berzNIK - YEAR II - NUMBER 30 -07th JULY 2008 - (SUPPLEMENT OF TENDERNIK)

FROM VIRTUAL STUDENTS TO

PROFESSIONAL STOCK PLAYERS
Date 07.07.2008 number 30
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
The first half of 2008 in bear`s domination
After the constant decline that lasted one month, the
last year`s positive indices and share price vibration, may
be considered as a kind of stabilization and a move forward.
Finally the share prices went in opposite direction last
week. The positive trend of Macedonian stock exchange in-
dex (MBI-10) retained by the end of week on Monday, 30
June. Namely, MBI-10 began its first trading day of this
week with a value of 4.710, 18 index points, moved forward
and closed on 4.885.99 index points or growth 3.73 per-
cent, after which it moved in positive zone on 4 July, when
it reached 5.154. 02 index points, which represented growth
of 104.18 index points, or, 2.06 percent. In other words MBI-
10 recorded 443.84 in-
dex points on a weekly
There is a room for additional growth on Macedo- base.
nian Stock Exchange and the Stock Exchanges in the If we make one ret-
region, and the last trends which followed after the re- rospective, June still we
cord growth last year and the price decline in the first be marked in the stock
half of this year doesn`t have to mean anything, em- exchange lobbies as
phasized the head of Macedonian Stock Exchange, month with longest price
Ivan Steriev, on the project results presentation, Stu- corrections in the past
dent Stock Exchange. The director Steriev emphasi- existence of the Mace-
zed that it is very important companies` performances donian Stock Exchange.
and their developmental perspectives to be observed Thesis that results form
on short-period. According to him, the rest represents the correction of MBI-10
investor`s perception which determines the prices on which began on 2 June,
the stock exchanges whether they will be close or far the first trading day of
from the share`s theoretic value. the month, when the in-
Mihail Petkovski, professor at the Faculty of dex closed at 5.712,99
Economy, says that the dynamic and the speed of index points, with drop
market`s healing are still unclear. But, according to by 0,67% and lasted un-
him, one of the main factors in the market`s healing til 27 June when for a
process is the investment funds, which can not allow first time in the month
further assets` decline i.e. securities in its current as- MBI -10 made a positive
sets. signal. That was a peri-
od in which the Mace-
donian Stock Exclave index lost over 1.000 index points.
But, compared to May, in June MBI -10 had lost 865,3 index
points, or dropped by 15,05%, while the index of Publicly
Held Companies had lost over 1000 index pints, or marked
drop by 16,7%. According to statistical monthly report of the
Stock Exchange, the movements on the market in June
compared to May, are showing negative changes of the
total market capitalization by 11, 75%. However, what
makes space for calculations apart form the all negative
prognosis and the epithets for the black days of the Stock
Exchange is the turnover increase in June which compared
to the prices drop of the companies shares, marks increase.
Thus, the total turnover, which includes the shares trading,
bonds and block transactions, in June shows increase by
48% in relation to May. On monthly basis, there is marked
increase of the average daily turnover by 33, 84%, as well
as increase of the daily number of transactions from 144 in
May to 157 in June ( in average). But, if economically it may
sound maybe illogical, contrary to the trading increase, the
prices of almost all securities had downward trend. Major
drop is marked in the shared of TTK banka by -28, 46%,
then Teteks by -24, 52%, ZK Pelagonija by 19, 11%, Beton
by 18, 93% and Granit by 14, 35%. In the chart t is marked
only the greatest increase of the Investbaka share with
berzNIK
3
growth by 0, 87%.
According to the indicators for participation of foreign
investors in June, in the listed companies of MBI-10 index
in relation to May, there are no drastic changes. Five com-
panies mark minimum percentage decrease in range from-
0, 02 to 0,45%. In this group are the shares of Zk Pelagoni-
ja, Stopanska banka Bitola, Ohridska banka, Toplifikacija,
Komercijalna Banka, Makstil and Alkaloid have minimum
positive changes and range between 0,001 and 0, 38%.
Otherwise, on monthly basis, in June, in relation to May the-
re is smooth increase of the total foreign investors on the
Official Market of the stock exchange by 0,14%.
But it is question less the fact that the Macedonian cap-
ital market in the first six months of the year is in knockout,
certainly if compared to 2007, year of records. From here, it
would be unreal to compare the parameters and the total in-
dicators when we talk about the turnover, the volume and
number of trading, the market capitalization. We can con-
clude from the six month report of the Macedonian Stock
Exchange that greatest turnover in the classical trading is
made in March, greatest turnover on all market segments is
realized in February, while lowest in May. According to the
turnover volume, most traded in this half of the year are the
shares of Komercijalna banka which have realized 8, 7876
million euro, Alkaloid with 7, 814 euro and Makpetrol with
6,158 million euro. These three companies had made the
greatest market capitalization.
One of the basic data that supports the thesis that the
Stock Exchange in the first half of the year was negative is
also the fact that the shares of all blue chips of MBI-10
marked drop. Major drop of June’s in relation to January’s
price marked the share of Teteks by – 58,61%, Toplifikacija
by -56,32% and Makpetrol by 53,29%, while lower percent-
age drop marks the share of Komercijalna banka by minus
21,18 percents.
The participation decrease of foreign investors in the
companies’ capital of MBI-10 for these six months is most
evident in Granit, where there is decrease by 9, 51% and
Beton by 7118%. In Toplifikacija the participation is the most
reduced by only 0, 32%. More, according to the participati-
on of foreign investors in the total turnover of the Stock Ex-
change they are the most dominant in February with
53,49% in relation to the total turnover.
Having regard of the Pleiades of these figures, the the-
sis that the cycle of prices drop is more than obvious. Also,
the conclusion of Steriev - It is important to be seen the per-
formances of the companies on middle and long term, their
developmental perspectives, everything else are only per-
ceptions of the investors, and the Euro ambassador Ervan
Fuere - the stock exchanges every time are influenced by
various external factors and external weavings, are not ex-
cluded from many speculations, can be summed at one
point - the market is sensible and turbulent base on which
head it is common to be the bear and the bull, certainly al-
ternatively?
Until the next Monday
Makedonka Baldazarska
BerzNIK editor-in-chief
e-mail: berzNIK@interNIK.com.mk
 4 berzNIK number 30
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 07.07.2008

END OF THE ANNUAL PROJECT STUDENT STOCK EXCHANGE

FROM VIRTUAL STUDENTS TO
He said that there should be regulatory
framework in order to enable safer economy,

PROFESSIONAL STOCK PLAYERS

expressing hope that the new Government will
focus on intensifying the reforms to strengthen
the economic state in the country in order to
Macedonian Stock Exchange awarded Stevan Kenjeres, for being the most successful economics student. open the doors for foreign investors and to
He also received free training of professional examination on securities and annual subscription for the reduce the unemployment.
system BEST – NET. The value of his portfolio reached 5.108.813 denars. According to the executive director Ivan
Steriev, the project`s successful results are

T
he promotion of the project was held in
Macedonian Stock Exchange premises
on 3, July. The Student Stock Exchange
was awarded for best participant and highest
value of the share trade portfolio achieved in
the frames of this students` project which last-
ed from October last year by May this year.
Stevan Kenjeres received the award.
The project organized by Macedonian
Stock Exchange, according to Ambassador
Erwan Fuere, represents connection of stu-
dents` gained education with practice and motivation to work on other projects which
opportunity to apply what they have learned. makes the theory to practice and the students
-This project enables a connection of the into professionals.
theoretic knowledge and practice which con- The fourth cycle of the Student Stock
tributes towards young people` education and Exchange will start next year.
their preparedness for the challenges which
brings the market economy, said Fuere, adding
that the development of the secure markets and
investment services is crucial precondition for
attracting foreign and domestic investors in all
fields of the economy.

Stevan Kenjeres- Letter of gratitude

The winner of the price for this year, the best student’s stock exchange trader Stevan Kenjeres,
didn’t attend the ceremony organized by the Macedonian Stock Exchange on occasion of awarding
the first price on annual level for the project Student’s Stock Exchange. But, Kenjeres expressed his
gratitude in his letter sent to the Stock Exchange. I am not able to be present on this ceremony
because of my stay in Aspen, in the state Colorado, in the frames of the USA Government program
for cultural exchange of students. I apologize to all participants of the project for my absence, and
also to all people present on the ceremony.
He, in his letter describes his goal- to be the best.
I was persistent, and I wanted to try to win the primary award for 2007/2008. For that purpose,
I prepared a program with which I was following cumulatively the results of my players during the
season… If you wonder why I was so persistent, the answer would be: I believed that, according to
some of mine predispositions, the stock exchange work would be interesting for me. I was trying to prove this by wining the annual award. Whether
the eventual professional work in the Stock Exchange will be realized, depends from many factors, in part of which I cannot have any influence.
Apart from the obvious everyday free training for stock exchange trading and everything that goes along with it, I had another one advantage.
I was introduced with the main features of great part of our most prominent companies- something that would help me in my further work.
I can say that I am very pleased that I won the first place. I would like to emphasize that I won competing with hundreds of students, of which,
at least ten are excellent players. For part of them I have the impression that is playing on the Macedonian Stock Exchange. I would especially men-
tion my colleague Emilija Popovska ( who I haven’t met personally) ,who had convincing domination on the last day when , with mine risky but for-
tunate investment in shares of Teteks Tetovo which enormously increased, literally lost by a hair’s breadth.
I don’t trade on the stock exchange, from one simple reason, I have no funds. Until 2007 when the stock exchange was constantly going up,
the fact that I wasn’t able to invest real money seemed to me like a handicap, but that changed when the stock exchange began to drop. I believe
that this downward trend will end soon. I except that there will be all conditions to include myself in the real stock exchange after my return from
the USA…

Brand managers from several Macedonian TWO-DAY WORKSHOP FOR IMPLEMENTATION OF BRAND MANAGEMENT IN SKOPJE

THE BRAND IS NOT JUST A STORY,

companies exchanged their experiences on the
workshop “Tools for implementation of brand man-

