berzNIK - YEAR II - NUMBER 13 - 10th MARCH 2008 - (SUPPLEMENT OF TENDERNIK)

BUILDERS
H AV E T H E I R H A N D F U L L
THE MACEDONIAN
Date 10.03.2008 number 13
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Inflation takes full swing
The opening week of March again in the token
of the basic products price increase - the token of
the inflation. The news regarding this matter hits
the headlines of all print media and deals with all
economic observations, which, let his serve as a
reminder, are selected and archived on daily basis
by berzNIK digital service.
All calming announcements coming from both
the executive and monetary powers that be that
the inflation is under control are vanishing in thin
air… Such conclusion results from the intervention
carried out as a second measure by the National
Bank of the Republic of Macedonia only after one
fortnight. Namely, on February 19, the Central
Bank increases the interest rate of the treasury
The uncertainty and the political tensions, when
bills from 5, 08% to 5,
talking about our country, could not wear off any- 25% with explanation
how. They are deepening, delaying and defocusing that the price stability
the public attention from the economy on the poli- risks have been incre-
tics. All steps are carried out in favor of the road ased on middle terms,
towards NATO and Europe. And this road, we must especially in times of
admit, not only that it turned out to be very long, but swift credit growth
also full of hardships, political obstacles and and growing salaries
(non)democratic conditions messing with our identi- that exceed the eco-
ty. In such moments, how much concern is being nomic productivity.
put for the citizens` welfare? In such conditions, at
what extent can the business climate be tranquil-
Basically, such move
ized and become attractive base for the so-much is to curb the tremen-
desired foreign investments? Given the fact that dous inflation leap in
what we are dealing with here are reforms, amend- i.e. to prevent it from
ing and implementation of laws for the public and spilling into middle
the state segment and institutions fashioned after terms. The fact that
the EU standards… sustaining low infla-
March is on the run and the economic priorities are tion on middle and
still clouded by the political events… To crown it all, long terms is National
the world economic tendencies, at least those Bank`s top priority
regarding the price fluctuations and financial mar-
kets, have also hit downward tendency, which more
was perhaps the key
or less, perhaps not directly, but indirectly overspill motive for the mo-
into our market. The inflation shifts into gear… netary authorities to
take further step. On
March 6, the Monetary Policy Committee reaches
a decision for increasing the interest rate of NBRM
treasury bills from 5, 29% to 6%. NBRM comes up
with a simple explanation: Additional increase of
the referent interest rate is being conducted due to
the continuous inflation intensification and espe-
cially due to the intensification of the base inflation
rate… The increase of the annual inflation rate
varies from 8, 7% in January to 9, 6% in February.
The food prices remain the main propellers of the
inflation with annual leap of 18, 7% i.e. 74, 5% par-
ticipation in the overall inflation index. The
February figures not only that show continuous
inflation growth, but also dangerous inflation
expectations in terms of expansion of the price
increase range into other groups of products and
services… The amending is prompted by the
banks` credit exposure to the population sector on
the basis of these credit products, given the fact
that 75% of this credit exposure haven`t been
secured. This prudent measure by the National
Bank is aiming at settling the credit risk for the
banking sector, emerging from these credit prod-
berzNIK
3
ucts, at an acceptable level. This measure is
expected to slow down the continuous credit
expansion with such features and may also prompt
certain decrease of the inflation pressures cranked
up by the demands.
NBRM reiterates that the inflation rate
decrease requires appropriate contribution from
the other market participants too. What kind of
comments should be expected after such meas-
ure? Up until yesterday, the prices in the markets,
off course after the Government intervention in
agreement with the tradesmen, have been plung-
ing, and now we are facing with other changes…
This week was also in the token of the Fair for
Construction, which marked its fifth anniversary.
Contrary to the political turbulences, the low citi-
zens` standard with a downward tendency at the
expense of the inflation growth, the contractors
come up with optimistic announcements for con-
struction frenzy in Macedonia this year and in the
year to come…
Some economic experts also have positive
view on the events… In favor of this is the forma-
tion of the fund management company, Moj Fond
AD Skopje, which is to run with the third invest-
ment fund that is to be managed by the first port-
folio investment advisors… Its establishment is
expected to improve the competition in the invest-
ment working on the Macedonian securities mar-
ket. In this context, the already existing Open
Investment Fund Inovo Status Akcii meets the
legally imposed limit and pays assets at total
amount of EUR 506.000 in denars by March 5
inclusively. Around 93% of home and foreign natu-
ral persons and 7 % of legal persons (home and
foreign) participate in the fund. Inovo Status Akcii
assets consist of 80% in securities and 20% in
funds.
In this issue berzNIK continues to inform about
the balance of success of the listed companies, as
revealed on the Stock Exchange, and this practice
will continue in the next issue as well. In this con-
text-the unrevised annual financial statements
revealed by the companies on the Macedonian
Stock Exchange makes new space for your com-
ments, analyses, marks, suggestions and per-
spectives for the conditions they are overtaken by
and the future development components, presen-
tations and affirmation in the public. Off course, we
do believe that in this period, the views and analy-
ses of the economic-financial experts, investment
advisors and audit centers by all means can reflect
and provide arguments for the real situation, the
level, the position we are in and the rungs we have
to climb to join the world markets, where the eco-
nomic parameters propel the indices.
Until the next Monday
Makedonka Baldazarska
BerzNIK editor-in-chief
e-mail: berzNIK@interNIK.com.mk
 4 berzNIK number 13
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 10.03.2008

OPEN INVESTMENT FUND INOVO STATUS AKCII

LEGAL CONDITIONS FOR

ESTABLISHMENT OF THE
FUND FULFILLED

ed and paid in funds in

- Open Investment Fund Inovo Status amount of at least
Akcii fulfilled legally determined limit, i.e. 500,000 euros in denars
they paid funds in amount of 502,000 euros countervalue.
in denars countervalue, according to aver-
age course of NBRM. This is the first condi- Asset Management
tion for meeting legal conditions, according Company Inovo Status
to the Law on Investment Funds, i.e. paid in Ltd. Skopje, public offer
funds in amount of at least 500,000 euros in for purchasing of docu-
denars countervalue, Mia Zografska, Inovo ments for portions in the
Status Akcii CEO, said. Open Investment Fund
INOVO STATUS AKCII
announced on 20th of
egally determined term for collecting November 2007 in daily

L and paying in funds in amount of at

least 500,000 euros in denars counter-
value was exceeded on 20th of February
paper Dnevnik.

