berzNIK - YEAR II - NUMBER 23 -19th MAY 2008 - (SUPPLEMENT OF TENDERNIK)

DEFENSE OF THE STATE IDENTITY

MANAGERIAL APPROACH FOR THE
Date 19.05.2008 number 23
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Managerial approach for the defense of
the state identity
Greece has raised the name issue from bilateral to
international level.
Now, from political, it turns it to economical. The quiet
economic war which Greece implement towards Macedonia
is not only not calming down, but it is getting worse. The
solution for that is simple, to define the problem and to
make a strategy, said the first man of the Chambers of
Commerce in Macedonia, Venko Gligorov on the business
lunch with the president Branko Crvenkovski.
Who has said that the name Macedonia has been
brought in question, and not the Macedonian identity? If
only the accompanying epithets towards the state are in
question, and not only the name Macedonia itself, name
that has recently been chosen by the southern neighbor
naming part of the northern ter-
ritory in Greece (on which whet-
her they want it or not, they
The Republic of Macedonia should ask must confess that Macedonians
from the United Nations to amend the tem- live there and that they are in
porary name FYROM with the constitution- big number), because they im-
al… plement economic pressure not
Republic of Macedonia (together with only towards Macedonian com-
the allies) to demand exclusion of Greece panies, but as the things stand
from EU and NATO, because they act con- right now, that economic pres-
trary to the international rights and conven- sure safe and sound starts to be
tions... applied on the companies that
Republic of Macedonia to demand high name us with our constitutional
compensation from Greece via the Court in name…
Haag for the activities against Macedonia Everything has started with
until now, as well as the embargo, the boy- the Macedonian lamb, before
cott, uncooperative behavior in the interna- the Easter holidays when the
tional organizations and etc… Greeks have broken the tradi-
These are just part of the messages tional cooperation that has been
from the members of the Chambers of lasting for many years – to im-
Commerce that demand the President port enormous amounts of lamb
Branko Crvenkovski to present and to initiate meat for Easter. They have not
them before the Macedonian public – NATO only cancelled the cooperation
and EU to the long term trading part-
ners, but have accused us of
illegal import, lamb smuggling,
and have organized alleged strikes of the local farmers…
But the things did not end here. MAT was disallowed to
flight over Greek territory, and then the embargo was in
position in the railway traffic, and not to speak about the
abuse of the truckers…
Are we talking about political or economical problem?
The businessmen, who are affected the most from
such behavior of the neighbor, consider this problem as
economic blockade. According to the Chambers of Com-
merce, Greece shows that it does not want for Macedonia
to exist at all by continuously setting these economical bar-
riers.
- In many segments, the Greek government acts in a
fascist manner. The last examples show that the name of
Macedonia does not matter to them. The essence is in that
that they do not accept the Macedonian nation and lan-
guage, they want Macedonia to be economically weak and
politically unstabile, in order to vanish step by step from the
map of states, emphasizes Gligorov.
For the businessmen – the solution is simple, to define
the problem and to determine the obstacle, to analyze the
options and to make a strategy. And this is based not only
on the continuance of the negotiations with the Greek gov-
ernment, but they suggest that the president Crvenkovski
berzNIK
3
along with the government and with their support to initiate
a widely spread activity of informing the MPs in the euro
parliament, the diplomatic – consular representatives, the
world known magazines of the key facts for the name issue
and of the irrational and fascist demands by Greece. (As
like the MPs from the euro parliament are not aware of the
problems we are facing, and for which I believe they have
original data in their papers – from when and where the
exodus of the Macedonian people has started?). Of course,
the businessmen strongly support the profound agreements
for the military – technical cooperation and security guaran-
tees from USA, but they encourage the political head in this
field to deepen the cooperation with Turkey. Country that is
really friendly oriented towards us. The managerial
approach in the politics, on the course of the economy…
- Calming down the tensions, peaceful campaign, fair
and democratic elections with transitional grade from
Brussels, constituting new Assembly and Government in
the shortest deadline possible, intensifying and successful
finalization of the negotiations about the name issue and
meeting the criteria commanded by the European commis-
sion are the key steps that Macedonia needs to do at this
moment, stated the president Branko Crvenkovski on the
meeting with the businessmen, members of the Chambers
of Commerce (SSK). He expressed belief that, although
the deadlines are too short, for such an ideal scenario, it
could be realized under certain conditions, besides the fact
that he agrees that with disappointment and self-pity we will
not change the reality about the Macedonian – Greek name
issue.
Crvenkovski uttered that – Macedonia needs to put
maximum efforts and via serious negotiations in the short-
est time limit, to come to a reasonal compromise and fair
solution. The president emphasized that the conditions for
resolving the name issue are far bigger responsibility to the
political factors, the ones with sincere and not declarative
political will should work on accomplishing the state inter-
ests and to be prepared to take the risk of reaching hard
decisions.
According to Crvenkovski, in the last period several
measures have been adopted, contributing for improving
the business climate, but still the condition in the economy
is not changing with the pace that is of necessity for
Macedonia. As positive measures, he pointed out the imple-
mentation of equal taxation, straightened financial disci-
pline, removal of the lawful and administrative obstacles,
increased support of the agriculture and enforced promo-
tion of Macedonia as a business destination. Negative for
Crvenkovski, as stated by him are the small growth of the
GDP, the high unemployment, increased trading deficit,
unsatisfactory level of investments and especially the infla-
tion, whose reduction is left only to the monetary authority.
By the way, Crvenkovski did not miss to emphasize that the
early elections would have been better to have been held in
autumn, and not now when the political energy needs to be
directed towards resolving the name issue.
Until the next Monday
Makedonka Baldazarska
BerzNIK editor-in-chief
e-mail: berzNIK@interNIK.com.mk
 4 berzNIK
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
AFTER SUCCESSFUL TAKEOVER ON THE MACEDONIAN STOCK EXCHANGE
MAVROVO BECOMES INGRA`S PARTNER IN
MACEDONIA AND IN THE WORLD
In the period to come, Ingra is to invest into the modernization of ADG Mavrovo,
which is to be followed by integration of Mavrovo into Ingra`s projects. Besides
these investments, Ingra also announces new investments in Macedonia in the
filed of tourism and civil engineering
- ADG Mavrovo will grow into a modern
company with recognizable reputation,
announces Croatian company Ingra after the
successful takeover of the Mavrovo. Ingra plans
additional investments in the modernization
process of ADG Mavrovo. Simultaneously with
the company`s modernization, Ingra plans to
include Mavrovo in its projects.
- We see Mavrovo as Ingra`s partner, say
officials from Ingra, who believe that Mavrovo
has the potential and power for joint appear-
ance on the world markets. The modernization
of ADG Mavrovo and the joint appearance on
the domestic and foreign markets will improve
the positions of both companies. According to
the plans, both companies will
have joint appearance not only
on the domestic market, but
also on the markets in the
region, in Russia, Ukraine and
other former soviet republics,
as well as in Algeria and the
Middle East.
- ADG Mavrovo is a com-
pany with considerable experi-
ence in the engineering on the
domestic and the foreign mar-
ket, owning highly qualified
staff. We in Ingra are satisfied
that the shareholders in Mav-
rovo have recognized us as
partners. I am glad to say that
the takeover of Mavrovo was
performed in the shortest period possible,
which was contributed by all competent institu-
tions of Macedonia, said Igor Oppenheim,
President of the Ingra Management Board. He
I
nvestbanka AD Skopje is negotiating with
Steiermärkische Bank und Sparkassen AG
(“Steiermärkische”) regarding the potential
gaining strategic control over Investbanka for a
suggested price of 151 euros per share or a
total amount of 38.5 million euros. Steiermärk-
ische Bank is founded in 1825 in Graz, Austria.
It is second biggest member of Austrian Sa-
vings Banks Group, which is under the man-
agement of Erste Bank AG. Erste Bank AG
owns 25% of Steiermärkische Bank. At the end
of last year, the Austrian bank had funds in the
amount of 12 billion euros. It has 170 subsi-
diaries and about 1650 employees in Austria. It
number 23
announced that in the following period, a transi-
tional team will try to settle the problem with the
25 million dollar debt of the Macedonian build-
ing company and to collect the claims of around
20 million euros. Most of the debt consists of
unsettled liabilities towards the Public Revenue
office and unpaid contributions for the employ-
ees.
- The company has gone through transi-
tional problems, but with the help of the state
and the Trade Union, we can bring the compa-
ny on the right road. We plan to keep all 1000
employees and regulate the liabilities towards
them with collective contract with the Trade
Union-stated Oppenheim.
The enterprise will keep its name, Mavrovo,
but will be supplemented with a reference indi-
cating the company is a member of the Ingra
Group. Besides the investments for moderniza-
NOVELTIES IN THE BANKING SECTOR
INVESTBANKA UNDER THE
UMBRELLA OF STEIERMÄRKISCHE
BANK
has a significant influence in Southeast Europe,
and it also has 245 subsidiaries and about 350
employees in the countries from the region –
Bosnia and Herzegovina, Croatia, Monte
Negro, Serbia and Slovenia.
Investbanka is founded 1992 in Skopje. It is
one of the leading banks in Macedonia and it is
Date 19.05.2008
Ingra – 800 investment projects
Ingra is one of the well – known construc-
tion companies from Croatia with enormous
