berzNIK - YEAR II - NUMBER 28 -23th JUNE 2008 - (SUPPLEMENT OF TENDERNIK)
Date 23.06.2008 number 28
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Reckoning without one`s host
This week, should we exempt the generally negative
evaluations, critiques and complaints regarding the political
post-elections voting and by all means the talks of our politi-
cal establishment with the highest diplomats in Brussels, the
attention of the Macedonian public was turned to the events
around the shareholders` meeting of the Macedonian
Telecom. Assembly expected to give the outcome of the pay-
ment of the two-year dividend that was to be paid to the gov-
ernment, a situation which is treading water for the time
being… The government is simply in a standstill, it cannot
come to an agreement with the Macedonian Telecom. Now,
the company is its own boss and it can decide whatever it
feels like… Furthermore, it is envisaged with the legal regu-
lation in the country… The distribution of the profit is decided
(with or without voting on the shareholders` meeting) by the
company`s management team i.e. the dominant shareholder.
Now, the beliefs that we
- The European Union in eager expectation of a will have investors that
new proposal from the mediator Matthey Nimitz in the more or less will invest
dispute between Greece and Macedonia in belief that and develop something
the quarrel will very soon become history in this country`s telecom-
(Hard to believe though…) munication system,
- We should be realistic. I would like to believe that which at the time was far
the problem will be resolved soon with the proposal behind the western, and
coming from New York-stated in Brussels the High that we will have profit do
European Representative Javier Solana after the not cope with each ot-
meeting with Macedonian PM Nikola Gruevski. her…
- Slovenia does not decide in Brussels, ED does-
Greek Foreign Minister Dora Bakoyannis reminded What will be the final
her Slovene counterpart Dimitrij Rupel, pointing out outcome from the calcu-
that the Slovene European plans for Macedonia are lations for about 60 or
chasing a chimera. Furthermore, is our government around 30 million euros
aware that Slovenia has not many countries it can and whose investment
count on for the Macedonian portfolio…? plan will suffer, the go-
- Meantime, Greece has open support from vernment`s or the plan of
Bulgaria, Cypress, Portugal, Luxemburg, Belgium, as the Macedonian Teleco-
well as the new EU presiding country - France. mmunications, is truly ar-
- First of all, I believe that we could be of help if we guable…
reiterate that Macedonia has no plan B, but only a plan The common prac-
A i.e. becoming part of the European family one day. tice showed that when
However, it is not France that will play key role in this two parties have discrep-
process, but the Commission, which at the end of ancies regarding the
October will reveal the annual report that will or will not amount of money, which
give recommendation for opening talks, says the at least should be an
French Ambassador to the country, Bernar Valero. average or legal right for
- Taking into account these positions of the the successful working, it
European democrats, then it is justified the assess- is a rule that all cards are
ment of the Russian agency ITAR-TASS that EU has put on the table, and by
no intention in pressing Greece regarding its name this a refer to those of
issue with Macedonia, the reason why Greece block speculative nature.
Macedonia`s integration process in EU and NATO. Now both involved
As things stand, what else can be expected from parties are cornered: the
EU in the final document except to point out to Telecom loses the mono-
Macedonia that it must settle the dispute with the Union poly in the fixed line tele-
member state, Greece, for the purpose of opening phony… Ontel kicked
accession talks, which should happen by the end of the start and this week Cos-
year as best case scenario. And this best case sce- mofon too… The govern-
nario, according to the Prime Minister, would mean: ment, on the other hand,
Should we reach a good solution previously arranged is on hot water, it should
by Skopje and Athens, we will organize referendum… keep its promises, many
of which were to be ful-
filled with this amount of money…nevertheless, it is unex-
pected problem that consumes additional energy… Talking
about the shareholders` meeting, which was rescheduled for
the last week, it didn`t debate on the draft decision for the
distribution of the new profit, or the distribution of dividend for
berzNIK
3
2007. Telecom officials offered explanation that there was a
need for further discussion for these points among the major-
ity shareholders. In other words, the point regarding the dis-
tribution of the profit was put off the agenda at last week`s
shareholders meeting of the Macedonian Telecom. It is
unknown when the dividend will be distributed.
The state capital representative, Zoran Trajcevski, ex-
plained that after the government at the last shareholders
meeting suggested voting against the proposal of the major-
ity shareholder, after internal communication it was agreed
these two points to be taken off the agenda and to be debat-
ed on the next shareholders meeting.
- The legal deadline is not exceeded, this will be the first
point of the Board of Directors and a new shareholders meet-
ing will be scheduled within the legal period. The government
holds to its request and we hoe a solution will be reached as
soon as possible, explains the government representative.
Anyhow, the dividend cannot be paid on June 30, since as
things stand, explained Trajcevski, from a standpoint of the
presidential function of Macedonian Telecom`s shareholders
meeting, first there should be a session of the Board of
Directors and then the new shareholders meeting should be
scheduled with a point on the agenda within a 21 day period.
For the time being, the government has no intention of
making exceptions, it continues the battle over the profit on
which it counted during the fashioning of the party agenda
and implemented it in the 100 steps. Out of this reasons the
government requests full payment of the dividend-around 60
million euros, and is very unlikely it will settle with halved
amount of around 27 million euros from the Hungarian own-
ers. The government and Magyar Telekom are yet to negoti-
ation about the amount of the dividend that has to be paid.
Contrary to the government`s requests, the head of
Maktel (chief executive officer), Nikolai JB Beckers, claims
the company will step forward with an investment plan.
- We will submit the plan to the board of directors when
it will be ready. What we are talking about here is a consid-
erably large amount from several tens of million of euros. I
cannot inform the media about it before informing the Board
of Directors.
The smaller shareholder also request higher dividend.
The minority shareholder and a former employee in the
Telekom, Simon Gruevski, on the other hand, reacted the do-
minant shareholders in the company disobeyed the laws in
Macedonia. According to him, the debate on the dividend
was out off at an intervention of PM Nikola Gruevski. A gestu-
re he hails: I congratulate the Prime Minister for reaching a
wise decision for the first time, since the government and we
have right to much higher dividend than they are offering to
us.
- In the year of 2000, before the sale of the Telecom, the
Government received 60 million euros in dividend. The gov-
ernment should now receive a dividend of 27 million euros for
the last year with less than 500,000 fixed telephones and one
million and two hundred thousand mobile telephones. Where
did the money go?-Asks the shareholder Gruevski.
For 2006 and 2007, the shareholders should divide a
profit of 160 million euros. The government owns 34 percent
of the capital of the telecommunications company, which was
benefiting from the monopoly in the fixed telephony for years.
Until the next Monday
Makedonka Baldazarska
BerzNIK editor-in-chief
e-mail: berzNIK@interNIK.com.mk
 4 berzNIK number 28
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 23.06.2008

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

MACEDONIAN STOCK EXCHANGE
REGIONAL BANKS`S JOIN
PRESENTATION
Regular revision of MBI-10 and MBID

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

(Macedonian Stock Exchange report – 2007)

