11.03.2010

Construction

BGN 130 million to be paid to construction firms by end of March

Sofia. BGN 130 million is to paid to construction firms by the end of March, Minister of Regional Development and Public Works Rosen Plevneliev said at the opening of the Bulgarian Construction Week, cited by FOCUS News Agency.He specified that up to now BGN 58 million had been paid to construction companies – BGN 48 million in January and BGN 10 million in February.As to road maintenance, the minister said Bulgaria had four times less money for repair works and maintenance and noted the Road Infrastructure Agency needed at least twice as many funds. Text source: focus-fen.net To see the presentation ...

11.03.2010

Economy

ENI executive: Gas pipelines of Southern Europe unite

Both Nabucco and South Stream, the two pipeline projects competing to bring Caspian gas into Europe, should combine to cut costs and increase profits, the chief executive of Italian energy firm ENI, Paolo Scaroni, was quoted as saying on March 10. ENI, along with Russia's Gazprom, are the two companies behind South Stream, a project seen in some circles in the European Union and the US as Russia's attempt to undermine Nabucco, which is designated a strategic project by the EU. "What we have here is what bankers call a strategic fit," Scaroni said told a conference in Houston, as quoted by Bloomberg. ...

11.03.2010

Finance and Taxes

Bulgarian Central Depository to link to SWIFT soon

Bulgaria’s Central Depository (CD) will link to the global financial messaging network SWIFT most likely in April, CEO Ivan Dimov said on March 9 2010 at a capital market forum. The introduction of SWIFT will facilitate the access of foreign investors to the Bulgarian market and of domestic players to the international scene. The system will benefit securities trading, Deputy Finance Minister Anna Mikhailova said. Using the SWIFT system will enable direct link with the Polish capital market, where Bulgarian pharmaceutical company Sopharma is to make soon a dual listing, Dimov said. Currently, ...

11.03.2010

ABOUT BULGARIA

EU Asks US to Lift Visa Requirements for All Member States

The EU Home Affairs Commissioner, Cecilia Malmström, appealed to the US Administration to lift the visa requirements for Bulgaria and all EU Member States. The information was reported by the Bulgarian National Radio, BNR, Wednesday. The request came on the heels of the announcement the US President, Barack Obama that Greece will join 35 other nations on the US Visa Waiver Program (VWP). Malmström says she is applauding the decision and sees it as a step forward in the constructive dialogue between the US and the EU for equal travel rights of citizens on both sides of the Atlantic. “I appeal to ...

11.03.2010

ABOUT BULGARIA

Budget carrier Cimber Sterling will link Sofia and Copenhagen

The budget carrier Cimber Sterling is launching a new service between Sofia and the Danish capital Copenhagen, the Sofia Airport website said in a media statement on March 9 2010. Reportedly, the service will be operational from March 28. It will fly biweekly, on Thursdays and Sundays, from Copenhagen to Sofia and back. Cimber Sterling are based in Sønderborg, Denmark. The airline operates scheduled domestic and international services in co-operation with Scandinavian Airlines (SAS) and Lufthansa. Cimber Sterling as an entity can be traced back to December 3 2008 when Cimber Air acquired shares ...

11.03.2010

S&P Raises Outlook on Romania, Still below Bulgaria

Romania’s credit rating outlook was raised to stable from negative at Standard & Poor’s after the International Monetary Fund resumed a bailout loan to the country and the government passed an austerity budget. It affirmed its 'BB+/B' long- and short-term foreign currency sovereign credit ratings and its 'BBB-/A-3' long- and short-term local currency sovereign credit ratings on the country. The EU’s second poorest country, which aims to sell euro-denominated bonds in the next week, is rated below Bulgaria, its neighbor, and in line with Azerbaijan and Montenegro. “The outlook revision reflects ...

11.03.2010

Tourism

Hotel prices internationally decline by 14 per cent

Average hotel prices around the world fell by about 14 per cent in 2009, according to research conducted by hotels.com, citing data from more than 94 000 hotels internationally. It was not until the end of 2009 that the international market registered a marginal recovery in prices, according to a statement from the site's president David Rosh. A significant decline in price levels was registered in major cities around Eastern Europe, according to the report. Russia's St Petersburg and Moscow were the hardest hit with the latter experiencing a 27 per cent drop. Moscow is still home to some of the ...

