Bulgaria's gross external debt at the end of March was EUR 33.49 billion, which is EUR 576.2 million less than at the end of last year. On an annual basis, the debt decreased by EUR 738.3 million (2.2%), according to the latest BNB data. At the end of March, long-term liabilities amounted to EUR 25.7 billion, increasing by EUR 58.1 million compared to the end of 2019. Long-term debt decreased by EUR 197 million compared to March 2019. Short-term liabilities amounted to EUR 7.79 billion and decreased by EUR 634.3 million (7.5%) compared to the end of 2019. On an annual basis, the short-term external debt decreased by EUR 541.3 million or by 6.5 per cent. The gross external debt of the general government sector at the end of March was EUR 5.38 billion. Compared to the end of last year, it decreased by EUR 52 million. The external liabilities of the sector decreased by EUR 62.1 million compared to a year earlier. Statistics also show that the external liabilities of the Banking sector amounted to EUR 4.33 billion, decreasing by 11.7% to EUR 574.6 million compared to the end of 2019. Banks' debt decreased by EUR 291.9 million (6.3%) compared to March 2019. The BNB reports that net external debt at the end of March was negative - EUR 3.1 billion, decreasing by EUR 938.1 million (43.4%) compared to the end of 2019. The decrease was due to both the decrease in gross external debt and the increase in gross external assets. Net external debt decreased by EUR 1.42 billion (84.8%) compared to a year earlier.

For the first three months of the year Bulgaria reported a decline in the services sector of nearly 30%. The country's GDP growth is only 0.3%. This became clear in the words of Grzegorz Sielewicz, regional economist of Coface Group during a webinar on "The effects of COVID-19 on the economy". According to the company's data, the manufacturing sector registered a decline of 7%, followed by retail sales, industry and consumer goods. Bulgaria holds one of the last places in readiness of the health system to respond to such crisis situations, as over 8% of GDP are health care costs, the company said. A process of gradual economic recovery or a second wave of the virus are the two main scenarios, Grzegorz Sielewicz said. According to the first, baseline scenario, a careful and gradual revival of the business is expected from the end of May onwards, and the recovery will come in the third and fourth quarters of the year. However, in a risk scenario, a second wave of infection is expected in the autumn, which will bring additional quarantine measures, and this will have a much longer negative effect on business worldwide. Accordingly, the recovery will come much slower. According to Sielewicz, the pandemic will undoubtedly increase unemployment in many Central and Eastern European countries, with Romania and Croatia hitting more than 10%. The decline in GDP is expected to be largest in Slovakia - 5.4% in the first quarter, compared to 3.3% for the EU as a whole.

Romanian oil and gas group OMV Petrom said that together with Bulgaria's Eldrive, it will install 30 fast-charging stations for electric vehicles in OMV-branded filling stations in Romania and Bulgaria. "This partnership is a crucial step for the development of our charging network, as well as for the electric mobility in the region," Stefan Spassov, CEO of Eldrive, said. Eldrive, which will subsequently operate the charging stations, is expected to install them within a two-year period. The first two stations of this project have already been installed in Bulgaria - one on Struma motorway and one near the city of Plovdiv. OMV Petrom is present on the fuel distribution market in Romania, Moldova, Bulgaria and Serbia, operating a network of 800 filling stations under the OMV and Petrom brands. There were approximately 400 charging stations for electric cars in Romania at the end of last year, while the number of new registered electric and hybrid vehicles in the first four months of 2020 represented 2.75% of the total new registered vehicles, according to OMV Petrom. The Eldrive network has more than 210 charging points in Bulgaria and Romania.

The chain of 100 gas stations that the state plans to build will not be financed with money from the budget. Loans will be drawn for them and partnerships will be sought. This was explained by the Minister of Economy Emil Karanikolov. According to him, there is no reason to claim that the state wants to regulate the fuel market and be a trader in this market at the same time. "The bill on the establishment of the State Oil Company envisages that it will be able to create commercial companies that will operate entirely on a commercial basis. While the State Oil Company will be responsible for tax warehouses for fuels," Karanikolov said. State Oil Company will set up a commercial company to manage the gas station chain, "which will not even be 100% state-owned. It cannot be subsidized because it is state aid. Once we approve standard models and locations for gas stations - small and large, on a purely market basis, this company will apply for loans and deductibles," said Karanikolov. At the same time, the government has announced that state-owned gas stations will operate with a minimal discount, which they want to be a "balancer" in the market.

