The implementation of the consolidated budget of the State Social Security (SSS) for 2020 passed under the sign of the pandemic of COVID-19 and the introduced restrictive measures aimed at limiting the spread of the virus. Some of the measures taken were implemented through the social security budget. The total amount of funds paid under the two decrees amounts to approximately BGN 1.35 billion. A total of 13,200 employers were supported and the jobs of 304,100 employees were preserved. Measure 60/40 has helped to preserve jobs in economic activities throughout the whole economy, but in five sectors - Manufacturing, Hotels and restaurants, Trade; Repair of cars and motorcycles, Transport, warehousing and post and mining industry, are concentrated nearly 84% of the funds and 85% of the preserved jobs. The measure has contributed to maintaining about 6% of the jobs of employees on average per month in the economy as a whole for the period March 2020 - March 2021. However, in some sectors, such as hotels and restaurants and the extractive industries, the measure had much greater coverage - in them it exceeded 25%.

Two options for raising pensions will be proposed by the caretaker government to the 46th National Assembly and the future cabinet. This was announced by Deputy Prime Minister and Minister of Social Affairs Galab Donev. One option is to recalculate pensions with insurance income - from 2018 or 2019, the estimates are different. The funds needed for this option are about BGN 3 billion. The other option, depending on the contribution that each pensioner has in the insurance, is to increase  the length of service and the coefficient by which the length of service is multiplied each year. This will cost the state about 140 million a month, said Galab Donev and stressed that in this way people will be more motivated to participate in insurance. With regard to the pension ceiling, different options are also being worked on. An option will be proposed with and without an increase in the maximum insurance income, while maintaining the amount of the maximum pension at BGN 1,440 or raising the pension ceiling by the percentage by which all pensions will be raised.

The European Commission said on Thursday that it has approved Bulgaria's EUR 1.5 million scheme to support small and medium-sized enterprises (SMEs) active in the oil-bearing rose growing industry in the context of the coronavirus pandemic. The Commission found that the Bulgarian scheme is in line with the EU rules. "In particular, the aid will not exceed EUR 225,000 per beneficiary and will be granted no later than 31 December 2021," it noted. The Commission also said that the measure is necessary, appropriate and proportionate to remedy a serious disturbance in the economy of the member state. The eligible beneficiaries will be compensated for losses incurred between March 2020 and December 2021, with up to approximately EUR 50 per hectare of roses. The measure is expected to benefit between 500 and 1,000 local farming companies, the EU executive body said in the statement.

The American company Linden Energy acquires 50% of Overgas Inc. The deal was signed during the Three Seas Forum and is part of Linden Energy's strategy to increase investment in Bulgaria and the region. Until now, the Texas-based company had a business in the region, after in 2019 it reserved 10% of the gas connection between Bulgaria and Greece, which is still under construction. "We will help Overgas expand its network and customer base, and we also look at the Western Balkans. Albania, Kosovo, for example, which do not have any gas network," said company president Payne. Until earlier this year, Overgas Inc. was half owned by Russia's Gazprom. In January, however, Overgas parted ways with the Russians. The largest Bulgarian private gas company Overgas was founded in 1992. Part of it is Overgas Networks, which is the largest gas distributor in Bulgaria with over 2,500 km of gas pipelines and over 81,000 customers.

The Bulgarian precision agriculture company Ondo Solutions attracted an investment of EUR 1 million. The leading investor is again the Eleven Ventures fund. The new investors in this round are Sofia Angels Ventures, BrightCap, MFG Invest, HR Capital and Georgi Zahariev. The largest investor in the new Seed Round of Ondo Solutions is Sofia Angels Ventures - a venture capital fund supported by the European Investment Fund, along with business angels, family offices and other private investors and funds. Ondo provides a smart system for precise irrigation, fertilizer application and climate control for all types of crops, suitable for implementation in greenhouses and open agricultural areas. The platform automatically manages on-farm processes so as to achieve optimal costs and increase yields. So far, the system has been installed and works successfully in the greenhouses and agricultural areas of over 15 farmers in Bulgaria and Northern Macedonia.

The Plovdiv-based company Dimitar Madjarov is investing EUR 500,000 in a new line for fresh milk production. 60% of the amount is the company's own funds, and the rest - a subsidy under the Rural Development Program, the company told Capital. The implementation of the project will take two years, in which the company will study consumer tastes, will make tests and will organize the production process. The means are intended for installation for ice water for cooling of the raw material and for automated bottling line. The productivity is 5 thousand liters per hour. The result is four types of milk: with a fat content of 3.6%, 2.00%, 4.5%, and organic milk with a fat content of 3.7%. The management expects that the products of the new line will lead to between 2% and 5% revenue growth in 2021.

Jesus Cabayero is the new CEO of SOF Connect, according to the company, which is a concessionaire at Sofia Airport. He has 17 years of experience in airport management, 12 of them as managing director. He has been part of the management of the airport hubs in Madrid and Barcelona, ​​the much-preferred by passengers airport in Malaga and CEO of Melilla and Seville airports. There is also a change in the supervisory board of SOF Connect JSC, where Thierry Deau, executive director of Meridian and its current member, will replace the current chairman Iliana Tsanova from September. She takes over the post of Deputy Director-General of the European Commission's Directorate-General for Budget.

The European Central Bank (ECB) has announced the first change in its inflation target in almost two decades. This is shown by the results of the review of the bank's strategy, which began in 2020, but was delayed by the coronavirus pandemic. Talks resumed last September, with the main focus of the review being the inflation target - currently "below but close to 2%". The ECB has experienced many failures for most of the last decade, reducing confidence that it is able to ensure price stability. The Governing Council considers that in order to maintain price stability, it is best to set an inflation target of 2% in the medium term. The target is symmetrical, which means that the negative and positive deviations of inflation from it are equally undesirable. When the economy approaches the lower limit of nominal interest rates, this requires particularly decisive or persistent monetary policy measures to avoid a lasting negative deviation from the inflation target. This can also mean a short period during which inflation is slightly above the target. The Governing Council also confirmed that ECB interest rates remain the most important monetary policy instrument.

The industry will support the growth of electricity consumption in the United States, according to forecasts by the Energy Information Administration (EIA) in the country. The report shows that in 2021 electricity consumption is expected to grow by 2.8%, with the industry increasing by 5.1%. In the rest of the economy, growth will be slower because many employees are still working remotely. The forecast is that the increase will be 2.1% this year. Renewables will increase their share of electricity production in the United States by 2022 - up to 23%, compared to 20% in 2020, according to data from the institution. It is expected that in the next 18 months in the country will be put into operation 50 gigawatts of solar and wind power. But at the same time, there will be a decline in electricity production from hydropower plants in California and other parts of the country caused by droughts. Thus, the production of electricity from hydropower plants will decrease by 12% in 2021.

China is tightening control over Chinese companies listed abroad. The new regulations have far-reaching consequences for ambitious Chinese companies that intend to raise capital in foreign stock markets such as those in New York and Hong Kong, Reuters reports. The new rules focus specifically on "data security, cross-border data flow and the management of confidential information," according to a Beijing State Council document released on Wednesday. The primary reason for the regulation is, among other things, the government's fear that Chinese companies listed abroad may be forced by local authorities to provide them with growing amounts of data. The new rules are intended to regulate the confidentiality and responsibility for the security of information about companies traded abroad, the statement said.