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Invest Bulgaria News Directory

(1394 Stories Found)

FINANCE MINISTRY HOPEFUL MOODY'S WILL UP BULGARIA'S RATING

FINANCE MINISTRY HOPEFUL MOODY'S WILL UP BULGARIA'S RATING
Source: novinite.com - (04/05/2011)

Topics: Financial      

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 as Romania, Hungary, Croatia, and Latvia; on April 5, Moody's placed Bulgaria's Baa3 sovereign rating "on review for possible upgrade". The Bulgarian Finance Ministry stresses that this grade "reflects Bulgaria's stable state finances and the...


BULGARIAN GOVT TO PRIVATIZE RAILWAY FREIGHT SERVICES

BULGARIAN GOVT TO PRIVATIZE RAILWAY FREIGHT SERVICES
Source: novinite.com - (04/05/2011)

Topics: Economy      

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 Wednesday, Vladimirov said the privatization of the freight and cargo services is part of the plan to restructure the notoriously troubled state railways, and will allow for improvements by private investors that the state can hardly ever carry...


BULGARIAN STATE RAILWAYS' LOSS DECLINES IN 2011 Q1

BULGARIAN STATE RAILWAYS' LOSS DECLINES IN 2011 Q1
Source: novinite.com - (04/05/2011)

Topics: Business      

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 annual loss by BGN 17 M; i.e. it ended 2010 with a loss of BGN 47 M compared with a loss of BGN 64 M in 2009. The upward trend of reducing losses is said to be continuing in 2011 as in the first quarter the losses of BDZ declined by BGN 7 M...


AYALA'S IMI BUYS OUT EPIQ ASSETS IN BULGARIA, MEXICO, CZECH REPUBLIC

AYALA'S IMI BUYS OUT EPIQ ASSETS IN BULGARIA, MEXICO, CZECH REPUBLIC
Source: novinite.com - (04/05/2011)

Topics: Economy      

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 estimated EUR 43 M in total. In a statement, cited by ABS-CBN News, IMI said it would pay in cash and 200 million new common shares representing approximately 12% of the company after the transaction. IMI said the acquisition, which is...


'TAX FREEDOM' DAY ARRIVES IN BULGARIA ON MAY 4

'TAX FREEDOM' DAY ARRIVES IN BULGARIA ON MAY 4
Source: novinite.com - (03/05/2011)

Topics: Financial      

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 themselves. In Bulgaria, this day traditionally falls in May, and its earlier arrival in the last three years is attributed to the economic crisis and the wider budget gap i.e. the State seemingly takes less, but continues to spent as before by...


BULGARIAN-CHINESE CAR MODELS DEBUT IN VELIKO TARNOVO

BULGARIAN-CHINESE CAR MODELS DEBUT IN VELIKO TARNOVO
Source: novinite.com - (03/05/2011)

Topics: Economy      

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 the Bulgarian close-circuit race "Pista Litex." They were used as official automobiles of the race. The site reports the two vehicles have generated very strong interest among the audience. This has also been the first time when the company...


DEAL FOR BULGARIA STOCK EXCHANGE SWEETENED UP - HEAD

DEAL FOR BULGARIA STOCK EXCHANGE SWEETENED UP - HEAD
Source: novinite.com - (03/05/2011)

Topics: Financial      

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 will have the freedom to define its own policy on both trading and post-trading level," Ivan Takev, CEO of the Bulgarian Stock Exchange – Sofia, said in an interview for Novinite.com. Takev voiced confidence that Bulgaria's stock exchange,...


RUSSIA HALTS OIL EXPORT, BULGARIA DEMANDS GUARANTEES

RUSSIA HALTS OIL EXPORT, BULGARIA DEMANDS GUARANTEES
Source: novinite.com - (02/05/2011)

Topics: Economy      

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 fuels crisis, Russia stopped exporting oil products with Russian media reporting that fuels export tax has gone up on May 1 by 44% to reach USD 408 per ton. With the measure, the Russian government aims at making oil products export less...


10 RICHEST BULGARIANS PAY BGN 4.5 M IN TAXES AT DEADLINE

10 RICHEST BULGARIANS PAY BGN 4.5 M IN TAXES AT DEADLINE
Source: novinite.com - (02/05/2011)

Topics: Financial      

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 country. The amount of the income of the top 10 earners, after deductions, is BGN 46.4 M. The 10 wealthiest Bulgarians work in the area of financial trading, consulting and legal services. Most of them have used the 5% rebate offered by NRA to...


BULGARIA'S AGRICULTURE SECTOR WITH IMPRESSIVE EXPORT GROWTH IN 2010

BULGARIA'S AGRICULTURE SECTOR WITH IMPRESSIVE EXPORT GROWTH IN 2010
Source: novinite.com - (30/04/2011)

Topics: Business      Agriculture

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, according to the Bulgarian Ministry of Agriculture and Foods. In 2010, Bulgaria's agriculture trade balance was positive USD 944 M, up from a positive USD 385 M in 2009. The Agriculture Ministry boasts that what it describes as "proactive export...


