikole for DEN 45.3 million. In the regular
trading on the Official market there were 30 mil-
lions and on the Regular market 4.15 million de-
nars. Meaning, with 30 million denars MBI-10 in-
creased by 6.88%, an increase we have not se-
en for such a long time. MBID index has increa-
sed by 2.7% and the bonds index by minimal
0.06%. Without any exceptions, all shares of
MBI-10 were going up yesterday. Makpetrol
went up the most. With an increase by 25.02%
in fixing and traded 43 shares, the average price
went up to DEN 81.894,77 per share. The big-
gest turnover was realized with the shares of
Granit.
Is the optimism on the Stock Exchange res-
toring? – Utrinski vesnik writes. Judging by the
increasing trend of the indexes and the increa-
sed number of transactions and turnover, the
analysts and the brokers hope that, after sever-
al-month stagnation, the optimism returned
among the investors on the Stock Exchange
and things are getting better.
The analysts are already writing about “the
return of the bull” after the index of the ten most
liquid companies closed with positive value last
week.
Today`s newspapers convey the informati-
on about the adoption of the Law on Financial
Security which will increase market liquidity and
efficacy. The law is expected to enable better
protection of financial transactions amongst
subjects and to increase the liquidity and effici-
ency of the financial market, simultaneously re-
ducing the administrative burden during making
financial security agreements. According to ex-
planation of the Minister of Finance Mr. Trajko
Slaveski, the Law refers both to domestic and
foreign subjects. It enables integration and effi-
ciency of the financial market, as well as stabili-
ty of the financial system, supporting the free-
dom of providing services and free movement of
capital on the single financial services market,
the minister indicated.
Utrinski vesnik publishes that the new Law
on Public Roads envisages state roads to be gi-
ven under concession. The Law also provides
founding of Agency for state roads which will be
financed from the pay tolls for using a highway,
the national road or part of them. On the Agen-
cy’s account will be transferred the fee for the
use of the roads from foreign vehicles. The new
Law provides the fee from the car registration to
be shared equally between the Agency for State
Roads and the City of Skopje, i.e. the municipa-
lities.
Though crude oil prices continue going wild
on world markets, and it was more than certain
that home prices would have gone up by some
percent yesterday, Macedonian Energy Regula-
tory Commission, by some miracle, decided not
to change the price in the next 15 days. Ac-
cording to yesterday’s decision, diesel increa-
sed by half a denar, extra-light fuel increased by
denar and heating oil by 2.67 denars per kilo-
gram.
Preserving the same petrol prices in Mace-
donia is a result of denar record low against the
dollar. The referent prices of oil derivates on
08.07.2008 TUESDAY
world markets, according to Energy Regulatory
Commission, mark petrol increase in average by
1.66% and diesel by 2.32% in the past 14 days.
Dnevnik, however, gives the information -
Fine of EUR 10.000 to 20.000 for companies
and EUR 3.000 to 6.000 for citizens that will
usurp a state agricultural land, the Ministry of
Agriculture informs. Those who use a state land
without a leasing contract have time to collect
the crop and give up the fields. On the contrary,
the fines will be double from the envisaged.
According to the new law on agricultural land, fi-
nes are also envisaged for those who have a le-
asing contract, but do not use the fields proper-
ly.
- The fines range from EUR 1.000 to
100.000 for those who use the agricultural land
for other purposes, pollute the land or have built
houses on agricultural parcels – the Ministry de-
clared.
Today, you will also read that the suprema-
cy battle over Agroplod is intensifying. The cur-
rent dominant owner of Agroplod, Serbian com-
pany Swisslion, may be deprived from running
the company on July 23, when company’s Sha-
reholders’ Assembly is scheduled. In that case,
the head of company would become the domi-
nant individual shareholder Georgi Kitanov, who
owns 33% of Agroplod stocks, and he will join
stocks with other small shareholders at the As-
sembly, which will practically represent 40% of
stocks. This might occur due to deprived vote of
5,339 stocks or 25.39% of the stocks owned by
Swisslion by the Securities Commission on de-
mand of the Public Prosecution.

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

1. GROWTH OF THE TURNOVER AND THE SHARE PRICES (****)
2. SWISSLION WILL WIN THE BATTLE OVER AGROPLOD (****)

DNEVNIK VECER
p.9 DRACONIAN FINES FOR STATE FIELD USURPATION с.1 SWISSLION WILL WIN THE BATTLE OVER AGROPLOD
p.9 THE FOOD INDUSTRY IS THE FUTURE OF PELAGONIJA p.6 MONOPOLY OF MAKEDONIJA PAT TO ABOLISH
p.9 REK BITOLA INCREASES THE ELECTRICITY PRODUCTION p.6 ROAMING BURNS LIKE THE SUN
p.9 AGRICULTURISTS RECEIVE OIL SUBVENTIONS p.6 DIESEL BECOMES EXPENSIVE IN OUR COUNTRY, BUT NOT
p.9 INCREASED DIESEL PRICES FOR HALF A DENAR THE PETROL
BIZNIS VREME
p.1 MBI-10 INCREASES FOR INCREDIBLE 6.88 PERCENT p.6 ONLY 170 MILLION EUROS REMAIN FOR CITIZENS
p.2 WE ARE NOT GOING TO REBRAND THE COMPANY RE- p.6 RUSSIANS CAME BACK IN REK BITOLA
GARDLESS GREEK BLOCKADES p.7 PETROL PRICE THE SAME, IT WILL INCREASE IN TWO
p.3 THE LAW ON PUBLIC ROADS TO ORGANIZE THE ROAD WEEKS
SECTOR VEST
p.3 MONTHLY LEASE OF 56,640 DENARS p.3 OVERHAUL OF THE THREE BLOCKS OF REK BITOLA
p.3 HIGHER LIQUIDITY AND EFFICIENCY ON THE MARKET p.3 DIESEL GOES UP FOR HALF A DENAR
p.11 MSE IN RED OF 70 PCT NOVA MAKEDONIJA
p.13 TRADED 76.42 PERCENT OF ZITO PRODUKT, SVETI NIKOLE p.1 MSE RAISES IN HONOUR OF THE NEW CABINET
p.13 GROWTH OF THE TURNOVER AND THE SHARE PRICES p.7 TURBULENT DAY
p.15 OIL PRICE TO CONTINUE TO GO UP p.7 STOCK MARKET JUMPS IN HONOR OF THE NEW GOVERN-
p.15 DIESEL GOES UP- PETROL WITH THE OLD PRICE MENT
UTRINSKI VESNIK p.7 EXCEEDS THE PRODUCTION IN REK BITOLA IN THE FIRST
p.5 GENERAL REPARATION OF ALL THREE BLOCKS OF REK SIX MONTHS
BITOLA p.8 THE PRICE OF THE DIESEL INCREASES, THE OIL PRICE
p.6 PUBLIC ROADS TO BE GIVEN UNDER CONCESSION REMAINS THE SAME
p.6 THE BATTLE FOR SUPREMACY OVER AGROPLOD INTENSI- p.8 FATMIR BESIU REQUESTS NEW ASSESSMENT OF AGRO-
FIES PLOD?
p.6 IS THE OPTIMISM ON THE STOCK EXCHANGE RESTORING? SPIC
p.7 OIL BURNS WORLDWIDE, HOME PRICES REMAIN p.6 FISCALISATION LEFT THE COUNTERS EMPTY
p.7 INCREASED PRICE OF DIESEL
 Date 14.07.2008
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
1. SHORT REVIEW OF EVENTS
As of November this year, the trading will be
alleviated for the Macedonian export-import com-
panies, today’s edition of all daily newspapers in-
form. It will be enabled by the Customs Adminis-
tration’s single window system, through which the
data, information, and documents necessary for
the trade operations are submitted, and then the
control of the good is carried out only once in one
place. The project, implemented by the Customs
Administration of the Republic of Macedonia in
cooperation with USAID, will be also available to
the forwarding companies and to over 15 state
institutions. The single window system will signif-
icantly reduce the period, expenses, and docu-
ments of the companies, which, until now, had to
submit 120 various types of export and import
permits. USAID Mission Director Patricia Rader
expects this single window system to improve the
efficiency and to make Macedonia more attrac-
tive for the foreign investors.
The work of the export-import companies
and transporters in this country will also be eased
with the introduction of the non-stop working ho-
urs of the newly opened public customs wareho-
use, property of the transport firm Deni internati-
onal, whereupon the clients will receive Europe-
an customs services and they will receive their
goods more quickly. The unnecessary long and
expensive stay of the heavy goods vehicles in the
customs storages and terminals in the country
will be avoided this way.
The planned export of Macedonian honey for
the Summer Olympics in Beijing will not be reali-
zed, citizens association Esnafi published in to-
day’s edition of the print media. The reason for
this is the necessary financial support the mem-
number 31
bers did not receive, although they were prom-
ised from the Ministry of Agriculture. Namely, the
domestic bee-keepers request money from the
state to go to China and to deliver 300 tons of ho-
ney without an import agreement with the Chine-
se Import Company and agreed details of the
deal. The bee-keepers state that their plan was to
go to Beijing and to agree upon the desired quan-
tity and the price of the honey. In order for the
shipment to get on time in Beijing, it should have
been sent about a month ago.
Credit applicants under intensified observati-
on, is the title of the article in Biznis, where it is
read that the new Credit register, which is prepa-
red by the National Bank of the Republic of Ma-
cedonia, will ease the work of the banks, especi-
ally in the current period of expansion of the lend-
ing operations. It comprises records on clients’ in-
debtedness - legal entities with sum over 500,000
denars, natural entities with indebtedness of over
150,000 denars and all other natural and legal
entities that have more than 50,000 denars in sa-
vings houses. The register will be complemented
by two new information, providing of the credit i.e.
mortgage, endorser, money deposit and debt ma-
turity, which will provide insight in the number of
days being late for payment.
The inflation is temporary and it will signifi-
cantly decrease next year, is the prognosis of the
Vienna Institute for International Economic Rela-
tions in the study of the countries from Middle and
Eastern Europe, published in today’s edition of
the daily newspaper Utrinski vesnik. It is empha-
sized in the study that the countries from the re-
gion support well the global quakes, which is link-
ed to the increased productivity of the workers,
berzNIK
7
09.07.2008 WEDNESDAY
which manages to reduce the problem with rate
appreciation and growing costs of the labor. Ac-
cording to the analysis, in the South Eastern co-
untries, the economic growth on middle term can
be stabilized to five or six percents, but that would
not reduce the high unemployment rate. Balkan
will remain source of working force, but mainly
they are unqualified workers.
The Government came out with one more
measure which should absorb the consequences
from the increase of the oil price. As of next year,
the country will begin to store crude oil reserves,
oil types of motor and airplane petrol, diesel fuel
and kerosene, EL cooking oil and heating oil. Oil
derivates will no longer be kept in the frames of
stock reserves and for them will not be set aside
budget funds, but they will be purchased with
funds from the compulsory compensation, com-
prised in the fuels price. The compensation will
be paid by the importers and producers of oil and
oil derivates.
After the “boom” on MBI-10 index two days
ago, yesterday there was a slight fall and it
ended on 5,564 index points, i.e. positive 1.02%.
The index of the publicly owned companies has
ended on positive 1.03% and the index of the
bonds - OMB, on negative 0.01%. The total
turnover of the trading was a bit smaller in rela-
tion to the trading two days ago and it amounted
70,362,601.91 denars through 287 transactions.
On the Official market, a total turnover of
29,220,479.92 denars has been realized through
214 transactions, while the value of the trading
on the Regular market was 11,217,122 denars
through 72 transactions.