 Date 23.06.2008 number 28
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
C O N T E N T S
INTRODUCTION . . . . . . . . . . . . . . . . . . . . . . . . . . 3 1. SHORT REVIEW OF EVENTS
STOCK EXCHANGE NEWS... . . . . . . . . . . . . . . . . . . . . 4 - Kavadarci blocked; Truck drivers claim reduced
oil fees; the transporters on general strike, are the head-
berzNIK, MONDAY, TUESDAY, WEDNESDAY........... 5-7 lines on most daily newspapers title-pages today. Na-
mely, over 1500 international transporters from the co-
BAR HARBOR, MONTENEGRO – SEA DISTRIBU- untry, members of Makamtrans, yesterday started a ge-
TION CENTER FOR THE MACEDONIAN neral strike in Kavadarci. The truck drivers claim increa-
GOODS!?.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8-9 se of the transportation price which has not been chan-
ged for four years, reduction of registration costs, and
ITALIAN-MACEDONIAN BUSINESS FORUM IN correction of the excise duty, the tariffs or the VAT. The
OHRID. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8-9 transporters rise of price by 40 %, as much as the oil pri-
ce has increased in the last months, but also shortening
TRIPLE S LEARNING ON THE MACEDONIAN of the deadline for payment, which was 90 days.
MARKET. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10-11 In Vreme you will read that the price shock in the oil
derivatives can be moderated by a direct finance help in
ON THE FAIR – THE WORLD OF PRIVATE the economy. This is estimation of the experts in a situa-
LABEL IN AMSTERDAM ...........................12 tion when the derivatives prices increase fast. - The
numbers show that more money in the budget is collect-
PROMOTION: GUIDE TO THE MACEDONIAN ed from VAT of derivatives from those that are project-
VINERIES .............................................12 ed. This difference must be returned in the economy,
more precisely to the transporters and the farmers. The
berzNIK, THURSDAY, FRIDAY, SATURDAY ..............13-15 Government should now define the model by which this
money will end up in these sectors - says Boris Rika-
WEEKLY MAGAZINES.....................................16 lovski, expert in the oil business. According to him, the
Government will be able to amortize the price shock on-
EVENTS THAT MARKED THE WEEK..............17 ly through direct investments in the economy, and will
therefore ease the inflation.
WEEKLY REVIEW OF THE MACEDONIAN STOCK Biznis reports that the holding of the seminar on to-
EXCHANGE...............................................18-19 pic: Estimation of the real value of companies and sha-
res based on fundamental and technical analysis, which
was organized by the Securities Group by the Economic
I M P R E S S U M Chamber of Macedonia in the period of June 9th to 12th
2008. Lecturer of the seminar was Sam Wankin. Visi-
tors of the seminar were representatives of broker hous-
es, brokers, fund management associations, investment
advisors, banks, revisers, accountants, journalists. Bea-
Publishing: INTERNACIONAL NIK AD - Skopje
ring in mind that the Macedonian Stock Exchange is still
Media library and digital archive immature and not efficient market, the estimation based
Editors office: berzNIK on the accounting was underlined, a process that invol-
Address: Square MAKEDONIJA bb, p.box 882 Skopje, 1000, ves direct revision and study of the financial reports and
R.Makedonija the management decisions.
Phone. 02/25.32.800 faks: 02/25.32.839 Vecer yesterday announced the stock exchange
web: www.interNIK.com.mk; analysis, according which the brokers prognosis is that
e-mail: info@interNIK.com.mk the Stock Exchange will revive. A profit of 3, 5 million
euro was realized on the capital market on the last stock
Executive Director: Zdravko Josifovski exchange week. One third of the profit was realized by
Account Menager: Divna Pesic
Public relations:
ICT Manager:
Natasa Dimovska
Kiro Velkovski 2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS
Marketing manager: Ivona Josifovska 1. THE TRANSPORTERS IN GENERAL STRIKE (*****)
Assistent: Stojne Danilova 2. THE INDEXES GO IN RED (***)
Logistics manager: Ana Petrova
Finance manager: Gordana Stojanovska DNEVNIK
p.5 TRUCK DRIVERS CLAIM REDUCED OIL FEES
STOCK EXCHANGE REVIEW OF EVENTS IN THE p.6 THE PREMIUM- SPARK OF HOPE FOR THE
PRINT MEDIA berzNIK TOBACCO PLANTERS
p.6 NEW CONDITIONS FOR HOUSING CREDIT
berzNIK is founded in year 2007.
FROM STOPANSKA
STOCK EXCHANGE REVIEW OF EVENTS IN THE BIZNIS
PRINT MEDIA berzNIK p.1 THE BALKAN CHAMBERS NETWORK IN
Number: 28 HUNT FOR INVESTMENTS
Date: 23.06.2008 p.3 THE DAMAGED ONES, LEFT WITHOUT
BONDS
IT IS DISTRIBUTED FOR SUBSCRIBERS ONLY p.3 THE PRICES ON THE MOBILE TELEPHONY
TO GO DOWN AGAIN
FRONT PAGE PHOTO: p.4 70 MILLIONS OF DENARS – INSURANCE
PROMOTION
p.7 FOR THE BANKS – COMPULSORY DEPOSIT
Photo: WITH NBRM
Robert Spasovski p.13 SUPPORT OF THE CONCRETE DEMANDS
FROM THE SMALL AND MEDIUM SIZED ONES
Editorial staff of berzNIK p.13 PROMOTION OF THE PARTNERSHIP WITH
Internet distributive system: www.interNIK.com.mk AMERICAN COMPANIES
Editor: Makedonka Baldazarska p.13 HOW TO ASSESS THE REAL VALUE OF THE
Journalist: Vaska Mickoska, Kiro Simonovski COMPANIES AND SHARES?
DTP: Tatijana Trpkovska p.15 CRASH OF THE MBI AND MBID
Editorial staff:
News Evaluator: Anita Bashoska, R. Tasovska
p.15 TURNOVER WORTH 23.3 MILLIONS OF
[operators]:Mare Lazarevska, Arslan Skoro, Zoran Stamatovski, DENARS
Martin Arsovski, Gorge Redzik, Toni Arsovski i Darko Tripunovski p.16 THE INDEXES GO IN RED
[translators]: translator's manager Senka Mihajlovska, Angelina p.17 THE PROBLEM WITH THE RECORD – BREAK-
Filipovska, Slobodan Trajkovski, Aleksandar Stamenkovski, Aneta ING PRICES OF THE BLACK GOLD REMAINS
Menoska, Filip Koviloski, Darko Ivanovski UTRINSKI VESNIK
Fotoreporter: Robert Spasovski p.4 THE TRANSPORTERS IN GENERAL STRIKE
p.5 10 MILLION EURO FOR CROP PRODUCTION
Marketing, distribucija i prodazba: p.6 DRY PLASTERS OF RENOVA PRESENT IN
INTERNACIONAL NIK AD - Skopje AFRICA AND ASIA
p.7 CHEAPENED THE DURABLE MILK AND THE
CHEESE OF IMB
berzNIK
5
16.06.2008 MONDAY
a block transaction when capital of our biggest pharma-
ceutical company was sold for one million and 70 000
euro. The stock exchange indexes had a downward ten-
dency over the week, and the last day, the MBI-10 noted
a fall by 0, 53 %, the index of the public owned compani-
es MBID also reduced by0, 50 per cent. Only the bond
index OMB increased by 0, 06 per cent. The brokers
think that there will be better times for the capital mar-
ket in autumn. According to Alaksandar Manev from
the investment fund Ilirika, the pessimism on the stock
exchange is still present, which is due to the small turn-
over, although the Macedonian companies realize good
financial results.
There you will read that few thousand people, who-
se properties were unjustly taken, can not be paid dam-
ages by the state with bonds. A reason for that is that
the amendments of the Law on issuing denationalizati-
on bond, which predicted issuing of two more issues of
denationalization bonds, which was not adopted by the
previous parliament. So, with that, there is no legal ba-
sis to continue payments on denationalization claims.
Starting from 2002, until now, the Republic of Macedo-
nia had six issues of denationalization bonds, when
bonds worth 199 million euro were issued.
Dnevnik informed that Stopanska banka allowed
early payment of the estate loan with no commission
and reduced administrative costs. The bank decided to
cover the costs for estimation of the property which is
left as mortgage for estate loans for new users. This
offer is valid for the claims which will be submitted by
the end of June this year.
Utrinski vesnik informs that the Government,
through the Directorate for protection and saving, pur-
chases three fire preventive airplanes, so-called amphi-
bians. The best offer will be chosen next month on 25th,
by public bidding. Ten of these vehicles should be speci-
alized for ceasing fire in forests, and the other two for
urban areas. The director of the Directorate, Shaban
Saliu, says that the international tenders for procure-
ment of airplanes and vehicles are announced in Gaze-
tte and they are now collecting offers.pplying a system
of natural insemination of the flower, known as hidro-
pony. The total investment is 10 million euro, 50 % of
them are of invested own assets, and the rest is loan
from the World Bank…
p.7 NEW SUBSIDIARY OF KOMERCIJALNA BAN-
KA
p.7 THE WEST BALKANS` COUNTRIES SHOULD
INCREASE THE ECONOMIC GROWTH
p.8 AGROKOR REPURCHASES VEGETABLES,
THE AGRICULTURAL WORKERS UNIN-
FORMED
VECER
p.6 KAVADARCI BLOCKED
p.6 ACCORDING TO BROKERS` PROGNOSIS:
THE STOCK EXCHANGE WILL REVIVE IN
SEPTEMBER
p.7 SWEDMILK WITH 70 DAIRY PRODUCTS ON
MACEDONIAN MARKET
VREME
p.6 LOWER PRICES OF MOBILE TELEPHONY?
p.6 THE GOVERNMENT MUST RETURN OIL
PROFIT
p.7 OWN CONSTRUCTION WORKS ARE THE
CHEAPEST
p.7 WESTERN BALKAN SEEKS INVESTORS
VEST
p.1 GOVERNMENT BUYS THREE AMPHIBIAN
PLANES
p.6 STRIKE OF OVER 1 500 TRANSPORTERS
p.7 FIRE EQUIPMENT TENDER ANNOUNCED
p.13 JSP BUYS DOUBLE-DECKERS
NOVA MAKEDONIJA
p.1 INVEST IN STOCKS, COPPER AND SUGAR
DISTILLING PLANTS IN BRAZIL
p.8 MAKPETROL SINKS MBI-10 BY MORE THAN
4%
p.9 WEAK DOLLAR RISES OIL!
p.9 GREEN HOUSES THE BIGGEST INVESTMENT
 6 berzNIK
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
1. SHORT REVIEW OF EVENTS
The problem between OKTA and citizens who
reside near the refinery is top news in all papers.
Printed media inform that the refinery refused to
install pollution measurement instruments and sub-
mitting of regular measurement results to citizens
who live in the surroundings and constantly com-
plain the smoke. Management also has no inten-
tions to research recent pollution of the water, soil
and air in these villages. This unfavorable news for
citizens was announced by the representatives of
the ministry of environment after the meeting with
management of OKTA. However, citizens
announce to look for justice on international court,
because they believe that it is the right place to
prove that refinery pollutes the environment and
harms their health.
Mobile operator VIP introduced new complete
communications solution – VPN, intended for
medium and large enterprises, paper convey.
Private virtual network represents complete
telecommunications solution that unites employed
in one company in one users` group. As stressed
by VIP officials, there are two tariff models – the
first is intended for companies that hire from 25 to
100 lines, and the second is intended for compa-
nies of more than 100 lines.
Macedonia is ranked 94th in the world with
currency reserves of 2.15 billion dollars, American
Financial Concern Bloomberg announced.
According to the report conveyed by most
2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS
1. CURRENCY RESERVES BRING 94TH POSITION (*****)
