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Business Industry Capital
ISSN 1311-364X
Friday, 25 May 2018, Issue 4715
  Bulgaria   Bulgarian Industrial Association   World   Discover Bulgaria BIC Capital Market Ltd. 

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       Bulgaria
 
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BNB Exchange Rates
(25.05.2018)
  EUR   1.95583  
GBP   2.22372
USD   1.67051
CHF   1.68635
EUR/USD   1.1728*
ECB exchange rate
Basic Interest Rate
  as of 01.05   0 %  


Bulgarian Stock Exchange - Sofia - 22.05.2018
  Total turnover (BGN): 244 271.85  
Traded companies: 33
Premium 112 566.51
Standard 55 695.27
REIT 74 733.66
Structured 1 276.42
Biggest change
Aroma PLC JSC - Sofia 11.11 %
Texim bank JSC - Sofia -8.76 %
BaSE - Shares: 1 340.50
BaSE - REIT: 99 539.00

Manufacture of other processing machines
BEIS rating
Top 10 companies by
Net sales
for 2016
(thous. BGN)
  
  1   Elika Elevator LTD - Silistra   13 596  
  2   NITI SPJSC - Kazanluk   1 868  
  3   ZMM-Haskovo JSC - Haskovo   1 598  
  4   Weldtronic LTD - Plovdiv   1 571  
  5   Tehnoles LTD - Gabrovo   1 106  
  6   Blik 99 SPLTD - Blagoevgrad   1 059  
  7   Dekoramet SPLTD - Vratza   973  
  8   Viastroy SPLTD - Varna   883  
  9   Holy Auto SPLTD - Smolyan   501  
  10   Struna JSC - Sofia   397  
Make your own Bulgarian companies rating in BEIS

Certificated
Bulgarian companies

General meetings today
  Balkan 2006 JSC - Tvarditza
Metalsnab AS JSC - Gorna Oryahovitza
Speed way JSC - Sofia
 
Forthcoming General Meetings



Financial news

The European Commission expects Bulgaria to comply with the provisions of the Stability and Growth Pact in 2018 and 2019 and advised the country to improve tax collection and the efficiency of public spending. To fulfil that recommendation, Bulgaria needs to step up enforcement of measures to reduce the share of the informal economy and also to upgrade the state-owned enterprise corporate governance framework, the Commission said in country-specific recommendations, part of the European Semester 2018 Spring Package. Moreover, Bulgaria needs to take follow-up measures resulting from the financial sector reviews and implement the supervisory action plans in order to strengthen the oversight and stability of the sector and ensure adequate valuation of assets, including bank collateral, by enhancing the appraisal and audit processes. The country should also complete the reform of the insolvency framework and promote a functioning secondary market for non-performing loans (NPLs).

Source: SeeNews

European Commission Vice President Valdis Dombrovskis said that Bulgaria must meet an additional requirement for entry into the eurozone. "Indeed there is an element of novelty in the case of Bulgaria because now joining the eurozone also means joining the Banking union. These are our post-crisis lessons as we need to ensure the sustainability not only of public finances but stability in our financial sectors. The banking sector is under increased scrutiny in countries which are working to join the eurozone," said Dombrovskis. He added that the European Commission welcomes the intention and the work of Bulgaria towards ERM II accession and is ready to support it financially under the next EU budget. The European Commission presented the findings of a public opinion survey on the introduction of the euro in the EU member states that have not yet adopted the common currency. 70 per cent of Bulgarians, as many as in the other EU countries, have used euro banknotes and coins.

Source: BTA



Companies

Bulgaria's defence ministry has signed an agreement with Airbus for the construction of a factory for aircraft spare parts in the city of Plovdiv. The agreement settles a dispute between Bulgaria and Airbus Helicopters over the delivery of Cougar and Panther helicopters to the country in 2005. Under the terms of the agreement, Airbus will provide strategic investment for the project.The factory will have 300 employees during the first three years of operation and their number can rise to 800 in the next eight years. The groundbreaking ceremony of the factory has already been made. French aviation systems manufacturer Latecoere said in January it intends to use part of the proceeds of a loan from the European Investment Bank (EIB) to finance the construction of an assembly plant in Plovdiv, Bulgaria's second largest city. Latecoere supplies its products to aircraft manufacturers such as Airbus, Boeing, Embraer, Bombardier and Dassault Aviation. In September 2017, Latecoere broke ground for its production plant in Plovdiv. The investment in the first stage of construction works is estimated at around EUR 11 million and is expected to create 200 jobs.

