DOCSLIB.ORG

Semi Annual Report April 2008

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Semi Annual Report April 2008 FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT APRIL 2008 FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT APRIL 2008 TABLE OF CONTENTS Federation of Euro-Asian Stock Exchanges 3 Deutsche Boerse 10 Garanti Asset Management 13 Is Investment 14 NASDAQ OMX 16 Tayburn Kurumsal 18 Finans Asset Management 20 Quartal FLife 21 Stock Exchange Profiles Abu Dhabi Securities Market 24 Amman Stock Exchange 28 Armenian Stock Exchange 32 Bahrain Stock Exchange 36 Baku Interbank Currency Exchange 40 Baku Stock Exchange 44 Banja Luka Stock Exchange 46 Belarusian Currency and Stock Exchange 50 Belgrade Stock Exchange 54 Bucharest Stock Exchange 58 Bulgarian Stock Exchange 62 Cairo and Alexandria Stock Exchanges 66 Georgian Stock Exchange 70 Iraq Stock Exchange 74 Istanbul Stock Exchange 78 Karachi Stock Exchange 82 Kazakhstan Stock Exchange 86 Kyrgyz Stock Exchange 90 Lahore Stock Exchange 94 Macedonian Stock Exchange 96 Moldovan Stock Exchange 100 Mongolian Stock Exchange 104 Montenegro Stock Exchange 108 Muscat Securities Market 112 Palestine Securities Exchange 116 Sarajevo Stock Exchange 120 State Commodity & Raw Materials Exchange of Turkmenistan 122 Tehran Stock Exchange 126 Tirana Stock Exchange 130 “Toshkent” Republican Stock Exchange 134 Ukrainian Stock Exchange 138 Zagreb Stock Exchange 142 Affiliate Member Profiles CDA Central Depository of Armenia 147 Central Registry Agency Inc. of Turkey 148 Central Securities Depository of Iran 149 Macedonian Central Securities Depository 150 Misr For Clearing, Settlement & Central Depository 151 Securities Depository Center (SDC) of Jordan 152 Takasbank - ISE Settlement and Custody Bank, Inc. 153 Tehran Securities Exchange Technology Management Company (TSETMC) 154 Member List 155 FEDERATION OF EURO-ASIAN STOCK EXCHANGES (FEAS) The Federation of Euro-Asian Stock Exchanges Semi Annual Report April 2008 is published by the Federation of Euro-Asian Stock I.M.K.B Building, Emirgan 34467 Istanbul, Turkey Exchanges. Tel: (90 212) 298 2160 Fax: (90 212) 298 2209 All editorial material was collated and edited by the Federation of E-mail: [email protected] Euro-Asian Stock Exchanges. The design, production and distribution Web address: www.feas.org was coordinated by the Federation of Euro-Asian Stock Exchanges. Contacts: Mr. Aril Seren, Secretary General Mrs. Susan Gogus, Assistant Secretary General Designed by: Tayburn Kurumsal Ms. Ege Adalioglu, Assistant Secretary General Although every care has been taken to ensure the accuracy of the information contained within the publication, the Secretariat cannot be held liable for any inaccuracies, errors or omissions, nor held liable for any actions taken on the basis of the information provided herein. © The Federation of Euro-Asian Stock Exchanges PAGE 1 FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT APRIL 2008 FEDERATION OF EURO-ASIAN STOCK EXCHANGES The FEAS, as a globally recognized regional institution, is growing and maturing together with its members towards its goals. Huseyin Erkan President of FEAS & Chairman and CEO of the Istanbul Stock Exchange Throughout 2007, the FEAS region has upgrade and the implementation of the FEAS commissions.Our major target is to attract the persevered with a strong desire for continued Data Center (FDC) to standardize and global investors who will benefit from FEAS growth in world economies as seen in 2006. promote cross market statistics and the services and continiously invest in the Region. (consol?dated stats) The performance of the initiation and upcoming implementation (2008) securities markets in the second half of 2007 of the FEAS Index for better visibility and for Looking at the individual future outlooks of our is displayed in the consolidated regional moving toward cross border trading which will markets, as covered in the member profile statistics on the adjoining pages. The also make it simpler to observe and track the pages, one can see that there continues to be individual statistics of each of our members FEAS Region.There were special activities that work toward the challenges of member are available in the member profile section. promoted the growth of stock exchange markets in providing competitive and viable The Federation, as a globally recognized operations such as bilateral