NPP Kozloduy to Sell Electricity Abroad without Intermediaries
(Sofia Jan 5, 2013) - The management of Bulgaria's NPP Kozloduy will apply to the State Energy and Waters Regulatory Commission for a full license to sell its electricity to end-users abroad, NPP Kozloduy CEO Valentin Nikolov said.
Presently, NPP Kozloduy uses intermediary companies to sell its output to end-users in several EU member states, including Germany and Austria.
"At the beginning of next week I am going to...
Bulgaria to Pay EUR 879 M on Foreign Debt in 10 Days
The next bonds maturity dates are in 2015 and 2017
(Sofia, Jan 5, 2012) - EUR 879,849,875 ? this is the sum that Bulgaria is to pay on its foreign debt on January 15th, 2013, the finance ministry said.
Thus, Bulgaria will fully pay off the emission of Eurobonds with a 7.5-percent interest, emitted in 2002 by Milen Velchev, finance minister in the Saxe-Coburg-Gotha-led Cabinet.
So as to pay off this loan, the Bulgarian...
Finmin Djankov: Some incomes will increase in 2013
(Sofia, Jan 5) - "The Financial 2012 finished better than expected," Bulgaria's Finmin Simeon Djankov commented for the Bulgarian National Television (BNT).
"Due to overfulfilment of the revenues by the National Revenue agency and Customs agency, the budget deficit for 2012 is by 3 times less than planned and this will allow an additional increase of some of the incomes in 2013," Mr Djankov stated.
At this stage Finmin Djankov...
Nearly BGN four million have been wired Friday for salaries of workers at Bulgaria's State-owned arms manufacturer, VMZ Sopot.
The news was announced by Prime Minister, Boyko Borisov, at an emergency briefing at the Council of Ministries building. He declared the workers will receive the entire amount of their overdue pay.
It was further reported that Borisov is meeting Friday with the Presidents of the two main trade unions in the country – Konstantin Trenchev of the Confederation of...
Czech-owned power utility CEZ has always strictly adhered to Bulgarian legislation and the normative acts of the European Union, the company says in a press release.
According to its press office, for the electric power distributor, part of CEZ Bulgaria Group, obeying the law, including tax law, was a guiding principle that should not even be commented on.
The statement comes on the heels of news that the prosecution in Bulgaria has requested the revocation of the company's license over...
UniCredit Bulbank, part of the UniCredit Group, said it plans to launch a package of banking services tailor-made for the needs of foreigners living in Bulgaria.
The product, named Expat package, is the first of this type in the country.
The new package of services and products can be used by all foreigners with a minimum salary of 4000 euros, transferred to an account in UniCredit Bulbank.
The package combines the most commonly used banking products and services. It provides...
Bulgaria's Deputy Prime Minister and Minister of Finance Simeon Djankov has been invited to join the World Bank Knowledge Advisory Council, the press service of the Finance Ministry announced.
The World Bank Knowledge Advisory Council is supposed to advise the President and the Managing Directors of the financial institutions on matters related to the knowledge agenda.
This is said to include strategic advice on the roles the Bank plays as producer, connector and customizer of knowledge,...
Bulgaria's Deputy Prime Minister and Finance Minister, Simeon Djankov, has promised additional funding from Budget 2013 for municipalities with a stable fiscal state.
The news was announced by Djankov during his visit of the Danube city of Silistra, explaining that there will be a ban to use the said additional funding for salary increases or bonuses.
The financial state of all Bulgarian municipalities will be published by the end of June, according to the Minister.
He traveled to...
Bulgaria's parliament ratified on Friday the contracts with BNP Paribas, HSBC and Raiffeisen as mediators for the eurobond issue that the country plans to float this year.
The motion, tabled by the government, was approved by 101 members of parliament, 34 voted against, while 12 abstained.
Bulgaria plans to tap international markets to raise funds to repay the first tranche of about EUR 835 M (USD 1.07 B) in 11-year eurobonds maturing on January 15, 2013.
