Bulgarian
Industrial
Association |
|
BUSINESS INDUSTRY CAPITAL
Friday, 10 December 1999,
Issue
61
|
|
Bulgarian
Industrial
Association |
|
|
Daily on-line issue for financial,
industrial and corporate news
|
| ISSN 1311-364X |
Published
by Bourse Information Company Capital Market Ltd. |
Bulgaria
Financial news*
Privatization*
Companies
|
Bulgarian
Industrial Association
news
Business
* Court of Arbitration*
|
World
USA* Europe
|
Dear Ladies and Gentlemen,
This is the new daily electronic issue of Bulgarian Industrial
Association and its members for up-to-date information. You will be informed
about the activities of BIA as well as about current events in Bulgaria
and all over the world. We offer you the opportunity to present your company
by sending interesting news and advertisements, by sharing your successes
and difficulties. Use the new free issue of BIA and be in touch with the
members and management of Bulgarian Industrial Association. Let this issue
be a way for you to succeed in your business and solve your current problems.
Business Industry Capital is distributed in Bulgaria
and abroad.
If you want to add an e-mail for receiving Business Industry
Capital, please use: FREE
SUBSCRIPTION
If you don’t want to receive this issue, send an e-mail
to: UNSUBSCRIBE |
If you have any suggestions or comments, let
us know! |
|
|
|
|
BULGARIA
|
Economic indicators
BNB Exchange Rates (10.12.99)
Main Interest Rate (as of 08.12.99):
4.46 %
|
|
FINANCIAL
NEWS |
The World Bank determined new terms for completion
of privatization and structure reform in Bulgaria. The new terms are conditions
on FESAL loan - EUR 95.5 million, that was voted by the MPs on December
9th. Bank privatization must be completed by the end of June. The sale
of DSK
will start in January, 2001. The state stake in Central
Cooperative Bank JSC has to fall under 33 per cent by the end of June
2000. CCB,
Municipal
Bank JSC and Promotional
Bank JSC have to present in Washington their quarterly reports for
the granted credits. Privatization in real sector has to end up to March.
Source: Standart |
|
|
PRIVATIZATION |
PA sold 20 per cent of the shares of Belopal
JSC - Beloslav to manager-employee company Belopal - Glas Ltd. for
BGN 360.100. On December 8th the agency sold 61 per cent of the shares
of Elastic
JSC - Svetovrachane to manager-employee company Elastic
- 2000 JSC for BGN 898.200. In the next 3 years the buyer has to make
investments of BGN 80.000.
Source: Pari
On December 10th Bank
Consolidation Company (BCC) and Regent Pacific Group are going to sign
the contract for sale of 97.572 per cent of the shares of Hebrosbank
JSC. The new owner will obtain 10.148.581 shares of the credit institution.
Till October 31st Hebrosbank
JSC had total amount of assets of BGN 350 million, a profit of BGN
14.5 million, capital adequacy of over 25 per cent and a fixed capital
of BGN 30 million. The bank has 60 branch offices in Bulgaria.
Source: Democracy |
Terms for
privatization offers
For
any additional information about the needed documents, business programmes,
securing of funds, investment consulting
|
|
|
Bulgarian Stock Exchange- Sofia - 9.12.1999
| Total turnover in BGN: |
|
| Traded companies: |
|
| Official markets: |
|
| Free market: |
|
| Block trades |
|
| Biggest change: |
| Pirinsko
pivo |
30.00 %
|
| Latex
(Byala) |
-30.00 %
|
|
|
COMPANIES |
On December 10th in Lovech District Court will take place
a meeting of the creditors of Elprom
- EMT JSC - Teteven. At the meeting will be discussed rehabilitation
plans for the company. Elprom
- EMT JSC has debts of BGL 22 billion and its biggest creditor is Balkanbank
JSC.
Source: Pari
Kurdzhali District Court registered amendments for OZK
JSC - Kurdzhali: an increase in the capital from BGN 210.334 up to
BGN 2.103.340 through issue of personal shares with par value BGN 1.
Source: BSE - Sofia
Porcelain plant Diamant
JSC has a big order of DEM 800.000 from Spain, stated Executive Director
Mr. Emil Gyurov. The money will be probably spent on purchase of new equipment
from Germany.
Source: Democracy |
BEIS
Rating
Leather industry
Top 10 companies
by capital
for 1998/BGN
|
|
BULGARIAN
INDUSTRIAL ASSOCIATION NEWS
|
Court of arbitration
This year Bulgarian Industrial Association established
a
COURT
OF ARBITRATION
OPPORTUNITIES:
-reach an agreement on a contract when arguments occur. In
such a case BIA’s Court of Arbitration executes mediation which ends with
an out-of-court agreement;
-protect your violated rights through an arbitration
procedure which ends with an arbitration award. The latter will have same
validity as the decision of the state court;
In order to do the above-mentioned, you have to have:
· a mediation agreement, or
· an arbitration agreement;
ADVANTAGES:
· promptness - the argument is solved in one instance instead
of three;
· saving money - the charge is two times lower than the
charge of the state court
BIA’s Court
of Arbitration guarantees objectivity and quality of its services,
conditioned by its arbitration college: former constitution judges, judges
from the Supreme Court of Appeal and the Supreme Administrative Court,
professional and experienced lawyers.