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

1. IMPORT-EXPORT PERMITS IN SINGLE-WINDOW (*****)
2. MACEDONIAN HONEY DOES NOT GO TO BEIJING (****)
DNEVNIK p.9 MILD RISE OF MBI-10
p.1 ELEM ILLEGALLY SPENT 18 MILLION EUROS p.9 OIL YESTERDAY UNDER 140 DOLLARS
p.7 THERE WAS NO SIGNED AGREEMENT FOR IMPORT OF HO- VECER
NEY TO CHINA p.6 SWITCHING OFF OF NON-PAYERS
p.7 IMPORT-EXPORT PERMITS IN SINGLE-WINDOW p.6 EXPORT- IMPORTS PERMIT FROM THE OFFICE
p.7 INFLATION WILL DECLINE THE NEXT YEAR VREME
BIZNIS p.1 THE REGULATION COMMISSION WILL DECIDE
p.1 THE BUYERS ARE LOSING THEIR BREATH p.4 MACEDONIA SUGARED ITS HONEY BY ITSELF
p.1 LOAN BORROWERS UNDER INTENSIFIED MONITORING p.6 BOSNIA’S TOMATOES PULLED DOWN THE PRICE OF STRU-
p.1 ONE APPEAL - ON ONE PLACE MICA’S TOMATOES
p.3 LOAN INDEBTEDNESS FOR THE SPORTS HALLS AND THE p.6 AMERICANS WILL EAT RISE FROM KOCANI
REGIONAL ROADS p.6 COMPANIES DN’T KNOW HOW TO OBTAIN EUROPEAN MO-
p.4 CUSTOMS SERVICES 24 HOURS PER DAY NEY
p.11 EMO OHRID AMONG THE MOST SUCCESSFUL ENTERPRIS- p.7 THE HEATING WILL HEAT US BY 60 PER CENT?
ES IN THE HOLDING p.7 PERMISSION WITH ONE CLICK ON THE INTERNET
p.11 MAKPETROL TO PAY DIVIDEND VEST
p.12 THE BUYERS ARE LOSING THEIR BREATH p.2 STARTING FROM NOVEMBER SINGLE-WINDOW OF THE
p.13 24 PERCENTS OF ALKALOID HAVE BEEN TRADED IN ONE CUSTOMS
BLOCK TRANSACTION NOVA MAKEDONIJA
p.13 SMALL DECREASE OF THE TURNOVER OF THE STOCK EX- p.7 BROKEN RISE
CHANGE p.7 CUSTOMS INTRODUCES ONE-STOP SHOP SYSTEM
p.16 SUMMER UNI DEPOSIT WITH INCREASED INTEREST RATES p.7 CENTRAL HEATING TO INCREASE FOR 60 PERCENT?
UTRINSKI VESNIK p.8 MONEY FROM THE DIASPORA DOES NOT COVER THE DE-
p.1 MACEDONIAN HONEY DOES NOT GO TO BEIJING FICIT
p.2 WHERE GOES THE STOCK EXCHANGE? SPIC
p.7 THE GOVERNMENT WILL MAKE OIL RESERVES, COMPANI- p.7 THE MATTERS IN THE THERMAL POWER PLANTS TO BE FI-
ES WILL PAY NALLY SETTLED
p.8 TEXTILE BRANDS CANNOT BE MADE OF EXPENSIVE LO- p.7 HEAVY GOODS VEHICLES PASS THE BORDER THROUGH
ANS ONE SINGLE-WINDOW
p.9 ALL THE PERMITS FOR EXPORT AND IMPORT ON ONE CO- p.7 20 MAYORS TO WORK ON CANDLES
UNTER p.7 MACEDONIAN HONEY DOESN`T GO TO CHINA
p.9 EVN-ESM CUTS OFF AGAIN
 8 berzNIK
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
CONVERSATION ON THE OCCASION ...
TELEKABEL IS ALSO COMPETING IN THE
LANDLINE TELEPHONY
Another cable operator starts in the landline telephony. Telekabel with commercial sale of the services
will start from 1st September, and on the landline market in Macedonia makes partnership with the Austrian
T
elekable fully covers Bitoa, Stip and 70
percents of Skopje. Since recently star-
ted working also in Strumica, and from
1st October they are planning to start oper-
ating in Veles. The cable operator plans net-
work expansion in all towns in the country.
The entering of Telekable on the landline
telephony and their partnership with the
Austrian company I-call we used as occa-
sion for conversation with Zoran Iliev, man-
ager of this cable operator. According to Iliev
after the signing of the contract for intercon-
nection with Makedonski telekom (one week
ago) the only thing that is still unsolved is to
decide about the technical details. Iliev
announces also summer discount, respec-
tively reduction of the modems by 50 per-
cents and the digital receivers by 30 per-
cents.
- We are always oriented towards
the needs and desires of the home users.
We are following their living standard and we
are trying to give them the best offering,
since our begging of working, says Iliev,
referring to their path of development.
We started with few brands. In January
2007 in Stip we opened Robi, the next year
in Bitola, in 1999 in Sveti Nikole.
Everywhere we started with different brands
because of the that time Law which was pre-
scribing that one owner could have only one
cable network, says Iliev.- Later that impru-
dent law was altered, so one operator could
obtain license for working on the whole terri-
tory of Macedonia. That procedure lasted
until the previous year and now remained
only the rebranding to be made, which we
are expecting to happen no later than the
New Year, when all networks will use the
name Telekabel. The networks Robi we will
rebranded in Telekabel, because that brand
number 31
company I-call.
name is most familiar to the people. The net-
work in Skopje was opened in 2000 and
afterwards we directed ourselves towards
promotion of the services, such as the cable
television, fast cable Internet, instead of con-
quering new territories. Since the beginning
we started working with quality materials,
which at that time amounted 27 times more
that those of the competition. Our connec-
tion was expensive, but in the same time we
were offering enhanced quality and we had
satisfied users, say Iliev.
For the question about the number of
users of the services of Telekable in the
moment and their further strategy we
obtained the following answer. Iliev say:
- We always know the exact number
of internet users, but we don’t know the
exact number of users of cable television
because there are always connections and
disconnections of users, transferring to
another cable networks, new connections,
so we cannot always precise the exact num-
ber of users, but we know the figures on
each territory separately. More, the number
of internet users we determine according o
the number of sold modems which now
amounts approximately 17.000 in
Macedonia.
Is it possible to be user of Internet, but not
to be subscriber of the cable television of
Telekabel? Is it possible these two services to
be separated?
That is possible, but that service is still
too expensive. We also have optic network,
through which we are transmitting internet
signal, and this network is used usually by
the state institutions, banks, but I believe
that that price will be reduced very soon.
More, the cable for internet is the same
cable for television and cannot be separated
from technical reasons. Also, according to
the number of users we are paying VAT each
month to the Agency for electronic communi-
cations, no matter if some of the users
haven’t paid the bill for the month; we are
paying according to the number of users
therefore all must pay for cable television,
because it is base for all the other services.
Telephony can be used separately from the
internet, but it cannot be separated from the
cable television in the moment. Later, when
the other network extends, the IP part can
provide that service too.
We are very satisfied for the internet and
we believe that we have made good busi-
Date 14.07.2008
ness, although at the begging we weren’t
sure about that, and to be honest, we were
seeing this business more as advertising,
but at the end it turned out as very good and
profitable business. On the other side, we
have problems in maintaining the margins of
the cable television, to have at least some
minimum profit. This situation is a result of
the copyrights. All contracts made with some
television are related to very dynamic prices
and every year the price goes up, and we
are trying not to change the price for sub-
scription, 350 denars.
Where do you see the solution?
The solution lays, above all, in the digi-
talization, because the basic package has
enough channels which some people per-
haps don’t want to watch, but simply they
are in the package, and with the digitaliza-
tion they will have option to choose what
they want to see and to be made packages
by chose. That service in our country is
available since November the previous year,
there is offer of that kind of package, but we
are still testing what is the best.
The previous week you have announced
entering in the landline telephony. What are the
conversation prices, having in regard the cur-
rent high interconnection prices with T-Home?
I don’t know exactly. The price relates to
conversations on regional level, not on local.
So far, we have made only regional intercon-
nection on three points, three regional cen-
ters- Bitola, Stip and Skopje and it have to
be in that way if we want to have calls in the
whole country, but that would be in the
future, if we have enough traffic we can
make also regional connection, and then the
price would be lower. From that point of
view, T-Home has advantage, they are cov-
ered with regulation, they are paying us for
local conversations, and we pay them for
regional.
The most important fact, which nobody
presents, is that we have made connection
with Telekom, and now we are unimportant
factor for them and they have the right to dic-
tate the price. However, since we obtain
greater number of users, the interests will be
different, the same prices will be valid, we
will pay to T-Home, but also reversely, they
will pay us.
Who do you consider as your major com-
petitor in the moment? You have T-Home,
Cabletel, Ontel, T-Home… as your competitors….
 Date 14.07.2008
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Currently, only Telekabel enters into ter-
ritories where operates Cabletel, and we
have a little advantage, because they
bought networks which were not operating
and they are starting form the beginning with
the work. In about year we expect them to be
out major competitors.
The announcement for entering in the land-
line telephony you revealed together with the
Austrian company I-call. On which level is the
collaboration of Telekabel with the Austrian
company I-Call?
Currently we have great technical sup-
port in the internet by this Austrian company.
Now we made the new company for teleph-
ony,” I-call Makedonija” , where the Austrian
company has share of 50 percents, so we’ll
see how great will be the interest for this
telephony. More, the support is ,above all,
technical.
Partnership with stable
company on stable base
Juren Majner- representative of the foreign
partner of Telekabel, in this way” I call” repre-
sented its company. Our company is from
Edinburg and is second by size in Austria in
this business, which presents something like
conglomerate among the other operators of
cable internet and television. The company
disposes with capital worth three million
euro and in this moment I’ am not able to say
exactly how much will be invested in
Macedonia.
We have chosen Telekabel from that
reason that in this company we see good
partner and loyal competitor which can satis-
fy the needs of the market. In Telekabel we
saw, above all stable company with stable
base, which is not seeking for money in
order to be partner, but also a company that
has what to offer.
Is it possible to make comparison among
number 31
berzNIK
9
the services which you are offering in Austria Austria, the problem in Macedonia lays in
and the services that Telekabel offers in the interconnection, respectively in that that
Macedonia, in technical sense, for example, in Macedonia should make interconnection
whether there is difference in the service quali- in each town separately, and in Austria it
ty, whether the internet there is faster than here, goes through one station.
what services do you offer in Austria and what What are your expectations in relation to
are the prices? all this? Whether the Agency for electronic
communications is moving towards the real
Great part of the services that are offer- liberalization and ruining Telekom’s monop-
ing our company and Telekable are match- oly?
ing, in sense of technical coverage. Our I believe that the Agency honestly wants
company offers package of analogue and to help you, but they are not very acquainted
digital television with modem that imple- with that matter and have not sufficient tech-
ments the both technologies, without further nical training. The Agency cannot make
operations necessary by the users, which many changes, because the owner is still
means that all that is automatic and we are the state, but I believe that soon the govern-
offering also landline telephony. The end ment will engage itself about this issue.
consumers can dial only one telephone Therefore, the most important thing is we to
number in order to solve the problems with offer quality services and the people as soon
that service. Having in regard that our serv- as possible to make connections to the net-
ices are very competitive, their price on the work, so we can determine the number of
Austrian market is also competitive. subscribers. The Agency gave us some
basic information about the course of that
In some European countries it is already a process and great parts of its announcement
practice the regulatory bodies to be able to are realized, for example the prices signifi-
intervene in the telecommunications sector for cantly dropped in a year. T-Home has
separating the infrastructure from the other advantage in the regard that in any
businesses that are providing services, in order European country is most powerful than its
the interconnection prices to be more competi- competition, with exception of England.
tive. Do you expect such practice in here? Mainly, what we should achieve is reduc-
tion of landline telephony prices in
Macedonia as small market still provides Macedonia, with which will profit also those
high prices for such services; however, the who will subscribe and those who will not
Regulatory commission should make efforts change the provider.
in order to improve the competition by cer-
tain market repercussions. Compared to K.S.
Matijas Hajn, manager for Eastern Europe, from the German company WiZi
Communications.
We cooperate with Telekable for ten years. On the German market, WiZi Com-
munications exists for already 80 years, and two- thirds of our production is form the area
of telecommunications equipment and cable television. The matter is of family business
which is not listed on the stock market, and the information for our capital is confidential.
The previous year we had working capital worth 100 million euro, and we expect work-
ing capital of 110 million euro for this year.
The collaboration with Telekabel above is from physical nature, the greatest part from
the equipment of Robi and Telekabel is our production.
10 berzNIK number 31
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 14.07.2008

