Press Review

Money

Appreciated Kremikovtsi of 837 Millionleva, 1.9 billion in obligations

Market value of net tangible assets of Kremikovtzi AD is BGN 837 244 000 It is clear from the evaluation report on the assets of the insolvent company’s gone. The assessment was made on 1 September and is valid for 6 months. Evaluators from Amrita Consulting House Ltd. are calculated and the liquidation value of tangible assets of the company – BGN 662 708 000 This is also the market value and usually identical or close to the value to be realized in any forced sale, explained the company’s insolvency administrator Tzvetan bank.

Creditors

The valuation of assets of Kremikovtzi AD is clear that a sizable part of the creditors will remain unmet. Obligations of the bankrupt factory are EUR 1.9 billion For Redemption were the first to creditors with secured loans – these are the holders of bonds issued by the Indian owner Pramod Mital, Arcelor Mittal and several transport companies. There are also claims of creditors, including the salaries of workers after the occurrence of insolvency. Third are those prior to the occurrence of insolvency, and public debts prior to bankruptcy are in fourth place.
State companies penalize small shareholders

Companies in which the state is a major owner, not the corporate governance practices. It said experts at a conference on the formation of national commission on corporate governance yesterday. They called not only the public but also government and other large companies to adopt corporate governance code.

Examples

In Bulgaria, the country shows disrespect to the new investors who have entered into their companies for privatization through the stock exchange, said Vice-President of the Financial Supervision Commission Ralitsa Again, Guri. She gave as an example of scandals around the resort of Sunny Beach AD, where the state as a majority had tried to transfer assets of the municipality of Nessebar, which penalizes small investors in public companies. Deputy Chairman of the FSC welcomes the establishment of a committee that will monitor compliance with best management practices. This step shows that there is broad understanding of the importance of good management, said Ralitsa Again, Guri.
Jump in profit Oil & Gas Plc

Consolidated profit of Exploration and Production Oil and Gas Plc has increased by 14.7% in half of 2009 to 4.4 million, the report indicates the company.

Contribute

Main tribute to the growth of a financial profit company revenues, which increased from 98 thousand at the end of June 2008 to 3.73 million for the six months of 2009, revenues have more weight in the other column, where they recorded revenue from 3.37 million Without these profits would be just over 1 million, or a decrease of 73.2% yoy.

Sales of Oil and Gas PLC decreased by 25.4% and for January – June 2009 decreased to 15.24 million

Class

Diankov: You can reduce the VAT to 16% by the end of the mandate

If the economy is doing well in next year’s budget for 2011 may be fixed by reducing the VAT rate from 20 to 18 percent and by another 2 percentage points to end the mandate of the current government. It said on Wednesday Deputy Prime Minister and Finance Minister Simeon Diankov in Brussels, adding that the flat tax will now be changed. It participates in informal meeting of EU Council on Economic and Financial Affairs ECOFIN.

According to him Bulgaria will be more difficult 4.5 months, the bottom of the crisis will be in November. January will be our month of cautious optimism, but in the spring of 2010 will already see positive signals for the Bulgarian economy, Finance Minister predicts, as quoted by Deutsche Welle.

He denied allegations that Bulgaria would seek a loan from the IMF. On joining the euro expressed hope that after the rapid and efficient changes undertaken by the government, the process will be accelerated. Diankov said that its European colleagues have expressed their good impressions of the fiscal policy measures taken by the new government and general public support for these actions.

Dozens of Bulgarian companies tested virtual offices

Dozens of Bulgarian companies use virtual offices to develop their business in Europe and USA. Instead of paying for staff, supplies and rent, business managers hire local address, telephone number and a team that receives mail and calls. Thus, while companies test the market, give at least two to three times less money for the office, told Natalia Hristoforova Class, General Manager at Regus Bulgaria – one of the companies who are approved as leaders in offering such services worldwide.

The product is flexible, companies themselves choose what they need. The main components of the virtual office is the presence of a representative business address and personalized service telephone line, said Hristoforova. Thus, a person can work at home or in another country is constantly in motion, but still have a representative address.

Standard
Italy lobbying for money under SAPARD

Agriculture Minister Miroslav Naydenov Rome to ask for help to unfreeze the money under SAPARD. This happened during a meeting with the Ambassador of Italy Stefano Benazzo country, announced the agrovedomstvoto. The Italian government is ready to work with Bulgarian expansion of relations and cooperation between the two countries in each field, said Benazzo. He noted that trade exchange between the two countries exceeded 3 billion a year. In 2008 the share of agricultural products imported from Italy occupies 6.2% of total trade with EU countries and from Bulgaria to export agricultural products to Italy – 4.5%. On Botusha Bulgarian eat mutton, goat and lamb, and then we import most coffee and fruit.
Diary
Interest on deposits have increased by 40%, while borrowing costs by 11-20%

Interest on deposits decreased to nationals in June
In one year the yield on newly fixed-term deposits in BGN and EUR increased by 40.5%. These data show the interest of the Bank statistics at the end of July this year. Exactly on deposits in banks last year announcing ever higher interest rates, competing for money to customers in terms of the reach foreign markets and reduced liquidity.
Prohibitive list for privatization will be reviewed

The economic ministry will begin evaluation of the criteria by which certain companies were included in the prohibitive list for privatization, announced the establishment. A day earlier, the supervisory board of the Privatization Agency Privatization Agency has offered to be taken out of the companies listed. Currently, 168 countries firms can not be privatized.

Among them is an investment marketing company, water companies and horse enterprise. Their principles are different ministries and agencies. Place the list in the proposal the Minister, followed by approval of the National Assembly by a change in the Law on Privatization and Post-ZPSPK. Most likely, first from the prohibitive list will be abolished Bulgarian energy holding, or part thereof.

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