Bulgarian
Industrial
Association |
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BUSINESS INDUSTRY CAPITAL
Friday, 7 January 2000,
Issue
78
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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
(07.01.2000)
Main Interest Rate
(as of 05.01.2000):
4.42 %
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FINANCIAL
NEWS |
A joint mission of the World Bank and the International
Monetary Fund will visit the country on January 17, 2000 to provide technical
assistance on improving the mechanisms of collecting the Government receivables.
The mission arrived per invitation of the cabinet.
Source: Pari
Citybank, Eximbank and Rosseximbank
will extend a loan of USD 380 million for the modernization of NPP’s fifth
and sixth units, the NPP’s Deputy Director Mr. Misho Monev reported. The
first stage of the modernization will be completed by the end of February.
Source: Pari |
Terms for
privatization offers
For
any additional information about the needed documents, business programmes,
securing of funds, investment consulting |
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PRIVATIZATION |
Privatization Agency opened a privatization
procedure for sale of 51 per cent of the capital of Bulgartbac
Holding SP-JSC - Sofia. The sale will be executed through negotiations
with potential buyers. 17 per cent of the stake mentioned above will be
sold under special terms.
Source: State gasette
The working-managing company Kaolin-98
JSC - Senovo became an owner of 75 per cent of the capital of Kaolin
JSC Senovo, was reported from PA.
Source: Standart |
Bulgarian Stock
Exchange - Sofia
06.01.2000
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COMPANIES |
The National Insurance Council (NIC) issued on January 6,
2000 a license to Levski
Spartak JSC - Sofia to conduct insurance activity, was reported from
the NIC. The company is a Bulgarian legal person with 100 per cent foreign
participation, NCI explained. The two shareholders, each of them hold 50
per cent in the company, are the Israeli Yad Pirzul 1884 Ltd. and Rahiti
Meir Klasik Ltd.
Source: Standart
The commercial centre in TsUM
JSC - Sofia will be officially opened on March 3, 2000. Regent Pacific
Group, the owner of the building, plan to open the trading space on ground
floor, the first, second and third floor on Bulgaria’s national holiday.
The Oasis supermarket will be opened on April 1, 2000.
Source: Pari |
BEIS
Rating
Gas supplying
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)
organizes a business delegation in Israel in the period January 17th -
21st, 2000 to accompany President Mr. Petar Stoyanov during his official
visit in Israel.
***
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
***
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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11253.26
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(+130.61)
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| Nasdaq Composite |
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3727.13
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(-150.41)
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Commodity exchanges
| Commodity* |
Price |
| LIGHT CRUDE ($US/bbl.) |
24.77 |
| BRENT CRUDE ($US/bbl.) |
23.07
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| HEATING OIL ($US/gal.) |
0.662 |
| NATURAL GAS ($US/mmbtu) |
2.19 |
| UNLEADED GAS ($US/gal.) |
0.679 |
| GOLD ($US/Troy Oz.) |
282.50 |
| SILVER (cents/Troy Oz.) |
517.00 |
| PLATINUM ($US/Troy Oz.) |
394.00 |
| HOGS (cents/lb.) |
55.20 |
| PORK BELLIES (cents/lb.) |
82.30 |
| LIVE CATTLE |
70.02 |
| FEEDER CATTLE |
86.40 |
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*prices as of 06 January, 2000 |
Europe
Vivendi, the French media
and utilities conglomerate, is in talks with several trade and financial
bidders over the sale of its property portfolio. Prospective bidders are
valuing the business at between $800m and $1bn.
Rothschild & Cie Banque,
the French arm of the international investment bank, is handling the disposal
of Compagnie Generale d'Immobilier et de Services (CGIS). Initial bids
were due in on December 20 with a shortlist expected to be made this month.
Jean-Marie Messier, Vivendi chairman, is in the process of turning the
group into a business focused on its utilities and media divisions. Hence
the sale of non-core assets.
Vivendi owns 49 per cent of Canal Plus, the French pay television business,
and 24.5 per cent of BSkyB, the UK satellite broadcaster. However, its
purchase of the BSkyB stake last year has been referred to the Competition
Commission and has drawn concerns from the Independent Television Commission.
Source: FT
USA
Merrill Lynch, the US investment
bank, is investigating the transfer of $40m
of one of its client's funds
into a Swiss bank account. The funds belonged to one of the bank's largest
clients in the Middle East - Arab International Bank - and were sent to
a UBS account in Geneva in six tranches between 1996 and 1998. Internal
documents obtained by the Financial Times pinpoint problems with Merrill
Lynch's internal supervision and management controls that contributed to
the alleged fraud.
The documents reveal five of
the six fund transfers were ordered by an Arab International employee who
died three months before the transactions were conducted. The other was
ordered by a person unauthorised to conduct fund
ransfers. All of the transfers were approved by one or more Merrill Lynch
employees - including managers in London - none of whom spotted the dead
man's signature or that of the unauthorised employee. The investigation
is ongoing, but it is understood a former Merrill Lynch employee close
to the Arab International account has been arrested in Egypt.
Source: FT |
*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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