berzNIK - YEAR II - NUMBER 24 -26th MAY 2008 - (SUPPLEMENT OF TENDERNIK)

FAMILY FARMERS
COMPETITION – CHALLENGE FOR
Date 26.05.2008 number 24
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Yet again, during election campaigns –
investments… investments…
During the second week of election campaigns, other
than the usual party tribunes, speech competitions among
political rivals and, of course, the heated finger pointing, in
public focus were also the announcements on big invest-
ments. Believe it or not, besides being full with politics,
printed media top subjects were precisely the announce-
ments on big foreign investments entry.
- French to invest 60 million
Once again, throw good money after euros in Bunardzik; Ford, Re-
bad. There is a provoking mistake even on nault… to drive Macedonian
the site of the European Parliament. Instead parts… French company with
of Macedonian, the Slavic-Macedonian lan- Greenfield investment in Mace-
guage dawned on the site. Nobody has nei- donia. These are the headlines
ther heard nor saw how the Report by Erik at the beginning of the week.
Meijer on our country, which, despite being The Government’s announce-
agreed upon and adopted, dawned on the ment that the Minister Vele
European Parliament’s site with changed Samak is in closing negotiati-
name of our country’s language – Slavic-Ma- ons with the French company
cedonian. For three days, European citizens for direct investment in the free
were reading – the scandalous Greek provo- economic zone Bunardzik, bro-
cation. Even after the intervention by MFA ught a dose of optimism both
and our Embassy this attribute for the spo- among business community
ken language of Macedonians has been de- and citizens. According to the
leted and the agreed term – Macedonian announcement, French are go-
language - was returned. ing to produce aluminum motor
That’s the way things are, folks. While heads for Ford, Renault, Citro-
you are crowding the political runners’ en and other brands of cars.
stands and listen to the party auction on the The investment is to amount 60
state`s name – how both parties beat their million euros in the first phase
breasts with Macedonian legacy, Greeks and will reach up to 100 millions
work hard and effectively, aren’t they… Whi- within six years. At the start,
le Macedonia is being occupied with electi- 500 persons will be employed
ons, Greece is doing everything in its power and around thousand later, who
to ruin our positions in EU, which is obvious- will make a profit of over 200
ly working… Asymmetric or not, the dispute million euros within the next five
with the name of Macedonia seems to have years. Currently, the negotiati-
large political dimension once again only at ons on entry of this investment
home, where people are carried away by are in their final phase, a com-
euphoria and patriotism, while outside bor- petition of Macedonia being one
ders nothing has changed – lobbyists dozed of the neighbor countries. This
off, and who gives a damn about us. The will be first French Greenfield
way things are - Greek politicians are profil- investment in Bunardzik that is
ing on the preoccupation of Macedonian going to be a turning-point of at-
politicians. Hence, the assurance by the tracting investments in Macedo-
Greek Prime Minister Costas Karamanlis nia. The income that this com-
that the purpose of Greece is not to isolate pany intends to leave here
Macedonia from EU and NATO, but believes amounts to 300 million euros in
its integration should contribute to enduring the pending five to ten years,
stabilization and development of the region which is much more than John-
as a whole, is asymmetric with their latest son Controls or Johnson Mat-
moves… they together, Minister Samak
stated. Everything is prepared,
only the potential investor should pick Macedonia!
- Demir Halk Bank bought the controlling stake of IK
Banka. This is the news that marked the IK Banka takeover
by the new foreign owner. The Bank announced signing sa-
le contract of its dominant parcel of shares to the Dutch De-
mir Halk Bank. EBRD will remain the important shareholder
with a parcel of 25% of the shares. According to information
by IK Banka, the Demir Halk Bank was established in the
year of 1992. It has affiliates and branches in the
Netherlands, Germany, Belgium, and representation office
in Turkey. Its assets are estimated to about two billion eu-
berzNIK
3
ros. DHB is active in crediting legal entities and natural per-
sons, as well as in placement on developing markets. The
takeover will be done after both banks obtain approval by
the National Bank of Macedonia and the competent regula-
tors in the Netherlands.
Another big investment marked last week. Iskra DD
from Slovenia is to invest in Macedonia. It plans ending all
preparations by the end of this year and latest January the
following year to start building a factory in Bunardzik. Iskra
investment will be carried out in two phases – around hun-
dred persons will be employed in the first phase, whilst in
the second, by the end of the investment, the number of
employees will reach up to 500. – The difference between
Macedonia and other countries from the region is that you
have a Government that actually wants to do something.
We have an excellent experience with the current adminis-
tration, which has done the job well and I think many impor-
tant countries in this field can learn a lot from you, Mr.
Sesok said.
Looked through the prism of economy, the week ended
just like it began – with the top news on the business com-
munity, i.e. with the official start of the new established
Macedonian-Israeli company Agrilend, which after a year of
postponement, accidently or not, starts before the elec-
tions. Shareholders in the new company Agrilend are the
Government of Macedonia with 51 percents of shares and
49% is Israeli capital. The company was founded with a
nominal capital of 1.5 million denars (25 thousand euros)
and should be a direct competition to the private sector
regarding the agricultural products trade.
The contract with the Israeli company Soli Group LCD
was signed last year, which practically made official the ini-
tiative for establishment of a Macedonian-Israeli joint stock
company, which will purchase the agricultural products sur-
plus and place it on foreign markets.
It is envisaged that this type of sale will make good
marketing promotion of Macedonian agricultural products,
such as garden-stuff, then milk and dairy products, but of
the processed agricultural products as well, in order to have
an organized performance on the demanding foreign mar-
ket.
This week, agro businessmen from Canada are also
scanning the terrain in Macedonia regarding investments in
the field of stockbreeding. At the meeting with the Minister
of Agriculture Mr. Aco Spasenoski, they demonstrated inter-
est in investing in production of beef.
- Macedonia could be an ideal place where we could
invest in beef production. For the time being I cannot tell
anything concretely where we are to direct our investments,
but we are planning to bring new kinds of livestock in your
country – said Mr. Meno Cornelson, agro businessman
from Canada. He said the knowledge, rebirth and sun do
not think on citizens…
Until the next Monday
Makedonka Baldazarska
BerzNIK editor-in-chief
e-mail: berzNIK@interNIK.com.mk
 4 berzNIK
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
SECURITIES COMMISSION
FROM THE FIRST OF JUNE
The trading of the Stock
Exchange to become cheaper
The Stock Exchange and the Depository have
decreased the compensations for its services,
after the (KHV) Securities Commission
demanded to recheck their height and to per-
form a correction
The Securities commission has given
the accordance to the new Pricelists about
the height of the compensations being
charged by Makedonska Berza A.D. Skopje
and the Central depository for securities
J.S.C Skopje, with which the commissions
paid from the clients decrease. This means
that the trading on the Macedonian market
of securities becomes cheaper. The Stock
Exchange and the Depositary have
decreased the compensations for their serv-
ices, after the KHV demanded to recheck
their height and to perform a correction.
With this move, the Stock Exchange and the
Depositary are monitoring the policy of KHV,
which decreased the compensations that
were being charged by them for about 30
percents. The new pricelists of the Stock
Exchange and of the Depositary will be
applicable from 1st of June, and they will be
operational until 1st of October, after which
one will perform an analysis on the market
in order to determine the effects of the over-
all decrease of the services and the possibil-
ities for new decrease of the compensations
will be checked.
KIB AD Kumanovo
With a new name and with
lowered assets
Stater Banka AD is the new name of
Corporate Commercial Bank, or shortly KIB AD
from Kumanovo.
- The decision on changing the Bank’ na-
me was adopted by the shareholders of the As-
sembly, held on 22.05.2008, and the same be-
comes effective after receiving previous appro-
val from the Governor of the national Bank of
Macedonia, stand in the information which the
Bank published on the Macedonian Stock Ex-
change.
Otherwise, the Bank in the last year reali-
zed total income of 172.538.038, 00 denars,
the total expenses are 161.994.864, 00 de-
nars, whilst the profit before taxation is
10.543.174, 00 denars.
On the annual Assembly, the shareholders
have adopted a decision for lowering the basic
assets of the Bank by annulment – withdrawal
of their own shares, because according to the
Law on Banks, if the Bank does not make
expropriation of its own shares in period of one
year, it is obliged to annul them without exten-
sion.
Therefore, exertion on the basic assets of
number 24
Date 26.05.2008
THE SLOVENIANS ARE SPREADING THE FUND NETWORK IN MACEDONIA
KD funds – to found two open investment funds
On the session being held on 19.05.2008, with which the President of the KHB, Marina
Nakjeva - Kavrakova was presiding, the Commission has given the permit for founding a com-
pany for fund management KD funds A.D. Skopje. The founders of KD Funds A.D. Skopje are
one foreign legal entity – KD Skldi management company LLC, Ljubljana and two physical enti-
ties from the Republic of Macedonia. The basic assets of the company amount 150 000 euros.
It is envisaged for the company to found and manage two open investment funds. With the foun-
dation of the new fund Management Company, increases the competitiveness of the investment
work on the Macedonian market of securities. Along with KD funds A.D. Skopje, there are total
of four fund management companies in the country.
ON THE DEMAND OF THE PUBLIC PROSECUTION
The shares of Swisslion in Agroplod – blocked
On the demand of the State public prosecution of RM, the Securities Commission has
adopted a decision with which Swisslion LLC Skopje is banned of disposing, alienating, encum-
bering, realizing right to lien, and one limits the right to vote on 5 339 shares that they have in
Agroplod A.D. Resen, until the effectiveness of the court procedure led before the Court of First
instance Skopje 2. Namely, the State prosecution office has filed charges against Swisslion
LLC Skopje for determining the nullity of the signed agreement with the Ministry of economy for
the sale of 5 339 shares of Agroplod A.D. Resen.
MICROGRANULAT AND KARPOS – PREDILNICA
Annulment of the registration
The Securities Commission will demand the Central Register of the Republic of Macedonia
to annul the decision for registering the joining of Mikrogranulat A.D. Tetovo with the Karpos –
Predilnica A.D. Kriva Palanka. At the same time, KHV has reached a decision with which
Karpos – Predilniac A.D. Kriva Palanka and the person liable, are being indebted to perform the
annulment of the registration. The Securities Commission commanded the Macedonian Stock