2. NO OUTCOME ON OKTA ISSUE (*****)
DNEVNIK
с.1 PEACEFULLY FOLLOWING THE OIL SHOCK
p.1 OKTA REFUSES TO REVEAL POLLUTION RESULTS
p.7 PEACEFULLY FOLLOWING THE OIL SHOCK
p.7 THE OIL PRICE REDUCED MINIMALLY
p.7 CURRENCY RESERVES BRING 94TH POSITION
p.7 VIP HAS SERVICE FOR ENTERPRISES
p.9 EBRD THROUGH INGRA IN MAVROVO
p.17 OKTA REFUSES TO REVEAL POLLUTION RESULTS
BIZNIS
p.1 THE LOANS ARE MOST PROFITABLE
p.1 MACEDONIA ON 94TH POSITION IN THE WORLD
p.3 VPN FOR MIDDLE-SIZED AND BIG COMPANIES
p.3 MACEDONIA ON 94TH POSITION IN THE WORLD
p.4 THE LOANS ARE MOST PROFITABLE
p.12 MBI – 10 DROPS 10 DAYS IN A ROW-
p.13 FALL OF MBI-10 AND MBID
p.13 SHARES OF TTK BANK UP FOR 10,99 PERCENT
p.15 PRESENTATION OF REGIONAL CAPITAL MARKET STARTS
p.15 RECAPITALIZATION OF THE SLOVENIAN INSURANCE COM-
PANY TRIGLAV
p.15 CONVERSION OF THE VALUE OF THE TETEKS SHARES
UTRINSKI VESNIK
с.6 NO OUTCOME ON OKTA ISSUE
p.7 VIP HAS NEW SERVICES FOR THE COMPANIES SINCE YES-
TERDAY
p.7 DUKAT FROM CROATIA HAS COMPLETED THE UNDERTAK-
ING OF IDEAL SHIPKA
p.8 MACEDONIA 94TH IN THE WORLD ACCORDING TO THE
FOREIGN EXCHANGE RESERVES
p.8 DINAR TO REACH HIGHEST VALUE
number 28
Date 23.06.2008
17.06.2008 TUESDAY
papers, the biggest currency reserves holds China Croatian diary Dukat announces the finaliza-
– 1,682 billion dollars, followed by Japan with 970 tion of the take over of Macedonian diary Ideal
billion dollars, Russia 549.1 billion dollars, India Sipka, which was instigated last November. Dukat
304.9 billion dollars and Taiwan with 290 billion dol- now has in its possession 100% of Ideal Sipka.
lars. From neighboring countries, Bulgaria holds Dukat`s investment motivated investment cycle in
17.9 billion dollars and Croatia 15.5 billion dollars. the development of the primary production of milk,
Total currency reserves in the world, including increase of milk`s purchasing base, introduction of
gold, are estimated on 6.822 billion dollars. This new technologies for increase of quality and pro-
topic is extended by Vecer conveying that the level duction growth, for company`s better positioning
of currency reserves at the end of 2007 provided on Macedonian and foreign markets.
coverage of 3.8 monthly exports, and in this Milk production area brings the information
moment they are reduced at 3.5 of the monthly that Danish group Danube Foods, owner of many
coverage. According to experts, keeping of diaries in the region, including the one in Bitola, up
reserves above this level is not recommended, until this July will sell company`s capital worth 1.56
because in that case means are less exploited. billion euros. Diaries in Bitola and Bucen Kozjak
Oil price in the world yesterday stared drop- are part of Danube Foods group. Director of Bitola
ping since UN General Secretary Ban Ki-moon diary Predrag Cvetkovic considers that these
announced the Saudi Arabia is going to increase announcements refer on some diaries in Serbia
the production avoiding the responsibility for oil and it is not going to affect IMB Bitola.
price increase, papers convey. While the world Dnevnik also conveys information published in
boils of rallies and debates, we monitor the oil Croatian media, according to which European
shock, title in Dnevnik. No comment – is govern- Bank for Reconstruction and Development (EBRD)
ment`s response asked about means applied by and German Investments Bank (DEG) show inter-
Macedonia to manage inflation aftermath caused est for taking over Croatian construction company
by the increase of oil derivatives. The paper also Ingra. According to them, following the finalization
conveys that the ministry preserves the stand that of the capitalization and take over of Macedonian
there is no possibility for reduction of oil fees, as construction company Mavrovo, Ingra prepares to
citizens and truck drivers` demand, but only the reshape company`s capital, i.e. on the next share-
decision for 30% reduction of vehicle insurance holders` assembly will pass a decision for depreci-
remains. ation of the share in ration 1:150.
VECER
p.6 VPN FOR LARGE CUSTOMERS
p.6 SAUDI ARABIA DECREASES OIL PRICE
p.6 RECORD INFLATION IN THE EURO ZONE
p.6 MACEDONIA RANKS 94TH IN FOREIGN CURRENCY RE-
SERVES
p.6 OVER 50,000 TONS OF EARLY VEGETABLE EXPORTED
p.7 DANUBE FOODS WILL SELL DAIRIES
p.8 OKTA STRONGER THAN THE STATE?
VREME
p.5 OKTA PROMISED MOUNTAINS AND VALLEYS, BUT CHAN-
GED ITS MIND
p.6 NEW BENEFITS FOR COMPANY TELEPHONE NUMBERS
VEST
p.2 CROATIAN DUKAT FINISHED THE TAKEOVER OF IDEAL
SHIPKA
p.7 OKTA STRONGER THAN THE STATE
p.10 THE INFLATION IN THE EURO ZONE IS 3, 7 PER CENT
NOVA MAKEDONIJA
p.1 WE DO HAVE AN ASPIRIN, BUT WE DON`T HAVE INJECTION
FOR THE OIL
p.8 MSE IN RED
p.8 WE DO HAVE AN ASPIRIN, BUT WE DON`T HAVE INJECTION
FOR THE OIL
p.8 VIP WITH NEW POST-PAID SERVICE FOR MIDDLE-SIZED
AND BIG COMPANIES
p.9 MACEDONIA RANKED 94TH ACCORDING TO CURRENCY
RESERVES
SPIC
p.1 HAS OKTA MORE FILTRATING TO DO?
p.7 THE FILTER DOES NOT CLEAN THE DEBTS
p.7 NEW SERVICES BY VIP
 Date 23.06.2008
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
1. SHORT REVIEW OF EVENTS
- The Government does not make any ex-
ceptions – they demand 60 millions of Euros.
This is the amount that Makedonski Telekom is
supposed to pay out to the Government as divi-
dend for the past two years. This is the news of
the day according to the publications in the daily
papers, which announced that on the toady’s
shareholding assembly of the Macedonian tele-
com, the Government will again demand for the
total gain of the company to be allocated which
amounts about 60 millions of Euros. A week ago,
the majority shareholder in Maktel, Magyar Tele-
com has allowed for the half of the profits to be
divided from around 147 millions of Euros reali-
zed in 2006 and 2007. According to this, the Ma-
cedonian government would receive a dividend
of only 28 millions of Euros, in accordance with
the capital from 34.8 percents that is owned in
the Telecom. Due to this proposal of the foreign
shareholder, last week, the state representatives
have left the assembly in a sign of revolt and the
session was interrupted. Magyar Telecom as a
majority shareholder with 63 percents of the capi-
tal has the right to adopt the revised financial re-
ports for the work of the company in 2007 and to
reach a final decision for the dividend even with-
out government’s approval.
Vecer reports that as of today Kosmofon be-
gins with land-line telephony. Sources from the
company say that their prices will be lower even
by 40% from the prices currently offered by Tele-
com. For a start, they will offer two service packa-
ges. A possibility for free calls, as well as for pre-
paid vouchers, i.e. recharge as much as the citi-
zens want. Few daily papers reported that Croa-
tian construction company Ingra has changed the
management of Mavrovo. Few months after tak-
ing over the shares of domestic civil engineering
company, on the head positions Ingra mainly put
personnel from Croatia. As the company anno-
unced yesterday, Marjan Kostrencic was appo-
number 28
inted chairman of the Board of directors of Mav-
rovo, and Hrvoje Cezar and Gligor Donevski are
new members of the Board of directors.
Ingra`s CEO Igor Oppenheim will perform
function president of the Supervisory committee
of Mavrovo, and Jasna Ludviger and the Mace-
donian businessman Risto Gushterov were ap-
pointed members of the Supervisory committee.
The company had a loss in the amount of 2.35
million Euros last year. In the papers today you
will also read that Croatian company Dukat com-
pleted the acquisition of the Macedonian dairy
Ideal Shipka. The entrance of Dukat will bring
new investments in the milk production and an in-
crease of the purchase base of the milk, introduc-
tion of new technology for increasing the quality
and better positioning Ideal Shipka on the market
abroad. The dairy Ideal Shipka is the second lar-
gest dairy in Macedonia, and it is leading cheese
manufacturer on the market. It processes 30 mil-
lion liters of milk per year. The dairy Dukat is an
owner of four more production plants in Zagreb,
Bjelovar, Somobor (Serbia) and Gradacac
(Bosnia and Herzegovina).
Biznis reports-2007 a record-breaking one
for Macedonian stock exchange. The total turn-
over on the Macedonian stock exchange realized
through trading in BEST – system, block transac-
tions and public stock exchange auctions in 2007
amounts 41 702 320 447 denars, or around 682
millions of Euros. This is for 34.45% more com-
pared to the 2006. These are the official num-
bers, summed up in the report of the Macedonian
Stock Exchange for 2007. The realized turnover
of trading in the BEST – System, amounts 30 404
479 894 denars (around 496.9 millions of Euros),
which is for 181.66% more in relation to 2006.
This paper reports that according to the stock ex-
change analysis, on Macedonian stock exchange
yesterday has been marked increase of turnover,
but mainly the trading was done with the shares
berzNIK
7
18.06.2008 WEDNESDAY
of certain companies which compose the MBI-10
index. With total turnover of little over 30 million
denars, MBI-10 has fallen for 0,55%. The biggest
turnover of almost 12 million denars was realized
with the shares of Makpetrol.
Vreme reports that- yesterday, the oil has
significantly become cheaper on the electronic
trading on the New York Stock Exchange, after at
one moment on the day before yesterday, it was
priced almost 140 dollars per barrel. The short
term and drastic increase of the price of the oil is
explained by the Stock Exchange analysts with
the decrease of the value of the dollar. Yesterday,
the American light oil for the shipment in July in
New York was priced 134.38 dollars per barrel.
Both Dnevnik and Vreme report that the
World Bank will invest in the infrastructure in
Southeast Europe. -The business and the munic-
ipal infrastructure on the Balkan is not developed
and there is much to be done in order to meet the
European Union standards – thinks Shabaz
Mavadat, director of IFC for southern Europe
and for central Asia.The agreement is worth 35
millions of euros, and it should help improving the
living standards and creating better conditions for
leading a business in Macedonia, Bosnia and
Herzegovina, Bulgaria, Croatia, Montenegro, Ro-
mania and Ukraine. The credit line of IFC, which
has a deadline of payment up to 10 years, will
enable the Austrian commission to develop small
and medium sized projects.
By the end of the year, EVN Macedonia will
file a claim for increase of the electricity price.
According to the president of the company’s
Board of Directors, Georg Valdner, at the
moment it was hard to say how much increase
they will claim, because on the one side there
was the inflator pressure, and on the other, the
calculation of costs which should be covered with
the electricity price, report most of today’s

