Labor costs of employers in Bulgaria continue to rise in the first quarter of 2024. Compared to January-March 2023, they have risen by 15.8%. The increase is higher than reported in the last quarter of 2023, when employers' total costs per hour worked by their employees rose by 11.7% year-on-year. Remuneration costs for 1 hour worked increased by 15.8%, and other costs (outside of those for remuneration) - by 15.9%. Chart: NSI In industry, the increase was 13.9%, in services - by 16.3%, and in construction - by 19.3%. The highest growth in total labor costs was registered in the economic sectors "Other activities" - by 20.8%, "Hotel and restaurant industry" - by 20.6%, and "Construction" - by 19.3%. By economic sector, the change in remuneration costs compared to the same period of the previous year varied from 22.1% for "Other activities" to 10.9% for "Production and distribution of electric and thermal energy and gaseous fuels".

According to data from the Ministry of Agriculture and Food, in 2023 the total export of fish and fish products from Bulgaria amounted to 14.4 thousand tons. About 75% of the total exported quantity is mainly aimed at Romania and Sweden, followed by Belgium, Germany, Greece, Spain, etc., this was announced by the Deputy Minister of Agriculture and Food Assoc. Deyan Stratev during his visit to the production bases of a fish enterprise , which is located on the territory of Pazardzhik. The visited enterprise is a beneficiary under the PMDR (2014-2020) and has approved and implemented 11 projects for over BGN 3 million. Seven of them were financed through the Strategy for community-led local development of the Local Initiative Fishing Group - Pazardzhik, worth over BGN 1.3 million

The Ministry of Regional Development and Public Works has issued a Deed for exclusive state ownership of a mineral water deposit "Svishtov", town of Svishtov. The deposit, located on the territory of the future Danube Industrial Technology Park in Svishtov, has been granted to the Municipality free of charge for management and use for a period of 25 years. The activation of the mineral spring and its provision to the Municipality for exploitation enables the implementation of a project that will give added value to the Industrial Zone, will contribute to the development of balneology in the city and the full utilization of mineral water as a natural resource. 58 liters per second is the flow rate of water at a temperature of 48 degrees. In November 2023, it became known that an investor from Qatar expressed his intention to restore water and balneotherapy at the "Dr. Dimitar Pavlovich" Medical Center. The investor's idea is to build a closed-loop facility - he has also shown interest in using two of the four closed floors in the hospital. In them he intends to reveal a hotel part. Water in the hospital will be supplied from the recently discovered mineral spring in the area of ​​the former BKS. For this purpose, the Eco-Trust Fund has provided BGN 700 thousand for the construction of the facility that will draw the mineral water. It will reach the Sports Complex of the Academy and from there to the hospital.

The executive director of copper mining "Aurubis Bulgaria", which is the largest company in Bulgaria with 8.2 billion BGN turnover for 2022, Tim Kurt becomes the chief operating officer of the entire Aurubis group, which will be responsible for copper production. He will take over from September 1 alongside Thoralf Haag, who becomes CEO of the German company. Kurt remains in Bulgaria for now and will continue to manage the plant near Pirdop and Zlatitsa. With the appointment of Haag and Kurt from September, the group's executive board will initially also include Inge Hofkens as second COO and Markus Kramer as chief transformation officer. Between July 1 and September 1, Kramer will temporarily act as CFO following the departure of Rainer Verhoeven. Since October, Steffen Alexander Hoffmann has been the financial director. Tim Krut is the executive director of "Aurubis Bulgaria" since July 2014. He graduated in logistics from the University of Applied Sciences in Friedberg. He started his career at Unilever, and in 2004 he joined Numico in Poland. He joined Norddeutsche Affinerie (the former name of Aurubis) in 2006 and was Vice President Corporate Logistics until July 2014. In addition to being the director of the Bulgarian plant, Kurt is also the president of the German-Bulgarian Chamber of Commerce and Industry. Under his management, Aurubis completed several successful investments and launched a BGN 800 million mega-program, the main part of which is a project to double the copper refining capacity, which should be completed in the second half of 2026. Aurubis is among the most -the largest producers and largest copper recycler in the world. For the last financial year 2022-2023, its revenues are just over 17