THE TWO NEWEST BOOKS OF PROFESSOR TOME NENOVSKI PROMOTED

THE WHOLLY TRINITY FOR THE PUBLIC MONEY –

ECONOMICALLY, EFFECTIVELY AND EFFICIENT
SPENDING
P
rofessor D-r Tome Nenovski began The promoter of the book, the state in the true moment, in a moment when
its professional career in 1978 in Re- secretary in the Mi nistry of Finances, Macedonian state had been establishing
pub lic of Macedonia`s National Snezana Kostadinoska – Miloseska, said and these policies need to be formed.
Bank, working currently as external profes- that the topic elaborated by Nenoski in his Hence, he not only registered the events
sor at the American college. He has more book is very complex one and of great and the situations and had compared them
studies from the field of the economy, 260 importance to the Republic of Macedonia. with the world trends and tendencies but
studies and 6 books issued so far. According to her, this study of the profes- he also implemented them. He is con-
sor Nenovski is a real study not only from stituent part of Macedonian economic sys-
- Perceiving the need of the Mace- macroeconomic aspect enabling all profes- tem. The state secretary emphasized that
donian public for one finished study from sionally engaged persons in the public professor has dedicated his entire atten-
the field of the public finances which would administration and those interested in this tion to public finances.
include all new reforms and structured on a topic to easily learn how the public
manner comprehensible and easily acces- finances function. She emphasized that - I appreciate that this is a real study
sible not only for students specia-lized on Nenovski in his published studies writes not only from macroeconomic aspect but
the economy, but for citizens as well, the about very complex issues such as settle- also enabling all professionally engaged
Institute decided to publish the bo ok ment of important issues, from the field of subjects in the Public Administration and
“Structure of Republic of Macedonia`s pub- monetary and fiscal theory, issued disused all interested parties which I believe we are
lic finances”, - said the director all interested as being a tax payers
of the Institute of econo mic to easily learn how this mechanism
strategy and international rela- functions, in which direction it
tion, Biljana Janeva ad d ing moves, what is the essence, said
that the Institute believes in that Miloseska, congratulating Nenov-
this book is of great importance ski for the successful study stating
to us, marking new chapter that: I recommend all to read this
from the work of the Institute in book, which will give you opportu-
Ohrid, which is publishing this nity to contribute in something we
book for the first time to serve must improve. A lot of work has
as a textbook and guidebook for been do ne in this sphere. The
future creators of the fiscal pol- author himself emphasized in the
icy, above all our future stu- preface that the previous public
dents, which can also easily be finances system could have been
used by all interested ins - a brake for all reforms in the coun-
titutions, owners and citizens try if it didn`t transformed. If it
included directly and indirectly didn`t modulated properly to all
in the system of public asset`s world tendencies and process-
creation or spending. es…. This system is progressive
The economic strategy and international relation Institute and harmonized with the EU stan-
- The main purpose of this promoted in Ohrid last week the following books: Structure of dards, toward which we strive.
study is to present the reesta- the Public Finances of the Republic of Macedonia and the
blished institutionalized public The question is not
finance` structure in the Repub-
Economic brightening by the professor D-r Tome Nenovski.
lic of Macedonia. The inherited Professor Nenovski dedicates the book Structure of Republic whether, but when the
public finances in the past were of Macedonia`s public finances, to the recently deceased SEE countries will
unable to provide possibility for academic Nikola Klusev and for his selflessness lecture of become a part of the EU
full reestablishment of the eco-
the economy`s secrets. The way his book is structured may
nomic system in our country. Parallel to these everyday pro-
Due to this, a need of full public represent guidebook for those engaged in the public
fessional activities, Nenovski has
finance transformation ap pea- finances system`s realization on central and local level, but it created rich journalistic business,
red in our country and their ad- can also be useful for all businessmen and citizens which creation and publishing more co-
justment towards the contempo- directly or indirectly are engaged in the process of creation lumns, experts` analysis and stud-
rary changes in world frames. ies elaborating certain economic
Particularly, this study incorpo- or spending the public means.
problems. His attitudes are incor-
rates all amendments and re- The second book, Economic brightening, represents Tome porated in complete integrity, a set
forms made in our state in the Nenovski`s set of studies published in the period from 2006 of published texts – Eco no mic
past years in order to create one to 2008. The book is divided on three thematic contents Brightening.
clear image about Macedonia`s
approximation towards the Eu- where professor analyses the comments the economic policy
- As a publicist, D-r Nenovski
ropean and world standards in measures, pointing out to the advantages and imperfections regularly appears in the daily
this field, Janeva said. offering certain solutions. media. Probably, his written word
 Date 14.07.2008 number 31
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
berzNIK
11
does not belong among the most popular In the part of the book Real Sector, No- - Probably those who know me will ask
for the broader public but however it vevski writes about several significant is- themselves why I am writing a book on
should among the most popular for those sues such as improved economic ambient, public finances, knowing that my preoccu-
public which create policies, for those who be tter utilization of the accessible EU pation, my recent professional engage-
implement the policies and for all people funds… ment was directed towards the monetary
concerned about our country who want the policy, banking, the macro economy as a
transition to end as soon as possible, and He writes about opportunities which EU unit, and not towards the public finances,
the prosperity to come sooner, said gives and the advantages of Macedonia as a constituent part of the macro econo-
Professor D-r Marjan Bojadziev, professor given by CEFTA, as porch in the EU mem- my. According to me there are several rea-
at the American college, on the promotion bership. I would like to separate one sons, who`ve made me to redirect towards
of Nenovski`s second book, “Economic though of Nenovski in this part, for which I this professional, theoretical and practical
Brightening”. believe all interested for the euro integra- preoccupation, said professor Tome
tion should take into consideration. Today Nenovski on the promotion of his books.
His critical positive disposition is also the real question is not whether, but when
connected to this dimension towards the the SEE countries will become a part of The author of the book Professor D-r
concrete measures and solution of the eco- EU. The challenge is too big, and the chan- Nenovski stating the reasons, due to which
nomic policy. He analyses the measures of ce too hopeful to miss. he decided to start dealing with the public
the economic policy and comments the finances problem, said that a radical chan-
same, criticizing the institutions and of co- The third part named Fiscal Decen- ge in the public incomes collection has
urse recommends and innovates new bet- tralization, includes the topics pointing out been made as a result of the introduction
ter solutions. In that sense, we can say it to weaknesses of its implementation, es- of the flat tax from one party and reinforced
appears as educator of the broader inter- tablishment transfer system for communi- financial control which competent institu-
est public, about the novelties in the legis- ties` fiscal capacity, construction of fiscal tions have conducted in the past period.
lation and their practical implementation. strategy for successful budgeting.
- I would say that that as daily analysts
As far as the book is concerned, we In the part of the decentralization and observer of the entire economic event,
can say that it represents a set of texts Nenovski writes about the model of public
published in the period from 2007 and private partnership, which became more I`ve noticed that they strongly influence
2008. The texts are systemized in upon the strong reconstruction of Ma-
three the matic contents such as: Filling the state budg- cedonian economy. I will not discuss a
Financial sector, real sector, and et, and the word Budget lot about the content elements of this
Fiscal decentralization. In the part of for who don`t know, book, and I will only say the changes
the Financial Sector, pro fessor comes from the French and the re forms appearing in the
Nenovski elaborates many popular word “Budget” which me- accounting, public procurements, pub-
topics. In several texts he writes ans a royal sack collecting lic sector, treasury system, and public
about the need of reduction of cash the money spent on public control, public debt and pub lic fi -
circulation and improvement of the needs. This is our budget nances are numerous as well as other
card (plastic) working. Fortunately in and our royal sack which segments which couldn`t pass thro-
this segment, the progress made by collects more and more ugh what have been happening es-
assets and we already
the Republic of Macedonia over the sentially in the past such as collection
have surplus in the budget
past period is obvious. In one of the experiencing a situation of incomes of the Republic of Mace-
texts Nenovski writes about the which creates little prob- donia.
advantages from the introduction of lem to minister for finan-
the electronic money and we sincere- ces. How to spend the I think that a radical change has
ly hope that the progress in this field money? Authority especially those dealing with the been made in collection of the public
will be more intensive in the period public finances control and spending should always incomes, as a result of the flat tax in-
that comes. has the holy trinity – the three “E”. So, the public troduction and as well as from the
money should be managed on economical, effective enforced financial control which com-
In the text named Stagflation, No- and efficient manner. petent institutions have been conduct-
vevski writes about the major eco- ed it in the past.
nomic problems for which we`ve thought very popular in the speech but still not so
there are history. The force by which the popular or implemented in practice. We Filling the state budget, and the word
expenditures inputs move forward have a hope that these texts will raise the public Budget for who don`t know, comes from
global dimension which is no related with awareness for the opportunities offered by the French word “Budget” which means a
the local economic policy. The entire world public private partnership. royal sack collecting the money spent on
faces this global crisis on which Republic public needs.
of Macedonia as a small and opened econ- These books elaborate one economic
omy can not have an effect. sphere in the new Macedonian history on This is our budget and our royal sack
specific manner, with us as witnesses and which collects more and more assets and
But, as Nenovski says the successful- have created reforms of crucial significan- we already have surplus in the budget
ness of the economic policy should be in ce and enormous influence for Macedonian experiencing a situation which creates little
the capacity of amortizing the external im- citizens and Macedonian society. problem to minister for finances. How to
pacts, which especially should be directed I express satisfaction and great grati- spend the money?
into industries affected by these inputs, tude to professor Nenovski for this type of
such as agriculture, transport and the traf- contribution in the scientific sphere in the This sack should be constantly con-
fic. complete approach towards this significant trolled, tight to a chain, locked, whose key
Texts referring the grey economy are of field. has the minister of finances who should be
special importance. I consider that these very rational in spending of this money.
texts raise the social capacity for dealing Radical change in the public
with the grey economy`s problem. Actually we come to conclusion sever-
finances collection al times mentioned in the book, says
12 berzNIK number 31
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 14.07.2008

Nenovski -that the authority especially
those dealing with the public finances con-
trol and spending should always have the
holy trinity – the three “E”. So, the public
money should be managed on economical,
effective and efficient manner. This is
what I constantly emphasize to our
students: You can not ignore those
three E when you`re dealing with pub-
lic money…
This preoccupation or those
changes happening in the field of pub-
lic finances in the past several years
made me comment them on a manner
which I call public facing with the pub-
lic through giving proper comments,
analyses, studies published in differ-
ent newspapers or different studies.
The major part of materials con-
tained in the Economic Brightening
refers to the changes appeared in the
public sector…
I`ve considered that those
changes led towards abandoning the
transitional period through which
Macedonia passes and preserving the
day light – reviewing the economic
clear weather above our state which
slowly began to transform in one eco-
nomic field for one equal competition
for those who want to enter on this
business field. …
Those are the economic operators
which have proper chance for easier
entrance in the economy, for mutual com-
petitive fight and accomplishment of the
final goal of each business i.e. the profit
and this leads towards what we all want,
long-term economic development of the
RM. Of course the situation is changing.
Black clouds appear for time to time
above our country having serious threat for
the national economy on which authors
should pay special attention.
Threat don`t come from inside but
from outside and among the state in
the world our state is the most exposed
state to the world influences. Because
all happened in a very short time.
The latest shock is what`s happen-
ing on the world level by fuels` growth
and the elementary products` price in-
crease representing a kind of threat to
the National economy for the Republic
of Macedonia.
Due to which my first study is
named “Risky Year” trying to underline
the threats to people dealing with eco-
nomic policy on which the economic
policy will be exposed to during this
year in order to take all necessary
measures to protect the economy from
these influences.
If the personal influences make lit-
tle contribution for Macedonian econo-
my, I would say that I am satisfied
today.
Actually this was intention, little
adornment, little boasting and recom-
mendation for what to expect and rec-
ommendation to those who must pro-
tect the economy.