09.03.2010

Real Estates

Cinema City sells mall projects for EUR 85m

Cinema city, a movie theaters chain that has a real estate business in Bulgaria, has signed a contract to sell two mall projects to Israeli Ιsrael Theaters.The deal is valued at EUR 85 million and concerns the Маll of Ruse and Mall of Stara Zagora projects. According to the seller's preliminary plans it should be completed this year.Cinema city will get EUR 70 million when the deal is closed and the remaining EUR 15 million will be paid nine months after the opening of Маll of Rousse but no later than eighteenBoth projects were announced two years ago. The construction of the Маll of Rousse is ...

09.03.2010

Economy

Bulgarian Buy Said to Boost CME 2010 Ebitda

Central European Media Enterprises Ltd., the east European television broadcaster partly owned by Time Warner Inc. expects the acquisition of Bulgarian TV station bTV to help it post positive full-year Ebitda. The company aims to report “better” earnings in 2010 as it sold its Ukrainian operations and relies on a regional recovery. “Assuming that we’ll close the deals in Ukraine and Bulgaria, which we’re aiming to do, all our operations will post positive full-year Ebitda,” Sarbu said in an interview for Bloomberg agency in the company’s headquarters in Prague. “It is also a target for us to deliver ...

09.03.2010

Economy

Pharmaceutical Firm Actavis Sells Major Bulgarian Distributor

International pharmaceutical company Actavis Group has announced it will sell its major Bulgarian distributor Higia Jsc. Higia Jsc, one of the largest distributors of pharmaceuticals in Bulgaria, was acquired by the Actavis Group in 2005. Higia has been sold to a private investor for an undisclosed amount. “We chose the best offer not only for “Actavis” but for the employees of “Higia” and for the future development of the company within the local distributors' market,” commented Illiya Pashov, executive director of “Actavis” Ltd Bulgaria. “Actavis” Ltd Bulgaria explains its decision to sell “Higia” ...

09.03.2010

Economy

EU to lend to jobless who want to launch small businesses

EU Employment and Social Affairs Ministers have agreed on a new facility to provide loans to people who have lost their jobs and want to start or further develop their own small business . The European Microfinance Facility will have a starting budget of 100 million euro which could leverage more than 500 million euro in co-operation with international financial institutions such as the European Investment Bank (EIB) Group, a media statement on March 8 2010 said. The initiative is part of the EU's response to the financial and economic crisis and is especially targeted at people who cannot normally ...

09.03.2010

Finance and Taxes

Bulgarian Stock Exchange Sofia Strategy for Development seeks modern, efficient capital market locally

The top strategic objective of the Bulgarian Stock Exchange Sofia is a modern and efficient capital market in two years from now. This is according to the 2010-2012 Strategy for the Development of the Exchange published on the BSES website. Attaining this objective would help the capital market emerge as a source for financing the business and as a tool for the development of the Bulgarian economy. In view of this objective the management of the exchange intends to carry out a range of initiatives such as introduction of new instruments, improving conditions for trading, upgrading the market’s ...

09.03.2010

EIB signs Cyprus deal

The European Investment Bank says that increased its total lending volume in 2009 to an unprecedented 79 billion euro , a 37 per cent rise from 58 billion euro in 2008. This represents a new milestone in providing financial support for the European economy, the bank said on March 8 2010. Last year, the EIB reinforced its focus on small and medium-sized enterprises (SMEs), (economically weaker regions across Europe ("convergence areas") and the energy sector in the context of the fight against climate change. In this context, the EIB signed on March 8 in Nicosia 50 million euro agreement with the ...

09.03.2010

Tourism

Greece Moves to Attract Bulgarian Tourists to Mount Athos

Greek tourism organizations have launched a promotional campaign to attract Bulgarian visitors to the Mount Athos area. The Mount Athos Tourist Organization in cooperation with the Greek National Tourism Organization (GNTO) Bulgaria have held a special promotional event at the Hilton Hotel in Sofia in order to advertise Mount Athos as a tourist destination. The detailed presentation of the Mount Athos area was combined with a gala dinner cooked by Monk Epifanios, a chef specializing in the Mount Athos way of cooking. The event also featured a exhibit of special photos and rare editions of the ...