visits, establishing financing options to both the government and regional institution, is growing and maturing the FEAS Training Center and in line with it, private sectors, while enhancing operations together with its members towards its goals. the joint ISE/FEAS development project and through technology and expanding services to Founded 13 years ago by 12 regional international associations with organizations market participants. Their efforts continue to exchanges, FEAS now has a total number of such as the World Bank, World Federation of focus on the areas of increased transparency 32 stock exchange members from 29 different Exchanges (WFE) and the Organization for through expense in infrastructure and countries and 8 affiliate members. Economic Cooperation and Development developing regulations to promote stronger FEAS is growing in membership with (OECD). corporate governance. additional Securities Exchanges and Affiliates. To date, FEAS has jointly hosted 3 meetings I would like to take this opportunity to extend In today’s economic conditions, where the and one conference in 2007; the Working my heartfelt thanks for their contributions to: increasing oil prices led to quickly expanding Committee Meeting held in Kiev, a conference Garanti Asset Management, Deutsche Boerse, savings and sovereign wealth funds’ the long titled Growing Capital Markets, Today for Finans Asset Management, Is Investment, expected failure and fluctuations in the global Tomorrow, in Budva, with the Montenegro NASDAQ OMX, Quartal Flife and Tayburn markets were not realized locally due to the Stock Exchange. The Media Task Force Kurumsal for making this publication possible. strength in regional markets and for this meeting in Istanbul, Turkey and in September We hope that you will take a moment to visit reason regional co-operation will continue to 2007, the 13th General Assembly Meeting in our contributor section in the FEAS website at play an important role in the on-going Belgrade, Serbia together with the second www.feas.org and read their articles in the development of our markets. Two of our Affiliate Member Meeting, in addition to a following pages. members’, Bulgaria and Romania, EU Working Committee Meeting and Executive membership will further develop their Committee Meeting.This year we will hold our FEAS is celebrating its 13th anniversary. Since economic and legal structures to promote Working Committee Meeting in Baku, its beginning in publishing four years ago, organized growth in their financial markets and Azerbaijan which will be hosted by the Baku FEAS SAR has been published as two semi further the perspective of other FEAS Stock Exchane. The General Assembly will be annual reports, in April and October annually. members. When we look at the year end held in the UAE and hosted by the Abu Dhabi As you will remember, the initial and continued results for 2007 we see that market Securities Market. aim of transitioning from an annual to semi capitalization in the region has increased by annual publication is two-fold. First, through 54.3% over 2006. Stock trading volume in FEAS is striving to place greater importance providing two publications rather than just one, dollar terms is up by 21.9%, in volume on regional development over the next 5 years. the market performances of FEAS members increased by 97.0% to 44,847.4 million and the FEAS will hold a President’s Meeting to are reflected in an updated fashion. Second, average daily trading volume increased refocus the ourselves on the future. the environments (both political and 160.9% in 2007. Bonds showed the largest Our continued commitment to our 5-year economic), within which those markets increase in dollar trading volume of 25.7%, strategic plan is designed to achieve the operate, are brought to the attention of the volume increased by 77.9% and average daily objectives specified within the mission of the readers more timely and concisely. Further trading volume increased by 76.7% in bonds Federation and to attain a greater role in the with new format changes to the October trading. Other category showed the largest competitive global market environment. Our edition, readers will receive a sort of reference increase in volume with an increase of 115.2% focus over the previous 5 years has been on guide to our members markets and their over 2006 where as dollar volume and average the area of promoting corporate