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Business Industry Capital
ISSN 1311-364X
Friday, 08 November 2019, Issue 5076
  Bulgaria   Bulgarian Industrial Association   World   Discover Bulgaria BIC Capital Market Ltd. 

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       Bulgaria
 
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BNB Exchange Rates
(08.11.2019)
  EUR   1.95583  
GBP   2.26259
USD   1.76567
CHF   1.77835
EUR/USD   1.1077*
ECB exchange rate
Basic Interest Rate
  as of 01.11   0 %  


Bulgarian Stock Exchange - 07.11.2019
  Total turnover (BGN): 920 079.85  
Traded companies: 28
Premium 41 671.77
Standard 870 975.95
REIT 5 516.64
Bonds 1 915.48
Biggest change
Neochim JSC - Dimitrovgrad -15.17 %
CEZ Distribution Bulgaria JSC - Sofia 5.58 %
BaSE - Shares: 296 198.30

Courier activities other than national post activities
BEIS rating
Top 10 companies by
Net sales
for 2017
(thous. BGN)
  
  1   DHL Express Bulgaria SPLTD - Sofia   53 916  
  2   TNT Bulgaria SPLTD - Sofia   44 293  
  3   M&BM Express LTD - Sofia   19 548  
  4   Rapido ekspres and logistics SPLTD - Sofia   18 111  
  5   In Time LTD - Sofia   15 195  
  6   Transbalkan group LTD - Trud   11 728  
  7   Geopost Bulgaria SPLTD - Sofia   8 611  
  8   Leo Express SPLTD - Dimitrovgrad   7 071  
  9   Interlogistica Courier SPLTD - Varna   5 805  
  10   GO Balgaria SPLTD - Sofia   5 751  
Make your own Bulgarian companies rating in BEIS

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General meetings today
  Bourgas road construction JSC - Bourgas
Metalsnab Bulgaria JSC - Sofia
Real Bulland JSC - Sofia
Trace-Road Construction JSC - Sofia
 
Forthcoming General Meetings



Financial news

The European Commission’s autumn forecast for the EU economy, released on November 7, raised Bulgaria’s economic growth estimate to 3.6 per cent this year, the same level as in the winter forecast, before it was cut to 3.3 per cent in spring. But growth was expected to moderate in 2020, when it was forecast at three per cent, compared to the 3.4 per cent estimate in the summer forecast. Despite weak external demand and elevated uncertainty abroad, domestic demand dynamics should underpin growth in 2019, the Commission said. Exports also contributed to growth, continuing the favourable trend in the first quarter, but declining in the second quarter as external demand has continued to falter. However, investment was expected to regain some momentum in the next two years and grow at a moderate pace, against the backdrop of elevated economic uncertainty abroad and somewhat worsened growth prospects, the Commission said.

Source: Sofia Globe

The European Bank for Reconstruction and Development (EBRD) raised its forecast for the growth of the Bulgarian economy this year, but left unchanged its expectations for 2020, according to the autumn report. In its November report on regional economic prospects, the EBRD predicts that the Bulgarian economy will report a 3.7% increase over the whole of 2019. That is 0.3 percentage points more than expected in May. Next year, EBRD expects the growth of Bulgarian economy to slow down to 3%, which was forecast in spring. In its report, the EBRD points out that Bulgaria's growth engine is private consumption, driven by strong lending, higher incomes and higher employment against the backdrop of a strained labor market. According to the bank, the short-term prospects for the Bulgarian economy are favorable against the backdrop of strong fiscal performance, improved prospects for debt sustainability in the medium term and the new momentum of reforms.

Source: economic.bg

 
Companies

BC Partners-owned United Group, a Dutch-based telecommunications and media company operating in Southeast Europe, has agreed to acquire Vivacom, the largest telecoms operator in Bulgaria. The price of the transaction was not disclosed. The transaction is expected to close in the second quarter of 2020, following receipt of applicable antitrust approvals. The acquisition will be financed through a combination of new debt and cash on hand at United Group. United Group already operates in six countries in the region. Vivacom provides services to over 1.8 million unique customers. Vivacom welcomes as new shareholders one of the most successful global investors with significant presence in Europe and North-America, BC Partners, the chairman of Vivacom's supervisory board, Spas Roussev said, adding that the telco will play a big role in the future development of United Group. Vivacom is the brand name under which the Bulgarian Telecommunications Company (BTC) operates. BTC's current owner, a consortium led by Bulgarian businessman Spas Roussev and comprising various minority investors, including VTC Capital and Luxembourg-based Viva Telekom, acquired the telecommunications company in a EUR 330 million deal concluded in August 2016. Vivacom competes with A1 Bulgaria, a unit of A1 Telekom Austria, and the local unit of Norway's Telenor.

