German Minister: A New Financial Crisis Poses a Threat to the World Economy
The world economy is facing the risk of a new financial crisis, warned German Finance Minister Wolfgang Schauble, quoted by the electronic edition Politico.
Bulgaria Chemical Industry Collapses over Global Financial Crisis
- Tweet
Send to Kindle
For the last three months of 2008 the total income of the five companies, Neochim PLC, Orgachim, Kauchuk J.S.CO., BG Polymers LTD, and Vidachim JSC, has decreased by 46,2%. Photo by photobucket.com
Bulgarian chemical companies have already been hit by the global financial crisis, and have seen a marked fall in profit.
This conclusion was made by the Pari Daily newspaper after analyzing the 2008 last quarter financial reports of the five biggest Bulgarian companies in the chemical business.
For the last three months of 2008 the total income of the five companies, Neochim PLC, Orgachim, Kauchuk J.S.CO., BG Polymers LTD, and Vidachim JSC, has decreased by 46,2%. The turnover lowered from BGN 159,7 M, for the third quarter of 2008, to BGN 85,9 M, for the October-December period.
"The chemical industry companies in Bulgaria indeed are the most severely affected by the financial crisis... The first half of 2009 results will be completely different from the results of the same period in 2008", the financial and investment company Bench Mark Group's Portfolio Manager, Konstantin Abrashev, commented.
Vidachim JSC, the biggest tyre production plant in Bulgaria, is the only one with positive results. Its turnover for the last quarter of 2008 increased by 63,1% compared to the previous period.
The fertilizer production plant, Neochim PLC, recorded a 65,3% decrese of its turnover for the last three months of 2008.
Orgachim, a leader on the paints and varnishes market in Bulgaria, lost 54,1% of its overall income for the 2008 last quarter. It is unlikely to expect positive results soon from the company, as the construction and real estate markets have collapsed since last year, Investment Advisor in KD Securities, Razvigor Hristov, said.
Related Articles:
5000 Chemical SMEs Went Bankrupt in 3 Years in Bulgaria
In the past three years, around 5000 small and medium-sized enterprises in the chemical industry went bankrupt, and around 10% of the people working in the sector were laid off, according to Yoncho Pelovski, Deputy Chair of the Bulgarian Chamber of Chemic
Business | September 30, 2013, Monday // 14:53
Solvay Sodi CEO Spiros Nomikos: We Have Invested BGN 900 M in Bulgaria for 15 Years
Interview with the chief executive officer of Solvay Sodi Spiros Nomikos
Bulgaria Buisness Snubs Shock Electricity Price Spike
The latest 16% spike in electricity prices for large-scale heavy industry consumers in Bulgaria will be critical for companies which have already reduced their costs to a bare minimum after the long-lasting recession, according to executives in the sphere
Brazil, Bulgaria Presidents Launch Plan to Boost Economic Relations
Brazil President Dilma Rousseff and Bulgaria counterpart Rosen Plevneliev coordinated a plan for boosting bilateral economic relations, during the Rio+20 summit in Rio de Janeiro.
Don't Lose Faith in Europe! The May 6 Syndrome Is Dangerous!
The elections in France, Greece, and Serbia (and some other places in Europe) on May 6, 2012, seem as an indication of the waning of the United Europe idea, and even a more convincing one than the steadily declining turnout at the European Parliament elec
Bulgaria Warns Milk Prices Fall While Production Costs Surge, Minister Tells EU
Bulgarian Agriculture Minister Ivan Hristanov has said that milk prices in Bulgaria are falling for consumers while production costs for farmers continue to rise, creating increasing pressure on the sector.
Bulgaria Faces Surge in Labor Costs: Real Estate and Construction Hit Hardest in 2025
Bulgaria saw a sharp rise in labor costs at the close of 2025, with total employer expenses per hour worked increasing by 13.9% in the fourth quarter compared to the same period in 2024, according to preliminary figures from the National Statistical Insti
Why Some Midlands Factories Still Rely on Clipboards During Peak Season
Each December, several factories across the Midlands manage their busiest weeks with clipboards in hand.
Channelisation vs. Black Market: What Germany’s Gambling Data Reveals About Regulated Digital Markets
Germany’s online gambling market has become one of the most closely observed case studies in digital regulation.
Data Transparency and Trust in the Evolving Casino Economy
The digital age has fundamentally reshaped nearly every industry, and the gambling sector is certainly no exception.
Over 2,000 Coal Jobs Vanish in Bulgaria as Low-Carbon Transition Hits Hard
Over 2,000 jobs in Bulgaria’s coal sector have been lost amid the ongoing shift toward a low-carbon economy, CITUB President Plamen Dimitrov reported at a labor market forum focused on the energy transition
