berzNIK - YEAR II - NUMBER 16 - 31st MARCH 2008 - (SUPPLEMENT OF TENDERNIK)

NEW EMISSION OF

APPROACH TO NEW CAPITAL

SECURITIES, EASIER
Date 31.03.2008 number 16
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
New emission of securities,
easier approach to new capital
- Why joined stock companies should collect capi-
tal across issuing of securities and which are the be-
nefits of transparent announcement of records, is the
topic that the Securities Commission in cooperation
with USAID - Project for Business Environment, initiat-
ed series of workshops with companies that are listed
in Register of Joined Stock Companies with special
obligation for announcing. Beside Skopje, such meet-
ings are held in Strumica, Bitola, Stip and Tetovo.
The goal is, Commission informed, to raise the
level of knowledge among companies that issuing of
securities is fine way to gain capital and that trans-
parency and briefing the public about operations is not
only legal obligation,
In the last March edition of berzNIK, instead of but their promotion be-
usual introduction and highlighting of events that fore potential investors.
marked last week, which were sufficient, we are - SC works on ra-
turning our attention on the topic: Emission of Se- ising of companies`
curities as one of the cheapest, fastest and most knowledge about bene-
efficient source of financing of companies. Topic fits of issuing of new
that is in relation to priority information to berzNIK - securities, which provi-
sum of all news that have direct or indirect influen- des fresh capital for
ce on the capital market. Starting from users and companies for finan-
clients` great interest, who have necessity, desire cing of investment pro-
and interest to be informed about how institutions jects, and investors will
work, how and what they offer and what should be given the opportuni-
they do to receive answer to certain important is- ty to invest their free
sues related to movements on the market, we re- assets and just enrich
tained our attention on this topic, which I believe their portfolio. In devel-
will initiate many other concrete steps. Maybe this oped market oriented
is the topic that only acts practically and relaxing economies, companies
in this chaotic political moment. Looking from the prefer new emissions of
aspect of good neighboring relations, we should securities, rather than
not forget that no matter the strength of the politi- taking loans from banks
cal pressure, which in this moment is concentrat- in order of financing of
ed on the constitutional name of our country, yet, their development.
only strong economy moves and arranges inter- Securities Commis-
nal, bilateral and international relations. Therefore, sion encourages and
solvent and strong financial companies can make supports all companies
Macedonia`s positive image. The fact is that they to issue stocks, corpo-
can provide capital for financing of their projects, rative bonds and simi-
businesses plans by issuing new emissions of se- lar financial instruments
curities, and by this, they are going to promote that provide faster, mo-
them, the market and the state in front of foreign re efficient and cheaper
investors. finances for realization
of their business proj-
ects. In the same time,
issuing of new securities enriches the offer on the cap-
ital market, which makes it more interesting and more
attractive for investors. Depositors are hungry for new
financial products. This is just another proof for com-
panies that surely there will be demand for new emis-
sion of securities of one successful company. Since
the start of investment funds as institutional investors,
conditions were created for safer realization of shares`
emissions, President of Securities Commission Mari-
na Nakeva Kavrakova stressed on the first meeting on
this issue held last week in Skopje.
According to Kavrakova, Commission`s main pri-
orities are: maintaining of efficient, lawful and fair capi-
tal market which high integrity will be guarantee for the
credence of all participants on the capital market in its
value and protection of investors` rights and interests,
and especially minor investors, which represents ba-
sic condition for improvement of business climate in
the country.
Kavrakova explained that when she speaks of
protection of investors and minority shareholders she
berzNIK
3
points out on the Law on Taking Over of Joined Stock
Companies, which provides equal treatment for all
shareholders.
- Therefore, this will be considered on this series
of workshops," Kavrakova said.
She encouraged attendants to open all dilemmas
regarding the Register of Joined Stock Companies
with special obligations for announcing, about issuing
of securities and about procedure for taking over of
companies.
- I expect joined contribution on the securities
market for its enrichment with relevant information
about companies and newly issued securities, which
will attract investors` credence.
Addressing on the legal frame for issuing of stocks
as a way for providing fresh capital by companies,
Mate Stojanovski, Securities Commission Secretary,
explained that he set the presentation towards issuing
of stocks, because other types of financial instru-
ments, which requires no particular practice and expe-
rience, there is no interest at clients. Beside stocks
issued on private offer (for prior known buyers - indi-
viduals known to the company) there are fewer cases
when company is opening for the public, i.e. issues
stocks on the base of public emission, public offer of
securities. According to him, this is the basic reason
that the primary market can not follow the develop-
ment of the secondary market (the stock exchange).
According to Stojanovski, companies refuse to
issue new stocks due to their fear of diluted ownership
structure, which should not be the case, because
every company in the frames of its development
should taste the necessity that its projects should be
financed across issuing new securities. In order of its
attractiveness it should take care of corporative man-
agement of the company and give confidence and
security to investors so they will decide to purchase
stocks from that emission.
USAID - Project for Business Environment resear-
ches are in this exact direction. Meri Cuculevska, proj-
ect`s representative, stressed that in the past years
there was presence of big corporative scandals in the
world, mostly caused by lack and disrespect of stan-
dards for good corporative management. The aim of
this series of trainings, beside existing regulation, is to
prevent similar shocks on the capital market in
Macedonia. According to information of participants on
MSE, gaining of extra capital across new emissions of
securities is general trend among banks and compa-
nies inn the Western world, as the cheapest way to
find finances. In Macedonia there are one or two com-
panies that follow this trend.
Brokers share the stand of SC Secretary, that the-
re is fear among companies to announce reports for
their operations because in the process of emission of
stocks there is opportunity for enter of new sharehold-
ers and opportunity for shifting the voters in these
companies, i.e. owners of majority package of shares.
Until the next Monday
Makedonka Baldazarska
BerzNIK editor-in-chief
e-mail: berzNIK@interNIK.com.mk
 4 berzNIK number 16
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 31.03.2008

EUROPEAN UNION COMPETITIVENESS AND INNOVATION PROGRAMME

MACEDONIAN COMPANIES' COMPETITIVENESS

TO BE STRENGTHENED BY EUROPEAN MONEY
With the Competitiveness and Innovation Pro-
gramme the small and medium-sized enterprises
from this country will be able to use EU funds, which
will enhance their competitive skill for the European
market race. Basically, projects that will mean wider
social benefit will be supported, such as improve-
ment of environment, employment conditions,
increasing the number of employees…
he small and medium-sized enterprises
for our companies, but also for the EU coun-
tries. They contain instruments that Macedonia
needs, but apparently European countries need
as well. It is a matter of the guarantee funds,
micro credit policies, which are sector-oriented
according to the sector needs, and have much
lower interests compared to those of the com-
mercial banks. On the other hand, the Europe-
an Investment Fund, the right arm of the EC,
the application for obtaining those financial
instruments. For that purpose, the Ministry of
Economy has asked for consultants on further
explanation by the EC Entrepreneurship
Directorate who would explain these financial
instruments. As Arizankovska pointed out, we
are in a good position at the moment because
we will work alongside the European Commis-
sion on development of these instruments. -

