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ROMANIA WANTS TO EXPORT ELECTRICITY TO BULGARIA

ROMANIA WANTS TO EXPORT ELECTRICITY TO BULGARIA
(30/09/2010)

Topics: Economy      

Romania could export more electricity to Bulgaria, according to Adrian Baiscusi, general manager of Romanian power grid operator Transelectrica (TEL). Baicusi has stated, as cited by Act Media, that as a result of Turkey joining the European electricity network (UCTE) in September, Romania should have opportunities to export energy to the south. "For the period to come, the exchange with the neighbors will be intensified, as Turkey got into the syncronisation with UCTE and will import...


SOFIA AIRPORT LAUNCHES 2 NEW ROUTES

SOFIA AIRPORT LAUNCHES 2 NEW ROUTES
(30/09/2010)

Topics: Business      

Sofia Airport has announced it will launch two new routes on Friday. One of the routes will be conducted by the Russian Ural Airlines, which will start executing weekly flights from the Bulgarian capital to the Russian city of Yekaterinburg. The second route will connect Sofia to the second airport in Istanbul, Sabiha Gokcen, located on the Asian side of the city. The route will be conducted by the Turkish low cost Pegasus Airlines. The new airplanes Airbus 320 of Ural Airlines will...


ITALIAN COMPANIES TO INVEST UP TO EUR 3 B IN BULGARIA BY 2020

ITALIAN COMPANIES TO INVEST UP TO EUR 3 B IN BULGARIA BY 2020
(29/09/2010)

Topics: Investments      

Foreign direct investments by Italian companies in Bulgaria will amount to EUR 1-3 B in the next ten years, according to estimates of Confindustria Bulgaria, the Italian business association in Bulgaria. This figure was revealed Wednesday by Massimo Bartocci, the head of Confindustria Bulgaria, at a special news conference, which announced that the General Assembly of Confindustria Balcani, the union of Italian business associations in the Balkan countries, will take place in Sofia on...


BULGARIA PLANS TO FIGHT CRISIS WITH CULTURE TOURISM

BULGARIA PLANS TO FIGHT CRISIS WITH CULTURE TOURISM
(27/09/2010)

Topics: Economy      Tourism

Bulgaria will advertise its culture and historical heritage with video clips and films, will start issuing licenses to tour guides while the cabinet will invest in the infrastructure of the tourist sites. Bulgarian ministers, archeologists, businessmen and tour operators joined around these ideas Sunday, during a national debate on the culture tourism, organized by the Bulgarian daily "Standart," held in the Arena di Serdika hotel in downtown Sofia. Finance Minister, Simeon Djankov,...


BULGARIA TO INTRODUCE FLAT 9% VAT IN TOURISM APRIL 2011

BULGARIA TO INTRODUCE FLAT 9% VAT IN TOURISM APRIL 2011
(27/09/2010)

Topics: Macroeconomic Data      Tourism

Bulgaria's government will introduce a flat 9% value-added tax (VAT) in the tourism sector, not 14% as initially planned, as of the beginning of April next year, a deputy economy minister has announced. The move comes in response to the demand of the European Union that Bulgaria should harmonize tourism VAT, which currently stands at 7% for organized groups and 20% for individual tourism. "The new tax had to be introduced at the beginning of 2011, but it is not a good thing to mess up the...


INTERNATIONAL TECHNOLOGY FAIR OPENS IN BULGARIA'S PLOVDIV

INTERNATIONAL TECHNOLOGY FAIR OPENS IN BULGARIA'S PLOVDIV
(27/09/2010)

Topics: Economy      Automotive

The International Technology Fair opens Monday in Bulgaria's second largest city of Plovdiv with participants from over 41 countries. The number of companies with displays is estimated at 1 600. The car showroom includes 29 importers with over 40 automobile brands. The Intermin Expo dedicated to the mining industry is a first for the Fair. The conference and debate titled "Stable Development of the Mining Industry in Central and eastern Europe" is held Monday in the Bulgaria Hall at...


BULGARIA'S BALCHIK BOASTS 30% MORE FOREIGN TOURISTS

BULGARIA'S BALCHIK BOASTS 30% MORE FOREIGN TOURISTS
(26/09/2010)

Topics: Business      Tourism

Bulgaria's northern Black Sea resort welcomed 156 000 foreign tourists in May-August, 2010. This is a 30% increase year-on-year, according to data from the Balchik Municipality showing that the tourists visiting the town in the same period of 2009 were 122 000. The number of night stays in local hotels also grew substantially from 692 000 in the summer of 2009 to 952 000 this summer. The largest number of foreign visitors to Balchik came from Romania, followed by Russia, Germany,...


