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Business Industry Capital
BIC Capital Market Ltd. 
ISSN 1311-364X
Tuesday, 19 March 2024, Issue 6154
  Bulgaria   Bulgarian Industrial Association   World   Discover Bulgaria

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(19.03.2024)
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Accounting, book-keeping and auditing activities; tax consultancy
BEIS rating
Top 10 companies by
Total income
for 2022
(thous. BGN)
  
  1   Ernst & Young Bulgaria SPLTD - Sofia   31 135  
  2   Deloitte Bulgaria SPLTD - Sofia   27 745  
  3   PricewaterhouseCoopers Bulgaria SPLTD - Sofia   21 397  
  4   PricewaterhouseCoopers Audit LTD - Sofia   20 278  
  5   Ernst & Young Audit LTD - Sofia   15 029  
  6   Deloitte Audit LTD - Sofia   14 687  
  7   Grant thornton LTD - Sofia   11 378  
  8   S B Co SPJSC - Sofia   10 114  
  9   KPMG Audit LTD - Sofia   8 571  
  10   Tax Back International-Varna SPLTD - Varna   8 469  
Make your own Bulgarian companies rating in BEIS


Society and Business
 25 Leading Product Groups of Bulgarian Exports (2019-2023)
'26.02.2024'
 Bulgaria Gradually Disappearing from the International Wine Market
'14.02.2024'
 Trade in goods and services of Bulgaria and the EU27 in recent decades
'24.01.2024'
 Bulgaria's foreign trade profile in metals trade
'12.12.2023'
 Bulgaria has become a net importer of basic beverages as well
'01.12.2023'
 Bulgaria is persistently and alarmingly self-INsufficient in basic foods
'10.11.2023'
 The Ministry of Finance has imposed a new administrative burden on business
'03.08.2023'
 Today we present to you no. No. 6000 of "Business Industry Capitals" - just a good start!
'02.08.2023'
 Who would win if the state obliges employers to pay wages by bank transfer?
'11.07.2023'
 The hardware market in Bulgaria 2023q1: for the second year below GDP growth. Which products increased turnover, which sank?
'28.06.2023'

Financial news

The slowdown in the pace of consumer prices in the EU, the eurozone and Bulgaria continues in February, according to the latest data of the European statistical agency Eurostat. In February, inflation in the Eurozone decreased to 2.6%, compared to 2.8% in January. A year ago, the rate was 8.5%. Annual EU inflation eases to 2.8% in February 2024, down from 3.1% in January. While a year ago it was 9.9%. In Bulgaria, the annual inflation in February also decreased to 3.5%, after it was at the level of 3.9% in January. The lowest annual rates were recorded in Latvia, Denmark (both 0.6%) and Italy (0.8%). The highest annual rate was reported in Romania (7.1%), Croatia (4.8%) and Estonia (4.4%). Compared to January, annual inflation decreased in 12 Member States, remained stable in five and increased in two. In February, the highest contribution to annual euro area inflation came from services (+1.73 pp), followed by food, alcohol and tobacco (+0.79 pp), non-energy industrial goods (+0, 42 pp) and energy (-0.36 pp).

Source: actualno.com

Almost one million industrial jobs have been lost in the EU over the past four years, according to new research by the European Trade Union Institute, released by the European Trade Union Confederation. Manufacturing employment has fallen by 853,000 since the third quarter of 2019. The largest number of jobs were lost in Poland (-278,000), Romania (-144,000) and Germany (-129,000). Losses in Croatia and Slovenia account for 14% of the total manufacturing workforce, putting them ahead of Bulgaria (13%) and the Czech Republic (11%) in terms of loss rates. According to the analysis, 79,100 manufacturing jobs were lost in Bulgaria in 4 years. The cuts, caused mainly by the lack of special support for EU industry, followed a decade of relative stability in industrial employment. The transition to a sustainable economy is an opportunity to change the situation, but the EU needs an industrial policy that protects and creates quality jobs, EKP points out.

