In the second quarter of 2018, unemployment stood at 5.5 per cent, the National Statistical Institute said. There were a total of 182,200 jobless people, including 109,800 men (60 per cent) and 72,400 women (39.7 per cent). The second-quarter unemployment was 0.8 per cent down from the like quarter of 2017. Of all unemployed persons, 13.6 per cent had university education, 49.1 per cent high school education and 37.3 per cent secondary-school education or lower. By education level, the unemployment rate was 2.4 per cent for university graduates, 4.8 per cent for high-school graduates and 16.1 per cent for those with lower education. Long-term unemployed (who have been out of job for one or more years) totalled 106,300 (58.4 per cent). The long-term unemployment rate was 3.2 per cent (down by 0.3 percentage points from this time last year). It was 3.7 per cent for men and 2.6 per cent for women. A total of 35,100 (19.3 per cent of the unemployed) were looking for their first job.

For the first half of the year, Bulgaria's Fiscal Reserve amounted to BGN 10.83 billion. This is clear from data from the Ministry of Finance (MF). However, only 5 months earlier, at the end of January, the Fiscal Reserve was BGN 11.2 billion, a decrease of BGN 356 million. The MF explained that the decrease was mainly due to the paid out over BGN 441.2 million direct payments to farmers for Campaign 2017 under the Payment Scheme for climate-friendly and environmentally-friendly agricultural practices in May 2018 from the State Fund Agriculture. A more detailed view of the data also shows that the amount of the Fiscal Reserve (including receivables from European Union funds for certified expenditure, advances, etc.) by 31 October 2017 is slightly above BGN 12 billion, which is a reduction of BGN 1.2 billion. The report shows that out of the BGN 10.83 billion in the Fiscal Reserve in June, around BGN 9.87 billion were deposits of the Fiscal Reserve with the BNB and banks and BGN 0.96 billion were receivables from European Union funds for certified costs, advances and others. The resources of the Fiscal Reserve on deposits with the BNB amounted to BGN 9.45 billion, and in the banks - BGN 0.42 billion.

Bulgaria's government has extended by 15 years the term of the concession contract granted to Ognyanovo-K company for mining limestone from the Ognyanovo-77 deposit, in the country's southwest. The initial contract was signed in 2001 for a term of 20 years. The main reason for the extension is the fact that otherwise a significant amount of resources would remain unused. The extension was requested by Ognyanovo-K.

A new plant worth millions is planned to open in Burgas. A note from Burgas Mayor Dimitar Nikolov related to the multi-million investment of 2MEX EAD was received in the Municipal Council of Burgas. The whole project is for EUR 124 million. It will be developed in two stages and will cover a territory of 65 decares, part of which falls into Industrial Logistics Park in the North Industrial Zone. The first stage is for the amount of BGN 167.5 million and the second to the full amount of EUR 124 million. The company will provide 400 new jobs. The activity of the future plant will be the production of rail wheels, axles, tires and other axially symmetrical elements. The aim of the project is to build a high-tech combined production line for the production of the above elements for railway transport. According to the investor, the future production to be built is severely limited worldwide. Supporting the investment are also the EU's top priorities by 2050 for the development of rail infrastructure and the shifting of freight from the road to rail. Production will be for the European as well as for the global market.

By 6% more concentrate has the Aurubis copper plant in Pirdop processed for the nine months until the end of June, but cathode production has slightly declined. This shows the report of the German owner Aurubis in the third quarter of the financial year 2017/2018, which begins in October. The revenue and operating profit of the unit to which the Bulgarian plant belongs, however, is growing. As a result of the increase, the total quantity of processed concentrate in Pirdop exceeded 1 million tons for the first nine months. For the "Refining and Processing of Metals" Unit, to which the Bulgarian plant belongs and which also includes the facilities in Hamburg, Lunen (Germany) and Olen (Belgium), as well as the factories in Emmerich (Germany) and Avellino (Italy) for copper wire and profiles, the report shows a 6% revenue growth to EUR 7.775 billion. Operating profit before tax (EBT), which is one of the main indicators monitored by shareholders, has increased by about 17% to EUR 289 million.