Exchange A.D. Skopje to timely stop the trading with the shares of Karpos – Predilnica A.D.
Kriva Palanka, and the Central Depositary of Securities A.D. Skopje for a period of time not to
operate the non trading transactions of the shares of Karpos – Predilnica A.D. Kriva Palanka.
the Bank is made, which amounts ordinary shares and 6.097 preference shares.
601.573.440, 00 denars, and the same is divid- The nominal value of one share amounts 1.720
ed to 343.655 ordinary shares and 6097 pref- denars. This decision will be realized after the
erence shares, by annulling 4.477 own shares
in amount of 7.700.440, 00 denars. The nomi-
registration in the trade register.
On the assembly, the shareholders have
nal value of one share is 1.720, 00 denars. adopted a decision for the Business policy and
After lowering the basic assets, the initial the financial plan of KIB AD Kumanovo for
capital of the Bank will amount 593.873.000, 2008, as well as the Development (Strategic)
00 denars, and the same id divided to 339.178 plan of the Bank for the period 2008-2012.
Milestone
Last year, the corporation Milestone bought the Corporate Commercial Bank (Komercijal-
no Investiciona Banka) – KIB AD Kumanovo. After the last emission of shares Milestone owns
90, 98% of the ordinary shares. So far, the Milestone Corporation invested in Macedonia over
22, 5 million euros. Otherwise, milestone owns 50% of Zegin, and 50% of Zegin Tin (owner of
wine vault Lozar Veles).
Milestone is a Nordic group, which functions in the field of banking, insurance and mana-
gement with finances. Milestone’s mission is to establish itself as a leading Nordic financial
group which offers investments in its own basic industries.
Milestone owns and manages Sjova, one of the biggest insurance companies, Invik & Co,
Swedish financial group and Askar Kapital, investments bank.
The net income of Milestone inclusive with 2007 amounts 21, 332 million ISK, the total
obtainable capital amounts 69, 513 ISK, whereas the total assets is 391, 627 million ISK.
Last week, the corporation donated 60.000 euros in charity in Macedonia. Of them, 30.000
to Polio Plus NGO intended for aid of the people with special needs and the other half to the
Museum of Macedonia, respectively for the support of its task in continuing the research, pro-
tection and representation of the historical and cultural heritage of Macedonia.
Milestone announced donation for the education, respectively for offering scholarships to
students for Macedonia, who want to get a diploma for postgraduate studies in the field of
finances and marketing at one of the universities in Island.
 Date 26.05.2008 number 24
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
1. SHORT REVIEW OF EVENTS
C O N T E N T S
Apart from the regular reports and reviews for the
occurrences on the Stock Exchange, the newsrooms al-
so relay the atmosphere from the Saturday’s concert of
INTRODUCTION . . . . . . . . . . . . . . . . . . . . . . . . . . 3 the Balkan star Zdravko Colic and the English pop gro-
up Sugababes which was held on Makedonija square
SECURITIES COMMISSION. . . . . . . . . . . . . . . . . . . . . . . . 4 and which was organized on the occasion of the rebran-
ding of Makedonski telekomunikacii into T-Home in the
KIB AD KUMANOVO. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 economic columns of today’s edition of the daily news-
papers.
berzNIK, MONDAY, TUESDAY, WEDNESDAY........... 5-7 - Money are becoming expensive, is the title of the
interview with the First General Manager of Stopanska
CONVERSATION ON THE OCCASION. . . . . . . . . . . . 8-9 banka Gligor Bisev, published in the daily newspaper
Vecer, in which he states his opinion about the events
INTERVIEW: KOCE PETROV, OWNER OF DUNA regarding the increase of the interest rates of the loans.
COMPUTERS – SKOPJE...................10-11 It is more than certain that by the end of the month the
banks will increase the interest rates of the loans for
LAND POLICY IN MARKET AND CONSUMERS’ about 1%, as a response to the signals they received
INTEREST.........................................11-12 from the NBRM. According to Gligor Bisev, First General
Manager of Stopanska banka, there is no room for the
berzNIK, THURSDAY, FRIDAY, SATURDAY...........13-15 banks to absorb the interest rates increase through mo-
re efficient operation. He predicts that these moves will
WEEKLY MAGAZINES.....................................16 not affect much the citizens and the companies which
are already into debts, and what will the reaction be of
EVENTS THAT MARKED THE WEEK..............17 those who planned to raise loan is yet to be seen. As a
rule, everywhere in the world, when the monetary poli-
WEEKLY REVIEW OF THE MACEDONIAN STOCK cy gives a signal for change of the interest rates, the
EXCHANGE...............................................18-19 banks follow it in one to one ration. Monetary policy has
sent a signal that money becomes expensive through
the increase of the nominal interest rates.
I M P R E S S U M At the end of June, 208 to 30 million euros will flow
into the state budget as a dividend form the profit of last
year’s operation of Makedonski telekomunikacii, Biznis
published. The new government that will be formed by
the parties, i.e. the coalition which will win the elections
will decide for which purpose will be aimed the funds.
Publishing: INTERNACIONAL NIK AD - Skopje Beside the government and the dominant owner Magy-
Media library and digital archive ar Telecom, dividend will be paid to the minor sharehol-
Editors office: berzNIK ders, (they should share about two million euro), and
Address: Square MAKEDONIJA bb, p.box 882 Skopje, 1000, most of them are employees and pensioners from Ma-
R.Makedonija kedonski telekomunikacii.
Phone. 02/25.32.800 faks: 02/25.32.839
web: www.interNIK.com.mk;
- Swedmilk to purchase organic milk, Dnevnik pub-
e-mail: info@interNIK.com.mk lished. Dairy Swedmilk yesterday announced their plan
to purchase organic milk. In that occasion the company
Executive Director: Zdravko Josifovski will organize informative campaign for farmers from six
Account Menager: Divna Pesic regions in the country. Meetings with farmers from Bito-
Public relations: Natasa Dimovska la, Kavadarci, Lipkovo, Mavrovo and in company’s pre-
ICT Manager: Kiro Velkovski mises are planned for next week.
Marketing manager: Ivona Josifovska - Basic rule for the organic milk is that the fodder
Assistent: Stojne Danilova
Logistics manager: Ana Petrova 2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS
Finance manager: Gordana Stojanovska
1. SWEDMILK- CAMPAIGN FOR ORGANIC MILK PRODUCTION (*****)
STOCK EXCHANGE REVIEW OF EVENTS IN THE 2. ON MSE RISKY, IN INVESTMENT FUNDS SAFE (**)
PRINT MEDIA berzNIK
DNEVNIK
berzNIK is founded in year 2007. p.1 MONEY STARTS TO BECOME EXPENSIVE
p.5 SWEDMILK TO PURCHASE ORGANIC MILK
STOCK EXCHANGE REVIEW OF EVENTS IN THE p.7 BIG DEMAND FOR MACEDONIAN WORKERS
PRINT MEDIA berzNIK p.7 THE PRODUCTIVITY MUST INCREASE
Number: 24 p.7 CARRIERS OF THE YEAR DECLARED
Date: 26.05.2008 BIZNIS
p.1 RISKY ON MSE , SAFE IN INVESTMENT FUNDS
IT IS DISTRIBUTED FOR SUBSCRIBERS ONLY p.1 A LOT CAN BE DONE, WHAT LACKS IS PRO-
MOTION AND CONTACTS
FRONT PAGE PHOTO: p.2 INVESTBANKA BLOCK – POSITIVE SIGNAL
INTERNATIONAL CONFERENCE IN
FOR INVESTORS
CONTINENTAL
p.3 IN JUNE WILL BE PAID THE LAST YEAR`S DIVI-
Photo: DEND OF AT LEAST 28 MILLION EURO!
Robert Spasovski p.4 ON MSE RISKY, IN INVESTMENT FUNDS SAFE
p.11 BUSINESS COMMUNITY INCLUDED IN PROG-
Editorial staff of berzNIK RAMME PREPARATION
Internet distributive system: www.interNIK.com.mk p.15 DEPRECIATION OF MBI-10, INCREASE OF MB-
Editor: Makedonka Baldazarska ID AND OMB
Journalist: Vaska Mickoska, Kiro Simonovski p.15 THE OFFICIAL MARKET WITH 16.8 MILLION
DTP: Tatijana Trpkovska DENARS OF TURNOVER
Editorial staff: p.15 MBI REPORT FOR 16.05.2008
News Evaluator: Anita Bashoska, R. Tasovska UTRINSKI VESNIK
[operators]:Mare Lazarevska, Arslan Skoro, Zoran Stamatovski, p.7 FOR THE BROKERS THE PRICE OF THE OIL
Martin Arsovski, Gorge Redzik, Toni Arsovski i Darko Tripunovski
[translators]: translator's manager Senka Mihajlovska, Angelina
WILL INCREASE AND FOR OPEK IT WILL STA-
Filipovska, Slobodan Trajkovski, Aleksandar Stamenkovski, Aneta
BILIZE
Menoska, Filip Koviloski, Darko Ivanovski p.7 CAMPAIGN FOR ORGANIC MILK PRODUCTION
Fotoreporter: Robert Spasovski p.7 IFC TO SUPPORT INVESTMENTS IN MACEDO-
NIA
Marketing, distribucija i prodazba: p.10 WORLD ECONOMY ON THE EDGE OF THE
INTERNACIONAL NIK AD - Skopje DISASTER
p.10 SLOVAKIA GETS THE GO – AHEAD TO ADOPT
berzNIK
5
19.05.2008 MONDAY
must be organic. Cow milk is considered organic after
six months feeding with fodder with certificated organic
origin. According to company’s records organic produc-
tion is the most emerging sector in the world farming. As
of 1990, the sell of organic food in Europe increases
from 20% to 24% a year.
- Today’s edition of the daily newspapers relayed
the weekly stock exchange analysis, according to
which, there was a small turnover on the Stock Exchan-
ge last week as well. A turnover of 2.3 million euros was
hardly realized within these five working days together
with block transaction of Invest Bank-Skopje by which
over thousand of shares have been sold for a sum of
144,000 euros. The biggest turnover was realized on
the Official market of over 80% from the transactions.
The first five companies were Komercijalna banka-
Skopje, Alkaloid, Construction Company Granit, Makstil
and Makpetrol. The value of the shares declined throug-
hout the week, only the share of Fersped recorded an
increase of 2.5% and the biggest decline of over 13%
recorded RZ Instituti The stock exchange index MBI-10
recorded growth of 1.05%. The index of publicly owned
companies MBID increased by 0.38% and the bond in-
dex OMB increased by 0.14%.
On MSE risky, in investment funds safe, is a head-
line in today’s edition of the daily newspaper Biznis.
Saving in bank does not provide profit, because an-
nual interest rates move between 8% and 10%. There-
fore, most of the citizens redirected their money towards
the stock exchange currently overwhelmed by calm and
trade fall. Investing across investment funds guarantees
safe profit. In this case, investing is entrusted to profes-
sionals who invest money on foreign securities markets.
But, this is not the only advantage compared to individu-
al investing. The basic advantage lies in the fact that in
accordance to The Law of Foreign Currency Operati-
ons, investment funds can invest in foreign financial ins-
truments, and domestic natural and legal entities do not
have that opportunity.
Utrinski vesnik published the analysis of Deutsche
Welle, according to which, the brokers predict that the
price of the oil will increase, unlike the representatives
of OPEC, who claim that it will stabilize. In any case,
they agree that the price of the oil will increase with cer-
tain oscillations until the end of the year, warn the ex-
perts and this will of course not go round our country.
The estimations of the brokers are different and are mo-
ving from 140 to 200 dollars per barrel of crude oil.
THE EURO
VECER
p.1 WE GOT IN MACEDONIA THROUGH THE
FRONT DOOR
p.6 ORGANIC MILK FOR HIGHER PROFIT
p.7 THE STOCK EXCHANGE RECORDS LOW
TURNOVER THIS WEEK TOO
VREME
p.6 THE POLICY REDUCED THE TRADE
p.6 BILLIONAIRE CONVINCES YAHOO TO ACCEPT
MICROSOFT`S OFFER
p.7 BIG TAXES SHOCK THE SMALL COMPANIES
p.7 OIL PRICE BREAKS RECORDS
VEST
p.3 SWEDMILK- CAMPAIGN FOR ORGANIC MILK
PRODUCTION
p.4 THE AGREEMENTS WITH T-HOME DO NOT
HAVE TO BE SIGNED
NOVA MAKEDONIJA
p.9 2 MILLION EURO TURNOVER LAST WEEK
p.9 THE GREEK BLOCKADE LOOSENS?
p.9 THE PRODUCTS OF IGM TRADE WITH CE-
MARK
p.9 SLAVESKI WILL PRESENT MACEDONIA IN
FRONT OF EBRD
p.9 OIL BREAKS RECORD AGAIN
p.9 THE FARMERS CAN EARN MORE ON ORGAN-
IC MILK
SPIC
p.4 FIRST FREIGHT CAR WAGONS ALLOWED
PASSING TOWARDS GREECE
 6 berzNIK number 24
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 26.05.2008

