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Business Industry Capital
ISSN 1311-364X
Monday, 02 September 2019, Issue 5029
  Bulgaria   Bulgarian Industrial Association   World   Discover Bulgaria BIC Capital Market Ltd. 

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       Bulgaria
 
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BNB Exchange Rates
(02.09.2019)
  EUR   1.95583  
GBP   2.15959
USD   1.77223
CHF   1.79286
EUR/USD   1.1036*
ECB exchange rate
Basic Interest Rate
  as of 01.09   0 %  


Bulgarian Stock Exchange - 30.08.2019
  Total turnover (BGN): 3 384 008.75  
Traded companies: 40
Premium 272 167.48
Standard 2 653 109.33
REIT 169 245.59
Bonds 289 486.34
Biggest change
Toplivo JSC - Sofia 13.14 %
Industry Development Holding JSC - Sofia -11.50 %
BaSE - Shares: 815 882.50
BaSE - REIT: 1 720.00

Software consultancy and supply
BEIS rating
Top 10 companies by
Net sales
for 2017
(thous. BGN)
  
  1   Sirma Solutions JSC - Sofia   34 487  
  2   Musala Soft JSC - Sofia   26 472  
  3   Fadata SPLTD - Sofia   21 216  
  4   Nemetschek LTD - Sofia   15 407  
  5   Microsoft Bulgaria SPLTD - Sofia   12 738  
  6   Interconsult Bulgaria LTD - Sofia   11 581  
  7   SAP Bulgaria SPLTD - Sofia   11 473  
  8   SEEBURGER Informatik SPLTD - Sofia   10 942  
  9   Melon JSC - Sofia   9 586  
  10   I:FAO Bulgaria SPLTD - Sofia   7 962  
Make your own Bulgarian companies rating in BEIS

Certificated
Bulgarian companies

General meetings today
  Apotex Pharma JSC - Sofia
Auto Construction JSC - Sofia
BDZ Bulwagon JSC - Sofia
Bread production (Sf) JSC - Sofia
Bulgaria Capital Management JSC - Sofia
Bulintra JSC - Sofia
Finance Direct JSC - Sofia
IMGE SPJSC - Sofia
Kainaka JSC - Sofia
Mega Trans JSC - Varna
Piraeus Bank Bulgaria JSC - Sofia
Svinevadstvo Preslavetz JSC - Sofia
Vestitel BG JSC - Sofia
 
Forthcoming General Meetings



Financial news

Foreign direct investment (FDI) of business last year was worth EUR 25.454 billion at current prices, preliminary NSI data show. In 2018, the FDI in Industry was the highest - EUR 10.873 billion. Next in volume of foreign investments made is the Services sector (trade, repair of automobiles and motorcycles, transport, warehousing and post offices, hotels and restaurants) - EUR 6.43 billion. In the Construction sector, foreign direct investment last year amounted to EUR 457 million. The structure of FDI by economic activities shows an increase in the investments made in the Services sector, with their relative share increasing by 2 percentage points compared to 2017, while the relative share of investments in Industry decreases by 1.1 points. Expenditure on acquisition of tangible fixed assets (FTA) in all sectors of the economy in 2018 amounted to BGN 19.267 billion at current prices.

Source: investor.bg

Moody's Investors Service raised the outlook for Bulgaria's credit rating to positive from stable and affirmed the country's long-term foreign and local currency Baa2 rating. The positive change reflects a strong fiscal stance and favorable prospects for economic growth. Maintaining Baa2's credit rating recognizes the balance between positive fiscal and macroeconomic development and the declared readiness to join the euro area and the country's current challenges stemming from negative demographic trends and the presence of weaknesses in some policy areas. The Agency focuses on improving financial performance and pursuing consistent and prudent policies. In recent years, Bulgaria has been characterized by increasing budget surpluses, a steady decline in government debt, an improvement in creditworthiness, a significant fiscal reserve and a positive impact of pension reform on fiscal sustainability. Moody's expects the budget balance to remain in surplus (0.8% of GDP) in 2020, while government debt will continue to decline and reach 19% of GDP. According to Moody's, the stable prospects for growth in Bulgaria are conditioned by the continued integration into the EU and increased competitiveness.

