The list with projects, financed with state guaranteed credits for 2004 includes only one project, became clear after the meeting of the Cabinet. There is a restriction on the state guarantees on the credits since they accumulate additionally the foreign debt and that’s why over the last years they were not more than 5-6 annually. The loan for 2004 will be used for the rehabilitation of the first four blocks of TPS Maritza-iztok 2, financed by the Japanese bank for international cooperation. The loan project is for EUR 196,854.
Source: Sega 

The German cars BMW have a new representative for Bulgaria as of the beginning of 2004. The new representative is Kamor company, which is property of Israeli businessmen. Kamor was representative of BMW for Israeli last year. It was elected for the best dealer in Europe. The company has purchased a plot of 7 dca on the territory of business-park Sofia. The Bulgarian company which will represent the luxury car is Kamor Auto.
Source: Dnevnik

The thermal-power station of Chimenergo, subsidiary of Chimco-Vratza became property of the Sofia-based company Piocommerce. Representatives of the new owner had meetings with the syndic of the thermal-station and reviewed the possibility for restoring the production process.
Source: Pari

The short-term debts of LUKoil-Neftochim, Burgas as of December 31, 2002 exceed with BGN 279.854 million the short-term assets. For 2001 this difference was BGN 200.584 million. So the general liquidity of the company is broken. While LUKoil-Neftochim, Burgas JSC is a part from the LUKoil group, its management considers that it will continue to take a support by the major owner. The share of sales to related people continues to increase and is 96 per cent of the total net sales in amount of BGN 350.409 million. It was realized a current profit of BGN 4 132 000 which is with BGN 325 000 more compared to 2001.
Source: Pari

We hope that the shares of Oil and Gas Extraction and Research SPJSC, Pleven and DZI JSC will be launched on the privatization segment of Bulgarian Stock Exchange in the beginning of August, stated representatives of the consortium, which will sell the state stakes from the capital of both companies - NBGI-UBB-Bulbrokers. The administrative obstacles for the sale were overcome as the Pleven-based company received nine concessions for extraction of fuel and the shares of DZI were registered at the Stock Exchange.
Source: Dnevnik

USA
Kraft Foods on Wednesday lowered its full-year outlook and said it expected the business environment to remain challenging in 2004. The biggest US food company said earnings per share would be between $2.00 and $2.05 for 2003, 10 cents lower than previously forecast, partly because of plans to increase marketing spending by more than $200m in the next six months to address market share and volume concerns. The money will be used for promotion spending and advertising. "While this spending will negatively impact earnings results, we believe it is the right thing to do for the long-term health of our brands," said Betsy Holden, co-chief executive. Kraft expects 2004 to be another difficult year, with continued global economic weakness and smaller retailer inventories as well as higher post-retirement costs. The company will give 2004 guidance in January. The company said it was disappointed in Wednesday's second quarter returns. Net income rose to $949m, or 55 cents a share, up 5.3 per cent and 5.8 per cent, respectively, from a year ago. The company said certain US businesses - cheese, coffee, cold cuts and biscuits - have been hurt by the soft economy and price gaps with competitors. "As we looked at consumption and share and the outlook for the year and the economic environment, we felt that we needed to do something bold enough to turn the momentum so that we get back to our sustainable business model," Ms Holden said. Before the earnings announcement, Moody's changed its outlook on Kraft's mid-investment grade A3 credit rating to "negative" from "stable" amid concern Altria, which owns 84 per cent of Kraft, may seek financial support from the group to pay litigation costs. It added Kraft's ratings could be lowered if the company gives financial support to Altria. Philip Morris, another subsidiary of Altria, is potentially liable for a $12bn cash bond after being found liable in a consumer fraud case in Illinois. 
Source: FT