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Business Industry Capital
ISSN 1311-364X
Wednesday, 13 November 2019, Issue 5079
  Bulgaria   Bulgarian Industrial Association   World   Discover Bulgaria BIC Capital Market Ltd. 

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BNB Exchange Rates
(13.11.2019)
  EUR   1.95583  
GBP   2.27899
USD   1.77561
CHF   1.78403
EUR/USD   1.1015*
ECB exchange rate
Basic Interest Rate
  as of 01.11   0 %  


Bulgarian Stock Exchange - 12.11.2019
  Total turnover (BGN): 150 530.23  
Traded companies: 41
Premium 31 600.66
Standard 110 041.62
REIT 7 891.28
Bonds 996.67
Biggest change
Industry Development Holding JSC - Sofia -10.71 %
Active Properties REIT - Plovdiv 7.69 %
BaSE - Shares: 713 685.92
BaSE - REIT: 207 597.40

Hardware consultancy
BEIS rating
Top 10 companies by
Net sales
for 2017
(thous. BGN)
  
  1   Ardes Informacionni Tehnologiy SPLTD - Varna   17 972  
  2   Tek Experts SPLTD - Sofia   14 479  
  3   Sibiz Bulgaria LTD - Plovdiv   3 742  
  4   Trinitiy Soft SPLTD - Sofia   790  
  5   Dan Electronic LTD - Rousse   635  
  6   Daisy- Service LTD - Sofia   464  
  7   Next Plus LTD - Plovdiv   313  
  8   Computernet LTD - Sofia   175  
  9   Internews 98 LTD - Sofia   129  
  10   Alinea LTD - Sofia   111  
Make your own Bulgarian companies rating in BEIS

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Financial news

France-based credit insurance company Euler Hermes has improved its forecast for Bulgaria's gross domestic product growth in 2019 by 0.5 percentage points to 3.5%, after analysing the results from the first half of the year. However, Bulgaria's year-on-year rise in GDP slowed from 4.5% in the first quarter to 3.8% in the second, and the tendency is likely to continue. Euler Hermes expects that Bulgaria's GDP growth will slow down to 2.5% in 2020, as the reduced consumption in the Eurozone will hurt the country's exports. The company estimates that in the January-August period of 2019, the number of insolvencies has increased by 10%. The rise in insolvencies is projected at 10% for the full 2019, and 2020. However, insolvencies in the country are expected to mainly concern small and medium-sized enterprises.

Source: investor.bg

The average gross monthly wage in Bulgaria increased by an annual 11.8% to BGN 1,249 in the third quarter of 2019, the National Statistics Institute (NSI) said. On a quarterly comparison basis, the average gross monthly wage decreased by 0.9% in the July-September period. The highest average wage, of BGN 2,661, was registered in the information and communication sector, followed by the finance and insurance sector with BGN 1,815. The lowest gross wage, of BGN 707, was recorded in the sector of accommodation and food services. In comparison with a year earlier, the average monthly wages in the public sector grew by 10.5% in the third quarter, while in the private sector the wages increased by 12.2%.

Source: money.bg

 
Companies

Eurohold has filed a complaint with the Administrative Court - Sofia District against the decision of the Commission for Protection of Competition, by which the commission refused the company to acquire CEZ's assets in Bulgaria. The Czech energy group will also appeal, it became clear from the announcement of the holding. The denial of the refusal comes after in the end of October the CPC failed the Czech company's second attempt to sell its assets in Bulgaria. The CPC's refusal was also a surprise for Eurohold, as journalists gathered last month to announce their strategy for the company's development. Eurohold stresses that it retains its interest in acquisitions in the region's energy sector and sees them as an opportunity to diversify its portfolio. The Energy Board, created by Eurohold, which includes well-established international and Bulgarian energy experts, continues to work on the implementation of the strategy for the development of the SEE's holding business.