agement”, which was held in Skopje and which
brought together managers from Alkaloid, Komer-
cijalna banka, Telecom, Macedonian Air Transport
etc. The marketing expert Robert Lauterborn
from USA held a lecture on the theory of integrat-
ed marketing communications.
- It is a matter of the contribution of the inte-
grated marketing communications in the creation
of strong brands. Essentially it is a matter of the
changes which should be made in the thinking
process. For example, inside-out is a typical ap-
proach. It is something that the company wants to
do about the outside world, i.e. the customers.
That approach should be changed and an outside-
in approach should be considered. It means that
the information from the surrounding should be
gathered and processed, the needs of the consu-
mers should be considered and it should be con-
sidered what the company can do about it. This is
something that is successfully applied in USA, as
well as in many other developing economies, like,
for example, China.
IT IS ALSO A PROMISE
The seminar is organized by the Agency for entrepreneurship potential development
Humanopolis, which is part of ERA Group Slovenia
A product should not only be sold, but a story it has to be kept. It is an important component, be-
about it should be build, because you sell the cause the strong brand understands building loy-
story, not the product, and the brand should also alty, and it is build only through trust. We have
enter the conscious of the customers, i.e. position- brands in many fields: in the foodstuff industry, in
ing in the conscious of the customer in a manner the tourism and our country is a kind of a brand, so
on which that brand would meet his requirements. we have potential to be realized. Every brand has
The companies must identify customers` require- a potential to become global, but only if it has good
ments, and the brand should properly meet those management. We have good brand managers and
requirements. marketing managers who are quite interested of
My impression is that there is a lack of confi- turning their products, services, and corporative
dence in Macedonia, and Macedonia is a beautiful brands into global.
country and its citizens should have more confi- The Government should improve the busi-
dence and therefore fight for their goals. ness climate and to take actions regarding the pro-
According to Snezana Mojsovska-Salamov- tection of the industrial property in order to mini-
ska, assistant at the “St. Clement from Ohrid” Uni- mize imitations and unfair competition as a plat-
versity in Bitola, - because the brand is a promise, form for creation of a brand.
 Date 07.07.2008 number 30
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
berzNIK
5
30.06.2008 MONDAY
C O N T E N T S
1. SHORT REVIEW OF EVENTS
This week begins in the printed media with the million euro is realized in the reinvested profit and
INTRODUCTION . . . . . . . . . . . . . . . . . . . . . . . . . . 3 news for the main energy raw material- the oil. The 110 euro is another separate capital. Foreign direct
STOCK EXCHANGE NEWS... . . . . . . . . . . . . . . . . . . . . 4 price of the black gold, which during Friday’s trading investments in 2007 mainly are located in the finance
reached new record price of 142, 99 dollars per bar- sector, telecommunications, as well as the producti-
berzNIK, MONDAY, TUESDAY, WEDNESDAY........... 5-7 rel, and according to the American experts for ener- on respectively food procession. Another time it can-
gy, it is expected very soon to reach 150 dollars per not be omitted the conclusion that our country is on
MACEDONIAN – SLOVENIAN BUSINESS COOP-
ERATION FAR BEYOND THE POSSIBILITIES. . . 8-9 barrel. Apart from the slow down of the USA econo- the bottom of the investor’s map, which the foreign-
my and some other most developed Western countri- ers drew in the region.
INFORMATION IS FOR GIVING NOT FOR KEEPING -9
es, most of the experts agree that there are conditi- For some investors, as the Austrian financial
AGBIZ GRANTS FOR NINE MACEDONIAN ons for new, additional jump of price. The long term group Hipo, our country is favorable business desti-
AGRIBUSINESS COMPANIES . . . . . . . . . . . . . . . 10-11 prognoses for this fuel are more pessimistic, beca- nation, which affirms Gorge Vojnovik, member of the
use they are indicators that this key raw material in Management Committee of Hipo Alpe Adria Leasing,
PROJECT- ASSESSMENT OF THE GOOD MAN-
AGEMENT POTENTIAL IN MACEDONIA..........11 the following three to four years could increase to ap- who for today’s Dnevnik announced that this group
proximately 200 dollars per barrel. intends to open a bank in Macedonia.
REVIEW OF THE REGIONAL STOCK EXCHANGE....12 Some of today’s newspapers convey the an- Austrians prefer to buy home bank in Macedo-
nouncement of the International Agency for Energy, nia, but if that fails, they would make Greenfield in-
berzNIK, THURSDAY, FRIDAY, SATURDAY ..............13-15
that seat in Paris, according to which every sixth citi- vestment. According to Vojnovik, the successful
WEEKLY MAGAZINES.....................................16 zen of Western Balkan is facing with lack of energy. working of Hipo Leasing in Macedonia is certainly
The agency mentions that the energetic crisis in the factor plus for the expansion of the business in the
EVENTS THAT MARKED THE WEEK..............17 area of Western Balkan follow after the wars in the banking sector, too. Namely, the first half of the year,
WEEKLY REVIEW OF THE MACEDONIAN STOCK territory of Former Yugoslavia, during the previous the group Hipo marks increase of 250 percents in re-
EXCHANGE...............................................18-19 decade, and appoints to the necessity for fast renew- lation to 2007, and have placed in the country over
al of the current and construction of new electro 25 million euro for vehicles and equipment leasing.
energetic plants in the region. In the report it is con- The citizens who buy furniture, white goods,
cluded considerable higher energetic spending in the computers and similar products by credit card, often
I M P R E S S U M countries of Western Balkan in relation to the stan- are paying higher sum or they are losing the discount
dards of EU and OECD. right which is valid for paying in cash. Thus, those
In their stock exchange reports, today’s newspa- who are using their credit cards for payment, they
pers inform that the major drop in the history of the buy the product expensive by 5 percents. This infor-
Publishing: INTERNACIONAL NIK AD - Skopje
Macedonian Stock Exchange has finished. Namely, mation can be read in Utrinski vesnik, which conclu-
Media library and digital archive after the 18 days continuous drop of the MBI-10 in- des that the buying by credit cards is expensive ple-
Editors office: berzNIK dex value, finally Friday managed to close the day asure. According to the unofficial statements, if the
Address: Square MAKEDONIJA bb, p.box 882 Skopje, 1000, with positive value of 2,44percents. Apart from that, representatives of shops and companies, banks are
R.Makedonija
Phone. 02/25.32.800 faks: 02/25.32.839 seen as a whole, analysts estimates the previous collecting commission from the trade companies for
web: www.interNIK.com.mk; week as one of the hardest for our stock exchange. payment by credit cards, and for the traders, so far,
e-mail: info@interNIK.com.mk On weekly level the leading index of MBI10 marked the most ideal way for hiding the commission is dis-
Executive Director: Zdravko Josifovski correction by 6,04 percents, on monthly level it has a count cancelling which is valid for paying in cash.
Account Menager: Divna Pesic drop of 17,66 percents and this week another time The vinery Tikves received the award Best Regi-
Public relations: Natasa Dimovska reached the minimum 52 on weekly level- its absolu- onal Business Partner 2008, which awards the agen-
ICT Manager: Kiro Velkovski
Marketing manager: Ivona Josifovska
te value Thursday was worth 4.598,02index points. cy Mass media internacional, from Serbia, on basis
Assistent: Stojne Danilova Direct foreign investments, last year, brought of independent research conducted in the compa-
Logistics manager: Ana Petrova 239 million euro, and major investors were France, nies from the Region. Tikves is the only company
Finance manager: Gordana Stojanovska Austria, Slovenia and Serbia - it can be noticed from from republic of Macedonia that receives prestigious
STOCK EXCHANGE REVIEW OF EVENTS IN THE the data of the Ministry of finance, which conveys to- award.
PRINT MEDIA berzNIK day’s issue of Biznis. Of total direct investments, 35
berzNIK is founded in year 2007. 2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS
STOCK EXCHANGE REVIEW OF EVENTS IN THE 1. COUNTRIES FROM THE WEST BALKAN FACE WITH ENERGETIC LACK (****)
PRINT MEDIA berzNIK 2. ENDS THE LONGEST FALL IN THE HISTORY OF THE STOCK EXCHANGE (***)
Number: 30
Date: 07.07.2008 DNEVNIK VECER
p.9 AUSTRIAN HIPO TO OPEN BANK IN MACEDO- p.6 OIL TO INCREASE UP TO $170 THIS SUMMER
IT IS DISTRIBUTED FOR SUBSCRIBERS ONLY
NIA p.6 MAKPETROL DISPUTES DAIRY OWNERSHIP
FRONT PAGE PHOTO: BIZNIS p.7 THE MBI – 10 INDEX, FINALLY TO MOVE
MACEDONIAN STOCK EXCHANGE p.1 THE STOCK EXCHANGE GETS OUT OF THE VREME
LONG FALL? p.4 AUSTRALIA SHOWS INTEREST IN MARIOVO
Photo: p.3 FRANCE, AUSTRIA, SLOVENIA AND SERBIA– URANIUM
Robert Spasovski
GREATEST INVESTORS p.6 THE MOST LIQUID COMPANIES IN THE
Editorial staff of berzNIK p.4 TIKVES WINERY – THE BEST REGIONAL BU- GREEN
Internet distributive system: www.interNIK.com.mk SINESS PART¬NER p.6 PATRIOTIC TRADE MAKES UNSEEN CHAOS
Editor: Makedonka Baldazarska p.15 MBI – 10 PASSED INTO THE GREEN ZONE NOVA MAKEDONIJA
Journalist: Vaska Mickoska, Kiro Simonovski p.15 MBI REPORT 27.06.2008 p.7 IS THIS THE END OF THE POOR TRADE SERI-
DTP: Tatijana Trpkovska p.16 FINALLY AN INCREASE ON THE STOCK EX- ES ON MSE?
Editorial staff:
News Evaluator: Anita Bashoska, R. Tasovska CHANGE p.7 AUSTRALIANS IN MACEDONIA IN SEARCH
[operators]:Mare Lazarevska, Arslan Skoro, Zoran Stamatovski, p.16 ENDS THE LONGEST FALL IN THE HISTORY FOR URA¬NIUM AND IRON
Martin Arsovski, Gorge Redzik, Toni Arsovski i Darko Tripunovski OF THE STOCK EXCHANGE p.7 WEST BALKAN AHS A LACK OF ENERGY
[translators]: translator's manager Senka Mihajlovska, Angelina p.17 OIL PRICE – 150 US DOLLARS A BARREL p.8 CARDS DID NOT REDUCE ROWS IN THE
Filipovska, Slobodan Trajkovski, Aleksandar Stamenkovski, Aneta p.17 NET-EARNINGS DECLINE OF 26.5 PERCENT BANKS
Menoska, Filip Koviloski, Darko Ivanovski UTRINSKI VESNIK p.8 OIL SETS NEW RECORDS
Fotoreporter: Robert Spasovski
p.7 THE PURCHASE WITH CREDIT CARDS SPIC
Marketing, distribucija i prodazba: EXPENSIVE PLEASURE p.5 SEARCH FOR URANIUM IN MARIOVO
INTERNACIONAL NIK AD - Skopje p.8 COUNTRIES FROM THE WEST BALKAN FACE p.5 AUSTRALIA WILL TEACH US TO PLANT FRUIT
WITH ENERGETIC LACK WITHOUT LAND
p.5 WEST BALKAN ENERGY SPONGE
 6 berzNIK number 30
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 07.07.2008

1. SHORT REVIEW OF EVENTS
Macedonia is on the 50th place in the 50th
place in the world for leading business is the title
that marked the titles on all of the today’s print-
ed media. In competition of 121 country, in the
list of the “Forbs” magazine, Macedonia is on
the 50th position according to the conditions this
country offers for leading business, which repre-
sents progress for 32 places compared to the
last year. In the qualification of the American
magazine on the list as best ranked country for
leading business is Denmark, before Ireland
and Finland and then follow the USA, Great
Britain, Sweden, Canada, Singapore, Hong
Kong and Estonia. Thanks to the huge progress
of 32 positions, we were ranked before Greece
on the list, which is on the 53rd place. Macedo-
nia was already pronounced for one of the best
10 countries in the world for implementation of
reforms for improving the business climate, ac-
cording to the report of “Doing Business” of the
World Bank. In 2007/2008, our country was
ranked on the high fourth place, compared to
178 countries in the world for the progress the
country has achieved in the area of tax reforms,
business registering procedures, regulatory
guillotine, customs reforms and speeding up
procedures for obtaining construction permits.
The economic experts say that this progress
above all is due to the favorable economic me-
asures that the government had realized in the
last year and a half.
Biznis announces that the low prices of the
Macedonian shares have woken the buyers.
Yesterday, one needed a sharer more on the
Macedonian stock exchange. Since 9 o’clock in
the phase of indication, the buyers that have de-
cided to buy through the weekend, lined up on
the maximal day limits with the part of the sha-
res from the MBI – 10. The demand was so big
that it looked like it scared the sellers, especial-
ly the ones from Toplification, and Makpetrol.
The prices that were high until before Friday we-
re offered today by the buyers without hesitati-
on. In this way, the trading day has ended with
significant increase of the MBI – 10 from 3.37%
and 1.8% of the MBID. The overall turnover
amounted 45.3 millions of denars with the inclu-
ded block of 16.27 millions being realized with 1
915 shares of InvestBanka.
According to the stock exchange analysis
made public in Utrinski vesnik, although the in-
dex has increased, it is early to say that the
Stock Exchange finally is healing after previous-
ly it had been sinking into debts. The yester-
day’s new increase of the Macedonian stock ex-
change index MBI – 10 for 3.73% as well as the
registered increase on Friday, at the end of the
last stock exchange week, for 2.4 percents is
imposing new optimistic stage on the Macedo-
nian market of capital. Big number of investors
has emerged having great interest for buying
shares, and the owners like they did not want to
sell, hoping that there are going to be higher pri-
ces of the shares in the following days. In relati-
on to the last two days of the stock exchange in
which it seems that the Macedonian market of
01.07.2008 TUESDAY
capital shows signs of some modest moving up,
previously the condition on the Stock Exchange
was even more than desperate. No one was bu-
ying shares, and the sellers while in panic were
trying to get rid of their securities, which lowered
their prices to extremely low levels…The price
of the oil which is on record – breaking level,
has passed the limit of 143 dollars, announces
Vest.
Yesterday, the price of the oil has increased
for more than three dollars per barrel on a new
record – breaking level of over 143 dollars, enti-
ced by the increased fears on the market for the
conflict between Israel and Iran about the Tehe-
ran’s nuclear program. Iran announced that they
will impose their control upon the oil delivery in
the Persian Gulf and the Moreuz Hormuz in ca-
se they are attacked. Moreuz Hormuz, the tight
water passage dividing Iran from the Arabian
Peninsula, covers almost 40% form the oil trad-
ing in the world. The prices later dropped under
the record – prices for this season, partially be-
cause of the straightening of the dollar in relati-
on to the euro.
Until tonight, you will read that the bio – fu-
els did not fulfill their goal and have brought po-
verty throughout the world, while in Vest you will
read that the Italian government is interested to
invest in the construction of windmills for pro-
duction of electricity in Macedonia. The exami-
nations will start soon on several locations on
the mountain Ponikva near Kocani.

