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Business Industry Capital
ISSN 1311-364X
Tuesday, 12 November 2019, Issue 5078
  Bulgaria   Bulgarian Industrial Association   World   Discover Bulgaria BIC Capital Market Ltd. 

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BNB Exchange Rates
(12.11.2019)
  EUR   1.95583  
GBP   2.28104
USD   1.77142
CHF   1.78256
EUR/USD   1.1041*
ECB exchange rate
Basic Interest Rate
  as of 01.11   0 %  


Bulgarian Stock Exchange - 11.11.2019
  Total turnover (BGN): 704 687.55  
Traded companies: 37
Premium 20 539.00
Standard 129 308.90
REIT 58 050.56
Structured 8.77
Bonds 496 780.32
Biggest change
Yuri Gagarin JSC - Plovdiv -10.14 %
Zarneni hrani Bulgaria JSC - Sofia 7.62 %
BaSE - Shares: 7 620.64

Manufacture of rusks and biscuits; manufacture of preserved pastry goods and cakes
BEIS rating
Top 10 companies by
Net sales
for 2017
(thous. BGN)
  
  1   Prestige 96 JSC - Veliko Tarnovo   74 184  
  2   Ital Food SPJSC - Shoumen   41 547  
  3   Day and Night LTD - Gorna Oryahovitza   30 275  
  4   Pobeda JSC - Bourgas   25 960  
  5   C commercial 7 SPLTD - Samokov   17 612  
  6   Karmela 2000 LTD - Veliko Tarnovo   14 412  
  7   K And G SPLTD - Plovdiv   11 790  
  8   Velikovi LTD - Dve Mogili   9 561  
  9   Roo Brands SPLTD - Sofia   9 079  
  10   Dik 2000 LTD - Ledenik   5 961  
Make your own Bulgarian companies rating in BEIS

Certificated
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General meetings today
  Patstroyengineering JSC - Vratza
Stroyinvest Holding JSC - Sofia
Technostroy In JSC - Sofia
 
Forthcoming General Meetings



Financial news

According to preliminary seasonally adjusted data, in September 2019, the turnover in "Retail trade, except in motor vehicles and motorcycles" increased by 0.3% compared to the previous month. In September 2019 retail trade turnover, calculated on the basis of calendar-adjusted data, increased by 2.6% compared to the same month of the previous year. In September 2019, there was an increase in the turnover compared to the previous month in the trade in motor fuels and lubricants - by 0.5%, in the retail trade in food, beverages and tobacco - by 0.3%, and in the retail trade in non-food goods - by 0.2%. In the retail sale of non-food goods, except trade in motor fuels and lubricants, a significant increase was observed in the retail trade of textiles, clothing, footwear and leather goods - by 1.6%, and a more significant decrease in the retail trade in computer and communication equipment - by 2.1%.

Source: NSI

According to preliminary data, in September 2019 the production index in the construction sector, calculated on the basis of seasonally adjusted data, was 1.1% higher than the previous month. Calendar-adjusted data show a 6.9% increase in construction output in September 2019 compared to the same month in 2018. In September 2019, the seasonally adjusted construction output index, calculated on the basis of seasonally adjusted data, was above the level of the previous month, with output in building construction increasing by 1.4% and civil/engineering construction - by 0.8%.

Source: NSI

 
Companies

A new motorway could be built in six years to connect the Danube to the Aegean Sea. German, Spanish, French, Italian and Greek companies are among the potential concessionaires for the construction of the new Danube-Aegean highway, which is part of the ABC + De project for the connection between the Aegean Sea and the Baltic Sea, as well as for the Danube River. Among the requirements for a potential concessionaire is to have built at least 50 kilometers of highways and then to have operated them, which automatically excludes Bulgarian companies. Talks have been held with the European Investment Bank, the European Bank for Reconstruction and Development and the World Bank, which are interested in financing the project. A Bulgarian project has been submitted for consideration by the new EU Trans-European Transport Network (TEN-T) Policy by 2023. Before proceeding to the construction of the motorway, several steps are envisaged. Establishment of a new company, which will participate in the tender for the highway, decisions of the governments of Bulgaria and Greece and signing of a memorandum on the project by March 2020. The start of operation of the highway is planned for 2025 with a concession period up to 2067. The length of the Danube - Aegean highway is 367,285 km, of which 327,865 km in Bulgaria and the value of construction is about EUR 1 860 520 853 without VAT.

