16.03.2010

The real estate market at present

Bulgaria Still No. 1 on Russia's Real Estate Market

Bulgaria remains on the top of the list of the Russian real estate market, according to the organizers of the first in Russia international competition for best vacation properties. The competition is affiliated with the Russian edition of the 35-year-old British “Home Overseas.” 250 projects applied to participate in the competition and 18 made the final cut, of them 3 Bulgarian – in the beach towns of Sozopol and Shkorpilovtsi and in the winter resort of Pamporovo. According to the Russian real estate agencies dealing with Bulgarian properties, the crisis had not affected negatively Russian ...

16.03.2010

Housing loans

Bulgaria February Mortgage Credit Shoots Up 9%

Bulgaria's mortgage credit market rose by 9% in February, when compared to January, as the result of new credit products and positive media presentation of offers. Bulgarian banks contributed to the rise by offering new credit facilities in February. Together with an easing of interest rates, which are now once again approaching pre-crisis levels, the financial institutions are now returning to the practise of prior credit approval. The advantage of prior approval is that potential buyers receive advice that allows them to properly evaluate their budget for purchasing a new home, and to achieve ...

16.03.2010

Economy

Bulgaria Power Utility EVN to Invest BGN 100 M in New Plant

Bulgaria’s Austrian-owned power utility EVN announced it planned to invest BGN 100 M in a new electricity and heating plant.The new power plant will be constructed by EVN Bulgaria near the Plovdiv North Heating Plant.The new facility will be fully funded by EVN, announced Jorg Sollferner, Manager of EVN Bulgaria Toplofikatsia EAD.EVN has picked Siemens to execute the project after a tender. The Manager of Siemens Bulgaria, Boryana Manolova, has stated that the company will hire Bulgarian firms as subcontractors, as cited by BGNES.The ground breaking ceremony of the new plant is planned for June ...

16.03.2010

ABOUT BULGARIA

Bulgaria Archaeologists, Architects Move to Save Cybele Temple

A commission of archaeologists and architects is set on securing a National Monument status for the temple of Greek goddess Cybele in Bulgaria’s Balchik. The absolutely unique Cybele temple was uncovered by accident in April 2007 at the construction site of a hotel owned by a local entrepreneur. The special commission has been appointed by Culture Minister Vezhdi Rashidov in order to figure out how to preserve the temple. The status of a National Monument is going to bring a total ban of any construction activities in the area of the Cybele temple. Currently, the invaluable archaeological site ...

16.03.2010

Interesting

Irish Street in Bulgaria's Chepelare Set for Official Opening

Irish Ambassador to Bulgaria Geoffrey Keating is set to attend the opening of ‘Irlandia’ (Ireland) street in Bulgaria’s winter resort town of Chepelare next week. Keating, alongside an Irish orchestra who will play with Chepelare bagpipers, is set to open the Irlandia street, which is located in the upper part of the town. According to reports 20-25 foreigners live in the neighborhood. The local Chepelare municipality reported last year that it has not spent a dime on the overall infrastructure of street, and the entire expenditure has been borne by the "Chepelare Irish". Local Chepelare residents ...

16.03.2010

Tourism

Easy Hotel Opens Doors in Bulgaria's Capital

The first Bulgarian hotel from the UK-based budget chain easyHotel is opening doors in Sofia, the company announced. The hotel in downtown Sofia has 57 rooms on 9 levels. The investment is estimated at BGN 900 000. Prices start at EUR 10 per night. The “easyHotel” chain is the first international company for budget hotels in Bulgaria. The chain is part of the “Easy Group” holding, which already operates budget flights in the country. The hotels offer low prices for basic services such as accommodations and room cleaning while customers pay additional fees if they wish to order internet services, ...

16.03.2010

Tourism

Bulgarian Tourism Optimistic about German Market

Bulgaria's Deputy Minister of Economy, Energy and Tourism, Ivo Marinov, traveled to Germany Friday to present Bulgaria as a year-round tourist destination at the International Travel Trade Show, ITB. The largest tourist expo, ITB, opened in Berlin Tuesday with the participation of over 11 000 companies from 187 countries. Marinov told perspective travelers that beach vacations, ski trips, ventures to cultural and historical sites, SPA and Wellness, are only a fraction of possibilities that await them in Bulgaria. The Deputy Minister stated that the good price – quality ratio makes Bulgaria a very ...

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 ...