Sat, Nov 21 2009
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Bulgarian insurer DZI, majority owner of DZI Bank, is seeking a month's suspension of trading in the bank's shares after receiving offers from leading European banks for the purchase of its stake, company officials said on September 20. The insurer has asked the Bulgarian Stock Exchange - Sofia (BSE) and the country's financial regulator - the Financial Supervision Commission - to suspend trading in its own shares
Local players have begun to understand one of the most important steps towards developing Bulgaria's tourism: advertising abroad. Twelve companies have submitted offers for the State Agency on Tourism's (SAT) two competitions for advertising tourism in Bulgaria. The agency announced the competitions at the end of July. Seven of the companies
Estonian real estate company Arco Vara Group plans to build a five-million euro residential project in Sofia next year, firm officials said September 21. The project will be the company's first investment in Bulgaria. "We will buy the plot in three months, then do the architectural plan, get all the permissions and start the construction next summer," Arco Vara CEO Viljar Arakas said. The company
Bulgaria is becoming more and more interesting to foreign institutional investors in real estate. There was further confirmation of this in the past week. US-based Century 21 real estate brand plans to attract up to 70 Bulgarian real estate offices as its franchisees within the next two years, a senior company official said on September 15. "As an absolute minimum we want to open 10 offices in our first year of operation. We
Bulgaria's non-governmental tourism organisations insist that the sector be monitored by a ministry, instead of the currently existing State Agency on Tourism. This was said on September 14 at a news conference by the heads of the National Board of Tourism, the Bulgarian Association of Travel Agents, the Bulgarian Hotel and Restaurant Association, the Bulgarian Tourist Chamber and other
One out of three owners of restaurants and retail outlets along Bulgaria's southern Black Sea coast plans to accept bank card payments. The figures come from a Visa International survey among 200 owners of restaurants and shops in the seaside resort towns of Sozopol, Primorsko and Kiten. The survey, made public on September 14, showed that although it was not on their short term agenda, 35 per
"Writing about Motto is somewhat of a challenge... The place has become quite an institution in certain circles, including foreigner ones... Somehow, the place has been in operation long enough to become an institution... Motto has good decor, generally a good atmosphere, a good standard of cuisine, and happily, while popular with foreigners living in Sofia, is not a stereotypical wall-to-wall expat hangout."
Residential real estate prices in Sofia have reached a stable state, according to the latest report by Colliers International on the property market in the first half of 2006. Bulgaria's capital city had more than 523 000 housing units in the beginning of 2006. The inventory was comprised primarily of two- and three-bedroom apartments, which account for 40 per cent and 32 per cent of all apartment units
Gripen International said on August 23 that it had offered the Bulgarian Defence Ministry a package of 16 multi-role fighters for the country's armed forces. The proposed models were of the C/D version (12 single-seat and four two-seaters) that could be armed with various weapons made in the US, Israel and elsewhere, the Swedish company told journalists. Gripen undertakes to handle the maintenance of the aircraft
Bulgaria's First Investment Bank (FIBank) said on August 28 it had launched a service for extending mortgage loans to foreign citizens. Theese loans, which are for up to 20 years, have a floating interest rate of 6.9 per cent for the whole period. The interest goes to 8.4 per cent with downpayment between 20 and 30 per cent. FiBank has become only the third bank in Bulgaria, after DSK Bank, owned by
Bulgaria has opportunities to develop health tourism but until now progress has been chaotic. Health tourism is nothing new. It has been pursued for many years by both poor and rich countries. Its prospects are usually not fully understood and as a result, there are poor countries with very well-developed health tourism, and rich states, where no one cares about it. Usually, health tourism is divided into two
On August 24, Colliers International published the first market overview of the Bulgarian holiday homes market. The report documents significant developments in recent years in both mountain and coastal resort areas. The holiday homes market in Bulgaria experienced significant development in the past year in these areas. Demand for holiday homes in the country has taken off in recent years. The
On August 17, Canada's Dundee Precious Metals Inc offered to increase the concession fee that it pays to Bulgaria for the Chelopech copper and gold mine. The proposal came in a bid by the company to secure the mine's expansion. Dundee's plans to expand its mining operations at Chelopech have been blocked by delays in issuing environmental clearance for the project and by protests by Bulgarian
Bulgarian trading company Interservice Ouzunovi plans to invest 320 million euro to buy land and build furniture stores and a shopping mall in the next three years. "By the end of 2007 we have to buy land in Sofia, Varna, Bourgas and Plovdiv, the investment per city is 80 million euro and this will be done with partners," said Interservice Uzunovi CEO Krasimir Ouzunov. The sum of the investment
United Kingdom trade secretary Alistair Darling said on August 20 that the UK would limit the number of people who could migrate from Bulgaria and Romania when the two countries join the European Union, to prevent immigrants from overwhelming public services. "Immigration has to be carefully managed," Darling said in an interview with the BBC. "You have
