In 2025, the total volume of online sales of products and services in Bulgaria is estimated at over 2.69 billion euros, which represents an approximate growth of 15% compared to 2024. This is shown by a study by the Bulgarian E-commerce Association. "The Bulgarian B2C (business to consumer) e-commerce market continues its sustainable development, confirming its position as one of the most dynamic digital sectors in Eastern Europe. It has doubled in four years and now represents nearly 13.5 percent of the market in Eastern Europe," the study also shows. According to him, the leading reason for the increase in e-commerce purchases among consumers is the convenience it provides and the trust of consumers in online payments and deliveries. Already over 55 percent of online users in Bulgaria aged 16-74 shop online and this percentage will continue to grow. The largest number - 95.5 percent of online shoppers in 2025 purchased goods and services from Bulgarian online stores, 27.4 percent from online stores in European Union countries, 12.9 percent - outside the European Union, the study shows.

The Council of Ministers approved a series of changes to the concession contracts for the extraction of underground resources. The decisions concern four deposits in the districts of Burgas, Pernik and Varna, and new concessionaires will take their place. In all cases, these are procedures for the transfer of rights and obligations under the Subsoil Resources Act, without changing the terms of the existing concessions. "White Stone 2023" EOOD becomes the new concessionaire of the "Futula" deposit, located in the municipality of Karnobat, Burgas district. The rights and obligations are transferred from "Patstroy VDH" EAD, which is the legal successor of the already deleted "Patstroy Burgas" EOOD. The "Futula" deposit was granted for the extraction of andesite-basalts in 2013, and the transfer is carried out under unchanged conditions and after checking for compliance with Art. 23 and 23a of the Subsoil Resources Act. For the Studena dolomite deposit, section Hidrostroy 1, Pernik region, the new concessionaire is IVV EOOD. The concession was granted in 2008 to Hidrostroy OOD for a period of 25 years. The new concessionaire for the Kalimantsi sand deposit is Kalimantsi IM EOOD. The original contract was concluded in 2003 for a period of 15 years with ET Monio – 48 – Momchil Stankov. Later, the concession was brought into current compliance and transferred to Hidrostroy AD, with the period extended by 15 years. Skalni Produkti EOOD became the concessionaire of the Kozya Polyana deposit in Varna region, from which limestone is extracted. The concession was granted in 2020 to Hidrostroy AD for a period of 35 years.