The company for making boutique furniture "Ergodesign" in Ruse. is a smart factory, which is one of the most digitized in Bulgaria. For 2023, the turnover of the furniture company from Ruse is about BGN 7 million. The profit is a little over 1 million BGN. For 2024, the company expects the level of turnover to remain the same. For the period from 2016 to today, investments exceed 3.5 million euros in software and machines, with more than 650,000 euros invested in software alone. The history of the family company began in the 1990s, and today the company specializes in the production of custom-made furniture for the Bulgarian and Romanian markets. The large-scale investment made in recent years changes the direction and method of production, moving from serial to order production. "Egrodesign" offers specialized software to its customers, thanks to which in less than 10 minutes the company's workshop in Ruse can start production for the given customer. A large part of the manufacturing process is done through modern mechanization and machines of the latest generation, with less and less human intervention. To date, about 50 people work in the smart furniture factory. Some of them are highly qualified operators of the special automated and robotic equipment, through which the boutique furniture for Bulgaria and Romania is created.

"Enhancv RD" has paid a dividend of BGN 1,327,928 to "Eleven Capital" JSC. "Eleven Capital" is a minority shareholder in "Enhensive RD" JSC. The company pays a dividend to the public company for a consecutive year. In 2023, it amounted to BGN 453,640. "Enhensiv RD" JSC (operating under the name Enhancv) is one of the companies in the investment portfolio of the public company. It offers an online service for creating and designing a professional CV. The multi-step tool guides and guides the user through the process of creating one or more professional resumes, customized to each job posting, and according to the public company, tens of thousands of users in the US and other countries use the Intensive RD product. The shares of "Eleven Capital" have become cheaper by more than 12% in the last year, and the market capitalization is close to BGN 40.3 million.

The general meeting of shareholders of "Sofia Commerce-Pawnshops" JSC approved the distribution of a gross dividend for 2023 of BGN 0.08 per share. The dividend will be paid in two equal tranches of BGN 0.04 each, with the start date for the first tranche being August 2, 2024, and the start date for the second tranche being August 19, 2024. The dividend will be paid through "Central Depository" AD and "International Asset Bank" JSC. The shares of "Sofia Commerce-Pawnshops" JSC have increased in price by 40% over the last year, and the market capitalization is over BGN 35 million. The subsidiary of "Sofia Commerce-Pawnshops" - "IpoTech Sofcom" JSC, has also decided to dividend payment at today's general meeting of its shareholders. The company's realized profit for 2023 is BGN 511,561.07, of which BGN 96,204.72 will be paid as a dividend of BGN 0.12 per share gross. The dividend will be paid up to 90 days after the general meeting. BGN 51,156.11, or one-tenth of the realized profit, will be taken to replenish the company's "Reserve" fund, and the remainder will be retained as undistributed profit. The payout will be in one tranche with a start date of August 5, 2024.

"Sirma Group Holding" - one of the largest software groups in our country, announced that it is starting to acquire a 51 percent stake in the Romanian company Roweb Development SRL. Established in 2004, the company specializes in the development of complex business applications for the financial, insurance, real estate, recruitment and hospitality sectors. Its 110 software specialists have implemented projects for clients from over 30 countries. The next acquisition that "Sirma Group Holding" is planning is in the Scandinavian region, and "initial verification has already begun".

A gross dividend of BGN 6.99247 per share from the net profit for 2023 will be paid by the textile company "Mak" JSC - Gabrovo. A total of BGN 2,830,000 will be distributed as a dividend. The remainder of last year's net profit in the amount of BGN 3,480,065.83 will remain as retained earnings from previous years. The payment of the dividend will start on August 20 through "Central Depository" AD and "DSK Bank" EAD. The total amount of the textile company's distributable profit amounts to BGN 6,310,065.83. The main shareholder is the Gabrovo company "Duker" Ltd, which directly controls 79.66% of the capital, and indirectly through the Gabrovo-based "Kyubi" EAD another 3.04% of the voting shares. Georgi Bizhev owns 7.16 percent. The rest of the papers are owned by smaller investors. No dividend was distributed from the net profit for 2022.