Source: Capital

Over BGN 150 million were invested in the enterprises of the Bulgarian metallurgy last year. This is shown by the data of the Bulgarian Association of the Metallurgical Industry (BAMI), which was presented on the professional holiday. The largest project to be completed this year is the investment of aluminum manufacturer Alcomet, which has invested over BGN 60 million in new equipment over the last three years. This will double the capacity of the Shumen-based plant and would allow it to produce high-tech products for new industries. Last year, other companies in the sector made investments as well, BAMI said. Plovdiv-based KCM invested BGN 20 million in a technological upgrade of the plant, the same amount was invested by Sofia Med in an induction furnace, a tin coating line and new electronics products. Copper plant Aurubis is running a long-term program that last year saw an invesment of BGN 15 million. Another large aluminum producer, Sofia-based Etem, is also making a major investment, which includes the largest press in the Balkans. (4500 tons).

Source: Capital

Modis, an international company specializing in the development and provision of IT services, is officially opening its second office in Bulgaria. It is based in Plovdiv and the company plans to reach 200 people there. A little over a year ago, Modis announced that it would open a second location on the Bulgarian market in Plovid. At present, there are now 70 employees working in English, French and German. In Bulgaria the employees of the company are over 1400 people and the company plans to increase their number next year. The head office of the company is located in Sofia. Modis currently provides complete IT outsourcing solutions for IT Service Desk and Data Center support, network management and support services, end-user device support, application development and support, and business process outsourcing to leading companies around the world. The company entered the Bulgarian market as early as 2005 under the name Ajilon Bulgaria. The company was later renamed Adecco. As of 2017, Modis has been operating as a separate company specializing in the provision of IT management and maintenance services, but remains part of the Adecco Group.

Source: money.bg

Sutherland Global Services Bulgaria Ltd. will hire 300 employees for its office in Plovdiv next year. The US outsourcing company has arrived in the city less than a month ago and has already recruited 60 people. The team is expected to expand by December to 90. This became clear when Sutherland opened its training center in Tech Park Optela, in the South Industrial Area. The studies show that the IT and BPO business market in Plovdiv has potential for development and in the next 3 to 5 years will reach 10,000 to 12,000 employed because the region has well educated people and the region continues to grow. Currently around 6,000 people are employed in this sector.

Source: Marica

Bulgaria's BDZ Freight Services SPLTD, part of state-owned railway group BDZ Holding, said that its net loss narrowed to BGN 618,000 in the first nine months of the year from BGN 1.6 million in the same period of 2018, backed by higher revenue. BDZ Freight Services's revenue grew by an annual 14.4% to BGN 90.3 million in the January-September period of 2019. The company transported 5.65 million tonnes of cargo in the review period, up by an annual 22%. The rise was largely due to an increase in orders from several clients, including copper producer Aurubis Bulgaria and fertilisers maker Neochim. In terms of type of goods transported, the increase can mainly be attributed to ores and metal waste, and chemicals. The volume of transported ores and metal waste increased by some 506,000 tonnes, while the volume of chemicals transported rose by 598,000 tonnes. BDZ Freight Services's operating expenses increased by 14.7% year-on-year to BGN 88.7 million in the review period. Personnel expenses rose to BGN 41.1 million in the first nine months of the year from 38.8 million levs the year before, while expenses for materials grew to BGN 23.3 million from BGN 18.7 million. BDZ Freight Services also lifted its expenses for hired services, to BGN 23.3 million from BGN 18.3 million in the prior-year period.

