The registered unemployment in Bulgaria in May is 5.4%, according to the Employment Agency. Thus, there is a decrease in the number of unemployed people by 0.24 percentage points compared to April. The number of registered unemployed persons at the end of the fifth month was a total of 154,271, with a decrease compared to last month by 6,778 people. The unemployed who started work in May increased by 1,151 persons compared to April and reached the number of 17,387 persons. 360 pensioners, students and employed people also found work with the support of the labor offices. In May, 18,376 new unemployed persons were registered at the labor offices, which is 17.1% less than in April. Another 3,416 people from the groups of jobseekers employed, students and pensioners also registered with the employment offices during the month. This group saw an increase compared to April in the demand for the Agency's services by 2,166 persons. As a result of the work of the Roma and youth mediators, as well as the labor mediators in the labor offices, more than 4,000 persons inactive on the labor market were activated in the month of May. The number of vacancies in the primary market applied for in the labor offices is shrinking - in May they were 11,472 compared to 15,636 in April. In the real economy, there are the most vacancies in the sphere of processing industry (24.9%), trade (16.7%), hotel and catering (11.6%), public administration (11.2%), followed by construction (5.5%) and administrative and auxiliary activities (4.8%).

A sharp jump in the production of imitation dairy products in Bulgaria is reported by the data of the Ministry of Agriculture. For the first 4 months of this year, 4,365 tons of dairy products with vegetable oils were produced, and in the previous year the amount of the same products was 3,634 tons, which is an increase of nearly 20%. In 2023, Bulgaria imported 10,500 tons of cheese and cottage cheese from Germany, nearly 7,000 tons from Poland and almost as much from the Netherlands, and almost 13,000 tons of dairy products were imported from Italy, Romania and Belgium. In 2023, Bulgarian livestock breeders produced nearly 792,000 liters of milk, which is almost 150,000 liters less than in 2021.

Bulgaria ranks 58th out of a total of 67 countries according to the World Competitiveness Yearbook of the Institute for Management Development (IMD, Switzerland). The country has shown a lack of progress since 2021, declining 10 positions from 2020 and 20 positions from 2009, the Center for the Study of Democracy, an official partner of the IMD, reports. Compared to the previous year, the country recorded the highest decline in terms of the state of infrastructure (from 54th to 59th place) and business environment (from 62nd to 65th place). However, for the third year in a row Bulgaria saw growth in its economic efficiency, climbing three places to 45th place, mainly thanks to its improved macroeconomic indicators such as growing real GDP per capita. Among the Institute's recommendations to prevent stagnation in competitiveness in 2025 is for the government to invest in infrastructure projects designed to develop water supply, urban planning and energy supply networks, in parallel with the application of effective investment screening mechanisms. It is recommended to improve fiscal discipline with a view to joining the Eurozone in 2026 at the latest, as well as accelerating the digitization of administration, the economy and education. Another issue being addressed is the deepening demographic crisis and declining employment growth, which require a clear strategy on how the labor market will be supported.

One of the first large regional installations for electricity storage in a solar park is already a fact and is located near Razlog. Bulgarian photovoltaic designer and installer (so-called EPC company) "Solarpro" and Chinese battery manufacturer Hithium installed and commissioned the energy storage system at the beginning of June. The batteries have been installed at a 33-megawatt solar park near Razlog of "Investo Partners", the ultimate owner of which is the Viennese Renalfa IPP, in which the co-publisher of "Capital" Ivo Prokopiev also participates. The solar park was the first to enter into a green PPA 2 years ago with the telecommunications company A1. Lithium-ion battery manufacturer Hithium has supplied 16 electricity storage containers with a capacity of 3.44 mWh, which are placed in the solar installation. Kehua also participated in the supply of components, and the design and construction was done by "Solarpro". The trading mode of the system is managed and optimized by the energy trader "Ker Toki Power". The system also provides services to the ESO for automatic and manual regulation of the grid frequency, which are now mainly carried out by base capacities such as thermal power plants. The plant in Razlog has a maximum capacity of 33 megawatts. Most of the time, however, it operates at about 20-24 megawatts, which on average generates about 130 mWh of electricity per day. And the capacity of the batteries is a total of 25 mW/55 mWh, which means that they will be able to deliver 25 megawatts for two hours and thus extend the working hours of the solar park outside of the sun. Renalfa IPP is a Vienna-based independent power producer formed as a joint venture between Renalfa Solarpro Group GmbH and French infrastructure fund manager Rgreen Invest. The company owns and develops photovoltaic, BESS and wind projects with a combined capacity of around 2 GW in Bulgaria, Hungary, North Macedonia and Romania, of which over 455 MW of the various technologies are already in operation and another over 550 MW are under active construction. The supplier Hithium is a private technology company founded in 2019 by the Chinese Jason Wang, and a number of Chinese funds such as the Capital Development Investment Fund are investors in it. The company is one of the few lithium-ion battery manufacturers with a focus on energy storage systems (BESS) rather than electric vehicles. Last year, Hithium launched in Europe, opening an office in Germany, applying to actively participate in the Green Transition to batteries in Europe by 2025. According to public information, the company raised $620 million in private capital in 2023, which together with previous raises makes her a unicorn. The company's net revenue for 2022 is $520 million.

