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Municipality to Intersperse Sofia with Tourist Info Centers
01-Jan-1970

Sofia Municipality is going to open at least five more Tourist Information Centers, in addition to the only existing one, according to Deputy Sofia Mayor Irina Savina. The Tourist Information Center in Sofia was opened in January 2010; it is located... [Full story]

Bulgaria Opens Repaired Section of Danube Bridge 1
01-Jan-1970

The repaired Bulgarian section of Danube Bridge 1 between the city Ruse and Romania's Giurgiu was opened Saturday by Prime Minister, Boyko Borisov. The bridge is the only one existing on the Danube to connect Bulgaria and Romania, for which the... [Full story]

IKEA to Attract 1.5 M Visitors during 1st Year in Bulgaria
01-Jan-1970

The first Bulgarian store of the Swedish furniture giant IKEA aims at attracting over 1.5 million visitors during the first year after its opening. The information was announced by the Greek Fourlis company, which has the IKEA franchise rights for... [Full story]

Bulgaria Seals Sale of Bulgartabac to Russian Bank VTB
01-Jan-1970

The Supervisory Council of Bulgaria's Privatization Agency has given the final go-ahead for the sale of state cigarette-maker Bulgartabac to BT Invest, a firm wholly owned by Russia's government bank VTB. After five-hour debates on Friday, the... [Full story]

Russia 'Freezes' Burgas-Alexandroupolis Oil Pipeline over Bulgaria's 'Obstructions'
01-Jan-1970

Russian oil pipeline monopoly Transneft will freeze the construction of the troubled Burgas-Alexandroupolis project, which has been largely obstructed by Bulgaria's government in the past 2 years. Transneft will not abandon the Burgas–Alexandroupolis... [Full story]

New Sofia Subway Line to Be Launched in May 2012
01-Jan-1970

The subway line from the Mladost 3 district to the main thoroughfare of the Bulgarian capital Sofia – Tsarigradsko Shosse Boulevard will be open for use by May 2012. The news was announced Thursday by Mayor, Yordanka Fandakova, who said that... [Full story]

Bulgarian PM Breaks Ground of 2nd Road to Greece
01-Jan-1970

Bulgaria's Prime Minister, Boyko Borisov, in the company of three members of his cabinet, broke ground Thursday of the second stage of the road to Greece through the Makaza mountain pass. The road segment is between Kardzhali and Podkova. It is... [Full story]

Bulgarian FinMin: President Is Clueless about Economy
01-Jan-1970

Bulgarian President, Georgi Parvanov, has shown many times that he is clueless when it comes to economy and his experts have no clue either. The statement was made Tuesday by Bulgaria's Deputy Prime Minister and Finance Minister, Simeon Djankov, in... [Full story]

Bulgarian FinMin Rejects Idea of Budget 2011 Update
01-Jan-1970

The State budget will not in any way need to be updated, Bulgaria's Deputy Prime Minister and Finance Minister, Simeon Djankov, declared Wednesday. In an interview for the Bulgarian National Radio, BNR, Djankov said there is enough money in the budget... [Full story]

Average Bulgarian Household's Income Up 4% Q2 2011 Y/Y
01-Jan-1970

The average quarterly total income per household member during the second quarter of 2011 was BGN 940. This is 3.8% more compared to the same quarter of 2010. The data was released Wednesday by the Bulgarian National Statistics Institute,... [Full story]

Russia's State Bank VTB Approved as Buyer of Bulgaria Tobacco Monopoly
01-Jan-1970

The Governing Board of Bulgaria's Privatization Agency approved Wednesday the sale of the State-owned tobacco monopoly Bulgartabac Holding to the Austria-registered BT Invest, owned by Russian state bank VTB. On Monday, the buyer offered EUR 101.1 M... [Full story]

New Roads to Link Bulgaria's Ruse to Sofia-Varna Highway by 2020
01-Jan-1970

Two brand new "high-speed" roads will link the Bulgarian Danube city of Ruse with the future Hemus Highway connecting Sofia and Varna through Northern Bulgaria, Ruse's District Governor Plamen Stoilov announced. Stoilov gave a report Wednesday on his... [Full story]

Bulgarian Govt: Economy Recovers, State Finances Stabilize in H1 2011
01-Jan-1970

Bulgaria's Cabinet has adopted the report for the consolidated state fiscal program for the first half of 2011, stressing the stabilization of the country's macroeconomic indicators. "The stabilization and gradual recovery of the Bulgarian economy... [Full story]

Bulgarian Energy Watchdog: Power Utilities Might Be Restructured
01-Jan-1970

Electrical power utilities operating in Bulgaria might need to go through a restructuring, according to Angel Semerdzhiev, the head of the Bulgarian state energy regulator. Discussions for restructuring aim at a complete transparency of the three... [Full story]

Bulgaria to Start Building Long-Awaited Section of Danube-Aegean Road
01-Jan-1970

Bulgaria's government will launch September 1, 2011, the long-anticipated construction of a key section of the road from the Danube city of Ruse on the Romanian border to the Makaza Pass on the Greece border. The section in question is the road... [Full story]

Bulgarian Black Sea Resort Albena Sees 6% More Tourists in 2011
01-Jan-1970

One of the top Bulgarian Black Sea resorts, Albena, has seen an increase of 6% in the number of tourists during the 2011 summer season, year-on-year, a company representative said. The revenue will also be up but its increase will be smaller than the... [Full story]

Alpha Bank, Eurobank EFG Merger Creates Biggest Bank in Greece, 3rd Biggest in Bulgaria
01-Jan-1970

Two of Greece's major banks – Alpha Bank and Eurobank EFG – have formally announced their planned merger, which will create the largest bank in Greece, and the third largest bank in Bulgaria. "The Boards of Directors of Alpha Bank and Eurobank EFG... [Full story]

Bulgarian Govt Plans to Privatize State Railway Freight Service
01-Jan-1970

Bulgaria's Cabinet could complete the privatization of the "Freight Services" unit of state railways operator BDZ Holding within six months, according to Transport Minister Ivaylo Moskovski. Moskovski told BNR Sunday that the plan for reforms of the... [Full story]

Bulgaria's 2011 Income from Foreign Tourists to Reach EUR 2.7 B
01-Jan-1970

Bulgaria's total 2011 income from foreign tourists will reach EUR 2,7 B, according to estimates from the National Tourism Board, an NGO. Thus, in 2011, Bulgaria's income from foreign tourists will grow by 4.5%, while the total number of foreign... [Full story]

Lukoil Bulgaria CEO Firm in Rebuffing Tax Violations Claims
01-Jan-1970

The CEO of Lukoil Bulgaria, Valentin Zlatev, remains unwavering the company has not committed any tax or Customs law violations. "Lukoil does not have even one citation for tax and Customs violations," Zlatev is quoted saying. He was adamant that... [Full story]

Bulgaria Ranked 1st in Europe by Low Construction Cost
01-Jan-1970

Building construction in Bulgaria is the cheapest in Europe, according to a comparative analysis of the EC Harris company, specializing in construction consulting. The Bulgarian Trud (Labor) daily writes Saturday, citing the analysis, that expenses... [Full story]

Bulgarian Resort Sunny Beach Demands British Police Officers for 2012
01-Jan-1970

Bulgaria's popular southern Black Sea resort of Sunny Beach wants British police officers to patrol it during the next tourist season. "We are sure this would be a fairly effective way of collaboration, because it would improve the tourists' security.... [Full story]

Bulgaria Sees Increase of Foreign Visitors July 2011 y/y
01-Jan-1970

The number of arrivals of visitors from abroad to Bulgaria in July 2011 was 1 609 900, which indicates a 2.6% increase year on year, the country's National Statistical Institute says. Tourism is the main reason for the increase, as the arrivals with... [Full story]

Bulgarian Cabinet Promises Not to Raise Taxes While in Power
01-Jan-1970

Bulgaria's government of Prime Minister Boyko Borisov and his center-right GERB party will not raise taxes until its term ends in 2013, the country's Finance Minister and Deputy PM Simeon Djankov promised Thursday. In in interview for the Bulgarian... [Full story]

Sofia Turns Romania-Bulgaria-Greece Dream Road into Priority Project
01-Jan-1970

Bulgaria's Cabinet has declared the road from the Danube city of Ruse on the Romanian border to the Makaza Pass on the Greece border to be a project "of national importance" in a long-awaited move. The Ruse-Makaza road linking Romania and Greece... [Full story]

Giant 'Dinosaur' Pays Visit to Bulgaria's Varna
01-Jan-1970

A peculiar tourist attraction – a 45-meter-long artificial dinosaur has arrived in Bulgaria's Black Sea capital Varna. The curious are welcome to take a tour inside the giant Hollywood-manufactured beast and feel its heartbeat and breathing, as well... [Full story]

Sofia Airport to Manage Bulgaria's 3rd Black Sea Airport in Balchik
01-Jan-1970

Bulgaria's Cabinet has assigned the management of the future civilian airport at the Black Sea town of Balchik to Sofia International Airport. “Sofia Airport, whose parent organization is the Ministry of Transport, IT and Communications, has... [Full story]

Bulgaria Clueless on Tourist Numbers in Its Black Sea Resorts
01-Jan-1970

The chaotic urban development of the Bulgarian Black Sea resorts has been exposed as the Regional Development Ministry is trying to figure out how many tourists reside in each one of them over the summer. "The Bulgarian state will not pour a single... [Full story]

Bulgarian Customs Agency Inspects Lukoil on Suspicions of Tax Evasion
01-Jan-1970

Bulgaria's Customs Agency is checking whether Lukoil Neftochim is being siphoned off by its subsidiary Litasco, which controls volumes entering and exiting the oil refinery. The announcement was made Sunday by Customs Agency head Vanyo Tanov in... [Full story]

Bulgarian Govt Grants New 'Final' Extension on BA Oil Pipeline
01-Jan-1970

The Bulgarian government has granted Trans-Balkan Pipeline, a Bulgarian-Greek-Russian project company, another extension on the environmental assessment of the Burgas-Alexandroupolis oil pipeline project. Bulgaria's Environment Ministry is granting... [Full story]

EC Lauds Bulgarian Capital's Underground
01-Jan-1970

The project for the underground network of Bulgaria's capital Sofia is exemplary, according to a source in the European Commission, reports Bulgarian EU Funds Minsiter Tomislav Donchev. According to Donchev, the DG Regional Policy representative has... [Full story]

Bulgarian Customs Head: Lukoil Has Tax Problems, Gets Better
01-Jan-1970

Lukoil Bulgaria has been chronically failing to adequately pay its taxes, according to Bulgarian Customs Agency head Vanyo Tanov. Recently a controversy developed in Bulgaria, after Tanov ordered a retraction of operation licenses of Lukoil Neftochim... [Full story]

Bulgaria Opens Bids for Struma Highway Lot 4
01-Jan-1970

Bulgaria's Minister of Regional Development and Public Works, Rosen Plevneliev, is attending Friday the opening of the public tender bids for Lot 4 of the Struma Highway. The news was reported by the TV channel bTV. Lot 4 runs between the southern... [Full story]

Sofia Airport to Launch New Air Traffic Control Tower in 2012
01-Jan-1970

The Bulgarian Air Traffic Services Authority (BULATSA) and construction company Glavbolgarstroy have signed a contract for the preliminary design and construction of a new control tower at Sofia Airport. The air traffic control tower will be 50 meters... [Full story]

15 Firms Bid for EUR 53 M Section of Bulgaria's Struma Highway
01-Jan-1970

A total of 15 Bulgarian and foreign companies have applied in the tender to build Lot 4 of Bulgaria's southwestern Struma Highway, the Road Infrastructure Agency announced upon opening the bids. The applicants are from Austria, Bulgaria, Croatia,... [Full story]

Bulgaria's Ailing Railways Get Tough, Raise Revenues
01-Jan-1970

Bulgaria's troubled state railway company BDZ has managed to increase its revenues from ticket sales by boosting its travel inspections and policing. In January-July 2011, BDZ's revenues from the sale of tickets on board of trains grew by almost 11%... [Full story]

Tangibly More Foreign Tourists Visited Bulgaria in Q2 2011
01-Jan-1970

Data from the Bulgarian National Statistical Institute (NSI) is confirming the various reports that Bulgaria's tourism sector is enjoying a very strong summer season in 2011. The total revenue from tourist accommodation (i.e. hotel room and apartment... [Full story]

Rolling Stone Magazine Fails to Survive in Bulgaria
01-Jan-1970

One of the most popular magazines in the music world, Rolling Stone, has stopped to appear in a Bulgarian language edition less than two years after its launch. Rolling Stone stepped on the Bulgarian market in November 2009 with the ambition to play a... [Full story]

BCCI: Zambia Offers Big Opportunities for Bulgarian Business
01-Jan-1970

Bulgaria must seek new markets for its products, and the countries in Southern Africa such as Zambia offer big opportunities, according to officials from the Bulgarian Chamber of Commerce and Industry (BCCI). The business opportunities in Zambia have... [Full story]

Bulgaria Registers 0.1% GDP Growth Q2 2011 Y/Y
01-Jan-1970

The Gross Domestic Product, GDP, increased by 0.2% in both the Eurozone and the EU during the second quarter of 2011, compared with the previous quarter, according to flash estimates. In the first quarter of 2011, growth rates were +0.8% in both... [Full story]

New Air Traffic Control Tower at Sofia Airport to Be Built in 10 Months
01-Jan-1970

Bulgarian Transport Minister Ivaylo Moskovski will attend Friday the signing of a contract for the preliminary design and construction of a new control tower at Sofia Airport. The document will be signed by the Director General of the Bulgarian Air... [Full story]

'Unknown Sofia' Project Advertises Lesser Known Tourist Attractions
01-Jan-1970

A map with little-known yet interesting places to visit in Sofia will be presented Wednesday to Sofia municipal councilors and the business sector. The colorful leaflet titled "The Unknown Sofia" is to be ready by the end of the month, according to a... [Full story]

Greeks, Romanians Rush to Stash Savings in Bulgaria
01-Jan-1970

Bulgarian banks have seen a significant growth in deposits over the last two months thanks to Greek and Romanian nationals, who rush to stash their savings here, officials and bankers say. The deposits of foreign citizens and companies in local banks... [Full story]

Bulgarian Local Wine Sales up 40% H1 2011 Y/Y
01-Jan-1970

The sales of wine on the local market in Bulgaria are up 40% in the first half of 2011, compared to the same period of last year. The data was released Wednesday by the Bulgarian Executive Vine and Wine Agency. The 40% mean Bulgarians drank 11.5... [Full story]

Passenger Traffic at Sofia Airport Up by 3% Y/Y in July
01-Jan-1970

Sofia Airport registered a monthly slowdown in passenger traffic growth in July. In July 2011 Sofia Airport serviced a total of 336.5 passengers, up by 3% compared to the same month in 2010, according to a media statement of the company. In June... [Full story]

RGI's Europa Capital Completes Acquisition of 'Mall of Sofia'
01-Jan-1970

Europa Capital LLP, a member of the Rockefeller Group, has completed the acquisition of Mall of Sofia, the first shopping mall in Bulgaria's capital, the company has announced. "Europa Capital LLP, the fund manager of Europa Fund III and the Europa... [Full story]

Bulgaria to Shift Budget Focus from Security to Education - Finance Minister
01-Jan-1970

