Recent reports of Bulgarian vacations vary wildly - the country has been praised as an affordable holiday paradise and criticised for crowded beaches, substandard hotels and poor service. While there may be truth in both points of view, one common theme is clear. Bulgaria's tourism sector, despite, or because of, its recent success, may have reached its peak as a sun, sea and sand destination. It will…
With the recent figures on Bulgaria's economic growth coming in short of expectations - and government forecasts - the post mortem is now well under way into how the country could do better next time. A planned series of tax cuts might do the trick, many analysts say, yet whether the scheme currently promised by the administration will fit the bill seems more controversial. The predictions used…
2008 was another impressive year for Abu Dhabi, as the emirate continued to make high profile global investments despite depressing economic statistics abroad. Additionally, diversification reforms focusing on the environment, capital markets, transport and tourism continued at a vigorous pace. During the opening ceremony of the World Future Energy Summit at the beginning of the year, Sheikh Mohamed…
Foreign interest in the Bulgarian economy became something of a theme this week, as US companies were reported to be taking a strong interest in the projected Bourgas-Alexandroupolis oil pipeline. Meanwhile, a large consortium of US companies and interests was also in talks with Turkey's Koc Holding over a possible bid for the Bulgarian Telecommunications Company (BTC). Foreign investment in Bulgaria…
With the recent announcement that Bulgaria expected to close the environment chapter of its accession negotiations with the European Union, the country edged closer still towards eventual EU membership. Meanwhile though, an old environmental issue appeared to resurface in the shape of the Kozlodui nuclear plant, with the announcement that the company maintaining it had been sold off. The issue highlighted…
A major government reshuffle in mid-July saw not only changes amongst the country’s top political leadership, but also gave a boost to one of the country's most promising sectors - tourism. With arrivals seemingly unaffected by recent regional turbulence, tourism has recently been one of the economy's brightest spots. Prime Minister Simeon Saxe-Coburg announced his intention to restructure…
With the signing of a contract for the privatisation of Bulgaria’s state telecoms company last week, the country’s sell off programme received a major boost. This calmed some of the concerns of international lenders, though the prospects of legal action and worries that the new cabinet might not stick firmly to fiscal guidelines, continued to cause a few furrowed brows in Sofia. Late July 18,…
With the July 29 decision of the Supreme Administrative Court (SAC) to bring Austria's Viva Ventures back into the deal on privatisation of the Bulgarian Telecommunications Company (BTC), the state giant's troubled sell off entered another chapter of uncertainty. Meanwhile, the country's authorities pondered a new strategy for privatising the Varna shipyards, while discussion continued on the best…
The surprise resignation - then de-resignation - of the country's finance minister last week brought to the surface once again continuing doubts over the future of Bulgaria's governing coalition. With the minister publicly airing allegations that he was being undermined by members of his own party - whom he claimed were refusing to support him over controversial budget cutting policies - the resignation…
There was a new twist in the ongoing drama surrounding recent attempts to privatise Bulgaria's state-owned Bulgarian Telecommunications Company (BTC) August 22 when, in a last minute decision, the Bulgarian Privatisation Agency (PA) decided to refer the offer made by Viva Ventures to the agency's politically-appointed governing body - the supervisory board. An outraged Viva Ventures, the Vienna-based…
