Category: Business news

Bulgarian Railway Co Faces Bankruptcy Unless Accounts Are Unblocked

Deputy Transport Minister Anton Ginev has cautioned that the Bulgarian State Railways (BDZ) company faces bankruptcy unless its accounts are unblocked.

In a Monday interview for mediapool, he said that the talks on the matter with the creditors of BDZ were cumbersome and difficult.

In early February 2014, German financial institution FMS Wertmanagement froze the bank accounts of BDZ over overdue debts of EUR 11 M. Read more

Bulgaria Among Popular Passover Destinations for Israeli Tourists

Israeli citizens prefer to spend the Passover festival in Turkey, Greece and Bulgaria, according to Turkish tour operators, Bulgarian National Radio reported.

Turkey is the destination of choice for some 6,300 Israeli citizens celebrating the eight-day festival of Passover, also known as Pesach, beginning on 15 April, Turkish Haberler informed.

The second most preferred holiday destination is Greece, followed by Italy and Bulgaria.

Meanwhile, Turkish Airlines has launched eight flights to Israel a day.

Bulgaria’s Municipalities to Get EUR 630 M Under EU Program

Bulgarian municipalities are to receive EUR 630 M from the new Program for Development of Rural Areas, Deputy Agricultural Minister Yavor Gechev said.

Gechev added that a systematic approach of “analysis, costs and benefits” is to be applied to the project which are to be carried out under the program, with the aim to manage them more efficiently, has reported.

Infrastructure is the top priority for which funds are to be allocated, as they enable most industrial, commercial and agricultural activities.

The building of roads is due to go hand in hand with setting up facilities for broadband Internet in areas where access is limited.

In granting money, priorities will be determined by the specific profile of a certain rural area.

Projects enhancing tourism in areas which are a traditional holiday destination, for example, are more likely to receive support.

Bulgaria’s Foreign Direct Investment Tumbled in Feb 2014

Foreign direct investment in Bulgaria for January – February 2014 increased by EUR 114.1M or 0.3% of GDP, according to Bulgaria’s National Bank preliminary data.

Foreign direct investment in Bulgaria for February 2014 increased by EUR 41.3M, compared to an increase of EUR 152.5M for February 2013 which is a drastic decline of 72.9% on an annual basis.

The attracted Equity Capital for January – February 2014 amounted to EUR 42.3. It decreased by EUR 151.9M compared to that attracted in the same period of 2013 (EUR 194.2M).The receipts from real estate investments of non-residents amounted to EUR 12.3M, compared to EUR 17.5M attracted in January -February 2013. Read more

Bulgaria’s Unemployment Rate Remains Unchanged In March

Unemployment rate in Bulgaria in March retained its level of 12.2%, shows data of the Employment Agency.

The percentage is unchanged, compared to January and February of this year. According to the head of the agency Asen Angelov, this was a good sign because it stopped the trend of increasing unemployment and because in winter unemployment traditionally grew. Read more