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Bulgaria Labour Ministry Set to Open Human Resources Bids

m.staneva — Mon, 08 Mar 2010 22:28:34 GMT

Bulgaria's Labour Ministry will open and present public procurement bids under the EU-funded Human Resources Operational Programme.

The tenders will be opened on March 9, the Ministry of Labour and Social Policy has announced.

Funding is available within the project "Support to the General Directorate 'European Funds, International Programmes and Projects'", and is targeted specifically at "providing logistics for the organization and conduct of information events, seminars and workshops by December 31, 2012 for the purpose of the Operational Programme Human Resources".

The object of the contract is to provide logistics for organizing and conducting of information events, conferences, seminars, trainings and others for the beneficiaries and potential beneficiaries of the operational program.

The goal is to raise awareness and to achieve full transparency in the implementation of the Human Resources Programme. The project is co-financed by the European Union through the European Social Fund.

Within the Labour Ministry, the Commission appointed by order of the Contracting Authority will evaluate the bids and it is expected that a framework agreement will be finalized with the three contractees who will organize a range of public events throughout the country, during the period 2010 - 2012.

Pharmaceutical Firm Actavis Sells Major Bulgarian Distributor

m.staneva — Mon, 08 Mar 2010 22:21:40 GMT

International pharmaceutical company Actavis Group has announced it will sell its major Bulgarian distributor Higia Jsc.

Higia Jsc, one of the largest distributors of pharmaceuticals in Bulgaria, was acquired by the Actavis Group in 2005. Higia has been sold to a private investor for an undisclosed amount.

“We chose the best offer not only for “Actavis” but for the employees of “Higia” and for the future development of the company within the local distributors' market,” commented Illiya Pashov, executive director of “Actavis” Ltd Bulgaria.

“Actavis” Ltd Bulgaria explains its decision to sell “Higia” with a development strategy to focus on its main business-the development, production and sale of high-quality generic medications.

Illiya Pashov assured that “Actavis” will continue to work with “Higia” and with other Bulgarian pharmaceutical distributors.

Actavis Group, which is headquartered in Iceland, took over the biggest Bulgarian pharmaceutical company from communist times “Balkanpharma.”

With two modernized manufacturing sites in the towns of Dupnitsa and Troyan, the company sells 40% of its production in Bulgaria. The rest traditionally goes to Russia and other former USSR countries such as Ukraine and Belarus.

BSE Mulls Extension of Trade Session

m.staneva — Mon, 08 Mar 2010 22:15:17 GMT

The Bulgarian Stock Exchange (BSE) proposes extension of the trade session.

That is one of the suggestions in BSE's development strategy until 2012, which has been drafted by the operator's new management.

If the proposal is approved by market players, the session may continue until after 2 p.m. from late April.

Another short-term objective is setting up a market for certificates, warrants and other structured products.

A market segment for trade in exchange-traded funds (ETFs) is planned to be established in the first quarter of 2011. A derivative market for futures and options also has to be set up by then.

Deichmann to Open Eight More Stores in Bulgaria

m.staneva — Mon, 08 Mar 2010 22:04:16 GMT

Deichmann, a German chain of shoe stores, plans to open eight new stores in Bulgaria in 2010, the company said.

Three of the new stores will be in the capital Sofia.

Deichmann set foot in Bulgaria last year, in the spring. By the end of 2009, it opened four stores in Burgas, Plovdiv, Gabrovo and Targovishte.

In the coming months another foreign footwear chain - Humanic, will enter the Bulgarian market. The company will open its first two stores in the shopping centers "Serdika Center" and "Carrefour Tsarigradsko" in Sofia. Both centres are still under construction. Humanic is part of the Austrian concern Leder & Schuh International. The latter operates in eleven countries - Austria, Germany, Czechia, Slovakia, Switzerland, Hungary, Poland, Slovenia, Croatia, Romania, and in March in Bulgaria.

The company has 340 stores in Europe, which makes it one of the ten biggest players in the European footwear sector. Leder & Schuh International employs over 3,500 people and had a turnover of almost EUR 500 million last year.

