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EDITORIAL Dear friends and members of Ameri c a n C h a m b e r of Co mmerce in Kosovo, I t is a great pleasure to inaugurate the first monthly AmCham Newsletter. S o m e o f yo u h ave b e e n wo r k i n g with u s for m ore t h a n a year and a half ; mean wh i l e, s om e jo ined us later on. Ever yone is welcomed to join us and we hope to create construc tive relations with all who are interested to a universal goodwill. In our joint journey, this monthly newsletter will enlighten you with our past a n d present ac tivities; with the late st economic developments in Kosovo, in region, and at the US Chamber. There i s a l s o a n op p or t u nit y fo r yo u to share your opi ni o n s w i t h you r col l eag u es and us.
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M o reove r, t h i s n e w s l e t te r w i l l a i m to b e yo u r vo i ce a n d which will head us toward mak i ng per fec tions in our ac tivities and movements in order AmCham to be a place where any business would find it interesting and beneficial. The s e p a s t t wo yea r s fo r A m C h a m h ave b e e n yea r s o f consolidation with new members, but also years of continuous lobbing fo r inte rests of business communit y and b et ter b u s i n e s s e nviro nment . We have b een to geth er for new initiatives presented to yo u such as: career fairs and cerem on i e s for the b ig g est and mo st regular t a x p ayer s. Fur t h e r m o re, we d i d a l l t h e l o b by i n g a c t i v i t i e s to ge ther to d e c re a s e bureau crac y, b ut also we dealt i n d i v i d u a l l y w i t h s o m e o f c r i t i c a l p ro b l e m s yo u h a d. Fro m a l l t h e a c t i v i t i e s m e n t i o n e d, I h ave to s i n g l e o u t t wo c h a r i t y a c t i v i t i e s we h ave o rg a n i ze d w i t h l a rg e n u m b e r o f you being present, where we managed to raise funds greatly needed for the Pediatric Clinic in Pr ishtina. One more time, businesses showed that, the Kosova r Business Co mmunit y is capable to reward decenc y and help the one s i n n ee d. Our organization will constantly work on increasing competitiveness abilit y among businesses that operate in Kosovo. Co ntinually we will lobby for a better and pro d u c t i ve f i s c a l s ys te m, t r y to defend yo u from any b u re a u c rat i c o r cor r u p t i o n a c t s, a n d w i l l p rov i d e w i t h institutional suppor ts all the companies that implement be st p ra c t i ce s. E t h i c s a n d so cial resp o nsib ilit ies will lead us toward escalating and promoting Kosovar business val ues. Regional co operation and for tifying the entrepreneur relations with USA and American Chamber where and will b e a p r i o r i t y for o u r o rg a n i z a t i o n .
AmCham INSIDE
Am Cham ANALYSES
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SU CCES S STO RIE S
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BU SIN ES S IS SU ES
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U S CHAMBER DISPATC H
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EDITORIAL COMITEE Amer ican Ch amber of Commer ce in Kos o v o Gus t av Majer STR. N o 6 Pr is h t in a, Kos ovo, 1 0 ,0 0 0 Ph on e: 0 3 8 2 4 6 0 1 2 Fax: 0 3 8 2 4 8 0 1 2 e-mail: k bj@amch amk s v.or g w w w .amch amk s v.or g EXE CU TIVE DIRECTOR: Mi moz a Kusari – L i l a COORDIN ATOR: Y l l i Vuçi tërna WRITE RS: Fi ona Kel mend i , Shkumbi n Hoxha, Mentor Me h m e d i, J eta Z agragja, Vl era Spahi ja ADVERTISING: Y l l i Vuçi tërna Y l l .Vuci terna@amchamksv.org
I give my regards to all and ever yone who believe in us and jo i n s u s i n ou r a c t ivit ies; meanw hile, we will do a ny t h i n g p o s s i b l e i n o u r p ower to k e e p yo u a c t i ve a n d co ntinue our journey to gether. B e s t W i s h e s,
M imoza Kusari – Lila
LAYOU T & DESIGN : Y l l Z ymberi yl l .z ymberi @gmai l .com FOR COMME N TS, SU GGESTION S AN D WRIT I NGS: kbj@amchamksv.org
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Kosovo Business Journal July 2007
AmCham INSIDE “O VER V I E W O F M AI N AM CHAM ACTIVITIES D U RIN G T HE FIR ST HALF O F 2007” FR ANC HISE EXP O
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s a par t o f o ur p ro gram fo r ye ar 2 00 7, we have organized seve ral business a n d c h a r i t a b l e a c t i v i t i e s a n d we chose some of the highlights of the first half o f t h i s ye a r to p re s e n t to you. Af te r t h e f i r s t q ua r te r where we were main ly bus y w ith wrapping up year 2006, from M a rch onward we star ted implementing the projec t fu nde d by KCB S – I mp lemen t ing B es t Business Prac tices – par t of which was the S p r i n g Care e r Fa i r a n d t h e Wo r k i n g Lu n c h wi th the US Co n sular in Sko pje.
To fo s ter o u r bu s ines s ties w ith t h e U S , we sent a delegation of 19 businesspeople to par ticipate in the International Franchise E x p o i n Wa s h i n g to n D C . D u r i n g t h e o n e week visit, AmCham member co mpanies had the c hance to v is it the Fair w ith ove r 3 5 0 par ticipating exhibitors who we re look ing for potential franchisees, and to meet f ace-to -f ace w ith hu ndreds o f t h e to p franchise concepts at ever y investment level. They also had the oppor tunit y to attend educational seminars and symposia, as well as to enjoy several additional days of s tay in Was hing to n DC . M arch 3 0 - A p ri l 1, 2007
“FROM ICE CREAM TO THE INTERNET” Fra nc hi s i ng (f ro m t h e Fren ch fo r h ones t y o r fre e d om[ 1] ) is a met h o d o f do in g b u s ines s w h e re i n a f ra n c h i s o r l i ce n s e s t ra d e m a r k s a n d t r i e d a n d p rove n m e t h o d s o f d o i n g business to a franchisee in exchange for a re c ur r i ng paymen t an d usually a percentag e pi e ce of gross sales o r gro ss p ro f it s as well a s t h e a n n u a l fe e s. Var i o u s t a n g i b l e s a n d intangibles such as national or inte rnational adver tising, training, and othe r s u ppor t ser vices are co mmo nly m ade ava i l abl e by t h e f ran ch iso r an d may indeed be re q ui re d by t h e f ran ch iso r, w hic h ge ne ral l y re quires audited b o o k s, a nd m ay s u bje c t the f ran ch isee o r t h e o u tlet to p e r i o d i c a n d s u r p r i s e s p o t c h e c k s. Fa i l u re o f such tests t ypically involves non-renewal or cancellation of franchise rights.
