Bulgarian
Industrial
Association |
BUSINESS INDUSTRY CAPITAL
Thursday, 13 July 2000, Issue
209
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Daily on-line issue for financial,
industrial and corporate news
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Bulgaria
Financial news*
Privatization*
Companies
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Bulgarian
Industrial Association
news
Business
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World
USA* Europe |
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BULGARIA
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Economic indicators
BNB Exchange Rates
(13.07.2000)
Main Interest Rate
(as of 12.07.2000):
3.72% |
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FINANCIAL
NEWS |
The Deputy-minister of Agriculture Mr. Georgi
Karkumov announced that the auctions for the sale of state-owned lands
with barter bonds will begin in October. Besides with agricultural
bonds, the lands could also be bought with house-saving bonds and barter
bills. The starting price for a decare of land will be fixed according
to the methods for the calculation of the compensation of the unrestored
lands. The auctions will be held only in those regions, where the land
is 100 per cent restored. The Deputy - minister added, that the aim
of this undertaking is to compensate the owners of bonds from all
over the country. The announcements about the auctions will be published
in the central daily papers a month before they’re supposed to take place.
The informational system for the land market will be put into action soon.
The new sales of exchange bonds would stir trade activity. A tax will not
be levied on the uncultivated lands for now.
Source: Sega |
Terms for
privatization offers
For
any additional information about the needed documents, business programmes,
securing of funds, investment consulting
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PRIVATIZATION |
The Press
group Monitor Ltd. became the owner of 95 per cent of the capital of
Center
NIERA SP JSC - Sofia, announced the Ministry of Economy. The MInister
of Economy Mr. Petar Zhotev and the manager of the pressgroup
Monitro Ltd Mr. Petio Bluskov signed a privatization contract.
The price of the deal for 95 per cent of the capital of the company is
USD 1,8 million. 50 per cent of the price is payed through the bank. The
remaining part will be payed in a 25-day term in other financial instruments.
Monitor
Ltd has engaged to invest USD 400 000 in a 5-year term and to keep
the main activity of the company.
Source: BTA |
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COMPANIES |
The distributors of the Plovdiv Cosmetics Factory Alen
Mak JSC refuse orders for millions of USD, because of the scandal around
the privatization of the company. This was announced by the Vice- Executive
Director of the company Mr. Georgi Nikolaev. Expochance - the biggest partner
of Alen
Mak in Russia, requested to stop its partnership with the Bulgarian
Company until the situation around the sale of 47 per cent of the capital
of the company of Canotrance
Ltd - Varna is cleared. Each month Expochance buys production for about
USD 1,2 million. This is 50 per cent of the turnover of the Plovdiv company.
The distributors from Moldova, Ukraine and Baltic also warned they would
reduce their orders. The factory will stop work from July,31 to August,
22 because of its problems.
Source: Standard
LONDON: 11 July 2000 – Shares in Navan Mining plc, (NVR.L) (Navan),
the successor company to Navan
Resources plc, will start trading today on the Official Lists of the
London and Dublin stock exchanges. Navan was established in Ireland in
1987 as an exploration company, but in a change of direction in 1993 it
acquired its first major mining operation with the part privatisation of
the Chelopech copper-gold mine in Bulgaria. The company has since increased
its interest in Chelopech
to 92% and assumed management control.Chelopech
is in the process of expanding its ore production from the 612,000 tpa
achieved in 1999 to 800,000 tpa in 2001. In parallel, a limited capital
expenditure programme is underway to improve Chelopech’s
metallurgical performance which should enhance its financial results in
the years ahead.
Source: Navan Mining |
Bulgarian Stock Exchange - Sofia - 12.07.2000
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BEIS
Rating
Agriculture
region: Varna
Top 10 companies by Capital in BGN
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BULGARIAN
INDUSTRY ASSOCIATION NEWS
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On July 13.2000
will take place the 7th General Meeting of the Bulgarian
Industrial Association (BIA). At the Meeting will be discussed the
main directions, connected with the development of the Association for
the period of the next 3 years.
***
On July 11.2000 in the Bulgarian
Industrial Association (BIA) took place a Meeting of the Chairman
of BIA Mr. Bojidar Danev and 15 branch associations - collective members
of BIA with Mr. Albert Martins, the Leader
of the programme Fesal to the World bank. It was reached an agreement
in accordance with the intentions of the World bank for granting funds
on the programme Fesal 3 - BIA with the cooperation
of the branch associations to develop a packet of short and long term measures
for dealing with the common and specific problems of the business |
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WORLD
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Index for Stock Exchange
| Dоw Jones Industrial |
| 10783.76 |
(+56.57) |
| Nasdaq Composite |
| 4099.59 |
(+143.17) |
Stock Exchanges
| Commodity* |
Price |
| LIGHT CRUDE ($US/bbl.) |
29.65 |
| BRENT CRUDE ($US/bbl.) |
28.59 |
| HEATING OIL ($US/gal.) |
0.795 |
| NATURAL GAS ($US/mmbtu) |
4.03 |
| UNLEADED GAS ($US/gal.) |
0.962 |
| GOLD ($US/Troy Oz.) |
281.40 |
| SILVER (cents/Troy Oz.) |
502.50 |
| PLATINUM ($US/Troy Oz.) |
541.00 |
| HOGS (cents/lb.) |
65.75 |
| PORK BELLIES (cents/lb.) |
84.90 |
| LIVE CATTLE |
67.10 |
| FEEDER CATTLE |
87.77 |
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*prices as of 12 July, 2000 |
Europe
Switzerland's UBS AG, the third-largest bank in Europe, agreed Wednesday
to buy U.S. brokerage PaineWebber Group Inc. for about $10.8 billion
in cash and stock to getgreater access to well-heeled American investors.
UBS has been on the prowl for a U.S. securities firm to complement its
investment bank UBS Warburg, and the buyout of PaineWebber will help advance
that strategy by adding the U.S.company's prestige as broker to deep-pocketed
U.S. investors, as well as its private banking business. As part of the
deal, UBS will pay $73.50 per share, a premium of 47 percent over PaineWebberGroup's
(PWJ: Research, Estimates) close Tuesday of 49-15/16. Shares of UBS fell
4.5 percent to431.5 Swiss francs suspended in Zurich trading after the
announcement.
Source: CNNfn
USA
Merck, the US pharmaceutical company, has been reprimanded by the
US Food and DrugAdministration (FDA) about the purity of its products
manufactured at a plant in New Jersey. The FDA said in a letter to Merck,
that materials manufactured at the Rahway, New Jersey plant were improperly
tested and that material that didn't pass inspection were stillpackaged.
The letter was dated June 27, but posted on the FDA website on Tuesday.
The letter cited that six batches of Rofecoxib, a painkiller, were contaminated
withpolypropylene fiber and did not pass quality controls, but were approved
for distribution. In addition, Amitriptyline, and anti-depressant, was
found to be contaminated with a foreignsubstance. Portions of the drug,
however, were approved for distribution at the time of the inspection.
Source: FT |
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*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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