Bulgaria's government has been giving too much money for the security sector, and too little for, and that is bound to change in 2012, Finance Minister Simeon Djankov has promised. "The major focus of the 2012 Budget Act will be the redistribution of... [Full story]

Sofia Revamps Public Transport over Launch of 2nd Metro Line
01-Jan-1970

Sofia Municipality is taking a number of measures to revamp the public city transport in order to make a better use of the second line of the Sofia Metro that is to be launched in 2012, officials have announced. In early 2012, the municipality will... [Full story]

Sofia City Hall Overhauls Entire Trolleybus Park
01-Jan-1970

The trolleybus park in the Bulgarian capital Sofia will be replaced nearly 100% in the next year to year and a half. Thirty new trolleys have been purchased with EU funding in 2010, which is about 30% of the existing trolley park in the capital. 50... [Full story]

Bulgarian Revenue Agency Hits on Black Sea Yacht Owners
01-Jan-1970

Bulgarian Revenue Agency, NRA, has launched a probe of 47 yachts at the beach resort towns of St. Vlass and Nessebar on the southern Black Sea coast. The information was reported Tuesday by the NRA press center. The revenue agents have listed the... [Full story]

Tickets on Sale for Qatar Airways Sofia Flights
01-Jan-1970

Qatar's national carrier has confirmed it is about to launch flights to and from Sofia in the middle of September and tickets are already on sale. The flights will be launched on September 14 and will be served four times a week via Bucharest on board... [Full story]

Bulgaria's Balchik Palace Turns Attractive Wedding Spot
01-Jan-1970

The Balchik palace complex in the northern Black Sea coast of Bulgaria is marking during summer 2011 a peak of weddings of couples from all over the world. Over 30 couples from Bulgaria, the US, Switzerland, Australia, Romania and Slovakia have chosen... [Full story]

Bulgaria Gets Deplorable Amount of FDI in H1 2011
01-Jan-1970

Bulgaria attracted a total of only EUR 7.9 M in foreign direct investment in the first six months of 2011, according to latest data from the Bulgarian National Bank. Compared with the first six months of 2010 when the foreign investments in Bulgaria... [Full story]

Bulgarian Govt Makes BGN 12 M by Privatizing Construction Firm
01-Jan-1970

Bulgaria's government is selling "Industrial Construction Holding", a state company, to a local private investor for BGN 12.01 M, the Privatization Agency announced. The selected buyer of Industrial Construction Holding is Vodstroy 98, a... [Full story]

Bulgarian PM Wants to Clean Sewage with New Legislation
01-Jan-1970

Bulgarian towns are not stimulated enough to build facilities to clean sewage, which is a serious drawback, stated Bulgarian PM Boyko Borisov in Varna Sunday. "For some 20 years almost nothing has been done in the field, and this is a problem... [Full story]

Bulgarian Capital Plans Industry Park Near Dead Steel Giant - Report
01-Jan-1970

Bulgarian capital Sofia is planning to allot some 38 acres nearby defunct steel plant Kremikovtzi for the creation of a new industrial park, according to a publication by wide-circulation 24 Chasa daily Sunday. The land is owned by Sofia Municipality... [Full story]

Bulgaria's Ruse Shipyard Builds Ship in Record Time
01-Jan-1970

The shipyard in Bulgarian Danube city of Ruse built a sea-faring ship for 3.5 months instead of the usual 12-month period. Monday the newly built 8,000 tonne deadweight, 128.5 m freight ship will be sail off to Varna for testing. The ship, called... [Full story]

Bulgaria Back to Top 10 Best Places for British Buyers
01-Jan-1970

Bulgaria has partly regained its popularity among overseas buyers, breaking back into the top ten most preferred real estate markets for Britons, according to a UK guide for residential property. 3.3% of all enquiries in July were directed at... [Full story]

Bulgarian Resort Shines Brighter than Mallorca for Germans
01-Jan-1970

Bulgaria's largest summer resort Sunny Beach, which has recently made headlines with binging sprees, alcohol-related accidents, crime and prostitution, has ousted Mallorca in the hearts of young Germans. "The German tourists now prefer to spend their... [Full story]

Bulgaria's 2011 Tourist Season Shapes to Be Best in Decade
01-Jan-1970

Bulgaria's 2011 summer tourist season will most likely end up being the most successful in terms of revenues in the past ten years, various data indicates. The Institute for Analysis and Assessment in Tourism, a think-tank, estimated that 6.6 million... [Full story]

Lukoil Reduces Retail Fuel Prices in Bulgaria
01-Jan-1970

Lukoil has reduced retail fuel prices at its filling station chain in Bulgaria. As of August 12, gasoline A95H costs BGN 2.41 per liter, gasoline A98H sells for BGN 2.57 per liter, diesel trades at BGN 2.40 per liter and LPG has a price tag of BGN... [Full story]

Bulgaria Registers Zero Inflation in July 2011
01-Jan-1970

Bulgaria has registered a 0.0% monthly inflation rate in July 2011, according to the National Statistical Institute (NSI). The consumer price index (CPI) in July 2011 compared to June 2011 was 100.0%. The inflation rate since the beginning of the... [Full story]

Bulgaria's 2011 Wheat Production Surpasses Expectations
01-Jan-1970

Bulgaria's agriculture sector has achieved a higher wheat yield in 2011 than was originally expected, according to Agriculture Ministry data. As the harvesting campaign around the country is wrapping up, with 99.4% of the plots already harvested,... [Full story]

Melia Takes Over New Hotel in Bulgaria's Nessebar
01-Jan-1970

Melia Hotels International has signed a contract to manage a new hotel in Bulgaria's top Black Sea resort Nessebar. The Spanish-owned chain formerly known as Sol Melia is taking over the management of the four-star Marina Palace hotel in Nessebar,... [Full story]

Northwest Bulgaria's Authorities Seek Investors to Revive Vidin Airport
01-Jan-1970

Bulgaria's state authorities are seeking bidders for the concession of the inactive airport in the northwestern city of Vidin, Plamen Stefanov, Vidin District Governor, told Novinite.com (Sofia News Agency). In an interview for Novinite.com dedicated... [Full story]

Bulgarian Banks See Significant Growth in Deposits
01-Jan-1970

Bulgaria's population managed to put aside regular savings over the last year, leading to a sharp increase in the money stashed in bank deposits, official data shows. Bulgarian citizens have saved in deposits BGN 2.8 B, while companies – BGN 1.2 B... [Full story]

Russia Offers Bulgaria 14th Extension of Belene Nuclear Plant Contract
01-Jan-1970

Russia's Atomstroyexport, a subsidiary of state nuclear corporation Rosatom, has offered Bulgaria a new extension of the contract for the construction of the Belene nuclear power plant, amidst continuing haggling over the project's... [Full story]

Bulgaria's Greek-owned 'UBB' Bank with BGN 64 M Profit in 2010
01-Jan-1970

The United Bulgarian Bank (UBB), which is fully owned by the National Bank of Greece (NBG), has announced a net profit of BGN 63.88 M in 2010. The general assembly of the UBB shareholders has decided to add its 2010 net profit to the bank's capital,... [Full story]

Lukoil Bulgaria Downs Fuel Prices, Far from Enough
01-Jan-1970

Dominant fuel seller Lukoil Bulgaria decreased on Thursday petrol and diesel prices by some 2%, turning a blind eye to the much sharper drop in crude oil costs on global markets. The A-95H, the most widely used and lowest octane gasoline in the... [Full story]

Bulgaria to Sue National Bank of Greece for EUR 3 M
01-Jan-1970

Bulgaria's Privatization Agency is set to file a claim against the National Bank of Greece for at least EUR 3 M at the Court of Arbitration in Paris, for failing to pay a bank guarantee. The Privatization Agency contends that the failure to pay the... [Full story]

Bulgarian King's Tobacco Cries Foul over Stolen Brand
01-Jan-1970

Bulgarian cigarette maker King's Tobacco has accused an offshore company registered on the Virgin Islands of trying to lay its hands on their key brand – The King. The Plovdiv-based company suspects that Moroy Assets Limited aims to deliberately... [Full story]

Bulgaria Anti-Trust Watchdog to Probe Print Media Market
01-Jan-1970

Bulgaria's anti-trust commission will launch a probe into a possible newspaper monopoly, the first of its kind in the country. The news comes shortly after the purchase of a large number of titles by media mogul Irena Krasteva and the recent squabbles... [Full story]

Contract Gives Start to Bulgaria-Greece Gas Interconnection
01-Jan-1970

A contract signed Thursday has become a "decisive" first step for the construction of the natural gas grid interconnection between Bulgaria and Greece, the Bulgarian Energy Holding announced. The contract for the Front End Engineering Design (FEED)... [Full story]

Bulgaria's Residential Properties Prices Keep 'Going Down' Trend
01-Jan-1970

The average market price of residential properties in Sofia is down over 10% in the second quarter of 2011, compared to the same period of last year. The data comes from a report of Raiffeisen Real Estate which measures the dynamics of the actual... [Full story]

Bulgaria Puts 2 More Military Plant Stakes on Privatization Table
01-Jan-1970

Bulgaria's Privatization Agency has announced a tender for the sale of two state-owned minority stakes in two of the country's military repair plants from the TEREM group. Thus, the Agency for Privatization and Post-Privatization Control will offer... [Full story]

Bulgaria FinMin Vows Justice for High Mobile Prices Victims
01-Jan-1970

Bulgaria's finance minister has launched a probe into the allegedly inflated prices that local mobile operators charge, the highest across the European Union, promising justice for the clients. "We are currently analyzing the market of telephone... [Full story]

Bulgaria's Real Estate Market Stabilizes, Credit Demand Up - Report
01-Jan-1970

The number of new mortgage loans has gone tangibly up in Bulgaria in the second quarter of 2011 as the real estate market and banking activity are becoming more dynamic, according to a report. Thus, the number of mortgage loans increased by 18% in Q2... [Full story]

742 New Residential Buildings in Bulgaria in Q2 2011
01-Jan-1970

The number of completed new buildings increased in the second quarter of 2011, but the number of dwellings in them decreased, according to preliminary data the National Statistical Institute (NSI). A total of 742 new residential buildings were put... [Full story]

Bulgaria Likely to Probe Possible Mobile Price Cartel
01-Jan-1970

Bulgaria's anti-trust commission is likely to launch a probe into a possible mobile price cartel after both Sofia and Brussels rose up against the rates charged by local mobile operators, the highest in Europe. The Commission for Protection of... [Full story]

FinMin: Bulgarians, Mind Own Business, No Worries about Global Markets!
01-Jan-1970

Bulgarians should not be worried because they will not suffer from the effects of international stock market turmoil, according to Finance Minister Simeon Djankov. "There is no new global financial crisis coming up. Some countries might have problems... [Full story]

Bulgaria's Natural Gas Consumption, Output Grew in 2010 - Bulgargaz
01-Jan-1970

Bulgaria's consumption of natural gas grew by 2% in 2010 compared with 2009, according to the newly released financial report of state company Bulgargaz. The Bulgargaz report, which has been published in the Bulgarian Trade Registry, states that in... [Full story]

Bulgaria's New National Tourism Site Coming in 1 Month
01-Jan-1970

The new version of the national tourism portal of the Bulgarian government www.bulgariatravel.org is said to be ready in a month. According to the Bulgarian Ministry of Economy, Energy, and Tourism, as cited by Dnevnik, the new site will be up and... [Full story]

Illegal Buildings Demolished at Top Bulgarian Beach Resort
01-Jan-1970

The Bulgarian authorities have demolished more than 15 illegal buildings in the country's largest and most popular summer resort Sunny Beach. The buildings have been located mostly on the sand in the northern beach of the resort. The action had... [Full story]

Bulgarian Exports to Non-EU Countries UP 35.5% H1 Y/Y
01-Jan-1970

In the period January - June 2011 the Bulgarian exports to third countries increased by 35.5% compared to the corresponding period of the previous year and exceeded BGN 7.2 B. The data was released by the National Statistics Institute, NSI,... [Full story]

Bulgaria's Jan-May Exports to EU Up 49% Y/Y
01-Jan-1970

In the period January - May 2011 the Bulgarian exports to the EU increased by 48.7% compared to the corresponding period of the previous year and amounted to BGN 9.6 B. The data was released by the National Statistics Institute, NSI, Tuesday. The... [Full story]

Bulgarian Monthly Wages Up 9% Q2 2011 Y/Y
01-Jan-1970

The average monthly wages and salaries of Bulgarian employees under labor contract in April, May and June 2011 was BGN 711, 698 and 690, respectively. The preliminary data was released Tuesday by the National Statistical Institute (NSI) In the... [Full story]

Yemen was Bulgaria's Biggest Arms Export Partner in 2010 - UN
01-Jan-1970

In 2010, Bulgaria acted as a mediator in an arms deal between Serbia and Cambodia for 50 T-55 tanks, according to the updated UN Register of Conventional Arms (UNROCA). The Serbian tanks were first delivered to Bulgaria, from where they were... [Full story]

Bulgaria's Rice Production Tripled in 5 Years
01-Jan-1970

Bulgaria's production of rice has been steadily on the rise in the past 5 years, according to latest data of the Ministry of Agriculture and Foods. While in 2005 Bulgaria produced 20 000 metric tons of rice, in 2010, its output reached 57 000 metric... [Full story]

Bulgarian PM: US Debt Crisis Is Warning against Populism
01-Jan-1970

The downgrading of the US credit rating by S&P is a sign the current times are not times for populism, according to Bulgaria's Prime Minister, Boyko Borisov. Borisov made the comment for the Bulgarian "Trud" (Labor) daily in a phone call, saying those... [Full story]

Sofia with Most Beautiful Downtown Metro Stations in Europe
01-Jan-1970

Bulgaria's capital Sofia will have some of the most beautiful downtown metro stations in Europe, according to Head of the Sofia Metropolitan Company, Stoyan Bratoev. The subway stop near the National Palace of Culture will have on display inside a... [Full story]

Unilever Buys Out Bulgaria's 2nd Largest Ice Cream Company
01-Jan-1970

Unilever Central and Eastern Europe has bought out "Darko", the second largest distributor and producer of ice cream in Bulgaria. Unilever and the Balkan Accession Fund (BAF), Darko's current owner, announced the deal Monday, without specifying the... [Full story]

Rompetrol Expands Own Gas Stations Network in Bulgaria
01-Jan-1970

Romanian oil company Rompetrol has opened its 58th gas station in Bulgaria, amidst plans to boost its presence on the Bulgarian market. The newly opened Rompetrol gas station is located on the E79 road, 10 km north of the Kulata crossing point on the... [Full story]

Bulgaria's Industrial Production Index Up 2.2% in June Y/Y
01-Jan-1970

Preliminary data, released Monday by the Bulgarian National Statistics Institute, NSI, showed that the seasonally adjusted Industrial Production Index is down by 1.5% in June 2011, compared to May. In June 2011, the work day adjusted Industrial... [Full story]

Bulgarian Machine Building Plant Invests to Boost Production Capacity
01-Jan-1970

The "Dynamo" factory in the Southern Bulgarian city of Sliven, a leading producer in the automotive and machine-building industries, plans to invest over BGN 0.5 M to boost production capacity and meet the high requirements of the market. A new... [Full story]

Bulgaria's Unemployment Rate Crawls Down
01-Jan-1970

Bulgaria's unemployment rate has seen a negligible drop in July 2011, latest data of the State Employment Agency shows. A total of 315 375 persons were officially registered as unemployed in Bulgaria at the end of July, which is 2 962 fewer compared... [Full story]