Source: Monitor

The project to deepen the port of Varna from the current 11.5 to 13.5 m is not being done in the private interest of Varna TPP, said Transport Minister. The project to deepen the entire territory, which covers the two bays - Varna and Beloslavsky, together with the canal over which Asparuhov Bridge is situated, will cost up to BGN 350 million, with money allocated from the budget. For the implementation of the project are planned BGN 200 million for this year, and next year another BGN 150 million. After the completion of the project ships with tonnage up to 60-70 thousand tons will be able to enter the port, while the current conditions allow vessels up to 30-35 thousand tons. There are about 17 ships in the area, although the place allows up to 100, and at the end of Beloslav Lake are the terminals of Devnya Cement, Solvay Sodi and Agropolychim, whose freight turnover is the main one.

Source: 24 chasa

State-owned gas supplier Bulgargaz predicts a fall in the price of natural gas from January 2020 by a paltry 0.71%, and announced that it has requested from Gazprom Export a tariff reduction and greater supply flexibility from 2020, without however, indicating something more specific. According to the calculations of the gas supplier, natural gas in our country should cost 44.53 BGN / MWh in the next quarter (excluding prices for access, transmission, excise duty and VAT). This is by BGN 0.32 cheaper than the current price and this is due to the influence of pricing factors. In a month, it will become clear what value Bulgargaz will want the energy regulator to approve from January 1, 2020.

Source: mediapool.bg

Bulgarian diversified group Synergon Holding said that its unit Shamot has signed a preliminary agreement to sell a property to electronics retailer Technopolis Bulgaria, worth BGN 3.1 million, VAT excluded. The final agreement is expected to be signed by the end of November. At the end of September, Synergon Holding controlled 93.63% interest in Shamot. Synergon Holding was set up in 1996 as a privatisation fund under Bulgaria's voucher privatisation programme. The fund was transformed into a holding structure the following year. It has more than 25 subsidiaries and affiliated companies operating in various sectors of the Bulgarian economy. Technopolis Bulgaria is part of local Videolux Holding.

Source: SeeNews

Canada's Dundee Precious Metals (DPM) generated lower net profit and earnings before interest, tax, depreciation and amortization (EBITDA) from operations in Bulgaria in the January-September period of 2019. DPM's Chelopech gold and copper mine, located in central Bulgaria, decreased its net profit to USD 50.6 million in the first nine months of 2019 from USD 64.5 million in the same period of last year. The Ada Tepe property, which holds the Krumovgrad open pit gold mine, generated a net profit of USD 297,000 in the review period compared to a net loss of BGN 526,000 the year before. The Krumovgrad mine achieved first commercial production in early June, and reached full operating capacity in September. DPM's EBITDA from Bulgarian operations fell to USD 87.9 million in the first three quarters of 2019 from USD 94.6 million in the comparable period of last year, as EBITDA from the Chelopech mine dropped to USD 80.1 million from USD 95.8 million. In the third quarter alone, DPM's net profit from operations in Bulgaria edged down to USD 17.5 million from USD 18.3 million in the same quarter of 2018, while EBITDA increased to USD 35 million from USD 28.4 million the year before.

Source: investor.bg



       Bulgarian Industrial Association


 

       World

Europe

The EU adopted a sanctions regime targeting Turkey over its unauthorized gas drilling in Cypriot waters. EU foreign ministers backed the mechanism as a way "to sanction individuals or entities responsible for, or involved in, unauthorized drilling activities of hydrocarbons in the Eastern Mediterranean." Authorities will now have time to develop a list of people and entities to target. European officials did not set a timeline for implementation, giving Turkey an opportunity to back down from drilling in the vicinity before sanctions could be enforced. However, Turkey has long argued that it is drilling within its territorial rights — or those of Turkish Cypriots. If sanctions go through, it is likely they would target the captains of drilling vessels or military officials linked to drilling activities. The sanctions regime marks another break in EU-Turkish relations. Last month, European countries put restrictions on arms sales to Turkey, a NATO ally, due to a military incursion into northern Syria targeting Kurds. The EU had previously enacted disciplinary measures aimed at discouraging Turkish drilling off the Cypriot coast, including suspending talks on an air transport agreement and reducing financial assistance to the country in 2020.

