Business Industry Capital
Bulgaria
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BNB Exchange Rates
(23.01.2023) |
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EUR |
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1.95583 |
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GBP |
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2.23268 |
USD |
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1.80660 |
CHF |
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1.96329 |
EUR/USD |
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1.0826* |
ECB exchange rate |
Basic Interest Rate |
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as of 01.01 |
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1.42% |
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Financial news |
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In 2022, in the National Revenue Agency (NRA), bonuses in the amount of BGN 35 million were again distributed to the employees. For comparison, the bonuses for 2021 totaled BGN 32 million. Last year, the agency's cars increased by 24 to 243, and their mileage increased to 6,421,276 kilometers, which is 4 times more compared to 2021. More than half of the amount of bonuses for last year - BGN 12.6 million , has gone to the central office of the NRA, which employs only 1,873 of the total 7,895 employees of the revenue department. Last year, NRA inspectors discovered additional VAT liabilities of over BGN 131 million, plus over BGN 38 million in corporate tax, the NRA said. However, it is not clear how much of the established obligations have been collected and what actually went into the budget. Source: Sega
The Ministry of Innovation and Growth (MIR) will finance Bulgarian companies with funds from BGN 50,000 to BGN 500,000 under an innovation development procedure. The measure will be open for applications in March, with a total value of BGN 128 million. It will be the first for 2023 under the new Competitiveness and Innovation in Enterprises Program 2021-2027 (PCIP) with a total budget of BGN 3 billion BGN The measure is aimed at micro, small, medium and large enterprises. Large enterprises, including those with up to 3,000 employees, are eligible for support only in cooperation with small and medium-sized enterprises. It is expected that the procedure will be announced for public discussion in February, will start in March, and the application for it will continue until September. The maximum aid intensity (i.e. the share of the project amount that will be paid) is from 25% to 60% depending on the category of the enterprise, the place of implementation of the project, etc. Projects must be aimed at developing a product innovation or a business process innovation that relates to the production of goods and the provision of services. Source: economy.bg
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Companies |
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The founders of the IT company SiteGround Ivo Tsenov and Tenko Nikolov bought in a package 210 decares around the Ring Road of Sofia - 183 decares at the Pancharevo junction and 27 decares in Kambanite - "Mladost 4", the former residence of Todor Zhivkov in Sandanski and its adjacent land of 423 decares. The sellers are various companies of the Omani sovereign fund (Oman Investment Authority), known in Bulgaria mainly for its minority stake in CTB and the Super Borovets project. The deals are from July 2022 and have a total value of about BGN 67 million. Tsenov and Nikolov, who own probably the largest Bulgarian IT company, refrain from talking about their investment plans for now. From the plan for their foundation announced in June, at least the grounds in Sofia are probably for their future projects in the field of education, health and sports in Bulgaria, committing to invest BGN 100 million in these causes. They plan to create a medical center, a school and a sports complex within five years. Ivo Tsenov and Tenko Nikolov are one of the most famous figures in the Bulgarian IT ecosystem, investors in start-up companies and funds, as well as donors to social causes. The company is one of the largest independent hosting providers in the world and continues to grow its global business. It currently supports over 2.8 million domains and servers in several data centers in Europe, Asia, America and Australia. In Bulgaria, the group has centers in Sofia, Plovdiv and Stara Zagora with over 540 specialists - developers, IT experts, marketing experts, etc. There is also an office in Madrid. The revenues of the Bulgarian company "Siteground Hosting" are growing, reaching BGN 220 million in 2021 with a profit of BGN 130 million. The company is owned by the Cypriot SiteGround Capital. The two are investors in dozens of Bulgarian and global companies, as well as in land and properties in five European countries. They create a special company "Smart Property Fund" JSC for their property investments in Bulgaria. Its capital of BGN 28 million. Source: Capital
Euro Games Technology (EGT) is a Bulgarian company that is in the Top 5 in the world in the international market for gaming casino equipment, with 28 offices and a presence in over 100 markets worldwide. Euro Games Technology was founded in 2002 in Sofia and specializes in the development, production and distribution of hardware and software solutions for the gaming industry. – from slot machines, accessories and game mixes to casino management systems, including technical support. In the last few years, Euro Games Technology has been intensively developing its subsidiary company EGT Digital, which offers innovative products in the field of online gaming. Thus, it manages to respond to modern trends towards digitalization of business and to be one of the preferred providers of online gaming content. Source: economic.bg
One of the largest Greek companies for the production of chocolate and ice cream products, "Intepion" JSC plans to move its entire production to Bulgaria. The company produces products under the trade map "NuCrema", and at the moment there are plans for new investments in the development in the Industrial zone - Kotinbpod.
