Financial news

Working Group will facilitate the procedure for issuing "blue card", decides National Economic Council at the Ministry of Economy. The aim is to facilitate the issuance of long-term residence permits for foreign specialists in Bulgaria. The group will include representatives of all interested institutions - the Ministry of Foreign Affairs, Ministry of Interior, special services, Ministry of Labour and Social Policy and the Economy Ministry. The decision is in connection with the insistence of employers' organizations to facilitate and expedite the issuance of a blue card due to the shortage of specialists, which companies face, especially in the IT sector and in mechanical engineering. The National Economic Council discussed the bill proposed by the Ministry of Health introducing a tax on public health. All employers organizations and all representatives of companies and NGOs in the food industry who attended the council opposed the introduction of the tax, as put forward detailed arguments.

The Bulgarian economy in 2016 will produce goods and services worth a record BGN 88.28 bln, as written in the 2016 budget. It will be voted on today at first reading. Paragraphs 9 to 16 that define new rules for the sector "Security" and led to police protests will be withdrawn on Friday. Next year the state plans to raise BGN 2.4 bln more and spent BGN 2 bln more compared to this year. The deficit will be 2%, and inflation - 0.5%. Capital expenditures increase significantly - by BGN 2.6 bln, in 2016. In order to ensure stability of the financial system, the budget has provided a buffer of BGN 1.4 bln, and issuing government guarantees to BGN 1.8 bln to Fund Deposit Guarantee. Money for social assistance and care are increased by BGN 570 million - to BGN 11.9 bln, of which BGN 8.7 bln are pensions. Education will receive BGN 3.121 bln, or BGN 80 mln. Healthcare will have bigger budget as well – BGN 3.94 bln, an increase of BGN 54 mln against the 2015. The budget provides an opportunity to draw new loan of BGN 5.3 bln.

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

Companies

The Bulgarian Energy Holding (BEH) announced  that it terminated procedures launched on September 3 for an investment consultant and a financing institution. BEH said it "terminated an open tender with pre-selection for the selection of an investment consultant for the issuance of corporate bonds, and an open tender with pre-selection for the selection of a financing institution(s) for raising a loan/syndicated loan."  The National Electricity Company (NEK) needs the loan to pay off its debt of nearly BGN 900 million to US-owned AES Maritza East 1 TPP and ContourGlobal Maritsa East 3 TPP, which themselves owe close to BGN 350 million to the Maritza East Mines. This will make possible the entry into effect of an agreement on a BGN100 million annual reduction of the price that NEK pays the US-owned TPPs for availability. Twelve of the world's largest banks have shown interest on condition the loan is government-guaranteed. BEH and the Energy Ministry will negotiate with them to provide the required financial resources of EUR 650 million.

Huvepharma took over a huge chemical plant in Garesio, Italy from a pharmaceutical company under the name of Sanofi. The term of the deal are due to approval by the competent authorities in Italy and will be an object to commercial agreement between the parties, which is up to be completed in the spring of 2016. The company wants to extend its activity in the field of chemical synthesis with the aim of development and production of goods, active substances or intermediate products for human and veterinary medicine. With the acquisition of the plant in Garesio, Huvepharma will dispose with industrial system which is able to complete complex chemical reaction of synthesis. Huvepharma is an international pharmaceutical company, which is present in more than 95 countries worldwide and takes 14th place in the ranking of companies in the veterinary medicinal industry worldwide. It develops, manufactures and offers veterinary products, as well as feed additives, enzymes, probiotics for animals and products for human use. The headquarters of Huvepharma is in Bulgaria, as 100% of the capital is owned by Advance Properties.

Investor in a new factory in Veliko Turnovo that will operate in four shifts is Kronospan Bulgaria. The investment goes over EUR 100 million. The new plant will be erected in industrial zone Dulga luka. It will have built up area of 27 thousand square meters. Even own railway line and freight terminal are envisaged in addition. The project will be completed at several stages. Till May 2016 the first stage has to be completed. The new plant will be located at the place of the ex-warehouses of Durvoobrabotvane VT. Unnecessary workshops are currently being demolished so that the site is prepared. Nearly 100 new jobs will be created. The future plant will have one of the most modern filtration systems in the world. Kronospan bought the troubled processing plant Durvoobrabotvane VT for almost BGN 5 million. Object of the transaction were also the plant’s land and buildings. Some of the equipment is already sold. Kronospan is a leader in the Balkans in manufacturing of chipboard and has a large plant in Burgas. The company set foot in the city, after buying the BGN 2 million former base of Durvoobrabotvane VT, which was subsequently modernized.

