The EU Council of Home Affairs Ministers voted to fully admit Bulgaria and Romania to Schengen and by land. This means that checks at the Schengen land borders of both countries will be abolished from 1 January 2025. However, Bulgaria and Romania will continue to carry out random checks at their Schengen borders for another 6 months. Austria lifts its veto on Bulgaria and Romania's full membership of Schengen. On 31 March, Bulgaria and Romania joined the Schengen area by air and sea. The Schengen area without internal border controls is one of the most valuable assets for EU citizens. Started in 1985 as an intergovernmental project between five countries - Belgium, Germany, Luxembourg, the Netherlands and France - it has gradually expanded to become the largest area of ​​free movement of people and goods in the world.

The industrial production index decreased by 0.7% in October 2024 compared to the previous month according to preliminary and seasonally adjusted data of the National Statistical Institute (NSI). On an annual basis, a decrease of 1.6% was recorded. On an annual basis, a decrease in industrial production, calculated from calendar-adjusted data, was recorded in the extractive industry - by 10%, in the manufacturing industry - by 0.1%. An increase was recorded in the production and distribution of electricity, heat and gas - by 7.9%. In the manufacturing industry, a significant decrease compared to a year earlier was observed in the production of motor vehicles, trailers and semi-trailers - by 29%, and in the production of basic metals - by 14.1%. Growth was recorded in the production of tobacco products - by 23.8%, and the production of metal products, excluding machinery and equipment - by 22.2%.

After two years of strong growth after the pandemic, in 2023 the results of Bulgarian agricultural producers began to decline sharply. The total output of the sector in 2023 amounted to 10.6 billion leva, or 18.2% below the level of the record 2022. The value is slightly behind even that of 2021. As before, wheat, sunflower and corn remain the leading crops for Bulgarian agriculture, although they generate significantly less value. In the previous two years, agricultural production grew by 37.6% and 19.2%, respectively. The overall level of producer prices in agriculture decreased by 15.8% in 2023. The decline in the leading productions for the sector was larger, by about 30-32%. The average price of soft wheat fell from 608 to 415 leva. per ton, and sunflower seeds - from 1,151 leva to 805 leva, according to national statistics. However, the trend for most of the other products is still towards an increase in price - the prices of fruits and vegetables have increased by 9.5%, and those in the livestock sector - by an average of 15.2%. Overall, the lower prices of production come against the backdrop of a relatively more limited decrease in the price of the production resources used, which this year are down by about 6% according to Eurostat data. However, the prices of agricultural land continue to climb - by nearly 11% to 1,447 leva per decare on average for the country in 2023. The growth is driven by the most fertile and, accordingly, the most expensive regions, as in Northeastern Bulgaria they reach 2425 BGN/hectare, while in the South Central and Southwestern regions they decrease to about 660 - 680 BGN/hectare according to NSI data. The average rent price remains at the level of the previous year - 61 BGN/hectare. Despite the lower prices of the produce, the export of the main agricultural products from Bulgaria is increasing thanks to larger volumes. The export of cereals reaches a record at least since the beginning of the century of 8.6 million tons with a total value of over 5 billion BGN, according to Eurostat data. The export of livestock is growing (including meat, eggs, dairy products), as well as that of fruits and vegetables. Due to the lower prices, however, the sales of oilseeds (mainly sunflower) are falling by about 7%, although the quantity exported in tons is larger. Leading destinations for Bulgarian exports of agricultural goods in 2023 are Greece and Romania, together forming nearly one-fifth of total agricultural exports for the year, followed by Spain, Turkey, China, Germany, Algeria, etc., according to data from the Ministry of Agriculture and Food.

In October, the Road Infrastructure Agency (RIA) announced the largest public procurement in its history - worth 2.25 billion leva. It includes major road repairs in nine groups of districts, selected on an unclear principle, which are also the individual positions in the tender. The plan is for RIA to conclude framework agreements with three participants (companies or associations) for each position for four years, and will hold internal competitions between them for each individual site. This is practically the mega-tender that will define the money for roads in the next four years. The procedure has obviously inflated turnover and experience requirements, which, as always, target a narrow circle of companies; the conditions are unclear and highly subjective. Who are the "hidden" favorites: In first place in terms of funds received from maintenance contracts are "European Roads", which is responsible for repairs in the districts of Plovdiv and Pazardzhik, and the indirectly related "Groma Hold", which has a maintenance contract in Blagoevgrad, for example. They receive over 950 million. BGN, or about 25% of the total investments in the entire country for maintenance in the last five years. The companies owned by Veliko Zhelev are involved in mergers that have received about BGN 292 million. Separately, the companies "Infra Expert", "Bitumina GmbH" and AB, for which there are also signs that they are under his control (he categorically denies this), are in mergers for another BGN 450 million. However, some of these amounts are under the same contracts. Companies owned by "IG Holding" of the trade businessman Grigor Ivanov have received over BGN 580 million for the districts of Gabrovo, Veliko Tarnovo, Razgrad, Ruse, Silistra, Targovishte and Lovech. Mergers in which "PST Group" or companies related to it participate have received BGN 262 million. The unknown "Nivel Stroy" until a few years ago, which seems to be the new favorite of the contracting authorities, is in associations that have earned over 120 million leva. The same companies were also the main recipients of funds in the period 2014-2019.