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

1. EVN WILL CLAIM INCREASE OF THE ELECTRICITY PRICE, ELEM DOES NOT EVEN THINK ABOUT THAT (****)
2. CROATIAN COMPANY INGRA REPLACES DIRECTORS IN MAVROVO (***)
DNEVNIK FRONT
p.7 ESM-EVN TO REQUEST APPRECIATION OF THE ELECTRICI- VECER
TY p.1 EVN TO REQUEST APPRECIATION OF THE ELECTRICITY
p.7 NEW INVESTMENTS IN THE BUSINESS INFRA-STRUCTURE p.4 COSMOFON BECOMES FIXED-LINE PHONE OPERATOR
ON THE BALKAN p.6 THE GOVERNMENT DOES NOT MAKE ANY EXCEPTIONS –
p.9 MAVROVO WITH NEW MANAGEMENT THEY DEMAND 60 MILLIONS OF EUROS
p.9 FOUNDATION STONE OF ZLETOVICA SET p.6 DUKAT TAKES OVER IDEAL SHIPKA
BIZNIS p.6 DEVELOPMENT OF THE INFRASTRUCTURE IN SEE
p.1 GOVERNMENT MAKES NO CONCESSIONS – CLAIMS ON 60 VREME
MILLION EUROS DIVIDEND p.6 MONEY FROM THE WORLD BANK FOR THE INFRA-STRUC-
p.1 MBI ON A LOWEST LEVEL IN 52 WEEKS! TURE
p.12 MBI ON A LOWEST LEVEL IN 52 WEEKS! p.6 THE OIL SIGNIFICANTLY DECREASES ITS PRICE
p.13 МBI 18.06.2008 p.7 THE MANAGEMENT OF MAVROVO TO BE CHANGED
p.13 MBI-10 FELL BY 29, 12 INDEX POINTS VEST
p.13 THE OFFICIAL MARKET “TURNED” 28.4 MILLIONS OF p.8 CROATIAN COMPANY INGRA REPLACES DIRECTORS IN
DENARS MAVROVO
p.14 THE FOREIGNERS WITH PARTICIPATION OF 50.67 PER- NOVA MAKEDONIJA
CENTS IN THE TURNOVER p.8 NEW TRANSFER OF MAKPETROL, TOPLIFIKACIJA FALLS BY
p.14 REGULAR REVISION OF MBI-10 AND MBID 5%
p.16 OIL HITS RECORD NEAR 140 US DOLLARS A BARREL p.8 EVN WILL CLAIM INCREASE OF ELECTRICITY PRICE
UTRINSKI VESNIK p.8 AGAIN, PREVENTED ENTRANCE OF RADIOACTIVE WASTE
p.5 LAID THE GROUND FLOOR ON THE DAM ZLETOVICA FROM KOSOVO
p.7 EVN REVITALIZES HEC KALIMANCI SPIC
p.8 EVN WILL CLAIM INCREASE OF THE ELECTRICITY PRICE, p.6 OKTA ON STATE`S BACK?
ELEM DOES NOT EVEN THINK ABOUT THAT p.6 EVN DEMANDS ELECTRICITY PRICE INCREASE
p.8 THE CROATIANS APPOINTED THEIR PEOPLE ON MAVROVO p.6 THE SMELTER IN VELES GOT NEW OWNERS?
 8 berzNIK
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
BAR HARBOR, MONTENEGRO – SEA DISTRIBUTION CENTER FOR THE MACEDONIAN GOODS!?
THE SHORTEST WAY IS SIMULTANEOUSLY THE
LONGEST
The Bar Harbor is not easily accessible for the
Macedonian companies, because there is not a
direct transport access to Montenegro. The
shortest route through the Republic of Albania,
which is approximately 300 kilometers long, is
unusable. Heavy goods vehicles cannot pass
through the wooden bridge on Bojana River.
The Bar Harbor is ready to become a dis-
tribution center for Macedonian goods during
their export on foreign markets. On an area
of 200 hectares, the harbor is working in a
free trade zone and it makes a turnover in the
amount of five million tons of goods, and
what is most important, it offers high-quality
services and competitive prices. This, among
the other things, was pointed out by Slobo
Pejovic, Executive Director of Bar Harbor, at
the recent presentation of Bar Harbor, Mon-
tenegro, in the Economic Chamber of Mace-
donia.
The presentation itself is a result of
Chamber’s efforts to meet the requirements
of its members, who, regarding the recent
occurrences connected to the blockades of
the Thessalonica Harbor, suffer enormous
losses and have unplanned costs in their
everyday work. Furthermore, the major Ma-
ITALIAN-MACEDONIAN BUSINESS FORUM IN OHRID
National Institute for Foreign Trade (ICE) and the
USAID project for plastic recycling called on col-
laboration between the Italian and Macedonian
shareholders on theme recycling of plastic
On 18 and 19 June, The USAID Project
for plastic recycling , in collaboration with the
Italian Institute for Foreign Trade, organized
the first Italian-Macedonian Business Forum
for recycling of plastic (B2B) in Ohrid. On the
first day of the Forum were organized B2B
meetings between Italian and Macedonian
companies for plastic recycling, as well as
presentation for the last trends and technolo-
gies for plastic recycling. On the same day,
the USAID project for plastic recycling
announced the establishing of PETRA, the
first association of individuals engaged for
recycling in Macedonia. On the second day,
the Italian experts presented their models
and experiences in the implementation of
partnership among the public and private
companies. The host of the Forum was the
number 28
cedonian industries, ferrous industry and
steel industry, which create above 20% of the
gross domestic product and almost half of
the Macedonian export, are completely blo-
cked. Due to blockades on railway and non-
functioning of the Thessalonica Harbor, the
major Macedonian companies have no way
how to sell their products to foreign partners
and if such extremely unfavorable situation
continues in the next period, the overall
economy in the country will suffer long-term
consequences.
Transport – obstacle for more
intensive cooperation
But, despite of the fact that it was even
offered as a permanent solution for sea
transport of goods to Macedonia, the Bar
Harbor is inaccessible for the Macedonian
companies from a reason that it is very diffi-
cult to organize a fast transport through third
countries, regarding that Macedonia does
not have a direct transport access to the Re-
public of Montenegro. Namely, the shortest
route through the Republic of Albania, which
is approximately 300 kilometers long, is
unusable, because they didn’t build a bridge
THE EXPERIENCES FOR WASTE
mayor Aleksandar Petreski, which had
been, also supported by the Italian Plastic
and Rubbery Machinery Association (ASSO-
COMAPLAST) and the Association of the
Units of Local Governments of Macedonia
(ZELS).
- Today’s initiative connects two
important topics: presentation of and interest
for the newest achievements of the Italian
technology for plastic recycling and the con-
cept for public- private partnerships in waste
management, said the Ambassador Dona-
tino Markon, at the official opening which
took place on 19 June, in Ohrid. -The last to-
pic is the winning formula that connects the
municipalities and which provides better
quality of services, better environment and
better life. Italy has enormous experience in
this trend and we hope that this initiative is
only the beginning of experience exchange,
knowledge and collaboration between our
countries.
Date 23.06.2008
on the place of the wooden relic from the
19th century, through which, heavy goods
vehicles cannot pass. On the other hand, the
railway transport, which must go through
Belgrade, in spite of the fact that there is a
competitive price in relation to the truck
transport, is very slow and complicated (wait-
ing for enough cargo, customs procedures,
etc.), especially for frozen goods. We don’t
even consider the possibility for transport
through Kosovo/UNIHCR because of the
high guarantees requested for the transport
of the goods.
After the discussions between Bar Har-
bor’s management and the representatives
of the Macedonian companies, as well as the
bilateral meetings, two initiatives were also
raised. Initiating discussions and eventual
making an agreement between the three rail-
ways (Montenegrin, Serbian, and Macedo-
nian), which would guarantee the prices and
the speed of the transport of the goods, was
suggested. The other refers to a visit, organ-
ized by the Economic Chamber of Macedo-
nia, of the local companies to the Bar Harbor,
whereupon the transport capacities and the
quality of the services of this harbor would be
determined.
For the support of the Macedonian Busi-
ness Sector, with special emphasis of the
environment protection, plastic recycling and
the public-private partnerships, was discu-
ssing also the director of the USAID Mission
in Macedonia, Patricia Rider, who said:
- The environment protection is chal-
lenge not only for Macedonia - that is univer-
sal issue. Around the world, the world lead-
ers are focusing on the role of private and
public sectors for protection of our planet.
Therefore, today it is success to be seen
members of Government, business repre-
sentatives and leaders of the communities to
discuss for the present and potential partner-
ships that will transform the plastic recycling
in one permanent industry in Macedonia.
The Minister of Environment and Phy-
sical Planning, Xhelil Bajrami, the Vice Pre-
sident of ZELS Nevzat Bejta and the Mayor
of Ohrid, Aleksandar Petreski, emphasized
 Date 23.06.2008
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Economic
cooperation between
Macedonia and
Montenegro
The difficulties in the transport
infrastructure and the shortage of
the direct road and air connection
are an enormous obstacle for
strengthening of the trade ex-
change between Macedonia and
Montenegro. In addition, the trade
exchange between the two coun-
tries is carried out in accordance
with the Free Trade Agreement
between the Republic of Macedo-
nia and the Serbia-Montenegro
Union (effective since August
2006) and the 2006 multilateral
free trade agreement CEFTA. Sin-
ce the beginning of this year,
Montenegro is implementing the
Interim Agreement for stabilization
and association, thus increasing
the capacity of both countries for
using the benefits from CEFTA.
Agricultural products, food-
stuff, medicaments, chemical in-
dustry products, textile products,
steel processing industry products
are prevalent in the export from
Macedonia to Montenegro. On the
other hand, canned vegetables,
fruit juices, beer, lumber industry products,
aluminum products, and hot rolled wire are
the products which are mostly imported from
MANAGEMENT-TO BE WELCOMED
the necessity for the increased collaboration
between all shareholders, in order making
permanent policies that will help in the at-
tracting of foreign investments in Macedonia.
Related to the Forum, on 19 June, the
USAID project for plastic recycling and
Municipality of Ohrid officially announced the
beginning of the Program for collection of
PET in Ohrid by signing Memorandum of Un-
derstanding.
The director of the USAID Mission in
Macedonia, Patricia Rider announced that
Ohrid will be the center of the campaign for
raising of public awareness for recycling,
supported by USAID project for plastic recy-
cling and realized by the Municipality, Public
Service Company-Ohrid and NGO Jagoda.
Rider encouraged the representatives of
the municipalities and communities to inten-
sify their effort for protection of Ohrid’s natu-
ral beauty.
number 28
Montenegro. Until now, the firms from the
two countries achieved cooperation in the
sectors energy, metallurgy, steel processing
The Italian Government - donor for
environment protection
The Italian government was one of the
major donors in the area of environment pro-
tection in Macedonia. In 2005, Memorandum
of Understanding was signed between the
Italian and Macedonian Government with
draft of collaboration among the two coun-
tries and the implementation of Kyoto Pro-
tocol, in order to attract Italian investors inter-
ested in earning green credits in Macedonia.
In the frames of the Memorandum, since
2004 is implemented the three year project
worth three million euro for Inter-border col-
laboration for permanent local development
of the border region of Prespa, including the
Municipality Likenas (Albania) and the
Municipalities Ohrid and Resen.
ICE is Agency of the Italian Government
present in over 80 countries. Since June
berzNIK
9
industry, processing of lumber, tex-
tile, leather, rubber, chemical indus-
try, tourism, traffic, and use of Bar
Harbor.
According to the analyses, main
economic sectors which have enor-
mous potential for increasing the size
of the mutual trade exchange bet-
ween the two countries are the civil
engineering sector, the food industry
and the pharmaceutical industry. In
the part of the civil engineering sec-
tor, there are always about 1,500-
2,000 qualified construction workers
on the Montenegrin market who parti-
cipate in big construction projects as
subcontractors for foreign compani-
es. In addition, the Macedonian con-
struction companies point out that
permits for construction firms and de-
signers still do not function in our co-
untry, which is disabling them to work
legally abroad. From the pharmaceu-
tical industry, the firms Alkaloid and
Replek already entered and have a
good position on the Montenegrin
market. Through several tenders,
they also have a big part in the medi-
cations’ business on that market. The
energy sector and power industry are
areas of possible cooperation, espe-
cially now, in terms of a new unique
energy market of Southeastern Euro-
pe.
This cooperation will be even mo-
re successful with the completion of the con-
struction of the transmission systems in Al-
bania.
2000, The Office of ICE on Skopje operates
as Section for promotion of trade of the
Italian Embassy in Macedonia, providing
assistance of the Italian investors and organ-
izing events and projects for promotion of the
bilateral trade and investments.
The project for Plastic Recycling worth 1,
2 million dollars is realized by MDC TI-NET in
partnership with the municipalities, as well as
private and public companies for waste man-
agement. The project has recently finished
the pilot-program in four municipalities and
now is making efforts for extension in other
20 municipalities.
The project initiated programs for collect-
ing and recycling of plastic and for Recycling