Source: Dnevnik

The European Bank for Reconstruction and Development (EBRD) provided EUR 4.5 million loan to Bulgarian steel products manufacturer Biomashinostroene AD for expansion of its operations. In order to meet the growing demand for its machinery, Biomashinostroene is boosting its manufacturing and storage capacity. Under the company’s investment programme, production and sales are expected to increase by 50% over the next 6 years. The company plans to invest in three new assembly workshops and warehouses. The expansion will help optimise the manufacturing process and enable simultaneous work on several orders of large, complex equipment. Biomashinostroene exports more than 90% of its steel equipment for the food-processing, pharmaceutical and chemical industries to over 20 countries in the EU and the Middle East.

Source: Capital

Fitch Ratings has affirmed the Long-Term Issuer Default Ratings (IDRs) of Bulgarian lenders Allianz Bank Bulgaria, Societe Generale ExpresbankProCredit Bank Bulgaria and Raiffeisenbank Bulgaria, as well leasing company Sogelease, with stable outlooks. The agency affirmed the rating of Allianz Bank Bulgaria at 'BBB+', of Societe Generale Expressbank AD and Sogelease Bulgaria at 'A-' and of ProCredit Bank (Bulgaria) EAD and Raiffeisenbank Bulgaria at 'BBB-'. The affirmation of all the IDRs reflects Fitch's opinion of an extremely high (Expressbank and Sogelease) and high (the remaining banks) probability that they would be supported, if required, by their respective parents. The stable outlook on the banks' and Sogelease's Long-Term IDR reflects the view that risks related to parents' credit profiles are broadly balanced. Raiffeisenbank Bulgaria's Viability Rating (VR) has been upgraded to 'bb+' from 'bb' while the VRs of other banks have been affirmed.

Source: SeeNews

Three candidates have submitted bids for designing the repairs of the Topli Dol and Pravesh Khanna tunnels on the Hemus and Trayanovi Vrata on Trakia Motorway. This became clear after the bids for the elaboration of technical projects in the repair and restoration works of the facilities were opened at the Agency Road Infrastructure. The public procurement is in three separate lots. The tunnels are part of the trans-European road network (TENT-T). For the first position for the repair of the Topli Dol tunnel on the Hemus highway Patproject has applied with the amount value of BGN 350,000 excluding VAT. The second position is for the repair design of Trakia Motorway’s Trayanovi Vrata tunnel. The value of the offer submitted by Sveco - Transconsult 22 is BGN 340 thousand excluding VAT. The association includes Sveko energoproekt AD and Transconsult 22 OOD. The third lot - for the repair design of the Hemus Motorway’s Praveshki khanove tunnel, is worth BGN 320,700 without VAT. The only open offer is that of Via Plan EOOD. The total indicative design value is slightly over BGN 1 million excluding VAT and is funded by the Agency Road Infrastructure’s budget.

Source: Monitor

The Vienna Insurance Group (VIG) said that its net profit from operations in Bulgaria rose by an annual 27.7% to EUR 2.8 million in the first quarter of 2018. VIG's net earned premiums in Bulgaria added 11.3% on the year to EUR 33.0 million in January-March. The insurer's total income from operations in Bulgaria increased 10.5% to EUR 35.6 million in the first three months of the year. VIG's total expenses in Bulgaria grew 9.1% to EUR 32.5 million, as expenses for claims and benefits rose 9.5% to EUR 19.1 million. The group is active on the Bulgarian insurance market through Bulstrad and Bulstrad Life.

