Bulgaria's entry into the eurozone in January 2026 and the more stable political situation after the parliamentary elections on April 19, 2026 create prerequisites for increased investments at the regional and municipal levels, but they are unlikely to lead to a significant increase in investment activity. This is stated in an analysis by the rating agency S&P Global Ratings. According to the assessment, the main obstacle to more active investments remains the relatively weak financial management of municipalities, including limited long-term strategic planning. Despite the low levels of debt that support credit ratings, they are the result of prolonged underinvestment over the past 10 years, which limits economic growth, the rating agency added. The debt of local and regional authorities amounted to about 0.8 percent of Bulgaria's gross domestic product at the end of 2024, remaining below the levels in other countries in Central and Eastern Europe. The share of debt securities is only 1.6 percent of total local government debt in 2024, compared to 7.3 percent in Poland and 11.6 percent in Romania. Membership in the eurozone and a clearer political outcome after the elections, in which the coalition around President Rumen Radev (2017-2026), who resigned this year, won a parliamentary majority - the first since 1997 - could improve access to financing and the predictability of budget transfers to municipalities, S&P Global Ratings added. At the same time, however, the analysis emphasizes that weak administrative capacity, inefficient spending decisions and limited project management skills, especially in smaller municipalities, will continue to hinder investment activity. An additional factor is the strong dependence of local governments on the central budget, with transfers forming nearly 80 percent of their operating revenues, experts point out. At the same time, annual debt payments cannot exceed 15 percent of the average amount of own revenues and equalization subsidies for the previous three years. Bulgaria lags behind in terms of public investment compared to a number of countries in the region, including Romania, Hungary, Poland, Croatia and the Czech Republic, and this, together with unfavorable demographic trends and dependence on fossil fuels in some regions, further limits growth potential. The credit rating outlooks of the three municipalities in Bulgaria assessed by S&P Global Ratings - Sofia (BBB+/stable), Plovdiv (BBB/stable) and Stara Zagora (BBB-/stable) - remain stable. Overall, the investment outlook for municipalities remains limited, despite the presence of favorable macroeconomic and political prerequisites, the S&P Global Ratings analysis also states.

Energy-intensive businesses in Bulgaria will receive 334 million euros in state aid for expensive electricity over three years. This is clear from a draft amendment to a decree of the Council of Ministers on the compensation of this industry. It provides for retroactive compensation - from July 1, 2025, that is, enterprises will receive 124 million euros for the first price period. According to EC guidelines, this industry includes the mining business, metallurgical enterprises, chemical and processing enterprises, ranging from the food industry to the production of paper and cardboard. In total, there are over 100 different industries. The money is allocated from the "Security of the Electricity System" fund. However, the Council of Ministers is allowed to suspend the implementation of the program or change certain parameters if there are insufficient funds. The compensation will be for half of the electricity purchased by the enterprise. The specified ceiling for the price of electricity above which assistance is paid is 63.91 euros per megawatt-hour. For the remaining business, the ceiling, which the government adopted in October 2025 and which will be in effect until June this year, is 122 euros per megawatt-hour. Every month, the Energy and Water Regulatory Commission determines the compensation for household consumers. The decree on energy-intensive business provides for compensation of up to 50% of the achieved arithmetic average price for the base load price period of the “Day Ahead” segment of the Bulgarian Independent Energy Exchange. The reasons for this segment of the industry to be more helped than others is the ongoing situation with periods of high electricity prices in the Southeast European region. The traditionally high prices on the exchanges in this part of the continent are also added to the conflict in the Middle East and its impact on energy markets. Enterprises that meet the requirements for inclusion in the program will have to submit an application to their electricity supplier, from which they will receive a reduction in their bills. However, companies will have to return the compensation received if the weighted average monthly electricity price is such that with the help of the compensation it has become lower than 63.91 euros/MWh. There is another condition: it is envisaged that half of the compensation received will go to measures to reduce energy costs or for more flexible consumption. This includes the development of renewable energy generation capacities, energy storage solutions, improving energy efficiency, etc. All these investments must be made and have started operating within 48 months of receiving the compensation.

