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RUSSIA'S URAL AIRLINES TO LAUNCH YEKATERINBURG-SOFIA ROUTE

RUSSIA'S URAL AIRLINES TO LAUNCH YEKATERINBURG-SOFIA ROUTE
(15/09/2010)

Topics: Business      

The Russian Ural Airlines has announced it will start executing weekly flights from Yekaterinburg to Sofia from October 1, the Russian news agency ITAR-TASS reported. The Bulgarian Council in the Russian city of Yekaterinburg, Plamen Petkov, has announced that the launch of the route Yekaterinburg-Sofia had a connection with the fact that the number of visas issued by the Bulgarian Embassy from the beginning of the year has increased by 60%. "This is mainly due to the increased tourist...


CLEVES ACQUIRES MAJOR NEW LUXURY APARTMENT PROJECT IN SOFIA

CLEVES ACQUIRES MAJOR NEW LUXURY APARTMENT PROJECT IN SOFIA
(14/09/2010)

Topics: Business      Real Estate

Cleves, the luxury Sofia apartment rental company, has acquired an outstanding new building in the Iztok borough of Sofia with 34 apartments and a Class A suite of offices. The building is part of the Este Home and Spa project developed by Este Properties EOOD. The Cleves deal is valued at EUR 10 M. This is the company's fifth acquisition in Sofia. Cleves already has a Sofia rental portfolio of 57 apartments. Cleves Este ľ as it will be known ľ is at 28G Samokov Blvd, Iztok. Newly...


D-LINK TO LAUNCH INTERNET TV BOX IN BULGARIA IN NOVEMBER

D-LINK TO LAUNCH INTERNET TV BOX IN BULGARIA IN NOVEMBER
(14/09/2010)

Topics: Business      Software and Information Technology

Taiwanese hardware maker D-Link announced it has decided to go for an international launch of its Internet TV box in a number of countries, including Bulgaria. Boxee Box allows customers to play what they normally watch on the computer on their TV, tailor the Internet experience to a huge flat screen, do it in full HD, 1080p with 5.1 surround whenever possible, share the stuff with friends and use a simple remote rather than a keyboard and mouse. D-Link said that the Intel based hardware...


BULGARIA, CHINA TO CREATE JOINT COMPANY FOR INDUSTRIAL ZONE PROJECT

BULGARIA, CHINA TO CREATE JOINT COMPANY FOR INDUSTRIAL ZONE PROJECT
(13/09/2010)

Topics: Investments      Construction

The Bulgarian and Chinese parties have reached an agreement to create a joint company to operate the future business zone to be built in Bozhurishte nearby Sofia. Bulgaria is expected to send documents on the creation of the company to China by beginning of October. This agreement was made during the official visit of Bulgarian Deputy Minister of Economy Evgeni Angelov to China and was signed by him and Zhejiang Province governor Lu Zushan. Deputy minister Angelov also met deputy...


CHINA TYCOON 'EYES' DEAL WITH OGER FOR BULGARIA'S VIVACOM

CHINA TYCOON 'EYES' DEAL WITH OGER FOR BULGARIA'S VIVACOM
(13/09/2010)

Topics: Business      Software and Information Technology

Chinese telecoms and media tycoon Richard Li is considering a deal with Dubai-based Oger Telecom as he tries to retain control of Bulgaria's top fixed-line operator Vivacom, according to reports. Li and Oger have been in a battle over Vivacom for the last few months after it was put for sale by US insurance giant AIG. Chinese billionaire Richard Li, who controls Bulgaria's Vivacom, was ready to invest in the latter in a bid to restructure its debt. PCCW and its chairman's privately-owned...


CHINESE CAR PLANT IN BULGARIA TO ROLL OFF FIRST VEHICLES 2011

CHINESE CAR PLANT IN BULGARIA TO ROLL OFF FIRST VEHICLES 2011
(13/09/2010)

Topics: Business      Automotive

China's vehicle maker, Great Wall Motor Co and Bulgaria's Litex Motors will start production in the plant in the town of Lovech, Northern Bulgaria, in 2011, Litex Motors said. 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. The plant will have an annual production...


EVN STARTS CONSTRUCTION OF NEW ELECTRIC, HEATING PLANT IN BULGARIA

EVN STARTS CONSTRUCTION OF NEW ELECTRIC, HEATING PLANT IN BULGARIA
(13/09/2010)

Topics: Business      

Bulgaria's Prime Minister Boyko Borissov and Lower Austria Chancellor Erwin Proell broke ground Monday for a new co-generation facility in Plovdiv, Southern Bulgaria. The new electric and heating power plant will be constructed by Bulgaria's Austrian-owned power utility EVN EVN Bulgaria near the Plovdiv North Heating Plant. "Bulgaria has to take full advantage of the fact that it is situated on international crossroads to attract investments in infrastructure," stated Borisov...


