Business Industry Capital
Bulgaria
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BNB Exchange Rates
(31.05.2023) |
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EUR |
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1.95583 |
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GBP |
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2.26461 |
USD |
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1.82039 |
CHF |
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2.01840 |
EUR/USD |
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1.0744* |
ECB exchange rate |
Basic Interest Rate |
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as of 01.05 |
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2.77% |
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Financial news |
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The gross foreign debt of Bulgaria in the public administration sector at the end of March 2023 increased by 27.2% (by 2.0577 billion euros) compared to the end of March 2022 and reached 9.6295 billion euros, which represents 10, 7% of GDP, according to data from the Bulgarian National Bank (BNB). At the end of March 2023, Bulgaria's gross external debt (private and public) amounted to EUR 45.2668 billion (50.1% of the estimated GDP), increasing by EUR 3.8955 billion (an increase of 9.4%) compared to the same period a year earlier, when the gross external debt amounted to EUR 41.3714 billion. Long-term liabilities at the end of March this year amounted to EUR 36.7308 billion (40.7% of GDP and 81.1% of gross external debt), increasing by EUR 2.6452 billion (an increase of 7. 8%) compared to March 2022. Bulgaria's short-term liabilities amounted to 8.536 billion euros at the end of March this year (9.4% of GDP and 18.9% of gross external debt), increasing by 1.2503 billion euros (by 17.2%) compared to the same period a year earlier. In March 2023, the external liabilities of the Central Bank amounted to 2.0129 billion euros, increasing by 74.2 million euros compared to a year earlier, while the external liabilities of banks and money market funds in our country amounted to 12.4103 billion euros (13.7% of GDP), decreasing by 203.1 million euros (a decrease of 1.6%) compared to the end of March 2022. Intra-company lending amounted to 14.7099 billion euros. EUR (16.3% of GDP) at the end of March 2023, which is EUR 558.6 million (by 3.9%) more than at the end of March 2022. It has the most significant share in the structure of external debt – 32.5% at the end of March 2023, at 34.2% exactly a year earlier. Source: BNR
The average annual interest on household bank deposits reached 0.47% in April, BNB data show. Compared to the previous month, this is an increase of 0.08 percentage points, and compared to April last year, the increase is more than three times - in the same month in 2022, the average annual interest rate on deposits was 0.10%. Against the background of annual inflation of 16-14%, money on deposits will bring negative returns, even if inflation falls to 8% at the end of the year, as predicted by the finance ministry. The big banks in our country, which have the most depositors, keep the deposits at zero interest. A dozen banks in our country currently offer interest on standard deposits, show the platforms for comparing the prices of banking services. Interest on 12-month deposits varies from 0.025% to 1.50%. These are mainly smaller banks, most of which, in an attempt to increase their customer base, had not lowered the yield on savings to zero in previous years. Source: Sega
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Companies |
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Four renovated hotel complexes are opening their doors as part of the Hyatt Inclusive Collection - the new global portfolio of the international chain Hyatt Hotels Corporation. The hotels are located along the Bulgarian Black Sea coast and are owned by Terra Tour Service Ltd. The complex renovation project was financed with an investment loan in the amount of 4 million euros provided by DSK Bank. In addition, in its capacity as a financial partner of Terra Tour Service Ltd, DSK Bank also provides financing in the amount of BGN 3.5 million to cover the company's working capital needs before the start of the upcoming active summer season. Two of the hotels are located in the luxury resort. Sunny Beach, on the border with St. Vlas. Secrets Sunny Beach Resort & Spa has 335 rooms and is intended for adults only. Dreams Sunny Beach Resort & Spa, the second hotel part of the Hyatt Inclusive Collection, is located in close proximity to it and just a step away from the coastline. It is of a family type, has 597 rooms and a variety of amenities for a full family vacation. The AluaSun Helios Beach and Alua Helios Bay hotel complexes are located in the peaceful coastal town of Obzor. Alua Helios Bay has 318 rooms with balconies overlooking the Black Sea and is the perfect vacation spot for families, couples and groups looking for a vacation in a quiet and exclusive atmosphere on the first line in close proximity to the beach. AluaSun Helios Beach offers 192 guest rooms and superb outdoor facilities, including a huge swimming pool and a lovely garden. Bulgaria is the third European country that Hyatt is entering, complementing the already existing presence of Hyatt's all-inclusive brands in Spain and Greece.