Source: SeeNews



       Bulgarian Industrial Association


 

       World

Europe

Future President of the European Commission Ursula von der Leyen has reminded UK Prime Minister Boris Johnson of his duty to put forth a candidate to be the country's EU commissioner. The chief spokesperson of the EU Commission Mina Andreeva told Euronews that it was the UK's legal obligation to nominate someone for the commissioner role as negotiated in the Brexit extension last month. European Council President Donald Tusk confirmed last month that EU27 countries had accepted the UK’s request for a “flextension” until January 31, 2020. An obligation to nominate a commission member appears in the text of the Council's decision. It states that the UK remains a full EU member until the new exit date, "with full rights and obligations... including the obligation to suggest a candidate for appointment as a member of the Commission". The document confirms comments last week by the Commission’s President-elect. Ursula von der Leyen said that if the UK’s EU membership was extended beyond the October 31, then she would request a British candidate.

Source: Euro News

America

China and the U.S. have agreed to roll back tariffs on each other’s goods in phases as they work toward a deal between the two sides, a Ministry of Commerce spokesman said. “In the past two weeks, top negotiators had serious, constructive discussions and agreed to remove the additional tariffs in phases as progress is made on the agreement,” spokesman Gao Feng said Thursday. “If China, U.S. reach a phase-one deal, both sides should roll back existing additional tariffs in the same proportion simultaneously based on the content of the agreement, which is an important condition for reaching the agreement,” Gao said. If confirmed by the U.S., such an understanding could help provide a road-map to a deal de-escalating the trade war that’s cast a shadow over the world economy. China’s key demand since the start of negotiations has been the removal of punitive tariffs imposed by President Donald Trump, which by now apply to the majority of its exports to the U.S.

Source: Bloomberg

Asia

The Russia-China Investment Fund is working to attract Chinese investors for Saudi Aramco’s planned initial public offering, the head of Russia’s RDIF sovereign wealth fund said on Thursday. Aramco kicked off its IPO on Sunday, announcing its intention to float on its domestic bourse in what could be the world’s biggest listing as the kingdom seeks to diversify its economy away from oil. “...we don’t expect massive investment from Russia because Russia already has a fairly serious oil and gas sector presence in its economy, and we need to diversify the economy...” said Kirill Dmitriev, RDIF’s head. “Nonetheless, we confirm that the Russia-China fund is working in this direction to attract a number of Chinese investors to the Aramco IPO,” he said. The Russia-China Investment Fund (RCIF) is a private equity fund established jointly by RDIF and China Investment Corporation in October 2011 to stimulate the bilateral investment. It was not immediately clear why RCIF is looking to attract investors to Aramco’s IPO.

Source: Reuters

 
Indexes of Stock Exchanges
07.11.2019
Dow Jones Industrial
27 674.80 (182.24)
Nasdaq Composite
8 434.52 (23.89)
Commodity exchanges
07.11.2019
  Commodity Price  
Light crude ($US/bbl.)56.92
Heating oil ($US/gal.)1.9200
Natural gas ($US/mmbtu)2.7800
Unleaded gas ($US/gal.)1.6400
Gold ($US/Troy Oz.)1 470.10
Silver ($US/Troy Oz.)16.98
Platinum ($US/Troy Oz.)909.20
Hogs (cents/lb.)64.30
Live cattle (cents/lb.)119.00

       Discover Bulgaria

Archangel’s Day (St. Archangel Mihail)

On November 8, the Orthodox Church celebrates the day of St. Archangel Mihail. This is the second most important autumn holiday for the Bulgarian Orthodox Church, after St. Dimitar’s day. According to traditional beliefs, St. Archangel Mihail is the leader of all heavenly powers and a fighter against the dark ghosts on earth. He is a symbol of the victory of good and justice against the evil. In the Christian icon tradition Archangel Mihail is portrayed as a saint holding a bloody knife in his hands, or scales, which he uses to measure the human sins. That is why he is also called “the one who takes out the souls”. The Saint leads the souls of the dead to the world of the dead where together with his brother St. Peter he determines how sinful the dead were and sends their souls either to Heaven or to Hell. In Bulgarian national beliefs, the day of St. Archangel Mihail is respected in honour of all dead. The Saturday before the feast is the Big All Soul’s Day. It is also celebrated as the day of the souls of all dead soldiers, whose memory is honoured by the people on this day.
On Archangel’s Day all called Mihail, Mihaela, Angel, Rangel celebrate their name day.


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