The Bulgarian Stock Exchange announced that the last trading session for 2025 will be on December 22. The changes to the holiday calendar are made in connection with the decision of the Council of Ministers for more holidays and the upcoming transition to trading in euros. December 23, 29 and 30 are working days, but without trading on the stock exchange markets in Bulgaria. 31 and 2 are officially non-working days. The first trading session for 2026 - and the first entirely in euros - will be held on January 5.

Along with the discussions on the state budget, the Council of Ministers has also submitted proposals to the National Assembly for amendments to the VAT Act. The entire regime of the various types of mandatory registrations under the VAT Act is changing fundamentally, the reason being changes at the European level. Until now, small local companies monitored their turnover for the last 12 months at the end of each month. If they had crossed the threshold, they could submit an application for registration by the 14th of the following month. Accordingly, they began to charge VAT on their sales only after they were officially registered under the VAT Act. Now this check must be done literally every day, because the application for registration must be submitted within 7 days of crossing the threshold. The date of registration (and the tax due) is now tied to the date following the turnover exceeding. This creates a risk of massive fines for small businesses due to late registration under the VAT Act.

Plot of 111 decares with a newly built 4.9 MWp photovoltaic plant (56 decares) and an adjacent free plot (55 decares) with development potential at a key location in the city of Blagoevgrad

The Fund of Funds is launching a procedure for selecting a financial intermediary to manage the Technology Transfer Fund. The instrument is supported by funds from the Research, Innovation and Digitalization for Smart Transformation Program, co-financed by the European Union through the European Regional Development Fund, announced the Fund Manager of Financial Instruments in Bulgaria. Public resources in the amount of EUR 57 million will be invested, of which EUR 9.43 million in the form of grants. The future fund manager is expected to invest its own funds, as well as raise additional resources from private investors. The Technology Transfer Fund is a specialized financial instrument that, through equity and quasi-equity investments in combination with grants, will participate in the creation and development of companies with the aim of commercializing the results of scientific research. The aim of the Fund is to help establish a connection between science and business by creating a favorable environment for the development of innovations by universities, technology parks, scientific laboratories and other units on their way to transforming their scientific achievements into a sustainable business. The investment period of operation is until December 31, 2029, and the term of the fund will be ten years, with the possibility of extension for one and another year.

The European Bank for Reconstruction and Development (EBRD) has signed a €50 million guarantee scheme with UniCredit Bulbank under the European Union’s InvestEU programme. Thanks to it, the bank will be able to provide €100 million in new loans for green investments – improving energy efficiency and deploying renewable energy in buildings, as well as sustainable transport projects. The guarantee includes partial first-loss risk coverage from the InvestEU Fund and additional technical cooperation under the programme. The project will support Bulgaria – the most carbon-intensive economy in Europe – in its transition to a green economy. The scheme will help UniCredit Bulbank strengthen its resilience through more efficient capital management and free up lending capacity for additional sustainable financing. The guarantee will support the EBRD’s strategic objectives in Bulgaria by strengthening the local banking sector and contributing to progress towards national and European energy and climate targets. All financed projects will meet the EBRD’s strict criteria for the transition to a green economy, focusing on increasing energy efficiency and reducing CO₂ emissions. The InvestEU programme provides the European Union with a long-term instrument to mobilise significant public and private investment to support sustainable recovery and growth. It targets key EU policy priorities, including the European Green Deal and the digital transition. The EBRD is among the leading institutions in climate finance and has so far invested nearly €5 billion in 314 projects in Bulgaria. The Bank is a core partner of InvestEU and implements risk-sharing instruments in the portfolios of financial intermediaries in the EU countries in which it operates.

The special commercial manager Rumen Spetsov continues with the personnel "cleansing" in the Bulgarian companies, subsidiaries of the sanctioned Russian company Lukoil (through the Swiss-registered Litasco). The special manager has filed documents with the Commercial Register to delete the heads of Lukoil Bulgaria, Lukoil Aviation and Lukoil Bunkering who were in place at the time of his appointment. The first company manages Lukoil gas stations and warehouses, trades fuels and other petroleum products. The second sells jet fuel. The "Bunkering" company supplies ships with petroleum products. Spetsov's application to delete Alexander Velichkov as the manager of Lukoil Bulgaria is currently being processed. The lawyer Velichkov was put by the Russians at the head of the commercial chain in place of the long-time boss Valentin Zlatev. At the same time, Velichkov retains his position as chairman of the Supervisory Board of Lukoil Neftokhim - at least for now. Applications for the deletion of Russian citizen Mikhail Sizov as the manager of Lukoil Aviation and Lukoil Bulgaria Bunkering are currently being processed in the Commercial Register. Thus, Spetsov will be the sole manager of these companies as well.