BULGARIA'S UNEMPLOYMENT DOWN TO 9,07% IN SEPTEMBER

BULGARIA'S UNEMPLOYMENT DOWN TO 9,07% IN SEPTEMBER
(26/09/2010)

Topics: Macroeconomic Data      

The unemployment rate in Bulgaria in September has dropped to 9,07%, announced Labor Minister Totyu Mladenov. According to him, there are currently about 3000 available job positions. He also added that the unemployment is decreasing slowly but steadily in the past seven months. Statistics show that since February unemployment has dropped from 10,26% to about 9%. About 6000-7000 people are expected to be left without jobs after the seasonal employment during the summer is over....


SERBIA READY TO START BUILDING SOUTH STREAM

SERBIA READY TO START BUILDING SOUTH STREAM
(25/09/2010)

Topics: Infrastructure      

Serbia is about ready to start the construction of the South Stream gas transit pipeline, announced the head of the Srbijagas company Dusan Bajatovic. Bajatovic told the Bulgarian National Radio Saturday that Serbia will be the first country in Europe to start building South Stream. He predicted that the Russian-sponsored pipeline will ready in 2015, while also pointing out there were no problems at present on part of Russia's Gazprom or on part of Bulgaria about the route of the...


BULGARIAN SUPREME COURT CONFIRMS SOFIA WASTE PLANT BID

BULGARIAN SUPREME COURT CONFIRMS SOFIA WASTE PLANT BID
(24/09/2010)

Topics: Construction      Waste Management

The Bulgarian Supreme Administrative Council (VAS) ruled Friday to give final approval of the order of the Mayor of Sofia, Yordanka Fandakova, for the selection of the winning bidder to build the city's waste processing plant. With this rule the Sofia City Hall can now sign the contract with the consortium between the Bulgarian "Stanilov" company and the German "Heilit", who offered BGN 209 M, and was afterwards attacked with appeals by the rejected competitors. VAS rejected the...


BULGARIA PLANS TO ISSUE BONDS WORTH EUR 1 B IN 2011

BULGARIA PLANS TO ISSUE BONDS WORTH EUR 1 B IN 2011
(23/09/2010)

Topics: Financial      

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, cited by local media. 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 June, the center-right cabinet revised the state budget increasing its 2010 target for deficit to 4.8% of GDP on a cash basis and 3.9% of GDP under EU accounting rules,...


18 BULGARIAN COMPANIES MAKE IT TO TOP 500 IN CEE

18 BULGARIAN COMPANIES MAKE IT TO TOP 500 IN CEE
(22/09/2010)

Topics: Business      

A total of 18 Bulgarian companies are ranked among the biggest 500 in Central and Eastern Europe, according to Coface's annual ranking. The most highly ranked Bulgarian entry, the Bulgarian refinery of Russian oil company Lukoil Neftochim has come in 35th on the list of the 500 largest companies in the region. Lukoil Bulgaria, which trades in the refinery output, is ranked 55th. The state owned Bulgarian National Electricity Company (NEK) is ranked 67th. Manufacturing company Aurubis is...


AUGUST TURNOVER IN BULGARIA UP BGN 1 B Y/Y

AUGUST TURNOVER IN BULGARIA UP BGN 1 B Y/Y
(22/09/2010)

Topics: Macroeconomic Data      

Turnover in Bulgaria is up BGN 1 B in August 2010, compared to the same month in 2009, data of the National Revenue Agency (NRA) shows. The data comes from the August declarations of businesses registered under the Value Added Tax (VAT), which had a September 14 deadline for submission with NRA. Data further shows the August 2010 price of companies' products without VAT (tax base) has been BGN 1.4 B compared to BGN 13.3 B a year ago. NRA say the improved results stem from their regular...


BULGARIA SAID TO OFFER BEST-VALUE SUMMER TOURISM PACKAGES IN EU

BULGARIA SAID TO OFFER BEST-VALUE SUMMER TOURISM PACKAGES IN EU
(22/09/2010)

Topics: Business      Tourism

Bulgaria offers the best prices for vacations in the EU this summer, according to Blagoy Ragin, head of the Bulgarian Association of Restaurant and Hotel Owners. The Bulgarian tourist business expects at least 10% more foreign tourists in 2011 compared with 2010, Ragin told the Cross news agency. The head of the Restaurant and Hotel Owners' Association stressed that Bulgaria's tourist sector is looking forward to the completion of the Trakiya Highway (expected in 2012) ľ connecting Sofia...


