The deficit in the state budget of Bulgaria has grown by BGN 600 million within just one month and by the end of August it is already BGN 1.6 billion. It started to grow steeply around the middle of this year, while in previous periods the most large losses accumulate in the last 2-3 months of the year. For comparison, as of August 2023, the data on the Consolidated Fiscal Program (CFP) showed a balanced budget, as of the same month of 2022, a surplus of over 1.6 billion was even reported. BGN, and in 2021 – BGN 900 million. The data of the Ministry of Finance now show that the expenses under the CFP (including the contribution of the Republic of Bulgaria to the EU budget) as of August 2024 amount to BGN 48.1 billion. , which is 59.1% of annual estimates. Compared to the previous year, there was an increase mainly in social costs, as a result of the higher pensions paid after the increases that came into force in July 2023 and July 2024. An additional burden on the budget is the increased remuneration of the teaching staff and in other administrations, approved with the budget laws for 2023 and 2024. Revenues, benefits and donations under the CFP as of August 2024 are expected to be in the amount of BGN 46.5 billion, which is 61.8% of the annual estimates. And in August, the trend observed from the previous months for a moderate increase in income in the part of tax and social security revenues continues, with the expected implementation of 64.3% of the annual estimates by August 2024, with the implementation of 62.2% of the estimates for the same period of 2023. Compared to the same period of the previous year, income under the CFP increased by BGN 4.1 billion (9.6 percent), with tax insurance revenues contributing to this, which increased in nominal terms by BGN 4.2 billion (12.6 percent) and the receipts in the part of aid and donations (mainly grants under EU programs and funds), which increased by BGN 0.9 billion. Compared to the previous year, non-tax revenues decreased by BGN 1 billion (13.2 percent), which is mainly due to dividend revenues and revenues from the sale of quotas for greenhouse gas emissions. In the first eight months of 2023, dividend income for the state from state-owned enterprises amounted to BGN 1.55 billion, while in the current year the receipts for the period are only BGN 0.1 billion, against a planned BGN 0.34 billion. The main reason for this is the non-distribution of a dividend from the profit of the Bulgarian Energy Holding (BEH), the Ministry of Finance points out. Revenues from the sale of greenhouse gas emission allowances are affected by the smaller quantities and lower price of allowances in 2024. The part of the contribution of the Republic of Bulgaria to the EU budget, paid as of 31.08.2024 from the central budget, amounts to BGN 0.98 billion, which is in compliance with the currently effective legislation in the field of the EU's own resources.

The banking sector in Bulgaria for the seven months of 2024 shows a stable profit of BGN 2.1 billion. These results are due to some anomalies in the interest rates in our country compared to those in the Eurozone. A large part of loans in our country - especially housing loans are offered at average interest rates and yield (APR) of 2.5% - 2.6%, which is significantly lower than the yield offered by the ECB for the money that banks from the Eurozone keep at it as excess reserves. For the seven months of 2024: the receivables of our banking sector increased by BGN 1.7 billion (16.8%) to BGN 11.7 billion. At the same time, the gross credit portfolio recorded a monthly growth of BGN 1.1 billion ( 1.0%) to BGN 105.2 billion. Loans to households increased (by BGN 843 million, 1.9%), to other financial enterprises (by BGN 200 million, 2.2%) and to non-financial enterprises (by BGN 76 million). BGN, 0.2%), and those for the public administration sector decreased by BGN 52 million (5.7%). The receivables in question from other credit institutions are the most profitable business of Bulgarian banks. With deposits of 11.7 billion BGN, of which 8.06 billion BGN are in euros, the total amount of interest received since the beginning of the year is 496.2 million euros, which forms a yield on this asset in the amount of more than 4.22 percent. For comparison, the income from interest on loans for companies is much more - nearly BGN 1.45 billion. But with a total volume of granted company loans of nearly BGN 50.83 billion, this interest income provides an average yield of 2.85 percent. Lower yield at higher risk and this is the explanation why company loans grow many times slower than the banks' claims from other credit institutions. the situation with household loans is similar. Their total volume at the end of July 2024 is over BGN 44.39 billion, and the interest income from them is nearly BGN 1.28 billion, with nearly two thirds of these revenues being due to the smaller in total volume, but much more expensive consumer loans. These interest incomes with this volume of loans bring an average yield of over 2.88%, which is again lower than that of our banks' receivables from other credit institutions, again at a higher risk.

