SEENEWS – news report of 08.05.2008

News report of 08.05.2008

* Albania *

Greece’s Emporiki Bank To Invest 69.4 Mln Euro in Bulgarian, Romanian, Albanian Units by Year’s End May 08, 2008, 13:15 CET | Story | SeeNews SOFIA (Bulgaria), May 8 (SeeNews) - Greece’s Emporiki Bank, majority-owned by France’s Credit Agricole, plans to invest 69.4 million euro ($106.7 million) in its subsidiaries in Bulgaria, Romania and Albania by the end of the year through capital increases and subordinated loans to back their development, a senior official of Emporiki Bank said on Thursday. link

Albania’s 4-mo Customs Revenue Rises 14.4% to 31 Bln Leks (254 Mln Euro), Exceeds Forecasts May 08, 2008, 12:05 CET | Story | SeeNews TIRANA (Albania), May 8 (SeeNews) - Albania collected 30.97 billion leks ($390.5 billion/253.98 million euro) in customs revenue through April, up 14.4% from the same period a year earlier, the Customs Office said on Thursday. link

ALBANIA APRIL CPI -0.4% M/M, +4.4% Y/Y VS +0.9% M/M, +4.6% Y/Y IN MARCH - STATS OFFICE May 08, 2008, 13:39 CET | Alert | SeeNews link

Albania’s April CPI Falls 0.4% M/M, Rises 4.4% Y/Y - Table May 08, 2008, 13:55 CET | Story | SeeNews TIRANA (Albania), May 8 (SeeNews) - Albania’s April consumer price index (CPI) fell by 0.4% month-on-month, after a 0.9% monthly increase in March, the National Statistics Office (INSTAT) said on Thursday. link

UPDATE 1 - Albania’s April CPI Falls 0.4% M/M, Rises 4.4% Y/Y May 08, 2008, 14:10 CET | Story | SeeNews (adds details) link

Albania To Auction 2.3 Bln Leks (18.8 Mln Euro) of 3-Mo T-bills on Tuesday May 08, 2008, 14:51 CET | Story | SeeNews TIRANA (Albania), May 8 (SeeNews) - Albania’s central bank will auction 2.3 billion leks ($29 million/18.86 million euro) in three-month Treasury bills on Tuesday, the bank said on Thursday. link

Albania Sells 3.5 Bln Leks (29 Mln Euro) in 5-year T-notes, Yields Rise May 08, 2008, 15:11 CET | Story | SeeNews TIRANA (Albania), May 8 (SeeNews) - Albania’s central bank sold 3.5 billion leks ($44.13 million/28.7 million euro) worth of five-year Treasury notes in an auction held on Monday as yields rose, the Finance Ministry said on Thursday. link

* Bosnia *

Bosnia’s Serb Republic March Tourist Numbers Rise 15% Y/Y - Table May 08, 2008, 14:00 CET | Story | SeeNews BANJA LUKA (Bosnia and Herzegovina), May 8 (SeeNews) - The number of tourists in Bosnia’s Serb Republic totalled 18,220 in March, up 15% on the year and 8.1% higher than a month earlier, official data showed on Thursday. link

Bosnia Federation To Auction 16% of Coking Plant Lukavac on Bourse on May 15 May 08, 2008, 14:16 CET | Story | SeeNews SARAJEVO (Bosnia and Herzegovina), May 8 (SeeNews) - Bosnia’s Muslim-Croat Federation government will auction 16% of state-controlled coking plant KHK Lukavac on the Sarajevo Stock Exchange (SASE) on May 15, SASE said on Thursday. link

Bosnia Serb Republic March Construction Output Rises 29.3% Y/Y - Table May 08, 2008, 14:38 CET | Story | SeeNews BANJA LUKA (Bosnia and Herzegovina), May 8 (SeeNews) - The construction output in Bosnia’s Serb Republic, measured by value, rose in March by 29.3% year-on-year and was 35.2% higher than in February, the Republic’s Statistics Office said on Thursday. link

Bosnia Schedule of Events - May 8 - Oct 29 May 08, 2008, 09:14 CET | Story | SeeNews SARAJEVO (Bosnia and Herzegovina), May 8 (SeeNews) - Following is a schedule of corporate, economic and political events taking place in or related to Bosnia and Herzegovina through October 29. New or amended entries are marked (*). link

* Bulgaria *

Bulgarian Stock Exchange - Daily Bulletin, Selected Announcements - May 7, 2008 May 08, 2008, 09:27 CET | Specialists Reports | SeeNews Hydroizomat AD-Sofia /HYDRO/ has submitted to X3 News the following information:Hydroizomat AD has sold its 50% participation in the capital of Alpexpert Group OOD. The reason for the sale is that the company would like to concentrate on the activities connected to the design and realisation of heat-insulating systems carried out by the fully controlled subsidiary of the company Hydroizomat Engineering EOOD.The entire notification is available on www.x3news.com.

