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BULGARIA DELAYS EURO ADOPTION BY TWO YEARS AT LEAST (13/07/2012) Topics: 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'S FDI UP FOR THE PERIOD JAN-MAY 2012 (16/07/2012) Topics: 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 (12/01/2013) Topics: 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 JIM ROGERS MULLS INVESTING IN BULGARIA (14/04/2015) Topics: 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 TO JOIN PRIVATIZATION PROJECTS IN BULGARIA – ECONOMY MINISTER (15/04/2015) Topics: 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... WE HOPE INFRASTRUCTURE FOR NON-HAZARDOUS HOUSEHOLD WASTE TREATMENT BE COMPLETED IN 2016: BULGARIA MINISTER (15/04/2015) Topics: “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...

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BULGARIA REGISTERS MILLIONAIRE BOOM FOR 2010 Topics: 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 constitutes a 60-fold year-on-year increase, Bulgarian daily 24 Hours has revealed. 22 of the wealthiest Bulgarians have reported incomes exceeding BGN 10 M. Experts have attributed the millionaire boom to the fact that the economic downturn... BULGARIA REGISTERS DROP IN PRODUCE PRICES Topics: Food and Beverage 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 greenhouse tomatoes are down 12.3% to BGN 0.93 per kg, of cucumbers – 6% to BGN 0.9 per kg, of green peppers – by 27%. Cabbage prices remain the same; those of potatoes are down 6% to BGN 0.5 per kg; squash prices are down 7% to BGN 0.4 per... BULGARIA RE-LAUNCHES ONCE POPULAR SEA SHUTTLES Topics: 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 launch was scheduled for June 1, but the repair of the shuttles, which were purchased second hand from neighboring Greece, took longer than expected – three months. The regular lines between the southern coastal towns of Sozopol and Nessebar and... WATCHDOG OKS BULGARIAN MALL SALE TO ROCKEFELLER'S EUROPA CAPITAL Topics: Real Estate 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 for Protection of Competition (CPC) approved on Friday the deal for the sale of Mall of Sofia to Dorado 1, which is controlled by Europa Capital, the regulatory body announced. The deal was financed by Hungary's OTP and its Bulgarian unit... BULGARIA SHOULD FOLLOW IN ESTONIA'S FOOTSTEPS AFTER MOODY'S UPGRADE Topics: 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 through sound economic policies - can restore investors' confidence in Bulgaria despite the problems of the other countries in the region," Georgi Angelov, Senior Economist with the Open Society Institute – Sofia, has commented. "In 2009 Estonia... BULGARIA SEES INCREASE IN NUMBER OF RUSSIAN TOURISTS Topics: Tourism 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 and the UK constitute major parts from the Balkan country's tourist market, Neshkov has said, as cited by actualno.com. Bulgaria has already achieved its highest possible market share in Germany, the Nordic countries and the UK and could... BULGARIA TO PLAY IT COOL ON EURO ZONE BID OVER DEBT CRISES - FINMIN Topics: 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 not going to start preliminary talks (on joining the euro) in the autumn. Our intentions (to join the euro) are not changed. However, a specific time is not fixed yet," Djankov told Reuters in an interview provided by the Bulgarian Finance... RUSSIA MOVES TO SUE BULGARIA OVER BELENE NPP Topics: 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 facing hard times, at its request we granted it a delay in payment and agreed to a repayment schedule," an anonymous Atomstroyexport official told RIA Novosti. He pointed out that the legal action at the International Court of Arbitration in... TOSHIBA CONFIRMS INVESTMENT IN BULGARIAN SOLAR PARK Topics: Renewable Energy 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 Slavov, the Bulgarian National Radio has informed. The photovoltaic park will cost EUR 37.6 M and will be able to provide electricity for 2 000 households. Instead of owning the solar park, Toshiba plans to sell it to local funds and... BULGARIA SEES FURTHER DROP IN DWELLING PRICES Topics: Real Estate 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. According to the statistical institute, the average price for a dwelling has been BGN 908.98 per square meter. Dwellings have been most expensive in the Black Sea capital Varna, with an average of BGN 1 508.67 per square meter, followed by Sofia... MOODY'S UPGRADES BULGARIA'S DEBT RATINGS, PRAISES SOFIA'S STATE FINANCES Topics: 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, Senior Vice President, Sovereign Risk Group, Moody's Investor Service, the improvement reflects Bulgaria's ongoing fiscal discipline and improving institutional strength as well as the financial system's relative resilience in a volatile... BULGARIAN FINMIN ON CNN, BBC: EURO ZONE MUST LEARN FROM BULGARIA Topics: 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, Djankov has spoken to the CNN, the BBC, Sky News, and Reuters. Speaking to the BBC World Service, Djankov has declared that in spite of the ongoing difficulties, the euro will become the strongest global currency. "What we learned from... OFFSHORE CO ACQUIRES BUYER OF BULGARIA'S BANKRUPT STEEL MILL Topics: 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 26-year-old Lachezar Varnadzhiev for BGN 20 000, shows a check in the Trade Registry. "Bessian Management Limited" is in its turn controlled by another offshore company – "Bun Sekretarial Limited", based in Cyprus. Bulgaria sold in April the... SOFIA, BULGARIA, RATED TOP EUROPEAN BARGAIN CITY FOR US VACATIONERS Topics: Tourism 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 fees, the cost of a pizza, a dry martini, and a taxi ride. The index shows how much it would cost for an American to spend a day in a particular destination and all destinations are ranked by value. Sofia has emerged as the cheapest... EVN WRAPS UP DEAL FOR MAJOR BULGARIAN HYDRO POWER PLANT Topics: Construction 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 Turkish company Ceylan was expected in the first quarter of 2011, but fell through. The project company for the construction of the 160 MW cascade will be formed with a 70% of EVN and a 30% share of the Bulgarian National Electric Company... RUSSIA MULLS FREEZING SOUTH STREAM GAS LINE Topics: 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 Kommersant and an unnamed source from the Russian cabinet. In August 2009, Russian Prime Minister, Vladimir Putin and his Turkish counterpart Recep Tayyip Erdogan signed an agreement to have the pipeline pass under Turkish Black Sea waters. In... BULGARIA TO FINALIZE SHALE GAS CONTRACT WITH CHEVRON IN DAYS Topics: 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 Bulgaria. The Energy Minister revealed that auctions for new exploration blocks in North Bulgaria were forthcoming. In end-May, US energy giant Chevron won a shale gas drilling permit in Novi Pazar, Northeast Bulgaria, with a EUR 30 M bid.... BULGARIA'S POST-CRISIS FDI TO STABILIZE AT 5% OF GDP Topics: 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 17% per year, in the period after the crisis, they will stabilize at about 5% of the GDP, and only on the condition that the business environment in Bulgaria continues to improve at an accelerated pace, the economic team of UniCredit Bulbank... BULGARIAN STATE POURS MONEY INTO MARITSA HIGHWAY AHEAD OF EC FUNDING DECISION Topics: Construction 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 Minister does not specify the precise sum that the state budget will pour into the highway. The EC is expected to give its final approval to the project for the completion of the Maritsa Highway linking Bulgaria's Trakiya Highway and Sofia to... BULGARIA'S 2010 ARMS EXPORTS AMOUNTED TO EUR 260 M Topics: 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 Economy Ministry was adopted by the Cabinet on Wednesday, and will be presented to the Parliament. It shows that in 2010 the arms commission issued a total of 614 permits, of which 339 were for the exports of arms and transfer of weapons out of...