20.05.2008 TUESDAY
1. SHORT REVIEW OF EVENTS
The announcement of the Minister obliged concession of Macedonian airports. For conces- business will remain without work because of
for attracting foreign investments, Vele Samak, sion, this comprises building, reconstruction and small profitability and the impossibility to use
for the entering of French company in free eco- usage of the airports Alexander the Great and European funds, state experts for Dnevnik,
nomic zone Bunargik, is the most significant St. Apostle Paul, and for construction of new analyzing what will mean the Macedonian acce-
news in today’s printed media. The company will cargo-airport in Shtip, documentation had sub- ssion in the EU.- The European market will tell
produce aluminum engine parts for ford, Rena- mitted the companies TVA from Turkey, Vienna who can and who cannot be part of the competi-
ult, Citroen, and other brand names. - This will airport from Austria, Hochtief from Germany and tive relations. In order not to happen complete
be the first French Greenfield-investment in Bu- Egis from France/Great Britain. The second downfall of small businesses, firstly, laws should
nargic, which will make turning point in attract- phase of tender will start after detail considering be adopted in order to support the bulking and
ing investments in Macedonia. The profit , that of documentation, when the commission for im- maintaining of small business and small agricul-
will make the company in Macedonia ,will plementation procedure will submit demand for turalists - recommends Professor Boris Anakiev.
amount over 300 million euro in the following fi- offerings from qualified companied. From the air But, apart from that, the contributions from the
ve-ten years much more than Johnson controls traffic, media marked the landing to Skopje’s air- EU entrance, are still greater that the losses, be-
and Johnson Matthey together, underlines the port of the new Macedonian charter company cause that would mean increased foreign in-
Minster Samak, who expects the Board of Di- Airlift service, that form the following week vestments, obtaining European money and sup-
rectors of the French company to make final de- should have flights on relation Sofia – Ohrid, two port in introducing higher standards for producti-
cision in the following days or weeks. times in a week during the summer. on and safety.
Another foreign investment, but this time in Deutsche Telecom reported the Commissi- In Stock market an analysis of Bizniz reads
the baking sector, is top news in today’s news- on for protection of competition for entering of that, foreign investments have increased the
papers. Namely, Damir form Netherlands has the German brand name in Greek OTE, with participation on the Official market on the Stock
signed contract with IK Banka, for purchasing of which can be made monopoly in mobile telepho- Market the previous month. According to statisti-
the controlling stake of shares. The undertaking ny in Macedonia, because this company, with cal data on the Stock Market, foreign participati-
will be realized when the two banks will receive the bargain, will become proprietor of T-Mobile on has increased for one percent, respectively
permission from National Bank of Macedonia and Cosmofon, inform the newspapers. What foreign legal entities had participated with
and competent regulators in Netherlands. The will happen at us, where in accordance with the 20,51%, and the foreign physical entities with
price ,at which will be sold over 62 percents of regulations for protection of competition, one 2,29%, with which the total participation of for-
the capital of IK Banka ,haven’t been announ- company can own two mobile operators, the bo- eigners on the Official market and with shares
ced, but from IK Banka are expecting the new dies in competence decision is still to come. If and bonds amounts 22,81%.
shareholder and strategic partner of the bank to the commission ascertains that this bargain From the world’s news, the media marks
keep and increase the trend of increase and de- would make monopoly in mobile telephony in the news for another increase of petroleum pri-
velopment of its experience and resources, with the country, then the Greek OTE should sell ce over the limit of 127 dollars per barrel, which
this will be provided additional opportunities and Cosmofon. According to the newspaper, the followed after the statement of the president of
advantages for the companies and citizens in commission for protection of competition, in pe- OPEC, that petroleum production will not incre-
Macedonia. riod of 25 to 90 days will come with decision for ase, because the world is already sufficiently su-
Printed media followed the public opening this case. pplied.
of tender documentation in the first phase for Large number of agriculturalists and small
2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS
1. THE FRENCH TO INVEST 60 MILLION EUROS IN BUNARDZIK (*****)
2. DUTCH DHB BUYS EC BANK (*****)
DNEVNIK NARDZIK
p.5 ANTIMONOPOLY COMMISSION TO MONITOR THE MERGING VECER
OF T-MOBILE AND COSMOFON p.6 THE FRENCH TO INVEST 60 MILLION EUROS IN BUNARDZIK
p.8 AIRLIFT SERVICE- NEW MACEDONIAN AIRLINE p.6 IK BANK UP FOR SALE TO DHB BANK
p.8 THE EU INTEGRATION WILL EXTINGUISH THE SMALL FARM- p.7 IS THERE GOING TO BE MONOPOLY IN THE MOBILE TELEPH-
ERS ONY
p.9 HOLLAND DEMIR HALK BANK BUYS EC BANK p.7 FOUR COMPANIES RACING FOR THE AIRPORTS
p.9 FOUR COMPANIES IN RACE FOR MACEDONIAN AIRPORTS VREME
p.9 FRENCH COMPANY POTENTIAL INVESTOR IN BUNARDZIK p.6 THE DUTCH TOOK OVER IK BANK
BIZNIS p.6 TOMAS MIROW – NEW PRESIDENT OF EBRD
p.1 PRODUCTION OF PARTS FOR THE ENGINES OF FORD, RENA- p.6 MOBILE TELEPHONY EXAMINED BY THE ANTI MONOPOLISTS
ULT... p.7 THE FRENCH TO ENTER BUNARDZIK
p.1 DEMIR-HALK BANK BUYS CONTROLLING STAKE OF IK BANKA VEST
p.4 AIRLIFT SERVICE TO BRING TOURISTS FROM SOFIA TO p.3 DUTCH BANK PURCHASES PACKAGE OF SHARES OF IK BANK
OHRID
p.12 112,382,000 DENARS TO BE UNVEILED p.6 AN – 24 OF AIRLIFT SERVICE LANDED
p.12 REPLEK WITH PROFIT OF 48 MILLION DENARS p.6 FOUR COMPANIES TO SUBMIT OFFERS FOR THE AIRPORTS
p.12 CONVERSION OF PRIORITY SHARES NOVA MAKEDONIJA
p.13 MBI-10 DROPS BY 9, 39 INDEX POINTS p.8 AIRLIFT SERVICE TO FLY CHARTER
p.13 SHARES OF GRANIT SKOPJE-THE MOST TRADED p.8 FOUR COMPANIES TO GO AFTER MACEDONIAN AIRPORTS
p.13 MBI REPORT 19.05.2008 p.8 DEMIR-HALK BANK TAKES OVER IK BANKA
p.15 INCREASED TRADE PARTICIPATION OF THE FOREIGN INVES- p.8 GRANIT WITH 50 PER CENT OF THE STOCK EXCHANGE
TORS TURNOVER
p.16 PETROLEUM PRICE OVER 127 DOLLARS AGAIN p.8 FRENCHMEN WILL PRODUCE CAR ENGINE PARTS FOR
UTRINSKI VESNIK FORD, AUDI AND PEUGEOT IN BUNARDZIK
p.9 IT WILL BE EXAMINED WHETHER THERE WILL BE MONOPOLY SPIC
IN MOBILE TELEPHONY p.6 FOUR COMPANIES SHOW INTEREST FOR MACEDONIAN AIR-
p.11 DUTCH DHB BUYS EC BANK PORTS
p.11 THE OFFERS ON AIRPORTS CONCESSION – OPENED p.6 DEUTSCHE TELEKOM STARTS DISSUADING
p.11 MAKPETROL WILL PAY DIVIDEND OF 1 000 DENARS PER SHA- p.6 FORD, RENAULT AND CITROEN WILL USE MACEDONIAN
RE PARTS?
p.11 FRENCH COMPANY WITH GREEN-FIELD INVESTMENT IN BU-
 Date 26.05.2008
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
1. SHORT REVIEW OF EVENTS
The strategic partnership between the lead-
ing world company for mobile telephony, Voda-
fone and VIP operator is today’s breaking news
in all daily print media. The first joint product of
these two companies which is presented in Ma-
cedonia is the Blackberry solution, and it is a
matter of licensed technology which enables
easy access to internet and e-mail through mo-
bile phone, and which is introduced in Macedo-
nia for the first time. Nikola Ljushev, Chief Exe-
cutive Officer of VIP, pointed out that the Mace-
donian subscribers can now enjoy the best
products and services from their exclusive part-
nership with Vodafone, which otherwise exists
since 2003. This will also enable more direct be-
nefits as approach to exclusive mobile devices,
services, larger international roaming coverage
and other products of the Vodafone group, as
well as approach to its sponsorships.
Today, there is excellent news for everybo-
dy who wants to make money through the Stock
Exchange. As of the beginning of the next
month they will be able to do that cheaper, i.e.
by lower commission. Practically, since June 1st
this year the stock jobbing on the Macedonian
capital market cheapens. The Securities and
Exchange Commission yesterday reported that
they agreed the new tariffs for the allowances
the Macedonian Stock Exchange and the Cent-
ral Securities Depository. The implementation of
the new tariffs will start on June, 1 and will last
until October, 1, after which an analysis will be
made to determine the effects from the services
number 24
price reduction examining at the same time pos-
sibilities for new price reduction of compensa-
tions, convey all of today’s newspapers.
The Ombudsmen’s office wants termination
of the contract by which Swisslion Company
from Skopje was sold state shares in factory Ag-
roplod from Resen, because the deal had been
signed during election campaign two years ago,
when SDSM was in power. At the request of the
Ombudsmen’s office, the Securities Commissi-
on passed decision two days ago by which it for-
bids Swisslion to possess, sell and pledge sha-
res in Agroplod until the court procedure is over.
There are 5,339 shares which on June 24, 2006
had been sold to Swisslion - Skopje, which is
daughter-company of Swisslion from Takovo,
Serbia, writes today’s issue of Vecer.
Dnevnik conveys interesting topic: - We will
make biodiesel from tobacco seed. The Toba-
cco Institute in Prilep planted specific types of
tobacco on experimental field in order to produ-
ce biodiesel. Director of the Institute, Kiril Fili-
povski, informed that experts in cooperation
with the company Veda are working on tobacco
prototypes which can provide seed for biodiesel.
According to the owner of Veda, Boris Jankov-
ski, previous tests have indicated that biodiesel
from tobacco seed has higher efficiency, and
tests were also made on rocket diesel motor.
If announcements for sale of Investbanka
are true, which proclaimed that an Austrian bank
in a partial ownership of Erste Bank is interest-
ed to buy it, as well as the rumors on IK Banka
berzNIK
7
21.05.2008 WEDNESDAY
for which the Dutch DHB is interested, then the
domestic shareholders who own the dominant
package in the Macedonian banking sector
could be counted on the fingers of one hand.
Out of a total 17 banks only two to three
small banks remained in ownership of domestic
shareholders. In the interview with the Professor
Mihail Petkovski published today by Nova Ma-
kedonija, he explains that the presence of for-
eign capital I positive, nevertheless he adds that
it should not be idealized and brings risks with
itself.
KD funds AD Skopje is the new company for
funds management that received work permit
from the Securities Commission. Founders of
KD funds are one foreign legal entity - KD Asset
Management Company D.O.O Ljubljana and
two physical entities from Macedonia. It is
planned the company to found and manage two
open investment funds.
The results of the yesterday’s trading are
conveyed by Biznis. On the securities market on
Tuesday was carried total trade value of
39.672.916, 78 denars through 189 transac-
tions. The total value by markets was the follow-
ing: on the Official market 31.515.612, 79 de-
nars were realized through 139 transactions,
while the other 8.157.364, 00 denars were reali-
zed on the regular market through 50 transacti-
ons. MBI-10 dropped by 0.14 percent, MBID re-
corded decline of 0.59 percent, OMB recorded
increase of 0.44 percent.

