In October the number of the unemployed in Bulgaria are 476 326 people or 12.86 per cent, was reported from the Ministry of Labour and Social Policy. In comparison with September the unemployed in Bulgaria are with 3 712 people more. The major reasons are the finalization of the summer seasonable activities in tourism, agriculture, construction, food-processing industry and trade. In comparison with 2002, in October 2003 the unemployment rate in Bulgaria is considerably lower.
Source: BTA

Within a year and a half 80 per cent of the companies, owned by Bulgartabac Holding will be private, and around six enterprises will be either sold for BGN 1 or liquidated, Mr. Mehmed Dikme – Minister of Agriculture forecasted. He, together with the Deputy Prime Minister Ms. Lidia Shuleva and the holding’s management presented the Government Strategy for the holding’s privatization, according to which the Supervisory Board, which members are ministers, should approve the procedures for the sale of Bulgartabac’s subsidiaries separately. The document was approved by the commission with 12 yes-votes and 4 abstained votes.
Source: BTA

By decision of the company’s Board of Directors, the ship-repairing plant Odesos has a second Executive Director. His name is Mr. Dimitar Todorov, who was so far responsible for the plant’s commercial policy. SRP Odesos is one of the four companies in the Bulyard consortium, which was elected as preferred partner of Navigation Maritime Bulgare. The negotiations are expected to be finalized by the end of the week.
Source: Black sea 

The Executive Director of Unionbank Mr. Evgeni Gospodinov will sign two contracts for a credit line with the German Kreditanstalt fur Wiederaufbau in amount of EUR 6.6 million. The funds will be used for crediting of small and medium-sized companies. The bank will offer a special product for crediting of the agriculture. By the end of the year is expected its assets to increase up to BGN 240-250 million. The bank wants to reach by 2007 the first 10 banks by the amount of assets.
Source: Pari

By the end of the week is expected the buyer of the minority municipal share in Softaxi – the company Eco-2001 to sign the contract for sale with Sofia Municipality. Eco-2001 was the sole candidate for the shares in the company at the tender, which took place on October 29. It bought the stake of 5 000 personal shares, which is a share of 10 per cent. The company bought the shares at the initially declared selling price of BGN 19 000.
Source: Dnevnik 

Vidachim and the Turkish company Petals are negotiating joint production of tires for light and heavy vehicles. This was announced by the Chairman of the Vidin-based company’s Board of Directors Ms. Sevdalina Dimitrova, who added that the contract with Petlas will be finalized by the end of next year. The two companies are planning to establish a joint venture, but before this happens, Vidachim will have to reduce its debt burden, which is currently in the amount of BGN 68 million. Petlas is due to provide the equipment in the joint production. Besides, the Turkish company will have to provide the training of the people, who will work in this joint production.
Source: Dnevnik 

Bulgaria Air will travel to Kuwait, according to a decision of the Ministries, which has to be approved today. The airline has executed combined charter flights to Kuwait since June 2003 and plans to open a regular line between Sofia and Kuwait in 2004. The Government will define Hemus air as official Bulgarian carrier on the lines to Turkey, Greece, Cyprus and Egypt.
Source: Standard  

USA
General Electric is planning to spin off most of its life and mortgage insurance businesses, worth $10bn in book value, in an initial public offering targeted for the first half of next year, the industrial giant said on Tuesday. The move marks a further step in GE's transformation under chairman and chief executive Jeffrey Immelt, who has made no secret of his intention to steer the company away from low growth businesses such as insurance. The IPO would move around 20 per cent of GE's financial services assets and around one half of its insurance business into a new entity named Genworth Financial. This would help reduce the level of GE's insurance related assets from about 40 per cent to 15 per cent of its overall financial services assets - a previously stated goal for the industrial conglomerate. "This IPO is both an important step in the transformation of GE and a significant opportunity for Genworth," Mr Immelt said in a statement. Last month, after executing a series of deals ranging from the disposal of its Japanese insurance business to the acquisition of Amersham, the UK diagnostics group, Mr Immelt said to the Financial Times: "The goal is to get some good industrial businesses which are growing as fast or faster [than financial services]." 
Source: FT