FAILING TO MEET LEGAL

2008. Zografska explains that the second
condition that is in accordance to the Law on
Investment Funds is the value of the proper-
ty to maintain over 500,000 euros in period
of 6 months.
Inclusive on 5th of March 2008, in Open
Investment Fund Inovo Status Akcii are paid
funds in amount of 506,000 euros in denars
countervalue. In Inovo Status Akcii invest nat-
ural and legal entities, foreign and domestic
investors. Out of them 93% are domestic
and foreign natural entities and the rest 7%
are legal entities (domestic and foreign).
Property of Inovo Status includes securities
and assets, out of which securities take 80%
and 20% assets.
Just to remind: Open investment funds
are financial, brokerage institutions, estab-
lished for only one goal for collecting of
funds across public call for selling of docu-
ments for portions and investing of collected
funds in accordance to the Law on
Investment Funds, Fund`s Statute and
Prospect. Asset Management Company can
start collecting funds across public sell of
documents for portion after obtaining license
for establishment of the Fund.
From inviting to tender for buying docu-
ments for portion in the Open Investment
Fund within three months should be collect-
CONDITIONS
In case of failing to meet legally envis-
aged conditions, there is procedure in accor-
dance to the Law on Investment Funds for
termination of management and discharge
of funds:
1. asset management company can
cancel management of the fund within notice
period of six months. The term starts on the
day when cancellation is announced in
Public Gazette of the republic of Macedonia.
Asset management company is obliged to
inform all owners of documents for portions
in the fund in written form.
2. The right for management of the
fund, beside cases included in the Law, also
terminates if the Securities Commission can-
cels the license for operation of the asset
management company.
3. If the asset management company
terminates its work, deposit bank on behalf
of owners of documentation for portion get
out of the contracted relation with the com-
pany.
4. On Commission`s approval, deposit
bank has the right to get out of the contract,
if the asset management company is not in
position to meet its obligations, and espe-
cially if:
If in terms of three months after the
announcing of the tender for purchasing of
documents for portion in the open fund there
are no collected and paid funds in total
amount of 500,000 euros in denars counter-
value; and
If the value of the property maintains
over 500,000 euros in period of 6 months.
5. If the asset management company
is deprived of the right for management after
the notice or cancellation, the right of pos-
session with the property is transferred to
deposit bank until the migration of the fund
into other management company within six
months.
6. In regard of items 1 to 4, deposit
bank is obliged within six months from the
day of getting out of the contract to dismiss
the fund and distribute the property to own-
ers of documents for portions. In the same
period, on Commission`s approval, deposit
bank can call off fund`s dismissal and in
accordance to the statute of the fund the
right for its management to be transferred to
other asset management company.
7. Owners of documents for portion
have no right to ask for fund`s dismissal.
 Date 10.03.2008 number 13
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
C O N T E N T S 1. SHORT REVIEW OF EVENTS
INTRODUCTION . . . . . . . . . . . . . . . . . . . . . 3 One of the cover stories in almost all daily print
media was the start of TEC Negotino. This country`s
OPEN INVESTMENT FUND INOVO STATUS electricity lack will be covered by the Negotino ther-
AKCII .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 mal power station, which was restarted this weekend.
The power station will be working with half of its ca-
pacity until the electricity amount this country lacks
berzNIK, MONDAY, TUESDAY, WEDNESDAY. isn`t compensated.
… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7 -In cooperation with the Government, the com-
panies from the country`s electro-energy sector will
ARCELOMMITAL. . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 collect assets to realize this switch on as well-said
Government spokesperson Ivica Bocevski.
SECURITIES AND EXCHANGE He didn`t mention the amount of natural gas that
COMMISSION. . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 is to be purchased from OKTA, for how long and how
much that purchase will cost. Officials from TEC Ne-
STOCK EXCHANGE NEWS... STOCK gotino confirm that the necessary amount of natural
EXCHANGE NEWS... ...........................9 gas is being purchased from the Skopje refinery and
will be sufficient for one month work of the capacity.
DIFFERENT ANGLES OF APPROACH TO MEPSO has already announced tender for purchas-
THE CAPITAL.............................. 10-11 ing additional 300 giga watt-hours electricity,
although previously it had already arranged 580 Giga
PUBLIC PRIVATE PARTNERSHIP. . . . . . . . . . 12 WH. However, due to the partially defined energy bal-
ance, it was established that the previously arranged
berzNIK, FRIDAY, SATURDAY ...........13-15 imported amounts were insufficient, so emerged a
need for additional import.
The news for the reactivation of the factory for
WEEKLY MAGAZINES...…....................16 ferrosilicon, Silmak, which is kicking start this week,
also hit the headlines of all newspapers. At a meeting
WEEKLY REVIEW OF THE MACEDONIAN with the Government, the factory management ac-
STOCK EXCHANGE. . . . . . . . . . . . . . . . . 17-19 cepted its offer the state to give its surplus of electric-
ity to this factory. We are talking about surplus of
night electricity being purchased by the factory for 21,
I M P R E S S U M 5 euros for megawatt-hour. For the time being, the
factory in Jegunovce will be working with partial
capacity. The electricity is necessary for restarting the
furnaces that went out the moment the state told the
big consumers to purchase electricity on the market
Publishing: INTERNACIONAL NIK AD - Skopje by themselves. Some of the employees that were on
Media library and digital archive forced leave were called back to work today, for the
Editors office: berzNIK
Address: Square MAKEDONIJA bb, p.box 882 Skopje, 1000,
purpose of direct elimination of the consequences
R.Makedonija from the terminated production due to lack of electric-
Phone. 02/25.32.800 faks: 02/25.32.839 ity.
web: www.interNIK.com.mk; Vreme carries one more inclusive analysis over
e-mail: info@interNIK.com.mk the citizens` indebtedness. According to this insight,
an increasing number of citizens are taking bank lo-
Executive Director: Zdravko Josifovski ans to cover the debts on their credit cards. Carried
Account Menager: Divna Pesic away from the number of benefits offered by the pay-
Public relations: Natasa Dimovska ment cards, the citizens are spending more than they
Marketing manager: Ivona Josifovska have and indebt themselves in the banks. New indeb-
Assistent: Stojne Danilova
E-business manager: Ratko Projkovski
tedness, usually short-term bank loans, is being used
Logistics manager: Ana Petrova to cover other debts. This is a practice being used by
Finance manager: Gordana Stojanovska
2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS
STOCK EXCHANGE REVIEW OF EVENTS IN THE 1. TPP NEGOTINO RESTARTED ON SATURDAY (*****)
PRINT MEDIA berzNIK 2. HEATERS OF SILMAK TO BE RESTARTED ON WEDNESDAY (**)
berzNIK is founded in year 2007. DNEVNIK
p.1 CITIZENS EXCHANGE DENARS INTO
STOCK EXCHANGE REVIEW OF EVENTS IN THE
PRINT MEDIA berzNIK
EUROS
Number: 13 p.7 LESS PAYMENT CARDS COMPARED TO
Date: 10.03.2008 THE REGION
BIZNIS
IT IS DISTRIBUTED FOR SUBSCRIBERS ONLY p.5 TPP NEGOTINO WORKS ON HALF CAPACI-
TY
FRONT PAGE PHOTO: p.11 OHRIDSKA BANKA GAINS 93.5 MILLION
FIFTH FAIR OF CONSTRUCTION DENARS PROFIT
p.11 NET PROFIT - 148.4 MILLION DENARS
Photo: p.11 MBI-10 RECORD 65.34 INDEX POINTS DE-
Robert Spasovski CREASE
p.11 TRADE VALUE AT 23,133,739.92 DENARS
Editorial staff of berzNIK
Internet distributive system: www.interNIK.com.mk p.11 SHARP DROP OF SECURITIES TURNOVER
Editor: Makedonka Baldazarska p.12 MBI REPORT 29.01.2008
Journalist: Vaska Mickoska UTRINSKI VESNIK
DTP: Tatijana Trpkovska p.7 TPP NEGOTINO RESTARTED ON SATUR-
Editorial staff: DAY
News Evaluator: Anita Bashoska, R. Tasovska p.7 PART OF SILMAK`S EMPLOYEES WILL
[operators]:Mare Lazarevska, Arslan Skoro, Zoran Stamatovski, RETURN TO WORK TODAY
Martin Arsovski, Gorge Redzik, Toni Arsovski i Darko Tripunovski p.7 TAXI-DRIVERS OF STRUMICA MAKE
[translators]: translator's manager Senka Mihajlovska, Angelina MONEY WITHOUT LICENSES AND FISCAL
Filipovska, Slobodan Trajkovski, Aleksandar Stamenkovski, Aneta
Menoska, Filip Koviloski, Darko Ivanovski
DEVICES
Fotoreporter: Robert Spasovski VECER
p.6 TPP NEGOTINO RESTARTED
Marketing, distribucija i proda`ba: p.6 HEATERS OF SILMAK TO BE RESTARTED
INTERNACIONAL NIK AD - Skopje ON WEDNESDAY
berzNIK
5
03.03.2008 MONDAY
the citizens from the developed countries for a long ti-
me. Some of them entangle in the debt labyrinth and
some manage to settle all of their debts on time. In
Macedonia, this phenomenon is getting more and
more popular at a time when the prices are in con-
stant increase while the living standard plunges.
The terms for using these loans differ from bank
to bank. The economists warn the citizens are loos-
ing a lot of money by covering one loan with another.
Dnevnik, on the other hand, carried the
information that a number of citizens were turning the
denar bank savings into euros, while the banks were
more restrained from putting foreign currencies in
circulation. The National Bank has been recording
this trend since last November. First, the citizens
started giving up from the higher interest rates for
denar deposits by exchanging them into euros, and
later the banks started displaying restraint. The mon-
etary authorities explain this trend with the fear from
further inflation growth and domestic currency depre-
cation. The Ministry of Finance and NBRM last year
were calming the tensions, saying they were expect-
ing inflation stabilization and perpetual decrease by
the end of the year, but this doesn`t mean price
decrease, but sustaining them on the current level.
The optimism that was prevailing among the in-
vestors on the Macedonian Stock Exchange a fort-
night ago vanished in thin air last week, Biznis in-
forms. We have witnessed sharp plunging of the se-
curities` turnover, which marked almost double
depreciation than the previous week, plunging by
average 24, 5 million denars in daily basis (while the
previous month and a half was holding at average 50
million denars ). The Macedonian Stock Exchange
indices rounded up the week with decrease in rela-
tion with the beginning of the same week, which com-
pleted the already impaired image of the stock
exchange.
At least eight million euros will inflow into the sta-
te budget should all stores in the country decide to
continue selling alcoholic beverages, for which they
need special licenses. In Macedonia, around 100.000
retail objects were registers, which according to the
amending of the Law on Trade, should pay 5.000 de-
nars for license for selling liquor. The store owners
say that any additional expense is a blow for the
pocket of the small tradesmen.
The Law envisages ban for selling alcohol from
7 PM until 6 AM, as well as 24 hour ban for selling
alcoholic beverages to persons under 18.
p.7 THE ANNOUNCED STOCK EXCHANGE
BOOM ON A WAITING LIST
p.7 TORANICA IN REPAIR
VREME
p.1 EXPENSIVE BREAD TO EAT UP STATE
WHEAT
p.6 NO SUBVENTIONS WITHOUT PRODUC-
TION FORM
p.6 EIGHT MILLION EUROS FROM LIQUER
PERMITS
p.6 SPRING PRICE INCREASE OF FRUIT AND
VEGETABLE
p.7 ONE LOAN COVERS THE OTHER
p.7 TPP NEGOTINO BURNED UP 3.5 BILLION
EUROS
VEST
p.2 TPP NEGOTINO RESTARTS
NOVA MAKEDONIJA
p.5 INVESTORS MAKE TACTICS ALTHOUGH
COMPANIES ANNOUNCE PROFIT
INCREASE
p.5 THE STATE WILL GIVE THE ELECTRICITY
SURPLUSES TO SILMAK
p.5 THE THERMO POWER PLANT WILL BE
WORKING UNTIL ELECTRICITY IS NOT
IMPORTED
SPIC
p.6 TPP NEGOTINO STARTS WORKING
 6 berzNIK number 13
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 10.03.2008

1. SHORT REVIEW OF EVENTS
ELEM announces investment in new rese-
arches of localities of coal in Mariovo basin. It is
estimated that there lie more than 100 million
tons of coal, approximately to the quantity in
Brod-Gneotino basin, where coal for REK Bitola
is excavated. This is confirmation for the potenti-
al new locality of coal that will be of great impor-
tance for the country, i.e. demands of REK Bito-
la and TPP Oslomej. ELEM spokesperson, Mir-
ce Kotevski, explains that the company these
days will announce tender for election of compa-
ny, i.e. scientific and research institute that will
finish research of the region, surrounding of vi-
llages Manastir, Belchista and Vitolista, where it
is estimated that there are reserves of coal.
The new analyses should show the quality
of the coal, is it appropriate for the domestic
thermal power plants.
Today, in Vecer you can read the interview
with the first man of the consortium AMBO, Ted
Ferguson, who arrived in our country yesterday.
Ferguson will use this visit to meet many lo-
cal businessmen who are expected to take part
in the construction of Trans-Balkan oil pipe-line
AMBO. Yesterday Ferguson informed that inste-
ad in 2011, the oil pipe-line will be finished in
2012, when officially crude Caspian oil will stre-
am through the pipes. According to him, altho-
ugh activities related to the construction were to
start this month, they will be delayed due to the
schedule of the increase of oil production.
Ferguson considers that until finance for the
project and required licenses are not provided,
there is real threat that the project will not be re-
alized. He mentioned that he is going to visit
Bulgaria and Albania bringing the same goals.
Some companies have worked somewhat
successfully and others profited, shows the ana-
lyses of Utrinski Vesnik. This is the conclusion
one can draw from the financial reports of do-
mestic companies, which these days became
available to the public. Unlike the companies,
banks traditionally make excellent profits. Since
Macedonian companies' financial reports are
out in the open, investors will have clearer pictu-
re where it is worth investing their money.
These days the listed companies have pub-
licly announced the data from last year's work-
ing, and they have also submitted the unrevised
balances of success to the Stock Exchange
where one could see if in 2007 they realized hig-
her or lower profits or losses.
While we are at the Macedonian compani-
es, some of today`s daily newspapers convey
that the Croatian construction company Ingra
has officialized the decision for buying Mavrovo
at the end of the last week. It is expected this
week the Croatian company to deliver public
offer on all available shares of Mavrovo. Ingra
explains that the main motive for buying the do-
mestic construction company was the big exe-
cutive staff.
In Croatia there are no companies with big
enough of executive staff that could follow Ingra
04.03.2008 TUESDAY
in its projects, said the company's spokesper-
son, Danko Deban for Croatian media. At the
end of last week Mavrovo's share was the sec-
ond by the realized turnover.
Otherwise, Vest announced that the Euro-
pean and the Asian Stock Exchanges have noti-
ced depreciations once again, because the in-
vestors continue to concern about the possible
American recession. All the major Stock Ex-
changes have dropped, after on Friday, the sha-
res on Wall Street have rapidly dropped.
Biznis, on the other hand conveys that the
company Bomex Skopje has bought a company
for production of sinter magnetite in Turkey, as
well as concession and exploitation right for se-
ven mines of magnetite in the Tavshanli region.
The investment in Turkey costs five million eu-
ros, and it rounds up the protection of the strate-
gic material for production in the factory for fire-
proof materials Bomex refractors Pehchevo,
ownership of Bomex.
Vipro as well builds a new factory for pro-
duction of healthy food, processing of fruit and
vegetables. The factory is an individual invest-
ment in amount of 500 thousand to one million
euros. In 2007, Vipro has realized a production
of about 1, 5 million units, which represents 1, 5
million euros. For 2008 it is projected growth of
the production for about 30%.
As of yesterday on midnight the fuels got
more expensive for a denar, whereas the diesel
for two denars.

