Money

10% public sector salaries increase expected in early 2019

10% public sector salaries increase expected in early 2019

19:59 | 12.09.2018 | by editor
A 10 per cent increase of salaries in the public sector from 2019 will require an additional budget allocation of 1 billion leva for wages and insurance payments, finance minister Vladislav Goranov told reporters on Wednesday. The increase will apply to 433 000 public servants. Teachers' wages are slated to increase by 20 per cent. The hike is possible due to the higher GDP and the better implementation of budget revenues. Given the record-low unemployment since 1991 good public servants...
Tourism minister says summer season 2018 a great success

Tourism minister says summer season 2018 a great success

19:55 | 12.09.2018 | by editor
Minister of tourism Nikolina Angelkova said this summer season had been a great success, with more than 5.2 million foreigners visiting Bulgaria in the first seven months of the year, up by nearly 7 per cent on a year earlier. Preparations for next year have begun, Angelkova told a working meeting with representatives of the control authorities, tourism industry and local government in the Black Sea city of Bourgas. Despite a rainy spell in early July, more than 2.8 million foreigners...
Insurance companies’ assets up 4.4 per cent year-on-year

Insurance companies’ assets up 4.4 per cent year-on-year

09:04 | 11.09.2018 | by editor
Assets managed by insurance companies in Bulgaria amounted to 7.602 billion leva at the end of June 2018, up by 4.4 per cent compared to June 2017 and down by 1.6 per cent compared to the end of the first quarter of 2018, the Bulgarian National Bank said on Monday. Assets of life insurance companies grew by 7.3 per cent from 1.936 billion leva at the end of June 2017 to 2,078 billion leva at the end of June 2018. At the end of last June their share in the total assets was 27.3 per cent,...
Bulgaria invited to take part in “Make in India” initiative

Bulgaria invited to take part in “Make in India” initiative

19:22 | 06.09.2018 | by editor
The president of India Ram Nath Kovind has invited Bulgaria's defence industry to participate in the "Make in India" initiative aimed at facilitating investment and fostering innovation in the country, SeeNews news service reported. "Bulgaria can become a key partner for India in the defence sector under our 'Make in India' programme and in technology-intensive sectors such as IT, logistics and infrastructure under our "Digital India" and "Smart Cities" programme," Kovind said in a video...
Serious drop in FDI registered in Bulgaria in recent years

Serious drop in FDI registered in Bulgaria in recent years

08:13 | 29.08.2018 | by editor
Foreign direct investment (FDI) in the Bulgarian economy has taken a nosedive in recent years, Bulgarian Industrial Association (BIA) Executive President Radosvet Radev told reporters on Tuesday. Radev noted that in 2017, foreign direct investment amounted to 1.858 billion leva, which was 9.8 per cent of total investment (foreign and domestic). This compares with 17.711 billion leva in foreign direct investment in 2007, accounting for 98.6 per cent of total investment. Between 2007 and...
Action plan for joining ERM II and the banking union drafted by the government

Action plan for joining ERM II and the banking union drafted by the government

07:03 | 23.08.2018 | by editor
The government on Wednesday approved an action plan comprising procedures in relation to the country's bid to join the eurozone's so-called 'waiting room' – the Exchange Rate Mechanism II (ERM II), and the EU banking union by July 2019. The steps are aimed at strengthening the regulatory framework on banking supervision, improving the macroprudential framework on credit borrowers, strengthening supervision of the non-banking financial sector (pension funds and insurers) and...
Australian company is buying a share in Bulgarian offshore oil and gas search

Australian company is buying a share in Bulgarian offshore oil and gas search

08:21 | 18.08.2018 | by editor
Woodside Energy from Australia said that it has entered into a farm-in agreement with Shell International Exploration and Development Italia to acquire a 30% non-operated participating interest in Block 1-14 Khan Kubrat, in the Bulgarian sector of the Black Sea, SeeNews news service reports. "This opportunity targets an emerging oil and gas province close to existing infrastructure and markets," Woodside Energy said in an interim financial report, published on Wednesday. Planning is in...
First half of 2018 sees sharp drop in foreign direct investment

First half of 2018 sees sharp drop in foreign direct investment

08:16 | 18.08.2018 | by editor
Foreign direct investment (FDI) fell by an annual 49.5 per cent to 246.2 million euro in the first six months of 2018, the Bulgarian National Bank (BNB) said on Friday, quoting preliminary data. In Bulgaria, FDI is calculated according to the directional principle. The FDI inflow was equal to 0.5 per cent of the central bank's 2018 GDP forecast. Real estate investments by non-residents in Bulgaria totalled 2.7 million euro in January-June, compared to 8.2 million euro during the same...
Mine operator pushes for updated national energy strategy

Mine operator pushes for updated national energy strategy

08:11 | 18.08.2018 | by editor
The state-owned company, operating the Maritsa Iztok coal mines urged for an updated national energy strategy to ensure Bulgaria's energy independence. Mini Maritsa Iztok CEO Andon Andonov said in a Bulgarian news Agency (BTA) interview that the future strategy should map out the future of his company, which is the largest state-owned coal-mining enterprise in the country. Andonov was interviewed in connection with The Day of the Miner. He said the brown coal reserves at Radnevo amount to...
Bulgaria-Greece gas connection will be exempt from third-party access rules

Bulgaria-Greece gas connection will be exempt from third-party access rules

11:05 | 16.08.2018 | by editor
The ICGB company which manages the interconnector project between Bulgaria and Greece said on Wednesday that the gas link has been exempted from the EU rules for access of third parties. Following the decision of the European Commission, the national regulators of the two countries have adopted a joint decision for the exemption. The decision lays the framework under which the gas pipeline IGB will operate. The decision exempts from third party access rules the capacities reserved because...
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