A business operated under a franchise ar rang em ent is o f ten c alled a c h a i n s to re, f ranc his e o u tlet, o r s im ply f ranc hi s e. Ac co rd i n g to Fin a n c i a l T i m e s, i f s a l e s by U S franchise businesses were translated into national produc t, they wo uld qualify as the 7 t h l a rg e s t e co n o my i n t h e wo r l d. S ou rce : h t t p : / / e n . w i k i p e d i a . o rg / w i k i / Fra n c h i s i n g
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AmCham INSIDE THE S PR I N G C ARE E R FA IR 3 Th e S p r i n g Care e r Fa i r, h e l d fo r t h e t h i rd t i me and ho sted in t h e Yo ut h an d S po r ts Center, brought to gether over 20 com pa ni e s an d o rgan izat io n s o f fering j o b p os i ti ons an d in tern sh ip s, as well as 8 00 students who were applying for these p os i ti ons. So f ar, we h ave in fo rmat io n that over 80 students we re employed as interns o r were g i ve n p e r m a n e n t j o b s. B o t h par ticipating companies and visiting students were ve r y pleased to be given such a unique chance where they could all meet i n o n e p l a ce d u r i n g o n e d ay, a n d d i s c u s s t h e i r fu ture n eeds an d p lan s.
The wo r k i n g l u n c h oppor tunit y for the k n ow more about its in M acedo nia and the recently by them.
was also a good AmCham Kosovo to affiliate organization ac tiv ities un d e r t a k e n June 22, 2007
TAX PAYE RS CERE MONY 2 Fi nally, as a co ntinuit y of last ye ar ’s effo r t s, fo r the s eco nd tim e we o rg a n i ze d t h e L a rg e s t a n d M o s t R e g u l a r Ta x p ayer s Cerem o ny.
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WORKING LUNCH WITH US EMBASSY Th e Wo r k i n g Lu n c h i n S k o p j e w a s h e l d w i t h t he US Embassy Co n sular and re presentatives from AmCham M acedonia, whe re a s from K o sovo we sen t o ur B o ard members, a KCBS representative and AmCham Kosovo executive staff members. The aim of the meeting was to discuss visa facilitation and different business issues for US business trips by K o s ovar b us i ne s s pe op le. Th e Co un selo r of U. S . Embassy pointed out that the U.S. Embassy i s doi ng al l th e n ecessar y steps to ens u re proper treatment of businesspeople in the p roce s s of get t in g t h e visa, an d sh e added that U.S. Embassy in co operation with both AmChams can do even more in facilitating t h e s e b u s i n e s s t r i p s.
Th e aim of the Ta xpayers Ceremony was to b r i n g t h e com p a n i e s to g e t h e r w i t h t h e t a x au tho r ities and to s how the ap p re c i a t i o n fo r the wo rk they do ever y day for their co untr y. Januz K rasniqi, direc tor of Kosovo Tax Administration, stated that the Tax Ad ministration is in ser vice of the b u s i n e s s e s a n d w i l l wo r k h a rd to i m p rove the co ndu c t o f its s taf f. Mr. K ra s n i q i assessed this ceremony as a ver y impor tant o ne s ince it is a c hance fo r reco g n i z i n g t h e co ntr ibu tio n o f co m panies to th e b ui l d i n g of Kosovo’s countr y. Mr. K rasniqi pledged to co ntinue help Kosovo’s businesses while adding that Tax Administration will always stand by these business entities. The media fo llowed and repor ted the event and many representatives from local and international institutions were present at the event as well. The 15 companies that received cer tificates of appreciation we re Pro C re d i t B a n k , S h a r r B e te i l i g u n g s G m b H , " M ARK E T IN G -DIS T RIB UT ION " , Unioni Fi n a n c a r, L LC I n ter i n g, " E l k o s, " " R e n ova " “ B i r ra Pe j a , ” Co c a - Co l a KO S O V O L LC , " K o h a G ro u p, ” “ Pro n e t, ” “Solid Com p a ny, ” “Ag ro k u l t u ra , ” “ S i g u r i a , ” “ I p k o N e t . ” June 22, 2007
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AmCham INSIDE
CHARITY GALA DINNER
On the 1st of June 2007, the American Chamber of Commerce in Kosovo for the s e co n d t i m e o rg a n i ze d t h e a n n u a l c h a r i t y d i n n e r w i t h t h e s l o g a n “ Fo r B e t te r L i fe�, t h i s time in co operation and with the suppor t of t h e R a i f fe s e n B a n k i n K o s ovo. S a m e a s l a s t ye a r t h e co l l e c te d f u n d s f ro m t h e c h a r i t y dinner will be dedicated to the Pediatric Clinic in Pr ishtina. The Charit y Dinner gathered a substantial n u m b e r o f V I Ps, i n c l u d i n g p o l i t i c a l f i g u re s s u c h a s t h e Pr i m e M in i s te r - M r. Ag i m Cek u, SRSG deput y - Mr. Steven Schook who a mong othe r s, bid at t h e auc t io n dur ing the d i n n e r, ra i s i n g f u n d s fo r t h e s a m e p u r p o s e mentioned above, At the end of the evening, the amount of funds raised from sol d ti c k e ts an d f ro m t h e ar t au c tio n rea c he d 70,0 0 0 Euro. A reward of the 20% o f t h e s o l d p r i ce w i l l b e g i ve n to a l l par ticipating ar t students. In addition the g ove r n m e n t o f K o s ovo i s co n s i d e r i n g to d o a match funding so that, the projec t for the reconstruc tion of the sewage and plumbing system can be completed.
Inc lu ding added f u nds f ro m the G overnment the entire projec t will reach approximately a value of 190.00 0 Eu ro. We must stress that the whole Charit y Day event wo uld not have been possible w itho u t the help of the main s p o n s o r - R a i f fe i s e n Bank, Business Communit y, students of the Ac ademy of Ar ts, and T V 21 who transmitted the whole dinner.