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

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

DNEVNIK p.11 VODAFONE AVAILABLE ON THE MARKET THROUGH VIP

p.7 BIODIESEL FROM TOBACCO SEED p.11 THE STOCK EXCHANGE TURNOVER CHEAPENS
p.7 TTP BITOLA TO EMPLOY 10 PEOPLE VECER
p.7 VODAFONE ENTERED MACEDONIA p.1 SWISSLION TO LOSE AGROPLOD
p.7 STOCK EXCHANGE`S LOWER COMMISSIONS p.6 INVESTMENTS OF 67 MILLION EURO
BIZNIS p.6 SWISSLION TO LOSE AGROPLOD
p.1 PAYMENT OPERATIONS INCREASE AT 260.6 BILLON p.6 TRADE ON MSE GETS CHEAPER
DENARS p.7 BLACKBERRY IN MACEDONIA FOR THE FIRST TIME
p.1 TRADING ON CAPITAL MARKET BECOMES CHEAPER VREME
p.3 VODAFONE ENTERS IN MACEDONIA p.1 THE CRAFTSMEN CHASE THE UKRAINIAN OIL
p.3 TERRAIN FOR POSSIBLE INVESTMENTS IS EXPLORED p.4 KISELA VODA TO SUE THE CEMENT FACTORY AGAIN
p.3 EVN INVESTED 67 MILLION EUROS p.6 THE CRAFTSMEN CHASE THE UKRAINIAN OIL
p.5 PAYMENT OPERATIONS INCREASE AT 260.6 BILLON p.6 VODAFONE FLIED IN MACEDONIA WITH FORMULA 1
DENARS p.7 COSMOFON MAY HAVE NEW OWNERS?!
p.12 ALKALOID, STOPANSKA BANKA BITOLA AND MAKPETROL VEST
TOP THREE p.7 BLACKBERRY ARRIVED IN MACEDONIA
p.12 MSE CHARGES HIGHEST FEES IN THE REGION NOVA MAKEDONIJA
p.12 TRADING ON CAPITAL MARKET BECOMES CHEAPER p.1 MAKEDONSKI ZELEZNICI ARE UNDER GREEK EMBARGO
p.13 DECLINE OF MBI-10 AND MBID EVERY SECOND DAY
p.13 SHARES OF MACEDONIAN STOCK EXCHANGE – MOST p.1 FOREIGNERS BUY ALL MACEDONIAN BANKS
TRADED p.2 FOREIGNERS BUY ALL MACEDONIAN BANKS
p.13 MBI REPORT 20.05.2008 p.8 VIP AND VODAFONE BRING US BLACKBERRY
p.14 SWISSLION`S VOTING SHARES IN AGROPLOD LIMITS p.8 MBI-10 DROPS, SHARES OF “GRANIT” RAISES!?!
p.14 NEW COMPANY FOR FUNDS MANAGEMENT KD FUNDS p.8 SLOVENIAN COMPANY TO OPEN TWO NEW FUNDS
SKOPJE p.8 SC: SWISSLION CANNOT POSSESS ALL SHARES OF AGRO-
p.14 STOPS THE TRADING OF SHARES OF KARPOS-PREDILNICA PLOD
p.14 SHARE BUY-BACKS OF LISTED COMPANIES` SHARES SPIC
UTRINSKI VESNIK p.8 TRADING WITH SHARES GETS CHEAPER
p.11 IS SWISSLION TO REMAIN OWNER OF AGROPLOD FROM p.8 EVN INVESTS 67 MILLION EUROS
RESEN? p.8 VODAFONE COMES IN MACEDONIA
 8 berzNIK
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
CONVERSATION ON THE OCCASION...
JOTI POPOVSKI, WINNER OF THE ENERGY GLOBE AWARD
THE MACEDONIAN INVENTIONS –
USEFUL AND COMMERCIAL?
If on EUREKA, already five Macedonians
have won golden medals, this means that
Macedonia has capacity for innovations.
And one has to invest a lot for the innova-
tions… we should work on concrete proj-
ects that give immediate results, which
are useful and can be commercialized…
Macedonia is poor, but not miserable
country for one not to invest in the
acknowledged inventions…
T
he anaerobic station for purifying utili-
ties and industrial waste water, inven-
tion of the Master of Science Joti
Popovski is the winner of the prestigious
Energy Globe reward, Austrian foundation
that functions under the wings of the United
Nations, the World Bank and the European
council for renewable energy. The technolog-
ical invention of Joti Popovski won in the
competition of 853 projects in the area of wa-
ter conservation, which were submitted by
representatives from 109 states. This was
the reason, two days before the trip to Brus-
sels on the award ceremony,(on the 26th of
May this year, in the European parliament),
to talk with Popovski about his invention that
represents a revolution in the purifying of
waste water and with that in the ecology in
general.
What advantages does Your invention of-
fer in relation to the current technology in the
area of purifying the waste water, which was the
reason for you to won this prestigious award?
- With the anaerobic station for purifying
utilities and industrial waste water, shortly sa-
id, one saves electricity by using alternative
methods, which protects the human environ-
ment. The station purifies the water and pro-
tects the surface water and produces biogas
with high concentration of methane – 87%
that can be used as bio-fuel. In comparison
to the conventional purifying stations, the
The purifying stations – revolution in the purifying the waste water
The inventor, Joti Popovski for two
years now is working jointly with the compa-
ny Intermont D.P. from Skopje, which is the
only company in the world that projects and
executes the anaerobic purifying stations of
Popovski. – More than three years I was in a
search of a foreign partner in order to con-
struct purifying stations, because I see the
future in them. In the invention of Joti, I have
discovered a revolutional solution for purify-
ing the utilities and the industrial waste wa-
ter, charged with organic material – says the
director of Intermont, Dragi Petrusevski.
number 24
anaerobic stations do not spend electricity,
do not require maintenance and qualified
personnel, there is no danger of reeking, in-
sects or infections. These stations are set on
several times smaller space from the con-
ventional stations and because they are im-
plemented into the ground, they do not dete-
riorate the living environment. The purified
water and the sediments can be used for irri-
gation of agriculture products or greenery.
And, what is very important, the price of the-
se stations is much lower than on the aerobic
and the conventional ones for purifying waste
water.
For this invention of yours you have won
several awards, like the award of the Republic of
Macedonia – patent of the year in 2001, Golden
medal with dedication of the 50th Innovation ex-
hibition, researching new technologies – EUREKA
with Brussels the same year, The Medal from the
Government of the Kingdom of Belgium for the
protection of the living environment. Your patent
has won the certificate from the Check Republic
and it is authorized by the World organization for
intellectual ownership, with a siege in Geneva.
From when did you actually start and how did
your work go?
- I am occupied with this issue since
1982, when I have constructed the first bio –
filter thanks to Alkaloid that enabled me an
ecological laboratory to develop this project.
This first bio – filter manufactured biogas with
big concentration of methane – 87%. I have
been performing examinations on it in the
period of 1982 – 1986 but I did not have
enough conditions to construct the station. At
that time, because I had been working with
the waste water of Pivara and Alkaloid, I sug-
gested to make a station for these two facto-
ries, but, whether the economic or the legal
conditions were not allowing this. Actually, at
that time on has been thinking very little
about the ecology. I had the first opportunity
to build the station in 1998 for the Islamic fac-
For Petrusevski is also not logical why the
invention of Popovski is hard to be accepted
in Macedonia, although in the world it is alre-
ady accepted and demanded. From the
example of the collector in Ohrid, the advan-
tages of the anaerobic station can be clearly
seen, says Petrusevski.
– We were in Proakva in Ohrid. Their
pumps, installed in the pre – pump stations
are constantly malfunctioning and burning
out. The station is old more than 20 years
and it is not profitable to invest in it. After we
presented the invention to them, they con-
Date 26.05.2008
ulty in Kondovo, on which I am grateful even
today for the showed trust. This is a very big
deal for me. Even bigger confession is that
this year, when for the first time after 10
years, before delegation of Serbian experts
we opened the valve for sediments at the
station on Kondovo and pure water came
out.
Besides the many world awards and ac-
knowledgements for your invention, in this coun-
try one does not know enough, and it is not used
much practically. What is the reason, according
to you for such indifferent relation of the country
towards this exceptional invention?
- There is a scheme in our country – first
to get affirmed abroad and them to be ac-
cepted at home. Because no one trusts you.
And in other big companies, in big countries
this goes differently. Someone finances for
these things to be done. Here I will say that
we are poor country in this perspective but
not miserable. I think that if on EUREKA alre-
ady five Macedonian have won golden me-
dals this means that Macedonia has capaci-
ty for innovations. And for innovations one
has to invest a little bit. One trip in a foreign
country from one clerk from the ministries,
costs the same as the expenses of the inno-
vator. We can not invest in base or science
projects, to study how the DNA moves, in qu-
anta, to measure, but we have to work on
concrete projects that give immediate re-
sults, which are useful and can be commerci-
alized.
For instance, I, at this moment have one
filter for removing nitrates from the drinking
water. But I have blocked myself financially
and I can not realize it. I need more sophisti-
cated measurement appliance. My garage is
my laboratory. All the laboratory phases I ha-
ve passed with personal means. But in order
to go outside, you must be completely sure.
For that, one needs someone else’s help, or
I will wait when I will succeed to collect
gratulated Joti that the solution is excellent,
but there is no contact until today whatsoev-
er. We have explained to them that with our
purifying stations the water can directly be
let into the lake.
The problem of Proakva is that they
have not paid their electricity bills for two
years, and they pay one million euros annu-
ally. And, our stations for Ohrid cost around
five millions of euros. Meaning, in five years
they will pay the whole investment and they
will not have to pay for million of euros for
electricity in the future.
 Date 26.05.2008
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
enough money for such investments in order
to continue with the work. Or I could find
sponsor from abroad. But is there an interest
for such filter? All of the level spot cities, from
Budapest to Paris do not drink tap water be-
cause these nitrates.
One of the very important performances of
the anaerobic station is that the station in rela-
tion to the conventional purifying stations, costs
four times cheaper. Besides that, the country
prefers installment of stations from foreign
manufacturers. Why?
- We still can not determine why this is
the case, what is the problem or the truth,
why we can not work from around here. From
the Ministry of living environment, after the
meeting they have sent us beautiful congrat-
ulations and promise that we will cooperate.
It was all left to that. Here I must say what it
is that poses an obstacle in Macedonia. The
corruption is an obstacle. Why? The margins
with the foreign producers are much bigger
and being that way, the one buying the sta-
tion does not think further – for maintenance,
paying electricity. He or she thinks about the
margin. This is normal. There are factors that
share the money and they must think whe-
ther with a certain amount of
money they will make only
one station. Here is the prob-
lem. They should find the
most economical technology.
I will illustrate the condition
through two examples. Our
offer for the purifying station
of the police academy was fo-
ur times cheaper than the of-
fer from an Austrian company
that got the job. No one is in-
terested to at least ask why
this is like this. Second exam-
ple is the municipality of Ae-
rodrom, for which we made
free project and analysis, so
the Municipality can apply
with some donor organizati-
on. Our investment for Gorno
and Dolno Lisice for six thou-
sand equivalent citizens was
about 450 thousands of
euros. From the paper of the
municipality we find out that
the mayor for pre – pump pri-
ce has signed an agreement
for nine millions of euros. And
a referendum was planned in
order to start to take 500
euros from every family.
Your stations are already
present on three continents,
which real curiosity is the puri-
fying station installed on the
Antarctic for the needs of the
international expedition. Do you
undertake something and it is
for the placement of your inven-
tion abroad?
- Several days ago I co-
me from Dubai where the se-
cond station has already
number 24
been built. Three more stations are going to
be built there on the island of the sheik. And,
Dubai, at least according to me is one of the
biggest construction locations in the world,
where huge amounts of money are spent.
There is also interest from the Chinese that
berzNIK
9
have managed to come only to Budapest
because they did not get an entrance visa for
Macedonia. So, they have sent in Hungari-
ans to see and to bring the results from the
analysis that are being performed in the lab-
oratories of the former Zelezara. We got an
offer even from India, for 11 stati-
ons, but they also have vias prob-
lems because they have to travel
all the way to China for them.
From the other hand, our authori-
ties have demanded the Chinese
and the Indian citizens to have an
agreement signed with us in order
to be given the visas. Are we not
fighting for foreign investments?
We receive offers from Brazil, Ca-
nada… We have been called to
go in turkey in order to present the
station. However, we can not think
about much serious approach and
placement for now, because we, I
mean my Ecological bureau and
Intermont D.P., the company that
manufactures and installs the
anaerobic stations, do not have
the power to advertize ourselves.
The state should finally meet
this technology and to help us,
because these purifying stations
are home made patent. Even the
total raw materials, including the
paint against corrosion are of
Macedonian origin. From the
other side, one can not forget that
the first assignment as a state,
which we are going to get after
the admission in EU is to purify
the waste water. Especially the
water that pours into the river
Vardar, because in a way, it goes
in the Union. Anyhow, a state pro-
gram should be made for this
problem. As two small companies,
we can not make this kind of pro-
gram – it should be made on the
basis of the anaerobic purifying
stations for utilities and industrial
waste water.
V.M.
10 berzNIK
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
INTERVIEW: KOCE PETROV, OWNER OF DUNA COMPUTERS – SKOPJE
WITH THE SOFTWARE FOR MARKET
ANALYSIS – WE CONQUER NEW MARKETS
Customer Relationship Management (CRM) is software for market analysis, sales analysis tools. There is nothing like it on
the market. Of course, lots of other CRM solutions which satisfy certain needs can be found, but we succeeded in focusing
on something that cannot be found. DUNA already has its software which it sold in Serbia, Kosovo, in Bosnia, as well as in
Azerbaijan. Next to come is Armenia, afterwards Bulgaria, then Kazakhstan, Kirghizstan…which means we are conquering
*The Institute for Information Research was
opened in Stip, last week. Duna Computers
together with Makpromet appeared as founder.
Who came with the idea, did Duna Computers
have a direct need of establishing this kind of
Institute in Macedonia?
- Exactly. We felt the need of such
Institute for a long time. I consider that open-
ing such institution which will provide devel-
opment of IT products, IT solutions, IT serv-
ices is more than necessary. The idea how-
ever began absolutely unexpectedly. On
October 11, the Yachtsmen Association of
Macedonia, Pampur, organized Regatta in
Croatia. By chance, the Director of
Makpromet from Stip, Mile Atanasov was
there as well, and during all that socializing,
he asked me to come in his company and
scan his IT infrastructure. That is when the
idea of doing something together was creat-
ed.
The project “Three I” is also a joint prod-
uct of Duna Computers and Makpromet, and
number 24
new markets.
actually is abbreviation of
the Institute for Information
Research. This project has
few dimensions: develop-
ment of prepared IT-pack-
ages, something that every-
one can buy from a shelf
and use it without additional
supports and frustrations
such as: where is the pro-
grammer, etc. The second
thing is to help with the
development in that region.
Besides Mile, I come from
the region as well, so we
decided to enable the young
people from this town to
progress in the IT. Duna
employs programmers from
different towns and some of
them are travelling every
day, some of them live here,
and give away great part of
their salary for rent in Skop-
je. This way, locally things
are much simpler. And third-
ly, after the faculty in Stip
was opened, we agreed on
cooperation with the Faculty
of Electrical Engineering, so
we plan on combining all of
that and now that all the
dices are at one place, the
mosaic gave even more beautiful image –
“Three I”.
That is why we decided to invest in it.
One of the things will be development of the
Apple solutions, which of course dovetails
directly in our business.
*When it comes to Duna Computers the first
association is the showroom in the City
Shopping Center and one fabulous HD Cinema
Display from Apple. Whose was the idea for intro-
ducing the Apple products in Macedonia?
- Technically, we try to introduce new
ideas which at the beginning, in our country
seem impossible to be done. It was the case
with the laser printers which worked 45
pages in a minute. Everybody said that such
thing does not exist. The same happens now.
I believed that the mobile devices can be
used even by a collector (it is now used in the
PE Water Economy) unlike the others, who
did not believe in that. The apple products
attracted us ten years ago, but in my opinion
Date 26.05.2008
it is not enough only to be a representative,
to import them and to sell their technological
achievements. Obtaining the agreement was
simply the easiest thing. Certain standards
should have been respected, such as the
Apple Store we opened in the City Shopping
Center – in a big store, to put very few things.
Usually in our country, in a small store you
put everything. But when it comes to Apple
they have quite different philosophy. It is like
a piece of art, and the piece of art does not
tolerate uploading, it needs space to breathe,
the man should be able to look from all
sides…
*What is your strongest sector at the
moment? Why brings you most profit?
- Well, I can say we are the strongest at
what we started. At the moment we have a
game of luck at Duna Computers, which
means that everyone who rents a copier on
leasing becomes participant in a game of
luck for a vehicle type Ford Fiesta. We really
have lots of renters here. Starting from
Telekom, T-mobile, to companies such as
Alkaloid, etc…, lots of clients, from small to
big ones. We see the purchasers as benefici-
aries of services. The IT sector is a service,
not a product. All the major companies are
somewhat oriented towards software, and
leave the hardware to the Chinese and
Koreans, where the production is cheap. We
follow that trend, as a matter of fact that was
our primary idea, to sell services, and not
boxes…
*Does it mean that the Apple products are
selling good in Macedonia? With the dynamics
you projected?
- Well, more and more. Even more than
the dynamics we projected. We succeeded
to sell them on retail, respectively home
based; we already managed to sell it to com-
panies, as a complete IT solution. More and
more often the companies replace the old I-
Mac computers, they put wireless infrastruc-
ture of Macintosh, and they buy Apple
servers… So, we have companies which are
exclusively oriented to the Macintosh opera-
tive systems.
*Why do not we make it clear for the readers,
what is actually the difference between the HP
operative system and the Linux, respectively
working with Macintosh?
 Date 26.05.2008
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
- Apple is an excellent example for that.
They started in the eighties of the last centu-
ry by producing computer in a garage and
after a short period of time they could not sat-
isfy the demand. Afterwards they invented
the first graphic interface, and afterwards
they introduced fire-wire. I want to say they
were the first ones to commercialize. Today,
the new MacBook Air has no CD ROM. It
means that in five years even a CD would not
exist. It will simply be replaced with flash
drives, just as it was the case with the floppy