Source: Company information

Companies

The Ministry of Innovation and Growth awarded three "class A" certificates for investment projects to "Solar Panel" Ltd., "Imelius" Ltd. and "Bianchi" Ltd. The total amount of investments in Sofia and Omurgag is BGN 17,744,000. The certificate of the company "Solar Panel" is issued for the project "Construction of an enterprise for the production of solar modules" in the town of Omurgat, Targovishte Region. The amount of the company's investment is BGN 7,350,000 and 45 new jobs are expected to be created. For the new solar panel plant, upgraded machinery and equipment required for the production process will be purchased. It will have a capacity of 200 mW per year. The enterprise will have a warehouse for raw materials, a production workshop, a warehouse for finished products and an administrative part. The certificate of the company "Imelius" is issued for the project "Logistics center and auxiliary and office buildings". The amount of the investment is BGN 6,894,000. It is planned to build a new base for warehousing and storage of goods in the village of Gurmazovo, Bozhurishte Industrial Zone. Investors plan to purchase specialized machinery and new equipment. The certificate of the company "Bianchi" is issued for the project "Construction of a logistics center". The company is investing BGN 3,500,000 for modernized warehouse buildings located in the "Sofia-West Industrial Park", an area for unloading and loading goods, as well as an open parking lot.

Source: Company information

The "Fantastico" trade chain is building a new logistics base in the city of Elin Pelin, right next to the already existing company warehouse spaces. The investment in the facility, which will be opened in May, is BGN 36 million. With its opening, the company will create about 70 new jobs. The logistics base is for goods requiring temperature storage and extends over an area of over 36,000 square meters. The newly built part of the "Fantastico" logistics hub will have 27 hydraulic ramps, and the daily quantities of goods processed will increase by between 150 and 200 tons per day. The logistics base of "Fantastico" will also have a photovoltaic installation with a capacity of 980 kWp. As in the retail outlets of the chain, waste will be collected separately here. The building is managed with a Building Management System, which controls the functioning of all systems and analyzes the consumption of electrical energy. The main contractor of the project is the construction company "Barrage Group". A total of 255 people were involved in the construction of the site, including subcontractor teams.

Source: Capital

A private bailiff is selling an enterprise for processing vegetables, producing lutenitsa, ketchup and other tomato sauces in the village of Belashtitsa (near Plovdiv) for nearly BGN 4.1 million, with an area of 3,079 sq. m., of which 1,341.84 sq. m. m. are for the two-story building. The equipment includes production: elevator /2 pcs./; refrigerator /3 pcs./; technological table; a machine for checking the vacuum after capping; monitoring system for control and management, freon. 3 /three/ number of refrigeration circuits, including, compensatory valve with heater, wall polyurethane foam three-layer panels, ceiling polyurethane foam three-layer panels, a line for obtaining vegetable concentrates, with all the necessary machines and equipment, including those for grinding, vacuuming of vegetables and production of ketchup, lutenitsa and sauces, as well as a line for filling, closing and sterilization. The company is owned by Zhana Gencheva. and a number of encumbrances have been imposed on it to the Bulgarian-American Credit Bank for BGN 3,028,699, such as a mortgage with the corresponding interest, fees and expenses, as well as outstanding liabilities to the National Revenue Agency. The factory started construction in 2015, with the target being a maximum of 675 tons/year of tomato and pepper concentrate and 2,500 tons of lutenica, ketchup and other sauces. More than BGN 8 million of European funds have been invested in it after winning a project from the Program for the Development of Rural Areas. However, the business died down and even the building was not finished, so production never started. In 2022, the lutenitsa enterprise was put up for sale again, and the amount then was BGN 4.6 million. plovdiv24.bg