T from Macedonia are getting an opportuni-

ty for equal competition on the developed
European market. It is enabled by the
Competitiveness and Innovation Programme -
CIP, created by the European Commission in
order to strengthen small and medium-sized
companies from the EU countries and promote
their competitiveness so that they can handle
the competition of the American, Chinese, and
other strong economies.
In addition, the Programme will run from
2007 until 2013 and is in function of the Lisbon
strategy, adopted spring last year, according to
which this type of companies is a foundation of
all national economies. Macedonia is the only
applicant country for EU membership included
in this Programme.
- This Programme refers to small and medi-
um-sized companies exclusively. It puts the
accent on the technological development, i.e.
on the innovation as a main component. How-
ever, according to definition by the European
Commission, innovation is not just a new prod-
uct but everything that improves the operation
inside companies, something that boosts their
competitiveness. Hence, introducing new tech-
nologies, improving conditions for employees,
improving the environment outside the compa-
ny - explains Jadranka Arizankovska, Head of
EICC in the Economic Chamber of Macedonia.
- In fact, the European Commission does not
want to see profitable projects solely, which will
make profit only for some company, but will
support projects that will mean wider benefit in
a sense of improving the environment, employ-
ment conditions, increasing the number of
employees…
Namely, the Programme consists of three
pillars - Entrepreneurship and Innovation
Programme, Information and Communication
Technologies Policy Support Programme, and
Intelligent Energy-Europe Programme. For
2007, Macedonia has signed the first part -
Entrepreneurship and Innovation, and for 2008
signing of all three programmes is negotiated.
The value of the first pillar on Entrepreneurship
and Innovation is 2.1 billion euros. - All
European countries will have access to this
money, including Macedonia, which means that
Macedonian companies will now race the
European on the same level. At the same time
it means that the same quality of applications is
required - Arizankovska explains.
Financial instruments, as main component
of the pillar within CIP, are interesting not only
through which the financial means will be real-
ized, will also enter into funds, of the type of dif-
ferent funds such as venture capital and other
The companies in this country are very interest-
ed for this Programme. To that effect is the
campaign which has been implemented togeth-
investments assessed by EIF as necessary for er with the British Embassy, i.e. their project
the small and medium-sized enterprises at the within the Entrepreneurship Agency in order to
moment. get familiar with all EU funds. It is very impor-
The Ministry of Economy, which is compe- tant for the private sector to understand the
tent for the CIP in this country, will have the Programme and the tenders European Commi-
responsibility to inform all financial institutions, ssion will invite because a good application
starting the Ministry of Finance, Macedonian must be prepared, with detailed information
Bank for Development Promotion, the banks, about the project, about the partners for its
i.e. the entire chain of institutions that will imple- implementation, and should not be forgotten
ment all those instruments, what they should do that companies from entire European Union will
in order to enter into the Competitiveness and race for the European money.
Innovation Programme, and especially about V.M.
THE EUROPEAN INFORMATION AND
INNOVATION CENTER IN MACEDONIA
STARTED WORKING
Incorporation in the European
programs of competitiveness
On March 28, 2008, the European Information and
Innovation Center in Macedonia (EIICM), as part of the
Enterprise Europe Network, which is consisted of 600
partner organizations (chambers of economy, universi-
ties, research centers and other scientific organiza-
tions and company associations) from 40 countries in
which 23 million small and medium-sized companies
exist. Through this network in Macedonia will be imple-
mented the European Commission's Competitiveness
and Innovation Framework Program, for whose real-
ization 2, 17 billion euros have been separated for peri-
od until 2013, funds which now will be available for our
companies and institutions, as well. This Center will open up a possibility for better take-up and
use of information, getting acquainted with the best European practices of conducting business-
es, increasing the technological level and the level of innovation, as well as for improving the sci-
entific - research and the development component of all of its users - pointed out the vice Prime
Minister, Zoran Stavreski, on the festive opening of the European Information and Innovation
Center.
The small and medium-sized companies from the Republic of Macedonia will be able to get
information regarding the regulations, the instructions, the standards and all the other conditions
for business conduction within frames of the network, as well as information on the ways of financ-
ing the joint projects within frames of the euro zone.
The EU Ambassador Erwan Fouere estimated the beginning of the Center's work as one step
closer for the Republic of Macedonia in becoming member of the European Union, seeing the
partner's relation between the Universities, research centers, the business community and the
Government's institutions in the Program is a foundation for successful strengthening of the
Macedonian companies' competitiveness.
Only the Republic of Macedonia and Slovenia from the former Yugoslav Republics are mem-
bers of this network, whilst from the countries candidates for the EU, only Republic of Macedonia
and Turkey are members of this network.
 Date 31.03.2008 number 16
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
berzNIK
5
C O N T E N T S
24.03.2008 MONDAY
INTRODUCTION . . . . . . . . . . . . . . . . . . . . . 3 1. SHORT REVIEW OF EVENTS
EUROPEAN UNION COMPETITIVENESS - Most popular news in today`a papers is the in- recorded on March 17 and only on Wednesday the
AND INNOVATION PROGRAMME. . . . . . . . . 4 flation lower than 7 percent and the gross domestic gold recorded price reduces of 59 dollars.
product growth of 6 percent, which are Govern- The price of the American light oil in May on the
berzNIK, MONDAY, TUESDAY, WEDNESDAY. . . . 5-7 ment`s main goals for the development of the Mace- New York Stock Exchange declined for 70 cents to
donian economy this year. Vice Premier Zoran Stav- 0.7 percent to 101.84 dollars per barrel, while on
INDONESIAN ECONOMY BREAKS ITS reski had informed that citizens will feel the good re- March, 17 reached a record 11.80 dollars. The crude
sults achieved last year after one year of constant oil this year will probably decline to 90 dollars per ba-
WAY IN CENTRAL AND EASTERN economic growth. He emphasized that with 5.1 per- rrel due to which the slow growth of the American
EUROPE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 cent, the GDP recorded the biggest growth last 15 economy motivate traders to leave the raw material
years in almost all sectors except in the agricultural market, emphasize analysts of the Goldmak Saks
USAID - FINANCIAL AGRIBUSINESS sector. In the industry, Mittal Stil, Feni and Mak-stil group.
GUIDEBOOK ..................................8 recorded the biggest growth after which follow the Vecer published the news that Macedonian tele-
mines Bucim, Sasa and Toranica. Foreign direct in- communication will transform its brand. The name of
STOPANSKA BANKA AD SKOPJE........9 vestments, announced Vice Premier, in 2007 has no- the company in accordance with the activities for
minally increased to 20 percent. The investments of transformation will be decided on the shareholder`s
AT THE FAIR OF FURNITURE 2008.. 10-11 the third mobile operator VIP are 50 million euros, assembly of Macedonian Telecommunications, on
Triglav osiguruvanje - 28 million euros, Danube gro- April, 16. Unofficial sources reveal that the trade na-
STOCK EXCHANGE NEWS ... . . . . . . . . . . . . . 11 up with the dairy of Bitola - 27 million euros, Cable- me of Telecom will transform into T-Macedonian Te-
tel - 13 million euros etc. lecommunications or shortly T-MT.
COOKING OIL PRICE TO BE AMORTIZED According to National Bank`s information, 240 Vecer also writes that Croatian company Koncar
BY DOMESTIC RAW MATERIALS?.......12 million euros have been invested, which are twice as may be one of the companies to build the tram,
bigger as compared with the period of 2002 to 2006 which has been announced by the city authorities as
berzNIK, THURSDAY, FRIDAY, SATURDAY if we exclude ESM`s privatization. The positive trend the biggest project in Skopje. This was announced
...............................................13-15 continued this year too, around 100 million euros out after signing the contract with the Ministry of Trans-
of which 40 million are intended for real estate pur- port and Communications on updating two steam-
WEEKLY MAGAZINES...…....................16 chase, 20 to the Israeli company in Alumina, 20 milli- engines of Macedonian Railways - Trasport. The
on for the hotel complex California resort, etc - said Croatian company informs that currently the model
WEEKLY REVIEW OF THE MACEDONIAN Stavreski. IMF`s analyses indicate that every inflati- of the tram of Koncar is on a test drive in Bratislava.
STOCK EXCHANGE. . . . . . . . . . . . . . . . . 17-19 on under 7 percent is not harmful to the economy. Bucharest, Sofia and Kiev were interested for this
The prices of the food and fuel are expected to be re- tram too.
duced in the forthcoming period, taking into conside- Vest informs that Macedonian lamb`s meat fails
I M P R E S S U M ration the last events on the world Stock Exchanges to take off for Qatar. Minister Spasenovski is happy
and the same will reflect the inflation rate in Macedo- that Macedonian lamb stays at home. Sheep bree-
nia, which will probably be higher than three percent, ders, on the other hand, say that last year and this
as it was initially, but not greater than five to six per- year they have witnessed unseen fiasco during the
cent on an annual level. lamb export. Not only that they didn`t see anything
Publishing: INTERNACIONAL NIK AD - Skopje Nova Makedonija informs about the analysis of from the business with Qatar, but this year they failed
Media library and digital archive the last stock exchange week. The first two trading to sell the lambs traditionally purchased by Italy, Gre-
Editors office: berzNIK
Address: Square MAKEDONIJA bb, p.box 882 Skopje, 1000,
days MBI-10 lost 356 points and the last two trading ece and Croatia for the catholic Eastern.
R.Makedonija days the value of MBI-10 increased to 702 index po- In today`s newspapers you will read that the lar-
Phone. 02/25.32.800 faks: 02/25.32.839 ints. gest debtors of EVN beside the villages that don`t
web: www.interNIK.com.mk; Analysts of the famous American consulting pay electricity are the water supply companies. Tho-
e-mail: info@interNIK.com.mk company Pro-specter asset management anticipate se are regions where EVN doesn`t have an access,
that the raw materials growth trend had come to an areas where Austrian teams can not read the coun-
Executive Director: Zdravko Josifovski end because the biggest world economy, the Ameri- ters nor to collect the debt. Parallel to the disconnec-
Account Menager: Divna Pesic can economy is on the edge of recession. -The pri- tion of all state institutions or private companies the
Public relations: Natasa Dimovska ces will continue to decline. The price of the gold in series disconnection starting from next year will com-
Marketing manager: Ivona Josifovska April on the New York Stock Exchange declined of prise the public water supply companies in Macedo-
Assistent: Stojne Danilova
E-business manager: Ratko Projkovski
2.530 dollars or 2.7 percent to 920 dollars per ounce. nia. Unofficially, EVN requests more than three milli-
Logistics manager: Ana Petrova The record price of 1.033, 90 dollars per ounce was on euros from all public enterprises.
Finance manager: Gordana Stojanovska
2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS
STOCK EXCHANGE REVIEW OF EVENTS IN THE 1. WE HAD EXPECTED 3 PERCENT, BUT WE WILL HAVE NEARLY 7 PERCENT INFLATION (****)
PRINT MEDIA berzNIK
2. BULGARIA CLOSES FREE SHOPS TOWARDS NON-EU MEMBER-STATES (***)
berzNIK is founded in year 2007. DNEVNIK VREME
p.1 THE DEVELOPMENT WILL YET IMPROVE p.1 ARACINOVO WOULD RATHER FIGHT
STOCK EXCHANGE REVIEW OF EVENTS IN THE THE STANDARD THAN GIVING UP ON ELECTRICITY
PRINT MEDIA berzNIK p.5 REK BITOLA IN PROCESS OF RUINATION p.5 CRIMINAL CHARGES AGAINST DIREC-
Number: 16 UTRINSKI VESNIK TORS AND MINISTERS
Date: 31.03.2008 p.7 IMF FORECASTS 6% INFLATION, THE GO- p.6 COMPANIES` SHARES IN TWO EXTREMES
VERNMENT HAS NO CONCERNS p.7 HIGH INTERESTS SPOIL THE BUSINESS
IT IS DISTRIBUTED FOR SUBSCRIBERS ONLY
p.7 VELES FARMERS WILL NOT COMPETE VEST
FRONT PAGE PHOTO:
FOR SUBSIDIES p.7 MACEDONIAN LAMB`S MEAT FAILES TO
p.7 EVN IN NEW ACTION AGAINST DEBTORS TAKE OFF FOR QATAR
SECURITIES EXCHANGE COMMISSION
THIS WEEK p.7 WE HAD EXPECTED 3 PERCENT, BUT WE
Photo: p.8 BULGARIA CLOSES FREE SHOPS TOWAR- WILL HAVE NEARLY 7 PERCENT INFLATI-
Robert Spasovski DS NON-EU MEMBER-STATES ON
p.8 GREEK GOVERNMENT WANT TO SELL NOVA MAKEDONIJA
Editorial staff of berzNIK OLYMPIC, POSTS AND RAILWAY p.1 HIGHEST ECONOMIC GROWTH SINCE
Internet distributive system: www.interNIK.com.mk VECER THE INDEPENDENCE
Editor: Makedonka Baldazarska p.6 EVN AND PROAKVA NEGOTIATE p.1 THE INFLATION IS NO DANGER
Journalist: Vaska Mickoska p.6 TELECOM TRANSFORMS THE BRAND IN- p.5 5, 2% GROSS DOMESTIC PRODUCT IN-
DTP: Tatijana Trpkovska TO T-MT CREASE
Editorial staff: p.6 PORTA 3 IN ELECTRONIC FORM p.5 BIGGEST FALL OF RAW MATERIALS PRI-
News Evaluator: Anita Bashoska, R. Tasovska p.6 CROATIAN KONCAR WANT TO CONS- CES
[operators]:Mare Lazarevska, Arslan Skoro, Zoran Stamatovski, TRUCT THE SKOPJE`S TRAM p.5 PUBLIC OFFER FOR MAVROVO OVERTIRE
Martin Arsovski, Gorge Redzik, Toni Arsovski i Darko Tripunovski p.6 NEW OR SECOND-HAND CAR FOR JUST TO BULL MARKET?
[translators]: translator's manager Senka Mihajlovska, Angelina THREE DAYS! p.5 WATER MANAGEMENT ENTERPRISES-
Filipovska, Slobodan Trajkovski, Aleksandar Stamenkovski, Aneta p.7 INFLATION OF SIX PERCENT BIGGEST DEBTORS TO EVN
Menoska, Filip Koviloski, Darko Ivanovski
Fotoreporter: Robert Spasovski
p.7 BULGARIA CLOSES DUTY-FREE SHOPS SPIC
DOWN p.1 OHI BLOCKADE, BUSINESS IN BLOSSOM
Marketing, distribucija i proda`ba: p.7 EFT PLANS TO BUILD THERMAL POWER p.6 GOVERNMENT TO HOLD THE INFLATION
INTERNACIONAL NIK AD - Skopje STATION ON 5%
p.7 TURNOVER OF 5 MILLION EUROS
 6 berzNIK number 16
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 31.03.2008

