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BULGARIA'S METALLURGICAL INDUSTRY BOASTS MODEST RECOVERY IN 2010

BULGARIA'S METALLURGICAL INDUSTRY BOASTS MODEST RECOVERY IN 2010
(05/10/2010)

Topics: Economy      

After the 2009 collapse, Bulgaria's metallurgical industry has started to make a comeback with growth of 3.7% in the first nine months of 2010 year-on-year. Thus, in January-September 2010, the Bulgarian metallurgical plants produced a total of 562 100 tonnes of steel. The production of non-ferrous metals has also started to grow, though by an even smaller share. This becomes clear from data of the Bulgarian Association of the Metallurgical Industry (BAMI) released Friday, November 5,...


BULGARIAN WINTER RESORT BOROVETS EXPECTS 10% MORE TOURISTS

BULGARIAN WINTER RESORT BOROVETS EXPECTS 10% MORE TOURISTS
(05/10/2010)

Topics: Economy      Tourism

One of Bulgaria's top winter resorts ľ Borovets in the Rila Mountain ľ expects a 10% increase of the holidaymakers for the winter season. According to Neli Sandalska, head of the Board of Borosport AD, the owner of Borovets, the resort is seeing a tangible increase in bookings, especially from Russia and the Balkan countries. The bookings by British tourists are expected to go up 5%, as is the number of Bulgarians who will spend their winter vacations in Borovets. The Borovets resort...


IMF WRAPS UP NEW HEAD FIRST VISIT TO BULGARIA

IMF WRAPS UP NEW HEAD FIRST VISIT TO BULGARIA
(04/10/2010)

Topics: Financial      

The visit of a mission of the International Monetary Fund to Sofia, which started on September 23 and featured regular bilateral discussions on economic policies with the Bulgarian authorities, ends on Monday. The mission was headed by Ms. Catriona Purfield, who has recently assumed mission chief responsibilities for Bulgaria. This was Ms. Purfield's first visit to the country. Mr. Tonny Lybek, IMF's Regional Resident Representative in Bulgaria and Romania participated in the meetings as...


AUSTERITY MEASURES SEND ROMANIAN COMPANIES TO BULGARIAAUSTERITY MEASURES SEND ROMANIAN COMPANIES TO BULGARIA

AUSTERITY MEASURES SEND ROMANIAN COMPANIES TO BULGARIAAUSTERITY MEASURES SEND ROMANIAN COMPANIES TO BULGARIA
(02/10/2010)

Topics: Business      

Thousands of Romanian companies are moving their business to neighboring Bulgaria, the Bulgarian National Radio, BNR, informs Saturday. The reasons cited are the spending cuts and austerity measures imposed in Romania, lower taxes and better conditions for the business in Bulgaria. In Bulgaria revenue and profit taxes are 10% compared to 16% in Romania. The Value Added Tax (VAT) is also lower. Bucharest recently had to up VAT as a condition to obtain a EUR 2 B loan from the EU and the...


BULGARIA BIDS SUCCESSFULLY TO SELL KALASHNIKOVS TO INDIA

BULGARIA BIDS SUCCESSFULLY TO SELL KALASHNIKOVS TO INDIA
(02/10/2010)

Topics: Economy      

Bulgaria has won a bid to sell large quantities of the "Arsenal" automatic gun to India, Deputy Defense Minister, Valentin Radev, informs. Radev spoke Friday at the Zmeevo training grounds during the official ceremony dedicated to the 40th anniversary of the military facility. The automatic gun is the Bulgarian modification of the Russian Kalashnikov, deemed better in comparison by many weapons experts. It is manufactured by the "Arsenal' company in the town of...


BULGARIA GDP FORECAST TO GROW 0.3% IN 2010, 3.8% IN 2011

BULGARIA GDP FORECAST TO GROW 0.3% IN 2010, 3.8% IN 2011
(02/10/2010)

Topics: Macroeconomic Data      

Bulgaria's economy will grow 0,3% after a 5,1% contraction in 2009 as investments dwindled and consumption shrank, a local think-tank estimated. The country will manage to achieve a growth of 3.8% in 2011 thanks to a rise in exports, according to the Agency for Economic Analyses and Forecasts. Bulgaria aims to have a budget deficit of 2.5% of gross domestic product and a growth of 3.6% in 2011, according to the budget draft. The country is planning to sell bonds amounting to EUR 1 B on...


