The natural conditions in Romania and Bulgaria make these countries some of the best placed in Europe for producing wind energy. Interest in investing in wind power is high in both countries, but legislative ambiguity and the limited capacity of national electricity grids are delaying the building of new wind parks.
Bulgaria could have a wind power production capacity of 3,400 MW in a few years, according to the European Bank of Reconstruction and Development (EBRD). Unlike Romania, Bulgaria is at the moment highly dependent on energy imports, taking most of the fossil fuels it uses from Russia.
Madonna’s concert in Sofia attracted 60 000 fans who enjoyed the amazing atmosphere of the largest event of that kind to ever take place in Bulgaria. Photo by news.bg
US pop star Madonna rocked the Bulgarian capital Sofia Saturday night from 10 pm until 12 am in her first ever concert in Bulgaria.
Some 60 000 fans filled the Vasil Levski Stadium in downtown Sofia in what is the largest musical event of its kind to ever take place on Bulgarian soil.
The concert started shortly after 8 pm and the crowd was warmed up with various disco beats and mixes for about an hour.
Instead at 9 pm as advertised earlier, Madonna appeared on stage at about 9:55 pm. In the one hour before that the eager fans entertained themselves with more than 150 audience (so-called Mexican) waves.
Madonna’s amazing show that the 60 000 Bulgarians and foreigners saw in Sofia featured a look-alike of Michael Jackson, performing the famous moon walk. The King of Pop who died at the end of June 2009, would have celebrated Saturday, August 29, 2009, his 51st birthday.
In addition to her top hits, Madonna’s concert also included messages for religious tolerance and civic activism - something to which the Sofia audience responded with great cheers and enthusiasm.
One of the more provocative moments of the concert was when Madonna French kissed another woman - one of the dance performers on the stage.
Despite the concert’s truly exciting atmosphere the audience failed to summon Madonna for any curtain calls after the huge screens on the 85-meter long, 40-meter high stage said “Game Over”.
A total of 450 security personnel - the largest such number ever employed in Bulgaria for a single event - were in charge of keeping Madonna’s concert in Sofia in order; police were largely not visible until the very end of the show when they helped regulated the exits and the routes to the closest public transport and subway stations. No accidents have been reported during the concert.
CHOOSE LIFE is a campaign initiated and financed by Eurolink Investment Group since 2007. Its main objective is to encourage and support young, ambitious and talented people.
Choose Life 2008 - Football Tournament Winners
Over the past few years foreign investments, capital and know-how were actively encouraged in Bulgaria. As key factors for the country’s development and the improvement of Bulgaria’s national and international status, they are solid prerequisites for our secure and better future. In attempt to do what it takes to achieve this objective, while taking all the necessary measures to deal with the present economic crisis, we often neglect the young generation, the future of Bulgaria. Our main priority should be to spend more quality time with the young generation, guide them, share knowledge and experience with them, as well as create numerous opportunities for the times to come.
One of Bulgaria’s most gifted comedy actors Georgi Kaloyanchev made an appearance in front of a crowd of film lovers in Varna. Photo by log.bg
The ‘Love is Folly’ International Film Festival, held every year in Varna, runs this year from August 28 to September 3.
The Festival was officially opened by Culture Minister, Vezhdi Rashidov, in the Black Sea city at 19:00.
Tatyana Lolova, Georgi Kaloyanchev and Nikola Anastasov made appearances in front of a crowd of film fans. 50 films from 20 countries from three continents will be shown, all of which have themes relating to love, passion and the folly that these emotions engender.
The russian movie, ‘Admiral’ by Andrey Kravchuk had the honour of opening the festival. There is no doubt for the interest that the two movies with bulgarian participation provoked. They are ‘Prima Primavera’ starring Vesela Kazakova and Djoko Rosich and ‘St. George Shoots the Dragon’ with Stefan Danailov in one of the main roles.
