Bulgaria's Economy and Energy Minister, Traicho Traikov, fully backed the cabinet's plans to build a Formula 1 racing track near Sofia.
In a Wednesday interview for the TV channel Nova Televizia, Traikov stated great results are only brought by great goals, referring to the Formula 1 project.
On August 30, the Minister and the Chair of the Abu Dhabi state company Emirates Associated Business Group (EABG), Mohammed Abdul Jalil al Blouki, signed an economic cooperation memorandum providing...
German-Bulgarian company SRS-Bulgaria EOOD will plunk BGN 483.7 million in the construction of wind power plant near General Toshevo, in the east of the southeast European country.
The 60-turbine Spasovo wind farm, with a nameplate capacity of 150 MW—180 MW, will stomach BGN 6.5 million in 2010 and a further BGN 292.6 million and BGN 186 million in the following two years, respectively.
The project will create 20 jobs. Construction works are scheduled for completion in...
The National Statistical Institute (NSI) registered inflation in the manufacturing industry of 9 % on an annual basis in July. This is the largest increase in the index since the beginning of 2009 when NSI implemented a new methodology for its calculations. The main reasons for the jump in the index are the rise of 15.1% in the extractive industry, the growth of 12.5% in manufacture and the distribution of electric and heat power, as well as the 6.9% increase in the processing industry.
For...
Bulgarian construction company Trace Group Hold unveiled double turnover and a profit of BGN 3.4 million for the first six months of the year, turning from a year-ago loss of BGN 2.3 million.
Turnover between January and June 2010 added up to BGN 93.4 million. Operating expenses surged by 87% to BGN 90.4 million. In its earnings report, the group did not specify the projects that fuelled the increase in revenue. Its most recent contracts include the Trakiya motorway section linking Stara...
"I was really impressed by the speed at which Prime Minister Boyko Borissov and his Government are implementing reforms. The Prime Minister of Bulgaria is trying to improve the effectiveness of the judiciary and his team is focused on achieving real and tangible results of the economic reform in the country." This is stated in a special letter of World Bank President, Robert Zoellick, to the President of the European Commission, Jose Manuel Barroso, reports Focus News. In the letter, the Head...
Mr. Andronov, BNB (Bulgarian National Bank) statistics reported that bad loans had marked a dramatic jump to BGN 6.2 bn, or nearly 16% of the total volume of loans in July. What caused this increase?
- I have no idea why the figure 15.94% has been circulated. Obviously, it was calculated by some financial reporter and widely copied by other media. Indeed, if BNB monetary statistics is read properly, it proves that it allots a share of below 12% to bad loans and restructured loans pursuant to...
A very large Western investor has expressed interest in one of the terminals of the Port of Burgas and is willing to invest a total of ?10 bn, became clear yesterday after the meeting on the development of the ports in Varna and Burgas, Ruse and Lom. It was attended by Prime Minister Boyko Borissov, Deputy PM and Minister of Finance Simeon Djankov, Minister of Economy, Energy and Tourism Traycho Traykov, as well as by Deputy Minister of Transport Kamen Kichev, experts and MPs.
The future of...
Unpaid mortgage has forced the sale of a hotel at the coastal complex Chaika, near the town of Varna, and its owners are looking for buyers, who will fork out a whopping BGN 2.5 M.
A check in the registry for public sales of the Bulgarian chamber of private enforcement agents shows that this is the most expensive property, whose sale has been prompted by unpaid mortgage.
“Alen Mak” hotel is owned by a Sofia-based company and spreads over 8474 square meters, including a pool and a bar....
Bulgaria's best male tennis player Grigor Dimitrov will climb in the world's top 200 after winning the Geneva Challenger ATP Cup Sunday.
Dimitrov won the contest by beating Spainard Pablo Andujar (ranked 118) 6:2, 4:6, 6:4.
This will bring the Bulgarian player 80 points for the world ranking, bringing him to about number 190.
Beginning of this week Dimitrov was ranked 245th, which was his personal record to...
Investor interest in the Bulgarian Stock Exchange (BSE) returned slowly and feebly on Thursday when the benchmark index SOFIX finished almost 1% higher at 387.18 points after six negative sessions.
The other indices also made it to positive territory, with Dnevnik 20 of the biggest and most liquid stocks gaining 0.69% to 55.36 points and the broader BG40 adding 1.4% to 110.88 points.