international experience. The company,
besides on the Croatian market is also pres-
ent in several markets in European countries,
the Middle East and Algeria. Through its activ-
ities, Ingra has participated in the realization
of 800 investments projects from various
types, such as energetic projects, hotel com-
plexes, roads, industrial capacities, dams and
silos. In the last year, Ingra has realized prof-
its from 96.6 millions of euros, and the profits
for the same year amounted 9.6 millions of
euros. The overall value of the agreed work is
over 400 millions of euros. The company is
founded more than fifty years ago.
tion of Mavrovo, the Croatian company also an-
nounces investments in the field of tourism and
civil engineering in Macedonia. What we are
talking about here is new joint projects of AG
Mavrovo and Ingra with its partners. The detail
analyses for finding suitable projects
are already on. The Croatians are
expecting with Mavrovo to get more
investment projects in this country
and the region, and the first project
that will include Mavrovo outside the
borders of the country is the offer for
construction of large dam in Algeria.
However, Ingra had become
owner of 79.01% of the shares of the
Shareholding Company Mavrovo.
Ingra obtained the 52.08% of the
shares of the Shareholding Compa-
ny Mavrovo, by public offer that has
finished at the end of the last month.
The Securities commission declared
the public offer for taking over of
Mavrovo as successful. Ingra secu-
red the rest of the shares through the Macedo-
nian stock market.
listed on the Macedonian Stock Exchange –
Super Listings. At the end of last year,
Investbanka had funds in the amount of 105 mi-
llion euros. It has 21 subsidiaries and over 150
employees in this country. Investbanka uses
the consulting services of the international con-
sulting firms Phalanx Capital and Linklaters and
the local office Knezovic and associates.
 Date 19.05.2008 number 23
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
C O N T E N T S
INTRODUCTION . . . . . . . . . . . . . . . . . . . . . . . . . . 3 1. SHORT REVIEW OF EVENTS
AFTER SUCCESSFUL TAKEOVER ON THE Unattractive week on the Macedonian stock ex-
MACEDONIAN STOCK EXCHANGE. . . . . . . . . . . . 4 change is shortly the description of events and acti-
vities on the Macedonian capital market the past
NOVELTIES IN THE BANKING SECTOR. . . . . . . . 4 week, marked by almost all Monday editions. Vreme
writes that not many sellers and buyers of shares
berzNIK, MONDAY, TUESDAY, WEDNESDAY........... 5-7 have called last stock exchange week when the re-
alized turnover was 21 million Euros and the leader
THE USAID COMPETITIVENESS PROJECT. . 8-9 of this turnover is Komercijalna banka.
An event that took the anemic week on the
REGIONAL CONFERENCE ON SECURITY AND Stock Exchange out of the shadow is the entrance
FACILITATION OF GLOBAL TRADE. . . . . . . . . . . . . 8-9 of the new brokerage house Eurohouse from Sara-
jevo, which opened brokerage house in Macedonia,
GOVERNMENTAL POLICIES FOR SUPPORT and founders of the branch are Saso Drakulovski,
OF THE ENTREPRENEURSHIP AND COMPETI-
TIVENESS .........................................10-11 Abdulmenaf Bedgeti and Saud Kurtkehajik. The
managers announced new investment funds from
CONFERENCE FOR INDUSTRIAL PROPERTY America, Austria and Russia, which wanted to in-
RIGHTS FOR PHARMACEUTICAL INDUSTRY....12 vest in the banking sector, metallurgy and civil engi-
neering.
berzNIK, THURSDAY, FRIDAY, SATURDAY...........13-15 Only in Macedonia landline telephony is luxury,
is the title of the text in paper Vreme, in which analy-
WEEKLY MAGAZINES.....................................16 zed has been the monopoly of Makedonski Teleko-
munikacii in the landline telephony in the country. In
EVENTS THAT MARKED THE WEEK..............17 seven years, the impulse became seven times ex-
pensive, while in the world are offering cheap pack-
WEEKLY REVIEW OF THE MACEDONIAN STOCK ages of landline telephony and internet services. In
EXCHANGE...............................................18-19 Germany, where the salaries are measured by se-
veral thousand Euros, from operator One and One,
for 25 euro per month 24 hours high speed internet
I M P R E S S U M access has been offered, free local landline conver-
sations and mobile SIM-cards with free local con-
versations. In Maktel’s offering subscription for land-
line telephone costs 470 denars with included VAT.
That price includes 100 denars of conversation, but
the citizens are spending much more. In 2000 they
Publishing: INTERNACIONAL NIK AD - Skopje were paying 0, 80 denars for three minute impulse.
Media library and digital archive Now they are paying 5, 4 denars - stated Sime
Editors office: berzNIK Gruevski, former director of Macedonian telecom-
Address: Square MAKEDONIJA bb, p.box 882 Skopje, 1000,
R.Makedonija
munications.
Phone. 02/25.32.800 faks: 02/25.32.839 At the same time, it looks like On Net will start
web: www.interNIK.com.mk; realizing the much announced competition in the
e-mail: info@interNIK.com.mk landline telephony monopoly. Supported by Telecom
Slovenia Group, the second landline operator in the
Executive Director: Zdravko Josifovski country-Ontel will start operating, which will function
Account Menager: Divna Pesic on the market as a separate brand of the company
Public relations: Natasa Dimovska
ICT Manager: Kiro Velkovski On.net. They say that at first they will offer most fa-
Marketing manager: Ivona Josifovska vorable package of services for the users of landline
Assistent: Stojne Danilova telephony, and that the delay was due to the unfavo-
Logistics manager: Ana Petrova
Finance manager: Gordana Stojanovska 2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS
STOCK EXCHANGE REVIEW OF EVENTS IN THE 1. LOANS OF PROCREDIT BANK FOR BUYING OF PEUGEOT UNTIL 9TH OF JUNE (***)
PRINT MEDIA berzNIK 2. ONTEL – SECOND FIXED OPERATOR (**)
DNEVNIK
berzNIK is founded in year 2007.
p.1 THE CARDS ARE USED ONLY FOR CASH
STOCK EXCHANGE REVIEW OF EVENTS IN THE FORM CASH DISPENSER
PRINT MEDIA berzNIK p.5 COSMOFON TO BE REBRANDED IN T-
Number: 23 MOBILE
Date: 19.05.2008 p.9 THE CARDS ARE USED FOR CASH FROM
CASH DISPENSERS
IT IS DISTRIBUTED FOR SUBSCRIBERS ONLY p.9 VELES DAIRY BANKRUPTS
BIZNIS
FRONT PAGE PHOTO: p.1 EUROPEAN WINDS FOR THE MACEDONIAN
BUSINESS MEETING SSK - CRVENKOVSKI BUSINESS CLIMATE
p.2 POOR TURNOVER – PRICES WITHOUT SIG-
Photo:
Robert Spasovski
NIFICANT CHANGES
p.3 SMALL AND MEDIUM SIZE ENTERPRISES
Editorial staff of berzNIK GENERATE ECONOMIC GROWTH
Internet distributive system: www.interNIK.com.mk p.4 WITHOUT BIGGER INTEREST RATES FOR
Editor: Makedonka Baldazarska NOW?
Journalist: Vaska Mickoska, Kiro Simonovski p.4 THE CHAMBER OF COMMERCE IS BREATH-
DTP: Tatijana Trpkovska LESS
Editorial staff: p.5 LOANS IN MARCH INCREASE 42.2%
News Evaluator: Anita Bashoska, R. Tasovska p.7 ONTEL – SECOND FIXED OPERATOR
[operators]:Mare Lazarevska, Arslan Skoro, Zoran Stamatovski, p.11 EUROPEAN WINDS FOR THE MACEDONIAN
Martin Arsovski, Gorge Redzik, Toni Arsovski i Darko Tripunovski BUSINESS CLIMATE
[translators]: translator's manager Senka Mihajlovska, Angelina p.15 MBI-10 DROPPED BY 21.28 INDEX POINTS
Filipovska, Slobodan Trajkovski, Aleksandar Stamenkovski, Aneta
Menoska, Filip Koviloski, Darko Ivanovski
p.15 15,431,872.90 DENARS MADE ON THE OFFI-
Fotoreporter: Robert Spasovski CIAL MARKET
p.16 BUSINESS LOAN FOR PURCHASE OF PEU-
Marketing, distribucija i prodazba: GEOT VEHICLES
INTERNACIONAL NIK AD - Skopje UTRINSKI VESNIK
p.1 THE STATE IS GIVING SUBVENTIONS, THE
berzNIK
5
12.05.2008 MONDAY
rable conditions for interconnection that Makedonski
Telekomunikacii imposes to them. The Agency for
electronic communications, as regulatory organ
says that they will manage providing fair work condi-
tions for all competitors of Telekom.
In Dnevnik you can read that citizens do not gi-
ve up cash, they use cards to draw cash from the
ATMs. According to the last report of the National
bank, the main purpose of these payment instru-
ments is paying in the trade network. It is estimated
that there are many reasons why the cards never
crowed the cash payment in the country. The busi-
ness community from the Economic chamber state
that the citizens are still not used to card payment.
They find the main reason in the unfinished fiscal
process. The main products, like food and clothes
are purchased on the green markets and in local
shops that have no fiscal registers. To rise the level
paying with credit cards conditions have to be es-
tablished - SSK says.
The action for the businesses of ProCredit bank
and Euroimpeks is the novelty by which these two
companies will offer favorable business credits for
supply of cars from the brand Peugeot. Within the
action, which will last until 9th of June, only owners
of businesses and producers of agricultural pro-
ducts can apply for the loan. The loan is with a 10%
deposit, payment period of up to 7 years and fixed
interest rate of 8.2%, which will not be changed until
the action is ongoing. This cooperation has been ini-
tiated because of the evident increase of the sale in
the segment of commercial vehicles in the last few
years, the representatives of both companies said.
Vecer reports that so far more than 45.000 far-
mers submitted application for receiving state sub-
ventions for their production. The minister for agri-
culture, Aco Spasenoski is satisfied that the num-
ber of applicants this year is larger than last year
and expects this number to reach 60.000.
The increased number of applicants is due to
lower criteria introduced this year, as well as campa-
igns and advices we give to agriculturists on the fi-
eld – Spasenoski said. Farmers are requested to re-
port the planted fileds. This way, Spasenoski says,
we will avoid giving subsidy to two persons on the
same land- the land’s owner and the one who took
rented it.
FOOD IS APPRECIATING
p.4 THE UNEMPLOYMENT NUMBER IS REALIS-
TIC
p.8 THE STATE IS GIVING SUBVENTIONS, THE
FOOD IS APPRECIATING
p.8 FROM 17 MAY MAKEDONSKI TELEKOM WITH
NEW PACKAGES
p.8 LOANS OF PROCREDIT BANK FOR BUYING
OF PEUGEOT UNTIL 9TH OF MAY
p.9 IMF WARNS: INFLATION RETURNS
VECER
p.1 ONTEL – SECOND FIXED OPERATOR
p.6 TRADING CHEAP
p.6 SO FAR 45.000 APPLICATIONS FOR SUB-
VENTIONS
p.7 ONTEL – SECOND FIXED OPERATOR
VREME
p.6 ONLY IN MACEDONIA LANDLINE TELEPHO-
NY IS LUXURY
p.6 FISCALIZATION TO WIPE OUT MARKETS
p.6 UNATTRACTIVE WEEK ON MACEDONIAN
STOCK EXCHANGE
VEST
p.8 CREDITS FROM PROCREDIT BANK FOR
PURCHASING PEUGEOT UNTIL 9TH OF JULY
NOVA MAKEDONIJA
p.8 TURNOVER OF 100 MILLION DENARS
p.8 PRO GOLD CARD FOR VITAMINKA OF
PRILEP
 6 berzNIK number 23
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 19.05.2008