The administrative building of Prista Oil in Ruse was raided in an action on Thursday. The gendarmerie also entered the house of Plamen Bobokov, owner of the company. According to initial information, searches and seizures were carried out, and items and documents were taken out of the house, connected with the investigation of alleged imports of waste from abroad. So far there are no details about the action, and it is not clear whether it is related to the action in Botevgrad against Deputy Minister of Environment and Water, Krassimir Zhivkov. "The specialized prosecutor's office is again in the Ministry of Environment and Water. After the waters, the topic is waste - recycling, incineration," the Deputy Minister said. In 1992, the brothers Atanas and Plamen Bobokovi founded in Ruse their first company ET "Bobokov and Sons", with a subject of activity trade in clothes and accessories. For a short time they also traded in fuels, but reoriented themselves to the business of lubricating oil. In 1993, they founded the company Prista Oil. Their other main company is the rechargeable batteries manufacturer Monbat.

Bulgarian polymer packaging producer Asenova Krepost said that Zarneni Hrani Bulgaria has lowered its stake in the company by selling 78,200 shares for some BGN 656,000. Zarneni Hrani Bulgaria sold the shares on May 21 in a deal outside the Sofia bourse regulated market, priced at BGN 8.385 levs per share. The 78,200 shares represent 1.82% interest in Asenova Krepost. Earlier this month, Zarneni Hrani Bulgaria sold 176,250 shares in Asenova Krepost for some BGN 1.5 million.

Bulgarian drug trader Sopharma Trading said that its consolidated net profit rose to BGN 4.1 million in the first quarter from BGN 2.3 million in the same period of last year, driven by a rise in revenue. Sopharma Trading's operating revenue increased to BGN 292.2 million in the first three months of 2020 from BGN 237.5 million in the comparable period of last year, on the back of higher sales of goods. Operating expenses grew to BGN 287.5 million in the first quarter of the year from BGN 234.8 million in the like period of 2019, with the cost of goods rising to BGN 264.0 million from BGN 213.7 million in the first quarter of 2019. The company's assets increased to BGN 518.2 million at the end of March from BGN 483.5 million a year earlier. Sopharma Trading held a share of 21.14% of the pharmaceuticals market in Bulgaria in January-March. The company claimed a 29.33% market share on the hospital segment, and 18.86% on the pharmacy segment. Sopharma Trading's biggest shareholder at the end of March was Bulgarian drug maker Sopharma, with 74.23% interest.

For the first time in more than 20 years, France is the number one destination in Europe for foreign investments, ahead of the United Kingdom, according to a Ernst & Young (EY) report. For the first time in 22 years, France dominates the ranking according to the survey of EY (Ernst & Young et associés), the world’s third largest financial auditing firm. In 2019, France attracted 1,197 foreign direct investments (financial operations intended to maintain or develop a subsidiary abroad according toOECD), or 18.8% of investments made in Europe. With 1,109 projects, the United Kingdom is therefore in second place, Germany completes the podium, with 971 projects. This is partly explained by the uncertainties linked to Brexit which push investors to fall back on the continent whereas London has long been a privileged space for foreign companies.

The number of Americans who have lost their jobs in the past 10 weeks soared to more than 40 million as the number of unemployment claims continued to rise with 2.1 million people filing for unemployment last week. The staggering job losses mark a grim milestone in the economic crisis that has gripped the US since the coronavirus triggered widespread shutdowns and stay-at-home orders in an effort to halt the spread of the deadly pandemic. The latest figures from the Department of Labor show that the rate of new unemployment claims has continued to fall over the last few weeks, down from its peak in early April, when 6.6 million Americans filed for unemployment in a single week. Earlier this month, the department reported that more than 20 million Americans lost their jobs in April, bringing the unemployment rate to 14.7%, up from 4.4% in March. Millions more have continued to file for unemployment each week, bringing the total number of unemployed to a disastrous rate not seen since the Great Depression.

China's parliament on Thursday approved a controversial national security law for Hong Kong. The law has spurred renewed anger and protests in Hong Kong and criticism from the United States, which says Beijing’s move will affect Hong Kong’s status as an international financial hub. The law bypasses Hong Kong’s internal legislature to punish acts seen as endangering national security and subverting state power in the semi-autonomous Chinese territory. It was passed by China's annual parliamentary session, the National People’s Congress, state media outlets reported. The NPC is a largely ceremonial body in the one-party state. Policy decisions are made by the higher echelons of the ruling Communist Party, chiefly by the Politburo group of top leaders.