Electronics, IT, Outsourcing Harbor Greatest Potential in Bulgaria - Finance Ministry
01-Jan-1970

Electronics, IT, and services outsourcing are the sectors of the Bulgarian economy that harbor the greatest growth potential, states the major conclusion of a fresh study by Bulgaria's Finance Ministry. The report of the Economic Analysis and... [Full story]

Bulgaria Expects 14% Growth of Tourists on Black Sea
01-Jan-1970

According to estimates, 6.6 M tourists will have visited the Bulgarian Black Sea by the end of the season in August. This means a growth of the number of tourists by some 14% with respect to their numbers in 2010. According to the Institute for... [Full story]

Sofia Dedicates Downtown Street to Pedestrians
01-Jan-1970

Bulgarian capital Sofia closed down popular downtown Shishman Street for car traffic, leaving it open for pedestrians starting Saturday on through August 31. The move is part of the renewed "Sofia Breathes" campaign and will feature a plethora of... [Full story]

Bulgaria to Be Adversely Affected by Euro, US Debt Crises - Analysts

Bulgaria to Be Adversely Affected by Euro, US Debt Crises - Analysts
01-Jan-1970

Bulgaria will not fail to feel the effects from the debt crises that have grappled the USA and the Eurozone, according to local economy analysts. The downgrading of the US debt rating by Standard & Poor's from AAA to AA+ will lead to instability in... [Full story]

Bulgarians Promised Lower Mobile Prices End-Year
01-Jan-1970

Bulgarians, who pay the highest prices for mobile calls across the European Union, will welcome the new year with good news for lower bills from their mobile operators, the regulatory authority has promised. Bulgaria's watchdog, the Communications... [Full story]

Bulgaria to Sue Russia in Geneva over Belene Project
01-Jan-1970

Bulgaria's state-run power grid operator has threatened to sue in Geneva Russia's state nuclear company Atomstroyexport over delayed payments on planned Belene nuclear plant. The government in Sofia however was quick to point out that this is not a... [Full story]

Google's Phone Calling Service Launches in Bulgaria
01-Jan-1970

Bulgarian Gmail users can make low-cost calls from within the popular e-mail service to a traditional landline or mobile phone number as of August 4. A year after Google enabled calling mobiles and landlines directly from within Gmail for US and... [Full story]

Bulgaria Among Top 10 Developing Countries for Adventure Tourism
01-Jan-1970

Bulgaria features on the top 10 of destinations for adventure tourism among developing countries, a survey of George Washington University in Washington DC has found. Among the developing countries, Israel, Slovakia and Chile have been highlited as... [Full story]

Bulgarian Energy Minister Demands Lukoil Cartel Probe
01-Jan-1970

Bulgaria's Economy and Energy Minister, Traiko Traikov, has requested a probe of the Commission for Competition Protection, KZK, into a possible monopoly on the jet fuel market in the country. The information was announced by Traikov in a Wednesday... [Full story]

Sofia City Hall Becomes Owner of Capital's Central Park
01-Jan-1970

The lively Sofia Central Park, known as Borisova Gradina, named after Bulgaria's last king, Boris III, became Wednesday property of Sofia City Hall. The decision was made by the Council of Ministers during their regularly scheduled meeting. With the... [Full story]

Bulgaria Moves to Create 3rd International Black Sea Airport
01-Jan-1970

The Bulgarian Cabinet created Wednesday a limited state company for the management of Balchik Airport, following up on plans to transform the idling military facility into an international airport. The company, with capital of BGN 0.39 M, will be... [Full story]

Finance, Insurance, Energy Ranked Most Stable Bulgarian Business Sectors
01-Jan-1970

Nearly 8 000 from the over 49 000 business enterprises established in Bulgaria in 2008 have been closed a year later. The data comes from a study of the Bulgarian National Statistics Institute, NSI, released Tuesday under the title 2009 Business... [Full story]

Bulgaria on Rocky Road to Recovery, GDP to Grow 3% 2011
01-Jan-1970

Driven by strong exports, as well as the good performance of the industry and services sectors, the Bulgarian economy has started to expand, but too weakly and unsteadily, a local think-tank has said. Bulgaria's gross domestic product will grow by up... [Full story]

Bulgaria Launches Construction of Maritsa Highway
01-Jan-1970

Bulgaria's Prime Minister, Boyko Borisov, and the Minister of Regional Policy and Public Works, Rosen Plevneliev, broke the ground of Lot 1 of Maritsa highway. The ceremony took place Tuesday near the southern town of Chirpan. The segment... [Full story]

Russia Confirms VTB Bank Interest in Bulgaria's Bulgartabac, Plans Resale
01-Jan-1970

Russian authorities have confirmed that the country's second-biggest bank VTB plans the acquisition of a majority stake in Bulgaria's cigarette maker Bulgartabac, local media reported. The bank will most probably resell the holding after winning the... [Full story]

Bulgaria's Budget Deficit Down H1 2011 Y/Y
01-Jan-1970

The Bulgarian Finance Ministry has registered a budget deficit of BGN 650 M for the first half of 2011 or 0.9% of the expected GDP. In 2010, the budget deficit at the end of June, accumulated during the first six months of the year, has been BGN 1.5... [Full story]

UK Company Vouches to Build New Sofia Prison
01-Jan-1970

The British company Farans Construction Ltd has sent a letter to the Bulgarian cabinet, stating it is willing to build a new prison in Sofia. The company, based in Ireland, cited by the Bulgarian daily 24 Chassa (24 Hours), informs it can build two... [Full story]

Sofia's Office Space Market Sees Oversupply in H1 2011
01-Jan-1970

Several years will be needed for the new office space in the Bulgarian capital Sofia to be absorbed by the market, according to a report of Colliers International. The total area of "modern office space" in Sofia has reached 1.378 million square... [Full story]

'Father' of Bulgaria's Currency Peg Backs FinMin in Euro Delay
01-Jan-1970

Steve Hanke, the architect of Bulgaria's currency regime and one of the opponents of its Eurozone aspirations says the reason for the good state of the Bulgarian economy is the disciplining role of the currency board. Hanke spoke Saturday in an... [Full story]

State of Art Sports Arena Opens in Sofia
01-Jan-1970

Bulgaria's Prime Minister, Boyko Borisov, officially opened Saturday the brand-new Sofia sports facility "Armeets Arena. The Mayor of Sofia, Yordanka Fandakova, and the Minister of Sports and Youth, Svilen Neykov, also attended the ceremony. They all... [Full story]

Bulgarian PM Backs Lukoil License Suspension, Says Ministers Should Secure Fuel
01-Jan-1970

Bulgarian Prime Minister Boyko Borisov has dubbed the revoked licenses of the two tax warehouses of Lukoil "a test" for the ministers". "Now we shall see if they were right in claiming that imported fuel is cheaper and the Burgas-based Neftochim... [Full story]

Russia Lifts Ban on Vegetable Imports from Bulgaria
01-Jan-1970

Russia has lifted the ban on vegetable imports from Bulgaria, which was imposed over the deadly E. coli outbreak, the consumer safety service announced. All shipments, entering the country, will be let in if they are proven safe by a Bulgarian... [Full story]

Bulgaria MPs Debate Constitution Changes over Proposed Fiscal Pact
01-Jan-1970

The Bulgarian parliament will debate at first reading on Thursday constitutional amendments, proposed by Finance Minister Simeon Djankov, which will pave the way for the introduction of the so-called Financial Stability Pact. Upon submitting the draft... [Full story]

Bulgaria's Business Climate Up 0.7% in July 2011
01-Jan-1970

In July 2011, the total business climate indicator In Bulgaria increases by 0.7%, compared to its level from the previous month, the National Statistical Institute, NSI, has informed Thursday. Improvement is observed in the industry, construction and... [Full story]

Trips of Bulgarians Abroad Inch Up 3.8% in June 2011
01-Jan-1970

Trips of Bulgarians abroad came in at 328.8 thousand in June 2011, registering a 3.8% increase on the year, according to the country's National Statistical Institute. An upward trend was registered in the trips to the following destinations: Hungary -... [Full story]

Bulgarian Town Plans Recreational Park in Ledenika Cave
01-Jan-1970

The Bulgarian city of Vratsa announced Tuesday the project of constructing a BGN 5.3 M recreational part in the Ledenika Cave. The project is funded by the Regional Development Operational Programme within the framework of a strategy for developing... [Full story]

Bulgaria Registers Millionaire Boom for 2010
01-Jan-1970

The number of millionaires in Bulgaria has skyrocketed over the past year, according to data provided by National Revenue Agency (NRA) head Krasimir Stefanov. A total of 1673 Bulgarians have declared taxable incomes of over BGN 1 M for 2010, which... [Full story]

Bulgaria Registers Drop in Produce Prices
01-Jan-1970

Prices of fruit and vegetables are falling traditionally for this time of the year with their wholesale price index going down to 1.9 points. The data was released by the State Commission for Commodity Exchanges and Market Places. Prices of... [Full story]

Bulgaria Re-launches Once Popular Sea Shuttles
01-Jan-1970

The Bulgarian Transport Ministry is reinstating the popular sea shuttles known as comets servicing the country's beach resorts and coastal cities. The decision comes after a 20-year break, the Bulgarian TV channel bTV reports Sunday. The initial... [Full story]

Watchdog Oks Bulgarian Mall Sale to Rockefeller's Europa Capital
01-Jan-1970

Bulgaria's anti-monopoly body has given the green light to the acquisition of a shopping mall in the capital Sofia by London-based property fund manager Europa Capital, part of US real estate investor Rockefeller Group International. The Commission... [Full story]

Bulgaria Should Follow in Estonia's Footsteps after Moody's Upgrade
01-Jan-1970

Moody's recent upgrade of Bulgaria's debt is the first step towards distinguishing it clearly from the troubled countries in the region, a local expert argues. "This is the beginning of a process of differentiation, which - if brought to an end... [Full story]

Bulgaria Sees Increase in Number of Russian Tourists
01-Jan-1970

An increase in the number of Russian tourists has been registered in Bulgaria over the last two years, according to Marin Neshkov, chair of the tourist chamber of the country's Black Sea capital Varna, has said. Besides Russians, tourists from Germany... [Full story]

Bulgaria to Play It Cool on Euro Zone Bid over Debt Crises - FinMin
01-Jan-1970

Bulgaria has not changed its intention to join the euro zone but it does not expect to start specific talks for accession to the ERM-2 before the situation with the euro zone debt crises clears, according to Finance Minister Simeon Djankov. "We are... [Full story]

Russia Moves to Sue Bulgaria over Belene NPP
01-Jan-1970

A lawsuit has been filed by Russia's Atomstroyexport, a Rosatom subsidiary, demanding that Bulgaria's National Electric Company (NEK) pay EUR 58 M in arrears for works on the construction of the Belene nuclear power plant. "As the Bulgarian company is... [Full story]

Toshiba Confirms Investment in Bulgarian Solar Park
01-Jan-1970

Japanese company Toshiba intends to continue its investments in the construction of a 10 MW solar park near the Southeastern Bulgarian town of Yambol. Toshiba representatives have confirmed their commitment during a meeting with Yambol's Mayor, Georgi... [Full story]

Bulgaria Sees Further Drop in Dwelling Prices
01-Jan-1970

Bulgaria's dwelling prices have decreased by 6.4% year on year during the second quarter of 2011, according to the country's National Statistical Institute. The dwelling prices have dropped with 1.6% in comparison with the year's first quarter.... [Full story]

Moody's Upgrades Bulgaria's Debt Ratings, Praises Sofia's State Finances
01-Jan-1970

Moody's Investors Service has upgraded Bulgaria's government debt ratings to Baa2 with a stable outlook from Baa3 in a long-anticipated review. According to a statement on the website of the international credit rating agency signed by Kristin Lindow,... [Full story]

Bulgarian FinMin on CNN, BBC: Euro Zone Must Learn from Bulgaria
01-Jan-1970

The euro zone and the rest of the EU should learn from Bulgaria's example as far as strict fiscal stability is concerned, Bulgarian Finance Minister Simeon Djankov has declared in interviews for major global media. In a series of interviews in London,... [Full story]

Offshore Co Acquires Buyer of Bulgaria's Bankrupt Steel Mill
01-Jan-1970

An offshore company, registered on the British Virgin Islands, has acquired the buyer of Bulgaria's biggest steel mill Kremikovtzi amid many question marks surrounding the deal. "Bessian Management Limited" bought "Eltrade company", owned by... [Full story]

Sofia, Bulgaria, Rated Top European Bargain City for US Vacationers
01-Jan-1970

Sofia has been ranked the most affordable European city for US travelers by TripAdvisor, a travel review website based in Newton. The firm has based its list on what it calls a TripIndex, which takes into account foreign currency exchange rates, hotel... [Full story]

EVN Wraps Up Deal for Major Bulgarian Hydro Power Plant
01-Jan-1970

Austrian company EVN has approved a capital hike to boost its stake in the Bulgarian hydro power plant project Gorna Arda to 70%. The takeover of a 70% stake in the vastly troubled Bulgarian hydro power project on the Arda river in the south from... [Full story]

Russia Mulls Freezing South Stream Gas Line
01-Jan-1970

Moscow could soon freeze temporarily its gas pipeline project "South Stream" and increase gas export to Europe thanks to Germany as a reliable partner. The information was reported by the Russian news agency RIA Novosti, citing the Russian daily... [Full story]

Bulgaria to Finalize Shale Gas Contract with Chevron in Days
01-Jan-1970

Bulgaria will finalize shale gas exploration talks with US Chevron and seal a contract in the next few days, Energy Minister Traicho Traikov has announced. Traikov participated Tuesday in a discussion on shale gas exploration and production in... [Full story]

Bulgaria's Post-Crisis FDI to Stabilize at 5% of GDP
01-Jan-1970

The foreign direct investment that Bulgaria's post-crisis economy will attract per year will stabilize at about 4%-5% of the GDP, according to a forecast of UniCredit Bulbank. While in the pre-crisis period – 2002-2008 – Bulgaria's FDI averaged over... [Full story]

Bulgarian State Pours Money into Maritsa Highway ahead of EC Funding Decision
01-Jan-1970

Bulgaria's government has voted to allocate state budget funds for the construction of Lot 1 and Lot 2 of the southeastern Maritsa Highway before the European Commission has formally approved their EU funding. The press statement of the Council of... [Full story]

Bulgaria's 2010 Arms Exports Amounted to EUR 260 M
01-Jan-1970

Bulgaria exported arms and munitions worth over EUR 259 M in 2010, according to a Bulgarian government report. The 2010 of the Inter-institution Commission for Export Control and Non-proliferation of Weapons of Mass Destruction of the Bulgarian... [Full story]

Sofia International Airport to Get to Determine Own Fees
01-Jan-1970

Draft legislation approved by the Bulgarian Cabinet on Wednesday is going to allow the Sofia International Airport to determine its own airport fees, a measure that could lead to increase of plane ticket prices. Sofia Airport will be determining its... [Full story]

Bulgaria's Vivacom Telco Sells Remaining 50% of NURTS
01-Jan-1970

Bulgaria's Vivacom telco has sold the last 50% of its transmission company NURTS to Bluesat Partners Ltd for an undisclosed fee. In August 2010, Vivacom sold the other 50% of NURTS to Cyprus-registered Mancelord Limited. Until now, NURTS was a... [Full story]

