Centro Studi Europa dell’Est - notiziario del 18.02.2008 - powered by www.seenews.com

NOTIZIARIO DEL 18.02.2008

* ALBANIA *

Albania Hails Kosovo Independence Declaration Feb 17, 2008, 20:11 CET | Story | SeeNews TIRANA (Albania), February 17 (SeeNews) - Albania welcomed the declaration of independence by the U.N.-run Serbian province of Kosovo on Sunday. link

* BOSNIA *

Bosnia Schedule of Events - Feb 18 - May 17 Feb 18, 2008, 10:01 CET | Story | SeeNews SARAJEVO (Bosnia and Herzegovina), February 18 (SeeNews) - Following is a schedule of corporate, economic and political events taking place in or related to Bosnia and Herzegovina through May 17. New or amended entries are marked (*). link

Kosovo’s Independence Proclamation Not to Have Impact on Bosnia - Bosnian Officials, Intl Peace Envoy Feb 17, 2008, 20:00 CET | Story | SeeNews SARAJEVO (Bosnia and Herzegovina), February 17 (SeeNews) – Kosovo’s declaration of independence on Sunday is not expected to have an impact on ethnically-divided Bosnia, Bosnian officials and the international peace envoy to the country said. Bosnia Says Will Not Recognise Kosovo Independence in Near Future Feb 18, 2008, 17:21 CET | Story | SeeNews SARAJEVO (Bosnia and Herzegovina), February 18 (SeeNews) – Bosnia and Herzegovina will not recognise Kosovo’s independence in the near future, the chairman of the country's tripartite presidency, Zeljko Komsic, said on Monday, a day after the province proclaimed independence. [link->http://seenews.com/news/latestnews/bosniasayswillnotrecognisekosovoindependenceinnearfuture-165403" class="spip_out">link

* BULGARIA *

Bulgarian Farm Machine Manufacturer Sparky Floatation Pricing at Minimum Price Seen Reasonable - Analysts Feb 18, 2008, 13:06 CET | Story | SeeNews SOFIA (Bulgaria), February 18 (SeeNews) – Pricing of Bulgarian farm machine producer Sparky’s bourse floatation to be held on Tuesday at the minimum price of 45.70 levs ($34.4/23.44 euro) per share looks reasonable, investment intermediary Elana Trading said on Monday. link

BSE - Daily Bulletin, Selected Announcements - Feb 15, 2008 Feb 18, 2008, 09:12 CET | Specialists Reports | SeeNews
 With reference to a decision dated 22.11.2007 of the Board of Directors of Energetics & Energy Savings Fund SPV-Sofia, BSE code - FEEI, for increase in capital of the company, and to the respective publications in the State Gazette, issue 16/15.02.2008, and in Pari newspaper dated 30.01.2008, please be informed of the following:- Number of shares before the capital increase: 650,000- Number of shares, offered for subscription: 325,000- Number of rights issued: 650,000- Ratio between rights issued and the new shares (right/shares): 1/0.5- Everyone may subscribe to at least one new share and to utmost such number of shares equal to the number of the owned and/or acquired rights multiplied by 0.5. - Lower limit, in order the subscription to be considered successful: Payment of 260,000 new shares at least- BSE code of the rights issued: R3FEEI- Nominal value: BGN 1.00- Issuing value: BGN 3.20- Initial date for trading in rights on the Exchange: 26.02.2008- Final date for tr ading in rights on the Exchange: 10.03.2008- Initial date for transferring the rights: 26.02.2008- Final date for transferring the rights: 12.03.2008- Date of the Auction as of Art. 112b (7) of the POSA: 19.03.2008- Initial date for subscription to shares: 26.02.2008- Final date for subscription to shares: 03.04.2008- Investment intermediary authorised to administer the capital increase: Sofia International Securities AD- Bank, with which the accumulation account to be opened: CB United Bulgarian Bank AD- The right to participate in the capital increase will be entitled to all shareholders, who acquired shares of the company up to 7 days following the promulgation of the announcement in the State Gazette at the latest, i. e. as of record date 22.02.2008 /Friday/.- The final date for transacting shares of this company on the BSE-Sofia floor, as a result of which the holder will be entitled to participate in the capital increase, is 20.02.2008 /Wednesday/, i.e. ex date 21.02.2 008. link

Bulgarian Steel Mill Kremikovtzi Cuts 2007 Net Loss by 87% Feb 18, 2008, 09:32 CET | Story | SeeNews SOFIA (Bulgaria), February 18 (SeeNews) - Bulgaria’s largest steel mill, Kremikovtzi, cut its net loss by 87% to a preliminary 35.9 million levs ($27 million/18.4 million euro) last year, as sales rose by over 50%, the company said. link

Bulgaria’s 2007 Soft Drinks Sales Rise 18% Feb 18, 2008, 10:16 CET | Story | SeeNews SOFIA (Bulgaria), February 18 (SeeNews) - Sales of soft drinks in Bulgaria rose by 18% to some 1.658 billion litres last year, industry data showed on Monday. link

Bulgarian Leasing Companies’ Receivables Surge 83% to 1.9 Bln Euro in 2007 Feb 18, 2008, 13:13 CET | Story | SeeNews SOFIA (Bulgaria), February 18 (SeeNews) – The receivables of Bulgarian leasing companies surged by 83% to 3.66 billion levs ($2.8 billion/1.9 billion euro) last year, the country’s central bank said. link

