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Business Industry Capital
ISSN 1311-364X
Tuesday, 31 March 2020, Issue 5169
  Bulgaria   Bulgarian Industrial Association   World   Discover Bulgaria BIC Capital Market Ltd. 

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BNB Exchange Rates
(31.03.2020)
  EUR   1.95583  
GBP   2.20003
USD   1.77255
CHF   1.85018
EUR/USD   1.1034*
ECB exchange rate
Basic Interest Rate
  as of 01.03   0 %  


Bulgarian Stock Exchange - 30.03.2020
  Total turnover (BGN): 887 797.30  
Traded companies: 43
Premium 83 514.71
Standard 708 296.88
REIT 74 225.72
Structured 21 760.00
Biggest change
Cez Electro Bulgaria JSC - Sofia 26.67 %
Emka JSC - Sevlievo -12.50 %
BaSE - Shares: 2 558.55
BaSE - REIT: 1 092.00

Cotton-type weaving
BEIS rating
Top 10 companies by
Total income
for 2018
(thous. BGN)
  
  1   Mak JSC - Gabrovo   16 907  
  2   Belotex 95 JSC - Zlatograd   7 280  
  3   Strumatex JSC - Blagoevgrad   4 003  
  4   Maritsatek JSC - Plovdiv   3 265  
  5   Maritzatex JSC - Plovdiv   2 218  
  6   Aglika JSC - Tvarditza   1 455  
  7   Polemi SPLTD - Sofia   883  
  8   Nexton Development Solutions SPJSC - Sofia   746  
  9   Galatex JSC - Varna   602  
  10   Detelina International SPLTD - Ihtiman   515  
Make your own Bulgarian companies rating in BEIS

Certificated
Bulgarian companies

General meetings today
  Access Novello JSC - Sofia
Autorepair factory Smolyan JSC - Smolyan
DRP JSC - Banite
GSB JSC - Sofia
Hydrostroy JSC - Sofia
International Asset Bank JSC - Sofia
JBTC JSC - Sofia
MTB Eurocapital JSC - Sofia
New Generation - Auiting and Consulting JSC - Sofia
Omega BD Holding JSC - Sofia
Saglasie - Pension Insurance Company JSC - Sofia
Vratsa style 96 JSC - Vratza
Vratsa style JSC - Vratza
 
Forthcoming General Meetings



Financial news

Bulgaria’s Cabinet approved on March 30 the list of economic sectors eligible for government assistance to pay their employees and was set to hold a second sitting later in the day to discuss a draft revision of the 2020 Budget Act. The scheme to help businesses pay their employees’ wages, frequently referred to as “60:40” by officials and media alike, envisions the government covering 60 per cent of salaries and the employers the remaining 40 per cent. Businesses can apply for government aid only if they retain their staff and it is contingent on employers paying their full share, meaning that they would not be allowed to cut salaries to only the amount provided by the government. If an employer does not pay their 40 per cent, they would have to return the state aid, Labour Minister Denitsa Sacheva said, as quoted by Bulgarian National Television. The mandatory social security contributions would continue to be split by employers and employees, Sacheva said. The list of sectors that will receive funding under the scheme includes retail (with the exception of car or motorcycle dealerships), land and air transportation, hotels, restaurants and bars, cinemas, tourist operators and trade fair organisers, private kindergartens, artistic and other cultural activities, sports and other recreational activities.

Source: Sofia Globe

The production of mineral fuels for internal combustion engines (ICE) in Bulgaria reached a record volume in 2019, shows the industry report of SFB Capital Market JSC on the development of the sector. The increase on an annual basis is 22.8% and 24.6% compared to 2015. In the fourth quarter of 2019, however, there is a decrease in production by 3.2% on an annual basis, in comparison to the third quarter of 2019 there is almost no change in the produced quantities. Foreign trade turnover also reached its highest value for the 5-year period observed in 2019, up 22.6% from 2018. The increase was mainly due to the value of exports - an increase of 33.6%, while imports increased only by 1.6%. As a result, the positive foreign trade balance increased by 68.3%. However, in the fourth quarter of 2019, trade in terms of value decreased by 11.7% year-on-year. In quantitative terms, imports increased by 6.7% in 2019 compared to the previous year, and exports by 40.8%. In the last three months of the year, indicators decreased, imports falling by 9.8% year-on-year and exports - by 4.1% The estimates for the whole of 2019 show that the available quantities of mineral fuels for domestic sales are higher by 2.9%. For the fourth quarter of 2019 the growth is 1.4% on an annual basis. For more information and orders: http://sfb.bia-bg.com