1. SHORT REVIEW OF EVENTS
The first private credit bureau will be formed
in the second half of this year if the law, which
was proposed by the Government, is passed in
the Assembly, today's edition of the daily news-
paper inform. The credit bureau will contain in-
formation about the credit history of the clients
in period of at least five years, i.e. it will have de-
tailed information for the amount of their debts in
the banks, whether they pay their bills on a re-
gular basis, even if they have debts towards the
public enterprises, the leasing companies and
towards other foreign banks. That information
could be used only with approval of the citizens,
whose will be fully protected. The citizens will be
motivated to build good credit history in order to
ease their capital approach, state the carriers of
the initiative, the President of the Bank Associa-
tion Gligor Bishev, and the Minister of Finance,
Trajko Slaveski.
Vegetable oil will be sold at the same price
in April as well. Such expectations have oil pro-
ducers, who received 2,000 tons of crude vege-
table oil at lower price. According to the print
media, they are still using the bought commodi-
ties, which is a guarantee for price stability. On
the other hand, the current conditions indicate
that the price of the food will increase in this
country and in the world during the whole year.
Even though the ongoing spring harvest is much
more expensive than last year, mostly because
of the significant support of the Government, it
will not be enough to cover the general lack of
food, advised representatives of the Economic
Chamber of Macedonia yesterday. The Croatian
firm Agrokop will increase the production of ve-
getable in Macedonia, Utrinski vesnik informs.
Representatives of the Croatian company Agro-
kor are analyzing the situation in the Strumica
region, where they are making arrangements
with the producers on the possible quantities of
vegetables that will be purchased this season.
The announcements for increased vegetables
purchase have urged the farmers of the Strumi-
ca region to increase the early gardening pro-
duction for at least 30 percents this season.
Optimistic tones are coming from the direc-
tion of the Macedonian Stock Exchange. Beca-
use of the settling down of the political tension in
the Government and the strong increase during
these last two trading days, the value of the
MBI-10 index continues increasing, although
with a lower turnover and lowered liquidity on
the Official market. Within frames of 33 million
denars MBI-10 recovered 3.9 percents and clo-
sed at a value of 6,741.43 points. The share of
Granit made the largest turnover on the Official
Market today by MKD 7.4 million before the sha-
res of Makstil by MKD 7.1 million (without any
change of the average daily price compared to
Friday), and Alkaloid by MKD 5.85 million. Ac-
cording to the stock exchange analysts, this
week can be very nervous due to the expectati-
on of NATO admission invitation for Macedonia.
The turnover on the Regular Market was 4.8 mil-
lion denars. The largest participation in the turn-
over had the share of ArcelorMittal (CRM) by 1.8
million denars.
Most of the newspapers announce that the
construction company Granit will probably build
the entire infrastructure of the business center
Era City, located near the Skopje Fair. According
to the Slovenian owners of the Fair, the name of
the firm will be officially announced when the
technical procedures are completed, and the
construction will begin at the end of this month
or at the beginning of next month. It would mark
25.03.2008 TUESDAY
the beginning of the biggest Slovenian invest-
ment in Macedonia, worth 150 million euros,
which was stuck in the bureaucratic procedures
for a year because of unsettled property rights.
Because of breaking of the legal regulative
for production of medicaments, the factory of Ja-
ka 80 in Radovish was sealed yesterday. Even
though the director of the Bureau of Medicines
Ilco Zahariev was considering the option the
factory to produce only medicaments for export,
the Minister of Health Imer Selmani, in order to
protect the patients, decided that the factory
should be closed, because it does not meet the
legal standards for good production practice.
Vreme announces that the Swedish giant
for production of furniture IKEA is interested to
cooperate with the Macedonian manufacturers
of massive lumber furniture. According to the
representative of the company, the firms which
meet the quality standards and the standards for
protection of the human environment, and which
prefer professional relations, will be given an
opportunity to sell their products in the exhibition
rooms of IKEA.
In its latest report for Macedonia, IMF pre-
dicts that the state will have an annual inflation
rate of 4-5% this year. It is expected that the rep-
resentatives of the IMF will present this number
on the negotiations, which will begin on 1st of
April and in which the previously projected infla-
tion rate of 3% should be revised, with the Ma-
cedonian authorities. The representatives of
IMF did not comment Deputy Prime Minister
Stavreski's statement that according to their
analyses, an inflation rate of 7% would not be
harmful for our economy.

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

1. THE PRIVATE CREDIT BUREAU WILL LOWER THE INTERESTS (****)
2. AGROKOR TO INCREASE VEGETABLES PRODUCTION IN MACEDONIA (***)
DNEVNIK p.7 NEGOTIATIONS ON TAKE OVER FAIL
p.1 THE FOOD WILL EAT UP THE STANDARD p.7 OIL PRICE DROPS
p.7 MINISTRY OF HEALTH SEALED JAKA 80 VREME
p.8 MBI 25.03.2008 p.4 EVRONACIONAL CAUGHT WITH SAND IN HANDS
p.8 THE PRIVATE CREDIT BUREAU WILL LOWER THE INTERESTS p.5 PUBLIC ENTERPRISES NEXT
p.8 AGROKOR TO PURCHASE VEGETABLES IN STRUMICA REGI- p.6 EVN FINED 1.35 MILLION EUROS
ON p.6 ONE WEEK UNTIL THE FIRST APPLICATIONS
p.9 THE FOOD WILL EAT UP THE STANDARD p.6 PRICE OF VEGETABLE OIL REMAINS THE SAME
UTRINSKI VESNIK p.7 IKEA DOES NOT ATTRACT INTEREST OF OUR COMPANIES
p.1 MORE EXPENSIVE FOOD - CHANCE FOR MACEDONIA p.7 CEMENT FACTORY TO SUE ELEM
p.1 JAKA 80 IN RADOVISH SEALED p.7 MAKEDONSKA BANKA TO PAY OUT THE BIG CLIANTS
p.4 AGROKOR TO INCREASE VEGETABLES PRODUCTION IN MA- p.7 ALL DEBTS WILL BE REVEALED
CEDONIA VEST
p.4 THE FACTORY JAKA 80 IN RADOVISH SEALED p.7 ALL PLANTS OF JAKA 80 CLOSED
p.5 THE OIL IS NOT GOING TO RISE IN VALUE UNTIL APRIL NOVA MAKEDONIJA
p.7 IMF PREDICTS INFLATION BETWEEN 4 AND 5 PERCENTS p.2 NUMEROUS REMARKS ABOUT THE PURCHASE POINTS
THIS YEAR p.2 SOLUTION FOR OBLIGATIONS COLLECTION IS SOUGHT
p.7 THE CREDIT BUREAU WILL BE FORMED THIS YEAR p.5 DOMESTIC SUNFLOWER - CHEAPER COOKING OIL
p.7 MBI 25.03.2008 p.5 THE INVESTMENT FOR THIS MAJOR PROJECT COSTS 150
VECER MILLION EUROS
p.1 ONE HUNDRED DENARS DIVIDEND PER SHARE IN ALKALOID p.5 MBI-10 GOES UP
p.6 THE FOOD WILL BE EVEN MORE EXPENSIVE p.5 MACEDONIA EXPORTS BETWEEN 500 AND 1,000 TONS
p.6 STARTS THE PURCHASE OF STRUMICA VEGETABLE SCRAP IRON ON A DAILY BASIS
p.6 COOKING OIL PRICE NOT TO UP FOR ANOTHER MONTH!? p.5 THE OIL PRICE IS DROPPING
p.6 CITIZENS AND COMPANIES` INDEBTEDNESS TO BE REVEA- SPIC
LED p.6 COOKING MEAT TO BECOME LUXURY
p.7 MACEDONIAN CITIZENS TO TRADE ON EUROPEAN MAR- p.6 FAILURE OF ECONOMIC YEAR
KETS p.6 LAW ON PRIVATE CREDIT BUREAU
p.7 POWER TO BE SHUT DOWN ON WEDNESDAY IF THE DEBT IS p.9 THE PLANT OF JAKA 80 IN RADOVISH SEALED
NOT SETTLED
 Date 31.03.2008
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
1. SHORT REVIEW OF EVENTS
The record-breaking profit of 1.069 million
denars last year, which is the biggest in the his-
tory of Komercijalna banka's existence, is a to-
pic present in all papers today.
It has been brought a decision on the As-
sembly for allocation of the total undistributed
profit in amount of 1.146 million denars, which
includes the undistributed profit from the previ-
ous years as well.
The shareholders determined the dividend
for the preference shares of 9, 5% from the no-
minal value of the shares, whereas 19% for the
ordinary shares. Because of increase of the
bank's total capital, the shareholders have ma-
de a decision for increasing the basic assets of
the Bank with the fifth issue of shares. The mar-
ketable value of the issue will be over 3 billion
denars.
The papers also report the conclusions
from the workshop that the Securities Commi-
ssion with the help of USAID had organized,
that instead of getting into debts with the banks,
companies can get to capital more easily by se-
curities issuance. So far our companies have
exercised only additional issues for known buy-
ers, fearing from the possibility the securities
they issue ending in the hands of the people
who attack the managerial package in the com-
pany, was pointed out in the discussion. -The
Securities Commission encourages and sup-
ports all companies to issue shares, corporative
bonds and other financial instruments, in order
to provide money for their business-projects in
simpler and cheaper way- SC president Marina
Nakeva-Kavrakova said. In spite the insufficient
practice of additional issues as mean of financ-
ing, companies still do not use the advantages
the transparency offers.
Print media paid attention also to the eco-
nomic relations between Macedonia and Rus-
number 16
sia, about which was discussed on the busi-
ness meeting organized by Macedonian-Russi-
an chamber on topic- Through Russia to the
EU. As it was mutually concluded, economic re-
lations between the two countries in the past
few years are marking rise, but nevertheless
they are not carried out with the desired volume
and dynamics. Statistics show that last year the
volume of trade exchange between the two co-
untries has been increased for 12 percent
reaching 670 million dollars, the biggest value
for the past 15 years, but there is also possibili-
ty and necessity of intensifying the exchange
and the cooperation between the businessmen
of the two countries as well as new direct in-
vestments entering our market. Russia is by the
way our fourth biggest trade partner.
One can read in Vreme about the advices
experts give to the Government to calm the
growing inflation, According to them, the Go-
vernment should undertake concrete measures
for calming the inflation if it wants to hold it with-
in the frames of latest projection of 5-6% annu-
ally, because measures taken by the monetary
authorities are insufficient and I fear that inflati-
on will not be hold on 6%- Vanco Uzunov, Uni-
versity Professor, says. He proposes cutting
down public expenses that would provide cont-
rol over the inflation. This measure would redu-
ce budget consumption.
Pessimism among the businessmen conti-
nues to grow because, according to the an-
nouncement from the State Statistical Office,
the average purchase prices of the raw materi-
als and the selling prices of finished products
will be increasing in the next period. According
to the survey carried out on the businessmen
about the companies' economic condition in
manufacturing industry, last month this conditi-
on was more unfavorable comparing to January
berzNIK
7
26.03.2008 WEDNESDAY
this year. The current supply with orders is on
the same level but the production range goes
down the last 3-4 months.
The print media report the news that in fu-
ture the companies will be registered electroni-
cally, while the pre-registration will be done
through the one-stop-shop system of the Cent-
ral Register. This is projected by the new laws
on one-stop-shop system and on the Central
Register. - The registration of the subjects will
be done by visiting only one counter, which
would significantly decrease the waiting pro-
cess. As of the next month, everyone could ve-
rify through the internet whether some compa-
ny's name exists in the Register- Government's
spokesperson, Ivica Bocevski, said. As of June
1, this year, the network of the European busi-
ness registers, the data of all the Macedonian
companies will be available on the internet for
the countries-members of the European Union.
The Central Register is preparing a project
for electronic connection of the Employment
Agency, the Health and Pension insurance
Fund, the Customs and other public institutions
for exchange of information.
Almost all today's papers inform about the
possibilities for new businesses with Indonesia,
announced by the ambassador of Indonesia to
Budapest, Mangasi Sihombing, inviting Mace-
donian businessmen on the fair manifestation
that will take place in May 7 to 10 in Poland. For
the time being the results are not favorable for
Macedonia, since last year the trade exchange
between Macedonia and Indonesia was 135 mi-
llion dollars, whereas Macedonia made no ex-
ports in Indonesia, and from the total goods our
country has imported from Indonesia, 96 per-
cent goes to the nickel.

