Issue 2 by AmCham Kosovo

- OUTCOMES: A m C h a m’s S P R I N G C A R E E R FA I R R E S U LT S - TOP 10 PRINCIPA L S FOR POSITIVE BUSINESS ETHICS - BIZZ BOOK REVIEW The official newsletter of w w w.a m cha m ksv.org

Issue 2 | S eptember 2007 | Pr ishtinë, Kosovo

Sp e cial Rep or t

HOW TO STIMULATE THE DEVELOPMENT OF AGRICULTURE IN KOSOVO? p ag e 6 - 1 0

CONTENT

EDITORIAL Greetings dear friends, We meet again here at the second e di tio n o f t h e K os ovo Bu siness J o u r n a l . Th i s e d i t i o n i s b e i n g i s s u e d at a time when the summer va cations are coming to an end. We ho pe yo u a re fee l i n g e n erg ized and re f re s h e d i n o rd e r to c a r r y o n w i t h the h ard wor k n e e d e d tow ards adva nc i ng a n d i m p roving yo u r res p e c t i ve com p a n i e s. I n mo s t i n s t a n ce s, t h e k ey b ehind your successes is solely dependant on your own commi t men t a n d m e r it, w it h t he inst it ut io ns or th e Kosovo business environment, in general, contributing ver y s c a rce l y. Eve n t h o u g h we h a d p ro m i s e s fo r a b e t te r business environment for ever yone, better fiscal policies, and the whole ye ar has been dominated by the final status’ discussion. I t looks as though there is not going to be a n o t i ce a b l e c h a n ge fo r t he remaining p ar t o f year, in that res pec t . Wh a t we clearly understo o d t his su mmer is the fac t that Kosovar companies even if they have the oppo r t u ni t y a n d of fe r q u alit y to exp o r t o u t side o f K osovo, the y c an b e ob s t r u c ted by t he au t ho rit ies of our n e i g h b o r i n g co u n t r i e s w i t h o r w i t h o u t re a s o n , a n d to implement the free trade agreements we need the inter vention of local and international institutions to solve the contex t. In addition, during this summer, it was understood that there is not a lack of will and enthusiasm in tr ying to chan g e f i s c a l p ol i c i e s, bu t we are st ill to decide on th e a c t u a l p ro ce d u re o f re m o d e l i n g t h e m : Should MEF – TAK – MTI – UNMIK IV Pillar or even the business associations tak e the initiative, and ye t, we are still waiting for definite conclusions. M any companies have co m p l a i n e d a b out t he TA K au dit ing, more specifically on the fo reign expenditures and until the competent a u t h or i t i e s co me u p w it h a su it ab le solution for this subjec t, the situation will continue to deteriorate. The status of Kosovo will not regulate the economic turmoil lik e a magic wand, but it must be said that it ser ves as star t ing point towards solving some of the problems. Th e status will relieve the politicians from their alibis, which are fo cused purely around the status issue. I t wil l i ndeed g a l va n i ze t h eir effo r t s in t r ying to develop more advanced economic policies, as well as maintaining acce pt abl e l e ve l s of l aw and o rder. M ayb e, if we are luck y a n d a re w i l l i n g to p u t i n t h e h a rd wo r k , we w i l l f i n a l l y have t he st rateg y wi t h w hich Ko sova , in g eneral, would develop sufficiently. A couple of failed attempts, in tr ying to create a vision for future economic progression, only streng t hen e d t h e c re d i b ilit y o f t he saying : “ Tho se we fail to plan, plan to fail”. Having said that, I do not wish to end t h i s e d i to r i a l o n a p e s s i m i s t i c n o te, b e c a u s e you r wor k , commitment, and dedication adds to our optimism and it clearly shows that we can resolve ever y single issue, when we hold all the impor tant k eys to the all impor tant doors.

AmCham INSIDE

Am Cham ANALYSES

SU CCES S STO RIE S

EC ACC N E WS

1 3-

F L AS H BU SIN ES S N E WS

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: Y l l i Vuçi tërna, 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 LAYOU T & DESIGN : Y l l i Z ymberi yl l .z ymberi @gmai l .com

Happy h ar ve s t s e a s o n !

M imoza Kusari – Lila

FOR COMME N TS, SU GGESTION S AN D WRIT I NGS: kbj@amchamksv.org

Kosovo Business Journal Sept. 2007

AmCham INSIDE

OUTCOMES: Am Ch am’s SpringCareer Fair Results

s a par t of AmCham’s “Best B u s i n e s s Pra c t i ce s” s e r i e s, a n d a s a con tinuit y of year 2006, th e S p r ing Ca reer Fair 2007 was organized again this ye ar, on April 27, as a component of a KCBS-fu nded projec t. Th e Fair aim ed to p rov i d e a n e t wo r k i n g o p p o r t u n i t y fo r b o t h students and co mpanies, and offer students the chance for inter views, and eventually, employment.

The Fair hosted representatives of Kosovar and interna tional businesses from variou s sec tors – bank ing, consulting, IT, education, energy, and brand name distributors.

These businesses presented employment and internship op p or tu nities to v i si tor s, and used the event to create networks with other exhibitors and visitors. They thought it was an excellent oppor tunit y to i n fo r m a l l y n e t wo r k w i t h s t u d e n t s, g a t h e r CVs and inform the public of what they do, a n d t h e v i s i to r s we re t h r i l l e d w i t h t h e i d e a of having many com p anies in o n e pl a ce, where they could be inter viewed and mak e contac ts.

Cha mbe r C ALE NDAR

SEP TEMB E R 2007

V I SIT TO REGI ONAL AM CHAM S E xe c u t i ve s t a f f, B o a rd, Pat ro n & Co r p o ra te ECONOMIC ROUNDTABLE D I SCUSSION - ANT I CORRUP T ION All ac tive members

Specifically, the comp anie s t h at participated in the Sp ring C are er F a ir were: R AIF F EISEN BANK PR OTERM P ROCREDIT BANK M ERIDIAN C ORPORATION M DA PRO NET BUC AJ AMERICAN SCH OOL O F KOSOVA UNIVERSITY OF BUSINESS AND TECHNOLOGY ADAS KUJ TES A ILIRIA ROY AL UNIV ERS ITY ALFERON/F ERRONIKELI P TK E LK OS WEST ERN UNION – UNIONI F INAN C IAR PRISHTINA RIALKO IPKO LLAMKOS

The visitor s of the Career Fair were ma i n l y students from private and public u niversities in K osovo and the reg i on . The re we re 794 registered students attending the Fa ir, whereas we estimate that another 10-15% of students entered without re g i s te r i n g, m a k i n g a to t a l o f ove r 8 0 0 students that attended the Fair from 10:00 until 17:00. From the 392 sur veys gathered, it can be seen that the students evaluated the Fair with an averag e g rad e of 8.9 (1-10 scale) and 386 of the 392 students sur veyed said that they would par ticipate again if the Fair was organized in O c tober 2007. On average, each student submitted CVs at t h re e co m p a n i e s d u r i n g t h e Fai r, a n d t h e majorit y of the students were interested in the b ank ing and consu lting sec to r s, wi t h a sm aller fo c u s on the I T sec tor, and a l most n o interest in construc tion and energy sec tors. Most of the students attending the Fa ir were from the Universit y of Pr ishtina, and we re s t i l l i n t h e i r B a c h e l o r s t u d i e s.

Kosovo Business Journal Sept. 2007

AmCham INSIDE Th e hall in the Youth and Spor ts Center provide d a space for the stage wh ere the opening was held, and where photo slideshows and direc t fo otages from the Fair we re s hown, and 22 spots of 9 - 1 2 me ters squa re per stand. Each company had t heir ow n stand (or more, depend ing on their choice), where they exhibited their promotiona l materials, and cond u c ted formal/informal inter views with students. Students were informed about the Fair t hrou gh cit y billboards, posters, rad io and newspaper adver tisements, as well as presentations at each universit y, where i nformative leaflets were hande d ou t. Pa r ticipating students were also provided with a catalogue of par ticipating companiesâ&#x20AC;&#x2122; profiles and a floor m ap for better orientation in the hall.

Up to now from the par ticipating companieâ&#x20AC;&#x2122;s feedback (even though not all of them have repor ted) results that 104 students were employed for internships and p er m anent job s, ou t of which 5 a re em p loyed by Americ an C ha mbe r of Commerce in Kosovo.

