Centro Studi Europa dell’Est - news del 07.12.2007 - powered by www.seenews.com

NEWS DEL 07.12.2007

* ALBANIA *

Turkish Steel Group Kurum Bids To Build Three Power Plants in Albania Dec 07, 2007, 16:17 CET | Story | SeeNews TIRANA (Albania), December 7 (SeeNews) - Turkish steel group Kurum Holding said on Friday that in a consortium with Iceland-based electricity company Landsvirkjun it has placed a bid in a tender for the construction of three hydropower plants in Albania. http://seenews.com/news/latestnews/turkishsteelgroupkurumbidstobuildthreepowerplantsinalbania-153604

* BOSNIA *

Bosnia’s Serb Republic To Generate 14% Less Electricity than Planned in 2007 Dec 07, 2007, 12:05 CET | Story | SeeNews BANJA LUKA (Bosnia and Herzegovina), December 7 (SeeNews) – Bosnia’s Serb Republic expects to generate 14% less electricity this year due to unfavourable weather and smaller hydropower plant output, the government said. http://seenews.com/news/latestnews/bosnia___sserbrepublicplanstoraise2008poweroutputby18_4_to5_277gwh-103026

Croatian-Bosnian Consortium Places Sole Bid for Bosnian Pneumatic Tools Maker Trudbenik Dec 07, 2007, 13:45 CET | Story | SeeNews BANJA LUKA (Bosnia and Herzegovina), December 7 (SeeNews) – Bosnia’s Serb Republic said on Friday it has received a sole bid for 57.4% of pneumatic tools and compressors producer Trudbenik Doboj from a Croatian-Bosnian consortium. http://seenews.com/news/latestnews/bosnia___sserbrepublicgetsonebidforpneumaticsmakertrudbenik-120522

Bosnian Aluminium Profiles Manufacturer FEAL Opens 7.2 Mln Euro Unit - Media Dec 07, 2007, 14:18 CET | Story | SeeNews SARAJEVO (Bosnia and Herzegovina), December 7 (SeeNews) – Bosnian aluminium profiles manufacturer FEAL has opened a 14 million marka ($10.5 million/7.2 million euro) unit for surface protection products, Bosnian media reported on Friday. http://seenews.com/news/latestnews/bosnianaluminiumprofilesmakerfealopens7_2mlneurounit-media-124547

Bosnia Schedule of Events – Dec 7-Feb 27 Dec 07, 2007, 09:49 CET | Story | SeeNews SARAJEVO (Bosnia and Herzegovina), December 7 (SeeNews) - Following is a schedule of corporate, economic and political events taking place in or related to Bosnia and Herzegovina through February 27. New or amended entries are marked (*). http://seenews.com/news/latestnews/bosniascheduleofevents___dec7-feb27-094532

* BULGARIA *

BSE - Daily Bulletin, Selected Announcements - Dec 6, 2007 Dec 07, 2007, 08:53 CET | Specialists Reports | SeeNews BSE-Sofia has received the following information from Agro Finance REIT-Sofia /AGROF/:AGRO FINANCE REIT has acquired more than 6,000 hectares of agriculturalland. The total amount of purchased land for November exceeds 800 hectares.As of November 30, 2007 the investment portfolio of Agro Finance REIT reached 6,188 hectares of agricultural land, up by 14.91% on monthly basis. The investment portfolio of the Company totals BGN 17.81 mln (EUR 9.11 mln).Investment portfolio as of November 2007As of November 30, 2007 the investment portfolio of Agro Finance REIT includes 6,188 hectares of agricultural land. The total amount of the acquired land increased almost 9 times in comparison with the same period last year, as the purchased land in November reached 803 hectares. The funds invested by the Company stand at BGN 13.83 mln (EUR 7.07 mln), at an average acquisition price (all costs included) of BGN 2,235.20 (EUR 1 142.84) per hectare.No significant changes have been registered in November in the investment portfolio structure by categories. As of November 30, 2007 the portfolio consists of 96.04% agricultural land, classified in categories from I to VI (10 categories in total, category I is of highest quality), which are Company’s investment priority, and of 3.96% lower categories. About 8.66% of the purchased land in November is I and II category, whereas the total land of priority categories amounts to 95.78% of monthly acquisitions.The portfolio structure by regions also remains unchanged in comparison with October. As of November 30, 2007 about 91.95% of the agricultural land acquired is in three of the six regions of the country - Northwestern, North Central and Northeastern regions. The land of these regions is of high-quality and has a strong potential for further development of agricultural activities. Almost 98.35% of the agricultural land in Company’s portfolio is cultivated and in process for renting out.As regards the forthcoming third c apital increase of Agro Finance REIT, the Financial Supervision Co ssion approved on November 28, 2007 the Prospectus for the public offering of shares.The decision on the capital increase through issuing 16,137,954 new ordinary, dematerialised, voting shares was taken by the Board of Directors of Agro Finance REIT on October 12, 2007. One right will be issued against each share before the capital increase. Each right gives its holder the opportunity to subscribe to one new share. The issue value of the shares is set at BGN 1.20 (EUR 0.61). The Q3 2007 profit of Agro Finance REIT stands at BGN 3.16 mln (EUR 1.62), while the net value of the assets per share amounts to BGN 1.30 (EUR 0.67) as of September 30, 2007.The funds from the capital increase will be invested in acquisition of agricultural land, aiming at land consolidation and renting out.The notice above has been abbreviated.The entire text of the announcement is posted on the BSE-Sofia web site at: http://download.bse-sofia.bg/prospekt/AGROF/

http://seenews.com/news/latestnews/bse-dailybulletin_selectedannouncements-dec6_2007-084443