Bulgarian, Serbian Operations Help Greek Hellenic Petroleum Raise by 23% Group EBITDA in 2007 Feb 18, 2008, 13:36 CET | Story | SeeNews SOFIA (Bulgaria), February 18 (SeeNews) - The Bulgarian and Serbian retail operations of Greek oil group Hellenic Petroleum helped the company raise its last year’s earnings before interest, tax, depreciation and amortisation (EBITDA) by 23% to 617 million euro ($902.2 million), the group said. link

Bulgarian Banks’ End-’07 Credit Portfolio Up 64% Y/Y Feb 18, 2008, 15:14 CET | Story | SeeNews SOFIA (Bulgaria), February 18 (SeeNews) - The credit portfolio of the Bulgarian commercial banks totalled 36.488 billion levs ($27.385 billion/18.708 billion euro) at the end of December, up by 64% from a year earlier, data from the central bank, BNB, showed. link

Bulgarian Closed-End Fund Nadezhda Seeks 3.4 Mln Euro in Cap Hike, Mulls Expansion in Region Feb 18, 2008, 15:28 CET | Story | SeeNews SOFIA (Bulgaria), February 18 (SeeNews) - Bulgarian closed-end investment fund Nadezhda will seek some 6.7 million levs ($5.0/3.4 million euro) in a capital hike to finance investments in Bulgaria and neighbouring countries, a company official said on Monday. link

INTERVIEW – Bulgarian IT Company Kontrax Sees 2008 Net Profit Up 43%, To Decide on Bourse Listing by end-Feb Feb 18, 2008, 16:09 CET | Interview | SeeNews SOFIA (Bulgaria), February 18 (SeeNews) - Bulgarian IT company Kontrax expects its net profit to rise 43% to some 4.6 million levs ($3.6 million/2.4 million euro) this year, the company’s managing director Jordan Jordanov said. link

INTERVIEW - Bulgarian Toothbrush Maker Astera To Sell up to 49% of Capital on Sofia Bourse Feb 18, 2008, 17:29 CET | Interview | SeeNews SOFIA (Bulgaria), February 18 (SeeNews) - Bulgarian toothbrush and wet wipes producer Astera Cosmetics plans to sell up to 49% of its capital on the Sofia bourse, the company’s majority owner Lukan Lukanov said on Monday. link

Sofia-Listed Textile Company Katex Changes Majority Owner Feb 18, 2008, 18:15 CET | Story | SeeNews SOFIA (Bulagria), February 19 (SeeNews) – Bulgarian consulting company Pritex has sold its 59.3% stake in Sofia-listed textile company Katex for 1.45 million levs ($1.1 million/0.742 million euro), the Bulgarian Stock Exchange (BSE) said on Monday. link

Yields on Bulgaria’s Five-year T-Notes Fall Feb 18, 2008, 16:16 CET | Story | SeeNews SOFIA (Bulgaria), February 18 (SeeNews) – The average annual yield on a 30 million lev ($22.5 million/15.4 million euro) issue of five-year 4.25% Bulgarian Treasury notes fell to 4.74% at an auction on Monday from 4.87% in the previous auction held in November, though the issue was 2.8 times oversubscribed, the central bank said. link

Bulgaria C-Bank FX Reserves Up 1.4% in Week - Table Feb 18, 2008, 17:24 CET | Story | SeeNews SOFIA (Bulgaria), February 18 (SeeNews) - The foreign exchange assets of the Bulgarian central bank’s Issue Department totalled 23.033 billion levs ($17.286 billion/11.816 billion euro) on February 15, up 1.4% from a week earlier, central bank data showed on Monday. link

Karoll - Bulgarian Stock Market Overview - Feb 11 - 15, 2008 Feb 18, 2008, 09:23 CET | Broker’s Report | SeeNews Commentary link

Elana - BSE-Sofia Weekly Overview - Feb 15, 2008 Feb 18, 2008, 11:43 CET | Broker’s Report | SeeNews Market TrendBSE closed the week hardly changed. BG40 added 0.22% on weekly basis, whereas SOFIX closed in the red but only 0.04% down on weekly basis. Investors stayed aside from the market but the positive bias predominated and most positions closed in the green as compared to the previous week. Speculators also were cautious as prices remained in the bid-ask spread. Corporate Commercial Bank (CORP) outperformed after the revision of the bank’s financial estimations for the next two years. However, CORP is still below its all-time high. BGREIT outperformed the market during the correction and was a safe-heaven for the participants. Financial sector finished in different directions. link

FFBH - Bulgaria Weekly Update - Feb 11 - 15, 2008 Feb 18, 2008, 12:50 CET | Broker’s Report | SeeNews MARKET WRAP-UPThe second week of February brought no surprises for the market participants as the sentiment appeared to be predominantly neutral. The lack of news kept the large majority of the issues stable and neither the buyers nor the sellers played aggressive. Even the announcement that the government will eventually start the privatization process of the tobacco companies couldn’t generate any demand. The indices registered small changes as SOFIX closed at 1421.82 (-0.04% WoW), while BG40 moved up to 405.97 (+0.22% WoW). The top gainer among the indices was BG REIT which advanced 1.32% to 102.43 bps after the broad support from the companies included in the index. Large volume was registered also in Industrial Holding Bulgaria (IHLBL, BGN 7.97, -0.38% WoW) where more than 745k changed hands. The top gainers turned out to be Sparky Eltos (ELTOS, BGN 13.53, +5.5% WoW), Fazerles (FZLES, 227.88, +5.4%WoW) and Kapitan Diado Nikola (KDN, BGN 130.00, +4.00% WoW). link

