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INVEST BULGARIA INVESTMENT NEWS: (1392 stories found)

BULGARIAN GOVT: ECONOMY RECOVERS, STATE FINANCES STABILIZE IN H1 2011

BULGARIAN GOVT: ECONOMY RECOVERS, STATE FINANCES STABILIZE IN H1 2011
(31/08/2011)

Topics: Economy      

Bulgaria's Cabinet has adopted the report for the consolidated state fiscal program for the first half of 2011, stressing the stabilization of the country's macroeconomic indicators. "The stabilization and gradual recovery of the Bulgarian economy which started in the second half of 2010 are continuing in the first half of this year," the announcement of the Borisov Cabinet. It contains latest data from the Finance Ministry showing that in the first quarter Bulgaria's economy grew by 3.4%...


NEW ROADS TO LINK BULGARIA'S RUSE TO SOFIA-VARNA HIGHWAY BY 2020

NEW ROADS TO LINK BULGARIA'S RUSE TO SOFIA-VARNA HIGHWAY BY 2020
(31/08/2011)

Topics:       

Two brand new "high-speed" roads will link the Bulgarian Danube city of Ruse with the future Hemus Highway connecting Sofia and Varna through Northern Bulgaria, Ruse's District Governor Plamen Stoilov announced. Stoilov gave a report Wednesday on his activities in his first two years in office. Back in July 2011, Bulgaria's Road Infrastructure Agency formally said several of the so called "high-speed roads" would be added to the list of highways under construction as priority...


RUSSIA'S STATE BANK VTB APPROVED AS BUYER OF BULGARIA TOBACCO MONOPOLY

RUSSIA'S STATE BANK VTB APPROVED AS BUYER OF BULGARIA TOBACCO MONOPOLY
(31/08/2011)

Topics: Economy      

The Governing Board of Bulgaria's Privatization Agency approved Wednesday the sale of the State-owned tobacco monopoly Bulgartabac Holding to the Austria-registered BT Invest, owned by Russian state bank VTB. On Monday, the buyer offered EUR 101.1 M for the Holding. The offer further binds the Austrian-registered company to buy 5 000 metric tons of Bulgarian tobacco a year in the next 5 years. The company has also slated BGN 7 M in its investment program for 2012 and 2013. The contract...


BULGARIA TO START BUILDING LONG-AWAITED SECTION OF DANUBE-AEGEAN ROAD

BULGARIA TO START BUILDING LONG-AWAITED SECTION OF DANUBE-AEGEAN ROAD
(30/08/2011)

Topics: Infrastructure      Construction

Bulgaria's government will launch September 1, 2011, the long-anticipated construction of a key section of the road from the Danube city of Ruse on the Romanian border to the Makaza Pass on the Greece border. The section in question is the road between the southern Bulgarian city of Kardzhali in the Eastern Rhodope Mountain, and the village of Podkova, which is located just 15 km north of the Makaza Pass on the Bulgarian-Greek border, at an altitude of 331 m, in the Kirkovo...


BULGARIAN ENERGY WATCHDOG: POWER UTILITIES MIGHT BE RESTRUCTURED

BULGARIAN ENERGY WATCHDOG: POWER UTILITIES MIGHT BE RESTRUCTURED
(30/08/2011)

Topics: Economy      

Electrical power utilities operating in Bulgaria might need to go through a restructuring, according to Angel Semerdzhiev, the head of the Bulgarian state energy regulator. Discussions for restructuring aim at a complete transparency of the three companies' costs for external services such as consulting, said Semerdzhiev. End of 2010, the State Commission for Energy and Water Regulation, fined CEZ, E.ON and EVN with penalties totaling close to BGN 3 M for violations of outsourcing...


ALPHA BANK, EUROBANK EFG MERGER CREATES BIGGEST BANK IN GREECE, 3RD BIGGEST IN BULGARIA

ALPHA BANK, EUROBANK EFG MERGER CREATES BIGGEST BANK IN GREECE, 3RD BIGGEST IN BULGARIA
(29/08/2011)

Topics: Economy      

Two of Greece's major banks – Alpha Bank and Eurobank EFG – have formally announced their planned merger, which will create the largest bank in Greece, and the third largest bank in Bulgaria. "The Boards of Directors of Alpha Bank and Eurobank EFG announce that they have reached agreement on a combination of Alpha Bank and Eurobank EFG by way of a merger," the two banks said in a joint statement Monday, adding, "Consolidation of two highly complementary private sector banks with substantial...