Saturday will be the first time that the Festival has focused on Indian Films. One of the highlights of the Festival will be the showing of ‘East Meets Barry West’, an English-Bulgarian joint production, starring rapper Misho Shamara.
There will be two panoramas, dedicated to the Bulgarian movie heritage. One of them is in memorial of the great Bulgarian actor Petar Slabakov and the other is dedicated to the work of the script writer Georgi Mishev.
Main accent in ‘Love is folly’ will be the newest german cinema. The Bavarian program includes six movies. Among them you can see the winner of the Silver bear prize of this year’s Berlinale - ‘All the other’, directed by Maren Ade. Another accent in the program is the panorama of the movies with the russian actor Oleg Yankovski. You will be able to remind masterpieces like ‘Tsareubiytsa’, ‘Flying Asleep and Awake’, ‘My Tender’ and ‘Affectionate Beast’.
Among the guests of the festival will be the Georgian director Nana Dzhordzhadze and the American director Celik Kayalar. Their movies - ‘The Rainbowmaker’ and ‘Moonlight sonata’ are also included in the program.
The reduced flow of foreign investments is one of the main reasons for the crisis in the Bulgarian economy. The records for the first six months indicate an economic drop of 4.2% in comparison with the same period of 2008. Meanwhile, countries like Germany, one of the main foreign trade partners of Bulgaria, observe some positive signals for getting out of the recession. In addition, world well-known trade-marks, which did not have representations in our country up to now, are expected to open their shops in Bulgaria this autumn. According to the Executive Director of the Bulgarian Investment Agency, Stoyan Stalev, a foreign capital of BGN 2 billion will be invested in the Bulgarian economy.
The data for the first six months of 2009 indicate that the FDI have reached about € 1.6 billion. This is about 30% less than the reported statistics for the same period of last year. All the same, this is a satisfactory result, considering the difficult year experienced worldwide. At present, the leading spheres of activity, in which investments are being made, are the financial, the commercial, the real estate and the industrial sectors.
Stalev explains that Bulgaria has a good legal system; companies are quickly registered by foreigners in Bulgaria and they enjoy an equal treatment like the Bulgarian citizens. There are also no limitations on the capital and the profit exportation.
The Bulgarian government, all EU member-states and countries outside the community share Stalev’s idea of major investment projects to be financed by the state, however, this is possible once we enter a more favourable fiscal year.
Bulgaria’s PM Borisov with Olympic Committee President, Stefka Kostadinova (right). Photo by BGNES
Bulgaria’s new government of the GERB party is considering the opportunities for giving tax breaks to companies sponsoring sports activities and investing in sports facilities.
This has become clear Thursday as Bulgaria’s Prime Minister, Boyko Borisov, met with the head of the Bulgarian Olympic Committee, Stefka Kostadinova, who set the Olympic women’s high jump record in 1996.
The meeting between Borisov and Kostadinova was also attended by Sports Minister, Svilen Neykov, and Deputy Finance Minister, Vladislav Goranov. The top officials agreed to carry out a survey of the best European practices for stimulating private investors to sponsor sports events and facilities.
Bulgaria’s largest Black Sea city of Varna is a more popular tourist destination than the country’s second largest Black Sea city of Burgas.
This becomes clear from data announced Thursday by the Territorial Statistical Bureau in Varna.
Even though the Varna District, which occupies most of Bulgaria’s northern Black Sea coast, has fewer hotels and accommodation spots, and fewer beds, it attracted more visitors than the Burgas District, which takes up Bulgaria’s entire southern Black Sea coast, in the second quarter of 2009.
The Varna District has a total of 403 accommodation establishments (hotels, motels, camping sites, etc) with 53 448 beds. It registered 231 000 hotel stays in April-June 2009.
This is 10,1% more visitors than the 209 800 hotel stays in the Burgas District, which has 870 accommodation spots and 85 649 beds.