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

1. INDONESIANS EXPLORE MACEDONIAN MARKET (****)
2. THROUGH RUSSIA TO THE EU (***)

DNEVNIK p.7 FROM ISSUE OF SHARES TO FRESH CAPITAL

p.1 COOKING OIL ONLY FOR A ROUX p.7 THE FAIR GLOBE AWARDED
p.4 THE POLICY IS SLOWING DOWN THE ECONOMIC COOPERA- p.7 OPPORTUNITY FOR NEW BUSINESSES WITH INDONESIA
TION WITH RUSSIA p.9 CRNICE, PRZINO, AND TAFTALIDGE, TO BE FIRST TO GASIFY
p.5 WITH SECURITIES TO CHEAPER CAPITAL FOR COMPANIES VREME
p.7 TRUCK DRIVERS TO INCREASE TRANSPORT PRICE p.4 CEMENT FACTORY LEAVES ASHES ONLY TO MAKE A MESS
p.7 COOKING OIL ONLY FOR A ROUX p.4 THE RUSSIAN CAPITAL BYPASSES MACEDONIA
p.7 THE PESSIMISM OF THE BUSINESSMEN IS GROWING p.4 IF THERE ARE NO REASONABLE MEASURES, THERE WILL BE
p.7 THE COMPANIES WILL BE REGISTERED ELECTRONICALLY UNREASONABLE INFLATION
p.7 INDONESIANS EXPLORE MACEDONIAN MARKET p.12 INFLATION IS EXPECTED ECONOMIC PHENOMENON
p.15 MACEDONIAN POST PURCHASES TWO ARMORED VEHICLES VEST
p.15 WATER SUPPLY MAKES ONE MILLION EUROS PROFIT p.4 THROUGH RUSSIA TO THE EU
UTRINSKI VESNIK NOVA MAKEDONIJA
p.8 CHEBREN AND GALISHTE TO PLAY ON THE POWER MARKET p.5 INDONESIA SEES POTENTIAL IN MACEDONIAN MARKET
p.8 KOMERCIJALNA BANKA TO INCREASE ITS CAPITAL FOR 50 p.5 MBI-10 CONTINUES TO GROW
MILLION EUROS p.5 ELECTRICITY WON`T GO UP IN PRICE
p.9 GASIFICATION STILL AN OPTION FOR CLEARING DEBT SET- p.5 ELEM WON`T BE PROTECTING USJE`S BUSINESS INTER-
TLEMENT ESTS
p.9 COMPANIES TO ACQUIRE CAPITAL EASIER BY ISSUING p.5 MACEDONIAN COMPANIES TO ISSUE SHARES AND BONDS
SHARES SPIC
p.9 ELECTRONIC REGISTRATION OF COMPANIES p.6 PEOPLE THROWING AWAY MEDICATIONS OF JAKA 80
p.9 ALMAKS REDUCED THE PRICE OF THE COOKING OIL p.7 WILL THE STATE RUN OUT OF COOKING OIL?
VECER p.7 ARACINOVO AND ANOTHER FOUR VILLAGES WITHOUT
p.1 KOMERCIJALNA BANKA WITH RECORD BREAKING PROFIT ELECTRICITY
p.6 GERMANS TO INVEST 100 MILLION EUROS? p.7 MACEDONIA POTENTIAL MARKET OF INDONESIAN PROD-
p.6 WE ARE NOT GOING TO PROTECT THE BUSINESS INTER- UCTS
ESTS OF USJE
 8 berzNIK number 16
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 31.03.2008

INDONESIAN ECONOMY BREAKS ITS WAY IN CENTRAL AND EASTERN EUROPE

MACEDONIA - DISTRIBUTIONAL CENTER
OF INDONESIAN PRODUCTS
Between the 7-10 of May this year, under the motto "Bridging the dis-
tance" in Warsaw will be held the first Indonesian Expo Fair in Central
and eastern Europe, which is a good opportunity for the Macedonian
businessmen to get acquainted with the potentials of this ongoing
economy and to establish business links with Indonesian colleagues
from the commercial, investment and tourist field.
The Indonesian ambassador in Budapest identified our country as a
potential distributor of the Indonesian products throughout the
region because of its strategic position.

the Macedonian export in this exotic country is

he first Indonesian Fair in Central and
same goes vice versa. We cannot blame any-
almost insignificant.
According to the information presented by
the Indonesian ambassador, the Indonesian
economy is in great ascent. Speaking with fig-
ures, the rate of development is 2, 3% in 2006,
and similar are the results from the last year,
seeing that the export has increased for 17%.
Last year, the direct foreign investments have
reached a value of over 10 billion US dollars,
while the domestic investments have weighted
4 billion US dollars.
This ongoing economy is a major manufac-
turer of agricultural products, textile and

T Eastern Europe "Indonesia Expo -

Bridging the distance", from 7-10 of May
this year will be held in Warsaw, and is an
excellent opportunity for the Macedonian busi-
nessmen to meet with their Indonesian col-
leagues from the commercial, investment and
tourist field, amongst the thousands of the com-
panies which will be present there, to try and
find a partner in order to conclude a business
deals with Indonesia.
This is what the Indonesian ambassador in
Budapest, Mangasi Sihombing recommended
to the Macedonian businessmen at the recent
presentation on the Fair of Indonesian
Economy, which was held in the Economic
Chamber of Macedonia.
- The Macedonian market is not very famil-
iar to the Indonesian businessmen, and the
one about that; nevertheless we would like to
change this situation - pointed out the ambas-
sador Sihombing. - Macedonia can be an excel-
lent market for the Indonesian products, espe-
cially because of its strategic position.
Macedonia can import many things from
Indonesia, and afterwards place the imported
products in the countries from the region.
The Fair manifestation, as a possibility for
mutual introduction, exchange of information
and identifying potential business partners, is
expected to contribute for upgrading commer-
cial exchange between the two countries, which
at the moment amounts lowly 135 million US
dollars. The trade deficit is constantly on the
Macedonian side, seeing that 71, 5% of the
total exchange, respectively 99, 3% of the total
Indonesian import falls off to the nickel, whilst
clothes, paper and office materials, shoes and
leather products, glass and plastic, electronic
equipment and machines, computers, and late-
ly, of vehicles and parts for them.
The Economic Chamber of Macedonia, in
cooperation with the Indonesian embassy,
plans to realize two more initiatives this year, in
direction of upgrading and balancing the
exchange. Besides the joint visit of the Fair in
Warsaw, as Jelisaveta Gheorghieva, Secretary
of the Chamber points out - in accordance with
the interest, we will try and organize a visit to
the Republic of Indonesia, with a program
which will enable direct business contacts,
introduction with the business potentials, as
well as getting to know the tourist possibilities of
this exotic and prosperous country.
V.M.

USAID - FINANCIAL AGRIBUSINESS GUIDEBOOK

WITH ALTERNATIVE SOURCES OF FINANCING

TO COMPETITIVENESS AND DEVELOPMENT
USAID helps the Macedonian agribusinesses to
become more competitive through improving their
financial approach
On March 27, 2008 the project "AgBIZ" of
the United States Agency for International
Development (USAID) promoted the Financial
Guidebook which offers different alternative
sources of financing in the agribusiness.
The process of providing means for effec-
tive financing in favorable terms of the agribusi-
nesses can often be complex and long. The
purpose of this guidebook is to provide simple
and precise explanation for the types of finan-
cial products and the services available in
Macedonia. The guidebook is intended for bet-
ter informing of the businessmen regarding the
most appropriate financing of their businesses,
the expectations/perspectives of the credit insti-
tutions, as well as on the ways of increasing the
possibility for getting a loan in accordance with
the most favorable requests and credit condi-
tions. The approach towards the finances helps
the companies to provide the necessary funds
in order to become more competitive, to
increase their business and to create new
vacancies.
"The greatest advantage of this guidebook
is that it represents the only comprehensive
source which describes most of the already
existing sources for agribusiness financing",
said James Maxwell, AgBiz Chief of Party.
- The first part presents the institutions
which provide financial products and explana-
tions about them, whereas the second part
presents the alternative forms of financing
which are of remarkable importance for the
agribusinesses.
The AgBiz Project by USAID offers the
Macedonian agribusinesses few types of sup-
port in order to improve the competitiveness of
the bottled wine, woodland products (mostly
wild mushrooms and bobbins); table grape;
processed and fresh vegetables.
For more information, please contact the
AgBiz website: www.agbiz.com.mk
 Date 31.03.2008 number 16
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
General retrospection of the Bank:
Stopanska Banka AD Skopje (hereinafter: SB) is the
largest bank in the Republic of Macedonia according to capital value and
affiliate network. SB has the largest network of 25 affiliates and 36 branch
offices in 30 cities all over the Republic and a developed distributive plat-
form, which enables high-quality universal banking in many segments,
principally regarding work with citizens and corporative clients, micro-
crediting of small business and transaction service banking.
In December 2007, Stopanska Banka AD Skopje celebrated sixty-three
years of existence. SB is the oldest and largest bank in Republic of
Macedonia according to many criteria. Since the beginning of 2000, Sto-
panska Banka AD Skopje has been entirely privatized from: the National
Bank of Greece (NBG) by 73%, European Bank for Reconstruction and
Development (EBRD) by 10.8%, the International Finance Corporation
(IFC) by 10.8%, and just 5.4% of the shares belong to the local sharehol-
ders. With the privatization, which is a new development phase, Stopan-
ska Banka AD Skopje has kept its name, legal identity and continuity in ban-
king activities, and with the new reorganization and restructuring it has
been transformed into a modern bank that responds to the new challen-
ges and requirements of the market economy not just on the local market
but wider as well.
SB has strengthened its competitiveness through intensive recon-
struction with the alignment to the National Bank of Greece - the largest
banking group in Southeastern Europe.
The Bank has introduced sophisticated
information system and new organizati-
onal structure, purified its credit portfo-
lio, introduced standardized procedures
on credit decision-making, risks and su-
pplies management, and became the
leading bank in the country regarding
the use of the new standards on corpo-
rative management. The Bank functi-
ons in accordance with the highest in-
ternational standards, following the do-
mestic legal regulations at the same ti-
me; consistently abiding the Law
Against Money Laundering; and enab-
ling maximum security for its clients'
funds. As member of a large interna-
tional group, Stopanska Banka AD Skopje
plays a crucial role in strengthening the
finance system of the Republic of Ma-
cedonia. It offers large palette of most modern banking services only a
step from the Macedonian companies and citizens.
Nowadays, Stopanska Banka AD Skopje is the only domestic bank that
is able to perform all banking operations on the entire territory of this
country online and provide fast and complete information in a reasonable
time.
Herewith the aforementioned the awards can be also stated:
1. The reputed British magazine on international financial markets
and institutions, Euromoney, has presented acknowledgement to
Stopanska Banka AD - Skopje for best bank in Macedonia - Awards for
Excelence 2007 for the region of Central and Eastern Europe on the
basis of the following criteria:
X Bank with largest capital and reserves in amount of 4,518,849
thousand denars*
X Highest ROE (after taxation) 18.8%*
X Highest ROA (after taxation) 2.1%*
X Highest market participation* in population crediting by 39%
and corporative deposits by 31%
X Expansion of card operation with approximately 200,000
issued cards
X Introduction of new services and opportunities in the e-banking
X Continued innovations and development projects
X Offer of several alternative sale canals
X Leading role in the country in promoting the principles of
responsible corporative management
X All-embracing Bank strategy
2. STP EXCELENCE AWARD by Deutsche Bank for 99.9% precision
and successfulness in performing payment operations abroad.
berzNIK
9
Stopanska Banka AD Skopje is carrier of the progressive movements in
the economic sector and banking.
(*The abovementioned financial data are valid by December 2006
inclusive.)
Retrospect of the brokerage work:
Directorate for Securities and brokerage - mediation services of
Stopanska Banka AD Skopje has principal over 500.000 euros with the right
to provide all services envisaged by the Law on Securities.
The Directorate with its expert team offers the domestic and foreign
clients maximal professionalism, flexibility in the trade and the work;
enables fast and on time performance of the client`s orders and informati-
on; applies the principles for minimizing the risks and maximizing the in-
come.
Thanks to the fact that Stopanska Banka AD Skopje has the widest net-
work of subsidiaries in the country, the clients can submit trading orders
in the subsidiaries of the bank on the entire territory of RM.
The Directorate drafts daily and monthly reports about the move-
ments of Macedonian Stock Exchange which includes analytic retrospect
of the trade with securities on daily-
/weekly basis, as well as short re-
view of the domestic money market
and the foreign exchange market.
Information about world Stock
Exchanges and the Stock Exchan-
ges from the region are obtained
on time thanks to the information
system and electronic trade plat-
form of Stopanska Banka, as well
as long-term cooperation with more
well-known banks from Europe.
Maintaining the correlation of the
regional market trends and those
on the domestic market, including
the performances of the domestic
companies, the Directorate creates
its own internal reports applying the
methodology of the technical and
fundamental analysis.
Mission and vision:
Always in close cooperation with the clients, the Directorate offers
quality services and information, in order to accomplish maximal satisfac-
tion and to offer complete service. One of the measures that should con-
tribute toward this is placing the Directorate in new facilities.
Opinion about the domestic capital market: If the domestic com-
panies in one progressive direction intensify their work with securities, if
not to great extent at least parallel with the credit supply, there is greater
possibility to extent and develop the capital market in Macedonia. Still,
Macedonia remains target for foreign investments, and our market beco-
mes more flexible than in the past.
Taking into consideration the future important geopolitical events in
the region, a dynamic period is ahead of us. Starting from the end of the
third quarter last year, the prices of the securities on Macedonian Stock
Exchange have been recording correction. After the epilogue from Koso-
vo issue, the most important is the outcome in relation to Macedonia`s
accession in NATO. Also one important fact is that foreign investors have
been selling part of their already long positions, and certain shares re-
ached its "all-time high", after which the correlation is only logical conse-
quence.
As far as the physical entities are concerned, where the psychologi-
cal factor plays great role, the interest about security deposit is still pres-
ent, but with increased caution. For these clients it is very important to
receive complete service from the brokerage house, in a form of invest-
ment counseling, building and managing their portfolio.
10 berzNIK number 16
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 31.03.2008

