Bulgaria's trade balance for November last year was negative at EUR 1.06 billion, with a deficit of EUR 782.3 million for November 2024, the Bulgarian National Bank reported. For January-November, the trade balance was negative at EUR 8.17 billion (7.1% of GDP) with a deficit of EUR 4.33 billion (4.1% of GDP) for the same period in 2024. Exports of goods amounted to EUR 3.57 billion for November, decreasing by EUR 82.5 million compared to the same month in 2024. For January-November, exports amounted to EUR 38.94 billion (33.9% of GDP), decreasing by EUR 1.47 billion (3.6%) compared to the same period in 2024 (EUR 40,420.5 million, 38.6% of GDP). Exports for January-November 2024 increased by 0.4 percent year-on-year. Imports of goods for November were EUR 4.63 billion, up EUR 195 million compared to the same month in 2024. Imports for January-November amounted to EUR 47.12 billion (41.1% of GDP), up EUR 2.37 billion (5.3%) compared to the same period in 2024 (EUR 44,751 million, 42.7% of GDP). Imports for January-November 2024 increased by 2.5 percent year-on-year. The balance on services was positive at EUR 624.1 million, compared to a positive balance of EUR 611.2 million in November 2024. For January-November, the balance is positive and amounts to EUR 7.74 billion (6.7% of GDP), compared to a positive balance of EUR 7.5 billion (7.2% of GDP) for January-November 2024.

The Association of Railway Transport Enterprises has sent a complaint to the European Commission in Brussels against the illegal state aid that the Bulgarian state has been providing to “BDZ – Freight” for years. Every year, the state provides its two railway carriers – “BDZ – Passenger Transport” and “BDZ – Freight Transport” – hundreds of millions of euros in the form of subsidies, capital transfers, low-interest loans or writes off huge debts. The association protects the interests of 12 private cargo railway carriers, some of which have foreign capital, licensed to operate in Bulgaria and the EU. However, the state aid provided to BDZ-TP allows this company to offer artificially low (dumping) prices. The complaint lists three ways in which the state provides unregulated aid: 1. BDZ-TP does not pay the full amount of the fees for using the railway infrastructure owed to the National Railway Infrastructure Company (NRI), and the latter does not take action to collect them; 2. Converts the outstanding loans of BDZ-TP to the administrative “cap” “BDZ Holding” into equity. These are loans specifically granted to BDZ-TP to repay the fees to NRI; 3. Provides loans to BDZ-TP from “BDZ-Passenger Transport”. The latter receives an annual subsidy from the state for its activities. Part of this subsidy is not spent on passenger trains, but is provided in the form of a loan to BDZ-TP. Infrastructure fee liabilities are increasing annually and from 43.243 million leva in 2011 they will reach 60.791 million leva at the end of 2024. The registered capital of BDZ-TP is 28.790 million leva. Therefore, it appears that the unauthorized state aid provided by NRIC to BDZ-TP through non-payment of infrastructure fees exceeds three times the registered capital of the company. The Bulgarian state owns the Bulgarian State Railways Holding (BDZ Holding), and BDZ-TP is owned by the holding. Over the years, the state, through the Minister of Transport, has issued acts granting several loans to BDZ-TP through BDZ Holding to repay obligations for payment of fees to the National Railways. Subsequently, these debts to the holding were converted into equity of BDZ-TP, without any economic justification or forecasts of their return to the tax authorities. The conversion of debt into equity in the event of unfavorable financial indicators for the recipient-owner is in practice a debt forgiveness. From the end of 2019 to the end of 2021, BDZ-TP was granted three loans in the total amount of BGN 6 million with an average interest rate of 3% for repayment of fees to the National Railways. During this period, BDZ Holding has converted into equity of BDZ-TP the vast majority of the aforementioned receivables in the total amount of 5.54 million leva (92%). "BDZ Holding" does not seek its receivables, but converts them into capital of BDZ-TP, regardless of the fact that it has its own obligations to NRIC. On the one hand, the loans granted by "BDZ Holding" to BDZ-TP represent hidden indirect financing of BDZ-TP, but from NRIC. It is indirect because the funds owed to NRIC reach BDZ-TP through the parent company "BDZ Holding". "BDZ-Passenger Transport" receives an annual subsidy from the state for its activities. Part of this subsidy is not spent for its intended purpose, but is provided in the form of a loan to BDZ-TP. For 2024, the long-term receivables of "BDZ-Passenger Transport" from BDZ-TP are 14.806 million leva. The three types of aid that the state directly or indirectly provides to BDZ-TP allow it to hold the largest share of the market – 42-47 percent. The estimated amount of aid provided to BDZ-TP in the form of uncollected infrastructure fees owed to NRIC is over 45 million euros. The estimate is based on NRIC’s financial data plus 3% interest. The aid provided in the form of debt-to-equity conversion is 2.833 million euros. The amount of aid provided by “BDZ-Passenger Transport” to BDZ-TP, according to data from the last published financial report for 2024, is over 7 million euros. Thus, the total amount of state aid for BDZ-TP from 2011 to the end of 2024 is about 55 million euros. Nevertheless, BDZ-TP systematically reports financial losses, which for the period 2014 - 2024 are 42.639 million euros. The provision of the three types of unregulated state aid distorts the market, as thanks to it BDZ-TP wins most tenders with dumping prices. By not paying its large debts to NRIC, BDZ-TP makes it impossible to invest enough funds in the railway network, which worsens its already tragic condition and threatens the safety of the movement of both freight and passenger trains.