Fintech Paysera Bulgaria ("Paysera Bulgaria") will soon increase its capital through an initial public offering (IPO) on the Bulgarian Stock Exchange. The company will seek up to BGN 2 million from investors on the BEAM Growth Market. The funds raised will be used to strengthen the company's capital in view of its plans to apply for and receive an electronic money company license from the BNB. This was announced by Filip Mutafis, Executive Director of Paysera Bulgaria and member of the Board of Directors of the Bulgarian Fintech Association. Paysera Bulgaria is a company in the field of payment services that enables its customers to send and receive money in different currencies around the world through an IBAN account. The company also offers payment solutions for online stores, commercial establishments, restaurants, bars, etc. The company intends to invest in the creation of a subsidiary for crowdfunding (shared financing) in the field of real estate. The initial plans of Paysera Bulgaria were to issue up to 163,000 new shares with a nominal value of BGN 1 and an issue value of BGN 12.20 per share. The exact parameters of the public offering will become clear after the approval of the documents by the Bulgarian Stock Exchange. The consolidated financial report of Paysera Bulgaria for 2022 shows that the company achieves BGN 1 million in annual revenues, with annual growth of 15%. In 2021, the company founded its subsidiary - Paysera Romania. According to the latest data from the commercial register, the majority shareholder in Paysera Bulgaria is Filip Mutafis (with 50.20% of the capital), and Martin Bogdanov and Georgi Sechkov each have 13.72%.

Source: Bloomberg

"Bulgaria Heli Med Service" EAD received a certificate for an aviation operator to carry out operations for emergency medical assistance by air - HEMS, announced the Minister of Transport and Communications, Georgi Gvozdeikov. "Bulgaria Heli Med Service" has already taken steps to build its own pilot training organization and expects that by the fall the company will acquire two training helicopters and start recruiting young people who want to engage in this activity. Pilots for the second helicopter are currently being trained in Italy. Hard work is also being done on the preparation of the second operational base, which will be on the territory of Burshen Airport, Sliven. The second helicopter, which is expected to arrive in June and will serve the eastern part of Bulgaria, will be positioned there. The third helicopter will arrive in mid-December at the base in Dolna Mitropolia and is scheduled to serve Northern Bulgaria.

Source: Banker



       Bulgarian Industrial Association




       World

Europe

Over the past year and a half, the rate of increase in companies in Germany that have declared bankruptcy has been in double digits, and there is every reason to believe that there will be more and more bankrupt companies in the country, according to the publication of the German publication NIUS. In 2023, the number of bankruptcies of German companies increased by 22.1% - to 17,814 cases. At the same time, 38% more major bankruptcies were registered compared to a year earlier, and today there are all signs that this is only the beginning of a long wave of bankruptcies, the authors of the material emphasize. In the first two months of 2024, regular bankruptcies continued to rise by more than 20 percent over the previous year. From the end of 2022, Germany is in a state of economic crisis. That same year, energy prices and interest rates in the country also increased significantly. From August 2022, the number of company bankruptcies in Germany increased by a double-digit percentage compared to the previous year According to the guidance of the Federal Statistical Office, there is no period comparable to the current trend: there has never been such a rapid and sustained increase in bankruptcy as now , the publication stated. During the Covid period, politicians took extraordinary measures. They suspended the obligation to declare bankruptcy. This, along with massive government support for citizens and companies, led to a sharp drop in the number of insolvencies by mid-2022. Low interest rates also helped companies avoid bankruptcy. But precisely these measures have their drawbacks. Germany has experienced the highest inflation in decades and interest rates have risen rapidly since mid-2022. Energy prices have also risen significantly in 2022. In addition, Germany has been in economic crisis since the end of 2022. The construction industry and temporary agencies work are particularly prominent in the bankruptcy sector, which bodes ill for the economy, as both sectors are seen as indicators of processes that will then spread to other industries, the authors conclude.
Source: money.bg

America

Chile's economy expanded weaker than expected in the final quarter of 2023, reflecting high interest rates and uneven consumer demand, Bloomberg reports. The country's gross domestic product (GDP) rose 0.1 percent in the October-December period from the previous three months, lagging behind the median estimate of 0.2 percent growth among analysts polled by Bloomberg. Compared to the same quarter in 2022, Chile's economy expanded by 0.4%, the country's central bank said in a statement. Signs such as rising energy consumption and rising retail sales suggest the economy may be recovering. Analysts polled by Bloomberg expect Chile's GDP to grow faster than the Latin American average in 2024. Growth prospects are getting a boost from interest rate cuts after the central bank cut 400 basis points since late July last year. Annual inflation is expected to slow to the 3% target in the coming months. Chile's government is more optimistic than many private sector economists, expecting GDP to grow by 2.5% in 2024. A recovery in growth will help improve the business environment as the government attracts foreign investment in the mining sector. lithium, said Economy Minister Nicolas Grau. Still, authorities have made little progress on key reforms, fueling investor doubts about possible changes to taxes and pensions. Unemployment in Chile is at 8.4%, well above pre-pandemic levels of nearly 7%.

