Borba, 25. 03. 2005., str. 20

tt:

economy

OC O _______________________ ___ __ __ __ - T__—— |

"There Is No One to Resolve the Unemployment Issue

"The army of 960.000 uncmployed in the year 2005 will increase for another 50.000 dismissed from the public sector

ACCORDING TO THE FREELY AVAILABLE STATISTIC DATA FROM THE UNEMPLOYMENT SERVICE 960.000 UNEMPLOYED WITH BLUE STICKER ARE REGISTERED IN SERBIA, AND ACCORDING TO ANNOUNCEMENTS ON DISMISSALS IN PUBLIC SECTOR, THIS NUMBER WILL INCREASE CONSIDERABIY. "The serial of excesses begun with announccments from the Minister of Finance Mladan Dinkic and Minister of Defense Pravoslav Davinic that six companics from thc ficld of applied production will set frec 3.000 workcrs. "The reactions from Zastava and other companies followed, obviously firing a gun into the void. National acro company JAT which should

fly faster and more cffectively with half of the presently employed grounded later on. The rcalistic steps of public sector in Elektroprivreda Srbije (EPS national electric power company), Srbijasume (national forcstry company) will most likely follow and similar cuts arc expected in other companics, even in thc state managemcnt and administration. Radmila Grozdanic, dircctor of the Serbian Chamber of commerce, scctor for companies and development of ecntreprencurship empbhasizes that thc recent survey shows 99 percent of surveyed small busincsses estimating that cxtracts in these businesses Arc tOO high. That is one of the key

Debts Are

Decelerating

limitations for employment of new workers.

Under the assumption that taxes and payments arc completely abolished for every new vacancy in this sector additional 200.000 peoplc could be activated.

It is hard to believe that 2006 projections of cntrcprencurship including, million of newly cmployed could be achieved. Thcre are approximately 300.000 workers in this sector otherwise, including centreprencurs themselves. According, to thc new Law on labor employers arc obliged to, amongst other things, give regular salaries and payments. Are entreprencćurs in position to »>arn cnough to cover the expenses of the work force, which is in the calculations,

the Commerce

Montenegro on the edge between low and moderately

indebted countries

PODGORICA - MONTENEGRO RECORDED REDUCTION OF INFLATION AND INCREASE OF PRODUCTION, SAVINGS AND APPROVED CREDITS, FOREIGN DIRECT INVESTMENTS, BUT ALSO EXTERNAL DEBTS LAST YEAR, WAS THE ANNOUNCEMENT FROM MONTENEGRO CENTRAL BANK (CBCG).

Chicf economist CBCG Nikola Fabris said that thc state. owed 502 million curos to thc foreign inveSstors, cipht percent more then the previous ycar. More then half of that amount, 270 million is debt to the World Bank, 154 million to the Paris club, 33 to the Europcan investment bank and 27 million curos to International financial corporation.

"This ycar external debt including, the interest of 21 million curos should be paid. In the following ycars thc rates will be somewhat higher, although debt crisis should not be expected given that ećxternal debt should not be higher then two percent of gross social production said Fabris at thc presentation of last ycar rcport. He cstimated that the Icvel of the Ćxternal debt is

Nikola Fabris

not alarming, although onc should be careful, and rccommended avoiding, thc debt in US dollars because he believes its current low currency in relation to curo is not sustainable which would produce so called hidden interest rate of repayments. "The share of Montenegro external debt in BDP incrcased last year from 32 to 34 percent, and among the countries of the region it is adequate only in Albania, thus Montenegro is on the edge between low and moderately indebted countries.

Cover up of import by export is still very low, it is only 47 percent but it is better

then in the year 2003. when it was 43 perccnt, claims Fabris. Deficit of the current ACCOunt incrcased to 39 percent, 140) million USD and CBCG considers the reason is partly in poor records of import and export but also considcrable amount of unregistered income from tourism.

"There are doubts that some categories of companies and entreprencurs use the possibility of allowed cash transaction with Serbia and KOsovo, thus they show import in soOme transactions although it is only the case of money wWithdrawal, said Fabris.

In CBCG was concluded that Montenegro records significant import of vehicles which are later on exported to Serbia, which is, next to Italy, its most significant cxternal trade partner.

Foreign direct investments were 50 million USD last ycar, almost by third morc then the last ycar.

Fabris reiterated that inflation in Montenegro, mcasured by minor price index was 4,5 percent, tWO percent more then the European union average, it aspires to becausc it uses curo as a currency.

somewherc on the bottom of their priorities, because they have to cover expenses for raw material, Dusincss space, maintenance...

In attempt to help čconomic empowerment Of WOmen, where unemployment is more alarming, then in thc

other groups, Coumcil for ,

gender equality suggested as one of the changes of the Law on privatization, among, other things, women unions. Without the boss and the manager women can work jointly, manage thc capital, business space, market and start working, usefully and bc cffective.

Is there a hope in hopelessness of unemployment? Annalist of European cconomic integrations Vladimir Gligorov gives data in ac-

cordance with International labor organization (ILO)) for the year 2005, estimates arc rate for Serbia and Montenegro will be 15 percent, whercas the highest level is in Bosnia and Herzegovina 41 and Macedonia 35 percent. Gligorov emphasizes that Balkan businesses have comparative advantages im cheap and uneducated work force. This is accounted for only in relation to Kuropcan Union. In comparison to other developing countries there comparativc advantage is lost. Considcrably cheaper labor in Bulgaria and Romania, then in former Yugoslav republics should be taken into account in this case. Dobrila Marinkovic - Solesa

Bambi, the

ADDITIONAL MERGERS OF BAMBI FROM POZAREVAC, SERBIA, WILL FORM A STRONG SERBIAN INDUSTRY WITH OTHER CONFECTIONERY COMPA NIES AS A UNIQUE GLOBAL RESPONSE TO THE ACTIVITIES OF MULTINATIONAL COMPANIES IN OUR REGION.