The Bulgarian company "Bildimex" has introduced the first assembly line in the country for the production of adult diapers. Its production capacity exceeds 300,000 items per day, which places it among the most highly productive and modern solutions in the region. The line is part of the strategic vision of "Bildimex" to develop local production with high added value, implement innovations and reduce dependence on imported sanitary products. The production processes are automated and ensure constant control, traceability and stable quality.

At its meeting of 25.11.2024, the FSC decided: 1. Does not issue a ban on the acquisition of a direct qualifying holding by "Alfa Bulgaria" AD in the amount of 83.65% in the capital of the investment intermediary "Factory" AD. 2. Does not issue a ban on the acquisition of a direct qualifying holding by "Sustainable Business Consulting" OOD in the amount of 100% of the capital of the investment intermediary "DV Invest" EAD. 4. Approves a prospectus for admission to trading on a regulated market of a bond issue issued by "Finance Plus Management Holding" AD, Sofia. The issue is in the amount of EUR 10,000,000, distributed in 10,000 ordinary, dematerialized, registered, freely transferable, interest-bearing, unsecured, non-convertible bonds, with a nominal value of EUR 1,000 each, with ISIN code BG2100026256, with a floating annual interest rate formed by the value of the 6-month EURIBOR with a surcharge of 3.00%, but in total not less than 6.00% and in total not more than 7.00% per annum, with an issue date of 22.08.2025 and a maturity date of 22.08.2032. 9. Issues a permit to the management company "Karol Capital Management" EAD for organizing and managing a mutual fund (MF) "Advance European Infrastructure". Enters the Advance European Infrastructure Fund in the register of collective investment schemes.

The Financial Supervision Commission has approved a prospectus for admission to trading on a regulated market of a bond issue issued by Fibank ("First Investment Bank" AD). It amounts to EUR 50,000,000, divided into 1,000 interest-bearing, registered, dematerialized, non-convertible, senior, non-preferred, unsecured, freely transferable bonds. The bonds have a nominal and issue value of EUR 50,000 each, and the issue has ISIN code BG2100023253. It has a fixed annual interest rate of 7%, payable in four annual interest payments, each in the amount of EUR 3,500,000, and a principal payable in a single installment on the maturity date. The bond loan has a term of 38 months. It was issued on August 15, 2025, and the maturity date is August 15, 2029. The issuer has the right to exercise a call option after the third year from the date of issue, as well as the right to a tax call option and a call option upon disqualification of the bonds as an instrument of eligible liabilities.

Real household income per capita in the European Union grew by 22% between 2004 and 2024, Eurostat reports. Between 2004 and 2008, incomes grew steadily, but in 2008–2011, the trend was interrupted by the global financial crisis. After a slight decline in 2012–2013, a new period of recovery began, lasting until 2020, when the COVID-19 pandemic led to a temporary decline. In 2021, incomes recovered, but in 2022–2023, growth was slower; early data for 2024 indicate an acceleration. The strongest progress was made in Romania, where income per capita increased by an impressive 134%. This was followed by Lithuania (95%), Poland (91%) and Malta (90%). At the other end of the scale are Greece and Italy, the only countries to record a decline over the period – 5% and 4% respectively. The smallest increases were recorded in Spain (11%), Austria (14%), Belgium (15%) and Luxembourg (17%), highlighting the different dynamics of economic development in individual countries and the impact of national policies on household purchasing power. Eurostat does not provide data for Bulgaria on this indicator, which makes comparisons between the country and other EU members difficult.

Swedish steelmaker Alleima AB has put into operation a new cold finishing project in Zhengjiang, Jiangsu Province, doubling its local production capacity. The facility, built with an investment of about $27.2 million, will produce tubular products, including previously imported high-temperature and hydrogen-charging tubes, serving the petrochemical, hydrogen production, pulp, paper and other industries. The main goal of the project is to shorten delivery times to Asian customers. Since entering China in 1985, Alleima has been expanding steadily, with its revenue in the country exceeding 1.54 billion yuan in 2024. The new factory relies on electricity generated by photovoltaics, and more than 80% of the products use recycled steel. By 2030, Aleima has set a goal to reduce carbon emissions by 50% compared to 2019, writes KMG. Göran Björkman, Aleima's president and CEO, points out that by increasing capacity and expanding its portfolio, the company is strengthening its ability to supply products locally in Asia. The investment in the new plant, according to him, is aimed at responding to the strong, growing market in China.