Source: SeeNews



       Bulgarian Industrial Association


 

       World

Europe

French unemployment rose slightly in the first three months of the year, confounding economists’ expectations for a decline and suggesting President Emmanuel Macron’s policies to boost jobs and growth are struggling to find traction. Data from the national statistics office INSEE showed the ILO jobless rate rose to 9.2 percent in the first quarter, up from 9.0 percent in the last quarter of 2017. Economists polled by Reuters had forecast a rate of 8.8 percent. FRUNR=ECI While disappointing for a government that has banked on bringing high unemployment down via faster growth and tweaks to employment law, analysts suggest France may now be hampered by a wider loss of momentum across the euro zone. “The first quarter data showed a slowdown in France but actually the country’s loss of inertia wasn’t a one-off, it was across Europe generally,” said Lorne Baring, chief investment officer at B Capital SA. “The question now is whether the second quarter brings France, and Europe as well, back towards the improving trend or if it confirms a slowdown is under way.”

Source: Reuters

America

US lawmakers have voted for the biggest changes to financial regulation in eight years, approving a bill that would give banks outside Wall Street’s top tier respite from rules designed to prevent a repeat of the last crisis. The US House of Representatives passed legislation making targeted changes to the 2010 Dodd-Frank act on Tuesday, two months after it was approved by the Senate. It will now be sent to President Donald Trump for his approval. A White House official said the administration wanted the legislation to be signed into law “as soon as possible”. The bill, passed by 258 to 159, is seen by some as Congress’s most significant accomplishment since tax reform last year. But it does not come close to dismantling Dodd-Frank, a cause Mr Trump championed in his election campaign. Instead it makes narrow changes that mostly benefit small and mid-sized banks. Because it mainly granted relief to Main Street financial institutions, the bill gained support from some moderate Democrats as well as Republicans.

Source: FT

Asia

China will simplify business registration procedures for foreign investors in a bid to spur overseas investment and create a more open business environment in the country, officials said on Tuesday. The measures, which will come into effect on June 30, include the single window policy that will help streamline business registration, reduce paperwork and eliminate the need to deal with multiple departments and offices, Vice-Minister of Commerce Wang Shouwen told a policy briefing hosted by the State Council Information Office. It will also streamline the current procedure of getting clearances from the departments of commerce and market regulation for on-site registrations and help save time and costs for around 30,000 new foreign investors every year. The new steps will also lower the threshold for foreign companies and make it easier for them to pursue opportunities in the Chinese market, the vice-minister said. According a recent report, foreign direct investment fell 16 percent globally last year despite recovering demand and cross-border investment.

 
Indexes of Stock Exchanges
24.05.2018
Dow Jones Industrial
24 811.76 (-75.05)
Nasdaq Composite
7 424.43 (-1.53)
Commodity exchanges
24.05.2018
  Commodity Price  
Light crude ($US/bbl.)70.66
Heating oil ($US/gal.)2.2600
Natural gas ($US/mmbtu)2.9300
Unleaded gas ($US/gal.)2.2300
Gold ($US/Troy Oz.)1 301.70
Silver ($US/Troy Oz.)16.64
Platinum ($US/Troy Oz.)911.40
Hogs (cents/lb.)
Live cattle (cents/lb.)

       Discover Bulgaria

Historical district Kostina

The historical district Kostina is located some 47 km away from Ribaritsa (Teteven region). Kostina is the place of death of Georgi Benkovski – Bulgarian revolutionary from the National Revival. On May 12, 1876 the leader of the April Uprising was betrayed and killed here. In the falling night he was shot by the waiting Ottoman policemen, while trying to cross the bridge above the Kostina river. He was dead shot and beheaded. The Ottomans washed his head in the Karvavo kladenche (Bloody well), named this way because of the events that happened here, and gave it to the betrayer to carry it. Ten years later Valyo, the betrayer, made a wooden cross, and placed it on where Benkovski was shot. Zachari Stoyanov, another leader of the Uprising and friend of Benkovksi, carved on the beech growing nearby, the initials G.B. The beech was cut down in 1950 when rebuilding the monument of Benkovksi. Each year on May 25 the district becomes a scene of commemorative evens. Actors reproduce the happenings just before Georgi Benkovski died.


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