BULGARIA MULLS CONCESSION FOR CONTAINER TERMINALS IN VARNA, BURGAS PORTS

BULGARIA MULLS CONCESSION FOR CONTAINER TERMINALS IN VARNA, BURGAS PORTS
(02/10/2010)

Topics: Economy      

The new container terminals at the country's two key Black Sea ports of Varna and Burgas will be granted on concession, officials have announced. "We plan to hold contests to grant the two terminals on concession once construction works are launched. In this way the state can avoid paying back the loan from the Japanese banks, which the previous government negotiated," Deputy Transport Minister Kamen Kichev told journalists on Saturday. The current center-right government and the...


BULGARIA OPENS 31 KM OF MARITSA HIGHWAY

BULGARIA OPENS 31 KM OF MARITSA HIGHWAY
(02/10/2010)

Topics: Infrastructure      Construction

Bulgarian Prime Minister, Boyko Borisov, officially opened Saturday a 31-km section of the Maritsa Highway between the towns of Harmanly and Lyubimets. The new road junction near Novo Selo, providing direct connection with the highway to Greece, also opened Saturday. The cost of construction works is estimated at BNG 36 M and it is financed by the State budget. The contractors are "Patni Stroeshi" (Road Construction), Plovdiv and "Moststroy" (Bridge Construction), part of the "Holding...


BULGARIAN INTERIOR RECEIVES BGN 50 M BOOST IN BUDGET 2011

BULGARIAN INTERIOR RECEIVES BGN 50 M BOOST IN BUDGET 2011
(02/10/2010)

Topics: Financial      

The funds allotted to the Interior Ministry in budget 2011 are 5% more compared to 2010, Bulgaria's Interior Minister, Tsvetan Tsvetanov, announced Saturday. The BGN 50 M will be used for salaries and improving work conditions. Tsvetanov reminded the Ministry owes about BGN 30 M as compensations to its employees, and needs really BGN 1 B more in order to function under normal conditions, but promised to make everything possible to fit within the budget frame. The Minister opened...


GREEK BUSINESSMEN FLOCK TO BULGARIAN LANGUAGE CLASSES

GREEK BUSINESSMEN FLOCK TO BULGARIAN LANGUAGE CLASSES
(02/10/2010)

Topics: Business      

Greek merchants and businessmen are flocking to Bulgarian language classes, the Bulgarian National Radio, BNR, reports Saturday. People from northern Greece are learning Bulgarian and the Cyrillic alphabet in a heated competition with hotel and restaurant owners in Bulgaria's southern resorts to attract more customers. Bulgarian and Turkish language classes are the latest hit in the Greek border area where fluency in these languages and computer literacy are basic prerequisites for...


BULGARIA APPROVES LIDL TAKEOVER OF PLUS DISCOUNT STORES

BULGARIA APPROVES LIDL TAKEOVER OF PLUS DISCOUNT STORES
(01/10/2010)

Topics: Business      

Bulgaria's Competition Protection Commission has allowed German supermarket chain Lidl to acquire the Bulgarian stores of another German discount chain, Plus. Thus, the watchdog has given green light to Lidl Bulgaria GmbH's acquisition of Plus Bulgaria Trade KD, Tengelmann Real Estate International Bulgaria KD, Bulgaria Trade EOOD, and Real Estate International EOOD. The Commission has decreed the immediate execution of its decision. In June 2010, the European Commission referred the...


BULGARIA BUDGET DRAFT 2011 ENTERS PARLIAMENT

BULGARIA BUDGET DRAFT 2011 ENTERS PARLIAMENT
(01/10/2010)

Topics: Macroeconomic Data      

Bulgaria's Finance Minister Simeon Djankov will hand on Friday the budget draft for next year to parliamentary speaker Tsetska Tsacheva. Bulgaria is planning to sell bonds amounting to EUR 1 B on the international market in 2011 to shore up its finances, according to a finance ministry draft paper. Bulgaria aims to have a budget deficit of 2.5% of gross domestic product and a growth of 3.6% in 2011, according to the budget draft. In budget 2011, financing is going up the most in the...


BULGARIA FINMIN: 2.5% DEFICIT IS BUDGET 2011 BIGGEST SUCCESS

BULGARIA FINMIN: 2.5% DEFICIT IS BUDGET 2011 BIGGEST SUCCESS
(01/10/2010)

Topics: Macroeconomic Data      

Bulgaria will manage to bring its budget deficit below the European Union limit of 3% of economic production without a hike in taxes and social securities, which is the biggest success of budget 2011, according to the finance minister. "Bulgaria is pulling out of the crisis in macroeconomic terms and our expectations are that the revenues in the budget will stabilize," Simeon Djankov told reporters as he handed on Friday the budget draft for next year to parliamentary speaker Tsetska...


