Bulgarian
Industrial
Association |
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BUSINESS INDUSTRY CAPITAL
Thursday, 30 December 1999,
Issue
74
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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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BULGARIA
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Economic indicators
BNB Exchange Rates
(30.12.99)
Main Interest Rate
(as of 15.12.99):
4.46 %
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FINANCIAL
NEWS |
On January 1st, 2000 most industrial products
from the EU will be imported in Bulgaria without duty. Bulgarian export
was exempted from duties in 1998.
Source: Standart
4 Bulgarian companies are among the first 100, according to Business
Central Europe Magazine. These are NEC
- 29th place, Neftochim
JSC - 41st place, Kremikovtzi
JSC - 79th place, and Bulgargas
JSC - 83rd place. The best Bulgarian bank is Bulbank JSC.
Source: BTA |
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PRIVATIZATION |
Manager-employee company Gama
Proekt 99 JSC bought 80 per cent of the shares of Gama
Proekt SPJSC for USD 707.600. Till 2002 the buyer will make investments
of USD 36.000.
Source: Council of Ministers
Elteh JSC is the new owner of 80 per cent of the shares of Elektronna
Tehnika - PT SPLtd. The price was USD 425.000. In the next 3 years
the buyer will make investments of USD 300.000.
Source: Council of Ministers
75 per cent of the shares of Tzanko Tzerkovskki SPLtd. - Sofia became
property of the manager-employee company Tzanko
Tzerkovski JSC for USD 425.000. In the next 3 years will be made
investments of USD 140.500.
Source: Council of Ministers |
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
Trade information for 1999
| Number of traded securities: |
21 164 580
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| Total turnover in BGN: |
133 825 795.21
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| Number of deals: |
17 232
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Average number of
daily traded securities: |
85 341
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| Average daily turnover: |
539 620.14
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| Average number of daily deals: |
69
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COMPANIES |
The syndics of First
Private Bank JSC must decide who will be the bank's buyer, stated Mr.
Tihomir Timnev, legal advisor of Bank Supervision Department in BNB.
Source: Monitor
Pharmaceutical plant Biovet
JSC - Peshtera was given a quality certificate ISO 9001. The company
exports its output in South America, China. The company's net profit for
the first half of 1999 is BGN 2.9 million.
Source: Standart
Vinprom
- Damyanitza JSC has French and Australian consultants in wine-growing.
A joint project with French wine producers is about to be started, stated
Executive Director Mr. Filip Harmandzhiev.
Source: BTA |
BEIS
Rating
Manufacture of castings
Top 10 companies
by capital
for 1998/BGL
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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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***
Bulgarian Industrial Association (BIA)
and GlobalSign, an international certification network, have signed
an Agreement according to which the Bulgarian
Industrial Association shall be their exclusive Registration Authority
in Bulgaria. This Agreement shall entitle the BIA
to offer different digital certificates in the territory of the country.
For
more information
***
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.
***
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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11484.66
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(+7.95)
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| Nasdaq Composite |
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4041.46
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(+69.35)
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Commodity exchanges
| Commodity* |
Price |
| LIGHT CRUDE ($US/bbl.) |
26.40 |
| BRENT CRUDE ($US/bbl.) |
25.45
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| HEATING OIL ($US/gal.) |
0.697 |
| NATURAL GAS ($US/mmbtu) |
2.40 |
| UNLEADED GAS ($US/gal.) |
0.705 |
| GOLD ($US/Troy Oz.) |
292.50 |
| SILVER (cents/Troy Oz.) |
541.00 |
| PLATINUM ($US/Troy Oz.) |
426.00 |
| HOGS (cents/lb.) |
54.05 |
| PORK BELLIES (cents/lb.) |
77.80 |
| LIVE CATTLE |
69.42 |
| FEEDER CATTLE |
85.30 |
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*prices as of 29 December, 1999 |
Europe
British Airways has agreed a restructuring to increase internet
sales and restore its falling profits. The airline will separate
its internet sales into a new operation to speed up a drive to move half
its business - some Ѓ4.5bn ($7.24bn) of sales a year - online by 2003.
Only 1 per cent of BA ticket sales are currently online. By contrast, EasyJet,
the discount airline, claims up to 60 per cent of its sales come via the
internet.
BA's decision follows months of internal discussions over how to expand
its Ѓ30m web platform, developed with IBM, the computer group.
BA is the biggest UK business so far to move internet sales of a core
product off-site to imitate the speedy decision-making and risk-taking
of internet start-ups.
BA is considering whether to bring in its current technology suppliers
- IBM and Agency.com, the web design company - as joint venture partners
in its e-commerce division.
One possibility would be to float the new unit separately from BA,
which has seen its share price tumble since it reported a 38 per cent drop
in interim profits.
Source: FT
USA
The red-hot Nasdaq composite index closed above the 4,000 mark Wednesday
for the first time in its 28-year history, powered by dynamic gains
from wireless provider Qualcomm.
The Nasdaq composite rallied 69.35 points, or 1.75 percent, to 4,041.46,
well above the record close of 3,975.38 set Monday. The index is up a whopping
84.3 percent for the year, surpassing the record for the largest annual
jump by any major U.S. market index set by the Dow Jones industrial average
in 1915 when it rose 81.7 percent. So far this year the Nasdaq composite
has set 60 new records.
"A combination of holiday type volume, year-end window dressing and
positive analyst comments on key Nasdaq components created an environment
that was ripe for a move above 4,000," said Tony Dwyer, chief market strategist
at Kirlin Holdings.
The Dow industrials and the S&P 500 also managed record closes.
The Dow added 7.95 to 11,484.66. The blue-chip index was up as much as
67 earlier, but still closed above Tuesday’s record high of 11,476.71.
The S&P 500 index rose 5.80 to 1,463.46, edging above the 1,458.34
record mark set last Thursday.
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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