EU SAYS AGREES TO 2,000 MW N-PLANT PROJECT IN BULGARIA Dec 07, 2007, 10:26 CET | Alert | SeeNews http://seenews.com/news/latestnews/eugivesgreenlightto2_000mwn-plantprojectinbulgaria-102116

EU Agrees to 2,000 MW N-Plant Project in Bulgaria Dec 07, 2007, 10:38 CET | Story | SeeNews SOFIA (Bulgaria), December 7 (SeeNews) - The European Union executive on Friday said it agrees to a project for the construction of a 2,000-megawatt nuclear power plant in Bulgaria. http://seenews.com/news/latestnews/eugivesgreenlightto2_000mwn-plantprojectinbulgaria-101933

UPDATE 1 - EU Agrees to 2,000 MW N-Plant Project in Bulgaria Dec 07, 2007, 13:17 CET | Story | SeeNews (adds details) http://seenews.com/news/latestnews/euagreesto2_000mwn-plantp-104146

Bulgaria’s Eurocom Expects To Buy Local Peer in Early 2008 Dec 07, 2007, 14:17 CET | Story | SeeNews SOFIA (Bulgaria), December 7 (SeeNews) – Bulgarian TV, Internet and telecoms services provider Eurocom Cable Management Bulgaria expects to buy local peer Interactive Technologies at the beginning of 2008 as part of the ongoing consolidation in the sector, Eurocom’s executive director said on Friday. http://seenews.com/news/latestnews/bulgaria___seurocomexpectstobuylocalpeerinearly2008-122205

Bulgaria To Buy Three Navy Ships from Belgium for 54 Mln Euro, To Call 255 Mln Euro Tender for Army ICT Upgrade Dec 07, 2007, 15:36 CET | Story | SeeNews SOFIA (Bulgaria), December 7 (SeeNews) – NATO member Bulgaria will buy from Belgium three second-hand vessels for its Navy for a total of 54 million euro ($79 million) in 2008, Defence Minister Veselin Bliznakov said on Friday. http://seenews.com/news/latestnews/bulgariatobuythreevesselsfrombelgiumin2008for54mlneuro-113352

Bulgarian Overgas’ Unit To Raise Capital 21 Times Dec 07, 2007, 16:28 CET | Story | SeeNews SOFIA (Bulgaria), December 7 (SeeNews) - Bulgarian gas supplier Gazosnabdiavane Parvomai, majority owned by the country’s leading gas retailer Overgas Inc., will raise its capital by 21 times, the company said on Friday. http://seenews.com/news/latestnews/bulgaria_sovergasparvomaiunitraisescapital21times-152904

Finnish Construction Group YIT Plans to Enter CEE by 2010 Dec 07, 2007, 16:30 CET | Story | SeeNews SOFIA (Bulgaria), December 7 (SeeNews) – Finnish construction group YIT plans to enter markets in central and eastern Europe (CEE) by 2010 as part of its growth strategy, the company said on Friday. http://seenews.com/news/latestnews/finland___syitplanstoenterceeby2010-154828

U.S. AES, Bulgarian-German JV Geo Power To Wrap Up 300 Mln Euro Wind Farm Project in Bulgaria in 2009 Dec 07, 2007, 17:12 CET | Story | SeeNews SOFIA (Bulgaria), December 7 (SeeNews) - AES Geo Energy, a joint venture between U.S. power group AES and Bulgarian-German joint venture Geo Power, plans to complete a wind farm project worth over 300 million euro ($438.4 million) in northeastern Bulgaria in 2009, a company official said on Friday. http://seenews.com/news/latestnews/u_s_aes_bulgarian-germanjvgeopowertobuild300mlneurowindfarminbulgaria-094321

EU To Decide on Aviation Safeguard Clause against Bulgaria H1’08 – Transport Commissioner Dec 07, 2007, 10:21 CET | Story | SeeNews SOFIA (Bulgaria), December 7 (SeeNews) - The European Union will decide in the first half of 2008 whether to keep the aviation restrictions it imposed on its member Bulgaria over safety concerns, European Commission Vice President and Transport Commissioner Jacques Barrot said on Friday. http://seenews.com/news/latestnews/eutodecideonaviationsafeguardclauseagainstbulgariah1___08___transport-100406

Elana - Bulgaria Daily Report - Dec 6, 2007 Dec 07, 2007, 09:13 CET | Broker’s Report | SeeNews MARKET HIGHLIGHTSThe market stepped back in volatile session. Most positions were traded between bid and ask prices. The volumes remained moderate and only several companies attracted the investors’ attention. Small caps with low liquidity outperformed. Monbat (MONBAT: 30.66; 0.00%) stayed unchanged in moderate volumes. The other battery producer Elhim Iskra (ELHIM: 7.41; - 1.59%) weakened. Industrial Holding Bulgaria (IHLBL: 11.38; -0.17%) set up 30% from the daily turnover as 242 074 shares changed hands. Albena Invest Holding (ALBHL: 21.20; +0.86%) finished up after three consecutive sessions in the red.Lead and Zink Complex (OTZK: 97.01; -0.87%) retreated from the psychological level of BGN 100.00. However, the position is speculators’ favorite and they could provide support in short term. The banking sector closed in different directions but near the flat line. http://seenews.com/news/latestnews/elana-bulgariadailyreport-dec6_2007-090701