Source: Sega

Three years after Metachim Impex bought the assets of the chemical plant in Chimco from the trustee of the bankrupted enterprise, the property and equipment were again put up for sale. This time, the auction is organized by a private enforcement agent at the request of Investbank, which back then financed the transaction. The starting price, for which more than 700 acres of land, buildings and machinery are offered, is BGN 23.8 million. This is twice the amount that Metachim Impex paid in 2016 after the trustee repeatedly lowered the price due to a lack of interest. Meanwhile, equipment for about BGN 4 million was cut and sold for scrap from the enterprise. There are various debts on the properties related to the loan from Investbank. The deal was financed with a EUR 9 million loan from Investbank. According to data from the Commercial Register in August this year, the bank launched a pledge, claiming a total of EUR 9.8 million, including interest. The loan itself matured at the end of June 2019 and was apparently not repaid.

Source: Capital

Bulgarian startup company OfficeRnD, which is developing a shared workspace management platform, has received USD 3 million in funding. Leading investor in the deal is the Flashpoint Venture Capital Fund with USD 2 million. The remaining funds are provided by the Bulgarian venture capital fund LAUNCHub Ventures. Nearly five years since its founding, OfficeRnD has gone through four rounds of funding in stages, with the biggest investment being the latest. The Flashpoint Venture Capital Fund is focused mainly on software companies from Central and Eastern Europe, Israel, Armenia, the Baltic States, Russia and Ukraine. The remaining USD 1 million of fresh capital was provided by the Bulgarian fund LAUNCHub Ventures, which is investing for the third time in OfficeRnD. The new financial injection from Office R&D will mainly be used to expand the team. In 2015, the Bulgarian company received its first financial injection of GBP 30,000, provided by the PiLabs accelerator. In less than a year, OfficeRnD closed its second round of funding of EUR 170,000 from LAUNCHub, also backed by Telerik founder. Two years ago, the start-up company received EUR 800,000, again provided by LAUNCHub and part of the founders of Telerik. OfficeRnD is developing a platform that allows for easy and convenient shared space management, invoicing, or on-site reservations. Their goal is to create an intelligent centralized system to assist office managers in managing and organizing large shared workspaces.

Source: Capital

Telecommunications company Telenor Bulgaria, a unit of Czech-owned PPF Group, said that its earnings before interest, taxes, depreciation and amortisation (EBITDA) rose 1.8% year-on-year to BGN 93 million in the third quarter of 2019. The company's revenue increased 1.6% year-on-year to BGN 193 million in the July-September period of 2019. Average revenue per user (ARPU) increased by 8% to BGN 15.9 in the third quarter. Telenor Bulgaria's clients decreased slightly during the review period, due to the ongoing SIM-cards consolidation trend on the market. Telenor Bulgaria's customer base numbered 3.08 million at the end of September. Telenor Bulgaria generated an EBITDA of BGN 82 million in the second quarter of 2019. On the Bulgarian mobile segment, the company competes with A1 Bulgaria, a unit of A1 Telekom Austria Group, and Bulgarian Telecommunications Company (BTC), which operates under the brand name Vivacom. PPF Group is majority-owned by Petr Kellner who held a 98.93% stake at the end of 2018, according to the company's latest annual financial report.

Source: Capital

Bulgarian state-owned science and technology park operator Sofia Tech Park turned to a net profit of BGN 16.2 million in the first nine months of 2019 from a net loss of BGN 4.3 million in the same period of last year. Sofia Tech Park booked net income from real estate deals of BGN 17.8 million in the review period versus none in the year-ago period. Rental revenue more than doubled to BGN 1.5 million in January-September from BGN 720,000 in the comparable period of 2018. Financial revenue from EU-funded operational programmes edged down to BGN 4.6 million from BGN 4.7 million the year before. Sofia Tech Park lowered its amortisation costs, to BGN 5.5 million in the first nine months of the year, from BGN 8.0 million a year earlier.