Borisov was speaking after opening a new section of renovated road close to the Varna train station. Photo by BGNES
Bulgaria PM Boyko Borisov has pledged to invest BGN 20 M in the road infrastructure in the Black Sea city of Varna.
Borisov stated that the money will be invested as soon as the Varna municipality comes up with the necessary projects, BGNES reported Saturday. He was speaking after opening a new section of renovated road close to the Varna train station.
Currently BGN 23 M has been spent on the renovated section of Devnya street in Varna, BGN 14 M of that has come out of the municipality budget.
The new investment will most likely be used to renovate sections of roads between the Varna neighborhoods and the center as well as the main central boulevards and the section of tarmac outside the Metro hypermarket.
With reference to the recent amendments made in the Bulgarian Commercial Law and the Commercial Register Law in accordance with the EU Legislation System, herewith we would like to inform you that all companies registered in Bulgaria, have to be re-registered as required by the provisions of the above quoted laws. An announcement for the compulsory company re-registration was previously published on our company’s websites:
Bulgaria’s CO2 emissions reached 52,8 M tons in 2008, making it one of the few EU countries to achieve its targets under the Kyoto Protocol.
Global carbon dioxide emissions in 2008 rose 1,94 % year-on-year to 31,5 B tons, German renewable energy industry institute IWR said on Monday, based on official information and its own research on 65 countries worldwide.
Kyoto set Bulgaria a target of an 8% reduction in carbon dioxide emissions based on 1990 statistics, when Bulgarian emission reached 75 M tons. Currently the emissions are 30% less.
PM Boiko Borissov submitting his list of cabinet ministers to President Georgi Purvanov
Bulgaria’s new government headed by Prime Minister Boyko Borisov of The Citizens for European Development of Bulgaria (GERB) party was sworn in Monday morning. Bulgaria’s parliament expectedly approved the structure of the center-right government of Boyko Borisov, leader of the winner in the recent general elections GERB, voting 162-77.
The new Bulgarian government consists of 15 Ministers. Former senior World Bank economist Simeon Djankov is the new Minister of Finance; the GERB party Chair Tsvetan Tsvetanov is the new Interior Minister; Sofia Deputy Mayor Yordanka Fandakova is Minister of Education. The biggest surprise in the new government is Traycho Traykov, procurist of EVN electricity distribution company, who headed the Ministry of Economy, Energy, and Tourism. Sculptor Vezhdi Rashidov is the Minister of Culture; former MEP Nikolay Mladenov - Defense Minister, and prosecutor Margarita Popova - Justice Minister. MEP Rumiana Jeleva took over the Foreign Ministry, and the Mayor of the city of Vratsa Totyu Mladenov - the Social and Labor Ministry. Bozhidar Nanev, GERB MP and surgeon at Varna University Hospital is in charge of the Health Ministry. Construction businessman Rosen Plevneliev will be Regional Development Minister. Environment consultant Nona Karadzhova is the next Environment Minister. Alexander Tsvetkov, currently Deputy Mayor of the capital Sofia, is the new Transport Minister. Miroslav Naydenov took over the Agriculture Ministry, after MP Dessislava Taneva withdrew her nomination in the last minute. Bozhidar Dimitrov, the director of Bulgaria’s National History Museum is Minister without a portfolio in charge of the Bulgarian citizens abroad. Svilen Neykov, Bulgarian rowing champion and coach and husband of Bulgarian Beijing Olympics gold medalist Rumyana Neykova, are in charge of the newly created Sports Ministry.
In 2008, Bulgaria had the lowest price level for goods and services of all 27 EU member states, according to latest Eurostat data.
The most expensive EU countries are Denmark with 141% of the EU average, followed by Ireland (127%), Luxembourg (116%), Sweden (114%), Belgium and France (both 111%).
Bulgaria’s consumer prices for goods and services were only 51% of the EU 27 average. Other cheapest EU states are Romania (62%), Lithuania (67%), and Poland (69%).