Source: DW

America

The European Council extended restrictive measures against Venezuela for one year. "In light of the ongoing political, economic, social and humanitarian crisis in Venezuela with persistent actions undermining democracy, the rule of law and the respect for human rights, the Council today extended the restrictive measures against Venezuela for one year, until 14 November 2020," the Council said. It added the measures include an embargo on arms and on equipment for internal repression as well as a travel ban and an asset freeze on 25 listed individuals in official positions. "These measures are intended to help encourage democratic shared solutions in order to bring political stability to the country and allow it to address the pressing needs of the population," it added. Since the beginning of the year, Venezuela has been embroiled in political unrest as President Nicolas Maduro and opposition leader Juan Guaido engaged in a power battle, while the country's economy has been in precipitous decline following a global downturn in the price of crude oil.

Source: Associated Press

Asia

China’s credit growth slowed more than expected in October to the weakest pace since at least 2017 as weak corporate demand for credit combined with seasonal effects, signaling that efforts to prop up the economy through bank lending still aren’t working. Aggregate financing was 618.9 billion yuan ($88 billion), the People’s Bank of China said. That compares to about 2.27 trillion yuan in September and 737.4 billion yuan in the same month of 2018. The median estimate of economists was 950 billion yuan. The data signal that as efforts to scrub risk out of the financial system continue, the People’s Bank of China’s efforts to funnel credit to the productive firms that need it are showing little success, as medium and long-term loans to non-financial firms hit the lowest this year. Financial institutions offered 661.3 billion yuan of new loans in the month, versus a projected 800 billion yuan. Bank lending usually falls in October compared to the previous month as the week-long National Day holiday affects business activity. The completion of local government special-purpose debt sales has magnified the downward trend.

Source: Bloomberg

 
Indexes of Stock Exchanges
11.11.2019
Dow Jones Industrial
27 691.49 (10.25)
Nasdaq Composite
8 464.28 (-11.04)
Commodity exchanges
11.11.2019
  Commodity Price  
Light crude ($US/bbl.)57.07
Heating oil ($US/gal.)1.9200
Natural gas ($US/mmbtu)2.6400
Unleaded gas ($US/gal.)1.6200
Gold ($US/Troy Oz.)1 454.60
Silver ($US/Troy Oz.)16.81
Platinum ($US/Troy Oz.)881.80
Hogs (cents/lb.)73.72
Live cattle (cents/lb.)119.88

       Discover Bulgaria

The town of Kilifarevo

Kilifarevo is situated in the North part of Bulgaria, 12km south of Veliko Tarnovo. The information about the history of the town is very poor. The mounds in the area are a proof for the existence of Thrace tribes. Tracks from the Roman time were found as well. In that period the fortress called Hisaria was built. In its southern parts remains from an old wall, 1m wide, were found. There was a ditch around the fortress. There were also towers, 11m wide and 17m long in its ends. Teodosii Tarnovski received one of the fortresses, guarding the passage Hainboaz, from Tzar Ivan Aleksandar. It was turned into a school, known as the School of Teodosii Tarnovski. A lot of monks were being trained in it. The first written information was from the writings of St. Teodosii Tarnovski. They read that a Kefalia governed then the borough. From here is the name of today’s town of Kilifarevo. During the Ottoman slavery the fortress was seized and burnt down. Later the today’s Monastery of Kilifarevo was built here. A lot of crafts appeared during the Renaissance – the fuller’s trade, the broadclothing, the cart-wright’s trade, the pottery-making, the combing, the house painting, the saddle-making, the fur trade, the goat’s-hair rugs making and the braid making. In 1864 the first factory for paper in Bulgaria was opened.


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