discs. “Apple” are leaders when it comes to
that. I believe that even the latest things in
the I Phone, such as multi-touch screen; will
become standard at every phone in a short
time, because it offers certain benefits to the
users which are already proven.
Last year, we organized mini fair for the
Apple products and during it I made larger
analysis regarding its philosophy.
For example in the Hollywood industry,
they say “bad guys use Windows, good guys
use Apple”. For example in “24” the series,
the good ones CTU, use Apple, and the bad
one use Windows. Not by chance, it repre-
sents a symbol of originality.
*Do you have strategy about where would
you develop in the future? Do you consider entry
on the Stock Exchange eventually?
- We have discussed that lots of times,
but that seeks for a more serious approach,
having in mind that the Stock Exchange is a
serious thing. I honestly think that today no
one from the IT sector can complain on not
having job. Duna already has its software
which it sold in Serbia, Kosovo, in Bosnia, as
well as in Azerbaijan. Next to come is Arme-
nia, afterwards Bulgaria, then Kazakhstan,
Kirghizstan…which means we are conquer-
ing new markets.
*What in fact are you selling? What kind of
software is it about?
- Customer Relationship Management
(CRM) is software for market analysis, sales
analysis tools. There is nothing like it on the
market. Of course, lots of other CRM solu-
tions which satisfy certain needs can be
found, but we succeeded in focusing on
something that cannot be found.
Certain companies loved it and accepted
it.
*What are the Human Resources Duna Com-
puters has on disposal?
- The portfolio of Duna Computers is
wide: from production of software, offering
software services, service, selling computers
and printers, renting printers and copiers,
selling fiscal cash-registers. I always find out
about the number of employees when we
have ISO 9001 recertification, and which is
conducted once a year. The number of con-
stantly employed is somewhere from 40 to
50.
*So, you have introduced ISO certification…
- In 2001 we have introduced ISO 2001,
number 24
and in 2004 we have introduced ISO 14001
– Environmental standard. Lots of people
said why do you need, you do not pollute.
But I say we do. The first thing we did was to
replace the old vehicles with new mopeds.
On one side it gave us greater mobility, and
on the other side the emission of gases
released by the previous vehicles is lowered.
So such a small segment, but when I saw
how much our computer repair technicians
move through Skopje, I realized that it was
not so small. When all the companies would
do the same, we would have fresh air in
Skopje.
*What are the beginnings and the ascent of
Duna Computers?
- Duna computers is founded in 1994 by
Aleksandar Pajkovski and me. When we
graduated on the Faculty of Electrical En-
gineering, the IT business in Macedonia just
started development and we decided to sell
computers and printers. We immediately saw
that there are other things in the IT sector
such as software development, development
of mobile and printer solutions, in other
words something that the other companies at
that time did not offer.
We realized the first major deals by print-
ing, like for example during the introduction
of the first election identity cards in
Macedonia. All of those thousand of identity
cards should have printed in 14 days, with a
delivery deadline of 15 days. We succeeded
in providing machines which print 45 pages
in a minute, something that at that point was
unimaginable, seeing that the fastest printer
was four pages in a minute. Somehow we
got specialized in that field of printing and
production of documents, as well as in the
mobile solution at the same time. We have
longtime experience in this field, which is
why our beneficiaries are one of leading
companies in Macedonia.
*Why do not we make a parallel, the results
then and the results 14 years later?
- Well, there is a lot of difference. Then, a
smaller company, lower turnover, lot less
expenses. Even today when we have meet-
ings, we say that at that time we knew every-
thing, whereas now everything is different.
More employees, we do not have insight at
everything, everyone has certain responsibil-
ities. Also at that time the competition was
smaller, and the business was better, the out-
come was higher. Today is much more diffi-
cult, because the changes in the technology
go very fast. Then we had a situation, one
operating system for mobile computers to
last for seven, eight years. Today, Windows
Mobile, Windows C, every half a year some-
thing new appears and you should adjust it.
All of this means daily monitoring of the new
flows, because if it all remains on what you
have then you are facing the end, especially
in the IT sector.
There is no stopping here. On the other
side, it is a positive feedback, which makes
you to invest even more, to learn and you
simply do not when it ends.
K.S.
berzNIK
11
LAND POLICY IN MARKET AND
CONSUMERS’ INTEREST
COMPETITION
– CHALLENGE
FOR FAMILY
FARMERS
Agricultural stimulations allocated for this year
and the announced support will make
Macedonian farmer competitive on the domes-
tic and European markets within the next four
years
The promotion of agricultural competi-
tiveness in order to face the global chal-
lenges was subject of the International
Conference that took place in Skopje last
week and was organized by the Farmers’
Federation of the Republic of Macedonia
(FFRM). The EU Ambassador to Macedo-
nia, Mr. Erwin Fouere, also had his address
in presence of representatives of the agri-
cultural sector from almost all countries in
the Region. Greeting the idea for holding the
Conference, he conveyed part of the experi-
ences of his native Ireland, one of the lead-
ing European countries regarding growing
economies in the last decade and presented
his position on the situation with the agricul-
tural sector in Macedonia.
- In Ireland the situation has changed
drastically. It is a more industrial country
now, however, agricultural traditions in cer-
tain fields still exist, especially in sheep
breading. This is something we also want to
preserve in countries like Macedonia due to
the large challenges it is going to face when
joining EU. If this begins early, the difficul-
ties that countries like mine had faced will
probably be avoided. Therefore, I greet this
initiative by FFRM on gathering experts
from the region and some European coun-
tries such as Sweden, who are present here
to exchange experiences. The common
land policy of EU, which was developed by
its first six member countries, is essential for
the competitiveness of European agriculture
and agricultural sector as a whole, which
includes 90 million posts, the Ambassador
Fouere emphasized.
In his exhaustive speech on this subject
he indicated that in Western European
countries subsidizing the agriculture in order
to secure the food supply was past and now
the EU policy was focused on food manu-
facturers, from cereals to gardening and
fruit-growing, in order to be able to stand on
their own feet and be a competition both to
European and world market.
- The latest land policy development is
designed to adjust (based on the experi-
ence from 2003 reforms) and be convinced
that the policy can handle the modern chal-
lenges such as climate changes. European
Commission is completely devoted to the
continues on page 12
12 berzNIK
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
LAND POLICY IN MARKET AND CONSUMERS’ INTEREST
continues from page 11
issue on agricultural competitiveness.
However, to be competitive does not mean to
have lower price, but a better quality, to pro-
duce, for example, wine, cheese, and meat
that the consumers worldwide demand. For
those who compete for high quality products
it is important to have access to labeling and
geographic origin system and quality recog-
nition. The rural development policy is also
an essential element, which means not only
improvement of products’ quality but also
improvement of the life quality in rural areas.
Manufacturers must adjust to new political
and economic circumstances and, as Mace-
donia being a candidate country, there are
many things that should be done in order to
prepare the country to adjust to EU member-
ship criteria. Rural municipalities here, as in
Ireland before, suffer form a high percentage
of immigration and deserted houses. There
are small sheep breeding farms that cannot
endure due to low prices of their
products. For example, they get only
20 denars for a kilogram of wool on
the market. A lot should be invested
in order to preserve the tradition on
a local level, for instance sheep
breeding and sheep products. It is
very important agricultural communi-
ty to survive, as well as to synchro-
nize production and market demand
and develop placement and market-
ing. We are already providing funds
for rural development through vari-
ous financial instruments and the
projected for development in the
period between 2007 and 2009
amounts to 90 million euros. This
shows the enormous potential in this
and closely-related fields like agro
tourism, which was very successful in Slo-
venia, where many agricultural farms devel-
oped their homes by the aid of the EU pre-
accession funds, Mr. Fouere explained.
As a closing statement Mr. Fouere also
indicated the key role of the Federation in
increasing the agricultural competitiveness,
which has the leading role in all sector inter-
ventions, whilst the task of authorities being
the development of policies that correspond
to market and consumers. The progress of
agricultural competitiveness is a large chal-
lenge and the ways to achieve that are not
easy at all, but I have no doubts that
Macedonia and the agricultural sector will
respond to that challenge, Mr. Fouere said at
the end of his speech.
At the Conference, Mr. Dragi Dimitri-
evski, Professor at the Faculty of Agriculture
and Food in Skopje, also had his presenta-
tion on the situation with the Macedonian
agriculture, as well as on the FFRM role.
- Macedonian agriculture is a significant
economic sector, taking the third place
regarding Gross Domestic Product with
approximately 12%. For a long time now,
Macedonian agriculture has been a sector
that supports the entire economy and to
which belongs around 20% of the labor pur-
suant to the International Labor Organization
number 24
and methodology. Its development as of the
year 2000 to date can be manifested through
the changes in the gross value of production,
which constantly increases. Moreover, char-
acteristic of the Macedonian agricultural sec-
tor is that the ratio between vegetable pro-
duction and stockbreeding production is
unfavorable. It indicates that it is not on the
level of high-developed countries yet, and
that the vegetable production makes three
quarters of the total production, Mr.
Dimitrievski pointed out.
We do not use the production capacities
enough and it is a problem Macedonia has
been facing since its independence to date.
Additionally, in the period from the year 2000
to 2007, a reduction of agricultural areas has
been detected. About ten years ago, agricul-
tural arable areas spread on approximately
660 000 hectares, while today we have a
decrease for over 100 000 hectares.
Macedonian agriculture evolves in two
main agricultural structures – agricultural
enterprises, companies that emerged from
former agro-plants and some new ones,
which are market-oriented and where 20% of
the agricultural land is located, and on the
other hand, those that are important for pre-
serving the traditions – family economies, an
area where the Federation operates. They
cultivate approximately 80 percents of the
agricultural small-sized and fragmental
areas, and larger attention should be paid to
this agricultural structure in future. According
to inventory in 2007, 193,000 family agricul-
tural economies cultivated around 260 000
hectares. However, in average it is a matter
of a very small structure, i.e. very small farms
with less then one and a half hectare of land
with parcels. One agricultural family has
approximately eight to 10 parcels, where
modern mechanization cannot be used. The
economy there cannot leave its mark and
that is the field that should be worked on in
future in order to surmount the problem.
Production trends in Macedonian agricul-
ture are relatively stabile as of 2000 to date,
but yields are low, particularly in production
of crops and industrial cultures. Regarding
stockbreeding production, the number of cat-
tle has dropped and especially devastating is
the situation with the sheep breeding com-
pared to the past, when there was four times
Date 26.05.2008
more livestock. In this sector yields are also
very low in comparison to yields in developed
countries. Stockbreeding depends a lot on
the fodder import, mainly granular, which
means that potentials in this sector are limit-
ed, especially those that are dependant on
concentrated provender both in pig breeding
and poultry.
Macedonian agriculture competition is at
a low level, from many reasons, among
which is the small structure of family agricul-
ture economies in whose possession is most
of the capacities. Low yields lead to
increased production expenses, i.e. high
price that prevents the market competitive-
ness. They are worked on, but have not been
reached yet.
The processing industry as part of the
food production chain “from field to table” has
its flaws, and no cooperative relations have
been established since nobody has invested
in it for many years.
Regarding the impact of the land policy
over competitiveness, one can say
that for a longer period of time the
treatment of the country and the land
policy was inadequate, i.e. there was
a low level of budget support. The
main land policy consisted predomi-
nantly of relatively higher protection
policies on the market, but as
Macedonia is becoming World Trade
Organization member, the protection
is diminishing and more adequate
policy and major budget support is
required in order to provide the com-
petitiveness of agricultural products.
For many years, investment poli-
cy was one of the reasons that the
Macedonian agriculture as low-accu-
mulative was unable to improve its
capacities and modernize means of
production, which led to low productiveness.
Furthermore, one should work intensively on
the market infrastructure and strengthening
market institutions. Of course, not all
Macedonian agriculture is uncompetitive.
There are certain competitive sectors, princi-
pally gardening, viticulture and sheep breed-
ing, which have a competitive power on the
market mostly because of the low labor price
and low production expenses. Other reasons
are prices, which were relatively stabile until
2006, excluding 2005 when there was signif-
icant price reduction due to the admission of
Macedonia in the WTO. However, in 2007
the prices of barley, sunflower, etc. were
increased. It led to positive influences
regarding cereals, and negative influences in
the field of stockbreeding concerning milk
and meat production.
In 2006, we had only 18 million euros
deficit, but, yet, in 2007 the deficit increased
drastically to 27 million euros due to the
already familiar reasons. This concerned the
products that are most important for con-
sumers and nutrition strategy for population –
the milk, which we have been importing con-
tinuously from 2000 to 2006, as well as meat,
sugar, sunflower and other products. There is
a positive balance of payments solely regard-
ing sheep and goat products.
 Date 26.05.2008
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
1. SHORT REVIEW OF EVENTS
The scandal in Makedonski Telekom, in which
6.7 million Euros were stolen in two years, is top
news in all today’s papers. According to the official
announcement from the majority owner, in the pe-
riod from 2004 to 2006 this sum has illegally been
“poured out” from Hungarian company Magyar Te-
lekom on consulting services. In the report pre-
pared by the American auditing house White and
Case it stands that there are evidence for illegal
actions in forming and implementing six contracts
on certain services, made with consulting house
from Cyprus. As the papers report, Makedonski
Telekom gives no comment to this information,
because Magyar Telekom conducts the investiga-
tion. Financial scandal came out at the end of
2005, after the embezzlement in Montenegro Te-
lekom, which is also in ownership of the Hungari-
an company, because of what there was internal
investigation conducted there. The dividend pay-
ment for 2005 was late because of the investigati-
on in Macedonia. Since it is listed on New York
stock market, Magyar Telekom, mother-company
of Makedonski Telekom, was punished by the
American, Hungarian and Macedonian financial
authorities for not submitting annual financial re-
port on time.
Swisslion d.o.o. Skopje claims that the
Securities Commission has no legal right to ban
the company to posses its stocks in Agroplod Re-
sen, today’s Vest informs. - “Our stocks are block-
ed illegally. We bought shares of Agroplod on pub-
lic call and they were paid across MSE - Klime
number 24
Meskov, director of Swisslion, explains adding
that if there was any irregularity, the state or SC
were to react one and half year ago, when the ag-
reement was concluded. SC blocked company`s
stocks on Public Attorney`s Office demand which
sues Swisslion for establishing of invalidity of the
concluded agreement with the Ministry of Econo-
my for sell of 5,339 shares of Agroplod AD Resen.
The print media also convey the assessment
of Canadian businessmen that Macedonia was
ideal place for beef production, given on the meet-
ing of Agriculture Minister Aco Spasenoski with
the joint parliamentary business delegation from
Canada. On the meeting also discussed had been
the possible placement of Macedonian products
on the Canadian market, especially of garden pro-
ducts and vine which is already present on this
market, but in small amounts.
It is expected there be placement of Macedo-
nian Ajvar and Lutenica on the north-American
market soon, since American distributers have
shown big interest for them on the Global Food
and Style Fair that takes place in Chicago. There-
fore, the AgBiz program of the American agency
for international development (USAID) will help
domestic companies to arrange cooperation with
partners from USA, Dnevnik reports. Macedonian
companies Altra, Universal promet, Bonum, Trgo-
produkt, Lars and Intermak, which export 80 to 95
percent of their production, have participated on
the Fair.
The opening of the first Institute for Informa-
berzNIK
13
22.05.2008 THURSDAY
tics in Stip was met with big interest by the print
media. Director of Makpromet, Mile Atanasov
and Koce Petrov from Duna computers, point out
that the Institute’s main goal was to promote and
stimulate the development of this region through
opening new jobs which will stop the young intel-
lectuals to leave their birth place and move to the
capital as the most developed business center in
the country. The two companies will also give ten
scholarships to young students, and within their
projects in information researches they will coope-
rate with the new university Goce Delcev from
Stip.
There will be electricity despite the overhauls,
is the title of the text in Utrinski vesnik, where one
can read about the electro-energetic condition in
the country. As ELEM claims, there will be enough
power for the next months and there is no need
for import, despite that the regular annual repairs
in REK Bitola are underway, and TEC Oslomej will
not operate for another month, also because of re-
pair. The measures taken are in accordance with
he energy balance for this year, and the three
blocks of Bitola thermal power station will be fixed
by the middle of October, actually by the beginn-
ing of the heating season, when they will be com-
pletely ready to meet the needs of the electro-
energetic system. Although the next months REK
Bitola will operate with two blocks, the power pro-
duction will fully cover the domestic needs.