BULGARIAN BLACK SEA RESORT ALBENA SEES 6% MORE TOURISTS IN 2011

BULGARIAN BLACK SEA RESORT ALBENA SEES 6% MORE TOURISTS IN 2011
(29/08/2011)

Topics: Business      Waste Management

One of the top Bulgarian Black Sea resorts, Albena, has seen an increase of 6% in the number of tourists during the 2011 summer season, year-on-year, a company representative said. The revenue will also be up but its increase will be smaller than the increase in the tourist numbers because of the cheaper offers in June, Albena's deputy marketing head Yovka Strashilova told BTA. In her words, the greatest increase in terms of foreign tourist numbers by source country came from Germany with...


BULGARIA'S 2011 INCOME FROM FOREIGN TOURISTS TO REACH EUR 2.7 B

BULGARIA'S 2011 INCOME FROM FOREIGN TOURISTS TO REACH EUR 2.7 B
(28/08/2011)

Topics: Business      Tourism

Bulgaria's total 2011 income from foreign tourists will reach EUR 2,7 B, according to estimates from the National Tourism Board, an NGO. Thus, in 2011, Bulgaria's income from foreign tourists will grow by 4.5%, while the total number of foreign tourists who visited the country will be 14% greater. Earlier estimates put their total number at over 6 million. At the same time, the total income from Bulgarian tourists will reach BGN 1.5 B, or about EUR 770 M, the Board has estimated, as cited...


BULGARIAN GOVT PLANS TO PRIVATIZE STATE RAILWAY FREIGHT SERVICE

BULGARIAN GOVT PLANS TO PRIVATIZE STATE RAILWAY FREIGHT SERVICE
(28/08/2011)

Topics: Economy      

Bulgaria's Cabinet could complete the privatization of the "Freight Services" unit of state railways operator BDZ Holding within six months, according to Transport Minister Ivaylo Moskovski. Moskovski told BNR Sunday that the plan for reforms of the vastly troubled state railway company coordinated with the World Bank called for the splitting of BDZ "Passenger Services" from BDZ "Freight Services." "The privatization of the freight railway services unit itself will be carried out by the...


LUKOIL BULGARIA CEO FIRM IN REBUFFING TAX VIOLATIONS CLAIMS

LUKOIL BULGARIA CEO FIRM IN REBUFFING TAX VIOLATIONS CLAIMS
(27/08/2011)

Topics: Economy      

The CEO of Lukoil Bulgaria, Valentin Zlatev, remains unwavering the company has not committed any tax or Customs law violations. "Lukoil does not have even one citation for tax and Customs violations," Zlatev is quoted saying. He was adamant that Lukoil never stopped fulfilling the requirements of Order 3 for the installment of electronic measuring devices to be connected to the National Revenue Agency, NRA, and the Customs Agency. Zlatev made the statement during a press conference in...


BULGARIA RANKED 1ST IN EUROPE BY LOW CONSTRUCTION COST

BULGARIA RANKED 1ST IN EUROPE BY LOW CONSTRUCTION COST
(27/08/2011)

Topics: Real Estate      Real Estate

Building construction in Bulgaria is the cheapest in Europe, according to a comparative analysis of the EC Harris company, specializing in construction consulting. The Bulgarian Trud (Labor) daily writes Saturday, citing the analysis, that expenses for construction in Bulgaria are anywhere between 38% and 66% from those in Southeastern UK, which was used as basis. The study takes into account the price of construction material and labor expenses. Values in Bulgaria vary since buildings...


BULGARIAN RESORT SUNNY BEACH DEMANDS BRITISH POLICE OFFICERS FOR 2012

BULGARIAN RESORT SUNNY BEACH DEMANDS BRITISH POLICE OFFICERS FOR 2012
(26/08/2011)

Topics:       Tourism

Bulgaria's popular southern Black Sea resort of Sunny Beach wants British police officers to patrol it during the next tourist season. "We are sure this would be a fairly effective way of collaboration, because it would improve the tourists' security. It would create some respect in our foreign guests who break and demolish things, create conflicts and offend police officers," Georgi Nedelchev, chair of the Sunny Beach hotel owners' union, said. Nedelchev was positive that the police...


BULGARIA SEES INCREASE OF FOREIGN VISITORS JULY 2011 Y/Y

BULGARIA SEES INCREASE OF FOREIGN VISITORS JULY 2011 Y/Y
(26/08/2011)

Topics:       Tourism

The number of arrivals of visitors from abroad to Bulgaria in July 2011 was 1 609 900, which indicates a 2.6% increase year on year, the country's National Statistical Institute says. Tourism is the main reason for the increase, as the arrivals with holiday and recreation purpose increased by 4.7% compared to the corresponding month of 2010 and composed the greatest share of the total number of foreigners visited Bulgaria – 60.9% A total of 25% of the visitors passed transit, while 6.7...