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Australia’s Balkans Gold Expects Breznik Project to Host At Least 1.0 Moz of Gold May 08, 2008, 10:32 CET | Story | SeeNews SOFIA (Bulgaria), May 8 (SeeNews) - Australian mineral exploration company Balkans Gold on Thursday said its Breznik project in Bulgaria could host at least 1 million ounces (moz) of gold based on latest gold assay results. link

Bulgarian NSI - Road Freight Transport - Q4 2007 May 08, 2008, 11:45 CET | State Agencies Reports | SeeNews The National Statistics Institute (NSI) has published its report on road freight transport for the fourth quarter of 2007. link

Bulgarian NSI - Road Freight Transport - 2007 May 08, 2008, 11:48 CET | State Agencies Reports | SeeNews The National Statistics Institute (NSI) has published its report on road freight transport for 2007. link

Greece’s Emporiki Bank To Invest 69.4 Mln Euro in Bulgarian, Romanian, Albanian Units by Year’s End May 08, 2008, 13:15 CET | Story | SeeNews SOFIA (Bulgaria), May 8 (SeeNews) - Greece’s Emporiki Bank, majority-owned by France’s Credit Agricole, plans to invest 69.4 million euro ($106.7 million) in its subsidiaries in Bulgaria, Romania and Albania by the end of the year through capital increases and subordinated loans to back their development, a senior official of Emporiki Bank said on Thursday. link

Bulgaria’s Central Bank Declines To License Financia Bank May 08, 2008, 17:37 CET | Story | SeeNews SOFIA (Bulgaria), May 8 (SeeNews) - Bulgaria’s central bank on Thursday said it declined to license Financia Bank due to insufficient compliance of the submitted documents with local banking legislation and told its founders to improve their project to qualify for further consideration. link

Bulgaria’s Petrol Q1 Net Profit Surges 27 Times on Sale of Assets to Lukoil May 08, 2008, 18:31 CET | Story | SeeNews SOFIA (Bulgaria), May 8 (SeeNews) - The net profit of Bulgaria’s largest fuel retailer Petrol for the first quarter was 103.7 million levs ($81.4 million/53 million euro), 27 times higher than a year earlier, reflecting the sale of assets to the local unit of Russian oil major Lukoil, a senior company official said on Thursday. link

Bulbrokers - USA Stock Markets Daily Review - May 8, 2008 May 08, 2008, 09:01 CET | Broker’s Report | SeeNews The major indexes lost more than 1.5% link

Elana - Bulgaria Daily Report - May 7, 2008 May 08, 2008, 09:20 CET | Broker’s Report | SeeNews Market Highlights link

FFBH - Bulgaria Morning Update - May 8, 2008 May 08, 2008, 10:05 CET | Broker’s Report | SeeNews MARKET WRAP-UP link

Bulgarian Share Indices Lose Ground in Dull Trading May 08, 2008, 16:36 CET | Story | SeeNews SOFIA (Bulgaria), May 8 (SeeNews) - The Bulgarian stock exchange’s four share indices ended lower on Thursday in dull trading with most shares falling, brokers said. link

Bulgaria Schedule of Events - May 8 - Nov 25 May 08, 2008, 09:08 CET | Story | SeeNews SOFIA (Bulgaria), May 8 (SeeNews) - Following is a schedule of corporate, economic and political events taking place in or related to Bulgaria through November 25. New or amended entries are marked (*). link

Bulbrokers - Daily FX Analysis - May 8, 2008 May 08, 2008, 09:19 CET | Broker’s Report | SeeNews Dollar Up On Strong Data link

* Croatia *

Croatia’s Fima Sets up Brussels-based Consultancy Arm May 07, 2008, 18:55 CET | Story | SeeNews ZAGREB (Croatia), May 7 (SeeNews) – Croatia-based financial group Fima has set up a consultancy unit in Brussels, aiming to help companies from southeastern Europe do business in the European Union, it said on Wednesday. link

CROATIAN TELCO T-HT SAYS Q1 NET PROFIT FALLS 3.8% Y/Y TO 548 MLN KUNA (75.5 MLN EURO) May 08, 2008, 09:48 CET | Alert | SeeNews link

