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Business Industry Capital
ISSN 1311-364X
Monday, 28 October 2019, Issue 5067
  Bulgaria   Bulgarian Industrial Association   World   Discover Bulgaria BIC Capital Market Ltd. 

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BNB Exchange Rates
(28.10.2019)
  EUR   1.95583  
GBP   2.25852
USD   1.76090
CHF   1.77496
EUR/USD   1.1107*
ECB exchange rate
Basic Interest Rate
  as of 01.10   0 %  


Bulgarian Stock Exchange - 25.10.2019
  Total turnover (BGN): 738 758.28  
Traded companies: 32
Premium 59 565.02
Standard 565 699.45
REIT 12 265.66
Structured 244.55
Bonds 100 983.60
Biggest change
Cez Electro Bulgaria JSC - Sofia -16.81 %
Holding Saint Sofia JSC - Sofia 3.89 %
BaSE - Shares: 2 467 138.23

Manufacture of bread; manufacture of fresh pastry goods and cakes
BEIS rating
Top 10 companies by
Net sales
for 2017
(thous. BGN)
  
  1   Chipita Bulgaria JSC - Kazitchene   172 990  
  2   Simid Sofia LTD - Sofia   49 663  
  3   Simid Agro SPLTD - Plovdiv   43 260  
  4   Agrocorn LTD - Bourgas   38 745  
  5   Hebar SPJSC - Plovdiv   29 784  
  6   Savimex LTD - Varna   22 103  
  7   Dobrudjanski hliab JSC - Dobrich   18 375  
  8   Fiesta 13 LTD - Sofia   16 017  
  9   Mio LTD - Pazardzhik   14 352  
  10   Hlebozavod Tims SPLTD - Haskovo   14 091  
Make your own Bulgarian companies rating in BEIS

Certificated
Bulgarian companies

General meetings today
  Allterco JSC - Sofia
Reya-14 JSC - Sofia
Termo eco aktiv JSC - Haskovo
 
Forthcoming General Meetings



Financial news

The mayors in almost all big Bulgarian cities will be elected at run-off elections, the exit poll results of the first round of the mayoral elections show. According to data of Gallup sociological agency, the candidates of the ruling GERB party will be elected as mayors at the first round in Burgas and Varna. In Sofia the current mayor Yordanka Fandakova earned 34.7% of the votes and the independent candidate Maya Manolova, supported by the Bulgarian Socialist Party, earned 24.6% of the votes. GERB-SDS wins 33% of the seats at the municipal council, Democratic Bulgaria earned 17%, BSP-16%, the independent candidate Boris Bonev-10.6%, VMRO-5%, Ataka-2%.

Source: BTA

Budget deficit no longer pledged starting next year. In 2020, budget salaries and pensions will grow. Citizens and businesses’ taxes remain low until at least 2022. This is reflected in the updated budget forecast for 2022 and next year's budget. The two documents were released by the finance ministry for public consultation. Finance Minister Vladislav Goranov predicts that from July 1, 2020, all pensions granted until December 31 this year will increase by 6.7%. From July 1, 2021 and 2022, pensions will also be updated under the so-called “Swiss rule.” By 2022, the weight of each year of insurance coverage remains at 1.2. In addition to the already envisaged increase in the minimum wage from January 1, 2020 to BGN 610, starting January 1, 2021 it will rise to BGN 650. This amount will be maintained in 2022. Budget salaries will increase by 10%, predicts the forecast. As before, the rate of increase for each employed in it will depend on its estimate.

Source: 24 chasa

 
Companies

BTV's owner Central European Media Enterprises (CME) and billionaire Petr Kellner, a Czech investment fund, PPF, have reached a final deal to buy СМЕ by PPF in a deal for about USD 2.1 billion. It must now be approved by the shareholders of the CME, the European Commission and some national regulators, which is expected to take several months. The deal was expected and with it the PPF receives 30 television channels in Central and Eastern Europe. Six of them are Bulgarian bTV, bTV Cinema, bTV Comedy, bTV Action, bTV Lady and Ring, the rest are in the Czech Republic, Romania, Slovakia and Slovenia. Thus, in Bulgaria, Kellner will be able to achieve the synergy of the Telenor telecom purchase deal he sought last year and had an agreement with the owner of Nova TV - the Swedish MTG, but the Competition Commission prohibited the merger. However, the approval of the concentration will now be referred to the European Commission's Directorate-General for Competition, as the transaction is cross-border. The agreement was unanimously approved by the Board of Directors of the СМЕ, with the recommendation of the Special Committee on the Board.