Citizens in the public dialogue

The Institute of economic strategies and international relations Ohrid, is established two years ago. It is responsible for
providing non-partial and non-political research about issues significant for the Macedonian society and the way of increasing
citizens` participation in the public dialogue development. Our mission as the director Biljana Janeva said is to enable
Macedonian people alternative perspectives for the economy and issues related with the external policy. The base of our work
is the universal principles regarding the democracy, individual responsibility, the rule of law, freedom of market economy and
entrepreneurship and our vision is to see Macedonia integrated in EU and NATO… For these purposes the Institute succeed-
ed to impose Macedonian non-governmental scene with original attitudes and projects and to develop international network of
supporters and friends among the largest international systems and institutions. Recently after many months of negotiation the
Institute has jouned the network of the educational Initiative towards Central and East Europe (EIC). It is located in Washington
and represents international non-profitable organization, that has its own branches in Vienna, Prague, Budapest and its mis-
sion is to help in the promotion and the start of the free democratic societies in the region by organizing training, publications
and studies, about issues of great importance of how certain nations deal with the decade transition. By accomplishment of
these purposes and business, the Institute Ohrid attempts to act as a realizer of these ideas and activities, designed to enforce
citizens` connections with the political and non-governmental institutions by dynamizing the public debates mainly for the top-
ics of the economic external policies stimulating the members of the parliament, journalists, intellectuals, non-governmental
organizations and generally the public in the Republic of Macedonia to cooperate and to have more transparent and quality
dialogue. In that direction are realized more lectures of eminent foreign political analysts, members of the international recog-
nized and reputed instructions, conducted surveys, conferences, book publications and other research materials.

In the rich publishing production developed by the Institute Ohrid, as promotion and issuing books are: Middle European
borders by Olli Rehn (on Macedonian and Albanian language); both book of Veton Latifi – Implementation of the agreements
(1) and (2) on Albanian language; the two successive editions for Republic of Macedonia external trade report for 2006 and
2007 on English and Macedonian language; the book Cultural Differences and social integration by Ganka Cvetanova and
other. Above all books that elaborate topics from fields which according to the Institute are significant for our society.
 Date 14.07.2008 number 31
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
berzNIK
13
10.07.2008 THURSDAY
1. SHORT REVIEW OF EVENTS
The already started decrease of the prices of fer for its successful and professional working, one that they will abide by the legal obligation.
the shares on the Macedonian stock exchange co- can read in the newspapers. Deutsche Bank has The Macedonian brand Resana started to be
ntinued yesterday, inform the today’s newspapers awarded the reward for most successful Direct pro- manufactured in a record – breaking amounts from
in the stock exchange’s reports. A turnover of 26 cessing (STP) for 2007, for the exceptional quality 10 tons per day, informs Vest. The Agroplod Com-
millions of denars has been realized, and all the in sending the payment messages to Deutsche pany has achieved the record in the newly con-
three indexes on our stock exchange have ended Bank. It is a matter of significant component in the structed hall for production of Resana, in which one
in minus, where the MBI – 10 has decreased the services of Deutsche Bank, which in the long term invested with the strategy of the new owner of the
most, more than -4% in order to end on 5 339.78 and productive cooperation with Komercijalna Swisslion factory. From the manufactured amo-
points. The MBID has decreased for -1.28%, and banka sees a serious partner in the increase of the unts, even 88 percents are being exported on the
the index of the bonds OMB for -0.20%. From the range of the payment services and the decrease of markets in the neighboring countries and in the
shares, on the other side, the one of Toplification the overall expenses via the system. overseas countries like America and Australia.
has lost the most, which had been trading yester- The news made public in Utrinski Vesnik which And while the Resana is breaking new re-
day for a price of 8 086 denars, although last year, is connected with the banking sector, conveys that cords, the shareholder Gorgi Kitanovski, which
the same share has reached a maximum value of the Constitutional court of the yesterday’s session owns 33 percents from the capital in the factory
18 968 denars. According to the analysts, the dec- had annulled four provisions from the Law on blames in today’s Vecer that the privatization of Ag-
rease is most probably a result of the recent infor- banks, reached in 2007. The three legal provisions roplod is nothing but a pure game. According to
mation about the increase of the heating for 60 per- have been annulled because with them it is predict- him, the Swisslion group does not have even one
cents. ed that bank shareholders, managing people with denar of investments in the factory from Resen and
In today’s editions of the printed media, the special rights and liabilities, i.e. members of admin- that they have been performing an unseen torture
news about the opening of the modern shopping istrative and supervisional boards, as well as mem- and pressure on the employees in the factory in
mall of the Slovenian company Tush in Kumanovo bers of the administration that are being deter- order for them to sign reports that they are in favor
is among the top news. The supermarket, which of- mined by the governor in business banks, are not of the Swisslion brand to stay in Agroplod.
fers over 14 000 products to the buyers is part of to be convicted people. According to the court, The rush about the implementation and about
the chain of 23 supermarkets in the country, in there can not be signed condition in the Law for the the functioning of the patriotic fiscal receipts is not
which 540 millions of euros will be invested. person not to be convicted, and whether the person calming down, inform some of the papers. Part of
Among the most present news is the one that will be, it is a question of the one that is going to the tradesmen still have not upgraded their softwa-
Procredit bank, since yesterday in its branches has take the decision in the election. re from the fiscal appliances, while part of the ones
implemented the TCP appliances that are intended The markets from Skopje will be closed if in the that issue them are giving false appearance for the
for cash procession. The appliances are set next to shortest possible term provided that special facili- bought Macedonian products. – These are parado-
the councilors for clients in the facilities of the bank ties are not provided for sales of milk, meat and of xes that illustrate that no one in the country, not
and with them they can perform cash payments eggs, is the announcement of the Veterinary even the authoritative institutions, nor the trades-
and repayments of the current endorsement, sav- Institute of Macedonia, which is being conveyed by men are prepared for the patriotic fiscal appliances
ings and intern accounts, as well as payments on the newspapers. The reason for such step is that and all of this in the shadow of the expected epilo-
installments for credits and credit cards, are on one the veterinary inspectors have found many spoilt gue from the Constitutional court for the legitimacy
place. Procredit is the first bank in Macedonia that food products on the markets in the last couple of of the implementation of these appliances, com-
uses these machines. days. Skopski Pazar A.D. did not comment the de- ments Utrinski vesnik.
Komercijalna banka has received one more of- cision of the Veterinary Institute, but they announce
2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS
1. TUS ANNOUNCES INVESTMENTS OF 540 MILLION EUROS IN MACEDONIA (****)
2. AGAIN DECREASE ON MACEDONIAN STOCK EXCHANGE (***)
DNEVNIK p.8 MAKPETROL WILL SHARE DIVIDEND TOMORROW
p.8 STARTING FROM 1 AUGUST -NEW PRICE OF HEATING VECER
p.8 NEW DEVICES OF PROCREDIT p.6 BREAD CHEAPER BY TWO DENARS-
p.8 THE WORK OF GREEN MARKETS WITHOUT COOLERS BANNED p.6 AGROPLOD’S PRIVATIZATION IS SIMPLE TRICKERY
p.8 SUPERMARKET OF TUS IN KUMANOVO p.6 BIO-FUELS INCREASED THE FOOD PRICE FOR 75 PERCENT
BIZNIS p.6 SILMAK OBTAINS ECOLOGICAL PERMISSION
p.1 THE OFFICIAL MARKET SPINS THE STOCK EXCHANGE p.7 AGRISAN TO PURCHASE AGRICULTURAL PRODUCTS
p.1 WE ARE AIMING TOWARDS LEADERSHIP IN THE GROUP OF p.7 AUTOMATIC CASH PROCESSING
MEDIUM BANKS p.7 AWARD FROM DEUTSCHE BANK
p.3 EXCEPTIONAL QUALITY IN SENDING PAYMENT MESSAGES VREME
p.3 SIRMA TO BUILD DAIRY p.6 SUMMER ON CREDIT
p.4 THE GOVERNMENT WILL DEMAND HIGHER DIVIDEND AGAIN p.6 THE HEATERS WILL FREEZE IF THE HEATING PRICE REMAINS
p.12 THE BEAR STARTS TO DANCE AGAIN ON THE STOCK EXCHAN- UNCHANGED
GE p.6 WE WILL FINALLY KNOW WHAT WE ARE EATING
p.13 THE THREE STOCK EXCHANGE INDEXES ARE IN RED p.6 THE MACEDONIAN SUM MORE EXPENSIVE THAN THE SLO-
p.13 BIGGEST PART OF THE SHARES – LOSERS VENIAN
p.16 PROCREDIT BANK WITH TCR CASH PROCESSING DISPENSERS VEST
p.16 KOMERCIJALNA BANKA OPENS SUBSIDIARY IN KUMANOVO p.8 10 TONS OF RESANA A DAY
UTRINSKI VESNIK NOVA MAKEDONIJA
p.1 PATRIOTIC RECEIPTS DO NOT FUNCTION p.7 THE STOCK EXCHANGE REDUCES, SO DO THE PENSION
p.1 AGAIN DECREASE ON MACEDONIAN STOCK EXCHANGE FUNDS
p.1 THE COOLING DEVICES HEATED UP THE ELECTRICITY p.7 WHICH WAS THE DANCING BEAR?
p.7 CONVICTED PERSONS TOO CAN BE SHAREHOLDERS OF A p.8 SIRMA TO BUILD DAIRY IN BITOLA
BANK!? p.8 NENOVSKI: FIXED INFLATION TO SEE THE DENAR RATE
p.8 MKD 20.000 FOR LIQUOR LICENSE p.8 TUS ANNOUNCES INVESTMENTS OF 540 MILLION EUROS IN
p.8 SLOVENIANS BRING TUS IN KUMANOVO MACEDONIA
p.8 THE MARKETS WILL BE CLOSED IF THEY SELL MEAT AND MILK SPIC
UNDER OPEN SKY p.7 FOOD CONTROL BY WORLD STANDARDS
p.8 DEUTSCHE BANK AWARDS KOMERCIJALNA p.7 THE BREAD OF ZITO PRILEP TWO DENARS CHEAPER
p.8 FAST CASH REGISTERS IN PROCREDIT BANK p.7 KUMANOVO TOO WITH SUPERMARKET OF SLOVENIAN SHOP-
PING CHAIN TUS
14 berzNIK number 31
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 14.07.2008