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

1. MACEDONIA TAKES 50TH POSITION FOR DOING BUSINESS (*****)
2. THE LOW PRICES OF THE MACEDONIAN SHARES WOKE UP THE PURCHASERS (**)

DNEVNIK p.6 KONDOVO AND STUDENICHANI TO BE SWITCHED OFF

p.11 MACEDONIA TAKES 50TH POSITION FOR DOING BUSINESS p.7 MACEDONIA TAKES 50TH POSITION FOR DOING BUSINESS
p.11 EVN-ESM SHUTS THE POWER DOWN IN KONDOVO AND p.7 ON SLOVENIAN ROADS ONLY WITH PAY-TOLL STICKERS
STUDENICANI VREME
p.11 FINE IN AMOUNT OF 5.000 EURO FOR NOT POSSESSING с.1 PATRIOTIC FISCAL REGISTERS SWEAT THE OWNERS
FISCAL REGISTERS WITH SUN p.4 EVN PUNISHED KONDOVO AND SARAJ
BIZNIS p.7 PATRIOTIC FISCAL REGISTERS SWEAT THE OWNERS
p.1 THE LOW PRICES OF THE MACEDONIAN SHARES WOKE UP VEST
THE PURCHASERS p.3 MACEDONIA ON THE 50TH PLACE FOR BUSINESS LEADING
p.2 HYPO TO OPEN BANK IN MACEDONIA p.4 WINDMILLS FOR ELECTRICITY PRODUCTION ON PONIKVA
p.3 MACEDONIA ON THE 50 SPOT AMONG 121 COUN-TRI¬ES p.9 OIL PRICE HITS A RECORD OF OVER 143 US DOLLARS A
p.4 VEHICLES MORE PRECIOUS THAN LIFE BARREL
p.12 THE LOW PRICES OF THE MACEDONIAN SHARES WOKE UP NOVA MAKEDONIJA
THE PURCHASERS p.7 THE DEADLINE FOR PATRIOT RECEIPTS WILL NOT BE PRO-
p.13 MBI-10 RECORDS GROWTH OF 3.73 PERCENT LONGED
p.13 RECORD JUMP OF MBI-10` VALUE p.7 THE BULL GOT OUT AGAIN, STRONGER THAN ON FRIDAY
p.13 MBI REPORT 30.06.2008 p.8 FORBS: MACEDONIA IS THE 50TH BEST COUNTRY FOR
p.15 THE INTEREST FOR THE BONDS DECREASED WITH THE BUSINESS
FOREIGNERS p.8 INSTEAD OF CHEAPER REGISTRATION, BONUSES FOR
p.16 OIL PRICE TO RISE TO 170 US DOLLARS A BARREL SERENE DRIVERS!
UTRINSKI VESNIK p.8 EVN SWITCHES OFF THE ELECTRICITY IN KONDOVO AND
p.5 PATRIOTIC REGISTER RUSH CULMINATES STUDENICHANI
p.7 INDEX GOES UP - IT IS EARLY TO SAY WHETHER THE SPIC
STOCK EXCHANGE IS RECOVERING p.2 OIL RISES TO ABOVE 143 US DOLLARS A BARREL
p.7 MACEDONIA ON THE 50TH PLACE FOR RUNNING MBUSI- p.6 COLUMNS OF TRADERS FOR PATRIOTIC FISCAL REGIS-
NESS TERS
VECER p.6 ELECTRICITY RESTRICTIONS FOR DEBTORS
p.6 BIO FUELS TO BRING POVERTY
 Date 07.07.2008
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
1. SHORT REVIEW OF EVENTS
Macedonia is attractive market for Sloveni-
ans, is the appraisal of Slovenian Chamber of
Commerce representatives who attended this
year Macedonian-Slovenian Business Forum in
Skopje. All written media today convey the con-
clusion of Hribar Milic, Director of Slovenian
Chamber of Commerce: Macedonia is very per-
spective market for Slovenian economy, and
offers great conditions to companies for doing
business. He stressed that current economic
trade between the two countries is poor, but ex-
pressed hope for improving of this situation.
One of the main topics on the discussion was
considering of the opportunities for improving of
the trade between Slovenia and Macedonia and
considering of opportunities for Slovenian
investments in the country. Because, according
to Hribar, Macedonian low taxes, educated labor
force, free trade agreements with EU, Russia
and countries in the region, is very attractive for
investments. Last year trade between the two
countries reached 200 million euros, and Hribar
said that successful cooperation can bring trade
of 1 billion euros. Macedonian Economic Cham-
ber Secretary General Jelisaveta Georgieva,
organizer of Macedonian-Slovenian Business
Forum, considers that both countries should
work towards creation of regional products,
which would be later actively promoted.
Inflation is not reducing – 10% in June, are
the latest records of State Statistical Office of
the Republic of Macedonia, which were conve-
yed by Macedonian papers.
This means that the inflation rate is again
number 30
exceeding 10%, and June life expenditure index
compared to the same month last year increa-
sed 10.1%. This index compared to May marks
increase of 0.3%. Inflation growth is a result of
the increase of food price, and biggest growth is
registered at fruit and cereals product, oil deri-
vatives mark 7.7% increase as well…
June retail prices compared to last year in-
creased 8.4%, and compared to May there is in-
crease of 0.8%.
The problem of fiscal registers is delayed.
According to the current situation, only the Go-
vernment is satisfied by the new fiscal registers,
while traders consider that patriotic fiscal rece-
ipts will not improve the sale of Macedonian pro-
ducts, but yet, they upgrade their fiscal registers
due to fear of high fines. According to today edi-
tions many traders yesterday did not issue new
fiscal receipts despite the fact that the term for
their implementation already passed. They ex-
plain that the reason for the delayed issue if the-
se receipts is a result of the delay of the upgrade
software in service companies.
Government officials say that patriotic rece-
ipts will improve the competitiveness if Macedo-
nian products, and create positive effects for
customers. Chamber of Commerce officials say
that patriotic fiscal receipts are expenditure,
which will be paid by traders.
Biznis conveys that yesterday oil increased
on world market by 3.5 dollars reaching 143 dol-
lars per barrel. On London Stock Exchange bar-
rel of oil was sold at 143.81 dollars, while on NY-
SE it reached 143.54 dollars. The price of North
berzNIK
7
02.07.2008 WEDNESDAY
Sea Brent in London increased by 3.5 dollars
and reached 143.81 dollars. Such records are
directly pegged to the dollar and its depreciation
compared to euro.
Biznis also conveys that the increase of
electricity price in the region is not going to af-
fect the electricity in Macedonia for now, ESM-
EVN officials say. Company also explains that
they are still calculating and operate on expens-
es. They will submit calculations for expenses to
the Energy regulatory Commission by the end of
the year, and it will decide on further steps. Just
to remind, exactly two weeks ago Georg
Valdner, President of EVN Managing Board,
was the one to announce the electricity increase
in Macedonia.
Utrinski Vesnik conveyed the yesterday
start of service for phone number migration.
This means that citizens will be allowed to chan-
ge their mobile operator and preserve the prefix
which is characteristic for the network he was
using. This means that if some user of mobile
telephony services decides to migrate on other
network, he will be able to keep his number, re-
gardless if it starts with 070/071, 075/076 or
077/078. It is expected that the introduction of
this service will significantly strengthen the com-
petition on telecommunications market. Electro-
nic Communications Agency (AEK) announced
to fine operators with 4-7 pct if ban their sub-
scribers the opportunity to migrate to other oper-
ator, and keep their previous prefix.

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

1. INFLATION STANDS FAST-10% IN JUNE TOO (****)
2. ONLY THE GOVERNMENT IS SATISFIED OF THE PATRIOTIC FISCAL APPLIANCES (****)
DNEVNIK VECER
p.1 ONLY THE GOVERNMENT IS SATISFIED OF THE PATRIOTIC p.6 THE SLOVENIANS ARE SHOWING INTEREST IN GREEN-
FISCAL APPLIANCES FIELD INVESTMENTS
p.9 INFLATION ONCE MORE OVER 10 PERCENTS p.6 UTILITY SERVICES AND VILLAGES – DISCONNECTED
p.13 AMERICA AND CHINA IN GLOBAL WAR FOR OIL p.7 THE OPTION FOR NUMBERS MIGRATION IS POSTPONED
BIZNIS FOR TWO WEEKS
p.1 THE THREE STOCK EXCHANGE INDICES RECORD GRO- p.7 START OF THE PATRIOTIC FISCAL RECEIPTS
WTH VREME
p.1 INFLATION CONTINUES TO GROW p.6 THE CITIZENS NOT INTERESTED IN THE PATRIOT FISCAL
p.3 ACHIEVEMENTS OF MAKPETROL ON THE WORLD EXPOSI- REGISTERS
TION p.6 TOPLIFIKACIJA WANTS 40 PERCENT MORE
p.3 PRICE CHANGES WILL NOT AFFECT MACEDONIA FOR THE p.6 THE INFLATION INCREASED AGAIN
TIME BEING p.6 EVERY NETWORK WITH THE SAME NUMBER
p.3 MACEDONIA- PERSPECTIVE MARKET FOR INVESTING VEST
p.6 FISCAL REGISTERS BECAME PATRIOTIC p.1 INFLATION OVER 10 % AGAIN
p.11 SHARE BUYBACK p.6 THE ASSEMBLY WITHOUT FISCAL RECEIPT
p.11 NET – TRADING TRANSFERS- p.7 MAT HAS A SHORTAGE OF AIRPLANES
p.11 MAKOTEKS REACHES DECISION FOR COVERING LOSSES NOVA MAKEDONIJA
p.11 MACEDONIAN STOCK EXCHANGE p.1 THE STATE REQUESTS BUT, DOESN`T ISSUE PATRIOTIC
p.11 EXTENDED DEADLINE FOR FORMATION OF SHARE PACK- FISCAL RECEIPTS
AGE FOR SALE p.7 PRICES OF MAKPETROL AND TOPLIFIKACIJA INCREASED
p.12 GROWTH OF THE THREE STOCK EXCHANGE INDICES BY 10 PERCENT
p.13 МBI 01.07.2008 p.7 WHAT’S WRONG WITH THE DATA FOR MACEDONIAN INFLA-
p.13 2.01 PERCENT GROWTH OF MBI-10 TION?
p.15 INTERNATIONAL HOTELS TO ISSUE SECOND EMISSION OF p.8 MACEDONIA IS AGAIN SHAKEN BY INFLATION OF OVER 10
SHARES PERCENTS -
p.16 INVESTBANKA HAS OPENED ITS 22ND BRANCH p.8 EVN CUT OFF 18 ENTERPRISES
p.16 OIL PRICE UP AT $143.81 A BARREL
UTRINSKI VESNIK SPIC
p.1 INFLATION STANDS FAST-10% IN JUNE TOO p.1 CHEAP ELECTRICITY SILENTLY NIBBLES THE BUDGET
p.5 STARTED THE SERVICE FOR MIGRATION OF NUMBERS p.9 THE PATRIOTIC IN FRONT OF CONSTITUTIONAL COURT
p.7 THE FISCAL PATRIOTS ALREADY ENTERED INTO FORCE, p.9 DOUBLE-DIGIT INFLATION
THE CHAOS CONTINUES p.9 EVN CONTINUES TO DISCONNECT ENTERPRISES AND VIL-
p.7 MACEDONIA - INTERSTING MARKET FOR THE SLOVENIANS LAGES
 8 berzNIK number 30
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 07.07.2008