"BMF Port Burgas" JSC is building a new berth in the Port Terminal "Burgas Zapad" with European funds under the REBIRTH28 plan. The indicative amount of eligible expenses under the plan is EUR 46.86 million. Up to 85% of this amount, 39.8 million euros, will be allocated by the European Union under the strategy "Mechanism for connecting Europe" - branch "Transport". Berth 28 has an operational length of 260 m and a depth of 15.5 m. It will allow the handling of ships with a gross tonnage of 80,000 t, the optimal length of 260 m, width of 36 m, draft of 14.5 m. The berth will be profiled in the handling of containers and general cargo . The construction activities according to the plan started in the second half of February 2023, and it is planned that the new port infrastructure will be fully ready for use no later than February 2025. The land and part of the sea activities have been completed, the first caissons are expected to be laid on the sea bottom in June this year. The construction of a quay wall, power supply and lighting, rehabilitation of the railway tracks for "Terminal Zapad" is pending. Project REBIRTH28 constitutes the first phase of the huge capital desire of "BMF Port Burgas" for infrastructural development of port terminal "Burgas Zapad", which includes the construction of 4 new berths /No. 29, 27, 26 and 25A/. "BMF Port Burgas" JSC is the concessionaire of port terminals "Burgas East - 2" since 2012 and "Burgas West" since 2013 Source: economic.bg
Lyubomir Minchev - founder and majority shareholder in "Telelink Business Services Group" JSC, together with shareholders Ivo Evgeniev and Spas Shopov, have decided to offer existing shares of the company to the "Bulgarian Stock Exchange". According to the decision of the three, up to 3,125,000 shares, representing up to 25 percent of the company's capital, will be offered for sale between June 1 and 7 this year. The price at which these shareholders will sell is fixed and is BGN 9.50 per share. The three selling shareholders have chosen "Elana Trading" JSC as the investment intermediary for this transaction. Source: Banker
The Bulgarian company "Netera" is among the key investors in data centers in Europe, according to a ranking of the consulting company "Arizton". "Netera" owns 4 data centers in Bulgaria. Its data centers operate under the Sofia Data Center - SDC brand. Two of them are in Sofia and are located on a common campus. "SDC Stolnik" is part of the Stolnik Park - the largest data center and telecommunications hub in South-Eastern Europe. "SDC Ruse" is the main point of presence of BFOR - the shortest optical route between Romania and Turkey. Source: BTA
"Feboran" Ltd., in its capacity as a shareholder of "Neochim" JSC, makes a new proposal for the distribution of the financial result at the regular general meeting of shareholders of the fertilizer plant, which will be held on June 21. Instead of BGN 5 per share proposed by Neochim's management, Feboran Ltd proposes to vote and pay BGN 6.8 per share to the shareholders. At the end of last year, the largest shareholder in "Neokhim" JSC is "Eko Tech" JSC with a share of 24.28 percent of the capital. "Euro Fert" JSC owns 24.03 percent, and "Feboran" Ltd - 20.30 percent. The remaining papers are distributed among smaller individual investors and other companies. "Neochim" JSC holds a package of 2.58 percent of repurchased own shares. Source: investor.bg
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Bulgarian Industrial Association
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World
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Europe |
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The unemployment rate in the European Union among the economically active population (from 15 to 74 years of age) in 2022 is 6.2 percent. This is indicated by the latest data of the European statistical service Eurostat. The lowest annual unemployment in 2022 was recorded in the Czech region of Central Bohemia (1.2 percent), followed by the capital Prague (1.6 percent), the South-East and South-West Czech Republic, and the Transdanubia region of Hungary ( 1.7 per cent each). The highest annual unemployment last year was recorded in the Spanish exclave cities in North Africa - Ceuta (28.4 percent) and Melilla (21.6 percent), in the Andalusia region of Spain (19.0 percent) and in the French overseas territory of Guadeloupe (18.6 percent). In Bulgaria in 2022, the highest annual unemployment rate was recorded in the North Central region (12.5 percent), followed by the North-West region (8.8 percent) and the South-East region (8.7 percent). Youth unemployment (those between the ages of 15 and 29) in the EU in 2022 was 11.3 percent on an annual basis. The region with the highest youth unemployment was the Spanish exclave of Ceuta in North Africa (42.4 percent), and the lowest was Central Bohemia in the Czech Republic (1.7 percent). Source: BTA