ELJANA NAKA

Kosovo Business Journal Sept. 2007

Advertise at Kosovo Business Journal American Chamber of Commerce +381 38 246 012 +381 38 248 012 k b j @ a m c h a m ks v . o r g

AmCham INSIDE S h ku m b i n H ox h a - Intern

This is my second internship here at AmCham and i must admit it ’s even better than the f i r s t o n e. I g u e s s t h e t a s k s yo u p e rce i ve to b e d i f f i c u l t t u r n o u t to b e o n e o f t h e s i m p l e s t tasks you ever had to do. As they say : “Prac tice mak es per fec t. ” The sense of being appreciated here at AmCham gives you that ex tra incentive to per form at your best. Being involved in assignments ranging from editing a newsletter to creating sur veys will undoubtedly fur ther me on a professional and individual level. I would definitely recommend AmCham to any student who wishes to develop their young career.

Mentor Mehmedi - Intern

I never thought that my internship at the American Chamber of Commerce would turn o u t to b e s u c h a n a m a z i n g e x p e r i e n ce. S o f a r, I h ave co m e to k n ow m a ny b u s i n e s s p e r s o n s a n d co m e to l e a r n s o m u c h a b o u t o u r b u s i n e s s co m m u n i t y. Pe o p l e I work with, ac tivities we co ordinate to gether and meeting we held as a staff mak e you have a real feeling about the real work that founded institutions such as AmCham carr y on in their ever yday ac tivities. I feel privileged, pleased and honored to be par t of this organization. I hope, AmCham continues to give internship oppor tunities to other students as well. This way, other students would have the chance to experience a real work environment and learn a great deal of things which eventually will help them in their future career ladders.

J e t a Z a g ra g j a - Ad m i ni s t ra ti o n Assi sta n t

While I was brainstorming for an adequate place to do my Co-op, AmCham stuck in my mind for many reasons: a young mar velous educated staff, per fec t leadership, and a wo r k p l a ce w i t h e xce l l e n t p e r s p e c t i ve. I a l s o k n ow t h e i m p o r t a n ce o f n e t wo r k fo r a successful career - and I found it at AmCham. While work ing for these past three months, I was given the chance to understand more the business world and I’ve been able to mold my studies to fit what I think will help me for my future studies and here at AmCham. I am incredibly grateful for the path my life has tak en and I think my time at AmCham has and will help me develop it in the accurate way. American Chamber of Commerce is a unique experience!

V l e ra S p a h i j a - Intern

Firstly I would lik e to say how grateful I am for having the oppor tunit y to be a par t of the American Chamber of Commerce in Kosova since this was my grate step towards independence and emancipation. As a beginner I was ver y curious about ever ything around so I k ept ask ing and ask ing in order to do my job as good as possible, therefore I would lik e to thank my colleagues for the patience and the will to help me. The thing I lik ed the most about this job was the team work where ever ybody gave different opinions until we reached an agreement. We also got along with each other ver y well which sincerely made me feel about AmCham as a second home.

Ylli Vuçitërna - Intern

Visionar y leadership mixed with the aroma of friendship and team suit k eeps you strongly motivated while the well organize d work already begins its implementation . That ’s Am Cham for sure! AmCham to ok me to a higher level on the ladder of my career ; this summer journey to ok m e to my i n n e r m o s t s k i l l s, a n d to te l l yo u t h e t r u t h l e f t a t a s te o f e a g e r n e s s fo r d e e p e r exploration in me! The full stor y of my experience leaves me grateful k nowing that the Kosovo Business Journal is becoming par t of us. Thanks to the management and my colleagues, who to day, I k now as my friends!

Kosovo Business Journal Sept. 2007

AmCham INSIDE: New Companies

SIG w hi ch st a n ds for S ma r t I nve s t me n t Gro u p is a new co mpa ny w h ic h b le n de d in to t h e mark et th is yea r. The comp a ny h a s a s t a f f of p eo ple with a c a d e m i c a n d p ra c t i c a l e x p e r i e n ce i n n o r m a l a n d a d va nced p roj e c t ion s a s we ll a s in bu s ines s management. Our group is a result of a merge among three different companies which have pulled to get her t heir re s ource s a n d j oin e d forces with mo s t successful Albanian businesspersons in the United States. Our current main ac tivit y is closely related to the projection of the highway V ë r mi cë - Pr i s ht inë- M erdare. Af ter a year of intense preparations, SIG has managed to push toward the finalization the Al ba ni a n-Ame ric a n Con s or t ium w h ic h inclu des 12 m o st su cces s f ul comp a n ie s in t h e co n s tru c tio n i nd ust r y i n K os ovo a s we ll a s we ll k n ow n co mpan ies from the United States.

Th e p u r p o s e o f t h i s p ro j e c t i s to i n c l u d e t h e K o s ova r businesses into this ver y crucial projec t for Kosova wh ile h avin g the financial back u p an d k now -how co ncept by international well k nown companies that have an exper tise in projec ting and co nstruc ting ro ads an d ar t pieces. This way, we are going to have a win-win situation meaning that th is wo u ld be go o d m ove for t he bigges t co mpan ies o f this indu s tr y in Ko sova a s we l l as fo r th e A merican co u nterpar ts wh ich a re p a r t of this projec t. This venture will enable us to gain a m a r ve l o u s e x p e r i e n ce, h ave a g o o d refe re n ce, a n d improve th e cas h flow ; o n th e o ther ha nd, t he A m e r i c a n p a r t n e r s wo u l d f i n d i t b e n e f i c i a l h av i n g lo cal par tners that are ready to s u ppor t t he m i n ever y step of the projec t. H owever, S m a r t I nve s t m e n t G ro u p d o e s n o t s to p here. We have already compiled the Strategic Plan of D evelopment for the future years while aiming to be par t o f bigger pro jec ts in the proje c t i on a nd co nstruc tion field. We plan to do this while always attempting to co operate with local, regional and international par tners. For this strategy and projec ts in the fu tu re, we will tell yo u an o ther tim e. Remark: This ar ticle is written for publication in the “Kosova Business J o u r n a l ” w h i c h i s p u b l i s h e d by t h e A m C h a m Ko s ovo.

WASHINGTON GROUP INTERNATIONAL Wa s h i n gto n G ro u p I n ter n a t i o n a l p rovi d e s t h e t a l e n t, in n ovat io n , a n d p rove n p e r fo r m a n ce to deliver integrated engineering, co nstruc tion, and management solutions for b u s i n e s s e s a n d g over n m e n t s wo r l d w i d e.

A global presence p rovi d i n g m a r k e t rea c h to a re a s of the wo rld tha t be ne fit from our a bi l i ti es.

Fi ve h un d red p ro j ec t m a n a g e r s - b a c k e d by 4,000 scientists, engineers, and analysts, a l o n g w i t h o t h er p ro fes s i o n a l a n d c ra f t employees – are managing contrac ts va lued at more than $10 billion.

A balance d a n d d i ve r s e p o r t fo l i o o f m a r k e t s, custome rs, a nd se r v ice s.

O u r v i s i o n i s to b e t h e wo r l d ’s top p e r fo r m i n g engineering, co nstruc tion, and management co m p a ny h o ld in g lea d i n g p o s i t i o n s i n h i g h - g row t h g l o b a l m a r k e t s. To a c h i e ve t h i s, we maintain:

An integrated business that leverages the talent o f o u r 2 7 , 0 0 0 e m p l oye e s f ro m d i ve r s e m a r k e t s, loca tions, a nd discipline s to ta ck le cha l l engi ng proje c ts of a ll size s.

O F F E R IN G S E R CE S T H AT S PA N T H E R AN G E O F O U R C L I E N TS RV ICE PAN TS’ N E E D S , AS N G TON GROUP GR UP H O L D S LEADING D I N POSITIONS O S I T I O N S IIN S I X MAJOR M AJ O MARKETS: E TS WA SHINGTON HOLDS SIX

M IN ININ NG

INFR IN FR ASTRUC AS U T TURE U R E D EF EFEN S E

IN D USTRI RI AL/ AL/PROC C ES ESS

POWER W

ENERGY AND ENER AN ENVIR VIRONM ON M EN T 5

Kosovo Business Journal Sept. 2007

AmCham ANALYSES

HOW TO STIMULATE THE DEVELOPMENT OF AGRICULTURE IN KOSOVO? Kos ova i s k no w n f o r t h e q u a l i t y o f i t s a r a b l e land a nd f or t h e g r ea t p o t en t i a l i t h a s i n pr odu c i ng a g r i c u l t u r a l g o o d s . I n t h e p a s t , agr i c u l tu re u sed t o b e K o s o va ’s ma i n e c o n o m i c se c tor a s we l l a s o n e o f t h e l ea d i n g p i l l a r s o f e conom i c g row t h . O f t h e t o t a l a r ea o f 1 0 , 8 8 7 km squ a re s i n K o s o va , 5 3 % ( 5 8 5 . 0 0 0 h a ) i s agr i c u l tu ra l land. It is b el i eve d that A g ri c u l tu re c o n t r i b u t es t o 3 0 % o f t h e G D P o f Kos ova w hi l e i t s s u p p o r t s 6 0 % o f t h e po p u l a ti on. Be f o r e t h e wa r, a b o u t 4 0 % o f t h e po p u l a ti on wa s a c t i vel y i n vo l ved i n a g r i c u l t u r e se c tor whe re a s n o w t h i s ﬁ g u r e h a s d r o p p e d d r a s ti c a l l y. Peo p l e h a ve l e Ğ v i l l a g e s w h i l e s e e k i ng a m or e c o z y l i f e i n t h e met r o p o l i t a n ar ea s .