Croatian Telco T-HT Q1 Net Profit Falls 3.8% Y/Y to 548 Mln Kuna (75.5 Mln Euro) May 08, 2008, 10:03 CET | Story | SeeNews ZAGREB (Croatia), May 8 (SeeNews) - Croatian blue-chip telecommunications company T-HT, majority-owned by Deutsche Telekom, reported on Thursday a 3.8% fall in its first quarter net profit to 548 million kuna ($116 million/75.5 million euro). link

UPDATE 1- Croatian Telco T-HT Q1 Net Profit Falls 3.8% Y/Y to 548 Mln Kuna (75.5 Mln Euro) May 08, 2008, 11:46 CET | Story | SeeNews (adds table, details, broker comment) link

CROATIA’S ATLANTIC TO PAY FIRST-EVER DIVIDEND OF 4.70 KUNA (0.65 EURO)/SHARE FOR 2007 May 08, 2008, 12:30 CET | Alert | SeeNews link

CROATIAN FOOD PRODUCER PODRAVKA SAYS Q1 GROUP NET PROFIT RISES 6.0% Y/Y TO 15.83 MLN KUNA (2.2 MLN EURO) May 08, 2008, 13:37 CET | Alert | SeeNews link

Croatian Food Producer Podravka’s Q1 Group Net Profit Rises 6.0% Y/Y to 15.83 Mln Kuna (2.2 Mln Euro) May 08, 2008, 13:49 CET | Story | SeeNews ZAGREB (Croatia), May 8 (SeeNews) – Croatian blue-chip food, beverage and drug producer Podravka on Thursday reported a 6.0% rise in its group net profit for the first quarter to 15.83 million kuna ($3.4 million/2.2 million euro) from 14.97 million a year earlier. Croatia's Atlantic Grupa To Pay First-ever Dividend May 08, 2008, 13:57 CET | Story | SeeNews ZAGREB (Croatia), May 8 (SeeNews) – Croatian fast moving consumer goods distributor and health products maker Atlantic Grupa will distribute a dividend of 4.70 kuna ($0.99/0.65 euro) per share for 2007, its first-ever dividend payment, the company said on Thursday. [link->http://seenews.com/news/latestnews/croatianatlanticgrupatopayfirst-everdividendfor2007-130858" class="spip_out">link

UPDATE 1- Croatian Food Producer Podravka’s Q1 Group Net Profit Rises 6.0% Y/Y to 15.83 Mln Kuna (2.2 Mln Euro) May 08, 2008, 14:20 CET | Story | SeeNews (adds table) link

Croatian IGH Wins Deal To Design Bridge in Zagreb – Media May 08, 2008, 15:30 CET | Story | SeeNews ZAGREB (Croatia), May 8 (SeeNews) – Croatian blue-chip civil engineering institute Institut Gradjevinarstva Hrvatske (IGH) has won a tender to design a bridge over the Sava river in the capital Zagreb for an undisclosed sum, local media reported on Thursday. link

CROATIA’S APRIL PPI RISES 0.4% M/M, UP 7.7% Y/Y - STATS OFFICE May 08, 2008, 12:03 CET | Alert | SeeNews link

Croatia’s April Industrial PPI Rises 0.4% M/M, Up 7.7% Y/Y – Table May 08, 2008, 12:28 CET | Story | SeeNews ZAGREB (Croatia), May 8 (SeeNews) - Croatia’s April producer price index (PPI) of industrial goods rose by 0.4% on the month and was 7.7% higher than a year earlier, the State Statistics Bureau said on Thursday. link

FIMA Stock Monitor - Daily - May 7, 2008 May 08, 2008, 08:55 CET | Broker’s Report | SeeNews Daily comment: link

Erste Securities - Croatian Equity Daily - May 8, 2008 May 08, 2008, 09:35 CET | Broker’s Report | SeeNews Highlights: link

Zagreb Stock Exchange - Monthly Report - April 2008 May 08, 2008, 10:25 CET | Specialists Reports | SeeNews Zagreb Stock Exchange has published its monthly report on turnover and trading activity for April 2008. link

Croatia Schedule of Events – May 8 - June 6 May 08, 2008, 09:13 CET | Story | SeeNews ZAGREB (Croatia), May 8 (SeeNews) - Following is a schedule of corporate, economic and political events taking place in or related to Croatia through June 6. New or amended entries are marked (*). link