Bulgarian Stocks Fall in Dull Trading Feb 18, 2008, 18:00 CET | Story | SeeNews SOFIA (Bulgaria), February 18 (SeeNews) - Bulgarian stocks lost ground in thin volume on Monday as most investors stayed on the sidelines, brokers said. link

Bulgaria Schedule of Events - Feb 18 - May 19 Feb 18, 2008, 09:29 CET | Story | SeeNews SOFIA (Bulgaria), February 18 (SeeNews) - Following is a schedule of corporate, economic and political events taking place in, or related to, Bulgaria through May 19. New or amended entries are marked (*). link

STS Finance - Daily FX Analysis - Feb 18, 2008 Feb 18, 2008, 09:26 CET | Broker’s Report | SeeNews Dollar under pressure after significant drop in New York state manufacturing index – 18th of February, 2008 link

Bulgaria Calls for Common EU Position on Kosovo Feb 17, 2008, 19:49 CET | Story | SeeNews SOFIA (Bulgaria), February 17 (SeeNews) - Bulgaria called for a common EU position on Kosovo on Sunday, shortly after the ethnically divided Serbian province declared its independence from Belgrade. link

* CROAZIA *

Croatian Banks End-Dec Loan Portfolio Up 15% Y/Y - RBA Feb 18, 2008, 13:15 CET | Story | SeeNews ZAGREB (Croatia), February 18 (SeeNews) - The loan portfolio of Croatian commercial banks reached almost 211 billion kuna ($42.4 billion/ 29 billion euro) at the end of December, up 15% from a year earlier, Raiffeisenbank Austria Zagreb (RBA) said on Monday. link

Vienna Insurance Group’s Croatian Units Prelim ’07 Premium Income Up 18.6% Feb 18, 2008, 15:14 CET | Story | SeeNews ZAGREB (Croatia), February 18 (SeeNews) - The Croatian units of Austrian Vienna Insurance Group (VIG) posted a 18.6% rise in last year’s preliminary premium income to 684.5 million kuna ($137.6 million/94 million euro), the insurer said on Monday. link

CROATIA’S JAN CPI +0.7% M/M, +6.2% Y/Y VS. +1.2% M/M, +5.8% Y/Y IN DEC- STATS OFFICE Feb 18, 2008, 11:29 CET | Alert | SeeNews link

Croatia’s Jan CPI Rises 0.7% M/M, Up 6.2% Y/Y - Table Feb 18, 2008, 12:08 CET | Story | SeeNews ZAGREB (Croatia), February 18 (SeeNews) - Croatia’s January consumer price index (CPI) rose by 0.7% month-on-month, after increasing by a monthly 1.2% in December, the State Statistics Bureau said on Monday. link

UPDATE 1 – Croatia’s Jan CPI Rises 0.7% M/M, Up 6.2% Y/Y Feb 18, 2008, 12:22 CET | Story | SeeNews (adds analyst comment) link

UPDATE 2 – Croatia’s Jan CPI Rises 0.7% M/M, Up 6.2% Y/Y Feb 18, 2008, 12:49 CET | Story | SeeNews (adds breakdown by sector) link

Croatia To Tune Decision on Kosovo Independence to EU, NATO Stance Feb 18, 2008, 17:09 CET | Story | SeeNews ZAGREB (Croatia), February 18 (SeeNews) – Croatia, which is striving to join the EU and NATO, said on Monday it will tune its decision whether to recognise the independence of Kosovo to the joint policy of the other countries of the two organisations. link

Erste Securities - Croatian Equity Daily - Feb 18, 2008 Feb 18, 2008, 09:33 CET | Broker’s Report | SeeNews Highlights: link

Croatian Shares Fall Further in Thin Turnover in Expectation of Corporate Results, Kosovo Developments Feb 18, 2008, 17:59 CET | Story | SeeNews ZAGREB (Croatia), February 18 (SeeNews) - Croatian share indices kept falling on Monday in very low turnover as investors are restrained in expectation of annual corporate results and developments regarding the future of Kosovo which proclaimed independence from Serbia on Sunday, brokers said. link

Croatia Schedule of Events – Feb 18 – May 17 Feb 18, 2008, 09:43 CET | Story | SeeNews ZAGREB (Croatia), February 18 (SeeNews) - Following is a schedule of corporate, economic and political events taking place in or related to Croatia through May 17. New or amended entries are marked (*). link

* MACEDONIA *

Macedonia To Remain Watchful after Kosovo’s Independence Proclamation - Media Feb 17, 2008, 20:14 CET | Story | SeeNews SKOPJE (Macedonia), February 17 (SeeNews) – The Macedonian government will follow very carefully the events in the region after the declaration of independence by neighbouring Kosovo, private news agency Makfax reported on Sunday. link

* MOLDOVA *

ProCredit Moldova Transforms into Bank Feb 18, 2008, 11:42 CET | Story | SeeNews CHISINAU (Moldova), February 18 (SeeNews) - Financial company ProCredit Moldova, part of international ProCredit group, was transformed into bank, Procredit Moldova said on Monday. link