governance, trading practices and procedures. daily trading volumes increased by 14.8% and facilitating timely disclosure, achieving 109.8% respectively. To put this into effective dissemination of information, attaining In closing, I want to commend the efforts of all perspective in the last 5 years the FEAS region regional convergence in listing requirements, our Task Force members in achieving our has seen a 365% increase in market cap, settlement, trading rules and software, creating regional objectives through their commitment 651% in stock trading volumes, 513% in bonds greater awareness and visibility for the region’s and the Secretariat for its success in trading volume and 195% in other trading stocks and investment opportunities, maintaining our cohesive organization. As we volume. promoting the listing of
Load more

Recommended publications
  • Defenses to Customer Claims Against Stockbrokers
    DEFENSES TO CUSTOMER CLAIMS AGAINST STOCKBROKERS Elizabeth Hoop Fay, Esquire Morgan, Lewis & Bockius LLP Philadelphia Foster S. Goldman, Jr., Esquire Markel Schafer & Goldman, PC Pittsburgh DEFENSES TO CUSTOMER CLAIMS AGAINST STOCKBROKERS I. DEFENSES TO CHURNING, SUITABILITY AND UNAUTHORIZED TRADING CLAIMS A. The Elements of Causes of Action for Churning, Unsuitable Recommendations and Unauthorized Trading 1. Churning of a brokerage account occurs when a broker who exercises control over the trading engages in an excessive number of transactions in order to generate commissions. See, e.g., Costello v. Oppenheimer & Co., Inc., 711 F.2d 1361, 1368-69 (7th Cir. 1983). To prevail on a churning claim, the customer must prove three elements: (1) control of the account by the broker; (2) trading activity that is excessive in light of the customer’s investment objectives; and (3) that the broker acted with scienter, i.e., intent to defraud or reckless disregard of the customer’s interests. Craighead v. E.F. Hutton & Co., 899 F.2d 485, 489 (6th Cir. 1990). 2. While a churning claim is a challenge to the quantity of transactions, a suitability claim challenges the quality of the investments recommended by the broker. To prevail on a suitability claim, the customer generally must prove: (1) that the broker recommended securities that are unsuitable in light of the customer’s investment objectives; and (2) that the broker did so with intent to defraud or with reckless disregard for the client’s interests. E.g., Brown v. E.F. Hutton Group Inc., 991 F.2d 1020, 1031 (2d Cir. 1991). 3.
    [Show full text]
  • Slovenia Have Been Remarkable
    Mrak/Rojec/Silva-Jáur lovenia’s achievements over the past several years Slovenia have been remarkable. Thirteen years after Public Disclosure Authorized independence from the former Socialist Federative egui Republic of Yugoslavia, the country is among the most advanced of all the transition economies in Central and Eastern Europe and a leading candidate for accession to the European Union Sin May 2004. Remarkably, however, very little has been published Slovenia documenting this historic transition. Fr om Y In the only book of its kind, the contributors—many of them the architects of Slovenia’s current transformation—analyze the country’s three-fold ugoslavia to the Eur transition from a socialist to a market economy, from a regionally based to a national economy, and from being a part of the Socialist Federative Republic of Yugoslavia to being an independent state and a member of the European Union (EU). With chapters from Slovenia’s president, a former vice prime minister, Public Disclosure Authorized the current and previous ministers of finance, the minister of European affairs, the current and former governors of the Bank of Slovenia, as well as from leading development scholars in Slovenia and abroad, this unique opean Union collection synthesizes Slovenia’s recent socioeconomic and political history and assesses the challenges ahead. Contributors discuss the Slovenian style of socioeconomic transformation, analyze Slovenia’s quest for EU membership, and place Slovenia’s transition within the context of the broader transition process taking place in Central and Eastern Europe. Of interest to development practitioners and to students and scholars of the region, Slovenia: From Yugoslavia to the European Union is a From Yugoslavia comprehensive and illuminating study of one country’s path to political and economic independence.