Qe r i m H a l i l a j i s t h e o w n e r o f a c aĴle fa r m “ P r e m i u m Ve t ” i n I s t o g w h o h a s b e e n a c tive ly i n vo l ve d i n a g r i c u l t u r e f o r m o r e t h a n 2 0 ye a r s. C u r r e n t l y, h e i s t h e v i c e c h a i r m a n o f the Bo a r d o f K o s o va M i l k P r o d u c t i o n A s s o c ia tio n. M r. H a l i l a j p o i n t s o u t t h a t t h e l a c k o f ﬁ e ld p lo ug h h a s b e e n e v i d e n t i n K o s o va ’s p o s t wa r e r a . He a d d s t h a t t h e g o ve r n m e n t a n d e ve n the p e o p le o f K o s o va a r e n o t f u l l y a wa r e r e g a r ding a g r i c u l t u r e ’s b e n e ﬁ t s t o t h e so c ie ty. He c o m p l a i n s a b o u t t h e m i s m a n a g e m e nt o f a g r i c u l t u r a l r e s o u r c e s . “ Wi t h n o t to m a ny i n ve s t m e n t s , we c o u l d h a ve o p e n e d a lo t o f jobs.”

Kosovo Business Journal Sept. 2007

AmCham ANALYSES O B STACLE S AND HINDE R S I N THE AGRICULTURAL S E C TOR Acc o rdin g to the Minis try of Agr icult ure, Fo rest and Rura l Development 2 0 0, 000 h a of lan d is ara ble la nd where 8 0% of t h e farmers pro duce goods for their ne ed s. Th e amo u nt o f la nd a va ila ble by f arm in g ho u seh o ld is quite low (0 .5 –2 h a on average). The Kos ova Pla in ha s the great est po ten tial in producing gra ins a nd w h eat . Statistic al da ta provided by the Min ist ry of Agric u ltu re, Fores t, a nd R ural Develo pm ent revea l tha t gra ins are grow n i n 150, 000 ha of Kos ova ’s a ra ble lan d . Prio r to 99’ , Kos ova wa s a net exp ort er of fru its an d vegeta bles . Unfortunat ely, t h e situ atio n ha s cha nged for worse. Agric u ltu ral s ector ha s not d evelop ed acco rdin g to pla ns a nd expecta tion s wh ile farmin g h as regres s ed quite a lot. Th is h as been m ain ly due to the la ck of a Nat ion al Agric u ltu re Development S t rat egy,

alt h ough the Min ist ry has a l re a dy com p iled t h e R ural an d Ag ri c ul tura l Develop m en t Plan 2007- 2013 in s upport of A E R A gricult ural Mast er P l a n. O the r ob st acles t h at agricult ural sect o r i n K os ovo is f acin g com p rise of id le a nd unde r ut ilized socially own ed agricul tura l l a nd, lack of S t im ulat ion Plan f or F a rme rs , un f air m arket syst em s, an d los s of fa rm lan d . Privat izat ion p rocess in K os ovo ha s n eit h er h elp ed t h is sit uat ion . Q ui te a l a rg e n um b er of f arm s h ave b een p ri va ti z e d by p eop le w h o are n ot relat ed t o thi s ﬁe l d. Th ose f arm s are t ran sf erred into bui l di ng vicin it ies. E ach year som e 1000 to 1 5 0 0 ha are b ein g d e f act o t ran sf orm ed i nto bui l t area ( accord in g t o som e ot h er e s ti ma ti on, t h is ﬁgure is m uch h igh er) .

“ Yo u j u s t h a v e t o s e e w h a t h a p p e n e d t o t h e fi e l d i n t h e m a i n r o a d Prishtina-Peja or e v e n P r i s h t i n a - F e r i z a j . I t ’s a shame! This is the reason why we pay so much about goods that we can p r o d u c e b y o u r s e l v e s ,” co n c l u d e s M r. H a l i l a j.

Kosovo Business Journal Sept. 2007

AmCham ANALYSES

an d good s, our govern m en t h a s provi de d n o sub sid ies f or it s f arm er s a nd ha s im p osed a un iversal 10 p er cent ta riě on t h em . Th ere are a p len t y of cons tra i nts to THE LACK OF S TIMULATION cred it access. Farm ers in Kosovo ha ve ve ry FO R THE KOS OVAR FARMERS low access t o cred it s. AĞer the wa r in Kos ova , Govern m en t of “We, t h e f ar mer s, ar e n ot ha v ing a ny Ko so va has been negligent in provid in g p r ofit . We ar e wor k i n g f or b an ks ,” mu Ĵ e rs as sistan ce to the a gricultura l s e ct or. Mr. Hal i l aj . ” Man y ex p ert s b elieve tha t ba nk s ’ Halilaj revea ls tha t the field is b ein g rat es are n ot assist in g f arm in g e nte rpri s e s plo u ghed o nly by thos e fa rmers wh o t ake t o d evelop . A ccord in g t o t h e di re c tor of massive risks a nd who hope tha t in t h e Develop m en t Policy Dep artme nt in fu tu re, so mething is going to chan ge f or MA FR D Hysn iNura, b ecause a l l of the go o d. “We hope to a chieve the m at urit y b an kin g in st it ut ion s are com m e rc i a l one s , phase when we a re going to be ab le t o in t erest rat es are very h igh whe re a s the fu lfill the needs of Kos ova ’s citiz ens as well Min ist ry of A gricult ure, Forest, a nd R ura l as generate s ome profits ,” he a dds. Develop m en t h as n ot in t erf ered i n ba nk i ng Th e stim u lation of Kos ova r fa rm ers an d syst em or p olicies. A ccord ing to ma ny farms tha t a re rep ort s o n K os ova ’s believed to ha ve agricult ure , wri Ĵe n B a n k s o ff e r l o a n s w i t h s k y r o c k e t r eached the by inte rna ti ona l interest rate which go up to nu mb er 12 0 ,0 0 0 , organ izat ions s uc h a s 16 % making it almost always according KCB S , t ax s truc ture i m p o s s i b l e f o r f a r m e r s t o g r o w to the MAFRD, ha s in Kosovo puts a n their businesses or even reach no t b een adequa te un f air burde n on the break even point! and neither Kosovoar fa rme rs s u p p o r t i v e . w h o con sti tute one of Farmin g co mmunity ha s long com p lain ed t h e p oorest segm en t s of Kosova’s s oc i e ty. that agricu lture in Kos ovo is severely Mr. Nura p oin t s out t h at t h e Mi ni s try of disadvan taged if compa red to th e sam e A gricult ure assist s f arm ers throug h area o f activity in the neig h b ourin g legislat ive, fin an cial an d ad mi ni s tra ti ve territo ries. While Kos ovo’s neigh b ours m ean s. Mr. Nura m en t ion s t h e c ha ng e i n pro v ide direct s ubs idies to f arm ers Min ist ry’s d evelop m en t p olicies. He poi nts pro du cin g mos t commodities , ha ve im p ort out t h at t h e Min ist ry h as re vok e d the tari ěs varying from 1 5 to 3 0 pe r cen t t o cust om an d VAT on som e Ag ri c ul tura l p ro tec t their producers from ch eap In p ut s an d Cap it al t ools ( R egul a ti on Nr. importsand operate quotas for key commodities 2004/13) .