13.05.2008 TUESDAY
1. SHORT REVIEW OF EVENTS
OnTel will break the monopoly of Makedon- the denar currency rise over the dollar. The the Switzerland and German markets, as count-
ski telekomunikacii, is a headline and top topic newspapers conclude that this price rise reach- ries with highest awareness for organic pro-
in most of the newspapers in Macedonia. The ed a record of the derivatives prices after trucks ducts.
Economic columns announce that finally there is and cars are driven. The newspapers note the operation start of
a competition in the fixed telephony, which was Macedonia is an important economic part- the new propelling for fodder at Chelopek, Teto-
revealed by the firm OnNet. The new operator ner for Serbia, not only in trade and agriculture vo, in which 1, 1 million dollars are invested. In
will offer a package of 990 denars in the beginn- and food products exchange, but in the other the propel equipped with most modern techno-
ing, plus VAT, and the subscribers will get 300 economic areas as well, report the newspapers logy, for now will be produced 1000 tones fodder
free minutes toward the network of MT and a after the visit of Macedonian journalists at the a month, and half of them will be used by the ag-
free connection and local conversations in their Economic chamber of Vojvodina. Despite that, ricultural association Edinstvo, which is owner of
network. The prices of the international calls will as Vest informs, Macedonia this year should not this capacity.
be by 60 per cent lower than those of Makedon- hope that it can import wheat from Serbia, beca- The newspapers also inform that Stopan-
ski Telekom. use in the greatest granary, Panonija are expec- ska Banka has implemented the newest softwa-
- For start we offer only this package at this ted 40 per cent less proceeds in June, which re solution T- 24 successfully, which is a basis
price that causes us loss. After the Electronic means that the total harvest will be used to sat- for completion of the every day financial activiti-
Communications Agency makes rebalance of isfy their own needs. Serbia is the greatest es. This solution increases the operativeness,
the mutual prices with Telekom, we will be able wheat exporter in Macedonia, but the country the approach to the information is easier and
to offer other packages at lower prices, because can expect only flour from Serbia, and eventual- faster, the security and evaluation of risks is
what we now pay to Telekom for the resources ly, some amount of corn, which import will be li- higher, which means improvement of the service
does not allow us reduce the price, underlined beralized. There will be wheat export prohibition to clients. Stopanska Banka is the first to imple-
the director of OnNet, Predrag Chemerikjikj. this year too, say from the Chamber of Vojvodi- ment this system among the banks of South-
The minister of transport and communications, na. East Europe.
Mile Janakieski expects that the second fixed The wine tourism, the most frequent topic in In the ordinary stock exchange report of
operator will reduce the prices in the fixed telep- the biggest wine region of Tikvesh in the last pe- Biznis, it can be read that on the official market
hony, as VIP operator did that in the mobile te- riod, slowly becomes reality, optimistically an- of the Macedonian Stock Exchange, most trad-
lephony. nounce the written media, informing for the wi- ed were the shares of RZ Institut Skopje, Makstil
The once more price rise up of the fuels in nery Grkov, which began reception of tourists Skopje and Alkaloid Skopje. Also, more signifi-
the country is also a top story in the newspa- who want to taste their wines, but also introduce cant trade was noted at the bonds of the second
pers. The selling price of the diesel is raised by the production capacity of the winery. About 50 denationalization issue of the Republic of Mace-
3, 5 per cent, the extra light fuels by 3, and the guests form the country and abroad had the donia, and most traded shares were those on
petrol by 1, 5 denars a litre. Such decision was possibility to taste the organic wines that are the Regular market were the shares of iDevelop
adopted yesterday by the Energy regulatory produced only in this winery in the country for Skopje, and second were the shares of
commission with an explanation that the price ri- now. The winery owner, Jovan Grkov says that Makedonski Telekom.
se is a result of the rise of the average raw oil this year they will receive the necessary certifi-
price on the world stock exchanges, as well as cate for organic wines that he plans to offer on
2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS
1. THE SECOND FIXED OPERATOR ONTEL STARTS WORKING (*****)
2. NO EXPORT OF WHEAT, WE WILL RECEIVE ONLY FLOUR (***)
DNEVNIK KOM
p.12 NO SUBVENTIONS FOR UNREGISTERED AGRICULTURISTS p.6 THE PETROL MORE EXPENSIVE FOR 1.5, AND THE DIESEL FOR
p.12 JOB FOR 111 PRILEP CITIZENS 3.5 DENARS
p.12 SSK WITH ITS OWN REPRESENTATIVE IN GREAT BRITAIN p.6 THE MOST ADVANCED SOFTWARE INSTALLED
p.12 MORE TOBACCO TO BE PLANTED IN STRUMICA p.6 NO EXPORT OF WHEAT, WE WILL RECEIVE ONLY FLOUR
p.13 BREAD AND TRANSPORT TO INCREASE, AGAIN VREME
p.13 ONTEL OFFERS CHEAPER TELEPHONY p.5 THEY “MELTED” A MINE IN BOSNIA
p.13 DEUTSCHE TELECOM AND OTE BEFORE CLOSING THE DEAL p.6 THE SECOND FIXED OPERATOR STARTS WORKING
BIZNIS p.6 40 FIRMS TO BE OPENED
p.1 THE PETROL IS MOST EXPENSIVE SINCE AUTOMOBILES ARE p.6 ALBANIA TO GIVE 48 MILLION EUROS TO THE FAR¬MERS
BEING DRIVEN IN MACEDONIA p.6 ELECTIONS WILL INCREASE THE INFLATION
p.1 PACKAGE OF ONTEL OFFERS 300 FREE MINUTES FOR 990 p.7 WAGONS ARE STILL STUCK ON THE RAILS
DENARS p.7 TOXIC COOKING OIL FROM UKRAINE COMES IN MACEDONIA?
p.3 THE TOURISM – NEW PHASE OF THE INVESTMENT PROCESS VEST
p.4 MAIZE EXPORT BAN TO BE LIFTED p.3 DIESEL APPRECIATES BY 3.5 DENARS, PETROL BY 1.5 DENARS
p.11 MBI-10 DROPS 22.57 INDEX POINTS p.3 NEW FODDER PLANT NEAR CELOPEK, TETOVO REGION
p.11 SHARES OF RZ INSTITUT, MAKSTIL AND ALKALOID – MOST p.8 ONTEL WITH 1,000 DENARS SUBSCRIPTION
TRADED p.8 SERBIA WILL NOT EXPORT WHEAT TO MACEDONIA
p.12 TTK BANKA WITH A GAIN OF 12.4 MILLIONS OF DENARS FOR A p.14 DOLLAR STRENGTHENS, OIL CHEAPENS
PERIOD OF THREE MONTHS p.14 AUSTRALIAN BANK WESTPAC WANTS TO TAKE OVER ST
p.12 SHARE BUY-BACKS GEORGE BANK
p.12 NON-TRADE TRANSFER OF LISTED COMPANIES` SHARES NOVA MAKEDONIJA
p.12 111.3 MILLION DENARS IN THE FIRST QUARTILE p.8 MBI – 10 DECREASED FOR 0.39 PERCENTS, THE BONDS DOM-
p.15 THE BIGGEST INCREASE OF THE INDEX BUDAPEST BUX INATE
p.15 BELEX 15 INCREASED BY 5.33 PERCENT p.8 THE PETROL BECOMES MORE EXPENSIVE FOR 1.5, AND THE
p.15 INVESTBANKA WITH PROFIT GROWTH OF 13.2 PERCENT DIESEL FOR 3.5 DENARS
UTRINSKI VESNIK p.8 IN THE REGION OF STRUMICA, STARTS THE SEEDTIME OF THE
p.9 THE SECOND FIXED OPERATOR ONTEL STARTS WORKING TOBACCO
p.9 EDINSTVO-CELOPEK OPENS FODDER FACTORY p.8 GOSEV: GO EASY ON CREDITS FOR CITIZENS!
p.11 WINE VAULT GRKOV OPENS DOORS FOR WINE TOURISM p.9 THE SECOND FIXED OPERATOR STARTS FUNCTIONING
p.11 DARKO KAMEV MCC’S REPRESENTATIVE IN GREAT BRITAIN p.9 THE RAILWAY TOWARDS GREECE BLOCKED ONLY TO MACE-
p.11 JUMP AGAIN- DIESEL RISES IN PRICE FOR 3, 5 DENARS, WHILE DONIAN RAILWAY CARRIAGES
PETROLEUM FOR 1, 5 SPIC
VECER p.7 MONOPOLY IN THE FIXED TELEPHONY FALLS
p.1 ONTEL TO BRING DOWN MONOPOLY OF MAKEDONSKI TELE- p.7 DIESEL AND PETROL INCREASE
 Date 19.05.2008
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
1. SHORT REVIEW OF EVENTS
Today`s hottest news in the daily newspa-
pers is Ingra`s plan for the fate of Mavrovo.
Namely, the Croatian company, which has
become dominant owner of 80% of the capital of
Mavrovo for a price of seven million euros, plans
to put this Macedonian building company on
solid grounds by the end of the year. Ingra
announced that a transitional team would try to
settle the problems regarding the indebtedness
of this building company of 25 million euros, and
to collect the debts of around 20 million euros.
The largest part of Mavrovo`s debt is
towards the Public Revenues Office and the
unpaid contributions for the employees. Ingra
plans to keep all 1.100 workers with a promise
for settled debts and employment of new staff.
Mavrovo will keep its brand with the reference
that indicates that it is a member of the Ingra
group. The Croatians, who are working on sev-
eral markets in the world, especially in the
Middle East, say they have already worked
together with Mavrovo on a project for construc-
tion of a dam in Algeria. There are plans for part-
nership, especially in the region, on projects in
Macedonia and Bulgaria, inform today`s news-
paper editions.
On the occasion of its 15th anniversary,
DHL Macedonia yesterday promoted its new
business premises in the vicinity of Bellevue
Hotel at the entrance of Skopje. The new serv-
ice center, which cover an area of 2.500 square
meters is equipped according to the highest
standards, will reduce the time for road activi-
ties, and improve the quality in the regarding the
of customs duties and security. DHL Macedonia,
which has been founded with completely foreign
capital, participates on the delivery market with
80% and is a partner of more than 2.000 com-
panies and institutions in Macedonia in their
international communication. The company con-
number 23
ducts transport of 280 tons of shipments in two
directions from the Skopje airport with special
DHL flight on daily basis and also realizes more
than 45.000 export and around 125.000 import
deliveries.
Minister of Finance Trajko Slaveski yester-
day stated that the Government had no intention
to increase the taxes, as one of the possible
measures for curbing the inflation.
“In different conditions we might have
thought of increasing the taxes and gather the
people`s money to prevent them from spending,
but now we wouldn`t dare to do such thing”,
stated Slaveski after his visit to the free exami-
nation center in Topaana, informs Utrinski
Vesnik. According to the Central Bank, there is
still a risk of further heating up of the inflation
expectations and impairment of the external
economic position. The high credit growth rates
and the increased salary growth in relation with
the productivity add to the risk of inflation pres-
sure and impairment of the external positions on
middle terms, Nova Makedonija carries the
story.
The National Bank has at its disposal sever-
al measures for curbing the inflations. Among
them is the policy of open market, which will be
used for sale of foreign exchange resources that
are to pump out the denars, and the increase of
the mandatory bank reserves as another
means.
The increase of the treasury bills interest
rates is a good and efficient measure for control
over the inflation. Thus, the Central Bank moti-
vates the business banks, instead in the econo-
my and among the citizens, to market their
assets in less risky operations-says Zoran
Ivanovski, professor at the European University
for the interview for Nova Makedonija.
According to him, the unfavorable effect of this
berzNIK
7
14.05.2008 WEDNESDAY
measure of the National Bank of the Republic of
Macedonia is its influence on the banks to
increase the loan interest rates.
The amount of 7, 6 million euros being
demanded by the trustees for the sale of the
Veles smeltry was reduced for about ten times
in less than a year, Vreme discovers. The price
for which the Swiss company Mineko has pur-
chased the claims of the large trustees
Komercijalna Banka, Fersped, Veteks and
Makpetrol still remains a secret. Yesterday, they
refused to comment this case. The greatest
trustee, Mineko, which owns more than 60% of
the claims, is expected to invite to tender for
selling the smeltry at a price of only one million
euros in about two weeks-informs today`s edi-
tion of Vreme.
Within the framework of the project for intro-
duction of the social responsibility for the enter-
prises in Southeast Europe, along with Invent,
Basme KT and Balkan NET, Makpetrol is the
fourth company that has won the Macedonian
Oscar for social responsibility for 2007. It has a
developed network of 120 gas stations with
modern appearance and technological systems
for management of fuels, warehouses and labo-
ratories with applied modern equipment for
receiving, storing and measuring of fuels, as
well as the first Biodiesel installation in the
Republic of Macedonia, Biznis has the story.
Several daily newspapers reveal the results
of yesterday`s trading on the Macedonian secu-
rities market. The Stock Exchange yesterday
marked increase turnover in relation with the
Monday, but the shares of Komercijalna Banka
had the largest part which gained a turnover of
around 13 million denars and the block transac-
tion of Invest Banka. The overall trading
turnover was at the amount of MKD 39.943.129,
72 through 206 transactions.