The construction of one of the largest solar power plants in Bulgaria - "St. George" near Silistra, will begin next week. The investor in the project - Rezolv Energy, which is a subsidiary of the British multi-billion fund Actis, which has major investments in energy infrastructure around the world, announced that it has selected three contractors to build the 229-megawatt solar park. It is about the Chinese CMC Europe and the Bulgarian Solarpro and Green Solar Energy. Based on the parameters of the plant, which will be located on the territory of the former airport of the Danube city, an investment of around BGN 250 million can be expected. The project license issued at the beginning of this year by KEVR is for 199 MW, which will be the connection to the network of the Electricity System Operator. After its commissioning, this plant will increase Bulgaria's solar capacity by about 7%. The solar park "St. George" will be built on the old airport next to Silistra, the area of ​​which is 165 hectares. Nearly 400,000 solar panels are planned to be provided and installed by CMC Europe and Solarpro. The Chinese company is registered in Hungary but is a subsidiary of China National Machinery Import and Export Corporation (CMC), part of Genertec International. Solarpro is a multi-technology integrator with experience in hybrid projects that include photovoltaic, wind, battery energy storage systems (BESS) and hydrogen solutions. The company is part of the Austrian group Renalfa, in which the publisher of "Capital" Ivo Prokopiev also participates. St. George Park will be connected to the grid through a 110kV substation and two independent lines with a total length of approximately 6 km. They will be built by "Green Solar Energy", which is owned by Dragan Tanev Georgiev. The electricity produced will be sold to commercial and industrial users through long-term power purchase agreements (PPAs). Prague-based Rezolv already has over 2 GW of clean energy capacity under construction in Southeast Europe. In addition to the Bulgarian project, Dama Solar is being worked on in Romania, which with its 1044 MW will be the largest solar power plant in Europe once it is built. The remaining capacities are wind and are also located in Romania.

Online travel agency Vola.bg, under the umbrella of the Romanian online travel market leader Vola.ro., and FRU.pl - one of the key players in this sector in Poland, announced that the Resource Partners fund acquires an 80% stake in the Interactive business group Travel Holding (ITH). With a strong presence in Poland, Romania, Bulgaria and Moldova, ITH Group continues to be a significant force in the online travel industry in these regions. Resource Partners is a leading private investment fund in Central and Eastern Europe. For the past 15 years, Resource Partners has invested in companies with strong growth potential and experienced management teams, supporting their business development both organically and through acquisitions. Growth equity funds 3TS Capital Partners and Catalyst Romania are leaving the company, along with two of the group's Polish co-founders. Daniel Truica will hold a significant minority stake and continue to lead the strategic direction of the group as CEO. Members of the management team become shareholders, which strengthens the team's commitment to the future success of the company. In recent years, the Vola brand has grown beyond the borders of Romania in Central and Eastern Europe, including Bulgaria. Vola is now planning to enter new markets.

The American manufacturer of sports goods Foot Locker will open a store in Bulgaria. The company plans to expand in a total of five markets in the region – Cyprus, Slovenia, Croatia, Bosnia and Herzegovina and Montenegro. The stores will be managed by the Fourlis Group - the company that holds the franchise rights for the Balkans for the IKEA, Intersport and Holland & Barrett chains. The planned expansion in the region follows an agreement signed between Fourlis Group and Foot Locker to acquire its operations in Greece and Romania and expand the network of stores in six countries in Southeast Europe. Under the agreement, Fourlis will acquire Foot Locker's three stores and e-commerce operations in Greece, as well as the three stores in Romania. The deal is subject to the fulfillment of certain conditions and is expected to be finalized in the first half of 2025. Fourlis Group aims to operate 80 stores and eight e-commerce sites in the eight countries by 2029, with a long-term goal of expanding to 120 stores in the region. To facilitate this growth, Fourlis will invest approximately €40m in capital expenditure. Fourlis is already present in Greece, Cyprus, Bulgaria and Romania, working through franchise and licensing agreements for brands such as IKEA, Intersport and Holland & Barrett. Foot Locker, Inc. is an American multinational sportswear and footwear retailer headquartered in Midtown Manhattan, New York, with operations in over 40 countries. The company is the successor of the F. W. Woolworth Company (Woolworth's), which changed its name to Foot Locker in 2001. The corporation operates the Foot Locker chain of athletic shoe stores of the same name.

