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Newsletter for December 2009

  1. Newsletter for December 2009 Experts are warning about emergency measures – The inflation is pumping up the trade deficit The high prices will increase the trade deficit, which for the months reached over one billion dollars, caused ...

Foreign investors – members of the ICI met with the Governor of NBRM, H.E. Petar Gosev

Skopje, January 27th, 2010. The highest representatives of the Companies Members of the International Council of Investors (ICI) had the pleasure of meeting with the Governor of NBRM, H.E. Mr. Petar Gosev. The meeting was very successful. The issues discussed we...
Central & South East European Financial Forum

Central & South East European Financial Forum, Bucharest 19-22 May, 2009 The work of the Forum comprised of 4 separate sessions, as follows: CONFERENCE SESSION A - REDIFINING THE ROLE OF CENTRAL BANKS - Finding the balance between over regulation and deregulation -...
Vienna Economic Talks - Pristina Meeting

Invest in Kosovo - Invest in the Region25 - 26 March 2009Hotel Grand, Pristina, KosovoDr. Erhard Busek, Former Vice-Chancellor of the Republic of Austria and President of Vienna Economic Forum and Secretary General Amb. Dr. Elena Kirtcheva welcomed more than 180 partici...
ICI 5th Annual Assembly of the Association

March 11, 2009, ICI 5th Annual Assembly of the Association, held at the premises of Stopanska Banka AD Skopje. After the opening of the Assembly by Mr. Simeonidis, the current President of the ICI, Mr.Vlachos proceeded with the Agenda. He presented the activiti...
ICI PARTICIPATED AT THE VIENNA ECONOMIC TALKS

ICI PARTICIPATED AT THE VIENNA ECONOMIC TALKS - The Financial Market Crisis: Effects and Implications for South-Eastern Europe, 27 February 2009, Vienna, Austria Vienna Economic Forum was organised in cooperation with Oesterreichische Nationalbank.The meeting was opene...
ICI attended the “ Resolving The Financial Markets Crisis” - 'Post G-20: Implications for the Public

8. - 9 December 2008, BrusselsThe Forum was a Special Edition of the European Finance Convention, and it worked in several sessions, as follows: - The International Response to the Financial Markets Crisis - "United & Global"? - Implications of the Crisis for Financia...


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Newsletter for October 2009
01.10. – 31.10.2009

The trade deficit has reached 1,5 billion dollars
In the external trade exchange for the period January-August 2009 the country marked a deficit of 1,49 billion dollars, as was announced by the State statistics Office. The overall scope of the exchange for the same period amounted to 4,87 billion dollars which is 36,6 % smaller than the scope for the same period of last year. The overall value of the exported goods was 1,68 billion dollars whereas that of the import was 3,17 billion. The coverage of the import by the export was 53 %.
According to the overall scope, the country traded the most with Germany, Serbia, Greece, Italy, and Russia (46,8 % of the total trade exchange).

The sale of Stopanska Banka - Bitola was postponed
The Supervisory Board of the bank has made a decision for extension of the deadline for the sale of the bank. According to this decision, the take-over of the bank is postponed for a period of one year, i.e. until 30.09.2010.

ELEM will import electricity for December
The company announced a public tender for import of 72 giga-watt-hours of electric energy for December of this year. 63 of these will be daytime electricity whereas the 8,6 will be night-time electricity. By the current exchange price of the electric energy of around 55 euro per megawatt-hour, this amount of energy will cost ELEM around 4 million euro.
The public opening of the offers will be made on November the 4th, and the main criteria for the election of the best offer is the price by 90 points and the way of payment by 10 points. All of the offers should submit a bank guarantee in the amount of 3 % of the value of the offer.

Milestone is selling it’s share in Stater Bank
The Icelandic fund Milestone went bankrupt and it’s share of 92,18 % in the Stater Bank is being sold. Milestone owes a couple of hundreds of millions of euro to some European and American banks and funds which it cannot pay back due to the financial crisis. At the time being, there is no certain buyer of the bank.
Milestone bought the Stater bank in 2007 and in 2008 by a new emission of shares it increased it’s share to 90,98 %. At the end of last year, the bank’s capital was estimated to the amount of 599,6 million denars (around 9,8 million euro), but the bank ended the fiscal year with a loss of 10,7 million denars (around 175.000 euro).

30 % less licenses for construction were issued in August
In August of this year, 225 approvals for construction were issued which is 29 % less than the same month of last year, announced the State Statistics Office.
“The value of the objects for which the licenses were issued is almost 40 % lower than the value of the objects planned to be built last year in August”, the Office clarified.
The objects planned and approved to be built in August of this year are valued at 1,5 billion denars or 26 million euro. Out of the 225 licenses, more than two thirds, i.e. 172 are intended for high buildings, 18 i.e. 8 % are for low buildings, and 35 i.e. 15,6 % are objects for reconstruction. With the majority of them, i.e. in 189 objects, physical entities are the investors, and in 36 new vbuildings the domestic companies are the investors.