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

1.INGRA WILL STRENGTHEN MAVROVO (*****)
2. DHL IS NOT EXCLUSIVITY ONLY OF THE MAJOR COMPANIES (***)

DNEVNIK p.11 THE PRICES OF THE INDUSTRIAL PRODUCTS INCREA¬SED BY

p.7 INGRA WANTS TO DEVELOP MAVROVO IN SEVEN MONTHS 10.7%
p.9 THE GREEKS BLOCK MACEDONIAN, AND ALLOW SERBIAN p.11 ARE THE STATE FOREIGN EXCHANGE RESERVES SLOWLY
WAGONS TO PASS BY RUNNING OUT?
p.9 DHL TO INVEST €2 MILLION p.11 SLAVESKI: WE WILL NOT INCREASE TAXES TO DIMINISH INFLA-
BIZNIS TION
p.1 CRASH OF THE THREE STOCK MARKET INDEXES VECER
p.1 KOMERCIJALNA BANKA SHARES – MOST TRADED p.1 INGRA AND MAVROVO TO BUILD A DAM IN ALGERIA
p.3 INGRA AND MAVROVO ARE GETTING READY FOR ALGERIA p.6 DHL IS NOT EXCLUSIVITY ONLY OF THE MAJOR COMPANIES
p.3 WITH €2.000.000 INVESTMENT TO FASTER SERVICE p.7 INGRA AND MAVROVO TO BUILD A DAM IN ALGERIA
p.3 PRICE INDEX OF INDUSTRIAL PRODUCTS INCREASES BY p.7 NEW BUSINESS LOAN
10.7% p.7 APPRECIATED BY 10.7%
p.4 WITH RENEWABLE ENERGY SOURCES TO HEALTHY LIVING VREME
ENVIRONMENT p.4 MINEKO TO SELL AND BUY THE SMELTERY FROM VELES
p.12 INCREASED INCOMES OF CURRENT OPERATIONS p.6 INGRA BRINGS MAVROVO AROUND THE WORLD
p.12 BLOCK TRADE p.6 REDUCED PETROLEUM SALE, INCREASED GAS SALE
p.12 NON-TRADE TRANSFERS OF LISTED COMPANIES` SHARES VEST
p.13 CRASH OF THE THREE STOCK MARKET INDEXES p.3 DHL INVESTS 2 MILLION EUROS IN BUSINESS PREMISES
p.13 KOMERCIJALNA BANKA SHARES – MOST TRADED p.7 INGRA WILL NOT RENAME MAVROVO
p.14 OHRIDSKA BANKA WITH 302.7 MILLION DENARS BANK EARN- NOVA MAKEDONIJA
INGS p.8 NBM CAN NOT FIGHT THE CORRUPTION BY ITSELF
p.14 REDUCED LOSSES OF CURRENT OPERATIONS p.8 KOMERCIJALNA WITH 42 PERCENTS OF THE TURNOVER ON
UTRINSKI VESNIK THE STOCK MARKET
p.10 PETROLEUM MORE AND MORE EXPENSIVE – BUT ALL PER- p.8 MACEDONIAN POSTS WILL HAVE TO PAY TO POSTENSKA
SISTENTLY DRIVE THEIR CARS BANKA FOR THE ROBBERIES
p.10 INGRA WILL STRENGTHEN MAVROVO p.8 CITIZENS OF PRILEP START BUSINESS ON CREDIT
p.10 DHL MAKEDONIJA OPENS NEW SERVICE CENTER
 8 berzNIK
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
THE USAID COMPETITIVENESS PROJECT
CHEAP WORKFORCE IS NOT AN ADVANTAGE
ANYMORE
I
nvesting in workforce is one of the most
important factors for enabling every economy
to enter the global market. Skilled workforce,
which is capable of meeting the requirements of
the growing industries, is also crucial for the
economic development of Macedonia, which
makes efforts to get closer to the global eco-
nomic trends. But, does this country has work-
ers who have knowledge about the latest tech-
nical-technological achievements and innova-
tions, which are everyday work tools for their
colleagues from the developed economies, at
its disposal? The recent estimation, carried out
and financed by USAID through the Com-
petitiveness Project, confirmed that there is an
enormous gap between the educational institu-
tions which provide the workforce and the busi-
nesses and the demand for skilled workforce. –
Despite of the high unemployment rate in
Macedonia, a number of businessmen and for-
eign investors inform about a critical need of
skilled and trained workers-says Patricia
Rader, USAID Mission Director in Macedonia. –
Businessmen often comment that the fresh uni-
versity graduates do not have skills which make
them competitive on the workforce market and
therefore the companies have to invest in
resources and additional training.
In order to support the efforts for develop-
ment of skilled workforce, USAID initiated an
implementation of a five-year project which
would be dedicated to the development of the
Macedonian economy and to creating a number
of sustainable jobs. The beginning of the dialog
between all subjects in the development of
workforce, including here all human resources
companies and providers of training, was
marked with the Workforce Development Con-
ference, which recently took place in Skopje. –
REGIONAL CONFERENCE ON SECURITY AND FACILITATION OF GLOBAL TRADE
INSTEAD TERMINAL - OFFICE DECLARING
OF THE MERCHANDISE
Customs Directorate will implement aggres-
sive campaign for promotion of the simpler cus-
toms procedures, in cooperation with the cham-
bers and the business community in Macedonia
Last week in Skopje, the World Customs
Organization presented its Program on Security
and Facilitation of Global Trade (SAFE) – chal-
lenges for the region, in front of the regional
Customs Directorates and representatives from
the business communities in Macedonia.
On the regional conference, which at the
same time referred to the Governmental institu-
tions, the economic chambers, the shipping
companies and other subjects which could use
this program, it was discussed about the pur-
number 23
This will be a long process which will require
enormous efforts and dedication from all, and
USAID will support every step of the way -Ra-
der emphasized.
From the recent activities in the USAID
Competitiveness Project, as USAID Competiti-
veness Project Chief of Party Nimish Jhaveri
explained, it was concluded that the workforce
is the most critical area which should be im-
proved, because until now, it was developed by
the supply, it is not developed enough to meet
the requirements of the demand. Actually, it is
not only the accessibility of the workforce that
matters, but also how fast is it accessible, how
much money and time is needed for developing
quality workforce and what is needed for keep-
ing the same, especially in a field where there
is a big demand for personnel with good skills
and abilities.
As a country which wants to attract foreign
investments, Macedonia should provide
qualified, flexible and productive work-
force, which would be on the same level
with the workforce from Southeast Europe
These estimations for the workforce in
Macedonia were also confirmed by Eduardo
Tugendhat, President and CEO of CARANA
Corporation, who said that, even though this
country did a good job with the creation of polit-
ical surrounding for attracting direct foreign
investments, it must pay enormous attention to
the quality of the personnel. – The foreign in-
vestors are more focused on the quality. They
wish to have technically and business trained
workforce – engineers and professionals of all
kinds and fields. The old idea for workers with
low or without any qualifications does not exist
poses and principals of the SAFE program, as
well as the details regarding its implementation.
The framework of Standards to Secure and
Facilitate Trade envisages certain criteria for
economic operators which should be identical
everywhere all with purpose of identical imple-
mentation of security measures from their side
and on side of the Customs Directorates, as
well as mutual understanding of the verifica-
tions from one to other Customs, stated the
director of the Customs Directorate Vancho
Kargov, pointing out that it is a matter of intro-
ducing electronic possibility for transferring
transport information to the Customs.
He emphasized that Macedonian Customs
Date 19.05.2008
anymore. Now they are all technicians and they
should be developed. There should be a sur-
rounding which will motivate the creativity and
knowledge-Tugendhat emphasized. – By com-
paring the data for the high percentage of
enrolling in the high education in Macedonia
with the other Southeast European countries,
we can see the quantity, but not the quality of
the people who have obtained a higher educa-
tion degree. The rate of enrolment in
Macedonia is something over 20% and the
same rate up North is approximately 6%.
Carefully analyzing workforce situation,
Tugendhat pointed out that Macedonia, like the
other countries from East Europe, can be proud
with high quality academic education, which,
regretfully, is just theoretical. On the other
hand, there is a secondary vocation education,
which trains personnel for an industry which is
disappearing or which has completely disappe-
ared. Tugendhat recommends functional speci-
alization connected to the concrete industry
which is developed in the country. For example,
there are many job positions in the service sec-
tor which do not require theoretical university
knowledge, but a concrete specialization.
CEO of the Agency for Foreign Investments
of the Republic of Macedonia Viktor Mizo
explained that Macedonia was working on cre-
ating favorable business climate these past 17
years, and that was the reason because of
which the country was not on the radar of a
number of companies, which invested in the
other countries from East Europe, but not in
Macedonia. – Now, when we are on the radar,
we should go deeper and direct all efforts
toward meeting the needs and requirements of
the foreign investors, not only in the field of the
already has exchange of written Customs infor-
mation with Serbia, Greece and Kosovo, and
certain efforts are made for exchange of infor-
mation with the Customs from Bulgaria and
Albania.
Kargov send a message to the domestic
and the foreign companies that they can use
the benefits of the simpler Customs proce-
dures.
- The Macedonian companies are still not
very interested in using the simpler customs
procedures and their benefits.
The classic terminal clearing dominates
over the simpler, with which the importers or the
exporters can perform the duty in their premis-
es by themselves with no charges for declara-
tions, Customs terminals and weigh, and also
the time for the Customs formalities is lowered
– Kargov announced.
These changes in the clearing goods
through customs were adopted by the Customs
 Date 19.05.2008
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Competition project goals
Explaining the objectives and the forth-
coming activities, USAID Competitiveness
Project Chief of Party Nimish Jhaveri empha-
sized that the foreign and the domestic invest-
ments in this country will be stimulated through
the project, which is essential out of several
reasons. In addition, the most important reason
is that, apart from capital, the foreign invest-
ments bring knowledge, technology, solutions,
as well as an approach to foreign markets,
which is crucial for the Mace-
donian suppliers who are try-
ing to reach those markets.
The next field where it would
be acted is the transformation
and the improvement of the
existing industries in Macedo-
nia, from which, three con-
crete industries – light produc-
infrastructure, but in the field of
qualified personnel as well.
Actually, it is very important
what is happening in the field
of the workforce from an
aspect of the qualification, flex-
ibility, productiveness and
thriftiness. The data for these
factors indicate that we are better than the
countries from East Europe regarding the thrifti-
ness of the workforce. The foreign companies
feel that the Czech Republic, Poland, Slovakia,
Hungary are actually becoming pretty expen-
sive. As a country which wants to attract foreign
investments, Macedonia should provide quali-
fied, flexible and productive workforce, which
would be on the same level with the workforce
from those countries, because, as Mizo pointed
out, Macedonia cannot win the battle with labor
price alone.
Here, the question what is currently offered
number 23
tion, information communications technologies
and fashion industry, meaning shoes, clothes,
confection – were chosen. – The third field on
which we are focused is to carry out interven-
tions which will enable system changes in the
economy. It could be multiple interventions
which include infrastructure, capital, market
approach, and maybe even forming of new
companies which would give an opportunity for
the local economy to exist in a different kind of
way- Jhaveri says.
The approach used in the project is based
to the foreign investors in Macedonia as labor is
raised. According to Mizo, the theoretical
knowledge which the technical faculties in
Macedonia currently are enormous, but the
possibility that those people will find work
immediately after graduating, without additional
training, is not good enough. From there, the
employees who entered the program of
Johnson Controls and the Faculty of mechani-
cal engineering are already being trained. This
company is satisfied with the qualifications of
the people who come from there and it is prob-
ably mentioned in their factory in France that
Directorate of Macedonia last month, all with
purpose to facilitate the trade and to help the
economic operators. It is a matter of simplifying
the declaration of goods, whereupon money
and time will be saved, and other news is the
introduction of authorized sender and recipient
in the transit procedure, which means that the
same can be implemented by the very compa-
ny in their own premises.
The Director of the Macedonian Customs
Directorate pointed out that round 70 compa-
nies in Macedonia already submitted request
for authorized economic operator and that they
are making efforts to reach the European stan-
dards and the local clearing to become domi-
nant. At the moment in Macedonia dominates
the traditional clearing instead of the terminal
way of clearing.
Still, the criteria which the companies sho-
uld fulfill in order to receive approval for using
these facilitations, are extremely high, admit
people from the Customs Directorate.
- There are still too rigorous criteria in the
berzNIK
9
on the idea that the growth is possible only if
the domestic suppliers are able to sell their
products on the global market. In the current
situation, the domestic suppliers made the con-
tact with the foreign buyers through mediators,
thus making only a small step forward.
Through the project, USAID is cooperating with
the suppliers and helps them enter on the serv-
ices market. – We are also working on detect-
ing foreign investments, and not only with
Invest in Macedonia, but also with other invest-
ment groups in this country. Because we are
successful, the existing
Macedonian suppliers have
an opportunity to connect to
the global supply chains,
thus entering on the foreign
markets which previously
were inaccessible to them -
Jhaveri says.
the qualifications and the
abilities of the workforce in
Macedonia exceeds their
basic requirements and
expectations and that they
found better workers here
than in Romania and
Slovakia, countries in which
they planned to invest.
In order to improve the technical-technolog-
ical capabilities of the current and the future
workforce in Macedonia, which will be able to
meet investors’ requirements, Mizo suggested