Source: mediapool.bg

The European Investment Fund (EIF), part of the EIB Group, and JOBS MFI, the microfinance unit of Bulgarian Development Bank (BDB) signed an agreement to support 320 micro-enterprises with BGN 10 million. The agreement was concluded under the European Commission's Programme for Employment and Social Innovation (EaSI). The transaction is also backed by a guarantee from the EU budget, under Juncker's Plan and the European Fund for Strategic Investments (EFSI), which allows the EIB Group to invest in more and often higher-risk operations, EIF said.

Source: SeeNews

Warsaw-listed Orbis Hotel Group, the strategic partner of AccorHotels in Eastern Europe, has signed an agreement to manage the Pullman Okol Golf Resort & Spa complex, located some 30km southeast of the Bulgarian capital Sofia. The golf and spa complex is expected to become operational in 2022. "We needed a strong, premium brand like Pullman to combine the modern design and architecture with the beautiful scenery and memorable moments," Valentin Kanazirev, the main investor in the project, said. The complex will include a five-star hotel with 149 rooms, as well as a 4,900 sq m spa zone. The Accor group currently manages two hotels in Sofia - Novotel Sofia and ibis Sofia. The company will also manage the MGallery hotel in Plovdiv, which is due to start welcoming visitors in March 2020.

Source: SeeNews

Bulgarian construction company Trace Group Hold said that Italy's GCF - Generale Costruzioni Ferroviarie has completed the acquisition of a 63.25% stake in Trace Trans. Following the transaction, Trace Group Hold owns a 36.75% stake in Trace Trans, the Bulgarian construction company said in a bourse filing. Earlier this month, Trace Group Hold said it has agreed to sell a 63.25% stake in Trace Trans for EUR 1.3 million to GCF - Generale Costruzioni Ferroviarie. Trace Group Hold's activities include rehabilitation, reconstruction and construction of roads, highways, airports, underground stations and underground railways, ground railroads and facilities, urban infrastructure and road marking.

Source: SeeNews

The Bulgarian unit of German drugstore retail chain dm-drogerie markt, dm Bulgaria, said that its sales revenue rose by an annual 14.93% to BGN 151.9 million in its fiscal year 2018/2019, ended September 30. In line with its upbeat financial performance, the company plans to expand its network of stores in the country by seven or eight in the next fiscal year. The company is leading in terms of revenue in the drugstore retail sector in Bulgaria, it noted adding that its revenue growth is also above the average for units of dm-drogerie markt group. The drugstore retailer invested some BGN 7.13 million during its 2018/2019 fiscal year - mostly in the expansion of its stores network by seven new stores, as well as in the modernisation of existing ones. The company currently has 80 stores in 26 Bulgarian cities and employs 751 people. Elsewhere in Southeast Europe, dm also has operations in Romania, Croatia, Bosnia and Herzegovina, Serbia, Slovenia and Macedonia.

Source: Capital



       Bulgarian Industrial Association


 

       World

Europe

German business expectations improved in October from a decade low, a cautious sign that Europe’s largest economy may have stopped deteriorating at the start of the fourth quarter. The figures from the Ifo Institute offer a glimmer of hope a day after a survey showed manufacturing still stuck in a slump and industry employment falling at the fastest pace in almost 10 years. Germany’s economy is forecast to have slipped into a technical recession in the third quarter, though economists see a return to modest growth at the end of the year. Ifo said Friday its business climate indicator was unchanged in October, and the expectations measure rose more than economists forecast to a three-month high. The euro rose 0.1% to $1.1117. German 10-year bond yields, which have been pushed far below zero this year on concern about the economy, climbed 2 basis points to minus 0.38%. The report is a rare piece of encouraging news for the export-reliant economy, which is taking hits on multiple fronts, from a global slowdown amid trade tensions to upheaval in its key auto industry. Purchasing Managers’ Indexes show manufacturing mired in a deep slump, though the latest figures also showed that a decline in demand has eased somewhat.