FFBH - Bulgaria Morning Update - Dec 7, 2007 Dec 07, 2007, 10:20 CET | Broker’s Report | SeeNews MARKET WRAP-UPThe negative mood prevailed on Thursday, although the large majority of the shares stayed near by their previous closing and only a few managed to register significant moves. In the centre of attention was the closed mixed auction for the shares of the brewery Lomsko Pivo (LOMSKO) where the stake of 835k shares was sold at prices between BGN 3.61 and BGN 4.25. The next to attract the investor’s attention was the IPO of Bilboard which subscription deadline would be 07.12.2007 (Friday). At the end SOFIX closed at 1,733.09 (-0.67%) after the drop in Bulgarian American Credit Bank (BACB) BGN 74.00 (-1.93%) and Euroins Insurance (EURINS) BGN 17.08 (-1.73%). BG40 lost 0.39% to 525.43 bps following the correction in Odessos Shiprepair Yard (ODES) BGN 321.00 (-1.31%) and Orgachim (ORGH) BGN 680.47 (-0.59%). The equally weighted BGTR30 declined 0.57% to 1,098.16 bps influenced mostly by Polimeri (POLIM) BGN 11.60 (-3.09%), Yuri Gagarin BT (GAGBT) BGN 121.10 (-1.60%) and Petrol (PET) BGN 4.31 (-0.92%). http://seenews.com/news/latestnews/ffbh-bulgariamorningupdate-dec7_2007-101521

Bugarian Stocks Rise in Thin Volumes Dec 07, 2007, 17:46 CET | Story | SeeNews SOFIA (Bulgaria), December 7 (SeeNews) - Bulgarian stocks advanced in thin volumes amid a consolidating market on Friday, brokers said. http://seenews.com/news/latestnews/stocks-161009

Bulgaria Schedule of Events - Dec 7-Jan 9 Dec 07, 2007, 08:37 CET | Story | SeeNews SOFIA (Bulgaria), December 7 (SeeNews) - Following is a schedule of corporate, economic and political events taking place in, or related to, Bulgaria through January 9. New or amended entries are marked (*). http://seenews.com/news/latestnews/bulgariascheduleofevents-dec7-jan9-080316

* CROAZIA *

Croatian Telekom Optima Raises 19.2 Mln Euro in First Round of IPO Dec 07, 2007, 15:24 CET | Story | SeeNews ZAGREB (Croatia), December 7 (SeeNews) - Croatia’s second largest fixed-line operator Optima Telekom said on Friday it has raised 140.4 million kuna ($28.1million/19.2 million euro) in the first round of its initial public offering (IPO). http://seenews.com/news/latestnews/croatiantelekomoptimaraises19_2mlneuroinfirstroundofipo-145122

Microsoft Says IT Spending in Croatia Tops $1.0 Bln in 2007 for First Time Dec 07, 2007, 18:10 CET | Story | SeeNews ZAGREB (Croatia), November 7 (SeeNews) - Microsoft said on Friday that annual spending on information technology in European Union candidate Croatia has exceeded $1.0 billion (682 million euro) for the first time in 2007, and was some 8.8% higher than in 2006. http://seenews.com/news/latestnews/microsoftsaysitspendingincroatiatops_1_0blnin2007-173916

Austrian BEWAG Says Seeks Strategic Partner for Croatian B.net Dec 07, 2007, 18:18 CET | Story | SeeNews ZAGREB (Croatia), December 7 (SeeNews) - Austrian industrial and utility group BEWAG said on Friday it is seeking a strategic partner for its Croatian cable TV operator and internet provider B.Net in a move to provide a dividend requested by its majority-owner, the Austrian state of Burgenland. http://seenews.com/news/latestnews/austrianbewagsaysseeksstrategicpartnerforcroatianb_net-175832

Croatia’s Nov Jobless Numbers Rise 1.2% M/M, Down 13.4% Y/Y – Table Dec 07, 2007, 13:44 CET | Story | SeeNews ZAGREB (Croatia), December 7 (SeeNews) - The number of unemployed in Croatia rose in November by 1.2% month-on-month to 253,183, the government’s Employment Service said on Friday. http://seenews.com/news/latestnews/croatia_snovjoblessnumbersrise1_2_m_m_down13_4_y_y___table-133016