Kosovo Business Journal Sept. 2007

AmCham ANALYSES G O V ERN ME NTAL FIS CAL POLICIES AN D TH E EM I NENT NE E D ON FARME R S’ SUBSIDIES W h ile talking a bout ﬁs ca l policies an d h ow mu c h th e government is doin g in stim u latin g the a gricultura l s ect or in gen eral, and fa rmers in pa rticular, Mr. Nu ra agrees tha t ﬁs ca l policies in Kosova are n o t favora ble beca us e the Kosovar farmer is not equa lly trea ted com p ared with o ther regiona l fa rmers ma inly d ue t o these po licies . He s a ys th at the G o vernm en t of Kos ovo s hould exclud e all agric u ltu ral inputs a nd ca pita l tools f rom VAT. Mr. Nura does not forget to m en t ion that there are ma ny more a lterna tives h ow farmers in our country ca n be s t im ulat ed by th e go vernment. Mr. Halilaj, who ha s been a ble t o resist hu ge o b stac les down his fa rming-b usin ess j ou rney, says tha t government is d oin g l iĴle in as s is ting fa rmers . Mr. Halilaj p raises the help a nd tra inings provid ed b y in ternatio n al orga niz a tion s uch as KCB S . While sm iling, he dema nds s ome t rain in g b y these orga niz a tions a ls o f or t h e g o vernm en t oĜcia ls so tha t t h ey u n derstand beĴer fa rmers ’ need s. Mr. Halilaj is qu ite s ure tha t a gricultur al sect or is no t go ing to develop unles s the Min ist ry o r even th e government provides s ub sid ies t o th e farm e rs .

A s an in t egral p art of such a move me nt, Mr. Nura t ells us t h at a d ra Ğ proj e c t on p rovid in g sub sid ies f or t h e m ilk produc e rs h as b een alread y in it iat ed b y t he Mi ni s try. Th e p lan was in it ially sup p or te d by the govern m en t b ut was lat er on re j e c t by the In t ern at ion al Mon et ary Fun d .

“Subsidies on fertilizers or even gas would drop down the cost of p r o d u c t i o n f o r f a r m e r s ,” says Halilaj.

Kosovo Business Journal Sept. 2007

AmCham ANALYSES S URGING P RICES OF BREAD AND MI L K AND E CONOMIC P RO BL EMS I N T HE L O NG RUN

Rec ent ec o nomic developments in t h e r e gio n and in our country, s uch as t h e r aising pric e of brea d a nd other co n sum er go o ds, h ave put a lot of pres s ure on t h e Govern ment of Kos ova . The govern m en t has been pu t on a red a lert. Once a g ain , t h e pr ice o f b read s urged from 2 5 to 3 5 or even 40 cents per brea d wherea s the govern m en t d i d no th ing to protect the hike of p rices. Du e to the la ck of Whea t a nd Grain Reserves, which obvious ly are go vernm en t’s res pons ibilities , the cit izen of Ko so va is ge Ĵing even m ore i mp o verish ed. Government oĜcials, in their p u b lic a ppea ra nces , s a id that p rices of c o n su mer goods a re s oa ring a nd t h is is pr o mpted by the dra ught tha t h it t h e r e gio n in Ju ne a nd July.

“M a n y e c o n o m i c e x p e r t s believe that a better management of resources and the imposition of price ceiling on bread and other inferior goods by the government could have helped the situation. “

Mr. Nura t h in ks t h at if we h ad b e e n he a vi l y in volved in agricult ure an d p loug he d more lan d , t h e sit uat ion would n ot come to s uc h a crit ical p oin t . A p art f rom it, Mr. Nura also m en t ion s t h e raisin g p rices of whe a t i n t h e in t ern at ion al m arket , im p ort bl oc k i ng of grain an d wh eat f rom S erb ia a s we l l a s t h e d raugh t w h ich h as cut sh ort the y i e l ds of grain an d wh eat close t o 80%. Mr. Nura says t h at t h e Min ist ry h as p ropos e d to govern m en t several m easures i n orde r to in crease t h e am oun t of p rod uc ts tha t a re low in st ock. Mr. Halilaj is q uit e f urious on re c e nt econ om ic d evelop m en t s. Th e rai s i ng pri c e s of h ay, wh eat an d grain up t o 5 0 % ha s p rom p t ed t h e h ike of m ilk a nd bre a d’s p rice. Mr. Halilaj is con vin ced tha t unl e s s t h e m in ist ry an d t h e govern me nt ma k e p lan s regard in g t h ese issues ah e a d of ti me , p rices of good s are goin g t o s oa r e ve n m ore. It is b elieved t h at t h e gove rnme nt i s goin g t o d iscuss ab out t h ese i s s ue s ve ry soon ! Th e sit uat ion in t h e agricult ura l s e c tor looks lim b o an d n ot p rom isin g; howe ve r, t h ere is a lot of p ot en t ial, e ne rg y a nd courage f rom f arm ers t o get g oi ng a nd work t oward d evelop in g t hi s c ruc i a l econ om ic p illar. Wh o kn ows, it ma y be the agricult ure sect or t o lead Kos ova ’s roa d t oward econ om ic d evelop me nt a nd sust ain ab ilit y. MENTOR MEHMEDI & JETA ZAGRAGJA

10 Kosovo Business Journal Sept. 2007

PATRON MEMBERS: Success Stories M ission Statement of Pro C re di t B a n k

ProCredit Bank is a development-oriented full-ser vice bank. We offer excellent custo mer ser vice and a wide range of ba nk i ng p rodu c t s. In ou r c re dit operations, we fo cus on lending to ver y sma l l , small and me diu m-size d enterpri ses, as we are convince d t hat these businesses create the largest number o f jobs and mak e a vital co ntri buti o n to the e conomie s in whic h they operate. Unlik e other banks, our ba nk do es not promote consu me r loans. Instea d we fo c u s on re sponsible ba nk i ng, by bu ilding a savings c u lt u re a n d l o n g - te r m p a r t n e r s h i p s w i t h o u r customers. Our shareholders expec t a susta i na bl e re t u rn on inve stme nt, bu t a re not primarily i n te re s te d in sho r t-term profit maximizat ion. We invest ex tensively in the training of our staff in order to create an enjoyable and effi ci ent work ing atmosphe re, and to p rov i d e t h e f r i e n d l i e s t a n d m o s t competent ser vice possible for our custo mers. Therefore, we are fully dedicated to contribute in the enhancement of K o sova r Economy. Ac k nowle dging ou r ro l e a s t he most su c ce ssfu l and prosperous bank in the countr y we feel it is our responsibilit y to continuously wo rk tow ard a be t te r bu sine ss environment for Kosovo entrepreneurs.

11 Kosovo Business Journal Sept. 2007

ECACC NEWS

EUROPEAN COUNCIL O F AmCham’s NEWS EUROPEAN COUNCIL O F AmCham’s NEWS EUROPEAN COUNCIL O F AmCham’s NEWS EUROPEAN COUNCIL O F AmCham’s NEWS EUROPEAN COUNCIL O F AmCham’s NEWS EUROPEAN COUNCIL O F AmCham’s NEWS E C A C C 2 0 0 7 F a l l M e e t i n g i n Wa r s a w – S e p t e m b e r 2 3 - 2 5 , 2 0 0 7

I n S e p te m b e r, E C ACC m e m b e r s w i l l m e e t i n Wa r s aw to l e a r n a b o u t t h e n e w E C ACC ro a d m a p a n d h ow we c a n wor k tow a rd s f u l f i l l i n g E C ACC ’s p o te n t i a l . Yo u w ill have the oppor tunit y to network with fellow AmC ham colleag u es, s h a re yo u r e x p e r t i s e o n p o l i c y, a n d d i s c u s s yo u r c h a m b e r ’s top i s s u e s i n B e s t Prac tice sessions. Learn from your colleag u es on mem b er ship, strateg y and p o si tioning, Corporate Social R esponsi b ilit y and p u b lic ations – and p ass on yo u r e x p e r i e n ce s ! Ad d i t i o n a l l y, yo u w i l l h ave t h e c h a n ce to l e a r n a b o u t Po land, and its relationship with the US and its neighbours.

