Bulgarian
Industrial
Association |
BUSINESS INDUSTRY CAPITAL
Saturday, 10 May 2003, Issue
919
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Daily on-line issue for financial,
industrial and corporate news
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| ISSN 1311-364X |
Bourse
Information Company Capital Market Ltd. |
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
(10.05.2003)
Main Interest Rate
(as of 30.04.2003)
2.95% |
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FINANCIAL
NEWS |
BGN 110,79 million is the surplus in the summarized
budget of the State in the end of March, was reported from the Ministry
of Finance. The incomes in the consolidated budget are BGN 3,22 billion
and the expenditures are BGN 3,1 billion. One of the criteria of IMF is
to the end of the quarter to have a deficit not higher than BGN 304 million.
Source: Standard |
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PRIVATIZATION |
One of the candidates for 75 per cent from Varna
shipyards – Madesta holding was declassed, according to a decision
of the commission that was appointed by the Minister of Transport Mr. Plamen
Petrov. Madesta holding gave the lowest financial offer but it is also
not prepared with the rest parametres on which the State looks for a future
partner. The Chairman of the commission Mr. Slaveiko Stakov promised to
reveal more details about the offers of AKB-Forest,
BAKER Invest, MADESTA HOLDINGS Ltd and Tzakos Bulgaria JSC.
Source: Monitor |
Training on the topic:
Optimization of the company
management of labour-production process in the market-orientated economy.
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Bulgarian Stock Exchange - Sofia - 09.05.2003
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COMPANIES |
Dobrich District Court will sell the property of Mangan
SPJSC, at total value of BGN 334 000. Machinery for extraction of ore,
pipelines and spare parts for machinery will be sold at 20 per cent lower
price. There was no applicant-purchaser of the assets of the company at
the auction, which was conducted during April, announced the syndic of
the Mangan
SPJSC Mr. Svetlozar Stoyanov.
Source: Black sea
At the General Meeting of Albena,
which will be conducted on Saturday in the resort will be decided whether
the company will distribute dividends. Albena
JSC reported a profit of BGN 15 368 000. According to the financial
report, presented to the shareholders the profit of the company has grown
with over 17 per cent.
Source: Dnevnik
The Italian company Miroglio
opened its second plant in Sliven. The new plant is situated on an area
of 73 000 square m. and will produce 5 million metres textile per year.
There are 5 production centres in which are working 635 people. In the
construction of the plant Miroglio Lana invested BGN 50 million, announced
Mr. Edoardo Miroglio who is the Chairman of the Board of Directors and
Executive Director of Miroglio Bulgaria. The official opening was made
by the Bulgarian Prime Minister Mr. Simeon Saxe-Cobourg.
Source: Dnevnik
Danone
Serdika holds 20 per cent of the sales of yogurt in Bulgaria and 30
per cent of the money turnover, announced the National Sales Manager of
the company Mr. Emil Gochev. Mr. Gochev explained that the entrance of
the company on the Bulgarian market was very difficult and the trust of
the consumers in Danone
is still fragile.
Source: Monitor
Mr. Simeon Peshev was elected for a Chairman of the Construction Chamber
after the General Meeting which was conducted on April 8. The Director
of Glavbolgarstroy
will replace the former Chairman Mr. Iliya Tasev. 1240 companies from construction
branch are members of the Bulgarian Construction Chamber.
Source: Standard
The thermal stations and NPS
Kozlodui have reduced sharply the manufacture of electricity since
the beginning of May, was reported from the National
Electric Company. The reason for this is the shrunk consumption because
of the hot season. In NPS
Kozlodui are working three reactors that are at technologic minimum.
The other reason for the reduced capacities of the TPS is the increased
manufacture of electricity from water stations.
Source: Standard |
BEIS
Rating
Sporting activities
Top 10 companies by
Profit for 2001.