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

1. ELEM TO INVEST 700,000 EUROS IN SEARCH FOR COAL IN MARIOVO (***)
2. PRODUCTION IN MINE TORANICA CONTINUES (***)

DNEVNIK VECER
p.7 MBI 04.03.2008 p.6 TENDER FOR SEARCH OF COAL IN MARIOVO
p.7 MINER`S STRIKE IN TORANICA p.6 POST PAID PRICES HALVED
p.7 SILMAK RETURNS THE WORKERS p.7 FERGUSON ADMITS AMBO TO BE IN DELAY
p.9 LIFE EXPENSES BIGGER FOR 9.6 PERCENT p.7 PETROL APPRECIATES BY ONE DENAR, DIESEL BY TWO
p.9 PETROL APPRECIATES BY ONE DENAR DENARS
BIZNIS p.12 KOSOVO LIES ON BILLIONS BARRELS OF OIL
p.1 LAST YEAR`S LOSS TWICE AS LOWER VREME
p.2 PETROL APPRECIATES BY ONE DENAR, DIESEL BY TWO p.6 THE GOVERNMENT FAILS TO SUPPORT IMPORT OF ELEC-
DENARS TRICITY
p.5 LAST YEAR'S LOSS TWICE AS LOWER p.6 STATE WHEAT MIGHT BECOME FODDER
p.5 COSMOFON BUSINESS 50% CHEAPER p.6 ELECTRICITY HOLDS AT SAME PRICE IN MACEDONIA
p.10 INVEST BANK WITH PROFIT OF 250, 2 MILLION DENARS p.6 PART OF THE EMPLOYEES RETURN TO WORK
p.10 MAKSTIL WITH A PROFIT OF 166,040,578 DENARS VEST
p.10 POSITIVE FINANCIAL RESULTS FROM THE WORKING p.2 PETROL APPRECIATES BY ONE DENAR, DIESEL BY TWO
p.10 A PROFIT OF 189.5 MILLION DENARS IN 2007 DENARS
p.11 FIVE MILLION EUROS FOR MINES AND MAGNETITE FACTO- p.10 GAZPROM REDUCES GAS TO UKRAINE
RY IN TURKEY p.10 STOCK MARKETS FALL BECAUSE OF FEAR OF RECESSION
p.12 TRADING VALUE OF 44.935.538.19 DENARS p.10 HSBC WITH A RECORD PROFIT
p.12 MBI 03.03.2008 p.14 THE TIME OF WAITING IN FRONT OF THE WINDOWS SHORT-
p.13 THE FUTURE IS IN ONE REGIONAL STOCK EXCHANGE ENS
UTRINSKI VESNIK NOVA MAKEDONIJA
p.6 PENSION AND DISABILITY FUND DEMANDS BANKRUPTCY p.1 ELEM TO INVITE TENDER FOR RESEARCH OF COAL IN MAR-
FOR KIRO KJUCUK VELES IOVO
p.7 PETROL APPRECIATES BY ONE DENAR, DIESEL BY TWO p.4 PRODUCTION IN MINE TORANICA CONTINUES
DENARS p.5 VOLKSWAGEN TAKES OVER THE CONTROL OF SCANIA
p.7 ELEM TO INVEST 700,000 EUROS IN SEARCH FOR COAL IN p.5 INGRA TO INVITE PUBLIC TENDER FOR PURCHASE OF
MARIOVO SHARES FROM MAVROVO
p.8 MBI 03.03.2008 p.5 BUILD AND CONSTRUCT 2008
p.8 MINERS OF TORANICA ON STRIKE p.5 ELEM TO INVITE TENDER FOR RESEARCH OF COAL IN MAR-
p.8 INGRA OFFICIALLY ANNOUNCE TAKING OVER OF MAVROVO IOVO
p.8 MACEDONIAN COMPANIES` INCOMES OUT IN THE OPEN p.5 THE FACTORY IS OWN INVESTMENT UP TO MILLION EUROS
 Date 10.03.2008 number 13
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
berzNIK
7
05.03.2008 WEDNESDAY
1. SHORT REVIEW OF EVENTS
The increase of the February inflation is a nia. A total of 352 companies are going to be health. Keeping fresh milk in lactofreezers is a
topic of all daily newspapers today. Citizens are represented, among which Turkey as the great- provision imposed by the Rule Book on Purcha-
frightened; experts and monetary authority are est partner. The fair will last until March 8. se adopted by the Ministry of Agriculture and
softening the situation. - The foreign exchange The Securities Commission gave permis- the European standards on healthy food pro-
market is stabile and there is no need of inter- sion for establishing the fund management duction…
vention in order to maintain the denar stability, company Moj fond a.d. Skopje. It is founded by Biznis has announced that a damping mar-
bankers claim. National bank of the Republic of five physical entities and one legal entity, all gin of 5.4 percent was introduced for the Euro-
Macedonia, which is obliged to keep the stabili- from the Republic of Macedonia. The basic pean Companies that are going to import ferro-
ty of the domestic currency, assures that there principal of the company amounts 100,000 eu- silicon from the Republic of Macedonia. The
is no room to panic. - It is unnecessary the Na- ros. It is envisaged for the company to establish damping tax was adopted on February 28th and
tional Bank to intervene - the Governor of the and manage one open investment fund. This is was published in the Official Gazette of EU,
Central Bank, Petar Goshev, stated for Vecer. the third fund management company in our which means that it is already effective. Apart
Such calming tones convey the other news- country. for the Macedonian producers, this kind of dam-
papers and the bankers as well after the spec- Yesterday were granted the first working ping tax was also introduced to the ferrosilicon
ulation in the public that the citizens frightened licenses for investment advisers. It is a matter producers from China, Kazakhstan, Egypt and
by the inflation convert their bank denar savings of seven people who will help citizens while ma- Russia. Our country, as published on the web-
into foreign currencies. The prognoses of ex- king investment decisions. site of the Economic Chamber of Macedonia,
perts, government officials, and businessmen Vecer conveys that the Agency for support was lucky because two figure damping margins
are that the inflation, besides the high start at of entrepreneurship and the Economic Cham- were introduced for the other countries, ranging
the beginning of this year will stop increasing in ber of Macedonia are lunching campaign on ge- between 15 percent and 37 percent, depending
the forthcoming months, the prices of the prod- tting familiar with the European funds better. on the producer. The only producer of ferrosili-
ucts and interest rates will, most likely, keep the The campaign's goal is as many as possible con in the country is Silmak from Jegunovce.
current level, and that there will be no denar entrepreneurs and institutions to get familiar Around 200 pro-chrome plates, two com-
devaluation, while the stabilization should be with the European funds opened in Macedonia, pressors, and other basic work instruments ha-
expected by the end of the year. as well as the opportunities and processes for ve disappeared from the Prilep factory in sol-
Yesterday, under the motto Everything in applying on projects. Campaign and presentati- vency - Eurolaminati. The former workers, cur-
One Place - from planning to construction, ons will be organized within the period of rent creditors, claim that the disappearance of
through building materials and construction me- March-April this year in Skopje, Strumica, Teto- the plates and compressors was an organized
chanization, was opened the Fifth International vo, Ohrid and Prilep. theft of the property. They say the damage
Fair of Construction Building Materials and Some of the newspapers convey that yes- amounts approximately 400 thousand euros,
Construction Mechanization. The exponents terday the Bitola dairy gave the farmers of the while the receiver says that the value of the mi-
are exhibited in four halls of the Skopje Fair, region 30 lactofreezers, cooling devices, which ssing plates and compressors is around 6000
and there are twice as much exhibitors this year will provide longer protection of the milk produ- euros. The disappearance of the basic work
compared to the previous years. Among the ced on their farms. The dairy signed Memoran- instruments was concluded with a minutes that
most represented participants are companies dum for cooperation with the farmers on appli- was adopted at a session of the creditors` bo-
from Turkey, Albania, Bulgaria, Serbia, but the- cation of these devices, which provide the pro- ard, and the receiver is obliged to report the ca-
re are also participants from other European co- duced milk to stay micro-biologically good and se to the police and press charges against the
untries that are interested to invest in Macedo- with no bacteria harmful for the consumers' guards.
2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS
1. OHIS OWES HALF MILLION EUROS FOR ELECTRICITY (****)
2. NEW FUND MANAGEMENT COMPANY (****)
DNEVNIK ISTS AND FARMERS
p.1 CONSTRUCTION MATERIALS APPRECIATE p.8 CIVIL ENGINEERING FAIR WITH TWICE AS MORE PER-
p.5 MILK MANUFACTURERS RECEIVE FREE LACTOFREEZERS FORMERS THIS YEAR
p.7 MBI 04.03.2008 VECER
p.7 STRIKE IN TORANICA TERMINATED p.1 THE EXCHANGE MARKET IS STABILE, THERE IS NO NEED
p.7 NEW FUND MANAGEMENT COMPANY OF NBRM`S INTERVENTION
BIZNIS p.6 NEW INVESTMENT FUND
p.1 A SLIGHT POSSIBILITY FOR OIL TO DROP UNDER 60 DOL- p.6 EVN TURNS THE POWER OFF TO OHIS
LARS p.6 GETTING FAMILIAR WITH EUROPEAN FUNDS
p.1 5.4 PERCENT DAMPING FOR MACEDONIAN FERROSILICON p.6 INVITATION FOR CONTRACTORS ON THE TENDER ON COR-
p.4 FREE LACTO-FREEZERS FOR PRODUCERS RIDORS
p.8 MBI 04.03.2008 VREME
p.8 24.2 MILLION DENARS IN 139 TRANSACTIONS p.7 BANKS CONSIDER INCREASE OF INTEREST RATES
p.8 MBI-10 AND MBID DECLINE p.7 NEW INVESTORS FOR THE PIPELINE ARE SOUGHT
p.9 SIGMA - APPROVED THIRD ISSUING OF SHARES p.7 RESTART OF SILMAK POSTPONED
p.9 FOR WORKING WITH SECURITIES p.7 OHIS TO BE SHUT THE POWER DOWN
p.9 INVESTMENT ADVISORS GET WORKING LICENSES p.7 THERE IS ROOM FOR NEW PLAYERS ON THE STOCK
p.9 MOJ FOND - NEW FUND MANAGEMENT COMPANY EXCHANGE
p.11 PRICE INCREASE OF RAW MATERIALS AFFECTS ALIMENTA- VEST
RY PRODUCTS COMPANIES p.2 THIRD INVESTMENT FUND ESTABLISHED
UTRINSKI VESNIK p.7 OHIS OWES HALF MILLION EUROS FOR ELECTRICITY
p.4 FOR THE TIME BEING, THE GOVERNMENT DOES NOT PLAN p.7 GOVERNMENT`S MEASURES TO REDUCE THE PRICES
TO PULL IN ITS HORNS NOVA MAKEDONIJA
p.7 OHIS TO BE LEFT WITHOUT ELECTRICITY FOR UNSETTLED p.2 DISAPPEARED CHROMIUM-PLATED MATERIALS AND COM-
DEBT OF 500 THOUSAND EUROS PRESSORS
p.8 ZITO LUKS WITH SIGNIFICANTLY REDUCED LOSS LAST p.5 MOJ FOND - NEW INVESTMENT COMPANY
YEAR SPIC
p.8 NEW INVESTMENT FUND p.8 HELP YOURSELF WITH ALCOHOL BEFORE THE PROHIBI-
p.8 COSMOFON`S BUSINESS TARIFFS 50% CHEAPER TION, PLEASE!
p.8 THE MINERS FROM TORANICA STOP STRIKING p.8 THE DIARY OF BITOLA MADE AGREEMENT WITH PRODUC-
p.8 BITOLA`S DIARY SPURS DISAGREEMENT ON AGRICULTUR- ERS
 8 berzNIK number 13
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 10.03.2008