11.07.2008 FRIDAY
1. SHORT REVIEW OF EVENTS

Decisions passed by the Securities commis-
sion on its last session, are the main economic
topics in printed media. All papers inform that
Securities Commission (SC) passed decision for
30 days suspension for the agreement on Stevan
Sapcevski to become Director of the Central Se-
curities Depository. He is sanctioned due to per-
formed tow irregularities: alignment of block trans-
action with shares issued by IK Banka Skopje in
contrary to the Law on Securities and CSD rule-
book and irregular alignment of transaction with
stocks issued by Macedonian Stock Exchange,
i.e. ungrounded delay of the alignment outside the
legal frame on the base of conclusions adopted by
the Redundancy Judge which do not represent
allowed legal ground for such act. Suspension will
be on power for 30 working days, and following
this decision, which is opposed and appealed by
Sapcevski, he will continue performing the head
function.
Securities Commission suspended the voting
right and dividend over 1,356 stocks, due to
breaching of the Law on Takeover of Joined Stock
Companies. Securities Commission suspended
the right to vote and dividend on 1,592 (7.93%)
ordinary shares owned by Gjorgji Kitanovski in
Agroplod, who owns 32.93% of the company.
Share suspension of Swisslion and Gjorgji Kita-
novski, both own by 25% of Agroplod, compli-
cates the fight within the company and the out-
come of the shareholders` assembly is uncertain,
which should be held on 23rd of July. According to
Utrinski Vesnik, this makes minor shareholder to
gain importance, whose votes might be deciding
when it comes to the decision who is going to con-
trol the company.
The news that cable operator Telekabel, in
partnership with telecommunications company
Aicall, starting September will start offering fixed
telephony services, is also displayed in all news-
papers. One week ago, company concluded
agreement for interconnection wirh the bigger fix-
ed operator in the country T-Home, which makes
the fourth fixed telephony operator after Make-
donski Telekom, Ontel and Cosmofon. Telekabel
officials still refuse to reveal prices that will be
offered, but they announce the they will be much
lower than competition`s.
State budget this year increased by 260 mil-
lion euros. By the budget rebalance prepared by
the Government, incomes will amount 144.7 bil-
lion denars, which is increase by 12.4% compared
to the projection, and expenditures are deter-
mined at 150.3 billion denars. Projected deficit of
5.6 billion denars, i.e. 1.5% of the projected gross
domestic product, can be read in the papers. Ac-
cording to the Minister of Finance, Trajko Slave-
ski, increased incomes are result of the increase
collection of all sorts of taxes, expected increased
dividend from Makedonski Telekom and increase
income of concessions and privatization.
Some papers convey the protest of employ-
ees of OHIS in front of the Government. Workers
demand the Government to find a way to pay their
8 late salaries and contributions for health and
pension insurance for the last seven year. They
are not satisfied of company`s management,
which is state owned company. Half year ago,
when workers threatened to strike, the Govern-
ment transferred one million euros on company`s
account, which were intended for salaries and
purchase of raw materials.
Saving in denars is reduced, Biznis conveys.
The new saving of citizens is fully in foreign cur-
rency, while denars deposits record drop on
monthly basis. It is characteristic that citizens, al-
so in the corporative sector, record expressed ten-
dencies for saving in foreign currency. This brings
deceleration of the annual growth rate of denars`
deposit potential, which reached 26.8% in May, in
contrary to average 54.7% in 2007.
Macedonian Stock Exchange recorded
increased turnover of total of 32.26 million denars.
MBI-10 dropped again, but only -0.87% reaching
5,293.31 points, papers` stock exchange reports
convey. Almost half of the turnover was realized
from stocks of Komercijalna Banka. These stocks
record total trade of 2,738 stocks at average price
of 5,800 denars, other companies, components of
MBI-10, realized minimum trade. Regular Market
recorded two unusual transactions. By 6.24 mil-
lion denars were traded 102 stocks of the insur-
ance brokerage firm Euromak Broker, and by 2.42
million denars were traded 897 stocks, i.e. 15%,
of the brokerage company Bitola Broker.

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

1. TELEKABEL ANNOUNCES THAT WILL BE THE FOURTH LANDLINE TELEPHONE OPERATOR (*****)
2. THE BUDGET INCREASED FOR 260 MILLIONS OF EUROS (****)