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BULGARIAN
INDUSTRIAL ASSOCIATION NEWS
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***
Technical Assistance Information Exchange Office
of the European Commission (DG Enlargement) and Bulgarian
Industrial Association held a sector meeting on “The Regulatory Environment
of the European Food and Drink Industry”, which took place at the Information
centre of European Union in Sofia. About 70 participants from various sector
organisations and companies, ministerial representatives and scientific
institutions attended the meeting, which provoked a large interest among
the food and drink industries in Bulgaria. Some of the major subjects discussed
during the meeting were the EU requirements in the food labelling, the
implementation of the HACCP system in the EU and Bulgaria and Codes of
good hygiene practices, food safety and legislative framework.
TAIEX Office and BIA
intend to continue the organisation of other sector meetings of concern
for the Bulgarian businesses with regard to the harmonization of the respective
legislation, and which will take place in the months to come.
***
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WORLD
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Index for Stock Exchange
prices as of May 09, 2003
| Dow Jones Industrial |
| 8604.60 |
(113.38) |
| Nasdaq Composite |
| 1520.15 |
(30.46) |
Commodity Exchanges
prices as of May 09, 2003
| Commodity |
Price |
| LIGHT CRUDE ($US/bbl.) |
27.64 |
| BRENT CRUDE ($US/bbl.) |
25.04 |
| HEATING OIL ($US/gal.) |
0.7195 |
| NATURAL GAS ($US/mmbtu) |
5.79 |
| UNLEADED GAS ($US/gal.) |
0.83 |
| GOLD ($US/Troy Oz.) |
348.90
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| SILVER (cents/Troy Oz.) |
480.00 |
| PLATINUM ($US/Troy Oz.) |
635.00
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| HOGS (cents/lb.) |
65.20 |
| PORK BELLIES (cents/lb.) |
93.725 |
| LIVE CATTLE (cents/lb.) |
74.10 |
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Europe
Barclays on Thursday unveiled a EUR 1.14bn (GBP 810m) agreed
takeover of Banco Zaragozano, a medium-size Spanish retail bank, in a deal
aimed at gaining critical mass in one of Europe's most competitive banking
markets. However, the UK bank's shares fell 4.2 per cent on concerns
that it had overpaid for an asset that will only marginally increase its
existing presence in Spain. Zaragozano's board voted to support the
EUR 12.70 a share cash bid, which has received commitments from 54 per
cent of shareholders. The bid is conditional on winning at least 75 per
cent support and requires regulatory approval. Shares in Zaragozano,
which have risen sharply in recent months on takeover speculation, rose
more than 12 per cent to EUR12.56 after being suspended ahead of the announcement.
John Varley, Barclays finance director, said the purchase, would treble
its number of clients and branches in Spain. The Financial Times
reported in March that talks between Barclays and Zaragozano had reached
an advanced stage. The deal will transform Barclays into Spain's
sixth-largest financial group by assets. John-Paul Crutchley, an
analyst at Merrill Lynch in London, said: "It seems an expensive transaction
and there is some disappointment that Barclays has not done something more
meaningful." James Eden, an analyst at Commerzbank, said the price
seemed "racy", at 3.1 times book value.
Source: FT
USA
Merrill Lynch Investment Managers has settled a highly-damaging
legal dispute with the pension scheme of the Co-operative Group.
The ?2bn ($3.2bn) Co-op scheme ended a 30-year relationship with MLIM last
year, threatening to sue the fund manager over "poor" investment performance.
The move came after a landmark lawsuit between MLIM and the pension fund
of Unilever that was finally settled in late 2001 with a embarrassing compensation
payment of ?70m by the fund manager. Nick Eyre, Co-op secretary and
a trustee of its pension fund said: "On behalf of the trustees I can confirm
that we have resolved our dispute with MLIM amicably. We are not prepared
to discuss any of the details or the issues involved." However, the
Co-op confirmed it would resuming a business relationship with MLIM although
the initial level was "minimal". MLIM said it was pleased to have
resolved all past issues with the Co-op fund and to resume a business relationship
with it. Last August, MLIM also settled a claim against it from the
pension fund of J Sainsbury and in March, the pension scheme of AstraZeneca
said it was dropping plans to pursue legal action against MLIM.
Source: FT |
*This issue
is not responsible for the reliability of the published information. Such
is to be attributed to the mentioned sources.
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