    [Show full text]
  • 23, 0159 Oslo, Norway
    Tel : +47 22413030 | Epost :[email protected]| Web :www.reisebazaar.no Karl Johans gt. 23, 0159 Oslo, Norway The Balkans Real Food Adventure Turkode Destinasjoner Turen starter ZKZM Makedonia - Montenegro Dubrovnik Turen destinasjon Reisen er levert av 12 dager Skopje Fra : NOK Oversikt Immerse yourself in the culinary delights of the Balkans on a 12-day tour through Croatia, Montenegro and North Macedonia. Along your way, stroll through lush national parks, discover quaint villages and see some of the region’s most spiritual sites. Sip a traditional fermented drink – boza – for breakfast, picnic on the banks of the Treska River, master the art of the perfect pastry with the village women of Janche, indulge in a traditional Kosovan barbeque, dine on home-grown produce in the private garden of a Dihovo family and visit a centuries-old olive press outside of Kotor. With curated food and wine experiences plus an expert local guide leading the way, your Balkans Real Food Adventure will not leave you hungry! Reiserute Dubrovnik Dobro Dosli! Welcome to Dubrovnik – a beautiful stone town surrounded entirely by fortifications. Although it experienced devastation in the early 1990s, the restored Old Town remains as charming as ever. With the sparkling water of the Adriatic in the background, Dubrovnik is picturesque, full of character and easily covered on foot. Your adventure begins with a welcome meeting at 6.30 pm today, but if you happen to arrive early, why not walk inside the city walls, or head further afield to one of the Elafiti Islands. There's Lopud – a quiet island with lovely hikes, clean beaches and castle ruins, sleepy Kolocep that has walks for every fitness level, and Sipan with its renowned wine and laidback vibes.
    [Show full text]
  • Ladies of the Ticker
    By George Robb During the late 19th century, a growing number of women were finding employ- ment in banking and insurance, but not on Wall Street. Probably no area of Amer- ican finance offered fewer job opportuni- ties to women than stock broking. In her 1863 survey, The Employments of Women, Virginia Penny, who was usually eager to promote new fields of employment for women, noted with approval that there were no women stockbrokers in the United States. Penny argued that “women could not very well conduct the busi- ness without having to mix promiscuously with men on the street, and stop and talk to them in the most public places; and the delicacy of woman would forbid that.” The radical feminist Victoria Woodhull did not let delicacy stand in her way when she and her sister opened a brokerage house near Wall Street in 1870, but she paid a heavy price for her audacity. The scandals which eventually drove Wood- hull out of business and out of the country cast a long shadow over other women’s careers as brokers. Histories of Wall Street rarely mention women brokers at all. They might note Victoria Woodhull’s distinction as the nation’s first female stockbroker, but they don’t discuss the subject again until they reach the 1960s. This neglect is unfortu- nate, as it has left generations of pioneering Wall Street women hidden from history. These extraordinary women struggled to establish themselves professionally and to overcome chauvinistic prejudice that a career in finance was unfeminine. Ladies When Mrs. M.E.
