Category: Economy
Economy 02.12.20 | 16:30

Zaev’s government drives away a Canadian company so that a Bulgarian one could buy the Ilovica mine?

The government of Prime Minister Zoran Zaev did not allow the Canadian company “Euromax Resources”, after years of research, testing and preparation for work, to start producing copper and gold, in order to allow it to a Bulgarian company. This was pointed out a few days ago by the non-profit...
Economy 01.12.20 | 18:11

The government is serious in its intentions to build the railroad to Bulgaria

Minister of Transport and Communications Blagoj Bocvarski expects a contractor to be selected for the first two sections of the railroad to Bulgaria in the first quarter of next year. He says that its construction is in the focus of the Government, and that 1 billion and 800 million denars are projected...
Economy 01.12.20 | 11:23

Direct line between Skopje and Kiev

Windrose is initiating a direct flight between Skopje and Kiev. The flights will be on Thursdays and Sundays. This is the first time Macedonia and Ukraine had a direct flight between their capitals.
Economy 30.11.20 | 20:00

Zdrava kotlina: Bulgarian company, disguised as Swiss capital, became owner of Ilovica mine through Cayman Islands

A Bulgarian company, disguised through a Swiss company through the Cayman Islands, bought the company that owns the Ilovica-Shtuka mine, Euromax Resources in Macedonia, and the Macedonian budget was damaged by not paying a fee of 7% of the value of the concession, the Facebook group “Zdrava kotlina”...
Macedonia Economy 30.11.20 | 14:56

Manufacturing jobs down 4.9 percent in October

The number of workers in the industrial sector is down 4.9 percent in October, compared to October 2019. For the first ten months of the year, the number is down 4.7 percent. Energy and mining held mostly steady, but manufacturing saw a 5.3 percent reduction in its workforce. Due to the major economic...
Macedonia Economy 30.11.20 | 09:07

Parliament will attempt to discuss the 2021 budget

The Parliament is scheduled to resume its discussion on the proposed 2021 budget. Its adoption hinges on the opposition, which submitted 500 amendments, and could obstruct the opening of the session. The ruling majority has only 62 votes, and is often unable to put together the 61 votes needed to begin...
Macedonia Economy 29.11.20 | 20:24

Minister Sahpaska insists there are only 16,000 Covid related job losses, not 40,000 as reported

Labour and Welfare Minister Jagoda Sahpaska blamed the returning diaspora emigrants for the spike in the unemployment rate in Macedonia, where more than 40,000 newly unemployed people were registered since the start of the coronavirus epidemic. Sahpaska insisted that only 16,000 of htose are actual job...
Economy 26.11.20 | 23:31

Allegation that the police altered reports to cover up corruption in the REK Bitola energy complex

VMRO-DPMNE President Hristijan Mickoski called on state prosecutors to investigate alleged corruption in the REK Bitola coal mine and power plant. Reports of involvement of companies close to the ruling SDSM party in the publicly ran energy complex that provides much of Macedonia’s electricity...
Macedonia Economy 24.11.20 | 22:32

Finance Minister Besimi confirms that the 2021 budget will rely on the sale of strategic public companies

Finance Minister Fatmir Besimi confirmed that a major source of revenue in 2021 should be the sale of publicly owned companies or shares the state holds in largely private companies. Faced with an enormous deficit and a declining economy, the Zaev regime announced attempts to sell off even strategic...
Macedonia Economy 24.11.20 | 18:50

Zaev wants to triple property taxes on second homes, unused land

The Zaev Government announced it will triple property taxes on second homes and unused business space and farmland. Facing an unprecedented 2020 deficit and public debt pushing on 60 percent of GDP, Zaev insisted that this will spur more economic dynamism. The tax will triple for second, third properties,...
Economy 24.11.20 | 12:31

Bocvarski: We are investing in good neighborliness, 50 million euros for road connection with Bulgaria

We are investing 50 million euros in the road infrastructure for connection with Bulgaria, the Minister of Transport and Communications Blagoj Bocvarski said Tuesday during the inspection of the activities on the reconstruction of the Trstija – Bigla road. Bocvarski stressed that the investments...
Macedonia Economy 23.11.20 | 21:16

Macedonia gives up on its planned investment in the Bulgarian Belene nuclear plant, and will invest in a Greek gas plant instead

Vasko Kovacevski, manager of the state owned ELEM energy company, announced that it is abandoning plans to invest in the Bulgarian Belene nuclear plant, and will invest in a gas fired plant in Greece instead. The nuclear option was being developed for a while, and it would’ve included Macedonia...
Economy 23.11.20 | 14:57

New week new prices: Diesel prices up, gasoline prices slightly down

As of Monday midnight, the price of EURODIESEL (D-E V) and extra light household fuel will increase by MKD 0.5 per liter, while that of EUROSUPER BS-95 gasoline drops by MKD 0.5 per liter, the Energy Regulatory Commission (ERC) has said. The price of EUROSUPER BS 95 is MKD 59.50 per liter, that of EUROSUPER...
Macedonia Economy 22.11.20 | 11:50

Bocvarski insists that Macedonia will become a regional gas player

Transportation Minister Blagoja Bocvarski claimed that Macedonia will become a major regional player in the natural gas market with the completion of the linkage between its cities and the link to Greece. Macedonia currently has a badly underdeveloped network, with supply from Russia, through Bulgaria,...
Macedonia Economy 22.11.20 | 11:35

Citizens driving foreign cars will be allowed tax breaks if they register them in Macedonia

The Government plans to allow citizens who use cars with foreign license plates to register them in Macedonia. This is common practice especially in the east of the country, where cheaper imports from Bulgaria are often driven under their original license plates. Emigrants to western European countries...
Economy 20.11.20 | 22:09

September average net wage stands at MKD 27,405

According to the data of the State Statistical Office, the index of the average monthly net wage paid per employee in September 2020, compared to September 2019, was 7.7. This increase is caused by the increase of the average monthly net wage paid per employee in the sectors: Arts, entertainment and...
Economy 20.11.20 | 15:34

Total of 13,500 companies asked for financial assistance for 58,302 employees in October

The Finance Ministry received 13,500 requests for financial assistance that is used to prop up salaries during the coronavirus downturn in October, for a total of 58,302 employees. So far, about 15 million EUR were paid out under this program for October. Companies can apply for between 220 and 350 EUR...
Economy 16.11.20 | 18:32

Gasoline prices go up as of Monday midnight

As of Monday midnight, the prices of gasoline and diesel fuels will increase by MKD 1-1.5 per liter, the Energy Regulatory Commission informed on Monday. The price of EUROSUPER BS 95 is MKD 60 per liter, that of EUROSUPER BS 98 is MKD 61.5 per liter, and extra light household fuel is at MKD 51 per liter. The...
Macedonia Economy 16.11.20 | 12:24

Association of savers who lost deposits in the failed Eurostandard Bank blames the Zaev family

The association of savers who had deposits in the bankrupt Eurostandard Bank are alleging that its collapse was a clear case of organized crime. Owner Trifun Kostovski is also saying that companies linked to the ruling SDSM party, based in Prime Minister Zoran Zaev’s fief of Strumica, collected...
Macedonia Economy 16.11.20 | 09:53

Zaev wants to sell the Popova Sapka ski resort

In an interview, Prime Minister Zoran Zaev added the Popova Sapka ski resort to the growing list of public companies he intends to sell off. After the Macedonian Post Office, much of the Macedonian Railways, and the Eurokompozit, OHIS and TEC Negotino announcements, Zaev now claims that he has bidders...
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