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Business Industry Capital
BIC Capital Market Ltd. 
ISSN 1311-364X
Monday, 18 March 2024, Issue 6153
  Bulgaria   Bulgarian Industrial Association   World   Discover Bulgaria

       Bulgaria
 
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BNB Exchange Rates
(18.03.2024)
  EUR   1.95583  
GBP   2.28993
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ECB exchange rate
Basic Interest Rate
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Research and experimental development on natural sciences and engineering
BEIS rating
Top 10 companies by
Total income
for 2022
(thous. BGN)
  
  1   PPD Bulgaria SPLTD - Sofia   132 380  
  2   IQVIA RDS Bulgaria SPLTD - Sofia   80 273  
  3   Comac Medical SPLTD - Sofia   63 697  
  4   Pharmaceutical Research Associates Bulgaria SPLTD - Sofia   35 349  
  5   Institute of Refrigerator and Air-condition Technology JSC - Sofia   20 374  
  6   Institute of Air Transport SPLTD - Sofia   15 376  
  7   IPA LTD - Pleven   14 737  
  8   Resbiomed LTD - Sofia   7 221  
  9   Lunatone-BG LTD - Stryama   7 085  
  10   Golden west side Bulgaria LTD - Borisovo - Rs   3 445  
Make your own Bulgarian companies rating in BEIS
General meetings today
  AS Travel JSC - Varna
Phoenix Capital holding JSC - Sofia
Zenit Imoti REIT - Plovdiv
 
Forthcoming General Meetings


Society and Business
 25 Leading Product Groups of Bulgarian Exports (2019-2023)
'26.02.2024'
 Bulgaria Gradually Disappearing from the International Wine Market
'14.02.2024'
 Trade in goods and services of Bulgaria and the EU27 in recent decades
'24.01.2024'
 Bulgaria's foreign trade profile in metals trade
'12.12.2023'
 Bulgaria has become a net importer of basic beverages as well
'01.12.2023'
 Bulgaria is persistently and alarmingly self-INsufficient in basic foods
'10.11.2023'
 The Ministry of Finance has imposed a new administrative burden on business
'03.08.2023'
 Today we present to you no. No. 6000 of "Business Industry Capitals" - just a good start!
'02.08.2023'
 Who would win if the state obliges employers to pay wages by bank transfer?
'11.07.2023'
 The hardware market in Bulgaria 2023q1: for the second year below GDP growth. Which products increased turnover, which sank?
'28.06.2023'

Financial news

The level of registered unemployment in the country in February is 5.8% and is maintained on a monthly basis, the press center of the Employment Agency (AZ) reports. The number of registered unemployed at the end of the month was 165,585 in total, with a decrease compared to last month by 255 people, the department commented. In February, there were 12,484 unemployed people who started work with the assistance of AZ. They are 1141 more compared to the previous month. The largest share of those employed in the labor market is in the processing industry - 15.8% and in trade - 14.6%. In February, 19,910 new unemployed persons were registered at the labor offices, with a 25% decrease compared to January. In the real economy, the largest number of vacancies are in the sphere of processing industry (23.4%), trade (13.0%), hotels and restaurants (12.6%), public administration (11.7%), followed by agriculture, forestry and fisheries (7%), administrative and auxiliary activities (6.8%). The most sought-after occupations by businesses in the previous month were personnel employed in the field of personal services; staff caring for people; sellers; workers in the mining and processing industries, construction and transport; drivers of motor vehicles, etc.
Source: Trud

In 2023, the total number of employed persons is 2.94 million people, the National Statistical Institute announced. For the first time, their number is below 3 million people since 2015. Almost two-thirds of the employed - or 1.9 million people - are in the service sector. Industry provides employment to 867.1 thousand (29.6%), and 166.4 thousand (5.7%) work in agriculture, forestry and fisheries. Every tenth person works for themselves - 4.1% (119.6 thousand) are employers, and 6.8% (198.1 thousand) are self-employed. Half a percent - 13 thousand people - are unpaid family workers. The remaining 88.7% (2.6 million) are wage earners. Of them, just over 2 million (77.0%) work in the private sector, and 597.6 thousand (23.0%) - in the public sector. Another over 1 million people are economically inactive, the majority of whom are women. The number of discouraged persons in the age range of 15 - 64 years is 37.0 thousand, or 3.6% of all inactive persons in this age group. The relative share of early school leavers from the population aged 18 - 24 is 9.3%. The relative share of people with higher education aged 25 - 34 is 35.8%. The relative share of unemployed and non-participating in education and training aged 15 - 29 is 13.8%.