The Administrative Court in Sofia (ACCS) declared null and void the decision of the Anti-Corruption Commission (ACC), which led to the removal of Andrey Gyurov as Deputy Governor of the BNB. The court also questions all the actions of the ACC, since it operates without its composition having been voted on by parliament. Gyurov was removed as Deputy Governor of the BNB in ​​June, after the Anti-Corruption Commission established incompatibility with holding the position. The reasons stated that Gyurov could not fulfill his duties, as he was both a member of a party and a partner in a commercial company and did not leave them on time. However, the former PP MP explained that there was no case and that he resigned from the formation immediately after he was elected Deputy Governor of the bank by the National Assembly. And there is no ban on participation in a partnership in the law. However, the Governing Board of the central bank still decided to remove Gyurov. He appealed this decision in court. The attack on Andrey Gyurov coincided with the period when an acting prime minister was to be elected, and according to the latest changes to the constitution, the president has the right to choose from among 10 people who hold certain public positions. A deputy governor of the BNB is one of the options, and Gyurov himself had stated that if the head of state invited him, he would not refuse. The decision of the CPC forced the BNB to remove Gyurov, who at that time was practically the only potential candidate for acting prime minister who was not affiliated with GERB and/or MRF. In the end, the post was taken by the chairman of the Chamber of Accounts and a former GERB MP, Dimitar Glavchev, and his acting cabinet is accused of being dependent on Delyan Peevski and GERB. The court’s decision is not final and can be appealed to the Supreme Administrative Court.

The Macedonian trading company MakkaB, part of the structure of Filkab JSC, opened on November 27, 2024 the new modern administrative and warehouse facility with a large showroom in the Vizbegovo Industrial Zone, Skopje, Republic of North Macedonia. The relocation of the Macedonian company to the newly opened site is a result of the expansion of its activities. The Vizbegovo Industrial Zone, which is located outside the city, on the main road to Kosovo, offers larger areas, as well as proximity to various trade and manufacturing companies. MakkaB DOOEL is a subsidiary of the leading engineering and trading company Filkab JSC. Filkab is engaged in the supply, distribution and trade of: cable products, electrical appliances and automation equipment, medium voltage electrical appliances, cable accessories and accessories, lighting equipment, materials for electrical installations, photovoltaic modules and supporting structures, inverter stations, cables and connectors. In parallel, the company also develops engineering services and provides comprehensive service. In addition to North Macedonia, Filkab's commercial and engineering activities are also represented in Serbia. Engineer.BG

TITAN Zlatna Panega, a subsidiary of TITAN Group, one of the leaders in the production of cement and building materials in Bulgaria, has made a significant investment in clean energy by building its own photovoltaic park. This is the first own solar installation for a cement plant in Bulgaria. The capacity of the facility is 5 MWp, it is expected to produce 6.9 GWh per year, and the capital costs are close to 4 million euros. The solar park will provide electricity for the cement plant and cover up to 15% of its needs. Operation will help the company reduce its indirect CO2 emissions by about 3,000 tons per year. In line with the TITAN Group’s net zero emissions goal, TITAN Zlatna Panega is committed to offering zero-carbon concrete by 2050 and to introduce measures to limit global warming to 1.5°C compared to pre-industrial levels. In 2023 As a result of investments in energy efficiency, TITAN Zlatna Panega reduced its electricity consumption per ton of cement by 7%. In parallel with investments in equipment and new technologies, the company developed 2 new brands of cement with up to 35% lower carbon footprint compared to standard Portland cement. Today, green cement makes up 18% of the product mix, and moderate carbon products form 45% of the company's products. Over the past year, TITAN Zlatna Panega has utilized a total of 110,000 tons of waste in the production of cement and concrete, thus preserving almost the same amount of natural resources. The company is a preferred employer and a driver of the regional economy - 78.9% of employees live within 50 km of the plant. bglobal.bg