MACEDONIAN – SLOVENIAN BUSINESS COOPERATION FAR BEYOND THE POSSIBILITIES

CHALLENGE – JOINT APPROACH

ON THIRD MARKETS
The Macedonian and the Slovenian businessmen should not look only at the Slovenian and the Macedonian market, bust also on the mar-
ket between Western Europe and Russia, respectively entire Eastern Europe, which today is one of the fastest growing regions in the world.
It is a region with over 200 million citizens, over two trillion dollars of economy, with seven to ten percents of growth… enormous market,
where jointly, the Macedonian and the Slovenian companies have limited possibilities to supervene and to represent the joint competitive
possibilities and benefits.

L
ast year in the external trade exchange, two-day visit of our country by the Slovenian ties and conquering new markets. The markets
Slovenia realized over Euro 40 million. business-delegation, organized by their econo- for the Macedonian and the Slovenian busines-
Only about Euro 200 million of this fabu- mic association and the Public Agency for Ent- smen are not just Slovenia and Macedonia, but
lous amount falls out to Macedonia. These sta- repreneurship and Foreign Investments also the market between Western Europe and
tistics were the reason the Chief Executive Of- (JAPTI) of Slovenia. Russia, respectively the entire East Europe,
ficer of the Slovenian Economic Chamber, Sa- As shown in the presentation by the which today is one of the fastest growing regi-
mo Hribar Milich to ascertain that the business Agency`s representatives, in the last two years ons in the world.
cooperation between the Republic of Slovenia Slovenia invests more outside the country, than It is a region with over 200 million citizens,
and the Republic of Macedonia is still too small the foreign investors do in Slovenia. over two trillion dollars of economy, with seven
and to emphasize the issue about which are the The indicators are fantastic. We reached to ten percents of growth… enormous market,
reasons for not being able to use all the bene- certain level of development as a state which where jointly, the Macedonian and the Sloveni-
fits from the both countries on the recent visit of can be competitive on the European market. an companies have limited possibilities to su-
the Slovenian business delegation in our coun- But, that is not our only goal. We want to place pervene and to represent the joint competitive
try. our part in the Western Balkan region, or wider possibilities and benefits. Here actually lies the
- We have joint history, we have communi- in Southeast Europe. As a state, Slovenia is major potential, the growth of the economies,
cation, we have enough information on the prepared for that part, because it is on democ-
working condition in the both countries, we visit racy level which enables us to rationally and
each other… now, even the visas are not an is- more tactically to plan our moves not only in the Easy and tactically to the EU
sue – we opened vacancies for the Macedonian EU, but in these regions such as Croatia,
workers. Bosnia and Herzegovina, Serbia, Montenegro, What is interesting for us as a state is
Nevertheless, the statistics on the exchan- Albania, Macedonia – pointed out Tanja Drob- that for the first time in the history we
ge are more than humble. We are here to see nich, manager of the Direct Investments and achieved surplus in our budget, which as a
the mistakes we make on both sides, to reach a International Department within JAPTI. state enables us to decrease the taxes on
higher extent at that exchange, not only to buy Vele Samak, the Minister for attracting for- middle or a long period of time. We noticed
and sell. I think that the future is in seeing some eign investments also located the Southeast that you too have significant taxes
joint projects, investments… The businessmen European market as a possibility for joint super- decrease, which enables you some
from Slovenia consider Macedonia to be a per- vening of the Macedonian and the Slovenian momentary solutions, perhaps on the labor
spective market for the Slovenian economy. We companies, pointing out the fact that Macedo- force market – lowering the grey econo-
should reach the number of one billion euros in nia is as competitive as China in the field of pro- my… However, we as a state, we moved
the next few years as far as the joint co-opera- duction, and as India when it comes to outsour- very slowly, carefully and we reached a
tion is concerned. cing. level which now enables us greater devel-
We hope and believe that we have interest, - These two important factors should be opment on middle and long term. If you
possibilities, capital and knowledge to reach used from the Slovenian companies for conqu- think that you can really go the shorter way,
this target pretty rapidly – Milich pointed out. ering new markets, as well as from the Macedo- you cannot. Slovenia has additional value of
Actually, in that direction exactly was the nian companies for intensifying their possibili- the export – stated Tanja Drobnich, manag-
er of the Direct Investments and
International Department within JAPTI. –
The business ambient profitable for the investors We did not act as some other states did
which entered the EU, by rapid opening of
The extent of the Slovenian investments towards the end of the last year reached Euro 90 the doors to the foreign investments. We, as
million. Compared to the other countries in the region, especially Croatia, Serbia, and even a state estimated that it is better to move
Bosnia and Herzegovina it is very little. Nevertheless, we think that the potentials are vast – slowly and tactically, and now we see that it
pointed Matej Rogelj, Deputy Head of International Business within the Slovenian Economic was the right decision to make. The
Chamber. – The information that Macedonia has 400 locations for small hydro power plants and Slovenian Government has certain meas-
that only 26 projects are prepared is a major opportunity for the Slovenian companies. I think ures at disposal for the foreign investors.
that the potential of the Slovenian engineering and design companies is sufficient, and it is The foreign investors who have the possibil-
more than obvious that the interest of the Slovenian companies is really big. Besides the ener- ity of placing their products on our market
gy field, there are the metal and the automobile industry, and of course the foodstuff industry, receive resources from us, in replace for
which offers enormous potential. new jobs openings. If you are interested in
As far as the business ambient in Macedonia is concerned, it is very good, especially the only a year or two, or prepared, we will
tax system and the measures for encouragement of foreign investments. Now, the only thing explain the legislation concerning that field.
necessary is the promotion, respectively to inform and get the international economic public Otherwise, Slovenia has qualified labor
interested. I still think that it would really help, if the process towards EU accession got intensi- force. We lack labor force where there is no
fied. It is what would make the real turning point, when the foreign investors would be con- additional value. We have deficit here, in
vinced that it is economically appropriate ambient. As far as Slovenia is concerned, that is not the field of the catering industry, the trans-
even an issue. port, the logistics and distribution, the
We know the Macedonian market, and we are not afraid of some political and economical tourism, the regional management cen-
risks. ters…
 Date 07.07.2008
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
which not only brings challenges, but it also
brings possibilities – Samak pointed out.
Analyzing the moments important for the
possibilities of the bilateral business cooperati-
on, Jelisaveta Gheorghievska, Secretary Ge-
neral of the Economic Chamber of Macedonia,
stated that last year 65% of the Macedonian
export ended up on the EU markets, whereas
the import from this group of countries was only
15%, which brings us to the conclusion that we
should look at the development of the bilateral
business cooperation through regional connec-
tion and in the euro integrations.
For the possibilities of the Slovenian busi-
nessmen supervening on the Macedonian mar-
ket and accomplishment of higher forms of eco-
nomic collaboration, Gheorghievska pointed
out that besides the other legal regulation, the
Law on Concessions and other types of public-
private partnership. – Besides projects for great
hydro power plants and water systems, the
Macedonian Government has 400 target loca-
number 30
tions for construction of small hydro power
plants.
So far, 26 locations have tender investors,
such as is the case with the Macedonian –
Slovenian Consortium, domestic investors, and
investors from Slovenia, Italy, and Germany.
The potential investors can find interest in
constructing windmills. In addition to this,
besides the Corridor 10, the entrepreneurship
initiative for the Corridor 8 - Drac – Skopje –
Burgas is very challenging, whose implementa-
tion is planned until 2020. At the same time with
it comes the corridor AMBO, which still seeks
additional financial and some other aid for real-
ization.
The project South Vardar Valley, which
ought to be benefit for the agriculture and the
energy, is still in search for investors so that the
project can be realized completely.
- We, as a state, make efforts for implemen-
tation and following the EU legal regulation, all
just to be in pace. However, in the future, above
berzNIK
9
all we should be oriented towards the regional
products – in the real production, the services,
the finances, the infrastructure, the promotion.
During this phase of the regional economic con-
solidation the input of the business community
is of crucial importance, but without political will
we can hardly reach the goal. In this very case,
the input and the support by Governments are
there, so together we find ourselves in front of a
challenge to once again set the matrix of the jo-
int regional market. And we have already estab-
lished that with the Economic Chamber of Slo-
venia – Gheorghievska emphasized.
The business co-operation with Slovenia
was estimated as positive by Savka Dimitrova,
President of the Management Board of the Eco-
nomic Chamber of Macedonia – because over
100 companies in Macedonia are with dominant
Slovenian capital. Hence, as Dimitrova pointed
out, we expect that the technical – technologi-
cal and the managerial capacities of the
Slovenian businessmen will sustain our entre-
preneurs in accessing the European Union and
the worldwide markets, for the wellbeing on the
both countries. Our bilateral business coopera-
tion will be successful and with development,
only if it is part of the global operation, if they
are jointly oriented towards third markets. Year
after year, the Macedonian business ambient is
less different than the European, is how we see
it, and it is also stabilized. The good partnership
relations between the Slovenian Economic
Chamber and the Economic Chamber of Mace-
donia expressed through the mixed Mace-
donian – Slovenian economic chamber, estab-
lished 15 years ago, as well as the Slovenian –
Macedonian club are healthy foundation for cre-
ating alliance as a support for our road towards
the EU and lowering the obligations in front of
us. The partnerships and the alliances are a
guarantee for every progress.