Contact us at:
arbiter@bia-bg.com
or
tel. (+359 2) 980 99 16/229
|
|
***
The South Balkan Development Initiative
program was designed to help Albania, Bulgaria and Macedonia further develop
and integrate their transportation infrastructure along the east-west corridor
that connects them. The U. S. Trade and Development
Agency (TDA) intends to generate more activities in Bulgaria.
Trough this initiative TDA recently made an USD 250.000 grant to the Bulgarian
State Railroads, USD 400.000 were granted to the General Road Administration
for a study on a potential Southern Sofia Highway Bypass project.
***
On November 18th, 1999 the Russian government issued a Regulation
to determine the list of goods for the import of which Russia will grant
custom preferences to certain countries, including Bulgaria. The list will
be effective for 6 months as from November 25th, 1999.
***
In the period December 6th - December 17th, 1999 Bulgarian
Industrial Association (BIA) and GOPA
Consultants - Germany organize the second module of REFA course
on topic: "Optimizing the company management in terms of market economy".
The course is organized in the frame of Bulgarian-German programme "Encouragement
of employment economy" and is financed by the German company
for technical cooperation - Gesellschaft fuer Technische Zusammenarbeit
- GTZ. Lectures will be held by highly qualified German and Bulgarian lecturers
and experts.
***
Bulgarian Industrial Association (BIA)
collects investment projects that need direct or indirect foreign financing
of over USD 1 million. This initiative resulted from interest of foreign
investment funds and banks willing to invest in Bulgaria. For more information
please
contact
us by e-mail
|
| WORLD |
Stock markets indexes
| Dоw Jones Industrial |
|
11134.79
|
(+66.67)
|
| Nasdaq Composite |
|
3594.17
|
(+8.09)
|
Commodity exchanges
| Commodity* |
Price |
| LIGHT CRUDE ($US/bbl.) |
26.15 |
| BRENT CRUDE ($US/bbl.) |
24.10
|
| HEATING OIL ($US/gal.) |
0.648 |
| NATURAL GAS ($US/mmbtu) |
2.28 |
| UNLEADED GAS ($US/gal.) |
0.719 |
| GOLD ($US/Troy Oz.) |
280.20 |
| SILVER (cents/Troy Oz.) |
515.50 |
| PLATINUM ($US/Troy Oz.) |
415.00 |
| HOGS (cents/lb.) |
56.95 |
| PORK BELLIES (cents/lb.) |
78.95 |
| LIVE CATTLE |
69.60 |
| FEEDER CATTLE |
85.05 |
|
*prices as of 9 December, 1999 |
Europe
BellSouth Corp. will join forces with Dutch firm KPN Telecom NV
to acquire
100 percent of Germany's E-Plus Mobilfunk. The deal between BellSouth,
the third-biggest U.S. regional phone company, and KPN is designed to thwart
a $9.33 billion bid by France Telecom for the German mobile phone operator.
Losing E-Plus would be a nasty blow to Paris-based France Telecom, which
saw its move into Germany as a key counterstrike following the breakdown
of its alliance with erstwhile partner Deutsche Telekom, which has itself
moved into the French cellular market BellSouth is one of the founding
shareholders in E-Plus, with German utilities RWE and Veba and British
mobile-phone giant Vodafone AirTouch. BellSouth has a 22.5 percent stake
in E-Plus.
BellSouth said it is taking a $9.4 billion loan from KPN to buy Vodafone's
17.243-percent stake and Veba's 60.25 percent stake. Under the terms of
the deal, KPN will convert its loan into a 77.493 percent share of BellSouth
GmbH, the holding company that will own and operate E-Plus. Following the
closing, BellSouth and KPN will share control of E-Plus.
Source: CNNfn
USA
General Motors Corp. will announce in Tokyo on Friday that it is
buying a 20 percent stake in Fuji Heavy Industries Ltd., the parent
of automaker Subaru Motor, for about $1 billion, industry sources familiar
with the deal said on Thursday.
The widely anticipated agreement, barring a last-minute hitch, is the
latest of many mergers and alliances in the worldwide automotive industry,
and helps GM fulfill its pledge to boost market share in the fast-growing
Asia-Pacific market to 10 percent by 2005 from about 4 percent currently.
Under the terms of the deal, Subaru will exchange its all-wheel drive
technology, which has made it a strong niche player in the U.S. and Japanese
markets, for GM's fuel technologies including fuel cells, the sources said.
Nissan Motor Co. Ltd. is expected to sell its 4.06 percent stake in
Fuji to GM. GM would be the largest single shareholder in Subaru, but the
20 percent stake is below the 33 percent necessary in Japan for management
control.
Source: CNNfn |
*This issue is not responsible
for the reliability of the published information. Such is to be attributed
to the mentioned sources.
For advertisements and more
information please contact:
Bulgaria, Sofia, 16-20 Alabin
Str., tel. (+359 2) 9801091, fax (+359 2) 9814567, mail: bic_office@bia-bg.com
|
Български