ARCELORMITTAL GLOBAL HEALTH AND SECURITY DAY

ZERO INCIDENTS, ZERO INJURIES

Under the motto: With respect and application
of security procedures, security signs and warn-
ings, I will PERSONALLY contribute for my health and
security, which is going to bring better future for
me, my family, my colleagues, my company and
society, employees in HRM and CRM celebrated 6th
of March, company`s Security Day worldwide
-Our first Health and Security Day, held in
2007, exposed the consciousness in our com-
pany for the risk and good practices accompa-
nied with health and security. The goal of this
second Health and Security Day is to make
step forward, together to raise the level of stan-
dards for health and security of our company
across commitments and concrete actions,
Mukoj V. Kulkarin, CEO of ArcelorMittal in
Macedonia, stressed.
On 6th of March 2008, entire ArcelorMittall
in 60 countries and 320,000 employees cele-
brate Health and Security Day. This is of great
importance for us as family of ArcelorMittal has
committed for protection of every member of
the group, Marjan Petrovski, Work Protection
Manager, said. He explained that many initia-
tives are conducted in this sphere. As a result of
these activities in 2007 were reached next
results:
Reduced number of injuries at 23% com-
pared to 2006.
Reduced number of hours spent on sick
leave at 27.4%.
Reduced mortality rate 1.8%.
- Increased standard of Firefighting protec-
tion compared to 2006.
Implementation of the license for security
work
Implementation of unsuccessful cases and
research
-We received Star from IRSA from South
Africa, which is pioneer in activities across the
world for protection and health. Our goal is fol-
lowing of their recommendation to receive three
stars by the middle of the year, four by the end
of the year and five until mid 2009. In order of
achieving this, 25 line managers were trained
for revision in plants and risk estimation. Our
goal for 2008 is zero injuries, zero fatalities,
zero lost time caused of injuries by changing
people`s behavior in the coming years,
Petrovski said.

ARCELORMITTAL LEADER ON THE
GLOBAL MARKET
ArcelorMittal is world company number 1in
production of steel employing 310,000 work-
ers in 60 states. It had major role in consoli-
dation of steel industry in the world and today
it is ranked as the only worldwide steel pro-
ducer.
ArcelorMittal is leader in all big global
markets including automobile, constructive,
appliances and packaging.
The company is leader in R & D technolo-
gy, owns huge connection of shipments of raw
materials and leads wide distribution of work-
ing networks.
Industrial presence in Europe, Asia, Africa
and America and provides expansion to major
markets of steel to perfection. ArcelorMittal
intends to improve positions on Chinese and
Indian markets which are growing.
Unrevised finance results in 2007 show
income of 105.2 billion dollars of rough pro-
duction of steel of 115 million tons, which is
10% of the world production of steel.
ArcelorMittal in this moment listed as legal
entity Mittal Steel NV on markets in New York,
Amsterdam, Paris, Brussels, Luxemburg and
Spain stock exchanges in Barcelona, Bilbao,
Madrid and Valencia.
Mukoi V. Kulkarni says that the business
climate in Macedonian is improving and they
are improving.
-We mark improvement and increase
presence on the market on the Balkans, and
90% of our steel is exported.
They have interest to expand its invest-
ment, but before all in spheres that are
attached to the steel.

SECURITIES AND EXCHANGE COMMISSION

MOJ FOND - NEW FUND
MANAGEMENT COMPANY
The Securities and Exchange Commissi-
on gave permission for establishing the new
fund management company - Moj Fond AD
Skopje. It is founded by five physical entities
and one legal entity, all from the Republic of
Macedonia. The basic equity of the company
amounts 100,000 euros.
It is envisaged for the company to estab-
lish and manage one open investment fund.
This is the third fund management company in
our country and it is expected that the compet-
itiveness in the field of investment operations
on the Macedonian capital market will incre-
ase with its founding.
EIGHT PERMITS FOR BROKERS AND TWO FOR DIRECTORS ISSUED
Also, eight work permits for brokers were issued. On the 96th session, which was held on
03.03.2008, the Securities and Exchange Commission issued two approvals for directors of bro-
kerage houses to: Vasko Mitev for director of the brokerage house Ilirika Investments AD Skopje
and Iskra Kostova director of the brokerage house Bro-Deal AD Skopje.
SIGMA - THIRD EMISSION OF SHARES
The Securities and Exchange Commission approved the third emission of 300,000 ordinary
shares, with a total value of 3 million euros, to the insurance company Sigma AD Skopje. This
private offer is meant for the institutional investor - anonymous insurance company, Big Safety
AD Tirana, Republic of Albania.
The request of Fruktal Mak AD Skopje for approval of issuing shares from a third emission
through a public offer was denied, because this emission is not approved by the Pension and
Disability Insurance Fund, which is an owner of preference shares in Fruktal Mak AD Skopje.

al exam on investment consulting. Issuing work Permits for investment consultants

THE FIRST PERMITS FOR permits the market gains new personnel pro- were issued to:
INVESTMENT CONSULTANTS ISSUED file, which work will be based on expertise,
capability for making good evaluations on the - Metodi Majnov
future market's movement and strong obedi- - Kiril Kolemishevski
The Securities and Exchange Commission ence of moral norms. - Milan Dimitrioski
also issued the first work permits to investment - Zvonko Stankovski
consultants. There are seven persons who had It is expected the investment consultants - Bojan Cvetkovski
followed the training for investment consultants to help citizens in making investment deci- - Goce Martinoski
and obtained certificate on passed profession- sions. - Darko Jovanoski
 Date 10.03.2008 number 13
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
berzNIK
9
STOCK EXCHANGE NEWS … STOCK EXCHANGE NEWS…
The companies that are listed on the Official Market of the Macedonian Stock Exchange published the
Non-audited financial statements for 2007. Part of them, i.e. the balance sheets of the first companies
that presented them, was conveyed in the previous edition of berzNIK, and now it continues with the
remaining, in the order as they were published on the stock exchange website.

