Financial news

In 2014 the system for card payments BORIKA were made 156.570 million transactions, which is 6.2% more than 2013. Transactions conducted at ATMs are 73.065 million - 2.1% annual growth rate. 25.263 million are paying for goods and services at POS terminal, which is 11.5% compared to the previous year. In 2014 the tendency to increase the share of the transactions via POS compared to the share of transactions through ATMs remained. The average value of a cash withdrawal from an ATM is BGN 162 (BGN 153 in 2013) and the average value of a transaction from the POS is BGN 75 (BGN 77 in 2013). At the end of the year the number of participants in the system for interbank transfers - BISERA 6 is 29,315 bank branches. The total number of interbank payments through BISERA 6 for the year is 60.617 million - 13.4% more than 2013.

Bulgaria wants to build a storage facility for natural gas from the Turkish Stream pipeline project, according to Russian Energy Minister Alexander Novak. Russian President Vladimir Putin announced the cancellation of the South Stream gas pipeline project on Dec. 1, 2014. Instead, he proposed a new natural gas pipeline route through Turkey's northwestern Thrace region to reach Greece. The route is commonly referred to as the Turkish Stream. "Bulgaria has renewed desire to build a natural gas storage facility," Novak said, adding that the facility would be located on Bulgarian soil and not on the border between Turkey and Bulgaria. The same proposal was made six months ago, he said without providing further information regarding Russia's position on the project. Turkish Stream is expected to have a capacity of 63 billion cubic meters of natural gas per year. It will deliver 47 billion cubic meters of gas to Europe, while the remaining amount will be allocated for Turkey's domestic use.

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

Companies

Sofia-based company Oceanfenders LTD has decided to completely reconstruct and renovate the existing technological industrial building in Pernik. It will place drawing machines, stamping and roll forming of articles from ferrous metals and alloys, as well as installations for surface treatment of metals and plastics using an electrolytic or chemical processes. Production of raw metals is envisaged. Oceanfenders LTD specializes in the manufacture of life saving equipment and equipment for ships. The company is currently looking to employ chemical engineer at the position Plastics Production Supervisor for the Pernik plant. Extensive training in Athens is planned. Besides, 80 jobs will also be created. Oceanfenders LTD is part of the Greek LALIZAS - company with over 30 years of history and tradition in the production of life saving equipment.

Pleven-based company Pagany Style LTD, producer of classical men’s clothes restored construction of its new textile factory in the city. That took place on the 19th of June. Total value of the investment is assessed at BGN 11 million. It will be completed at three stages, as 400 new jobs are to be created. Contractor of the rough construction is the local company Nis-i. The investment is made via equity capital, together with a loan by Investbank. Plans are in October the company to move to the new building. Number of employees will reach 210 people. The second and the third stage include construction of at least 1000 square meters at each, or the total area is planned to reach 5000 square meters in two or three years; time. Pagany Style produces mainly for exports in Western Europe-basically France and Germany, as small percentage is for the local market. It is under the brand of Pagany. Pagany Style LTD expects to increase its output by 50-60% with the investment by the end of the year.

The platform for electronic administrative services will most likely be developed by the company Sirma Solutions for BGN 989 thousand without VAT after opening the price bids of the three admitted candidates in the contract for the project, funded by operational Programme Administrative Capacity. The proposal of the company is the most expensive of the three, but received 100 points for the technical part, while offers of Descartes Ltd. for BGN 987 thousand and of Ascorb for BGN 950 thousand are valued much more low - received 57.830 points and 69.806 points respectively in the technical part. A committee is expected to come up with proposals for ranking the participants but the obvious favorite is Sirma Solutions.

Bella’s owner Impala invest and that of Chipita-Spiros Teodoropulos are just about to acquire the Greek public company PG Nikas, which owns in Bulgaria meat processing company Nikas Bulgaria. The information is confirmed by notification for summoning of a general meeting on the 26th of June, Friday. Before the banks creditors of the company- Alpha and Eurobank, a proposition is made for acquisition of majority stakes by Spiros Teodoropulos (Chipita) and Bulgarian meat processing company Bella, a subsidiary of the Dutch Fund Impala Invest. For the needs of the deal Nikas is assessed at EUR 80 million, which includes capital hike by EUR 20 million, as well. Half of it will be covered by Impala, while the rest by Teodoropulos.