    [Show full text]
  • The Bulgarian Financial Crisis of 1996/1997
    A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Berlemann, Michael; Nenovsky, Nikolay Working Paper Lending of first versus lending of last resort: The Bulgarian financial crisis of 1996/1997 Dresden Discussion Paper Series in Economics, No. 11/03 Provided in Cooperation with: Technische Universität Dresden, Faculty of Business and Economics Suggested Citation: Berlemann, Michael; Nenovsky, Nikolay (2003) : Lending of first versus lending of last resort: The Bulgarian financial crisis of 1996/1997, Dresden Discussion Paper Series in Economics, No. 11/03, Technische Universität Dresden, Fakultät Wirtschaftswissenschaften, Dresden This Version is available at: http://hdl.handle.net/10419/48137 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten,
    [Show full text]
  • Economic Review 2/2019 Economic Review 2/2019
    ECONOMIC REVIEW 2/2019 ECONOMIC REVIEW 2/2019 BULGARIAN NATIONAL BANK The BNB quarterly Economic Review presents information and analysis of balance of payments dynamics, mon- etary and credit aggregates, their link with the development of the real economy, and their bearing on price stability. Processes and trends in the external environment are also analysed since the Bulgarian economy is directly influ- enced by them. This publication contains also quantitative assessments of the development in major macroeconom- ic indicators in the short run: inflation, economic growth, exports, imports, trade balance and BoP current account, foreign direct investment, monetary and credit aggregate dynamics. The Economic Review, issue 2/2019 was presented to the BNB Governing Council at its 25 July 2019 meeting. It employs statistical data published up to 15 July 2019. The estimates and projections published in this issue should not be regarded as advice or recommendation. Ex- clusively the information user is liable for any consequences thereof. The Economic Review is available at the BNB website, Research and Publications menu, periodical Publications sub-menu. Please address notes, comments and suggestions to the BNB Economic Research and Projections Di- rectorate at 1000 Sofia, 1, Knyaz Alexander I Square. © Bulgarian National Bank, 2018 1, Knyaz Alexander I Square 1000 Sofia, Bulgaria Tel.: (+359 2) 9145 1351, 9145 1209, 9145 1806 Website: www.bnb.bg This issue includes materials and data received up to 29 July 2019. The contents of the BNB Economic Review may be quoted or reproduced without further permission. Due acknowledgement is requested. ISSN 2367 – 4962 (online) Economic Review • 2/2019 2 CONTENT Summary ...............................................................................................................................................................................
    [Show full text]
  • Development Ofmonitoring Instruments Forjudicial and Law
    Background Research on Systems and Context on Systems Research Background Development of Monitoring Instruments for Judicial and Law Enforcement institutions in the Western Balkans Background Research on Systems and Context Justice and Home Affairs Statistics in the Western Balkans 2009 - 2011 CARDS Regional Action Programme With funding by the European Commission April 2010 Disclaimers This Report has not been formally edited. The contents of this publication do not necessarily reflect the views or policies of UNODC or contributory organizations and neither do they imply any endorsement. The designations employed and the presentation of material in this publication do not imply the expression of any opinion whatsoever on the part of UNODC concerning the legal status of any country, territory or city or its authorities, or concerning the delimitation of its frontiers or boundaries. Comments on this report are welcome and can be sent to: Statistics and Survey Section United Nations Office on Drugs and Crime PO Box 500 1400 Vienna Austria Tel: (+43) 1 26060 5475 Fax: (+43) 1 26060 7 5475 E-mail: [email protected] Website: www.unodc.org 1 Development of Monitoring Instruments for Judicial and Law Enforcement Institutions in the Western Balkans 2009-2011 Background Research on Systems and Context 2 Development of Monitoring Instruments for Judicial and Law Enforcement Institutions in the Western Balkans 2009-2011 Background Research on Systems and Context Justice and Home Affairs Statistics in the Western Balkans April 2010 3 Acknowledgements Funding for this report was provided by the European Commission under the CARDS 2006 Regional Action Programme. This report was produced under the responsibility of Statistics and Surveys Section (SASS) and Regional Programme Office for South Eastern Europe (RPOSEE) of the United Nations Office on Drugs and Crime (UNODC) based on research conducted by the European Institute for Crime Prevention and Control affiliated with the United Nations (HEUNI) and the International Centre for Migration Policy Development (ICMPD).