METROPOL HOTELS FROM TUTUNSKI KOMBINAT PRILEP - REDUCED LOSSES

OHRID WITH
MINIMAL PROFIT
The joint stock company Metropol - Oh-
rid, in 2007, made sale revenues of
179,755,000 denars, and in that manner it
recorded an increase compared to the previ-
ous year when the sales revenue was
139,769,000 denars. However, as a result of
the increased expenditures, above all the
depreciation and reevaluation of the depre-
ciation, which last year compared to 2006
increased approximately 10,000,000 de-
nars, and amount minus 38,569,000. In
2007, Metropol made a minimal net profit
that amounted 40,000 denars.
LOTARIJA NA MAKEDONIJA
FINISHES THE YEAR
WITH A LOSS
The sales revenues for 2007 amount
734,845,000 denars and are higher com-
pared to last year when they amounted 652,
893,000 denars. However, compared to
2006 when the profit from the operational
activity was 5,299,000 denars, in 2007
Lotarija na Makedonija faces losses of
6,394,000 denars. In parallel to that, in 2006
Lotarija na Makedonija finishes with net
profit of 2,943,000 denars, and in 2007 with
a net loss of 7,803,000 denars.
DIMKO MITREV - REDUCED PROFIT
In 2007 the sales revenues of the joint stock company Dimko Mitrev from Veles amounted
190,368,828 denars and compared to the previous year when they were 202,358,827 denars, are
recording a decrease. The profit from the regular activity after the taxation amounts 35,725
denars. The profit of the for the financial year amounts 35,727,000 denars, and in 2006 it was
544,467,000 denars.
Tutunski Kombinat Prilep finished last year with a loss of 569.16 million denars which rep-
resents a reduction compared to the previous 2006, when it amounted 645 million denars. This
is understandable after the number of turbulences that were present in the industrial complex
for years back. Although the complex recorded a slight appreciation of the sales revenues, it still
records a decline at a number of parameters. The revenues made on the basis of using their
own products, goods and services, remaining business incomes, but therefore the expenditures
made on the basis of interests, exchange rate differences etc. increased from 87.5 to 107.5 mi-
llion denars.
ALKALOID WITH 376.5 OHIS SHOWS POSITIVE
MILLION DENARS PROFIT BALANCE
The largest pharmaceutical industry in
Macedonia finished last year with a net prof- The joint stock company OHIS in 2007
it of 367,529 thousand denars. In 2007, the made sales revenue in the amount of
joint stock company Alkaloid JSC Skopje 3,707,000 denars. The operational profit was
made a significant growth of the realized 1,217,598,000 denars and is higher compa-
results presented in the non-audited consol- red to 2006, when it amounted 71,197,000
idated and single profit and loss account. denars. The net profit for 2007 amounts
The consolidated sales last year increased 1,260,484,000 denars and is higher compa-
20.48% compared to 2006, while the single red to the previous year when it amounted
sales increased 7.76% compared to 2006. 100,805,000 denars.
The sales revenues last year amounted
4,259,911,000 denars. According to the
structure, 41% of the sale was realized on
the domestic market, while 59% on the for- TTK BANKA - THREE
eign markets. The profit from the operational
activity was 538,934,000 denars, and the TIMES HIGHER
profit from the regular activity is
376,870,000 denars. The net profit in 2007 EXPENDITURES
amounted 367,530,000 denars, and it had a
10% appreciation compared to the one two The incomes from the activity of TTK
years ago, when it was 341,578,000 denars. Banka in 2007 amount 423,170,000 denars,
and the net incomes from interests amount
186,788,000 denars. The net incomes from
commissions and allowances are
110,062,000 denars. TTK Banka worked
with expenditures to the value of
717,069,000 denars, which were three ti-
mes higher compared to those the previous
years when the expenditures were
203,056,000 denars. In parallel to that the
net profit for 2007 which amounted
1,821,000 denars records a great decline
compared to 2006 when it was 47,003,000
denars.
10 berzNIK
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
FIFTH FAIR OF CONSTRUCTION
THE MACEDONIAN BUILDERS
he 5th Fair of Construction, Buildings Ma-
T terials and Construction Mechanization
BUILD AND CONSTRUCT 2008 took
place in Skopje from 4th of March to 8th of
March.
The fair was ceremonially opened by the
Minister of Transport and Communications Mile
Janakievski: - The organization of the fair under
the motto: all in one place - starting from plan-
ning to building through construction materials
and construction machinery, clearly indicates to
the needs for an efficient functionality in the
field of the construction, guided by the dynam-
INTEGRA
Nenad Mladenovik company's owner
- We are present on the Macedonian mar-
ket for eight years now. We are currently rep-
resenting 15 foreign companies that produce
construction materials. These include well-
established brands like RIGIPS plaster card-
board, insulation ISOVER, thermal insulation
ROCKFULL, Turkish company BTL which pro-
duces bitumen products, French company
ACIVER for polycarbonates etc.
We are focused towards the minor con-
struction companies and towards the end user.
number 13
352 domestic and foreign firms participated in this year's special-
ized event under the motto: from the foundation to construction of
residential and business structure, all in one place - starting from
planning to building. 148 firms were direct exhibitioners, and 204
firms were indirect exhibitioners
ics of the inspirations, the new
ideas and their realization.
The economic stability of
the country and the accelerat-
ed economic reforms, as well
as the process of the Euro-
Atlantic integration, contribute
to the investment climate of
the Republic of Macedonia
and make it more attractive for
foreign investors.
One of the visible indica-
tors for the good course of Ma-
cedonia is the fourth place on
the rank order of the most re-
formed countries (according to
World Bank's Doing Business
2008 report).
Only through the process
of alienation of state construc-
tion land, meant for construc-
tion of multi-storey garages,
petrol stations, healthcare
structures, shopping centers,
hotels and industrial capacities
in several cities in the Republic
of Macedonia by public bid-
ding, entrance of number of
AYVAZ - Turkey
Cem Chelen - director
So far we haven't been present on the
Macedonian market, and that is why we are
here, to select a representative for our prod-
ucts. We are pleased with the organization of
the fair and we hope to achieve our goal
immediately. Our production program special-
izes in the segment of sinks and kitchen prod-
ucts. We already had few contacts with com-
panies that would seriously want to cooperate
with us. We are hoping on a fast penetration
of our products on the Macedonian market.
significant foreign investments, including here
Industrial Buildings Corporation, for construc-
tion of Sunny City, Swedmilk Macedonia, The
Rezidor Hotel Group which will finance the con-
struction of a hotel in the center of Skopje, the
shopping center of Equest, as well as the hos-
pital which will be built by St. Lazarus in Gjorce
Petrov and the new location for a shopping cen-
ter in Kapishtec, which should be built by
Sectron, was enabled by the Ministry of
Transport and Communications in the recent
period.
These investments also mean an addition-
al engagement for the construction companies,
and they will also contribute to opening of new
Date 10.03.2008
job vacancies for the citizens of the Republic of
Macedonia, improving of the living standard, as
well improving of the economy.
REHAU
Jovan Pljakov - Rehau Central for Macedonia,
Kosovo and Albania
We are participating at the Fair of
Constructions, Buildings, Materials and
Construction Mechanization since the very
beginning. We were traditionally presented at
Tehnoma, then, and when the Fair of Con-
structions, Buildings, Materials and Cons-
truction Mechanization was founded we only
presented ourselves at the one this year, beli-
eving that we belong here. Build and Cons-
truct is a specialized fair for products like ours.
At the same time it is suitable for us because
it takes place at the beginning of the year,
although this year it might have been sched-
uled too early. We could feel that the move-
ment of people is not as it was before; howev-
er it is still early to see the results of our pres-
entation.
The production capacities of Rehau are
located in Germany. This year we are cele-
brating the 60th anniversary of our existence.
The company has its own institute for devel-
oping polymers and polymers` system. The
beginnings of Rehau in Macedonian were
back in 1999, only with the sale window and
facade systems. In the year 2000 it establish-
es the second department for house installa-
tions, sewage installations, heating, floor
heating, and most recently for solar systems
etc. From a branch office, in 2005 it becomes
a central with its own warehouse and com-
plete providing services in Skopje.
Also, further construction actions in the
road and railroad infrastructure along the corri-
dors 8 and 10 are planed, the project for
strengthening and replenishment of 50 bridges
in this country are ongoing, the constructive
works regarding the construction of the North
stand of the Skopje City Stadium are ongoing,
and the construction of the residential settle-
ment Zajcev Rid in Skopje, as well as finishing
of the main roads in this country and develop-
ment of the local road network, project which
will cost 100 million US dollars, are ongoing.
Last week, the Ministry of Transport and
Communications announced a request for inter-
est for participation in an international limited
call for selection of an investor who will be
responsible for implementation and financing of
the project for improving of the technical and
 Date 10.03.2008
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
HAVE THEIR HAND FULL
the financial position of the national airport sys-
tem which is composed of the airport
"Alexander the Great" in Skopje and "St. Paul
the Apostle" in Ohrid, as well as for construction
of a new airport in Stip, through a long-term
concession. With the implementation of this
project, the Government expects that the air-
ports in Skopje and Ohrid would improve in
accordance with the world standards of the air-
port structure and increasing of the capacities
and the air traffic.
In order to improve the conditions in the
section of the construction and alleviating of the
procedures for the constructive works of the cit-
izens themselves, the Ministry of Transport and
Communications also proposed amendments
of the Law on Construction, and the need of
such a thing derived from the insufficiently reg-
ulated relationship between the participants in
the construction process, the non-prescribed
conditions about who can participate in the con-
struction process, the authorizations for the
supervising engineer and the terms for removal
of structures built without a proper documenta-
tion. With the proposed amendments, there will
be shorter deadlines for issuing of the acts such
as:
X Construction permit,
X Usage permit and other permits, as
well as
shortening of the periods for asking for
opinions and approvals from other organs, i.e.
regulating of all provisions which caused chaos
in the field of the urbanism all these years.
The Ministry of Transport and
Communications recently announced several
invitations for public bidding for alienation of
construction land - property of the Republic of
Macedonia. Namely, the investors can apply for
public bidding for alienation of locations in:
X Municipality of Aerodrom in Skopje,
where construction of a business-commercial
structure and of residential-business structure
is planed,
FICO - Turkey
Shvan Arif, foreign trade manager
We come from Istanbul. We are producing
office furniture, chairs, desks; we are equip-
ping cinemas, cabinets, conference halls,
hotel lobbies. We are exporting products in
France Azerbaijan, Dubai, Qatar, Romania,
Greece and other countries. We are in Mace-
donia for the first time, and we hope to estab-
lish a good business and cooperation here.
We are examining the market at the
moment. This is a developing country and we
consider that it is a good time to start offering
our products here.
The fair has a great organization and we
are certain that we are going to be present at
this fair manifestation in Macedonia each
year.
number 13
X Municipality of Veles, near Mladost
Lake, where construction of hotel, motel and
auto camp is planed,
X Municipality of Krushevo, where con-
struction of hotels is planed,
X Municipality of Strumica
"Multipurpose industrial zone", where construc-
tion of structures for light industry, services and
storing, with an infrastructure,
X Other invitations for public biddings
for alienation of attractive locations in the
Republic of Macedonia in order petrol stations,
commercial structures and light industry struc-
tures are also ongoing.
The president of the managing board of
Skopje Fair and president of the management
of Era Group Gvido Omladic held an opening
speech:
"Before the accession to NATO and the
European Union and the expectations of the
Republic of Macedonia for the big investments,
ERA Group opens the opportunity for investing
and any kind of business occurrences in the
KNAUF
Velimir Petrovski, technical manager
We are present in Macedonia for 14 years
now. At the beginning with a branch office,
and since 1998 with a production faculty in
Debar. We are manufacturing plaster card-
board plaster products and mortars, produc-
tion intended for the entire region. We are
continuously present at this fair. Last year
wasn't very successful for us, however now
we are expecting a better effect from the fair.
The marketing part of the manifestation is well
planned. We are hoping that with the dry con-
structions that are part of our range of prod-
ucts we would participate in a large portion of
the construction of ERA CITY. We are expect-
ing for the construction renascence to happen
at the end of this year and at the beginning of
2009, which is characteristic.
field of construction. ERA City will develop into
the biggest multifunctional center in the region,
including: commercial, educational and fun seg-
ment through its own capacities," Omladic
emphasized.
352 domestic and foreign firms participated
in this year's specialized event under the motto:
from the foundation to construction of residen-
tial and business structure, all in one place -
starting from planning to building. 148 firms
were direct exhibitioners, and 204 firms were
indirect exhibitioners.
Firms from Macedonia, Austria, Albania,
Belgium, Bulgaria, the Czech Republic, Great
Britain, Germany, Greece, Italy, Portugal,
Luxemburg, Moldova, Slovenia, Croatia,
Serbia, Monte Negro, Switzerland, USA,
Netherlands etc exhibited their latest products
in four halls with coverage of 12,000 meters
berzNIK
11
HENKEL
Jovan Vranik, sales representative in
Macedonia
- The HENKEL Group is present in
- Macedonia since last year. Its first serious
performance is at this fair. HENKEL, as a mul-
tifunctional company is presented with entire
gamma glue and technology systems. We
have a wide range for mass consumption
including silicon, purfoam etc.
HENKEL has large plans and great ambi-
tions and we consider that this market will
develop in future, and we are planning to
achieve a turnover of few million euros in the
following years. We believe that the expan-
sion in the civil engineering sector in
Macedonia is yet to come.
square.
Country-partner of this year's Fair of
Construction is Turkey, from where there were
most companies and their products were exhib-
ited in the first hall.
Apart from the traditional exhibitioners from
Turkey, there were also exhibitioners with a pro-
gram of building materials, rooftops, plaster
products, cement, metal constructions, etc in
the first hall.
In the second hall, there were exhibitioners
of isolations, styrofoam materials, gazebo
materials etc.
The third hall was reserved for renowned
firms from the field of the constructive carpen-
try, doors and windows, marquees etc.
Firms which deal with floors, flagstones,
plumbing, paints and sprays, tools etc exhibited
their products in the fourth hall.
The yard was reserved for firms from the
field of construction machines and tools, scaf-
folds and props, doors, pools etc.
The exhibition program on the fair event
includes:
1. planning, projecting and construction
of structures;
2. reconstruction and revitalization of
structures;
3. urbanism and physical planning;
4. skyscraper construction, civil engi-
neering and assembly construction;
5. building materials and equipment;
6. installation and isolation;
7. equipping interiors and exteriors;
8. rooftops and floors;
9. partition walls and ceilings;
10. bathroom equipment;
11. aluminum and PVC carpentry;
12. construction tools;
13. marble, granite, stone;
14. final touch;
15. construction machines and tools;
16. construction mechanization.
K.S.
12 berzNIK number 13
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 10.03.2008