Environmental, Social Impact Assessment Advisor Appointed for Nabucco
01-Jan-1970

Italian engineering company D'Appolonia S.p.A. (D'Appolonia) has been appointed as new Environmental and Social Impact Assessment (ESIA) Advisor for the Nabucco Pipeline Project, effective from 1 June 2011. The main purpose of D´Appolonia's... [Full story]

Bulgarian EU Commissioner: Cabinet Must Help Small Business
01-Jan-1970

The Bulgarian cabinet must speed up the administrative reform in helping the small and medium business, according to the Bulgarian EU Commissioner for International Cooperation, Humanitarian Aid and Crisis Response, Kristalina Georgieva. Georgieva,... [Full story]

Bulgaria Set for Boom in Electric Cars, Converted Vehicles Industry
01-Jan-1970

The large-scale industrial conversion of conventional cars into electric vehicles is expected to become Bulgaria's new major industry, a special report of Novinite.com (Sofia News Agency) has found. The development of Bulgaria's electric vehicle... [Full story]

Sofia City Hall Wants to Become Owner of Central Park
01-Jan-1970

The Sofia City Hall is going to request to become the manager of the Sofia Central Park known as Borisova Gradina. The news was reported by the Mayor of Sofia, Yordanka Fandakova, who visited Monday another one of the capital's parks – Geo Milev, to... [Full story]

Bulgaria's Neglected Northern Highway Revived with Start of New Section
01-Jan-1970

The Bulgarian government has launched the construction of an 8-km section of the Hemus Highway, which is supposed to connect Sofia and Varna through Northern Bulgaria. The start of the construction was given by Prime Minister Boyko Borisov, Finance... [Full story]

Bulgaria with 0.9% Budget Deficit in 2011 H1, Reserve Slightly Up
01-Jan-1970

Bulgaria has completed the first half of 2011 with a budget deficit of 0.9% its GDP, according to latest data from the Finance Ministry. Thus, in January-June 2011, Bulgaria's deficit on cash basis under the government's Consolidated Fiscal Program... [Full story]

Bulgaria's Tourism Optimistic about 2011
01-Jan-1970

Bulgaria's touristic branch expects good results 2011, according to Blagoy Ragin, chair of the country's organization of hotel and restaurant owners. However, this year's mistakes should be seriously analyzed, he told Darik radio, referring to the... [Full story]

Bulgaria, Romania Set Stage for Massive Danube Hydro-Energy Projects
01-Jan-1970

Bulgaria and Romania's economy ministers have discussed two large-scale hydro-energy projects on the Danube, whose future realization is said to harbor great economic potential. Bulgaria's Minister of Economy, Energy, and Tourism Traicho Traikov was... [Full story]

Bulgarian Ex Interior Minister Denies Lukoil Involvement in Smuggling Schemes
01-Jan-1970

Bulgarian left-wing MP Rumen Petkov has rejected allegations that Lukoil participates in smuggling schemes. In a Sunday interview for the Bulgarian National Radio (BNR), the socialist MP and former Interior Minister in the Socialist-led three-way... [Full story]

Lukoil Hikes Bulgaria's Fuel Prices
01-Jan-1970

Fuel prices in Bulgaria has reached new highs after Lukoil Bulgaria announced new minor increases. The wholesale price of the most widely use gas fuel A95 has reached BGN 2.52 per liter, up by BGN 0.04, while the diesel has hit BGN 2.51, after an... [Full story]

Logwin Starts Bulgarian Office, Sees Bulgarian Economy 'In Upswing'
01-Jan-1970

Luxembourg-based international logistics service provider Logwin has started a Bulgarian subsidiary with high hopes for the Bulgarian economy, according to a company statement. Logwin formally set up its own national organization in Bulgaria on June... [Full story]

400 000 British Tourists Expected to Flock to Bulgaria 2011
01-Jan-1970

Some 400 000 British tourists will have visited Bulgaria by the end of 2011, Catherine Barber, current Charge d 'Affairs of Great Britain in the Balkan country' has stated. Bulgaria is not considered a cheap destination among Brits, Barber has... [Full story]

Spanish Co to Build New National Stadium in Sofia
01-Jan-1970

A Spanish company presented in the capital Sofia several large-scale projects for new sports facilities. The projects are for a new national stadium and two others – one also in Sofia and and one in the second largest city of Plovdiv. The company... [Full story]

Bulgartransgaz CEO Appointed Head of Nabucco Bulgaria
01-Jan-1970

The newly-appointed CEO of state-owned Bulgartransgaz company, a subsidiary of Bulgargaz, Kiril Temelkov will also be in charge of the Bulgarian firm for the realization of the Nabucco gas transit pipeline. Temelkov is going to serve temporarily as... [Full story]

Bulgarian Winter Resort Property Prices Collapse Further
01-Jan-1970

The properties on sale in Bulgarian winter and ski resorts are continuing to go down, according to an analysis of Bulgarian Properties, a real estate agency. The demand for fully furnished apartments in Bulgaria's three largest winter resorts –... [Full story]

Bulgarian Spa Company Set to Conquer Chinese Market
01-Jan-1970

Nola 7, Bulgaria's leading spa company signed a strategic cooperation agreement with its Chinese partner Beijing LSJH, receiving green light to make a major step into the Asian country's market. Thus, Nola 7 will become the first Bulgarian company... [Full story]

Five Banks to Offer Preferential Loans to Bulgarian SMEs under JEREMIE Initiative
01-Jan-1970

Five banks will offer loans on preferential terms to Bulgaria's business sector under the JEREMIE initiative. On July 14, Bulgarian Minister of Economy, Energy and Tourism Traicho Traikov signed guarantee agreements with EIBank, ProCredit Bank,... [Full story]

Foreigners Fancy Bulgaria's Cultural, Spa Tourism
01-Jan-1970

Cultural and spa activities are considered the most attractive forms of tourism among the foreign tourists in Bulgaria, according to a poll conducted by Synesta Consortium. In contrast, Bulgarians most frequently visit relatives or travel to the... [Full story]

Canadian Company Announces Bulgarian Solar Park Investment
01-Jan-1970

P2 Solar, Inc., based in Surrey, British Columbia, Canada, has announced it has executed an option agreement to develop a 7.3 MW solar power farm in Bulgaria. The "shovel-ready" project with a 20 year gross revenue of USD 76.5 M is located in... [Full story]

Bulgarian Customs Stage Campaign to Crack Down on Fuel Black Market
01-Jan-1970

Bulgaria's Customs Agency is starting an all-out inspection campaign on fuel excise facilities after it has detected violations at the Lukoil Neftohim refinery in Burgas. The move, which also features inspections on gasoline trucks by mobile groups,... [Full story]

Bulgarian Govt Doesn't Pull the Plug on BA Oil Pipeline Yet
01-Jan-1970

The Bulgarian government has approved a contribution to the Bulgarian state company for the construction of the vastly troubled Burgas-Alexandroupolis oil pipeline, which is at the bare minimum for keeping the project alive. With its decision... [Full story]

Dutch Experts Set to Build Bulgaria's New National Stadium
01-Jan-1970

Henk Markerink, CEO of famous Dutch stadium Amsterdam ArenA, will launch the construction of a new national stadium in the Bulgarian capital Sofia together with his team of experts, it was announced Wednesday. Merkerink met with Bulgarian Sports... [Full story]

Total Retail Space in Bulgaria Expected to Rise by 42%
01-Jan-1970

Compared to 2010, which was characterized with a record supply of new shopping centers, no significant retail schemes have been completed since the beginning of 2011, according to the Q2 report of Forton International. The current shopping center... [Full story]

'Limited Return' of Bulgarian Real Estate Market 'On the Way'
01-Jan-1970

Data shows Bulgaria's real estate sector is experiencing a limited recovery, according to the "Bulgaria Real Estate Report Q3 2011" of Business Monitor International (BMI). "Bulgaria's real estate sector has experienced a startling downward trend in... [Full story]

Bulgaria Registers 4.3% Inflation Y/Y in June 2011
01-Jan-1970

The consumer price index (CPI) in Bulgaria in June 2011 compared to May 2011 was 99.1%, meaning the monthly inflation was -0.9%. The data was reported Tuesday by the National Statistical Institute (NSI). The annual average inflation, measured by... [Full story]

German Firm Gehrlicher Completes Bulgarian Solar Plant
01-Jan-1970

Gehrlicher Solar AG, a German company, has completed its first Bulgarian photovoltaic project, a 1.2 MW project located west of Sofia. The photovoltaic plant in Kosharevo near Breznik is expected to generate around 1.4 million kW/h of energy... [Full story]

Sofia's Real Estate Market Back on Feet
01-Jan-1970

Bulgarian capital Sofia's real estate market seems to have recovered from the crisis, as it has grown four times more active than in its worst period, according to an analysis prepared by the Bulgarian Address Real Estate company. Prices are stable in... [Full story]

Bulgaria's Plovdiv Boasts Increase of Tourist Visits
01-Jan-1970

The number of Bulgarian and foreign tourists, who have visited Bulgaria's second largest city of Plovdiv, has increased significantly. The data comes from the Tourist Informational Center in downtown Plovdiv, cited by the local daily "Maritsa." In... [Full story]

Bulgarian FinMin Forecasts 6% Economic Growth in Q4 2011
01-Jan-1970

Bulgaria's Finance Minister, Simeon Djankov, forecasts a 6% economic growth for the last quarter of the 2011. In a Monday interview for the Bulgarian daily "Trud" (Labor), Djankov says Bulgaria has entered the crisis half a year later than most... [Full story]

Bulgarian, Turkish Businesses Aim at Whopping USD 10 B Annual Trade
01-Jan-1970

Bulgarian and Turkish companies aim at reaching annual bilateral trade worth USD 10 B, stated the head of the Turkish-Bulgarian Business Council Yalcin Egemen at a business forum organized during the visit of Turkish President Abdullah Gul to... [Full story]

Strandzha Mountain Tipped for Joint Bulgarian-Turkish Project with UNESCO Status
01-Jan-1970

The border Strandzha Mountain should become a joint Bulgarian-Turkish project for non-material cultural heritage that should seek UNESCO status, Bulgarian President Georgi Parvanov has proposed upon welcoming his Turkish counterpart Abdullah... [Full story]

Bulgarian State Suffers Setback in Plovdiv Fair Ownership Case
01-Jan-1970

The Plovdiv Appellate Court has overturned the ruling of the Plovdiv Regional Court to annul the two increases of the capital of the International Plovdiv Fair company and to return the majority stake in the Fair to the State. The latest development... [Full story]

Bulgarian-Croatian Consortium to Construct Hemus Highway Section
01-Jan-1970

The section of the Hemus Highway connecting it to the Sofia beltway will be built by a Bulgarian-Croatian consortium called Hemus A2. The 8.5 km section of Hemus, the highway linking Sofia and Varna through Northern Bulgaria, is seen as crucial for... [Full story]

Bulgaria to Hold Auctions for Six Shale Gas Exploration Blocks
01-Jan-1970

Bulgaria will hold auctions for a total of six shale gas exploration blocks, said Kristalina Stoykova from the Geological Institute at the Bulgarian Academy of Sciences (BAS). Stoykova heads a scientific group in charge of shale gas research in... [Full story]

PM Orders Bulgarian Govt to Pour BGN 30 M into New Black Sea Airport in Balchik
01-Jan-1970

Bulgaria's Cabinet is going to invest BGN 30 M in the reconstruction of the military airport near the Black Sea resort of Balchik in order to transform it into a civilian airport. According to the transcript of the Bulgarian government's meeting on... [Full story]

Bulgaria to Build 'High-Speed Roads' in Addition to Highways
01-Jan-1970

Several of the so called "high-speed roads" will be added to the list of highways under construction as priority infrastructure projects of the Bulgarian government, according to Road Infrastructure Agency. The Board Chair of the Road Agency Sergey... [Full story]

Fraport to Invest BGN 170 M in Bulgaria's Varna, Burgas Airports till 2014
01-Jan-1970

The concessionaire of the Bulgarian Black Sea airports Varna and Burgas Fraport Twin Star Airport Management plans to invest BGN 170 M in their modernization in the next 3 years, company CEO Dirk Schusdziara has announced. Schusdziara has confirmed... [Full story]

Bulgarian Designer Deyan Denkov Author of Renault Frendzy Design Concept
01-Jan-1970

A Bulgarian exterior designer, Deyan Denkov, is the author of the design concept of Renault's latest concept car, the Renault Frendzy. Denkov, a native of Yambol in Eastern Bulgaria, has been working for Renault since 2007, according to the Renault... [Full story]

Bulgaria Opens Bids for Struma Highway Lot 1
01-Jan-1970

The bids, which were submitted for a section of the future Struma Highway, connecting Sofia to the border with Greece, will be opened on Thursday, the road infrastructure agency announced. A record number of bidders – 19 – applied with offers to build... [Full story]

Bulgaria's Industrial Sector Keeps Growing
01-Jan-1970

Bulgaria's industrial production increased by 7.8% in May 2011 year-on-year, according to fresh data from the National Statistical Institute. Bulgaria's extraction industry grew by 20.8% in May 2011 compared with May of last year, while the energy... [Full story]

Bulgaria Sets Up Mega-Structure for 3 Neglected Highways
01-Jan-1970

Bulgaria's Parliament has approved at second reading the founding of a State Company "Strategic Infrastructure Projects", a mega-structure to be in charge of the construction of three largely neglected highway projects. The new body created with... [Full story]

Sisecam to Invest USD 60 M More in Its Glass Plants in Bulgaria
01-Jan-1970

Sisecam, Invest, USD, 60, M, More, Glass, Plants,Turkish industrial giant Sisecam is going to invest USD 60 M more in its production facility for household glass in Bulgaria's Targovishte through its subsidiary, Trakiya Glass Bulgaria. The new... [Full story]

Bulgaria Seriously Bent on Giving Up Russian Gas
01-Jan-1970

Bulgaria is making definite steps to achieve a fourfold reduction in the amount of natural gas it is buying from Russia, according to an extensive publication by Russian paper Kommersant. Looking at boosting its own gas production, but also at... [Full story]

Govt Tries to Assuage Fears over Bulgarian Posts Sale
01-Jan-1970

No final decision has been taken for the privatization of the postal service state-owned company "Bulgarian Posts EAD", the transport minister has said amid vehement protests from employees, trade unions and opposition leaders. "The company will be... [Full story]

Bulgaria's Wine Export Markets Shift from West to East in 2011 Q1
01-Jan-1970

Bulgaria's wine exports registered a 6.6% increase in the first quarter of 2011 year-on-year, according to the Bulgarian Executive Agency on Vine and Wine. In the first three months of 2011, Bulgaria exported a total of 10.375 million liters of wine,... [Full story]

Bulgarian Govt Grants 5 Railway Lines 'National Significance' Status
01-Jan-1970

Five railway lines, all of them going through Sofia, have been declared to be of "national significance" by the Bulgarian government. Three of the five railway lines in question are part of the so called Pan-European Transport Corridor No. 4 (from... [Full story]

Societe Generale Expressbank Grab's Bulgaria's '2010 Bank of the Year' Prize
01-Jan-1970

Societe Generale Expressbank is the winner in this year's contest for Bulgaria's "Bank of the Year", the Bank of the Year Association has announced. Bulgaria's 14th annual Bank of the Year awards – first started in 1992 – were revealed at a news... [Full story]