* Macedonia *

Macedonian Construction Co Mavrovo Quadruples Cons Loss in 2007 - Table May 08, 2008, 15:40 CET | Story | SeeNews SKOPJE (Macedonia), May 8 (SeeNews) - Macedonian construction company ADG Mavrovo on Thursday reported a consolidated net loss of 144.9 million denars ($3.63 million/2.37million euro) for 2007, more than four times its loss of 34.1 million denars a year earlier, as sales fell. link

Macedonia’s Investbanka 2007 Prelim Net Profit Jumps Almost Fourfold - Table May 08, 2008, 16:12 CET | Story | SeeNews SKOPJE (Macedonia), May 8 (SeeNews) - Macedonian commercial bank Investbanka said on Thursday its 2007 preliminary net profit increased nearly four times to a preliminary 250.2 million denars ($6.28 million /4.09 million euro). link

Macedonia’s MEPSO Sells 1,127 MWh of Night-Time Electricity Surpluses to Three Companies May 08, 2008, 17:37 CET | Story | SeeNews SKOPJE (Macedonia), May 8 (SeeNews) - State-owned power transmission operator MEPSO said on Thursday that two foreign and one domestic company have purchased part of auctioned night-time electricity surpluses for the period May 12-18. link

Macedonia’s Largest Bakery Zito Luks Q1 Net Loss Widens to 27.6 Mln Denars (450,200 Euro) - Table May 08, 2008, 18:14 CET | Story | SeeNews SKOPJE (Macedonia), May 8 (SeeNews) - Macedonia’s largest bakery, Zito Luks, on Thursday reported a widening of its first-quarter net loss to 27.6 million denars ($693,300/450,200 euro) from 21.6 million a year earlier, mainly due to expensive raw materials and low selling prices. link

MACEDONIA’S C-BANK SAYS RAISES REPO RATE FROM 6% TO 7% ON WIDENING TRADE GAP, INFLATION PRESSURE May 08, 2008, 12:31 CET | Alert | SeeNews

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Macedonian C-Bank Raises Repo Rate to 7% on Widening Trade Gap, Inflation Pressure May 08, 2008, 12:53 CET | Story | SeeNews SKOPJE (Macedonia), May 8 (SeeNews) - The Macedonian National Bank (NBRM) decided to raise the repo rate from 6% to 7% to offset the impact of a widening trade gap and inflation pressure. link

Macedonian Stock Exchange - Daily Report - May 7, 2008 May 08, 2008, 08:53 CET | Specialists Reports | SeeNews Macedonian Stock Exchange has published its report on turnover and prices for May 7, 2008. link

Macedonia Schedule of Events May 8 –Nov 28 May 08, 2008, 09:43 CET | Story | SeeNews SKOPJE (Macedonia), May 8 (SeeNews) - Following is a schedule of corporate, economic and political events taking place in or related to Macedonia through November 28. New or amended entries are marked (*) link

* Moldova *

Montenegro Wraps Up 70,000 Euro Sale of Radvent to UK-based MN Speciality Steels May 08, 2008, 11:48 CET | Story | SeeNews PODGORICA (Montenegro), May 8 (SeeNews) - Montenegro has wrapped up the sale of its 48.6% stake in machine building company Radvent to UK-based MN Speciality Steels (MNSS) for 70,000 euro ($107,618), the government in Podgorica said. link

Nine Companies Show Interest in Upscale Tourist Project on Montenegrin Adriatic Island May 08, 2008, 14:10 CET | Story | SeeNews PODGORICA (Montenegro), May 8 (SeeNews) – Montenegro said nine international companies have shown interest in developing an upscale resort on Montenegro’s Adriatic island of Ada Bojana. link

Magyar Telekom’s Montenegrin Mobile Unit Q1 Revenue Rises 13% Y/Y May 08, 2008, 14:36 CET | Story | SeeNews PODGORICA (Montenegro), May 8 (SeeNews) - Magyar Telekom’s Montenegrin mobile unit, T-Mobile Montenegro, reported on Thursday an annual rise of 13% in its first quarter revenue. link

New Securities Exchange of Montenegro - Daily Report - May 5, 2008 May 08, 2008, 10:12 CET | Specialists Reports | SeeNews New Securities Exchange of Montenegro (NEX) has published its daily report on trading volumes and prices for May 5, 2008. link

New Securities Exchange of Montenegro - Daily Report - May 6, 2008 May 08, 2008, 10:14 CET | Specialists Reports | SeeNews New Securities Exchange of Montenegro (NEX) has published its daily report on trading volumes and prices for May 6, 2008. link

New Securities Exchange of Montenegro - Daily Report - May 7, 2008 May 08, 2008, 10:24 CET | Specialists Reports | SeeNews New Securities Exchange of Montenegro (NEX) has published its daily report on trading volumes and prices for May 7, 2008. link