FIMA Stock Monitor - Daily - Dec 6, 2007 Dec 07, 2007, 09:37 CET | Broker’s Report | SeeNews Daily comment:It looks like that St. Nicholas brought few gifts to investors as well.The CROBEX soared by 2,6% to 4.965,66 points, its highest level since 14th of November. However, it is still below 5000 points. Economic data released today was not as favourable as market sentiment. Concerns on rising inflation got its affirmation in PPI number as it rose by 5,4% on annual base, a fastest peace since Q4 2004, when real GDP fell to 2,4% in that particular quarter and to 1,8% in Q1 2005. Last month’s PPI growth was driven by increase in prices of energy that soared 7%. Tourism figures were mixed as in October 2007, the number of tourist arrivals in the Republic of Croatia increased by 6% and the number of tourist nights remained the same, as compared to October 2006. Vertically integrated oil and gas company Ina (INA-R-A) added 24 points the popular benchmark as it soared by 5,3% to HRK 2.700 on headlines stating its strategic partner Mol plans to combine Southeast European pipelines. With HRK 12,7 million in turnover the construction consultancy company IGH (IGH-R-A) topped the liquidity board. Shipping company Atlantska plovidba (ATPL-R-A) was the second biggest CROBEX mover. It rose by 3,6% to HRK 3.500, collecting a turnover of HRK 5,9 million. Toys and apparel retailer Magma (MGMA-R-A) extended its yesterday’s news flow announcing the opening of its stores in Ljubljana and Sarajevo. Integrated telecom HT (HT-R-A) also benefited from today’s rally. It closed at HRK 348, up by 2,4%. http://seenews.com/news/latestnews/fimastockmonitor-daily-dec6_2007-092746

Erste Securities - Croatian Equity Daily - Dec 7, 2007 Dec 07, 2007, 10:05 CET | Broker’s Report | SeeNews MARKET COMMENTOn Thursday, the Croatian equity market was characterized by optimism carried over from the day before, again followed by high liquidity. The CROBEX was launched more than 2% ahead just minutes after trading started and gained 2.6% by the end of the day. Stocks with the highest turnovers recorded surpluses. Institut gradjevinarstva Hrvatske was the most liquid share for the second day in a row and gained 5.5% on Thursday, reaching its highest price in the last month. INA also had a great performance and gained 5.3%, closing at its highest price in the last six weeks. Many other stocks closed in green territory, such as construction companies Viadukt (+5.1%) and Dalekovod (+3.2), Viro sugar factory (+3.7%), Atlantska plovidba (+3.6%), Ericsson Nikola Tesla (+2.8%) and T-Hrvatski Telekom (+2.4%). Pharmaceutical company Veterina lost 2% after the company announced lower earnings expectations. Jadransko osiguranje and Tankerska plovidba also closed in the red, recor ding price losses of 1.4% and 1.1%, respectively. http://seenews.com/news/latestnews/erstesecurities-croatianequitydaily-dec7_2007-100113

Croatian Share Indices End Mixed Dec 07, 2007, 18:36 CET | Story | SeeNews ZAGREB (Croatia), December 7 (SeeNews) - Croatian share indices ended mixed on Friday after rallying in the previous few days, traders said. http://seenews.com/news/latestnews/croatianshareindicesendmixed-181917

Croatia Schedule of Events - Dec 7 - Jan 1 Dec 07, 2007, 09:33 CET | Story | SeeNews ZAGREB (Croatia), December 7 (SeeNews) - Following is a schedule of corporate, economic and political events taking place in or related to Croatia through January 1. New or amended entries are marked (*). http://seenews.com/news/latestnews/croatiascheduleofevents-dec7-jan1-093106

World Bank To Grant Croatia $5.0 Mln for Agriculture Dec 07, 2007, 13:10 CET | Story | SeeNews ZAGREB (Croatia), December 7 (SeeNews) – The World Bank said on Friday it approved a $5.0 million (3.4 million euro) grant to support a project for agricultural pollution control in European Union (EU) candidate Croatia. http://seenews.com/news/latestnews/worldbanktograntcroatia_5_0mlnforagriculture-115433

IMF Urges Croatia To Address External Imbalances by Prudent Spending, Structural Reforms Dec 07, 2007, 17:44 CET | Story | SeeNews ZAGREB (Croatia), December 7 (SeeNews) – The International Monetary Fund (IMF) said on Friday it recommends to the next government of EU candidate Croatia to address the country’s external imbalances by prudent spending and further structural reforms. http://seenews.com/news/latestnews/imfurgescroatiatoaddressexternalimbalancesbyprudentspending_structural-165716

* MACEDONIA *

Macedonia To Invest over 18 Mln Euro in Infrastructure, Social Projects Dec 07, 2007, 18:37 CET | Story | SeeNews SKOPJE (Macedonia), December 7 (SeeNews) - Macedonia will invest over 18 million euro ($26.4 million) in social and infrastructure projects ranging from road building to computer networks for schools, the government said on Friday. http://seenews.com/news/latestnews/macedoniatoinvestover18mlneuroininfrastructure_socialprojects-180357

Macedonian Share Indices Rise in Low Turnover Dec 07, 2007, 17:35 CET | Story | SeeNews SKOPJE (Macedonia), December 7 (SeeNews) - Macedonian share indices rebounded this week, while turnover fell to 335.9 million denars ($7.98 million/ 5.4 million euro) from 429.9 million last week, bourse data showed on Friday. http://seenews.com/news/latestnews/macedonianshareindicesriseinlowturnoverl-170919