In the different categories of goods and services, Bulgaria’s price levels are lowest in the EU for food and non-alcoholic beverages in 2008 - 67% of the EU 27 average compared to the most highest level - 147% of the average in Denmark.
For cigarettes Romanians paid the least, while smokers in Ireland had to pay dearly.
Clothes are one of the goods, which prices did not vary so much during the period under review. However they were the cheapest in the UK and the most expensive clothes were the ones in Finland.
Again, in the UK electronics could be purchased at a profit, while in Malta they were the most expensive good.
In addition, Bulgaria’s prices for restaurants and hotels services were only 40% of the EU average, whereas the highest prices in the Union in this category, Denmark’s, are 151% of the EU average.
The Black Sea highway will include expansion and connection of already existing roads. Photo by BGNES
Russia approved the project to build a highway around the entire coastal line of the Black Sea for the amount of USD 1 B. The news was reported by the Bulgarian Information Agency, BTA.
The highway will be 7,140 kilometers long and will pass through 12 countries. It will connect Turkey, Georgia, Russia, the Ukraine, Moldova, Romania, Bulgaria and Greece. It will have at least four lanes while construction works will include the expansion and connection of already existing roads.
Topsport - The contract for F1 will be signed on Friday
By Svetla Dimitrova
The track will be constructed most probably near Varna because of its infrastructure.
The president of the Bulgarian Federation of Motor-cycling (BFM) Bogdan Nikolov announced, that Bulgaria would sign a contract to host the F1 Grand Prix with the promoter of the World Championship Bernie Ecclestone on Friday, July 10, 2009, the online edition of the newspaper Dnevnik announced.
The Chairman of the Organization Committee of Bulgaria’s Grand Prix Mr. Rumen Petkov, representatives of private investors and the Deputy Minister of Finance Kiril Ananiev, should meet with Ecclestone before Germany’s Grand Prix at Nürburgring, where the contract should be signed.
The meeting is under question because Ecclestone would not travel on Thursday, due to his recent problems caused by his extreme statements about Hitler, but most probably he would join the Grand Prix at Nürburgring later on. READ MORE »
The Bulgarian flag and the flag of Europe were put on the highest pylons with flags in Europe. This project was organized and initiated by the Ministry of State Administration and Administrative Reform of Bulgaria. ‘Varna is number 1, by another indicator’, said Minister Nikolay Vassilev at the official raising of the flags.
The Mayor of Varna, Kiril Yordanov, the Regional Governer, Hristo Kontrov and hundreds of citizens of Varna were present at the ceremony. The Bulgarian and European Union anthems were performed by the Naval Force brass-band.
The pylons are located near the Sea Garden, by the Varna-Golden Sands motorway. The flags are more than 294 sq.m (21.5 m. x 13 m.), which is the size of the biggest flag in Europe situated in Madrid.
According to minister Vassilev the ambition was the sea capital to have the highest pylons and the biggest flags on the European continent. They are 52 m. high, and are lit in the night and can be seen from the whole gulf of Varna and from almost every place in the city, said minister Vassilev.
Varna, being the 3rd largest city in Bulgaria, has the highest rate of construction of new buildings in the past couple of years, in comparison to other towns in the country.
For many years now the Sea Capital is one of the most attractive destinations to locals, as well as to foreign investors. The opportunities, which the city offers with its sea outlet, are many.
Apart from the transport connections to Russian and Ukrainian Black Sea ports, the city is also one of the most popular tourist destinations in Bulgaria as well as abroad. Every summer season Varna and the surrounding tourist complexes are visited by thousands of holiday-makers from Russia, Germany, the Scandinavian countries and many others.
In the past couple of years many construction companies and private investors are looking towards Varna and the region, where most of them have succeeded in realizing major projects.