Montenegro Schedule of Events – May 8 - June 4 May 08, 2008, 10:28 CET | Story | SeeNews PODGORICA (Montenegro), May 8 (SeeNews) - Following is a schedule of corporate, economic and political events taking place in or related to Montenegro through June 4. New or amended entries are marked (*). link

* Romania *

Greece’s Emporiki Bank To Invest 69.4 Mln Euro in Bulgarian, Romanian, Albanian Units by Year’s End May 08, 2008, 13:15 CET | Story | SeeNews SOFIA (Bulgaria), May 8 (SeeNews) - Greece’s Emporiki Bank, majority-owned by France’s Credit Agricole, plans to invest 69.4 million euro ($106.7 million) in its subsidiaries in Bulgaria, Romania and Albania by the end of the year through capital increases and subordinated loans to back their development, a senior official of Emporiki Bank said on Thursday. link

Romania’s C-Bank Keeps Reserves Requirements Unchanged To Slow Lending Growth May 08, 2008, 14:39 CET | Story | SeeNews BUCHAREST (Romania), May 8 (SeeNews) - Romania’s central bank, BNR, has maintained its minimum reserves requirements on both leu- and foreign currency-denominated liabilities of commercial banks in a bid to slow lending growth and keep inflation in check, BNR governor Mugur Isarescu said on Thursday. link

Romania’s Cernavoda Nuclear Power Plant To Shut Down Reactor for 40-day Maintenance May 08, 2008, 15:55 CET | Story | SeeNews BUCHAREST (Romania), May 8 (SeeNews) - The oldest of the two 700-megawatt (MW) reactors at Romania’s sole nuclear power plant Cernavoda will shut down on May 10 for scheduled 40-day maintenance, the plant’s operator Nuclearelectrica said on Thursday. link

Raiffeisen Capital & Investment - Corporate Events - May 12 - 18, 2008 May 08, 2008, 16:29 CET | Broker’s Report | SeeNews Raiffeisen Capital & Investment has released its schedule of corporate events for the week May 12 - 18, 2008, containing the following tables. link

Romanian Steel Tube Manufacturer TMK Artrom Q1 Net Profit Falls 95% Y/Y - Table May 08, 2008, 17:15 CET | Story | SeeNews BUCHAREST (Romania), May 8 (SeeNews) - Romanian steel tube producer Artrom reported on Thursday a net profit of 606,220 lei ($254,949 /165,826 euro) for the first quarter, compared to 12.4 million lei net profit a year earlier, as costs rose faster than revenue. link

Romania’s Mobile Phone Penetration Rate Rises to 106.2% at End-2007 May 08, 2008, 18:25 CET | Story | SeeNews BUCHAREST (Romania), May 8 (SeeNews) - Romania’s mobile phone penetration rate rose to 106.2% at the end of 2007 from 80.7% a year earlier, the country’s telecommunications regulator, ANRCTI, said on Thursday. link

Romanian National Bank - Financial Behaviour of Households and Companies by County, Mar 2008 May 08, 2008, 14:29 CET | State Agencies Reports | SeeNews The National Bank of Romania (BNR) has released its monthly report on the financial behaviour of households and companies by county for March 2008. link

ROMANIA’S Q1 INDUSTRIAL OUTPUT RISES 5.4% Y/Y - STATS BOARD May 08, 2008, 09:00 CET | Alert | SeeNews link

Romania’s Q1 Industrial Output Rises 5.4% Y/Y - Table May 08, 2008, 09:01 CET | Story | SeeNews BUCHAREST (Romania), May 8 (SeeNews) - Romania’s industrial output rose by 5.4% year-on-year in the first three months of 2008, the National Statistics Institute (INS) said on Thursday. link

ROMANIA C-BANK SAYS KEEPS ’08 INFLATION TARGET AT 3.8% +/- 1 PCT POINT, ’09 INFLATION TARGET AT 3.5% +/- 1.0 PCT POINT May 08, 2008, 10:22 CET | Alert | SeeNews link

ROMANIA C-BANK SAYS RAISES END-2008 INFLATION FCAST TO 6.0% FROM 5.9% May 08, 2008, 10:22 CET | Alert | SeeNews link

ROMANIA C-BANK SAYS LOWERS END-2009 INFLATION FCAST TO 3.5% FROM 3.9% May 08, 2008, 10:23 CET | Alert | SeeNews link