Moldova Schedule of Events - Feb 18 - May 15 Feb 18, 2008, 10:28 CET | Story | SeeNews CHISINAU (Moldova), February 18 (SeeNews) - Following is a schedule of corporate, economic and political events taking place in, or related to Moldova through May 15. New or amended entries are marked (*) Moldova Says Kosovo Declaration Violates Serbia’s Territorial Integrity, Could Risk European Peace Feb 18, 2008, 18:26 CET | Story | SeeNews CHISINAU (Moldova), February 18 (SeeNews) - The proclamation of independence by the Serbian province of Kosovo is a violation of Serbian territorial integrity and could threaten the peace in Europe, Moldova’s government said on Monday. [link->http://seenews.com/news/latestnews/kosovoindependenceisviolationonserbia___sterritory___moldova-175551" class="spip_out">link

* MONTENEGRO *

Magyar Telekom’s Montenegrin Mobile Unit Q4 EBITDA Down 50% Y/Y to 1.7 Mln Euro Feb 18, 2008, 13:55 CET | Story | SeeNews PODGORICA (Montenegro), February 18 (SeeNews) - T-Mobile Montenegro, a unit of Magyar Telekom, reported a 50% fall to 1.7 million euro ($2.5million) in its operating income before depreciation, amortisation and impairment charges (EBITDA) for the final quarter of 2007, although the unit’s revenue rose 7%. link

Montenegro Schedule of Events - Feb 18 – May 17 Feb 18, 2008, 10:00 CET | Story | SeeNews PODGORICA (Montenegro), February 18 (SeeNews) - Following is a schedule of corporate, economic and political events taking place in, or related to, Montenegro through May 17. New or amended entries are marked (*). link

* ROMANIA *

Raiffeisen Capital & Investment - Alumil Rom Industry results - First Impression, Feb 18, 2008 Feb 18, 2008, 11:31 CET | Broker’s Report | SeeNews No major surprisesAluminium profiles processor Alumil Rom Industry has released its 4Q and FY 2007 financial statements under Romanian Accounting Standards (RAS). The results are unaudited and unconsolidated.Results in line with expectations: In 4Q 07, turnover summed up to RON 29.8 mn, 4% lower yoy on harsher weather. The figure is in line with our expectations. On the costs side, raw materials expenses shed by a quarter in 4Q, while salaries rose by a third, due to increased workforce scarcity in the constructions sector and higher salaries. The salaries dynamics has been similar in the first nine months of the year as well.Financial losses take a toll on the bottom line: EBIT posted a notable performance, rising 159% yoy to RON 5.8 mn. As expected, the financial result was in red due to the RON depreciation. The RON 0.8 mn financial loss heavily impacted the bottom line, which was virtually flat yoy at RON 4 mn. Net margin however was higher at 13.6% (vs 13.1% in 4Q 06) du e to the slightly lower sales.FY 07 figures – little surprise: Overall the sales figure was RON 110 mn for the entire 2007, 14.6% higher yoy and in line with our expectations. EBIT amounted to RON 17 mn, 27% higher yoy. EBIT margin widened to 15.5% from 14% a year earlier. The year ended with a RON 0.3 mn financial loss (vs a RON 3.2 mn financial profit in 2006), which impacted the bottom line to the extent that it missed the company’s budget by some 2%. Net earnings thus amounted to RON 14.1 mn, 3.3% higher yoy. Net margin was 12.8%, up from our estimated 11.7% but lower than 2006’s 14.2%.Outlook and recommendation: We believe the results are neutral and in line with our expectations. We must point though that our DCF model is based on IFRS results, which can result in slightly different figures than the RAS approach. Due to the current downturn in international and local markets and the current higher perceived risks for the local economy, we want to review our model to take account of the preliminary 2007 results and macroeconomic nditions. For the moment we place our recommendation and target price Under Review. link

Raiffeisen Capital & Investment - Romanian Small Caps Report - Feb 18, 2008 Feb 18, 2008, 10:13 CET | Broker’s Report | SeeNews Biofarm 4Q 07 and FY 2007 results - neutralPharma producer Biofarm (BIO) released its 4Q and FY 2007 financial statements under Romanian Accounting Standards (RAS). Turnover was 5.7% higher yoy at RON 16.7 mn. The sales show a slower momentum vs the 3Q figure (up 25% yoy), but better than the first half performance, when turnover hovered around the 1H 2006 level. EBIT amounted to RON 0.8 mn vs RON 3.2 mn in 4Q 06, which led the EBIT margin to RON 1.9 mn for the quarter, a third less than a year ago. The management has provided no details as to the reasons of the fourth quarter downfall.Overall, 2007 was a good year for Biofarm, with sales up 8% to RON 62.3 mn and a 4.4% rising EBIT, to RON 15.3 mn. Bottom line for the year summed up to RON 13.5 mn, 6.3% up yoy.We believe the results are neutral, but we acknowledge the management determination to achieve higher top line growth. link

Dutch-based Plaza Centers Plans 37 Mln Euro Retail Centre in Romania Feb 18, 2008, 10:38 CET | Story | SeeNews BUCHAREST (Romania), February 18 (SeeNews) - Dutch-registered emerging market property developer Plaza Centers said on Monday it plans to develop a 37 million euro ($54 million) retail centre in Romania after acquiring a land plot in the country’s western city of Hunedoara. The 41,000-square-metre site will be developed into a shopping and entertainment centre, with a built-up area of 28,000 square metres, and 20,000 square meters of lettable space. The construction is expected to start in mid-2008 and to be completed in the first quarter of 2010, Plaza Centers said in a statement. link