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AmCham INSIDE
A m C h a m
S T A F F N E W S At the first edition of our newsletter, we would lik e to a d d re s s a s p e c i a l T H A N K YO U to t wo o f o u r s t a f f m e m b e r s wh o moved o n to c lim b hig her the ladder o f their c areer : Fio n a K elmen di and Yll Paj aziti. They were bo th w ith AmCham Kosovo since Februar y of 2006 and progressed from the Administrative Assistant position to the Ac tivit y Co ordinato r. For both of them AmCham was the first employe r and hopefully they gained as much as they co ntributed to the organization. Yl li joined Duk agjini Cor p o ra t i o n a s t h e B o o k s to re M a n a g e r a n d Fio n a j o i n e d I K S organization as the Projec t Co ordinato r. We wish them all t h e b e s t a n d we l o o k fo r wa rd to wo r k i n g w i t h t h e m i n t h e n ear f ut ure. Currently AmCham employs seven staff members, out of w h i c h t h re e f u l l t i m e a n d fo u r p a r t - t i m e. M im oz a Ku s a r i Lila, Eljan a Nak a, an d J eta Zag rag j a are the f u ll tim e s taf fer s, wh ereas Ylli Vuçit Í r na, M ento r M ehm edi, S hk u m bin Hoxha, an d Vlera Spah ija are the par t tim e s taf fer s. There are exciting times awaiting the AmCham, so in a ve r y near f ut ure, n umber o f f ull tim e s taf fer s w ill inc reas e. We at AmCham are strong believers that organizations are wo r t h t h e value o f its peo ple, s o we tr y to g et the m o s t talented ones, so the organization gets the best possible image and value. Even if AmCham staff move on to our member companies, we are happy since in that way we build up capacities of the private sec to r.
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While striving to increase the sustainability of the organization, AmCham Kosovo is proud to introduce New Paid Services for its member companies and other non member companies. All prices are subject to a 30% discount for our member companies.
For more information about AmCham paid services please contact: Mimoza Kusari - Lila at mimoza.kusari@amchamksv.org
AmCham ANALYSES
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CSR CONCEPT AND I TS E VOLUTI ON IN THE CORPOR AT E WORLD
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BUSINESS E TH ICS WEEK Kosovo as any other societ y in transition is facing major challenges in establishing a proper business environment. Business relationships between private and public institutions are regulated by applicable Kosovo law and the procurement process of public institutions by the law on procurement. H owever, m o s t o f t h e p u b l i c ten d e r s h ave b e e n m a r re d by m i s co n d u c t, p o l i t i c a l i n ter fe re n ce s, a n d a l l o t h e r i r reg u l a r i t i e s t h a t n e e d to b e restored via proper business conduc t. Business conduc t also is regulated by the applicable law in Kosovo, and currently it is not func tioning p ro p e r l y. At t h i s s t a g e, i n K o s ovo, To be held the civil societ y and the media are merging in order to shif t the social responsibilit y at an appropriate level. In an effor t to establish an ethical co de of conduc t for institutions and businesses, which would include broad concepts of environmental protec tion and such, would consume a lot of time.
Cor p o ra te S o c i a l R e s p o n s i b i l i t y ( C S R ) i s a wel l k nown concept throughout the corporate wor l d o f t h e d e ve l o p e d cou n t r i e s. I t i s a concept which implies that organizations, and in par ticular corporations, aside from their profits have an obligation to consider the interests of customers, employees, shareholders, social communities as well as environmental considerations in all aspec ts of their operations. CSR must be par t of an organization’s business strategy and operations. Additionally, Cor p o ra te S o c i a l R e s p o n s i b i l i t y i s p e rce i ve d a s an obligation which tends to ex tend beyond corporate statutor y obligation to comply with laws and regulations. CSR also complies with the Sustainable D evelopment meaning that enterprises should mak e decisions based not only on financial fac tors, but also on the present or potential long-term social and environmental consequences caused by their operational ac tivities. There is still a cloud of uncer taint y hanging over us as to when we will become an integral par t of EU; however, the prac tices and principles laid out by the EU are cr ystal clear in their description. Kosovo has already star ted the initial phase of this integration process. Apar t from the M inistr y of Trade and Industr y, which have organized a handful of from October 1-5 conferences and seminars on EU integration, the Kosovar business co m m u n i t y h a s b e e n l e f t b e h i n d d u r i n g t h e s e developments. The k nowledge of the business co m m u n i t y, re g a rd i n g t h e e co n o m i c p r i n c i p l e s, is unfor tunately insufficient. I t is ver y clear and of outmost impor tance that the business communit y tak es par t in the process of integration since it possesses a decisive role in it. Since CSR represents a major component of the European Union’s func tional struc ture, Kosovo’s process of integration into the EU will a l s o b e d e te r m i n e d by C S R p ra c t i ce s. O n e o f Europ e a n U n i o n’s to p p r i o r i t i e s i s to g a l va n i ze companies in applying the CSR concepts.
Business Ethics Week Special Guests:
Dr. Anita Baker, Don Eberly
The main goals of the Business Ethics Week, which is going to be organized by AmCham Kosovo in O c tober, include having the CSR concept introduced as mandator y to the societ y in Kosovo and enhancing business va lues of private and public companies in order to s t a r t p re p a r i n g a B u s i n e s s Et h i c s co d e.
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AmCham ANALYSES REGIONAL, INTERNATIONAL AND GLOBAL CSR MOVEMENTS
KOSOVO, I TS MARKE T E CONO M Y A ND C S R Af ter the events of ’99, Kosovo entered the e ra o f o p e n m a r k e t e co n o my. E n ter p r i s e s sta r te d to i n crease in size, wh ile k nowing l i ttl e or not h in g, rat h er, abo ut CS R. This trend continues even eight years af te r the co n f l i c t ! E n ter p r i s e s a n d b u s i n e s s l e a d e r s are not aware enough of the ro le they play in achieving environmental and social g oa l s whi l e st ill remain in g p rof itable. S pons or i ng sp o r t s o r ch arit able events re m ai ns one o f t h e main CSR to o ls o f e n te r p r i s e s a n d cor p o ra t i o n s i n K o s ovo.
Since the CSR concept is relatively unk nown to the K o sovar Bu s ines s Communit y, adequate steps must be und e r ta k e n in o rder to m ak e bus i ne s s pe ople grasp t h e imp o r t a nce o f t hi s conce pt. Wit h a do ub t, ex amples and co m p a r i s o n s m u s t b e m a d e w i t h re g i o n a l a n d we s te r n co u n t r i e s i n o rd e r to m a k e i t eas i e r for K o sovar B usin ess to ap ply the CSR conce pt. Th at so r t o f ben ch m ar k ing, w he re bus i nesses an d co rp o rat io n s co u ld l o o k u p o n , wou l d b e ver y h e l p f u l . We l l k nown international exper ts in various corporate fields and CSR would be needed so they could give us a head star t and g u i d e u s i n th e righ t direc t io n .