Clubs in the primary schools, equipment of
Ecological Irelands, and for assistance of the
eight companies for recycling in providing the
equipment.
10 berzNIK
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
TRIPLE S LEARNING ON THE MACEDONIAN MARKET
WORLD’S GREATEST MINDS – LEADERSHIP
GUIDEPOST FOR THE DOMESTIC MANAGERS
The world’s most outstanding personalities, renowned speakers, proven business gurus, former heads of states, Nobel Prize winners, sports legends, and HR
and CRM experts are now available for the Macedonian menageries as well
T
riple S Learning is a specialized training
center in the areas of sales, service and
success. Triple S Learning separates
the knowledge and methodology contained
in the training programs, which are used
even by the world’s leading companies, as
unique and innovative in the modern working
conditions. Triple S Learning is a leading
company in the region, which offers its servi-
ces in Serbia, Slovenia and Croatia, and so-
on in Bosnia and Herzegovina, through its lo-
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About CSA Speakers @ Triple S
As of recently, Triple S Learning is
an authorized partner of CSA Speakers
Ltd. The newly formed company CSA
Speakers @ Triple S will cover the terri-
tories of Macedonia, Serbia, Croatia,
and Slovenia.
The purpose of our strategic part-
nership with Celebrity Speakers Asso-
ciates (CSA) is to give an opportunity to
the Macedonian companies and the
companies from the region to get in
touch with the world’s most outstanding
personalities, renowned speakers,
proven business gurus, former heads of
states, Nobel Prize winners, sports leg-
ends, and HR and CRM experts.
About CSA Celebrity Speakers
Associates
Celebrity Speakers Associates
(CSA) is a global network of speaker
bureaus. For more than 20 years, its bu-
siness and motivational speakers has
been instrumental in providing speech-
es at conferences, business events,
management development programs,
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product launches and one-to-one coa-
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Corp, Siemens Group, KPMG, Pricewaterho-
use Coopers, Shell International, Xerox, Go-
odyear, Reuters, Barclays Bank, British Tele-
com, Swiss Telecom, Glaxo Smith Kline, For-
tune Magazine, Institutional Investors, Tetra
number 28
Pak, UBS etc.
Jack Welch, Tom Peters, Michael Porter,
Philip Kotler, Helmut Kohl, Jay Conrad Levin-
son, Neil Armstrong, Carl Lewis, Michael
Owen, Niki Lauda, Helen Hunt, Mark Fritz
are just part of over 2,500 speakers from the
base of CSA Speakers Ltd who we represent
and who might become a part of the succes-
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panies, who might become part of the corpo-
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These people, who set new standards
and pawned the road of man’s successes,
are the most relevant representatives of the
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as the technologies of the companies which
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Their mission is to help companies promote
their development and cope with the every-
day challenges in the intention of becoming
leaders on the market.
Mission
Our mission is to contribute to the econo-
mic development of the region and to initiate
positive changes by enabling access to the
Date 23.06.2008
knowledge of the most significant business
gurus, which will allow our clients to carry out
their missions. The mission through which
we will supply information and and answers
from the real world which are easy to imple-
ment in practice and can be transformed into
money.
What can CSA Speakers @ Triple S offer to
the Macedonian companies
Access to the world’s most significant
businessmen, academicians, and politicians
and an agreement of their engagement.
Assistance in identification of the
best person who can:
speak at companies’ conferences
organize strategic meetings
run workshops
train and teach managers
run and moderate corporate
events
represent the company at product
launches
to be a part of companies’ promo-
tional campaigns
to hold a speech at an opening
ceremony
Through its functioning, CSA
Speakers @ Triple S offers free con-
sulting for selection of speaker from our
portfolio in accordance with your needs
and the effect you want to achieve, as
well as consultations, advices and
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A complete high professional logistics
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son and its agenda during the stay is
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Why should the Macedonian companies
use speakers
There are many reasons to believe
that engaging a speaker for a corporate
event would help Macedonian companies
achieve their missions and become leaders
on the market:
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They can advice them and give direct
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Idea and inspiration for creative and in-
novative marketing
Creates a sense of commonality and
belonging in the company among the em-
ployees
Motivates employees to make efforts
for carrying out the company’s mission
 Date 23.06.2008
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
The companies have an opportunity to
find out the secrets for the buyers’ motives,
their sense for the products from an expert in
a certain area and to use that knowledge for
making loyal customers
Providing enormous media attention
and coverage in numerous PR texts and
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Building image of brand which sets and
meets high quality standards
There are no more restrictions for the
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CSA Speakers @ Triple S
The company CSA Speakers @ Triple S
was founded as a result of the strategic ag-
reement between Triple S Learning (speciali-
zed training center) and Celebrity Speakers
Associates (global network of speaker bure-
aus), with which Triple S Learning becomes
a representative of over 2,500 world’s out-
standing speakers, business gurus, Nobel
Prize winners, former presidents, sports leg-
ends etc for the territories of Macedonia, Ser-
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- We were working on this idea for a long
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in our business reality, when the European
future of Macedonia and the European mar-
ket are a tendency of all citizens and busi-
nessmen, and, what is more important, how
to help Macedonian companies achieve their
missions, increase their profit, develop their
businesses and not to be geographically dis-
criminated in the process. We were looking
number 28
berzNIK
11
world’s most outstanding people, who set
new standards with their works and success-
es, people whose names are a synonym for
success for decades, and what is most
important, those people are now ready to
share their knowledge and intelligence with
the Macedonian companies.
We call this initiative a new era for the
Macedonian companies/businesses, becau-
se we strongly believe and we are convinced
that this opportunity will bring revolutionary
and spectacular positive changes to the Ma-
cedonian managers, i.e. it will prepare them
for the global processes. For example, imag-
ine a meeting for strategic planning of the
Managerial/Executive Board of a Macedoni-
an company, on which a person such as Jack
Welch, the man in whose time the company
GE achieved a market price of amazing 376
billion US dollars, attends. He is now ready to
give directions to other companies and give
them tips how to develop their business and
on which market possibilities to focus. They
already went down that road and coped with
equally challenging problems. Or a meeting
for creating of an annual marketing strategy
with Jay Conrad Levinson or Philip Kotler,
people who wrote the best books for mana-
for a way and a solution to carry out our mis- gers. Further on, business meeting, work-
sion: to initiate positive changes in people’s shop of the team for product development of
lives and their companies. We came to the a Macedonian company moderated by Na-
idea that the best way to do it is to come up than Schulhof, the man who invented the
with a way to reach to the secrets of the suc- MP3 Player.
cess of the greatest minds in Europe and the
world, to the people which were leading the The brands which were known on the Eu-
positive economic changes in the other parts ropean markets until now became a reality in
of the world and to bring them to Macedonia our country. For example, Pelé can be a part
in order for them to convey the philosophies of a promotional campaign of a certain Mace-
of the world’s most successful individuals donian product, first face of a company, or
and companies. Tom Peters or Henry Kissinger can attend
on a strategic meeting of a domestic compa-
We are especially happy that the ny. These are people who are engaged by
Macedonian companies now have the oppor- the world’s largest companies for decades,
tunity to find out the secrets of the successful but this became a reality for the Macedonian
people, the people who are in the boards of companies as well, thanks to our agreement
the world’s leading companies from the type with the company CSA.
of General Electric, Intel, Burger King etc for
decades, people who once were heads of Marija Solevska
states and diplomats, Nobel Prize winners Executive Director
and sports legends. I am talking about the CSA Speakers @ Triple S
Business language is the only common language in the world
How much can the people who have been a part of the successes of the world’s largest
companies help us with their knowledge, experience and skills and how much is their
knowledge and skills applicable in Macedonia? Dagmar Outul from CSA says: I was a
guest on one of Jack Welch’s lectures in Zagreb and one of the participants on the confer-
ence asked Jack Welch the same question. His answer was the following: Business lan-
guage is the only common language which is understood by all people from across the
globe. The goals, the strategies, the challenges and the problems with which businessmen
and managers from all over the world are facing are the same everywhere. We live in a
global world, we share the same values, and we are facing the same problems regardless
if the company is located in Africa, USA or Croatia. The companies in the economically sta-
ble regions already went down the road which the Macedonian companies are currently
passing, they faced the same problems, they bore the same weight and pressure. We
believe that the future of the Macedonian companies and the Macedonian business is
bright, but would not it be wonderful if we do not have to make the same mistakes, that we
could learn from other people’s experiences, to use experts from all over the world who
have already been down the road which we are passing at the moment. We can at least
try to accelerate this process by using their knowledge and experience. It is one of the rea-
sons because of which the people who achieved their peak and accomplished all of their
life’s goals decided to share their knowledge with the world by becoming part of the con-
ferences of the companies.
12 berzNIK
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
ON THE FAIR – THE WORLD OF PRIVATE LABEL IN AMSTERDAM
FOR THE FIRST TIME,
PROMOTION OF THREE
MACEDONIAN COMPANIES
Over 1.600 companies have been presented on this year`s fair promotion, from more
than 35 national and regional pavilions. The new exhibitors from Cyprus, Sweden,
Macedonian, Litany, Malaysia and Canada promoted its products, regions and coun-
tries. The Private Label Manufacturers Association Fair is the place where retail and
wholesale traders make contacts with suppliers for their private lebel programs.
U
SAID`s program Agbis supported three
Macedonian agribusiness companies
to take part as exhibitors on the World
of Private Lebel 2008 Fair in Amsterdam,
held last month.
The World of Private label, the biggest
fair in this industrial branch, reflects the glob-
al growth of the retail and their private label
supply chains. This year's event was itsbig-
gest ever, with more than 3,200 exhibit
stands, representing more than 1,600 com-
panies.The new exhibitors from Cyprus,
Sweden, Macedonia, Litany, Malaysia and
Canada promoted their products, regions
and countries. The Private Label Manufac-
tures Association fair is the place where Eu-
ropean retail and wholesale traders find sup-
pliers for private label program. This fair is
crossroad where buyers and vendors from
almost 70 countries meet and join partner-
ships of private label at the same time having
insight in the latest achievements in relation
to products.
Inter-Max, Veles, processor of forest
mushrooms; Vitalia - Skopje, healthy food
The catalogue plays the key role to present and pro-
mote the Macedonian wine brands to the foreign
businessmen and to give positive effects for the
increasing export. Furthermore, In Design Studio
announces new annual editions with richer content
in the years to come
- Guide to the Macedonian Vineries is the