Raiffeisen Capital & Investment - Company News - Orsova Shipyard, Feb 18, 2008 Feb 18, 2008, 11:17 CET | Broker’s Report | SeeNews Orsova Shipyard merger projectIn a release to the Bucharest Stock Exchange (BVB), Orsova Shipyard made public the merger project with Servicii si Constructii Maritime Constanta (SCM), a maritime and river construction works company, controlled by SIF Transilvania (SIF3) with a 97% stake. SIF3 is also the largest shareholder in Orsova Shipyard, with a 49.9% stake. According to the merger project, which has already been approved by the Boards of both companies, the shareholders of SCM will receive 0.3522 shares in SNO for each share owned in SCM. Thus, SNO share capital will increase from RON 21.6 mn to RON 28.6 mn. After the merger, SIF Transilvania will increase its stake in SNO to 61%, while SIF Oltenia (SIF5), which now controls 12% of SNO will hold a 9% stake. link

Romania Sells Building Materials Maker Spid for 5.5 Mln Lei (1.5 Mln Euro) Feb 18, 2008, 12:29 CET | Story | SeeNews BUCHAREST (Romania), February 18 (SeeNews) - Romania’s privatisation agency, AVAS, said on Monday it sold its 57% stake in building materials manufacturer Spid to local car driving school Auto Tudor TS for 5.5 million lei ($2.2 million/1.5 million euro). link

Romanian Aluminium Smelter Alro Prelim ’07 Net Profit Up 15% to 438.3 Mln Lei (120.4 Mln Euro) Feb 18, 2008, 13:55 CET | Story | SeeNews BUCHAREST (Romania), February 18 (SeeNews) - Romanian aluminium smelter Alro, a subsidiary of Dutch-based aluminium producer Vimetco, on Monday reported a 15% rise in last year’s preliminary net profit to 438.3 million lei ($176.3 million/120.4 million euro). link

Romanian Fertiliser Maker Azomures Turns to 60 Mln Lei (16.5 Mln Euro) Prelim Net Profit in 2007 - Table Feb 18, 2008, 14:41 CET | Story | SeeNews BUCHAREST (Romania), February 18 (SeeNews) - Azomures, Romania’s top chemical fertiliser producer, reported on Monday a preliminary 2007 net profit of 60 million lei ($24.1 million/16.5 million euro) compared to a loss of 1.04 million lei a year earlier, as revenue rose by one fifth, outpacing the rise in costs. link

Romanian Hotel Operator Turism Felix ’07 Prelim Net Profit Up 10% to 6.98 Mln Lei (1.9 Mln Euro) - Table Feb 18, 2008, 14:50 CET | Story | SeeNews BUCHAREST (Romania), February 18 (SeeNews) - Romanian hotel operator Turism Felix reported on Monday a 10% rise in last year’s preliminary net profit to 6.98 million lei ($2.81 million /1.92 million euro). link

ROMANIA’S SSIF BROKER 2007 PRELIM NET PROFIT RISES TO 36.09 MLN LEI (9.9 MLN EURO) FROM 18.68 MLN LEI IN 2006 Feb 18, 2008, 15:27 CET | Alert | SeeNews link

Romanian SSIF Broker Prelim ’07 Net Profit Almost Doubles to 36.09 Mln Lei (9.9 Mln Euro) Feb 18, 2008, 15:53 CET | Story | SeeNews BUCHAREST (Romania), February 18 (SeeNews) - Romanian brokerage SSIF Broker on Monday reported a preliminary net profit of 36.09 million lei ($14.5 million/9.9 million euro) for 2007, almost double the 18.68 million lei it earned in the previous year. link

Confident Invest - Weekly Update - Feb 15, 2008 Feb 18, 2008, 09:18 CET | Broker’s Report | SeeNews Abstract link

Raiffeisen Capital & Investment - Investment Daily Romania - Feb 18, 2008 Feb 18, 2008, 09:30 CET | Broker’s Report | SeeNews Trader’s CommentWith a liquidity in line with the average of last weeks (EUR 7.4 mn), the local market closed the week negative, marking today the lowest level this year. Both BET and BET-FI fell around 2% on Friday, and depreciated 27.4% and 26.7% respectively ytd. From the blue chips, among the main losers were BRD, which dived 37.1% ytd and IMP and TEL which both dropped 35%. RRC, SNP, BIO and BRK all lost around 25% whereas TLV decreased only 20% ytd. ATB and TBM registered the smallest losses of 16% and 18% respectively.The market continues to be affected by investors lack of interest, with those with open positions unwilling to sell at the current price levels and those with cash still not drawn to enter on the buy side. This explains the lack of liquidity. link

Romanian Bourse Indices Fall Again, Lack of Confidence Hits Turnover Feb 18, 2008, 16:42 CET | Story | SeeNews BUCHAREST (Romania), February 18 (SeeNews) - Romanian share indices fell for a second day in a row on Monday and turnover continued to melt away as a mood of non-confidence has spread among investors, brokers said. link

Romania Schedule of Events - Feb 18 - May 17 Feb 18, 2008, 09:35 CET | Story | SeeNews BUCHAREST (Romania), February 18 (SeeNews) - Following is a schedule of corporate, economic and political events taking place in or related to Romania through May 17. New or amended entries are marked (*). link

Romanian Leu Ends Slightly Stronger vs Euro, Seen Stabile Feb 18, 2008, 17:40 CET | Story | SeeNews BUCHAREST (Romania), February 18 (SeeNews) - Romania’s leu ended a bit firmer against the euro on Monday in moderate trading volumes, dealers said. link