several options, such as introduction of summer
internship of the students in the companies. It
would mean concrete deepening of the cooper-
ation between the universities and the domestic
and foreign investors, which would result with
generating personnel that will have knowledge
and skills which are needed for the real world.
V.M.
regulations, which we examine to see whether
and how much we can release it, without losing
the control. So far, small number of companies
has fulfilled the criteria for receiving approval
for this kind of clearing. In order to increase
their number in the future, the Customs Directo-
rate will implement aggressive campaign for
promotion of the simpler customs procedures,
in cooperation with the chambers and the busi-
ness community in Macedonia, said the director
of the Customs Directorate, Vancho Kargov.
On the Conference of the World Customs
Organization held on the Faculty of Economy, it
was also promoted the introduction of the
Authorized Economic Operator – AEO and the
conditions for receiving this status, as well as
the one-stop-shop system on the borders.
The Conference was organized in coopera-
tion with the World Customs organization,
USAID-BEA Project for Improving the business
surrounding and the Faculty of Economy,
Skopje.
K.S.
10 berzNIK
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
GOVERNMENTAL POLICIES FOR SUPPORT OF THE ENTREPRENEURSHIP AND COMPETITIVENESS
29 MILLION DOLLARS FOR DEVELOPMENT
Major problems that these capacities face are the deficit of capital, skill and information, necessary to produce organizational and tech-
nology changes in order of increasing long term productivity and competitiveness
Due to combination of limited technical, manageri-
al and marketing skills of owners of small busi-
nesses, banks consider SMEs to be risky
The importance and development of small
- and medium enterprises (SMEs) and en-
trepreneurship is recognized
Macedonian economy, not only as a mean for
by
advancement and treating of the entrepre-
neurship spirit, but also for development of the
awareness for consistent necessity for
changes and reforms in the economy, as one
of the most important priorities of Macedonian
Government. Regarding the fact that SMEs
hire more than 70% of the total num-
ber of workers in the country, they
are important participants in the
economy as whole and important
creators of the social product. SMEs
have the front seat in the emplo-
yment generating and country`s eco-
nomic growth. Former Minister of
Eco nomy Vera Rafajlovska used
these sentences to position SMEs in
the state, on the panel-discussion en-
titled Governmental policies for sup-
port of the entrepreneurship and com-
petitiveness, on the Europe Entrepre-
neurship Day 2008, which was held
on 9th of May in Skopje.
- Although many activities for
improvement of favorable conditions that create
the development of SMEs were realized up until
now, crucial challenges for Government`s near
future are development of policies and conduct-
ing of reforms that lead towards more dynamic
economic development, Rafajlovska said.
MEANS TO OVERCOME PROBLEMS ARE
DIFFERENT
Although we can ascertain that problems
that Macedonian SMEs face are similar to
those of the European companies (in the
frame), the difference between us and EU is in
the means of governmental policies used to
overcome these problems. Are they quality and
prompt, or not – i.e. do governmental policies
trace the path towards the goal – increase of
the growth. According to Jelisaveta Georgiev-
ska, General Secretary of Economic Chamber
of Macedonia (ECM), in order of governmental
policies to be in function of those that are going
to employ them, there is necessity for devel-
oped social-economic dialogue in the society,
because it solves all issues important for the
development of the development of the eco-
nomic policy, businesses development and
employment policy. European social dialogue is
consisted of talks, consultations and negotia-
tions that provide unity in achieving of general
number 23
values, based upon differences of demands.
And general values are cohesion, solidarity and
mutual trust. These are European standards
that should be implemented in Macedonian
society between the business and public sector.
Officials in ECM, which is consisted of 98%
of small and medium enterprises, stress that fit
legislation, as an instrument for implementation
of governmental policies, is in favor of small
and medium companies, and implies obligatory
consultations of the Government with the econ-
omy, before and after passing the legislation
and Government`s readiness to react promptly
on initiatives moved by business community. Fit
legislation implies its simplification regarding
the implementation (in EU this practice is used
in years). In cases where it would be justified
support to SMEs, officials in the Chamber rec-
ommend making distinction in legal acts
between small and medium enterprises; dereg-
ulation should be applied in all cases where the
system is not endangered, because many
bylaws increase the price of implementation,
and very often create conflict situations.
In the process of creation of favorable
ambience for development of SMEs in the co-
untry, businessmen stress one very important
element – implementation of system for calcu-
lation and payment of gross-salaries adjusted
to European practice. This way it will be com-
prehensible for foreign investors, because
expenses for the labor force represent the most
important item in their business plans. This is
not only underlined and accepted by Cham-
ber`s Council of Foreign Investors, but it is also
obligation of our Government suggested by
experts of IMF. The Government should remove
social moments, consisted in the system of
gross-salary, and regulate them with its own
measures and instruments.
Members of ECM also demand reduction of
contributions, because the current system of
salaries is burdened by contributions and it is
Date 19.05.2008
unfavorable for economic operators and it is
among highest in Europe, which is huge factor
of demotivation for foreign investors and ex-
ceeds Government`s efforts for promotion of
better business climate.
THE STATE HAS OBLIGATION TO
SUPPORT SMEs
Exceptional importance of the private sec-
tor in creation of policies for economic growth
was also stressed by the Chamber of Commer-
ce of the Republic of Macedonia. Because
SMEs have the greatest potential for growth
and development, meaning potential to be le-
ader of the development of
Macedonia economy, officials in
this Chamber consider that the
state has the obligation to support
and promote these companies.
- In all developed countries
there is intensive communication
and existence of successful coop-
eration between the business sec-
tor on one hand and state adminis-
tration, on the other. In many suc-
cessful countries with high stan-
dard and well being of their citi-
zens, the very cooperation between
the public and private sector is the
key to their advancement and free
development. This should be appli-
ed in Macedonia, as well, Mirce Cekredji, Vice
President of ECM, stressed.
- Government`s role is the create such leg-
islation that will help SMEs to become more
competitive on the global market and contribute
towards creation of bigger economic growth in
the future.
The fight against corruption, especially in
the administration, Customs Directorate, ca-
dastre and judiciary, are the field in which the
cabinet should strengthen its engagement.
Officials in ECM are even more precise and
consider that there is necessity of forming of
professional and efficient cadastre, in order of
protection of privacy.
- The efficiency of the judiciary, in sense of
shortening of terms, should contribute towards
improvement of the payment, which we consid-
er to be one of the major problems in
Macedonian business, Cekredji stresses.
SMEs ARE NOT READY TO COMPETE
Small and medium enterprises in Macedo-
nia are not ready to compete on the global mar-
ket, Kasam Vendeli, Vice President of the Eco-
nomic Chamber of North-West Macedonia,
stressed.
 Date 19.05.2008
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
OF SMALL AND MEDIUM ENTERPRISES
- Major problems that these capacities face
are the deficit of capital, skill and information,
necessary to produce organizational and tech-
nology changes in order of increasing long term
productivity and competitiveness. Also, SMEs
face lack skills, technology and difficulties in
strengthening of partnership relations with
demands of foreign investors and other clients,
Vendeli stresses.
- Many enterprises in Macedonia operate
on low level of technology and have aversion
towards the risk, which would potentially
increase their competitiveness. Compared to
other countries in transition, they are character-
ized with low level of productivity and low com-
petitiveness on world markets. The rate
of investments in new equipment is low,
and in the same time followed by low
rate of utilization of research as com-
mercial opportunity, Vendeli stresses.
Starting from the fact that innova-
tions represent crucial factor for the
growth, competitiveness and social
well-being in the XXI century, entrepre-
neurships in small and medium enter-
prises point out on the necessity the
state to instigate and support the initia-
tive for integration on three sides of the
so called triangle of knowledge or mind
triangle – high education, research centers and
business, inventive, in order national economy
to be able to compete with modern challenges
that it faces.
- Transformation of the educational system
and commercial results in commercial opportu-
nities will enable Republic of Macedonia to
reduce the gap with EU member states and the
region, Vendeli explains.
- Sustainable competitiveness lies in tech-
nology capacities, i.e. capability for import,
assimilation, adaptation, approval and diffusion
of the new technology. But, we should also take
into consideration that it is not to be simply tran-
sferred. Before all, absorption capacity is called
into question, which in advance imposes the
necessity for technical knowledge, skills and
sources to learn how technology will be effi-
ciently used.
Therefore, members of the Economic
Chamber of North-West Macedonia consider
that in the process of creation of economic pol-
icy, strategy and programs, the Government
should engage for strengthening of the institu-
tions, locally and centrally, for support of SMEs`
entrepreneurship and competitiveness, increa-
sing of the support and creation of new busi-
ness centers, as well as upgrading of the exist-
ing business infrastructure. Entrepreneurs de-
mand improvement of the approach to finances,
number 23
berzNIK
11
which in fact is the major problem for SMEs. and bylaws are canceled or revised by the reg-
They also have problem with the approach to ulatory guillotine. There are also activities in the
commercial loans, which is pegged to the insuf- part of e-trade, i.e. e-payment of taxes of big
ficiently developed banking system and insuffi- payers already runs, and now there is prepara-
cient assets, i.e. poor capitalization, limited tion of software for other enterprises.
ideas for development and vulnerable of the In the part of finances and taxation there is
market movements. Due to combination of lim- improvement in the access to finances.
ited technical, managerial and marketing skills Regarding the guarantee fund, its non-function-
of owners of small businesses, banks consider ing is due to the determination from the Law on
SMEs to be risky. According to companies, Macedonian Banka for Development Support,
overcoming of this problem lies in engaging of which restricts the part that is supported by
the Government in order of establishing of new guarantees, Shindilovski explained, and added
funds, stimulation of SMEs and improvement of that the transformation of this fund is in
guarantee fund`s operability, i.e. observing of progress, in order of giving guarantees not only
causes for not using the Fund by SMEs. for credits, but guarantees for export as well,
which are really necessary for SMEs. Increased
incomes in PRO, which are result of the
tax rate reduction, were pointed out as a
positive result.
- Every year from the Budget we are
receiving finances intended for institu-
tional support, and other part for proj-
ects, for non-financial support of SMEs,
which means promotions, training, net-
work development, Shindilovski says.
- This year there are 29 million
denars, out of which 10 are paid from
then Ministry of Economy, for institu-
tions` growth and 19 million denars from
PRELIMINARY RESULTS ARE POSITIVE APPM. Government`s program for SMEs`
development, which is revised in accordance to
Presenting Government`s program for sup- the Lisbon Agenda and European Charter for
port of SMEs, Sasa Shindilovski of Ministry of SMEs, in the following period will be realized by
Economy SMEs` Entrepreneurship and Com- continuation of the support of local business
petitiveness Sector, stressed that it is mainly centers and incubators, giving services for
focused towards four goals – institutional infra- introduction of standards, promotion of new
structure, business environment, finances and products, introduction of voucher system of
taxation, and originality and competitiveness, compensation of given consulting services to
where preliminary results already appear. In the unemployed citizens who intend to open their
part of business environment are made many own business, looking for alternatives for
facilitations for SMEs, such as simplification of financing and means for eliminating of the gray
companies` registration, reduction of expenses economy.
for permissions and licenses, and many laws V.M.
European and Macedonian entrepreneurs face the
same problems
EU countries comprise 23 million small and medium enterprises, which, compared to
Macedonian, operate in incomparable better business environment. Despite this, Brussels offi-
cials stress the necessity these companies to be enabled full facilitation of their potential for
growth, innovations and creation of new working posts. In order to reach that goal, European
Commission proposed adoption of document – European Act for Small Businesses, which
includes principles and concrete measures for improving of European small and medium com-
panies, having on mind their diversity. To see what problems companies face, there was con-