Source: Dnevnik

Companies

China's Shanghai Unison Aluminum Products Co. will invest 35 million euros in a plant for the production of auto parts in the Thrace Economic Zone (TEZ), announced Katja Staykova, executive director of the Thrace Economic Zone Cluster. The new production will be located on the territory of "Maritsa" municipality, Radinovo village. Construction of the base will begin by the end of April this year and will create up to 200 new jobs. The plant will be spread over 11,000 square meters and can be expanded in a second phase. Unison Shanghai is focused on manufacturing electric vehicle body parts and components. From the Bulgarian plant, the Chinese manufacturer will supply Tesla, Volvo, Fiat. The company has a plant in China and a new one under construction in Mexico. In Bulgaria, she is about to apply for an "A" class investor.

Source: economic.bg

The former minister of ecology in the second government of Boyko Borisov, Ivelina Vasileva, joined the management of the state-owned "Bulgarian Waterworks Holding", which manages over BGN 1 billion and 25 waterworks companies. The appointment of Ivelina Vasileva to the Supervisory Board of the company was made by the decision of the regional minister Andrey Tsekov at the end of February 2024. She takes the place of another representative of GERB in the management of ViK Holding - lawyer Dafinka Semerdzhieva. The management of "Bulgarian Waterworks Holding" was replaced by Andrey Tsekov already at the end of August 2023. "Bulgarian Waterworks Holding"" is implementing a project for about BGN 300 million under the National Recovery and Sustainability Plan (NRSP). It envisages the construction of water treatment plants and a water supply network in settlements with up to 10,000 inhabitants.

Source: Sega

The Plovdiv-based manufacturer of glass railings "Barros Vision" recorded an annual growth of about BGN 1 million in the period 2017 - 2020, and at the end of it it had a record revenue of BGN 4.95 million in 2021 . comes the first sharp jump in revenue for "Barros Vision" with 166%, reaching BGN 13.2 million. In the following year, the growth is almost the same in percentage terms with 156% and revenue of BGN 33.9 million. The owner and manager of the company Jamal Aliman starts his career in the installation of railings in 2009. The first turning point for the future of the company was made in 2013, when glass railings began to be imported, which subsequently became the main product of Barros Vision. The products are imported by a supplier company from Turkey, with which "Baros Vision" concludes a distribution agreement. The main foreign markets are Romania, Serbia, Malta and Italy, but there is also a presence in almost all markets in Europe. The first step in building a toughened laminated glass factory is choosing the right machines, a process that takes about a year and a half. The construction of the factory, which is located on an area of 2,350 square meters directly next to the company's central office, began last year and the main activities have already been completed. The initial plan for the Barros Vision glass factory is to be able to produce 400 square meters of toughened laminated glass every eight hours, and in two years the company plans to increase the automation of the process to achieve 24/7 operation. -hour cycle and production of 1100 - 1200 sq.m of glass. The assembly line consists of seven different machines, which include an AI tempering furnace, a double edging line, a laminating line, an autoclave, and more. For the glass material, the supplier is the French Saint Gobain, and for the PVB and foil materials they are supplied by the German Everlam & Trosifol. The factory is expected to consume around 2.5 MW of electricity for now, and they will buy green energy for the production from Baros Vision. There are also plans to build its own RES plant with a capacity of 400 kW. The investment in the project, including the machines and construction activities, is in the amount of 6.5 million euros. A project for the construction of a factory for aluminum profiles and elements on an area of 10,000 square meters has also been developed. The territory on which the future factory will be located is right next to the central office and the glass factory. The estimated investment for this project is currently EUR 20 million, and its realization depends on the financial development of the company, as a realistic goal for its opening is around 2027-2028. Its construction will close the entire production cycle of the company.

