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...
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 settlements will include the beach resorts of "Sunny Beach," "Albena," "Golden Sands," Dunes," and the winter ones of "Borovets," "Bansko," and "Pamporovo," among others.
Currently, ownership of the infrastructure varies from resort to...
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 Lausanne, Switzerland.
The World Competitiveness Yearbook is widely considered to be the most comprehensive up-to-date ranking of how industrialized and emerging nations are managing their governments, businesses, people and...
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 global markets are changing," the Bulgarian Minister pointed out. "It is crucial that the shale gas extraction technologies are environmentally safe."
The Minister also pointed out Bulgaria is putting efforts into diversifying Bulgaria's gas...
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 its dominant marked position and creating unrealistically high end prices.
The putting into question of Lukoil Bulgaria's price formation was seconded by Bulgarian Minister of Economy and Energy Traicho Traikov, only to be chastised by PM...
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 for establishing business relationships here in Bulgaria such as the well-educated and motivated workforce, the low and flat tax rate, quick access to regional markets, and entry into Europe, to name a few... This is the right time to invest, and...
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 in the northern city of Pleven is sold to Cornworth Ltd, while the heating utility in the Black Sea city of Burgas – to Worthforth Ltd.
According to the competition watchdog, the two deals will not affect the horizontal or vertical...
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 Fund (CSIF), Borislavova bought Monday 49.99% of the Bulgarian-American Credit Bank, the CSIF announced.
The contract for the sale of 49.99% of the Bulgarian-American Credit Bank was signed Monday between the previous owner of the share, the...
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 official launch of the Lyulin Highway, which will connect the Sofia ringroad to the E-79 international road to Greece.
The Infrastructure Minister commented that the construction of the Trakiya Highway, set to connect Sofia to Burgas on the...
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 and EC DG Regional Development director Dirk Ahner, who said he was "greatly optimistic" about the developments he is witnessing in Bulgaria.
The 19-km highway connects the western arc of the Sofia beltway to the E-79, bypassing the Lyulin...
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 Bulgaria into a respected and highly trustworthy state," said Borisov in an interview for Nova TV.
The so-called Pact, envisioned by Minister of Finance Simeon Djankov includes three main pillars, to be enforced by constitutional and legislative...
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 weekend. He inspected Saturday the construction site of the "Lions' Bridge" metro station, part of the second segment of the subway, financed by the EC.
The EC representative explained the approval would mean construction of the compost...
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 Sofia on Friday delivering a keynote lecture entitled "The Future of Low-Carbon Transport" on the occasion of the 20th year since the founding of the Atlantic Club in Bulgaria and the 20th year since the entering of Shell on the Bulgarian...
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 will start running on June 1, 2011.
Fares for business class will be 20% to 30% higher than the regular ticket, but these cars will offer more comfort, wireless internet, tea, coffee and other beverages.
The Minister further informed the EU...
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% stake in the central depository to the finance ministry.
The two thousand shares will be purchased at their nominal value of BGN 100 apiece.
Following the acquisition of the central bank stake, the Finance Ministry will hold a 44.9% stake...
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 Agribusiness Group Company, which declared its readiness to rent 100 000 decares of land, mostly in Northwestern Bulgaria.
Tianjin State Farms Agribusiness Group Company is seeking to buy or rent 12 000 decares in the Vidin District, and more land...
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 Minister in charge of tourism Ivo Marinov forecast in Ruse Friday, as cited by BNR.
In his words, most of the foreign tourists in Bulgaria will be from Russia, Germany, Central Europe, and other Balkan countries.
Marinov stressed the fact that...
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 and Financial Services of Coca-Cola; the center will be opened in the fall of 2011, and will employ 200 Bulgarians.
Over 500 guests including clients, partners, journalists, and senior government officials attended the large-scale birthday...
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 beverages' had the largest upward impact on the total CPI that measures the change in prices of the goods and services, used by Bulgarian households for private (non-production) consumption.
The inflation rate since the beginning of the year (April...
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 purchased tender documents.
Other competitors that will probably submit bids by a May 27 deadline include Greece's second biggest lender EFG Eurobank Ergasias SA (EUROB) and United Bulgarian Bank, a unit of the National Bank of Greece SA,...
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 German NUKEM Technologies-GNS has been contracted by Bulgaria to build the depot, which will cost EUR 70.5 M. The new facility will accommodate casks with spent fuel from the plant's four closed units, currently stored in wet pools, and will be...
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