Romanian President Says Kosovo’s Declaration of Independence Illegal Feb 18, 2008, 18:26 CET | Story | SeeNews BUCHAREST (Romania), February 18 (SeeNews) – Romanian President Traian Basescu said Kosovo’s unilateral declaration of independence is illegal, local TV broadcaster Antena 3 reported on Monday. link

* SERBIA *

Bulgarian, Serbian Operations Help Greek Hellenic Petroleum Raise by 23% Group EBITDA in 2007 Feb 18, 2008, 13:36 CET | Story | SeeNews SOFIA (Bulgaria), February 18 (SeeNews) - The Bulgarian and Serbian retail operations of Greek oil group Hellenic Petroleum helped the company raise its last year’s earnings before interest, tax, depreciation and amortisation (EBITDA) by 23% to 617 million euro ($902.2 million), the group said. link

KOSOVO INDEPENDENCE PROCLAMATION WILL HAVE NO IMMEDIATE IMPACT ON SERBIA’S RATINGS – S&P Feb 18, 2008, 15:36 CET | Alert | SeeNews link

FITCH SAYS KOSOVO INDEPENDENCE DECLARATION WILL NOT LEAD TO IMMEDIATE CHANGE OF SERBIA RATINGS Feb 18, 2008, 16:02 CET | Alert | SeeNews link

Kosovo Independence Proclamation Will Have No Immediate Impact on Serbia Ratings – S&P Feb 18, 2008, 16:09 CET | Story | SeeNews BELGRADE (Serbia), February 18 (SeeNews) - Global credit rating agency Standard & Poor’s (S&P) on Monday said that the declaration of independence by the UN-run southern Serbian province of Kosovo will not have an immediate impact on the country’s credit ratings. link

Fitch Says Kosovo Independence Declaration Will Not Lead to Immediate Change of Serbia’s Ratings Feb 18, 2008, 16:31 CET | Story | SeeNews BELGRADE (Serbia), February 18 (SeeNews) - Fitch Ratings on Monday said that the unilateral independence declaration by the UN-run southern Serbian province of Kosovo will not lead to immediate change in Serbia’s ratings though it sees risks in case of increased political and economic instability in the country. link

SERBIA SAYS WILL NOT IMPOSE ECONOMIC EMBARGO ON KOSOVO Feb 18, 2008, 17:20 CET | Alert | SeeNews link

Serbia Says Will Not Impose Economic Embargo on Kosovo Feb 18, 2008, 18:39 CET | Story | SeeNews BELGRADE (Serbia), February 18 (SeeNews) - Serbia will not impose an economic embargo or other economic sanctions on Kosovo but will struggle further to keep its breakaway province within its borders, Serbia’s Trade Minister Predrag Bubalo said on Monday. link

Serbia Indicts Top Kosovo Leaders Over Proclamation of Independence Feb 18, 2008, 16:12 CET | Story | SeeNews BELDRADE (Serbia), February 18 (SeeNews) - The Serbian Interior Ministry on Monday brought criminal charges against three top Kosovo officials over what the Belgrade government calls the illegal secession of the ethnically divided province on Sunday. link

SERBIAN C-BANK SAYS KEEPS KEY REPO RATE UNCHANGED AT 10.75% Feb 18, 2008, 12:20 CET | Alert | SeeNews link

Serbian C-bank Says Keeps Key Repo Rate Unchanged at 10.75% Feb 18, 2008, 12:40 CET | Story | SeeNews BELGRADE (Serbia), February 18 (SeeNews) - Serbia’s central bank, NBS, said on Monday it decided to keep the key repo rate unchanged at 10.75% as the core inflation for January was lower than expected. link

SERBIA 2007 CURRENT ACCOUNT DEFICIT WIDENS 73.7% TO $6.9 BLN – C-BANK Feb 18, 2008, 12:47 CET | Alert | SeeNews link

Serbia’s 2007 C/A Gap Widens to $6.9 Bln - Table Feb 18, 2008, 12:50 CET | Story | SeeNews BELGRADE (Serbia), February 18 (SeeNews) - Serbia’s current account showed a deficit of $6.889 billion (4.7billion euro) in 2007, up 73.7% from $3.966 billion a year earlier, provisional central bank data showed on Monday. Details follow (in millions of U.S. dollars): link

Croatia To Tune Decision on Kosovo Independence to EU, NATO Stance Feb 18, 2008, 17:09 CET | Story | SeeNews ZAGREB (Croatia), February 18 (SeeNews) – Croatia, which is striving to join the EU and NATO, said on Monday it will tune its decision whether to recognise the independence of Kosovo to the joint policy of the other countries of the two organisations. link

EU States Free To Decide Individually on Recognising Kosovo Feb 18, 2008, 17:51 CET | Story | SeeNews PRISTINA (Serbia), February 18 (SeeNews) - European Union member states reached agreement that each will be free to decide individually whether to recognise the independence of Kosovo, the foreign minister of EU president Slovenia said on Monday. link

Sinteza Investment Group - Weekly Market WrapUp, Feb 11 - Feb 14, 2008 Feb 18, 2008, 11:35 CET | Broker’s Report | SeeNews DDOR to Debut on the Stock Exchange Next Week link

Vojvodjanska Banka - Daily Vobnews - Feb 18, 2008 Feb 18, 2008, 11:37 CET | Broker’s Report | SeeNews Vojvodjanska banka released its Daily Vobnews Report for February 18, 2008 containing the following charts and tables: link