Source: Capital

The largest public company that owns agricultural land in the country - "Advance Terrafund" REIT - continues to expand its investment portfolio. In February, she bought another 73 decares of fields at an average price of BGN 1,206/acre. Thus, at the end of February, "Advance Terafund" REIT owns 178,948 decares of agricultural land and 60.8 decares of land in urbanized territories. "Advance Therafund" has concluded contracts with 358 agricultural producers, who are provided with land for cultivation. They mainly produce cereals and oil crops. The agreed average rent is BGN 64.90/ha, growing over the last two economic years. On October 1, 2023, the new economic year began. To date, the agricultural fund has leased 146,312 decares or 84.60 percent of the total land that can be leased for cultivation. The company's expected revenues for the financial year 2023-2024 are in the amount of BGN 9,495,856, of which 24.6 percent have been collected in advance. For the business year 2022-2023, 88.5% of the receivables due have been accumulated, and for 2021-2022, the amount is already 98.2 percent. For the past twelve months, Advance Terafund's share price has been on the rise. They have increased in price from BGN 3,089 in March to BGN 3.35 at the moment. As a result, the market capitalization of the company reached BGN 285,118,805. In May last year, the agricultural fund also distributed a dividend to its shareholders from the profit for 2022.

Source: Banker

"St. St. Constantine and Elena Holding" JSC - Varna will carry out a public offering of up to 1,000,000 ordinary, registered, bearer, freely transferable shares with voting rights, each with a nominal value of BGN 1 and an issue value of BGN 22. Currently, the subscribed capital of the holding company is in the amount of BGN 2,309,561, distributed in the same number of shares with a nominal value of BGN 1 each. Its scope of activity is related to management of investments in subsidiaries, leasing of own assets, maintenance of the general infrastructure of the city. k. "St. St. Constantine and Elena", construction, maintenance and management of residential complexes and hotel management. The subscription for issuing the new issue will be considered successful, accordingly the capital will be increased only if at least 500,000 of the offered shares are subscribed and paid for, in which case the company's capital will be increased only by the value of the subscribed papers. "Central Cooperative Bank" JSC was selected as an investment intermediary for the procedure for increasing the capital of the holding company. Currently, the shares of "St. St. Constantine and Elena Holding" on the BSE are traded at BGN 21.80 per share.

Source: Banker

"Telelink Business Services Group" JSC is undertaking voluntary liquidation of its subsidiary in Montenegro. According to preliminary data for the accounting year 2023, the subsidiary has realized revenues from its commercial activity in the amount of 98 thousand euros, reporting a loss in the amount of 16 thousand euros for the year. The decision on voluntary liquidation was approved by the company's supervisory board on January 10, 2024, and the information was also disclosed in the report of Telelink BSG for 2023. The sales realized by Komutel, TBS Cherna Gora, Telelink Bosnia" and "Telelink Slovenia", marked a drop of 32% (BGN 15.424 million). For this reason, the development of sales from the Midwestern Balkans comes down to a minimal growth of 0.3% and an understated combined contribution to consolidated sales of 27% (compared to 32% in 2022). For 2023, Telelink Business Services Group " reports net revenue from sales in the amount of BGN 185.379 million, and the total revenue from the activity amounts to BGN 185.703 million for 2023. The company's net profit for the past year was BGN 9.083 million.

Source: investor.bg



       Bulgarian Industrial Association




       World

Europe

Inflationary pressures in Central, Eastern and Southeastern Europe are stronger than in advanced European Union (EU) economies, requiring central bankers in the region to exercise tighter monetary discipline for a longer period of time than the European Central Bank, said Alfred Kamer - Director of the European Department of the International Monetary Fund. After price growth fell below double digits, some central banks started to cut interest rates, led by Hungary, Poland and the Czech Republic. "The decline in inflation has been slower in Romania, Moldova, Montenegro, Hungary and Serbia than in other parts of Central, Eastern and South-Eastern Europe," Kamer said. Therefore, it recommends maintaining the tighter monetary policy. The economist from the IMF commented that in the period 2021-2023, there is an erosion of trust in the economic institutions in the European developing markets, and there is political interference in the central banks of some of them. Kamer fears that achieving slower, non-inflationary economic growth in the region will not be easy, but is of the utmost importance given the more difficult task of strengthening the economic growth prospects of developing Europe in a sustainable manner. He explains that even before the outbreak of the COVID-19 pandemic, the speed of convergence of developing European economies with their advanced counterparts on the Old Continent had slowed. This, according to Kamer, means that countries will not approach the average standard of living in the European Union, excluding emerging European markets, until around 2100 – or 50 years later than originally predicted.
Source: Banker