A new mega-project with 1,800 apartments is emerging southwest of the center of Sofia - in the "Lagera" residential area, on the territory of the former Serdika cheese factory. The future Tulip City will be a residential complex on an area of ​​61 acres, on which urban planning allows for the construction of 200,000 sq m of gross floor area. About 80% of the square footage will be housing, and the rest - cafes, restaurants, pharmacies, shops. There will also be playgrounds, courts, tennis, football or basketball courts and green areas. Investors are "AFI Europe" and "AP Capital". AFI Europe is a large investment fund, well known in the field of real estate in Central and Eastern Europe. This is also the first project of AFI Europe in Bulgaria, which will be developed in partnership - with "AP Capital" - the investment company of Angel Angelov and Petar Dudolenski. In real estate, they have over 450 residential units in Sofia - in Pine Residence in "Buxton" and in NIDO Residence - in partnership with Smart Property Fund. Separately and as a manager of Global City Holdings (formerly Cinema City International), Petar Dudolenski has experience in the construction of about 2,000 apartments in Poland, as well as in the construction of Mall of Sofia and Mall of Russe. In addition to real estate, the company has investments (mostly equity) in healthcare (hospitals and medical centers Acibadem City Clinic in Bulgaria and Serbia), medical equipment, retail (West Mall in Sofia and Delta Planet Mall in Varna, as well as in the chain of Minimart convenience stores). In the Tulip City project, they are actually investing through "AP Capital". The Commission for Protection of Competition (CPC) has authorized "AFI Europe" and "AP Capital" to acquire joint control over four project companies with which the land in the Serdika Refinery was purchased. Their sole owner is now APL Capital. But the two companies have an agreement from September, under which AFI Europe will buy out a certain percentage of the shares. According to preliminary information, AFI will have 51% in the project, and AP Capital will retain 49%. The four companies will be jointly managed by three directors - Tsakhi Tabakman, Georgi Uzunov from APL Capital, and there will also be another representative of AFI. The companies APL 1, APL 4, APL 2 and BAZA 3 reflect the acquisition of the land by APL Capital from different owners. The plots were purchased within a year and three months - between September 2021 and December 2022. The two large ones - 26.3 decares and 24.6 decares, were acquired, with their owners Sofia Green Project and "Intransmash - Engineering" are contributing them to the companies of "APL Capital". Another 7.3 decares are with the seller "Nadine Hold". The latest deal is for 4.7 decares from "LB Service". All plots are at 1 Kostenets Street. According to preliminary plans, the construction of the first building should begin in the first half of 2027. According to independent estimates, the investment in such a residential complex would be in the order of 300 and 400 million euros at current construction prices. Of the projects of "AFI Europe Bulgaria", started before the crisis, Vitosha Tulip has already been completed and sold out. The company is currently completing the last building of Lagera Tulip - a gated complex, started before 2015, the construction of which was temporarily frozen during the difficult times. At the beginning of the coming 2026, "AFI Europe Bulgaria" plans to start construction of their new residential project in "Malinova Dolina" on land purchased when they came to Bulgaria. There they have four plots of land totaling 31 acres. They will start building two of them with 188 apartments. Last year, "AFI Europe Bulgaria" had revenues of 1.26 million leva and a small profit of 30 thousand leva. And the gross rental income of "Business Park Varna" has increased by 28% due to the leasing of new areas. AFI Europe is a Dutch company owned by AFI Properties - a public Israeli company traded on the Tel Aviv Stock Exchange. AFI Properties is active in Central and Eastern Europe, where it entered in 1997. It has projects in Bulgaria, Romania, Serbia, Poland, the Czech Republic, Latvia, as well as in Israel. It owns business parks, office complexes, shopping malls, retail properties, residential projects, mixed-use complexes and rental apartments AFI Home. Initially, AFI Properties was responsible for the real estate projects of AFI Group (Africa Israel Investments) - a company of diamond magnate Lev Levaev. In 2019, he sold the controlling stake in AFI Properties to Big Shopping Centers Ltd., which has a share of about 79.9% and the company is no longer related to him. AFI Group has businesses in industry, infrastructure, hotels, fashion.

Those wishing to participate in the upcoming training on ""Organization and Management of the Company and Optimization of Production Processes" according to the REFA-Germany methodology, which begins in Sofia on March 9, 2026, still have the opportunity to use a discount on the price until December 20, 2025. This training is necessary and useful for every manufacturing enterprise in Bulgaria, because it creates sustainable knowledge and skills for managers, consultants and analysts for all aspects of labor and industrial work process management: the organization of effective work systems, ergonomics, collection and analysis of production data, labor rationing and ways to increase individual and group productivity. The application of the REFA methodology in production provides every enterprise with a new quality of organization, control and development. Successful graduates of the training receive an original certificate from REFA-Germany, which is recognized worldwide and provides unique opportunities for successful professional realization. The REFA basic course is not just training, but an investment in the future of specialists and enterprises, a real opportunity for qualitative adaptation of the organization of production in Bulgarian enterprises to leading European practices and sustainable development. The training is conducted in Bulgarian by REFA-licensed teachers with vast teaching and practical experience. For more information - on the REFA-Bulgaria website.

