Financial news

Gross Domestic Product (GDP) for 2003 is BGN 34,41 billion. From it are defined BGN 4398 or USD 2538 per capita. The growth of GDP is 4.3 per cent, according to data of the National Statistics Institute. This is less than the forecasts for growth of 4.6 per cent. The set in the macro frame increase of GDP for 2004 is 5.3 per cent. Investments and citizens’ consumption were the main engine of the economy in 2003. The investments in 2003 present 19.5 per cent of the State’s GDP.

The Government’s positions about NPP Kozloduy is that no more negotiations with EU should be held about the extension of the terms for the decommissioning of III and IV unit of the nuclear power plant. This decision will not be changed, the Spokesman of the Council of Ministers Mr. Dimitar Tzonev announced. Despite the Partner’s Check-Up, implemented by EU’s Atomic Questions Group, proved the safety of the two small units, the Governments thinks that each attempt for political pressure might delay our EU accession, currently planned for January 2007.

Last night around 20:45 PM Prime Minister Simeon Sax Cobourg handed to US Secretary of State Collin Powell in Washington the ratification document for Bulgaria’s NATO accession. Thus, our country is already a full-right NATO member. The second official ceremony marking our entry into the organization will be held on April 2 in NATO’s headquarters in Brussels, where the flags of the new members will be officially hoisted in front of the building of the North Atlantic Treaty Organization.

Privatization

PA announced a public open-bid tender for the sale of Industrialni minerali, Malko Turnovo, a self-contained part of Burgas copper mines SP JSC, Burgas. The initial tender price is BGN 300 000 and the bidding step – BGN 10 000. The deposit for participation in the tender is in amount of BGN 150 000. The price of the tender documents is BGN 500 and can be bought from PA within 30 days as of the date of promulgation in the State Gazette.

Companies

The German company Agrovoka is going to grant credits to farmers from the Rodopi region to grow strawberries and raspberries, the Deputy Mayor of Rodopi municipality Mr. Rangel Portev announced. Around 100 farmers have expressed interest in the credits, which will be in the amount of BGN 450 for one decare of raspberries and BGN 360 for one decare of strawberries. The loan will have to be paid up within a period of 5 years. The fruit will be exported to Germany.

Arkus produces its articles in accordance with NATO standard. The military plant in Liaskovetz own commodity producer’s number on the requirements of the alliance. The procedure means that the articles of Arkus can be used by the rest members of the alliance. The code activity has been imposed by NATO in the frames of 50 years.

The profit of Doverie obedinen holding has grown with 30.57 per cent, reaching BGN 850 000 as of 2003, as compared to BGN 651 000 during the previous year, show the data from the audited accountant report of the company. The growth is due mainly to the profit from the operations with financial assets and instruments, which have grown 2.75 times from BGN 484 000 to BGN 1.332 million. The incomes from the sales of fixed assets have declined threefold, reaching BGN 298 000.

The shares of Bulvesta Holding JSC will be traded at the stock exchange, after Financial Supervision Commission imposed on the company the first compulsory measure to register securities on the regulated market. The holding’s management has undertaken the necessary factual and legal measures for registration of the issue and currently the exchange’s Board of Directors should make a decision about the listing. I expect the first quote to be in the middle of April, Mr. Victor Serov, Executive Director of the company, announced.

Chief Executive Director of Enemona Mr. Dichko Prokopiev headed the regional representation of Bulgarian Construction Association in Kozlodui. Enemona is one of the biggest construction companies in Northwestern Bulgaria, which takes part in several projects on the territory of the nuclear station.

Bulgarian companies have a chance to be assigned orders for restoration of the Iraqi town Ramadi, the Governor of Al Anbar region – sheikh Mahmud Dulaimei, said. Local companiesmay take part in the rehabilitation of roads, in the construction of power stations, hospitals, schools and helicopter platforms. Drug, clothes and shoes suppliers are also in demand. A duty free zone will be constructed between Syria and Jordan. Within two months, a business delegation of Bulgarian companies will visit Iraq. 4 companies have expressed wish to take part in the rehabilitation of the town – Bulfire, Automotor Corporation, Welgraf, and Exa.

