Business Industry Capital
Bulgaria
|
| | |
|
BNB Exchange Rates
(17.04.2019) |
|
EUR |
|
1.95583 |
|
GBP |
|
2.26395 |
USD |
|
1.73006 |
CHF |
|
1.72002 |
EUR/USD |
|
1.1305* |
ECB exchange rate |
Basic Interest Rate |
|
as of 01.04 |
|
0 % |
|
|
|
|
Financial news |
|
The Bulgarian households are spend 5 772 BGN average per capita in 2018 or by 10.6% more compared to 2017. Household expenditure increase 1.7 times during the 2009 - 2018 period, according to the National Statistical Institute. The relative share of consumer expenditure within the total household expenditure decreases from 85.7% in 2009 to 81.3% in 2018. The relative share of expenditure on housing decreases by 1.4 pp in 2018 compared to 2017 and decreases by 0.6 pp compared to 2009. The share of expenditure on taxes and social insurance contributions within the total household expenditure is 12.8% in 2018 or by 0.3 pp more than 2017 and by 5.9 pp more than 2009. The share of expenditure on transport and communication varies around 11% during the 2009 - 2018 period. The purchasing power of households increases for almost kinds of food in 2018 except white bread, cucumbers, peppers, apples, grapes, butter. Biggest increase of the purchasing power of potatoes, rice, dry beans, milk, pork, poultry meal and sugar is observed in comparison to 2017.
Bulgaria ranks seventh in the European Union by annual growth in construction output in February, according to a news release from the European Statistics Office Eurostat. The numbers show an increase of 9.2% compared to the same month a year earlier. Building construction in Bulgaria is showing its strongest growth on an annual basis in February 2008, according to the National Statistical Institute (NSI). Construction of buildings has increased by 13.3% in the second month of 2019 and is a major factor for the increase of the production output by 9.2% in February, according to the data of the National Statistical Institute. Civil and engineering construction also recorded an annual growth of 3.5 per cent. Thus, the total annual growth of the construction output in Bulgaria in February is the largest since 2015. On a monthly basis, the output in the Construction sector in Bulgaria increased by 1.5%. Source: Banker
|
Companies |
|
Norway's LINK Mobility Group is seeking approval from Bulgaria's competition authority to acquire five telecommunications subsidiaries of Sofia-based Allterco. The acquisition concerns Allterco's units in Bulgaria - Teravoice, Tera Communications and Allterpay, as well as its Romania-based subsidiary Teracomm RO and Macedonia-based Tera Communications DOOEL. Interested parties can submit their positions regarding the deal to the regulator by April 23. In December 2018, Allterco received approval from its shareholders to sell its five subsidiaries to LINK Mobility Group for at least EUR 7.9 million. The indicative price of the transaction equals the combined annual adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) of the five companies multiplied by 5.5. The final price will be calculated on a cash free/debt free basis. One-third of the price will be paid upon the signing of the final agreement, while a further one third will be paid as seller’s credit with quarterly payable 4.75% interest per annum and a maturity date 3 years after closing. The remaining one third will be paid in LINK Mobility Group shares, valued at the share price at close of trading on the Oslo Stock Exchange on the last trading day preceding the signing of the term sheet, which was 139.80 Norwegian crowns per LINK share.
Bulgaria's Prista Invest 2016 has acquired 100% of local motor and industrial oils maker Prista Oil Holding for EUR 33.6 million from Dutch-registered Prista Oil Group. The transfer of the shares was entered into Bulgaria's commercial register on Monday. Prista Invest 2016 was established in 2016 with the purpose of acquiring a 30% stake in Prista Oil Group. Prista Invest 2016 acquired the 30% stake in Prista Oil Group from the European Bank for Reconstruction and Development (EBRD) and private equity fund ADM Capital through part of the proceeds of a EUR 50.34 million loan from Sofia-based lender UniCredit Bulbank.
Unilever invested about EUR 350,000 in the new production line in Ice Factory Ltd. in Veliko Tarnovo, said Alexander Tsvetanov, Marketing Manager of Unilever Icecream Bulgaria. The technological solution comes after the multinational company bought the Bulgarian ice cream maker Denny in 2018. This is Unilever's second deal in Bulgaria - the first one for Darko in 2011. As a result, the ice cream business of the corporation is expanding and the new joint venture - Unilever Icecream Bulgaria becomes the largest ice cream maker in the country, more than ever as the former leader Froneri has closed its factory in Varna and will now import its products from Serbia. The new line is designed for Eskimo brand ice cream, which until now has been produced at the Darko base in Sofia. "This is the sixth production line in Ice Factory Ltd., it has a capacity of 6000 units per hour and will provide between 10 and 15 new jobs, producing four Eskimo flavours for Bulgaria and three - for the Romanian market," commented Alexander Tsvetanov. Source: Capital
Two production buildings and a warehouse built by the German company Leoni are already finished and functioning in Pleven. A third, same production building will open in May, and in September the company is expected to complete the administrative building of the project. More than 300 workers have already been recruited. Since the beginning of this year, the plant has been running a test, and the reviews after two visits from its main Mercedes customer about quality are very good. The company announced that in October 2020, the entire production of Leoni in Pleven will start. The intentions are to reach its full capacity in 2023, or 7,000 cable sets per day - 3500 for engines and even more for couples. Leoni employs more than 90,000 workers in its businesses in 33 countries. Source: Banker
Bulgarian medical equipment manufacturer BTL Industries said that its revenue rose to BGN 151.4 million in 2018 from BGN 101.8 million in 2017, and announced that it expects to book a similar increase in 2019. The company grew the number of its employees to over 300, from 209 in 2017. The rise in revenue is a result of the company's serious investment in developing its production capabilities and human capital. The company launched a new product - Emsculpt, last year, with over 90% of its sales registered on the US market. BTL Industries did not provide figures for its bottom line for 2018. According to the company's previous annual financial statement, BTL Industries ended 2017 with a net profit of BGN 9.75 million. BTL Industries produces over 20,000 pieces of equipment per year in three main categories - cardiology, physiotherapy and aesthetics. It exports its output to over 120 countries worldwide. BTL Industries has a production base in Plovdiv.