ducted survey among companies in the 25 EU member-states, which results were presented on
22nd of April. More than 60% pointed on administrative and legislative burdening, followed by:
access to finances, lack of skills, access to public procurements, biased or forced competition,
Labor Law, access to the united market, access to EU programs, late payment, access to inter-
national markets, access to information and advice accessibility, instable world economy and
energy expenses, definition of the small and medium enterprises. This list of problem, with cer-
tain additions which are result of the local ambience, can occur in Macedonia, as well.
12 berzNIK
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
CONFERENCE FOR INDUSTRIAL PROPERTY RIGHTS FOR PHARMACEUTICAL INDUSTRY
ADVANCED INSPECTION CONTROLS
- BETTER PROTECTION OF
INTELLECTUAL PROPERTY
Transfer and development of new technologies, patenting, trade marks and industrial property
protection in pharmaceutical industry is one of the main preconditions for attracting foreign
investments
I
ntellectual property rights in Macedonia, in
the field of pharmaceutical industry, mainly,
are respected and in this field the misusage
percent is smaller. Directive is estimated as
excellent, but it is recommended to have higher
inspection controls, is the conclusion of the par-
ticipants in First Conference for economic value
and the importance of industrial property rights
in pharmaceutical industry in Republic of
Macedonia. Conference had been organized by
the Faculty of pharmacy in collaboration with
the Faculty of law, Iustinianus I, within the
University- “ss. Cyril and Methodius” in Skopje.
Conference focusing related to technology
transfer, patenting, trade marks, and industrial
property protection in pharmaceutical industry.
These fields are of great importance for devel-
opment of new technologies, which are main
precondition for attracting foreign investments.
Foreigners and what we look for “foreign
direct investments”, we will never achieve if
D FIRST TASK - MACEDONIA
arko Kamev, from the Macedonian
Chambers of Commerce (MCC) is ap-
pointed representative in Great Britain,
promoter who will affirm and increase collabo-
ration between Macedonian and British compa-
nies. -Appointing of Darko Kamev as our repre-
sentative in Great Britain is a result of our incre-
ased efforts for our products’ export on the in-
ternational market, as well as flow of tourists
from Great Britain and tourists from other devel-
oped countries of EU, stated Venko Gligorov,
president of MCC. - There are couple tourist
operators in Great Britain , which organize tou-
rist arrangements for Balkan countries, and
Macedonia is not found in their maps- and we
want to turn this situation in our favor.
Darko Kavel lives and works in London for
more than 15 years, and his specialty is market-
ing and establishing of business relations. He
has wide circle of business friends in Great
Britain and has experience in the international
business relations.
Recently, representatives of companies
from the new formed Catering chamber (CC)
within MCC visited Great Britain and made con-
tacts with British tour operators. Also, they had
informal meeting with Macedonian ambassador
in Great Britain - Marija Efremova. CC makes
efforts for attracting over 2000 brutish tourists in
one year.
- Macedonia offers natural and cultur-
number 23
intellectual property rights are not respected
considerably. As much we respect, as much will
result in foreign investments. We have excellent
legislation, but what is missing is its enforce-
ment in practice. There are still violations of
industrial property rights, underlined professor
Jadranka Dabovik Anastasovska from the
Faculty of law.
- She appointed the case of violation
of the popular medicine for headache, cafetin,
which is recognizable brand name of Alkaloid
as example of industrial property rights viola-
tion.
Lawyer Valentin Pepeljugoski said that, in
pharmacy field the trade marks forging have
smaller percent.
- Our forgers don’t have funds to
invest in making generic substances which are
not compatible to the world’s standards. Mostly
MCC WITH THEIR REPRESENTATIVE IN GREAT BRITAIN
ON ENGLISH TOURIST MAP
- There are couple major tour operators in Great Britain, which organize tourist arrangements for
Balkan countries, and Macedonia is not placed on their tourist maps- and we want to turn this
situation in our favor
al-historic rarities. Our artificial lakes and natu-
ral lakes, mountains, hotels, churches, monas-
teries, mosques as well as the opportunities for
alternative tourism, speleological and hunting
clubs will be presented, stated Ognjan Cigov-
ski, president of CC.
MCC will use part of the financial funds
from the British embassy in Skopje, to bring the
best tour operators from Great Britain, and to
acquaint with CC members and the opportuni-
ties that offer Macedonia for Great Britain’s
tourists.
According to CC’s survey for British tourist-
s’ visit in Bulgaria, British tourist is needed full
tourist package starting from airplane tickets ,
hotel accommodation, transportation from and
to the airports, sport and leisure activities and
fun. For them, it is very important the country to
have charter airplane flights from and to
London, as well as their time to be fulfilled with
wide range of activities. At the recent meeting of
MCC with the governmental team, headed by
Prime Minister Nikola Gruevski, MCC required
Date 19.05.2008
forged are drinks, textile industry, cosmetics
which have some common aspects with the
pharmaceutical houses, said he.
Pepeljugoski added that there are cases of
violation which, still, are not having effective
decree and cannot be discussed, but he named
the agreement for medicines phenobarbiton
and Phenobarbital.
- Intellectual property rights protection
in our country is at very low level. A positive
step is made. Inspections has started to work
more on terrain to that we have certain positive
results, but in the medicines field we have
more illegal import of medicines, which means
violation of intellectual property rights by
automatism, said Pepeljugoski.
General director of Alkaloid, Zivko
Mukaetov, estimated that in this domain things
are getting better compared to the last years,
both from intellectual property aspect and of
aspect of illegal import and export of medicine.-
We reached the minimum at the present time-
said Mukaetov.
The head of Faculty of pharmacy, Ljubica
Suturkova stated that in Macedonia, generic
medicines are slightly protected and t are pro-
duced by all home pharmaceutical companies.
the government to make efforts for maintaining
the opening of charter flights from Skopje to
London and some other European capitals.
MCC made contacts, also, with British Business
Group in Macedonia and there is principal ac-
cordance for lobbing and negotiations for inclu-
sion of low budget European companies in Ma-
cedonia.
Attracting of increased number of foreign
tourists in Macedonia has multiple meaning and
gaining. Apart from the intensified economic
activity of tourist- catering capacities, tourists
are the most serious candidates for investment
in Macedonia. - In order to invest in Macedonia,
it is necessary one to meet it better and to get
to love it. Foreign business man are needed
local partner with whom they can realize their
business ideas and projects, says Venko
Gligorov.
- Tourism may be in the first phase of the
process for accelerated foreign investments, in
the rank of 100.000 euro to couple of million
euro per business.
 Date 19.05.2008 number 23
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
berzNIK
13
15.05.2008 THURSDAY
1. SHORT REVIEW OF EVENTS
The entry of the Slovenian trade chain Tus will continue in the following years and as a be offered on sale at initial price of 28.98 euro
into the Macedonian market is undoubtedly the result many countries are starting negotiations per megawatt-hour. The price was set by the
top news in all printed media issues today. The for their supplies for 2009 and 2010. According Energy Regulatory Commission. All interested
supermarket in Stip is built according to the to the Ministry of Agriculture, there is no room companies – traders, direct consumers from
highest European standards and is the first pro- for panic for now since all countries from the the country and transmission system operators
jected chain of 20 supermarkets, which in the region are acquainted of our needs. - Our main from the region can submit offers.
following five years this Slovenian company problem is that with the domestic corn we do Dnevnik conveys World Bank approved
plans to build in Macedonia. According to com- not meet the requirements. The good thing is two loans for development projects in
pany`s director, Mr. Aleksandar Svetelsek, that, this year, 30 percents more than envis- Macedonia in total amount of 135 million dol-
this supermarket will offer 14.000 products at aged corn fields were sowed. lars. The first credit in amount of 110 million
customers` disposal and there are products Newspapers eagerly expect the start of the dollars has payment deadline of 20 years with
with available prices for rich people as well as construction of Johnson Matthey`s plant, which five-year grace period and is projected for con-
for people with less money. – It is smart to according to the strategic planning manager of struction of regional and local roads. The cred-
invest in Macedonia because it is a country with this British company, Mr. Colin Jeffrey, should it in amount of 25 million dollars with payment
potential, which has a need of foreign invest- happen in two to three weeks. Jeffrey explain- deadline of 17 years and five-year interest free
ments. We are interested of investing, but the ed that they are entering the final phase of the period will be used for Government support for
bureaucracy is a problem- Mr. Svetelsek says. negotiation process with the Government improvement of the business climate and pub-
The Slovenian trade giant plans to complete regarding the location in the industrial develop- lic sector efficiency.
the supermarket in Kumanovo, and next year ment zone Bunardzik. According to him, the Banking sector includes the news for ex-
the supermarkets in Skopje, Bitola, Gevgelija facilities should be completed by October or panding the business networks of two banks.
and Strumica would be finished as well. November this year and the production of cata- Namely, Ohridska banka has opened new
This year, Macedonia will supply approxi- lysts should start in May, 2009. The parts for branch in Kumanovo, while the new branch of
mately 60 percents of the needs for corn from the motor industry that the plant in Skopje is Investbanka is located in the City Shopping
domestic production, whilst the rest will be going to manufacture will be placed exclusively Centre in Skopje. Komercijalna banka, on the
imported from Bulgaria, Romania and Ukraine, on the European market. other hand, enlarges service palette by introdu-
newspapers inform. There will be no import Today`s newspapers announce the bidding cing Drive Up ATM, which is the first ATM ad-
from Serbia because of Government’s ban a for electricity night surpluses for the period justed for drivers of motor vehicle in Macedo-
bean of corn not to be exported from the coun- between 19 and 25 May this year. According to nia.
try’s borders. The great demand for bread corn MEPSO, 2450 megawatt hours of electricity will
2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS
1. JOHNSON MATTHEY TO START TO BUILD IN TWO TO THREE WEEKS (****)
2. TUS OPENS SUPERMARKET IN SHTIP (*****)
DNEVNIK p.6 SALE OF NIGHT ELECTRICITY SURPLUSES
p.4 JOHNSON METTY GIVES MONEY TO ALL POLITICAL PAR- p.6 OHRIDSKA BANKA WITH A NEW SUBSIDIARY
TIES p.6 STUDENT CREDITS UP TO 10.000 EURO
p.7 CORN IMPORT TO 2010 IS NEGOTIATED p.7 JOHNSON MATTHEY STARTS CONSTRUCTION OF THE FAC-
p.7 EU RECOMMENDS CLOSE MONITORING OF THE PRICES TORY
p.7 TWO BANKS WITH NEW SUBSIDIARIES p.7 SUPERMARKET FROM THE BRAND TUS IN SHTIP
p.7 TUS OPENS SUPERMARKET IN SHTIP p.7 DEADLINE EXTENDED
p.7 CREDIT FOR ROADS FROM WORLD BANK p.7 22 PUBLIC ENTERPRISES LEFT WITHOUT ELECTRICITY
BIZNIS p.7 VIP WORKS WITH LOSS
p.2 THE FUTURE IS IN THE WINE TOURISM AND THE ORGANIC VREME
WINE p.1 COOKING OIL IS NOT AS UKRAINIAN AS IT WAS THOUGHT
p.3 CATALYSTS PRODUCTION STARTING MAY 2009 p.5 SLOVENIANS TO BUILD 20 SHOPPING CENTERS
p.3 2,450 MEGAWATTS OF NIGHT ELECTRICITY p.5 UKRAINIAN COOKING OIL IS NOT AS UKRAINIAN AS IT WAS
p.3 AS OF JUNE - DIGITAL TELEVISION THOUGHT
p.11 LOSS ON THE START OF THE YEAR p.7 OHIS TO TAKE CHLORINE CISTERN
p.11 CONVERSION OF PRIORITY SHARES TO BE PREFORMED VEST
p.13 MBI-10 INCREASED BY 9.89 INDEX POINTS p.3 EU: DIMINISHED EXPORT RISKS FOR MACEDONIA
p.13 REALIZED 17.4 MILLION DENARS THROUGH 165 TRANSAC- p.6 JUST IN CASE WE GIVE DONATIONS TO EVERY PARTY
TIONS p.7 WORLD BANK APPROVES 100 MILLION DOLLARS FOR
p.14 STOPANSKA BANKA – BITOLA WITH INCOMES OF 217 MIL- ROADS RECONSTRUCTION
LIONS OF DENARS p.8 SLOVENIAN ENGROTUS OPENED THE FIRST SUPERMAR-
p.14 SHARE BUY-BACKS KET
p.14 NON-TRADE TRANSFERS OF LISTED COMPANIES` SHARES p.8 STOPANSKA BANKA AD SKOPJE INTRODUCES NEW FINAN-
p.16 THE PRICE OF THE OIL REACHED 127 DOLLARS PER BAR- CIAL SOFTWARE
REL NOVA MAKEDONIJA
p.16 OHRIDSKA BANKA OPENS NEW SUBSIDIARY IN KUMANOVO p.2 THE INVESTORS WITHOUT COMMENT FOR THE BUSINESS
p.16 FOR THE FIRST TIME IN MACEDONIA DRIVE UP ATM CLIMATE WITH GREECE
p.16 NEW BRANCH TO BE OPENED IN SKOPJE p.3 GREECE IS AGAIN BLOCKING THE RAILWAY TRAFFIC
UTRINSKI VESNIK p.8 CABLETEL STARTS WITH PACKAGE OFF 44 DIGITAL TV-
p.9 MACEDONIA MUST REDOUBLE PRODUCTION OF WHEAT CHANNELS
p.10 JOHNSON MATTHEY TO START TO BUILD IN TWO TO THREE p.8 STABILE STOCK EXCHANGE, MBI-10 INCREASED BY 0.17
WEEKS PERCENT
p.10 NEW SUBSIDIARY OF OHRIDSKA BANKA IN KUMANOVO p.8 EU: MACEDONIA WITH AN OBVIOUS PROGRESS IN THE
p.10 SLOVENIAN TUS FINALLY ENTERED MACEDONIA THROUGH ECONOMY
STIP p.8 OHRIDSKA BANKA OPENS SUBSIDIARY IN KUMANOVO
p.10 KOMERCIJALNA BANKA PLACES THE FIRST DRIVE-UP SPIC
TELLER MACHINE с.1 MINEKO TO RUIN THE HEALTH OF VELES CITIZENS
VECER p.6 CABLETEL WITH DIGITAL TELEVISION
p.1 JOHNSON MATTHEY STARTS CONSTRUCTION OF THE FAC- p.6 TUS OPENS FIRST MARKET IN STIP
TORY p.7 JOHNSON MATTHEY STARTS BUILDING IN BUNARDZIK
14 berzNIK number 23
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 19.05.2008