Outsourcing Immune to Crisis

m.staneva — Mon, 08 Mar 2010 21:59:55 GMT

Job ads for call centre staff abound in Bulgaria. The people who speak foreign languages and have IT skills are unaffected by the crisis, as they can work for companies in Europe or the USA from Bulgaria.

There is no downturn for outsourcing companies either. Moreover, this encourages the labour market and the property sector.

By outsourcing certain services companies can focus on their core business.

Bulgarian firms have also started discovering the advantages of outsourcing.

Suspicions Cast over Bulgarians' Swiss Banks Plan

m.staneva — Mon, 08 Mar 2010 01:04:19 GMT

Bulgaria's tax authorities will find it difficult to bring to justice those tax evaders, who hold about EUR 200 million in Swiss banks as revealed by a stolen disk of Swiss banking data bought by Germany, a financial expert claims.

“The names of the people with Swiss accounts who may have evaded taxation will hardly be revealed so that the tax authorities here are able to press them with questions about the origin of the money and the unpaid taxes,” former Deputy Finance Minister and tax expert Atanas Katsarchev, told the Bulgarian National Radio on Sunday.

Earlier in the week the Bulgaria's revenue agency chief said a stolen disk of Swiss banking data bought by Germany has revealed that Bulgarian tax evaders held about EUR 200 million in banks in Liechtenstein and Switzerland.

Krasimir Stefanov arrived in the German capital Friday to consult the stolen disc containing the names of 1,500 Swiss account holders who may have defrauded their country's tax authorities.

Germany had agreed to share the data with Bulgaria, Stefanov said, adding that on his return he would consult the Bulgarian finance ministry on further steps to be taken against tax cheats.

According to Katsarchev it is much more important that Switzerland has no intention to confirm information about bank accounts, provided that its sources are not legitimate.

“Here we are talking about a stolen disk,” Katsarchev said, describing the move as “pure propaganda” and “a preventive measure”.

“When the tax authorities announce such steps a certain number of people react to this and go to declared their incomes,” he said.

About a dozen alleged tax fraudsters had already asked if they could voluntarily turn themselves in, according to local media reports.

The government is yet to decide whether it would allow these people to pay their taxes and avoid other sanctions. Otherwise they face up to eight years in jail.

Bulgaria Newly Built Flats Down by 6% End-2009

m.staneva — Sun, 07 Mar 2010 22:36:17 GMT

Newly-built residential buildings in Bulgaria have decreased by 1.7% in the last quarter of 2009, while the number of apartments in them shrank by 6%, data from the statistics office show.

Bulgaria saw the construction of nearly 1,000 new buildings in the period October-December, including 6,404 flats, which was up by a whopping 40% in comparison with the previous quarter.

The towns that boast the biggest number of new flats are the coastal Varna (1,325), Burgas (865) and the second-biggest town of Plovdiv (448). The capital Sofia saw the construction of 69 buildings and 261 apartments during the same period.

The last quarter of 2009 continued the trend of a reduction in the floorage of the apartments, totaling 486 square meters, down by 9.3% over the last quarter of 2008.

On the top of the chart are the towns of Gabrovo (132 square meters) and Haskovo (114 square meters), while at the opposite end are Razgrad and Pernik (under 60 square meters).

Big Bulgarian Companies Have a Chance at Attracting Polish investors

m.staneva — Sun, 07 Mar 2010 22:14:07 GMT

Polish pension and investment funds will be interested in investing in big Bulgarian companies with region-wide business success, even better with presence in Poland, Voicheh Sadovsky from UniCredit CAIB Poland told Dnevnik in an interview.

The interview was prompted by a recent cooperation agreement in the field of custodian services between the Polish Central Depository and UniCredit Bulbank. The agreement will open the way for Bulgarian companies to list on the Warsaw stock exchange.

Pharmaceuticals company Sopharma, for example, is big enough, Sadovsky said, adding that its business is “anti-cyclical” and the company is already known in Poland.

According to Sadovsky individual investors are not likely to invest in Bulgarian companies, but pension and investment funds are.

The main reason for potential interest from pension funds is the limit on their investments in foreign securities. They are allowed to buy foreign stocks worth up to 5% of their assets. However, if these securities are traded in Warsaw, they are not treated as foreign investment but for local, for which the limit is 40% of the assets. This is a major advantage for investors, Sadovsky noted.