PUBLIC PRIVATE PARTNERSHIP

PRIVATE SECTOR WILL ALSO PRO-

VIDE PUBLIC SERVICES

Legal regulations and activities for concluding the following

regulation and institutions will provide entrance of the pri-
vate capital in the building of the infrastructure, premises
and providing public services, sectors that were up until now
traditionally provided by the public sector

he new Law on Concession and Other municipality in the state has interesting project.

T Types of Public-Private Partnership,

passed in January, lines up the Republic
of Macedonia in the contemporary trend of
Such project, if successfully structured and if
we are cooperating since the initial phase on its
preparation, we would be able to present it in
EXTERNAL CONSULTANTS

EBRD`s accumulated experience in this

financing in the world. Legal regulations and EBRD headquarters in London, so the interest- segment shows that projects of public-pri-
activities for concluding the following regulation ed private sector is able to hear about the sub- vate partnership are more successfully im-
and institutions will provide entrance of the pri- ject of such partnership. plemented, if external consultants are em-
vate capital in the building of the infrastructure, ployed. More precisely, they would advice in
premises and providing public services, sectors Involving of the private sector in the part of the process of selection on the project, the
that were up until now traditionally connected to providing o public services is complex task, analysis of expenses, calculation of com-
the public sector. Regarding the fact that it is a which requires long-term and more fundamen- parators, to propose distribution of risks and
matter of relatively new way of financing, there tal preparation. Therefore, as bankers from expectations between the private and public
is no surprising the fact that the state has no EBRD advice, on the very beginning, the state sector and preparation of render documen-
experiences in this field. Therefore, advices and or the municipality, should define which service tation, such as evaluation criteria, attracting
recommendations from the European Bank for will be transferred to the private sector; the con- the international community in order of
Reconstruction and Development, which coop- trol and responsibilities that are transferred to showing greater interest for the project.
erates on projects in the public-private partner- the private sector will control the part of -Macedonian Government already emp-
ship in the region, are welcomed. Reach portfo- incomes that will be left in the private sector, as loys well-experienced consultants for conce-
lio in this segment marks that Bank as experi- well. ssions on airports, roads etc… In one period
enced partner for cooperation on such types of it might be considered as expensive, but if it
projects in which its advices and financial sup- The project for public-private partnership brings generating of finances and success-
port can be contribute for their successful (PPP) should be in accordance to Govern- ful implementation of projects, it will be paid
implementation. ment`s strategy and there must be political con- off by itself," Miloshevska says.
sensus it to be developed upon this way of fi-
- We have long-time experience in financ- nancing. The Governemnt0municipality, before
ing of objects in transportation and energy infra- proposing preparation of the project for PPP, loshevska says.
structure, as well as municipality infrastructure, should make estimation about the cost of the
which by the local legislation creates a sector in project if it is realized by the public sector, in the - Bank`s recent experience shows that pri-
which involving in the private sector is allowed, same period that is planed the concession to be vate sector most frequently completes the proj-
says Biljana Miloshevska, banker in the resi- realized. ect in the planned time dynamics and within the
dent branch office in Skopje. projected budget.
- In order the project to provoke interest, it
- The bank can appear, before all, as suc- must have positive economic rate of profitabili- Bank`s officials point out that special atten-
cessful marketing agent on some project from ty and to offer attractive opportunities for invest- tion must be paid to the phase of invitation to
the public-private partnership in Macedonia, by ing, because naturally, the private sector in- tender and preparation of tender documentati-
announcing on EBRD`s web site that some tends to gain profit from its implementation, Mi- on, warning that, in order to motivate partners
from the private sector, there is exceptional im-
CONTEMPORARY WAY OF FINANCING portance tender criteria to be clearly defined,
prepared in accordance to the existing internati-
The participation of the private sector in the part of providing services and building and main- onal experience, which means that later they
taining infrastructural projects, becomes more evident in the world. Agreements for treatment of must not be amended.
solid waste, renting business premises, running and maintaining of water and drainage systems, -In this phase, in case the project is prepa-
are some practical examples that show how the private sector can help in providing services that red in accordance to necessary criteria, the
traditionally were provided by the public sector. Bank might issue support letter, which undeni-
Public-private partnership, as contemporary trend of financing, is more and more highlighted. ably will be a signal for the private sector that
Starting 1994 until 2005, in Europe there are concluded public-private agreements in amount of the project is correct. Bottom line, the Bank is
100 billion dollars, out of which two thirds in Great Britain. It is expected, this kind of cooperation prepared to finance the project and participate
in the world to be increase for 15% more. in its implementation.
V.M.
 Date 10.03.2008 number 13
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
berzNIK
13
06.03.2008 THURSDAY
1. SHORT REVIEW OF EVENTS

Today`s newspapers convey the information
that the price of the cooking oil and the bread will
remain the same next month. Meanwhile due to
increased prices of raw materials on world Stock
Exchanges, after this period, producers announce
possible new price increase. Intervened 2000
tons unrefined cooking oil and 20.000 tons of
wheat from commodity reserves which were sold
at lower prices than the markets, according to pro-
ducers, will be enough for one month production,
a period for which they are obliged to produce and
to sell them at existing prices. Furthermore no one
guarantees that the prices of these two basic
products will not increase.
The successful work of IK Banka is a news
present in today`s written newspapers. Signing
the new business arrangements with foreign part-
ners in 2007, as it can be read, are base for real-
ization of bank`s work performances, expressed
through the quality of the credit portfolio, great
dynamic of credit`s realization and deposit base
increase. Namely, bank`s assets is increased for
32 percent. Clients` deposits are increased for 47
percent, and the real credit portfolio`s growth
increased for 45 percent. Also, in 2007 around 62
million euros of credits to legal entities and popu-
lation, from which 3.169 credits of 48 million euros
to micro, small and middle companies and 4.263
credits of 14 million euros to population.
Last year was not successful for the construc-
tion company Mavrovo. As Utrinski informs, in the
non-audited company`s income statement, which
was these days delivered to Macedonian Stock
Exchange, the company reported loss of 1.92 mil-
lion euros. Last year`s loss is bigger than the one
in 2006 of 304 thousand euros. On the other
hand, Croatian company Ingra has already offi-
cialized its interest for Mavrovo`s taking over. This
company explained they are primary interested
for Mavrovo`s operative as well as the possibility
to insert in Ingra`s projects. The Croatian compa-
ny last year listed on the Stock Exchange. But,
lately the value of its shares declined for 50 per-
cent.
Vest informs that the Committee on competi-
tion protection fined T-Mobile Macedonia with
about four million euros and Cosmofon with about
250 thousand euros because they didn't give
choice to the users not to leave messages on the
voice-machine. The fine is 10 percent of the oper-
ators' annual incomes. The Committee estab-
lished last year that there had been abuse of
voice-mailbox service. T-Mobile stopped charging
the first four seconds of the service while
Cosmofon charges still and it can face another
fine of 10 percent of its annual incomes.
Securities market`s trading records decline.
Total trading value of 21.073.491, 92 denars was
realized on Wednesday through 125 transactions.
On the Official market 10.214.879, 92 denars
through 82 transactions were realized while the
other 10.858.612, 00 denars were realized on the
regular market through 43 transactions. The index
MBI - 10 recorded an increase of 1.59 percent. On
the Official market most traded shares were the
shares of Toplifikacija Skopje. On the second
place according to the trading value on this mar-
ket were the shares of Komercijalna Banka
Skopje. On the Regular market, most traded sha-
res were the shares of Arcelormittal Skopje, and
on the second place according to trading value on
the Regular market were the shares of catering
retail AD Strumica.
From the world news, most popular are EU
representatives` statement who don`t exclude the
possibility, the oil to reach a price of 200 dollars
per barrel until 2011. - This is not a fantasy, but
possible events development, stated the Europe-
an Energy Union Commissioner Andris Piebalgs
in the interview for the Spanish newspaper Econo-
mists.

