Financial news

On April 25, 2015, Bulgarian Industrial Association celebrated its 35th anniversary. On April 25, 1980 representatives of the biggest Bulgarian enterprises established Bulgarian Industrial Business Association (BISA). It is the first non-governmental organization of business in the former socialist camp, introducing the market relations in Bulgaria. With the beginning of the democratic changes in Bulgaria BISA was renamed Bulgarian Industrial Association (BIA). BIA is actively involved in the legislation, concerning the business during the transition period, and supports the process of privatization of the economy and its transition to full market developments. Extremely important is its role to develop the dialogue between employers and trade unions, and to build a system of social partnership in the country.

Private bailffs collected a record BGN 1.2 billion last year. Statistics show that this is a significant increase compared to the BGN 1.1 billion in 2013. In 2014, private bailiffs have recovered nearly BGN 150 million for the citizens. Of these, about BGN 12 million were "forgotten" salaries and another BGN š million wer unpaid child allowances. The state and municipalities are increasingly turning to the private bailiffs as well: in 2014 nearly BGN 150 million entered the Treasury through their hands. However, their largest clients are still the businesses. Banks, on the other hand, continue to use less private bailiffs: they represented only 20% of the cases last year, which is a 22% compared to 2013.

The energy ministers of Bulgaria and Romania, Temenuzhka Petkova and Andrei Gerea, and the foreign ministers of the two countries, Daniel Mitov and Bogdan Aurescu, have signed a joint declaration on regional energy cooperation. The two countries welcome the ongoing construction of the Trans-Adriatic pipeline (TAP) as the first pillar of the Southern Gas Corridor, which is to bring energy supplies from the Caspian region and Central Asia to Europe. Bulgaria and Romania say that they will continue joint efforts aimed at completing the Romania-Bulgaria gas grid interconnector and implementing the Vertical Gas Corridor project intended to connect countries in Central and Southeastern Europe to the Southern Gas Corridor. The two countries vow to strive to develop domestic energy production and LNG supplies in a bid to increase their energy independence.

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

Companies

Bulgarian gas retailer Overgas said it merged its five gas distribution subsidiaries into one. Overgas Mrezhi has become the legal successor of all rights and obligations of Sofiagas, Overgas Zapad, Overgas Iztok, Overgas Sever, and Overgas Yug, Overgas said in a press release. Overgas Mrezhi will conduct operations on the distribution and supply of natural gas to end-users - households, industrial clients and public and administrative facilities. The company's restructuring aims at streamlining its services, expanding and improving its customer service platform and accelerating the process of addition of new clients to the gas distribution infrastructure, it added.

Bulgarian brewer Kamenitza said it invested EUR 30 million to raise the production capacity of its Astika brewery and expand its logistic centre. As part of the investment project the company upgraded the waste water treatment plant of its Astika brewery in Haskovo, in the southeast of the country, it said in a press release. Kamenitza is owned by Denver-based Molson Coors Brewing Company and operates two breweries - in Plovdiv and Haskovo. Its portfolio comprises the Bulgarian brands Kamenitza, Astika, Burgasko and Slavena. It produces also the international brands Stella Artois, Beck's and Staropramen.

The assignees at Corporate Commercial Bank (CorpBank) are planning to liquidate nearly BGN 80 million in assets of the collapsed lender. Much of the money – BGN 43.5 million makes up 50% of CorpBank’s receivables and will be liquidated once the District Court in Lovech gives its nod. The report also shows 14 claims for repayment of guaranteed deposits have been approved by the assignees. Other things on the agenda of the assignees include an immediate crackdown on a corporate debtor owing CorpBank some EUR 105,573, a tender for the sale of a foreclosed property worth BGN 1.4 million, plus an insolvency procedure against a debtor owing the bank some EUR 3.6 million.

Producer of sugar and sweets Zaharni Zavodi will separate its commercial activity in a new company. The new enterprise will be called Zaharni Zavodi trade and will take up distribution and logistics of nutrition business-sugar, sweets and ethanol.The trade company will be entirely owned by Zaharni Zavodi. Founding up of a separate commercial company will let the new company focus more on sales. Shareholders in Zaharni Zavodi are Zahar Invest-Gorna Oryahovitsa (43%), GU-Faradey-Stara Zagora (25.6%), Ritam-4-TB with 25.5% stake, as well as other legal and physical entities. The company is public.

Commission for Protection of Competition announced for request of Maxima Bulgaria, owner of T Market chain of stores to buy one of Europe stores’ shops. Both companies operate in one and the same sphere-wholesale and retail trade with victuals and consumer goods, import and export of goods and exploitation of stores and other commercial sites. Lincoln land erste, registered in the Netherlands, is sole owner of Maxima Bulgaria’s capital. The original owner of the shops T-Market - Maxima Group Lithuania has transferred ownership in the summer of 2009.