DNEVNIK UTRINSKI VESNIK

p.7 DEBTS OF CITIZENS ARE NO LONGER A SECRET p.4 THE DIRECTOR OF THE DEPOSITORY TEMPORARILY SUS-
p.7 THE BUDGET INCREASED FOR 260 MILLIONS OF EUROS PENDED
p.7 TELEKABEL WILL OFFER FIXED TELEPHONY p.7 WARNING PROTEST OF THE EMPLOYEES IN OHIS
p.7 THE EMPLOYEES OF OHIS PROTESTED IN FRONT OF THE p.7 TELEKABEL ANNOUNCES THAT WILL BE THE FOURTH
GOVERNMENT LANDLINE TELEPHONE OPERATOR
p.9 THE DIRECTOR OF THE CENTRAL DEPOSITARY SUSPEND- p.8 THE FIGHT FOR RESEN’S AGOPLOD IS BECOMING MORE
ED DIFFICULT
p.9 AGROPLOD SHAREHOLDER SUSPENDED VECER
BIZNIS p.6 COMPANY VEHICLE ON CREDIT
p.1 THE SAVERS BELIEVE MORE IN THE FOREIGN CURRENCY p.6 KITANOVSKI AND SWISSLION WERE LEFT WITHOUT PART
p.1 SC SANCTIONS BROKERAGE VIOLATIONS OF THE SHARES IN AGROPLOD
p.1 EVEN THE MOST LIQUID SHARES – ARE NOT SO LIQUID AS p.6 EMPLOYEES IN OHIS CLAIM THEIR EIGHT SALARIES
IT SEEMS p.7 COLLECTED MORE MONEY, THE COSTS INCREASE
p.3 TELEKABEL TO OFFER SERVICES IN THE FIXED TELEPHO- p.7 CUT OFF 10 PUBLIC ENTERPRICES
NY p.7 TELEKABEL NEW FIXED OPERATOR
p.3 THE ACTION CONTINUES IN ARACINOVO, KONDOVO… VREME
p.4 THE CITIZENS BELIEVE MORE IN THE FOREIGN CURRENCY p.7 THE CIVIL SERVANTS WAGES WILL RISE UP AGAIN
p.4 STABILE WAYS OF FINANCE p.7 NEW FIXED OPERATOR IN MACEDONIA
p.5 THE COMPANY IS A PLAYER OF BIG NUMBER VEST
p.11 SKOPJE’S KOMUNA WITH 20.733.00 DENARS PROFIT p.2 BETON-BITOLA SENT INTO BANKRUPTCY
p.11 SHARE BUY-BACK p.7 PART OF THE SHARES OF SWISSLION AND KITANOVSKI IN
p.11 NON- TRADE TRANSFERS AGROPLOD TO BE SEIZED
p.12 EVEN THE MOST LIQUID SHARES – ARE NOT SO LIQUID AS NOVA MAKEDONIJA
IT SEEMS p.7 READJUSTMENT OF THEN BUDGET WITH A SURPLUS OF
p.13 MBI-10 DOWN – MBID UP 260 MILLION EURO
p.13 KOMERCIJALNA BANKA SHARES WITH HIGHEST TURN- p.8 TELEKABEL WILL OFFER FIXED TELEPHONY FORM SEP-
OVER TEMBER
p.15 AGREEMENT ON STEVAN SAPCEVSKI SUSPENDED p.8 KOMERCIJALNA BANKA KEPT MBI-10
p.15 5,000 EUROS FINE FOR BROKERAGE FIRM VIP p.8 THE SHARES OF KITANOVSKI IN AGROPLOD FROZEN
p.15 OHRIDSKA BANKA TO SELL STOCKS BY PRIVATE OFFER SPIC
p.15 MAL METROPOL BITOLA IS DEPRIVED OF RIGHT OVER p.6 THE STATE REGISTRY BECAME HEAVIER
SOME STOCKS p.6 TELEKABEL TO START WITH THE FIXED TELEPHONY
 Date 14.07.2008
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
1. SHORT REVIEW OF EVENTS
Budget revision of plus EUR 260 million
kept the precedence of top news in daily news-
papers. Budget increase is dangerous for the
inflation, according to economic experts. – The
Government should manage state money care-
fully and invest it in capital investments not in
public consumption, experts warn. Otherwise,
according to them, inflatory movements will
heat up putting the state in unenviable position
to extinguish high prices fire. Contrary to the
experts warning, the Government plays it its
own way and announces no measures to amor-
tize the inflation. Moreover, it points out that
NBM measures for interests` increase will not
be effective in the next two years because there
is no monetary policy which can influence oil
and food price appreciation as they are import
phenomena. Experts criticize Government for
ignoring the inflation. – The budget surplus is
more a result of the rapid jump of the food and
oil prices than of the profit taxes and personal
income taxes. This money should be oriented
towards investment consumption instead
towards the current, as provided with the
Budget revision.
Citizens will have to get used to living with
inflation – is the opinion of the First General
Manager of the NLB Tutunska Banka, Mr.
Gjorgji Jancevski, who explains in the inter-
view for Vecer that there is no danger of denar
devaluation at the moment as the foreign ex-
change market is balanced. – Of course, big
number 31
problem for Macedonia is the trading deficit that
should be resolved at high level. We have a sta-
bile banking system, high level of foreign cur-
rency reserves……While regarding the meas-
ures for amortization of the inflation taken by
NBRM, Mr. Jancevski says they will have differ-
ent repercussions on different banks. For target
users, however, it means that if a bank wants to
increase presence of the population loans and
continues the placements without restrictions, it
should increase interests. The inflation is a glo-
bal problem which has captured the entire world
and which will be present for some time.
Citizens will have to get used to the inflation..
The country demands three million euro tax
from farmers is the news conveyed by almost
all printed media issues for Saturday. The col-
lection of personal income tax for two and a half
years retroactively upsets both farmers and
dairies. In point of fact, the Public Revenue
Office claims that the dairies pay several million
euros as income tax from the money they have
paid to the farmers since 2006. This disrupted
the dynamics of the current payment of the far-
mers, which is 2 months late in some dairies.
PRO did not respond to media why the person-
al income tax will be paid retroactively, explain-
ing it was a tax secret.
Utrinski vesnik informs that the famous
Austrian Group Hypo Alpe Adria will enter the
Macedonian financial market with its own bank.
This Group is already operating in Macedonia
berzNIK
15
12.07.2008 SATURDAY
but only through their leasing company for the
time being. According to the information, almost
certainly this Group pretends to buy some of
the medium-sized or small-sized banks in this
country. The thing that complicates the situation
is that most of the banks of that rank in this co-
untry have already obtained their strategic own-
ers or are in the final process of their takeover.
Spic conveys the information that four
major companies entered closest election, com-
peting for airports` concession. According to the
Government`s Commission, the following com-
panies meet the requirements: Vienna Airport
from Austria, TAV from Turkey, Hochtief from
Germany and EGIS Kaupthing Singer and
Friedlander with joint French-British capital. As
said by Government sources, the German and
the Turkish company have greatest chances to
get at least one of the airports under conces-
sion as their portfolios are internationally popu-
lar.
Today`s newspapers also inform about the
news that Metodi Smilenski is not guilty for the
case Kartonteks. Due to unfounded, i.e. obso-
lesce of the criminal act, yesterday the Basic
Court acquitted from charge Metodija Smilen-
ski, accused for breach of duty because, aga-
inst the law, in 2003 he transferred the property
of Sveti Nikole`s company Kartonteks to one of
the companies he owns in Macedonia and Aus-
tria.

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

1. THE STATE REQUIRES 3 MILLION EURO FOR TAX FROM THE FARMERS (****)
2. SALARIES INCREASE WILL INFURIATE THE INFLATION (****)

DNEVNIK VREME
p.7 TAX FOR THE PURCHASED MILK p.7 PRO AND FARMERS REQUIRE MONEY FROM IMB
p.7 ARACINOVO AND KONDOVO IN DARK p.7 SALARIES INCREASE WILL INFURIATE THE INFLATION
UTRINSKI VESNIK VEST
p.1 THE INCREASED BUDGET THREAT FOR THE IN-FLA¬TI¬ON p.2 THE COURT ACQUITTED FROM CHARGE SMILENSKI FOR
p.1 SMILENSKI ACQUITTED FOR KARTONTEKS KARTONTEKS
p.7 THE INCREASED BUDGET THREAT FOR THE INFLA¬TI¬¬ON p.9 THEY ARE NOT PAYING THE MILK WITHOUT UNPAID PER-