A Bulgarian court said it allows French auto parts maker Montupet to resume production at its plant in Ruse until a final court ruling on the case instituted against the plant on air pollution charges is made. The court acknowledges that the company is sustaining considerable loss as a result of the order to partially halt production, the Supreme Administrative Court said, adding that evidence of continuing air pollution in the city was found after the imposition of coercive measures, suggesting the existence of other sources of pollution. The ruling was posted on the court's website. In September, the Ruse environment inspectorate ordered Montupet's Bulgarian unit to partially halt production, saying its plant is polluting the air. In October Montupet filed an appeal against the order. Montupet's plant opened in late 2008. Designed to be the French company's main East-European manufacturing unit, it supplies parts to major international automobile makers, including Renault, PSA Peugeot-Citroen, Audi, BMW and Ford.

Bulgarian company for semantic software Ontotext presented intelligent software that can assume the authenticity of a user content, thus solving the problem of the spread of rumors on the Internet. This happened at the conference “Journalism 2.0: Myths and opportunities in social networks,” which took place on 11 November in Sofia. During the event it was presented the progress in the international project Pheme, in which Ontotext partner. The three-year project financed by the Seventh Framework Programme of the European Union for research in the field of ICT, aims to meet this challenge with broad dissemination of false information on the network. Ontotext is part of the group Sirma Group Holding JSC. Pheme project includes nine partners from England, Germany, Austria, Spain, Bulgaria, Switzerland and Kenya. To analyze the truthfulness of the information, the team uses innovative algorithms for machine self.

IndustryMatchMaking 2016 - IMM2016, Business and technology matching event

Europe

Finnish wireless-equipment specialist Nokia Corp. commenced its share-exchange offer for Alcatel-Lucent SA shareholders in Paris and New York, betting its EUR 15.6 billion acquisition will allow the new company to better compete in a global race for scale in the business of making telecommunications and Internet gear. Nokia’s attempt to create a one-stop shop for telecom companies and Internet service providers comes as the company faces heightened competition from new players such as China’s Huawei Technologies Co. Longtime Nordic rival Ericsson AB of Sweden, meanwhile, announced earlier this month it was forging an alliance with Cisco Systems Inc. , to create another broad ensemble in many of the same businesses. Nokia Chief Executive Rajeev Suri, in an interview, said the Ericsson-Cisco tie-up—short of the full-blown merger upon which Nokia and France’s Alcatel-Lucent are embarking—was a sign that his move was the right one to take. “That announcement is a validation of our strategy,” he said.

America

Barclays faces its second fine in a year over its currency trading. This time the bank faces a $US100 million penalty from the New York Department of Financial Services over the way it handled electronic currency trades for clients. It’s a smaller fine than the $US485 million the bank paid in May to settle claims it, along with other banks, manipulated foreign exchange markets. This is in part because the amount of trading done was smaller, the FT said, citing sources. After years of scandal, banks are still facing probes from regulators on their conduct leading up to the 2008 financial crisis and after, particularly in the US. At Barclays, it will be incoming CEO Jes Staley’s job to make sure the legal issues the bank has faced don’t derail a new strategy focused on a smaller, more profitable investment bank. Federal prosecutors are pursuing criminal cases against the bank executives at Royal Bank of Scotland and JP Morgan for allegedly selling flawed mortgage securities, the Wall Street Journal reported on Tuesday.

Asia

The number of internet users in India is expected to reach 402 million by December 2015, registering a growth of 49% over last year, says a report by industry body IAMAI. About 306 million of these will access internet from their mobile devices, up from 276 million in October this year, according to the report by Internet and Mobile Association of India (IAMAI) and IMRB. "While internet in India took more than a decade to move from 10 million to 100 million and 3 years from 100 to 200 million, it took only a year to move from 300 to 400 million users. Clearly, internet is mainstream in India today," the report said. This number is expected to further surge to 462 million by June next year as more people come online, especially through their mobile devices. The total internet user base stood at over 300 million in December last year, which grew to 375 million by October this year. "Currently, India has the third largest internet user base in the world but it is estimated that by December, India will overtake the US (as the second-largest base). China currently leads with more than 600 million internet users," it said.

Stratesh Park – Lovech

The Stratesh Park in located on the hill of the same name in the northern part of Lovech (Central North Bulgaria). It embraces an area of about 1000 decares. The park was constructed following the project of architect Ivanchev (1956), Petko Evrev and Kosta Enchev, with the voluntary works of the natives and the machinery of the local enterprises. First, the central part was constructed – the place surrounding the White Monument. The official opening of the park took place on May 27, 1964. Today, the asphalt-paved alleys pass around beautiful lakes, gardens with flowers, ornamental trees and bushes. The White Monument erects on the place near the rock bending above the river, where the Russians placed their artillery position during the Russo-Turkish War of 1877–1878. Next to the White Monument the Soyuz 33 crew Nikolai Rukavishnikov and Georgi Ivanov, along with their colleagues Alexander Alexandrov and Aleksei Yeliseyev planted trees during their visit in Lovech on May 16, 1979. The Black Monument is located in the western part of the park, and is also dedicated to the Russian liberators. The eastern part of the park homes one of the most visited places – the Zoo, which is the second biggest in Bulgaria, both by size and variety of animals.

On that day:  The Assumption of the Virgin Mary church in Shiroka Laka St. Sofia Church