Bulgaria's finance minister, who was initially targeting rapid accession to the euro zone, has confirmed the country is in no hurry to adopt the single currency.
"We will not make any move toward the switchover in the next two years," Simeon Djankov told reporters in Vienna on Thursday.
The statement is in line with the opinion of local analysts, who have tried to tone down the cabinet's enthusiasm for adopting rapidly the common European currency, saying it makes more sense for the...
Bulgaria has registered an increase in its foreign direct investment in January-May 2012 year-on-year, according to the latest data of the Bulgarian National Bank released on Monday.
According to the Bulgarian National Bank's preliminary data, the foreign direct investment in Bulgaria for January - May 2012 increased by EUR 473.8 M (1.2% of GDP), compared to an increase of EUR 72.2 million (0.2% of GDP) for January – May 2011.
Bulgaria's attracted Equity Capital (acquisition/disposal of...
Bulgaria's Currency Board Is Super Stable
(Sofia, Jan 12) - "The currency board functioning in Bulgaria is super-stable," the monthly analysis of Raiffeissen Bank Bulgaria reads.
The experts have calculated that at the end of November 2012 the currency board's reserves amount to 15.1 billion euro, which is an increase by 2.2 million euro from a month ago.
The board's reserves have increased by 1.9 billion euro (14.4%) year-on-year, which is a surplus of about 89% to the minimum...
Wall Street legend and highly successful international investor, author and commodities expert, Jim Rogers has said he is considering investing in Bulgaria.
Bulgaria is among the few countries, in which he is considering investing right now, since they have made the most improvement since his latest trip around the world, the billionaire, currently based in Singapore, said in an interview for Gold Radio Cafй.
He joined the broadcast for a brief discussion on his new book "Street Smarts:...
Italian companies may be attracted in privatization projects, including for tourist sites, as well as concessions agreements and modernization schemes for airports, and construction and reconstruction of road and railway infrastructure in Bulgaria, according to Minister Bozhidar Lukarski.
Speaking Tuesday at the opening of an economic forum titled “Bulgaria and Italy: Together for Achieving Growth”, Lukarski pointed out that the trade and economic cooperation between Bulgaria and Italy...
“The opportunities OP Environment provides in the previous and the new programme periods establish prerequisites for a huge volume of work on designing and construction of ecological infrastructure as well as possibilities for the state to tackle challenges,“ said Ivelina Vasileva, Bulgarian Minister of Environment and Water, speaking at an annual conference themed “Strategic infrastructure and investments – Bulgaria and the Western Balkans“, FOCUS News Agency reported.
“In the...
Bulgarian state railways company BDZ will be restructured into a holding company, informed the Transport Ministry.
According to a decision signed by Bulgarian Transport Minister Alexander Tsvetkov on October 22, 2010. the Bulgarian state railway company is going to "give birth" to a holding company, which is going to have two major divisions – one in charge of passengers, and another one in charge of freight transport.
In the new situation, the parent company BDZ is still going to be...
Rent prices in malls in Bulgaria decreased by 25% for one year, the consultant company Forton International has revealed.
According to the data, the first signs for the recovery of the retail areas market appeared in the third quarter of 2010.
Analysts point out that the total volume of retail areas in Bulgaria is currently 506,860 sq.m. After the completion of three large projects by the end of the year, the volume would increase by 77,000 sq.m. more.
The malls that are to be open are...
An investor from the German free province of Bavaria has stated interest in Bulgaria's project to build a second Nuclear Power Plant (NPP) in the Danube town of Belene, a high-ranking official with the Bavarian Economy Ministry confirms.
The Head of the Southeastern and Central Europe Directorate at the Ministry, Martin Grossman, revealed the information for journalists Wednesday, saying it was true Bulgaria approached Bavaria about the NPP, however, the talks were held without a...
The mergers and acquisitions (M&A) market in Bulgaria shows the first signs of recovery, driven by the sale of the first national private television bTV and the acquisition of cable operators Megalan Network and Spectrum Net by mobile operator Mobiltel, according to market research company Mergermarket.
The recovery is attributed also to the purchase of 38% in the Bulgarian animal health company Huvepharma by Citi Venture Capital International (CVCI) and the acquisition of Bulgarian coffee...
For three days Webit Expo & Conference 2010 will make Bulgaria the hot spot for marketing, advertising and Internet.
The biggest event for digital business and marketing in Central-Eastern Europe will take place October 27-29 in the National Palace of Culture in the Bulgarian capital. It is expected to have 5,000 visitors, exhibitors and 80 top speakers and lecturers from all over the world.
Among the lecturers in this year's edition of the expo will be Vice President at Facebook, Blake...
Bulgaria's government is planning a total investment of about BGN 1.7 B in infrastructure construction in 2011.
The figure was revealed by Regional Development Minister Rosen Plevneliev on Tuesday, the professional holiday of builders in Bulgaria.
Plevneliev said the BGN 1.7 B in question will come from EU funds and the state budget. Of those, BGN 1.2 B will go into roads and highways, and the rest will be invested in municipal infrastructure projects.
BGN 590 M are expected from the...
Florid and Coolbear sedans, the Hover 5 SUV and the Wingle pickup are the four 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, reports say.
The companies are expected to roll off their first vehicles in February 2011.
Great Wall Motor Company, one of China's biggest automotive manufacturers, signed a joint venture (JV) deal with Bulgarian diversified holding company Litex...
A mix of global slow-down, restricted financing and withdrawing investors have brought Bulgaria's construction sector to a stalemate, but entrepreneurs hope that the first green shoots of revival will emerge in the spring next year.