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

1. STOLEN 6.7 MILLION EUROS FROM MACEDONIAN TELECOM (*****)
2. MACEDONIA IS IDEAL LOCATION FOR PRODUCTION OF BEEF (**)

DNEVNIK p.7 WE SHOULD THINK ABOUT THE POSITION OF GREECE IN

p.9 STOLEN 6.7 MILLION EUROS FROM MACEDONIAN TELE- NATO
COM p.7 BARREL OF OIL – 130 DOLLARS
p.11 AMERICANS WANT MACEDONIAN AJVAR VREME
p.11 CANADIAN WANTS TO RAISE CATTLE IN MACEDONIA p.1 EVERYONE WASHES HANDS FROM THE POISONOUS OIL
BIZNIS p.5 FOREIGNERS INTERESTED IN BEEF
p.3 ABOUT 6.7 MILLION EUROS IN A HOLE p.5 HERZEGOVINA LIES ON OIL FIELDS
p.3 MACEDONIA IS IDEAL LOCATION FOR PRODUCTION OF p.5 LUKOIL TO INVEST 15 MILLION EUROS IN MONTENEGRO
BEEF p.5 MACEDONIAN TELECOM WAS WORKING ILLEGALLY
p.3 ABOUT 1,260 MWH OF ELECTRICITY ON SALE p.5 THE CRAFTSMEN WASH THEIR HANDS FROM THE OIL
p.13 MBI-10 SLIDES 2.4 INDEX POINTS VEST
p.13 TRADING VALUE – 21.5 MILLION DENARS p.7 TELECOM HAS SPENT 6.7 MILLIONS OF EUROS, ILLEGALLY
p.13 MBI REPORT ON 21.05.2008 p.8 SWISSLION: OUR STOCKS IN AGROPLOD ARE BLOCKED
p.14 TOPLIFIKACIJA WITH MKD 15.2 MILLION OF LOSSES ILLEGALLY
p.14 BETON TO ALLOCATE 735,672 DENARS DIVIDEND FOR PDI p.8 FIRST IT INSTITUTE OPENED
p.15 SHARE BUY-BACK NOVA MAKEDONIJA
p.15 NON-TRADE TRANSFERS p.1 TWO MILLION EUROS DAMAGE FOR MACEDONIAN RAIL-
p.16 THE OIL HAS REACHED ALMOST 130 DOLLARS PER BAR- WAYS
REL p.2 TWO MILLION EUROS DAMAGE FOR MACEDONIAN RAIL-
UTRINSKI VESNIK WAYS
p.10 MACEDONIAN TELECOM EMBEZZLED 6.7 MILLION EUROS p.8 BIT BY BIT ON THE STOCK EXCHANGE
IN 2005 p.8 SHARES OF GRANIT MARK HIGHEST TURNOVER, THIRD
p.10 THERE WILL BE POWER DESPITE THE OVERHAULS DAY IN A ROW
p.12 THE OIL REACHED 130 DOLLARS PER BARREL, WILL IT p.8 OIL NEAR $130 A BARREL
REACH 200? p.8 €6.7 MILLION EMBEZZLEMENT IN MACEDONIAN MAGYAR
VECER TELEKOM
p.6 NEW INSTITUTE FOR IT RESEARCHES TO BE OPENED SPIC
p.6 THE AGRIBUSINESS AND INFORMATICS IN THE FOCUS OF p.10 MAGYAR TELEKOM WITH EVIDENCE FOR EMBEZZLE-
INVESTORS MENTS IN MACEDONIA
14 berzNIK number 24
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 26.05.2008