    [Show full text]
  • The Operations of a Typical Stockbroker and an Issuing House
    THE OPERATIONS OF A TYPICAL STOCKBROKER AND AN ISSUING HOUSE A PAPER PRESENTED BY MR. AZU ODITA GENERAL MANAGER/CEO, NETWORTH SECURITIES & FINANCE LIMITED (A MEMBER OF THE NIGERIAN STOCK EXCHANGE) LAGOS, NIGERIA Outline Who is a Stockbroker Requirements of a Stockbroker Services offered by a Stockbroker Relationship with other Stakeholders in the capital market Who is a Stockbroker A licensed dealing member of an Exchange Ø To deal in financial instruments available in the Money & Capital Markets uPrimary activity is in the capital market Dealing firms are the principal while the Authorized dealing clerks are the brokers/agents of the dealing firms Other features Ø Registered with CAC and SEC Ø Roles in the market depend on Capital bases, Expertise and Status of Registration u Broker = N40 Million u Dealer = N30 Million u Broker/Dealer = N70 Million – A broker transacts on behalf of customers only while a dealer transacts on behalf of his company Requirements of a Stockbroker ØIntegrity – His Word is his Bond ØInnovation in value-added services e.g. Margin Trading, Security Lending, REPO transactions ØKnow your Client (KYC) ØExcellent Analytical Skill ØFinancial Training ØFund Management & Administration ØFinancial Supermarket - gain advantage of size & distribution network ØOffshore Alliance. Services Offered by A Stockbroking Firm Not standardised Ø Differs from one organisation to another Examples Stockbroking New Issues Research & Portfolio Management Bond Trading Credit Analysis Stockbroking Receives and process transaction orders
    [Show full text]
  • English and INTRODACTION
    CHANGES AND CONTINUITY IN EVERYDAY LIFE IN ALBANIA, BULGARIA AND MACEDONIA 1945-2000 UNDERSTANDING A SHARED PAST LEARNING FOR THE FUTURE 1 This Teacher Resource Book has been published in the framework of the Stability Pact for South East Europe CONTENTS with financial support from the Dutch Ministry of Foreign Affairs. It is available in Albanian, Bulgarian, English and INTRODACTION..............................................3 Macedonian language. POLITICAL LIFE...........................................17 CONSTITUTION.....................................................20 Title: Changes and Continuity in everyday life in Albania, ELECTIONS...........................................................39 Bulgaria and Macedonia POLITICAL PERSONS..............................................50 HUMAN RIGHTS....................................................65 Author’s team: Terms.................................................................91 ALBANIA: Chronology........................................................92 Adrian Papajani, Fatmiroshe Xhemali (coordinators), Agron Nishku, Bedri Kola, Liljana Guga, Marie Brozi. Biographies........................................................96 BULGARIA: Bibliography.......................................................98 Rumyana Kusheva, Milena Platnikova (coordinators), Teaching approches..........................................101 Bistra Stoimenova, Tatyana Tzvetkova,Violeta Stoycheva. ECONOMIC LIFE........................................103 MACEDONIA: CHANGES IN PROPERTY.......................................104
    [Show full text]
  • The Professional Obligations of Securities Brokers Under Federal Law: an Antidote for Bubbles?
    Loyola University Chicago, School of Law LAW eCommons Faculty Publications & Other Works 2002 The rP ofessional Obligations of Securities Brokers Under Federal Law: An Antidote for Bubbles? Steven A. Ramirez Loyola University Chicago, School of Law, [email protected] Follow this and additional works at: http://lawecommons.luc.edu/facpubs Part of the Securities Law Commons Recommended Citation Ramirez, Steven, The rP ofessional Obligations of Securities Brokers Under Federal Law: An Antidote for Bubbles? 70 U. Cin. L. Rev. 527 (2002) This Article is brought to you for free and open access by LAW eCommons. It has been accepted for inclusion in Faculty Publications & Other Works by an authorized administrator of LAW eCommons. For more information, please contact [email protected]. THE PROFESSIONAL OBLIGATIONS OF SECURITIES BROKERS UNDER FEDERAL LAW: AN ANTIDOTE FOR BUBBLES? Steven A. Ramirez* I. INTRODUCTION In the wake of the stock market crash of 1929 and the ensuing Great Depression, President Franklin D. Roosevelt proposed legislation specifically designed to extend greater protection to the investing public and to elevate business practices within the securities brokerage industry.' This legislative initiative ultimately gave birth to the Securities Exchange Act of 1934 (the '34 Act).' The '34 Act represented the first large scale regulation of the nation's public securities markets. Up until that time, the securities brokerage industry4 had been left to regulate itself (through various private stock exchanges). This system of * Professor of Law, Washburn University School of Law. Professor William Rich caused me to write this Article by arranging a Faculty Scholarship Forum at Washburn University in the'Spring of 2001 and asking me to participate.