"We are in for a tough winter, but hope that the spring next year will bring the first signs of recovery," Svetoslav Glosov, chairman of the Bulgarian construction chamber, commented on Tuesday as the sector celebrated its professional holiday.
"This year the...
Bulgaria's Agriculture Ministry has announced its expectations for at least 10% increase of the wine export in 2010, in comparison to last year.
At a press conference on Tuesday, officials from the ministry stated that they expect a growth in the export despite the forecasts for 30% decrease of grapes harvest.
They also announced that Bulgaria has entered the Brazilian red wine market for the first time. Meanwhile, Chile and Argentina, who are Bulgaria's major competitors at the Russian...
German company Siemens is most likely the new strategic investor in Bulgaria's Belene nuclear power plant, sources said.
Bulgaria's PM Borisov on Monday, following Parliament Chair Tsacheva on Sunday, revealed that the government has found a German company that is interested in investing in the Belene NPP.
Neither Tsacheva, nor Borisov, however, revealed the name of the company that is to become the strategic investor in Bulgaria's second nuclear power plant.
They did make it clear,...
Bansko, Bulgaria's biggest ski resort, is the second-cheapest resort for British skiers in the world, according to new research by the Post Office.
Poiana Brasov in Romania came top in a study comparing costs at 12 of the cheapest resorts. At GBP 259.53 for six skiing essentials, including a week's ski pass, ski hire, evening meals and drinks, Poiana Brasov was six per cent cheaper than Bansko in Bulgaria and up to 20 per cent cheaper than Slovenia's Kanin resort.
The news comes just days...
Bulgarian will for sure build its second nuclear power plant at Belene, Parliament Chair Tsetska Tsacheva has declared.
After Bulgaria's government of the center-right GERB party has been going back and forth for months on whether the Belene Nuclear Power Plant will be constructed, in the past couple of days both Prime Minister Borisov and Economy Minister Traikov made hints in favor of the nuke.
On Sunday, however, Parliament Chair Tsacheva made more definitive statements.
"After the...
Bulgaria's competition watchdog said it would allow Russian mining and steel conglomerate Mechel to buy out 51% of the shares it does not own yet in the heating and power plant in the town of Russe on the Danube in northern Bulgaria from Slovenia's Holding Slovenske Elektrarne.
The proposed deal would not have any negative impact on the central heating or electricity market in Bulgaria, the state regulator, Commission for Protection of Competition (CPC), said in a statement.
In December...
China's car maker Great Wall Motor Co and Bulgaria's Litex Motors will roll off their first vehicles in the plant in the town of Lovech, Northern Bulgaria, in February 2011.
Great Wall Motor Company, one of China's biggest automotive manufacturers, signed a joint venture (JV) deal with Bulgarian diversified holding company Litex Commerce in the presence of Chinese Vice President Xi Jinping and Bulgarian Prime Minister Boyko Borisov on October 15 last year.
The plant will have an annual...
The spare parts needed by Bulgaria's Nuclear Power Plant (NPP) Kozloduy arrived in Bulgaria overnight with an IL-16 aircraft of the "Volga-Dnepr" airline, the Bulgarian National Radio, BNR, reports Saturday.
Minutes after the plane's landing, at 2 am local time at the Sofia airport, the pipes have been loaded on trucks, which left for the Danube town of Kozloduy. Their installation is to last about one week, experts say.
On October 19, Economy and Energy Minister, Traicho Traikov,...
The Russian Gazprom and the Bulgarian Energy Holding (BEH) have signed an agreement for the execution of the technology and economy validation of the Bulgarian segment of the South Stream gas pipe line.
The information was reported Saturday by the Bulgarian National Radio (BNR).
The agreement has been concluded according to the terms reached during the visit of the Gazprom CEO Alexey Miller in Sofia last week.
The agreement is a fresh start in the work on the Russian project in...
The 2010 investments of the European Bank for Reconstruction and Development in Bulgaria will reach the record annual figure of EUR 500 M, announced Stefka Slavova, an EBRD director.
A delegation of the EBRD Board of Directors completed Friday its four-day visit to Bulgaria organized to get up-to-date information on developments in one of the bank's countries of operation.
"In 2010 to date we have signed investment contracts in Bulgaria for EUR 341 M - these are mostly loans to financial...
Russia's state energy company Inter RAO will most likely pay EUR 600 M to Italy's Enel SpA for a majority stake in Bulgaria's Maritsa East 3 coal-fired power plan, according to reports.
The deal is expected to be finalized before the end of 2010, according to reports in the Italian media.
Inter RAO, Austrian energy company EVN, British utility International Power, US power producer AES Corp. and CEZ AS are said to have shown interest in acquiring Enel majority stake in Maritsa East...
Bulgaria and Turkey intend to launch a ferry line connecting the Black Sea port of Varna with the Turkish ports Zonguldak and Samsun.
The new ferry like deal is expected to be a follow-up of a new Agreement for International Transport of Freight and Passengers between the Republic of Bulgaria and the Republic of Turkey signed during the 23rd session of the Bulgarian-Turkish Transport Commission, which took place in Istanbul over the week.
The new Agreement will replace the previous one,...
The average apartment price in Bulgaria declined by 6% in July-September 2010, year-on-year, according to data of the National Statistical Institute.
Thus, in the second quarter of 2010, a square meter of apartment space cost BGN 959.79 on average.
Compared with the second quarter of the year, the average apartment price went down by 1.2%.
The highest average price per square meter is in Sofia – BGN 1592.58, Varna – BGN 1592.58, and Burgas – BGN 1164.88. The apartments in...
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