Since the launch of the electricity exchange trading platform in Bulgaria in 2016, the market has grown 24 times, with the sold quantities in the "day-ahead" segment for January 20, 2026 being 104,294.85 MWh, while for the same date in 2016 the volumes were 4,369.2 MWh, announced the Bulgarian Stock Exchange, which is now the owner of the "Bulgarian Independent Energy Exchange" (IBEX). In total, for the ten years of operation of the platform, sales of electricity for the next day have reached 175.6 terawatt-hours (175,578,181.08 MMWh), forming about two-thirds of the entire electricity exchange trading. The active trading participants in the segment are currently 150, compared to 21 at the beginning of January 2016.

The only international airport in Central Northern Bulgaria is on the verge of a large-scale transformation that aims to turn it into a key transport hub. The project for extending the runway has been officially submitted to the Municipality of Gorna Oryahovitsa - a key condition for accepting larger aircraft and resuming passenger flights. The project must be reviewed within two weeks, and after approval, within another week, the chief architect is expected to issue a construction permit. According to the submitted project, the runway will be extended from the current 2,450 meters to 3,060 meters, which will make it the third longest in the country after the airports in Sofia (3,600 m) and Burgas (3,200 m). The project also provides for an extension for a U-turn, as well as the separation of side safety strips according to regulatory requirements. The extension of the runway, so that it is able to accept aircraft of different sizes, is part of the master plan for the development of the airport. The implementation of the project became possible after the Municipal Council transferred 16 acres of municipal land to the Ministry of Transport in March 2024. The state, in turn, provided the airport's terrain to implement the General Development Plan. Although the investment is estimated at nearly 10 million leva and is provided by the concessionaire "Civil Airport Gorna Oryahovitsa 2016" AD, the built infrastructure will remain the property of the state. The airport was given a concession in 2016 to the public-private consortium "Civil Airport Gorna Oryahovitsa", in which the state held 5%. Last year, however, the ownership was changed and the concession over the airport passed into the hands of Kiril Klenovski, who, through his "Project Company Gorna Oryahovitsa Airport", took full control over the site. Currently, the airport is used primarily for cargo flights and training purposes. The local government's ambition is to start serving low-cost airlines, reviving the traditions of the past, when regular flights to Sofia, Burgas and Varna were operated from Gorna Oryahovitsa.