The British company Waracle, which in November 2025 bought the Sofia software developer HackSoft, announced that it is expanding its plan for Bulgaria and will assemble a team of 150 people, not 100, as planned in the deal. At that time, HackSoft  employed 55 people, in the meantime 12 new ones have already been hired. In early May, Waracle intends to move to a new office in Sofia with 44 jobs. The company uses AI technology to assist people, not to replace them. The board of directors of Waracle in Bulgaria includes David Tuck, Radoslav Georgiev, co-founder and CEO of HackSoft, as well as Krum Hadjigeorgiev, chairman of the board of directors of BASCOM. Waracle specializes in the development and design of digital products in the healthcare, energy, financial services and public sector sectors. Waracle's clients include companies such as Roche, IG Group, Royal London and SP Energy Networks. It has offices in Dundee, Glasgow, Edinburgh, London and now in Sofia. The local unit is expected to become the company's largest development center.

Irish fintech group CluneTech celebrated 25 years since the opening of its representative office in Varna – a key moment that marked the beginning of its international development. To date, CluneTech has nearly 800 employees in Bulgaria, with over 500 of them based in Varna. The company develops operational and software teams in the country for four of its businesses – TransferMate, Fintua, Sprintax and Benamic, and offers development opportunities in finance, software development, customer service, marketing and administrative functions. Over 54% of CluneTech employees have more than 5 years of experience in the company – an indicator that significantly exceeds the market average levels and reflects the strong corporate culture and long-term commitment of the team. Just days before the anniversary, CluneTech achieved a record high ranking in the Career Show's Top 100 Best Employers of Bulgaria index, ranking 12th compared to 46th in 2023. Last year, the company was also honored as "Best Employer in the Fintech Sector" for the third consecutive year.

"Zaharni zavodi" AD is investing 4 million euros in a biomass steam power plant and accelerating the transition to sustainable ethyl alcohol production. The project is in the investment phase, with its commissioning planned for early 2027. The new facility will be equipped with a water-tube boiler with a power of 13 MW and a capacity of 16 tons of steam per hour. The new boiler will use three types of biomass-based biofuels - an energy source that allows for the elimination of emissions from solid fuels and significantly reduces the overall carbon footprint of production. For comparison, in 2025, the production of ethanol and ddgs generated 8.8 thousand tons of emissions from the use of coal and 6.2 thousand tons from the use of natural gas. With the implementation of the new plant, the company will cease the use of coal, which is a significant step towards decarbonization. The project also includes the construction of a storage facility for biofuel, the implementation of modern automated systems and technologies for flue gas purification. New jobs are also expected to be created. "Zaharni zavodi" already has a capacity to produce 60,000 liters of alcohol per day, and the new investment will contribute to further increasing production efficiency and strengthening the competitiveness of the company in both the domestic and international markets. At the end of 2025, the company will also start selling alcohol for combustion and fuel for biofireplaces under its own brand CARA - a step towards building a comprehensive portfolio of solutions for end customers. Recently, the company made the strategic decision to split the joint activities of the majority owners "Rhythm-4-TB" OOD and "GU-Faraday" EOOD into two different directions. The separation process covers all joint businesses and assets of the shareholders - both "Zaharni zavodi" AD Gorna Oryahovitsa and businesses and assets in Stara Zagora. Within the framework of this restructuring, two divisions were formed, which can be conditionally named after the owner companies - the Faraday division and the Rhythm division. The divisions owned by Faraday include: production and trade in sugar, ethanol, repair and mechanical services, as well as a thermal power plant that provides the company's internal energy needs. In turn, the production and trade in sugar products and the photovoltaic power plants (PPPs) built on the territory were transferred to the structure owned by Rhythm. After the separation was completed, Faraday's focus was directed towards the future - strategic, technological and technical development of the main businesses. In the short and medium term, an ambitious investment program is being implemented, covering the key areas of "Zaharni zavodi" in the Faraday division - the production of sugar and ethanol, as well as the energy infrastructure. The company also made some other key changes: a new head office at its production base in Gorna Oryahovitsa with a total area of ​​1,401 sq m, a new gas-fired steam plant, which switched the provision of heat energy for the production of Bulgarian sugar from coal to gas, worth 5 million leva, and the replacement of the filter presses in the factory, which are of key importance for sugar production, worth 4 million leva.