Sinteza Investment Group - Daily Market WrapUp - Feb 12, 2008 Feb 18, 2008, 11:45 CET | Broker’s Report | SeeNews Sinteza Investment Group has released its Daily Market WrapUp for February 12, 2008, containg an overview of the Serbian Financial Market. Sinteza Investment Group - Daily Market WrapUp - Feb 13, 2008 Feb 18, 2008, 11:46 CET | Broker's Report | SeeNews Sinteza Investment Group has released its Daily Market WrapUp for February 13, 2008, containg an overview of the Serbian Financial Market. [link->http://seenews.com/news/latestnews/sintezainvestmentgroup-dailymarketwrapup-feb13_2008-102201" class="spip_out">link

Sinteza Investment Group - Daily Market WrapUp - Feb 14, 2008 Feb 18, 2008, 11:48 CET | Broker’s Report | SeeNews Sinteza Investment Group has released its Daily Market WrapUp for February 14, 2008, containg an overview of the Serbian Financial Market. link

Belgrade Bourse Dips in Tiny Volumes at Opening on Kosovo’s Independence Proclamation Feb 18, 2008, 12:13 CET | Story | SeeNews BELGRADE (Serbia), February 18 (SeeNews) – The Belgrade Stock Exchange (BELEX) started the week lower and in tiny volumes after Serbia’s ethnically divided province of Kosovo proclaimed its independence from Belgrade on Sunday and brokers said the correction is likely to last longer until passions settle. link

Belgrade Bourse Delists Panonska Banka after Merger Feb 18, 2008, 13:29 CET | Story | SeeNews BELGRADE (Serbia), February 18 (SeeNews) – The Belgrade bourse has delisted the shares of Panonska Banka following the bank’s merger into Banca Intesa, a Belgrade-based bank owned by Italian banking group Intesa Sanpaolo. link

Serbian C-Bank Sells 10 Mln Euro, Dinar Steady on Forex Market Feb 18, 2008, 15:39 CET | Story | SeeNews BELGRADE (Serbia), February 18 (SeeNews) – The Serbian central bank (NBS) said it sold 10 million euro in the foreign exchange market on Monday to boost activity, but dealers said the intervention had little impact on a listless market, where the local currency traded steadily around 83.50 dinars per euro. link

UPDATE - 1 - Belgrade Bourse Closes Slightly Down in Small Volumes on Kosovo’s Independence Proclamation Feb 18, 2008, 16:53 CET | Story | SeeNews BELGRADE (Serbia), February 18 (SeeNews) - Belgrade Stock Exchange (BELEX) indices closed slightly lower in small turnover on Monday, a day after Serbia’s ethnically divided province of Kosovo proclaimed its independence but brokers said the market reaction to the independence declaration will become clearer in the next days. link

Serbia Schedule of Events - Feb 18 - May 18 Feb 18, 2008, 09:42 CET | Story | SeeNews BELGRADE (Serbia), February 18 (SeeNews) - Following is a schedule of corporate, economic and political events taking place in or related to Serbia through May 18. New or amended entries are marked (*). link

Slovenia To Work for Stability in SEE after Kosovo’s Independence Proclamation – Slovenia’s PM Feb 17, 2008, 21:57 CET | Story | SeeNews LJUBLJANA (Slovenia), February 17 (SeeNews) - Slovenia, which holds the rotating presidency of the European Union (EU), on Sunday said the proclamation of independence by the U.N.-run Serbian province of Kosovo does not substantially change Slovenia’s policy on the issue of Kosovo and its attitude towards the region in general. link

Slovenia Says Worried by Reports of Violence in Belgrade after Kosovo’s Independence Proclamation Feb 17, 2008, 22:54 CET | Story | SeeNews LJUBLJANA (Slovenia), February 17 (SeeNews) - Slovenia, which holds the rotating presidency of the European Union (EU), on Sunday said it was worried by the reports of violence in the Serbian capital following the proclamation of independence by the ethnically divided Serbian province of Kosovo earlier in the day. link

Serbian FX Market Opens Unaffected by Kosovo’s Independence Proclamation Feb 18, 2008, 11:14 CET | Story | SeeNews BELGRADE (Serbia), February 18 (SeeNews) - Trading on the Serbian foreign exchange market was calm with no panic shifts on Monday morning after the country’s ethnically divided province of Kosovo proclaimed its independence from Belgrade a day earlier, dealers said. link

EU, NATO Call for Calm after Kosovo Declares Independence Feb 17, 2008, 19:08 CET | Story | SeeNews PRISTINA (Serbia), February 17 (SeeNews) - The European Union and NATO called for calm on Sunday after the U.N.-run Serbian province of Kosovo declared unilaterally independence earlier in the day. link

UPDATE 2 - Serbia Will Never Recognise Independent Kosovo - Serbian PM Feb 17, 2008, 19:20 CET | Story | SeeNews (adds quotes form Serbia’s President, PM, MP, street protest in Belgrade) link

Bulgaria Calls for Common EU Position on Kosovo Feb 17, 2008, 19:49 CET | Story | SeeNews SOFIA (Bulgaria), February 17 (SeeNews) - Bulgaria called for a common EU position on Kosovo on Sunday, shortly after the ethnically divided Serbian province declared its independence from Belgrade. link

Kosovo’s Independence Proclamation Not to Have Impact on Bosnia - Bosnian Officials, Intl Peace Envoy Feb 17, 2008, 20:00 CET | Story | SeeNews SARAJEVO (Bosnia and Herzegovina), February 17 (SeeNews) – Kosovo’s declaration of independence on Sunday is not expected to have an impact on ethnically-divided Bosnia, Bosnian officials and the international peace envoy to the country said. link