The Dobrich-based company Ptitsi Vasilevo plans to build a modern poultry farm in the village of Vasilevo, General Toshevo. The farm can be fully completed a year and a half after obtaining the approval of the State Fund Agriculture and the funds are provided. Ptitsi Vasilevo applied for funding under Measure 4.1, under which 50% of eligible costs come from the EU. The farm will be built in two phases and the company plans to invest BGN 4.5 million in it and the total capacity would be 30,600 birds. The company has already acquired an old poultry farm in the village with an area of 61,785 decares. It is intended to be renovated and the entire production will be computerized and automated. The system will monitor the consumption of feed water, will adjust the lighting, microclimate, will sound an alarm in case of a power failure, deviations in temperature and humidity of indoor air, will signal at minimum stocks of feed in the silo, etc. Employed 20-26 workers will be trained in advance to deal with the high-tech equipment.

Europe

The cash offer of 145p per share valued Thorntons at around £112m, and represented a premium of around 43% on the closing price on Friday. Thorntons saw sales and profits fall in the half year to 10 January, and issued a profit warning in December. Ferrero is known for Nutella spread, Ferrero Rocher chocolates, Kinder Eggs and Tic Tac sweets. Thorntons has urged shareholders to back the offer. Chairman Paul Wilkinson said: "Ferrero is a successful global confectionery business with a strong family heritage and as such represents a good cultural fit for Thorntons. "The board of Thorntons therefore has given its unanimous recommendation for the offer from Ferrero." Ferrero chief executive Giovanni Ferrero said: "We delivered our best ever results in the UK in 2014, giving us confidence that now is the right time to broaden our roots in this important market." In March, Thorntons said its half-year profits were "disappointing" after pre-tax profit fell 8.8% to £6.5m, with sales down 8.2% to £128.2m in the 28 weeks to 10 January.

America

Sales of previously owned homes surged in May, buoyed in part by the return of younger buyers who had long struggled to find a path into the market. The pace of existing-home sales rose 5.1% last month from April to a seasonally adjusted rate of 5.35 million, the National Association of Realtors said Monday. Sales for April were revised up to 5.09 million from an initially reported 5.04 million.Sales last month hit their strongest pace since November 2009. “We’re moving back toward a more normal housing market,” said Stephen Stanley, chief economist at Amherst Pierpont Securities. Significant growth in home prices and sales is unlikely without new buyers. A stronger market for existing homes can help shape the wider economy in part because homeowners invest in things from washing machines to lawn mowers and use their homes to finance other big purchases. Analysts pointed to the return of first-time buyers, who have been cautious for much of the recovery, as evidence the housing market is starting to look more like it did in the early 2000s, before a boom and bust.

Asia

Surging investment by Chinese companies in U.S. research labs is yielding a fast-growing trove of patents, part of a push to mine America for ideas to help China shift from being the world's factory floor to a driver of innovation. Largely absent from American research hubs a decade ago, Chinese firms including Huawei Technologies and ZTE Corp are now using U.S. researchers to create patents ranging from new software to internet infrastructure, according to an analysis of Thomson Reuters' global intellectual property database. The rapid growth in China's U.S. investments will be a key topic at economic and security talks on Tuesday and Wednesday between top U.S. and Chinese officials in Washington. They are negotiating a bilateral investment treaty that could deepen ties between the world's two largest economies even amid tensions over China's military assertiveness. Even without a treaty, China is pouring capital into U.S. research as well as buying other assets. While its firms are still newcomers to investing in America and few work on the technological frontier, the Thomson Reuters data offers a glimpse of the advanced economy China aspires to build.

The Stone Wedding – Eastern Rhodopes

The Stone Wedding is a natural phenomenon near the village of Zimzelen, 5km away from Kardzhali. Nature has left a very impressive stone formation which resembles a gathering of people, animals and birds. In 1974, this miracle of nature was declared a protected site of national importance. And just because it is an ancient Bulgarian place, there is an interesting legend told in connection with this place: A handsome young man fell in love with a charming lass from the near-by village. But - because she always wore a headcloth - he had seen only her eyes; he had never seen her face because of local custom. He loved her very much and became ill from the pain. His father was worried and went to the lass's family to save his son's life. He bought her, according to the custom in those ancient days, for a lot of gold. The wedding guests took the lass and set off for Zimzelen. Riding a mule, the bride was thinking about her native home but was happy to marry the young man. The father-in-law walked next to her with his son and all the wedding guests. As they passed through the clear stream, a sudden gust of wind blew away the bride's headcloth. The father-in-law saw and was awe-struck at the beautiful face of the young lass. He came 'round and evil thoughts entered his mind. The wind understood him and got furious. A storm began and then the worst thing happened -- the bride turned into stone, as she was all dolled up, on her mule. After her, the father-in-law and the wedding guests were turned into stone too. The young man could only stand in the terror and agony of the moment, but soon he began to wail and begged the storm to turn him into stone too. So it happened. He turned into stone but even today, there's a puddle shining in front of him. The village old people say the drops in this glimmering puddle are his tears.

On that day:  The Rose Valley