AT THE FAIR OF FURNITURE 2008

GLOBE FOR THE MOST SUCCESSFUL AND

MOST MODERN LINES OF FURNITURE
The Fair Globe was again traditionally awarded
this year to the manufacturers and to the
traders-participants in the Fair in ten categories,
and the evaluation was executed by an external
committee, in accordance with strictly defined
regulations.
The Fair recognition is awarded for modern
design, good quality production and esthetic
achievements for all the categories of furniture
apart.
he 34th International Fair of Furniture,
the chair specialized company ACE for the
FLY chair.
The company KARAT M got a Globe for
best nursery, and in the category for best tee-
nage room the award went to Mebel NIKOV
from Strumica. MOLIKA Tetovo won the award
in the bedrooms category, and Lesnina MI
was awarded the best manufacturer of furnitu-
re for public facilities, for its office program
VEGA.
In the category for additional equipment,
the award went to the company DSC Design
LINEA brought the award to the company
DOMA MEBEL in the category for living-room
furniture.
Winner in the category - kitchen furniture
was Gorenje interior, trader INLES
Engineering, whilst BELSKOM Skopje
received a Globe for best dining-room. In the
category - nursery furniture the award went to
Jugoeksport Stil, for the PLANET nursery,
while SIMAK SIMPO International won in the
category Furniture by the piece.
The company Office & Co. was awarded