Romania C-Bank Raises End-’08 Inflation Fcast to 6.0% from 5.9%, Lowers End-’09 Fcast to 3.5% from 3.9% May 08, 2008, 10:51 CET | Story | SeeNews BUCHAREST (Romania), May 8 (SeeNews) - Romania’s central bank, BNR, raised its annual inflation forecast for 2008 to 6.0% from an earlier 5.9%, beyond its target band, and lowered the annual inflation forecast for next year to 3.5% from a previous 3.9%, data from BNR’s quarterly inflation report showed on Thursday. link

UPDATE 1 - Romania C-Bank Raises End-’08 Inflation Fcast to 6.0% from 5.9%, Lowers End-’09 Fcast to 3.5% from 3.9% May 08, 2008, 12:29 CET | Story | SeeNews (adds details, background) link

Sixty Mln Lei in Timisoara City Municipal Bonds To Start Trading on Romanian Bourse on Friday May 08, 2008, 13:05 CET | Story | SeeNews BUCHAREST (Romania), May 8 (SeeNews) - Sixty million lei ($25.2 million/16.4 million euro) worth of municipal bonds of the Romanian city of Timisoara will start trading on the Bucharest Stock Exchange (BVB) on May 9, the bourse said on Thursday. link

Romanian National Bank - International Reserves of Romania C-Bank, April 2008 May 08, 2008, 14:31 CET | State Agencies Reports | SeeNews International reserves of the National Bank of Romania link

Romanian National Bank - Inflation Report May 2008 - Summary May 08, 2008, 14:31 CET | State Agencies Reports | SeeNews Developments in inflation and its determinantsAt the end of 2008 Q1, the 12-month inflation rate reached 8.63 percent, about 2 percentage points above the level seen in December 2007. The rise in the rate of inflation was due to the cumulative effects of persistent and larger supply-side shocks, excess demand pressures, domestic currency depreciation and worsening inflation expectations.On the supply side, inflationary pressures worked through two major channels. The first one was through the dynamics of domestic food prices, both volatile prices and prices of goods included in the CORE2 inflation basket, which continued to be fuelled by the adverse effects of last year’s poor agricultural output and by the increase in prices of agri-food items on external markets. In 2008 Q1, the faster rise in administered prices and fuel prices had an additional impact on inflation. The second channel was associated with existing labour market tensions, which brought about a further sign ificant increase in unit labour costs in 2007 Q4, while also adding to the persistence of excess demand. During the first quarter of 2008, the exchange rate of the domestic currency depreciated on average versus its fourth-quarter level against the background of high daily volatility. The depreciation occurred amid intensifying turbulences on the international financial markets and investors’ increased risk aversion, contributing to the pick-up in inflation via the increased cost of imports.The direct effects of the above-mentioned shocks on consumer prices fostered a further increase in inflation expectations, which may enhance the possibility of a pass-through of second-round effects on CORE2 inflation and extend the duration of the temporary increase in CPI inflation. The inflationary impact of supply-side factors was boosted by the continued pressures from excess demand that translated into the accelerated rise in CORE2 inflation. The pick-up in economic growth (to as high as 6.6 percent) in 2007 Q4 caused the output gap to widen. In tment remained the key driver of GDP dynamics, rising at a rate of 28 percent year on year. Final consumption grew further at a brisk rate (8.9 percent), whereas net exports had a smaller negative contribution to GDP growth against the backdrop of a faster pace of rise in exports. Domestic demand expansion was underpinned by the substantial increase in public spending at end-2007, the accelerated growth rates of household income coming from wages and other sources, as well as by the continued rapid expansion of credit to the private sector.Monetary policy since the release of the previous Inflation ReportThe NBR Board decision to raise the monetary policy rate by 1 percentage point to 9 percent per annum adopted in its meeting of 4 February 2008 built on the updated inflation forecast and on the assessment of risks to that projection (described in the February 2008 Inflation Report). The new projection envisaged the inflation rate standing significantly above the levels prese nted in the previous forecast during the entire forecasting round. The major risks identified were the likelihood of an increase in wages insufficiently matched by productivity gains, the potential of an additional easing of income and fiscal policies in the run-ups to local and general elections, as well as a continued deterioration of inflation expectations.The period following the February monetary policy decision reconfirmed the worsening of the shortand medium-term inflation outlook. The monitoring of risks identified in association with the February projection indicated their persistence and even the likelihood of a heightened risk of an additional deterioration of inflation expectations.After examining these developments, the NBR Board decided in its meeting of26 March 2008 to raise the monetary policy rate by another half of a percentage point to 9.5 percent. The decision was aimed at further tightening real monetary conditions in order to prevent an additional incre ase in excess demand and to counteract the potential second-round ects exerted by inflation expectations on CORE2 inflation by ensuring an effective anchoring of inflation expectations. All through the first quarter of 2008, the impact of monetary policy rate adjustments was enhanced by the central bank’s firm management of money market liquidity. Moreover, the continued rapid growth of credit to the private sector, especially that of borrowing in foreign currency, underpinned the NBR Board decision not to lower the minimum reserve requirement ratios. In addition, the National Bank of Romania took additional prudential measures, namely higher provisioning for foreign exchangedenominated loans granted to unhedged borrowers and broadening the scope of these measures to encompass non-bank financial institutions. Inflation outlookThe baseline scenario of the current projection places the 12-month inflation rate at 6 percent for end- 2008, 0.1 percentage points above the figure published in the February 2008 Inflation Report. For end- 2009, in flation is forecasted to stand 0.4 percentage points below the previously projected level (3.5 percent versus 3.9 percent). link