16.05.2008 FRIDAY
1. SHORT REVIEW OF EVENTS

The visit Knights of European Wine Order
seated in Slovenia, who paid visit to winery
Skovin, was the topic to attract the greatest inter-
est in today editions of printed media. All newspa-
pers convey the assessment of Slovenian Wine
Knight Karl Recer, after testing the most
renowned wines produced by Skovin, that in the
last twenty years, Macedonian wine increased its
quality and does not falls behind top French
wines. However, the purpose of the return-visit of
Wine Knights is establishment of greater cooper-
ation in this area between Macedonia and Slove-
nia, as well as decent presentation and sell of Ma-
cedonian wines on Slovenian market.
Buying of the Greek operator OTE by
telecommunications giant Deutsche Telekom, is
top news in today editions as well. This is inspired
by the fact that this deal makes Deutsche Telekom
owner of 92% of the mobile telephony market in
the country. What will be the reaction of the
Commission for Protection of Competition,
regarding the content of the decision which anti-
monopoly commission should prevent the return
of telecommunications monopoly in Macedonia,
will be known next week, since the information
from Deutsche Telekom will be submitted to CPC.
This company is also related to rebranding of
Makedonski Telekomunikacii, with more informa-
tion in the interview that Vecer made with Nikolaj
Meyer, Makedonski Telekom CEO.
Transfer of technology, patenting and protec-
tion of industrial property in the area of pharmacy
is the basic condition for attracting of foreign
investments in the country. In this sector there is
minor percent of piracy, despite this, the protec-
tion of intellectual property is still low. These are
some of recommendations stated by experts on
the first conference for economic values and
importance of the right of industrial property for
the pharmaceutical industry in Macedonia, which
were conveyed by printed media. According to the
head of Alkaloid, Zivko Mukaetov, things are
improving from the aspect of intellectual property
and illegal import, confirmed by the example of
Alkaloid`s golden brand – Cafetin.
Macedonia takes 75th position out of 178
countries in the world according to economic free-
dom, is said in World Bank`s report – Doing
Business, which was conveyed by some papers.
According to the report, Macedonia is on of the
ten countries from Western Europe and Central
Asia with conducted reforms for freedom of busi-
ness. From the Balkan states, Slovenia takes 55th
place, Serbia 86th, Croatia 97th, Greece 100th,
Bosnia-Herzegovina 105th and Albania 136th
place.
EU Ministers of Finance in Brussels advised
their Macedonian counterpart Trajko Slavevski
toy pay watchful attention on global risks that can
originate of the possible further price growth of
raw material and energy, printed media conveyed.
EU Ministers also recommended tracking of risks
from possible reduction of the demand for
Macedonian export from countries that are impor-
tant markets for Macedonia.
Erste Bank enters in Macedonia, is the title
used by Dnevnik to mark the finalization of the
negotiations between Invest Banka and Steier-
markische Bank und Sparkassed AG, in which
Erste Bank owns 25% of shares, for sale of the
strategic portion. Proposed price per share is 151
euros, and the whole package costs 38.5 million
euros.

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

1. ERSTE BANK ENTERS MACEDONIA (***)
2. SLOVENIAN WINE KNIGHTS IN MACEDONIA (****)

DNEVNIK VECER

p.1 ERSTE BANK ENTERS MACEDONIA p.1 T-HOME WILL BRING COMMUNICATION, KNOWLEDGE AND
p.10 WINE KNIGHTS IMPRESSED BY MACEDONIAN WINE FUN
p.11 BANKS EARN FROM THE MONEY OF THE DIASPORA p.1 BRAND NAME ALKALOID LEADER IN THE REGION
p.11 DEUTSCHE TELEKOM” WILL OWN 25% OF COSMOFON p.2 BRAND NAME ALKALOID- LEADER IN THE REGION
p.11 HELLENIC TO INCREASE THE INCOMES p.6 THE HEATING PRICE RISE UP IN FRONT OF THE CONSTITU-
p.11 KOMERCIJALNA BANKA INSTALLED ATM FOR DRIVERS TIONAL COURT
p.6 C MARK FOR FACILITATED TRADE
BIZNIS p.7 T-HOME WILL BRING COMMUNICATION, KNOWLEDGE AND
FUN
p.1 MACEDONIA IS 75TH ACCORDING TO ECONOMIC FREE-
DOM VREME
p.1 INFLATION LURKS
p.1 SKOVIN TO BE THE HOST OF 47 WINE KNIGHTS p.7 MACEDONIA IS ON THE 75TH PLACE WITH FREE MARKET
p.3 IN MARCH, MORE TOURISTS, BUT LESS ACCOMMODA- ECONOMY
TIONS p.7 RWE GAINING REDUCES FOR 48 PERCENTS
p.4 CULTURE`S AFFIRMATION THROUGH CULTURAL VALUES p.7 EURO APPRECIATES
p.9 INFLATION LURKS
p.12 ALLOCATION OF LAST YEAR`S PROFIT OF MKD 16.5 MIL- VEST
LION
p.12 TUTUNSKI KOMBINAT-PRILEP WITH LOSSES p.5 DEUTSCHE TELEKOM WILL BUY COSMOFON AS WELL
p.13 UNI BANKA WITH BANKING INCOMES OF 309.5 MILLIONS OF p.6 YOU HAVE THE BEST WINE IN EUROPE
DENARS
p.13 INCREASED GAIN FOR 108 PERCENTS NOVA MAKEDONIJA
p.14 GROWTH OF ALL THREE MSE INDICES
p.14 STOCK TRADE VALUE REACHES 12.4 MILLION DENARS p.5 EVERYBODY DISSOCIATE THEMSELVES FROM JOHNSON
p.15 STEIERMARKISCHE BANK TO PURCHASE INVESTBANKA MATTHEY`S MONEY
p.15 THE SHARES OF “ZITO LUKS” WITH THE BIGGEST INCRE- p.8 MBI-10 CONTINUES TO INCREASE
ASE OF THE PRICE p.8 SDSM: VMRO-DPMNE RUINED TUTUNSKI KOMBINAT
p.16 THE PRICE OF THE OIL REDUCES FOR NEARLY TWO DOL- p.8 DEUTSCHE TELEKOM WILL DEFEND ITSELF IN FRONT OF
LARS KZK
p.8 INVESTBANK TO OPEN NEW BRANCH OFFICE IN GTC
UTRINSKI VESNIK p.9 NEW RECORD – 127 DOLLARS PER BARREL
p.9 ISRAELI GIANT BUYS “DONCAFE” IN MACEDONIA
p.10 THE CONSTRUCTION OF JOHNSON MATTHEY`S FACTORY
FAILS TO START BEFORE THE ELECTIONS SPIC
p.10 SLOVENIAN WINE KNIGHTS IN MACEDONIA
p.10 APPROVED OTE`S SALE p.5 A MONOPOLY OF MOBILE OPERATORS IN THE OFFING
 Date 19.05.2008 number 23
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
berzNIK
15
17.05.2008 SATURDAY
1. SHORT REVIEW OF EVENTS

The news that Invest bank is on sale is top
subject today on the printed media. This informa-
tion has officially been confirmed the bank man-
agement, from where they say that they are in
intense negotiations with the Austrian Steiermar-
kische. The Austrians are interested to buy 100
percents of Invest Banka, but according to the offi-
cial information, it is possible that only 80 per-
cents from the capital of the bank will be sold in
the first packet. The shares are selling with a price
of 151 euros per a security, and the Austrian bank
is prepared to pay 38.5 millions of euros, in order
to get the strategic control upon Invest Banka.
Steiermarkische is founded in 1825 with a siege in
Graz, Austria. It is second big member of the
Austrian savings banks group, managed by Erste
bank AG. Erste bank AG owns 25 percents from
Steiermarkische. Conclusively with 31st of
December, last year, Steiermarkische has a total
capital of around 12.2 billions of euros, 170
branch offices and around 1 650 employees in
Austria. The Macedonian Invest Banka is founded
in 1992, and it disposes with a total capital of aro-
und 105 millions of euros, 21 branch offices thro-
ughout the country and over 150 employees
Today’s newspapers convey the decision of
the Board of Directors of the Macedonian Telecom
to suggest the Assembly of the shareholders a
payment of a dividend for 2007. The Board sug-
gests for 50 percents of the gain for 2007 to be
paid, amounting around 146 millions of euros. For
payment of the dividend for the last year, 80.6 mil-
lions of euros have been projected. The value of
one share is 56.71 denars. The government and
Madjar Telecom will split a dividend of 79.53 mil-
lions of euros. In accordance with the percentage
2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS
1. AUSTRIAN BANK TO OFFER 38.5 MILLIONS OF EUROS FOR INVESTBANKA (*****)
2. 27 MILLION EUROS FOR THE GOVERNMENT FORT TWO YEARS (****)
owned by Macedonian Telecom, the government
will get 27 millions of euros. Around 2.3 percents
of the shares are in free sales and are owned by
natural persons, and 1.9 percents is in the hands
of the IFC, reports Vecer from today.
Utrinski vesnik conveys: Deutsche telecom
that is boss of our T –Mobile, has bought 25 per-
cents from the Greek OTE, which through
Kosmote is owner of our second mobile operator
in the country, Kosmofon. This means that in the
ownership of Deutsche telecom could be the two
mobile operators holding together 92% of the
market in the country. For that, the Commission
for protection of the competitiveness could pre-
vent the creation of monopoly, the director, Chedo
Kralevski claims: we can proclaim that concen-
tration as forbidden i.e. incompatible with the laws
in Macedonia, because with this merge a new
monopoly could be created on the market.
The International financial corporation IFC
will buy part of the shareholding capital of the
Austrian company Soravija, and in this way it will
support several investments in the sector of com-
mercial real estate in Macedonia, Bulgaria, Roma-
nia and in Serbia, conveys Dnevnik. Yesterday the
IFC informed that they have signed an agreement
for cooperation with Soravija for the support of the
construction of business area in the Balkan in
order to create better conditions for work of the
companies in the region. This is first investment of
IFC in a company in the area of the real estates
being performed on the Balkan. According to the
financial sector of Soravija, Martin Oneberg, this
deal represents a beginning of very important
strategic partnerships with IFC, which is member
of the World Bank.
The Vardar – Croatia Company that provides
life insurances, has renamed itself into Croatia in-
surance – life. The Croatian insurance company is
a dominant shareholder in the Macedonian com-
pany. Croatia insurance – life has announced new
services, among which the first is children’s sav-
ings insurance. In the company, they expect a sig-
nificant increase of the life insurance in Macedo-
nia.
In today’s newspapers you will read for the
success achieved by the Macedonian wine leader
of this year’s agro fair in Novu Sad. Merlot special
selection, Barik limited edition, Cabaret Sauvig-
non, Tga za Jug and Zolta rakija with 45 percents
of alcohol were rewarded with golden medals on
the fair, while Temjanka, Cabaret special selecti-
on, Kratoshija and the new products that will soon
show on the market, White and Red Aleksandrija
have been rewarded with silver medals. Tikvesh
will receive the reward for the most desired part-
ner in the region, in Belgrade on the 25th of June.
After the two day consequent increase of the
MBI – 10 index, the stock market has marked a
decrease in the Friday, which statistically looking,
is becoming unwritten rule. The overall turnover
amounted 20.3 millions of denars, and the
turnover had been performed through 154 trans-
actions. MBI – 10 has lost 1.05 percents with a fall
of 61.5 index points, ending up with 5.806 index
points. The most solvent has been the share of
Komercijalna banka with 5.1 millions of denars of
turnover, but with a fall of 0.76 percents, ending
on 5 952 denars.

