DUBAI: The massive power outage last week that cut electricity to all parts of the city made for an uncomfortable day in the early summer heat - but far more worrying was the lack of answers that have been offered for the causes of the blackout. The day, labelled "Black Thursday" by many pundits - perhaps overzealously - saw traffic lights go out, air conditioning cease, water supplies run dry…
Despite the recent political turmoil and the third round of flooding in Bulgaria's south-east, analysts say that the economy is still looking strong ahead of expected EU accession on January 1, 2007. After the worst floods for 50 years, the country was sent into yet another state of emergency in early August. Following four days of heavy downpour, torrential floods hit the south-east, killing eight…
With a new left-led government in place in Sofia, foreign investors are asking whether Bulgaria's privatisation programme will continue on schedule. So far, the messages from the administration have been mixed, with local observers divided as a result on their predictions. Privatisation has been a top priority for successive governments since the fall of communism in the early 1990s. Although it…
Bulgaria's mobile phone users recently received some welcome news after the country's latest GSM operator announced it plans to undercut its rivals' prices by 22%. The announcement from Vivatel, the cellular division of former telecom monopoly BTC, prompted the two current operators, MobilTel and GloBul, to announce their own price cuts. Vivatel, which is 65% owned by Vienna-based Viva Ventures,…
A recent report shows that Bulgaria has now vaulted into the ranks of the top 40 most attractive destinations in the world for outsourcing. Operations such as IT services, call centres and business processors are honoured in AT Kearney's annual Global Services Location Index - with Bulgaria gaining 15th place globally in the index this year, on its maiden foray. "Bulgaria is attractive because of…
Thousands of students across Bulgaria were without their teachers last week, after a third day of strike action called by educators countrywide. The dispute highlights a growing problem with income gaps in the country, as public workers press for raises. The strike was initiated by the Confederation of Independent Trade Unions in Bulgaria (CITUB), which includes the Bulgarian Teachers Union (BTU).…
A wrinkle was put in the plans of Dubai-based shipping operator DP World this week in its efforts to takeover the UK port company P&O. Singapore's PSA International submitted a counter bid for the British outfit. On January 10, PSA International Ltd, Singapore's state-owned port operator, made an approach worth reportedly £3.5bn ($6.19bn), trumping DP World's bid of £3.3bn ($5.83bn) made public…
The long-stalled privatisation of Bulgaria's national carrier finally seems set to begin, with the calling for tenders for the sell off of Bulgaria Air on June 7, and a final decision due before the end of the year. Bulgaria's previous conservative government had hoped to sell the airline in 2004, but had not succeeded in finalising the legislation to do so by the time it was voted out of office…
The World Bank has boosted its backing for Bulgaria as the country strives to meet the accession requirements of the EU. The Bank voiced its support for the country's accession to the Union and committed further long-term financial assistance. Following a meeting with Prime Minister Sergei Stanishev on June 26, the World Bank's vice president for Europe and Central Asia, Shigeo Katsu said that…
Pledging more money for education, healthcare and social insurance - coupled with lower direct taxation and a higher minimum wage - the 2005 budget was finally passed by parliament earlier this week. At the same time, the political discussions and negotiations that preceded the vote helped to highlight the differences between the political parties ahead of the June 2005 parliamentary elections.…