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America |
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At the end of last week, the US Treasury had just $38.8 billion, according to federal data. That's significantly less than the $200 billion available at the start of the month and close to the $30 billion low. At the same time, 31 billionaires have more money than the federal government, according to data from the Bloomberg Billionaires Index. Some of them, such as fashion mogul Bernard Arnault, are "worth" much more. The chairman of luxury goods manufacturer LVMH has $193 billion in his accounts. Elon Musk with $185 billion and Amazon founder Jeff Bezos with $144 billion follow in the original ranking. The list of billionaires with more money than Uncle Sam includes Michael Dell, legendary investor Warren Buffett, Facebook founder Mark Zuckerberg and even lower-income billionaires such as Frenchman Francois Pinault and the chairman of Chanel ) Alain Wertheimer. Source: BTA
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Asia |
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Kazakhstan's authorities are interested in relocating to their territory more than 400 companies that previously worked in Russia, the deputy minister of foreign affairs of the republic Almas Aidarov announced. According to Almas Aidarov, 67 companies have already given a positive response to the Kazakh authorities. Another 25 companies have moved their business to the republic. For example, Honeywell and Tik-Tok did it, notes the deputy minister. In total, companies from 38 countries, including the US, Japan, Germany and Switzerland, are involved in the "relocation" process, Aidarov adds. More than 500 foreign companies have restricted their operations in Russia since the start of the war in Ukraine, the Associated Press estimated, based on the contents of a Yale University database. As the publication writes, the managers of another 151 companies are in the process of terminating their activities. Another 175 companies are trying to "buy time", and 230 are postponing leaving the Russian market. The latter are mainly Chinese enterprises. Source: Banker
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Indexes of Stock Exchanges 30.05.2023 |
Dow Jones Industrial |
33 042.92 |
(-50.42) |
Nasdaq Composite |
13 017.40 |
(41.74) |
Commodity exchanges 30.05.2023 |
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Commodity |
Price |
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Light crude ($US/bbl.) | 69.73 |
Heating oil ($US/gal.) | 2.2767 |
Natural gas ($US/mmbtu) | 2.3070 |
Unleaded gas ($US/gal.) | 2.2881 |
Gold ($US/Troy Oz.) | 1 978.90 |
Silver ($US/Troy Oz.) | 23.32 |
Platinum ($US/Troy Oz.) | 1 025.60 |
Hogs (cents/lb.) | 80.83 |
Live cattle (cents/lb.) | 166.98 |
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Snejanka (Snow White) cave |
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The cave Snejanka is located in the Batashka mountain, in the Western Rhodopi, some 5 km southwest of the town of Peshtera. Though difficult to access, it is impressive for its incredibly beautiful glacial shapes. Remains of fireplaces, built by the primitive people have been found inside the cave, along with some stone ware, made by humans without the use of ceramic wheels. Scientists believe these remains are dated back to the time of the ancient Thracians. Snejanka’s area is very small, but it is divided into many halls, abundant in stalactites, stalagmites and various draperies. The name of the cave comes from a female figure, moulded by nature in one of the halls, called the Magic Hall.
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