Th e approach towards developing the CRS co ncept may not be impor tant to some businesspeople in our countr y. Indeed, to s o m e o f them it s o u nds lik e a p ro j e c t fo r the future far, far away. I t is a fac t that the initial results may be felt sometime late r, but the nature of this projec t suggests that this is u navo idable. Pro j ec t o f t h i s s c a l e tak e tim e and K o s ova has g o t t i m e i n abu ndance. We need no t lo o k any f u r t h e r t h a n H u n g a r y. S i n ce t h e y s t a r te d to i n co r p o rate the C RS co ncept in their b us i n e s s co m m u nit y and s tar ted co ndu c t i n g C R S methodologies to a c co m p l i s h this p r i n c i p a l , t h e i r f a c t s a n d f i g u re s o n h ow well co r po ratio ns are f u lf illing t h e i r s o c i a l g o als have im proved co ns iderab l y, fo r t h e b e t te r.
Nowadays, ever y business-relate d, institution or organization, is benefiting hu g ely f ro m the s teps un d e r t a k e n previously by the cer tain individuals and organizations. Engaging in CRS is just one of the ways on how the co rporations and business entities can give something back to the co m m u nit y. UN has created Global Compac t, the wo rld ’s largest voluntar y corporate res po ns ibilit y initiative. Th e Global Co m p a c t h a s te n ( 1 0 ) C R S p r i n c i p l e s. Th e s e pr inc iples s tate m any r igh t s and regulations which the businesses should re s p e c t . M a j o r co m p a n i e s wo r l d w i d e co nduc t their operations based on these p r i n c i p l e s. Thi s j u s t g o e s to s h ow t h e tenacious approach and attitude of the UN reg arding C RS .
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AmCham ANALYSES KOSOVAR BUSINESS LEADERS FORUM (KBLF) In the wak e of engagement on introducing thi s concept to t h e K o sovar B u s ines s Com m u ni t y, Th e American Ch am ber o f Co m m e rce i n K o s ovo i s co n s i d e r i n g to e s ta bl i s h t h e K o sovar B usin ess Leader s Forum (KBLF). Th is fo rum would be the pl a ce where leaders o f t h e K o s ovar bus i ne s s co mmun it y wo uld have the c hance to discuss t h e po ssibilities o f i ncor porat in g t h e CRS co n cept into o u r Business Communit y, under tak e initiatives on ac com plish in g t h is go al, an d m ak e the publ i c opi n io n aware o f t h e ben ef its and cons e q ue nces o f emp loyin g t h is co ncept. Such a forum was firstly introduced in G re a t B r i t a i n by Pr i n ce C h a r l e s a n d h a s h a d
a great deal of influence in a lot of eco no m ic and s o c ial is s u es thro u g h o ut t h e wo r l d. The K B L F s e e k s to a c t i n a s i m i l a r f as hio n, tr y ing to reenac t th e s a m e ac tivities and to achieve similar re sults, albeit on a smaller scale. AmCham is well aware that obstacles, hinders, and the negligence of businesspeople is present in our bu s ines s co m m u nit y ; h owever, AmCham is confident that such an initiative, co upled with great effor t and h a rd wo r k , wo u l d b e n e f i t K o s ovo h u g e l y i n m any eco no m ic areas and its c i t i ze n s’ welf are in g eneral.
MENTOR MEHMEDI & SHKUMBIN HOXHA
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Advertise at Kosovo Business Journal American Chamber of Commerce +381 38 246 012 +381 38 248 012 k bj@a mc ha mksv. or g
PATRON MEMBERS: Success Stories
G OA L O R I E N T E D : ZERO ACCIDENTS
Qua l i ti e s of o ur pro duc t s an d ser v ices as we l l a s re l i a b i l i t y o f o u r p e r fo r m a n ce a n d t he s a fe t y o f o ur employees are t h e m aj o r val ue s of o ur co mpany. Ho lcim i nves ted se ve ral mi l l io n euro s in Sh arrcem in o rder to m ode r ni ze t h e equip men t an d to train the people for the always changing environment. The cement industr y belongs due to its n a ture to th e gro up o f h eav y in du s tr ies. M achiner y and equipment are of big di me ns i ons an d vo lumes moved are hu g e as we l l . Sha rrcem pro duces mo re t han 4 50 . 000 tons of cement per year. People wo r k i n g fo r a l o n g t i m e i n t h i s e nv i ro n m e n t te nd to ne glec t t h e risks related to the wo r k . I n t h e l a s t ye a r s s e vera l p e o p l e g o t i n j u re d o n t h e wor k p l a ce. H o l c i m i n i t i a ted a wor l d w i d e p ro g ra m fo r Z E R O ACC I D E N TS in 2006, in order to eliminate this fac t. There have been trainings and investments in the plant in order to achieve this goal. Pe opl e have b een invo lved in the improvements and due to the common effor t no accident happened in 2007, which me ans for mo re t h an 200 days! Th is br ing s u s c l o s e r to t h e g o a l o f Z E R O ACC I D E N TS i n 2 007!
P R O F I L E M & Sillosi M & S illo s i aim s to beco m e o n e o f t h e leader s in K o s ovo’s f u tu re eco n o m i c s a n d development achievements. The ac tivities of M&Sillosi have already co ntributed in this direc tio n. One o f the l a s t m a j o r ac tivities is the organization of wheat har vest 2007. Our effor t has brought additio nal s ec u r it y to f ar m er s to m o t i va te them to increase the wheat planted area. M&Sillosi has had a substantial success w ith its f lo u r pro du c tio n u nder t h e b ra n d “ Finnes a”, pro m o ting co m p e t i t i ve n e s s through a co ntro lled qualit y of our pro du c ts. Recently the co m p a ny introduced new produc t lines for pasta and s n a c k s. Th e n e w p ro d u c t s a re p ro d u ce d with the highest level of qualit y and s tandards.
M&Sillosi treats the issue of healthiness of its produc ts, frequently co ntrolling the q u alit y o f its pro du c ts in a s p e c i a l i ze d laborator y, just to satisfy the costumers’ needs to ens u re the co s tu m e r s o f t h e q u alit y o f the M & S illo s i pro du c ts. When you think SAFE FOOD, you think M&Sillosi!