    [Show full text]
  • Bistra, Korab, Desat - National Park Mavrovo .: Macedonia Clasp of the World
    Bistra, Korab, Desat - National Park Mavrovo .: macedonia clasp of the world :. LAND: BISTRA, KORAB & DEŠAT MOUNTAIN - MAVROVO NATIONAL PARK The National Park Bistra Mountain Korab Mountain Dešat Mountain The National Park Mavrovo encompasses the most beautiful parts of western Macedonia, the mountains Bistra, Korab, South Šar Massifs, Dešat, the river Radika, Mavrovo Lake and the villages Mavrovi Anovi, Mavrovo, Leunovo, Nikiforovo, Gali•nik, Rostuše, Gari, Jan•e, Treson•e, Bituše and Lazaropole, with total area of 73,088 hectares. In order to preserve the natural wealth of the region, it has been designated as a National Park with the Law passed on March 3rd 1952, on account of "the historical and scientific significance of the forests and wooded areas around Mavrovsko plain, the specific landscape and the natural beauty of the region, the diverse flora and fauna and ethnological characteristics". In this area nature has created numerous beauties of different character. The relief, the climatic conditions, the hydrological and vegetative features, enhanced by human creativity, all contribute to making this region a particularly special place where the gifts of the nature and the resourcefulness of humans can be admired. The National Park Mavrovo encompasses numerous rivers, which present a real jewel in the crown of beauty for the mountain landscape, with their wild rapids, water-falls and incredible transparency: always full with clear and cold water, the springs never get muddy. One of the most impressive parts of the park are the striking gorges of the river Radika. The most dramatic is the Baric gorge. The horizon in front of the observer completely closes leaving open only the blue sky and the steep ascending rocks, in some places 1,500 m high.
    [Show full text]
  • Scrip Dividend in the Form of New Shares
    Your responsibilities Principal register Hong Kong Overseas Branch register THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are Computershare Investor Services PLC Computershare Hong Kong Investor Services Limited in any doubt about this document or as to the action you should take, you should consult a Whether or not it is to your advantage to elect to receive new shares in lieu of a cash The Pavilions Rooms 1712-1716, 17th Floor stockbroker, solicitor, accountant or other appropriate independent professional adviser. dividend or to elect to receive payment in US dollars, sterling or Hong Kong dollars Bridgwater Road Hopewell Centre If you sold or transferred all or some of your ordinary shares on or before 15 May 2019, but those is a matter for individual decision by each shareholder. HSBC cannot accept any Bristol 183 Queen’s Road East shares are included in the number shown in box 1 on your form of election or entitlement advice for responsibility for your decision. BS99 6ZZ Hong Kong SAR the first interim dividend for 2019, you should, without delay, consult the stockbroker or other agent United Kingdom Telephone: +852 2862 8555 through whom the sale or transfer was effected for advice on the action you should take. Overseas shareholders Telephone: +44 (0) 370 702 0137 Email: [email protected] Email via website: Investor Centre: Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this document, make no representation as to its accuracy or No person receiving a copy of this document or the form of election in any jurisdiction www.investorcentre.co.uk/contactus www.investorcentre.com/hk Investor Centre: completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this document.
    [Show full text]