T equipment for households and public fa-

cilities, raw materials and machines for
the furniture industry ended.
This year, 400 companies from 26 coun-
tries presented themselves, 158 of which are
direct exhibitors, 260 foreign brands and
about 130 domestic companies. The Fair Glo-
be was again traditionally awarded this year
to the manufacturers and to the traders-parti-
cipants in the Fair in ten categories, and the
evaluation was executed by an external com-
mittee, in accordance with strictly defined reg-
ulations.
The Fair recognition is awarded for mod-
ern design, good quality production and
esthetic achievements for all the categories of
furniture apart. The awards were given on
March 24, in the Management building of
Skopje Fair.
In the class of manufacturers, the compa-
nies were awarded in ten categories for furni-
ture manufacturing, and one for raw materials
manufacturing.
In the category for hallways furniture the
award went to the company specialized in
built-in wardrobes DPTU AKRON, and ZONA
IMPEKS was awarded in the category for liv-
ing-room furniture.
FAROS Dooel Skopje - FORMA received
the award for best kitchen furniture on the
Fair, while the company 11 Septemvri -
Strumica won the award for design and con-
structive approach in the category of dining-
room furniture.
In the category Furniture by the piece,
were awarded the following companies:
BLANSI from the bed LUNA for bedroom and
for the wall decoration from hand made fuss-
ing glass. The dining-room MAGIJA brought
Fair Globe to Intereksport Strumica, whereas
for the program GHOST-Crystal in the catego-
ry - furniture for public facilities.
In the category for additional equipment,
in the category for raw materials, the award the award went to the company STIL KOM /
went to the company Ambienti Plus for the MEBLO JOGI Nova Gorica, and the company
SANDAL collection. Studio TT was awarded in the category for raw
In the class of manufacturers were also materials.
given special diplomas to companies Helga In this class as well were given special
Company and Barok AG Dooel - Struga. diplomas to few commercial companies:
In the class of traders on the other hand, Koimpeks, Bernarda Dooel Skopje, EKO
SDI Art Design won the Fair Globe in the cat- FAST Skopje, Vardar Mebel, Sipad Bosna and
egory for Hallways Furniture, and the program Feydom Interiors. K.S.
Additional even on this year's International Fair of Furniture was the business meeting
between the domestic companies - members of the Cluster for Wood Industry of Macedonia and
representatives of the Turkish companies, participants on the fair. Organizer of the meeting was
the President of the Cluster, Professor Nacko Simakoski, in cooperation with Skopje Fair.
On the meeting, first of its kind, besides the companies from the both countries, there was
also a representative from the ministry of Economy of the Republic of Macedonia, as well as
the trade attach? of the embassy of the Republic of Turkey.
- The purpose of the meeting is mutual and direct introduction of the manufacturers from
both Macedonia and Turkey, and eventual agreement about further cooperation, Simakoski
pointed out. The strategy of the Macedonian Cluster for Wood Industry is to provide finances
from the European Funds, which will be exclusively intended for development of the
Macedonian Clusters, and it can be achieved only by placing our high quality products on the
foreign markets, respectively by increasing the export.
The Ministry of Economy offered its support for this cooperation between the two countries.
- As country with lowest taxes and customs benefits for investing, Macedonia is extremely
opportune for foreign investments in all the fields, including the wood industry. The Turkish com-
panies, as very competitive, can use the cooperation with the Macedonian companies as a
bridge to the 650 million markets in Europe, pointed out Jakovljevik from the Ministry of
Economy.
The director of Ziraat Banka in Macedonia, Ismail Ergolo announced mitigating circum-
stances of payment between the Macedonian and Turkish companies, which would additional-
ly encourage the interest for business deals.
Otherwise, 80% of the companies-members of the Cluster were participants on this year`s
Fair of Furniture.
 Date 31.03.2008
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Tatjana Blazevska - Hristovska from BLANSI,
awarded in the category Furniture by the piece for
bedroom.
- Getting an award is a wonderful feeling
and a motivation for going further, and for better
creation.
Jasmina Trajkovska, architect in Simak -
Skopje, branch of Simpo in Macedonia, winner in the
category Furniture by the piece.
- This is not our first award. However, every
new award is always positively accepted by our
employees. Besides the compliments from the
consumers, this is completely different acknowl-
edgement for the exhibits we presented on the
Fair. The competition was pretty strong. We par-
ticipate on the fairs in K?ln, Paris, Milan, tradi-
tionally in the Balkan regions, and this is one
more victory for us.
number 16
STOCK EXCHANGE NEWS... STOCK EXCHANGE NEWS...
Double profit for Tikves
In its report on income sheet for 2007
Tikves Winery a.d. - Skopje records signifi-
cantly better results compared to the year
before. Although it reports low negative bal-
ance of 21,870,000 denars in the changes of
the finished products reserves and the current
production, the total net gain for 2007 of
106,935,000 denars is almost double com-
pared to 47,734,000 for 2006. The remaining
operative yields are in slight minus - an
amount of 63,809,000 denars for 2007 in com-
parison to 87,445,000 for 2006, but the opera-
tion profit is double, i.e. 208,206,000 denars
for 2007 compared to 121,378,000 denars for
the year before.
Toplifikacija increases profit
Toplifikacija a.d. Skopje has almost identi-
cal numbers in the past two years. Concerning
segment sale income - 1,679,288,000 denars
in 2006, and 1,672,288,000 denars in 2007 is
recorded. The other operative incomes have
slight increase and amount 371,267,000 for
last year in comparison to 211,429,000 denars
for the previous 2006 year. However, it reports
multiple growths in numbers concerning the
operation gain, which is 118,837,000 denars
for 2007 against 7,643,000 denars in 2006.
Another net income loss for
Mavrovo
The construction company Mavrovo
records fall in the financial operation for this
year once again. It records positive trend of
the changes of the finished products reserves
- 110,284,000 denars compared to the previ-
ous 2006 when it reported a minus of
59,736,000 denars. The numbers of the sale
incomes are almost identical: 1,692,403,000
against 1,853,810,000 in 2006.
The loss of this company for the financial
year of 2007 concerning the operation is
minus 59,683,000 denars in comparison to the
positive balance of 57,277,000 denars in the
previous 2006.
berzNIK
11
Institut with minimal loss
compared to previous
financial year
The Joint Stock Company Institut a.d..
does not record larger turbulences, except the
major variation in numbers in the part
Changes of the finished products reserves
and current production, where negative bal-
ance of 6,755,302,000 denars in 2007 was
reported regarding the positive 1,429,563,000
denars in 2006. There is a profit increase of
308,895,510,000 denars in 2007 concerning
sale incomes in comparison to
233,607,142,000 denars reported in 2006.
Operation records loss and amounts
15,790,338,000 denars, which is lower com-
pared to 2006 when in this segment
23,104,053,000 denars profit was reported.
Net balance is also negative in comparison to
2006, i.e. 14,174,737,000 denars in 2007
regarding 19,431,876,000 denars profit in
2006.
Internesnel Hotels ad Skopje
This company's unrevised balance of suc-
cess shows high incomes from the sell in
2007, which have reached 108.343.417
denars, and the other operational incomes are
1.765.433 denars.
Thus, the company's operational profit is
9.738.785 denars, and not including the profit
tax, the company ended last year with net
profit of 8.505.963 denars.
Negative balance for
Intertransped
The Joint Stock Company Intertransped
a.d. has a general negative working balance
for the past year, similarly to the previous 2006
year. The sale yields record slight positive bal-
ance - 74,275,000 denars for 2007 in compar-
ison to 59,509,000 for 2006. However, regard-
ing the net balance last year it had greater
loss compared to the year before, i.e. minus
6,193,000 denars regarding 2006 when the
negative balance was 4,008,000 denars.
12 berzNIK
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
COOKING OIL PRICE TO BE AMORTIZED BY DOMESTIC RAW MATERIALS?
FOR SUNFLOWER GROWERS
- 150 EUROS PER HECTARE
Negative effects of the global trend of cooking oil
price increase could be amortized by increasing
the domestic production of oleaginous plants.
Manufacturers demand subventions' raise for the
sunflower growers
he price of the cooking oil, as one of the
T basic life products, has disturbing the
public for months now. Its constant
increase, dictated by the global growth of the
petroleum and food price, directly reflects the
downgrading living standard of the citizens.
The periodical lack of this product, as well as
the noticeable and drastically higher prices,
indicate that in future the population of this
country could change the current nutrition
habits.
Cooking oil manufacturers and traders
announce that they cannot guarantee that
after 30 days they will be able to meet the
consumers' requirements.
Such conditions with the cooking oil urge
the question why the country is put in a situ-
ation of such a large dependence on raw
materials import for its production, i.e. which
are the reasons that, if as a small country we
cannot oppose the global trends, then at
least to have the opportunity to amortize the
negative effects. According to the words of
Nikola Varadinov, director of the cooking oil
factory Blagoj Gorev from Veles, the funda-
mental problem is that the country provides
approximately 8 percents of the required
quantities for the four manufacturing capaci-
number 16
ties in this country, or six to seven thousand
tons sunflower. As a country, Macedonia
spends two thousand tons unrefined cooking
oil on the population per month, or the annu-
al requirements are round 25 thousand tons.
In order to get that quantity, however, 60
thousand tons sunflower should be
processed.
The drastic decrease of production of
this oleaginous plant in the past period,
according to Varadinov's explanation, was
affected by the downfall of the major agricul-
tural systems in the transition period and dis-
tribution of the agricultural land, as well as
the reduced sunflower growing. Just for com-
parison, in 1992 Macedonia produced
approximately 45 thousand tons sunflower
and 30 thousand hectares arable land were
planted with this culture.
- On the other hand, even though the
farmers knew that by planting the same cul-
ture every year they get 30 percent lower
amount than the year before, i.e. that every
third year crop rotation should be done, still
our growers did not do that because they
were not stimulated - Varadinov says. -
Additional negative effect had the decay of
the irrigation systems as in good time they
were prepared to irrigate 200 thousand
hectares, while now maximum 15 thousand
hectares land are irrigated.
Final and most important - the unattrac-
tive sunflower purchase prices have com-
pletely "expelled" this oleaginous plant from
Date 31.03.2008
the agricultural land. Since the yields per
hectare are 50 percent lower in comparison
to wheat, the cultivators have oriented more
towards wheat and other crops production,
neglecting sunflower.
The way out of this unfavorable situation
manufacturers see in the return of oleagi-
nous plants on the fields. In that direction are
the measures and activities the Government
takes for more intensive agricultural develop-
ment, respectively the food production. More
precisely, manufacturers guarantee to farm-
ers that not even a kilogram of oleaginous
plant - sunflower, rape, soybean, will not
remain in growers' barns, and that everything
will be purchased and paid promptly. In order
to stimulate the interest for growing these
cultures, manufacturers demand subventions
of 150 euros per hectare from the
Government and not 100 euros as currently
provided with the Programme for Agriculture
Promotion.
Of course, the effects of these measures
would be experienced later, and regarding
the present urgent situation manufacturers
demand the Government to provide bank
guarantee for them for credit to 15 million
dollars for import of 10 thousand tons unre-
fined cooking oil - a quantity that nobody can
provide by itself at the moment. It is the only
way to ensure stabile price of the cooking oil
till September, when the new harvest arrives.
V.M.
 Date 31.03.2008
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
1. SHORT REVIEW OF EVENTS
Today printed media released the dilemma: Is
Ingra official winner on the tender for construction
of highway Kumanovo-Tabanovce? According to
Dnevnik, the company yesterday announced that
its offer is the most favorable compared to all par-
ticipants on the tender announced by the Fund for
National and Regional Roads. But, officials in the
Fund deny that Ingra won the tender for construc-
tion of intersection of 7.5 km, which is part of
Corridor 10. Offer of two domestic and six foreign
companies were opened last week. Then it was
established that the offer of Ingra is at lowest
price. But the most favorable bidder will be elect-
ed since offers will be evaluated, having on mid all
conditions, Katerina Panova Ilievska, Fund
spokesperson, said.
New wave of price increase. Fresh milk of
Bitola diary IMB, yesterday was again sold at
higher price. Liter of milk, which last month cost
39 denars, now is sold at 42 denars in big markets
or 1-2 denars more than small corner shops.
Traders accuse that the agreement between the
Government and milk-producers is secretly
breached in favor of milk companies, today edition
of Utrinski Vesnik, informs. Traders announce that
this week pasteurized milk produced in Bitola
number 16
diary will cost more than 50 denars per liter.
Cooking oil is also not immune on global price
increase. As Spic conveys, cooking oil, if there is
any on the market after 30 days, will increase one
or two denars every month due to the VAT margin
of raw material and cooking oil, say some oil pro-
ducers. Vasil Pishev, owner of factory for produc-
tion of cooking oil "Al-maks" from Strumica, says
that beside three times more expensive raw mate-
rial, price of cooking oil increases and due to
charging of 18% VAT when raw material is pur-
chased, and cooking oil is sold at 5% VAT.
The Government plans to buy 100 wagons
that, beside Macedonian Railway, will also be
used by other domestic companies, Deputy Prime
Minister Zoran Stavrevski announced after the
visit of ArcelorMittal. The factory last year exceed-
ed planed production at around 40%, but, as
Stavrevski stated, the state should provide addi-
tional conditions for work for further growth, Vest
learns. Skopje seated chemical factory OHIS and
inter-municipality Public Enterprise Proaqua from
Ohrid, yesterday saved their necks because dis-
tributive company EVN-Macedonia did not cut off
electricity. On yesterday talks with companies`
representatives was reached an agreement or
berzNIK
13
27.03.2008 THURSDAY
settling of the outstanding debt. Management of
"Proaqua" company that supplies water for citi-
zens of Ohrid and Struga, promised to pay half of
the debt for electricity, and the other part of
500,000 euros will be paid on installments, Vecer
informs.
State Ombudsman yesterday reacted to col-
lective action of distributive company for debtors `
cut off because citizens who regularly pay bills for
electricity. The reaction of the Ombudsman fol-
lows since yesterday villagers of Aracinovo who
pay for electricity were left without electricity.
Wineries this year might be left without raw
material if the do not offer grape-breeders higher
purchase price. Wine raw material, which is
reduced due to last year drought, as well as
allowed export of grape in wooden boxes, has
threatens to have negative effects over the quali-
ty of Macedonian wine. They represented pride up
until now, due to its geographic origin and the
quality of its products. The lack of raw materials
reflected over the production in some wineries,
which started exporting wine in bulk for production
of rakija. Extension of such tendency might reflect
on loosing of the brand of Macedonian wine.

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

1. CROATIAN INGRA ANNOUNCED THAT IT WILL BUILT HIGHWAY IN OUR COUNTRY
(*****)
2. GOVERNMENT TO BUY 100 WAGONS FOR RAILWAY AND ARCELORMITTAL (***)