European American Business publication planned for 2008

To g e t h e r w i t h R ox by M e d i a , we w i l l b e g i n wo r k o n t h e 2 0 0 8 Eu ro p e a n A m e r i c a n B u s i n e s s p u b l i c a t i o n . As a p r i o r i t y fo r E C ACC , we m u s t s t re s s t h e i m p or ta nce of submitting your countr y p rofile for this p rojec t. Luc y B u d d l uc y.budd@mar-media.com f ro m R ox by M e d i a w i l l b e co n t a c t i n g yo u for yo u r countr y profile in mid-S eptember. Please add her email address to yo ur “safe sender ” email list or contac t her direc tly for information. Review last year ’s publication online: http://www.european-american-business.com/2007/contents.php

US-European Business News

EU Reacts to US new security regulations

US President G eorge Bush recently signed new counter-terrorism legislation into effec t that includes implementing an elec tronic screening system for a r r i va l s f ro m cou n t r i e s, i n c l u d i n g Wes te r n Eu ro p e, a l l owe d to v i s i t t h e U S under the visa waiver program. The new regulations would require travelers regi ste r online and complete a questionnaire b efore traveling. EU offic ials are now con sidering similar mea su res, whic h cou ld am ou nt to i n conve nience s for frequent travelers and b u sinessp er sons. The Europ ean Co mmission is look ing into the possib le leg al, p olitic al and tec hnic al ramifications of such a system. To learn more, please visit: h t t p : / / w w w. e u b u s i n e s s. co m / Tra n s p o r t / e u - v i s a . 3 2 /

Kee p in for me d of th e l at e s t d e ve l op m e nt s of ne w U .S. co nt a iner a nd ca rg o leg is la t io n, which ca lls f o r a on e h u n dr e d p e rce nt c he c k of al l U S - b ound co nt a iner s hips. This leg is la t io n ha s t he potential to burden and negatively impac t transatlantic trade. A s s o c i a t e d Pre s s N e w s A r t i c l e : http://www.washingtonpost.com/wp-dyn/content/ar ticle/2007/08/03/AR2007080300 7 4 6 . h t m l Leg i s l a t i o n : h t t p : / / t h o m a s. l o c. g ov / B i l l : H . R . 1

12 Kosovo Business Journal Sept. 2007

INTERNATIONAL FLASH BUSINESS NEWS B i zz B o o k Revi ew

B us i n e s s : “ Th e U l ti mate R e sou rc e ” Business: The Ultimate Resource is a practical source in the business world that aims “to make you job easier and to make your career a success” (source: hĴp://www.ultimatebusinessresource.com). It is separated in six sections, mentioned below, each one containing valuable overviews of world-class writers. First section - Best practice- provides you with an array of 100 contributors including Clay Christensen and Tim Hindle, over viewing diěerent business issues from managing change to developing leadership skills. Management Checklists and Action Lists – are found practical answers to everyday business challenges. Management Library – focuses on the timesaving. Business Thinkers and Management Giants – grant around 100 concise summaries of the most inﬂuential and controversial business writers, academics, and thought leaders with impact on current business practice. Business Dictionary – presents more than 7,000 international business terms from international team of experts researchers. Business Information Sources – the sixth part makes available more than 100 key topics and gets you to the right source quickly. Business: The Ultimate Resource is an accessible and useable book for any businessperson. It is an extremely valuable reference and source of ideas, information, and inspiration. Make these ideas and experiences of the world’s greatest practitioners work for you!

R a t i n g:

Top 10 Principles for Positive Business Ethics Business Ethics are Built on Personal Ethics. There is no real separation between doing what is right in business and playing fair, telling the truth and being ethical in your personal life.

Business Ethics are Based on Fairness. Would a disinterested observer agree that both sides are being treated fairly? Are both sides negotiating in good faith? Does each transaction take place on a “level playing field”? If so, the basic principles of ethics are being met.

Business Ethics Require Integrity. Integrity refers to wholeness, reliability and consistency. Ethical businesses treat people with respect, honesty and integrity. They back up their promises, and they keep their commitments.

Business Ethics Require Truth-telling. The days when a business could sell a defective product and hide behind the “buyer beware” defense are long gone. You can sell products or services that have limitations, defects or are out-dated, but not as first-class, new merchandise. Truth in advertising is not only the law, business ethics require it.

Business Ethics Apply Internally and Externally. Ethical businesses treat both customers and employees with respect and fairness. Ethics is about respect in the conference room, negotiating in good faith, keeping promises and meeting obligations to staff, employers, vendors and customers. The scope is universal.

Business Ethics Require Dependability. If your company is new, unstable, about to be sold, or going out of business, ethics requires that you let clients and customers know this. Ethical businesses can be relied upon to be available to solve problems, answer questions and provide support.

Business Ethics Require a Profit. Ethical businesses are well-run, well-managed, have effective internal controls and clear expectations of growth. Ethics is about how we live in the present to prepare for the future. A business without profits (or a plan to create them) is not meeting its ethical obligations to prepare for the future well-being of the company, its employees and customers.

Business Ethics Require a Business Plan. A company’s ethics are built on its image of itself and its vision of the future and its role in the community. Business ethics do not happen in a vacuum. The clearer the company’s plan for growth, stability, profits and service, the stronger its commitment to ethical business practices.

Business Ethics are Values-based. The law and professional organizations must produce written standards that are inflexible and universal. While they may talk about “ethics”, these documents are usually prescriptive and refer to minimal standards. Ethics are about values, ideals and

aspirations. Ethical businesses may not always live up to their ideals, but they are clear about their intent.

Business Ethics Come From the Boss. Leadership sets the tone, in every area of a business. Ethics are either central to the way a company functions, are they are not. The executives and managers either lead the way, or they communicate those cutting corners, deception and disrespect is acceptable. Line staff will always rise, or sink, to the level of performance they see modeled above them. Business ethics starts at the top.

DID YOU KNOW??? Ethics is about the quality of our lives, the quality of our service, and ultimately, about the bottom line. An unhappy customer complains to an average of 16 people. Treating employees, customers, vendors and the public in an ethical, fair and open way is not only the right thing, in the long run, it’s the only way to stay in business.

h t t p : / / w w w. s u c ce s s n e t . o r g / t o p t e n / T Thumber tethics.htm

13 Kosovo Business Journal Sept. 2007

INTERNATIONAL FLASH BUSINESS NEWS

SOME INTERESTING FACTS OF THE WORLD'S MOST RESPECTED CEO's

As recent events have proven, poor management can render an investment entirely worthless overnight. And great management can have long-term, positive effects. Thus, many investors today have strong opinions about the best CEOs in the world and that is why Barron's is weighing in on the CEO debate for the third straight year by identifying 30 top corporate leaders from around the world. The CEO list isn't arbitrary. We looked at total performance of each CEOs and their short-term achievements in their respective organization growth. 1. Profit growth during a CEO's tenure and stock-price gains. 2. Less tangible factors, like leadership strength and industry stature. 3. CEO's who've made a difference to their organizations. Following are the most respected CEOs list:

Warren Buffet

George David

B e r k s h i re H a t h a wa y, C E O s i n ce ’ 6 5

United Technologies, CEO since ’94

Why : Th e era’s most ex traordinar y investor and manager Annualized Price Change O ne Year 22.3% While C EO 23.3% S & P 5 0 0 1 0 . 4 % 2 0 0 7 P / E 1 9 . 8 5 - Y r. Pro f i t Growth 28.0% . Cap t i o n: Ag e i s n’t s l ow in g B uffet t . At 7 6 , h e re m a i n s a t t h e to p o f h i s g a m e. H i s B e r k s h i re Hathaway is coming off its best year ever as operating profits hit $9.3 billion in 2006, almost double 2005. B u f fe t t ' s s h o e s c l e a r l y w i l l b e h a rd to f i l l , b u t h e m ay b e a ro u n d fo r a w h i l e ye t : H i s a c t u a r i a l l i fe expec tanc y, as he wrote in his recent annual l e t te r, i s 1 2 m o re yea r s.

Why : Annualized Price Change O ne Year 12.2% While CEO 20.0% S&P500 11.3% 2007 P/E 15.6 5-Yr. Profit Growth 12.0% Ca pt i on : Ca ption: David is the total pack age, co m b i n i n g J a p a n e s e e f f i c i e n c y techniq ues, s h re wd Bets on p ro d u c t s and unusual attentiveness to sof t, human values. David insists t h e com p a ny i s s e t to a c h i e ve s u p e r i o r re s u l t s long af ter his retirement, slated for nex t year. Not even Jack We lch was able to do that for GE.