Source: Novinite.com

 
Concessions

Canada's Dundee Precious Metals (DPM) has received the final operating permits for its Krumovgrad open-pit gold mine, located at the Ada Tepe property in southern part of Bulgaria. The permits were received on August 12, before the official opening of the mine held on August 23. DPM is still maintaining its 2019 second quarter report prediction for an average of between 45,000 and 60,000 ounces of gold contained in concentrate this year. The Krumovgrad gold mine is expected to reach its full capacity during the third quarter of 2019. In June DPM achieved first commercial gold production from its Krumovgrad mine by exceeding an average of 60% of design throughput capacity and recovery over a period of 30 consecutive days. During the 30-day period, the plant demonstrated it can achieve close to 100% of throughput design capacity. At the end of May, when 99.9% of the mine's construction was completed, the capital cost amounted to USD 152 million. The total forecast capital cost is USD 164-166 million, down from the original estimate of USD 178 million. DPM received the main construction permit for the project in August 2016 and commenced earthworks later that year. DPM also operates the Chelopech gold and copper mine in central Bulgaria.

Source: SeeNews

Companies

Chinese electric bus manufacturer Alfa Bus is studying the Bulgarian market in relation to its interest to build a plant for assembly of electric buses and production of batteries for them in the EU member state, Bulgaria's economy ministry said. Alfa Bus, which is the only Chinese electric bus manufacturer awarded an EU certificate for all of their components, aims to find a niche market in Bulgaria as well as in other member states of the EU. The two parties discussed in detail the opportunities for cooperation, potential investment and institutional support from the Bulgarian state. Jiangsu-based Alfa Bus, established in 2000, produces intercity buses, electric city buses as well as bus rapid transit (BRT) systems and is cooperating with industrial and commercial vehicle manufacturers such as Iveco, Hino and Scania. The company's activities also include manufacturing of spare electric bus parts, LMO batteries and electric motors.

Source: investor.bg

Bulgarian sugar and confectionery company Zaharni Zavodi has launched a new line for packaging sugar in paper packaging, following an investment of BGN 1.6 million. Within the next five years, Zaharni Zavodi is planning to boost its sugar refining capacity to over 100,000 t. per year, solidifying its presence in the country and allowing the company to enter neighbouring markets. The equipment for the new sugar packaging line was manufactured in Germany. Earlier this year, Zaharni Zavodi is launching a new BGN 11.2 million ethanol production installation, which will increase the company's output to 60,000 litres per day. The installation will also allow Zaharni Zavodi to produce dehydrated alcohol for industrial purposes. Zaharni Zavodi operates several other production facilities, including a sugar refinery and a confectionery plant. In the first half of 2019 the company booked a net profit of BGN 1.6 million on revenue of BGN 57.8 million.

Source: Capital

Diversified group Zarneni Hrani Bulgaria said that its consolidated net profit excluding minority interest rose to BGN 971,000 in the first half of 2019 from BGN 148,000 in the same period of 2018. Zarneni Hrani Bulgaria's operating revenue fell to BGN 39.9 million in the January-June period of 2019 form BGN 47.7 million in the comparable period of 2018. The company's operating expenses decreased to BGN 36.7 million in the review period from BGN 45.1 million the year before, as cost of goods sold nearly halved to BGN 8.8 million from BGN 14.3 million. Zarneni Hrani Bulgaria's assets edged down to BGN 399.7 million at the end of June from BGN 400.9 million a year earlier. Zarneni Hrani Bulgaria consolidates the results of 20 subsidiaries active in various sectors of the economy.

Source: SeeNews

DSK Bank, which was fined BGN 1 million for the personal data theft of over 33,000 people, has taken steps to inform the citizens concerned. It will launch a dedicated platform on its corporate website, through which each bank customer can check whether his/her data is compromised. The National Revenue Agency (NRA) resorted to the same measure, after it was fined BGN 5.1 million for unauthorized cyber access to the personal data of 4,104,786 people. Next week, the NRA is expected to release updated functionality of its application so that people can see exactly what kind of personal data they had leaked to the internet. DSK Bank was fined after a citizen, Stefan Cholakov, signaled to the Commission for Personal Data Protection three months ago that he had found a hard disk with 23,270 loan files at DSK Bank, which are current as of 2016. This is a case of data theft, not cyber-attack, with police and prosecutors working on the case. The stolen personal information from DSK is significantly more serious than the leaked NRA data. Although it had learned about the theft of the disc at the end of May, until now DSK Bank has not informed the persons concerned, although it is obliged by law.