The future owner of PFC Levski, Atanas Bostandzhiev, will also inherit large debts in the club. The company's annual financial report shows that Levski's total liabilities as of December 31, 2025 are BGN 22.269 million (EUR 11.37 million), which includes BGN 21.122 million in current liabilities and BGN 1.147 million in non-current liabilities. Levski's management has managed to reduce liabilities by BGN 2.513 million, since at the end of 2024 they were BGN 23.635. Last year, the club had total revenues of BGN 30.99 million and a positive financial result of BGN 1.84 million. The registered capital (BGN 30.787 million) exceeds net assets (BGN 18.002 million), which violates a requirement of the Commercial Law.

Private owners of a small property of 450 sq. m. in “Mladost” will be given the opportunity to build a mega-building with a total built-up area of ​​59,170 sq. m. on a neighboring large municipal plot. This unequal deal is possible only because the private owners’ small plot of 450 sq. m. is part of a large property of 5,789 sq. m., which is jointly owned by the Sofia Municipality and “Sofia Properties”. Instead of compensating the private owners in another way, the mayor of the “Mladost” district Ivaylo Kukurin proposes that the municipality establish for them the right to build on the entire property. Thus, in return for his share of 7.78% of the land, the private owner, who is also a builder-investor, will receive 76% of the total built-up area. The proposal concerns a property of 5,789 sq. m. on the central “Alexander Malinov” Boulevard. In 2022, by order of the Chief Architect of Sofia, an amendment to the Development Plan was approved for this terrain, which, according to the mayor's report, guarantees the best possible development parameters. Thus, a total area of ​​44,620 sq m above ground and 14,550 sq m below ground can be realized on the property. All this is presented as a good solution despite the serious problem with the overdevelopment of "Mladost". Sofia Municipality owns 2,499 sq m or 43.2% of the property, 49% is owned by "Sofia Properties". The private individuals who offer the deal own only 7.78% of the property. However, when establishing a construction project, it is planned that the municipality and "Sofia Properties" will receive 26% of the total area as compensation, but not on the entire property, but on their own share of it. Thus, the municipality receives compensation of 6697 sq. m. of built-up area, and for “Sofia Properties” - 7600 sq. m. The remaining built-up area remains for the private owners, who are also investors and builders through the company “Build Top Lux”. According to experts, it is much more logical for the co-owners of the terrain to be compensated with another property, and for this terrain to be realized entirely for the needs of the municipality. With the proceeds from such a single site, many green areas on the territory of “Mladost” can be alienated.

The Financial Supervision Commission (FSC) announced that the transfer of the controlling stake in "Targovska Liga", and from there - the majority ownership of the pension and insurance company "DallBogg: Life and Health", took place without the permits required by law. Last week it became clear that at the end of March Tihomir Kamenov transferred 54.85% of the ownership of "Targovska Liga" to his son Tihomir Kamenov, Jr., who is also a US citizen. "The majority owner continues to violate the legislation (the Social Security Code and the Insurance Code), transferring a controlling stake in ZAD "DallBogg: Life and Health" AD and POD "DallBogg" EAD, without notifying the regulators and receiving the legally required permits." The FSC recalled the bans and supervisory measures against "DallBogg", taken in the last year by both the Bulgarian commission and the supervisory authorities of Poland and Romania. The company is also under the supervision of the European Insurance and Occupational Pensions Authority (EIOPA). According to the Bulgarian supervisory authority, "the unpaid damages by the insurer under guarantee schemes abroad are estimated at over 4 million euros, the amount being not final as the company does not provide reliable information to the Financial Supervision Authority, the European Supervisory Authority and the Green Card Bureau."