title of the latest catalogue that presents 23
leading vineries in the country, promoted by
IN Design Studio (Chamber member) in coo-
peration with the Economic Chamber of Ma-
cedonia.
The luxurious presentation of the home
vineries for the numerous visitors was en-
riched with a degustation of the top Macedo-
nian wine brands. This is a second guidebo-
ok of this type by IN Design Studio present-
ing the possibilities of the Republic of Mace-
donia and the capacities for productions of
one of the country`s aces , the wine, for pla-
cement on the international markets. The
catalogue plays the key role to present and
promote the Macedonian wine brands to the
foreign businessmen and to give positive ef-
fects for the increasing export. Furthermore,
number 28
processor, and Tehnoalat – Gevgelija veg-
etable processor (products and food) - have
already accepted the NASSR and ISO stan-
dards being able to produce high quantities
of high quality products, which mean that,
are ready to appear on the EU Private Label
market. This is the first time for one Mace-
donian group to tae part as exhibitors of this
fair. AgBiz helped them to exhibit their prod-
ucts and coordinated their participation. This
represented excellent opportunity for
Tehnoalat, Intermak and Vitalia to advance
their understanding for meeting the demands
in relation to private label and to determine
the production and sale potential of private
label products in EU supermarkets.
The World of Private Label fair was signi-
ficant place for promotion of the companies-
participators` products before all categories
of buyers of private labels, as well as rese-
arching the opportunities for contact estab-
lishment with the key trade and retail factors.
The fair enabled the companies-exhibitors to
be represented to buyers from whole Europe
and other countries. Managers of trade,
brand and categories from the leading retail
PROMOTION: GUIDE TO THE MACEDONIAN VINERIES
MACEDONIAN WINES GETTING
NEARER TO THE EUROPEAN
TABLES…
In Design Studio announces new annual edi-
tions with richer content in the years to come.
- For centuries, Macedonia has been
known as a producer of the best wines in the
region. With this catalogue, Guide to the Ma-
cedonian Vineries, we wanted to contribute
to the promotion of this tradition of ours. This
catalogue is a response to the needs for pro-
motion of the Macedonian wine industry.
In the six years of existence, In Design
Studio has made a number of projects, how-
ever, we must highlight that this project is de-
dicated to one of the most distinguishable
marks of the Republic of Macedonia-the qu-
ality red and white wines; it was emphasized
Date 23.06.2008
companies wanted products offering the best
suitable offer for quality, good packaging and
attraction and to satisfy the latest demands
of their end-users. Companies established
very significant contacts with several relevant
retail traders/buyers with which they have
good chances of building strategic supply
partnership relations. Despite that, they`ve
used this opportunity to study the competiti-
on`s offer, new products and to collect ideas
for expanding their product lines and their
adjustment towards the specific private label
program demands.
The special marketing private label con-
ference held earlier, helped Macedonian
companies to see the possible way of use of
the private label opportunities and was very
useful for the participants. The conference
covered wide range of representations and
workshops dedicated to private label princi-
ples, issues related to the sale, such as the
political and practices used by the majority of
international retailers in the supply, export
growth, EU export rules and regulations as a
tool in improving the export, quality control
and crisis management.
As participants on the fair the world of
private labels, Macedonian companies beca-
me PLMA`s members providing them con-
stant exposure to great number of potential
buyers for different consumer segments.
USAID`s AgBiz program will continue to
support owners from Macedonian agribusi-
ness in order to help them complete the ne-
cessary improvements in their work, to get
the maximum of its work and to meet buyers
requests enabling them to sale their products
successfully through the private label ca-
nals.
by In Design Stuidio.
The satisfaction to see almost all estab-
lished vineries from the Republic of Macedo-
nia gathered here, in one place this night gi-
ves another stimulus for cherishing this
event, which we believe will grow into a Day
of the Macedonian Vineries, which will be tra-
ditionally held each year for the purpose of
opening possibilities for contacts and coope-
ration among the vineries, the interested con-
sumers and promoters.
The catalogue will continue presenting
the Republic of Macedonia and its products
and heritage on all fairs worldwide!
 Date 30.06.2008 number 29
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
berzNIK
13
19.06.2008 THURSDAY
1. SHORT REVIEW OF EVENTS
Today news is mainly focused on three cable to the home and optical cable to the pave- tions. With their work, they just enable big
events: Cosmofon starts fixed telephony; the gov- ment. These projects will introduce in Macedonia entrance of foreign investments and improving of
ernment continues the battle with Telekom for the the most sophisticated network that will enable the economy. From the bank they say that in the
dividend of 60 million euros and Chebren and Ga- connection of 50 to 100 megabytes for the popu- following period, the biggest accent will be put on
lishte will dry Vardar out. These three events are lation, Bakers says. the card payment operations, because this is a
followed by the announcement for the 15th anni- Chebren and Galishte will dry off Vardar is the trend – changing the cash with non cash payment.
versary of UNI Bank in Macedonia and doubts re- title with which Shpic emphasizes the yesterday’s Uni Bank, has ended its work in the first trimester
garding the illegal sell of Veles smeltery. debate for the construction of these hydro power with an increase of all the segments in the opera-
Without exception, all daily editions convey plants. –the conditions for construction and for tions. - The Skopje company Metrudhem, founded
that the second mobile operator Cosmofon starts managing of the power plants Chebren and Ga- not longer than a month ago from a company with
fixed telephony across its GSM network, which lishte for Crna Reka are badly set, concluded part a siege on the Virgin Islands is the new owner of
covers 99.8% of the population in the country. The of the experts on the yesterday’s debate for the the Smeltery in Veles, say from the Board of sal-
price of 1 minute call within company`s network development of the energetic and protection of vation of Veles, from the restarting of the factory.
stands 0.49 denars per minute, and towards Ma- the living environment, which has been organized The offer from two millions and 250 000 euros
kedonski Telekom 0.99 denars, towards Cosmo- by Transparncy – Zero Corruption. Part of the par- from the company from Skopje, has approved by
fon 4.99 denars, and towards other mobile net- ticipants pointed out that there is no thorough the Swiss company Mineko, which is the biggest
works 9.99 denars. Users can choose some of the analysis for the water leve, and the biological min- trustee of MHK Zletovo in whose composition is
three postpaid packages which monthly subscrip- imum of Crna Reka, which is the biggest tributary the Smeltery. On the eight international tender for
tion stands from 199 to 599 denars including free to Vardar, is not predicted. This could decrease selling the Smeltery has participated the Turkish
minutes and prepaid package without subscripti- the water level of Vardar and to make a dispute company Jalim Disti Karet too, which has
on. As we announced, pages of today papers are with Greece. Macedonia, according to the interna- announced construction of a shopping mall on the
focused on opposite stands between the govern- tional regulations should maintain the biological place of the factory. The Board doubts the legiti-
ment and Makedonski Telekom regarding the minimum of the rivers that pour out in foreign macy of the tender.
amount of the distributed dividend. Both sides will countries. On the tender for construction of hydro In Vecer you will read: Yesterday the broker-
reconsider the decision for distribution of the divi- power plants, two companies have applied, the age house Delta Broker has officially marked the
dend. The distribution of the profit from 2006 and German RVE and the Austrian Ferbund. In April, beginning of its work in this country. Delta Broker,
2007 will be returned for further consideration in the government opened the offers, but the deci- before almost a month ago obtained the license to
front of the Board of Directors, and later on com- sion for who should manage the construction has work from the Securities Commission. The broker-
pany`s shareholders` assembly, since yesterday been postponed for after the elections. age house is registered with basic assets of 75
dropped from the agenda on the continuation of According to the conditions, the winner of the 000 euros, divided to 1 000 regular shares with
the session. This will exceed the term for the an- tender should build the power plants Chebren and nominal value of 75 euros per share.
nounced distribution of the dividend which was to Galishte in seven years, and after the construction In addition, as Biznis conveys on the Mace-
start on 30th of June. For now the mystery rema- is built, they will receive the power plant Tikvesh donian stock exchange, there had been a new de-
ins if the repeated consideration of the decision in a package. crease of the MBI – 10 yesterday. The Macedoni-
will accept the insisting of government represen- UNI Bank, the leader in the payment cards an Stock Exchange index amounts 5 168.57 and
tatives for distribution of the total amount of 60 mi- operations has celebrated the 15 years of exis- it marks a decrease for 1.75%. MBID amounts 5
llion euros, or company`s proposal for distribution tence in Macedonia. – In the previous years, Uni 923.04 and it marks a decrease of 1.53% while
of just half of the dividend in amount of 28 million Ban was around 28 – 29 times smaller than the OMB is 107.50 with an increase of 0.04%.
euros. Makedonski Telekom CEO Nicolay Bakers three biggest banks, and now it is only four to five Yesterday, 10 395 shares have been traded
announced that if government`s demand for distri- times. Our goal is to be leaders in the second via 140 transactions and bonds in nominal value
bution of the entire amount of the dividend, they group of banks, says Stojan Kralchev, head gen- of 9 167 euros through six transactions. In overall,
will be unable to realize company`s investment eral director of UNI Bank. In relation to the future 146 transactions have been concluded and a total
plan. It is a matter of some tens of million of euros, plans, he says that in the banking business, one turnover of 21 283 762.58 denars has been real-
to be more precise there are two projects, optical can not expect abrupt changes and new opera- ized.
2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS
1. COSMOFON STARS WITH FIXED TELEPHONY (*****)
2. WE WILL BECOME LEADING BANK IN THE REGION (***)
DNEVNIK CURRENCY
p.7 COSMOFON STARS WITH FIXED TELEPHONY p.10 MACEDONIA IS RANKED 81ST ACCORDING TO THE FREEDOM
p.7 REK BITOLA RECEIVED NEW EXCAVATOR OF TRADE
BIZNIS p.10 UNI BANK CONTINUES WITH THE SAME PACE OF CREDITING
p.1 ALLO IN POSTPAID AND PREPAID OPTION p.10 REGISTRATION FOR SUBVENTIONS UNTIL SEPTEMBER 30TH
p.1 THE GOVERNMENT CONTINUES THE FIGHT FOR 60 MILLION p.11 COSMOFON INTRODUCES FIXED LINE HALLO YESTERDAY
EURO VECER
p.1 WE WILL BE LEADERS IN THE SECOND GROUP OF BANKS p.4 WE WILL BECOME LEADING BANK IN THE REGION
p.4 ALLO IN POSTPAID AND PREPAID OPTION p.4 DELTA BROKER KICKS START
p.4 SMELTERY CAN NOT BE SOLD TO METRUDHEM SKOPJE p.6 CHEAPER CALLS WITH ALLO
p.4 THE GOVERNMENT CONTINUES THE FIGHT FOR 60 MILLION p.6 UNCERTAIN SALE OF THE VELES SMELTER
EURO p.7 WE WILL LOSE LESS THAN WE ARE TO WIN
p.5 STARTING PRICE OF 32.7 EUROS PER MEGAWATT-HOUR p.7 IT WASN`T DISCUSSED ON DIVIDEND
p.12 MBI-10 GOES DOWN FOR ANOTHER 1,75 PERCENT VREME
p.13 МBI 19.06.2008 p.6 COSMOFON STARTS FIXED TELEPHONY
p.13 MBI-10 FALLS AGAIN VEST
p.13 THE TREND OF SHARES` FALL CONTINUES p.3 COSMOFON WITH A MONTHLY FEE OF 200 DENARS
p.16 OIL GOES UP TO 134,17 DOLLARS NOVA MAKEDONIJA
UTRINSKI VESNIK p.7 INDEX GOES DOWN FASTER THAN THE SHARE PRICES
p.1 FROM NEW YEAR, INCREASE OF THE PRICES FOR ELECTRIC- p.7 COSMOFON STARTS FIXED TELEPHONY
ITY DUE TO INFLATION p.7 HEC TIKVESH- INVESTMENT OR GIFT?
p.2 ARE WE GOING TO PAY FOR MORE EXPENSIVE ELECTRICITY SPIC
FROM NEW YEAR? p.1 COSMOFON BECOMES NEW FIXED PHONE OPERATOR
p.5 THE DECISION FOR THE DIVIDEND FROM TELECOM - DELAYED p.4 INSTANT COMPANY BUYS VELES SMELTERY?
p.9 TENDER GAMES WITH THE HEALTH OF VELES CITIZENS p.6 CHEBREN AND GALISHTE TO DRY VARDAR OUT?
p.10 BETTER SURE THAN SORRY- EVERYONE SAVES IN FOREIGN
14 berzNIK number 28
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 23.06.2008

