The average annual inflation at the end of the year will accelerate to 11.6%. Government debt rises to BGN 10.3 billion, Bulgaria's economic growth will amount to 2.9%. This is recorded in the updated budget forecast, which should take effect on 1 July. The draft law is published on the website of the Ministry of Finance and will be discussed by the National Council for Tripartite Cooperation at a meeting tomorrow. The idea is for the project to be adopted by the end of June, so that the planned payments in response to inflation will be possible from July 1. The project includes the already announced anti-crisis measures, as well as the announced update of pensions. The main risks to the projected budget are mainly related to the development of the conflict in Ukraine. In 2022, the real GDP growth of Bulgaria is expected to amount to 2.9%. This is a decrease from the forecast adopted by the 2022 Budget, mainly due to the changed economic prospects after the war in Ukraine. At the same time, expectations for economic growth are slightly higher than the spring forecast due to the reported good performance of the economy in the first quarter.

The government will make a record new debt of BGN 10.3 billion this year. This is clear from the draft update of the state budget published on the website of the Ministry of Finance, which should come into force on July 1. As already announced, the government is increasing the expenditure part of the budget by almost BGN 2 billion in order to secure financing for the package of anti-inflationary measures it has already announced. Revenues are also increasing by BGN 1.645 billion compared to the initially planned ones, but the increase is not so much due to higher tax revenues as to expected payments from Brussels of over BGN 1 billion under the recovery and sustainability plan.

State guarantees of over BGN 1 billion to draw cheaper loans to the state gas companies Bulgargaz and Bulgartransgaz are set in the draft budget update 2022. It was published by the Ministry of Finance, which in the following days will be considered by the Tripartite and the Council of Ministers before entering for discussion and adoption by parliament. Funding for energy projects of EUR 532 million is envisaged. The state gas supplier Bulgargaz plans to take out a 150m-euro loan, or about 300m levs, from the European Bank for Reconstruction and Development. The funds will go to provide alternative quantities of blue fuel after the suspension of Russian supplies at the end of April, reads the justification of the Ministry of Finance. Details are not given, but the company recently announced its financial results for the first quarter, according to which it is at a loss of BGN 2.8 million. Separately, the debts of Toplofikacia Sofia are growing again and reach BGN 250 million, and defaults or delays by other counterparties. For the state gas operator Bulgartransgaz it is planned to issue state guarantees for 382 million euros for three projects.

Telematic Interactive Bulgaria JSC will distribute a dividend of BGN 10.15 mln, or BGN 2.35 gross per share. This is planned to be voted by the shareholders of the company during the General Meeting, which will be held on June 23. The dividend proposed for distribution is over 50% of the company's profit, after taxation, which significantly exceeds the minimum of 40% of the net profit stipulated in the company's Articles of Association. "Our decision is dictated by the stronger than expected results this year, which allows us to distribute to shareholders a higher dividend without limiting our investment program," said Lachezar Petrov, CEO of Telematic Interactive Bulgaria JSC.

Webbit Investment Network successfully raised nearly BGN 6 million in the first initial public offering of the year on the BSE growth segment. The company offered 5,588 million shares with an issue price of BGN 1.05, and according to data from the stock exchange the interest was almost 2.43 times higher, or over BGN 14 million. According to the conditions, the shares are distributed in proportion to the submitted offers and thus the amount raised is BGN 5.87 million. The transactions are 752, or an average of BGN 7,430. A report shows that more than half (about 400) of the orders were for less than BGN 5,000 each, and after the reduction due to the re-registration, almost 560 new shareholders will actually invest less than this amount. Of these, as many as 185 transactions are worth less than BGN 500. Due to weaker regulations and transparency requirements of BEAM, pension funds have a restriction on investments in this segment. In the past, they were a factor in the success of many public offerings of shares on the main market of the BSE. A distribution of what investors were involved can be expected in the coming days, but an analysis of the deals shows that the IPO is likely to be recognized mainly by individuals and to a lesser extent by institutional investors.

Bulgarian drug maker Sopharma said that its shareholders approved the management's proposal to skip dividend distribution for 2021 and to instead retain as reserves last year's net profit of some 24.3 million levs. The proposal was approved by shareholders representing 74.93% of the company's registered capital, Sopharma said in a bourse filing. This is the second year in a row when the drug maker will not distribute dividend to its shareholders. Out of the total net profit amount, 10% will be allocated to the firm's obligatory reserve, with the balance of 21.8 million levs, together with 730,967 levs of undistributed profit from prior years, to be referred to the company's additional reserves, according to the statement. Sopharma said in a separate statement that its shareholders also gave the green light to the company to buy back 200,000 of its own shares at a price of 4.50 levs apiece.

More than 3,000 employees of 70 companies in the UK are involved in an experiment with a four-day working week within the next six months, DPA reported. During this time, they will receive their full salaries, and according to the organizers, this is the largest such pilot project in the world. The companies involved in the project have pledged to provide their employees with 100 percent of their pay for 80 percent of the time worked, but for 100 percent of productivity. Behind the project is the global initiative "Four-Day Week" in partnership with the think tank Autonomy, the British section of the global initiative, as well as scientists from the universities of Cambridge, Oxford and Boston. The companies participating in the project work in various fields from education to consulting services. Scientists will work with each of them to study the productivity and condition of workers, as well as the impact of the experiment on the environment and gender equality.

In the last two months, temperatures in large parts of the United States have been higher than usual, prompting many people to turn on their air conditioners. Since the beginning of the year, air conditioners in 48 states have been used for cooling for a total of 171 days, compared to the average of about 124 days, writes John Kemp in an analysis. Included air conditioners significantly increase electricity consumption, but high temperatures are accompanied by drought, which limits the production of hydropower and restores interest in natural gas and coal. According to the U.S. Energy Information Administration, California's hydropower plants have accounted for just 8 percent of the state's energy mix in recent weeks. The average for this season in recent years is 15%. Increased demand, accompanied by gas exports to Europe and Asia, is beginning to raise the price of raw materials in the United States. American producers are attracted by high prices in the rest of the world, especially after sanctions against Russia and the active search for alternatives by Europeans.

Saudi Arabia, the world's largest oil exporter, raised commodity prices in July for Asian buyers. The new price levels are higher than expected amid fears of limited supplies and expectations of strong demand over the summer. The official selling price (OSP) of Arab Light for Asia in July was raised by USD 2.1 per barrel from June to USD 6.5 per barrel compared to Oman / Dubai, just above the record high recorded in May. This is a much higher level than most market forecasts, which were for an increase of about USD 1.5. Only one in six respondents in a Reuters poll predicted a jump of USD 2. The jump in prices is unexpected, especially for the Arab Light variety. We are puzzled by the decision," said an Asian oil trader. The decision by state oil producer Saudi Aramco came despite an agreement by OPEC + countries to increase production by 648,000 barrels a day in July and a similar amount in August, in a bid to offset losses on Russian supplies.