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Kosovo Business Journal July 2007
BUSINESS ISSUES
E X P O R T D I F F I C U LT I E S F O R “M&SILLOSI” TO MACEDONIA
“M&Sillosi ” New Co, is one of the most promising privatization venture that to ok place in Kosovo. “M&Sillos” employs 350 full-time staff and has 100 farmers engaged in different ways. Cur re n t l y their daily capacities of prod u c ti on in f lo ur an d bran are 6 00 to ns. Fo r a s i x m o n t h p e r i o d t h e co m p a ny h a s expor ted 7,200 tons of flour to M acedonia. H oweve r, t h e success sto r y o f “M& S illo s i ” was cut off on June 28, 2007 by the M a ce doni a n Custo ms S er vices, wh o s to pped eight (8) of our trucks loaded with flour prod u c ts o f M&Sillo si in Xer xe f ro m ente ring M acedonia with the only excuse that the origin o f t h e raw materia l u s ed to p ro d u ce t h e f l o u r s h o u l d b e ver i f i e d. U n d e r the pretex t of “suspicions surrounding the or i gi n of raw material, ” 8 t rucks o f f lo u r, produc tion of Flour Company “M&Sillosi ” i nte nd e d for ex p o r t purp o ses, h ave been k ept block ed at the M a cedonian border since 29th of June. They were released af ter t wo wee k s o n l y w h e n t h e co m p a ny p a i d 20,000 Eu ro at the request of M a cedonian Customs as a guarantee. Ac cord i ng to “M&Sillo si ” Execut ive Direc to r, Ad na n M erovci, M acedo n ian c u s to m s officials stated that the regulation fore sees the payment of 20 thousand Euro as deposit until the origin is ve rified. The payment was conduc te d, but M erovci is convinced that the request for the payment was politically motivated. Fur thermore, he fears that his company will encounte r such problems in the futu re as well.
Ac co rding to economic exper ts and co mpany representatives, this clearly presents a violation of the Free Trade Ag reement. M inister of Trade and Industr y ( M T I ) , B u j a r D u g o l l i , s a i d h e h a s n o t ye t received any reply f ro m the M ace d o n i a n M inis tr y o f Trade o r the M acedon i a n O f f i ce in Pr is tina reg arding the is s u e. M in i s te r Dugolli stated that until there is an official reply, it can be said that the Free Trade Ag reement has been violated and if he does no t receive a reply s o o n, he w i l l p ur s ue other ways such as complaining in Brussels. UN M IK Cus to m s S er v ice S po k e s p e r s o n , Adriatik Stavileci, repeated that UNMIK Cu s to m s did res po nd to the req ue s t fo r t h e rule of origin and verified that ever ything is in o rder. Ac co rding to u no f f ic ial info r ma t i o n t h e tr u c k s were blo c k ed du e to a dire c t o rd e r o f the M a cedonian G overnment, brought on by the request of the M acedonian Association o f Flo u r M ills du e to the co m peti t i o n o n t h e market. S ource: Koha Ditore and UNMIK economic news July 17, 2007
10 Kosovo Business Journal July 2007
U.S. CHAMBER DISPATCH
BUSH says:
Vote on Independence for Kosovo Should Move Forward
M any European U n io n memb ers, as well as H owever, R u s s i a , a p e r m a n e n t m e m b e r o f the United States, suppor t U.N. special t h e S e c u r i t y Co u n c i l w i t h veto p ower, h a s envoy M ar t t i “ Pre s i d e n t a l s o e x p re s s e s s u p p o r t fo r e x p re s s e d co n ce r n s A h t i s a a r i ' s a b o u t t h e m e a s u re, A l b a n i a' s d e s i re to j o i n N ATO ” p ro p o s a l fo r arguing that it lacks su pe r v i s e d in depen den ce fo r K o sovo, and s a fe g u a rd s fo r m i n o r i t y e t h n i c S e r b s a n d n ow i s the t ime to move fo r ward o n the might be used as a precedent for resolving issue, President Bush says. The United “frozen co n f l i c t s” i n M o l d ova, G e o rg i a a n d States is back ing a U.N. S ecurit y Council e l s e w h e re a l o n g R u s s i a ' s p e r i p h e r y. re s ol u ti on i n supp o r t o f t h e pro po sal.
U.S. Chamber of Commerce Highlights Joi n the U.S . Ch amb er o f Com m e rce o n July 17 in launching the Global Regulator y Co operation ( G R C ) Pro j e c t . Th e G R C Proje c t i s leadin g t h e re s pons e to t h e growin g impac t of divergent re gulations on global markets and the inability to e ffe c ti vely address i n - co u n t r y b a r r i e r s ( I C B s ) a ro u n d t h e wor l d. H a l f a ce ntur y of progress toward t he e l i mi nat io n o f t arif fs and q uota s aro un d t h e globe has helped gua rante e mark et access and generate prosperit y in the United States and a b ro a d. H owever, compe ti ng an d o f ten m a r k e t - d i s to r t i n g I C B s,
including divergent regulations, are prov ing diff ic u lt is s u es to addres s in trade agreements. As a res u l t, g l o b a l m a r k e t s a re disrupted at the ultimate expense of co nsumers. The GRC Pro j ec t is com m itted to developing new strategies that promote m a r k e t - o r i e n ted policies a n d a d d re s s t h e var i o u s I CBs co m panies f ace around the globe. The nex t challenge for international t ra de is to s u c ces s f u lly g o b e yo n d market a c ce s s issu es. On July 19, the National Chamber Foundation (NCF) will ho ld in Was hing to n,
D. C , and a C E O Le a d e r s h i p S er i e s Lu n c h e o n fea t u r i n g J a m e s J . M u l va , c h a i r m a n and CEO of Co n o co Phillips. Mr. Mulva will dis c u s s the ne e d fo r a co mprehensive nationwide energy plan. S eptem ber 24-26, the Ins titu te fo r a Com p e t i t i ve Wo r k fo rce ( I C W ) w i l l h o l d the annual ICW Education a n d Wor k force S u m m i t i n Was hing to n, D. C. Th e I C W wo r k s to ensure t h a t bu s ines s es have a c ce s s — to d ay a n d to m o r row — to an educated and sk illed wo r k fo rce. Th ro ug h p o li c y initiative s, business o u treac h, and a s t ro n g g ra s s ro o t s n e t wo r k , I C W finds solutions that will p re s e r ve the American wo r k fo rce as this co un t r y' s greatest business asset and its s tro ng es t re s o urce.
w w w.u scham b e r.com /i nte rn a t i o n a l
11 Kosovo Business Journal July 2007
INTERNATIONAL FLASH BUSINESS NEWS BV LG A RI MAPS OUT AGGR E S SI VE PLAN TO BOOST I TS LUX UR Y- GOODS OU TLE TS by Flavia Rotondi 2007-7-11 ( w w w. s h a n g h a i d a i l y. c o m ) BVLGA RI S pA, which sold a pa i r of e a r r i n g s i n i t s F i f t h Ave n u e s h o p fo r U S $ 1 5 m i l l i o n i n M ay, p l a n s t o o p e n e i g h t accessories stores a year - including one i n S hanghai - as part of the compa ny's expansio n into leather goods.
COC A-COL A IN UPBEAT MODE AS ZERO, COFFEE SALES TAKE OFF M a r y Jane Credeur 2007-7-17 ( www. sh an gh aidaily. co m) COCA-COLA Co, the world's largest soft-drink maker, is expected to report profit rose on the second-biggest sales gain in three years as Europeans bought more no-calorie Zero and the company sold more coffee in Japan.