BULGARIA'S EXPORT TO EU UP BY 17% IN 2010 H1

BULGARIA'S EXPORT TO EU UP BY 17% IN 2010 H1
(12/09/2010)

Topics: Economy      

Bulgaria's export to the other EU member states registered a substantial growth in the first half of 2010. In January-June, it grew by 17.4% reaching BGN 8 B. At the same time, Bulgaria's import from the EU was BGN 9.9 B, an increase of 2.8%. Thus, Bulgaria's trade deficit with the rest of the EU was BGN 1.9 B in the first half of 2010. In June, the deficit was BGN 257.5 M as Bulgaria's export to the EU grew by 36.2% year-on-year reaching BGN 1.6 B, while its import increased by 9.5%...


EXPENSES FOR EMPLOYMENT IN BULGARIA UP BY 8,2% Q2

EXPENSES FOR EMPLOYMENT IN BULGARIA UP BY 8,2% Q2
(12/09/2010)

Topics: Economy      

Bulgarian employers' expenses for employment have increased by 8,2% in the second quarter of 2010 in comparison to the same period last year, statistics showed. According to data from the National Statistics Institute on payment per hour to employees, the amount in the industry has increased by 5,6%, in the services ľ by 10,3% and in construction ľ by 7,9%. The biggest increase of payment has been registered in the sector for creation and distribution of information and creative products...


UK FUND SET TO OPEN ELECTRIC CAR PLANT IN BULGARIA BY 2011

UK FUND SET TO OPEN ELECTRIC CAR PLANT IN BULGARIA BY 2011
(10/09/2010)

Topics: Investments      Automotive

UK investment fund Quorus Ventures will open Bulgaria's first factory for electric cars by the end of 2010. This has been announced by Encho Enev, a Bulgarian consultant to the British investor, as cited by Darik Radio. The plant will be opened in the southern Bulgarian city of Stara Zagora. The precise sum of the investment has not been specified but it is expected to be at least several million euro plus funding from EU programs. The intention of Quorus Ventures to build an electric...


14 BULGARIAN COMPANIES MAKE IT TO DELOITTE CEE TOP 500 LIST

14 BULGARIAN COMPANIES MAKE IT TO DELOITTE CEE TOP 500 LIST
(10/09/2010)

Topics: Business      

The Bulgarian refinery of Russian oil company Lukoil has come in 47th on the list of 500 largest companies from Central Europe compiled by auditing firm Deloitte. Lukoil Neftochim Burgas leapfrogged Lukoil Bulgaria, which trades in the refinery output, state power utility NEK and Aurubis Bulgaria, the Bulgarian subsidiary of Europe's largest copper smelter Aurubis, which ranked 77, 85 and 139 respectively. There are altogether 14 Bulgarian firms on the Deloitte CEE Top 500 list, including...


INTERNATIONAL INVESTMENT BANK EYES BULGARIA

INTERNATIONAL INVESTMENT BANK EYES BULGARIA
(09/09/2010)

Topics: Investments      

The International Investment Bank, formed as an initiative of the Soviet Union in 1970, has started to actively invest in the countries of the former Eastern Bloc, including Bulgaria. The Russian RBC Daily has reported that the International Investment Bank, together with the International Bank for Economic Cooperation, is planning to invest up to EUR 500 M in different projects. About EUR 9 M have already been invested in construction of commercial properties in Slovakia. Bulgaria and...


LUZHKOV OPENS MOSCOW-OWNED RESORT ON BULGARIAN SEA COAST

LUZHKOV OPENS MOSCOW-OWNED RESORT ON BULGARIAN SEA COAST
(09/09/2010)

Topics: Investments      Tourism

Mayor of Moscow Yury Luzhkov and Bulgarian Prime Minister Boyko Borisov have foramlly inaugurated a resort complex on the Bulgarian Black Sea coast owned by the Russian capital. The Raduga complex, which is part of the Kamchiya resort, was built in 12 months, with an investment of about EUR 40 M. The complex is owned by the city of Moscow, which invested in it in order to turn it into a recreational facility for Russian kids and pensioners. The "Children's Health Camp Raduga", as it is...