Source: Bloomberg

America

Top U.S. and Chinese trade officials will discuss plans on Friday for China to buy more U.S. farm products, but in return, Beijing will request cancellation of some planned and existing U.S. tariffs on Chinese imports, people briefed on the talks told Reuters. Robert Lighthizer, the United States Trade Representative, U.S. Treasury Secretary Steven Mnuchin, and Chinese Vice Premier Liu He will speak by telephone Friday, their latest attempt to calm a nearly 16-month trade war that is roiling financial markets, disrupting supply chains and slowing global economic growth. The two sides are working to try to agree on a text for a “Phase 1” trade agreement announced by U.S. President Donald Trump on Oct. 11, in time for him to sign it with China’s President Xi Jinping next month at a summit in Chile. So far, Trump has only agreed to cancel an Oct. 15 increase in tariffs on $250 billion in Chinese goods as part of understandings reached on agricultural purchases, increased access to China’s financial services markets, improved protections for intellectual property rights and a currency pact. But to seal the deal, Beijing is expected to ask Washington to drop its plan to impose tariffs on $156 billion worth of Chinese goods, including cell phones, laptop computers and toys, on Dec. 15, two U.S.-based sources told Reuters.

Source: Reuters

Asia

More than four months of unrest in Hong Kong is proving to be a blessing for Singapore , a long-time rival to the title of Asia ’s pre-eminent financial centre. Hotel occupancy rates are at an all-time high, one of the most visible signs that Singapore is gaining as unrest deters visitors to Hong Kong . There’s also been a pick up in luxury home sales, gold storage and foreign currency deposits – all of which could increase substantially depending on how long the protests drag on. While the estimated US$4 billion that moved over to Singapore from April to August is “very minuscule” compared with Hong Kong’s US$1.7 trillion in total deposits, the “trend will likely continue as the situation worsens in Hong Kong,” said Ju Ye Lee, a Singapore-based economist with Maybank Kim Eng Securities. The extra cash is welcome news for Singapore, whose economy is slowly slipping towards a recession as speculation grows that Prime Minister Lee Hsien Loong will announce an election well before one is due in April 2021. This month he said Singapore would be “lucky” to see positive economic growth in 2019 as exports continue to slump.

Source: Xinhua

 
Indexes of Stock Exchanges
25.10.2019
Dow Jones Industrial
26 958.06 (152.53)
Nasdaq Composite
8 243.12 (57.32)
Commodity exchanges
25.10.2019
  Commodity Price  
Light crude ($US/bbl.)56.49
Heating oil ($US/gal.)1.9600
Natural gas ($US/mmbtu)2.3800
Unleaded gas ($US/gal.)1.6300
Gold ($US/Troy Oz.)1 507.50
Silver ($US/Troy Oz.)18.06
Platinum ($US/Troy Oz.)930.70
Hogs (cents/lb.)64.92
Live cattle (cents/lb.)116.08

       Discover Bulgaria

Bistritsa Babi (Bistritsa Grandmothers)

The Bistritsa Babi are the most popular women from Bistritsa (a village near Sofia), known for their authentic folklore performance throughout the world. The group was established over 65 years ago and includes now 9 women. In 2005 the Bistritsa Babi were proclaimed a Masterpiece of the Oral and Intangible Heritage of Humanity. Bulgaria applied with the project Bistritsa Babi - Archaic Polyphony, Dances and Ritual Practices from the Shoplouk Region, managed by professor Mila Santova from the Folklore Institute at the Bulgarian Academy of Science. The Bistritsa Babi were the first nominated from Southeastern Europe and competed with group from all parts of the world. Some of the other proclaimed World Masterpieces were the cultural heritage from Japan, China, India, Peru, Bangladesh, Columbia, etc. The requirement was to demonstrate authentic folklore – dated back to the pre-Christian ages. The performance of the Bistritsa Babi encompasses diaphony, or what is known as shoppe polyphony, ancient forms of the horo chain dance and the ritual practice of lazarovane, an initiation ceremony for young women. Diaphony is a specific type of polyphonic singing in which one or two voices build the melody consisting of izvikva meaning to shout out and buchi krivo meaning “crooked rumbled roars”, while the other singers hold a monotonic drone that is doubled or trebled to produce a more sonorous sound that accompanies the lead singers. The women, dressed in traditional costumes, usually hold each other by the waist or belt and dance in a circle, stepping lightly and moving counter-clockwise. A number of variations are performed within this structure, depending on the song and the ritual purpose. One specific feature of the performance is that the rhythm of the music and dance performance is asynchronous.


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