The Republic of San Marino, which is recognized as the oldest still-existing state, has found itself embroiled in a financial scandal that began as a simple bank takeover, escalated into allegations of institutional theft, frozen millions, and now into shady real estate dealings linked to Colombia. Last November, €15 million deposited by a Bulgarian investor sank like a black hole. Bulgarian conglomerate Starcom Holding, led by entrepreneur Assen Hristov, has sought to acquire a 51% stake in BSM – San Marino’s 102-year-old leading lender, 91% of which is owned by Ente Cassa di Faetano (ECF). The €36.75 million package, including a €20 million capital injection, will bolster BSM’s reserves amid pressure to comply with EU requirements. By May 2025, Starcom had transferred €15 million – €13.75 million deposited in BSM and the rest in ECF – through a special purpose vehicle, San Marino Group SpA Christov, whose EuroHold Bulgaria boasts €170 million in profit for 2024 and €1.6 billion in assets under management. The offer was seen as a bridge to European stability for the struggling bank. However, the deal fell apart spectacularly. In October 2025, a San Marino court opened a criminal investigation into “private sector corruption” targeting consultancy fees paid under the deal. The Central Bank of San Marino (BCSM) quickly rejected the acquisition on October 24, citing regulatory concerns. Starcom’s €15 million was frozen, triggering a clawback clause that went unheeded. BSM, which has already returned to the market with the consulting company Prometeia, reported a drop in offers far below Starcom's offer. Among BSM's toxic assets is the "former Simbol" project - a project for luxury hotels, residences and spas, frozen for 15 years. San Marino's honorary consul in Bogota, Serafino Iacono, proposes to complete the project by investing minimally, while investing heavily in BSM itself - a scheme that resembles a self-purchase.

Kom Ski Center, located in the Berkovitsa Balkan, is for sale. The deal includes both the equipment of the slope and two plots of land suitable for the construction of a hotel complex. The equipment includes a stationary ski lift - anchor type and the equipment to it. The lift is being sold complete, complete with the machine and the pass devices, installed and operating at the location where it is located. The deal also includes two regulated plots of land suitable for the construction of a hotel complex. They are located on the meadow between the two chalets in the area. One is 5157 sq. m. and the other is 3002 sq. m. The ski center is located in the Kom recreation area, at the foot of Sreden Kom peak, Berkovitsa Municipality indicates. It can be reached by an asphalt road, with the distance to Berkovitsa being 16 km. The recreation area has three chalets located in close proximity to the ski slope. In addition to the lift, it also offers a ski wardrobe and a tea room. The track is suitable for beginners and intermediate skiers with a length of about 800 m and a width of 30 - 40 m, and the elevation gain is about 100 m.

Sopharma AD reports a 39% increase in sales in December 2025 compared to December 2024, according to preliminary estimates. The pharmaceutical group has achieved an increase in sales both on the domestic market and on exports. On the domestic market, the increase reached 50%, and on exports - 31%, for the reporting period, according to the data. For the entire 2025, Sopharma reports a 14% growth in sales, which is mainly determined by exports. Sales on the domestic market expanded by 5% last year, while exports increased by 20%. In the last year, Sopharma shares have more than doubled in price, and the company's market capitalization has reached nearly 1.1 billion euros.

The euro area's current account recorded a surplus of €9 billion in November 2025, down €18 billion from the previous month, according to monthly balance of payments data published by the European Central Bank (ECB). Surpluses were recorded on goods – €24 billion and services – €12 billion, while deficits were recorded on primary income – €12 billion and secondary income – €15 billion. For the 12-month period to November 2025, the euro area's current account surplus amounted to €267 billion, or 1.7 percent of gross domestic product. For comparison, a year earlier the surplus was €414 billion, or 2.7 percent of GDP. The annual decline was mainly due to the shift from a surplus to a deficit in primary income, as well as a lower surplus in services and a larger deficit in secondary income. These effects were partly offset by a higher surplus in trade in goods. In the 12 months to November 2025, euro area residents made net acquisitions of portfolio investment securities outside the euro area of ​​€844 billion, while net acquisitions of securities in the euro area by non-residents amounted to €830 billion. In other investment, euro area residents recorded net acquisitions of assets outside the euro area of ​​€571 billion in the 12 months to November 2025, compared with €422 billion a year earlier. At the same time, their net liabilities increased to €442 billion, compared with €44 billion in the same period a year earlier.