Charlie Ergen Ec hoStar Communications, since ’8 0

Why : A di s c i p l i n ed a p p ro a c h to g row t h p u t s h a re s i n o r b i t Annualized Price Change O ne Year 38.2% While CEO 30.3% S&P500 10.3% 2007 P/E 21.8 5-Yr. Profit Growth 8 5.0% . Cap t i o n: C h a r l i e E rg e n l ove s to d e f y t h e d o u b te r s. Wh i l e m a ny wo r r y a b o u t t h e s t ay i n g p owe r o f satellite T V in a time of intense competition from cable operators, Ec ho-Star Co mmunications added ove r a mi l l i o n n et s ub s c r i b er s i n 2 0 0 6 , b r i n g i n g i t s to t a l to 1 3 . 1 m i l l i o n . Tha t m a d e t h e co m pa ny N o. 4 i n p ay T V — b e h i n d o n l y Com c a s t, T i m e Wa r n e r Ca b l e a n d D i re c T V. I n t h e p a s t yea r, Ec h o S t a r s h a re s have s h o t u p 4 0 % , t h a n k s to s t ro n g re s u l t s a n d t a k e ove r p o te n t i a l . Th e m o s t l i k e l y b u yer : AT& T, a c u r re n t p a r t n e r. O r Ec h o S t a r a n d a rc h r i va l D i re c T V m ay t r y to h o o k u p. W i t h a ny l u c k , t h e s to c k w i l l mak e lik e a satellite and head for the sk y. These lists are made with the help of market watch exclusive reports which contain many survey Results as well as author editorial issues. List may continued later… http://arrif.blogspot.com/2007/04/some-interesting-facts-of-worlds-most.html

14 Kosovo Business Journal Sept. 2007

S J N R JO K N OV KO BU V E US O ES NA OU O A VO OS S O SS IN U S AL R SO K B OV N BU JO E RN O K NA V O U VO ES S OU SS A S A U O L O S SI B S IN R J O IN B J E RN JO K N V O U O E S O A O S S O S I U S L R S L O ES N IN UR S J AL URN SO L K BU OV INE BU S JO NES RN JOU KO NA OVO KOS BUS VO ES USI OU SS AL UR OS AL O B SO SIN B SS J INE URN S JO L K RN SOV KO BU OVO NES US JO EU NA OU ES N OU KO A VO OS S O SS SI U S AL R S L V E U O S N O K U O A O I B S N R J S S S I U S L A N R J L I B N O K B V N U JO E N O KO A V O U O S SI U S AL R S L O O IN B J NE R SS K RN S JO L K RN SOV KO BU OVO NES US JO ESS NA OU KO AL VO OS USI O B ESS SIN UR SS J AL URN SO L K O B SOV SINE BU S JO NES RN JO KO NA OV KOS BUS VO ES U OU SS NAL JO O RN JO K U A U O AL O S SI B S IN UR J L RN SO K B OV N U JO ES N O KO A V O U O S SI U S AL UR S L O O IN B S J JO L K RNA SOV KO BU OVO NES US JOU ESS NA OU KOS AL VO OSO USI O B ESS SIN UR S J AL URN SO L K O B SOV SINE BU S JO NES RN JOU KO NA OVO KOS BUS VO ES USI OU SIN AL UR OS RN S N R E A N L R O V O U O I N O L J E N O K S O S S I U O L K RN SO L KO BU OV INE BU S JO NES RNA JOU KO NA VO KOS BUS VO ES USI OU SS AL UR OSO AL O B SO SIN B SS J INE URN S JO L K RN SOV KO BU OVO NES BUS JO ES NA SS J KOS AL VO S K A U S U N O V L V S R J N O S A U L O O K O IN B E U S L R S S IN O A O U O K L O S S S O S RN SO L K O B SOV INE BU S JO INE RN JO KO NA OV KOS BUS VO ES USI JOU ESS NAL UR OS AL VO SO SIN O B SS J SINE UR S JO L K RN SOV KO BU OV INE BUS JO ES RNA JOU KO UR VO OS O S U O S N U B O S K U S U O A N A L A VO S S O SS SIN U S L R SO K B O IN 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 RN SO NA BU OV L KO 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 L K SI O S S O SS IN U S L R SO L K B O IN BU JO E RN JO K NA V O U VO ES S OU SS A U OS L O SO SIN B S IN R J L K RN O K BU OS KO BU OVO INE BUS JO ES RNA JOU KO NAL VO OS US VO ESS SIN UR SS J AL UR OSO L K O B SO SIN BU S JO INE RN JO L KO RNA OV KO BU VO ES US JOU ESS NA OUR OS AL VO OSO SIN OV SS IN U S L R SO K B O IN BU J E N O K NA V O U VO ES S U SS A U S L O SO SI B S IN R J L N O K B V E 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 KO RNA OV KO BU VO NES US JOU ESS NA OU KOS AL VO OS USI O B SS SI O B SS IN UR S J L RN SO L K B OV INE BU JO ES RN JO KO NA V OS US VO ES SI OU SS AL UR S L O SO SIN B S J INE RN JO L K RN OV KO BU OV NE US VO NES US JOU ESS NA OU KOS AL VO OSO USI O B SS SIN UR S J AL URN SO L K O B OV INE BU S JO NES RN JOU KO NA OVO KOS BUS VO ES USI OU SS AL UR OS AL O B SO SIN O B SS J IN O U K O K A B S IN R J L K RN O KO BU V NE U JO ES NA OU O A VO S S O S SI U S L R SO L K B O IN BU S J NE RN JO K NA V O U VO ES US O ES 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 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 UR L O O S S U S R J S L O K B U J E N S IN O IN B O A V O U V E K N US JO ES RNA JOU KO NAL VO OS US VO 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 UR SS J S A U S IN R J L RN O K B V U JO ES N I U S L R SO K B O IN BU J E RN JO K N V O U O ES S L O S SI JO NES RN JOU KO NA VO OS US VO ESS SIN OU SS AL UR OSO AL K O B SO SIN BU S 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 S A A N O SS A U O L O S SI B S IN R J L RN O K B V E U JO E N O U S L R S L B O IN B J E RN JO K N V O U VO ES S ES RNA JOU KO NA OVO KOS US VO ESS USIN OU SS AL UR OSO AL O B SO SIN BU S J INE URN JO L K RN SOV KO BU OVO NES US JO ESS NA OU KOS AL VO OS USI O B SS SIN UR SS J AL URN K U O A S L R S L B O IN BU J E RN JO K N V O U VO ES S O SS A U O L O S SI B S IN R J L RN O K B V NE U JO ES N O KO NA JOU KO NA OVO KOS US VO ESS SIN OU SS AL UR OSO AL K O B SO SIN BU S J INE URN JO L K RNA SOV KO BU OVO NES US JOU ESS NA OU KOS AL VO OSO USI O B SS SIN UR S J AL URN SO O IN B J E RN JO K N V O U V E S O S A U O L O S S S IN R J L R O K B V N U JO E N O KO A L R S L OU KO NA OVO KOS BUS VO ES USI OU SS AL UR OSO AL K O B SO SIN O B SS J INE URN S JO L K RN SOV KO BU OVO INE BUS JO ES NA OU KO NAL VO OS USI O ESS SIN UR SS J AL URN SO L K RN SO L K B OV IN BU S JO NE RN JO KO NA V OS US VO ES US OU SS AL UR OS AL O SO SIN B SS IN UR S JO L K RN SO KO BU OV NE BUS JO ES NA OU KO AL VO OS AL VO OSO USI O B ESS SIN UR SS J AL URN SO L K O B OV INE BU S JO INES RN JO KO NA OVO KOS BUS VO ES USI JOU ESS NAL UR OS AL VO SO SIN O B SS J INE UR S JO L K RN SOV KO B N U J E N O KO A V O U O S S U S A U S L O IN B S N R J O K B K N O KO BU V E U O S N U O A O S AL VO OS US VO ESS SIN OUR SS J AL URN SO L K O B SOV SIN BU S JO INE RN JO L KO RNA OV KO BU VO ES USI JOU ESS NA OU OS AL VO SO SIN O B SS SIN UR S JO AL K RN SO L KO BU OV I R S E S A U O N B J E N O K U JO ES N V O U O S S L O SO I B S N R J L O A V S N O K B V VO KOS BUS VO ESS USIN OU SS AL UR OSO AL K O B SO SIN BU S J INE URN S 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 IN S A N K U O V O R J O BU OV INE BU JO ES NA OU KO NA VO OS US O ESS SIN U SS AL UR SO L O B SO SIN BU S J INE RN JO L K RN OV KO BU VO ES US JO ESS NA U OS AL VO OS SI O B SO SIN O B SS SIN UR S JO L K RN SO L KO BU OV INE BU JO ES RNA JOU KO NA VO KOS US VO ESS SIN OU SS AL UR OSO AL K O B SO SIN BU S J INE URN JO L K RNA OV KO BU OVO NES U O IN B J E RN JO K N V O U V E S O SS A U O L O S S S V E U JO ES N U O A VO S S O SS SI U S L R S L SI O B SS SIN UR S J AL K RN SO L K B OV INE BU 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 RN SOV KO BU OVO INE BUS JO S N NE U JO ES N O O A VO OS US e S SI U S AL R S L A U R J K N O S V E O S S I O I B U O O O SS SIN UR S J AL UR SO L K B O IN rer S JO NE RN JO KO NA OV KO BU VO NES US JOU ESS NA OUR OS AL VO SO USIN O B SS SIN UR S J AL K RN SO L KO BU OV INE BU S JO NES BU JO E N O KO NA V O U VO ES yO U SS AL UR S L O SO SIN B S IN R JO L K N O KO BU V E U JO ES NA OU O A VO S S O SS SIN U SS SIN UR SS J AL URN SO L K O B SOV SIN BU S JO BU RN JO KO NA OV KO BUS VO ES US JOU ESS NA UR OS AL VO SO SIN O B SS SIN UR S J L K RN SO L KO BU OV INE BU JO ES RN S A U S L O S V O U O ES S I B S IN R J L N O K B V E U JO E N O O A V J E N O K S S O S SI U S SI OU SS AL UR OSO AL K O B SO SIN BU S J INE URN INE L K RN OV KO BU OVO NES US JOU ESS NA OU KOS AL VO OSO USI O B SS SIN UR SS J AL URN SO L K O B OV INE BU S JO NES RN JO NE R JO K N V O U V E S O S A S O AL O S SI O S S S N O N B S IN R J L K RN O KO BU V NE U JO ES NA OU KO A VO OS US O SS SIN U S AL U S O A UR SS J AL UR SO L K O B SOV SIN BU S JO INE RN JO L KO JO OV KO BUS VO ES 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 BUS JO ES RNA JOU KO N O K B V E U JO ES N U O A VO S S O SS I U S L R N O K N V O U O ES S U SS A U S U O SO I B S IN R J L S J AL UR OSO AL K O B SO SIN BU S J INE RN JO L KO RNA OV RNA BU VO NES US JOU ESS NA OUR KOS AL VO OSO USIN O B SS SIN UR S J AL K RN SO L K B OV INE BU JO NES RN JOU KO NA L S IN O L S S O K B U JO E N O O A V O U O S S U S A O K N O U V E S O S A U AL UR OS AL VO SO SIN O B SS J INE UR S JO L K RN SOV L KO BU KO 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 BU S JO INE RN JO L KO RNA OV N N S S I S U B O S U B O K A U E O K KO NA V O U VO ES S OU SS AL UR OS L O SO SIN SO S J IN RN JO L K RN OV KO BU V NE U JO ES NA OU O AL VO S US O SS SIN U S AL R SO L K I R J S E N S RN SO L K O B SOV INE BU S JO NES RN JOU KO NA OVO KOS BUS VO ES VO OU SS AL UR OS AL O B SO SIN O B SS J INE URN S JO L K RN SOV KO BU OVO INE BUS JO ES NA OU KO AL VO OS O U AL VO S S O SS SIN UR S J AL RN SO L K B OV IN BU S JO BU RN JO KO NA OV KO US VO ES USI OU SS AL UR OS AL O SO SIN B SS IN UR S JO L K RN SOV KO BU SO K B OV IN BU J E N O KO A V O U O ES S U S A UR S L O SO IN B S N R J O A O SO S N O K B V E U JO ES N L O S SI B S IN R IN L V O U O E S O S A U N O K B V E U JO E N O KO A V O US O S SI U S A UR S L L K O B SO SIN BU SS J INE URN S JO L K RN SOV KO BU OVO NES US JO ESS NA ESS KOS AL VO OSO USI O B SS SIN UR SS J AL URN SO L K O B SOV INE BU S JO NES RN JO L KO NA OV KO BUS VO OS US VO ES SI OU SS A UR OS AL O SO SIN B S J INE UR JO L K JO OV KO BU VO NE US JO ES NA OU KO AL VO OS USI O SS SIN UR S J AL UR SO L K O B SOV IN N L B N E S N S U S O O K B S U BU OV INE BU JO ES RNA JOU KO NA VO OS US VO ESS SIN OU SS AL UR OSO UR O B SO SIN BU S J INE RN JO L K RNA OV KO BU VO NES US JOU ESS NA OUR KOS AL VO OSO USI O B S O R J N S O V N L I N L O I S E B S S U S U O N S N S O S A K U O K B U OV SIN BU S JO INE RN JO L KO RNA OV KO BU VO ES US JOU ESS NA OUR OS AL VO AL SIN O B SS SIN UR S JO L K RN SO L KO BU OV INE BU JO ES RNA JOU KO NAL VO OS US VO ESS SI O ESS SIN U SS AL UR SO L K O B SO SIN BU S J INE RN JO L KO NA OV KO BU KO ES US JOU ESS NA U OS AL VO SO SI O B SS SIN UR S JO L K RN SO KO BU OV INE BU JO IN BU J E RN JO KO NA V O U VO ES S OU SS A U S L O SO SI SO S IN R JO L K RN O KO BU V NE U JO ES NA U O A VO S S O SS SI U ES S OU SS A U S L O SO SI B S IN R J L K RN O KO BU V NE V JO ES NA U O A VO S S O SS SI U S L R SO L K B O IN BU J NE 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 O B UR S JO L K RN SO L KO BU OV INE BU JO NES RNA JOU KO NA VO OS US VO ESS SIN OU SS N O K B V E U JO U N U O A VO S S O SS SI U S L R SO L S U SS A U S L O SO SI B S IN R J L B O IN B J E R