Sevlievo-based company under the name of Parallel Ltd. which produces polyurethane foam will invest BGN 16 million in construction of a new production base and warehouses in the town. The first dig for construction of the site has already been made. Major contractor of designer’s and construction works is taken up by Castello Precast. Construction of the site is the second stage of a project for expansion of the company’s production facilities. Sevlievo-based company is producer of mats with the brand of Nany. The three new buildings are situated in a close proximity to Parallel’s building that was launched back in January. Construction of buildings that will comprise major production and automation warehouse will be completed by the end of the year. In January 2016 building for complementary production will be finished, as well. The investment will create 250 new jobs.

Europe

French gas utility GDF Suez said it was changing its name to "Engie" to reflect an evolving energy sector and the group's growing involvement in renewable power, marking a break from its former state monopoly past. The change comes as Chief Executive Gerard Mestrallet prepares to pass the baton of the power and gas utility to his anointed successor and current deputy Isabelle Kocher after the 66-year old's mandate expires in 2016. "Why this name change? Because the world of energy is changing, we're moving towards a less centralised, less carbon-intensive energy world, away from the centralised world of yesterday," Mestrallet said at a press conference at the group's skyscraper in the La Defense financial district of Paris. Mestrallet also said "Engie", pronounced like the 1973 Rolling Stones ballad "Angie", was meant to accompany the organisation change along geographical lines rather than business sectors announced earlier this month.

America

Starbucks Corp said sales at its coffee shops in the Americas region grew more than expected, boosted by sales of breakfast sandwiches, lunch and new drinks, such as Flat White. The strong quarterly results from the world's biggest coffee chain helped quiet nagging worries that its growth was cooling, and shares jumped 5.4 percent to $52.12 in after-hours trading. Starbucks, which is expanding its menus with food, beer and wine, tea drinks and fruit and vegetable smoothies, plans to begin offering delivery service in New York City and Seattle this year. The Seattle-based company also said it is expanding its U.S. mobile order and pay service after a successful test launch. The efforts come as U.S. restaurant chains ranging from McDonald's Corp to Panera Bread Co are turning to technology to increase sales, speed up service and connect with younger, tech-savvy consumers.

Asia

Aliyun, Alibaba's cloud computing subsidiary, has inked a deal with Xi'an International Medical Investment and DHC Software to build China's first cloud hospital. Aliyun said that the new technology used in hospital administration will help in improving the quality of medical care in the country. As per reports, Xi'an International Medical Investment, which manages department stores and real estate as well as medical facilities, will be in charge for bringing the "cloud hospital" platform to market, while DHC Software will focus on its development. Aliyun, will contribute data analysis, cloud computing services, online-to-offline healthcare, and online payment support. Mr Jin Shi, chairman, Xi'an International Medical Investment, said, "The new hospital will enable patients and caregivers to share information more quickly and reduce the amount of time patients spend in waiting rooms by allowing them to register for appointments or make payments online."

Pencho Slaveikov’s Birthday

Pencho Slaveikov was born on April 27, 1866 in the town of Tryavna (central Bulgaria). He was the youngest son of Petko Rachev Slaveikov. Pencho studied in Tryavna and Stara Zagora where his father was a teacher. The memories of the Russo-Turkish War, which he survived in Stara Zagora, were later materialized in his Karvava Pesen (Bloody Song). After the end of the war he moved to Sliven, and later to Veliko Tarnovo. At the end of 1879 the family settled in Sofia, where Pencho Slaveikov studied until 1881. He continued his education in Plovdiv. In January 1884 after an accident he came down with a bad disease. Despite the long treatment in Plovdiv, Sofia, Leipzig, Berlin and Paris, he still had incurable injuries – hard walking (he used a walking stick), writing and speaking were difficult. After a three-month fight with death Slaveikov sank in gloomy thoughts and had melancholy fits. At the beginning of 1890s another trend of Slaveikov’s poetic thought appeared – deep absorption in the world of historic characters, great authors, heroes of spirit. In 1892 in the Misal (Thought) Magazine appeared the first editing of the poems Cis moll, Sarce na Sarcata (Heart of Hearts), Uspokoenia (Reliefs), Frina. He lived in various cities abroad. The strong spirit oppression worsened his health. Slaveikov made heroic efforts to work. At the end of November he went to Italy – his longest stay was in Rome for three months. At the end of May 1912 he went to the resort village of Brunate at the Como Lake, where he died on May 28. For his untimely death the Nobel committee did not take in mind the proposal of the Swedish professor Al. Jensen (translator of Bloody Song) to reward Slaveikov a Nobel Prize. Slaveikov was buried in the village graveyard and his bones were brought to Bulgaria in 1921.

On that day:  Fotinovo Village