Kozloduy NPP's profit for the nine months of the year drops by 47%. By the end of the third quarter, the plant reported a net profit of BGN 159 million, compared to almost BGN 300 million a year earlier. The decrease in profit is mainly due to higher expenses for the due contribution to the Electricity System Security Fund (ESSF), which for the period were BGN 414 million. The NPP reports reduced liquidity, with the company's cash (cash) at the end of the period being BGN 241 million, which is a decrease of BGN 735 million compared to the same period in 2024. On the one hand, the dividend paid in favor of BEH has been increased and is now 100% of Kozloduy NPP's profit for 2024. On the other hand, there are factors such as delays in payments by NEK for electricity supplied on the regulated market in previous months. In order to secure working capital and not to delay payments, the NPP has had to use short-term loans. The company has withdrawn (and already repaid) an internal loan of 50 million leva from its subsidiary "Kozloduy NPP - New Capacity" and has used a bank overdraft, of which 40 million leva were utilized as of September. The company's operating revenues for the nine months amounted to 1.66 billion leva, or 8% more than those for the same period last year. The reported revenues from the sale of electricity to NEK amount to 209 million leva, which is 7% less. The power plant recalls that as of July 1, there is a new working mechanism - NEK is no longer a public supplier, but a coordinator of a balancing group, which includes Kozloduy NPP (together with NEK and Maritsa-Iztok 2 TPP), with revenues from this amounting to BGN 182 million. At the same time, total revenues from the sale of electricity to the exchange segments are BGN 1.26 billion, which is a decrease of 3% (BGN 45 million) compared to those reported for 2024. Operating expenses in the first nine months of 2025 are BGN 1.5 billion, or BGN 274 million more than the same period last year.

Stanimira Pashova is now the CEO of the commercial real estate consultancy Cushman&Wakefield Forton. She has over 20 years of management experience in real estate, investment and market development in Europe. Before joining Forton, Pashova was the Manager of Forma Real Estate Fund for the Netherlands for 5 years. There, she managed assets worth over EUR 250 million and managed a portfolio of 12 office buildings with a total area of ​​140,000 sq m. During this period, she implemented complex transformation projects, increased the value of the portfolio in a challenging market environment and strengthened the governance and compliance frameworks of the fund.

Bulgarian hydrogen technology developer Green Innovation, operating under the Hydrogenera brand, announced that it will supply and install a hydrogen system at the German car manufacturer Volkswagen’s plant in Poznan, Poland. The project involves the installation of a system including an electrolyzer with a capacity of up to 90 kW, which will produce hydrogen and oxygen to optimize the combustion process in a gas burner with an average capacity of 1.5 MW. The hydrogen system is expected to reduce the fuel consumption of the Poznan plant by up to 30%, reduce carbon emissions and improve the energy balance without changing the existing production systems. Hydrogenera is the only electrolyzer manufacturer in the Balkans and is developing its own technologies for the production, storage and use of green hydrogen. The company has already implemented over 90 projects in Bulgaria, Italy, Turkey and Poland. The company implemented one of the most successful initial public offerings of the year on the Bulgarian Stock Exchange. 400,000 new shares were placed in an auction with a fixed price of BGN 19.90 per share, raising almost BGN 8 million in fresh capital. The company announced that the proceeds will be used to expand production capacity, develop new products and enter new markets, as part of a broader growth strategy and large-scale industrial projects.

An underground wine cellar with a shed is being built in his estate in the village of Dabrava, where his stable used to be, by Blagoevgrad energy boss and hotelier Ivan Chapov. The investor of the site is "Hydroenergy Company" AD, with which he entered the private business with hydroelectric power plants and photovoltaics more than 10 years ago. The land allocated for the wine cellar is 982 sq.m., with a permanent purpose of the territory "urbanized" and a method of permanent use "for another type of production warehouse facility". A two-story building with a built-up area of ​​231 sq.m. has been built on the property, which the businessman decided a few years ago to turn into a winery that would work with grapes imported from outside, because he had not yet started growing vineyards. In addition to "Hydroenergy Company" AD, Chapov has also successfully developed other companies related to the production of ready-made clothing, processing and trade in agricultural products; trade in building materials, construction, etc. He has hotels in Blagoevgrad and Razlog, and years ago he became the owner of the first private helicopter and the first private football field in Blagoevgrad.

