Financial news

According to the preliminary data of Bulgaria’s National Statistical Institute in 2014 the deficit of the General Government sector amounted to BGN 2.337 billion or 2.8% of GDP. According to the Ministry of Finance, the deficit is over BGN 3 billion or 3.7% of GDP. The reason for this is that according to national standards budget deficit is calculated on a cash basis and it includes a deficit of BGN 660 million on EU funds. The statistical information on the activities of General Government sector collected by NSI is elaborated according to the harmonized EU methodology. According to NSI, the deficit in Central Government amounted to BGN 2.473 billion or 3.0 % of GDP. The Local Government sub-sector reported a surplus of BGN 74 million (0.1% of GDP). A surplus reported also sub-sector Social Security Funds – BGN 62 million. However, Eurostat has expressed concerns about the data reported by Bulgaria relating to the Bulgarian Deposit Insurance Fund (BDIF)and the impact of paid guaranteed deposits in CCB on the budget deficit. At the end of 2014 were paid nearly BGN 3.2 billion of guaranteed deposits in CCB, but the money was given by BDIF and not directly from the budget. Therefore Eurostat and NSI will discuss in the coming months how they should account these money. In 2014, Bulgaria's debt increased by BGN 7.96 billion and at the end of the year it is BGN 22.69 billion (27.6% of GDP), according to the NSI.

Bulgaria is third in the world after Russia and the United States in the production of food intended for consumption by astronauts, Bulgarian scientists developing the world's first space greenhouse revealed. "The purpose of this program is to produce food that does not differ from the real taste on Earth," Spacelab team head Tanyа Ivanova said. In her words, they are currently preparing the cosmic menu for 2030. Bulgarian scientists are working on the project "Earthlings on Mars." It turns out that thanks to their new methods, the the lack of gravity no longer spoils the taste of food. The the astronauts will be even able to prepare special meals directly on the ship. Over 100 recipes already developed for chefs from NASA, however they all are vegan. As such, our scientists are looking for ways to more complex recipes.

	Mineral Fuels, Tailoring Products, Canning, Perfumery and Cosmetics, Furniture, Meat Products, Wine, Wood-processing Industry

Companies

Ontotext reported a growth in revenue in the US market amounted to 62% in 2014. After expanding the team of Ontotext USA in 2014, the US became the fastest-growing market for Ontotext with revenues less than USD 1 million. In North America Ontotext has significant increase in revenue in several sectors: health, financial information agencies, public sector, media and cultural heritage. In 2015, the company expects to increase revenues by over 100%. Ontotext offers a range of semantic technologies, including database GraphDB, which can be integrated into applications to extract information from text mining. One of the projects that implement Ontotext technologies in the US is realized by another company Sirma Group – Sirma ITT creates software system for the National Gallery of the United States. Is a system to document collaboration and management processes of restoration of works of art, named Conservation Space. Another client Ontotext is a publishing house John Wiley & Sons, which uses GraphDB management publications.

Archer Daniels Midland Company (ADM) reached an agreement with Eaststarch C.V., ADM’s 50-50 joint venture with London-based Tate&Lyle, to take full ownership of corn wet mills in Bulgaria and Turkey, and to get a 50% stake in a wet mill in Hungary. According to the agreement, Tate&Lyle will receive a cash consideration of EUR 240 million, subject to customary closing adjustments, including for net cash and working capital, and take full ownership of the Eaststarch facility in Slovakia.  With the coming end of sugar production quotas in the EU, the artificial cap on cereal-based sweeteners will be lifted. There will be tremendous opportunities in the new European sweetener market, including a particularly strong opening in Eastern Europe, where there is less sugar production. Facilities in Turkey, Hungary and Bulgaria (Amylum Bulgaria) produce primarily sweeteners and starches and have a combined daily grind capacity of some 200,000 bushels. Amylum Bulgaria is among the largest and fastest growing companies in the food sector in the country and is the largest consumer of Bulgarian corn.

Dutch-based NN Group said it has renamed its Bulgarian units ING Pension Insurance and ING Life Insurance to NN Pension Insurance and NN Life Insurance. NN Group plans to complete the rebranding process by the end of the year, it said in a press release. Formerly part of ING Group, NN Group listed as an independent company on Euronext Amsterdam in July 2014. NN Group is an insurance and investment management group with a leading position in the Netherlands and a strong presence in a number of European markets and Japan. The group includes Nationale-Nederlanden, NN, previously known as ING Insurance, and NN Investment Partners, previously known as ING Investment Management. ING Life Insurance and ING Pension Insurance started operations in Bulgaria in 2001.