The bonds offered on...
According to flash data about revenues as of beginning of May 2012, Bulgaria's State budget is balanced for the first time since June 2009.
The information was reported Friday in the Parliament by Deputy Prime Minister and Finance Minister, Simeon Djankov.
He stressed that his ruling center-right Citizens for European Development of Bulgaria party, GERB, began its term with a legacy of huge deficit, left by his predecessor in the Cabinet of the Three-Way Coalition, and two years were...
Bulgaria's government has selected BNP Paribas, HSBC and Raiffeisen as mediators for the eurobond issue that the country plans to float this year.
This becomes clear from a bill for ratifying the contracts with the three banks that the cabinet has tabled to Bulgaria's parliament, thus confirming earlier media reports.
BNP Paribas, HSBC and Raiffeisen will be appointed to advise the Bulgarian state as well as manage the sale of the bond.
The authorities evaluated bids submitted by 17...
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 National Television, Djankov also revealed he has reached a consensus with Interior Minister and fellow-Deputy PM Tsvetan Tsvetanov concerning the "new state budget balance" issue.
Recently, the Finance Minister stated that the Bulgarian...
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 zones.
The estimates were published by Eurostat, the statistical office of the European Union.
Compared with the same quarter of the previous year, seasonally adjusted GDP increased by 1.7% in both zones in the second quarter of 2011, after...
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 have increased by BGN 18 M and BGN 49 M respectively in June over the previous month, according to figures, cited by 24 Hours daily.
"There has been recently a noticeable trend among Greek citizens and businesses, who prefer to open deposit...
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 funds from the security sector, which includes the Interior Ministry, the intelligence services, and the State National Security Agency DANS, towards science, education, and culture," Djankov pledged speaking for Nova TV Tuesday morning.
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 registration plates of the yachts and now Maritime Administration is identifying their owners. NRA will follow with a check to see if the latters' declared income corresponds to their asserts. There will be an audit of the violators.
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 reached EUR 532.7 M, Bulgaria's H1 2011 FDI declined 67 times.
The newly announced H1 2011 FDI result, however, is still an improvement after all throughout the first five months of the year Bulgaria kept registering a negative inflow of...
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 over the last year, according to figures from the central bank.
The figures mark an increase of 11% and 10% respectively, bringing the total amount of money put aside in bank deposits to BGN 28.4 B in personal accounts and another BGN 13 B in...
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, which made 2010 the seventh year in a row in which the UBB will not be paying out dividends.
The 2010 profit will thus be added to the profit from past years amounting to the undistributed BGN 905.9 M, thus boosting UBB's own capital to BGN...
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 guarantee for the Greek Public Power Corporation (PPC) has interfered with the privatization of the Bobov Dol power plant.
The Bulgarian unit has already posted a competition for a court representative for the proceedings with a deadline of...
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 with their fiscal stability but Bulgaria doesn't – and won't have any such problems," Djankov promised, as cited Wednesday by the 24 Chasa daily.
He further stressed that "somewhere in the world" there could be higher unemployment and higher...
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 who must learn from the US debt crisis include President Georgi Parvanov since he has criticized the cabinet of the ruling Citizens for European Development of Bulgaria, GERB, party for not increasing retirement pensions.
"This is a strong...
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 B, or 2.2% from the Gross Domestic Product, GDP.
The Ministry, which is in charge of the monthly budget bulletin, further reports a BGN 53 M deficit for June.
The data is from the consolidated fiscal program, which includes the national...
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 interview for the Bulgarian National Radio, BNR, agreeing with statements of the Bulgarian Deputy Prime Minister and Finance Minister, Simeon Djankov, that at this stage Bulgaria will refrain from applying for Eurozone membership.
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 constitutional amendments to parliament at the end of May, Minister Djankov said he hoped the Pact could be adopted by the fall of 2011.
The three main pillars of Djankov's Financial Stability Pact to be solidified via constitutional...