WORKSHOP FOR EXPERIENCES OF THE ENFORCEMENT OF THE LAW ON FREE ACCESS TO INFORMATION OF PUBLIC CHARACTER

Information is for giving not for keeping

The right to free access to public documents is directed towards realization of the ideals for effi-
cient administration and fight against the corruption, i.e. towards two of the many goals that get us
closer to the desired European standards. - The Law on Protection of the Right to Free Access to
Information of Public Character is a peculiar primer of freedom and democracy in the Republic of
Macedonia – pointed out Mr. Janko Nikolovski, President of the Commission for Protection of the
Right to Free Access to Information of Public Character at the one-day Workshop for the experiences
of the present Law enforcement to date.
According to Mr. Nikolovski, the right to free access to public documents, as an ultimate and pre-
cise instrument, is oriented towards ideals: efficient administration and fighting corruption; which
means towards two of the many goals that bring us closer to the desired European standards.
According to the Minister of Justice, Mr. Mihajlo Manevski, the fact that the Law on Free Access to
Information of Public Character is regulating relatively new subject in the legal system of Macedonia
creates favorable ground for certain temptations and strangers, which the information holders should
gradually surmount and resolve together with the Commission.
- Information cannot be monopoly of the organs of the state authority, the institutions that have
public authorizations, the judiciary, not including the classified information that have special regime of use, Mr. Manevski said. He assessed that exercis-
ing the civil right to free access to information of public character also means a kind of a control over the work of the organs and institutions, its function
mainly being the protection of the interests of the citizens and enabling simpler and better life.
The Ambassador of Great Britain to the Republic of Macedonia, Mr. Andrew Key, the Workshop taking place under his support, emphasized that
exercising the right to free access to information was a relatively new phenomenon in a lot of countries, including Great Britain. In his opinion, Macedonia
is progressing extremely well in this sphere and the implementation of this right, including the Law on Free Access to Information of Public Character
demands huge devotion and a lot of hard work both by the Commission and the holders of information of public character.
In addition, in accordance with the opportunities provided by the Law on Free Access to Information of Public Character, last year, even 197 com-
plaints, out of the total 330, the citizens had filed were against the state institutions. The dissatisfaction of the so-called silent rejection, or the requested
information not delivered in time, as well as the incomplete or partial argumentation of individual requests, citizens have manifested by filing other 37 com-
plaints against political parties and 28 complaints against shareholders. Moreover, last year 15 more complaints were filed against public enterprises and
institutions that have duties of a public interest, 11 complaints against educational institutions and one complaint against physical entity.
10 berzNIK
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
AGBIZ GRANTS FOR NINE MACEDONIAN AGRIBUSINESS COMPANIES
FROM $3.2 MILLION INVESTMENT TO EXPORT OF
OVER $28 MILLION
Nine Macedonian firms receive grants through USAID AgBiz program for agriculture development. The AgBiz grant contracts were signed
by the following companies: Badzo, Lars, Vipro, Agros 2004, Kokolanski, Bonum Plus, Avto Ria, Dentina and Popova Kula
L
ast week, nine export-oriented compa-
nies from Macedonia received grants
from the US government. Through the
program for agriculture development, AgBiz,
USAID agency gave grants to Macedonian
firms that are working with certain agriculture
products like wine, fresh vegetables, grapes,
forest products, and above all wild mush-
rooms. The overall investment in relation with
the export projects is 3.2 million dollars, and
the project`s goal is to improve the competi-
tiveness of the home enterprises. The grants
are expected to increase the export by more
than 28 million dollars by the end of 2010.
- The improvement of the com-
petitiveness and productivity is in im-
portant step towards opening new
jobs for the Macedonian citizens.
The signing of these contracts marks
the start of the implementation of
these projects that will increase the
export and the share of the agricul-
ture products on the Macedonian
market, bring benefit for many peo-
ple and stimulate the sale of prod-
ucts with increase value; it was po-
inted out by Patricia Rader, director
of the USAID mission to Macedonia.
The Macedonian products poss-
es good quality. The thing that lacks
is organization of the production,
says Darko Naskov from the com-
pany Lars from Stip.
- At the moment we find oursel-
ves on an important crossroad, the
entire vegetable processing industry
is being faced with the problem from
the energy price increase. We are
fighting and each year this industry marks
tremendous progress, which unfortunately
goes unnoticed by the state institutions and
the Macedonian public. This is one of the fas-
test growing sectors in Macedonia for which I
believe it has future and can prove itself in
the export. We lack sound strategy in the or-
ganization of the production, timelines and
quantities that would be produced at the de-
mand of our buyers, says Naskov.
He said our state had very good reputati-
on on the foreign markets and added: ”When
we were starting this business few years ago,
nobody in America either heard of Macedonia
or our agriculture products. Now, eight years
after our set up, Macedonia is already making
its way as serious country that gives top qual-
ity products and we will be focusing on im-
proving that quality, and adding as much as
higher value to our products so that we can
take the strong position that Macedonia
deserves. “
number 30
We as firms-processors within the frame
of our associations, says Naskov, believe we
pro duce high quality vegetables, but the
problems that Macedonia is being faced with
are the finances and the planned production.
That is why there is a necessity of a sound
strategy, a link, which has been created by
us, the processors of agriculture products,
step by step for the first time with the farm-
ers, so that a real product will be created in
the real time.
The company Lars was allocated with a
grant at the amount of around 20 thousand
dollars, which will be used for equipment that
will save us up to 30 percent energy during
the work, thus increasing the expert and the
quality of our products. We have invested
much energy in meeting the criteria for the
AgBiz program in order to prove the tremen-
dous value of this project along with USAID,
explains Naskov.
The program for stimulation of the
Macedonian agriculture, AgBiz, is financed by
the American people through the United States
Agency for International Development
(USAID). It is a four year program with a budg-
et of five and a half million dollars. This pro-
gram also projects several other grants, the
main goal of the program is increase of the
economic growth of Macedonia through
increased sustainable production and sale of
agriculture products with added value, which
can be reached by promotion the capability of
the producers and processors to compete at
regional and global level.
Date 07.07.2008
Momcilo Ivanovski, owner of Bonum,
company for production and processing of
champignons and vegetables gave us a com-
ment.
- At the moment, the vegetable accounts
more than 50 percent of Bonum`s production.
The company is export oriented i.e. over 90
percent of the vegetables is exported into
Europe and outside Europe-Canada and
Australia. Last year, we had overall export of
around 30.000 tons i.e. around 30 million
euros. We as companies can export much
more, but we are being faced with lack of raw
materials. Our farmers want to sell their pro-
duction while fresh, and should they
fail, they prefer selling it to the facto-
ries. That is the main problem in the
development of this industry.
Ivanovski explains that the grant
will be used for completion of the im-
ple mentation of EU`s ISO22.000
standard, and certain sum of money
will help increasing the sale on the
world markets, more precisely on the
Serbian market.
- Our products are competitive
abroad, although this type of busi-
ness brings no high profits as in some
other business branches. Neverthe-
less, our products are worthy and de-
manded because they are grown and
processed in clean environment with
a lot of sunshine. others set the com-
petitiveness, while we always have to
adjust to the terms and prices deter-
mined by the larger countries. For
instance, Turkey is a large exporter
and in some way sets the prices, and
the same goes to Spain and Italy, says the
owner of Bonum, Ivanovski.
All in all, this kind of business is not very
profitable, but it has perspective, since as
closer we get to the EU, the greater demand
for food from clean areas like Macedonia is.
Increasing the profit of Bonum and the other
companies from the canning industry is pos-
sible only through cooperation with the farm-
ers and the state. We insisted for the farmers
to get certain aid and subventions, but only if
they make contracts with the canning indus-
try. Bonum is working at half capacity for time
being, since we lack raw materials to utilize
the full potential. Furthermore, there will be
sufficiency of raw materials if there are more
farmers producing for the canning industry,
not only for the green markets where these
products are offered fresh. They could reach
such thing by increasing the arable land
seeded with these plants so that they could
surely make contract with certain canning
 Date 07.07.2008
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
industry. At the beginning of the year the gov-
ernment went public with an announcement for
allocating subventions for the farmers should
they sell certain amount of their crops to the
canning factories, says Ivanovski, but the state-
ment was changed in last moment. Should the
vegetable production increases, I am sure that
we will also have higher profit, which is a good
thing for the state as well.
Viktor Petkov, owner and general manager
of Vipro from Gevgelija, fruit and vegetable pro-
cessing factory says the grant they have re-
ceived will be used for completion of their new
factor in the vicinity of the village of Prdeici,
Gevgelija region.
- We will use the grant of 25 thousand dol-
lars for rounding up the investment, make a
worthy fruit and vegetables processing complex
that will enable us to absorb the surrounding
primary production and process it into high qu-
ality product that will be exported into the world
markets. In other words, we are making prod-
ucts with high added value, so we managed to
place our primary production of 10 thousand
euros as a product of 50 thousand euros or
even in greater figures such as placing proce-
sses products of one million euros as products
of five million euros. This serves as a clear ar-
gument that our industry has perspective, since
it creates higher value and enables much bro-
ader employment rate, and not only in the pri-
mary sector, but ion the other additional sectors
such as labeling, transport, consulting etc. -
says Petkov.
The Macedonia ajvar has been known for
long, even since the time of former Yugoslavia.
In the past there were attempts by certain pro-
ducers to plagiarize that brand as their own, but
now the Macedonia ajvar got the place it deser-
ved and we are present on the world market as
a brand. The Macedonian ajvar is exported into
countries where the diaspora from southeast
Europe lives, in Switzerland, Germany, the
Scandinavian countries, then in England, Ame-
rica, Canada and New Zealand. We have two
types of ajvar: industrial, made of boiled pep-
pers, and domestic, made by original domestic
recipe. Lately, the domestic ajvar is more de-
manded, but again it depends on the market
where the ajvar is placed. For instance, in Cen-
tral and West Europe, the ajvar is used as side
dish and that is why the industrial ajvar is more
demanded, while in America and Canada, on
the other hand, the home ajvar is more deman-
ded - explains Vipro`s owner.
Vipro`s products are exported mostly in the
oversea countries - America, Canada and
Australia, but in Europe as well.
Now we are aiming at Scandinavia and Ru-
ssia. Making breakthrough on foreign markets
is not an easy thing, since it takes minimum
three years from initial positioning to selling lar-
ge quantities of any product.
The Macedonian products are competitive
on the foreign markets should they are made
with modern technology and have appropriate
packaging, appropriate price and appropriate
approach.
Vipro`s products are welcomed on the
world market and enjoy the same status as tho-
se from Serbia, Bulgaria and Greece, said the
owner of the company for fruit and vegetable
processing from Gevgelija, Viktor Petkov.
number 30
berzNIK
11
PROJECT- ASSESSMENT OF THE GOOD MANAGEMENT
POTENTIAL IN MACEDONIA
MAPAS, CUSTOMS
ADMINISTRATION AND MUNICIPALITY
VELES – GOOD MANAGEMENT
ACKNOWLEDGMENT
The Customs Administration of the Republic of Macedonia received acknowledgement in
the category of the state administration out of 26 institutions, Veles in the category local self-
government units and the Agency for Supervisory of Fully Funded Pension Insurance (MAPAS) in
the category other state administration bodies or organizations on a central level.
- In the frames of the Projects, the assessment of the good management in Macedonia
on the Foundation Institute Open Society (FIOOM), on 3 July, three institutions received
acknowledgments on good management, announced the Customs Administration.
The Customs Administration of the Republic of Macedonia received acknowledgement
in the category of the state administration out of 26 institutions, Veles in the category local
self-government units and the Agency for Supervisory of Fully Funded Pension Insurance
(MAPAS) in the category other state administration bodies or organizations on a central
level.
The level of professionalism, efficiency, expertness and administration training, emplo-
yment of the administration, rule of law, transparency, public procurements, financial man-
agement and control were criteria for the competition. Commission composed of five mem-
bers assessed the fulfillment of the criteria on the basis of filled forms by the institutions
on the competition, and the evaluation of additional criteria.
The institutions which received acknowledgements on good management, submitted
grant application to FIOOM related with the good management. The project for electronic
learning submitted by the Customs Administration was approved as well as the project for
promotion of the cooperative social responsibility for the improvement of the environment
through participation of the community Veles and project for strengthening the capacities
of the human resources submitted by MAPAS.
After the allocation of the acknowledgement directions and conclusions were estab-
lished towards which the institutions should strive for in order to improve and to achieve
better results in the field of good management. Strengthening of the intern communication
and the institutions communications with the external subject was emphasized as well as
improved internal protection procedures in case of conflicts of interest, opportunity for
obtaining feedback information by users of the institution`s services, as well as strength-
ening of collection data system about the property condition of the employment in the insti-
tutions.
Institution with best management
- Biljana Trajkovska, counsellor in the public relation office of MAPAS gives an expla-
nation about the award in the third category of institutions for strengthening the capacities
with human resources
- We took part in the competition and we received a form with around 30 questions.
The Applications were assessed by an expert commission which also awarded it. MAPAS
won in the third category – state institution, or the Agency, with highest marks for good
management, which means that it applies the principles of transparency, the rule of law,
equal representation and participation of all employees, team job.
Criteria for the award for good management are the following:
1. Rule of law, efficiency, education and administration`s professionalism and court
control – 40 percent.
2. Transparency, participation, response – 40 percent
3. Financial management and control – 30 percent
Six institutions were in our category, 18 institutions in the category of communities,
and four institutions in the first category.
12 berzNIK number 30
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 07.07.2008