Bulgaria's AmRest Coffee, part of Polish restaurant operator AmRest Holdings, has opened the first coffee shop under the Starbucks brand in the city of Plovdiv. The new store, located in Mall Plovdiv shopping centre, offers a commercial area of 240 square metres with seating for 121 people. This is the eleventh Starbucks shop in Bulgaria. The company operates seven Starbucks stores in Sofia, two in Burgas and one in Varna. The company is due to open one more coffee shop under the Starbucks brand by the end of the month. The store will be located in Serdika Center shopping mall in Sofia. AmRest Coffee, which has a registered capital of BGN 11 million, opened the first coffee shop under the Starbucks brand in Bulgaria in 2008. Poland-based AmRest Holdings operates operates 1,600 stores in 16 countries under the Starbucks, KFC, Pizza Hut, Burger King, La Tagiatella, Blue Frog and KABB brands.

The Swedish furniture chain IKEA opens a new order center in Plovdiv. The order center in Plovdiv will be located in one of the malls. In 2015, the company opened an order center in Varna, and in 2016 one in Burgas. They offer all the services available to customers in the chain. IKEA is the largest chain of home furnishings. The company was founded in the south of Sweden in 1943 by Ingvar Kamprad. The chain entered the Bulgarian market in 2011 by opening a shop in Sofia through a franchise contract with House Market SA, which manages five IKEA stores in Greece and one in Cyprus.

Bulgaria's Aktiv Properties REIT has acquired 21 rooms in a residential building in the city of Pleven from local company HEM for a total of EUR 100,000. By buying the flats Aktiv Properties REIT became the sole owner of the building, as it acquired all other parts back in 2008. The acquisition allows the company to start the implementation of its investment plans for the reconstruction and modernisation of the building. Aktiv Properties REIT will pay 80% of the sum in deferred payments.

Britain's Royal Bank of Scotland will pay $4.9 billion to settle charges it misled investors on mortgage-backed securities ahead of the financial crisis, the US Justice Department announced Tuesday. Edinburgh-based RBS committed a variety of ills associated with the underwriting and packaging of subprime loans into securities that became toxic in the US housing bust, US officials said. "Many Americans suffered lasting economic harm as a result of the 2008 financial crisis,“ said Acting Associate Attorney General Jesse Panuccio. "This settlement holds RBS accountable for serious misconduct that contributed to that financial crisis, and it sends an important message that the Department of Justice will pursue financial institutions that illicitly harm the American economy and our consumers." A final settlement was expected after RBS in May disclosed a preliminary deal with the Justice Department. A Justice Department statement accused RBS of failing to disclose loan risks to investors; waiving standards in a way that allowed bad loans to be included in securities packages; and providing loan data to investors that gave a false impression that the loans were less risky than they really were.

U.S. retail sales rose more than expected in July as households boosted purchases of motor vehicles and clothing, suggesting the economy remained strong early in the third quarter. The Commerce Department said on Wednesday retail sales increased 0.5 percent last month. But data for June was revised lower to show sales gaining 0.2 percent instead of the previously reported 0.5 percent rise. Economists polled by Reuters had forecast retail sales nudging up 0.1 percent in July. Retail sales in July increased 6.4 percent from a year ago. Excluding automobiles, gasoline, building materials and food services, retail sales advanced 0.5 percent last month after a downwardly revised 0.1 percent dip in June. These so-called core retail sales correspond most closely with the consumer spending component of gross domestic product. Core retail sales were previously reported to have been unchanged in June. Consumer spending is being supported by a tightening labor market, which is steadily pushing up wages.

China’s commerce ministry said a U.S. decision to subsidize renewable energy firms and impose tariffs on imported products has seriously distorted the global market and harmed China’s interests, firing the latest shot in a broader trade conflict. China has lodged a complaint to the World Trade Organisation to help determine the legality of the U.S. policies, saying they not only harm China's rights but also undermine the WTO's authority. Washington announced in January that it was imposing what it called safeguard tariffs over four years - with a 30 percent tariff in the first year reduced gradually to 15 percent in year four. “As the U.S. violations have severely distorted the global market for products like photovoltaics and seriously damaged China’s trade interests, China’s use of the WTO dispute settlement mechanism is a necessary measure to safeguard its legitimate rights and interests and maintain multilateral trade rules,” the commerce ministry statement said. The move is not expected to have an immediate impact on China’s major solar manufacturers, including GCL, Jinko Solar and Canadian Solar, as their exposure to U.S. markets was reduced after earlier trade disputes.