A bank's popularity topped the selection criteria of Bulgarian bank customers in a survey by market research company Market Test in early 2006. The company, whose survey's results were published in the past week, polled 840 urban users of bank services aged 18-65 with a monthly income of 200 leva a family member. More than 14 per cent of respondents said the more lustrous and more persistent a bank's image
Articles in the local press in the past week have shown that Bulgaria is facing a delay in the introduction of the country's first electronic commercial register. Bulgaria has more than 800 000 registered companies and currently their registration is in the hands of the courts. When the register is finally created, it will be up to the Justice Ministry to authorise enlistment in it. The Bulgarian-language newspaper
Bulgaria's golden sands and hot weather are continuing to attract both foreign and domestic tourists to Black Sea resorts. Zlatni Pyasutsi AD, the company that operates the seaside resort of Zlatni Pyasutsi (Golden Sands), said in the past week it expected to register between five and 10 per cent growth in the number of lodgings by the end of the active season. An analysis by the
About 300 leaseholders and more than 240 combine harvesters took part in a five-km long protest action on August 9 in Stara Zagora's industrial zone. The meeting was prompted by the wide-spread discontent among local farmers who are unhappy with low purchase prices and the stagnant grain market. "We want bread to be no costlier than 0.80 leva a kilo. This is a fair price. The higher price is unjustified,"
Bulgaria signed a 137.4 million euro contract for the construction of a highway section near Sofia with Turkish consortium Mapa-Cengiz on August 8. The 19km Lyulin motorway is designed to remove a bottleneck on a major European Union-defined transport corridor near the Bulgarian capital. "I will be very glad to see the highway completed within 36 months after October 1," the head of the Government's
Bulgaria will be able to use only about 20 per cent of all the money that will come from European Union funds in 2006 and 2007. This was said by Prime Minister Sergei Stanishev during question time in Parliament on August 11. "This should not surprise anyone because we do not live in an abstract or ideal country," he said. According to Stanishev, the disbursement of funds depends not only on the central administrative
Bulgaria's current account deficit rose sharply in the first half of 2006, which was in line with forecasts. According to experts, capital inflows will continue to counterbalance the deficit's growth. The first-half current account gap widened to a preliminary 7.6 per cent of the projected gross domestic product (GDP), from 5.2 per cent a year earlier, Bulgarian National Bank (BNB) data showed on August 11.
It appears that nothing can spoil the interest of UK holidaymakers towards Bulgaria, as their number continues to grow despite the recent terrorist threat on London. The sudden critical circumstances resulting from the terrorist threat against the UK and the US have not caused any cancellations of UK package tourist bookings for Bulgaria, Balkan Holidays executive director Antoaneta Todorova said on August 11,
Bulgarian industrial conglomerate Chimimport said on August 10 it planned to float shares worth about 44.3 million leva (22.6 million euro) in an initial public offering (IPO) in early September. Brokers anticipate strong interest. "It is sure that the demand will exceed the supply," Kiril Ivanov, trader with local Yug Market brokerage, said, quoted by the SEE News news service. "I expect a huge interest as there are a lot of
Parliament passed on August 2 amendments to the Energy Act that provide for the establishment of an independent electric energy system operator. The model of restructuring of the current state-owned power grid operator, the National Electric Company (NEC), approved in April 2006, envisages setting up a new subsidiary company, Power System Operator. The latter will be 100-per cent owned by NEC and designed
Bulgaria is under pressure from the European Union to close its duty-free shops along the borders with some of its neighbouring countries. The Finance Ministry has received a letter from Robert Verrue, the director general of the European Commission's Taxation and Customs Union Directorate-General, insisting that the country ban duty-free trade along the borders with Turkey and Serbia. The letter lists seven
Bulgarian tourism will develop at a comparatively high pace, but the country will continue to lose tourists from some of its main markets. This was written in the latest report by the independent Centre for Economic Development (CED), published on August 3. The downsizing in the number of tourists from Germany and, to some extent, from the UK that has already been registered this summer season will be preserved
Bulgaria's 10 largest commercial banks generated 85 per cent of the sector's overall profit of 342 million leva in the first six months of 2006. The top three alone contributed 45 per cent to the sector's overall profit. The two newcomers in the top 10 profit-makers in comparison with June 2005 are Hebros Bank and Economic and Investment Bank (EIBank). First Investment Bank and Unionbank dropped out while three
Bulgaria's Environment Minister said on August 2 that a 30-year gold mining concession deal with a Canadian company needed revision because it did not suit government interests, Associated Press (AP) reported. "It is a question of national interests. The state must also benefit from the concessions," Environment and Waters Minister Djevdet Chakurov said, quoted by the news agency. Canada's Dundee
The Cabinet is to close the negotiations with a Bulgarian-Portuguese consortium and unblock the 715-million euro Trakia highway concession deal by September. This was announced on August 3 by Regional Development and Public Works Minister Assen Gagauzov. "I expect confirmation for the date. I hope that around the middle of this month we will start the negotiations. By the end of September, in any case, we
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