A new portion of tension is being created by the attempt to increase the capital of the insurer "DallBogg: Life and Health" to 135 million leva. The financial support from shareholders due to solvency requirements is being imposed after supervisory measures imposed by the Financial Supervision Commission (FSC). As of October 1 this year, the Bulgarian insurer, whose main shareholder is "Targovska Liga" of businessman Tihomir Kamenov, has been banned from concluding new insurance policies in EU countries outside Bulgaria. The supervisory measures against "DallBogg" became known in the middle of the year, when the Romanian regulator announced a temporary ban on the Bulgarian insurer from concluding new policies in the country, which subsequently became permanent. As of October 1, the ban became permanent and covers all EU countries. The FSC claims that the supervisory measures are being imposed after joint inspections with other European regulators, as well as with the European Insurance Authority EIOPA. However, "DallBogg" believes that this case is about "a crackdown on honest and independent business that does not report to the "Magnitsky Mafia". Since September, the insurer has increased its capital by 35.5 million leva - from 20.3 million leva to 55.8 million leva. A new capital increase is planned by the New Year - by another 80 million leva, of which, however, 20 million leva will actually be contributed, and the remaining 60 million leva must be transferred in the next two years. The Registry Agency has issued a series of refusals on the details of the procedure - for example, there was a problem with the date of the general meeting, which was ultimately moved to December 28, 2025. A refusal was also issued because of a proposed change to the statute, which stated that "contributions to the company's capital can be both monetary and non-monetary, in-kind and any other provided for by law, without limitation in amount". According to the Registry Agency, this provision contradicts the Insurance Code, according to which "contributions to the capital of a joint-stock company under para. 1 are only cash and cannot be made with funds of unproven origin or with funds obtained as a result of illegal activity". The largest shareholder in "DallBogg" is "Targovska Liga - Global Pharmacy Center", which currently holds 77.52% of the capital (43.258 million leva in nominal value). The company is planned to subscribe for another 62.018 million leva, of which, however, it will actually contribute 15.5 million leva immediately, and the rest - in the next two years. The other shareholders are the owner of "Targovska Liga" Tihomir Kamenov, as well as his sons. Ivan Kamenov is planned to subscribe for new shares for 2.884 million leva, of which he will immediately contribute 0.721 million leva, donated by his father. Tihomir Tikhomirov Kamenov will subscribe for 7.885 million leva and will contribute 1.971 million leva, donated by Kamenov Sr. In an open letter distributed to the media, DallBogg complained about the blocking of the new shareholder in the company – Tihomir Tikhomirov Kamenov. He is an American citizen and became a shareholder on October 20, acquiring securities with a nominal value of 5.5 million leva (during the last capital increase). According to DallBogg, the FSC has imposed a compulsory administrative measure, with which the Central Depository is blocked from issuing the dematerialized shares. The supervision has filed a claim with the Sofia City Court, demanding that the registration of the new shareholder in the Sofia City Court be declared null and void due to defects in the general meeting held on October 20. In response, the new shareholder Tihomir Kamenov Jr., who is presented as an American investor and a student of law and economics at Harvard and Universität St. Gallen, sent an open letter to the Deputy Chairman of the FSC Denitsa Velichkova, in which she claims that she is involved in an “administrative "arbitrariness".

