News Guide Bulgaria Economics and Business

Plovdiv: Toy retailer Jumbo opens new shop in Plovdiv

Wed, 18 Nov 2009 11:03:00 GMT

Greek toy retailer Jumbo will cut the ribbon on its second Bulgarian store at the end of November, the company said on its website, without providing further details. According Dnevnik daily, the new shop is sited at the outskirts of city of Plovdiv , c...

Lead-zinc ore Dimov Dol near Rudozem was restored

Tue, 17 Nov 2009 02:00:00 GMT

The extraction of lead-zinc ore from Dol Dimov, near Rudozem , was restored since the beginning of this month, said the mine concessionaire Rudmetal JSC. It was suspended exactly a year ago because of the collapse of the prices of lead and zinc on the i...

Varna: Odessos Shiprepair Yard Varna registered 42% slump in turnover

Mon, 16 Nov 2009 08:20:00 GMT

Net profit for the period tumbled 12-fold to BGN 832,000 Odessos Shiprepair Yard Varna registered a 42-percent slump in turnover year on year, the consolidated report of the company for the first nine months of 2009 shows. The total operating income st...

Blagoevgrad: Carlsberg - Bulgaria is the only candidate for Blagoevgrad-based company

Fri, 13 Nov 2009 09:00:00 GMT

Carlsberg - Bulgaria JSC is the only candidate to buy the Blagoevgrad -based company Bread and Bread products Ltd. The price offer of Carlsberg - Bulgaria was opened in the building of the municipality . Price offered by the Danish concern is BGN 1 hig...

Mobiltel reported a 20% drop in operating profit for Q3

Fri, 13 Nov 2009 01:45:00 GMT

Bulgarian cellular operator Mobiltel, the local unit of Telekom Austria Group, reported a 20% drop in operating profit for the third quarter to EUR 44.8 million. Revenue between July and September dipped by almost 12 year-on-year to EUR 157.7 million as av...

Chelopech: The Court rejects expanding of gold extraction project in Chelopech

Thu, 12 Nov 2009 09:00:00 GMT

Bulgaria`s Supreme Administrative Court (SAC) rejected at first instance the environmental impact assessment (EIA) by Chelopech Mining, the local unit of Canada`s Dundee Precious Metals, to expand its gold extraction project and the construction of a proce...

Plovdiv: FSC forbids Bulgarska Roza Plovdiv to write down or divest of assets

Wed, 11 Nov 2009 07:00:00 GMT

The Financial Supervision Commission (FSC) has forbidden Bulgarska Roza Plovdiv to write down or divest of assets. The arguments for the compulsory administrative measure are not clear, because the decision has not been posted on FSC`s website. At a ge...

Pernik: Republika TPP near Pernik is among largest emitters of sulfur oxide in the EU

Wed, 11 Nov 2009 09:00:00 GMT

Bulgaria`s thermal power plant Republika near the western city of Pernik has been blacklisted as the largest emitter of sulfur oxide in the EU. The fact was shown by the new European Pollutant Release and Transfer Register - E-PRTR - launched by the Euro...

EUR 200 million for renewable energy and energy efficiency projects

Wed, 11 Nov 2009 10:00:00 GMT

The Bulgarian government will dish out EUR 200 million among renewable energy and energy efficiency projects in 2010, said deputy economy minister Evgeni Angelov. The funding will come under operational programme Competitiveness of the Bulgarian Econom...

Sopot: Workers of VMZ Sopot did not received salaries for 4 mounts

Tue, 10 Nov 2009 06:00:00 GMT

Nearly 4000 workers of VMZ Sopot are on the brink of survival, alarmed mayor Veselin Lichev. According to him people there have not received salaries and struggle for four months. They have twice received only BGN 100. The reason is not bad management ...

Kazanluk: BGN 600m investment in renewable energy sources on the territory of Kazanlak

Thu, 05 Nov 2009 01:00:00 GMT

Over BGN 600m will be invested on the territory of Kazanlak municipality in two projects - for a wind generation park of Vetrokom, an affiliate of the biggest Swiss electricity utility Alpik. The second project - for photovoltaics, is carried out by the...

Shoumen: Gas problems for heating Companies in Shumen and Vratsa

Thu, 05 Nov 2009 09:00:00 GMT

Heating Companies in Shumen and Vratsa are left without gas because of their debts to Bulgargas, confirmed the CEO of the gas-supplier Dimitar Gogov. Officials of both district heating companies alarmed that local subscribers, kindergartens and hospita...

