Bulgarian
Industrial
Association |
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BUSINESS INDUSTRY CAPITAL
Monday, 13 December 1999,
Issue
62
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Bulgarian
Industrial
Association |
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Daily on-line issue for financial,
industrial and corporate news
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| ISSN 1311-364X |
Published
by Bourse Information Company Capital Market Ltd. |
Bulgaria
Financial news*
Privatization*
Companies
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Bulgarian
Industrial Association
news
Business
* Court of Arbitration*
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World
USA* Europe
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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! |
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BULGARIA
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Economic indicators
BNB Exchange Rates (13.12.99)
Main Interest Rate (as of 08.12.99):
4.46 %
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FINANCIAL
NEWS |
National Statistics Institute (NSI) reported
a 0.6 per cent inflation for November. Since the beginning of the year
inflation rate is 5.5 per cent as compared to November, 1998 - 4.7 per
cent.
Source: BTA
Average gross working salary in October was BGN 201.95, was reported
from NSI. BGN 223.14 was the salary in the public sector, BGN 175.6 - in
the private sector, BGN 173.06 - in the budget institutions.
Source: BTA |
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PRIVATIZATION |
The deal on sale of Sluntchev
Den JSC is already signed. PA sold 55 per cent of the resort's shares
to MM
Consult SPLtd. for BGN 8.000.777. 30 per cent of the money should have
been paid cash on December 10th, remaining 70 per cent will be paid within
45 days. The buyer agreed to invest USD 2 million in the next 3 years as
well as to retain the company's number of employees. 25 per cent of the
company's shares were acquired at mass privatization sessions, 15 per cent
will be sold under preferential terms and 5 per cent will satisfy restitution
claims.
Source: Sega
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Terms for
privatization offers
For
any additional information about the needed documents, business programmes,
securing of funds, investment consulting
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Bulgarian Stock Exchange- Sofia - 10.12.1999
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COMPANIES |
On January 4th, 2000 will take place a General Meeting of
Chimco
JSC. The US company IBE Trans of NY, which holds 57 per cent of the
company's capital, has dismissed two of the members of the company's Board
of Directors - Mr. Anatolii Timofeev and Mr. Volodimir Petrov.
Source: Standart
The Board of Directors of BSE
- Sofia JSC approved the initiation of Russian Securities Trading System.
The purchase and installation of the system will be financed through USAID
project - Development of the Capital Market.
Source: BSE - Sofia
In 2000 will be closed one of Stomana's
workshops because there are no candidates to lease it, stated the plant's
Director Mr. Valentin Bakalov.
Source: Standart |
BEIS
Rating
Footwear industry
Top 10 companies
by capital
for 1998/BGN
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BULGARIAN
INDUSTRIAL ASSOCIATION NEWS
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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
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***
Following an invitation from SIMEST
a delegation of the Bulgarian Industrial Association, presided by Mr. Bojidar
Danev and with the participation of Mr. Branimir Handjiev - coordinator
of Bulgarian side, will effect a visit to Italy within the framework of
the "Pilot programme for training and technical-operative
assistance aimed at the creation of Bulgarian-Italian joint ventures".
The purpose of this visit is to hold meetings and conversations for the
determination of the Bulgarian enterprises selected during the first phase
of the project in order to evaluate the possible co-operation with potential
Italian partners.
Mr. Danev will also have meetings with Italian construction companies
in order to discuss the existing opportunities for the rebuilding of the
Balkan region and for the future joint activities within the Stability
Pact.
***
Bulgarian-Albanian Commission for Commercial and
Economic Cooperation intends to establish a Bulgarian-Albanian
Business Council - a non-economic organization to represent
the interests of private economic entities in the two countries.
***
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
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| WORLD |
Stock markets indexes
| Dоw Jones Industrial |
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11224.70
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(+89.91)
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| Nasdaq Composite |
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3620.24
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(+26.07)
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Commodity exchanges
| Commodity* |
Price |
| LIGHT CRUDE ($US/bbl.) |
25.20 |
| BRENT CRUDE ($US/bbl.) |
23.68
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| HEATING OIL ($US/gal.) |
0.633 |
| NATURAL GAS ($US/mmbtu) |
2.44 |
| UNLEADED GAS ($US/gal.) |
0.684 |
| GOLD ($US/Troy Oz.) |
281.00 |
| SILVER (cents/Troy Oz.) |
516.00 |
| PLATINUM ($US/Troy Oz.) |
419.00 |
| HOGS (cents/lb.) |
55.50 |
| PORK BELLIES (cents/lb.) |
76.10 |
| LIVE CATTLE |
68.62 |
| FEEDER CATTLE |
84.30 |
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*prices as of 10 December, 1999 |
Europe
Credit Commercial de France last night said it had received a E10bn
offer from ING, the Dutch banking and insurance group, in a move
that could open the way for the first foreign takeover of a French bank.
Although ING later said it was retracting its offer, the episode signals
a new round of banking consolidation, after last summer's takeover battle
that saw the creation of Banque Nationale de Paris- Paribas, France's largest
bank.
Analysts believe ING's retraction may be a negotiating tactic. They
expect CCF, whose shares are held in majority by non-French investors,
to fall under foreign control.
The Dutch group is CCF's biggest shareholder with just under 20 per
cent of the French bank's capital, ahead of KBC, the Belgian bancassurer,
which owns 18 per cent, and Swiss Life, the insurer, with 14 per cent.
A hostile bid could also prompt a counter-bid from KBC, pushing up
the shares of CCF, already the most expensive among French banks. KBC is
known to be interested in raising its CCF stake.
Source: FT
USA
America Online Inc. may be close to a marketing pact with Wal-Mart
Stores Inc., a deal that would link the Internet powerhouse with the
world's biggest retailer. Speculation of an agreement circulated on Wall
Street this week, and one investment firm said announcement of a deal was
imminent. Both companies declined to comment.
Such a partnership would bring together two corporate giants that are
both looking to expand their reach on the Internet.
For AOL, aligning with Wal-Mart would step up efforts to grow their
subscriber base, already nearly 20 million strong. AOL could tap the tens
of millions of customers who shop at Wal-Mart's 3,600-plus stores worldwide.
Wal-Mart would get a well-respected technology partner that could help
it build and gain exposure for walmart.com, a Web site that is expected
to be relaunched early next year.
Speculation of an AOL-Wal-Mart alliance has intensified. Salomon Smith
Barney fanned the flames Friday, issuing a research note that said a deal
would likely be announced soon.
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
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Български