Albania Hails Kosovo Independence Declaration Feb 17, 2008, 20:11 CET | Story | SeeNews TIRANA (Albania), February 17 (SeeNews) - Albania welcomed the declaration of independence by the U.N.-run Serbian province of Kosovo on Sunday. link

Macedonia To Remain Watchful after Kosovo’s Independence Proclamation - Media Feb 17, 2008, 20:14 CET | Story | SeeNews SKOPJE (Macedonia), February 17 (SeeNews) – The Macedonian government will follow very carefully the events in the region after the declaration of independence by neighbouring Kosovo, private news agency Makfax reported on Sunday. link

Bosnia Says Will Not Recognise Kosovo Independence in Near Future Feb 18, 2008, 17:21 CET | Story | SeeNews SARAJEVO (Bosnia and Herzegovina), February 18 (SeeNews) – Bosnia and Herzegovina will not recognise Kosovo’s independence in the near future, the chairman of the country’s tripartite presidency, Zeljko Komsic, said on Monday, a day after the province proclaimed independence. link

Russia Says Could Change Policy in Post-Soviet Space after Kosovo Declaration of Independence Feb 18, 2008, 18:15 CET | Story | SeeNews PRISTINA (Serbia), February 18 (SeeNews) - Russia said on Monday it could change its policy toward the breakaway regions in the post-Soviet space if the ethnically divided Serbian province of Kosovo is recognized as an independent state. link

Moldova Says Kosovo Declaration Violates Serbia’s Territorial Integrity, Could Risk European Peace Feb 18, 2008, 18:26 CET | Story | SeeNews CHISINAU (Moldova), February 18 (SeeNews) - The proclamation of independence by the Serbian province of Kosovo is a violation of Serbian territorial integrity and could threaten the peace in Europe, Moldova’s government said on Monday. link

Romanian President Says Kosovo’s Declaration of Independence Illegal Feb 18, 2008, 18:26 CET | Story | SeeNews BUCHAREST (Romania), February 18 (SeeNews) – Romanian President Traian Basescu said Kosovo’s unilateral declaration of independence is illegal, local TV broadcaster Antena 3 reported on Monday. link

* SLOVENIA *

SLOVENIAN BLUE-CHIP FUEL TRADER PETROL SAYS RAISES 2007 GROUP NET PROFIT BY 7.0% TO PRELIM 53.5 MLN EURO Feb 18, 2008, 10:00 CET | Alert | SeeNews link

CORRECTED - SLOVENIAN BLUE-CHIP FUEL TRADER PETROL SAYS RAISES 2007 GROUP NET PROFIT BY 7.0% TO PRELIM 53.3 (NOT 53.5 ) MLN EURO Feb 18, 2008, 10:09 CET | Alert | SeeNews link

Slovenia’s Petrol Raises 2007 Prelim Group Net Profit by 7.0% Feb 18, 2008, 10:25 CET | Story | SeeNews LJUBLJANA (Slovenia), February 18 (SeeNews) - Slovenian blue-chip fuel trader Petrol reported on Monday a 7.0% rise in its group net profit to a preliminary 53.3 million euro ($77.93 million) last year, as sales also increased. link

RZB Sees Slovenia’s GDP Growth Falling to 5.0% in 2008, 2009 Feb 18, 2008, 11:39 CET | Story | SeeNews LJUBLJANA (Slovenia), February 18 (SeeNews) - Austrian banking group Raiffeisen Zentralbank Oesterreich (RZB) expects Slovenia’s economic growth to slow down to a real 5.0% in each of 2008 and 2009 from 6.0% projected for last year. link

SLOVENIA’S DEC JOBLESS RATE REMAINS UNCHANGED M/M AT 7.3% - STATS OFFICE Feb 18, 2008, 10:31 CET | Alert | SeeNews link

Slovenia’s Dec Jobless Rate at 7.3%, Flat from Nov - Table Feb 18, 2008, 10:42 CET | Story | SeeNews LJUBLJANA (Slovenia), February 18 (SeeNews) - Slovenia’s December jobless rate was 7.3%, unchanged from November, the Slovenian Statistics Office said on Monday. link

Slovenian Stock Indices Fall Further, Investors Still Await Privatisation News Feb 18, 2008, 17:34 CET | Story | SeeNews LJUBLJANA (Slovenia), February 18 (SeeNews) - Slovenian stock indices fell further on Monday in trading with no special events while investors still wait for fresh information about the privatisation of Telekom Slovenije, brokers said. link

Slovenia To Work for Stability in SEE after Kosovo’s Independence Proclamation – Slovenia’s PM Feb 17, 2008, 21:57 CET | Story | SeeNews LJUBLJANA (Slovenia), February 17 (SeeNews) - Slovenia, which holds the rotating presidency of the European Union (EU), on Sunday said the proclamation of independence by the U.N.-run Serbian province of Kosovo does not substantially change Slovenia’s policy on the issue of Kosovo and its attitude towards the region in general. link

Slovenia Says Worried by Reports of Violence in Belgrade after Kosovo’s Independence Proclamation Feb 17, 2008, 22:54 CET | Story | SeeNews LJUBLJANA (Slovenia), February 17 (SeeNews) - Slovenia, which holds the rotating presidency of the European Union (EU), on Sunday said it was worried by the reports of violence in the Serbian capital following the proclamation of independence by the ethnically divided Serbian province of Kosovo earlier in the day. link

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