BULGARIA, SLOVAKIA INK ECONOMIC AGREEMENT

BULGARIA, SLOVAKIA INK ECONOMIC AGREEMENT
(01/10/2010)

Topics: Economy      

Bulgaria and Slovakia signed an economic cooperation agreement in Sofia Friday. The document deals with the bilateral ties in trade, investments, energy, IT, telecommunications, small and medium-sized enterprises, consumer protection, agriculture, and food industry. The economic cooperation agreement concluded the first ever session of the Bulgarian-Slovak Consultative Commission for Economic Cooperation, which lasted two days. The document was signed by the Bulgarian Deputy Economy...


BULGARIAN CUSTOMS BOAST OUTSTANDING RESULTS IN SEPT

BULGARIAN CUSTOMS BOAST OUTSTANDING RESULTS IN SEPT
(01/10/2010)

Topics: Economy      

Bulgaria's Customs Agency said it raised 101.2% of the revenues that it planed to collect in September 2010. The Agency brought a total of BGN 619 M to the state budget, which is BGN 52 M, or 9%, more than in September 2009. The income from VAT on imports was BGN 236 M, 23% up (BGN 45 M) year-on-year; from customs duties ľ BGN 15 M, 21% increase compared with September 2009; from excise taxes ľ BGN 368 M, an increase of 1%. In September 2010, the Customs registered the largest revenues...


BULGARIA GDP GROWS 0.5% IN Q2, SPELLS END OF RECESSION

BULGARIA GDP GROWS 0.5% IN Q2, SPELLS END OF RECESSION
(30/09/2010)

Topics: Economy      

Bulgaria's seasonally adjusted gross domestic product marked an increase of 0.5% in the second quarter compared to the first three months of the year thanks to a rise in exports, pulling the country out of recession, the prime minister announced on Thursday. Boyko Borisov spoke at the 96th Conference of the heads of statistical offices of the European Union Member States, which the Bulgarian capital hosts. The official data he cited is based on the revised methods for GDP under the EU...


BULGARIA, MOROCCO INK MARITIME TRADE AGREEMENT

BULGARIA, MOROCCO INK MARITIME TRADE AGREEMENT
(30/09/2010)

Topics: Economy      

Representatives of Bulgaria and Morocco have signed a bilateral sea trade agreement that has been hailed an important step by the government in Sofia. The deal was signed in Rabat by Bulgaria's Deputy Transport Minister Kamen Kichev and Ahmed Reda Chami, Morocco's Minister of Industry, Commerce and New Technologies. The agreement was approved within the 9th session of the Bulgarian-Moroccan Joint Economic Commission. It allows maritime traders and ship companies from Bulgaria and...


BULGARIA, TURKEY TO JOIN FORCES FOR EU FUNDING OF GAS GRIDS

BULGARIA, TURKEY TO JOIN FORCES FOR EU FUNDING OF GAS GRIDS
(30/09/2010)

Topics: Infrastructure      

Bulgarian Energy Minister Traicho Traikov has met with his Turkish counterpart, Taner Yildiz, during the second edition of the two-day "Black Sea Energy and Economy Forum" in Istanbul. The Black Sea forum is organized by the US Atlantic Council. It is an initiative to bring together business leaders and policy-makers to discuss strategies regarding Eurasia, Black Sea, the Caspian and Central Asia. "My Turkish counterpart and I discussed the main topics of our energy cooperation. One of...


BULGARIAN PM ASKS RUSSIANS TO BUILD BELENE NPP FOR EUR 7 B

BULGARIAN PM ASKS RUSSIANS TO BUILD BELENE NPP FOR EUR 7 B
(30/09/2010)

Topics: Construction      

Bulgaria's Prime Minister Boyko Borisov hinted he has asked Russian company Atomstroyexport to build the Belene Nuclear Power Plant for not more than EUR 7 B. Borisov has confirmed a recent statement of Sergey Kirienko, the CEO of the Russian state company Rosatom, which is the parent company of Atomstroyexport, that the construction of Bulgaria's second NPP at Belene should be resumed soon thanks to an agreement with the Bulgarian government. The statements by Borisov and Kirienko have...


MELROSE LANDS YET ANOTHER CONCESSION CONTRACT IN BULGARIA

MELROSE LANDS YET ANOTHER CONCESSION CONTRACT IN BULGARIA
(30/09/2010)

Topics: Business      

Edinburgh- based oil and gas explorer Melrose Resources has landed a seven-year concession contract to extract natural gas from the Kaliakra field in Bulgaria, the government announced. The new field spreads over 19 sq km and the company is required to extract 255 million m3 of gas between 2011 and 2015. Revenues over the seven-year period are expected to exceed USD 73 M. Bulgaria's government granted in August a ten-year concession for the extraction of natural gas to the UK company...



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