The company established years ago in Ruse, "Gorainvest" JSC - the city of Ruse, is a family company founded in 1998. Today, the company is owned by engineer Valentin Novakov and his two sons, Rosen and Borislav Novakovi. The family has bases in Rousse and in Kubrat, and part of their business includes the production of panels for the furniture industry, blanks for boards and the production of wooden pallets and wood chips for the production of eco-briquettes. The main markets where Gorainvest operates are Romania, Italy, Germany and Bulgaria. "We are currently in active negotiations to become a supplier to a Turkish manufacturer of blanks for making pencils and thus redirect ourselves from the market in Germany, where there is currently a drop in orders. And next year we plan to invest 750,000 euros in a line for the production of massive panels", said the founder of the company "Gorainvest" JSC Eng. Valentin Novakov. The main material the company works with is poplar, linden and oak, and the production is entirely ecological, say the three owners. The production is practically waste-free, because every product accompanying the activity finds its application. The company provides services such as wood shredding - wood chips for large processors, full mechanized soil preparation for afforestation, as well as wood extraction with specialized equipment. "Gora Invest" is the main supplier of blanks for the production of skis for "Amer Sports". Among its brands are Atomic and Salomon. The blanks are made in the factory in Kubrat. It currently employs 43 woodworking machine operators and technical staff. The production factory in Ruse employs 14 people - operators of woodworking machines and technical staff. The company reports a slight drop in turnover from 17 - 18 million BGN per year to 14 - 15 million BGN, with the explanation being a general stagnation of the market for all products.

Netera, a global telecommunications services provider, has elected Gustavo Bernier as chairman of its advisory board and brought in Peter Hayes as a new member. Gustavo Bernier, a technology entrepreneur and angel investor, becomes chairman of the advisory board. He has extensive experience leading the expansion and transformation of large enterprises. Joining the board is Peter Hayes, an international business leader with over 35 years of experience in information technology and telecommunications. Hayes heads US-based PacketFabric and has played key roles at companies such as Megaport Plc and Telstra. Last week the board welcomed Simon Vai, senior partner at Cambridge Management Consulting. Vai has extensive experience in telecommunications, having held key positions as Head of Wholesale Sales at Expereo and CEO at BSO/IX Reach. Netera founder and CEO Neven Dilkov, Maya Kalcheva, manager of Netera.TV and marketing and PR director for Netera Group companies, and George Shlosarek, non-executive director of Netera, remain permanent board members.

"Huvepharma" opened a new factory for the production of veterinary vaccines in Razgrad, where one of the plants of its subsidiary company "Biovet" is also located. "Biovet" owns three plants for precise biotransformation - in Peshtera, Razgrad and Botevgrad. With a capacity of over 10,000 cubic meters, it is the largest fermentation company in Europe. The company employs over 2,400 highly qualified biotechnologists, microbiologists, chemists, engineers and other employees. The new vaccine plant is modern and high-tech, equipped with the latest generation of machines and equipment. It is designed to be multifunctional, with several independent technological lines, which ensures flexibility and production efficiency. The investment is in the amount of BGN 140 million, the company specifies. Construction began at the end of 2019 and despite the severe situation with the COVID pandemic, it did not stop and was completed in 4 years. The plant has a certificate of good production practice from the BABH, valid for the entire European Union. The facility has a total area of ​​12,000 sq. m, of which 8,000 sq. m are the white rooms with different classes of cleanliness. Independent zones have been formed - for the production of egg vaccines, bacterial vaccines and viral vaccines. There is a specialized area for sterile filling into injection vials, lyophilization and product packaging. For quality control in the production process and the finished product, modern inspection and analysis laboratories have been built and equipped. "Huvepharma" specializes in products for animals, and therefore the vaccines that will be produced in Razgrad will be for industrial animal husbandry - for birds, cattle and pigs. During the construction of the plant, the strains and technologies were developed in the research and development laboratory in Peshtera. Now they are transferred to Razgrad. The release of pilot validation batches and completion of product dossiers and receipt of sales registration are pending. Plans are to reach regular production in 2 years. Currently, the plant employs 70 people, but in the coming years, at full capacity, it will exceed 300.

The previous experience for the supply of assets to MBAL-Opyaxovo failed. The land, buildings and premises of the municipal hospital were put up for auction at an initial price of BGN 2.497 million, but no one appeared willing to acquire them. Established in 1879, the hospital in Opyaxovo is one of the best in the country. It acquired its current form in the period 1957-1980, when it was completely fashionable for the general fund. Due to more than 2 million levs in debts and unpaid monthly salaries, MBAL-Opyaxovo stopped accepting patients in the end of 2011 and went bankrupt in 2012. At least 2.5 million levs your potential buyer would receive about 85 days land on which various buildings are located - the hospital rooms, warehouses and ditches. The appraiser determined the salvage value of the property at BGN 1.486 million, and the land and physical additions at BGN 1.024 million, and the total liquidation value (i.e. the highest price at which supply is likely to be achieved) is BGN 2.035 million. Most of the medical equipment is from the end of the 80's and the beginning of the 90's - acipatopes, micopops, defibrillators, bio monitors, EKG apparatus, exogpaphs, xolteps, lasers, etc bicycles etc.