Sopharma's Sales Jump 11% in February

m.staneva — Sun, 07 Mar 2010 21:58:24 GMT

Pharmaceutical maker Sopharma's sales rose 11% in February, year on year, the company said.

Exports jumped 14%, domestic sales edged up 1%. The total sales for the first two months of 2010 increased 10%, driven by 14-percent growth in exports.

In 2009 Sopharma posted a 10-percent jump in net sales income to BGN 520.7 million on a consolidated basis.

Domestic sales accounted for 75% of the result. Profit surged more than 2.5-fold to BGN 45.8 million. Expenses went up 4%, year on year, to BGN 472.8 million.

All Market Indexes Increase on Friday

m.staneva — Sun, 07 Mar 2010 21:52:14 GMT

The last session of the week pushed up all indexes of the Bulgarian Stock Exchange (BSE) .

BG40 of the most traded stocks advanced 0.44% to 118.05 points. The blue-chip Sofix followed with a 0.21% rise to 425.84 points.

BGTR30 of the best performers in total return added 0.16% to its value and closed at 328.25%. BGREIT finished at 44.09 points, up 0.02%.

Euro Ins was the best trading stock as 53,951 shares changed hands. Their price rose 2.67% to BGN 1.5 apiece.

Bonds of six companies traded actively on Friday.

Property Auctions Seen Flooding Market

m.staneva — Fri, 05 Mar 2010 09:38:14 GMT

A wave of auctions for mortgaged properties is expected in 2010, an Expat Beta's report shows.

According to the real estate investment trust, a lot of properties will be repossessed by banks, which will put them on up for sale. "It is natural to expect an increase in such auctions, though a boom is unlikely, " said United Bulgarian Bank CEO Stilyan Vatev.

The analysis has encouraged the fund of ex-economy minister Nikolay Vasilev to start buying out undervalued assets. "If Expat Beta manages to raise its capital as planned, it may become a key player on that market. If its main objective is to generate capital gains, i.e. to speculate, now is the time, " said GVA Sollers Solutions director Dobromir Ganev.

A lot of new buildings have been financed with bank loans in the past few years. The borrowed funds are usually twice or thrice the shareholder capital. Since the crisis has reduced the value of the shareholder capital, the prices of the properties are now about the value of the loans.

There are no statistics in Bulgaria about the properties repossessed from indebted investors, so it is hard to estimate the market. Though it is difficult to assess the return on such deals, Expat Beta will not invest in projects where the expected return is below 20%.

MBAM Funds Drive Sector Growth

m.staneva — Fri, 05 Mar 2010 09:29:52 GMT

The mutual funds of Municipal Bank Asset Management (MBAM) account for 88% of the net asset value monthly rise in all Bulgarian mutual funds in February, shows data of the Bulgarian Association of Asset Management Companies.

The funds under MBAM's management surged BGN 2.29 million to BGN 2.93 million for a month. The net value of all mutual funds' assets increased BGN 2.6 million to BGN 380.5 million in February.

There are no changes in the ranking of funds by net asset value. Pioneer Investments holds the biggest market share of all collective investment schemes operating in Bulgaria. Its assets rose EUR 1 million to EUR 76 million last month. Raiffeisen Asset Management is the best performing Bulgarian company with BGN 69.8 million.

It is followed by DSK Asset Management and Elana Fund Management with BGN 44.46 million and 43.6 million respectively.

The funds investing on foreign capital markets have booked the highest return since the beginning of 2010.

Advance Eastern Europe, Karoll Capital Management's fund, has returned 8.84% to investors for the first two months of the year. The only fund investing in Bulgarian assets that ranks among the top five schemes is BenchMark Asset Management (8.41%).

Official fourth-quarter data of European funds show an outflow of investments from money market funds and an increase in investments in high-risk schemes. That trend, however, has not been yet observed in Bulgaria. I

n case of a revival on the capital market in Bulgaria, similar to the Central and Eastern European revival in the second half of 2009, the same thing will happen here, too, Petko Valkov, BenchMark Asset Management's executive director, commented.