After the Savimex factory in Dobrich won the market with "Zlatna Dobrudja" bread and pretzels, the heir to the business, Danko Savov, achieved even greater success with the production of pretzels, crackers, macaroni and burger buns. Savimex has contracts with numerous manufacturers, retail chains and distributors in over 30 countries from Australia to America, and the factory has reached capacity and cannot take any more. Lines for pretzels, pretzels and crackers run 24/7. They produce two tons of snacks every hour. The macaroni line and the bakery for pretzels and buns for burgers run separately. Last year, Savimex reached a record 42 million BGN revenues. Forecasts for the global snack market point to 16% growth by 2028, according to Mordor Intelligence. The enterprise is one of the first in the country to focus on the production of sliced ​​bread in packages with greater durability. Its growth strategy includes building its own bases and transport in more than 10 major cities in Bulgaria, thanks to which Savimex becomes the preferred supplier of bread for all major retail chains. A few years later, in 2022, it closed the production of fresh bread and focused its efforts on the snack segment. forbesbulgaria.

The construction entrepreneur Georgi Chalamov, owner of "Gerbera", is planning a large-scale construction in the field, near the former Aircraft Repair Plant in the South-Eastern Industrial Zone of Plovdiv. The plot is about 40 decares and is locked at the corner between Asenovgradsko shose and Tsar Simeon Blvd. A multifunctional complex of housing and public areas will be developed in it, the developer plans. The property was purchased 5 years ago at an auction by "Investbank". With the new 40 decares, the owner of "Gerbera" submits a request for one of the most massive developments in the southern territories of Plovdiv, near the Asenovgrad road. His is the "Gerbera" complex on Kolodrum, where the businessman built about 400 apartments. Some time ago it became clear that he was also starting to build properties bought by him from the territory of the Optela plant.

The company Rudin Ltd. has submitted the lowest price offer for the construction of the central grandstand of the Lokomotiv stadium in the city of Plovdiv and the vertical layout. BGN 31,980,219.24 is the proposal of the company from Stara Zagora, which built the Besika tribune and the southern sector of Lauta, and is currently completing the "Sports Club" as well. DZZD Lokomotiv 2024 estimated the construction activities at BGN 33,965,237.55, which is the second lowest offer. The leading company in the consortium is Geostroy JSC. GBS - Plovdiv JSCsubmitted an offer for BGN 33,977,777.77, and Lokomotiv House valued its offer at BGN 33,882,269.85. A committee appointed by the Municipality of Plovdiv will examine the bids and decide who wins the public contract. The deadline for the construction is at the proposal of the participant, in calendar days, but it should not be shorter than 480 calendar days and longer than 570 calendar days. The term for the execution of the construction and assembly works starts from the date of drawing up and signing the Protocol for the opening of the construction site.

"Sopharma" JSC reports a 28% drop in net profit on an annual basis to BGN 46 million for the half year of 2024. In absolute terms, the decrease in profit is BGN 17.6 million. Unconsolidated profit for the half year is 22.3 million BGN, decreasing by BGN 14 million. The main subsidiary is "Sopharma Trading" JSC with a share of 87.97%, whose consolidated profit for the first half of 2024 amounts to BGN 24.1 million, growing by BGN 5 million on an annual basis, but during the consolidation the transactions within the group are eliminated. The Sopharma Group consists of "Sopharma" JSC and investments in four associated companies (22.62% stake in Doverie - united holding" JSC, 45.65% participation in "Sopharma Imoti" REIT, 31.97% participation in "Sopharma Buildings" REIT and 25% participation in "Farmanova" d.o.o., Serbia) and in a joint venture ( "Momina Krepost" AD with a 37.46% stake).Consolidated sales of "Sopharma" JSC increased by 9.4% to BGN 1.01 billion, mainly due to the sale of goods in the "Sopharma Trading" JSC group production is down by 3% to BGN 146.6 million, and goods are up by 11% to BGN 852.3 million. The main shareholders in "Sopharma" JSC are Donev Investments Holding AD with 40.08 %, "Telekomplekt Invest" JSCwith 15.96%, Ognyan Donev with 9.04%, repurchased shares 7.47%, other legal entities with 21.83% and other individuals with 5.62%.