Growth was fuelled by state-owned tobacco monopoly Bulgartabac Holding, which rallied by almost 8%, and...
American companies are showing increased interest in various energy projects in Bulgaria and are researching their investment options, the new Bulgarian Ambassador to the USA, Elena Poptodorova told Novinite.com (Sofia News Agency) in an exclusive interview.
Her Excellency, who just started her second term as Bulgaria’s Ambassador in Washington, DC, after serving at the same position in 2002-2008, has pointed out that nuclear energy, renewable energy, and shale gas extraction are being...
Bulgaria is the only country in Europe and Middle Asia with a positive outlook of sovereign credit rating, Moody's rating agency has announced.
Moody's Investor Service published Friday the August edition of the European Sovereign Outlook, which explains the perspectives on sovereign ratings in Europe.
According to the report, Bulgaria's assessment reflects the view of the agency that the country has a potential to reach a higher level of creditworthiness on the scale of investment...
Bulgaria’s energy production from renewable sources by the end of 2010 will be 3 times more than the one in 2009, according to Plamen Dechev from the State Commission for Energy and Water Regulation (DKEVR)
In 2009, Bulgaria produced 800 thousand MGWH from green sources while for the first six months of 2010, this production has already reached 1 million MGWH. According to the expert, in the next few years the share of renewable sources in energy production can reach 17% to...
The main part of the construction of the second Danube bridge between Bulgaria and Romania will be completed by the end of 2011, the Bulgarian Minister of EU Funds has announced.
Minister Tomislav Donchev visited the construction site of the bridge in the Bulgarian city of Vidin on Thursday where he stated that only finishing things will be left for the beginning of 2012.
The 2km Danube bridge, which is a key element of a European transport corridor connecting the German city of Dresden...
The default bank loans in Bulgaria have reached 16% by the end of July, according to data from Bulgaria’s Central Bank, BNB.
The total amount of the so-called bad loans is estimated at BGN 6.2 B and went up by BGN 334 in the month of July, compared to BGN 198 M June, 2010. The record of BGN 424 M, however, was registered in April, 2010.
According to the data, corporate default loans top the list (17%), followed by consumer loans (16%) and mortgages (14%).
The total amount of loans in...
The Ministry of Regional Development and Public Works paid off the amount of BGN 208 mln out of a total of BGN 285 mln which it owes to construction companies for assigned and carried out activities last year. “Out of the remaining BGN 77 mln, about BGN 24 mln are designated for the water mirror in the town of Kardzhali,” said Regional Minister Rosen Plevneliev for the BTV channel yesterday. He explained that the money for the site in Kardzhali will not be paid until the Prosecutor’s...
The demand for land in the Dobrich region considerably exceeds selling offers this summer but the reason is not only the relatively high price of wheat, the Regional Association of Real Estate Agencies (RAREA) claims, BTA (Bulgarian Telegraph Agency) reported.
“At least three potential buyers bid for a land plot,” said Nelly Vassileva, manager of a real estate agency. According to her, agriculture in the region has not been affected by the economic crisis, landowners get pretty good...
The Japanese company Toshiba is planning to invest in construction of solar power plants in the USA and countries in Europe, including Bulgaria.
The company has annouocned it is expecting an income of USD 1,8 B from these investments by March 2016.
Toshiba will begin implementing its investment plan with the construction of a 10 MW solar power plant in Bulgaria, which is expected to begin working in the next financial year.
The plant will be located near the Bulgarian city of Yambol...
In June 2010 compared with May 2010, the EU industrial new orders index rose by 2,4%, according to estimates released by Eurostat, the statistical office of the European Union.
In the Eurozone, new orders increased by 2.5% in June 2010 while in May the index increased by 4.1%.
Excluding ships, railway and aerospace equipment, for which changes tend to be more volatile, industrial new orders grew by 1.6% in the Eurozone and by 1.8% in the E.
In June 2010, compared with June 2009,...
Construction permits issued in Bulgaria in the second quarter of 2010 are up compared to the first quarter, but down on annual basis.
The data was published by the National Statistics Institute (NSI) Monday.
1 441 residential permits have been issued between April and June 2010 for a total of 3 933 apartments. Compared to January – March, 2010, this is an increase of 46% and 41% respectively. On annual basis, compared to the second quarter of 2009 there is a respective reduction of 21%...
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