As Europe considers how to respond to US President Donald Trump's latest threats, including on the issue of Greenland's sovereignty, analysts are increasingly discussing a potential last resort - using European investments in the US as an "economic weapon", Bloomberg writes in its analysis. European countries hold about 40% of foreign US government bonds. They represent trillions of dollars in bonds and stocks, some of which are in public funds. This gives rise to speculation that if Trump's tariff war escalates, they could start selling off these assets. Such a step could significantly increase the cost of financing US foreign debt and put pressure on stock markets, given the US's dependence on foreign capital. Deutsche Bank's chief currency strategist has already spoken openly about "weaponizing capital", which indicates that this scenario is starting to be seen as a real risk factor for the markets. According to the US Treasury Department, assets in US markets held within the EU exceed $10 trillion, with significant volumes also located in the UK and Norway.

Danish pension fund AkademikerPension, which manages 158 million Danish kroner (about $25 billion) in assets, plans to sell $100 million of its U.S. Treasury portfolio by the end of the month, Reuters and the Financial Times reported. AkademikerPension said the move was not intended as a political statement related to the rift between Denmark and the United States over Greenland. The fund’s chief investment officer, Anders Schelde, told the Financial Times that the move was “driven by the poor finances of the U.S. government, which makes us think we need to make an effort to find an alternative way to manage liquidity and risk.” Whether it’s Denmark or someone else, there has been a major sell-off in U.S. Treasury bonds today, sending their prices down and yields up. The yield on the 10-year US Treasury earlier today reached 4.304% - the highest since September 2025, with this increase despite three interest rate cuts by the Federal Reserve during that period.

The Reserve Bank of India (RBI) has suggested that BRICS member countries link their official digital currencies to facilitate cross-border trade and payments for tourist trips, Reuters reported. The agency notes that this could reduce dependence on the dollar, amid increased geopolitical tensions. The Reserve Bank of India also recommended that the country's government include the proposal to link the digital currencies of the central banks of the BRICS countries on the agenda of the economic organization's "summit" in 2026, which will be held under the chairmanship of India. The creation of the BRICS Pay system was previously discussed at the BRICS "summit" held in Rio de Janeiro in July 2025. In the final declaration, the participants of the meeting called for continuing work on the development of cross-border payments and payment systems of the countries of the organization, the founders of which are Brazil, Russia, India, China and South Africa. Work on the proposal could be delayed by the group’s members’ reluctance to use other countries’ technology platforms. A consensus on technology and regulation will be needed to make concrete progress. One idea being considered to manage potential trade imbalances is the use of bilateral currency swap agreements between central banks, sources told Reuters. The proposed cross-border digital payments system BRICS Pay, being developed by BRICS member countries, aims to strengthen financial sovereignty and reduce dependence on the dollar. The initiative is aimed at creating an alternative global payments infrastructure that would operate independently of Western-controlled financial mechanisms such as SWIFT and dollar-denominated clearing systems. Rather than creating a single common currency, BRICS Pay is shaping up as a digital “unifying element” through which direct payments would be made in national currencies and/or future digital currencies of the BRICS central banks. The system aims to reduce the vulnerability of the financial systems of the group countries to external shocks, "freezing" of financial assets and political pressure. It is envisaged that, unlike existing similar systems with concentrated management power, BRICS Pay will operate on the model of joint supervision and common decision-making to ensure neutrality towards the different member countries.