DNEVNIK YEARS
p.6 USJE BUYS NOCTURNAL ELECTRICITY SURPLUSES
p.7 28 MILLION EUROS DIVIDEND FOR THE GOVERNMENT p.6 BLOCKADE OF THE RAILWAYS CONTINUES
p.7 VIP WITH LOSS OF 6,9 MILLION EURO p.7 SORAVIA EXTENDS IN THE REGION
p.7 VARDAR CROATIA TO BE REBRANDED
p.9 RAILROADS TO GREECE STILL BLOCKED VREME
p.9 ERSTE BANK AND INVESTBANKA ARE CLOSE TO BUY-OFF p.1 NOBODY KNOWS WHETHER THE SALAD OIL IS TOXIC
AGREEMENT p.6 FROM MACEDONIAN COWS TO BE MILKED ORGANIC MILK
p.9 IFC TO HELP WITH INVESTMENTS ON THE BALKANS p.6 INVESTBANKA IN THE HANDS OF AN AUSTRIAN BANK!?
ACROSS SORAVIA p.7 NOBODY KNOWS WHETHER THE SALAD OIL IS TOXIC
UTRINSKI VESNIK p.7 VINE-GROWING BACK ON THE STAGE
p.7 TELECOM WILL DIVIDE A DIVIDEND IN THE AMOUNT OF 73
p.1 THE WINES OF THE WINERY TIKVESH HAVE WON THE MILLION EUROS
CHAMPIONSHIP CUP VEST
p.9 TIKVESH HAVE WON THE CHAMPIONSHIP CUP ON THE p.9 SHARE BOUNCES TO 657 DENARS
FAIR IN NOVI SAD p.9 TELECOM WILL ALLOCATE DIVIDEND IN JUNE
p.9 HOW IS THE MONOPOLY IN THE MOBILE TELE-PHO¬NY p.9 AUSTRIAN BANK TAKES OVER INVESTBANKA
GOING TO BE RESOLVED?
p.10 AUSTRIAN BANK TO OFFER 38.5 MILLIONS OF EUROS FOR NOVA MAKEDONIJA
INVESTBANKA p.8 ERSTE BANK TAKES OVER INVESTBANKA
p.10 NEW PRE – PAID OFFER FOR THE VIP SUB-SCRIBERS p.8 MACEDONIA EXPORTS SOFTWARE
VECER
SPIC
p.1 AUSTRIANS TAKE OVER INVESTBANKA p.5 TELECOM DOES NOT ADVERTIZE POLITICAL PARTI¬ES
p.6 AUSTRIANS TAKE OVER INVESTBANKA p.5 CRVENKOVSKI: THE NATIONAL BANK LONE AGA¬INST THE
p.6 27 MILLION EUROS FOR THE GOVERNMENT FORT TWO INFLATION
16 berzNIK number 23
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
1. SHORT REVIEW IN THE WEEKLY MAGAZINES
GLOBUS
Pg.28 EXCAVATOR IN REK RUINS RULING PARTIES` RATING
There is no doubt that ruling party`s Achilles heel has at least three seri-
ous points when it comes to defending of the achievements in period 2006-
2008, energy, inflation and health. The disappointment in these three areas,
and why not the fear of the population, shifts voter`s point of view, makes
orange book “100 steps” (including the upgrade), to be insufficient in its “will
be variation” to prevent changing of propaganda notes with serious econom-
ic and social analysis.
From Bitola point of view, the situation in REK Bitola becomes especial-
ly critical point that will defend the position of the powerful energy lobby with-
in the frames of VMRO-DPMNE – this lobby will either be unveiled as inca-
pable to produce sufficient kilowatts for country`s necessities, so it will be
compensated by import of more expensive strategy of dependence, and also
as a prove of one tendentious and immature policy, or it will be shown as
more sophisticated option of forced spending of citizens` money by the pub-
lic sector.
KAPITAL
C.12 MACEDONIA HAS GOT SECOND FIXED OPERATOR - ONTEL
Finally, competition in the fixed telephony. Under the brand Ontel, from
the beginning of the week starts to function the long announced second fixed
operator in the country, under the hat of Ontel, and in the ownership of
Telekom – Slovenia.
C.13 GREEK EMBARGO FOR THE MACEDONIAN TRAINS, THE
COMPANIES TO HAVE HUGE DAMAGES
The railway traffic towards Greece remains blocked for the Macedonian
cargo trains. The management of the Greek railway, has again like in the last
visit of Skopje, been persuading that there is no political background in the
blockade, but the development of the events does not say the same thing.
C.13 WITH THE BUSINESS OFFER OF PROCREDIT BANK AND
EUROIMPEKS TO GET NEW PEUGEOT
Procredit bank with cooperation of Euroimpeks – the general importer of
Peugeot in Macedonia have represented the joint offer for crediting, special-
ly created for the purpose of the businesses intended for supplying vehicles
from the Peugeot brand.
C.30 THE ENTREPRENEUR IS THE RULER OF HIS/HERS FUTURE
The entrepreneur, mover of the development, has been the motto under
which this years annual European day of the entrepreneur has been held in
Macedonia. The event was held on the 9th of May, on the day of the
European Union, as a central part of the International conference for entre-
preneurship, innovations and regional development lasting four days, from
the eight until the eleventh of May and has encompassed three cities –
Prilep, Skopje and Ohrid.
C.34 WE INVEST OVER MILLION OF EUROS IN NEW PLANT
Recently, Skovin dislocated all of the production in a completely new
plant.
Tell us more about this investment, from when it is prepared, how much
it is invested and which were the motives for the investment?
C.35 THE GOLD IS MAGNET for the investors in the world, but not in
Macedonia
Towards the middle of March this year, the gold has reached the higher
price in the history – 1 000 dollars per ounce (1 ounce=31 gram). The con-
cern about the recession in USA moves the investors to focus on the goods
such as the gold, as an alternative of the company shares and the weak
American dollar.
Date 19.05.2008
12.05.-17.05.2008 MONDAY-SATURDAY
C.46 THE INCOMES FROM THE SALES TO DECREASE FOR 47%
In the first trimester of this year, Makletrol has realized a positive finan-
cial result. The profits amount 582 thousands of euros( around 35.7 millions
of denars), which is opposed to the same period last year when a heavy lost
had been realized weighing 261 thousands of euros (around 16 millions of
denars).
C.50 PROFITS FROM THE CONCRETE DECREASED FOR 38.6%
The profit from the construction company Beton, has decreased for
38.6% in the first quarter, and now it amounts 91 thousands of euros (around
5.57 millions of euros), in relation to the same period last year when it
amounted 148.4 thousands of euros (9.09 millions of denars).
C.51 NLB TUTUNSKA BANKA ISSUES A BOND WORTH 12 MILLIONS
OF EUROS
Finally, the Macedonian market of the capital will live to see the first
issue of the corporative bond through public offer. After NLB Tutunska banka
has obtained the approval from the Securities commission, the bank
becomes the first company in Macedonia that is issuing a corporative bond
through public offer.
C.57 THE INFLATION IS BACK
The inflation is back again as a threat on the economic stability after
many years on stand by, making the governments of the countries in the
world to stand aside from the politics, which encourage the retail prices,
points out John Lipski, first deputy of the general director of the IMF.
C.57 THE OIL COULD REACH UP TO 200 DOLLARS
FORUM
c.26 NEEDED MORE FISCAL MEASURES FOR STOPPING THE
INFLATION
MAJA STEFKOVA SHTERIEVA, HEAD FINANCIAL DIRECTOR OF
KOMERCIJALNA BANKA
It is absolutely untrue that the banks are in favor of higher inflation. We
are in favor of inflation that is being controlled and that generates growth.
This sure is not an inflation which can contribute to have negative realistic
interest rates. The high inflation rate can not be solved with leading only one
politics, i.e. only with measures of the monetary authority. Fiscal politics
measures are lacking.
C.29 SUBVENTIONS SHALL INCREASE THE PRICE OF FOOD
PREDRAG CVETKOVIK, DIRECTOR OF IMB BITOLA
We will try to be more competitive with the price of the milk. If we con-
tinue to increase the price at home, we will be eaten by the competition from
abroad. At the moment, the subventions in the agriculture will not reflect the
increase of the price of the agricultural products, but in the future, yes, they
will influence in that direction.
C.33 IN THE SIGN OF KOMERCIJALNA BANKA
The last trading week, first from this month has started and has ended
poorly. On Monday, the MBI – 10 was closed in the value of 5 866 points and
has realized a daily increase in relation to the last trading day of 0.15%, and
on Friday, it was closed on 5 824.36 points and a daily increase of 0.36% the
total turnover from Monday had been 17.2 millions of denars. A bit better
turnover had been realized in the other days of the week, but in conclusion,
the overall turnover on the Macedonian stock market has reached 132.57
millions of denars in the last week, which is for 28.9% less than in relation to
the last week in April, when the turnover has reached 186.66 millions of
denars.
 Date 19.05.2008 number 23
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
berzNIK
17
EVENTS THAT MARKED THE WEEK...

CABLE TEL OFFERS NEW PACKAGE ON IT MARKET

IP AND DIGITAL TV AND FIXED
TELEPHONY
Internet at 100 mbps, internet TV and fixed telepho-
ny are the news announced by Cable Tel. The test
period for the so called Triple Play will last until
September, when the commercial sell starts
Macedonian company, cable operator Cable Tel will
soon offer on Macedonian market digital TV, IP
(internet protocol) TV and fixed telephony. Last
week this was announced by company`s managing
team, few days since the new fixed operator Ontel
(daughter-company of internet provider On.Net),
started
Company`s representatives announced
that in this moment there will be test on the sig-
nal of the digital TV on terrain, in order of over-
coming “infantile diseases” such as signal
strength, installation and network check-up.
The test is conducted on several points in the
city, on incidentally picked users, who will be
able to use the service in the same time.
Starting in June, it is expected the basic
package to include 44 TV stations and to be
officially sold, while the entire project will be fin-
ished in September, when the so called Triple
Packages will start, which will include fast inter-
net with data flow of 100 mbps, internet TV and
internet telephony.
For now our network covers Skopje,
Kumanovo, Veles and Tetovo, and in the follow-
ing period we are going to cover Stip, said
Stojan Gorgovski, Cable Tel CEO.
The price of Triple Play Package costs
1,200 denars, which will enable users to make
unlimited calls within the network, beside IP TV
and fast internet.
There are also negotiations and price
establishment for calls towards mobile net-
works, which, as officials in Cable Tel say, will
be favorable for users.
For the services that will soon be offered by
this company, there is most sophisticated
equipment from the world famous producer
Cisco, leader in production of optical cables
and networks.
Cable Tel hires more than 300 workers;
invested 15.5 million euros in Macedonia up
until now, and according to Gorgovski, there are
plans for investing of additional 20 million euros
by the end of the year.

KOMERCIJALNA BANKA AD SKOPJE MAKPETROL AD SKOPJE

First drive up ATM Three members- 12 shares

Komercijalna banka AD Skopje set up its 100th ATM and the first drive up ATM in Macedonia Makpetrol a.d Skopje announced the
at the Makpetrol petrol station (located near Vero – Taftalidze). The drive up ATM is illuminated names of managing bodies’ members, which
and has a suitable approach for the drivers of motor vehicles, who do not have to come out of own the shares in the Company. Thus, Drage
their vehicles in order to take out cash from the ATM. Najdoski, member of Supervisory Committee
owns 10 shares, which is 0,009% from total
*** number of Makpetrol’ shares. One share
New subsidiary of the bank in Shtip owns both Zoran Donovski, member of
Supervisory Committee and Goran Sotirov-
The new subsidiary of Komercijalna banka AD Skopje, located inside of the Tus shopping ski, member of Board of directors. These
center in Shtip, started working on 14.05.2008. three members of managing bodies of Mak-
The subsidiary will carry out activities in the field of the retail banking, domestic payment petrol a.d. Skopje own 12 shares in total,
operations and other baking operations. which is 0,011% from total number of shares
of this company- 112.382.

OHRIDSKA BANKA ENLARGES BUSINESS NETWORK

New subsidiary in Kumanovo IN CITY SHOPPING CENTER SKOPJE

Ohridska bank, member of Societe Generale Group, yesterday opened new subsidiary in
Kumanovo. Bank’s business network, which includes 17 subsidiaries, five of which in Skopje and
the rest in the other cities on the territory of Macedonia, expanded with the newly opened sub- Investbanka opens
sidiary. The subsidiary offers a complete banking service for the local population and for the busi- a subsidiary
nessmen. The citizens of Kumanovo have an opportunity to use the promotional offer of the sub-
sidiary and to apply for express cash loan without any administrative costs, for housing loan with- Investbanka opened a new subsidiary in
out any administrative costs and for a payment card MasterCard with a 50% discount of the sub- the City Shopping Center in Skopje, thus
scription for the first year until 10th of June 2008. - The opening of the subsidiary in Kumanovo enlarging the network to 22 subsidiaries. The
is in direction of the strategic orientation of Ohridska banka for expansion on the Macedonian bank enlarges the network in order to get clo-
market. This is a significant investment for enlarging of our network with new subsidiaries. The ser to the clients and their needs. Simul-
subsidiary is organized in accordance with the concept of personalized approach to the clients, taneously, the existing subsidiary in Strumica
meaning every client has a personal banker at his disposal for expert advising with complete sup- was relocated in the center of the city. The
port for financial working in the country and abroad-says Chairman of the Ohridska banka Board services from the domestic and international
of Directors Bernard Koenig. payment operations, exchange operations,
denar and foreign currency working, payment
cards from the brand MasterCard and all
kinds of loans for physical and legal entities.
Bank’s strategy for enlarging of the business
network, as well as further enlargement of the
ATM network and POS terminals, will contin-
ue in 2008 as well.
18 berzNIK number 23
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 19.05.2008

W E E K LY R E V I E W O F M A C E D O N I A N S T O C K E X C H A N G E
period 12.05. - 16.05.2008
Date 19.05.2008 number 23
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
berzNIK
19