The tourist company "Albena" JSC will distribute part of its profit for 2023, which amounts to BGN 1.73 million, as a dividend. 13 cents per share will be paid. For comparison, last year it was decided that the dividend for 2022 would be 11 cents per share. 75% growth of the realized profit for the financial year 2023, compared to the previous year 2022, reports "Albena" JSC. The positive result of BGN 1.73 million was achieved on the basis of revenues from core activity in the amount of BGN 87.08 million. The main factor that had a direct impact on the results was the average annual inflation of 9.5% reported for the period. A direct effect of this is observed in the functional distribution of costs, namely an increase in those for personnel and for external services. At the same time, the company's equity rose to BGN 482.2 million. A new auditor was elected - "Primorska Auditorska Kompaniya" OOD with manager Ilia Nedelchev Iliev. The shareholders voted for the release of DV Consulting Ltd as a member of the board of directors and the acceptance of Daniela Panova Petkova as an independent member of the board of directors. She will have a mandate until June 24, 2028, when the mandate of the current board of directors expires. pronewsdobrich

Economic activity in the Eurozone fell sharply in June amid falling demand. This is according to data from a key survey of Hamburg Commercial Bank compiled by S&P Global, Reuters reported. The services sector in the countries of the monetary union, which provides support to the economy of the euro area, is showing some signs of a slowdown in business activity. The collapse of industrial production is also deepening, the study authors point out. The Eurozone Services PMI's preliminary PMI fell to 52.6 this month from 53.2 in May. In the industrial sector, the indicator fell to a six-month low of 45.6 points after 47.3 points last month. Thus, the preliminary general index, considered a good indicator of the state of the eurozone economy, fell to 50.8 points in June, compared to 52.2 points in May. Analysts polled by Reuters had expected the gauge to rise to 52.5 points in June. However, for the fourth month in a row the index is above the level of 50 points, which is a signal of economic growth, notes Reuters. "The European Central Bank, which cut its key interest rates in June, may consider this decision justified as data show a weakening of price increases in the eurozone's services sector," said Cyrus de la Rubia, chief economist at Hamburg Commercial Bank.

U.S. business activity rose to a 26-month high in June amid a rebound in employment and price pressures eased sharply, giving hope that the recent slowdown in inflation is likely to hold, Bloomberg reported. S&P Global's Purchasing Managers' Index (PMI), which tracks the manufacturing and services sectors, rose to 54.6 this month, data showed on Friday. This is the highest level since April 2022 and follows May's 54.5 points. A score of over 50 points means expansion in the private sector. Both the services sector and the manufacturing sector contributed to the increase in activity. The growth suggests that the country's economy ended the second quarter on a solid footing. So-called "hard" data, however, show a different picture. Retail sales barely rose in May after falling in April. Housing starts continued to decline, hitting their lowest level in nearly four years in May. The economy is slowing as the Federal Reserve raises interest rates by 525 basis points starting in 2022 to tame inflation. The loss of momentum along with the easing of inflationary pressures keep the possibility of lower borrowing costs on the agenda this year. The S&P Global measure of new orders received by private businesses rose to 53.4 this month from 51.7 in May. The employment figure rose for the first time in three months on the back of "improved business confidence for next year" as well as "renewed pressure on operating capacity from rising demand," S&P Global said. The rate of increase in producer prices is slowing, as is the rate at which businesses are raising the prices of goods and services. The indicator for producer prices paid fell to 56.6 points from 57.2 points in May. The producer price index fell to a five-month low of 53.5 points from 54.3 points in May. US inflation slowed in May, with the consumer price index unchanged for the first time in nearly two years. The manufacturing PMI rose to 51.7 this month from 51.3 in May.