WEF: BULGARIA RISES TO SPOT 70 IN COMPETITIVENESS LIST

WEF: BULGARIA RISES TO SPOT 70 IN COMPETITIVENESS LIST
(09/09/2010)

Topics: Economy      

Bulgaria's competitiveness slightly improved from last year but continues to lag behind most Central and Eastern European countries and EU member states, an annual ranking by the Switzerland-based World Economic Forum showed. The country ranked 70th out of 139 economies in the Global Competitiveness Report 2010-2011, better than its 76th place in last year's report. But most Central and Eastern European countries continue to outperform Bulgaria ľ Romania (63), the Czech Republic (36),...


TRANSNEFT OFFERS TO FINANCE THE BURGAS-ALEXANDROUPOLIS PROJECT

TRANSNEFT OFFERS TO FINANCE THE BURGAS-ALEXANDROUPOLIS PROJECT
(08/09/2010)

Topics: Investments      

The Russian company Transneft, which is the majority shareholder in the Burgas-Alexandroupolis project, has offered to take on the entire funding for the construction of the oil pipeline, sources told Klassa. The proposal was made in Moscow during a presentation of the financing for the projectĺs implementation attended by the shareholders in the project, the Finance Ministry confirmed. The Russian oil operator suggested their investment in the construction of the oil conduit to be paid back by...


BULGARIA TO UP SOME TAXES TO BOOST 2011 REVENUE

BULGARIA TO UP SOME TAXES TO BOOST 2011 REVENUE
(07/09/2010)

Topics: Economy      

The Bulgarian Ministry of Finance has published proposals for adjustments in the tax system in a bid to increase revenue for the 2011 state budget. The proposals, posted at the Ministry's website, do not involve an overall increase in taxation rates, but introduces greater levy burdens for some cases. Key proposed innovations include a unified VAT for the tourist sector, a new offshore tax, as well as increases in the rates for fuels and some tobacco products. Some of the amendments to...


BULGARIA, ROMANIA MULL JOINT HYDROPOWER, NABUCCO EFFORTS

BULGARIA, ROMANIA MULL JOINT HYDROPOWER, NABUCCO EFFORTS
(07/09/2010)

Topics: Economy      

Bulgarian and Romanian government representatives met in Bucharest and reached agreements on a number of joint energy pursuits, reported Mediafax.ro quoting the Romanian Ministry of Economy. According to a release from the Romanian Ministry of Economy, Trade and Business Environment, the meeting took place in Bucharest end of last week and included Romanian state secretary in the Ministry of Economy Constantin Claudiu Stafie and Bulgarian deputy Minister of Economy and Energy Mariy Kossev,...


BULGARIAN GOVERNMENT VOWS TO OBLITERATE BUDGET DEFICIT BY 2013

BULGARIAN GOVERNMENT VOWS TO OBLITERATE BUDGET DEFICIT BY 2013
(07/09/2010)

Topics: Financial      

Bulgaria will have a budget deficit of 2.5% in 2011, and will bring it under 1% in 2013, according to Deputy Finance Minister Vladislav Goranov. Speaking at a public discussion forum dedicated to the role of the political right in dealing with the economic crisis, Goranov declared that the Borisov Cabinet is succeeding in keeping down the budget deficit. In 2009, after a revision of the figures in the spring of 2010, Bulgaria registered a budget deficit of 3.9% of GDP under EU accounting...


BULGARIAN MINISTER WOOS GERMAN INVESTORS IN BERLIN

BULGARIAN MINISTER WOOS GERMAN INVESTORS IN BERLIN
(07/09/2010)

Topics: Investments      

Bulgaria's Regional Development Minister Rosen Plevneliev is presenting investment opportunities at a forum in Berlin on Tuesday. The "economic dialogue" forum "Bulgaria-Germany ľ New Opportunities for Trade, Cooperation and Investments in Bulgaria" is organized by the Bulgarian Embassy in Germany, the German-Bulgarian Chamber of Industry and Commerce (DBIHK), the Association of German Chambers of Industry and Commerce and the German Agency for Commerce and Investments with the aid of the...


BULGARIAN SCIENTIFIC INSTITUTE PRAISED FOR MANAGING TO SELL ITS HIGH-LEVEL DISCOVERIES

BULGARIAN SCIENTIFIC INSTITUTE PRAISED FOR MANAGING TO SELL ITS HIGH-LEVEL DISCOVERIES
(07/09/2010)

Topics: Business      

The Varna-based Bulgarian Ship Hydrodynamics Center (BSHC) has been praised by a Bulgarian minister for managing to sell its high-level discoveries. Bulgarian Minister in charge of EU funds absorption Tomislav Donchev has visited the hydrodynamics and aerodynamics institute, which is part of the Bulgarian Academy of Sciences. "I was impressed by the fact that about one-third of the revenues of the hydrodynamics and aerodynamics center come from the sale of its scientific inventions, and...



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