Eurolink Investment Group is one of the major investors in the Varna region. Their vision is to create a brand new city, New Varna, which will become a preferred place for living, raising children and retiring. They aim to create a modern and environmentally friendly city, which will offer high standards and quality of living to its inhabitants. Below are some of the Group’s projects:
Πληροφορούνται οι κατοχοι τεμαχίων γης στίς περιοχές PANORAMA-SPRINGFIELDS-OLD VINES-MARINA HILLS-GOLF HILLS-ACROPOLIS στην ενορία Κωνσταντίνοβο της Βάρνας που έχουν εκδηλώσει πρόθεση να πουλήσουν τα τεμάχια τους στην κοινοπραξία STERLING-STERN-ZENITH JV ότι:
1- Θα πρέπει ΑΜΕΣΑ να προχωρήσουν στην επιβεβαίωση της πρόθεσης τους, αποστέλλοντας γραπτό μήνυμα στα γραφεία της κοινοπραξιας στη ηλεκτρονική διευθυνση sterling.stern.zenith.jv@gmail.com.
2- Για να γίνει δυνατή η μελέτη και αποδοχή μιας τέτοιας πρόθεσης από την κοινοπραξία είναι απαραίτητο να αποσταλούν από τους ενδιαφερομένους μια σειρά από έγγραφα που σχετίζονται με την κυριότητα και κατοχή του τεμαχίου.
3- Τα έγγραφα αυτά τα οποία εκδίδονται επίσημα από τις Βουλγαρικές Αρχές, μπορούν οι ενδιαφερόμενοι να τα εξασφαλίσουν έναντι πληρωμής από οποιοδήποτε δικηγορικό γραφείο, αρκεί να δοθούν οι σχετικές οδηγίες και να πληρωθεί το τέλος από τον ενδιαφερόμενο ιδιοκτήτη. Το τέλος αυτό ανάλογα με το δικηγορικό γραφείο μπορεί να κυμανθεί από 500 - 1000 ευρώ.
4- Το νομικό τμήμα του Ομίλου μας αναλαμβάνει την έκδοση των πιο πάνω εγγράφων, έναντι προπληρωτέας αμοιβής η οποία έχει καθοριστεί στα 500 ευρώ. Δέον να τονισθεί ότι ο Ομιλος μας δεν έχει καμιά υποχρέωση να εκδόσει τέτοια εγγραφα ούτε και οι ιδιοκτήτες τεμαχίων είναι υπόχρεοι να χρησιμοποιήσουν τις δικές μας υπηρεσίες.
5- Σε καμία περίπτωση το νομικό τμημα του Ομίλου δεν πρόκειται να αναλάβει την έκδοση των πιό πάνω εγγράφων εάν προηγουμένως ο ενδιαφερόμενος ιδιοκτήτης δεν προκαταβάλει το σχετικό ποσό είτε στα γραφεία μας στη Λευκωσία, ή στα Κεντρικά γραφεία του Ομίλου στη Βάρνα - Βουλγαρίας.
Για περσότερες πληροφορίες, παρακαλούμε να επικοινωνείτε με τη Δ/δα Αναστασία Πιπερίδου, δικηγόρο στο τηλέφωνο 22371512.
Revolutions often take place in a time of crisis. Some significant changes took place in Bulgaria since the beginning of the crisis in the real estate sector. Developers and real estate agents affirm that now it is the buyer to dictate the rules on the market. But does he know it?