Loans by ProCredit Banka for purchase of cars of the Porsche Macedonia line
The two companies under the motto “Together for a successful business” offer improved conditions for purchase of new vehicles of the VW, Skoda and Audi brands.
“All of the interested owners of businesses have the possibility to apply for a loan and buy a new vehicle of the three brands, with the mere participation of 5 % and an interest rate of 9 %  for commercial vehicles and 9,4 % for passanger vehicles, with a period of payment in 72 installments and a simple procedure for approval.
German companies are interested in investing in the construction sector
German companies which are part of the German economic delegation which is visiting the country, are looking for the possibilities in the country in order to make their future investments. The delegation comprises of 15 representatives of companies of the construction sector, and in three days they have established 130 meetings with the representatives of the domestic construction companies and by doing that, they have already made certain contracts for an actual cooperation. The representatives of the German companies also had a meeting with the Minister of Economy, Mr. Besimi.

EVN Macedonia continues with energy educational classes in the schools
EVN Macedonia has announced that through a part of the company school service and the programme for energy educational classes, this year 70 schools wi8ll be visited, and 318 workshops will be held where around 7.000 pupils will participate. The school service and its programme are intended for pupils from 9 and 10 years of age. This programme with educational energy classes of EVN Macedonia has been approved by the Ministry of Education and is being carried out for the third year in a row.

A new credit line of Stopanska Banka
Starting from September 25th, Stopanska Banka offers residential loans with favourable interest rates and reduced application costs. The hight of the loan is from 3.000 to 10.000 euros and can be intended for buying a flat, a house, construction lot, business premises, building of a house, and refinancing of a residential loan of another bank.
The guaranteed interest rate in the first three years is 7 % or 6,5 % for the first year, for clients who receive their salaries through Stopanska Banka. The term for payment is up to 30 years.
All the clients that will apply until November the 25th, will get a 50 % discount of the notary costs, the estimation of the property procedure, as well as for the administrative application costs.

EBOR: The country’s economy will drop for 1,6 % this year and the next year will increase for 2 %
The country will mark a drop of the economy this year of 1,6 % as the result of the international economic crisis. The economy will get back to the positive point next year when an increase of 2 %, biggest among the countries in the region will be made, is the prognosis of the European Bank for Reconstruction and Development, in its recent report for the economic movements in Europe. The Bank estimated that in the third quarter of the year there are signs which point to the fact that most of the countries in Europe are getting out of the crisis, but it still warns that the consequences will be felt in 2010 as well.

EVN Macedonia started the campaign for a reasonable consumption of energy
The company has announced that it commences a wide campaign for a rational consumption of the electric energy. More than 50 % of the citizens who participated at the poll, do not know what the term “rational consumption of electric energy” means. The poll also showed that 83 % of the citizens do not know the difference between the energy classes A,B,C and D of the electrical appliances for the households. The poll has shown that the people examined, consider the term rational consumption of energy equal to the term chief tariffs. As the result of the poll, the EVN Macedonia started the campaign which offers information and recommendations for the citizens, companies and institutions.
“Rational consumption of electric energy is nothing else but responsible consumption of energy. EVN Macedonia cannot decrease the price of the electric energy, but can help the citizens, companies and institutions to decrease their bills for the spent electric energy”, Mr. Georg Waldner, the President of the EB of EVN Macedonia stated.


356,4 million dollars of foreign direct investments entered into the country last year
The State Statistics Office has announced that 356,4 million dollars of foreign direct investments entered into the country last year, and compared to 2007, the FDI were bigger for 25,6 million dollars.
The biggest investor last year was Austria with 125,1 million dollars, then Slovenia with 50,8 million, Great Briatain with 30,8 million, and Holland with 29,1 million. The biggest part of the investments were made in the sector of Financial intermediation by 146,6 million dollars, the supply with electric energy and gas by 35,9 million, etc.
Within the business subjects with foreign direct investments 38.239 people are employed, and their number compared to the same of the year before, has increased for 585 last year. The average salary in these companies for the last year has increased by 1 % as compared to the previous year, was announced by the State Statistics Office.

The German HB Solar enters into the country
The German company specialized for renewable sources of energy HB Solar registered a company in the country, and this office will be managed by Mr. Kostadin Kitanov. As the competent people of the company stated, during the few forthcoming years the company will monitor the market of the country, and it is possible that they invest in a production facility later. The German HB Solar is an internationally renowned company in this sector and it possesses a couple of patents of the solar technology. Its representative office in the country is the first one on the Balkans. The potential for the business in the country has been seen in the numerous sunny days in the country on an annual basis. Full story...


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