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Bulgaria Ex PM Stanishev: Budget Deficit Fault of Finance Ministry
Bulgaria's Finance Ministry is to be blamed for the country's budget deficit, according to former Prime Minister Sergey Stanishev.
Stanishev, who is also the leader of the opposition Bulgarian Socialist Party, pinned the current budget deficit on the failure of the Finance Ministry to collect all due revenues.
"Minister Dyankov's statement that the budget deficit, which is expected to be over BGN 1 B as of the beginning of this year, is intentional is misleading: the real reason for the defic...
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Date: 2010-03-11 17:03:15 | Source: Novinite.com
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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....
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Date: 2010-03-11 15:52:53 | Source: Novinite.com
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Bulgaria Employers, Industrialists against Health Tax Hike
A confederation, bringing together employers and industrialists in Bulgaria, has voiced vehement opposition to the government's plan to raise the health tax.
"The government is likely to repeat the hike on a regular basis, which will deal a heavy blow to the levels of unemployment in Bulgaria over the next few years," the Confederation of Employers and Industrialists in Bulgaria (CEIBG) said in a statement.
According to the confederation the 2 percentage-point rise in health insurance levies t...
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Date: 2010-03-11 15:02:07 | Source: Novinite.com
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2nd Austrian Claim Rejected by Bulgaria Anti-monopoly Watchdog
The complaints of the Austrian road construction consortium "Strabag" and the Greek builder "Terna" over the "Trakiya" highway public tender with Bulgaria's Commission for Protection of Competition (CPC) have been rejected.
CPC informed Thursday that the dispute regarding the selection of the contractor to build Lot 2 of the highway - the Stara Zagora - Nova Zagora section and the request to halt the public tender are unfounded.
In the beginning of February it was announced that the lower bid ...
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Date: 2010-03-11 14:47:21 | Source: Novinite.com
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Rally Protests against Potholes in Bulgarian Capital
About a dozen protesters gathered in a rally that took place in Bulgaria's capital Sofia over the poor street conditions.
The protesters gathered in front of the Sofia Municipality building to submit an official statement with their demands, with a couple of them dressed in costumes of traditional Bulgarian mummers, or "kukeri."
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Date: 2010-03-11 14:36:52 | Source: Novinite.com
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Bulgaria Said to Face Greek Crisis Repeat
Bulgaria's economy is threatened to nosedive into a new wave of the crisis, bringing about a Greek-like debacle, unless the government takes urgent measures, right-wing politicians and analysts have warned.
"We see the government taking chaotic steps, triggered by panic, without a clear concept for tackling the crisis. If the government sticks to this line, we are heading for a new wave of the crisis," Martin Dimitrov, leader of the biggest right-wing party in Bulgaria UDF, said, as he presente...
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Date: 2010-03-11 13:52:03 | Source: Novinite.com
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HSBC Reports Data Theft on 15,000 Swiss Accounts
HSBC Holdings Plc's Swiss private bank said it suffered "serious data theft" affecting about 15,000 Swiss-based accounts.
The data was stolen by a former information technology employee about three years ago, the Geneva-based unit of HSBC said in a statement. French authorities, which seized the data, have told their Swiss counterparts that they won't use the information "inappropriately," the bank said.
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Date: 2010-03-11 12:20:37 | Source: Novinite.com
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Bulgaria Finance Minister Sets out for Netherlands, UK
Bulgaria's Finance Minister Simeon Djankov is heading Thursday for a working visit to the Netherlands and the UK.
Djankov is meeting Dutch Finance Minister Jan Kees de Jager Thursday afternoon.
On Friday, Bulgaria's chief financier will be in London for meetings with the President of the European Bank for Reconstruction and Development Thomas Mirow and the EBRD chief economist Erik Berglof.
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Date: 2010-03-11 11:32:41 | Source: Novinite.com
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End of Snow March Madness in Bulgaria
The weather situation in Bulgaria has started stabilizing after the unusually inclement weather has threatened to paralyze the country for the past several days.
In the south-central part of Bulgaria, the district of Haskovo, electricity has been reinstalled and all roads have been opened up, although the state of emergency has been not called off.
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Date: 2010-03-11 11:03:56 | Source: Novinite.com
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Bulgaria's GDP Down Only 5% in 2009
Bulgaria's gross domestic product fell by 5% in 2009, ending a three-year growth pattern, the National Statistics Office in Sofia said on Thursday.
The slump has been revised upwards from the flash data that the statistics office provided a month ago, according to which the Bulgarian economy in 2009 shrank by 5,1% over 2008.
The contraction, which followed robust growth of 6,2 and 6% in 2007 and 2008, reflects the global economic crisis, the NSI said.
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Date: 2010-03-11 10:51:38 | Source: Novinite.com
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Bulgaria's GDP Down 5% in 2009
Bulgaria's gross domestic product fell by 5% in 2009, ending a three-year growth pattern, the National Statistics Office in Sofia said on Thursday.
The slump has been revised upwards from the flash data that the statistics office provided a month ago, according to which the Bulgarian economy in 2009 shrank by 5,1% over 2008.
The contraction, which followed robust growth of 6,2 and 6% in 2007 and 2008, reflects the global economic crisis, the NSI said.
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Date: 2010-03-11 10:51:38 | Source: Novinite.com
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Finance Minister: Bulgaria Won't Be Another Greece
Bulgaria's Finance Minister, Simeon Djankov, has vowed to stick to the country's restrictive budget in order to avoid financial instability.
"Our 2010 budget is such that we will execute it as we have planned. We are not going to get into such economic and social trouble as in Greece and many other states around us," Djankov told the Parliament Thursday.
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Date: 2010-03-11 08:28:58 | Source: Novinite.com
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Sofia-Athens Flights Canceled over Greece Strike
All flights between Bulgaria and Greece have been canceled, the Sofia Airport announced.
The reason for the cancelations is the all-out 24-hour strike in Greece, which also includes the air transport personnel.
The inclement weather has not affected the work of the airport in Sofia, and all other flights are executed as planned.
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Date: 2010-03-11 08:00:40 | Source: Novinite.com
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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 be...
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Date: 2010-03-10 17:00:16 | Source: Novinite.com
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Bulgaria January Construction Index down 31% Y/Y
In January 2010 the construction production in Bulgaria is down 31% year on year, data published by the National Statistics Institute (NSI) reveals.
The reduction is explained by the crisis in building construction - over 38% less compared to January 2009.
In the infrastructure construction, the decrease is 12% year on year, which according to NSI experts, is a sign building contractors are redirecting their attention....
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Date: 2010-03-10 15:15:42 | Source: Novinite.com
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Bulgaria Industrial Output Down 0,9% in January y/y
Industrial production in Bulgaria decreased 0,9% year-on-year in January, compared to the 12,1% fall in the previous month, shows data from the national statistics office.
On a monthly basis, industrial output declined 14,7% in January, after falling 0,7% in December.
Production of electricity,gas,steam and air conditioning supply increased 1,1%, while that of energy products - more than 6%.
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Date: 2010-03-10 14:18:23 | Source: Novinite.com
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