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Business Industry Capital
ISSN 1311-364X
Friday, 25 September 2020, Issue 5291
  Bulgaria   Bulgarian Industrial Association   World   Discover Bulgaria BIC Capital Market Ltd. 

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BNB Exchange Rates
(25.09.2020)
  EUR   1.95583  
GBP   2.14389
USD   1.67954
CHF   1.81566
EUR/USD   1.1645*
ECB exchange rate
Basic Interest Rate
  as of 01.09   0 %  


Bulgarian Stock Exchange - 24.09.2020
  Total turnover (BGN): 1 537 214.40  
Traded companies: 35
Premium 390 749.48
Standard 1 001 759.45
REIT 144 705.47
Biggest change
Yuri Gagarin JSC - Plovdiv 17.62 %
Neochim JSC - Dimitrovgrad -6.67 %
BaSE - Shares: 142 470.50
BaSE - REIT: 6 526.80

Manufacture of other kitchen furniture
BEIS rating
Top 10 companies by
Total income
for 2018
(thous. BGN)
  
  1   Sredna Gora JSC - Stara Zagora   26 734  
  2   Kronos Ko SPLTD - Plovdiv   5 693  
  3   Metron SPJSC - Sofia   4 660  
  4   Mebeli Dimov LTD - Silistra   3 774  
  5   Dialog SPLTD - Plovdiv   3 633  
  6   Angela Lazova - Visota ST - Blagoevgrad   3 459  
  7   Fantastico Mebel SPLTD - Rousse   2 645  
  8   Zora Style LTD - Sofia   1 969  
  9   Perfekt Mebel SPLTD - Sofia   1 443  
  10   Sprint 73 LTD - Targovishte   1 151  
Make your own Bulgarian companies rating in BEIS

Certificated
Bulgarian companies

General meetings today
  Balkantourist 99 JSC - Pazardzhik
Black Sea Hotel Management JSC - Varna
Domostroitel Karlovo JSC - Karlovo
Euro Alliance Geotechnics JSC - Sofia
Eurohotels JSC - Sofia
IMMI JSC - Sofia
Sopharma JSC - Sofia
Stroymontag RS JSC - Razgrad
Stroymontag SPJSC - Razgrad
Sugar company Plovdiv JSC - Plovdiv
Vodstroy JSC - Stara Zagora
Water Constructional Works- Stara Zagora JSC - Stara Zagora
 
Forthcoming General Meetings



Financial news

EU money has led to an increase in wages by 8.2% for the period from 2014 to mid-2020. In addition, the country's gross domestic product (GDP) increased by 7.7% compared to the baseline scenario without EU funds. This shows an analysis of the experts of the Minister of Finance Kiril Ananiev on the effect of EU funds on the economy. During the second programming period for the country (2014-2020), access to EU funds in the amount of EUR 9.9 billion, intended for co-financing under 10 programs, was obtained. Compared to the period 2007-2013, the available resource is higher by 5.2%. As of June 30, 2020, 46.9% of EU funds have actually been used. The payments made under the programs amount to a total of EUR 5.487 billion, of which EUR 4.633 billion are from the EU. During the first programming period for the country (2007-2013), access to EU funds amounted to EUR 9.4 billion, the effect of which was to increase GDP by about 12% and wages by almost 15% above the baseline scenario in the absence of EU money.

Source: Trud

"What we can say about the upcoming summer season is that it was the most difficult, but also absolutely unusual for the Bulgarian, European and international economy. With regard to the Bulgarian market, many efforts have been made by the sector and the government. This was statedby the executive director of the National Board of Tourism Polina Karastoyanova. "According to data from 2018 and 2019, there are over 9 million foreigners visiting Bulgaria. Obviously, the Bulgarian market is not ready to produce such a figure. 2 million would be the absolute maximum if all Bulgarian citizens have the opportunity to rest in the country, "she added. Forecasts show a loss of tourists from the summer tourist season within nearly 80%. "These data apply not only to Bulgaria, but also to our competitive destinations," added the executive director of the National Board of Tourism.

Source: Novinite.com

 
Companies

Bulgaria's antitrust regulator said that colors and glazes producer Pigments Spain is seeking its approval to acquire the tile coatings business of US-based coatings and color solutions company Ferro Corporation. Local market segments which could be affected by the transaction are the production of frits and glazes, as well as the production of colors for decoration of glazed tiles. Interested parties have until October 1 to submit their statements regarding the transaction to the regulator. In December 2019, Ferro Corporation said that it has entered into a definitive agreement to sell its tile coatings business to Pigments Spain for USD 460 million in cash, with the potential for an additional USD 32 million in cash based on the performance of the business pre-closing.