DNEVNIK VREME
p.1 EVERYBODY UNDERSTANDS THE SALARIES INCREASE p.1 MAKPETROL AND FERSPED TO CONSTRUCT AMBO?
DIFFERENTLY p.5 NO PAID BILLS, NO POWER
p.8 MBI 27.03.2008 p.5 LOW STROKES FOR THE LOWEST SALARY
p.8 GOVERNMENT`S RAILWAY WAGONS TO DRIVE FOR MIT- p.6 IMPORTED COOKING OIL WITH STEEP PRICES
TALSTEEL p.6 MAKPETROL AND FERSPED TO CONSTRUCT AMBO?
p.8 CROATIAN INGRA ANNOUNCED THAT IT WILL BUILT HIGH-
WAY IN OUR COUNTRY VEST
p.8 STIP CITIZENS INTERESTED IN SUBVENTIONS p.2 CZECH COMPANIES INTERESTED FOR ENTRY IN MACEDO-
p.8 OVER 200 CITIZENS OF PRILEP APPLY FOR SELF-EMPLOY- NIA
MENT CREDIT p.2 GOVERNMENT TO BUY 100 WAGONS FOR RAILWAY AND
ARCELORMITTAL
UTRINSKI VESNIK p.7 STAVRESKI: WE HAVE NO SOLUTION FOR OHIS
p.6 DRIVING EXAMS START IN TETOVO
p.6 EQUIPMENT FOR THE HOSPITALS IN LESHOK AND TETOVO NOVA MAKEDONIJA
p.7 CROATIANS ENTER INTO THE FACTORY FOR ACCUMULA- p.9 COMPANIES TO BE REGISTERED ELECTRONICALLY
TORS IN PROBISTIP p.9 LAST DAY FOR OHIS AND PROAKVA TO SETTLE THEIR
p.7 SHTERIEVA - THIRD DIRECTOR IN KOMERCIJALNA DEBTS
p.7 THE MILK FROM IMB AGAIN RAISED IN VALUE - THE GO- p.9 OIL OVER $101 A BARREL
VERNMENT`S MEASURES ARE NOT VALID ANY MORE p.9 CZECH COMPANIES SHOW INTEREST FOR INVESTING IN
p.7 AQUAPURA RECEIVED PRESTIGIOUS AWARD FOR TOU- MACEDONIA
RISM p.9 DEVELOPMENT OF BIOFUELS ENDANGER WORLD FOOD
p.7 MBI 26.03.2008 SUPPLY
p.8 MACEDONIA RUNS THE RISK TO LOSE THE BRAND OF ITS p.9 KOMERCIJALNA BANKA WITH THE BIGGEST GROSS PRO-
WINE' FIT IN THE BANK`S HISTORY
p.8 INGRA WILL BUILD THE HIGHWAY KUMANOVO-TABANOVCE
p.8 ARCELORMITTAL TO USE WAGONS BY THE GOVERNMENT SPIC
p.8 MACEDONIA AND ROMANIA AGREED A QUOTA OF 4.500 p.7 PROAKVA AND OHIS SAVE THEIR NECKS
TRANSIT LICENSES p.7 OLD SCHOOL STYLE FOR DISCONNECTING ELECTRICITY
p.8 TAX MARGINS ALSO TANGLES THE PROBLEM OF COOKING
VECER OIL
p.6 OHIS AND PROAQUA SAVE THEIR NECKS p.8 ARCELOR MITAL SATISFIED BY THE BUSINESS-CLIMATE IN
p.6 EVN SHOULDN`T DISCONNECT COLLECTIVELY MACEDONIA
p.7 INGRA TO CONSTRUCT KUMANOVO-TABANOVCE HIGHWAY p.8 INGRA WITH THE BEST OFFER FOR KUMANOVO-TABANOV-
p.7 MILK PRICE TO GO UP AGAIN CE HIGHWAY
14 berzNIK
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
1. SHORT REVIEW OF EVENTS
The warnings for EVN-ESM hit the headlines of
all print media today. The company yesterday dis-
connected 18 public enterprises that haven`t paid
their electricity bills from the electricity network on
two hours. According to EVN-ESM spokesperson,
Lence Karpuzovska, they left without electricity the
public water management and public utility enterpris-
es in Lipkovo, Gostivar, Debar, Gradsko, Makedonski
Brod, Rosoman, Negotino, Miravci, Predejci, Pehce-
vo, Probistip, Krivogastani, Mogila, Dolneni, Bogdan-
ci and Katlanovo, informs Dnevnik. Should their
debts aren`t settled soon, EVN -ESM announces dis-
connections on longer periods of time
Utrinski Vesnik informs about the tobacco grow-
ers from Prilep who turned down the purchasers` pri-
ces. Namely, the tobacco growers are demanding
higher purchase prices for this year`s crops for an
average of 30 percent. They refuse the current offer,
according to which, the price of the first class would
be increased for 9 percent to the amount of 197 de-
nars, the second class for 5 percent or a price of 150
denars, and the third for 2 percent i.e. a price of 112
denars a kilo. Due to the ongoing inflation, they also
insist on signing annexes to the contracts, regarding
them as the only guarantee that the prices won`t un-
dergo another correction and so they will be able to
cover the expenses in the tobacco growing process.
The Government has commission the Ministries
of Economy, Transport and Communications and the
Ministry of Environment to prepare, in cooperation
with the Energy Regulatory Commission, guidelines
that will enlist the necessary documentation for the
companies interested in constructing wind power
plants in this country, informs today`s issue of Vecer.
2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS
1. PRILEP TOBACCO GROWERS TURN DOWN PURCHASERS` PRICES (****)
2. FINANCIAL GUIDEBOOK FOR THE AGRIBUSINESS (**)
DNEVNIK
p.1 THE NUMBERS FOR THE UNEMPLOYMENT DIFFER FOR
50.000
p.7 MBI 27-03-2008
p.7 18 PUBLIC ENTERPRISES WITHOUT ELECTRICITY FOR
TWO HOURS
p.7 THE WINDMILLS WILL BE EASIER TO CONSTRUCT
p.7 FINANCIAL GUIDEBOOK FOR THE AGRIBUSINESS
p.7 TOBACCO GROWERS HAVE NO PURCHASE CONTRACTS
p.7 IK BANKA WITH LICENSE FROM VISA
UTRINSKI VESNIK
p.1 GOVERNMENT OVERFLOWS THE MILK AGAIN!
p.1 HIGHER PRICES ON JSP TRANSPORTATION STARTING
APRIL
p.8 PRILEP TOBACCO GROWERS TURN DOWN PURCHASERS`
PRICES
p.8 MBI 27.03.2008
p.8 ESM-EVN YESTERDAY DISCONNECTS ELECTRICITY OF
NUMBER OF PUBLIC ENTERPRISES
p.8 LOWER EXPENSES BY RENTING COPY MACHINES
p.9 STATE COLLECTS ITS DEBT FROM PRILEP TOBACCO COM-
PANY
p.9 MANUAL FOR CONSTRUCTION OF WINDMILLS TO BE PRE-
PARED
p.9 ACTIONS GIVE RESULTS, NBM STILL WATCHFULLY FOL-
LOWS THE INFLATION
p.9 EC BANK CLOSER TO THE CLIENTS
p.9 DEVELOPED ROAD INFRASTRUCTURE A CONDITION FOR
VITAL ECONOMY
VECER
p.1 MORE EXPENSIVE SUNFLOWER - MORE EXPENSIVE SPIC
COOKING OIL
p.5 NBRM ALERTLY FOLLOWS THE INFLATION
p.6 THERE WILL BE COOKING OIL - BUT MORE EXPENSIVE
number 16
Date 31.03.2008
28.03.2008 FRIDAY
As Government spokesperson Ivica Bocevski stated Vest informs about the increase of the foreign
yesterday, the windmill construction procedure would exchange reserves of the Republic of Macedonia for
be simplified and the interest producers would easily 107 million euros in 2007 reaching a level of 1.524
meet the required terms and engage themselves into million euros, the National Bank announced yester-
this country`s energy system. day. The purchase of foreign exchange on the for-
Vecer also carries the story about the conclusi- eign exchange market had significant influence on
on from yesterday`s session of the Council of the Na- the level of the foreign exchange reserves compen-
tional Bank of the Republic of Macedonia: the Cent- sating the outflow of reserves prompted by the early
ral Bank of Macedonia continues to watchfully moni- settlement of part of the external debts of the
tor the movement of the inflation and the effects from Republic of Macedonia towards World Bank, the
the conducted measures for stabilization of the infla- Paris Club of Trustees and IMF, which was conduct-
tion expectancies and will carry out further measures ed last year.
in accordance with the data for the forecasted move- The number of unemployed persons in the
ments. At the session, among the other things, there country by the Employment Agency is around
was conclusion that after the last change of NBRM`s 358.000, and according to the State Statistical Office,
referent interest rate at the opening of the month, that number is 311.000, informs today`s issue of
through public offerings for treasury bills, has real- Dnevnik. Although the data differ for almost 50.000
ized slight increase of the net liquidity. What is more unemployed persons, both indicators are regarded
important in the context of the inflation is the fact that relevant since they are provided by competent state
banks` crediting continued to increase in February institutions. However, the Government finds the fig-
too. In addition, banks` total crediting marked 41, 4 ures of the State Statistical Office more acceptable,
percent increase last month. since it is calculated on the basis of the survey con-
Different alternative sources of financing the ducted on the working posts.
agro business are being offered by the Financial The Government claims that last year marked
Guidebook that was yesterday promoted by AgBiz an increase of the number of employed persons for
project and the United States Agency for 22.000, while the unemployment was reduced by
International Development (USAID). The handbook 12.000 i.e. 1, 7 percent.
is aiming at providing simple and precise explanation There are new employments in all sectors, pro-
of the different types of financial products and servic- cessing and steel industry, construction etc. This
es available in Macedonia. AgBiz project provides results from the increased volume of investments,
several different types of aid for improving the com- which last year reached a record-breaking level of
petitiveness of the bottled wine, wild mushrooms and 240 million euros-state officials from the
berries, as well as table wine and processed and Government.
fresh vegetables, informs Nova Makedonija.
p.6 WITH NEW WAGONS TO INCREASED TRANSPORT
p.6 MANUAL FOR WIND POWER PLANTS
p.6 EVN AND PROAKVA TO REACH AN AGREEMENT
VREME
p.4 INGRA TAKES OVER MAVROVO NEXT WEEK
p.4 MACEDONIAN RAILROADS TO PURCHASE WAGONS
p.4 EXPIRED PRODUCTS ON THE MARKETS
p.5 EVN DISCONNECTS 15 WATER MANAGEMENT ENTERPRIS-
ES
p.5 SEARCH FOR NEW EVIDENCE IN JAKA TABAK CASE
VEST
p.2 FOREIGN EXCHANGE RESERVES GROW 107 MILLION
EUROS
p.8 BUCHKOVSKI: WITH HYDROELECTRIC PLANT TIKVESH
YOU ARE GIVING SOMEONE A TIP OF 1.4 BILLION EUROS
p.10 TOBACCO-GROWERS ASK FOR 30 PERCENT HIGHER PUR-
CHASE PRICES
p.13 JP MORGAN RAISES BEAR STEARNS BID
p.13 OIL HITS $108 ON PIPELINE BLAST
NOVA MAKEDONIJA
p.3 AGRO-BUSINESS MANUAL
p.6 EIGHT COMPANIES PLACED BIDS FOR THE HIGHWAY
KUMANOVO-TABANOVCI
p.6 PROAKVA AND OHIS CAME UP WITH A MUTUALLY ACCEPT-
ABLE SOLUTION WITH EVN
p.6 OIL PRICE REACHES 105 DOLLARS PER BARREL
p.6 EU INITIATES ANTI-MONOPOLY INVESTIGATION AGAINST
VISA
p.6 THE EMPLOYEES OF THE GREEK COMPANY OTE CONTIN-
UE STRIKING
p.6 NEW PRECAUTIONARY ELECTRICITY DISCONNECTING OF
EVN
p.7 EVIDENCE FOR JAKA TABAK TO BE EXAMINED AGAIN
 Date 31.03.2008 number 16
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
berzNIK
15
29.03.2008 SATURDAY
1. SHORT REVIEW OF EVENTS

The European Information and Innovation
Center in Macedonia (EIICM) was solemnly
opened yesterday at the University of Skopje, as
well as part of the Enterprise Europe Network,
with 600 partner organizations from 40 countries
and 23 million small and middle sized enterpris-
es, informs Utrinski vesnik. The work of EIICM is
financed by the European Commission and
Macedonian Government. The Center will enable
the opportunity Macedonian enterprises to con-
nect with business partners, greater information,
getting acquainted with the best European prac-
tices for making business, raising the technologi-
cal and innovation level, inducing the research
work and the developmental component. The UN
high official, Erwan Fuere, emphasized that in the
period from 2007 to 2013, Macedonia`s compa-
nies and institutions may use part of the assets
separated for realization of this program of 2.17
billion euros, added Nova Makedonija.
Utrinski vesnik also informs about the prolon-
gation of the deadline for Cebren and Galiste.
Namely, instead until yesterday, as it was
announced, the companies that entered in the
narrow circle of winning the tender on hydro
plants construction way present their offers of
financing the project in a period of one more
month, i.e. until April, 30, 10 o`clock at the latest
after which they will be opened. This decision
was reached by the Government two days ago,
on the emergency session in the late afternoon
hours. This was made on the basis of the request
of the qualified bidders, is said in Government`s
official announcement, in a direction of greater
transparency of the entire procedure and
improved quality of bid making process.
Mobile operators T-mobile and Cosmofon
should pay fine of 4.4 million euros due to illegal
collection of the voice mail service, writes today`s
Dnevnik. The Commission on Competition
Protection decided T-mobile to pay 4.1 million
euros in the Budget, and Cosmofon 250.000
euros.
In Vecer you can read about the complaint
submitted by EVN against the Commission on
Competition Protection, which has recently fined
ESM for collecting the handling charges in the
bills for electricity. The company announces that
there is no legal base to issue the fine because
this was not in accordance with the decision of
the Constitutional Court. The Commission has
recently announced that EVN by double charging
of the handling charge is using the monopoly
position on the market, and for this kind of
infringement follows a fine of ten percent of com-
pany`s total annual income.
The food in the supermarkets has increased
again - writes today`s Vest. Some of the traders
who supported the governmental campaign to
reduce the basic foodstuffs, since yesterday
started to sell more expensive food. The price
increase began with the supermarket Tinex and
price increases of the basic foodstuffs are
expected these days in other supermarkets in
Macedonia. Traders say that the share for the
price reduce, that lasted month and a half, ended
because the producers and the suppliers,
although they`ve promised didn`t reduce the
wholesale prices.
Current and former employees of the con-
struction company Beton, Bitola request their
eight month`s back wages and contributions for
the past six years through protests. The employ-
ees accused the current leadership of the bad
management of Beton, due to which the success-
ful company is now facing bankruptcy, and that
around 700 workers i.e. 80 percent of the number
of employees lost their job. Once subsidiary of
Beton faced serious crisis few years ago, surviv-
ing the privatization shocks from 2001, in which
time the director Tomislav Stefkovski and other
cooperators became dominant owners, reveals
Vreme.