Europe's manufacturing sector continues to struggle in its bid to recover, with August PMI underlining a deepening slump. Germany and France lead the regional declines, while rising costs pose further challenges to the industry, writes Euronews. The crisis gripping Europe's manufacturing sector appears to be far from over. August brought another wave of bad news, with another contraction in private sector activity, as the S&P Global survey revealed. Although final data for August showed a slight upward revision from 45.6 points to 45.8 points, manufacturing still remained below the 50-point mark, signaling continued decline. The index has remained in negative territory since July 2022, reflecting the structural challenges facing the eurozone manufacturing sector. The flow of new orders, a key indicator of future output, fell at its sharpest pace since the start of the year. As demand disappears, companies are forced to cut back on raw material purchases, shrink workforces and reduce inventories. Adding to the gloomy picture, business confidence fell to a five-month low, underscoring the uncertainty that continues to hang over the sector. Among countries surveyed, Germany and France - the eurozone's two largest economies - had the biggest impact on overall factory performance in August, with manufacturing conditions worsening in both countries. Greece, Spain and Ireland were the only countries to register growth, although the rate of improvement in Greece and Spain is slowing. The decline in total sales in the eurozone was the most severe this year, matching the average decline seen over the past 28 months. New export business was also hit, with the rate of decline hitting its lowest level in eight months - a clear sign that global demand for European goods is faltering. As a result, eurozone factories are cutting jobs at an alarming rate, with employment levels falling for the 15th consecutive month. Adding to the sector's woes, eurozone manufacturers reported rising raw material costs for a third straight month. Although the rate of inflation is slowing slightly, it remains near an 18-month high, driven by factors such as rising energy prices and disruptions in supply chains. According to analysts at Hamburg Commercial Bank, both domestic and international new orders are slowing further, dampening any immediate hopes for a recovery.

The U.S. labor market is expected to grow 0.4 percent a year through 2033, less than a third of the pace of the previous decade, according to new projections from the Bureau of Labor Statistics. The annual pace translates to 6.7 million additional jobs over the decade, or about 55,000 a month, the report said. The main factor behind this is slower population growth. The Bureau of Labor Statistics projects that the "non-institutionalized population" will increase by 16.4 million by 2033. That's about 5 million fewer than in the previous decade and represents the slowest growth rate the Bureau has predicted since it began publishing the data in 1948. One consequence of the delay is that older people will make up a larger share of the population. As these Americans are less likely to work, the overall labor force participation rate is expected to fall by about 1.4 percentage points over the decade to 61.2%, with the decline seen among both men and women the women. At the same time, the decline in the number of younger groups - including school-aged children - is expected to reduce the demand for jobs in education. The Bureau of Labor Statistics also projects a 0.2 percent annual decline in retail employment driven by technological advances and the spread of e-commerce. Automated systems, including artificial intelligence, are expected to reduce office and administrative jobs.

Pre-tax profits of Japanese companies hit a record 35.77 trillion yen ($244 billion) in the April-June quarter, while their capital spending rose 7.4 percent in the same quarter year-on-year. This is according to the latest data published by the Japanese government. Pretax profits of Japanese firms rose 13.2 percent, increasing for a sixth straight quarter. The growth is a result of brisk overseas sales, a weak yen, and a surge in the number of foreign tourists to Japan. Investment by all non-financial sectors to build production capacity and supply equipment totaled 11.92 trillion yen, rising for the 13th straight quarter, Japan's finance ministry said. Japanese business revenue rose 3.5 percent to 368.96 trillion yen, a record high for the April-June quarter. Against this background, food sales have jumped as companies pass on their higher costs to consumers, the Japanese ministry said. Investment by industrial producers rose 1.4 percent, boosted by companies making information and communications equipment and electrical machinery.