Bulgarian Govt Moves to Set Up New Black Sea Resorts Airport near Balchik
01-Jan-1970

Bulgaria's Cabinet has voted to turn the defunct military airport near the Black Sea town of Balchik into an active civilian airport serving the nearby sea resorts. The Borisov government decided Wednesday to transfer the ownership of the Balchik... [Full story]

BNB Governor Confident about Bulgarian Economy, Banking System
01-Jan-1970

Bulgarian National Bank Governor Ivan Iskrov has expressed confidence about the stability of Bulgaria's banking system and the prospects for Bulgaria's economy despite the sovereign debt crisis in Greece. Speaking at a round table taking place on the... [Full story]

New CEO of Bulgarian State Railways BDZ Overwhelmed, Overambitious
01-Jan-1970

The newly-appointed CEO of the vastly-troubled Bulgarian State Railways BDZ Yordan Nedev has declared his intention to break even in 2012, not in 2014, as his predecessor intended. Nedev, a financier who was appointed to replace Pencho Popov as CEO of... [Full story]

Bulgarian Antitrust Watchdog Slaps Fines over Maritsa East 2 TPP Eco Upgrade
01-Jan-1970

Bulgaria's Commission on Protection of Competition (CPC) has fined three companies which participated in the construction of desulphurization installations at the state-owned thermal power plant Maritsa East 2. Consortium Idreco-Insigma, Zhejiang... [Full story]

Bulgarian FinMin: We'll Get Richer Than Romania in No Time!
01-Jan-1970

The average incomes of Bulgarians will surpass those of Romanians in two years, Bulgaria's Finance Minister Simeon Djankov vowed on Tuesday. Djankov announced his ambitious plan speaking before the private bTV channel. He pointed out the Bulgarian GDP... [Full story]

Number of Romanian, Greek Companies in Bulgaria Grows Tremendously
01-Jan-1970

The number of fully Romanian-owned companies who set up their headquarters in Bulgaria has increased eightfold over the past 5 years, according to Bulgaria's National Revenue Agency. Thus, over 272 Romanian firms submitted corporate tax declarations... [Full story]

Swiss-Based Engineering Giant ABB Reaches 1 000 Employees in Bulgaria
01-Jan-1970

The Bulgarian subsidiary of Swiss-based engineering manufacturer ABB Group has marked the employment of its 1000th employee in Bulgaria, the company announced in a statement. ABB Bulgaria has managed to accomplish the doubling the number of its... [Full story]

Bulgaria's 1st IKEA Store to Hire 130 Part-Time Workers
01-Jan-1970

Several months before the opening of the first IKEA store in Bulgaria expected in the fall of 2011, the Fourlis Group, IKEA's franchisee for Bulgaria through its subsidiary House Market, announced the opening of 130 part-time jobs. IKEA's store in... [Full story]

Toshiba Inches towards Massive Bulgarian Investment with Carbon Capture Study
01-Jan-1970

Toshiba is going to perform a feasibility study for the construction of a coal-fired thermal power plant in Bulgaria that will feature carbon capture and storage facilities (CCS), the Japanese company has announced, apparently moving closer to a... [Full story]

Bulgaria Set to Benefit Big from Newly-Found Natural Gas Deposit
01-Jan-1970

A newly-discovered natural gas deposit near Lovech in Northern Bulgaria contains 10 billion cubic meters of gas, Bulgaria's Minister of Economy, Energy, and Tourism announced. Traikov said that Bulgaria will soon be able to extract about 1 billion... [Full story]

Bulgarian Syndicates Outraged by Govt Plans to Privatize Posts
01-Jan-1970

Bulgarian trade unions have reacted harshly against recent indications on part of the government that it plans to privatize, fully or partially, Bulgarian Posts EAD, Bulgaria's state postal operator. After on last week, the Economy Committee of the... [Full story]

Bulgarian Real Estate Prices to Stablize at 5-6% Annual Growth Rate - Asset Fund CEO
01-Jan-1970

The current driver for real estate values in Bulgaria, the income levels and domestic demand of the population, are set to result in a stable annual growth rate of 5-6% of real estate prices, Curtis M. Coward, CEO of the Arceland asset management fund... [Full story]

British American Tobacco Remains Only Strategic Bidder for Bulgartabac
01-Jan-1970

Only three companies have remained to bid for the privatization of Bulgaria's state-owned cigarette-making giant Bulgartabac Holding, and only one of them is a strategic investor – British American Tobacco. In addition to BAT, only two companies... [Full story]

800 Greek Firms Moved to Bulgaria in 2011 H1
01-Jan-1970

Some 800 Greek firms have been registered in Bulgaria in the first half of 2011, many of whom are said to have moved north because of the crisis in Greece. About as many more can be expected to be set up in Bulgaria by the end of 2011, according to a... [Full story]

Google Street View to Enter Bulgaria in Months
01-Jan-1970

Bulgarian cities and towns will be visible through Google Street View as Google executives have already notified the Bulgarian authorities of their intention to launch the product for Bulgaria. Bulgaria's Commission for Protection of Personal Data has... [Full story]

Bulgaria, Russia Extend Belene NPP Deal by 3 Months, Russian Funding Mulled
01-Jan-1970

Bulgaria's National Electric Company NEK and Russia's Atomstroyexport, a subsidiary of Rosatom, have signed an annex extending by 3 months their contract for the construction of the Belene NPP, which should become the second Bulgarian nuclear power... [Full story]

Bulgaria to Save BGN 8 M from Combining Local, Presidential Elections
01-Jan-1970

Bulgaria is going to save about BGN 8 M by opting to hold the upcoming presidential and local elections together, according to Finance Minister Simeon Djankov. Speaking in Parliament Friday, Djankov explained that BGN 26 M have been slated under the... [Full story]

Bulgarian Company Builds 3rd Largest Tunnel in Germany
01-Jan-1970

The Bulgarian company "Adval" JSC and the German Ed. Züblin AG held the grand opening of the third largest tunnel in Germany, the "Blessberg" tunnel, on Thursday. The ceremony was attended by the German Minister of Transport Dr. Peter Rahmsauer, the... [Full story]

Bulgarian-German Firm BCI to Invest EUR 200 M in Bulgarian Solar Park
01-Jan-1970

Bulgarian-German company BCI OOD is going to invest over EUR 200 M in a photovoltaic park in the Kazanlak Municipality in Central Bulgaria. The solar power park will be located in three villages in the municipality – Yasenovo, Cherganovo, and Golyamo... [Full story]

Bulgaria Solid Fuels Output Up 1.2% in March m/m
01-Jan-1970

Bulgaria has witnessed a 1.2% monthly increase in the production of solid fuels to 2885 000 tons in March 2011, while the production of liquefied petroleum gas (LPG) has gone up by 66.7% to 10 000 tons in the same period. According to data of the... [Full story]

EC to Extend Financing of Bulgaria-Romania Danube Bridge II
01-Jan-1970

The European Commission will allow a 2-year extension of the construction of the bridge across the Danube set to connect Bulgaria's Vidin and Romania's Calafat. The so-called Danube Bridge 2, financed by EU's Instrument for Structural Policies for... [Full story]

Radisson Blu in Sofia to Open New Commercial Zone
01-Jan-1970

Radisson Blu in Sofia will soon be featuring a renovated commercial zone, announced Colliers International, consultant of the project. The hotel will offer a variety of prestigious tenants and entertainment opportunities. The new commercial area... [Full story]

Bulgaria Looks Forward to Record Numbers of Romanian, Polish Tourists
01-Jan-1970

Bulgaria's Black Sea resorts expect an even higher number of Romanian tourists in summer 2011, according to hotel managers. "Figures are already indicating that there will be a substantial growth in the number of Romanian tourists. It is another... [Full story]

Euro Zone Exit of Member State Inevitable - Soros
01-Jan-1970

The eventual exit of a member state from the euro zone is probably inevitable, billionaire investor George Soros has said, but declined to name the country. "There was no arrangement for any country leaving the euro, which in the current circumstances... [Full story]

Bulgarian Archaeologist: Biblical Deluge Might Boost Black Sea Tourism
01-Jan-1970

The Black Sea could turn in a worldwide attraction for underwater tourism if countries cash on the story that the Biblical Deluge happened in the area, according to Bulgarian archaeologist Petko Dimitrov. According to Prof. Dimitrov, who is the... [Full story]

Bulgaria's 1st Open Air Mall to Be Built in Burgas
01-Jan-1970

The Black Sea city of Burgas will feature Bulgaria's first "open-air mall" as the shopping mall project dating back to 2008-2009 will be unfrozen. "The Strand" shopping mall in Burgas is designed as an open air mall with stores and restaurants... [Full story]

Electric Power Station Launched in Bulgarian Beach Resort
01-Jan-1970

Bulgaria's Prime Minister, Boyko Borisov and Economy and Energy Minister, Traicho Traikov, are opening Saturday the first stage of the building of a new electric power substation on the Black Sea coast. The "Helios" substation is being built at the... [Full story]

Bulgaria, China Ink IT Cooperation Memorandum
01-Jan-1970

Bulgaria and China signed a memorandum on mutual cooperation in the sphere of Information Technologies Friday. Broadband technologies, e-government, joint research projects and support for business development are among the areas covered by the... [Full story]

Romanians Flock to Pay Taxes in Bulgaria's Ruse
01-Jan-1970

More and more Romanian citizens decide to register their businesses and pay their taxes in the Bulgarian Danube city of Ruse, according to the Balkan country's national revenue agency. The government in Sofia has been boasting that Romanian companies... [Full story]

Bulgaria's Economy Minister Upbeat about Bulgartabac's Privatization
01-Jan-1970

The privatization of the Bulgarian state-owned cigarette produce Bulgartabac will be successful thanks to the privatization criteria, according to Economy Minister Traicho Traikov. Answering MPs' questions in Parliament Friday, Traikov defended the... [Full story]

Subsidiaries in Bulgaria, Romania Fund Greek Parent Companies - Nomura
01-Jan-1970

Romanian and Bulgarian subsidiaries of Greek banks have been funding their parent companies in the local market, analysts at Nomura Research Institute have observed. According to Joseph Cotterill from the Financial Times there are a lot of ironies... [Full story]

Bulgaria Gives Up on Trying to Make Gas Pipe to Turkey Part of Nabucco
01-Jan-1970

The Bulgarian government is no longer trying to make the future gas interconnection between Bulgaria and Turkey a section of the EU-sponsored gas transit pipeline Nabucco, Economy Minister Traikov announced. The gas pipeline connecting the natural gas... [Full story]

Burgas-Alexandroupolis Oil Pipeline Gets Further 2-Month Delay
01-Jan-1970

The highly controversial project for the construction of the Burgas-Alexandroupolis oil pipeline has been delayed further as the Bulgarian Environment Ministry has returned the company’s environmental assessment report for the second time. Bulgaria’s... [Full story]

Bulgaria Expects 10% More Tourists in Summer Season
01-Jan-1970

Bulgaria expects a 10% growth in tourists, according to Deputy Economy Minister in charge of tourism Ivaylo Marinov. In an interview for the morning broadcast of the Bulgarian National Television (BNT), he predicted a stronger summer season than last... [Full story]

Bulgaria Ranked 6th in World by Property Price Drop
01-Jan-1970

Bulgaria's real estate market is ranked sixth in the world by the property price drop in the first quarter of 2011, according to a study of the global property services and research company Knight Frank. To follow the price trend in Bulgaria, Knight... [Full story]

Bulgaria Reports Moderate Progress in Cutting Red Tape
01-Jan-1970

Bulgaria's Council of Ministers has approved a report on the implementation of the Action Plan for Reducing Administrative Burden by 20% by end-2012. The set of measures was agreed upon in end-April 2010 and the report spans the period from its... [Full story]

Bulbrokers to Broker EVN Bulgaria Stake Sale, CCBank - EVN
01-Jan-1970

Bulbrokers, a local financial and investment company, has been picked to broker Bulgaria's 33% stake sale in Austria's EVN AG unit, while Central Cooperative Bank - the same government's share in Prague-based CEZ AS unit. This was announced on... [Full story]

Bulgaria Vivacom to Invest BGN 600 M to Expand Network
01-Jan-1970

Bulgarian telecoms operator Vivacom plans to invest BGN 600 M over the next three years to develop its fibre-optic internet network and improve its services, the company said. Currently the company is the largest ISP in Bulgaria with over 350 thousand... [Full story]

Bulgarian Govt Extends Tender for Gorna Oryahovitsa Airport
01-Jan-1970

Bulgaria’s Transport Ministry has extended the tender for the concession of Gorna Oryahovitsa Airport as no bidders have showed up within the original deadline. The new deadline for submitting offers for the underdeveloped airport in the center of... [Full story]

Bulgarian Energy Watchdog Proposes 4% Gas Price Increase
01-Jan-1970

The price of natural gas in Bulgaria should go up by slightly over 4%, announced Tuesday Angel Semerdzhiev, head of the State Commission for Energy and Water Regulation (DKEVR). In a media statement, the head of the energy watchdog rejected the... [Full story]

Overgas, Bosch Join Efforts on Household Gasification in Bulgaria
01-Jan-1970

Bulgaria's gas distribution company Overgas has signed a contract with Germany's Bosch for mutual cooperation in the sphere of household gasification. The aim is to simplify procedures and alleviate costs for connecting new consumers to the gas... [Full story]

Number of Planes at Sofia Airport Up 5.4% in May 2011 Y/Y
01-Jan-1970

Bulgaria's Sofia International Airport serviced 310 866 passengers in May, 2011, which is 11% more than the same period of 2010. The data was reported by the airport authority Tuesday. Since May, 2011, the Spanish Air Europa, member of the... [Full story]

Bulgarian Trade Unions Fume over Wage Increase Controversy
01-Jan-1970

The minimum monthly wage in Bulgaria is to go up on September 1, according to a proposal of the Finance Ministry, extended to the trade unions. The proposal was made Tuesday during a meeting of the income subcommittee at the so-called Three-Way... [Full story]

Protest Looms in Bulgaria

Protest Looms in Bulgaria's Largest Sea Resort
01-Jan-1970

Some 500 hotel and restaurant owners, taxi drivers and salespeople rallied in Sunny Beach, Bulgaria's largest Black Sea resort, against regulations set by the company managing it. The protesters demanded the immediate resignations of the management of... [Full story]

Bulgaria Stages Emergency Electricity Exports to Greece over Strike

Bulgaria Stages Emergency Electricity Exports to Greece over Strike
01-Jan-1970

Bulgaria's Electricity System Operator (ESO) has carried out an emergency export of electricity to Greece at the request of its Greek counterpart HTSO because of a strike at Greece's Public Power Corporation DEI. Thus, Bulgaria exported extra 2200 MWh... [Full story]

Europe's Largest Metro Tunnel Opened in Bulgaria's Sofia
01-Jan-1970

The subway tunnel with the largest cross section in Europe has been formally completed in the Bulgarian capital as part of the construction of the second line of the Sofia Metro. The tunnel at Metro Station 8 of the Line II of the Sofia Metro has a... [Full story]

Romanian Tops Bulgaria's Danube Town Ruse Rich List
01-Jan-1970

The richest citizen of the Bulgarian town of Ruse, on the Danube, who earned BGN 3.12 M last year, has turned out to be a man from neighboring Romania, the national revenue agency announced. The man, whose name has not been disclosed, is believed to... [Full story]