Source: SeeNews

Bulgaria's Telelink Business Services Group (TBS Group) said that three of its major shareholders are planning to float up to 30% of the company on the Sofia bourse by the end of 2021, following the successful placement of two tranches of shares. Lyubomir Minchev, Ivo Evgeniev and Spas Shopov will proceed to offer further tranches of shares in TBS Group if there is significant investor interest. The price of the future offerings will be set as 8.5 x 12-month EBITDA minus net debt, but not lower than BGN 11.10 per share. The three shareholders sold a total of 767,513 shares, representing 6.14% interest in TBS Group, at a price of BGN 11.10 per share in the second tranche of the offering, held on Monday. UK-based Utilico Emerging Markets Trust (UEM Trust) acquired 10% interest in the two tranches of the offering. UEM Trust acquired 5.8% interest in the second tranche and 4.2% in the first. The shares offered on the Sofia bourse in the two tranches were acquired by some 250 local and foreign investors. TBS Group was spun off from local company Telelink Bulgaria in July 2019, becoming the sole owner of IT infrastructure, information security and digital transformation solutions provider Telelink Business Services and several other units of Telelink, engaged in similar activities.

Source: SeeNews

Hyprop Investments, the owner of shopping malls, including part of The Mall in Sofia, is considering buying the stake of its investment partner PDI Investment Holdings in their joint venture Hystead. Hystead owns a total of six malls in Bulgaria, Serbia, Northern Macedonia, Croatia and Montenegro - 60% of the company is owned by Hyprop and 40% by PDI. The reason for the intentions is that the company is looking for opportunities for growth in Eastern Europe, while the economy in South Africa is struggling with a recession. Hyprop CEO Morne Wilken said the company had a great opportunity to buy PDI's stake and take 100% control of Hystead. 'We are negotiating with PDI and one of the likely results is that we are taking control of the whole Hystead. It can then be used as a springboard for growth in a region that is currently relatively more attractive than a number of others,' he said. In the summer of 2017, the UK-based Nuѕtead Limited announces the purchase of shares in the Bulgarian company AR Retail for EUR 156 million through the subsidiary Valkan NV Retal. In this way it acquired the shopping center on Tsarigradsko Shosse. At the moment, Nutead owns six properties in Southeastern Europe - Dеltа Сіtу Роdgоrіса (Montenegro), Dеltа Сіtу Веlgrаdе (Serbia), Ѕkорје Сіtу Маll (N. Macedonia), Тhе Маll (Bulgaria) and City Center one West and One East (Croatia).

Source: economic.bg

The state-owned Bulgarian W&S Holding will pay the obligations of water supply and sewerage Dobrich and water supply and sewerage Shumen to the electricity distribution company ENERGO-PRO and thus will save the residents of the two municipalities from water outages. This was announced by the holding after earlier the energy company announced that it was preparing to suspend the supply of electricity from September 29 to Water Supply and Sewerage Dobrich and Water Supply and Sewerage Shumen due to debts of BGN 10.5 million. In recent years, the largest debtors of ENERGO-PRO are some of the water companies in Northeastern Bulgaria. Water Supply and Sewerage Shumen and Water Supply and Sewerage Dobrich have so far accumulated liabilities amounting to over BGN 10 million, which despite the constant rescheduling continue to increase, and the agreements reached for rescheduling the amounts due are not observed, according to the energy company. Hence, they are adamant that they will no longer tolerate the accumulation of debts in such amounts, because this disrupts their operational work and harms its loyal customers and partners. The responsible institutions do not provide the necessary assistance to solve the problem in its entirety, which in the case of Water Supply and Sewerage Dobrich dates back to 2007.

Source: Sega

Bulgaria's Plovdiv municipality said that its tender for a BGN 44.3 million contract for the reconstruction of Hristo Botev sports stadium has attracted offers from five bidders. Offers were submitted by local companies VDH, Strabag Bulgaria, and GBS-Plovdiv, as well as two tie-ups. One of the tie-ups participating in the tender comprises local Parsec Group and Patstroyengineering, while the other consists of PIMK and Valmex. All five offers were submitted on September 15, when the bidding deadline expired. The contract envisages the reconstruction of all four stands, which should have a capacity to host 18,000 visitors. Works are expected to last slightly over two years. Hristo Botev stadium, built in 1961, is the second largest stadium in Plovdiv and until recently hosted the matches of local football club Botev Plovdiv.

Source: investor.bg

Bulgarian fruit and vegetable processing company Balkan Agricultural is investing BGN 29.2 million in the construction of a new storage and production base in Trakia Economic Zone. The investment will create 31 jobs, the ministry said in a statement upon awarding the company a class A investment certificate. Balkan Agricultural will benefit from support from the government regarding the construction of road infrastructure to the new base thanks to the investment certificate. Balkan Agricultural, established in 2007, is specialized in the processing of tomatoes. The company currently operates a plant near the town of Pazardzhik.