America

US President Joe Biden presented a draft budget for the next financial year worth 7.3 trillion dollars. It calls for the US corporate tax rate to be raised from 21 percent to 28 percent. Income tax on individuals earning more than $400,000 a year is also planned to be increased. Owners of assets worth at least $100 million will be forced to pay taxes of at least 25 percent of their income. The administration in Washington is expected to be empowered to negotiate with drug companies to lower the price of more drugs. The project includes tax refunds for low- and middle-income families with children, funding programs to support child rearing, and providing paid "family leave" for employees and workers. Biden plans to allocate $258 billion to the construction of social housing and direct billions more to the fight against crime. In addition, it is predicted that the country's budget deficit will be reduced by 3 trillion dollars within 10 years. That would slow but not stop the growth of the US national debt, which stands at $34.5 trillion, Roethels notes. The budget deficit will reach $1.8 trillion in fiscal year 2025, or 6.1 percent of U.S. gross domestic product (GDP). After that, it will drop to 4 percent a year within a decade, the White House predicts. The draft budget for fiscal year 2025 is more of a political message aimed at voters ahead of the US presidential election, which will be held in early November, analysts said. dividend.bg

Asia

India increases gold imports in February to record level. The country imported gold worth $6.15 billion in February 2024, which is 2.3 times more than the same period last year. This is shown by data from the Ministry of Commerce and Industry of India. In the first two months of 2024, precious metals were imported into the country for 8.06 billion dollars, which is 2.4 times more than in January-February 2023. However, Prithviraj Kothari, president of the Gold and Jewelery Business Association of India, predicted a sharp drop in imports in March due to record high gold prices in comments to Reuters. "Consumers cannot survive the current price level," he says. According to him, if the price of gold remains at the current peak levels, it will negatively affect demand in the current wedding season, when consumption of the precious metal traditionally increases. Some analysts polled by the Financial Times credited rising expectations that the Fed will cut interest rates as making gold relatively more attractive. However, they do not consider this to be a key factor. The factors that previously fueled gold's 16-month rally — central bank purchases, China's search for "safe havens," the conflict in Ukraine — are unlikely to have worked now. "The size of the movement in government bonds and the dollar cannot fully justify the rise in gold," said Standard Chartered expert Suki Cooper
Source: Banker

 
Indexes of Stock Exchanges
15.03.2024
Dow Jones Industrial
38 706.00 (-205.00)
Nasdaq Composite
15 973.20 (-155.36)
Commodity exchanges
15.03.2024
  Commodity Price  
Light crude ($US/bbl.)81.00
Heating oil ($US/gal.)2.7249
Natural gas ($US/mmbtu)1.6650
Unleaded gas ($US/gal.)2.7249
Gold ($US/Troy Oz.)2 159.40
Silver ($US/Troy Oz.)25.41
Platinum ($US/Troy Oz.)942.40
Hogs (cents/lb.)86.93
Live cattle (cents/lb.)187.25

       Discover Bulgaria

The Madara Rider

The only monumental stone relief in Europe, dated from the beginning of VIII century. It is hewn into sheer cliffs at a height of 23 metres on the north-west slope of the Madara plateau. The relief presents a horseman who has speared a lion, together with a dog following the horse. The image conveys a symbolic significance. It is a scene of triumph, incarnating the grandeur of the Bulgarian ruler and the power of the Bulgarian state. Two interlaced artistic traditions can be observed in the portrayal - the tabular and ornamental representation of animal figures, characteristic of the East and the antique tradition of plastic art, typical of the Mediterranean. The relief is surrounded by three engraved inscriptions, written in Greek. This rocky chronicle can be regarded a reflection of important political events, resulting from the Bulgarian-Byzantine relations in the VIII - IX century. This is where the name ’Bulgarian’ appears for the first time as compared to all other known Bulgarian monuments. The relief is situated 1,5 km east of Madara. The Rider of Madara is a unique example of the Bulgarian mediaeval art. It is included in the UNESCO list of cultural monuments with world significance.
Location

 



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