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

1. THE PRICES OF THE BREAD AND THE COOKING OIL WILL CONTINUE TO INCREASE (****)
2. EC BANK INCREASES THE ACTIVE CAPITAL FOR 32 PERCENT LAST YEAR (**)

DNEVNIK p.6 SILMAK WAITS FOR ELECTRICITY

p.7 THE PRICE OF THE BREAD REMAINS THE SAME p.6 THE PRICE OF THE COOKING OIL AND THE BREAD REMAINS
p.7 ÌBI 06.03.2008 THE SAME
p.7 MACEDONIA HOLDS THE 83 SPOT BY TOURISM COMPETITIVE- p.7 GREEK COMPANIES STARTED TO EMIGRATE TOWARDS
NESS BALKAN COUNTRIES
p.7 EC BANK INCREASES THE ACTIVE CAPITAL FOR 32 PERCENT p.7 INCREASED ASSETS FOR 32 PERCENT
LAST YEAR
VREME
BIZNIS p.6 PRICE OF BREAD IS NOT GOING TO DROP, OIL AT THE SAME
p.1 WEAKENED DOLLAR INCREASES THE PRICE OF GOLD AND OIL PRICE
p.1 INCREASE OF ALL BANKING PERFORMANCES p.6 CITIZENS AND COMPANIES HABITUATE TO INVESTING
p.3 BETTER COMPETITIVENESS AND DEVELOPMENT OF THE
MOBILE TELEPHONY VEST
p.3 STORES VISITED BY 1,200,000 VISITORS p.2 ANTI-MONOPOLIES FINES T-MOBILE WITH 4 MILLION EUROS
p.4 MONEY FRUCTIFICATION ACROSS INVESTMENT STRATEGY p.9 BREAD AND COOKING OIL WITH SAME PRICE FOR ANOTHER
p.5 INCREASE OF ALL BANKING PERFORMANCES ONE-TWO MONTHS
p.8 MBI 05.03.2008
p.8 TRADE VOLUME REDUCED NOVA MAKEDONIJA
p.8 MBI-10 RECORDS 1.59% INCREASE p.8 FINANCIAL STATEMENTS FOR THE NEEDS OF COMPANY`S
MANAGEMENT
UTRINSKI VESNIK p.9 MAKEDONSKI TELEKOMUNIKACII ADOPTS NEW MARKET
p.7 THE PRICES OF THE BREAD AND THE COOKING OIL WILL CON- STRATEGY
TINUE TO INCREASE p.9 THE SELL IN GERMANOS INCREASED
p.7 MAVROVO REPORTED A LOSS OF 1.9 MILLION EUROS FOR p.9 ATHENS STOCK EXCHANGE CLOSED DUE TO STRIKE IN THE
LAST YEAR GREEK CENTRAL BANK
p.8 OPEC COUNTRIES WILL NOT INCREASE OIL PRODUCTION p.9 BY 2011 THE OIL TO REACH PRICE OF 200 DOLLARS PER BAR-
p.8 MORE CONSUMERS IN GERMANOS REL
p.8 2007 - SUCCESSFUL FOR EC BANK p.9 INVESTING IN BANKS ON THE BALKANS, THE MOST PROF-
p.8 NEXTSENSE RECEIVES PRESTIGE AWARD FOR INTERNET- ITABLE
APPLICATION
SPIC
VECER p.2 OIL AGAIN OVER 100 US DOLLARS A BARREL
p.1 THE PRICE OF THE COOKING OIL AND THE BREAD REMAINS p.7 THE PRICE OF THE COOKING OIL REMAINS THE SAME
THE SAME
p.6 NEW LOAN FOR NATURAL DISASTERS
14 berzNIK number 13
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 10.03.2008

1. SHORT REVIEW OF EVENTS
Top story in all today's newspapers are the
actions which this country's monetary authorities
take in order to alleviate the consequences from
the inflation. Namely, the National Bank of the
Republic of Macedonia increased the interest
rates of the treasury bills from 5.25% to 6% which
is a second increasing within a period of 20 days.
The decision additionally to increase the referent
interest rate follows due to continuous inflation
growth. Analyzing the increase of the inflation rate
of 8.7% in January to 9.6% in February, NBRM
has established that the main instigator of the
inflation growth are the food prices, which contin-
ue to increase of 18, 7% annually. They took part
in the total inflation index with 74, 5%. Apart from
this, NBRM took other action as well, which objec-
tive is to limit banks in crediting the population.
The third pension pillar in Macedonia will be
promoted before the Bulgarian banks, insurance
and pension companies, Nova Makedonija reads.
Namely, its recent implementation imposes a
necessity of promoting of this system in order to
attract potential founders of pension companies
and foreign financial institutions. The third pen-
sion pillar will be presented by the Minister of
Labor and Social Policy, Ljupco Meshkov, and the
director of Agency for supervision of fully funded
pension insurance (MAPAS), Zorica Apostolska.
Biznis evaluates yesterday as modest trading
day on the Macedonian Stock Exchange, because
a total trading value of 13,148,890.82 denars in
110 transactions was realized. The total value
according to the markets was the following: on the
Official Market were realized 11.037.434,82
denars in 85 transactions, while the remaining
2,112,456.00 denars were realized on the Regular
Market in 25 transactions.
Most traded shares on the Official Market
were the shares of Komercijalna banka Skopje,
followed by Alkaloid Skopje, and the shares of the
construction company Mavrovo Skopje were third
according to the trading value. According to the
stock exchange report, MBI-10 index was
7,007.30 and it recorded a drop of 4.03 index
points, i.e. 0.06%. The index of the publicly held
companies - MBID was 7,562.27 and it registered
a drop of 12.31 index points, i.e. 0.16%. The MSI
index of bonds - OMB was 106.08 and it registers
a drop of 0.01 index points, i.e. 0.01%.
As of 1st of March this year, Investbanka
started with a new offer for the payment cards
MasterCard - free credit and debit card without
subscription for the first year.
As far as the revolving card MasterCard
Standard, the annual rate of interest is lowered to
11%, with monthly repayment of 8, 5% from the
07.03.2008 FRIDAY
total debt, grace period of 45 days and limit to
120,000 denars.
The opening of the two subsidiaries of NLB
Tutunska banka was also information which was
topical in today's edition of the print media. As the
print media published, the first ten savers in the
subsidiaries in Kisela Voda and Bitola will receive
free debit card Visa Electron and credit card Visa
Classic. - Our goal is providing of high level of
quality of services and modern offer of new prod-
ucts, say representatives of the bank, which con-
tinues the its expansion on the market and inten-
sively prepares for opening of new subsidiaries.
The record price of nearly 105 US dollars a
barrel of oil is the most topical from the informa-
tion from the global economy. According to the
domestic media, the unexpected fall of the
reserves of this fuel in USA last week, which
caused a dramatic reaction on the market, is pri-
mary factor which would lead to an increase of the
price of the crude oil. Apart from this, yesterday's
decision of OPEC not to increase the production
quotes had an influence on the price of the "black
gold" as well as the crisis aggravation of the rela-
tions between Columbia, Ecuador, and Venezuela
and the new dollar decline to a record low value in
relation to euro.

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

1. FORBES: BUFFETT WORLD`S RICHEST MAN, SLIM SECOND (*****)
2. TREASURY INTEREST RATE ROSE UP TO 6 PERCENT (****)

DNEVNIK ATE
p.1 CREDITS TO INCREASE p.4 OIL TO BE SOUGHT AFTER IN OVCE POLE AGAIN
p.5 CREDITS TO INCREASE p.5 INSTEAD OF BECOMING CHEAPER BREAD TO COST 30
p.9 MBI -06.03.2008 DENARS
p.9 DEPUTY PRIME MINISTER STAVRESKI ON A BUSINESS p.5 GREEK COMPANIES MOVE TO MACEDONIA
FORUM IN WASHINGTON p.5 SILMAK`S FURNACES REMAIN TURNED OFF
p.11 WARREN BUFFETT WORLD`S RICHEST MAN p.5 STABLE DENAR EXCHANGE RATE
BIZNIS p.12 WARREN BUFFETT, RICHEST MAN ON THE PLANET
p.1 THE OIL PRICE REACHED NEW RECORD OF 105 DOLLARS VEST
PER BARREL p.2 PRESENTATION OF THE THIRD PENSION PILLAR IN BUL-
p.1 WARREN BAFFET IS THE RICHEST MAN IN THE WORLD GARIA
p.1 SKOPJE REGION BEARER OF COUNTRY`S ECONOMY p.2 THE VICE PRIME MINISTER STAVRESKI ON A BUSINESS
p.3 INTEREST RATE OF NBRM TREASURY BILLS INCREASED FORUM IN WASHINGTON
FOR 6% p.9 KIRO KUCUK OF VELES TO SAVE FROM BANKRUPTCY
p.3 SKOPJE REGION BEARER OF COUNTRY`S ECONOMY p.11 PERMITTED OVERDRAFT IN CARDS TO BE REDUCED
p.11 MBI 06.03.2008 p.11 BANK`S INTERESTS TO INCREASE IN APRIL
p.11 ON THE OFFICIAL MARKET TURNED OVER 11.03 MILLION p.14 FORBES: BUFFETT WORLD`S RICHEST MAN, SLIM SECOND
DENARS p.14 DOLLAR AT ANOTHER RECORD EURO LOW
p.11 DECLINE OF THE THIRD INDICES p.14 THE OIL KEEPS IT TO 104 US DOLLARS
p.12 FURTHER CAPITALIZATION OF SEVEN BANKS IN CROATIA NOVA MAKEDONIJA
p.12 NEW SUBSIDIARIES IN SKOPJE - SUBURB KISELA VODA p.4 INCREASED INTEREST RATES OF TREASURY BILLS
AND IN BITOLA p.6 ANEMIA ON THE CAPITAL MARKET
p.12 MASTERCARD STANDARD WITH DECREASED INTEREST p.6 WARREN BUFFETT WORLD`S RICHEST MAN
RATE AND WITHOUT SUBSCRIPTION p.6 SMALL INCREASE OF THE NUMBER OF INDUSTRIAL WORK-
UTRINSKI VESNIK ERS
p.7 INTERESTS ON CREDITS WILL SURELY GO UP p.6 THE SKOPJE REGION PRODUCES THE MOST
p.7 GREECE ONCE AGAIN STARTED A CAMPAIGN AGAINST THE p.7 NEW OIL RECORD OF 105 DOLLARS PER BARREL
MACEDONIAN LAMB`S MEAT p.7 SILMAK DID NOT RESTART
p.8 ARCELORMITTAL CELEBRATES THE DAY FOR PROTECTION p.7 DECORATIVE STONE PRODUCTION - ATTRACTIVE FOR
AND HEALTH INVESTMENTS
p.8 OIL REACHES NEW RECORD OF 105 DOLLARS PER BAR- p.7 PROMOTION OF THIRD PENSION PILLAR
REL SPIC
VECER p.2 WARREN BUFFETT WORLD'S RICHEST MAN
p.7 TREASURY INTEREST RATE ROSE UP TO 6 PERCENT p.5 CREATED CONDITIONS FOR INTEREST INCREASE
p.7 NLB OPEN TWO NEW SUBSIDIARIES p.5 EXPORT AND CREDIT BANK SUCCESSFULLY WRAPS UP
p.12 INDEPENDENT REPORT OF THE AUDITOR 2007
VREME
p.1 THE WHEAT IS NOT ENOUGH, THE BREAD WILL APPRECI-
 Date 10.03.2008 number 13
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
berzNIK
15
08.03.2008 SATURDAY
1. SHORT REVIEW OF EVENTS