MC DONALD'S LOSS 2007-7-17 ( w w w. s h a n g h a i d a i l y. c o m ) MCDONALD'S Corp, the world's largest restaurant company, posted a sec ond- q uarter net loss of abo u t 6 0 cents a share after agreeing to sell its Latin A m er ican and C aribbean loc a t i on s . Profit from continuing operations was 71 cents a share on a preliminary basis, McDonald's said yesterday. That compares with profit of 67 cents a year earlier. McDonald's spurred European d e m a n d w i t h c h i c ke n s a n d w i c h e s a n d sm all ham b urgers in France, wh i l e US revenue gained after introducing cinnamon rolls and ice coffee.
SH AR E S OF L ' OR E AL L OSE S P A R K L E by Ladka Bauerova 2007-7-14 ( w w w. s h a n g h a i d a i l y. c o m ) SHARES of L'Oreal SA, the world's largest cosmetics maker, dropped as much as 3.7 percent yesterday after second-quarter revenue fa iled to beat analysts' e s t i ma t e s. " T h e s a l e s a r e i n l i n e w i t h e x pe c t a t i o n s , but figures from western Europe and the US may be se e n as somewhat disappointing," Alexandre Iatrides, who helps manage about US$5 billion in a sse t s a t Ri ch e l i e u F i n a n ce i n Pa ri s , t o l d B loomberg News. M UN C H M AL L OW C R OSS E D TH E B OR D E R UN SP OI L T ( w w w. l i m u n . h r ) T h e ma n a ge r s of C r ve n ka – b a s e d o n Jaffa claim that their product M u n c h m a l l o w c a ke l e f t t h e fa c t o r y completely unspoilt and that there was nothing that indicates the presence of Salmonella. At a press conference, they s u bs t a n t i a t e d t h e i r s t a n d w i t h t h e re s u l t s of t h e a n a l ys i s, w h i ch t h e y h a d b e e n getting from competent sanitary and ve t e r i n a r y i n spe ct i on s i n t h e l a s t c o u p l e of days. They think it s s t ra n g e that “ M u n c h m a l l o w A ffa i r ” wa s i n s t i g a t e d a t t h e t i me w h e n t h e compa ny i s j u s t a fe w days away from the opening of a new fa ct or y i n w h i ch t h e y i nve st e d EU R 1 8 m i l l i o n a n d w h e n J a ffa a n d M u n c h m a l l o w have been proclaimed the most popular products in the market of former Yu gos l avi a . An independent ba ct e r i ol ogi ca l a n a l ysi s of t h e d i s p u t a b l e delivery of their product, which was withdrawn from sale first in Slovenia and then in Croatia, Bosnia and Herzegovina, Montenegro and Serbia, is underway.
12 Kosovo Business Journal July 2007
INTERNATIONAL FLASH BUSINESS NEWS
BULG A RIA R ULI NG TR OI KA A G R E E F LA T TA X R ATE , PE NSI ON I NC R E ASE Three months ahead of the local elec tions, the members of the r u l i n g c o a l i t i o n - B S P, D P S a n d N D S V, f i n a l l y shook hands over a long-awaited agreement on key fiscal policy issues c o n c e r n i n g t a xe s , s o c i a l s e c u r i ty a n d pensio ns. At an o perative cabinet meeti n g on Sunday attended by the top brass from the three parties it was decided to retire the current three-bracket personal income tax rate system and replace it w i t h a f l a t ra t e o f 1 0 % . T h e m ove w i l l b e m o s t d e t r i m e n t a l t o t h e i nc om e of people making 200-300 l e vs a m o nth and that is way a cha n ge i s planned to t he wage-formation rul e s t h a t w i l l s o f t e n t h e fal l o u t . I t was no t immediate clear how t h e wa g e - fo r m a t i o n mechanism will be updated. The gover nment also decided on a 10% pension increase from October 2007, enabled by a 20% budget revenue overperformance by end-July, and a 3% cut in the social security burden. Pa r i ty b e t w e e n d o m e s t i c a n d c o m m u n i ty e xc i s e ra t e s w i l l b e a c h i e ve d ove r t h e nex t two years. The c ig ar ette excise will be hiked i n t w o go es: in 2008 and in 2009. Ther e will be a one-off adjustmen t t o t h e fuel exc ise, in 2008. http://news.dnevnik.bg/print.php?id=11282
P AR I S R E AD I E S FOR VE L I B F R E N Z Y by E mma -J a n e Ki r by B B C N e ws , Pa ri s ( w w w. s h a n g h a i d a i l y. c o m ) T h e h u mbl e bi cycl e h a s be en g i ve n a b o o s t i n Pa r i s w i t h t h e l a u n c h b y t h e c i ty council of Ve lib, a free bike scheme to e n cou ra ge pe opl e t o gi ve u p t h e m o t o r i n favou r of pe da l pow e r. “ B i c yc l e s w i l l j u s t b e ve r y u s e fu l fo r t h os e pe opl e goi n g t o do some s h o p p i n g or visiting friends, not far from home, bu t mos t of t h e t i me w h e n yo u u s e t h e c a r i t ' s fo r a l o n g t r i p s o t h a t ' s t h e r e a s o n w hy i t w i l l n o t s o l ve a t a l l t h e traffic problem in Paris� Christian Gerondeau President of fe deration of auto clubs. D E C L I N I N G US G R OWT H W E AKE N S D OL L AR by Min Zeng 2007-7-16 ( w w w. s h a n g h a i d a i l y. c o m ) THE American dollar fe ll to a record low against the euro and the weakest in 26 ye a r s a ga i n s t t h e pou n d on s p e c u l a t i o n that declining consumer spending will weaken the economy and dim the allure of United States assets. CHINESE FIRM SUES GOOGLE OVER NAME by Janet Ong 2007-7-14 ( w w w. s h a n g h a i d a i l y. c o m ) GOOGLE Inc is being sued in China by a B e i j i n g c o m p a ny t h a t c l a i m s t h e o w n e r o f the world's most popular Internet search e n gi n e i s u s i n g t h e C h i n e se b u s i n e s s ' s n a me . " We wa n t G oogl e t o ch a n g e t h e i r commercial name, and are not suing for a ny da ma ge s ," T i a n Yu n sh a n , c o m p a ny se cr e t a r y for B e i j i n g G u ge Sc i e n c e a n d Technology Co, told B loomberg News in an telephone interview yesterday. The case against Google's Chinese unit has been accepted by a Haidian district court in Beijing on June 29, he said.