23.05.2008 FRIDAY
1. SHORT REVIEW OF EVENTS

The oil continues to break records. Today`s
news¬pa¬pers report the news for the new record
of 135 dollars a barrel. The price rise came after
the American Government announced that the
state raw oil reserves reduced. The US De-
partment of energy suddenly announced in public
that the raw oil reserves reduced for 5, 4 million
barrels in a week. From the beginning of this year,
the oil price has raised by about 34 per cent.
Although Macedonia is completely dependent
of oil derivatives import in the last months, and
there is rise of fuel prices every 15 days, the
Government does not consider undertaking any
measures. According to the spokesman Ivica
Bocevski, the Government follows the world oil
prices and if they it necessary to intervene, they
will. Under the influence of the world Stock Ex-
changes, the Energy Regulatory Commission ra-
ised the selling fuel prices in the last ten days. If
the price rise tendency on the stock exchanges
continues, it is inevitable to have new rise of oil
derivatives prices in Macedonia, was published in
Nova Makedonija.
In accordance with the oil price rise, the food
price in the world also raised. The prices of the
food stuffs will remain high in 2008 and the hunger
problem can deepen despite the record food pro-
duction this year, announced the United Nations
Food and Agriculture Organization. According to
the last anticipations of FAO, the world production
of grains will reach 2, 2 billion tones in 2008,
which is 3,8 per cent more compared with last
year, reported today`s Utrinski vesnik.
The Government establishes a company for
wholesale trade of fruit and vegetables, Agriland,
which together with the Israeli firm Soli Group will
establish joint stock company that will export
Macedonian agricultural products on the markets
abroad.
Agriland is a joint stock company where the
only owner is the Macedonian Government, which
invested 1, 5 million denars to establish it. As
Dnevnik informs, the Macedonian - Israeli Com-
pany is expected to start operating in the beginn-
ing of next month. In the company, the Govern-
ment will own 49 per cent of the capital, and the
remaining 51 per cent will be owned by the Israeli
firm.
The American railway giant Wabtech is a new
owner of the Macedonian company MZT Hepos.
The American company announced that it buys
the Italian group for railway stopping systems pro-
duction, Polispa, for 53 million euro. The man-
agers of Wabtech, a company that offers different
products, technologies and services on the global
market, state that by purchased Polispa, they will
intensify their strategic presence on the market
and will raise the profit on the international mar-
ket. MZT Hepos, a company that produces sys-
tems for stopping in the railway transport, is a
leader in on the Macedonian market for the export
toward China.
For the financial malversations in Makedonski
telekom, when 6, 7 million euro were defalcated,
the Government will indict a procedure for
amends. According to law experts, whose opin-
ions are reported by Nova Makedonija, the
Government that is owner of share capital in the
company has a legitimate right to claim responsi-
bility and amends for financial malversations. –
We will absolutely indict procedure for amends.
We follow the findings of the inspection. After the
final findings, a procedure will follow - says Ivica
Bocevski, spokesman of the Government.
Vecher reports the arrest of Pande Lazarov,
an ex-director of Elektrostopanstvo Makedonija.
Namely, Lazarov, who fired about 1000 workers
before the privatization of ESM, yesterday was
detained by the police, suspect for money launde-
ring and power abuse. He is suspect by the
police, according to the findings of the investiga-
tion, that as a director of ESM in the period of
1996 to 1998, he took 300 000 dollars and 190
000 German marks, informed from the Ministry of
internal affairs.
On Tuesday on the money market was real-
ized a total profit of 12.153.353, 56 denars, and
93 transactions were realized of 66 transactions,
while the rest of 3.380.422 denars were realized
on the regular market of 27 transactions. The only
share that had profit of over one million denars-
third day in a row- was the share of Macedonian
Stock Exchange.

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

1. BREAD – FIRST VICTIM OF THE RAGING OIL PRICE (*****)
2. PANDE LAZAROV, THE FORMER FIRST MAN OF ESM IS DETAINED (****)

DNEVNIK VECER
p.1 EVERY NIGHT WE GIVE OUR NEIGHBORS POWER FOR p.1 PANDE LAZAROV, THE FORMER FIRST MAN OF ESM IS
FREE DETAINED
p.9 WE GIVE OUR NEIGHBORS ELECTRICITY FOR FREE p.3 PANDE LAZAROV, THE FORMER FIRST MAN OF ESM IS
p.11 THE GOVERNMENT CREATES COMPANY FOR EXPORT OF DETAINED
FARMING PRODUCTS p.7 ELECTRICITY DISCONNECTION CONTINUES
p.7 RAILWAY CONNECTION WITH BULGARIA AND ALBANIA IS
BIZNIS NECESSARY
p.1 BONDS – LIFE BELT FOR INVESTORS
p.1 PAYMENT CARD TRANSACTIONS UP BY 6.5% VREME
p.3 PAYMENT CARD TRANSACTIONS UP BY 6.5% p.1 LAZAROV WAS STEALING FROM ESM
p.3 STATE PROPERTY BEING SQUANDERED BUT NOBODY p.3 PANDE LAZAROV APPREHENDED
TAKES ACTION p.6 MORE THAN 135 DOLLARS FOR ONE BARREL OF OIL
p.4 BREAD TO BE KNEADED WITH DOMESTIC WHEAT p.6 OIL FOOD YET TO BE ANALYZED
p.4 BONDS – LIFE BELT FOR INVESTORS p.6 GASIFICATION OF STRUMICA IN THREE YEARS
p.7 CRIMINAL CHARGE FOR PANDE LAZAROV
p.14 MBI 22.05.2008 VEST
p.14 8.7 MILLION DENARS REALIZED ON THE OFFICIAL MARKET p.14 THE OIL FOR OVER 135 DOLLARS
p.14 MBI-10 INCREASED BY 6.21 INDEX POINTS
p.15 NON - TRADING TRANSFERS OF SHARES NOVA MAKEDONIJA
p.16 OIL PRICE REACHED 135 DOLLARS PER BARREL p.4 PANDE LAZAROV DETAINED OVER CORRUPTION
p.8 THE SHARE ON THE MACEDONIAN STOCK EXCHANGE
UTRINSKI VESNIK WOKE UP THE THREE YEAR`S SLEEP
p.1 BREAD – FIRST VICTIM OF THE RAGING OIL PRICE p.8 GOVERNMENT TO CLAIM DAMAGES FOR TELECOM EMBEZ-
p.3 BREAD – FIRST VICTIM OF THE RAGING OIL PRICE ZLEMENTS
p.10 THE FOOD PRICES TO INCREASE p.8 OIL REACHED 135 DOLLARS PER BARREL
p.10 CONSORTIUM TOOK OVER PERUTNINA FROM PTUJ p.8 AMERICAN GIANT WABTEC TAKES OVER MZT HEPOS”
p.11 THE BANKS ARE GENEROUSLY GIVING CREDITS, UNTIL
WHEN? SPIC
p.11 HERZEGOVINA HAS OIL AS MUCH AS SAUDI ARABIA p.1 FORMER ESM DIRECTOR PANDE LAZAROV ARRESTED
p.6 FORMER ESM DIRECTOR PANDE LAZAROV ARRESTED
 Date 26.05.2008 number 24
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
berzNIK
15
24.05.2008 SATURDAY
1. SHORT REVIEW OF EVENTS

The settlement of another foreign investor in
Macedonia is the top news in Saturday`s newspa-
pers. All editions carry the story about Iskra, one
of the largest Slovene companies in the electron-
ic industry, which is to build factory for parts in the
free trade zone Bunardzik. The memo on under-
standing was signed by PM Nikola Gruevski and
Dusan Sesok, Iskra`s General Director. According
to the announcements, the construction of the fac-
tory will start no later than January the following
year with plans for employing around 500 people
within a period from 3 to 5 years after the con-
struction.
Utrinski Vesnik announces the formation of a
governmental company for trade with vegetables,
which is to be direct competition to the private
sector in the trade with agricultural products. In
the Israeli - Macedonian company - Agriland,
which has 1.5 million denars startup capital, the
Macedonian Government owns 51 percent of the
shares and 49% go to the Israeli capital. There
are forecasts that this form of sale will make good
marketing promotion of the Macedonian agricul-
tural products, as the gardening products, then
milk and dairies, as well as processed agricultural
products for the purpose of organized promotion
on the fastidious external market.
There is a concerning statistic showing that
Macedonia has barely one third from the
European GDP pert capita, informs Nova
Makedonija, which carries Eurostat data. Within
the past ten years, in contrast with the European
average, the Gross Domestic Product (GDP) per
capita in Macedonia went up for only 2 percent.
Compared with the other countries, Macedonia is
in the bottom of the list according to this econom-
ic indicator. Furthermore, there is another interest-
ing comparison with Romania, which was less
developed in Macedonia in 1999, but gained quick
growth and marked 40 percent GDP per capita,
which is over 14 percent increase.
Although the fuel prices are setting new
records and have gone up for 30 percent since
the beginning of the year, the citizens mark incre-
asing consumption of derivatives. Due to this, the
state is collecting more money in the budget for
excises and VAT for the petrol. According to the
data from the Public Revenue Office carried by
the print media, the opening three months of this
year collected 1.5 billion denars (26 million euros)
on this basis, which is more than the same period
in 2006, when the oil price started climbing up.
The surplus of electricity in the energy sys-
tem, which is generated during the night, is being
for sale for almost all of the time. Only 2,163
megawatts from the offered 11,837 megawatt-ho-
urs were sold on the previous three auctions. Ac-
cording to the explanation of MEPSO`s spokes-
person, Nikola Stojanov, the working regime of
the thermal power plant REK Bitola allows 20 per-
cent reduction of the night production capacity,
and should there is any surplus, the electricity is
sent in the system. It is registered as compensa-
tion after a takeover by the neighboring countries.
Whoever takes the electricity should return it but
in the same period of the day. Such thing is unfa-
vorable for us since we already have excess of
electricity during nighttime.
With credit to certain placement of agricultur-
al products, reads the article headline in Vreme,
informing that the purchasers of grapes, crops or
gardening products can use credits with 5 percent
interest rate. We have allocated 8 million euros.
This money can be used for primary production
with 4 percent and for the purchasers with 5 per-
cent interest rate. Half of this amount has been
used to date, which indicates there is a tremen-
dous interest both among the farmers and the
companies, highlighted Zivko Jankulovski, De-
puty Prime Minister for Agriculture.
All weekend editions of the print media
marked the promotion of Skopsko Silver Moon,
the new beer that the Skopje Brewery started dis-
tributing across the catering objects in the country.
Officials from the company state that the beer is a
complete innovation of their experts and a result
of extensive research over the needs, desires and
expectations of the home consumers, especially
of the younger generation.