Source: mediapool.bg



       Bulgarian Industrial Association


 

       World

Europe

Britain’s banks face a hit of up 25% to their earnings if Britain crashes out of the European Union without a deal, analysts at Citigroup said in a research note. The economic slowdown that would result from a no-deal Brexit, as well as the likelihood of lower interest rates and borrowers defaulting on loans, would hit earnings per share by between 15 to 25%, the analysts at Citi wrote in the note. The research is one of the most concrete assessments yet of the impact of no-deal on Britain’s banking sector, which has thus far shown few signs of the impact of Brexit other than declining confidence among business and retail customers. Royal Bank of Scotland on Aug. 2 said deteriorating economic conditions before Brexit were likely to derail next year’s profitability, and that some customers were already struggling. The impact of a no-deal scenario on the shares of big British lenders Barclays, HSBC, Lloyds, RBS and Standard Chartered could be more muted, the Citi analysts said, as the risks of that outcome are already partly priced in.

Source: Reuters

America

Standard & Poors slashed Argentina’s long-term credit rating another three notches into the deepest area of junk debt, saying the government’s plan to “unilaterally” extend maturities had triggered a brief default. The ratings agency said it would consider Argentina’s long-term foreign and local currency issue ratings as CCC- “vulnerable to nonpayment” - starting on Friday following the government’s Wednesday announcement that it wants to “re-profile” some US$ 100 billion in debt. The plan, which requires congressional approval, has stoked fears of a full-blown financial crisis in Latin America’s third largest economy, two months before business-friendly President Mauricio Macri’s handling of the economy is tested in a general election against a leftist rival. Argentina’s bonds sunk on Thursday and country risk soared to levels unseen since 2015. The so called “selective default” are a consequence of the sustained impossibility to find buyers for short term sovereign bonds in the private sector, and because the Argentine government unilaterally extended the maturities of all short term bonds on 28 August.

Source: Bloomberg

Asia

Japan imported its first cargo of liquefied natural gas (LNG) from China in July as utilities from the world’s biggest buyer of the fuel seek out new suppliers and try to lower costs amid tough competition at home. The shipment illustrates the increasing flexibility of the Asian LNG market. China has become the world’s second-largest LNG buyer amid a surge in domestic gas usage. However, the country has started to re-export shipments amid a lull in summer gas consumption and Japanese buyers are scooping up the cargoes to reduce their fuel expenses. The cargo of 70,560 tonnes of LNG was shipped from the Hainan LNG Terminal, which is operated by state-owned CNOOC Ltd, to Chita near Nagoya, where Toho Gas jointly operates an LNG terminal with JERA, according to a source familiar with the matter. It was delivered at $5.68 per million British thermal units (mmBtu), below Japan’s average import cost of $9.50 per mmBtu for LNG during July, according to Ministry of Finance data.

Source: Reuters

 
Indexes of Stock Exchanges
30.08.2019
Dow Jones Industrial
26 403.28 (41.03)
Nasdaq Composite
7 962.88 (1.88)
Commodity exchanges
30.08.2019
  Commodity Price  
Light crude ($US/bbl.)55.09
Heating oil ($US/gal.)1.8400
Natural gas ($US/mmbtu)2.2800
Unleaded gas ($US/gal.)1.5300
Gold ($US/Troy Oz.)1 533.60
Silver ($US/Troy Oz.)18.44
Platinum ($US/Troy Oz.)941.60
Hogs (cents/lb.)63.72
Live cattle (cents/lb.)98.65

       Discover Bulgaria

Zahari Stoyanov

Zahari Stoyanov (1850, village of Medven, Bourgas Region – September 2, 1889, Paris) was one of the organizers and a participant in the Bulgarian national movement for liberation. He was an apostle in the IV revolutionary Plovdiv district during the April uprising in 1876. He was a member of the Tarnovo District Court (1880). He persisted in and helped the Unification of the Principality of Bulgaria and Eastern Roumelia in 1885. In 1886 he moved to Sofia. He was a member of the Parliament (1886), a deputy chairman (1887) and a chairman of the Parliament (1888-1889). Zahari Stoyanov was a biography and memoirs writer and a novelist. His most significant work is “Memoirs on the Bulgarian Uprisings. A first- hand account. 1870 – 1876”. This is the greatest book of the middle 1880’s, a story about the committees and the uprisings from the near past, a result from a long-standing rationalization, collection of facts and documents, memories and accounts of eyewitnesses and participants in the events.


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