Bulgarian Capital at Crossroads over 3rd Sofia Metro Line
01-Jan-1970

The authorities in the Bulgarian capital Sofia are still mulling the route and type of the third line of the Sofia Metro, while the first two lines are still under construction. Four different options for the third line of the Sofia Metro will be... [Full story]

BGN 50 M Waste Recycling Plant Launched in Bulgaria's Varna
01-Jan-1970

A waste recycling plant, an investment worth about BGN 50 M, was formally inaugurated at the Bulgarian Black Sea city of Varna. The recycling factory of Ecoinvest Assets, a consortium, is located in the village of Ezerovo, 10 km east of Varna, and was... [Full story]

Bulgaria Wants to Freeze Belene Nuclear Project Again
01-Jan-1970

Bulgaria has demanded that Belene nuclear project is frozen for another three months as of July, the energy and economy minister announced on Friday. "We have proposed a three-month delay so that we have time to catch up with the so-called back office... [Full story]

Bulgaria Oks Deal for Bulgarian-American Credit Bank
01-Jan-1970

Bulgaria's anti-monopoly body said on Thursday it has given the green light to the sale of a 49.99% interest in Bulgarian-American Credit Bank. Allied Irish Banks announced a month ago that it has signed an agreement to sell its 49.99% shareholding in... [Full story]

Bulgarian Govt Moves to Found Mega-Structure for Infrastructure
01-Jan-1970

Bulgaria's government is certain to set up a state-owned mega-company to be in charge of large-scale infrastructure projects, a somewhat controversial brainchild of Regional Development Minister Rosen Plevneliev. The new infrastructure company will be... [Full story]

EurOmax Finds New Gold Zones Near Bulgaria's Trun
01-Jan-1970

The Canadian EurOmax Resources company has discovered new gold zones near the southwestern Bulgarian town of Trun during its drill program. Results include 87 meters at 2.14 grams per tonne gold (285 feet at 0.063 oz per ton gold) in diamond drill... [Full story]

Bulgarian Govt Grants Chevron Massive Shale Gas Exploration Concession
01-Jan-1970

Bulgaria's Cabinet has formally decided to award a large-scale concession for shale gas exploration to US energy giant Chevron. The decision was formalized by the Borisov government on Wednesday after at the end of May 2011 Bulgarian Economy, Energy,... [Full story]

Bulgaria's Rulers Back Out of Universal Pension Raise
01-Jan-1970

The Bulgarian government of the center-right party GERB plans to raise the retirement pensions only of widows, according to the latest announcement of Finance Minister Simeon Djakov. According to Djankov, the state budget cannot afford to raise all... [Full story]

Bulgarian FinMin Bent on Privatization, Sacking
01-Jan-1970

Bulgaria plans to put out four or five important companies for privatization, announced Minister of Finance Simeon Djankov. "Any moment is a good one for privatization, for the state is not a good husband and owner," said Djankov for the Bulgarian... [Full story]

Bulgaria Registers 4.8% Inflation Y/Y in May 2011
01-Jan-1970

The consumer price index (CPI) in Bulgaria in May 2011, compared to April 2011, was 100%, meaning the monthly inflation was 0%. The data was reported Tuesday by the National Statistical Institute (NSI). The inflation rate since the beginning of the... [Full story]

10 000 Flock to Sofia Motor Show's First Day
01-Jan-1970

More than 10 000 car enthusiasts visited Bulgaria's 2011 Sofia Motor Show on Saturday, the first day of the event. An unusually high amount of deals were struck on the first day of the spectacular exhibition, the Dnevnik daily said Monday, citing car... [Full story]

Bulgarian Restaurant Named among Central, Eastern Europe's Top 10
01-Jan-1970

Enoteca Uno in the Bulgarian capital Sofia has been selected as one of the ten best restaurants in Central and Eastern Europe according to the list announced during the Dining Guide Food Show in Budapest. Besides the Bulgarian restaurant, La... [Full story]

Bulgaria Signs Up Westinghouse to Help Extend Life of NPP Kozloduy
01-Jan-1970

The Bulgarian Energy Holding (BEH) and Westinghouse have signed a cooperation memorandum under which the US energy giant commits to helping extend the life of Units 5 and 6 of Bulgaria's Kozloduy NPP. The document between BEH and Westinghouse Electric... [Full story]

Regional Devt Head to Repair 3000 km God-Forsaken Roads in Bulgaria
01-Jan-1970

More than 3 100 km of Bulgarian roads, most of which have not been touched in 30-40 years, will be repaired under 76 projects of the Road Agency, Regional Development Minister Rosen Plevneliev announced. Plevneliev, who is the Bulgarian official with... [Full story]

Bulgaria Registers Drop in Produce Prices
01-Jan-1970

Prices of fruit and vegetables are falling with their wholesale price index going down to 1.035 points. The data was released by the State Commission for Commodity Exchanges and Market Places. Prices of greenhouse tomatoes are down 23%, of... [Full story]

Great Wall JV to Produce EU Cheapest Cars in Bulgaria
01-Jan-1970

Voleex C10 sedan, Hover H5 SUV and Steed pickup are the three different vehicle models, which Chinese car maker Great Wall Motor Co and Bulgarian company Litex Motors will produce in the town of Lovech, Northern Bulgaria, at very competitive... [Full story]

Russian Ambassador to Bulgaria: South Stream Will Be Ready 2015
01-Jan-1970

The first natural gas will flow in the South Stream pipeline no later than end of 2015, stated Russian Ambassador to Bulgaria Yuriy Isakov. In an interview for the Bulgarian National Radio, Isakov expressed optimism on all joint energy projects... [Full story]

3 Tobacco Giants Eye Bulgaria's Bulgartabac
01-Jan-1970

Three top-notch investors have purchased public procurement documents for the bid to privatize Bulgaria's cigarette maker Bulgartabac. The news was reported by the Bulgarian daily Trud (Labor), cited by Dnes.bg. The deadline to purchase the... [Full story]

Bulgaria's Port Varna CEO Defends Giving Up Crucial Japanese Loan
01-Jan-1970

Bulgaria's Cabinet has been right to seek to turn down a large-scale Japanese low-interest loan for the expansion of the largest Bulgarian sea port Varna, according to the port CEO Danail Papazov. "The loan for Port Varna from the Japan International... [Full story]

10 Potential Bidders Eye Bulgaria's Bulgartabac
01-Jan-1970

Ten companies, including four top-notch investors, have purchased public procurement documents for acquiring a majority stake in Bulgaria's cigarette maker Bulgartabac, the Privatisation Agency said on Friday. The four major companies are British... [Full story]

Bulgaria's Q1 2011 Exports to EU Up by 56.4% Y/Y
01-Jan-1970

In the period January-March 2011, Bulgaria's exports to the EU increased by 56.4% compared to the same period a year earlier, totaling BGN 5.7 B, the National Statistical Institute reported (NSI). The main trade partners of Bulgaria were Germany,... [Full story]

Bulgaria Plans to Start Exporting Electricity to Turkey in July
01-Jan-1970

Bulgaria and Turkey have agreed to speed up the construction of a gas grid interconnection between the two countries, Bulgarian Energy Minister Traicho Traikov said Thursday after a meeting with Turkish counterpart Taner Yildiz. The two ministers met... [Full story]

Russia Comes Up with New Ultimatum on Bulgaria's Belene NPP
01-Jan-1970

If a contract on the construction of Belene, Bulgaria's second nuclear power plant, is not signed by July 1, the project will become useless, a Russian official has said. Construction has to be launched by March 2012, or otherwise Belene will be... [Full story]

Earnst & Young Rank Bulgaria 32nd in Renewable Energy Attractiveness
01-Jan-1970

Bulgaria has been ranked among the most attractive countries in the world for investments in renewable energy projects, a report from the US auditing and consulting company Ernst & Young showed. The top three in the ranking are China, the US, and... [Full story]

Europa Capital Buys Bulgaria's Mall of Sofia
01-Jan-1970

London private equity fund manager Europa Capital has bought the Bulgarian capital's Mall of Sofia or more than EUR 100 M. The sale generates a gain of more than EUR 20 M to be shared equally by Avestus Capital Partners and Irish GE Real Estate,... [Full story]

Bulgarian Economy Grows 3.4% in Q1 y/y
01-Jan-1970

The Bulgarian economy expanded by 3,4% in the first quarter of the year on an annual basis, revised data of the statistics office showed on Wednesday, well above the flash data published a month ago. On quarterly basis, the emerging economy expanded... [Full story]

Bulgaria's Struma Highway to Feature Bear Bridges, Rabbit Fences
01-Jan-1970

The future Struma Highway connecting Sofia to the border with Greece will be the first one in Bulgaria to feature special facilities for wild animals such as bears and hares. Regional Development Minister Rosen Plevneliev told journalists Wednesday... [Full story]

Borisov, Boc to Open Factory of Bulgarian Firm Monbat in Romania
01-Jan-1970

A EUR 13 M factory of Monbat Recycling, a subsidiary of Bulgarian company Monbat, in Romania will be inaugurated formally by the Prime Ministers of Bulgaria and Romania Boyko Borisov and Emil Boc on Thursday. Monbat Recycling SRL, whose plant is... [Full story]

Bulgaria's Industrial Index Up 1.5 % in April 2011 M/M
01-Jan-1970

The seasonally adjusted industrial production index increased by 1.5% in April 2011, compared to March 2011. The preliminary data was released Tuesday by the National Statistics Institute, NSI. In April 2011, the work day adjusted industrial... [Full story]

Bulgarian PM Announces Political Seal of Nabucco Gas Line
01-Jan-1970

The political agreement for the European Nabucco gas pipeline project is going to be signed Wednesday in Turkey. The announcement was made Tuesday by Bulgarian Prime Minister, Boyko Boriosv, who said the move will put the project on the highest... [Full story]

The US is going to be once again the biggest investor in Bulgaria in 2011
01-Jan-1970

The US is going to be once again the biggest investor in Bulgaria in 2011 over continuous American trust in the country, according to US Ambassador in Sofia, James Warlick. Warlick spoke Tuesday at the conference titled "New Perspectives in the Trade... [Full story]

Kyustendil Voted Top Spa Destination in Bulgaria
01-Jan-1970

The western Bulgarian city of Kyustendil was voted "Most dynamically Developing SPA destination" at the second edition of the annual "Spa Nominations" ceremony. The event was held at the Kempinski-Zografski hotel in Sofia. In 2010, the town of... [Full story]

Bulgaria's New Car Market Sees Tangible Recovery in 2011 H1, Q2
01-Jan-1970

Bulgaria's sales of new cars grew by 21.3% in the first half of 2011 year-on-year, according to data of the Association of Car Importers. A total of 10 954 new vehicles were sold in Bulgaria in January-June 2011, including 10 287 new cars (an increase... [Full story]

Bulgarian Court Rules 'Nationalization' of Private Retirement Funds Illegal
01-Jan-1970

Bulgaria's Constitutional Court declared the transfer of deposits in private retirement funds to the National Social Security Institute (NOI) anti-constitutional. The rule dates from May 31, and is published on the Court's official internet... [Full story]

Bulgaria's Meat, Milk Exports on the Rise
01-Jan-1970

Bulgaria's exports of protein-rich agricultural produce such as meat and milk is growing, according to Deputy Agriculture Minister Tsvetan Dimitrov. Speaking on Monday, Dimitrov reiterated Ministry data showing that 17% of the Bulgaria's exports in... [Full story]

Bulgaria's Plovdiv, Greece's Kavala Mull Air Connection
01-Jan-1970

Greek investors are considering launching a direct air line between the Bulgarian city of Plovdiv and the Greek town of Kavala on the Aegean Sea coast. The idea for the Plovdiv-Kavala line has been discussed for several months and was confirmed over... [Full story]

Bulgaria's Unemployment Rate Lowest since Nov 2009
01-Jan-1970

In May 2011, Bulgaria registered its lowest monthly unemployment rate since November 2009, according to official data from the State Employment Agency. Thus, formal figures indicated that in May 2011, Bulgaria's unemployment rate was 8.87%, which is... [Full story]

Bulgarian Recycling Business Rises against 'Anti-Metal Theft' Law
01-Jan-1970

Bulgaria's draft Waste Management Act, which is supposed to prevent rampant metal theft, has come under vigorous fire by the Bulgarian Recycling Association. The new law will force 1 000 SMEs into bankruptcy, which have acquired unlimited licenses for... [Full story]

Bulgaria Starts Rehabilitation of Abandoned Northern Road
01-Jan-1970

A whole array of senior government officials have given the start of the rehabilitation of the road between the Northern Bulgarian cities Pleven and Lovech, its first repairs in 26 years. The road infrastructure project was opened by Deputy PM and... [Full story]

Football Legend Stoichkov Vows to Bring Investments for New Bulgarian Stadiums
01-Jan-1970

Hristo Stoichkov, legendary former Barcelona striker, has come to his native Bulgaria with Spanish businessmen interested in investing in new Bulgarian stadiums. It is now the Bulgarian state's responsibility to keep their interest alive, Stoichkov... [Full story]

Serbia Rushes with Bulgarian Highway to Compete with Bulgarian-Romanian Bridge
01-Jan-1970

Serbia is hurrying to build a highway to the Bulgarian border before the completion of the second Bulgarian bridge on the Danube, according to Serbian Transport Minister Milutin Mrkonjic. In 2010-2011, Bulgaria and Serbia have stressed the need to... [Full story]

American AES Launches Bulgaria's Galabovo TPP
01-Jan-1970

The new Termal Power Plant, TPP, "AES Galabovo" is being launched Friday near the southern Bulgarian city of Stara Zagora. The project cost is estimated at EUR 1.2 B. The investor is the American energy giant "AES" with its CEO, Peter Lithgow, stating... [Full story]

Bulgaria Air Welcomed to Embraer's E-Jets Portfolio
01-Jan-1970

Bulgaria's Bulgaria Air airline has been officially included in Embraer's portfolio of E-Jets costumers. Under a new agreement with a leasing company, the Bulgarian air carrier will will operate three Embraer 190 jets from Sofia. "It's wonderful to... [Full story]

Irish Island Renewable Energy to Build Wind Park in Bulgaria
01-Jan-1970

Irish company Island Renewable Energy will build a wind park in the Northern Bulgarian Suhindol municipality. The project, which may be launched after, wind measurements and a feasibility study, involves a 90-megawatt wind farm with 30 wind turbines... [Full story]

Bulgaria to Begin Exploratory Work on South Stream
01-Jan-1970

Bulgaria will launch exploratory work in the Black Sea to set the route of the future South Stream gas pipeline, announced Foreign Minister Nikolay Mladenov after a meeting in Moscow with his Russian counterpart Sergey Lavrov. "Naturally, we discussed... [Full story]

Bulgaria to Invest BGN 100 M in Extending Life of Kozloduy Nuclear Reactors
01-Jan-1970

Bulgaria will need to invest over BGN 100 M in the extension of the life of the two operational 1000-MW reactors of the Kozloduy nuclear power plant, according to its CEO Kostadin Dimitrov. Speaking at the Bulatom energy forum in Varna Thursday,... [Full story]

Bulgaria's Banking System Stable, Corporate Lending on the Rise
01-Jan-1970

Data on Bulgaria's banking system as of April 30, 2011, has indicated no negative change in its financial stability, according to the latest report of the Bulgarian National Bank (BNB). April has marked the highest monthly growth of corporate lending... [Full story]