|
Bulgarian Industrial Association
|
World
|
| |
|
Europe |
|
Sentiment about the outlook for German business improved more than expected in April but "remains greatly subdued", according to the latest survey from the ZEW Center for European Economic Research in Mannheim. The headline ZEW investor expectations index rose to 3.1 this month from -3.6 in March, coming in above consensus expectations for a reading of 0.5 and in positive territory for the first time since March last year. However, the current situation index fell to 5.5 in April from 11.1 the month before, missing expectations for a reading of 8.0 and recording its seventh straight decline. ZEW President Achim Wambach said: "The slight improvement recorded by the ZEW indicator of economic sentiment is largely based on the hope that the global economic environment will develop less poorly than previously assumed.
|
America |
|
For more than two years, Apple and Qualcomm have been locked in a legal battle with billions of dollars at stake. On Monday, the long-term partners are once again heading to court. Apple has alleged Qualcomm, which made crucial chips for the iPhone, charged an unfair amount to license its patents. Qualcomm could be on the hook for as much as $27 billion in damages for charging Apple and its suppliers too much for licensing its patents that allow smartphones to place calls and connect to the internet. Meanwhile, Qualcomm is seeking over $7 billion in unpaid royalties, in addition to other damages totaling billions of dollars. The partnership provided a major source of revenue for Qualcomm, which earned money for every iPhone sold. But the relationship soured in recent years following a series of back-and-forth lawsuits. Apple CEO Tim Cook is expected to give testimony during the latest trial, which could last between four and six weeks in San Diego.
|
Asia |
|
India cut its trade deficit with China by the most in more than a decade, mainly because of a sizeable increase in exports by India who won market access last year for sugar, rice, pharma, and a range of products exported to China. India deserves applause for its efforts to reduce the trade deficit. Although China's surplus with India tumbled, Beijing is unlikely to slow down the pace of granting more market access to Indian farmers and companies. India's export potentials in fields such as agriculture, film, tourism and labor-intensive industries are still far from being fully realized. China adopts an open attitude toward the potential of market access negotiations with India's upcoming new government. Some Indian people question the authenticity of India's import figures reported by Bloomberg, saying China may use Hong Kong to camouflage the real size of the mainland's sales to India. However, there isn't much doubt about the sharp increase in India's exports to China. The export figures suggested free trade is good for India. No matter who wins the election, India's upcoming new government should give priority to push forward free trade with countries, especially China, to further open its market to Chinese companies by the same magnitude, and establish a Regional Comprehensive Economic Partnership (RCEP) with Beijing.
|
|
Indexes of Stock Exchanges 16.04.2019 |
Dow Jones Industrial |
26 452.66 |
(67.89) |
Nasdaq Composite |
8 000.22 |
(24.21) |
Commodity exchanges 16.04.2019 |
|
Commodity |
Price |
|
Light crude ($US/bbl.) | 64.45 |
Heating oil ($US/gal.) | 2.0800 |
Natural gas ($US/mmbtu) | 2.5800 |
Unleaded gas ($US/gal.) | 2.0400 |
Gold ($US/Troy Oz.) | 1 279.60 |
Silver ($US/Troy Oz.) | 14.98 |
Platinum ($US/Troy Oz.) | 885.00 |
Hogs (cents/lb.) | 97.12 |
Live cattle (cents/lb.) | 122.45 |
|
|
|
Bulgarian Church St. Georgi in Edirne |
|
The church St. Holy Martyr Georgi is located in the northeastern part of Edirne (Turkey) in the Kaiak district. Once this region was inhabited mainly by Bulgarians. The foundations of the church was laid on April 23, 1880, and the church was completed the same year. The construction of the Bulgarian church was officially permitted by sultan Hamid the Second. The Bulgarian sacred place is a three-apse pseudo-basilica, typical for the late Bulgarian National Revival. Initially the divine service was performed in Greek, but because of the negative reaction of the Bulgarians, the priests started serve in Bulgarian. In the recent 20-30 years the church was maintained voluntary by one of the few ancestral Bulgarians in Edirne – Philip Chakarak. His son Alexander graduated at the Sofia Theology School, and in 2001 was ordained was a priest and in 2003 he was officially admitted to serve in Edirne. In 2001 a project was elaborated under the Programme for protection of the immovable cultural inheritance for the period 2002-2003. The repair works started on October 1, 2003 and were completed on April 30, 2004. The iconostasis, the pulpit, the throne and a part of the icons were restored. The renovated temple was officially opened on May 9, 2004 in the presence of a number of Bulgarian and Turkish officials. Recently the street, where the church rises, was renamed to Church St. Georgi Street.
|
|
Archive Business Industry Capital |