The shareholders of Sofia Hotel Balkan AD approved the managers' proposal to conclude a bank loan agreement between the company, as a borrower, and the National Bank of Greece (Cyprus) Limited, as a lender. The loan agreement is concluded for an amount of up to EUR 33,463,000 at an annual interest rate of the 6-month Euribor plus a surcharge of 1.80% and an estimated maximum value of EUR 48,917,601.03. The repayment period is 120 months from the date of disbursement. The transaction is concluded in favor of Sofia Hotel Balkan. The General Meeting authorized and empowered the Executive Director of the company, Ioannis Nikolaos Daskalantonakis, to sign the loan agreement on behalf of the Sofia company. The General Meeting approved the conclusion of agreements to secure the company's obligations under the loan agreement concluded with the National Bank of Greece. The deal is concluded in favor of Sofia Hotel Balkan and in favor of Kokari, Metropol and Potamiro as guarantors. Ioannis Nikolaos Daskalantonakis to sign these contracts on behalf of the Sofia company. Sofia Hotel Balkan (until April 2013: Sheraton Sofia Hotel Balkan) is among the largest hotels in Sofia. It is categorized as a five-star hotel, which has 185 rooms and suites. After being renamed in April 2013, the hotel remains in the Starwood hotel group, but moves to the subgroup with the more prestigious Luxury Collection brand. Sofia Hotel Balkan shares are traded on the Unofficial Stock Market, segment "B", of the Bulgarian Stock Exchange. In the last twelve months, their price has remained at 45 leva per share. This estimates the company at over 236 million leva in market capitalization. 

The Munich-based Ifo Institute has sharply cut its growth forecast for Germany for the period 2025-2027, signaling that Europe’s largest economy will recover more slowly and at a higher cost than predicted just three months ago. According to the updated forecast, Germany’s economy will grow by just 0.1% this year and 0.8% in 2026, while growth of 1.1% is expected for 2027. This is a significant correction from early autumn, when the institute predicted 0.2% growth in 2025, 1.3% in 2026 and 1.6% in 2027. Ifo describes the German economy as one that is “adapting slowly and at high cost to structural change,” hampered by bureaucracy and aging infrastructure. US tariffs are expected to reduce growth by 0.3 percentage points. in 2025 and 0.6 pp. in 2026 Even with an expected global growth of an average of 2.5% between 2025–2027, German industry will continue to lose competitiveness. Planned government investments will add 0.3 pp. to growth in 2026 and 0.7 pp. in 2027, but according to the institute their effect comes too late and will not be sufficient. The production potential for 2027 has been revised down by 0.7 pp. due to a weaker labor market, low investment and slowing productivity. Unemployment is expected to rise by 161,000 to 6.3% in 2025, stabilizing in 2026 and falling slightly to 5.9% in 2027. Inflation is expected to remain above the target at 2.2% in 2025 and 2026 and 2.3% in 2027, driven by higher service and labor costs. The Ifo revision reaffirms the trend that the German economy is becoming one of the weakest links in Europe, facing a combination of internal structural problems and external trade risks. Slow infrastructure modernization, delayed technological transition and lack of sufficient investment cast doubt on the country’s ability to catch up in the medium term.

The total assets under management of the world’s 500 largest asset management firms reached nearly $140 trillion at the end of 2024, and are set to reach a record $147 trillion by mid-2025, according to consulting firm McKinsey. Global assets under management are expected to grow to $200 trillion by 2030, at a compound annual growth rate of 6.2%, according to a recently published report by PricewaterhouseCoopers (PwC). North America will remain the dominant market for global assets under management, growing at 6.2% annually, but Asia-Pacific is expected to grow the fastest, at 6.8%. Latin America (6.6%), the Middle East and Africa (6.3%) and Europe (5.6%) will also see increases. Private markets revenues are expected to reach $432.2 billion, accounting for more than half of the global asset management industry’s total revenues by 2030. The leader in this ranking remains BlackRock, which manages assets worth $13.5 trillion for its clients – an increase of 17% year-on-year. The second position is for Vanguard with $11.6 trillion, while the top three are formed by Fidelity, which manages assets worth $6.8 trillion for its clients. The leader in asset management in Europe is Amundi, which with over €2.3 trillion ($2.6 trillion) ranks in the top ten globally.