Bulgaria Registers Notable Increase Biodiesel Consumption in 2010
01-Jan-1970

Biodiesel consumption in Bulgaria registered a staggering increase in 2010 amounting to 38 911, 13 tons, according to preliminary information from the Ministry of Economy, Energy and Tourism. Biodiesel consumption in the previous two years came in at... [Full story]

Bulgaria Registers Budget Surplus in April Thanks to Central Bank Contribution
01-Jan-1970

Bulgaria registered a monthly surplus of BGN 190.5 M in April 2011, the second month in a row with a positive balance, the Finance Ministry announced. The April surplus appears to have resulted from the contribution of BGN 200.9 M of the Bulgarian... [Full story]

Bulgaria's 2020 Energy Strategy Focuses on Efficiency, Renewables
01-Jan-1970

The Bulgarian Parliament has adopted the country's much-anticipated Energy Strategy by 2020, which emphasizes energy efficiency and renewable energy sources. The document was approved with 79 votes in favor and 27 votes against, without any... [Full story]

Bulgarian Cigarette Company Tables EUR 1 M Profit Q1
01-Jan-1970

Bulgarian state cigarette producer Bulgartabac registered a net profit of BGN 2.17 M for the first quarter of 2011. For the same period in 2010, Bulgartabac had a net loss of BGN 2.3 M. The main reason behind the better performance this year is a 64%... [Full story]

Bulgarian Nuclear Plant Stress-Test to Cost BGN 12 M
01-Jan-1970

The stress-test of the Bulgarian Kozloduy Nuclear Power Plant, NPP, required by the European Union, will cost anywhere between BGN 10 and 12 M. The information was reported by the company's CEO, Kostadin Dimitrov, during a public debate on electric... [Full story]

Sofia City Hall Starts Construction of New Sports Facility
01-Jan-1970

The Sofia City Hall is making plans to have, for the first time in many years, a brand new park in the Vazrazhdane (Revival) district. The park, on 23 decares, will also boast a full sports complex, Mayor, Iordanka Fandakova, announced at a press... [Full story]

Minister: Bulgaria Has No Plans to Give Up Nuclear Power
01-Jan-1970

Bulgaria has no intention to give up nuclear energy, stated Bulgarian Minister of Economy and Energy Traicho Traikov Monday. Traikov was commenting the decision of the German government announced today to phase out all nuclear reactors by 2022 and to... [Full story]

Shale Gas Provokes Doubts, Controversy in Bulgaria
01-Jan-1970

The news that US company Chevron hopes to find major shale gas deposits in northeastern Bulgaria have raised the doubts of some experts and the concerns of environmentalists. Saturday it was announced that Chevron has landed a Bulgarian shale gas... [Full story]

Bulgarian Energy Minister Hints at New NPP Contract with Russia
01-Jan-1970

Bulgaria's Economy and Energy Minister, Traicho Traikov, announced the country is to, most likely, present to Russia a new project for contract for the Nuclear Power Plant, NPP, in the Danube town of Belene. "After consultants examined the current... [Full story]

EVN Takeover of Major Bulgarian Hydro Power Plant Expected 'in Days'
01-Jan-1970

Austrian company EVN is expected to purchase a 70% stake in the Bulgarian hydro power plant project "Gorna Arda" from Turkish company Ceylan "within days", according to Bulgarian Economy Minister Traicho Traikov. Traikov spoke Saturday at a news... [Full story]

Privatization of Bulgaria's National Palace of Culture Banned
01-Jan-1970

Any privatization of Bulgaria's National Palace of Culture (NDK), a giant cultural and congress center in downtown Sofia, will be abolished, the country's Finance Minister, Simeon Djankov said Friday. Djankov told the Bulgarian Parliament Friday that... [Full story]

Double Tree by Hilton Welcomes Summer 2011 Guests on Bulgaria's Coast
01-Jan-1970

The smell of chocolate chip cookies, a staple of the DoubleTree by Hilton, is already greeting the guests at the brand latest destination - the DoubleTree by Hilton Varna – Golden Sands on Bulgaria's Black Sea coast. Situated between the ancient,... [Full story]

Bulgarian Govt, Westinghouse Move Closer to Cooperation
01-Jan-1970

Bulgarian Prime Minister Boyko Borisov has met with Westinghouse President for EMEA Anders Jackson and VP for Southern Europe Jose Gutierrez. Friday's meeting in Sofia is the latest in a series of meetings between the Bulgarian government and the US... [Full story]

Bulgaria's Railways Contract Turkey's Tuvasas for 30 Sleeping Cars
01-Jan-1970

The Bulgarian State Railways BDZ will order the construction of 30 sleeping cars to Turkey's state owned manufacturer Tuvasas after BDZ lost a court battle trying to cancel the order. The CEO of the debt-ridden Bulgarian state railways Pencho Popov... [Full story]

Bulgarian Finance Minister's 'Fiscal Stability' Brainchild Enters Parliament
01-Jan-1970

Bulgaria's Finance Minister Simeon Djankov submitted to parliament on Friday a plan, known as the "Financial Stability Pact", which proposes constitutional amendments in a bid to ensure the stability of state finances. The Parliament is expected to... [Full story]

Bulgaria Ranked Cheapest Summer Holiday Destination
01-Jan-1970

Bulgaria is the cheapest summer holiday destination according to a survey of the German automotive union ADAC. The survey covers 50 resorts in 10 European countries and includes various costs, such as sun protection creams (a price range of EUR 4.80-... [Full story]

Bulgarian Resort Albena Attracted 220 000 Tourists in 2010
01-Jan-1970

One of Bulgaria's leading Black Sea resorts Albena attracted 221 000 tourists in the summer of 2011. The number of night stays in 2010 grew by 11% year-on-year, while the average occupancy rate of the resort located 30 km north of Varna and 500 km... [Full story]

Bulgaria's Gross External Debt Down by EUR 1.2 B in March Y/Y
01-Jan-1970

Bulgaria's gross external debt was EUR 36 B in March 2011, a decrease of EUR 1.169 B year-on-year, according to latest data of the Bulgarian National Bank (BNB). As of end-March 2011 gross external debt was EUR 36.099 B (94.5% of GDP), which is EUR... [Full story]

Bulgaria Sees 34% Increase in Goods Transported by Land Q1 2011
01-Jan-1970

Bulgaria's goods transported by land transport increased by 34.2% year on year in the first quarter of 201, according to the country's National Statistical Institute. A growth was registered in both national and international carriages by 31.3 and by... [Full story]

Fitch Improves Outlook of 4 Bulgarian Banks
01-Jan-1970

The long-term Issuer Default Ratings (IDRs) outlook of Bulgaria's Societe Generale Expressbank, Allianz Bank Bulgaria and Bulgarian Development Bank have been upgraded to positive by Fitch Ratings. The outlook on Bulgaria's largest domestic-owned... [Full story]

DoubleTree by Hilton Varna on Bulgaria Coast Opens to Guests
01-Jan-1970

DoubleTree by Hilton Varna-Golden Sands, the first global hotel brand to enter Bulgaria's Black Sea coast, has officially opened its doors to guests just as the summer season kicks off. "We hope that this first DoubleTree by Hilton hotel open and... [Full story]

EU Vows Not to Set Barriers for South Stream Gas Pipeline
01-Jan-1970

The EU will not set unjustified restrictions regarding the construction of the South Stream gas pipeline, which is supposed to transit Russian gas to Europe, Gunther Oettinger, EU Energy Commissioner, stated Wednesday. The EU will not create either... [Full story]

TBP Offers Bulgaria New Offloading Technology for BA Oil Pipeline
01-Jan-1970

Trans-Balkan Pipeline, the company in charge of the construction of the Burgas-Alexandroupolis oil pipeline, has offered the Bulgarian government a new technology for unloading oil to address environmental concerns. Interestingly, the newly adopted... [Full story]

Fitch Raises Bulgaria's Outlook from Negative to Positive
01-Jan-1970

International credit rating agency Fitch Ratings has improved its outlook on Bulgaria's currency ratings to positive from negative. This has made it less likely that they will fall into junk territory, reflecting the Bulgaria's declining debt levels... [Full story]

Sofia City Hall Plans Major Public Transportation Overhaul
01-Jan-1970

The Sofia City Hall has applied with the Regional Development Program for EU funding for its "Integrated Project for Public Transportation." The information was reported Monday by Deputy Mayor, Lyubomir Hristov, who says the total cost of the project... [Full story]

Bulgaria to Sign on Nabucco Pipeline in Turkey on June 6
01-Jan-1970

Bulgaria's Bulgargaz, a subsidiary of the Bulgarian Energy Holding, will participate in the official signing of an agreement on the Nabucco gas transit pipeline in Turkey on June 6, 2011. Besides the Bulgarian company, the shareholders which will sign... [Full story]

Poptodorova: Small US Business Is Interested in Bulgaria
01-Jan-1970

Smaller US companies are increasingly interested in investing in Bulgaria, Bulgarian Ambassador to Washington DC, Elena Poptodorova, says. In an interview for the Bulgarian news agency, BTA, Poptodorova commented on her just-concluded 5-day trip... [Full story]

IMF Mission Signals Optimism about Bulgaria's Economy
01-Jan-1970

The conclusions of the International Monetary Fund mission, which visited Bulgaria's capital Sofia during the period May 10-20, have exhibited optimism about the Bulgarian economy and state finances. The visit was part of the IMF's surveillance under... [Full story]

Bulgaria's Kozloduy NPP Among World's Most Tested - EconMin
01-Jan-1970

Bulgaria's Kozloduy Nuclear Power Plant is among the most scrutinized NPPs in the world, according to the country's Energy and Economy Minister, Traicho Traikov. Four of the total of six units at Kozloduy were closed due to EU safety requirements,... [Full story]

Bulgaria Govt Assuages Fears over Sale of Sofia's Landmark
01-Jan-1970

Bulgaria's culture minister has denied allegations that the National Palace of Culture NDK, one of the landmarks of the capital Sofia, is about to be put on sale. "Nobody said that NDK would go private, in fact its privatization has been in the making... [Full story]

US Contour Global OKed to Buy Enel Stake in Bulgaria Plant
01-Jan-1970

Bulgaria's antitrust regulator has given approval to US investment fund Contour Global to acquire the majority stake of Italian energy giant Enel in Maritsa East 3, a Bulgarian coal-fired plant. Enel reached in the middle of March an agreement to sell... [Full story]

Chinese Cars to Be Made in Bulgaria Furor at Ruse University Fair
01-Jan-1970

Prototypes of the cars of Chinese manufacturer Great Wall Motors that will be produced in Bulgaria's Lovech generated heated interest Thursday at the opening of the auto and agricultural equipment fair at the Ruse University "Angel Kanchev." China's... [Full story]

Bulgarian Capital Has Only 5 500 Rooms in City Hotels
01-Jan-1970

There are only 5 500 rooms in three-, four-, and five-star hotels with more than 50 rooms in the Bulgarian capital Sofia, according to data announced by property consultants. The data was presented in Sofia Thursday at a public discussion about the... [Full story]

South Steam Shareholders to Strike New Agreement in 2011
01-Jan-1970

A new shareholders' agreement for the South Stream gas transit pipeline will be signed in 2011, Gazprom CEO Alexei Miller has announced. The shareholders are going to come up with a final investment decision for the construction of the... [Full story]

Energy Irish Island Renewable Energy Said to Eye Bulgaria Wind Park
01-Jan-1970

Irish company Island Renewable Energy may build a wind park in the Northern Bulgarian Suhindol municipality,Nikolay Nikolov, its executive director for Southeast Europe, has announced. The project, which may be launched after, wind measurements and a... [Full story]

IMF Sees Bulgarian Economic Growth at 3%, Inflation -5.3% End-2011
01-Jan-1970

The International Monetary Fund expects Bulgaria's economy to grow 3% at the end of this year as a global recovery boosts exports demand in the EU. The IMF forecast for the Bulgarian economy in 2011 is below the 3.6% growth projected by the Bulgarian... [Full story]

Largest Bulgarian Resorts Acquire New Status
01-Jan-1970

Bulgaria's national resorts will be declared "settlements with particular status" with unified urban planning and management. The information was reported by the daily Standard, citing Deputy Minister in charge of Tourism, Ivo Marinov. These... [Full story]

Bulgaria Slumps Further in World Competitiveness Ranking
01-Jan-1970

Bulgaria has lost two spots to finish 55th on the competitiveness ranking of the International Institute for Management Development (IMD), covering 59 key countries. According to its website, the IMD is an independent non-profit foundation located in... [Full story]

Shale Gas to Win Bulgaria's Energy Independence - Minister
01-Jan-1970

The shale gas resources in Bulgaria could greatly improve the country's energy independence and would create a new alternative for its gas needs, Bulgarian Economy and Energy Minister, Traicho Traikov, declared. "As far as shale gas is concerned, the... [Full story]

Lukoil: USD 100 Per Barrel is Fair Oil Price
01-Jan-1970

The current price of oil around USD 100 per barrel is completely fair, according to Russian oil company Lukoil's president Vagit Alekperov. Over the spring, company's Bulgarian subsidiary, Lukoil Bulgaria, has been accused by consumers of exploiting... [Full story]

Borisov's Ex Buys Half of Bulgarian-American Credit Bank
01-Jan-1970

Bulgarian tycoon Tsvetelina Borislavova, more publicly known as the woman with whom Prime Minister Boyko Borisov formerly lived out of wedlock, has returned in the banking sector with a sizable purchase. Through her company Clever Synergies Investment... [Full story]

US Ambassador: Bulgaria's IT, Agriculture Key Sectors for Attracting US Investment
01-Jan-1970

Bulgaria presents exciting trade and investment opportunities for US companies, US Ambassador James Warlick said before embarking on a "Road Show" in four US cities together with AmCham and his Bulgarian counterpart in DC. "There are many advantages... [Full story]

Bulgarian Tycoon Sells Heating Utilities to Offshore Companies
01-Jan-1970

Bulgarian energy tycoon Hristo Kovachki has been allowed to sell two heating utilities to offshore companies registered in the Seychelles. Bulgaria's Competition Protection Commission approved Monday the sale of the two plants. The heating utility... [Full story]

Bulgarian Minister Vows 1 Highway Per Year
01-Jan-1970

Bulgaria will continue building and finishing highways, with Trakiya to be ready in 2012 and Maritsa in 2013, promised Minister of Infrastructure Rosen Plevneliev. Sunday Plevneliev, together with other high ranking officials will be present at the... [Full story]

Bulgaria Gives Official Launch to Its First Completed Highway
01-Jan-1970

Bulgarian PM Boyko Borisov officially launched Sunday afternoon the newly-finished Lyulin Highway linking capital Sofia to the E-79 international road to Greece. Present at the ceremony was also Bulgarian Minister of Infrastructure Rosen Plevneliev... [Full story]

Bulgaria to Amend Constitution for Financial Stability by June
01-Jan-1970

The Bulgarian Constitution will be amended by June to enforce the provisions of the new Financial Stability Pact, announced PM Boyko Borisov Sunday. "I hope for the support of all political parties to the Financial Stability Pact, which will turn... [Full story]

Shell VP in Sofia: Transport's Energy Efficiency Future Lies with 3 'S'-s
01-Jan-1970

Smart consumption, smart machines, and smart infrastructure is the future of energy efficiency, according to Hans van der Loo, Vice President of Shell International and head of the company's EU Liaison Office. Van der Loo was in Bulgaria's capital... [Full story]