Contracts for winter road cleaning will be signed soon

Wed, 04 Nov 2009 19:27:00 GMT

The first contracts for winter cleaning and current repairs are expected to be signed in six regional road offices in a few days. The commissions which examined and evaluated the offers submitted by candidate companies have already completed their work an...

Stolichna: 8 small Hydro Power Plants will be built in Sofia

Wed, 04 Nov 2009 15:14:00 GMT

A total of 8 small Hydro Power Plants (HPP) will be built in Sofia , announced at a press conference yesterday Deputy Mayor of Sofia Municipality Irina Savina. The design of the HPP system will start in 2010 and their construction will begin in 2011. Th...

Pernik: South Korean investment in town of Pernik

Wed, 04 Nov 2009 06:00:00 GMT

Companies from South Korea have expressed interest to invest in the new industrial zone near the town of Pernik . On 2 hectares, one of them plans to build an enterprise for growing, processing, and canning of special mushrooms and exporting them to the E...

Pirdop: Pirdop based Aurubis Bulgaria JSC invests BGN 3.6 million

Fri, 30 Oct 2009 02:00:00 GMT

Pirdop -based Aurubis Bulgaria will inject around BGN 3.6 million to install a 10 MW capacity at its copper smelter that will produce electricity from residual heat, said Nicolas Treand, chief executive of the local division of Germany’s Aurubis, the bigg...

Makresh: Elatsite-Med permitted for mining in area Selski Vrah near Makresh and Belogradchik

Thu, 29 Oct 2009 12:39:00 GMT

Mining company Elatsite-Med JSC ( Mirkovo ) has received another permit for the exploration of the area Selski Vrah, announced the Council of Ministers. Over the next three years the company will seek opportunities for mining of metal ores. The terrain f...

Gorna banya: Water bottling company Gorna Bania sold to Armenians

Thu, 29 Oct 2009 09:00:00 GMT

Bulgarian water bottling company Gorna Bania has been sold for almost EUR 25 million to Armenian nationals Gagik and Djavair Tsarukyan. Evgeni Goranov, one of the company`s former owners, confirmed that the deal was struck at the end of last week. Roughl...

Huge Austrian investment in Bulgarian spa industry

Thu, 29 Oct 2009 10:00:00 GMT

A huge Austrian investment in the Bulgarian spa industry will become a fact within months. A research of an Austrian company showed that Bulgaria is the most attractive place for investments, sources from the Bulgarian Union for Balneology and Spa inform...

Belene: Realization of Belene NPP will be delayed by 1-1,5 years

Wed, 28 Oct 2009 14:35:00 GMT

The realization of Belene NPP project will be delayed by a year or a year and a half as a result of German RWE`s decision to give up on the project, the upcoming competition for a consultant and project`s restructuring. It is still unclear whether projec...

Sofia: Information Services Plc will be privatized

Wed, 28 Oct 2009 05:00:00 GMT

Sofia : The state-owned Information Services will be privatized, said Finance Minister Simeon Dyankov. According to him, as a beginning the company will be "cleared" of alien activities to lease the buildings available in every city. In fact, Informatio...

Kyustendil: Large wind power park near town of Kyustendil

Tue, 27 Oct 2009 11:00:00 GMT

The German energy company is going to construct Bulgaria`s second largest wind power park near the southwest city of Kyustendil . The Kyustendil City Council has approved the project, which is planned to become operational in 2011. This will be the firs...

Pleven: Laid offs in glass factory Rubin JSC Pleven

Mon, 26 Oct 2009 11:06:00 GMT

About 100 workers of the glass factory Rubin JSC in Pleven will be laid off in the next month, Svilen Yankov, Director of the Labor Office in the city said. Still there is no official letter sent by the company. It is expected the workers to receive on...

Bulgaria aims 16% renewable energy by 2020

Thu, 22 Oct 2009 01:00:00 GMT

Bulgaria should bring on stream at least 150 MW of solar power capacity and as much wind each year through 2020 if it is to meet its 16% renewable energy target by 2020, an industry expert said. Speaking at a press conference of the newly-founded Bulgar...

Breznik: Canadian company started drilling for gold near towns of Breznik and Trun

Thu, 22 Oct 2009 11:10:00 GMT

Canadian company Euromax Resources Ltd. has started drilling for gold near the Bulgarian towns of Breznik and Trun . Euromax reported that it is now evaluating the potential of both deposits " for exploitation of the higher grade material with a low imp...