REVIEW OF THE REGIONAL STOCK EXCHANGE

for the period 26.06. - 03.07.2008
 Date 07.07.2008 number 30
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
berzNIK
13
03.07.2008 THURSDAY
1. SHORT REVIEW OF EVENTS
Half billion Euros will be invested in Macedo- Bernard Koenig, according to whom for the time creasing the capacity, increased has also been
nia this year, is the prediction of Vienna Institute being their bank has no plans on introducing sig- the efficiency for 90 percent, which improves the
for Economic Studies, Vecer reports. This institute nificant changes concerning crediting. Koenig po- water usage. The efficiency is also made automat-
forecasts that Macedonia will end 2008 with half inted out that the strategy of Ohridska banka will ic and can be controlled from distance.
billion Euros of foreign investment, which would not change drastically concerning the inflation According to the stock exchange analysis in
be the biggest level of foreign direct investments movements in the country. According to him, one Biznis, MBI-10 is again with over 5.000 points.
in the country since 2001. According to Vienna of the main goals of the member of Societe Gene- The Stock Exchange index MBI-10 yesterday too
institute, Macedonia ended 2007 with 239 million rale is expanding the branch net and attracting as increased, but only for 0.61%. To be one day won-
Euros of foreign investments…The Institute pre- more clients as possible. Yesterday the bank ope- der on Macedonian stock exchange seems to be
dicts that in 2008 investment increase will only ha- ned new subsidiary near Univerzalna Sala, cele- repeating. However, Macedonian companies at
ve Albania, Macedonia, Poland, Romania, Lat- brating one year of the entrance of French Societe these prices are fundamentally cheap, and whe-
via…Except for Macedonia and Albania, for all ot- Generale. ther after these three days the long-term down-
her countries in the region are predicted to have Today you will read that the government acti- ward trend will continue or not, is not up to the do-
fall in this area… ons for handling the oil shock have started. There mestic buyers who have not enough cash to cau-
Top news in all today’s papers is that NLB Tu- is reduce of pay tolls and the fee for use of public se any big movements or expectations.
tunska banka received the recognition for the best roads that is charged with the vehicles registrati- In the focus of the attention is also the news
investment bank in Macedonia for 2008 from the on. The decisions will come into force once they about Alumina. Its new owner if company Gazit
British magazine, Euromoney, on the celebration are published in Official Gazette. Globe. The past eight years this company was the
held in Vienna. Euromoney recognition have been Among the top news in the papers today is al- only bidder and in the fifth attempt to buy the facili-
awarding to the best banks and financial instituti- so the information that the oldest hydroelectric ty it offered 20 percent higher price than the start-
ons throughout the world since 1992. The election power plant in Macedonia, HEC Pena from Teto- ing one, and it plans to invest 100 million Euros in
of the best is based on the business results, the vo, was put into operation yesterday. After the residential commercial center. This is one of the
voting and the assessments from the reporters two-year redevelopment, the renewal made by three projects Gazit globe plans to initiate in Ma-
and correspondents of Euromoney. the Czech company, Hidropol, under which con- cedonia, with overall value of 200 million Euros.
And, when it comes to the banks, there is cession are seven small hydroelectric power The next two weeks the head executive director of
another encouraging news for the users of bank plants in the country, has ended. Instead of the Gazit Globe will visit Macedonia and he will pres-
loans. Today all papers report the statement of the current 2.5 MW, from now on Pena will operate ent the company’s future plans.
head of Board of Directors of Ohridska banka, with installed capacity of 4.1 MW. Apart from in-
2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS
1. ISRAELIS TO BUILD RESIDENTIAL PREMISES AND A BUSINESS CENTER INSTEAD OF ALUMINA (****)
2. THIS YEAR WILL BE INESTED HALF A BILLION EUROS IN MACEDONIA (***)
DNEVNIK p.9 VIP PREPARED FOR NUMBER MIGRATION
p.5 HEC PENA WORKS WITH INCREASED POWER VECER
p.8 OHRIDSKA BANKA IS NOT GOING TO INCREASE THE RATES p.6 THE POWER OF HEC PENA INCREASED TWICE AS MUCH
OF INTEREST p.6 FOR A CAR CHEAPER TOLL FOR 20%, FOR THE TRUCKS
p.8 HALF A BILLION INVESTMENTS THIS YEAR 30%
p.8 NLB TUTUNSKA BANKA - BEST INVESTMENT BANK p.6 NLB TUTUNSKA - THE BEST INVESTMENT BANK
p.8 STATE DIRECTORS SLEPT OVER THE PATRIOTIC FISCAL p.7 THIS YEAR WILL BE INESTED HALF A BILLION EUROS IN MA-
RECEIPTS CEDONIA
p.8 THE PAY TOLLS AND VEHICLE REGISTRATION ARE GETT- p.7 GAZIT GLOBE – NEW OWNER OF ALUMINA
ING CHEAPER p.7 SIXTH BRANCH OPENED IN SKOPJE
BIZNIS p.7 TWO DENARS PER MINUTE TOWARDS ALL NETWORKS
p.1 MACEDONIA THE LAST ON THE LIST BY INVESTMENTS p.7 VIP TO TEST THE SOFTWARE FOR MIGRATION OF TELE-
p.1 CHEAPER PAY TOOLS AND VEHICLES REGISTRATION PHONE NUMBERS
p.3 MACEDONIA THE LAST ON THE LIST BY INVESTMENTS VREME
p.3 GAZIT GLOBE NEW OWNER p.7 CHEAPER REGISTRATION
p.6 NEW CLIENTS FOR A GOOD GLOBAL PLAYER p.7 OPERATION SUCCESSFUL, THE OPERATORS DEAD
p.6 THE BEST INVESTMENT BANK IN MACEDONIA p.7 MACEDONIANS GO TWICE POORER
p.7 HEC PENA WITH 90 PERCENTS BIGGER EFFICIENCY VEST
p.7 VIP WITH TWO DENARS PER MINUTE TOWARDS ALL NET- p.3 TUTUNSKA -THE BEST INVESTMENT BANK IN MACEDONIA
WORKS NONSTOP p.5 THE PAY TOLLS AND VEHICLE REGISTRATION ARE GET-
p.12 MBI-10 REACHED OVER 5.000 POINTS TING CHEAPER
p.13 REVIEW OF TRADING - 02.07.2008 p.7 OHRIDSKA BANKA TOO WILL INCREASE INTERESTS
p.13 GROWTH OF MBI-10 AND MBID p.7 GAZIT GLOBE TO BUILD SHOPPING CENTER ON THE PLA-
p.13 OFFICIAL MARKET RECORDS TURNOVER OF 18.8 MILLION CE OF ALUMINA
DENARS p.7 MACEDONIA LAST ON THE LIST OF FOREIGN INVEST-
p.16 AUTOMOBILE BUSINESS CREDIT FOR BUYING BUSINESS MENTS
VEHICLE NOVA MAKEDONIJA
UTRINSKI VESNIK p.1 VELES SMELTERY IS NECESSARY, BUT ON OTHER LOCA-
p.6 HYDROELECTRIC POWER STATION PENA WITH DOUBLE TION
CAPACITY p.7 GOVERNMENT DECREASES TOLLS AND REGISTRATION OF
p.7 LAST YEAR THEY RUBBED THEIR HANDS, AND NOW OIL TA- MOTOR VEHICLES
KES THEIR PROFIT p.7 MACEDONIA WITH HALF BILLION EUROS OF INVESTMENTS
p.9 MACEDONIA ON THE LAST PLACE ACCORDING TO THE IN- IN 2008
VESTMENTS p.8 TOPLIFIKACIJA BRINGS MBI-10 BACK TO OVER 5.000
p.9 ALUMINA IS TO BE SOLD TO GAZIT GLOBE POINTS
p.9 NLB TUTUNSKA- BEST INVESTMENT BANK IN MACEDONIA p.8 ISRAELIS TO BUILD RESIDENTIAL PREMISES AND A BUSI-
IN 2008 NESS CENTER INSTEAD OF ALUMINA
p.9 OHRIDSKA BANKA IS NOT PLANING CHANGES IN THE CRE- SPIC
DITING p.8 INFLATION DECLINES, POVERTY SURROUNDS
p.9 NOT A CHANCE FOR THE INFLATION THIS YEAR TO BE 5 p.8 ALUMINA TO BECOME SHOPPING MALL
PERCENTS p.9 THE OLDEST HYDRO POWER PLANT MODERNIZED
14 berzNIK number 30
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 07.07.2008

04.07.2008 FRIDAY
1. SHORT REVIEW OF EVENTS

The connection of the theoretic knowledge
and practical work, yesterday were crowned with
awards for the best portfolio on student Stock Ex-
change, informed today`s newspapers. Namely,
Stevan Kenjeres is the most successful student
in the Project, Student Stock Exchange which vir-
tually deals with securities. More than 1.000 stu-
dents from the country took part in the Project tra-
ditionally organized by Macedonian Stock Ex-
change. The euro ambassador Erwan Fuere finds
the Project connection of the student` gained
knowledge and practice. The executive director
Ivan Steriev, considers that the successful re-
sults from the Project are stimulation to more for-
ward and to work on other projects which the the-
ory became a practice.
Biznis informs that the prices on the Stock
Exchange begin to stabilize. After the last black
weak this one will be marked by stabilization of
the share prices and indices. On Thursday all
three indices ended in the green zone: MBI-10
was 0.71 percent or 5.049 points, the bond index
MBID was 0.39 percent and the last one, OMB en-
ded on 0.25 percent.
According to Vest`s analysis, Macedonian
Stock Exchange reached the bottom but, there is
still a potential. Mihail Petkovski, a professor at
the Economic Faculty has the same opinion too,
and according to him, it is unclear with which
speed the market is going to be revitalized now.
The professor says that the Stock market`s move-
ment depend from factors which have economic
and political base, and the result of the euro inte-
gration processes, but estimates that the elec-
tions doesn`t influence the share prices. The
director of the Macedonian Stock Exchange, Ivan
Steriev pointed out that in all Stock Exchanges in
the region, including Macedonia too, there is a ro-
om for growth and that the Stock Exchange
events such as the price growth and later the
price decline doesn`t have to mean anything. – It
is important to see the companies` performances
on middle and long term period, their develop-
mental perspective, the other are just investor`s
perceptions that effects how close will be the
stock exchange prices from the theoretic share
value, Steriev says.
Today you can read in more newspapers that
with the USAID program, the agriculture will
receive 3.2 million dollars and it is expected by the
end of 2010 the companies to result in increasing
the export of over 28 million American dollars.
Contracts for allocation the Agrobis grants signed
the following companies: Badzo, Lars, Vipro,
Agros 2004, Kokolanski, Bonum plus, Avto Ria,
Dentina, and Popova Kula. The total investment is
valid around 3.2 millio American dollars.
Almost all newspapers convey the informa-
tion that Ideal Sipka will produce French cheese.
The dairy of Bitola, Ideal Sipka after ten years
since the purchase negotiation start, integrated in
the Croatian dairy industry, Dukat, part of the
French group Laktalis. The buyer of Ideal Sipka
doesn`t want to reveal how much money he paid
to take over the dairy industry, second larger com-
pany in Macedonia, which covers 17 percent of
the domestic market. Dukat in the next three
years announces investments of six million euros,
production capacity increase, new production
lines and technologies.
Utrinski conveys interesting story: urgent in-
vestments in the energy sector or too expensive
electricity. The West Balkan region, as well as the
entire South East Europe, in the next five years
will constantly face with lack of electicity, due to
which its price will increase, the World Bank
warns in its last report. The situation is not so dif-
ferent in Macedonia. The last investment in the
past 20 years is HEC Kozjak, put in operation four
years ago with power of 50 megawatts and an an-
nual electricity production of 160 million kilowatts
per hour, for the needed of Skopje and Skopje`s
region. According to the estimations from EVN-
ESM, the Balkan can deal with energy crisis only
if within the next 20 years, 10 billion euros are in-
vested in new production capacities for electricity
and if additional 5.8 billion euros for reconstruc-
tion of the existing one are spent.
Utrinski informs that the oil exceeded 146 dol-
lars per barrel. The oil from the North Sea reached
new record price as a result of the value reduction
of the American dollar in relation to the competiti-
ve currencies and tensions on the Middle East.
On the London Stock Exchange trading, the Euro-
pean brent for shipment in august has been sell-
ing for 146.34 dollars per barrel. The American
light oil also recorded price growth, which on the
electronic trading before the opening of the Stock
Exchange in New York cost 145.43 dollars per ba-
rrel.