BULGARIAN CABINET PROMISES NOT TO RAISE TAXES WHILE IN POWER

BULGARIAN CABINET PROMISES NOT TO RAISE TAXES WHILE IN POWER
(25/08/2011)

Topics: Financial      

Bulgaria's government of Prime Minister Boyko Borisov and his center-right GERB party will not raise taxes until its term ends in 2013, the country's Finance Minister and Deputy PM Simeon Djankov promised Thursday. In in interview for the Bulgarian National Television, Djankov also revealed he has reached a consensus with Interior Minister and fellow-Deputy PM Tsvetan Tsvetanov concerning the "new state budget balance" issue. Recently, the Finance Minister stated that the Bulgarian...


BULGARIA CLUELESS ON TOURIST NUMBERS IN ITS BLACK SEA RESORTS

BULGARIA CLUELESS ON TOURIST NUMBERS IN ITS BLACK SEA RESORTS
(24/08/2011)

Topics:       Tourism

The chaotic urban development of the Bulgarian Black Sea resorts has been exposed as the Regional Development Ministry is trying to figure out how many tourists reside in each one of them over the summer. "The Bulgarian state will not pour a single buck into the construction of water purification facilities in the resorts until it gets precise data about the residents of each municipality from at least three sources," Bulgarian Regional Development Minister Rosen Plevneliev declared...


GIANT 'DINOSAUR' PAYS VISIT TO BULGARIA'S VARNA

GIANT 'DINOSAUR' PAYS VISIT TO BULGARIA'S VARNA
(24/08/2011)

Topics:       Tourism

A peculiar tourist attraction – a 45-meter-long artificial dinosaur has arrived in Bulgaria's Black Sea capital Varna. The curious are welcome to take a tour inside the giant Hollywood-manufactured beast and feel its heartbeat and breathing, as well as experience a variety of visual and sound effects. The "creature" is one of only seven existing in the world, the Bulgarian BGNES news agency says, pointing out they trigger immense interest in all cities they travel through. The...


SOFIA AIRPORT TO MANAGE BULGARIA'S 3RD BLACK SEA AIRPORT IN BALCHIK

SOFIA AIRPORT TO MANAGE BULGARIA'S 3RD BLACK SEA AIRPORT IN BALCHIK
(24/08/2011)

Topics: Economy      

Bulgaria's Cabinet has assigned the management of the future civilian airport at the Black Sea town of Balchik to Sofia International Airport. “Sofia Airport, whose parent organization is the Ministry of Transport, IT and Communications, has sufficient management experience that will guarantee the execution of the project [for Balchik Airport]. This will create an opportunity for Balchik Airport to start accepting civilian flights shortly,” the Bulgarian government said in its announcement...


SOFIA TURNS ROMANIA-BULGARIA-GREECE DREAM ROAD INTO PRIORITY PROJECT

SOFIA TURNS ROMANIA-BULGARIA-GREECE DREAM ROAD INTO PRIORITY PROJECT
(24/08/2011)

Topics: Infrastructure      

Bulgaria's Cabinet has declared the road from the Danube city of Ruse on the Romanian border to the Makaza Pass on the Greece border to be a project "of national importance" in a long-awaited move. The Ruse-Makaza road linking Romania and Greece through Central Bulgaria is supposed to be part of the Pan-European Transport Corridor No. 9 leading from Helsinki, the Baltic states, Moscow, Kiev, and Bucharest to the Greek port of Alexandroupolis on the Aegean. The international transport...


BULGARIAN CUSTOMS AGENCY INSPECTS LUKOIL ON SUSPICIONS OF TAX EVASION

BULGARIAN CUSTOMS AGENCY INSPECTS LUKOIL ON SUSPICIONS OF TAX EVASION
(22/08/2011)

Topics: Economy      

Bulgaria's Customs Agency is checking whether Lukoil Neftochim is being siphoned off by its subsidiary Litasco, which controls volumes entering and exiting the oil refinery. The announcement was made Sunday by Customs Agency head Vanyo Tanov in interview for the Bulgarian National Radio (BNR). He explained that Litasco was an intermediary company registered in Switzerland. As Litasco had been tasked with determining both crude oil prices and prices of exported end-products, Tanov...


BULGARIAN GOVT GRANTS NEW 'FINAL' EXTENSION ON BA OIL PIPELINE

BULGARIAN GOVT GRANTS NEW 'FINAL' EXTENSION ON BA OIL PIPELINE
(22/08/2011)

Topics: Economy      

The Bulgarian government has granted Trans-Balkan Pipeline, a Bulgarian-Greek-Russian project company, another extension on the environmental assessment of the Burgas-Alexandroupolis oil pipeline project. Bulgaria's Environment Ministry is granting TBP until September 30, 2011, to submit anew its environment assessment impact study on the troubled oil pipeline project. The new extension means that the deadline for the final decision of the Bulgarian Environment Ministry and the Cabinet as...



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