One of the largest projects in the field of renewable sources in Bulgaria - the Maglizh photovoltaic park, is about to start operating very soon. With an installed capacity of 160 MW, it extends over 1,300 acres at the foot of the Stara Planina Mountains, in the land of the town of Maglizh. The total investment in the Maglizh PV park project is worth around €100 million. Both own funds and a bank loan provided by leading financial institutions in Bulgaria and Austria were used for the implementation of the park. 360 Energy is the main co-investor of the project in cooperation with the main shareholders of Eurohold Bulgaria. Maglizh PV park is being implemented through the Belozem Solar Park 2 project company created for this purpose. The main contractor is the Bulgarian-German solar project integrator Sunotech, which is among the leaders in Europe in this field. The photovoltaic power plant is built on privately owned municipal land, which has been granted through a 30-year concession contract. In the future, the owners of the PV park plan to expand it with battery storage installations, which is expected to be completed within the next 18 months.

The German subsidiary of the metal packaging manufacturer Bulmetal JSC has signed a new contract with a client from Spain. The contract of BIBRA Biagosch and Brandau Germany GmbH is worth 1.24 million euros. The company will manufacture and install a technological line for the production of metal lids for metal packaging with a diameter of 65 mm. The contract implementation period is 12 months. Earlier in the year, BIBRA signed a contract with an Italian client for 1.775 million euros, and the Italian subsidiary Cevolani Italy Srl secured a contract for over 3.1 million euros in Algeria and for 1.2 million euros in Saudi Arabia. BIBRA's production capacity is 100% filled by the end of the first half of 2025. Bulmetal's total sales for the nine months of 2024 on a consolidated basis amounted to over 75 million leva with over 78 million BGN a year earlier, or a decrease of almost 4%. The decrease is due to the decline in prices, as order volumes increase. The company reported a consolidated net profit of nearly BGN 4.5 million for the period compared to over BGN 3.3 million a year earlier, which shows a growth of 35%. In the last year, Bulmetal's shares have increased in price by almost 10%, and the company's market capitalization has reached almost BGN 68.7 million.

US inflation accelerated slightly in November to 2.7% on an annual basis from 2.6%, the US Bureau of Labor Statistics showed. This is the highest inflation rate since July, but within market expectations. On a monthly basis, the consumer price index (CPI) rose 0.3% in November, after rising 0.2% in the previous four months, also confirming the expectations of economists and analysts. Energy prices fell 3.2% in November on an annual basis after falling 4.9% in October, mainly due to weaker declines in gasoline prices (by 8.1% after falling 12.2% in October) and heating oil (by 19.5% after falling 20.8% a month earlier), while natural gas prices rose 1.8% after rising 2% in the tenth month of the year. At the same time, there was an acceleration in food price growth by 2.4% after 2.1% in October, while new car prices fell by 0.7%, but after a decline of 1.3% a month earlier. Transport inflation was reported to slow down - to 7.1% from 8.2% in October. The core consumer price index, which excludes food and energy prices, rose for the third consecutive month by 0.3% on a monthly basis and by 3.3% on an annual basis, confirming market expectations.

Russia's state oil company Rosneft has agreed to supply about 500,000 barrels of crude oil per day to India's private refiner Reliance in the biggest energy deal between the two countries. The 10-year agreement between the companies represents 0.5% of global supplies and is worth about $13 billion a year at current prices, Reuters reported, citing sources. Reliance said it works with international suppliers, including from Russia, and enters into agreements on fair terms. Russian oil accounts for more than a third of India's energy imports. The country has become the largest importer of Russian crude after the European Union, previously the largest buyer, imposed sanctions on imports in response to the war in Ukraine. India has no sanctions on Russian oil, so the country's oil refineries have benefited from cheaper supplies from Moscow. The sanctions have made Russian oil cheaper than competing varieties by at least $3-4 a barrel. As part of the deal, Rosneft will deliver 20 to 21 Aframax batches (80,000 to 100,000 metric tons) of various grades of Russian crude oil and three batches of fuel oil of about 100,000 tons each per month, the sources said. The deliveries will be directed to Reliance's world-largest oil refining complex in Jamnagar in the western state of Gujarat. Deliveries will begin in January and will last for 10 years, with an option to extend the deal for another 10 years. The two companies intend to review the prices and volumes of the deal annually to take into account oil market dynamics. The agreement represents approximately half of Rosneft's seaborne oil exports from Russian ports.