Source: SeeNews



       Bulgarian Industrial Association


 

       World

Europe

Britain's economy has grown at the slowest annual rate in almost a decade, according to official figures. Year-on-year growth in the three months to end-September slowed to 1% from 1.3% in the second quarter, the Office for National Statistics said. An ONS spokesman said: "Looking at the picture over the last year, growth slowed to its lowest rate in almost a decade." But the economy avoided a recession by growing 0.3% in the third quarter. The economy had shrunk in the second quarter and two quarters of contraction would have signalled a recession. Despite the economy expanding by 0.3% in the third quarter, it was not as fast as the 0.4% forecast by economists, including at the Bank of England. A statistician at the ONS said GDP grew "steadily" in the third quarter. That was largely as a result of a "strong July". "The underlying trade deficit narrowed, mainly due to growing exports of both goods and services."

Source: BBC

America

McKinsey & Company, the elite consulting firm that advises many of the world’s largest and most powerful institutions, is facing a federal criminal investigation of its conduct advising bankrupt companies, according to five people familiar with the matter. Prosecutors and other Justice Department officials in New York and Washington are trying to determine if McKinsey used its influence over insolvent companies in violation of the rules of Chapter 11 bankruptcy — where billions of dollars can change hands — by quietly steering valuable assets to itself or favoring its own clients over other creditors. In the past two weeks, investigators have conducted interviews about McKinsey’s actions in the bankruptcies of at least two companies, Alpha Natural Resources, a coal producer, and SunEdison, an alternative energy company, said one of the people, who was questioned by F.B.I. agents.

Source: New York Times

Asia

Iran on Sunday claimed to have found a new oil field that would boost its supply by a third — delivering the news with a shot at US sanctions. “I am telling the White House that in the days when you sanctioned the sale of Iranian oil and pressured our nation, the country’s dear workers and engineers were able to discover 53 billion barrels of oil in a big field,” Iran’s president, Hassan Rouhani, said in a public announcement. Rouhani said the field was located in Iran’s southern Khuzestan province, home to its crucial oil industry, with the 53 billion barrels added to Iran’s reserves of roughly 150 billion. US President Donald Trump reinstated the sanctions against Iran last year after abandoning the landmark 2015 nuclear deal between Iran and six world powers. Under the accord, Iran agreed to limit its sensitive nuclear activities and allow in international inspectors in return for sanctions relief. The sanctions have led to a sharp downturn in Iran's economy, pushing the value of its currency to record lows, quadrupling its annual inflation rate, driving away foreign investors and triggering protests.

Source: New York Times

 
Indexes of Stock Exchanges
12.11.2019
Dow Jones Industrial
27 691.49 (10.25)
Nasdaq Composite
8 486.09 (21.81)
Commodity exchanges
12.11.2019
  Commodity Price  
Light crude ($US/bbl.)56.61
Heating oil ($US/gal.)1.8900
Natural gas ($US/mmbtu)2.6300
Unleaded gas ($US/gal.)1.6100
Gold ($US/Troy Oz.)1 461.50
Silver ($US/Troy Oz.)16.86
Platinum ($US/Troy Oz.)875.20
Hogs (cents/lb.)75.55
Live cattle (cents/lb.)119.75

       Discover Bulgaria

John Chrysostom

John Chrysostom (349 – 14 September 407), Archbishop of Constantinople, was an important Early Church Father. He is known for his preaching and public speaking, his denunciation of abuse of authority by both ecclesiastical and political leaders, the Divine Liturgy of Saint John Chrysostom, and his ascetic sensibilities. The epithet Χρυσόστομος (Chrysostomos, anglicized as Chrysostom) means "golden-mouthed" in Greek and denotes his celebrated eloquence. Chrysostom was among the most prolific authors in the early Christian Church, exceeded only by Augustine of Hippo in the quantity of his surviving writings. He is honored as a saint in the Oriental Orthodox, Eastern Orthodox, Catholic, Anglican, and Lutheran churches, as well as in some others. The Eastern Orthodox, together with the Byzantine Catholics, hold him in special regard as one of the Three Holy Hierarchs (alongside Basil the Great and Gregory of Nazianzus). The feast days of John Chrysostom in the Eastern Orthodox Church are 13 November and 27 January. In the Roman Catholic Church he is recognized as a Doctor of the Church and commemorated on 13 September in the current General Roman Calendar and on 27 January in the older calendar.(Source: en.wikipedia.org)


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