Gradus AD will distribute a dividend with funds from the retained earnings of previous years after a three-year pause in the payment to shareholders. The company is convening a general meeting on June 10, 2026 in Stara Zagora, at which the annual report for 2025 will be voted on. BGN 579,405.79 (EUR 296,245.48) of the company's retained earnings are planned to cover the company's loss. A total of EUR 5,782,749.70 will be distributed to shareholders, with the dividend payment starting on July 13 of this year. The company will pay dividends through investment intermediaries and UniCredit Bulbank AD. The company last paid a dividend in 2023 from the profit for 2022 in the amount of BGN 0.0207626 per share.

At its meeting on 28.04.2026, the FSC decided: 1. To issue a license to "Bilar" EOOD to operate as a crypto-asset service provider. The company has the right to provide crypto-asset services as follows: – provision of custody and administration of crypto-assets on behalf of clients; – execution of orders related to crypto-assets on behalf of clients; – provision of portfolio management related to crypto-assets. 2. Approves Milen Keremedchiev as a new member of the board of directors of "Fond Imoti" REIT. 3. Approves the submitted changes to the articles of association of "Sopharma Buildings" REIT. 4. Deletes the registration of the Bulgarian Stock Exchange AD as a benchmark administrator and removes the company from the register of benchmark administrators licensed or registered by the Commission under Regulation (EU) 2016/1011. 7. Terminates the proceedings in connection with the issuance of approval to a new member of the board of directors of the management company Thracian Invest EAD. 8. Exempts for 2026 Aurubis Bulgaria AD from the obligation to obtain a license as an investment intermediary in connection with the company's trading in commodity derivatives or emission allowances or their derivatives (within the meaning of Art. 5 of the MFIA). 9. Sends a letter to FF Digital EOOD requesting additional information and documents in connection with the issuance of a permit to operate as a crypto-asset service provider.

The number of countries cutting energy taxes in response to the war with Iran has doubled in the past month despite calls from the International Monetary Fund (IMF) for fiscal restraint, a new report shows. European governments are behind the sharp rise in untargeted energy support, according to a Financial Times analysis of the International Energy Agency’s tracking tool. The data underscores warnings from the European Union and the IMF about the need for fiscal discipline through “targeted and temporary” measures, given what the Fund describes as “stressed” public finances. With debt levels already high in many countries, fiscal policy should respond cautiously – providing support where needed without pushing public finances closer to the brink,” the fund warned this month. Governments have been under pressure to support consumers hit by a sharp rise in energy prices since the United States and Israel went to war on February 28. The conflict has effectively halted supplies through the Strait of Hormuz, through which about a fifth of the world’s seaborne oil and gas trade passes. European governments have so far committed nearly €9.5 billion in fiscal measures to cushion the impact of the war with Iran on energy bills. More than 80% of this amount consists of measures without a clearly defined target group or conditionality, such as general cuts in excise duties or VAT on energy. Germany has set aside €1.6 billion to cut excise duties on fuel, and Spain €3.5 billion to lower VAT on energy. Italy is extended “temporarily” the period of a reduced 20 percent excise tax on fuel introduced in mid-March, worth a total of about 1 billion euros for 45 days. The measures are due to expire on Friday, but it is unclear whether Rome – currently in an excessive deficit procedure – will extend them again or consumers will face a sharp jump in fuel prices. Five of the European economies that have cut taxes also have caps on fuel prices or on retailers’ profits as of April 21, according to the IEA tracker, which tracks policies in countries around the world since the start of the war. Last week, the European Commission outlined plans to tackle high prices and accelerate electrification. It proposed legislation to tax electricity less than fossil fuels and promote technologies such as heat pumps and electric vehicles. Energy Commissioner Dan Jorgensen has warned against “wasting taxpayers’ money on fossil fuel subsidies.” The French government, whose efforts to reduce its large fiscal deficit are limiting its options, has pledged €70 million to remove fuel excise duties for farmers, as well as subsidies for the logistics and fishing sectors. At the same time, it is increasing state support for electrification. By contrast, Germany has cut fuel taxes for all consumers without matching this with investment in the clean energy transition.