Macedonia Schedule of Events - Dec 7 - Nov 28 Dec 07, 2007, 08:34 CET | Story | SeeNews SKOPJE (Macedonia), December 7 (SeeNews) - Following is a schedule of corporate, economic and political events taking place in, or related to, Macedonia through Nov 28. New or amended entries are marked (*). http://seenews.com/news/latestnews/macedoniascheduleofevents-dec7-oct18-081725

* MONTENEGRO *

Montenegro Sells Hotel Operator Boka to Local Company Vektra for 22.2 Mln Euro Dec 07, 2007, 14:32 CET | Story | SeeNews PODGORICA (Montenegro), December 7 (SeeNews) - Montenegro will sign on Monday a deal for the sale of the state’s 59.45% stake in hotel operator HTP Boka to diversified private company Vektra for 22.202 million euro ($32.5 million), a government official said on Friday. http://seenews.com/news/latestnews/montenegrosellshoteloperatorbokatolocalcompanyvektrafor22_202mlneuro-141936

* ROMANIA *

Spanish Spadevel To Invest 8.0 Mln Euro in Residential Building in Romania Dec 07, 2007, 11:08 CET | Story | SeeNews BUCHAREST (Romania), December 7 (SeeNews) - Spanish developer Spadevel will develop an eight million euro ($11.7 million) apartment building in Romania’s capital Bucharest, the project’s manager, engineering consultancy group Louis Berger, said on Friday. http://seenews.com/news/latestnews/spanishspadeveltoinvest8mlneuroinresidentialbuildinginromania-project-100321

Spain’s FCC Says Gets 65 Mln Euro Contracts for Road Upgrades, Bridge Construction in Romania Dec 07, 2007, 13:33 CET | Story | SeeNews BUCHAREST (Romania), December 7 (SeeNews) - Romania has awarded two deals worth a total 65 million euro ($95 million) to Alpine, the Austrian unit of Spain’s Fomento De Construcciones Y Contratas (FCC), FCC said on Friday. http://seenews.com/news/latestnews/spain___sfccsaysgets65mlneurocontractsforroadupgrades_bridgeconstruction-111249

Romanian Bakery Group Boromir To Transfer to Bucharest Stock Exchange from OTC Market Dec 07, 2007, 17:26 CET | Story | SeeNews BUCHAREST (Romania), December 7 (SeeNews) - Romanian bakery group Boromir said on Friday its shareholders decided to transfer its listing from the over-the-counter market RASDAQ to the first or second tier of the Bucharest Stock Exchange (BVB). http://seenews.com/news/latestnews/romanianbakerygroupboromirtomovetobuchareststockexchangefromotcmarket-170224

Romanian Seasonings Producer Vinalcool Arges 9-Mo Net Profit Plunges Y/Y - Table Dec 07, 2007, 18:11 CET | Story | SeeNews BUCHAREST (Romania), December 7 (SeeNews) - Romanian seasonings producer Vinalcool Arges reported on Friday a slump in its nine-month net profit to 29,869 lei ($12,460/8,500 euro) from 851,411 lei a year earlier as costs rose faster than revenues. http://seenews.com/news/latestnews/romanianseasoningsproducervinalcoolargescutsalmostentirely9-monetprofit—171831

Italy’s Alenia Aeronautica Signs 217 Mln Euro Deal To Supply Seven C-27J Aircraft to Romania Dec 07, 2007, 18:32 CET | Story | SeeNews BUCHAREST (Romania), December 7 (SeeNews) - Italian industrial group Finmeccanica said on Friday its subsidiary Alenia Aeronautica has signed a 217 million euro ($318.187 million) deal for the supply of seven C-27J military transport aircraft to Romania. http://seenews.com/news/latestnews/italy_saleniaaeronautica_romaniasign217mlneurodealforsevenc-27j-175955

Construction, Services Boost Romania’s 9-Mo GDP Growth Dec 07, 2007, 10:44 CET | Story | SeeNews BUCHAREST (Romania), December 7 (SeeNews) - The construction industry and services were the main engine behind the growth of Romania’s gross domestic product (GDP) in the first nine months of the year, while agriculture slowed it down, figures of the country’s statistics office (INS) indicated on Friday. http://seenews.com/news/latestnews/construction_servicesboostromania_s9-mogdpgrowth-101234

Romania Rejects All Bids for 3-Yr T-Notes Dec 07, 2007, 09:36 CET | Story | SeeNews BUCHAREST (Romania), December 7 (SeeNews) - Romania rejected all bids, worth 799.4 million lei ($333 million/228 million euro), at Thursday’s auction of 600 million lei in three-year Treasury notes, as banks offered higher yields, central bank data showed on Friday. http://seenews.com/news/latestnews/romaniarejectsallbidsfor3-yrt-notes-092846