The US Federal Reserve cut its key interest rate by 25 basis points to a range of 3.5–3.75%, following previous cuts in September and October. This brought borrowing costs to their lowest level since 2022. The decision was made unanimously, although the meeting itself revealed divisions among members of the Federal Open Market Committee (FOMC). After the meeting, the Fed indicated that economic activity is expanding at a moderate pace, while job growth has slowed, unemployment has risen, and inflation remains “somewhat elevated.” The central bank noted that uncertainty about the economic outlook remains high and will continue to monitor incoming data, standing ready to adjust its policy if necessary. The Fed's forecasts for the federal funds rate remain unchanged from September, signaling another 25 basis point cut in 2026. GDP forecasts were revised up to 1.7% for 2025 (from 1.6%) and 2.3% for 2026 (from 1.8%), while inflation (PCE) is expected to be slightly lower – 2.9% for 2025 and 2.4% for 2026. Unemployment remains at 4.5% for 2025 and 4.4% for 2026.

A new tax will come into effect in the European Union on January 1 next year. Called the “carbon border adjustment mechanism” (CBAM), the tax will be levied on imports from non-EU countries with less stringent emission reduction standards. Those countries are already opposing the tax, and the EU is about to face some unintended consequences in this direction. Last week, Reuters reported that Indian steel exporters are looking for new markets to replace the European Union, which currently absorbs two-thirds of India’s steel exports. Steel production in India is done in coal-fired blast furnaces, which is incompatible with the European Union’s plans to reduce emissions. Steel mills could switch from coal-fired blast furnaces to electric arc furnaces. The electric version has lower emissions, but such a change would take time and money – and a lot of it. Europe itself produces steel in electric arc furnaces, and that is still quite expensive. The Carbon Border Adjustment Mechanism, or CBAM, was designed in response to European industries. The EU’s strict emissions reduction targets and associated mandatory requirements were making European goods uncompetitive on international markets, affecting steel, cement, car and other industries. So these industries spoke out and got a rebate that fits perfectly with the European Union’s ambition to become the standard in climate policy, comments Oilprice. For managers who run companies dependent on export revenues, things look a little different. To comply with European emission reduction standards, they will have to spend a certain amount of money to transform their production process and make it more vulnerable to price shocks, because electric arc furnaces run on electricity, not coal. This is probably one of the main reasons why European steelmakers are struggling to compete: for every tonne of carbon dioxide they emit, European industries have to pay around €80. But they don’t really have a choice. India, China and other exporters to the European Union do, however. “Some of those who make money from [fossil fuels] are trying to prolong this process. In fact, most countries that make a good living from exporting raw materials that enjoy strong and stable demand have very little incentive to kill their ‘cash cows’ just to please politicians in Brussels. Brussels seems to be aware of this – and of the fact that the European Union is heavily dependent on imports of essential goods. Politico reported earlier this month that while the CBAM is more or less ready in terms of text, it still needs some work on measuring emissions. It is still unclear how the specific emissions of exporters to the EU from India, China, Saudi Arabia and other countries that “make money from fossil fuels” will be measured. The publication said it had seen two documents on the measurement of emissions, one of which contained reference values ​​for emissions and the other - default values ​​for the production of goods that will be subject to the new tax from January. It also said there are signs that the EU is circumventing its own rules to keep imports flowing. Politico quoted industry executives as saying that the standard emission values ​​for certain countries that export to the EU were set too low to be realistic, including for some of China’s steel production, which according to these estimates turns out to have lower emissions than steel production in the EU. “The discrepancies in the default and benchmark figures would weaken the incentive for cleaner production processes and allow high-emission imports to enter the EU market with insufficient carbon costs,” an industry representative told Politico. “This could lead to a CBAM that is not only significantly less effective, but also likely counterproductive.” In fact, one could argue that CBAM is counterproductive by definition because it seeks to make more products expensive for more people in pursuit of the elusive goal of halting global temperature changes. Yet the EU is continuing to implement it, although it will provide “additional flexibility” in response to the US’s adverse reaction to the new tax.