p.7 HYPO ALPE ADRIA TO BUY BANK IN MACEDONIA? SONAL TAX
p.8 THE STATE REQUIRES 3 MILLION EURO FOR TAX FROM NOVA MAKEDONIJA
THE FARMERS p.8 KOMERCIJALNA AMORTIZES THE FALL OF MBI-10 FOR TWO
VECER DAYS
p.1 THE CITIZENS HAVE TO GET USED TO THE INFLATI¬ON p.8 THE NATURAL GAS PRICE INCREASES BY 15 PER CENT
p.5 THE CITIZENS HAVE TO GET USED TO THE INFLATI¬ON SPIC
p.7 THE FOOD DIRECTORATE HAS NO SENSE FOR FOOD p.5 ACQUITTAL FOR METODI SMILENSKI
SAFE¬TY p.6 CHEAPER ROAMING FOR COSMOFON SUBSCRIBERS
p.7 INTERRUPTION OF BREAD PRODUCTION p.6 THE MONEY SURPLUS IN BUDGET IS NOT FOR TREATING
p.9 COMES THE TURN OF THE JUNCTION’S CIRCLE p.7 FOUR COMPANIES ARE COMPETING FOR AIRPORTS CON-
p.10 SMILENSKI TO BE NAILED IN LIE CESSION
16 berzNIK number 31
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
1. SHORT REVIEW IN THE WEEKLY MAGAZINES
GLOBUS
THE INFLATION IN MACEDONIA WILL GO UP
JOVAN PEJKOVSKI
Reference: The Government should, soon, to restructure the sur-
plus of collected money in the budget on basis oil excises , or to ease
the price shock by reducing the VAT rate for fuels or to approve addi-
tional subventions for the farmers.
- The inflation doesn’t stops to go up? What are your prog-
noses?
The turbulences on the global market and on the stock markets
have impact upon all the economies, thus on the Macedonian, too. It
is very natural to be expected that the increase of oil prices, the ener-
gy and food will have direct impact upon the standard of our popula-
tion, the economy and the lifestyle. The energy and the food have sig-
nificant participation in determent of the inflation rate, and all that
together will have impact upon accelerated increase of the living
costs.
KAPITAL
P.10 THE GOVERNMENT DEMANDS ANNULMENT, AND
SWISSLION ANNOUNCE INVESTMENTS OF 10 MILLION EUROS
IN AGROPLOD
The construction of the new production plants, the installation of
two new production lines for production of biscuits, the introduction of
the NASSR standard, the construction of the bakery, the introduction
of new brands and new products in the plant for children`s food, the
expansion of the apple plantation and ostrich farms, are only a part
of Swisslion investments in Agroplod – Resen, whose amount from
company`s taking over is eight million euros.
P.10 EBRD WILL INVEST 50 MILLION EUROS FOR REGIONAL
ROADS IN MACEDONIA
The European Bank for Reconstruction and Development (EBRD)
reviews the possibility for financial support of 50 million euros of
Macedonian fund for national and regional roads.
P.10 RUSSIANS TO MAINTAIN REK BITOLA
Russian company will maintain the energy blocks of the thermal
power plant REK Bitola, in the following period.
P.10 MACEDONIA WILL HAVE INVESTMENTS OF HALF BILLI-
ON EUROS, THIS YEAR
Macedonia according to the foreign direct investments ended the
year 2007 as last on the list of 20 states from Central, East and So-
uth-East Europe, envisaging a significant growth for this year.
P.20 NATIONAL BANK TO SUPPRESS THE ECONOMY GRO-
WTH!?
The disagreements between the economic and monetary author-
ities are becoming more evident to the public regarding the measures
that should be taken to curb the inflation, which in June amounted
over 10 percent.
P.26 MACEDONIAN INDUSTRY SEEKS WAY OUT TO SEA
Around 76 thousand tons of hot rolled and cold rolled products,
iron and steel alloy and around 150 thousand tons of ferronickel, the
most exported Macedonian products, have been exported last year
by ship.
Date 14.07.2008
07.07.-12.07.2008 MONDAY-SATURDAY
P.40 MINCO JORDANOV TAKES THE HELM IN BETON!
The businessman Minco Jordanov since the previous week is the
new president of the Board of directors of the construction company
Beton, instead of the past Mico Naskovski. Naskovski was president
of this company for a half year, but on the session of the Board of di-
rectors held the previous week, probably because of the bad results,
he had been seized the head position in Beton.
P.42 WEEKLY GROWTH OF MBI-10 OF 5.5%
The index last week on Monday to Friday recorded growth and
ended on 5.154 points the last day, representing 5.5 percent higher
value than on Monday.
P.45 DUKAT TO INVEST NINE MILLION EUROS IN IDEAL SIP-
KA
The Croatian milk industry Dukat purchased the entire capital of
the dairy Ideal Sipka from Bitola.
P.45 CROATIA INSURANCE TO INTRODUCE AGRICULTURAL
INSURANCE IN MACEDONIA TOO
Croatia Insurance has great ambitions related with the agricultur-
al insurance (crops, plantation, goods), not only in Croatia but in
Macedonia as well where they plan soon to offer new product – agri-
cultural insurance, stated Damir Mihanovic, member of the Croatia
Insurance Administration for Croatian media.
P.46 EUROMONEY: STOPANSKA BANKA VOTED THE BEST
BANK IN MACEDONIA FOR A SECOND TIME
Stopanska banka-Skopje is voted the best bank in Macedonia for
2008 by the British financial magazine Euromoney.
FOKUS
с.31 MACEDONIA TOO WILL GET A COLD FROM THE AMER-
ICAN SNEEZE
Reduction of our export will be among the first consequences
from the global financial crisis. The already miserable inflow of direct
foreign investments will also go down… And at the end, the greatest
direct risk from the recession will be the reduction of the transfers we
are receiving from the diaspora and the temporary season workers.
That, on the other hand, may be disastrous for the internal financial
stability in the state!
MAKEDONSKO SONCEL
с.28 OHRID IS A TOURIST PEARL NUMBER ONE IN MACE-
DONIA
The home tourist workers and hoteliers are expecting many
tourists in the forthcoming main tourist season. Their expectations
are based on the decreased interest of the Macedonian citizens for
spending their holiday in Greece on the other hand, and the increas-
ing interest of the foreign tourist for Ohrid.
с.42 CALL FOR THE MACEDONIANS TO INVEST IN MACEDO-
NIA
Bosko Rajcovski-Pelisterski was born 1945 in the beautiful
Prespa village of Ljubojno, in the foot of Pelister, and in 1964, in the
bloom of his youth, aged 19 he took the thorny road of the work
abroad. At the time the young people in Prespa considered the work
abroad more like a trend rather than making a living.
 Date 14.07.2008
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
EVENTS THAT MARKED THE WEEK...
PROCREDIT BANK PRESENTS YOU THE NEW AND ONLY
AUTOMATIC CASH PROCESSING UNIT
TCR is high quality automatic unit for counting of 200 to
500 banknotes per minute, which is 10 times faster than
the classical cash box, by which the time spent in the bank
premises will be reduced to 50%.
n order to improve the service towards cli-
number 31
that significantly improve the services towards
our clients. These units function as a kind of
fast cashier that enable efficient, faster and sa-
fer cash transactions, where the time needed
for transaction performance is reduced to mini-
berzNIK
17
TCR units are installed in branches in Skopje 1,
Skopje – Novo Lisice, Skopje- Bit Pazar, Skopje- Centar,
Kumanovo – Center, tetovo-Center, Stip, Ohrid –
Turisticka, Bitola – center. Additional 10 are going to be
installed in other cities in the course of the year.
tained. At the beginning of 2008 they have
increased per 19 and 16 percent properly, and