INTERNATIONAL FLASH BUSINESS NEWS C ARMAKERS TARGET CHINA 'COPIES'

BMW and DaimlerChr ysler are threatening legal ac tion against a Chinese carmaker they c l a i m i s p ro d u c i n g co p i e s o f s o m e o f t h e i r m o d e l s.

The G erma n firms are considering th e leg al c halleng e ag ainst S hu ang hu an Autom obi l e. BM W is said to consider Shuanghuan's CEO model to be to o similar to its own X5, while Daimler says Shuanghuan's Noble is to o close to it â&#x20AC;&#x2122;s Smar t For t wo.

L a st ye a r Daimler succeeded in stop p ing another C hinese c ar fir m from p rod u c in g a n ot h e r ve hicle that closely resembled the Smar t. "We tak e intellec tual proper t y protec tion ve r y s e r i o u s l y, " a Daimler spokesman told the FT.

Daimler has warned Shuanghuan not to display the Noble at nex t month's Frankfur t motor s how.

' MA SSI VE' GEM DUG UP IN S AFR IC A

A s m a l l S o u t h Afr i c a n m i n i n g co m p a ny h a s c l a i m e d to h ave d i s cove re d t h e wo r l d ' s biggest-ever diamond. A shareholder in the unnamed mine to ld the BBC the stone had been unea r the d a t their operation in the n or th- west p rovince on Mond ay af ternoon.

H e said the giant gem was about 7,0 0 0 c arats - whic h wou ld b e twice the size of th e Cul l i n a n Dia mond, ce ntre-piece of the British c rown jewels. I n a p hotog rap h em ailed to the BBC, t h e ' s to n e ' a p p e a r s to b e a b o u t t h e s i ze o f a co co n u t, and has a greenish tinge.

The firm also said that if the find were genuine it would be the stone of the centur y.

H P TO L AUN C H P RIN TIN G C AMPAIG N

S A N F R A N C I S CO - - H e w l e t t - Pa c k a rd Co. i s t r y i n g to b r i n g s e x y b a c k . . . to p r i n t i n g.

H P to d ay i s l a u n c h i n g a $ 3 0 0 - m i l l i o n m a r k e t i n g c a m p a i g n to g e t d i g i t a l - a g e co n s u m e r s to t hink more a bout print. The goal, of cou rse, is to g et p eop le to u se more HP p r inter s a n d i n k. The m a r k e t i n g c a m p a i g n coi n c i d e s w i t h t h e i n t ro d u c t i o n o f m o re t h a n 2 0 n e w p r i n te r s fo r consu mers a nd small to medium-size b u sinesses.

W i t h a b o u t 5 0 % o f t h e g l o b a l p r i n t i n g m a r k e t, H P ' s re i g n a s t h e k i n g o f p r i n te r s i s n o t i n question. But the Palo Alto company is seek ing new ways to grow its imaging and printing revenu e, which reached $26.8 billion in 2006.

15 Kosovo Business Journal Sept. 2007

INTERNATIONAL FLASH BUSINESS NEWS HEINEKEN NET FALLS 30 PERCENT ON PRICE-FIXING FINE

A u g. 2 9 ( B l o o m b e rg ) -- Heinek en NV, the D u tc h b rewer that sells b eer in m ore t h a n 170 countries, said first-half profit fell 30 p ercent b ec au se of a Eu rop ean U nion fine and l owe re d its fore cast for U.S. sales of Premium Light.

