Bulgarian
Industrial
Association |
BUSINESS INDUSTRY CAPITAL
Friday, 28 July 2000, Issue
220
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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
(28.07.2000)
Main Interest Rate
(as of 19.07.2000):
3.44% |
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FINANCIAL
NEWS |
The Government decided to give concession to
the Hydro-energetic company (HEC) Gorna Bania for the construction of the
dam Madan. This was reported by the Chairman of the State Agency of Energetics
and Energy Resources Mr. Ivan Shiliashki. The joint company between NEC
and the Turkish company Dzheilan Holding obtains the concession for 35
years with the possibility of expanding the period. Because of the great
investments which will be made in the construction of the object, the Government
decided to free the company of concession taxes for a period of 10 years.
The price for the buying up of the electricity from the cascade will be
calculated on the basis of the total expenses on the object.
Source: 24 Hours |
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 Spanish company Union Fenosa and the Italian
Enel have shown interest in the seven companies from the electro-distributing
system of NEC. This was announced by the Manager of Raiffeissen
Investment SP Ltd - Sofia Mr. Alexander Subotinov. The inquiries from
abroad are expected to increase in number after the advance of the procedure
for NEC’s privatization. Raiffeisen
Investment SP Ltd - Sofia will be a consultant of the companies, who
are interested in the privatization of NEC,
announced Mr. Subotinov. The terms for participation in the privatization
will be specified in September. Funds from the Phare program for the preliminary
privatization aid of the procedures also will be granted then. The valuations
are expected to come out in the end of the year and the privatization of
the companies from the electro-distributing parts of NEC
will start no sooner than the beginning of 2001, added the Director of
Raiffeissen
Investment SP Ltd - Sofia.
Source: Pari |
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COMPANIES |
The Executive Director of Union
Miniere Pirdop Med Mr. Philippe Rombaut will vacate the company in
September 2000 after the successful finishing of the development and reconstruction
of the copper extracting plant in Pirdop, acquired by Union
Miniere in September 1997. Mr. Rombaut begins work as a Regional Director
of the newly established Investment fund for South-Eastern Europe that
is created with a purpose to invest USD 150 million in the countries from
the Balkan region. The new Director of the company has already been selected
and his name will be officially announced very soon.
Source: Company's information
The companies Eurooil Ltd and Bulpetrolium
Ltd with a head-office in Sofia has imported by smuggling in the State
about 10 000 t fuels since the beginning of the year till now. The damages
caused by the not paid VAT and excise amount to BGN 5 million. The companies
presented false payment orders, certified with a copied seal of the bank
Biohim
for unpaid accounts of the tax office Sofia. Thus the two companies exempted
the fuels from custom control.
Source: Pari
The European Bank for Reconstruction and Development is granting BGN
2.623 million for construction of a market-place in Sofia. With a part
of the funds the equipments will be renewed in accordance with the European
standards. The loan is for 10 years with 2 years gratis period.
Source: Pari
The German company Metro
Cash and Carry is expected to pay USD 450 000 for the land in Bourgas,
on which will be built the next hypermarket from the chain Metro. The store
is expected to start work in the end of the year. With its opening 400
new job positions will be disclosed.
Source: Pari |
Bulgarian Stock Exchange - Sofia - 27.07.2000
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BEIS
Rating
Agriculture
region: Razgrad
Top 10 companies by Capital in BGN
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BULGARIAN INDUSTRY ASSOCIATION
NEWS
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A delegation of BIA
headed by its President Mr. Bojidar Danev paid a visit to SIMEST offices
in Rome, in the period 17 – 20 July. The purpose
of this visit was the discussion of the further joint activities within
the framework of the joint project BIA – SIMEST and within the Stability
Pact. Meetings with the Italian partners of CONFINDUSTRIA, TODINI Costruzioni
Generali and others have been held in addition. It was agreed to organise
a working meeting with the participation of Italian and Bulgarian construction
companies for discussion of their joint activities in local and regional
projects and initiatives. This meeting is to be carried out at the offices
of the Bulgarian Industrial Association
in Sofia on 28 September 2000.
***
The company Carl Duisburg - Koeln in cooperation with the international
foundation St. st. Kiril and Metodi holds a competition for granting to
10 scholarships with duration of 9 months, connected with the programme
Management and preservation of the environment. |
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WORLD
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Index for Stock Exchange
| Dоw Jones Industrial |
| 10586.13 |
(+69.65) |
| Nasdaq Composite |
| 3842.23 |
(-145.49) |
Stock Exchanges
| Commodity* |
Price |
| LIGHT CRUDE ($US/bbl.) |
28.10 |
| BRENT CRUDE ($US/bbl.) |
27.15 |
| HEATING OIL ($US/gal.) |
0.770 |
| NATURAL GAS ($US/mmbtu) |
3.84 |
| UNLEADED GAS ($US/gal.) |
0.841 |
| GOLD ($US/Troy Oz.) |
284.80 |
| SILVER (cents/Troy Oz.) |
500.50 |
| PLATINUM ($US/Troy Oz.) |
565.00 |
| HOGS (cents/lb.) |
58.05 |
| PORK BELLIES (cents/lb.) |
84.80 |
| LIVE CATTLE |
68.37 |
| FEEDER CATTLE |
86.25 |
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*prices as of 27 July, 2000 |
Europe
Sonera of Finland, one Europe's most innovative telecommunications
groups, is to put itself up for sale with a price tag of at least $35bn.
If the informal auction now under way is successful, it would be the first
sale of a former state-owned telecoms group in Europe. The move comes days
after the Deutsche Telekom's offer to buy VoiceStream, a US mobile operator,
and quickens the pace of global consolidation in the industry. Sonera and
its advisers at Goldman Sachs and Lehman Brothers will next week collect
expressions of interest from potential buyers. Companies that have expressed
interest include Deutsche Telekom, France Telecom and its Orange mobile
subsidiary and KPN of the Netherlands. Sonera would almost certainly fetch
far more than its current $33bn market value. Sonera has pioneered technology
to allow people to make purchases with their mobile phones, but is struggling
to keep up with its larger European rivals as a telecoms operator.
Source: FT
USA
Nortel Networks and Corning, the fibre-optic networking equipment
makers, have terminated discussions that could have lead to a $100bn
reverse takeover of Corning. Nortel, the Canadian maker of communications
equipment, had been in discussions over the past several weeks to possibly
merge its optical components division - with annual sales of $2.5bn - with
Corning. It was understood that terms of the transaction would have given
Nortel a majority stake in Corning, the US manufacturer of optical fibre
and components. Neither company would comment specifically on why the talks
were terminated, but Corning said its core value of independence was central
to its business strategy. "Independence was important, but it wasn't the
only issue," said Jim Flaws, Corning's chief financial officer. Others
suggested the discussions broke down because US$100bn price tag was simply
too rich for Corning, which had a market capitalisation on Thursday of
about $72bn. Jim Burkart, who manages the Kemper Technology Fund, which
owns shares in both companies, said the valuation provided to Nortel's
optical components unit was too high.
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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