20.06.2008 FRIDAY
1. SHORT REVIEW OF EVENTS

Macedonian citizens take loans in order to
meet everyday needs and rarely for buying apart-
ments or other housing facilities. The research of
GFK group from Skopje has shown these results
conveyed in all today’s newspapers. According to
the research, 71% of the population in the country
has established cooperation with some commer-
cial bank, while 65% are beneficiaries of banking
services. However, only 2% use electronic bank-
ing services… The research shows that the low
standard, high prices and increased demand are
only some of the reasons for the need of loan.
Nevertheless, the population is still over indebted
and compared to the countries from the region we
are in the average.
Greek parliament gave green light for the sale
of part of telecommunications company OTE to
German Deutsche Telekom - one can read in
printed media. This course of events makes more
real the announcement that there will be monop-
oly in the mobile telephony in the country now as
Deutsche Telekom is to own two mobile operators
in Macedonia which cover 92% of the market
together. - We consider relevant the moment
when Deutsche Telekom will takeover the man-
agement of Cosmofon and when the concentra-
tion of power will have to be reported, says the
President of Commission for Protection of
Competition, Cedomir Kralevski.
Record oil prices on the world market contin-
ue to be in the limelight of the newspapers. Thus,
Vreme conveys that according to the statement of
the Minister of Finance of Kuwait, Mustafa Si-
mali, for the Agency Bloomberg, a reasonable
price for one barrel of oil would be about 100 dol-
lars because the current is too high and motivates
inflation in the producer countries.
The world oil price shock enabled the
Macedonian Government make profit with a great
amount. More precisely, bearing in mind that the
VAT for oil derivatives is 18 percent, and by the
continuous rise of prices, increases the percent of
the permanent participation of this tax, so that
great amount of unplanned extra money form the
black gold go in the state budget.
As one can read in Utrinski vesnik, although
the new government is not formed yet, it is
already preparing to adopt a rebalance of the
2008 budget to distribute the extra money.
Vreme also considers this matter, but from a
different point of view, and informs that the
Government will not reduce VAT and the excise of
oil derivates, but will reduce the prices of the tech-
nical check and the pay toll, as measures that will
soften the price shock from the continuous oil
price increase.
Today’s newspapers mark the interest of the
foreign railway companies for investing in, respec-
tively purchasing part of the Macedonian
Railways. Namely, the biggest railway company
on the Baltic, Skinest Rail, is interested in invest-
ing in Macedonian Railways, writes Vecer. As
Nova Makedonija conveys on the other hand, the
Greek Railway wants to buy the transport part of
Macedonian Railways. Greece shows interest for
purchasing the Macedonian shipping company
Fersped, company which is very well positioned
on the Balkan with branches in almost every
country throughout the region.
Both Macedonian companies explain that so
far they have not even discussed the option, nor
any information arrived from the Greek side.
The Croatian trading chain Konzum an-
nounced that it is worked on establishing firm in
Macedonia, whose activity will be to organize pro-
duction and purchase of fruit and vegetables. The
company Konzum, which is member of Agrokor
group, will be registered in Valandovo by the
name Anska Reka-Nova, with a seed capital of
5000 euro. At the same time, is announced estab-
lishment of an identical firm in Serbia, and Kon-
zum establishes both firms together with another
Croatian company Plodovi na zemjata - Matievikj.
EVN-Macedonia shut down the power in 21
utility enterprises throughout the country for
unsettled electricity debts. If the companies don’t
accept the proposals on servicing the debts, they
will be shut down again for longer period of time-
EVN warns, and explain that so far not one pro-
posal for paying the debts on installments had
been accepted.
The Public Revenue Office detects the tax
evaders is the title of the text in Biznis, and it
informs that round 60 million euros evaded tax
were discovered by tax inspectors in the control
conducted over tax payers during last year. From
the total evaded tax, about 23, 5 million euros are
based on unpaid value added tax. As far as the
personal tax is concerned 12, 8 million euros have
been evaded, and 14, 6 million euros for income
tax.

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

1. THE MACEDONIANS- AVERAGE INDEBTED (*****)
2. KONZUM ESTABLISHES COMPANY IN VALANDOVO (***)

DNEVNIK MISSION WAITS ON PROVES

p.5 FORMED BOARD FOR SALVATION FORM THE SMELTER IN p.9 BALTIC COMPANY WANTS TO INVEST IN MACEDONIAN
VELES RAILWAY
p.7 EVN CUTS-OFF DEBTORS
p.14 STARTING JULY 1CITIZENS CAN CHANGE THE OPERATOR VECER
BUT NOT THE NUMBER p.7 SKINEST RAIL WANTS TO INVEST IN THE RAIL-WAYS
p.14 KONZUM ESTABLISHES COMPANY IN VALANDOVO p.7 DEUTSCHE TELEKOM BUYS OTE
p.15 CREDITS ARE RAISED FOR EVERYDAY NEEDS p.8 ABOUT 21 UTILITY ENTERPRISES SHUT DOWN
p.8 LAST YEAR A BULL, THIS YEAR BEAR MARKET
BIZNIS
p.1 60 MILLION EUROS EVADED TAX DETECTED VREME
p.1 EVERYDAY NEEDS ARE SOLVED WITH BANK LOANS p.8 THE MACEDONIANS ARE AVERAGE INDEBTED
p.2 MSE MAKES FAST FORWARD TOWARDS THE BOTTOM p.8 REASONABLE PRICE- 100 DOLLARS
p.3 EVERYDAY NEEDS ARE SOLVED WITH BANK LOANS
p.4 60 MILLION EUROS EVADED TAX DETECTED VEST
p.5 THE ROAD OF WINE FROM 23 WINERIES p.6 KOSMOFON PART OF DEUTSCHE TELEKOM
p.12 INCREASED TURNOVER ON THE STOCK EXCHANGE
p.13 МBI 19-06-2008 NOVA MAKEDONIJA
p.13 FALL OF THE THREE STOCK EXCHANGE INDEXES p.10 MBI-10 IN FREE FALL, WHEN WILL IT STOP?
p.10 THE BATTLE FOR VELES SMELTERY IS YET TO COME
UTRINSKI VESNIK p.10 THE GREEK RAILWAYS ARE INTERESTED FOR MZ-
p.1 GREEK PARLIAMENT APPROVES OTE SALE TRANSPORT
p.1 HOW WILL BE USED THE EXTRA PROFIT OF THE OIL
p.3 THE GOVERNMENT ALREADY MAKES PLANS HOW THEY SPIC
WILL USE THE OIL EXTRA MONEY p.6 RAISE CREDIT IF NECESSARY
p.9 CROATIAN KONZUM ESTABLISHED NEW FIRM IN VALANDO- p.7 EVN DOES NOT FORGIVE TO UTILITY ENTERPRISES
VO p.7 REPURCHASE FIRM OF CROATIAN KONZUM IN VALANDO-
p.9 THE MACEDONIANS- AVERAGE INDEBTED VO
p.9 GREEK PARLIAMENT APPROVES OTE SALE – OUR COM-
 Date 23.06.2008
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
1. SHORT REVIEW OF EVENTS
Maktel is to pay fees to the monetary author-
ities in USA and Hungary; Magjar Telecom has
submitted a report to the New York Stock Market
about the investigation in Maktel, news that has
market the headings of today’s Saturday’s edi-
tions in the printed media. The ruling institutions in
USA and Hungary could demand sanctions for
people from Magjar Telecom and from its branch-
es in Macedonia and Montenegro, including
penalties from the monetary authorities of these
two states for the criminal working on the
Macedonian and on the Montenegrin telecom.
This is stated in the newest annual report that
Madjar Telecom has sent these days to the
American commission for securities, in which the
financial operations of the Hungarian company
and its branches from Macedonia and Monte-
negro are described in details, as well as the ex-
pected implications from the investigation for
committing money embezzlement.
In the elaborated report that has been pre-
pared on 260 pages, the Hungarian company
reports the American institution that the data for
the financial scandal for laundered 6.7 millions of
euros by the Hungarian directors in the Mace-
donian telecom are under careful consideration
from the authorized institutions in Macedonia too.
For several times, former employees in the
Macedonian Telecom have pointed out to possible
malversations in the company.
Accusations addressed to the Macedonian
Telecom have been made by the Chamber of
Information and communication technologies and
services (IKT I Chamber) at the Chambers of
commerce association, which has submitted a
demand for initiating a procedure against the
Macedonian Telecom for misuse of the conces-
sion. According to CCA, the misuse of the conces-
sion is being performed via offering the package
number 28
called Max ADSL 2 plus a personal computer for
residential users and a special offer called Paket -
│Max ADSL plus a personal computer with which
as part of the offer of services to the widespread
Internet on the market, they offer and trade with
personal and portable computers and computer
equipment… On the market of personal comput-
ers, telecom participates with even 50% from the
turnover – react from the Chamber of Information
and communication technology at the CCA.
Today’s newspapers inform that the demand
for landlines from Cosmofon is huge. Namely,
after the announcement for launching services in
the landline area under the ALLO brand, over 1
000 demands for connection have arrived.
According to the general executive director,
Petros Lefkovic, this is only part of the ambitious
plans of the company, which are planned for the
nearest future. Namely, soon, one expects for
Cosmofon to launch services for the 3G and Wi-
max technologies that can bring unlimited possi-
bilities for communication.
Today one can read how much the Macedo-
nians do not care for the safety of their property.
According to the insurance companies, only 5%
from the population have insurance. In fact, only
50 000 households in Macedonia from a total of
800 000 have insurance. The citizens confess that
they do not have the habit to insure their homes,
but they also say that they do not have the money.
(Reports MIA).
Utrinski with detailed stock exchange analy-
sis. The decrease of the value of the shares on
the Macedonian stock exchange is continuing.
The Macedonian stock exchange index MBI – 10
marks minuses almost every day, and the
turnover that is being realized is more than mod-
est. Yesterday, the high turnover from 136 millions
of denars was an exception, and it was due to a
berzNIK
15
21.06.2008 SATURDAY
block transaction on which 98 millions of denars
went to…
The continuant fall of the value of the shares
on the Macedonian stock exchange has started
from the last year. But the most dramatic is the
condition since April this year, when Macedonia
did not obtain the invitation for membership in
NATO. According to the Stock Exchange data,
from the 1st of April this year until today, the MBI
– 10 marks a decrease of 25.67 percents. More
tragic is the fact that this index has not had a
close up with positive value since 15th of May this
year.
Shpic announces that the local population
from the villages near the refinery Okta will get
measurement stations with which one would have
control on the pollution from the refinery, drinkable
water and new investments in the infrastructure,
ecology and in the Health, after the new manage-
ment of Okta has accepted these demands.
Dnevnik conveys that the EU leaders have
demanded for the European commission to look
through the possible short term measurements for
decreasing the pressure from the oil price shock.
Macedonia will not follow this advice from
Brussels and it remains on its stance that the
taxes for the oil derivates will not be decreased.
- Until now, we have repeated for several
times that the demand for lower taxes for the oil is
unproductive. The option for implementing taxes
for the higher incomes from the oil companies has
not been considered. However, I do not know if it
is going to be efficient when Macedonia is mot an
oil manufacturer, but importer. The companies,
while importing, pay the entire taxes – reported
Martin Martinovski, spokesman of the Ministry of
finances.