Financial Crisis Forces Bulgaria Landlords into Flexible Rents

m.staneva — Fri, 05 Mar 2010 09:19:49 GMT

The financial crisis has made landlords in Bulgaria much more flexible, enabling clients to sign 3 month rental contracts, according to real estate company Address.

According to Address 11% of the rental deals made in January and February involved 3-month contracts rather than the usual 1 year contracts.

However, 2010 has allegedly seen a slight rise in rental prices from 2009, with the upper end of the market seeing prices between EUR 500-700 a month again.

Address also reported that lots of tenants have left the rental market as they attempt to take advantage of the ever decreasing sale prices of real estate.

Another option offered for state-to-biz payments

m.staneva — Fri, 05 Mar 2010 09:10:09 GMT

Part of the fiscal reserve can be used by the state for payment of debts to companies and then replenished by receipts from accelerated privatisation of assets through the stock exchange.

That is one of the options proposed by the Bulgarian Industrial Capital Association (BICA) and the Bulgarian Stock Exchange itself. We will send an official letter to prime minister Boyko Borisov and finance minister Simeon Dyankov with a list of assets to be offered for sale, BICA chairman Vasil Velev told the Pari daily.

EP President Predicts Bulgaria Will Join Eurozone in 3 Years

m.staneva — Fri, 05 Mar 2010 09:06:21 GMT

Bulgaria will join the Schengen Area in the next year and the Eurozone - within 3 years, European Parliament President Jerzy Buzek has predicted. Buzek was on his first official visit to Bulgaria for the country's national holiday – March 3, Liberation Day.

Speaking after meeting Bulgarian PM Boyko Borisov, Buzek declared that he hoped the Kozloduy Nuclear Power Plant will be decommissioned with the help of EUR 180 million in EU funding and that there will be more EU money made available for other energy projects in Bulgaria.

Earlier, after meeting with Parliament Speaker Tsetska Tsacheva, Buzek stated that energy security is an important issue for all European citizens.

"I am coming from Brussels with a message of solidarity, which is important because we are still experiencing crisis. With this solidarity we can overcome difficulties to create more jobs for European citizens to improve their situation and to meet their expectations,” he told the Bulgarian Parliament.

Conference "CRM@publics.bg - CRM Technologies and Solutions for the Public Services"

a.pavlova — Sat, 27 Feb 2010 00:00:00 GMT

Publics.bg organizes a conference for sharing experience and best practices in using CRM technologies and solutions in the public services sector.

Buildin Green 2010

a.pavlova — Sat, 27 Feb 2010 00:00:00 GMT

BuildInGreen Bulgaria 2010 is a Sustainable Building & Energy Efficiency Conference. Major highlights of the conference are funding tools regarding the renovation of buildings, energy efficiency legislation regarding buildings, requirements and stimuli regarding the development of green buildings in Bulgaria, sustainable construction in Bulgaria and the world, green audit systems, design and construction of green buildings. BuildInGreen Bulgaria 2010 is part of the Bulgarian Building Week.

Vinaria 2010

a.pavlova — Sat, 27 Feb 2010 00:00:00 GMT

VINARIA brings together leading companies from the most important industry sectors relating to vine-growing and wine producing. The event serves as a centre for exchange of information, presentation of innovations and technologies through the numerous conferences, seminars, presentations and business meetings included in the parallel business programme.

For Your success – practical experience from the TOP managers in Bulgaria

a.pavlova — Sat, 27 Feb 2010 00:00:00 GMT

"For your success - practical experience from the TOP managers in Bulgaria" is the first forum in Bulgaria for the successful business practices of leading Bulgarian companies. Come and see the best ncumbent business models in Top Bulgarian companies, which have full ownership of all economic spheres. Get practical guidance for successful projects, ways to develop human capital and funding of your ideas.

"Bulgaria: Attractive Investment Destination" Round Table Discussion

p.spassova — Thu, 25 Feb 2010 00:00:00 GMT

InvestNet.bg - The Bulgarian Investment and Business Network in cooperation with the American Chamber of Commerce in Bulgaria are organizing the Round Table Discussion: "Bulgaria: Attractive Investment Destination".