I ents ProCredit Bank had introduced last

week the TCR (Teller Cash Recycle) –
automated cash processing unit. This unit is
mum. TCR is high quality automated unit for
counting of 200 to 500 banknotes per minute,
which is 10 times faster than the classical cash
by the end of July 2008 they were 125 million
euros current credit portfolio, i.e. 124 million eu-
ros deposit base, informs the bank.
being introduced for the first time in the bank- box, by which the time spent in the bank prem- Today after six years of functioning, over
ing sector in Macedonia. From now on, the ises will be reduced to 50%. The units have no 780 employees are employed in 36 branches of
clients of ProCredit Bank will perform transac- purpose to replace the human resources in the the bank in Macedonia.
tions or more simple and safe way through the bank, but to simplify the everyday work of the The Bank informed that they`ve promoted
TCR units. employees and the clients, by which the effi- the training sector in the frames of ProCredit
- TCR is automatic unit for counting, recog- ciency of the service will be improved”. The bank, as well as the Academy, but, at the same
nition and bill control. It is located next to the bank has installed 10 units in its braches, and time had invested in new units to improve the
client’s advisors, in the bank premises, which another ten are planed to be installed by the quality of the services.
means they can also perform cash and pay- end of the year, explained Kristina Mazni from
ments of current, gyro, savings and intern acco- retail department in ProCredit Bank.
unts, as well as, payment of loan and credit Bank`s representatives gave positive
card installments on one place, thus avoiding assessment of the work. ProCredit Bank suc-
change of place and going to the cashier. In this ceeded to increase the number of clients it
moment, the units implement denar transacti- serves and made services more accessible to
ons but in future ProCredit Bank plans to use them, which inevitably contributed towards the
the same units for implementation of euro tran- state`s financial sector development. The total
sactions in cash as well as for current exchan- number of clients by the end of July 2008 in the
ge. Bank has already exceeded the number of 101.
ProCredit Bank introduces for the first time - According to their assessment, the bal-
TCR units for automatic cash processing on ance between the expenditures and the credit
Macedonian banking sector. – It is about units portfolio and the deposit base has been main-
ProCredit is developmental oriented bank, offering complete services whose aim is support
and development of the small and middle sized enterprises. Working actively almost five years
now, the first foreign bank in Macedonia paid more than 330 million euros to more than 80.000
small and middle sized private enterprises and offers more than 100.000 clients with general
banking services. ProCredit Bank`s shareholders consider that the private business sector offers
the biggest number of jobs and gives significant contribution towards the economy development
in the country.
ProCredit Bank is a member of the international bank`s network, which counts 22 financial
institutions throughout the world.

TUS EXPANDS ITS SUPERMARKET CHAIN NETWORK IN MACEDONIA

KUMANOVO – THE SECOND LINK OF THE CHAIN

Tus donated 60.000 euros to the Daily Center of children with physical impediments from Kumanovo. The social
responsibility is company`s traditional which it practices as a sign of gratitude for the cooperation with each local com-
munity.

mentary products, there are specialized camera
stores in the frames of the trade center as well as
stores offering mobile phones and a branch of-
fice of Komercijalna banka offering banking ser-
vices.
- Tus has no intention to stop with Stip and
Kumanovo. We plan to open a trade center in
Skopje, next year, which is our primary goal, due
to the number of citizens and the economic situ-
Macedonia. 60 million euros are planned to be
invested this year on all three foreign markets.
Currently, Tus has 42 markets in the trade net-
work in Slovenia, 49 supermarkets, 34 drug-
stores, six Cash and Carry centers, three Planet
Tus, 12 catering facility, 11 gas station services
and 119 franchise business units.
The expansion of the retail network by con-
struction of new points of sale and acquisitions,

S
lovenian company Tus plans to realize the
second link from the chain of 20 super-
markets, planed to be constructed during
the next five years in all the major cities in Ma-
cedonia. After the supermarket in Stip, a modern
trade center was put into operation last week in
Kumanovo, on a surface of three thousand
square meters. 37 persons are employed in the
supermarket and the total investment costs 2.7
million euros.
Besides the supermarket offering buyers
more than 14 thousand products, mainly ele-
ation. We plan to invest around 30 million euros
– said Jernej Murn, Tus Trejd Macedonia.
The launching of another supermarket in
Macedonia actually represents a step forward to
accomplish company`s strategy for business`
internationalization. Namely, after the successful
growth on the domestic market, where Tus trans-
forms into the biggest trade chain which seven
years now carries the epithet of the fastest grow-
ing enterprise, Tus decided to invest abroad and
last year it began to realize the investments in
Bosnia and Herzegovina, in Serbia and
the offer of high – quality products and services,
additional benefits to buyers and the high repu-
tation on the market, are the elements which
influence on the high income growth, the market
share and the number of employees. Besides
the trade activity, Tus provides services regard-
ing the entertainment, recreation, catering, real-
estate and energy. According to all important
indicators, Tus can compete with the developed
European market, where in many segments Tus
productiveness and the efficiency are crucially
above the European average.
18 berzNIK number 31
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 14.07.2008

W E E K LY R E V I E W O F M A C E D O N I A N S T O C K E X C H A N G E
period 07.07. - 11.07.2008
 Date 14.07.2008 number 31
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
berzNIK
19

The value of the turnover is with included block transaction