Ahead of its expected accession to the EU next year, Bulgaria is looking to get its transportation infrastructure back on track and up to the standards expected of a modern European country. In the past two months, Bulgaria has made public a raft of projects designed to upgrade its transport infrastructure, the developments being a mix of state schemes and private enterprise initiatives. On September…
-------------------------------------------------------------------------- Due to the holiday season, Oxford Business Group will temporarily postpone its service of online economic briefings. Service will resume on January 8. --------------------------------------------------------------------------- A number of important IPOs and capital increases on the Bulgarian Stock Exchange (BSE) have significantly…
Although weighing in as a strong developing market with greater economic muscle than the previous year, Turkey was faced with a number of challenges in 2006, some predictable, others less so. The delay in the appointment of the new governor of the Central Bank caused uncertainty among local investors in March, reminding them of the conflicting forces that define Turkey's political landscape. The…
An eventful year in Bulgaria was concluded by the country’s accession to the EU, the re-election of President Georgi Parvanov, and developments in the economic and financial sectors. The most important event of the year in Bulgaria is the entry into the EU. Bulgaria became a full member of the EU on January 1, 2007 after a year in which the country was the subject…
Bulgaria's banks recently published their 2006 results and strategies for the next two years, with figures showing a fast-growing and competitive market. While the merger of Italy-based UniCredit's three Bulgarian subsidiaries will create a new leading player, other foreign and Bulgarian-owned banks also have ambitious plans for growth. The loan portfolios for Bulgarian banks grew year-on-year by…
Last week, Bulgaria's parliament ratified two international agreements for trans-Balkan oil pipelines. One was with Macedonia and Albania, for the construction of a 895km line from Burgas on Bulgaria's Black Sea coast to the Albanian port of Vlore on the Adriatic-the Albanian Macedonian Oil Pipeline (AMBO). The other, with Russia and Greece, concerned a 280km pipeline from Burgas to the Greek town…
The takeover of Bulgarian Telecommunication Company (BTC), the country's dominant fixed-line operator, has been delayed to allow further examination of the company's market position. The company, a giant by Bulgarian standards, has been the focus of large investments since its privatisation and is arranging further loans to boost its development and to refinance its debt. This week it was announced…
State-owned Bulgarian gas transmission and supply company Bulgargaz Holding is looking to increase its role as a regional player through a stock offering and partnerships with major European energy firms. The firm has long played a role in regional gas transmission and is now looking further afield as Europe considers its energy situation. It is working with other distributors on projects to diversify…
In a country where GDP is growing at a steady 6%, FDI is growing and external debt is falling, Bulgaria's rapidly increasing current account deficit appears to be a black spot on the government's otherwise impressive mid-year economic results. Analysts are divided as to the severity of the situation and to understand the true nature of the deficit it is necessary to look beyond the bottom line. Government…
On September 22 over a hundred cyclists congregated in front of the Alexander Nevski Cathedral, in central Sofia, to celebrate European Mobility Week but the message of the initiative, to find alternatives to automotive transport, seems lost on the majority of Bulgarians. Queues of cars at government registration sites are common in Sofia, with between 700 and 800 registering every day in the capital…