Keynote speakers in the Round Table discussion will be:

Traicho Traikov, Minister of Economy, Energy and Tourism of the Republic of Bulgaria;
H.E. James B. Warlick, U.S. Ambassador to Bulgaria;
John Mystakidis, Country Managing Partner, Ernst & Young Bulgaria.

The goal of the Round Table is to bring together the key public and private sector decision-makers that could influence Bulgaria’s investment policy strategy, legal framework and practices. It seeks to forge working relationships among all stakeholders responsible for promoting Bulgaria as a preferred investment destination.
The panel participants will try to elicit and summarize feedback and recommendations for further improving Bulgaria’s investment readiness. After the time of “easy” investments in real estate is over, concerted efforts have to be applied to improve Bulgaria’s image as an attractive destination for investments and doing business in various sectors of economy.

The final programme for the Round Table Discussion will be soon uploaded on the website.

For detailed information, please contact Ms. Antoniya Shulekova, Project Coordinator, InvestNet.bg at tel.: +359 2 / 960 79 29; fax.: +359 2 / 961 60 10 or e-mail: ashulekova@aubg.bg.

Eventex 2010

a.pavlova — Wed, 17 Feb 2010 00:00:00 GMT

Eventex 2010 is a fair, designed for event organizers, exhibition and conference centres, catering companies, PR agencies, equipment companies and all professionals involved with the organization of special events.

HoReMa

a.pavlova — Wed, 17 Feb 2010 00:00:00 GMT

HoReMa is the first specialised exhibition for commercial equipment and furnishing for restaurants and trade centers. The event is organized within the framework of the BULGARIAN BUILDING WEEK – professional exhibition for building materials and machines, which is annually attended by owners of construction sites, holiday resorts, trade and business centers, investors and designers.

IDC IT SECURITY ROADSHOW 2010

a.pavlova — Fri, 05 Feb 2010 00:00:00 GMT

Subtitled "Battling Sophisticated Threats: Security Strategies For The Resilient Enterprise," this year’s IDC IT Security Roadshow takes a holistic approach to IT security, helping to see it as a business enabler rather than a necessary or even mandatory cost, and offers practical advice on developing effective security programs that respond to changes in IT and working paradigms, as well as in the legal framework.

StartUp Conference Plovdiv 2010

a.pavlova — Fri, 05 Feb 2010 00:00:00 GMT

The StartUp conference gathers at one place entrepreneurs, students and investors. Its purpose is to awaken the entrepreneurial spirit among young people in Bulgaria and to show them how to turn their ideas into successful businesses.

BULCONTROLA 2010

a.pavlova — Thu, 04 Feb 2010 00:00:00 GMT

Bulcontrola is an exhibition of control and measuring equipment, control and automation equipment, electronics and automation, laboratory equipment, systems for environment protection. It is a meeting venue for engineers, technicians, ecology specialists, scientific workers and professionals from different fields of industry.

The three keys – home, office, villa

a.pavlova — Sun, 17 Jan 2010 00:00:00 GMT

The biggest specialized exhibition for construction and furniture, which is held outside the capital.

MS Days

a.pavlova — Sun, 17 Jan 2010 00:00:00 GMT

Get ready to face the challenges of today! During the technical sessions, the Microsoft experts and the partners of the company will provide you with important tips on how to be more productive and successful.

Technomebel 2010

a.pavlova — Thu, 07 Jan 2010 00:00:00 GMT

The most prestigious specialised exhibition of materials, machines and equipment for woodworking and furniture production in Bulgaria.

e-GOVERNANCE – 11th Edition

a.pavlova — Thu, 07 Jan 2010 00:00:00 GMT

The conference has already been established as a prestigious regional forum, supported by all institutions, donor and non-governmental organizations. It aims at the active penetration of ICT in government. The conference will give an opportunity – this time to Bulgaria’s new central and regional administration – to share views on the challenges and achievements in the field of e-governance.

Bulgaria Building Week

a.pavlova — Thu, 07 Jan 2010 00:00:00 GMT

Bulgaria Building Week is an international building and construction exhibition. Visitors will have the chance to get acquainted with different models of machines, equipment and techniques, which could be used for various construction activities.