Business Industry Capital
Bulgarian
Industrial
Association |
|
BUSINESS INDUSTRY CAPITAL
Friday, 17 December 1999,
Issue
66
|
|
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
|
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 (17.12.99)
Main Interest Rate (as of 15.12.99):
4.46 %
|
|
FINANCIAL
NEWS |
There are proven deposits of 1.55
billion cu. m of natural gas in Galata, the Ministry of
Environment and Waters announced. The deposits allow for annual production
of 350-400 million
cu. m of gas for a period of four years ahead. The recognition of this
first trade discovery under the act on natural resources gives right to
Petreco SARL to apply for a 25-year concession. The
contract to prospect for gas in Galata was signed in 1991. Petreco
SARL has been the
concessionaire since 1998. Last year the Government reduced its concession
share from 50 per
cent down to 35 per cent. Per a Governmental decision this share should
be transferred to Bulgargas. Real production will start at the beginning
of 2000.
Source: Standart |
|
|
PRIVATIZATION |
The minimum price per share of the minority state-owned
stakes of the two dairy companies Mlechna
Promishlenost JSC - Plovdiv and Serdika
JSC - Stara Zagora, which will
be offered for public sale on the privatization segment of the stock
exchange today, was decreased down to BGN 3.50. This was reported from
BSE-
Sofia. The stakes includes 49 903 shares of Mlechna
Promishlenost JSC (25.79%) and 33 177 shares of the capital of Serdika
JSC (28%).
Source: BSE-Sofia
Autobar Group Ltd. (Holland) acquired 39 885 shares or 10.01 per cent
of the capital of Plastimo
JSC - Samokov on December 12, 1999. Thus the Dutch company controls
20.02 per cent of the Plastimo's
shares.
Source: BSE-Sofia |
Terms for
privatization offers
For
any additional information about the needed documents, business programmes,
securing of funds, investment consulting
|
|
|
Bulgarian Stock Exchange- Sofia - 16.12.1999
|
|
COMPANIES |
The Board of directors of IBI Trade Corporation
dismissed the company's Vice President Mr. Yurii Litvinenko because
of malefaction and misappropriation in Ukraine. This was reported form
the management of the chemical plant Chimko
JSC - Vratza. Mr. Litvinenko is a President of the IBI subsidiary IBI
Trans of New York, which is an owner of 57 per cent of the capital of Chimko
JSC. Mr. Litvinenko will be also dismissed from the management of the
chemical plant.
Source: Standart
Oiltanking - Bulgaria, a joint venture between Union
Minier
Pirdop Med and Oiltanking of Hamburg, will be building terminal for
sulfuric acid at Varna-West sea-port. The Goverment approved the report
of the institutional group in support of the investment project on December
16, 1999.
Source: Sega |
BEIS
Rating
Manufacture of instruments
and cutting instruments
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
|
|
A conference on topic
"GlobalSign will issue digital
certificates in Bulgaria"
will take place in Bulgarian Industrial
Association (BIA) on December 17, 1999. Mr. Bojidar Danev, Chairman
of BIA and Mr. Henri Minasyan, Executive Director of GlobalSign will take
part in the conference.
***
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
|
| WORLD |
Stock markets indexes
| Dоw Jones Industrial |
|
11244.89
|
(+19.57)
|
| Nasdaq Composite |
|
3715.06
|
(+93.11)
|
Commodity exchanges
| Commodity* |
Price |
| LIGHT CRUDE ($US/bbl.) |
26.42 |
| BRENT CRUDE ($US/bbl.) |
25.45
|
| HEATING OIL ($US/gal.) |
0.681 |
| NATURAL GAS ($US/mmbtu) |
2.64 |
| UNLEADED GAS ($US/gal.) |
0.732 |
| GOLD ($US/Troy Oz.) |
283.90 |
| SILVER (cents/Troy Oz.) |
525.00 |
| PLATINUM ($US/Troy Oz.) |
418.50 |
| HOGS (cents/lb.) |
56.05 |
| PORK BELLIES (cents/lb.) |
78.10 |
| LIVE CATTLE |
68.65 |
| FEEDER CATTLE |
84.10 |
|
*prices as of 16 December, 1999 |
Europe
Sweden and Norway tore apart the Nordic region's biggest merger
last night, after failing in last-ditch efforts to save the
$50bn union between Telia and Telenor, the state-owned telecommunications
groups.
In one of the most dramatic days in Nordic corporate history, the two
governments launched a damage limitation exercise, rather than continue
the acrimonious bickering that preceded the collapse. In a joint statement,
Gіran Persson and Kjell Magne Bondevik, the Swedish and
Norwegian prime ministers, said: "Even if the merger had been industrially
and commercially
correct for both companies and the two nations, developments in recent
months have shown that it has been very difficult to complete." No claim
for damages would be made by either party. The collapse could force both
companies into mergers with other partners. Telenor has links with British
Telecommunications of the UK, while some analysts believe Telia may try
to link up with Sonera,
the highly regarded Finnish telecoms group. Deutsche Telekom and SBC/Ameritech,
which already controls TeleDanmark, are also seen as possible partners.
Source: FT
USA
Infonet Services Corp. shares gained about 30 percent in their Wall
Street debut Thursday after the international data communications firm
raised $1.08 billion through an initial
public offering.
Infonet (IN) is the 10th U.S. IPO this year to raise more than a billion
dollars, according to CommScan. Infonet shares were up 6 at 27 in morning
trade on the New York Stock Exchange.
Industry watchers had not expected a sharp increase because of the
size of the offering. El Segundo, Calif.-based Infonet provides managed
data services, such as multimedia, Internet, consulting and Web hosting
services, via the Internet to 1,000 companies worldwide.
Infonet offered 51.2 million shares at $21 each. The deal, led by Merrill
Lynch, priced at the top of
its expected price range. The 51.2 million shares represent about an
11 percent stake in the company. Infonet stockholders include KPN-KPN Telecom
BV of the Netherlands, Spain's Telefonica , Swisscom AG (SCM), and Sweden's
Telia
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
|
|
Archive
Business Industry Capital |
Български