Producer of car batteries Elchim Iskra has already started working with new machines that were bought last year via funding under programme Competitiveness. Total investment under the project is assessed to BGN 2.5 million, half of which is restored to the Pazardjik-based company under the Operational programme. At present procedure for issuing of complex permission for Elchim Iskra’s installations for production of car batteries is under way. The installation is used for melting and casting of metals, from which batteries are manufactured. The installation for lead oxide is part of the company's Operational Programme Development of the Competitiveness of the Bulgarian Economy 2007-2013. It was officially terminated last year when machineries were delivered. The new equipment in Casting warehouse is assessed to BGN 913 thousand while the rest to BGN 2.5 million is used for machineries utilized in other warehouses. The enterprise’s overall capacity won’t be changed; just its productivity per hour will be higher.

Europe

Brussels will accuse Russia’s Gazprom of illegal abuse of its dominant position in Europe’s gas market, unveiling antitrust charges that threaten to inflame already difficult relations with Moscow. Just a week after confronting Google over its market power, Margrethe Vestager, the EU competition chief, is pressing forward with a longstanding Gazprom case all but frozen by the Ukraine crisis, according to two people familiar with the situation. The decision to send a formal statement of objections is a gamble for the European Commission. The commission has always insisted that it is treating Gazprom as it would any other company operating in Europe, despite the geopolitical implications such a case could have. Russia sees the probe as a political weapon. Since launching the biggest antitrust raids ever mounted in Europe in 2011, the commission has honed a case around concerns that focus on whether the Russian company thwarted competition and pushed up prices in central and eastern Europe.

America

General Electric Co is in early-stage talks with Wells Fargo & Co about selling its entire $74 billion U.S. commercial lending and leasing (CLL) portfolio to the bank, according to a source familiar with the situation. The discussions with Wells Fargo started just last week and other parties may also hold talks with GE about buying the entire U.S. CLL portfolio, the source said. GE is also exploring selling the U.S. CLL portfolio piecemeal and could decide to break the business up, the source added. The source asked not to be identified because the talks are confidential. GE and Wells Fargo declined to comment. The talks with Wells Fargo underscore GE's urgency in looking to dismantle its GE Capital business and free itself from the financial regulatory pressures that come with it. GE earlier this month unveiled plans to exit the bulk of GE Capital over the next few years to focus more on industrial manufacturing. Chief Financial Officer Jeff Bornstein told analysts on the company's quarterly conference call last week that GE was seeing "incredible" interest in the GE Capital assets. Some $165 billion of assets have been earmarked for sale.

Asia

Iraqi forces backed by US-led air strikes have cleared the country's largest oil refinery of the Islamic State group, the international coalition helping Baghdad fight the jihadists says. IS has made repeated attempts over the past 10 months to capture the Baiji refinery north of Baghdad, most recently seizing parts of the facility and holding out for days. Iraqi forces "regained full control of the Baiji Oil Refinery after having successfully cleared the massive facility of any remaining (IS) fighters," the US-led coalition said. The coalition carried out 47 air strikes in the Baiji area over nine days, and Iraq has deployed reinforcements to the refinery and is fortifying it. But Ahmed al-Krayim, the head of Salaheddin provincial council, said efforts to completely clear the refinery were ongoing. A police officer said while the facility was "under the control of our forces", there were still holdout suicide bombers and snipers inside. The refinery — about 200 kilometres north of the capital — once produced some 300,000 barrels of refined products per day, meeting half the country's needs.

The Rocks of Belogradchik

The Belogradchik Rocks are located in Stara Planina, near the town of Belogradchik. They represent a unique stone formations with fantastic outlines – a sea of frozen castles, fortresses, people, birds and animals, rising at height of 200 m, and spreading on an area 30 km long and 15 km wide. The central group of rocks is situated to the south of the town. The most interesting and impressive formations could be found there – Adam&Eve, the Schoolgirl, the Bear, the Shepherd, the First Slate, the Camel, the Mushrooms, the Madonna, the Horseman, the Monks, etc. There is a legend, saying centuries ago two monasteries existed nestled between the rocks – a men’s and a women’s. One of the nuns, called Valentina was so pretty her beauty could not be hidden even behind the dark clothes she was wearing. There was a young shepherd, called Anton, who played the caval. He fell in love with her and enchanted her with his music. They had a baby, but their love had no future. Valentina was sent off the monastery. Anton mounted his horse and went to bring her back home. God, who was a witness of their pure love, decided to send a storm, which ruined the whole monastery. Valentina turned into a stone Madonna, carrying a child in her hands. The monks also turned into stone, and Anton could still be seen on his horse, waiting for his beloved one. All these rock figures exist today: the Madonna, the Horseman, the Monks, Manastirishte.
The second group of rocks is to the west from the town. They have an Alpine look and surround big abysses. Some 4 km eastern from the town, the third group could be found, which includes the rock known as the Latin fortress and the Lipnik Cave. The fourth group is between the villages of Borovitza and Falkovetz. In it are the famous Pine Stone (declared a natural monument), the Red stone, Torlak, etc. The last group is situated near the villages of Gurgich and Belotintzi.

On that day:  Aladja monastery April 22 - International Earth Day