04.03.2010

Construction

Bulgaria Cities Anticipate Renewed Shopping Mall Expansion

The largest cities in Bulgaria are poised for a large expansion in the number of new shopping malls, despite a construction slowdown caused by the current economic situation. A total of 18 malls are expected to open nationwide during 2010, most of them in Sofia, the capital, and in Varna and Ruse, according to a survey made by property consultants GVA Sollers Solutions. A new retail outlet will open on March 5 on Sofia’s Tsarigradsko Shosse. With a floor area of more than 35 000 sq m, it will offer a range of clothing shops, various accessories, and sports goods, along with a restaurant. This ...

04.03.2010

Economy

Greek-Bulgarian gas pipeline agreement to be signed in Thessaloniki

Thessaloniki. The articles of association of two companies between Greece, Bulgaria and Italy will be signed on Thursday in Thessaloniki, the Greek media report. The companies will design, construct and operate the gas pipeline, which will connect Greece-Italy gas pipeline with Bulgaria’s gas transportation system through Komotini-Haskovo. Bulgarian Energy Holding and ΙGΙ Ρoseidon, in which Greece’s public gas supply corporation DEPA and Italy’s Edison hold equal shares, will be holders of an equal number of shares. Text source: focus-fen.net To see the presentation of the company, please follow ...

04.03.2010

Economy

Georgia Commits to Transiting Liquefied Natural Gas for Bulgaria

Georgia is going to complete its pipeline infrastructure in order to provide for the transit of liquefied natural gas to Bulgaria from Azerbaijan and potentially from sources from Central Asia. This became clear during Wednesday’s meeting of Bulgaria’s Economy and Energy Minister Traicho Traikov and the Georgian Energy Minister, Alexandre Khetaguri, in Sofia. The two Ministers followed up on their talks from January 2010 in the Georgian Black Sea port Batumi. Minister Khetaguri has declared Georgia’s readiness to participate in the discussions for transit of natural gas from Azerbaijan to Bulgaria ...

04.03.2010

Finance and Taxes

Bad Loans Have Minimal Impact on Bulgaria Banking Sector

The increase in bad loans will continue as a trend in 2010, but the Bulgarian banking sector has sufficient flexibility to absorb the problem. The banking system in Bulgaria shows some of the best results in Central and eastern Europe, according to an analysis of the sector carried out by Postbank (Eurobank EFG Bulgaria). The capital adequacy of the sector is 17,6%, and the ratio of capital to assets is 12,7%, according to the Eurobank data. This positive situation is an additional reason for the low impact of bad loans on the financial institutions. Obtaining credit in Bulgaria continues to be ...

04.03.2010

ABOUT BULGARIA

EP President Jerzy Buzek supports Bulgaria’s plans for joining the Euro zone 2013

In an interview for the BTA European Parliament President Jerzy Buzek voiced his support for Bulgaria’s plans to join the Euro zone in 2013. On the occasion of Sofia’s requests for additional compensations for the decommissioning of blocks 3 and 4 of the Kozloduy NPP Buzek pointed out that the EP has been considering the issue and that it supports the payment of around EUR 180 million. Taking the question whether he expects the EU to admit new members, the EP President said that the Western Balkans wish to join the EU and so they should be given this opportunity. Text source: bnr.bg To see the ...

04.03.2010

EasyJet reports a healthy increase in business in 2009

The British carrier EasyJet registered an increase in business in 2009 in spite of the global economic downturn that led to reduced passenger numbers on most national carriers. EasyJet has established itself as the largest current UK carrier, a company media statement said on March 4 2010.The company ferried 3390 523 passengers in November 2009, representing a 12.3 per cent increase on the same month the previous year. EasyJet had a total of 46 752 084 passengers throughout 2009, a 5.2 per cent increase on an annual basis compared to 2008 figures. According to the media statement, EasyJet currently ...