BULGARIA TO END CONTRACT WITH JAPAN CREDIT RATING AGENCY

BULGARIA TO END CONTRACT WITH JAPAN CREDIT RATING AGENCY
(22/09/2010)

Topics: Financial      

Bulgaria's Cabinet has authorized Finance Minister Simeon Djankov to terminate the existing contract with the Japan Credit Rating Agency (JCRA). JCRA has been one of the four international credit rating agencies that Bulgaria's government has had contracts with; at present, Bulgaria has contracts for credit rating services only with Moody's and Standard & Poor's, after in 2010 Djankov moved to terminate the contract with Fitch. The credit rating service agreement between Bulgaria and JCRA...


BULGARIA UPS ITS MINIMUM WAGE TO BGN 270

BULGARIA UPS ITS MINIMUM WAGE TO BGN 270
(22/09/2010)

Topics: Financial      

Starting Thursday, the minimum monthly wage in Bulgaria grows from BGN 240 to BGN 270 (EUR 137). According to the country's Finance Minister Simeon Djankov, the minimum wage rise will cost its state budget approximately BGN 15 ľ 20 M. However, the private sector's expenses will be much higher, the Dnevnik daily points out. Some 120 000 Bulgarians officially receive minimum wage in Bulgaria, according to the country's National Statistical Institute. A total of 20 000 of them are on a state...


BULGARIAN SPA HOTEL RANKED AMONG WORLD'S BEST

BULGARIAN SPA HOTEL RANKED AMONG WORLD'S BEST
(22/09/2010)

Topics: Business      Tourism

A Bulgarian hotel, the Grand Hotel & SPA Primoretz Burgas, has been placed among the world's 28 best spa hotels by a Germany-based not-for-profit international association. The European Audit Institute Wellness & SPA e.V., located in Bad Wildingen, Germany, has issued its "Wellness & Spa Europe Certificate" to the Primoretz Hotel. A total of 28 hotels worldwide, of which 10 in Europe, are holders of the Certificate. The Burgas spa hotel has managed to acquire a "Premium" quality...


BULGARIAN WATCHDOG LOWERS INTERNATIONAL ROAMING PRICES

BULGARIAN WATCHDOG LOWERS INTERNATIONAL ROAMING PRICES
(22/09/2010)

Topics: Business      

Bulgaria's Commission for Communications Regulation (KRS) mandated Monday the three mobile operators to reduce their wholesale prices for incoming international cell phone calls. Beginning April 1, 2011, the price will be BGN 0.13 a minute i.e. at the level of the national roaming calls. The changes relate to the price international telecoms must pay to M-Tel, Globul and Vivacom for calls in their networks and would not be felt by the consumers. The KRS economic analysis has shown the...


BULGARIAN, GREEK ENERGY HEADS TALK GAS PIPELINE LINK

BULGARIAN, GREEK ENERGY HEADS TALK GAS PIPELINE LINK
(22/09/2010)

Topics: Infrastructure      

The Bulgarian and Greek ministers in charge of energy are meeting in Thessaloniki Wednesday in order to coordinate the project for connecting the natural gas pipeline networks of the two countries. The Bulgarian Minister of Economy, Energy, and Tourism Traicho Traikov together with his deputy in charge of energy Mariy Kosev are meeting with Greece's Minister for the Environment, Energy and Climate Change Tina Birbili, the press service of the Economy Ministry announced. The major goal of...


INDUSTRIAL EXPORT DRIVES BULGARIA'S ECONOMIC BOOST IN 2010 Q3

INDUSTRIAL EXPORT DRIVES BULGARIA'S ECONOMIC BOOST IN 2010 Q3
(22/09/2010)

Topics: Economy      

Bulgaria's industrial export is the key factor for the recovery of the economy but its structure is nonetheless a matter of concern, according to a report of the Sofia-based Center for Economic Development. Experts from the CED presented Thursday in Sofia their quarterly report for the condition of the Bulgarian economy. They say that Bulgaria's economy grew by 1% in the third quarter of 2010 year-on-year, and will register a near zero-growth in 2010 altogether. The economy started...



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