Source: investor.bg

Asia

India, already the world's fifth largest economy, is attracting more and more foreign companies and investors who are trying to reduce their dependence on China in the context of economic and geopolitical problems, reports AFP. Chinese authorities admit there are "hidden economic risks" in certain sectors, as foreign investment in them fell 82 percent last year to $33 billion. India also reported a decline in foreign investment, but it was far less, and the volume exceeded that received from China. Faced with diplomatic and trade tensions between Washington and Beijing, and after the problems created by severe restrictions during the pandemic in China, several major players in the technology sector decided to take advantage of an Indian government subsidy program for new factories and began to diversify production si, writes BTA. American Apple, whose presence in India before 2021 was negligible, now plans to manufacture at least a quarter of its iPhones in the country. According to JPMorgan analysts, this goal will be achieved next year. One of Apple's main suppliers, Taiwan's Foxconn, has also invested heavily in India. In 2023, for example, the company bought a huge piece of land in the south of the country. According to its president, Yun Liu, Foxconn has the potential to invest "several billion dollars" in India. Samsung, Google, HP and Dell are also showing interest in investing in India. India offers some of the best growth opportunities in the Asia-Pacific region and in terms of financial markets, according to investment bank Goldman Sachs. Mumbai's stock market capitalization at the end of January overtook Hong Kong to rank fourth in the world behind Shanghai/Shenzhen and Tokyo, according to Bloomberg data. And Morgan Stanley predicts that by 2030 it could rise to third place. "There is a flight to safe and quality assets by investors leaving China and looking for other markets with attractive returns," said Aninda Mitra, Asia strategist at US bank BNY Mellon. In his view, however, in the long run, Indian growth deserves attention in its own right, not simply as a mirror of what is happening in China. And while China's economy teeters between a real estate crisis and weak consumption, India's gross domestic product (GDP) tripled between 2006 and 2021, and the Indian government predicts more than 7 percent annual growth over the next two years. Prime Minister Narendra Modi aims to make the country the world's third-largest economy during the new term he will contest in May. The share of Indian assets in the portfolios of "Morgan Stanley" among investments in emerging markets already exceeded the share of Chinese in 2022.
Source: actualno.com

 
Indexes of Stock Exchanges
18.03.2024
Dow Jones Industrial
38 786.00 (80.00)
Nasdaq Composite
16 103.50 (130.27)
Commodity exchanges
18.03.2024
  Commodity Price  
Light crude ($US/bbl.)81.00
Heating oil ($US/gal.)2.7249
Natural gas ($US/mmbtu)1.6650
Unleaded gas ($US/gal.)2.7249
Gold ($US/Troy Oz.)2 159.40
Silver ($US/Troy Oz.)25.41
Platinum ($US/Troy Oz.)942.40
Hogs (cents/lb.)86.93
Live cattle (cents/lb.)188.57

       Discover Bulgaria

Ivan Vazov’s House-Museum in Berkovitsa

The town of Berkovitsa is situated in Northwestern Bulgaria, Montana district, near the town of Varshets. Berkovitsa in the nearest town to the Kom peak in the Balkan Mountains. From March 1879 until September 1880 the young poet Ivan Vazov was chairman of the Berkovitsa District Court. The patriarch of the Bulgarian literature described Berkovitsa as a town, situated in the magnificent outskirts of Kom, with plentiful vegetation, shadows and healthy Balkan air. A case from his juridical practice in Berkovitsa inspired him to write the poem Gramada. Today the house of Ivan Vazov in Berkovitsa is an architectural-construction monument of national importance. It was constructed at the beginning of 19th century. It is placed in the central part of the town. The house where the poet lived has a typically National Revival internal and external design. The beautiful woodcarving of the ceilings was made by Bulgarian masters and the fireplace is yet authentic. The house-museum of Ivan Vazov was opened in 1957. After a general repair the new museum’s exhibition was opened on 15 February 1980. It represents Ivan Vazov’s entire live but particularly his Berkovitsa-spent period.

Location



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