Demand for homes is a steady constant. It is to remain in Bulgaria with or without a crisis. Official statistics show that 96% of Bulgarians own the properties they live in. Hardly ever more than 2/3 of the population worldwide and in most developed countries, in particular, lives in their own homes. The big dilemma a buyer faces is: should I buy now? Housing prices have tripled since 2002. At present the average price has reached 680 euro/sq m, while it was just 160 euro/sq m seven years ago. Prices continuous uphill led to a construction boom in the big cities. So currently customers are faced with numerous options to choose from. In 2008 over 21,000 houses & flats have been completed, a number which is slightly more than twice the amount of properties built in 2004. A lot of developers are disposed to give discounts in order to get rid of the excess of units they have available. Along with opportunities, buyers and real estate market participants have encountered some challenges, as well. In the past three years buying a property was never related to tackling such a long list of questions. Shall I obtain a loan? Of what amount should it be? Should I take the risk of buying a larger property? What if I lose my job? What if banks don’t approve my income? Do deferred payment schemes really work? Are they safe enough? Is off-plan buying cheaper? (I still remember those ‘pyramids’). What if the developer goes bankrupt? Prices are falling now. What if tomorrow they fall even faster?…
As you may already know, there is a new law for the Trade Register that came into force on 01.01.2008. This law refers to the registration of new business companies in Bulgaria as well as registrations of all existing companies in the new online trade register. According to this new law, all existing companies must be registered in the new register by 31.12.2010. If this is not done, they will be removed from the register of companies in Bulgaria resulting in loss of their assets (properties for example).
The new Trade Register is hosted by the Registration Agency and is planned as a unified data base of all companies in Bulgaria and their details, which will be publicly accessible and centralized. This is a needed and helpful change in the administration and the results will soon be seen.
All companies, re-registered after 01.01.2008, are obliged to publish their annual financial reports in the new Trade Registry before 30.06.2009.
Companies, which are currently re-registered, have to publish their annual financial reports for 2007 and 2008 within a 3 months period from the re-registration. If they fail to do so, they will have to pay a penalty of approximately 3000 levs.
Our lawyers can help with this service, from answering questions to preparation and submission of the necessary documents. You can contact them for advice and to organize the process, at: legal@buy-sell-bulgaria.com.
The initial project for a new General Town Plan (GTP) of Varna was approved by the Minister of Regional Development and Public Works, Asen Gagauzov, and admitted to public discussions and consultations during the joint working conference of the National Expert Counsel for Territorial Structure (NECTS) and the Municipal Expert Counsel for Territorial Structure (MECTS), which began yesterday, announced a reporter from radio Focus, Varna. The participants at the meeting accepted the generalized stand, proposed by the Director of Territorial Structure and Projects Department of the Ministry of Regional Development and Public Works (MRDPW), Lidia Stankova, that the major part of the proposals and the notes to the project have been reflected, it is stabilized and the procedures for public discussions and consultations for the GTP and the ecological assessment of the project can be revealed with the shortest possible delay. The working group agreed that the additional notes and propositions put forward during the 2-days conference, will be submitted to the designers and they must be reflected in the final version of the project, along with the opinions and recommendations which will arise during the discussions and consultations. The decision was made on the basis of all standpoints covered at the conference by experts from NECTS and MECTS, Varna, the regional associations of the Chambers of Architects and Engineers, from regional municipalities and independent appraisers. Lidia Stankova generalized that according to all raised opinions the acceleration of the procedures for public discussions and consultations, as well as procedures for adopting the project will have a stabilizing effect and will be to the benefit of the local public.
The working group also agreed that a proposition for the signing of the prepared scheme for combining procedures provided in each of the four laws concerning the admittance of the GTP project, should be directed to the Mayor and the Minister of Regional Development and Public Works.
The initial GTP project should be admitted by the end of the year at the earliest.This became obvious at the conference. The launching of the procedures will be announced in a ten-day-period from signing the conference protocol. However, experts commented upon the possibility that terms may be lengthened due to the fact that during the consultations and discussions negative standpoints may occur, which will lead to amendments being made to the project. According to the Team Leader of the department working on the ecological assessment of the GTP, Ljudmil Ikonomov, discussions may be prolonged in case they are carried out with the intervention of additional methods acknowledged by the European Union as reputable practices, which would legally stabilize the project.
Varna, being the 3rd largest city in Bulgaria, has the highest rate of construction of new buildings in the past couple of years, in comparison to other towns in the country.