"Pokrovnik Bridge" association, in which "Groma Hold" and "Putproekt" participate, will build the bridge near the village of Pokrovnik, Blagoevgradsko, for BGN 7.2 million without VAT. This was announced by the Road Infrastructure Agency (API). The company was selected last year through public procurement. The funds are provided by the budget of API. The facility must be ready within 300 days from the issuance of the building permit, and a partial building permit will be issued within 40 days at the latest. Source: mediapool.bg
"Bulgartransgaz" signed a contract for the construction of above-ground facilities on the territory of the underground gas storage in Chiren with the consortium that won the contract for the construction of a new compressor and measuring station in the Chiren gas plant - Tech Energy Expansion. The contract is worth BGN 297.777 million and the construction of this part of the project extension is expected to be completed within two years. This commitment was undertaken by the executive director of "Glavbolgarstroy" Kalin Peshov, who leads one of the leading companies in the association that won the public contract. The company that will supply the equipment for the compressor station - "Solar Turbines" (Solar Turbines) - also enters the consortium. The overall project for the expansion of the Chiren LNG includes the construction of the above-mentioned equipment, which was the subject of one of the three public procurements carried out to realize the intention to increase the storage capacity from 550 million cubic meters at the time of 1 billion cubic meters within the next two years or so. Source: Trud
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Bulgarian Industrial Association
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World
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Europe |
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The share of gross final energy consumption from renewable sources at EU level reached 21.8% in 2021. The EU's 2030 target of 32% is set by Directive 2018/2001 of 11 December 2018 to promote the use of energy from renewable sources. In 2021, the Commission published its proposal to amend the Renewable Energy Directive, aiming to increase this target to 40%, and the REPowerEU plan in 2022 further increased this target to 45%. With more than half of its energy from renewable sources in its gross final energy consumption, Sweden (62.6%, relying mostly on a combination of biomass, hydroelectric, wind, heat pumps and liquid biofuels) has the highest share among countries — EU members in 2021, ahead of Finland (43.1 %) and Latvia (42.1 %) (both using mainly biomass and hydro), Estonia (37.6 % relying mainly on biomass and wind) , Austria (36.4%, mainly hydro and biomass) and Denmark (34.7%, mainly biomass and wind). A total of 15 of the 27 EU Member States report shares below the EU average in 2021 (Belgium, Bulgaria, the Czech Republic, Germany, Ireland, Spain, France, Italy, Cyprus, Luxembourg, Hungary, Malta, the Netherlands, Poland and Slovakia). The lowest share of renewable energy sources was reported in Luxembourg (11.7%), Malta (12.2%), the Netherlands (12.3%), Ireland (12.5%) and Belgium (13.0%) . The reduced share of RES in Bulgaria's gross final consumption from 23.3% (2020) to 17% (2021) is striking. Moreover, in the past years we have witnessed a steady growth of this indicator, for the first time in 2021 this trend is reversed.
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America |
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Data from the international system for interbank information and payments SWIFT show that as of December 2022, the share of the euro in international payments was 36.34%, decreasing by 0.31 percentage points over the year. The euro lost ground for the second consecutive year, losing 0.36 percentage points during this period. The dollar is steadily gaining positions in international payments, showing an increase of 1.38 percentage points in the last year. For the last two years (2021 and 2022), the demand for dollars for international payments increased by 3.16 percentage points, to 41.89%. The five most popular currencies as of December last year (and, accordingly, the most used in international payments) include the British pound (third place), the Japanese yen (fourth place) and the Chinese yuan (fifth place). Moreover, their positions in the "ranking" have not changed compared to a year earlier. Last year, the share of the British currency decreased by 0.42 percentage points, of the Japanese currency - by 0.71 percentage points. However, the popularity of the Chinese yuan is up 0.27 percentage points, as of December 2022, from a year earlier.
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Asia |
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Asia's richest man Gautam Adani plans to sell shares in at least five companies between 2026 and 2028, hoping to help his conglomerate's debt ratio and broaden its investor base. "At least five units will be ready to go to market in the next three to five years," Jugeshinder Singh, Adani Group's chief financial officer, told Bloomberg in an interview. He pointed out that Adani New Industries Ltd., Adani Airport Holdings Ltd., Adani Road Transport Ltd., AdaniConnex Pvt Ltd. and the group's metals and mining divisions will become independent companies. Billionaire Adani has faced a barrage of criticism over his group's rapid growth from a traditional port operator to a sprawling conglomerate with assets including media, cement production and green energy, which some say have increased the debt and financial complexity of the group's operations. Analyst firm CreditSights warned of Adani Group's "excessive" leverage last year. the group's response was that leverage levels were "healthy". Source: investor.bg
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Indexes of Stock Exchanges 20.01.2023 |
Dow Jones Industrial |
33 375.49 |
(330.93) |
Nasdaq Composite |
11 140.40 |
(288.17) |
Commodity exchanges 20.01.2023 |
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Commodity |
Price |
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Light crude ($US/bbl.) | 81.40 |
Heating oil ($US/gal.) | 3.4660 |
Natural gas ($US/mmbtu) | 3.0280 |
Unleaded gas ($US/gal.) | 2.6400 |
Gold ($US/Troy Oz.) | 1 927.70 |
Silver ($US/Troy Oz.) | 24.06 |
Platinum ($US/Troy Oz.) | 1 051.90 |
Hogs (cents/lb.) | 78.18 |
Live cattle (cents/lb.) | 156.60 |
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Archive Business Industry Capital |