The banks cracking up under the inflation is
the news that met the dawn in all Saturday
issues of the daily print media. Without excep-
tions, all newspapers tried to carry the views of
bankers, experts and the Government regarding
the reflection from the inflation growth, which
reached 9, 6% in February. The banks are
announcing increase of the credit interest rates
for the enterprises and the population from the
following month, after the announcements from
the monetary powers that be for increasing the
interest rates of the treasury bills to 6% from the
previous 5, 25%.
Now, which will be the first to come up on
the market will higher interest rates will be true
courage, since no bank does want its clients to
be taken from another bank. Although the banks
are playing tactics for the time being and still
haven`t made announcements for credit price
increase, it is certain that the competition will do
its job in such circumstances.
-It`s a fact that all banks are careful what
kind of steps they will take, says Gjorgji
Jancevski, Deputy President of the Bankers
Association. Experts, on the other hand, came
up with a suggestion for the executive power:
The Government to reduce the budget or reallo-
cate the money from the state treasury for capi-
tal investments in order to stop the inflation.
-The Ministers don`t even have to reduce
the budget, but they surely have to reallocate
the state expenses for investments. They have
smaller influence on the inflation increase-says
the former Minister of Finance, Boris Stojmenov.
With this measure, the Central Bank wants
to make the banks to decrease credit grants and
thus reduce the money in circulation. This way,
the people will have less money and there will
be no one who will buy products and pay for the
services.
That will force the sellers to decrease the
prices-explain the experts. The Minister of
Finance, Trajko Slaveski, points out that at the
moment there are no preconditions for impair-
ment of the denar exchange rate and
announced that the euro will cost around 61, 5
denars by the end of the year.
-The Government doesn`t underestimate
and follows the price increase, is Slaveski`s
statement carried by the newspapers. According
to him, the inflation is a result from a shock com-
ing from the offer, not from the demand. This is
primarily an export phenomenon, as well as a
result from the increase of the world food prices
of, above all, the wheat and maize, crops, cook-
ing oil and milk.
Utrinski Vesnik carries the analyses that the
State Statistical Office, according to which the
Skopje region has greatest participation
Macedonia`s Gross Domestic Product, while the
north-eastern region has the smallest.
Skopje region participates with 46, 3 % in
GDP in 2004, and with 47, 3% in 2005. Skopje
and Pelagonia region have more significant
GDP per capita, compared with Macedonia`s
average, wile Polog and the north-eastern
region have smallest average GDP per capita.
This newspaper carries the story that
Kocani presented the new project for ecological
reconstruction and economic rationalization of
the geothermal system.
This exceptional economic venture will
include 1.560.000 euros by the middle of 2010.
The Austrian Development Agency will invest
1.440.000 euros, while the remaining sum of
money will be collected from the home struc-
tures. This project will provide maximal utiliza-
tion of the geothermal resources of the Kocani
basin and complete ecological protection of the
region.

2.TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

1. GERMAN RWE POWER TO BID FOR CONSTRUCTING CEBREN AND GALISTE (****)
2. THE INTEREST RATES WILL GO UP, THE LIMITS OF THE CREDIT CARDS WILL GO DOWN (***)

DNEVNIK VREME
p.2 THE STATE TO SELL BREAD AND COOKING OIL AGAIN
p.1 CREDIT INTERESTS RISE p.7 INEVITABLE INTEREST RATE INCREASE
p.7 TPP NEGOTINO COULD SAVE US FROM ELECTRICITY p.7 PENSION SYSTEM ATTRACTING FOREIGN INVESTORS
IMPORT NOVA MAKEDONIJA
p.11 MBI 07.03.2008
p.11 GERMAN RWE POWER TO BID FOR CONSTRUCTING p.1 THERE IS NO ROOM FOR PANIC BECAUSE OF THE HIGH
CEBREN AND GALISTE PRICES
p.11 CREDIT INTERESTS RISE p.3 THERE IS NO ROOM FOR PANIC BECAUSE OF THE HIGH
PRICES
UTRINSKI VESNIK p.5 INGRA AND MAVROVO TOGETHER ON THE LEBANON MAR-
KET
p.3 SKOPJE REGION MAKES HALF OF COUNTRY`S GDP p.6 RWE POWER WITH A BID OF 5 MILLION EUROS
p.6 AUSTRIAN INVESTMENT FOR GEOTHERMAL WATERS IN p.6 AGAIN IN SEARCH FOR OIL IN OVCE POLE
KOCANI p.6 AS OF NEXT MONTH, CALIFORNIA RESORT WILL BUILD IN
p.7 CREDITS TO GO UP AT LEAST 1% GEVGELIJA
p.7 GOVERNMENT NOT TO INTERVENE TO ABSORB INFLATION p.6 INVESTBANKA WITH A NEW OFFER OF PAYMENT CARDS

VECER SPIC

p.6 COOKING OIL GOES UP 5% p.1 THE INFLATION TAKES THE BUDGET TO A BARBER
p.6 GREECE TRIPS US UP FOR THE CORRIDORS TOO p.4 THE INFLATION TAKES THE BUDGET TO A BARBER
p.6 RWE TO INVEST ˆ500 MLN IN CEBREN AND GALISTE p.4 THE INTEREST RATES WILL GO UP, THE LIMITS OF THE
CREDIT CARDS WILL GO DOWN
16 berzNIK number 13
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
1. SHORT REVIEW IN THE WEEKLY MAGAZINES
KAPITAL
Page 10 Star Light Communications - now player on advertising mar-
ket
Star Light Communications DOO Skopje is the new company for
design, marketing and consulting which was established last week.
Page 10 Kiro Kucuk from Veles to declare bankruptcy?!
Kiro Kucuk, Veles seated company for production and trade of
construction materials entered pre-bankruptcy proceeding upon decision of
the Basic Court in Veles.
Page 10 Krste Sajnoski, the new Director of Euro Broker
Krste Sajnoski is appointed new Director of brokerage firm Euro
Broker, succeeding Zoran Majnov.
Page 11 Croatian Geos opens branch office in Macedonia
Croatian company Geos from Rovinj, which deals with geologi-
cal researches, projecting and engineering, opened branch office in
Skopje.
Page 14 ELEM to announce tender for research of coal in Mariovo
State owned company for production of electricity ELEM, is
going to announce international tender for research of quantities of coal in
region of Mariovo
Page 14 Oil tops highest price in history.
The price of crude oil today reached new record breaking price of 103
dollars per barrel, since Ecuador closed key pipeline for export of this ener-
gy source, and the biggest system for natural gas in Europe caught fire,
while the low value of dollar continues to attracted income of new funds on
the oil market.
Page 20 What businessmen expect?
I expect that the worst scenarios for solving the political uncer-
tainty are not going to happen.
Page 21 What businessmen expect?
For Europe, Kosovan and Serbian markets are equally impor-
tant. For now we have no problems with the export, but if some obstacles
emerge, that would be catastrophic for the business, because the hit will
not be weak, but it would be instant termination of the dealing.
Page 23 Possible effects for the economy
The first direct effect will be reduction of investments, as conse-
quence of two factors: on one hand, domestic and foreign investors
restrain from investing due to increasing uncertainty, because they are not
sure if they are going to gain profit
Page 24 MSE desperately waits on showdown as well.
It is correct that in this moment foreigners are restrained for larg-
er investments on Macedonian Stock Exchange, because in the region, in
general, there is fear of unsolved political problems.
Page 36 Better credits, than issue of new stocks
Macedonian Stock Exchange on its official site has clearly announced
advantages of listing for any company.
Page 38 We are going to invest on capital and real estate markets
When owners of Potenca Assets Management last spring met
chatting of the most popular regional business forum Moj Novac (My
Money), did not even imagine that these days they are going to head com-
mon company for mediation of financial assets. But, affinity they carried as
individual stock exchange investors and current circumstances on
Macedonian capital market, opened new views.
Date 10.03.2008
03.03.-08.03.2008 MONDAY-SATURDAY
Page 40 Halved turnover and drop of MBI-10 of 1.1% (25-29.02.2008)
Last stock exchange week did not continue optimistic trend of
the past one, due to the halved turnover compared to previous week and
index drop of 1.1%
Page 40 Ingra to issued public announcement for purchase of shares
of ADG Mavrovo.
Croatian construction company Ingra, last Friday announced
intention for issuing public announcement in Macedonian daily papers for
purchasing shares of constriction company Mavrovo from Skopje.
Page 44 We plan 500 leasing contracts in the first year
What is Porsche Leasing and which is its basic goal?
Miladic: Porsche Leasing is part of complete concept of Porsche
Holding, composed of wholesale, retail and Porsche Bank as financial insti-
tution that follows them.
Page 50 Investing in banks on the Balkans, the most profitable
Beside bad condition on stock markets and political instability, in the
Southeast Europe there are shares that can gain profit, point out annalists
from "Erste Bank", stressing that the highest growth rate should be expect-
ed in the banking sector.
FORUM
Page 26 Will there be new inflation wave?
9% inflation in the second months of the year. Compared to January,
inflation in February marks 1% growth and now amounts 9.7%.
Page 29 Inflation is still not dramatic problem
Bernard Koenig, First CEO of Ohridska Banka - Societe
Generale
I consider that the inflation is still not dramatic problem. But, it
might affect banking processes. Interest rates of credits will be reduced
only if there is no inflation increase. Therefore, Government`s measures for
keeping the inflation under control are comprehensible. Inflation pressure
is under influence of the situation in the world and in the region and it is
mostly caused by the increase of price of oil, raw materials and food.
Page 33 ArcelorMittal (HRM) in foreground
If judged by the saying "ill beginning, ill ending", then it was truth
that Monday it was known that last week will close poor as it started.
Page 34 Why Ingra wants Mavrovo?
Many were left surprised after official announcement the Ingra
from Zagreb is going to issue public offer for take over of ADG Mavrovo.
Page 35 Good employers
Second year in a row, Google is the most desired world compa-
ny for working in. Those who ever had chance to work in the company just
once, say that they can not forget benefits such as: relaxed working envi-
ronment, arranged parking lots for pregnant women and invalids, which are
placed before Managers`…
MAKEDONSKO SONCE
Page 26 THE INCREASING INFLATION WILL "PUMP UP" THE
INTEREST RATES
The high inflation in January this year is the highest in the past
several years. The inflation is threatening to disrupt the price stability and
the stability of the denar, which could be catastrophic for the overall econ-
omy in this country.
Date 10.03.2008 number 13
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
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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 03.03. - 07.03.2008
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DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 10.03.2008
Date 10.03.2008 number 13
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
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