Net income was 302 million euros ($410 million), or 62 cents a share, co mpared with 433 million eu ros, or 88 cents, a year ear lier, the Amsterd am - b ased comp any said to day i n a statement. Sales rose 6.8 percent to 6.1 billion euros.

H e inek en wa s fined 219 million euros in Ap r il for alleg ed p rice- fixing in the Ne t h e r l a n ds b e t we e n 1 9 9 6 a n d 1 9 9 9 , a n d t h e b re we r p l a n s to a p p e a l . The co m p a ny s a i d we t s u m m e r weather reduced European sales and forecast a loss for Premium Light because of ``stiffer'' com p e t i t i o n .

RENAULT SAYS TARGETS TOUGHER AS EUROPEAN SALES FALTER

B y Laurence Frost

A u g. 2 9 ( B l o o m b e rg ) - - R e n a u l t S A , Fra n ce ' s s e co n d - l a rg e s t c a r m a k e r, s a i d s l u g g i s h a u to dema nd in Europe will mak e it tougher for the co m p any to meet its 2 0 0 9 vehic le- sal e s t a rg e t . The stock fe ll as much as 4.8 percent. Renau lt said last year it aims to sell 3 .3 3 m illion vehic les in 2 0 0 9 . C hief Exec u ti ve O f f i ce r Carlos Ghosn said to day that achieving the goal requires ``unprecedented'' growth, while re iterating that it should still be achieved.

Renault shares fell as much as 4.8 euros to 94.52 euros and were trading down 3.8 percent at 9 5 . 5 7 e u ro s a s o f 1 1 : 0 1 a . m . i n Par i s. Th e s to c k h a s a d d e d 5 p e rce n t t h i s yea r, g i v i n g a m a r k e t valu e of 2 7 . 2 billion euros ($37 billion) .

T E A M S P IRIT BET TER THAN S OLE TR ADER

I n c re a s i n g co m p e t i t i o n b e t we e n s t a f f i n t h e wo r k p l a ce i s " d e s t royi n g " te a m s p i r i t . Tha t i s b ecau se so m any people compete wi th their ow n co lleag u es, says a su r vey of 2 ,0 0 0 e mpl oye e s by Inve stors in People.

More than on e in four of those sur veyed by the org aniz ation - whic h p rom otes g ood pra c t i ce - admitted they competed with their colleagues. Simon Jones, ac ting chief executive of I nve s to r s i n Pe o p l e, s a i d a m b i t i o u s wor k e r s co u l d h ave a p o s i t i ve i m p a c t o n f i r m s.

B u t h e a d d e d : " Th e re i s a b a l a n ce to b e s t r u c k b e t we e n p e r s o n a l p ro g re s s t h a t s u p p o r t s t h e business and excessive competition that can undermine it.

16 Kosovo Business Journal Sept. 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 B O S L V O R J O S L R J E N O I N O I B 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 L K N O K BU V E U JO ES NA U O A VO S S O SS SI U S L R SO L R JO K N O IN B J O U V E S O S A U L O S S OS AL VO OS SI O B SS SIN UR S J L RN SO L K B OV INE BU JO NES RN JO KO NA V KO BUS VO ES USI OU ESS NAL UR OS AL VO SO SIN O B SS J INE URN S JO L K RN SOV KO BU OV IN S O O U B K O K S NA OV KO BU VO NES US JOU ESS NA OU OS AL VO OSO USI O B SS SIN UR S J AL RN SO L K B OV INE BU JO NES RN JOU KO NA VO OS US VO ES USI OU SS AL UR OS AL O B SO SIN O 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 E 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 JO 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 U S L R SO K B O IN BU J E N JO K NA V O U O ES S O S A U S L O SO SI B S IN R J L RN O K B V E U JO ES N O O A V 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 URN S 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 S L R SO L K B O IN 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 RN O K B V NE U JO ES N OU KO A VO O 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 L K RN SO L KO BU OV INE BU JO ES RNA JOU KO NA VO OS US VO ESS SIN OU SS AL UR OS L O B SO SIN BU S J INE RN JO L K RN OV KO BU VO ES US JOU ESS NA OU OS AL VO OSO 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 JO K N O KO BU V E U O S A U O A O S S O S 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 UR 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 N O U K 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 ESS 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 K 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 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 SO SI O B SS SIN UR S J L RN S 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 VO NES US 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 V I N O KO A V O U O ES S U SS A UR S L O SO IN B S N R J K N O KO BU V E U JO ES N U O A O 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 S J NE RN JO L K N OV KO BU VO ES US OU ESS NA U O AL VO S SI O B SS SIN UR S J L RN SO L K B U L K RN SO L KO BU OV INE BU 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 SOV KO BU OVO NES US JOU ESS NA OU KOS AL VO OSO USI OS AL VO SO SI O B SS SIN UR S J L RN SO L K B OV INE BU JO ES RN JOU KO NA VO OS US VO ESS SI OU SS AL UR OS L O SO SIN B S J INE RN JO L K RN OV KO BU V N R JO K N O KO BU V E U O S A U O A O S S O RN O K B V NE U JO ES N OU KO A VO OS US O SS SI U S AL R S L O IN B AL VO OS US O SS SIN UR S J AL RN SO L K B OV IN BU JO NES RN JO KO NA OV KO BU VO ES USI JOU ESS NAL UR OS AL VO SO SIN O B SS SIN UR S JO L K RN SOV L KO BU OV INE B I E S SO K B O N BU JO E N O KO A V O U O S S U S A UR S L O SO IN B S N R JO K N O KO BU V E U JO ES NA U O A O S S O SS S A U O S S U S L R S L S IN R J L O IN B U JO E N O A V L O S S V O U V E S N O K B V L K O B SO SIN O B SS J INE URN S JO L K RN SOV KO BU OVO INE BUS JO ESS NA OU KOS AL VO OSO USI O B ESS SIN UR SS J AL URN SO L K O B SOV SINE BU S JO INE RN JO KO NA OV KO BUS VO ES USI OS US VO ES US OU SS AL UR OS AL O SO SIN B SS J IN URN JO L K RN OV KO BU VO NE US JO ES NA OU KO AL VO OS USI O SS SIN U SS AL UR SO L K O B SOV IN BU S JO N R J E B N E S S O A U O K B S 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 K RNA OV KO BU VO NES US JOU ESS NA OU KOS AL VO OSO USI O B SS SIN UR O L N S O V R J I N O I R E S B S S O S S L O B S S U U K O U N N O K U J E 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 J I S E S N O K BU V E U O S N U O A VO S S O S I U S L R S L O ES S U SS A U S L O SO I B S N R J L B O IN B J E RN J 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 US VO ESS USIN OU SS AL ES S OU SS A U OS L O SO SI B S IN R J L RN O K B V E U JO ES N U O A VO OS S O SS SI U S L R S L O IN B J E RN JO BU S J INE RN 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 K RN SO L K B OV INE BU JO NES RN JOU KO NA OVO KOS BUS VO ESS USI OU SS AL UR SI OU SS AL UR OS L O SO SIN B S J INE RN JO L K RN OV KO BU V NE US JO ESS NA OU OS AL VO OS US O SS SIN UR S J AL RN SO L K B OV IN BU JO NE RN JO KO N 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 RN OV KO BU OVO INES BUS JOU ESS NA OU KOS AL VO OSO USI O B ESS SIN UR SS J AL URN SO U S AL R SO L K B O IN B J NE RN JO K N V O U VO ES US O SS A U OS AL O SO SI B S IN R J L RN O K B V NE U JO E N O KO A ES RNA JOU KO NA VO OS US VO ESS USI OU SS AL UR OSO AL 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 SS J AL URN SO L K O N N R J V E L N S O O K L R V I J E O I B RN S JO L K RNA SOV KO BU VO NES US JO ESS NA OU KOS AL VO OSO 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 OVO KOS BUS VO ESS USI OU SS NAL UR OS AL O B U U K N O U O O N K A R S O S V L L J I R E J S O I S N O U B O N AL R S L O IN B S J NE R JO K N OV KO BU VO E US O S A U O AL O S SI S IN UR S J L RN SO K B V N U JO ES N O KO A V O 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 SOV 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 NA OV KO BU VO ES US OU SS NA U OS AL O SO SIN O B SS IN UR S JO L K RN SO L K BU OV INE BU JO ES NA OU KO NA VO OS US O ESS SIN U SS AL UR SO L K O B SO SIN

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