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

1. MACEDONIANS IRRESPONSIBLE – ONLY 5% OF THE HOMES INSURED (*****)
2. TELECOM ACCUSED OF MONOPOLY BEHAVIOR (***)

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

p.5 NO FUEL TAX REDUCTION POWERS THAT BE IN USA AND HUNGARY
p.7 ONLY 5% OF THE HOMES ARE INSURED p.7 TELECOM ABUSES THE CONCESSION
p.7 TELECOM ACCUSED OF MONOPOLY BEHAVIOR p.7 COSMOFON KILLS TELECOM`S PRICES
p.8 ONLY 5% OF THE HOUSEHOLDS ARE INSURED
UTRINSKI VESNIK
p.8 STOCK EXCHANGE GOES DOWN, NOT A SIGN OF THE FOR- VREME
EIGNERS AND THE POWER JUST SILENTLY OBSERVES p.8 ANTIMONOPOLISTS FROM MACEDONIA WITH TIED HANDS
p.8 TEN PERCENT OF MAKOSPED`S SHARES SOLD
p.8 HUGE DEMAND FOR FIXED LINES FROM KOSMOFON VEST
p.8 IT CHAMBER REQUESTS AN ACTION AGAINST MAKEDONS- p.10 ONLY FIVE PERCENTS OF THE HOUSEHOLDS TO BE
KI TELEKOM INSURED
p.9 GREEK RAILWAYS TOO INTERESTED IN MACEDONIAN
RAILWAYS NOVA MAKEDONIJA
p.9 ZITO BITOLA ON INTERNATIONAL TENDER FOR THE THIRD p.9 МBI 20.06.2008
TIME p.9 MBI-10 CONTINUES TO DROP
p.9 MACEDONIANS IRRESPONSIBLE – ONLY 5% OF THE p.9 WHAT KIND OF DOWRY SHOULD GIVE THE GOVERNMENT
HOMES INSURED FOR CHEBREN AND GALISHTE

VECER SPIC
p.1 THE SCANDAL FOR CORRUPTION IN TELECOM INVOLVING p.6 HALF OF MACEDONIA’S POPULATION DOESN’T KNOW
HOME POLITICIANS REVEALED BY VECER GETS INTERNA- WHAT IS INSURANCE
TIONAL DIMENSION p.6 OKTA BOWED IN FRONT OF THE LOCAL POPULATION
p.1 COSMOFON KILLS TELECOM`S PRICES
16 berzNIK number 28
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
1. SHORT REVIEW IN THE WEEKLY MAGAZINES
GLOBUS
Pg. 26 THE EASIER WAY TO BECOME BANK SLAVE
Though among the poorest nations in Europe, Macedonians in the
last five years, compared to the regional average, are the most indebted
towards banks, statistics data of neighboring central banks show. The
National Bank of the Republic of Macedonia fights against this policy of
increase consumption by the citizens, which is motivated by banks. This
institution is left on its own to deal with the inflation which is strengthened
by the public consumption and citizens` indebtedness towards banks
which increased by 58.9% in the first tow months only.
For now, competent institutions and banks ignore the alarming red
light which was switched on by the monetary power.
KAPITAL
Pg. 14 TIKVES OPENS COMPANY IN GREAT BRITAIN
Tikves Wines International Limited United Kingdom is the name of
the new company that Macedonian vinery Tikves and company Rizzi
GMbh from Germany founded together.
Pg. 15 DANUBE FOOD SELLS BITOLA DAIRY AND KOZJAK?
Until next July, Danish group Danube Food, in which ownership are
several dairies in the region, among which the one from Bitola as well,
will put on sale the capital worth 1,56 million Euros, Reuters reports the
statement from Rade Pribicevic, director of corporative and legal affairs
of the Danish group.
Pg. 28 OUR NEW CHALLENGE IS TO ENTER THE LAND-LINE
TELEPHONY!
Ambitious, open, direct, energetic, and yet down to earth- is the
impression you get once you meet Petros Lefkovic, the man who six
months ago was appointed head executive director of one of the biggest
mobile operators in the country-KOSMOFON. He took the head position
of the company in very dynamic period both for the company itself and
the market.
Pg. 41 GRANIT, ALKALOID AND KOMERCIJALNA BANKA TWIN-
CLED BESIDE THE BIG NEIGHBORS
Fund managers, brokers, financial analysts, bankers and other stock
exchange workers from the entire region of Southeast Europe, the morn-
ing of June 11th filled the lobby of the Sheraton hotel downtown Zagreb.
Pg. 44 THE INDEX CONTINUES TO GO DOWN, INVESTORS
INTERESTED IN STATE BONDS (09-12.06.2008)
Last stock exchange week, the state denationalization bond from the
fifth emission was the most traded security on the Macedonian stock
exchange in the classical trading.
Pg. 46 STOPANSKA BANKA IMPROVES THE CONDITIONS FOR
MORTGAGE LOAN
Stopanska banka Skopje improved the conditions for all users of
mortgage loan. All clients who will file request by the end of this month
will be provided with early payment of the mortgage loan without com-
mission, as well as reduced administrative expenses.
Pg. 46 NEW SUBSIDIARYOF KOMERCIJALNA BANKA OPENED
IN STRUGA
Komercijalna banka opened another subsidiary in Struga, located in
part of the space of Customs terminal Jugotrans. The subsidiary will
Date 23.06.2008
16.06.-21.06.2008 MONDAY-SATURDAY
carry out activities in the area of work with the local residents, payment
operations in the country and other banking matters.
Pg. 46 NEW PRODUCT FROM TTK BANK- CHILD’S SAVING
With donation of 85 thousand denars to the SOS Children’s Village,
TTK bank today promoted its new product “child’s saving”. The benefits
with the child’s saving, according to the bank’s marketing director, Elena
Mladenovska-Jelenkovik, are the attractive interests and no minimal
deposit for opening a saving account, which can be denar or foreign
exchange.
Pg. 52 IMF TO INVESTIGATE WHO “RAISES” THE OIL PRICE
Ministers of G8 called the IMF and the International Energy Agency
(IEA) to investigate the real reasons and financial speculations which
caused high increase of the oil price.
FORUM
Pg. 26 we are driving with danger of cancer
This thing that several years ago had been a subject of million law-
suits is not regulated by laws and book of rules in Macedonia. It is about
an additive MTBE (methyl tertiary butyl ether) used in unleaded petrol
production as substitute of the lead. American scientist determined that
the long-term exposure of this substance can cause cancer to humans.
Therefore, in 2006, MTBE was forbidden for use in fuels in all 50 states
in USA, as in part of the West European countries. In Macedonia even
96 percent from the fuels are unleaded.
Pg. 31 decreasing trend of securities
Last week Macedonian Stock Exchange recorded a share decline of
all companies which compose Macedonian stock exchange index. MBI-
10 had lost on Thursday 2.94% of its value from the opening of the trade
week on Monday until Thursday.
Pg.32 “Stanari” first environmental thermal power plant
The ministry of environment, physical planning and civil engineering
of Republic of Serbia issued environmental permit for the project of ther-
mal power plant “Stanari” construction in the Republic of Serbia. This is
first permit from this kind, issued on the area of west Balkans.
Pg. 33 532 million newspapers sold per day
According to the report of the world association of newspapers the
daily newspapers` sale last year increased by 2.57 percent in 230 coun-
tries. According to data of this association, 532 million samples of daily
newspapers a day are sold in world representing 9.5% or 46 million sam-
ples more compared to 2003.
MAKEDONSKO SONCE
Increased deficit
p. 28 In the first four months of 2008 the negative foreign exchange
balance reached a record 902 million dollars. Although is difficult to make
future prognosis just on the basis of these numbers, still something
doesn`t change in a positive sense, there is a risk the trade deficit by the
end of this year to exceed even 2.5 billion dollars.
DENES
Pg. 21 The Government analyzes the situation, economy fears
The price of the crude oil is expected to drop. At least the analysis
indicates this, giving suitable evaluation of the announcement for pro-
duction increase of one of the largest producers, Saudi Arabia.
 Date 23.06.2008
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
EVENTS THAT MARKED THE WEEK...
UNI BANKA CELEBRATES 15-YEARS EXISTENCE IN MACEDONIA
GOAL - LEADERS OF THE SECOND
GROUP OF BANKS
Awarded the first prize- trip to the Olympic Games in Beijing for two. The prizewinning game
lasted from April 21 and everyone who used the VISA and VIZA Electronic credit cards in amount
of 1000 denars and more of UNI bank could partake in it
UNI bank’s management assesses the
15-year existence and operation in Mace-
donia as successful and voices satisfaction
by what they have achieved so far. – Accor-
ding to the asset and the other indicators, we
are behind the big banks, but, from being 28
times smaller than the three big banks five
years ago, now UNI bank is only four to five
times smaller. Our goal is to be leaders in the
second group of banks, Stojan Kralcev, the
first general director of UNI bank, said, who
at the occasion of the 15-year anniversary
organized prizewinning game for the bank’s
users.
Voicing satisfaction from the current
working, he said that the current number of
clients was 160.000, who are being served
through 38 subsidiaries, and in future they
will strive toward the bank becoming the lea-
ding one in the region oriented to its clients
with wide range of products and services,
with an accent to the credit cards operations,
number 28
because the trend is the non-cash payment.
The first trimester UNI bank ended with
increase in all segments of its working. The
banking incomes from interests, commissi-
ons and rate differences are 309,5 million de-
nars, which is 6,5 percent more than the
same period last year. The bank made profit
of 27,5 million denars before taxation. The
placement of overall credits has increased
for 10,2 while the deposit base marks drastic
increase for ten times. In five years, including
2007, the bank’s net-asset has been incre-
ased for 4,8 times.
Kralcev assessed that the National Bank
of the Republic of Macedonia’s last measure
for obligatory deposits of the banks in the
central bank, will have no repercussions on
approving loans and that with their bank they
go up to the level of 40 percent, and as to the
interest rates, he says that they will keep up
with the trend of treasury bills interest rates.
berzNIK
17
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18 berzNIK number 28
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 23.06.2008

W E E K LY R E V I E W O F M A C E D O N I A N S T O C K E X C H A N G E
period 16.06. - 20.06.2008
Date 23.06.2008 number 28
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
berzNIK
19