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

1. IDEAL SIPKA TO PRODUCE CHEESE TYPE PRESIDENT (*****)
2. AWARDS FOR THE BEST PORTFOLIO ON THE STUDENT STOCK EXCHANGE (****)

DNEVNIK p.10 FINANACIAL SUPPORT BY USAID FOR THE AGRI-BUSINESS

p.9 WE HAVE ENOUGH WATER FOR EXPORT VECER
p.9 CHAOS IN CAR POLICY SALE p.6 IDEAL SIPKA WANTS TO BE LEADER IN THE REGION
p.9 THE DEFICIT SURPASSED 1.1 BILLIONS OF DOLLARS p.7 BLACK RECORD FOR TEH BLACK GOLD
p.9 DUKAT TO BUY IDEAL SHIPKA p.7 STEVAN KENJERAS - BEST ON THE STOCK EXCHANGE
p.9 USAID`S DONATIONS INTENDED FOR THE AGRI-BUSINESS p.7 US 3, 2 MILLION FOR THE AGRIBUSINESS
BIZNIS VREME
p.2 THE INFLATION IN MACEDONIA IS DOMESTIC ABOVE ALL, p.4 THE DEFICIT DID NOT SCARE THE BUSINESSMEN
AND NOT IMPORTED p.4 ONLY GOD KNOWS WHEN THE STOCK EXCHANGE WILL RE-
p.2 THE SMELTERY CAN MAKE INCOMES FROM 158 MILLIONS VIVE
OF EUROS p.7 OIL RECHES 146 DOLLARS
p.3 IDEAL SIPKA TO PRODUCE CHEESE TYPE PRESIDENT p.10 SKOPJE RESIDENTS TO TAKE MATTERS IN THEIR HANDS
p.12 MBI OVER 5.000 POINTS VEST
p.13 MBI 02.07.2008 p.6 THE STOCK EXCHANGE HAS REACHED THE BOTTOM, BUT
p.13 THE THREE INDICES IN POSITIVE THERE IS A POTENTIAL
p.13 STABILIZATION OF PRICES AND INDICES ON THE STOCK p.8 TELECOM NOT TO CALCULATE BACK PAYMENT INTEREST
EXCHANGE RATE FOR JUNE
p.15 JOINT OF FIELD KNOWLEDGE AND PRACTICE p.8 IDEAL SIPKA TO PRODUCE FRENCH CHEESE
p.15 THERE IS STILL POTENTIAL IN REGIONAL STOCK EX- NOVA MAKEDONIJA
CHANGES p.7 MBI-10 RISES, BUT SLOWLY
p.15 DEVELOPMENT OF SAFE MARKETS – CONDITION FOR p.7 ANTI-INFLATION ACTIONS "LIMIT" OHRIDSKA BANKA
FOREIGN INVESTMENTS p.7 SHTERIEV: THERE IS A SPACE FOR BIG INCREASE ON THE
p.16 NEW RECORD PRICE OF THE OIL OF 146.34 DOLLARS STOCK EXCHANGE
UTRINSKI VESNIK p.8 NEW RECORD OIL PRICE OF OVER 146 US DOLLARS A BAR-
p.8 URGENT INVESTMENTS IN ENERGY OR TOO EXPENSIVE REL
ELECTRICITY p.8 DEFICIT OF 1.1 BILLION US DOLLARS
p.9 OIL PRICE EXCEEDS 146 US DOLLARS A BARREL, MAJOR p.8 THE SALE OF VELES SMELTERY TO BE CONTROLLED
PLAYERS AT ODDS SPIC
p.10 SUPERIOR FRENCH CHEESE WILL BE MADE IN IDEAL p.2 OIL PRICE RISES TO 146.34 US DOLLARS A BARREL
SIPKA p.6 PRESIDENT CHEESE TO BE PRODUCED IN BITOLA
p.10 AWARDS FOR THE BEST PORTFOLIO ON THE STUDENT p.6 KOSMOFON CHEAPER FOR THE PERSONS WITH SPECIAL
STOCK EXCHANGE NEEDS
 Date 07.07.2008
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
1. SHORT REVIEW OF EVENTS
The modernization of the production of
Swisslion – Agroplod, which will enable conqu-
ering new markets, is a topic which was pub-
lished in all Saturday editions of the print me-
dia. By the year 2010, Swisslion - Agroplod will
invest 10 million euros in the company. The lar-
gest investment of 4 million euros are planned
for reconstruction and modernization of the ca-
pacities for production of Agrokrem, 2 million
euros for production of coffee and 2 million
euros for installing modern assembly line in
each of the two new capacities for the new pro-
ducts. This dynamics is a continuation of the
two year investing in Agroplod after the entry of
Swisslion into the most profitable production
centers for raw materials and final products.
Company`s management is convinced that the
plans will be realized opposite the current prob-
lems regarding the ownership structure. Name-
ly, Swisslion has filed a request to the Consti-
tutional Court for reinvestigation of the decision
of the Securities and Exchange Commission
that limited their right to vote to 5,339 shares in
Swisslion - Agroplod in Resen, because they
feel that the Securities and Exchange Commis-
sion does not have jurisdiction to pass tempo-
rary measures for limitation of the right to vote.
REK Bitola and a Russian company signed
a cooperation agreement in Moscow yesterday
which projects joint implementation of the pro-
gram for long-term development of the Bitola
mining and energy complex. According to the
announcement of ELEM, which was published
in the newspapers, the Agreement projects con-
sistent enforcement of actions for securing
long-lasting and efficient work of the energy
number 30
blocks of the thermo-power plant for the period
to 2025 and readiness of the Russian company
to secure any kind of technical and financial
support for realization of that assignment.
There was not a single interest buyer at the
last public bidding for Zito Bitola, the newspa-
pers inform. According to official receiver Josif
Dimitrovski, the procedure will continue, but
the trustees are not interested in lowering the
price. The initial price of the property of Zito Bi-
tola is 7.6 million euros, and the official receiv-
er informs that new public tender for sale of the
firm through public opening of bids is soon ex-
pected.
New oil price increase in this country on
Monday. Then the Energy Regulatory Commis-
sion will decide for how much it will increase the
price of oil derivatives, Nova Maedonija publi-
shed. The price raise is inevitable should we
take into consideration the fact that the oil
reached a price of 146.3 US dollars a barrel.
The article in today`s edition of Dnevnik titled
“Cars on methane drive more economically and
ecologically”, where it is read that use of me-
thane as car fuel is much more economical and
ecological in respect with the oil derivatives, is
also interesting. It is a matter of an exceptional-
ly pure fuel, with a very low emission of harmful
gases, even in comparison with the propane-
butane or the auto gas, which is very used in
our country. The Government recently announ-
ced that it would stimulate the use of the me-
thane as one of the measures for absorbing the
oil price shock. Its current price is 21.9 denars
per square meter.
Stopanska banka AD - Skopje is chosen
berzNIK
15
05.07.2008 SATURDAY
The Best Bank in Macedonia for 2008 by the
British financial magazine Euromoney, it is read
in bank`s announcement, which was published
in today`s edition of the daily newspapers. The
awards for the best in the banking sector are
based on achievements based on the total per-
formances, excellent services for clients, inno-
vative products, application of top standards of
corporative management and leadership in the
financial sector. Stopanska banka wins this
prestigious acknowledgement for the second ti-
me.
Vecer relays the news from the Croatian
media that, as of 1st of July, the company Ingra
is the owner of the Skopje-based company
Mavrovo Engineering, which was formed as a
separate company in the period when AD Mav-
rovo had problems. With this deal worth 2.5 mil-
lion euros, Ingra additionally strengthened its
position in Macedonia and the region, because
Mavrovo Engineering is a company with experi-
ence in planning, projecting and performing
construction works.
You can read in the same newspaper that
the regional telecoms are paying higher divi-
dends than in Western Europe. This fact, ac-
cording to the regional analysts, is because the
telecoms on the Balkans, as former monopoli-
es, are more attractive for investments than si-
milar Western European companies. In additi-
on, the fact that dividends of nearly 100% will
be paid in the telecoms where Deutsche Tele-
com is interesting. On the other hand, the sha-
reholders in Macedonian Telecom still have not
agreed on the percent of the dividend which will
be divided.