 
Companies

The first majority owner, which stood strongly behind the shares of the subsidiary, was Synergon Holding JSC. We are referring to the most recent stock exchange period - since the start of the coronavirus crisis. Synergon has already bought 9.4% of the capital of its subsidiary Toplivo JSC and its share is now 82.82%. On March 27, 2020, the holding acquired 5.15% or 278,883 shares in various transactions. This time the deals are on the regulated market of Bulgarian Stock Exchange JSC and are priced at BGN 1.8 per share. Synergon recently gained 4.25%, but the price is not known because it was not listed on the BSE floor. Prior to the transactions, Synergon Holding JSC held 73.42% of Toplivo's capital. Other large shareholders held 17.3% of the capital as of June 3, 2019. If Synergon Holding negotiates all of these packages, it may reach 90% of the capital, respectively make a tender offer and even write off the company. The largest shareholders as of June 3, 2019, according to the Commercial Register, are the pension funds of the Pension Insurance Institute with a total of 3.16%, Emona Oil SPLTD with 4.15%, Ivanka Ivanova with 4.98%, as and Theodor Anadoliev with 4.999997% of the capital.

Source: investor.bg

A little over BGN 4.1 million is earmarked for the purchase of protective clothing for Kozloduy NPP employees. Within the framework of two separate public procurement contracts, the plant is looking for companies to supply protective and work clothing for energy workers. The first order was worth just over BGN 2.8 million and the second one was worth about BGN 1.3 million, excluding VAT. In this case, ordering clothing has nothing to do with the coronavirus epidemic but is standard procedure for a nuclear power plant. In order to prevent infection in the plant, the working time limits of the different categories of personnel have been changed, group transport has been terminated and contacts between people have been limited. nuclear power plant controlled area. Access to it is restricted, and the exits control radioactive contamination of the body and clothing of personnel and of objects and materials exported. The clothing ordered by Kozloduy NPP is precisely such a protection and protects employees from contamination with radioactive particles and other types of pollution. The tender is divided into 11 separate bidding positions and is worth a total of BGN 2.84 million excluding VAT, which will be provided from the plant's budget without the use of external financing, such as EU funds.

Source: Capital

Bulgarian battery maker Monbat said that the workflow at its two plants in the towns of Montana and Dobrich is thus far unaffected by the ongoing novel coronavirus disease (COVID-19) pandemic. All sanitary and hygienic measures have been taken to protect the health of the company's employees during the crisis. Last week, Monbat reported that that its consolidated profit before taxes from ongoing operations dropped by 54.2% to BGN 1.9 million in the first two months of the year, as net sales revenue fell 12.7% to BGN 49.6 million. The company's reported results exclude its LED lighting operations. Earlier this month,Monbat asked for suspension of trading with both its share and bond issues on the Sofia bourse in relation to the state of emergency declared by the country on March 13 over the coronavirus pandemic, but its request was denied by the bourse operator. A lot of companies in the sector have already suspended operations due to the pandemic, including local peer Elhim Iskra, and the Bulgarian units of German vehicle access systems manufacturer WITTE Automotive and French auto parts manufacturer Montupet.

Source: SeeNews

Another big factory in Bulgaria goes idle. Kostal in Pazardzhik ceases operations until Easter because of the coronavirus. Kostal's representative Atanas Kachakov said 2000 employees are on unpaid leave. Until April 19, only the security will work at the plant. "We work with all European car manufacturers. If orders from the big car factories reduce, it will immediately affect us and the entire economy," Kachakov said. The decision was taken as a measure to prevent the spread of the infection among workers at the plant. Since the beginning of the crisis, employees have been provided with preventive measures against infection, and so far there is no evidence that an employee of the enterprise is a carrier or a patient with a coronavirus. This is another major plant in Bulgaria that is taking this step because of the crisis.

Source: money.bg

Bulgarian startup phyre has raised EUR 1.55 million in funding. The round was led by New Vision 3 and the Bulgarian-American Credit Bank (BACB). The latter acquired 8.7% of the company's capital. phyre is a digital wallet platform created in 2017. It enables users to open a current account with a personal IBAN, order a physical or virtual Mastercard, shop anywhere, and make money transfers in BGN and EUR to any bank in the European economic space. In addition, phyre combines contactless payments with a telephone with a digitalisation of loyalty cards and enables users to monitor costs in real time and take advantage of special offers. Since December 2019, phyre has launched partnerships with A1 and Vivacom, the two leading telecoms in Bulgaria, developing their digital financial services portfolio. BACB also announced that it has acquired 7.78% of the capital of Paynetics, the platform that handles all phyre payment transactions.

Source: money.bg

Bulgarian drug trader Sopharma Trading said that its profit before taxes amounted to BGN 3.4 million in the January-February period of 2020. Last year, the company reported a pre-tax profit of BGN 4.2 million in January-February. Sopharma Trading's sales revenue rose by an annual 7% to BGN 137.9 million. In February alone, the company's profit before taxes remained flattish at BGN 1.8 million despite a 14% increase in sales, to BGN 69.4 million. Sopharma Trading is a unit of Bulgarian drug maker Sopharma.