Romania Sells 69 Mln Lei (19 Mln Euro) in 3-Year T-Notes, Below Target May 08, 2008, 14:34 CET | Story | SeeNews BUCHAREST (Romania), May 8 (SeeNews) - Romania sold 69 million lei ($29 million/19 million euro) worth of three-year T-notes on Thursday, below its 200 million lei target offer, the country’s central bank, BNR, said. link

Bucharest Stock Exchange - Daily Report - RASDAQ Market - May 7, 2008 May 08, 2008, 08:51 CET | Specialists Reports | SeeNews Bucharest Stock Exchange has published its RASDAQ daily market report for May 7, 2008. link

Bucharest Stock Exchange - Daily Report - Regulated Market - May 7, 2008 May 08, 2008, 08:52 CET | Specialists Reports | SeeNews Bucharest Stock Exchange has published its report on trading volumes and prices on the regulated market for May 7, 2008. link

Ieba Trust - Romanian Market Daily - May 7, 2008 May 08, 2008, 08:58 CET | Broker’s Report | SeeNews Trades with SNP accounted for 29.36% of the Regular market daily turnover link

Raiffeisen Capital & Investment - Investment Daily Romania - May 7, 2008 May 08, 2008, 09:21 CET | Broker’s Report | SeeNews Trader’s Comment link

Bucharest Bourse To Start Trading Shares in Hotel Operator Casa de Bucovina Club de Munte on May 12 May 08, 2008, 16:07 CET | Story | SeeNews BUCHAREST (Romania), May 8 (SeeNews) - Shares in Romanian hotel operator Casa de Bucovina Club de Munte will start trading on the Bucharest Stock Exchange (BVB) on May 12, the bourse said on Thursday. link

Romanian Bourse Indices Slide, Investment Funds Sink Most May 08, 2008, 16:11 CET | Story | SeeNews BUCHAREST (Romania), May 8 (SeeNews) - Romanian bourse indices marked losses on Thursday, with the country’s five regional investment funds leading the way, brokers said. link

Romania Schedule of Events - May 8 - June 26 May 08, 2008, 09:09 CET | Story | SeeNews BUCHAREST (Romania), May 8 (SeeNews) - Following is a schedule of corporate, economic and political events taking place in or related to Romania through June 26. New or amended entries are marked (*). link

Romanian Leu Ends Weaker Against Euro, In Line with Other Emerging Currencies May 08, 2008, 16:57 CET | Story | SeeNews BUCHAREST (Romania), May 8 (SeeNews) - The Romanian leu ended weaker against the euro on Thursday in line with the currencies of other emerging markets, dealers said. link

* Serbia *

Danish EMI 100% Owner of Serbian Retail Chain Futura as Germany’s WAZ Sells Stake May 08, 2008, 15:48 CET | Story | SeeNews BELGRADE (Serbia), May 8 (SeeNews) - Germany’s Westdeutsche Allgemeine Zeitung (WAZ) media group has sold its stake in Serbian retail chain Futura Plus to the Danish EMI Group, which now owns all of the chain, Futura Plus said on Thursday. link

Serbian Verano Group Opens 50 Mln Euro Hotel in Belgrade May 08, 2008, 18:07 CET | Story | SeeNews BELGRADE (Serbia) – Serbia’s diversified Verano Group on Thursday opened a 50 million euro ($77 million) hotel in the capital of the country, Belgrade, company executives said. link

Slovenian Statistical Office - Consumer Price Indices - April 2008 May 08, 2008, 09:43 CET | State Agencies Reports | SeeNews In April 2008 monthly inflation at 0.8%, annual inflation at 6.5%. link