2.TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

1. THE EUROPEAN INFORMATION AND INNOVATION CENTER OPENS (***)
2. HYDRO PLANTS POSTPONED FOR ONE MONTH (**)

DNEVNIK p.6 TOBACCO PRODUCERS DEMAND HIGHER PRICES

p.7 MBI 29.03.2008 p.6 IK BANKA RECEIVED LICENSE FOR VISA`S TERMINALS
p.7 THE GOVERNMENT FORGOT THE PRICES p.7 THE STOCK EXCHANGE AWAITS THE EPILOGUE OF THE
p.7 EVN HAS OPENED COLLECTION DEPARTMENT IN THE VIL- NATO SUMMIT
LAGE MOSQUE OF SVETA PETKA p.7 THE EMPLOYEES WHO REMAINED WITHOUT THEIR
p.7 T-MOBILE AND COSMOFON FINED 4.4 MILLION EUROS WAGES NOW REQUEST BANKRUPTCY
UTRINSKI VESNIK VEST
p.4 THE EUROPEAN INFORMATION AND INNOVATION CENTER p.8 MACEDONIAN WINE PRESENTATION IN GERMANY
OPENS p.9 THE FOOD IN THE SUPERMARKETS INCREASED AGAIN
p.6 THE EMPLOYEES OF BETON, BITOLA, REQUEST THEIR NOVA MAKEDONIJA
WAGES p.5 MACEDONIAN COMPANIES TOGETHER WITH EUROLINK TO
p.7 THE GOVERNMENT PROLONGED THE DEADLINE OF FOREIGN BUSINESS PARTNERS
CEBREN AND GELISTE FOR ONE MONTH p.5 INSTRUCTION FOR CONSTRUCTION OF WINDMILLS PRE-
p.8 STOPANSKA BANKA REALIZED LAST YEAR A PROFIT OF PARES
18.3 MILLION EUROS p.5 THE SHARE OF KOMERCIJALNA HAS BROUGHT HALF OF
p.8 THE FIRST DRIVING CERTIFICATES ALLOCATED ABROAD THE STOCK EXCHANGE`S TURNOVER
VECER p.6 GROWTH OF THE FOREIGN EXCHANGE RESERVES FOR
p.1 EVERY CITIZEN OWES 300 EUROS TO BANKS 107 MILLION EUROS
p.5 EVERY CITIZEN OWES 300 EUROS TO BANKS p.6 INCREASE OF THE COMPETITION OF THE DOMESTIC COM-
p.6 EVN SUES THE ANTI-CORRUPTION COMMISSION PANIES
p.6 MACEDONIA - PART OF THE GLOBAL CAMPAIGN FOR SAV- SPIC
INGS OF ELECTRICITY p.6 HYDRO PLANTS POSTPONED FOR ONE MONTH
VREME
16 berzNIK number 16
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
1. SHORT REVIEW IN THE WEEKLY MAGAZINES
GLOBUS
p.24 NATO ENCOURAGES INVESTORS
p.24 USE OF 300 MILLION EUROS FROM IPA FUNDS
p.24 STOP FOR THE STOCK EXCHANGE SHARES` DEPRECIATION
p.24 RAISING INSTITUTIONS` CAPACITY
p.26 MACEDONIA ENTERS INTO THE RED WITHOUT NATO
Macedonia has not calculated how much NATO admission will cost it
and how much the country will gain of the act, especially from economic and
social point of view. It looks strange but from our interviews with scientists,
as it was explained to us, they also consider this as inexplicable fact.
KAPITAL
p.10 WATER RESOURCES IN MACEDONIA REDUCE
The level of water resources in Macedonia has been reducing due to
massive destruction of the green forest zones, was said at the Forum that
took place in Struga on the occasion of World Water Day - March 22.
p.10 FMG TRADING FROM CYPRUS ENTERS MAK ASSETS MAN-
AGEMENT
Last week, FMG Funds, the leading world group that manages private
investment funds, entered Macedonian market through recapitalization of the
Skopje association for private funds management Mak Assets Management.
p.10 TURKISH TRANSPORT COMPANY BIRFOR ENTERS MACEDO-
NIA
The Turkish transport and logistics company Birfor Logistics Service has
opened a company in Skopje.
p.10 CROATIAN KONCAR TO MODERNIZE MACEDONIAN TRAINS
Today, a Contract was signed in the Ministry of Transport and
Communications for repair and thyristorization of two electric locomotives
between MZ Transport from Skopje and Koncar from Zagreb.
p.10 GERMAN COMPANY TO BUILD FACTORY FOR WASTE PRO-
CESSING IN STIP
Representatives of the German company Remko-B were visiting Shtip
and explained to the Mayor Pande Sarev their project for construction of a
factory for waste processing.
p.10 AUSTRIAN JAKOB BEKER TO RECYCLE WASTE IN MACEDO-
NIA
Jakob Beker Macedonia is the name of the new company for production,
trade and services, established in the Central Register of Macedonia this
week, which is engaged in waste recycling.
p.11 ACO ILIESKI BECOMES SECOND DIRECTOR OF KAPITAL
BANKA
As of this week the Management Board of Kapital banka has new mem-
ber - the Skopje citizen Aco Ilieski, graduated economist, who has entered
Management Board of Kapital banka in accordance with the written modifi-
cation in the Central Register.
p.11 SERBIAN BUSINESSMAN DROSKOVIK ESTABLISHES
SWISSLION MAK
Swisslion Mak is the new name of the new daughter company of
Swisslion Takovo, in possession of the Serbian businessman Rodoljub Dras-
kovik, which was established in the Central Register of Macedonia this week.
p.11 ANOTHER SHOCK FOR THE BUSINESS OF NINI IN MACEDO-
NIA
The Ministry of Health reached a decision to shut down the production
capacity of AD Jaka 80 in Radovish completely due to non-fulfillment of the
legal obligations for good manufacturing practice.
p.12 MACEDONIA - SECOND COUNTRY IN THE REGION ACCORD-
ING TO QUALITY OF SHOP SERVICES
Macedonia is second country in the region according to the quality of
services that a buyer gets in the shops.
p.14 BULGARIA SHUTS DOWN DUTY FREE SHOPS FOR NEIGH-
BOURS THAT ARE NOT EU MEMBERS
By a decision that the Bulgarian Parliament has adopted, Bulgaria
closed down the duty free shops and gas stations on the border crossings
with neighbor countries that are not EU members.
p.18 MACEDONIAN INDUSTRY PAYS THE MOST EXPENSIVE ELEC-
TRICITY IN EUROPE!
While the Government announces that Macedonia will become power
exporter in the region, Macedonian industry warns that the expensive elec-
tricity it pays as a result of the lack of power can cause an economic col-
lapse.
p.38 GREEK COMPANY TO BUILD RESIDENTIAL SUBURBS IN
MACEDONIA AND REGION
The European Bank for Reconstruction and Development (EBRD) will
finance a regional project for construction of residential buildings on the
Balkans.
p.39 KOMERCIJALNA BANKA TO DISTRIBUTE 6.17 MILLION EURO
DIVIDEND
Komercijalna banka will allocate a total of 379 million denars (approxi-
Date 31.03.2008
24.03.-29.03.2008 MONDAY-SATURDAY
mately 6.17 million euros) of the undistributed gain by 31.12.2007 for a divi-
dend payment.
p.40 A WEEK OF OVERTURN (17.03.-21.03.2008)
The last MSE week did not promise anything good from its start. On
Monday, the shares continued the trend of the week before, so MBI-10 went
down 2.11%, while on Tuesday a disaster happened - the Index went down
5.5%.
p.41 ALKALOID TO PAY 2.11 MILLION EURO DIVIDEND
At the session held last week, Alkaloid Management Board adopted
Draft Decision with which it proposed the Shareholders` Assembly to pay a
dividend for 2007 in net amount of 100 denars per share, i.e. 110.11 denars
gross amount.
p.41 AGROKOR TO INCREASE VEGETABLES PRODUCTION IN
MACEDONIA
While preparations have been done for construction of the new purchase
distributive center in Strumica, i.e. the first agro stock exchange in
Macedonia, for which approximately 15 million euros will be invested, repre-
sentatives of the Croatian company Agrokor are analyzing the situation in the
Strumica region these days where they are making arrangements with the
producers for the possible quantities of vegetable that will be purchased this
season.
p.43 CONSTRUCTION OF JOHNSON MATTHEY PLANT TO START IN
APRIL
The British company Johnson Matthey will start building the plant for
automobile catalysts in the second half of next month, and the manufacture
should begin in May 2009, stated Geoffrey, the Regional Director of Johnson
Matthey for Macedonia in the Economic Chamber of Macedonia. He added
that in ten days the construction company that will materialize the investment
worth 50 million euros would be selected.
p.43 RWE POWER TO INVEST 500 MILLION EUROS IN HYDRO-
ELECTRIC POWER PLANTS CEBREN AND GALISHTE
The German Group RWE Power intends investing more than 500 million
euros for construction of the hydroelectric power plants Cebren and Galishte
in Mariovo.
p.43 PROCREDIT BANK STARTS A CAMPAIGN FOR CHILD SAVING
ProCredit Bank has started a campaign on encouraging the child saving.
For that purpose the bank is offering "ProCredit child`s savings book".
p.44 NEW CREDIT CARDS OF OHRIDSKA BANKA
Ohridska Banka has introduced new revolving cards MasterCard
Standard and MasterCard Gold with a grace period to 45 days and minimal
monthly payment by 5%.
p.45 FINALLY A LAW ON PRIVATE CREDIT BUREAU!
The Government adopted the Draft Law on Credit Bureau, which will
enable establishment of private credit bureau through which information will
be exchanged on the credit accountability of citizens and companies.
p.47 MACEDONIA EXPECTS 6% GDP AND INFLATION OVER 5%
In 2007 the highest real growth so far of the Gross Domestic Product
(GDP) by 5.1% was recorded, the Vice Prime Minister Zoran Stavreski
announced, summarizing the economic results the Government made last
year.
MAKEDONSKO SONCE
p. 27 DIFFICULT FOR ELECTRICITY NOW, AS FOR LATER -
NOBODY KNOWS
Electricity production in this country is on slippery ground with, for
now, unfamiliar perspective. One could have concluded this recently: the
announced information on the site Energyobserver, the first private site in
Europe that displays energy information, with a special accent to energy sit-
uation in Southeastern Europe.
FORUM
p. 31 FINALLY - LIBERALIZATION OF TELECOMMUNICATIONS'
MARKET
Macedonian Railways - Infrastructure has announced public call
for renting the most ten optic fibres of their cable to the interested telecom-
munication companies.
p.31 FROM ONE EXTREMITY TO ANOTHER
We will remember the last stock exchange week after the incred-
ible overturn of MBI-10 - the largest fall and largest increase within three
days for these three months.
p.32 FORUM FORECASTS
The two extremities we have seen on the Macedonian Stock
Exchange last week - large fall and strong increase in only three days - are
just another positive signal for our stock market.
p.40 FUND INVESTMENT MORE PROFITABLE THAN BANK
INVESTMENT
The third open investment fund - Moj fond, has recently obtained
working license.
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