Source: economic.bg



       Bulgarian Industrial Association


 

       World

Europe

German companies are turning increasingly optimistic that government support and a reluctance to return to wide-scale lockdowns will carry the economy through the coronavirus pandemic. The Ifo institute’s business climate index rose to 93.4 in September from 92.5 in August. That was slightly lower than the median forecast of economists in a Bloomberg survey. A gauge of expectations also improved. German industry has sprung back from the pandemic, though services are struggling again. The Bundesbank expects the overall economic recovery to progress at a slower pace during the rest of the year, in part because of the impact of social restrictions on some sectors. “What’s driving the recovery in the index at the moment is manufacturing mostly. We have seen improvements there that are related to exports going quite well for some of our trading partners,” Ifo President Clemens Fuest said in an interview with Bloomberg Television. “There clearly is a risk that the second wave of the virus will cause problems. We see this in the readings for the service sector, which isn’t great this time.”

Source: Bloomberg

America

California Governor Gavin Newsom has signed an executive order – on the bonnet of a Ford Mustang Mach-E, as it happens – seeking to ban the sale of new internal combustion-engined (ICE) “passenger vehicles” in his state by 2035. All “gas-powered cars and light trucks” sold in California from 2035 must be “zero-emission vehicles”, says the order. It does not prohibit the sale of used petrol- or diesel-powered cars or stop people from driving cars they already own. Buy a brand-new car in LA today, and it should still be perfectly legal to drive it down Sunset in 2036. Gov. Newsom’s office claims transportation is to blame “for more than half of all of California’s carbon pollution, 80 per cent of smog-forming pollution and 95 per cent of toxic diesel emissions”. Now he’s signed the order, California’s Air Resource Board will draw up regulations to prohibit the sale of new internal combustion-engined cars and light trucks in California from 2035. Meanwhile, all new “medium- and heavy-duty vehicles” will need to be zero-emission by 2045 “where feasible”.

Source: FOX News

Asia

ByteDance has applied for a tech export licence in China as it races to seal a deal with Oracle Corp and Walmart Inc that it hopes will end U.S. government plans to ban its TikTok video-streaming app on security grounds. The Beijing-based firm submitted the application to Beijing’s municipal commerce bureau and is awaiting a decision, it said on its Toutiao online news platform on Thursday, without referring to ongoing talks over its U.S. operations. The application comes about a month after China revised its list of technologies subject to export bans or restrictions for the first time in 12 years, in a manner which experts said gave the government a say over any TikTok deal. It can take up to 30 days to obtain preliminary approval to export such technology. Chinese commerce ministry spokesman Gao Feng told reporters on Thursday that the application has been received and would be handled in accordance with relevant regulations and procedures.

Source: Reuters

 
Indexes of Stock Exchanges
24.09.2020
Dow Jones Industrial
26 815.44 (52.31)
Nasdaq Composite
10 672.30 (39.28)
Commodity exchanges
24.09.2020
  Commodity Price  
Light crude ($US/bbl.)40.54
Heating oil ($US/gal.)1.1300
Natural gas ($US/mmbtu)2.2300
Unleaded gas ($US/gal.)1.1800
Gold ($US/Troy Oz.)1 874.30
Silver ($US/Troy Oz.)23.26
Platinum ($US/Troy Oz.)853.30
Hogs (cents/lb.)63.28
Live cattle (cents/lb.)111.28

       Discover Bulgaria

September 25 – Dobrich public holiday

Since 1990 Dobrich celebrates the holiday of the city on September 25. Archeological studies in the region have proved these territories have been populated since ancient times. In 16th century the Turkish wayfaring tradesman Hadjioglu Pazardjik founded here a town named after its founder till 1882. The town was liberated from the Ottoman yoke on January 27, 1878. It was renamed to Dobrich on February 19, 1882 by a prince’s edict, after the name of the owner of Dobrudja - Dobrotitza. For a couple of decades the town carried the name of marshal Tolbuhin. On September 19, 1990, by a President’s edict, the town’s former name Dobrich was recovered. Nowadays Dobrich is one of the major cultural, economic, and administrative center in the Northeastern Bulgarian economic region. In 1851 the famous Dobrich fair was organized here for the first time. It gathered tradesmen from Varna, Rousse, Shoumen and other big Bulgarian towns.. Each year various cultural festivals are held here. For this year's celebration Dobrich municipality organizes a series of cultural and entertaining programmes.


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