13 Kosovo Business Journal July 2007
NA OU KO A VO OS US O SS SIN U S AL UR SO L K O B O N BU J NE RN JO K NA OV KO U VO ES US OU SS A U OS AL O SO SIN O B S N UR J L K RN O K O S L V O R J O S L R J E N O I O I B N JO L K RN SOV KO BU VO NES US JOU ESS NA OU KO AL VO OSO USI O B ESS SIN UR S J AL URN SO L K O B SOV INE BU S JO NES RN JOU KO NA OV KOS BUS VO ESS USI OU SS AL UR OS AL VO SO UR OS AL O SO SIN B S IN R JO L K RN SO KO BU V NE U JO ES NA OU KO A VO OS US O SS SIN U S AL R SO L K O B O IN BU J NE RN JO KO NA OV KO BU O KO NA OV KO BUS VO ES USI JOU ESS NAL UR OS AL VO SO SIN O B SS J SINE UR S JO L K RN SO L KO BU OV INE BUS JO ES RNA JOU KO NAL VO OS US VO ESS SIN UR SS J AL UR SO L K O B SOV SIN O SO IN B S J N R JO K N O KO BU V E U O S NA U O AL VO S S O SS IN UR S L R SO K B O IN BU J E N O KO NA V O U O L S NA OV KO BU VO ES US OU ESS NA U OS AL VO SO SI O B SS SIN UR S J L RN SO K B OV INE BU JO ES N JOU KO NA VO OS US VO ES SI OU SS AL UR S L O B SO SIN B N U J E N O K A V O U O S S U S A L R O K B O S S S IN O I B S N R J S L K N O K U V E OV L KO BU OV INE BU JO ES RNA JOU KO NA VO OS US VO ESS SIN OU SS AL UR OSO L K O B SO SIN BU S J INE RN JO L KO RNA OV KO BU VO NES US JOU ESS NA OU OS AL VO OSO SIN O B SS O S S O SS SIN U S L R SO L K B OV IN BU J E RN JO KO NA V O U VO ES S OU SS A U S L O SO SIN B S IN R J L K RN O KO BU V E U J KO BU OVO INE BUS JO ES RNA JOU KO NAL VO OS US O ESS SIN OU SS AL UR SO L K O B SOV SIN BU S JO INE RN JO L KO RNA OV KO BU VO ES US JOU ESS NA OU OS AL VO SO SIN O B SS SIN SS IN U S L R SO K B O IN BU J E RN JO K NA V O U O ES S U SS A U S L O SO SI B S IN R J L RN O K BU V E U JO S S BU OV INE BUS JO ES RNA JOU KO NA VO OS US VO ESS SIN OU SS AL UR OSO L K O B SO SIN BU S J INE RN JO L K RNA OV KO BU VO NES US JOU ESS NA OU KOS AL VO OSO SIN O B SS SIN UR SI O SS IN UR S J L RN SO L K B OV IN BU JO ES RN JO KO NA V O US VO ES S OU SS A UR OS L O SO SIN B S IN R JO L K RN O KO BU V E US JO ES VO NES BUS JOU ESS NA OU KO AL VO OSO USI O B ESS SIN UR S J AL URN SO L K O B SOV INE BU S JO INES RN JO L KO NA OV KO BUS VO ES USI JOU ESS NAL UR OS AL VO SO SIN O B SS J INE URN S J U S B S IN R J L RN O K B V NE U JO ES N OU KO A V O US O S SI U S AL R S L O SO IN B S J NE RN JO K N OV KO BU V E US O SS A ES US JOU ESS NA OU KOS AL VO OSO USI O B SS SIN UR S J AL K RN SO L K O B SOV INE BU S JO NES RN JOU KO NA OVO KOS BUS VO ESS USI OU SS AL UR OSO AL K O B SO SIN O B SS J INE URN JO L K N U JO E N O O A V O U O S S U S A N R J K N L R O K B S IN S L O I B O U V E U O S A U US JO ES RNA JOU KO NAL VO OS US VO ESS SIN UR SS J AL UR SO L K O B SO SIN BU S JO INE RN JO L KO RNA OV KO BU VO NES US JOU ESS NA OUR OS AL VO SO SIN O B SS SIN UR S JO L K RN V N L S A U S IN R J O V O U O E S I U S L R SO K B O IN B J E N O K L O S SI N O K B V E U JO E N JO NES RNA JOU KO NA VO OS US VO ESS USI OU SS AL UR OSO AL K O B SO SIN BU SS J INE URN S JO L K RNA SOV KO BU OVO NES BUS JO ES NA OU KOS AL VO OSO USI O B SS SIN UR SS J AL URN SO S N U K O N V L R N J UR S J L RN SO K B OV IN BU JO E N O KO A V O US O ES S OU SS A UR S L O SO SIN B S IN R J L K RN O KO BU V E U JO ES NA OU O A V L E O S S A U O S S U S K O K B S L U J E N O S I O U SS NA OUR OS AL VO SO SIN O B SS SIN UR S J L K RN SO L KO BU OV INE BUS JO NES RNA JOU KO NA VO OS US VO ESS SIN OU SS AL UR OSO AL K O B SO SIN BU S J INE RN JO L K RNA OV K O V L O S V E R J O S O K B N U J E N O I B O S L U O A U S NA JOU KO NA VO OS US VO ESS SIN OU SS AL UR OSO L K O B SO SIN BU S J INE RN JO L K RNA OV KO BU VO NES US JOU ESS NA OU KOS AL VO OSO USIN O B SS SIN UR S J AL K RN SO L K BU O V L O R O J R O S I S N L I B O E J N S E V S O U U B U S N O K A O N A K O L K RN O KO BU V E U JO ES NA U O A VO S S O SS SIN U S L R S L B O IN BU J E RN JO K N V O U VO ES S OU SS A U OS L O SO UR OS AL VO SO SIN O B SS SIN UR S JO L K RN SO L KO BU OV INE BUS JO ES RNA JOU KO NA OVO KOS US VO ESS SIN OU SS AL UR OSO AL K O B SO SIN BU S J INE RN JO L KO RNA OV KO BU V O S A U R JO K N O IN B J O A V O U V E N O K B V E U JO E N L O S S S O S I U S L R S L OS AL VO OS USI O B SS SIN UR SS J AL URN SO L K O B SOV INE BU S JO NES RN JO KO NA OV KO BUS VO ES USI OU ESS NAL UR OS AL VO SO SIN O B SS J SINE URN S JO L K RN SOV KO BU OV INE S U S L O O I B S N R J K N O KO BU V E U O S A U O A O S S O O K B O N U JO E N O KO A V O U O S S U S A AL VO OS US VO ESS SIN UR SS J AL URN SO L K O B SOV SIN BU S JO INE RN JO L KO RNA