Romanian National Bank - Inflation Report Nov 2007 - Part VI Financial Markets and Monetary Developments Dec 07, 2007, 13:21 CET | State Agencies Reports | SeeNews 2. Financial markets and monetary developmentsDaily interbank rates returned to normal values during 2007 Q3 and gradually neared the policy rate, under the influence of changes to the monetary policy operational framework and of the central bank’s tighter control over liquidity. The RON/EUR exchange rate saw a trend reversal, as the domestic currency – similar to other currencies of emerging economies – came under the impact of the sharp decline in investors’ risk appetite given the global market turmoil. Liquidity in the economy expanded at a slower pace, while the annual growth rate of private sector credit regained momentum in the latter part of the reported quarter, spurred by the faster rise of its forexdenominated component.2.1. Interest ratesThe changes brought by the central bank to the monetary policy operational framework and the tightening of the liquidity control policy made the interbank rates reduce their volatility considerably in 2007 Q3 and gradually return close to the monetary policy rate; the average interest rate on interbank deposits fell 3.7 percentage points versus the previous quarter, reaching 5.9 percent.The magnitude of this decline reflected mainly the return of daily average rates to normal values following the extremely high levels posted in the previous quarter. Another driver of this drop was the downward course of interbank deposit rates in early July, against the backdrop of a temporary hike in excess reserves. Liquidity injections generated by developments in autonomous factors were only partly offset by the central bank’s open market operations, so that the average overnight rates became significantly lower than the policy rate, nearing the interest rate on the deposit facility in the final week of the reserve maintenance period.The subsequent rebound was followed by a further drop – albeit of a lower magnitude – in the first 10-day period of August, when average daily interbank rates posted va lues 2-3 percentage points lower than the policy rate, although li dity conditions remained somewhat balanced. These developments were the result of certain credit institutions overestimating the volume of reserves within the system (including by anticipating that the NBR would stick to the same liquidity management approach as in the previous month). Increased resort to sterilisation operations led to a subsequent reshaping of these expectations, so that interbank rates overlapped again the policy rate in the latter part of the month. Liquidity conditions even became relatively tense in the final two days of the reserve maintenance period, given that excess reserves failed to be effectively redistributed among banks, while some participants overestimated the short-term demand for resources; on 23 August, interbank rates climbed to a daily average of 10.1 percent, the actual magnitude of their rise being limited by the NBR’s liquidity injection conducted in this context via a repo operation. Starting with the last week of August, interest rates hovered around 6.0 percent, except for the temporary decline which occurred at the end of the reserve maintenance period in September. However, in the latter part of the reported quarter, interbank rates exceeded slightly the policy rate, given that the central bank reverted to its traditional manner of conducting deposit-taking auctions (at fixed-rate) and banks displayed a keener interest in this type of placements.Against this backdrop, interbank rates fluctuated within a significantly narrower margin compared to the previous quarter, with daily average interest rates on overnight deposits ranging from 1.1 percent to 10.1 percent. In addition, the average spread between bid and ask rates for this maturity narrowed gradually during the period under review, so that its quarterly average hit a historical low.The (1M-12M) BUBOR yield curve moved downwards in the first part of the period under review, with the overall average of such rates posting a 0.50 percentage point drop during July- August compared to the previous quarter. The de ne was steeper for short-term rates (as a result of the temporary easing of liquidity conditions), so that the spread between monthly averages of 12M and 1M BUBOR rates entered positive territory. In September, however, interest rates reverted to an upward trend across the maturity spectrum, rising by approximately 0.15 percentage points on average versus the previous month. These developments mirrored a tighter monetary control by the NBR and the implicit recalibration of market operators’ expectations on the interest rate trajectory over the coming quarters.Developments in implicit forwardrates illustrated similar expectations. Thus, calculated on the basis of September average rates, the 3M BUBOR rate was expected to stand at 7.2 percent at end-2007 and decline progressively to reach 6.9 percent around mid-2008. However, according to end- September readings, the 3M BUBOR rate was expected to come in at 7.3 percent in December 2007 and shrink only marginally in the first two quarters of 2008 to 7.2 percent. http://seenews.com/news/latestnews/romaniannationalbank-inflationreportnov2007-partvifinancialmarketsand-115602

Romanian National Bank -Inflation Report Nov 2007 - Part VII Inflation Outlook, Inflation Forecast Dec 07, 2007, 14:39 CET | State Agencies Reports | SeeNews The baseline scenario of the current projection places the 12- month inflation rate at 5.7 percent for end-2007, 1.8 percentage points above the figure published in the August 2007 Inflation Report. For end-2008, inflation is forecasted to reach 4.3 percent, up 0.6 of a percentage point from the previous projection of 3.7 percent.The projection was revised due to recent developments marking substantial deviations from the previous scenario. The deviations stem from larger-than-anticipated effects of this years’ drought on food prices (which made themselves felt at the end of Q3 in particular) and from the impact, starting 2007 Q3, of the RON trading at significantly higher levels than those considered in the previous forecast. Against this background, the increase in domestic prices could not be offset by the consumption of cheaper imported goods, as import price dynamics were severely affected not only by the impact of increases in the prices of agri-food items on specific foreign markets, but also by exchange rate movements. In addition, the combined effect of the nominal depreciation of the local currency and the worsening inflation expectations led to less restrictive monetary conditions in real terms, thereby reducing the pressure they had exerted on aggregate demand in the first part of the forecast horizon.For 2008, the baseline scenario foresees a much steeper disinflation path (with the projected annual inflation rate dropping from 5.7 percent at end-2007 to 4.3 percent at end- 2008) compared to the previous forecast (from 3.9 percent to 3.7 percent). During 2009, inflation is projected to revert to levels close to the central target. The decreasing inflation projection in the latter part of the forecast horizon relies on the influence exerted by restrictive monetary conditions on aggregate demand, on the forecasted favorable dynamics of import prices and on the assumption of fading after-effects from the 2007 drought following the 2008 harvest. The required restrictiveness of the real monetary cond ons will be ensured by the adequate calibration of the monetary policy along with the projected resumption of the long-run real appreciation of the domestic currency, reflecting ongoing productivity gains in the Romanian economy and the persistence of sustainable productive capital inflows.The main risks which, should theymaterialize, could cause inflation to deviate from its projected path arise from wage increases in excess of productivity gains, a renewed flare-up of inflation expectations, a changed public spending pattern in favor of items with greater inflationary potential, and largerthan- anticipated budget deficits. The deviation of the inflation rate from the projected trajectory could also be generated by departures from the baseline scenario of the RON exchange rate, volatile prices of some food items, as well as fuel and administered prices. While deviations on either side of the baseline scenario are possible, the likelihood of upside inflation risks is signific antly higher over the current projection horizon.1. The baseline scenario of the forecast1.1. Inflation forecastAccording to the baseline scenario, the annual consumer price inflation is projected to exceed the upper limit of the corridor around the central target in the final quarter of 2007 and to fall back inside starting with 2008 Q4. The inflation rate is estimated to reach 5.7 percent in 2007 and 4.3 percent in 2008. Until 2009 Q1, the projected path of the annual CPI rate is higher than in the forecasts published in the August 2007 Inflation Report. http://seenews.com/news/latestnews/romaniannationalbank-inflationreportnov2007-partviiinflationoutlook_-133240