Pozarevac "The Concern for health food production Bambi kept its leading po-

sition in SCG's and Southcastern European confectioncry industry.

Last year is estimated as one of the most successful ones in thc 30 ycars long, history of the company.

Total production of 22 thousand products, in all five companics, is achieved which is ten pcrcents morc then in the year 2003. Confectioncry products” sale in-

„i O

come is higher by 14 percent, and the export was worth seven million Euros. With such good results, thc most successful busincss period in thc history of the Concern is concluded. Bambi accomplished over 2,5 million dinars of total ineome and 186 million dinars of profit during the last ycar. hc profit is reserved for the dividends

"The Government Djictates Action Prices

Majority of Telecom auctioneers protest against government decision to scll 30 cents per share to Hungarian Telecom

"TELECOM AUCTIONEERS CLUB WILL SUE THE GOVERNMENT OF MONTENEGRO BECAUSE OF HYPOTHETICAL BREAK OE THE LAW ON COMMERCE SOCIETIES AND VALUE PAPERS IF IT PAYS 3O CENTS FOR EVERY ACTION SOLD BY MINORITY AUCTIONEERS OF HUNGARIAN TELECOM, ANNOUNCED EXECUTIVE DIRECTOR MILAN DACEVIC.

We will submit the complaint to the Commercial

court the moment any of the privatization funds of "Telecom owners auctions sclls auctions to Hungarians in accordance with Governmcnt's decision.

Apart from this, report against the brokcr who performed these actions will be submitted to the Commission for value papcrs said Dacevic Mina at the business agency.

Montenegro Governmcnt decided to pay 30 cents to

minority auctioneers which likewise sells auctions to the Hungarian telecom last wcek. In such manner, along, with 2,2 curos as Hungarians announced to offer for the rest of 40 percent, auctionecers will get 2,5 curos for auction.

"The auctioneers club cxpects from the Government to explain thc legal basis for this Decision at the Court. Furthermore, the Club

announces complaint against privatization against investment funds which sell auctions to Hungarians at

the price of 2,5 curos, bc-

causc it considers that barter price could be higher considering the interest of the buyers.

According to Dacevic thc Club will make the complaint against the government on thc basis of the article 30, the Law on Commerce socicties related to majority

auctioneers discriminating, minority auctioneers, in this case due to the differcnce in the attained auction sale price.

The government decision on 30 cents for cvcry auction sold to the Hungarian telecom was explained by general interest of extra 15 million curos income, the amount the Hungarian company would pay thc rcest of 49 percent of auctions, as well as by the intc-

rest of minority auctionccrs which will get higher price for thcir auctions.

Minority interest did not change Government's, that is Decision suggested by Ministry of economy, claims auctioncers club.

At the public discussion ministry of economy Darko Uskokovic passed the message that Government is not interested in the fate of "Telecom minority auctioncers reiterated Dacevic.

eader of the

payment, the payment of employees participation and stimulus from the profit, as well as for thc rcinvestment. - Last year will also be rcmembered as onc of thc most successful procedures of further privatization in our country. The concept of recapitalization is chosen as well as the choice of financial investors as

The Government and the Employment service vil

outh

the most successful pu. antec Of successful futur: and rcalization of all pm. grams. In ordćcr to accom plish this concept, Šalfon offer was chosen, given in the namc of the famou/-

nancial investor New.

Id Value Fund, wih me.

ant investment O eh cash income in thc Com cern worth over 12 million euros at the beginning 0 the ycar 2004. In suci manner Bambi market Va luce incrcased for 2,5 fimćs says Miroslav Miletic, gencral director OH Pozarevac

confectionery production

company.

Additional joining 0 Bambi with other canl companies will form štronb Serbian industry 45 uni(uc global response to tlič act vities of multinational cm panies in our region. Ih concern Bambi consideh itself the leader and it WU uld incorporate Soko Stati from Belgrade and Ban from Vrsac. In that sans new decisions on recapit lization were made Whid will be performed throu two action emission 4 one variable emission.

First emission action in total sum of 400 millioP dinnars and it is intende for all auctionecrs bat on thc right to aAdvam record. . Variable cmisSlU includes thc right tO bu! the emission actions WO 400 million dinar On more. Total valueuof ćoneerna's new. capital i vestment.shouidibe/lp" lion euros.

0

D. Zivadinovi

most likely sell its package at the price of 51,12 cent of Montenegro telecom for 114 million :i or 4,71 euros for auction, on Friday or Monday

He ecxpect the government to enforce the Decision and leave the market to set the Telecom auction price itself, in which case it can go above 3 curos, maybe even above the amount the state will get 4,71.

We hoped the auction price will rice but it will not it the Hungarians supply two thirds of the Ownecrship. On thc basis of Macedonian, Croatian and Hun-

reas the nominal value is approximately threč.

garian cxpericncć the :5| rest of thc futurč own : Montenegro Telecon! iS present profit as lo (o is not to dividce diVIĆ , with other auctionećrS 1 to pay less taxes. Wherever the c4| invested by Deutsć com, the Hungarian i pany being onč of IM, minority auctioneć!S

dk Ć not do well, claimš DK

pital ww

ViC.