Bulgarian Railroads Launch Business Class Cars
01-Jan-1970

The Bulgarian State Railroads, BDZ, are launching for the first time in the summer business class cars. The news was announced Saturday by Transportation Minister, Aleksander Tsvetkov, who said in an interview for Darik radio trains with such cars... [Full story]

EC to Finally Give Green Light to Sofia Waste Plant
01-Jan-1970

The European Commission's approval of the first stage of the construction of the waste plant near Sofia is expected in just weeks, according to the Head of the Regional Policy Directorate, Dirk Ahner. Ahner is on a working visit to Sofia over the... [Full story]

Bulgaria Fin Ministry Acquires C-Bank Stake in Depository
01-Jan-1970

Bulgaria's government has moved a step closer to packing together its stakes at the stock exchange and the depository in a bid to sweeten the deal for the bourse privatization. The central bank announced on Thursday it has decided to transfer its 20%... [Full story]

Chinese Companies Seek to Invest Big in Bulgarian Agriculture
01-Jan-1970

Chinese companies have demonstrated committed interest in investment in Bulgaria's agriculture, according to Agriculture and Foods Minister Miroslav Naydenov. Naydenov met Friday with a Chinese business delegation, including Tianjin State Farms... [Full story]

Bulgaria Set for Highest Growth of Russian Tourists' Number Ever
01-Jan-1970

Bulgaria expects an year-on-year growth of some 70% in the number of Russian tourists for the 2011 summer season, according to consular officials. A total of 10% more foreign tourists are expected in Bulgaria in 2011 as a whole, Deputy Economy... [Full story]

Coca-Cola Announces New Bulgarian Investments on Its 125th Birthday
01-Jan-1970

Coca-Cola Hellenic has announced new investments in Bulgaria's capital Sofia amidst the celebrations of Coca-Cola's 125th birthday. Sofia has been selected from among 14 other cities in Europe for the setting up of a United Center for Human Resource... [Full story]

Bulgaria Registers 4.6% CPI Annual Inflation in April 2011
01-Jan-1970

The consumer price index (CPI) in Bulgaria in April, 2011, compared to March 2011 was 100.2%, i.e. the monthly inflation was 0.2%. The data was released Thursday by the National Statistics Institute, NSI. The group 'food and non-alcoholic... [Full story]

Business » Energy UniCredit, Raiffeisen Seek to Broker E.ON Bulgaria 33% Sale
01-Jan-1970

UniCredit SpA (UCG), Italy's biggest bank and Vienna-based Raiffeisen Bank International AG (RBI) have bought tender documents to broker Bulgaria's 33% stake sale in an E.ON AG unit, Bloomberg agency reported. A total of 14 financial companies have... [Full story]

Bulgaria's Kozloduy NPP Launches New Spent Fuel Depot
01-Jan-1970

A new dry spent nuclear fuel storage facility was officially launched at Bulgaria's Kozloduy NPP by the country's PM, Boyko Borisov, and Economy and Energy Minister, Traicho Traikov. The measure aims at implementing greater nuclear safety. The... [Full story]

Bulgaria's Finance Ministry Reassures World Bank over Partnership Strategy
01-Jan-1970

The Bulgarian Finance Ministry has reassured a senior delegation of the World Bank of the country's economic prospects in the context of the Partnership Strategy between Bulgaria and the international financial institution. Peter Harold, Director for... [Full story]

Sofia Airport to Launch Overhaul of Terminal 1
01-Jan-1970

Sofia Airport, Bulgaria's largest international airport, is preparing the technical proposal for a small-scale public procurement for the overhaul of Terminal 1, the company announced. Under the overhaul plan, sections with damaged stucco coating and... [Full story]

Bulgaria Minister: Gray Economy Better than No Economy
01-Jan-1970

In a highly controversial statement, Bulgaria's economy minister has defended, though half-heartedly, the flourishing gray sector in the country, saying that still it generates growth. "If we have to choose between gray economy and no economy,... [Full story]

PM: Bulgarian Economy Needs Own Nuclear Power
01-Jan-1970

Bulgaria is fully committed to developing its nuclear energy sector, stated PM Boyko Borisov at a foreign investment forum held in Sofia Tuesday. In the past year or so, there has been an ongoing uncertainty how far Borisov's center-right GERB cabinet... [Full story]

Bulgaria Might Opt for Short-Term Gas Contracts with Gazprom
01-Jan-1970

Bulgaria might chose to press for short-term contracts for natural gas delivery with Russian giant Gazprom after 2012, stated vice-Minister of Energy Mariy Kosev Tuesday. Bulgaria's contracts with Gazprom expire end of 2012 and the Russian company has... [Full story]

Bulgaria Pinpoints Strategic Areas to Boost FDI, Create Jobs
01-Jan-1970

Bulgaria's sector-based strategy for the attraction of foreign investments was presented by Minister of Economy and Energy Traicho Traikov at a forum in Sofia Tuesday. The strategy names the fields of the economy that the Ministry of Economy, Energy... [Full story]

601 New Residential Buildings in Bulgaria in Q1 2011
01-Jan-1970

In the first quarter of 2011, the newly built residential buildings in Bulgaria were 601, according to the preliminary data of the National Statistical Institute, NSI, released Tuesday. Compared to the same quarter of 2010, the number of these... [Full story]

Bulgarian Exports to Non-EU Countries Up by 56% Q1 2011 Y/Y
01-Jan-1970

In the period January - March 2011 Bulgarian exports to non-EU countries increased by 55.9% year on year. The data was released by the National Statistics Institute Tuesday. In the first quarter of 2011, the exports amounted to BGN 3.7 B. The... [Full story]

Philip Morris International Inc., Japan Tobacco Inc. and KT&G show interest in Bulgaria's Tobacco Giant in Third Sale Attempt
01-Jan-1970

A notice for the privatization of Bulgaria's former state tobacco monopoly Bulgartabac Holding is due to be published in the State Gazette on 10 May. The promulgation will mark the start of the third official attempt to sell the state-owned stake in... [Full story]

Bulgaria, Turkey Plan Sofia-Edirne Bullet Train
01-Jan-1970

Bulgaria and Turkey are planning the launch of a bullet train between Sofia and Edirne, according to Suleyman Karaman, Director General and Chairman of the Board of the Turkish State Railways. Karaman told the Bulgarian National Radio, BNR, transport... [Full story]

Bulgaria's Unemployment Rate Falls to 9.3% in April
01-Jan-1970

In April 2011, the unemployment rate stood at 9.3%, extending a downward trend from previous months, announced Labor and Social Policy Minister Totyu Mladenov. According to Mladenov, as quoted by BNR, the trend should continue in the summer months due... [Full story]

Ryaniar Carries Out First Milano-Plovdiv Flight
01-Jan-1970

As Ryaniar's first flight from Milano to the Bulgarian city of Plovdiv arrived on Saturday, its 140 passengers were welcomed with bread and salt, according to an old Bulgarian tradition. The company will carry out regular twice-weekly flights from... [Full story]

Bulgaria Set to Privatize Diplomatic Real Estate Agency
01-Jan-1970

Bulgaria plans to privatize the ADIS real estate agency that manages the properties of the Ministry of Foreign Affairs within the country. This was announced Sunday by Bulgarian Privatization Agency chief Emil Karanikolov for the Bulgarian National... [Full story]

Bulgarian Business Commits to UN Social Responsibility Pact
01-Jan-1970

Representatives of Bulgarian business made Friday social commitments to the UN, in the presence of the organization's Secretary General, Ban Ki-moon. The memorandum for cooperation was signed by Ban Ki-moon and the Chair of the Bulgarian network for... [Full story]

Nabucco Pipeline Delayed for 2 Years over Natural Gas Supplies
01-Jan-1970

The much-anticipated EU-sponsored Nabucco gas transit pipeline will be delayed by two years, the Nabucco consortium has announced raised doubts of increasing uncertainty about the project. Nabucco Gas Pipeline International GmbH has pushed back the... [Full story]

UN Chief Fascinated with Bulgaria's Plovdiv Old Town
01-Jan-1970

UN Secretary-General Ban Ki-moon has completed his two-day Bulgarian visit in the southern city of Plovdiv where he was amazed at the history and architecture of the Old Town. Ban was the guest of a formal lunch given by Plovdiv District Governor Ivan... [Full story]

Bulgaria to Use EU Danube Money for Metro Expansion
01-Jan-1970

A part of the money within EU's Operational Program Transport intended for the enhancement of Danube's shipping, will be used for the expansion of Bulgarian capital Sofia's first metro line. Some of the BGN 138 M intended for the strengthening of... [Full story]

Bulgaria's King's Tobacco Confirms Interest in Bulgartabak
01-Jan-1970

Bulgarian cigarette maker King's Tobacco has confirmed its interest in the privatization of the country's state tobacco giant Bulgartabac Holding. "Provided that we meet the requirements, we will join the competition. The requirements are pretty high... [Full story]

Bulgaria's National Palace of Culture to Become Public Company
01-Jan-1970

The Bulgarian National Palace of Culture (NDK) in downtown Sofia is to become a public company, the country's Council of Ministers decided Wednesday. NDK will be a state company, initially within the Ministry of Finance, Finance Minister Simeon... [Full story]

Shocked Investors: New Law Shatters Bulgaria's Renewable Energy Sector
01-Jan-1970

Bulgaria's newly adopted Renewable Energy Act contradicts the Constitution and EU law, and will shatter the country's energy future, according to the Bulgarian Wind Energy Association. The Bulgarian Wind Energy Association issued Wednesday a... [Full story]

Finance Ministry Hopeful Moody's Will Up Bulgaria's Rating
01-Jan-1970

Moody's Investors Service is currently reviewing Bulgaria's credit rating and is likely to boost it, the credit agency says in a regular report cited by the Bulgarian Finance Ministry. Bulgaria currently has a Moody's credit rating of Baa3, the same... [Full story]

Bulgarian Govt to Privatize Railway Freight Services
01-Jan-1970

Bulgaria's Cabinet is taking steps in order to privatize the freight services of the state railway company BDZ, according to Vladimir Vladimirov, chair of the Board of Directors of the BDZ Holding. Speaking at a railway transport forum in Sofia... [Full story]

Bulgarian State Railways' Loss Declines in 2011 Q1
01-Jan-1970

The losses generated by the Bulgarian State Railways BDZ in the first quarter of 2011 declined substantially, BDZ executives announced. The company, which is notorious for its passenger services and low efficiency, reminds that in 2010 it reduced its... [Full story]

Ayala's IMI Buys Out EPIQ Assets in Bulgaria, Mexico, Czech Republic
01-Jan-1970

Integrated Micro-Electronics Inc. (IMI), the electronics manufacturing services unit of Philippines-based company Ayala, is buying out EPIQ NV's assets in Bulgaria, Mexico, and the Czech Republic. Ayala's IMI is buying the three EPIQ facilities for an... [Full story]

'Tax Freedom' Day Arrives in Bulgaria on May 4
01-Jan-1970

Bulgarians will work to pay their taxes until May 4, 2011, according to a publication of the Institute for Market Economy. The so-called "Tax Freedom Day" is a symbolic date when employees stop working for the State treasury and begin earning for... [Full story]

Bulgarian-Chinese Car Models Debut in Veliko Tarnovo
01-Jan-1970

Two of the cars of the Chinese motor company Great Wall to be made in the Bulgarian city of Lovech made their debut, the site "Automedia.bg" informs. The models Hover and Steed were shown for the first time over the weekend during the first round of... [Full story]

Deal for Bulgaria Stock Exchange Sweetened Up - Head
01-Jan-1970

The decision of Bulgaria's government to pack together its stakes at the stock exchange and the depository has sweetened the deal for the bourse, its executive director argues. "Such bundling will sweeten the deal and will ensure that the new owner... [Full story]

Russia Halts Oil Export, Bulgaria Demands Guarantees
01-Jan-1970

Bulgaria's Economy and Energy Minister, Traicho Traikov, has asked for guarantees from Russia for enough fuels for the country's market amidst reports that the Federation is halting oil export. On Sunday, on the grounds of an unprecedented global... [Full story]

10 Richest Bulgarians Pay BGN 4.5 M in Taxes at Deadline
01-Jan-1970

The ten Bulgarians who have declared the highest income for 2010 will pay BGN 4.5 M in taxes, the National Revenue Agency, NRA, announced Monday. The data comes from the already processed personal income tax declarations across the entire... [Full story]

Bulgaria's Agriculture Sector with Impressive Export Growth in 2010
01-Jan-1970

Bulgaria's agriculture sector appears to be taking off, according to data presented by the Agriculture Ministry and the National Statistical Institute. Agriculture is one of the few sectors of the Bulgarian economy with positive trade balance,... [Full story]

WikiLeaks: Bulgaria N-Plant Manager Forced to Shut Up over Incident in 2006
01-Jan-1970

The manager of Bulgaria's sole nuclear power plant Kozloduy has been threatened with being "knocked off" unless he keeps quiet about an incident on the first day of March in 2006, according to fresh diplomatic cables of the US embassy in Sofia, revealed... [Full story]

Bulgaria PM Seeks to Boost Business Ties with Croatia
01-Jan-1970

Croatia's EU prospects and ways to boost economic and trade ties with Bulgaria will top the agenda of Prime Minister Boyko Borisov during his one-day official visit to Zagreb on Wednesday. The Bulgarian delegation includes Minister of Economy and... [Full story]

Bulgaria's Sofia Starts 'Unfreezing' Its Construction
01-Jan-1970

Vast construction projects in the Bulgarian capital Sofia, such as malls, office buildings, trade centers and residential buildings have been launched again as the financial crisis is slowly going away. Mall Bulgaria, Paradise Center, San Stefano... [Full story]

Bulgaria Launches Privatization of State Tobacco Giant
01-Jan-1970

Bulgaria's state cigarette producer Bulgartabac Holding, whose management has been harshly criticized in recent years, will be declared for privatization on Tuesday after years of procrastination. The long-delayed procedure will be given the go-ahead... [Full story]

JTI, ÊÒ&G Said to Eye Bulgaria's Bulgartabac
01-Jan-1970

Korea's ÊÒ&G, Japan Tobacco International, Czech and British investment funds have declared interest in the privatization of Bulgaria's state cigarette producer Bulgartabac Holding, according to media reports. Korean KT&G had voiced interest in the... [Full story]

Bulgarian Govt Sector Deficit Reaches 3.2% of GDP 2010
01-Jan-1970

Bulgaria's General Government Sector reported in 2010 a government deficit of BGN 2 269,2 M or 3,2 % of GDP, according to National Statistical Institute's preliminary data. The main part of the deficit is formed by the Central Government sub-sector,... [Full story]

TransGlobal Assets Contracts Bulgarian Construction Firm for Black Sea Resort
01-Jan-1970

TransGlobal Assets, an Oregon-based company, has contracted Bulgarian construction firm Sofstroy for complete the development of the White Lagoon Black Sea resort, a USD 400 M project. After on Friday, the American firm announced plans to acquire a... [Full story]

Bulgarian Tycoon Nails Again Road Construction Offer
01-Jan-1970

A consortium including a company controlled by Vasil Bozhkov, one of Bulgaria's richest and most high-profile businessmen, won the bid for the construction of a section of the Maritsa Highway. The "Maritsa Highway" consortium between Bozhkov's... [Full story]