Buy & Sell Bulgaria Insight Newsletter

Further to the charity auction, it is with great pleasure to inform you that the funds collected, which exceeded the amount of € 500, have been spent on training suits, sneakers, slippers, T-shirts and croissants for the children of orphanage “Nadezhda” in Varna. The kids were very happy and thank all of you, who helped them to be dressed, have shoes on and that they have not been forgotten.

We would like to use this opportunity, once again, to thank you for your big hearts.

The creation of three secondary Town Centers is one of the ideas in the preliminary draft of the General Development Town Plan of Varna. Not only such will appear in the well known largo (town center), but also in Borovets, Vinnitsa and the residential quarter “Vladislav Varnenchik”. This became clear in the presentation of the preliminary draft of the General Development Plan of Varna, reported moreto.net.

The concept of the project consists of reconstruction and modernization of the present infrastructure, complex urbanization of new territories/areas, situated in the outskirts of the city, the expansion of the resident areas north-east towards St.Nikola and Gorna Traka neighborhoods, south-east to Borovets and Rakitnika. Provisions have been made for further extension of the central city area to the south and southwest, explained the Project Team Leader Prof. Ivan Nikiforov.

The creation of the three new Centers is only a small part of the surprises. The General Development Plan outlines an expansion of the industrial area to the north-west coast of the lake to the village of Topoli. Thus the industrial area will be connected to the container port, to be built in future. Except the present Bus Station, three new coach stations are going to be revealed. They will be located respectively in the residential quarter Kaisieva Gradina and Alexander Dyakovich Str.

As per the preliminary General Development Plan, the Sea Gardens will have competition by the expansion of the Nature Park in Asparuhovo to Cape Galata. An ethnographic park is going to be created in the area of the village of Konstantinovo, region of Elenitsa, which is the property of Eurolink Investment Group. The village which is expected to be a tourist’s magnet, will consist of traditional houses built in accordance to the rational Bulgarian Architecture, workshops for craftsmen and artists, three village squares around artificial lakes with coffee shops and Mechanas (taverns) and a Roman style Amphitheater for Spring and Summer Festivals.

The General Development Plan was developed by the Territorial designers’ bureau in Varna and the National Center for territorial development. The project is going to be reviewed at a meeting of the Municipal Council in the end of August. When adopted, it will be immediately presented to the National Town-planning Council of Experts for final approval. It is expected to go into practical introduction in early 2009.

Bulgaria ranks first in the EU in the implementation of the Internal Market laws as it has incorporated all of them in its legislation.

The news was reported by euobserver.com, which announced that the European Commission commended the EU member states as a whole for approaching the goal of less than 1% of Internal Market laws left to be implemented.

Romania, which joined the EU together with Bulgaria on January 1, 2007, is ranked third with seven laws left to implement. Slovakia, Germany, and Latvia are second, fourth, and fifth respectively.

The Czech Republic and Portugal are doing worst under these criteria with 42 and 32 laws left to implement.

At the same time, Romania, Bulgaria, and Lithuania are the three EU states with the fewest infringement procedures, with France, Spain, and Italy having the greatest numbers of infringement cases.

From The Financial Times
By Ilian Vassilev

After a year and a half of European Union membership, Bulgaria is undergoing a reality check. While the country is enjoying strong economic growth, there is growing popular frustration over a wide gap with “old” Europe in standards of living and social protection.

Consumer protests against fuel prices have so far been muted in Bulgaria. But planned increases in the cost of basic utilities and public transport could spark discontent on a larger scale.

Yet the global credit squeeze has had only a moderate impact.

Economic growth, projected at 5 per cent for 2008, remains among the highest in the European Union. The stock market has been hardest hit - although the sharp fall in prices has encouraged Bulgaria’s largest companies to consider offerings on leading international stock exchanges.

Strong credit growth, at about 55 per cent last year, underlines the strength of Bulgaria’s recovery from the economic collapse of the 1990s. A modest decline in growth rates may even prove healthier and prevent overheating in certain sectors.

READ MORE »

In May 2008 compared with April 2008, industrial production fell by 1.9% in the euro area and by 1.4% in the European Union (EU). In April production grew by 1.0% and 0.3% respectively.

In May 2008 compared with May 2007, industrial production decreased by 0.6% in the euro area and by 0.5% in the EU.

These data is released by Eurostat, the Statistical Office of the European Communities. It shows that Bulgaria registered industrial growth of 3,3 % in May compared to April and of 8,6% on an annual base.

Among the Member States for which data are available for May 2008, industrial production fell in eighteen and only rose in Ireland (+13.3%), Bulgaria (+3.3%) and Romania (+0.5%). The most significant falls were registered in Lithuania (-7.5%), the Netherlands (-6.0%), Portugal (-5.7%) and Latvia (-5.6%).

In May 2008 compared with May 2007, production of capital goods increased by 2.2% in the euro area and by 1.9% in the EU27.

Among the Member States for which data are available for May 2008, industrial production rose in twelve and fell in nine countries. The highest increases were registered in Ireland (+9.2%), Bulgaria (+8.6%) and Denmark (+7.4%), while the most significant decreases were recorded in Latvia (-8.1%), Estonia (-6.7%) and Greece (-6.6%).

Bulgaria chose the Madarski Konnik (Madara Horseman) for the design of the future Bulgarian Euro coins after one-year debates in the framework of the national symbol campaign.

The relief near Bulgaria’s town of Shumen gathered a total of 25% of all citizens across the country, who voted for months to choose between the rose, the Rila monastery, Madara Horseman and the Cyrillic alphabet.

Bulgaria’s President Georgi Parvanov also attended the final discussion, which took place in the National museum of History.

The relief depicts a majestic horseman thrusting a spear into a lion lying at his horse’s feet while an eagle is flying in front of the rider and a dog is running after him. The scene symbolically depicts a military triumph and was engraved in the rock during Khan Tervel’s rule at the beginning of the 8th century.

There are many birthday boys and girls in August. Stephanie Violaris (Chris’s daughter), our colleagues Miro Vladov (Executive Manager of Eurolink Finance)and Krassi Naydenov (Security), and our clients and good friends Maria Phylactou, Ian Green, Andreas Efstathiou, Demetra Nicolaou, Kyriacos Kyriacou, Antonis Matthaiou, George Kyriakides, Brian Davies, Allison Mundy and Karen Gatt, have their special day this month. We would like to wish them all Many Happy Returns and the best of luck!

It is our company policy to celebrate all Great Events!!!

A word regarding our working hours and staff available during the Summer Holidays. The office will be closed during the period 25-31 August. Arrangements have been made to deal with any emergency requests.

Some people dream of success…while others wake up and work hard at it.