OV KO BU VO NES US JOU ESS NA OUR OS AL VO SO SIN O B SS SIN UR S JO L K RN SO L KO BU OV INE BU S A U U JO E N S IN R J L O A V V O U O E S L O SO SI N O K B V S O S S B O IN B J E N O K VO KOS US VO ESS USI OU SS AL UR OSO AL K O B SO SIN BU SS J INE URN S JO L K RNA SOV KO BU VO NES BUS JO ES NA OU KOS AL VO OSO USI O B ESS SIN UR SS J AL URN SO L K O B SOV INE BU S JO S BU OV INE BU JO NES RNA JOU KO NAL VO OS US VO ESS SIN OU SS AL UR OSO L K O B SO SIN BU S J INE URN JO L K RNA OV KO BU VO NES US JOU ESS NA OU KOS AL VO OSO USI O B SS SIN S V O I R J N O B E S S O S S U O N K U SO SIN B S IN R J L K RN O KO BU V E U JO ES NA OU O A VO S S O SS SIN U S AL UR OSO L K O B SO SIN BU S J INE RN JO L K RN OV KO BU VO NES US JOU ES V E U JO ES N OU O A VO S S O SS SI U S L R S L B O IN B J E RN JO K N V O U VO E S O SS A U O AL O S SI B S IN R SI O B SS SIN UR S J AL RN SO L KO BU OV INE BU JO NES RN JOU KO NA OVO KOS US VO ESS USI OU SS AL UR OS AL O B SO SIN BU SS J INE URN JO L K RN SOV KO BU OVO NES US JO ESS NA N R J N J E N O K V O S L O S S U S A V E I U N O K S O I B U O A O ESS USIN OU SS AL UR OSO AL K O B SO SIN BU S J INE RN JO L K RNA SOV KO BU VO NES US JOU ESS NA OU KOS AL VO OSO USI O B SS SIN UR S J AL K RN SO L K O B SOV INE BU S JO NES RN JOU BU J E RN JO K NA V O U VO ES S OU SS A U OS L O SO SI B S IN R J L K RN O K B V NE U JO ES N OU O A VO OS US O S SI U S AL SS SIN OU SS AL UR OSO L K O B SO SIN BU S JO INE RN JO L KO RNA OV KO BU VO NES US JOU ESS NA OU OS AL VO OSO USI O B SS SIN UR S J AL K RN SO L KO BU OV INE BU S JO NES RNA JOU KO JO ES RN JOU KO NA VO OS US VO ESS SI U SS AL UR SO L K O B SO SIN B S J INE RN JO L K RN OV KO BU VO NE US JO ES NA OU O AL VO S SI O SS SIN UR S J L RN IN UR S J AL K RN SO L KO BU OV INE BU JO NES RNA JOU KO NA VO OS US VO ESS USI OU SS AL UR OSO AL K O B SO SIN BU SS J INE URN S JO L K RNA SOV KO BU OVO NES BUS JO ES NA OU KOS AL N R J E N O O A V O S A U O O S S U S O IN B O S S K N S IN U S L R O R S L O U V E UR SS J AL URN SO L K O B SOV SIN BU S JO INE RN JO L KO NA OV KO BUS VO ES US JOU ESS NA OUR OS AL VO SO SIN O B SS SIN UR S J L K RN SO L KO BU OV INE BUS JO ES RNA JOU KO NA VO O L N O KO A V O U O ES S U SS A UR S L O SO IN B S IN R J K N O KO BU V E U JO ES N U O A VO S S O SS IN U S L R SO L K S J AL UR SO L K O B SOV SIN BU S JO INE RN JO L KO NA OV KO BU VO ES USI JOU ESS NA OUR OS AL VO SO SIN O B SS J SIN UR S JO AL K RN SO L KO BU OV INE BU JO ES RNA JOU KO NA VO OS OU KO NA VO OS US O ESS SI U SS AL UR SO L K O B SO SIN B 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OV INE BU JO ES RNA JOU KO NAL VO OS US VO ESS SIN OUR SS J AL URN OSO L K O B SOV SIN BU S J INE RN JO L KO RNA OV KO BU VO NES US JOU ESS NA OU OS AL VO OSO SIN O B SS SIN R S S O I O L B I E O S S S O S U S U U K N U J E N O L R O K B S S O S S N O K B V E U JO S L O I B S N R J A V O S A S I BU OV INE BU JO NES RNA JOU KO NA VO OS US VO ESS SIN OU SS AL UR OSO L K O B SO SIN BU S J INE URN JO L KO RNA OV KO BU VO NES US JOU ESS NA OU KOS AL VO OSO USI O B SS SIN U N U J E O S R J O S S U S O S S S L L R O K B O IN B S IN U O U V E K N OV SIN BU S JO INE RN JO L KO RNA OV KO BU VO ES US JOU ESS NA OUR OS AL VO SO SIN O B SS SIN UR S JO AL K RN SO L KO BU OV INE BU JO ES RNA JOU KO NA VO OS US VO ESS SIN OU SS O IN B J E RN J N O K BU V E U JO ES N U O A VO S S O S SI U S L R S L O ES S U SS A U S L O SO SI B S IN R J L IN BU S J INE RN JO L K RNA OV KO BU VO NES US JOU ESS NA OU KOS AL VO OSO SIN O B SS SIN UR S JO AL K RN SO L K BU OV INE BU S JO NES RNA JOU KO NA OVO KOS BUS VO 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O SS A U OS L O SO SI B S IN R J L RN O K B V NE U JO ES N O KO A VO NA JOU KO NA VO OS US VO ESS SIN OU SS AL UR OSO L K O B SO SIN BU S J INE URN JO L K RNA OV KO BU VO NES US JOU ESS NA OU KOS AL VO OSO USI O B SS SIN UR S J AL URN SO L K B O IN B J E R JO K N V O U VO E S O S A U O L O S SI S IN R J L RN O K B V N U JO ES N O KO A V O L R S L OU KO NA OVO KOS BUS VO ESS USI OU SS NAL UR OS AL O B SO SIN B SS J INE URN S JO L K RN SOV KO BU OVO NES BUS JOU ESS NA OU KO AL VO OSO USI O B ESS SIN UR S J AL URN SO L K O B SO O IN B J NE R JO K N OV KO U V E US O S A U O A O S S S IN R J L R SO K B V N U JO E N O KO A V O U R S L K N OV KO BU VO ES US OU SS NA U OS AL O SO SI O B SS IN UR S J L RN SO L K B OV INE BU JO ES N OU KO NA VO OS US O ESS SI U SS AL UR S L O SO SIN
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