Belgrade Stock Exchange - Daily Report - May 7, 2008 May 08, 2008, 08:51 CET | Specialists Reports | SeeNews Belgrade Stock Exchange has published its daily report on trading volumes and prices for May 7, 2008 link

Vojvodjanska Banka - Daily Vobnews - May 8, 2008 May 08, 2008, 09:36 CET | Broker’s Report | SeeNews Vojvodjanska banka released its Daily Vobnews Report for May 8, 2008 containing the following charts and tables: link

Serbian Shares Recover Some Lost Ground Ahead of Sunday’s Elections May 08, 2008, 17:06 CET | Story | SeeNews BELGRADE (Serbia), May 8 (SeeNews) - Belgrade Stock Exchange (BELEX) indices recovered some lost ground on Thursday, probably on speculation about the possible outcome of Sunday’s general elections, brokers said. link

Serbia Schedule of Events - May 8 - June 4 May 08, 2008, 10:29 CET | Story | SeeNews BELGRADE (Serbia), May 8 (SeeNews) - Following is a schedule of corporate, economic and political events taking place in or related to Serbia through June 4. New or amended entries are marked (*). link

KEY FACTS - Serbia’s May 11 Early General Election May 08, 2008, 08:00 CET | Story | SeeNews BELGRADE (Serbia), May 8 (SeeNews) - Serbia holds snap parliamentary elections on Sunday after the coalition government collapsed in March over disagreements on whether the country should aim to join the European Union without its breakaway province of Kosovo. link

* Slovenia *

Slovenian Statistical Office - Early Estimates for Crop Products - April 2008 May 08, 2008, 09:41 CET | State Agencies Reports | SeeNews Slovenian producers produce cereals on larger areas. In comparison with 2007, in 2008 the areas of wheat, barley and triticale increased whereas the areas of oil turniprape slightly decreased. link

Slovenian Statistical Office - Energy - Jan 2008 May 08, 2008, 09:54 CET | State Agencies Reports | SeeNews In January 2008, the production of electricity in hydro power plants increased because of advantageous hydrological conditions. link

Slovenian Spa Operator Terme Catez Raises Q1 Parent Net Profit by 8.1% Y/Y May 08, 2008, 17:11 CET | Story | SeeNews LJUBLJANA (Slovenia), May 8 (SeeNews) - Slovenian spa resort operator Terme Catez on Thursday reported an 8.1% year-on-year rise in first-quarter parent company net profit to 676,622 euro ($1.04 million) as sales also increased. link

UniCredit Group Slovenian Unit Raises Q1 Pre-tax Profit by 18% Y/Y May 08, 2008, 17:57 CET | Story | SeeNews LJUBLJANA (Slovenia), May 8 (SeeNews) - The Slovenian unit of Italian banking group UniCredit Group said on Thursday it has raised its first-quarter pre-tax profit by 18% year-on-year to 5.4 million euro ($8.3 million) mainly thanks to increased net interest income. link

Slovenia’s Largest Brewer Lasko Says BA-CA Sells 5.27% Stake May 08, 2008, 18:21 CET | Story | SeeNews LJUBLJANA (Slovenia), May 8 (SeeNews) - Bank Austria Creditanstalt (BA-CA) has sold 5.27% of Slovenia’s largest brewer Pivovarna Lasko for an undisclosed sum, Pivovarna Lasko said on Thursday. link

Slovenian Statistical Office - Import Price Indices - Mar 2008 May 08, 2008, 09:44 CET | State Agencies Reports | SeeNews In March 2008 import prices increased by 0.3%. The prices of products supplied from the euro area were higher by 0.3% and the prices of products imported from the non-euro area by 0.4%. link

Slovenian Stock Indices Rise Further, Stagnation Seen May 07, 2008, 18:51 CET | Story | SeeNews LJUBLJANA (Slovenia), May 7 (SeeNews) - Slovenian stock indices rose for a third day running on Wednesday but brokers said they expect stagnation on the market. link

Slovenian Stock Indices Lose Ground in Lower Turnover May 08, 2008, 18:29 CET | Story | SeeNews LJUBLJANA (Slovenia), May 8 (SeeNews) - Slovenian stock indices fell in lower turnover on Thursday, with most blue chips losing, and brokers said further falls are possible. link

Slovenia Schedule of Events - May 8 - June 11 May 08, 2008, 09:02 CET | Story | SeeNews LJUBLJANA (Slovenia), May 8 (SeeNews) - Following is a schedule of corporate, economic and political events taking place in or related to Slovenia through June 11. New or amended entries are marked (*). link

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