Gallup's U.S. economic confidence index fell 11 points in April to -38, the lowest level since November 2023, and is now below the pandemic low of -33 seen in April 2020. The all-time high was +56 points in January 2000, while the all-time low was -72 points in October 2008. The decline in confidence appears to be due to increasingly pessimistic attitudes among Americans. According to the data, 73 percent of Americans believe the economy is getting worse, the highest level since May 2023, while only 23 percent say conditions are improving. The data is from Gallup's annual "Economy & Personal Finance" survey, conducted April 1-15. The high cost of living continues to top the list of Americans’ top financial concerns facing their families. The 31 percent of respondents who cited it in an open-ended question is down from a peak of 41 percent in 2024, but similar to last year and among the highest in more than 20 years of Gallup surveys. Energy costs, which have risen significantly this year, are cited by 13 percent of Americans, up 10 percentage points from last year and the highest level since 2008 — tying housing costs with the second-largest expense. Health care is in fourth place at 8 percent, consistent with data from 2020. Affordability concerns dominate this year's list, with combined expectations for inflation, energy, housing and healthcare costs – along with college costs, transportation costs and childcare – far exceeding all other types of financial concerns.

The scale of China's population decline over the next 10 years could reach approximately 60 million, which is comparable to the population of the entire country of France (68.5 million). This is reported by the South China Morning Post (SCMP), citing a report by the Rhodium Group research group. One of the main reasons is the sharp decline in the birth rate - 7.92 million children in 2025, 17% less than in 2024. China's population is declining for the fourth consecutive year. Other important factors include the rising cost of living and changing public sentiment. The study notes that China's demographic decline is already starting to affect its economy. Thus, in 2025, budget subsidies for social security funds reached a record 2.5 trillion yuan ($ 425 billion), which is equivalent to 10.1% of all national budget expenditures. If current demographic trends continue, this amount will continue to grow. According to SCMP, China’s soft labor market conditions and slowing income growth are expected to exacerbate depopulation trends. The shrinking population, in turn, will lead to lower lending volumes and interest rates, Rhodium Group warns. The Chinese government plans to increase the average life expectancy of the country’s population to 80 years during the implementation of the 15th Five-Year Plan (2026-2030). This was stated in the government work report published on the opening day of the fourth session of the 14th National People’s Congress (the highest legislative body) in March. According to the document, in order to achieve this goal, the authorities intend to “accelerate the process of building a “Healthy China” and turning China into a sports power”. As the authors of the report emphasize, summarizing the past five years, during this period “the average life expectancy of the population has increased to 79.25 years”. According to data from the National Bureau of Statistics (NBS), China's population in 2025 decreased by 3.39 million people, reaching 1.4 billion. Last year, 7.92 million people were born and 11.31 million people died. The birth rate and death rate are 5.63 and 8.04 per thousand people, respectively. According to official estimates, China's male population decreased by 0.3% last year to 716.85 million, and the female population - by 0.1%, to 688.04 million. Among the country's citizens, the proportion of people aged 16 to 59 reached 851.36 million, which is a decrease of 0.7% compared to the estimate for 2024. The number of residents over 65 years old increased by 1.5% to 223.65 million. In 2025, China's urban population increased by 1% (by 10.3 million people) to 953.8 million. Rural areas are 451.09 million people (a decrease of 2.9%, or 13.69 million people). The urbanization rate is 67.89 percent. In recent years, the Chinese authorities have been continuously developing measures to stimulate the birth rate and develop the so-called. silver economy (a system aimed at mastering the purchasing power of the elderly). The government is expanding childcare, striving to create a social environment conducive to childbearing, and strengthening support for citizens in education, housing, and employment. In 2022, China's population began to decline for the first time in 60 years, losing 850,000 people. In 2023 and 2024, the number of Chinese people decreased further by 2.08 million and 1.39 million people, respectively.