Romanian National Bank - Inflation Report Nov 2007 - Part VIII Inflation Outlook, Exogenous Inflationary Pressures Dec 07, 2007, 14:50 CET | State Agencies Reports | SeeNews The cumulative effect of exogenous components of consumer price inflation anticipated for 2007 and 2008 is 0.7 percentage points and 0.1 percentage points respectively higher in the current baseline scenario than in the previous projection, whereas that for 2009 Q1-Q3 is similar to the forecast in the August 2007 Inflation Report. According to the current projection, volatile prices of some food items, i.e. vegetables, fruit and eggs, are the main source of exogenous pressures on consumer prices.Administered prices are expected to increase more slowly than consumer prices until 2008 Q3. Such hikes are seen to be lower than previously anticipated for the entire projection period; Table 5.2 shows the annualized values. http://seenews.com/news/latestnews/romaniannationalbank-inflationreportnov2007-partviiiinflationoutlook_-144521

Ieba Trust - Romanian Market Daily - Dec 6, 2007 Dec 07, 2007, 09:21 CET | Broker’s Report | SeeNews BET-FI posted the highest daily increase since 23 August http://seenews.com/news/latestnews/iebatrust-romanianmarketdaily-dec6_2007-091912

Raiffeisen Capital & Investment - Investment Daily Romania - Dec 7, 2007 Dec 07, 2007, 09:53 CET | Broker’s Report | SeeNews HighlightsTransgaz IPO - The subscription period for Transgaz IPO ends today. http://seenews.com/news/latestnews/raiffeisencapital_investment-investmentdailyromania-dec7_2007-094829

Romanian Investment Funds Fall in Correction, Rest of Stock Market Extends Gains Dec 07, 2007, 15:58 CET | Story | SeeNews BUCHAREST (Romania), December 7 (SeeNews) - The indices of the Bucharest Stock Exchange (BVB) gained further ground on Friday, except for the BET-FI index, tracking Romania’s five regional investment funds, the SIFs, which dropped in a correction, brokers said. http://seenews.com/news/latestnews/romanianinvestmentfundsfallincorrection_restofstockmarketextendsgains-150937

Romania Schedule of Events - Dec 7 - Feb 26 Dec 07, 2007, 08:33 CET | Story | SeeNews BUCHAREST (Romania), December 7 (SeeNews) - Following is a schedule of corporate, economic and political events taking place in or related to Romania through February 26. New or amended entries are marked (*). http://seenews.com/news/latestnews/romaniascheduleofevents-dec7-feb26-080040

Romanian Leu Ends Stronger Amid Positive Trend in Emerging Markets Dec 07, 2007, 16:27 CET | Story | SeeNews BUCHAREST (Romania), December 7 (SeeNews) - The Romanian leu ended the week stronger against the euro, closing at 3.5060/5100 on Friday, following an appreciating trend over the last few days in emerging markets, dealers said. http://seenews.com/news/latestnews/romanianleuendsstronger_amidpositivetrendinemergingmarkets-160842

* SERBIA *

Serbia Puts on Hold Tender for River Shipping Company JRB After Complaint Dec 07, 2007, 14:23 CET | Story | SeeNews BELGRADE (Serbia), December 7 (SeeNews) – Serbia said it has put on hold the privatisation of river shipping company Jugoslovensko Recno Brodarstvo (JRB) after the second ranked bidder filed a complaint that the top ranked bidder failed to meet qualification criteria. http://seenews.com/news/latestnews/serbiaputsonholdtenderforrivershippingcompanyjrb-122250