WIKILEAKS: BULGARIA N-PLANT MANAGER FORCED TO SHUT UP OVER INCIDENT IN 2006

WIKILEAKS: BULGARIA N-PLANT MANAGER FORCED TO SHUT UP OVER INCIDENT IN 2006
Source: novinite.com - (27/04/2011)

Topics: Economy      

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 on WikiLeaks. The cables, published by the site for investigative journalism www.bivol.bg, are entitled "Nuclear power incident highlights Bulgaria's pre-accession jitters" and were sent on May 19, 2006. Authorities on March 1 discovered...


BULGARIA PM SEEKS TO BOOST BUSINESS TIES WITH CROATIA

BULGARIA PM SEEKS TO BOOST BUSINESS TIES WITH CROATIA
Source: novinite.com - (27/04/2011)

Topics: Business      

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 Energy Traicho Traikov and Minister of Culture Vezhdi Rashidov. The visit comes at the invitation of Croatian Prime Minister Jadranka Kosor who herself visited Bulgaria in April last year. A cultural co-operation agreement until 2013 is to be...


BULGARIA'S SOFIA STARTS 'UNFREEZING' ITS CONSTRUCTION

BULGARIA'S SOFIA STARTS 'UNFREEZING' ITS CONSTRUCTION
Source: novinite.com - (27/04/2011)

Topics: Real Estate      Real Estate

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 Plaza, the Winslow Gardens Residential Complex, the Millennium Center office building are among the ambitious projects which have started unfreezing, the Dnevnik daily reports. The first Bulgarian IKEA is expected to be opened after its construction...


BULGARIA LAUNCHES PRIVATIZATION OF STATE TOBACCO GIANT

BULGARIA LAUNCHES PRIVATIZATION OF STATE TOBACCO GIANT
Source: novinite.com - (26/04/2011)

Topics: Business      

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 by the agency for privatization and post-privatization control. The sale of Bulgartabac Holding AD, Sopot-based Vazovski Mashinostroitelni Zavodi or VMZ, and the minority stakes in the electricity distributors have been said to be a must-do...


JTI, ??&G SAID TO EYE BULGARIA'S BULGARTABAC

JTI, ??&G SAID TO EYE BULGARIA'S BULGARTABAC
Source: novinite.com - (26/04/2011)

Topics: Business      

Korea's ??&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 privatization of Bulgartabac as early as during the term of the government of Simeon Saxe-Coburg. KT&G is the largest cigarette and tobacco company in Korea, whose share accounts for 80% of the local market. Over the last ten years the company...


BULGARIAN GOVT SECTOR DEFICIT REACHES 3.2% OF GDP 2010

BULGARIAN GOVT SECTOR DEFICIT REACHES 3.2% OF GDP 2010
Source: novinite.com - (26/04/2011)

Topics: Financial      

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, amounting to BGN 1 710.6 M - 2.4% of GDP, followed by the Social Security Funds sub-sector - 806.8 million BGN or 1.1% of GDP. The Local Government sub-sector reported a surplus of BGN 248.3 M or 0.4% of GDP. The Government Debt of Bulgaria...


TRANSGLOBAL ASSETS CONTRACTS BULGARIAN CONSTRUCTION FIRM FOR BLACK SEA RESORT

TRANSGLOBAL ASSETS CONTRACTS BULGARIAN CONSTRUCTION FIRM FOR BLACK SEA RESORT
Source: novinite.com - (26/04/2011)

Topics: Real Estate      Real Estate

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 Bulgarian Black Sea resort development, it has now announced it has signed a Letter of Intent with Sofstroy Construction of Sofia, Bulgaria, to serve as General Contractor to complete the build out of the new beachfront development named the White...


BULGARIAN TYCOON NAILS AGAIN ROAD CONSTRUCTION OFFER

BULGARIAN TYCOON NAILS AGAIN ROAD CONSTRUCTION OFFER
Source: novinite.com - (26/04/2011)

Topics: Construction      

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 Patnostroitelna Tehnika and Austrian Porr Technobau got the lowest bid for the 34-km section between Dimitrovgrad and Harmanli. The offer was for BGN 122.137 VAT excluded, given a forecast price of BGN 200. A record number of companies...


US COMPANY PRESENTS NOVEL NUCLEAR REACTOR IN BULGARIA

US COMPANY PRESENTS NOVEL NUCLEAR REACTOR IN BULGARIA
Source: novinite.com - (26/04/2011)

Topics: Business      

US energy company Westinghouse presented Tuesday a new generation nuclear reactor in Sofia by invitation of Bulgarian Minister of Economy and Energy Traicho Traikov. The model of the 3+ generation reactor in question is AP 1000 and it takes into fullest possible account the issue of safety. Tuesday minister Traikov also met Westinghouse vice-president for Southern Europe Jose Gutierres, who presented his company's advances in the field of safety management systems for NPPs. Another...


IMF MISSION TO VISIT SOFIA MAY 10-20

IMF MISSION TO VISIT SOFIA MAY 10-20
Source: novinite.com - (26/04/2011)

Topics: Financial      

A mission of the International Monetary Fund will visit Bulgaria's capital Sofia during the period May 10-20, 2011 to hold regular bilateral discussions on economic policies with the Bulgarian authorities, the fund announced. This is part of the IMF's surveillance under Article IV of the IMF's Articles of Agreement. The mission will be headed by Mrs. Catriona Purfield. "The mission will meet with officials from the Ministry of Finance, the Bulgarian National Bank, other government...



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