Source: SeeNews



       Bulgarian Industrial Association


 

       World

Europe

The coronavirus outbreak will push Germany into recession in the first half of this year and could result in output in Europe’s largest economy contracting by up to 5.4% this year, Germany’s council of economic advisers said. Germany is in virtual lockdown, with more than 57,000 people infected and 455 deaths from the virus. Schools, shops, restaurants and sports facilities have closed and many firms have stopped production to help slow the spread of the disease. The panel that advises the government said its baseline scenario - in which the economic situation would normalise over the summer - was for the economy to contract by 2.8% this year before potentially growing by 3.7% next year. The advisers said a more marked ‘V’ shaped recession curve with widespread halts to production or longer-lasting public health measures could lead to the economy contracting by 5.4% this year before growing by 4.9% in 2021 thanks in part to a statistical overhang. “The coronavirus outbreak has stopped the incipient recovery,” the advisors said in a report.

Source: Reuters

America

Fitch Ratings affirmed the United States’ credit rating at AAA with a stable outlook, but warned that even before the massive economic shocks caused by the spreading coronavirus, the nation’s already high and rising debt and deficits were starting to erode its credit strengths. Big swaths of the U.S. economy have shuttered as state and local governments ordered people to shelter in their homes to stop the virus’ spread. Meanwhile, the U.S. Congress has taken up a $2 trillion spending package to address the fallout. “The risk of a near-term negative rating action has risen given the magnitude of the shock to the economy and public finances from the coronavirus and the commensurate and necessary fiscal policy response, particularly in the absence of a credible consolidation plan for the country’s pre-existing, longer-term public finance and government debt challenges,” the credit rating agency said in a statement. Under its “evolving baseline forecast” that is subject to revision, Fitch said U.S. GDP would shrink by about 3% this year, calling that “an unprecedented occurrence in peacetime and a deeper contraction than in 2009.”

Source: Reuters

Asia

China's manufacturing sector has steadily advanced production resumption, with 98.6 percent of major industrial firms nationwide having restarted work as of Saturday, the Ministry of Industry and Information Technology (MIIT) said Monday. Around 89.9 percent of employees in industrial companies with an annual revenue of more than 20 million yuan (about 2.84 million U.S. dollars) had returned to their posts, Xin Guobin, vice minister of the MIIT, told a press briefing. In Hubei, the average work resumption rate of industrial firms have surpassed 95 percent by far. The production and operation of large pharmaceutical companies producing vitamin, antibiotic, antipyretic and analgesic ingredients have returned to normal, according to the vice minister. Meanwhile, 76 percent of small and medium-sized enterprises have restarted to work nationwide. Some 92 leading enterprises in key industries have helped boost the work resumption of more than 400,000 their upstream and downstream enterprises, Xin said.

Source: Xinhua

 
Indexes of Stock Exchanges
30.03.2020
Dow Jones Industrial
22 327.48 (690.70)
Nasdaq Composite
7 774.15 (271.77)
Commodity exchanges
30.03.2020
  Commodity Price  
Light crude ($US/bbl.)21.28
Heating oil ($US/gal.)1.0300
Natural gas ($US/mmbtu)1.7100
Unleaded gas ($US/gal.)0.6200
Gold ($US/Troy Oz.)1 615.60
Silver ($US/Troy Oz.)14.26
Platinum ($US/Troy Oz.)727.50
Hogs (cents/lb.)59.78
Live cattle (cents/lb.)89.08

       Discover Bulgaria

March 31 - Julius Pinkas Pascin born in Vidin

Julius Pinkas Pascin (1885-1930) was a Bulgarian jew, born on March 31 in Vidin, Bulgaria, eighth of eleven children. His family moved to Bucharest in 1892. He studied art at a young age, and arrived in Paris in 1905 after stays in Vienna, Munich and Berlin where he worked as an illustrator for several newspapers, notably «Simplicissimus» and «Lustige Blдtter». Dressed as a dandy, he became a notorious figure in Montparnasse and Montmartre. Throughout his lifetime, Pascin worked and traveled intensely. In 1905 he begins to sign his name Pascin. In 1930 his works were exhibited at Knoedler Galleries, New York, and received unfavourable reviews. On 2 June he visited an exhibition of his works at the Galerie Georges Petit. He returned to his studio and committed suicide by hanging. All Paris galleries closed on 7 June, the day of funeral. In 1931 memorial exhibitions were held in New York and Paris.
Pictrure: Julius Pinkas Pascin - Self-portrait.


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