Experts are categorical - natural gas, which has a wide range of applications, will play a key role in the energy transition, and its global demand will continue to grow after 2030. The Global Energy Perspective 2023 forecasts the market for energy raw materials on the way to limiting global warming to 1.5°C - in line with the Paris Agreement. In fact, the energy transition scenarios studied are four. The models take into account the influence of more than 400 factors - technological progress, policies, energy mix, fuel costs, etc. Analysis by multiple sources, including the IEA (International Energy Agency), IPCC (Intergovernmental Panel on Climate Change) and McKinsey, shows that conventional fossil fuels are likely to remain part of the energy mix until 2050 and will be an important bridge in the energy transition . Therefore, the decarbonisation of the fossil fuel system itself and the significant reduction of emissions, including methane, is a key focus. Global gas prices have fluctuated significantly in recent years. Russia's invasion of Ukraine and the subsequent energy crisis led to global price increases and record highs in 2022. The decline in Russian pipeline gas flows to Europe has led to increased demand for LNG (liquefied natural gas), which has created increased competition for cargoes LNG between Asia and Europe. Gradually, prices stabilized - in both Asia and Europe, and in the spring of 2023 fell below 2021 levels due to a mild winter, and for Europe - due to a decrease in gas demand in all sectors, combined with high occupancy of the repositories. The connection between European and Asian gas markets via LNG is currently structural, with events in one market influencing global pricing, although this may change in the future. At the same time, 2022 was marked by several final investment decisions (FIDs) for LNG projects in North America and Qatar and preparations for the conclusion of LNG contracts for projects in the pre-final investment decision phase. Natural gas prices in Europe have fallen by more than 50% since December 2022, recently falling below 2021 levels. Natural gas has a wide range of applications in various sectors, including power generation, heating and in high-temperature industrial processes , as well as as a raw material (for example, in the petrochemical industry and the production of fertilizers). It will therefore play a key role in the energy transition, balancing the production of electricity from renewable sources to the large-scale deployment of energy storage technologies. In all scenarios, global gas demand is expected to continue to grow beyond 2030, with overall projected growth between 10 and 15 percent. Even in faster decarbonisation scenarios, growth is expected until 2030-40. In all scenarios, the energy sector will remain the main driver of gas demand, and by 2050 (it will be responsible for around 40-50% of demand) . This is largely due to the expected growth in energy consumption in industry and buildings. Especially in the chemical industry and the production of blue hydrogen, a steady growth in gas demand is predicted until 2050. In industry (excluding chemical), the electrification of heating and machinery plants will eventually lead to a gradual decrease in gas demand. According to the different scenarios, global LNG demand is expected to grow by between 1.5% and 3.0% from 2023 to 2035. This trend will be dictated by the ASEAN and South Asian countries, while in Europe it is predicted gradually reducing LNG imports in line with overall gas demand. LNG supply growth will come mostly from already secured LNG projects in the Middle East and North America, which together could supply more than 200 million tonnes per annum (Mtpa) - between 45% and 70% of global LNG supply by 2050 in the different scenarios. Demand for LNG is expected to grow by approximately 60% by 2030. Under most scenarios, a supply-demand gap will open in the global LNG market in early 2030 and continue for at least the next decade. In the short term, a period of oversupply may occur in the late 2020s, although its scale and duration may be influenced by the implementation of LNG projects. But in the longer term, a sustained gap between demand and supply will require the development of new LNG projects and represents an opportunity for additional building liquefaction capacity. Globally, over 50 LNG projects are underway - to fill the gap between demand and supply, which is expected to reach around 30-60 million tonnes per year after 2040. The shortfall is likely to be filled by LNG projects with economic costs below 8-9 USD /MMBTU, mostly from North America. Given how LNG demand trajectories are expected to develop through 2050, the 2030-40 period could prove to be a "golden" period for developing new LNG projects.