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

1. SWISSLION TO INVEST €10 MILLION IN AGROPLOD (****)
2. RUSSIAN COMPANY TO MAINTAIN REK BITOLA BLOCKS (***)

DNEVNIK p.6 DEUTSCHE TELEKOM IN MACEDONIA OFFERS HALF DIVI-

p.11 RUSSIANS TO MODERNIZE REK BITOLA DEND
p.11 CARS ON METHANE DRIVE MORE ECONOMICALLY AND p.7 ZITO BITOLA REMAINS WITHOUT BUYER
ECOLOGICALLY p.7 SWISSLION TO INVEST €10 MILLION IN AGROPLOD
p.11 МBI 04.07.2008
VREME
UTRINSKI VESNIK p.6 МBI 04.07.2008
p.3 BOTH CINGOVSKI AND LAZAROV WERE WORKING WITH p.10 WE ARE NOT POLLUTING THE ENVIRONMENT!
MANY IRREGULARITIES
p.7 МBI 04.07.2008 VEST
p.7 RUSSIAN COMPANY TO MAINTAIN REK BITOLA BLOCKS p.7 SWISSLION AGROPLOD TO MAKE MACEDONIAN BAJADERA
p.7 MINCO JORDANOV, HEAD OF THE BETON`S BOARD OF p.7 TELECOM EXPENSIVE FOR VIP, CHEAPER FOR COSMOFON
DIRECTORS
p.7 FOREIGNERS DO NOT RUN AWAY BUT YET DECREASE IN NOVA MAKEDONIJA
NUMBER IN OUR TOP COMPANIES p.7 FUELS NO DOUBT GO UP IN PRICE, BUT FOR HOW MUCH?
p.8 SWISSLION ANNOUNCES NEW INVESTMENTS IN AGRO- p.7 KOMERCIJALNA BANKA SHARES DRIVING FORCE ON THE
PLOD STOCK EXCHANGE
p.8 STOPANSKA BANKA – THE BEST BANK IN MACEDONIA p.8 MINCO JORDANOV – HEAD OF BETON`S BOARD OF DIREC-
p.8 AGAIN - NOBODY INTERESTED TO BUY ZITO BI-TOLA TORS
p.8 SWISSLION FIGHTS FOR SHAREHOLDER`S RIGHT TO VOTE
VECER p.8 EUROMONEY: STOPANSKA BANKA IS THE BEST BANK FOR
p.6 INGRA TAKES OVER MAVROVO ENGINEERING 2008
p.8 RUSSIANS TO MAINTAIN REK BITOLA UNTIL 2025
16 berzNIK number 30
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
1. SHORT REVIEW IN THE WEEKLY MAGAZINES
KAPITAL
Pg.10 AUSTRALIANS TO EXPLORE URANIUM ON SELECKA
MOUNTAIN
Australian company Universal Mining filed request for concession
for exploration of uranium on Selecka mountain, the honored consul
of Macedonia to Australia, Zoran Koseski, informs, who together
with group of businessmen from Perth visited Prilep today.
Pg.20 AMBASSADOR VALERO REAPS WHAT HAS NOT SOWN
Even before to start to realize, the decision of French car compa-
ny Montipe to invest in Macedonia, caused conflict between
Macedonian government and the Embassy of France in Macedonia.
The conflict refers to whose benefit was the decision the French to
invest in Macedonia.
Pg.22 AGROPLOD WAS DEVALUED BEFORE THE DISPUTED
SELLING OF THE SHARES OF SWISSLION
I really hope things will settle taking into consideration the exis-
tence of auditing reports, commissions and state organs in Macedo-
nia, which confirm that Swisslion is clean and that we bought Agrop-
lod legally, businessman Rodoljub Draskovik, owner of Swisslion,
said last week for Serbian media.
Pg.26 WITH 3G AND WIMAX TECHNOLOGIES WE WILL
STRENGTHEN THE LEADING POSITION ON THE MARKET
Germanos group, the main bearer of the expansion of subscrip-
tion net of Greek Telekom operator Kosmote in Greece, Bulgaria,
Romania and Macedonia, has achieved impressive results last year.
Then number of new subscribers in Kosmote in 2007 is 1.2 millions
or 50% more than the year before, and Germanos group has made
profit of 992.6 million Euros.
Pg.28 THE REAL UNEMPLOYMENT RATE IN MACEDONIA IS
26%
In the first quartile of the year registered were 319.912 persons
as unemployed. With this the official unemployment rate in
Macedonia is 34.8% which makes us record holders in Europe.
Pg.32 MACEDONIAN BUSINESS COMMUNITY UNITES
Gunter Offner, president of the European business association,
last week presented the Memorandum of the Macedonian business
community, an initiative which main goal is to intensify the communi-
cation between the Government and the business community in order
to improve the conditions for running a business and to seed up the
economic growth.
Pg.36 INSURANCE IS NOT THAT EXPENSIVE AS FARMERS
ARE NOT INFORMED
Two years ago when the vine plantations with indigenous sorts of
grape on Korcupa and Pepesec were completely destroyed, Croatian
government decided to take strategic actions to solve the problems
which were caused by the common natural disasters, which were
destroying the agricultural harvest.
Pg.40 CONTROLLING SALE PACKAGE WILL BE FORMED BY
THE END OF THE YEAR!?
Last week the Supervisory Committee of Stopanska banka Bitola
decided to expend the deadline for forming block of shares of at least
51% from the bank’s asset. Instead of June 30th, date that already
passed, the deadline for forming controlling package, according to
the decision of the Supervisory Committee of Stopanska banka-
Date 07.07.2008
30.06.-05.07.2008 MONDAY-SATURDAY
Bitola, is extended until the end of the year, or December 31st.
Pg.41 “KVASARA BITOLA” TO EXPORT ON THE RUSSIAN
MARKET
The only factory for baking powder production in Macedonia will
be exporting in Russia, the state news agency MIA reports. “We will
export as many as 70% of the production of baking powder and alco-
hol on the Russian market, and the rest in Albania, Bosnia and
Herzegovina, Serbia, Kosovo, Greece and Hungary”, Ivanco Na-
umov, manager of the baking powder and alcohol factory - Bitola,
said.
Pg.42 THE INDEX INCREASES AFTER GOING DOWN FOR
ENTIRE MONTH (23.06-27.06.2008)
The first four trading days of last stock exchange week passed
same as the previous few weeks- with continuous fall of the index,
which from Monday until Thursday lost 6.13% of its value.
Pg.43 TROUBLES IN COMMUNICATION
Our Prime Minister seems to be using lot more the practice of not
showing on events which he is announced to attend. Without getting
into analyses whether the reasons for this lie in the personal features
or in the disorganization of his protocol, such manifestations leave
bad impressions.
Pg.44 WE WILL BUILD STRONG BANKING BRAND
It has been more than half year since Bulgarian financial holding
Alfa Finance took over International and private bank and started its
transformation, first with changing the name into Kapital bank, and
then with changes in the bank’s internal management, as well as with
the adoption of new strategy for development and breakthrough on
Macedonian banking market.
Pg.49 TONS OF WASTE COLLECTED WITHIN THE CAMPAIGN
“SAVE THE NATURE”
Eco-campaign under the motto Save the Nature, organized at the
initiative of the employees of ProCredit bank, was successfully real-
ized in all planned locations - Strumica at dam Vodoca, Tetovo-Sar
Planina, Ohrid- the city beach and quay of river Vardar.
Pg.49 NO DIVIDEND FOR THE SHAREHOLDERS OF OHRIDS-
KA BANKA
The shareholders Assembly of Ohridska banka decided this year
not to share dividend to the shareholders. According to the passed
decision for allocation of profit of 1.52 million Euros made last year,
15% form the income is allocated for obligatory reserve fund, while
85% stay as unallocated profit.
Pg.49 STOPANSKA BANKA PROVIDES SUMMER MICRO BUSI-
NESS LOANS
By the end of September all applicants for Instant, Express, Micro
or OK loan receive opportunity to get loans by the lowest interest
rates, Stopanska banka announces.
The promotional interest rates will apply for four to six months
depending on the credit product.
Pg.54 OIL PRICE WITH NEW RECORD OF 143 DOLLARS
At the beginning of the week the oil prices reached new record,
exceeding the level of 143 dollars per barrel, after the increase of
almost 4% one day before, stimulated by the new rush of the
investors on the raw materials market, as result of the prices depre-
ciation on the global share market.
 Date 07.07.2008
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
EVENTS THAT MARKED THE WEEK...
EUROPEAN FINANCIAL MARKET
Tomas Mirow takes over
presidency over EBRD
The German Thomas Mirow on July 4 offi-
cially assumed the EBRD Presidency, succeed-
ing Jean Lemierre, who had been on the helm of
this financial institution for the past eight years.
Mirow was named EBRD President on the
bank`s annual conference that took place in the
Ukrainian capitol, Kiev, May 18 and 19.
Up until now, Mirow served as State
Secretary at the German Finance Ministry,
where his responsibilities included national and
international financial market policies and the
activities of international financial institutions
and multilateral development banks.
Speaking on his first day as President, Mr
Mirow praised the countries in the EBRD region
for, as he said, “the remarkable progress they
had made”.
- The road ahead remains difficult. There is
much to do. The EBRD is equipped and more
than willing to be a long-term partner for these
countries as they evolve into fully-fledged mar-
ket economies, stated Mirow.
EBRD was set up at the beginning of the
nineties for the purpose of speeding up the tran-
sition of the former communist states from East
Europe towards the market economy.
European banks short of
from 60 and 60 billion euros
-The European banks are in need for raising
capital from 60 top 90 billion euros to maintain
the current level of financial working in state of
crisis on the global credit market, stated the
investment house Goldman Sachs (London,
July 4)
Goldman Sachs experts estimate that the
main reason for increased worry among the
banking investors is the reduced credit activity
and the pressures the banks are put on due to
enforced control over their working by the com-
petent organs.
-Should the monitoring over the work tough-
ens, the banking sector could regain the level
from the beginning of last decade, reads Gold-
man Sachs report and adds that is such thing
happens the European banks will be in a need
of additional capital for securing stabile working.
The leading European business banks, like
the Swiss UBS, the French Pariba and Societe
Generale and the British Royal Bank of Scotland
(RBS) have already announced losses at tens of
billions of euros for this year.
The market value of the shares of the
largest banks, as wee as of a number of other
financial organizations in the opening six
months of the year have been significantly re-
duced in relation with August 2007 when the US
subprime mortgage crisis started.
number 30
berzNIK
17
European Bank increases base interest rate
The Board of Governors of the European Central Bank at its session on June 3 in Frankfurt
increased the basic interest rate by 0.25 percent to the level of 4.25percent, as part of the meas-
ures for curbing further inflation increase in the Eurozone.
The President of the European Central Bank, Jean-Claude Trichet, stated that the bank was
forced to such move in order to deal with the high inflation, which is the main threat for the econ-
omy in the Eurozone. Trichet emphasized that the bank`s 21-member board of governors could
continue increasing the base interest rate in the period to come should such thing is required for
toughening the monetary policy.
According to the European Statistical Agency, the inflation rate in the Eurozone reached four
percent at annual level in June, which is double the maximally allowed inflation of two percent set
by the European Central Bank.
The base interest rate of the European Central Bank hadn`t been changed for entire 12
months and now it is double the interest rate of the US Federal Reserve System. Among the
developed countries, Japan had the lowest base interest rate of 0.5 percent.
ACCORDING TO EUROMONEY, FOR 2008 IN MACEDONIA
Stopanska Banka AD – Skopje – the best bank in the
country
Stopanska Banka AD - Skopje wins this prestigious award for the second time, after it was chosen
The Best Bank in Macedonia for 2007 by EUROMONEY. The awards for the best in the banking sector are
based on achievements based on the total performances, excellent services for clients, innovative prod-
ucts, application of top standards of corporative management and leadership in the financial sector
Stopanska Banka AD - Skopje is chosen The Best Bank in Macedonia for 2008 by the British
financial magazine EUROMONEY. The awards for the best in the banking sector are based on
achievements based on the total performances, excellent services for clients, innovative prod-
ucts, application of top standards of corporative management and leadership in the financial sec-
tor.
Stopanska Banka AD - Skopje wins this prestigious award for the second time, after it was
chosen The Best Bank in Macedonia for 2007 by EUROMONEY.
The award by EUROMONEY, which was presented to the managerial team of Stopanska
Banka AD – Skopje at a ceremony held in Vienna on 1st of July, is a deserved acknowledgment
for the good working and the efforts for satisfying clients` needs, but it also presents a challenge
for continuing with the application of the European work standards. The bank`s successful team
continues working for the clients and on meeting the financial requirements as the most stable
partner in the achievement of their wishes, ideas and plans.
NLB Tutunska Banka – the best investment bank
The famous British magazine for international financial markets and institutions Euromoney gave NLB
Tutunska Banka recognition for best investment bank in Macedonia for 2008. On the ceremony held in Vienna
on 1st of July, the magazine`s expert team gave three recognitions for excellence (to NLD Ljubljana, NLB
Montenegro Bank and to NLB Tutunska Banka - Skopje) to representatives of the NLB group.
The recognitions from Euromoney are known are independent since 1992, and are given to
the best banks and financial institutions throughout the entire world. The election of the best is
based on the business results, the voting and the scores by the journalists and the reporters of
the magazine.
NLB Tutunska Banka won the award for best investment bank through its brokerage house
NLB Tutunska broker, where the bank has capital share of 100%. NLB Tutunska broker is estab-
lished in 1996 as organizational unit in NLB Tutunska Banka, and from 1998 it functions as inde-
pendent legal entity.
- NLB Tutunska Banka is one of the oldest and most attractive associations for stock
exchange intermediation, co-founder of the Macedonian Securities Stock exchange, and it also
gave significant contribution in the development of the capital market in Macedonia. We are glad
that our work and efforts are acknowledged by the international public - says Gjorgji Jancevski,
CEO of NLB Tutunska Banka - Skopje.
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DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 07.07.2008

W E E K LY R E V I E W O F M A C E D O N I A N S T O C K E X C H A N G E
period 30.06. - 04.07.2008
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DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
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