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

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

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

DNEVNIK p.3 SKOPSKO SILVER MOON, A BRAND FOR THE YOUNG GEN-
p.1 THE ELECTRICITY IS NOT FREE ERATION
p.1 ALTHOUGH EXPENSIVE, PETROL SELLS LIKE HOT CAKES p.7 ISKRA TO BUILD A FACTORY
p.9 МBI 23.05.2008 VREME
p.9 SLIGHT INTEREST FOR THE NIGHT SURPLUSES p.7 ISKRA WILL BUILD IN BUNARGIK
p.9 THE ELECTRICITY IS NOT FOR FREE p.7 CREDIT PROVIDES POSITIVE PURCHASE OF AGRICULTUR-
p.9 ISKRA WILL BUILD FACTORY IN BUNARGIK AL PRODUCTS
p.9 ALTHOUGH EXPENSIVE, PETROL SELLS LIKE HOT CAKES NOVA MAKEDONIJA
p.11 PROMOTION OF THE NEW BEER SKOPSKO SILVER MOON p.8 GRANIT’S HARES TRADED IN THREE SECONDS IN AMOUNT
UTRINSKI VESNIK OF 14 MILLION DENARS
p.9 МBI 23.05.2008 p.8 MACEDONIA DOES NOT HAVE EVEN ONE THIRD OF THE
p.9 BREWERY – SKOPJE WITH NEW SILVER MOON BEER EUROPEAN GDP PER CAPITA
p.9 THE GOVERNMENTAL COMPANY FOR TRADE IN VEG- p.8 NO LORRIES COLUMNS AT BOGORODICA
ETABLE TO START ITS WORK BEFORE THE ELECTIONS p.8 SLOVENIAN ISKRA WILL BUILD FACTORY IN BUNARGIK
VECER p.8 THE OIL PRICE WILL CONTINUE TO RISE
p.1 ISKRA FROM SLOVENIA TO BUILD FACTORY IN BUNARGIK
16 berzNIK number 24
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
1. SHORT REVIEW IN THE WEEKLY MAGAZINES
GLOBUS
c.11 ALKALOID SATISFIED FROM THE JUDGMENT FOR THE CAF-
FEINE
The eminent company Alkaloid in the future will not be subject to abuse,
especially with the caffeine imitation. This has been said by the first man of
the company, Zivko Mukaetov, on the two day conference that was held
together with several faculties from Skopje.
C.36 ST. GRUJO IS NOT KILLING THE INFLATION
Last year we were shaking if the price reached 100 dollars per barrel,
and now it is 130 dollars, with a tendency for year and a half to reach 200
dollars! Are we not seeing the “bear” before our door or as a state we are just
joyful on the record – breaking contributions from the taxes foe every liter on
the gas stations.
KAPITAL
p.8 DELTA BROKER NEW BROKERAGE COMPANY
Delta broker is the name of the new brokerage company founded last
week in Skopje. The 25th brokerage company in Macedonia is established
with capital of 75 thousands euros.
p.10 THE PATENT IS THE KEY OF SUCCESSFUL PHARMACEUTI-
CAL BUSINESS
Patented medicines are the key of pharmaceutical business` success.
They are also crucial for state`s economic development which depends on
pharmaceutical industry.
p.11TIKVES WON THE CHAMPIONSHIP ON THE FAIR IN NOVI SAD
The wines of the winery cellar Tikves won the championship on the agro
fair held in Novi Sad among competition of 750 presented wines.
p.11 FOUR COMPANIES IN THE RACE FOR MACEDONIAN AIR-
PORTS
The companies Vienna export, Austria, TAV, Turkey, Hochtief, Germany
and the British-French Egis delivered the public tender documents for issu-
ing concession for construction, reconstruction and utilization of the airports
Aleksandar VeliKI and Sv. Apostol Pavle and for construction of the new
cargo-airport in Stip.
p.12 THE DUTCH DHB PURCHASED THE EXPORT CREDIT BANK
IK bank signed a purchase agreement of package of shares between the
consortium shareholder of the export credit bank AD Skopje and Demir-Halk
Bank, founded in Rotterdam, Nederland.
p.14 IFC JOINS THE INVESTMENTS OF SORAVIA GROUP IN THE
REGION
The International Financial Corporation (IFC) joined Soravia Real Estate
Development Group as strategic financial partner, and became an owner of
13 % of the company.
p.22 OVER 500 MILLION EUROS FORM THE BUDGET FOR AGRI-
CULTURISTS BY 2012!
VMRO-DPMNE won the previous elections with the attractive and good
prepared economic program. The party now has the same program only this
time expanded.
p.29 THERE IS NO WINE BETTER THAN MACEDONIAN
Well-know enologists, wine experts, members of the association of the
European consulate of wine knights and representatives of the winery cellars
accompanied by Slovenian media, last week visited the winery Skovin.
p.38 THE STATE HAS THE BIGGEST BENEFIT FROM THE
INCREASED OIL PRICES
Few days ago, in one debate show on Croatian television dedicated on
the record oil price increase, one of the guests, Davor Stern (former direc-
tor of the Croatian oil company INA, today a vice-president of the Russian oil
giant TNK, in a function of oil lobbyist stated that everyone benefit from the
increased prices of the “Black gold”: countries exporters of oil, countries
importers of oil, because their governments benefit due to increased tax
base for calculating VAT at oil derivates.
p.42THE STATE DENATIONALIZATION BOND – LAST WEEK`S MOST
TRADED SECURITIES
Last week the stock exchange turnover in the classical trade was high-
er in relation to the week before, for around 14 % and was 130 million denars
(around 2.1 million euros).
p.44 ZK PELAGONIJA WITH LOSS OF 72 THOUSAND EUROS IN
Date 26.05.2008
19.05.-24.05.2008 MONDAY-SATURDAY
THE FIRST QUARTER
ZK Pelagonija ended the first quarter of this year with loss of 72 thou-
sand euros or 4.42 million denars. In the same period last year the company
realized profit of 1.75 million euros or 107.7 million denars, indicate the quar-
ter financial report of ZK Pelagonija
p.44 BLOCKED SHARES OF SWISSLION IN AGROPLOD
p.46 ERSTE BANK ENTERS IN INVEST BANK
Invest Bank announced that it is in serious negotiations with the Austrian
Steiermarkische bank und Sparkassen AG, and very soon they will be the
new owners of Invest Bank.
p.47 NEW BRANCH OFFICE OF OHRIDSKA BANKA, KUMANOVO
Ohridska banka, a member of Societe Generale Group has opened
branch office in Kumanovo, enabling greater services` accessibility drawing
nearer to clients.
p.47 KOMERCIJALNA BANKA INSTALLED THE FIRST DRIVE UP
ATM IN MACEDONIA
Komercijlna Banka placed its 100 ATM and the first Drive Up ATM at the
Makpetrol`s gas station located near Vodno - Tavtalidze
p.47 Uni Bank records revenue growth of 65 %
Uni Bank in the first three months this year realized total bank revenues
(interests, commissions, and exchange rate differentiates) of 309.5 million
denars, which represents an increase of 65% compared with the same peri-
od last year ( 187.9 million denars), while on a net-base the revenue growth
is 56%, the bank announces.
p.48 DOMINATION OF DEUTSCHE TELECOM IN THE REGION
Deutsche Telecom makes efforts to complete the telecommunication
market on South East Europe through purchase of one fifth of the capital of
the Greek telecommunication company OTE.
FORUM
p.26 MACEDONIA TO BECOME SINGAPORE?
A letter from the future. Macedonia 2012. The total foreign investments,
including the past two months of this year, have increased to 500 million dol-
lars. The total foreign investments for the past four years (2008-2012) are
more than two billion dollars.
P.33 SHARES OF KOMERCIJALNA – MOST TRADED SHARES
. The past trade week began with a turnover of 21 million denars in the
classical trade of shares on the Official market where MBI-10 dropped by 0.4
percent. On the Regular market which realized a value of 3.2 million denars,
the share of iDevelop had the biggest participation in the turnover, realizing
1.38 million denars through 15.700 traded shares.
MAKEDONSKO SONCE
p.34 THE INFLATION IN MACEDONIA WON THE BANK INTERESTS
Although bankers bore as much as they could, still the bank interest s
can not bear the pressure of the high inflation, which two months exceeds
the two digit limits. Starting from June, 1, citizens and companies will face
new higher interest rates, between 0.5 and 1 percent in average.
DENES
p.21 THE CONSTRUCTION OF THE CORRIDOR SOUTH-WEST OR
TOTAL ISOLATION
Macedonian railways, still more, the export-import companies in the
state, in the days of the transport blockade by Greece, have increased costs,
because they must seek another quick alternatives to export the products by
not suffering losses due to the products` delay to the final destination.
FOKUS
p.9 THE FOOD WITH HIGHER PRICE BY 2015
The World Bank expects the food prices to remain high in the next years.
The executive director of the bank, Juan Jose Daboub, stated that the food
price increase is not a temporary appearance which could exceed in few
months. On the contrary, the World Bank considers that the food prices will
remain high at least until 2015.
 Date 26.05.2008
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
EVENTS THAT MARKED THE WEEK...
VIP`S EXCUSIVE PARTNERSHIP WITH VODAFONE
BLACKBERRY AVAILABLE IN MACEDONIA
Both partners will continue to work as inde-
pendent companies, but VIP has the exclusive
rights to offer Vodafone`s products and services to
its clients. The operator VIP will add the logo of
Vodafone to all products and services offered as a
result of this partnership.
Mobile operator VIP and the world internati-
onal mobile communicational group, Vodafone,
last week officially presented its exclusive stra-
tegic partnership. VIP`s users will join the glob-
al community of Vodafone which currently has
over 520 million members throughout the world.
Vodafone has over 252 million users at the end
of 2007 and has direct investments in 25 coun-
tries of five continents. Vodafone is present on
41 partner market with 270 million users in over
60 countries throughout the world.
Vodafone announced that Macedonia will
work exclusively with VIP.
- Telecommunication services on the Bal-
kans record rapid growth and it is our pleasure
that Vodafone has now the opportunity through
its partnership with the mobile operator VIP to
enter in another Balkan market. The partner-
BlackBerry Enterprise Server
For corporative users, the Blackberry
Enterprise Server Software is safety integrat-
ed with existing corporative systems for
enabling constant wireless approach on e-
mail and other corporative data together with
the advanced security, safety and IT adminis-
tration.
BlackBerry Internet Service
For individuals and smaller businesses,
BlackBerry Internet Service enables the
users to approach to ten corporative and per-
sonal e-mail addresses (including the e-mail
address of most popular Internet service
providers) from one apparatus.
NEW BEER FROM PIVARA SKOPJE
SKOPSKO SILVER
MOON TO THE
LIKING OF THE NEW
GENERATION
- Skopsko Silver Moon is the name of the
new beer from Pivara Skopje AD, which since
Friday last week started to be distributed in the
catering objects throughout the country.
It is a matter of a light beer which offers fab-
ulous refreshment in the moments of fun and
socialization.
It is produced by original recipe, by the help
of the ultimate technology of Pivara Skopje.
Transparent bottle, with distinctive shape and
number 24
ship with Vodafone will ensure that the total as-
sortment of VIP`s international standard pro-
ducts and services will finally be available to-
gether with the unique local services of VIP`s
users, said Stefan Vail, senior manager of Vo-
dafone`s partner markets.
Nikola Ljusev, chief executive director of
VIP, considers the partnership with Vodafone as
benefit for all users of their telephone network.
They indicated again their innovative approach
on Macedonian mobile telecommunication mar-
ket. Introducing this product on Macedonian
market indicates that VIP continues to join
worlds on a leading international communicati-
on group and VIP`s local knowledge.
Thanks to the partnership, VIP`s users in
future will enjoy in more innovative services, ex-
clusive telephone apparatus in the international
roaming coverage of Vodafone. Both partners
will continue to work as independent compani-
es, but VIP has the exclusive rights to offer Vo-
dafone`s products and services to its users.
Several members of Mobilkom Austria group,
as Mobilkom Austria (Austria), VIPNET (Croa-
tia), MTEL (Bulgaria), SIMOBIL (Slovenia) and
VIP mobile (Serbia) have already joined this
partnership with Vodafone.
The first benefit for Macedonian citizens
from this strategic partnership is introducing the
BlackBerry of Vodafone – intelligent phones,
software and services in order to enable easy
access to e-mail, phone, calendar, Internet,
multimedia contents and similar applications.
This is the first product introduced by VIP, fol-
lowing the announcement of the strategic part-
nership with Vodafone in Macedonia. On the
very beginning, VIP will offer BlackBerry® En-
terprise Server and BlackBerry® Internet
Service with selection of intelligent phones
BlackBerry® Curve™ 8310 and BlackBerry®
Pearl™ 8100.
- Blackberry intelligent phones are sterili-
metalized label makes Skopsko silver Moon the
ultimate innovation on the domestic market of
beer.
- Skopsko Silver Moon represents revolu-
tion on the Macedonian beer market. It is the
offspring of Skopsko – the most powerful beer
brand in the Republic of Macedonia, and one of
the most powerful brands in our country in gen-
eral, and in the region for that matter.
Pivara Skopje is the only Macedonian bre-
wery which has experience, knowledge and the
capacity to launch a sub-brand, modified and
adjusted to the habits and the lifestyle of the
young, urban generation, and to everyone who
feels just as young”, stated Igor Ilievski, mar-
keting manager of Pivara Skopje, on occasion
of the launching the new beer.
“Skopsko Silver Moon is a modern, urban
beer, above all intended for young, dynamic,
progressive people who follow the modern
world trends. The projections are that already in
berzNIK
17
zed and innovative communication apparatus
which combine voice, e-mail, Internet browse
and data applications. As a result of our strate-
gic partnership with Vodafone and the Mobil-
kom Austria group this is the first time Macedo-
nian market to have access to these products
and services. We believe that BlackBerry soluti-
on will bring users new and more exciting ways
of communication, stated Mario Cvitovic, chief
marketing director of VIP.
Charmaine Eggberry, vice president and
Managing Director for Europe Middle East and
Africa, also stated his satisfaction from the
introduced BlackBerry solution in Macedonia.
BlackBerry intelligent phones enable people to
be connected with their colleagues, friends and
family as well as mobile approach to the grow-
ing volume of the business and personal appli-
cations. VIP will offer BlackBerry Enterprise
Server for larger enterprises and BlackBerry
Internet Service for residential users or smaller
companies.
BlackBerry Curve 8310:
BlackBerry Curve 8310 is powerful and
intuitive intelligent phone which besides the
full equipped keyboard has a compact size.
The apparatus also includes rich multimedia
possibilities such as integrated GPS which
supports location-based applications and
services such as mapping and navigation.
BlackBerry Pearl 8100
BlackBerry Pearl 8100 intelligent phone
is one of the smallest and easiest on the mar-
ket, packs the functionality and performance
in elegant design. In its compact and stylish
look, this triumphal apparatus includes pow-
erful communicational tools and rich multime-
dia possibilities which includes camera,
music and video player and advanced mem-
ory part for additional data storage.
the first months after the promotion, Skopsko
Silver Moon will be tested by 70% of the young
beer consumers in our country, and even by
90% of the young consumers in the age
between 18 and 30. We believe that this beer
will become preferred brand at many of these
consumers”, stated Martina Misheska, Mana-
ger for Domestic Beer Brands in Pivara Skopje.
Skopsko Silver
Moon will be available
for the consumers pri-
marily through the ca-
tering objects (disco-
theques, bars, night
clubs…)
Skopsko Silver
Moon is dimensioned
to two million bottles
until the end of this
year.
18 berzNIK number 24
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 26.05.2008

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 19.05. - 23.05.2008
Date 26.05.2008 number 24
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
berzNIK
19