Serbia To Import 15,000 T Sunflower Oil, Cut Import Duties on Milk Powder, Butter Dec 07, 2007, 15:02 CET | Story | SeeNews BELGRADE (Serbia), December 7 (SeeNews) - Serbia’s government has approved the duty-free imports of 15,000 tonnes of sunflower oil to avert a rise in domestic prices, the country’s Finance Ministry said on Friday. http://seenews.com/news/latestnews/serbiatoimport15_000tsunfloweroil_cutmilkpowder_butterimportduties-134411

GREECE’S HELLENIC PETROLEUM SAYS WILL TEAM UP WITH AUSTRIA’S OMV FOR SERBIAN OIL MONOPOLY SALE Dec 07, 2007, 15:40 CET | Alert | SeeNews http://seenews.com/news/latestnews/greekhellenicpetroleum_austrianomvtoteamupforserbianoilmonopolysale-145908

Greek Hellenic Petroleum, Austrian OMV To Team Up for Serbian Oil Monopoly Sale Dec 07, 2007, 15:49 CET | Story | SeeNews BELGRADE (Serbia), December 7 (SeeNews) - Greece’s Hellenic Petroleum said on Friday it would team up with Austria’s OMV to bid in the planned sale of Serbia’s oil monopoly Naftna Industrija Srbije (NIS). http://seenews.com/news/latestnews/greekhellenicpetroleum_austrianomvtoteamupforserbianoilmonopolysale-153651

Serbia’s Tigar 515.5 Mln Dinar (6.5 Mln Euro) Cap Hike Fails Dec 07, 2007, 18:05 CET | Story | SeeNews BELGRADE (Serbia), December 7 (SeeNews) – A capital hike of at least 515.538 million dinars ($9.5million/6.5million euro) launched by Serbian blue-chip rubber and chemicals group Tigar has failed to attract enough investor interest and was declared unsuccessful, the country’s Securities Commission said on Friday. http://seenews.com/news/latestnews/planned6_5mlneurocapitalhikeofserbiantigarfails-173122

Serbia’s November Restaurant, Hotel Prices Up 7.0% Y/Y - Table Dec 07, 2007, 13:43 CET | Story | SeeNews BELGRADE (Serbia), December 7 (SeeNews) - Prices in Serbia’s restaurants and hotels rose by 7.0% in November from a year earlier and were 0.5% higher than in the previous month, the country’s Statistics Bureau reported on Friday. http://seenews.com/news/latestnews/serbia_snovemberrestaurant_hotelpricesup7_0_y_y-table-112640

Vojvodjanska Banka - Daily Vobnews - Dec 7, 2007 Dec 07, 2007, 10:09 CET | Broker’s Report | SeeNews Vojvodjanska banka released its Daily Vobnews Report for December 7, 2007 containing the following charts and tables: http://seenews.com/news/latestnews/vojvodjanskabanka-dailyvobnews-dec7_2007-100817

Sinteza Investment Group - Daily Market WrapUp - Dec 5, 2007 Dec 07, 2007, 10:32 CET | Broker’s Report | SeeNews Sinteza Investment Group has released its Daily Market WrapUp for December 5, 2007, containg an overview of the Serbian Financial Market. http://seenews.com/news/latestnews/sintezainvestmentgroup-dailymarketwrapup-dec5_2007-102713

Sinteza Investment Group - Daily Market WrapUp - Dec 6, 2007 Dec 07, 2007, 10:41 CET | Broker’s Report | SeeNews Sinteza Investment Group has released its Daily Market WrapUp for December 6, 2007, containg an overview of the Serbian Financial Market. http://seenews.com/news/latestnews/sintezainvestmentgroup-dailymarketwrapup-dec6_2007-103837

Vojvodjanska Banka Delists from Belgrade Stock Exchange Dec 07, 2007, 15:25 CET | Story | SeeNews BELGRADE (Serbia), December 7 (SeeNews) - The Serbian unit of the National Bank of Greece (NBG), Vojvodjanska Banka, delisted from the Belgrade Stock Exchange (BELEX) on Friday, the bourse operator said. http://seenews.com/news/latestnews/vojvodjanskabankadelistsfrombelgradestockexchange-150928

Gains in Blue-chip Shares Push Belgrade Indices Higher Dec 07, 2007, 16:46 CET | Story | SeeNews BELGRADE (Serbia), December 7 (SeeNews) – Indices on the Belgrade Stock Exchange (BELEX) closed higher on Friday pushed by gains in blue chips, brokers said. http://seenews.com/news/latestnews/gainsinblue-chipsharespushbelgradeindiceshigher-162644

Serbia Schedule of Events - Dec 7 - Jan 2 Dec 07, 2007, 10:39 CET | Story | SeeNews BELGRADE (Serbia), December 7 (SeeNews) - Following is a schedule of corporate, economic and political events taking place in or related to Serbia through January 2. New or amended entries are marked (*). http://seenews.com/news/latestnews/serbiascheduleofevents-dec7-jan2-101344

* SLOVENIA *

Gains in Drug Maker Krka Lift Slovenian Stock Indices Again Dec 07, 2007, 17:10 CET | Story | SeeNews LJUBLJANA (Slovenia), December 7 (SeeNews) - Slovenian stock indices rose for a fifth day running on Friday, lifted again mainly by gains in blue-chip drug maker Krka, brokers said. http://seenews.com/news/latestnews/drugmakerkrka_sgainsliftslovenianstockindicesagain-163642

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