The first factory of its kind in Bulgaria for the production of water enriched with anionic oxygen is expected to be operational by the end of June. It is located in the Novozagora village of Keranovo (Novo Zagora). Initially, the factory will operate in one shift and produce 1 million bottles per month. 14 people will be employed by the investor Novotechprom. The investment in the new business of Novotechprom is about BGN 5 million. The owner bought the building of a former enterprise for the production of frozen fruits in Karanovo last year. He won an auction for the building, announced by the Bulgarian Development Bank. The factory will use the innovative technology developed by Prof. Zheko Ganev and his company "Elfi Tech" for enriching water with anionic oxygen. The origin of the water is from an underground water source near the village of Karanovo, Novozagorsko. It is certified according to EN ISO 22000, with equipment for physico-chemical stabilization and for the synthesis of anionic oxygen, patent protected by Elfi Tech OOD, Stara Zagora. Dividend.EU

The shareholders of the Bulgarian Stock Exchange (BSE) have approved the capital increase with their own funds and the payment of a cash dividend at the general meeting held on June 18. The source of the increase is the funds from additional reserves and retained earnings for previous years. It is planned to issue 6,582,860 new shares, which will be distributed among the current shareholders in a ratio of 1:1, i.e. the capital of the stock exchange will increase to BGN 13,165,720. Separately, the entire profit for 2023 in the amount of nearly BGN 2 million will be paid as a dividend to the shareholders. The amount of the gross dividend per share is BGN 0.296. Currently, the BSE has a market capitalization of nearly BGN 100 million. The Ministry of Finance is the largest shareholder with 3,295,000 shares representing 50.05% of the capital.

US retail spending was weaker than expected in May as consumers continued to struggle with persistently high inflation, CNBC reported. Retail sales rose just 0.1 percent in the month, according to published Commerce Department data that is seasonally adjusted but not adjusted for inflation. That was less than Dow Jones economists had expected. However, the result was slightly better than the 0.2% decline reported in April. On an annual basis, retail sales increased by 2.3 percent. Falling fuel prices have contributed to a deterioration in revenue at gas stations, which reported a 2% monthly decline. This was somewhat offset by a 2.8% increase in sporting goods, music and book stores. Online shops also registered an increase of 0.8 percent, while bars and restaurants saw a decrease of 0.4 percent.

The monthly minimum wage level in Bangladesh was $48 or around Tk4,070 in 2019 – the lowest among all nations in Asia and the Pacific region, reveals the Global Wage Report 2020–21. Published by the International Labor Organization (ILO), the report calculated the "Gross Monthly Minimum Wage Levels in Asia and the Pacific" using the Purchasing Power Parity (PPP) values. Globally, Bangladesh ranked fifth from the bottom among 136 countries. Neighboring country Pakistan topped the chart in South Asia with a monthly minimum wage level of $491, while India has the second lowest minimum wage level of $215 in the region. In the Asia and the Pacific region, the median (average) minimum wage is $381, which is $333 or around Tk18,250 higher than that of Bangladesh. However, the ILO report excluded agriculture and domestic workers while calculating Bangladesh's monthly minimum wage level. Commenting on the matter, Policy Research Institute's Executive Director Dr Ahsan H Mansur said, "Actually, minimum wage is only applicable to Bangladesh's garments sector, and it has no application in any other ones. Elsewhere, the minimum wage is even lower. He added that Bangladesh does not have a minimum wage level in every sector and for every job, so the comparison made by the ILO is not appropriate. Additionally, the report mentions that Bangladesh's actual monthly minimum wage was only $18 last year. In the region, Australia has the highest monthly minimum wage of $2,166 in terms of PPP, followed by New Zealand with $2,126 and South Korea with $2,096. Nepal is following the chart-topper Pakistan with a minimum wage level of $396 in this region, and Afghanistan is just behind Nepal with $306. At the bottom end, Bangladesh and India are followed by Sri Lanka, which has the third lowest minimum wage level of $247 in the South Asia region. Bangladesh revises the minimum wage every five years and last did it in December 2018. The report mentions that out of 149 countries, only Bangladesh and Angola have not yet made any schedule for the next adjustment of the minimum wage. Globally, the median value of gross minimum wages for 2019 is $486 per month, indicating that half of the countries across the globe have minimum wages set lower than this value, and half have minimum wages set higher. Bangladesh has seen a 5.9% decrease in real minimum wage growth annually, from the period between 2010 and 2019. This was the largest decrease in Asia and the Pacific region. Meanwhile, the neck and neck RMG export competitor Vietnam (11.3%) observed the highest increase of real minimum wage growth.  On a separate note, the annual labor productivity growth increased by 5.8% in Bangladesh, compared to 5.1% of Viet Nam for the same period. In the previous iteration of the report published in November 2018, ILO estimated that women in Bangladesh were earning 5.5% more than men in terms of mean hourly wages, but considering monthly earnings, women were earning 7.2% less. tbsnews