BIA will discuss early April with Irish business representatives the possibilities for cooperation. The Irish partners are preparing business meetingя in Dublin in the end of April for practical discussions. Please visit the www.bia-bg.com for detailed Irish interest. For supplementary information, questions and proposals please use BIA address ierc@bia-bg.com.

On April 14 - 15, in Sofia is giong to take place the "Bulgaria Investment Forum - Projects and Financing"

Europe

KLM has set a date for an extraordinary meeting at which shareholders of the Dutch flag carrier are expected to approve the merger with Air France to create the world's largest airline. The meeting, which will be held in the Dutch town of Amstelveen on April 19, will discuss the terms of the offer for the merger with Air France before taking a vote.  In September, the French airline offered 11 Air France shares for every 10 KLM shares, valuing the Dutch carrier at about EUR 750m (USD 907m).  The deal has already been approved by competition authorities at the European Commission and the US Justice Department.  The merger, if agreed, would create the world's largest airline by revenue and the third largest by traffic volume. The combined airline would have an annual turnover of ?19.2bn and a workforce of 106,000. It would fly to 226 destinations and have a fleet of 540 aircraft.  The deal would be the first merger between two European flag carriers, which have been devasted by the attacks on New York and Washington three years ago and by competition from low-cost carriers.  The Dutch airline said it would circulate an offer and listing document detailing the terms of the Air France offer by March 31 at the latest.

USA

EchoStar, the second-largest satellite-TV company in the US, has paid compensation to more than 9m subscribers after its dispute with Viacom, the country's largest media group, led to channels such as CBS, MTV and Comedy Central being taken off the air. The pay-TV group, which temporarily suspended broadcasting Viacom channels after a dispute over carriage fees, has offered credits of USD 1-USD 2 per subscriber. Charlie Ergen, chairman and chief executive, said in its annual report: "These credits will have the effect of reducing operating margins and free cashflow during the first quarter of 2004." The dispute was resolved after CBS channels were kept off the EchoStar platform for 48 hours. The impact is not expected to weigh on full-year results. Mr Ergen said the group would not be making any forecast or earnings guidance for 2004. He was speaking after EchoStar reported its delayed fourth-quarter and full-year results for 2003, which were postponed from earlier in the month after the Securities and Exchange Commission asked the company to restate the previous year's figures. For the fourth quarter of last year, the company reported net income of USD 3m, reversing a net loss of USD 716m in the same period of 2002. Full-year net income was USD 225m, compared with losses of USD 852m in the previous year, when earnings were undermined by a USD 689.8m termination payment to General Motors following EchoStar's failed attempt to buy Hughes Electronics, GM's satellite and communications arm. Sales rose 12 per cent to USD 1.51bn for the last quarter and from USD 4.8bn to USD 5.7bn for the year as a whole.

Alexandrovo tomb

Alexandrovo tomb is one of the most recently found Thracian monuments of major significance. It  was discovered by accident at the bottom of a 4 - meter deep ditch dug by an earth-moving machine The main object here are the mounds near the Haskovo-region village of Alexandrovo, which gave the name of the tomb. The tomb in the main mound, which was researched by Ass.Prof. Georgi Kitov in 2000, had been built from well –processed stone elements and is well preserved. Wall paintings of the tomb have not parallels to such monuments on the Balkan Peninsula. Some kind of similarity the specialists discovered in the Thracian tombs of Sveshtari (Nord-Eastern Bulgaria) and Kazanlak (South Bulgaria) – all from IV c. BC. Frescoes, dated 2500 years ago, were found in all three parts of the tomb. However, they are little bit more primitive, which indicates that this tomb is older. Greek art usually shows mythological themes, but these are entirely absent here. The images have little in common with the Greek art of painting, which means that they were the work of local Thracian masters. The men wear light yellow -brown tunics with one white stripe down each side. Modern graffiti were found inside the monument, which proves local people’s belief, that some 40 years ago it had been plundered by treasure hunters.