"Retail" trade in Bulgaria with non-food goods is growing in May, however, that with food goods - which is directly related to the daily life and income of the population - is exactly the same as it was for the same month last year, i.e. there is stagnation. This is shown by the current preliminary data of the National Statistical Institute (NSI). In May 2025, compared to the same month in 2024, a growth in turnover was registered in "Retail trade with non-food goods (excluding trade in automotive fuels and lubricants)" - by 12.3%, as well as in "Retail trade with automotive fuels and lubricants" - by 8.8%. In the "Retail trade with food, beverages and tobacco" sector, the "retail" trade turnover remains at the level of May 2024. In the group "Retail trade in non-food goods (excluding trade in automotive fuels and lubricants)", an increase was observed in all subgroups, with the most significant increase in: "Retail trade in household appliances, furniture and other household goods" and "Retail trade in textiles, clothing, footwear and leather goods" - by 17% each, "Retail trade in miscellaneous goods" - by 15.6%, as well as "Retail trade in computer and communication equipment" - by 13.3%.

Plot of 111 decares with a newly built 4.9 MWp photovoltaic plant (56 decares) and an adjacent free plot (55 decares) with development potential at a key location in the city of Blagoevgrad

The State Enterprise "Port Infrastructure" has placed an order for BGN 55 million excluding VAT for the dredging of two berths of "BMF Port Burgas" - 20A and 20B, which are located at the bulk cargo terminal "Burgas - East 2", part of the concession granted to "BMF Port Burgas", owned by "Advance Properties" of the Domuschievi brothers and the Three Seas Initiative Fund. The berths unload petroleum products and LPG (liquefied hydrocarbon gases, also known as propane-butane). Berth 20A is designed for direct handling of bulk cargoes such as diesel, kerosene and similar fuels. It is now equipped for unloading and loading tankers with drafts up to 6.50 meters and lengths up to 170 meters. 20A serves liquid fuel ships with a cargo of up to 5 thousand tons. For 20B with a pontoon for receiving and unloading tankers for liquefied hydrocarbon gases, the existing depth is also 6.5 meters. According to the terms of reference of the order, the design elevation of the bottom will be 12.55 meters, i.e. almost double. The project is divided into three stages, the first of which is the reconstruction of the pier at 20A, and the other two are for dredging activities in the area of ​​the ship berth and in the maneuvering area, with the activities in the last two to be carried out by the State Enterprise "Port Infrastructure". "BMF Port Burgas", owned by "Advance Properties" of the Domuschievi brothers, became the concessionaire successively of the bulk cargo terminals "Burgas - East 2" in 2012 and the container terminal - "Burgas - West" in 2013. In 2022 The Three Seas Initiative Investment Fund entered as a minority shareholder with 49% in the concessionaire company BMF Port Burgas. An integral part of the project is the intermodal terminal in Bozhurishte, also called a dry port, where trains transporting containers can unload and then continue the transport by trucks. This is an important addition to the project for the deep-water location, as trains from Burgas loaded with containers will have a place to unload near Sofia in order to continue to their final point by trucks. According to the latest report of BMF Port Burgas for 2023, liquid cargo is 17.5% of the total. The largest share is bulk - 49%, containers are 20%, and general cargo - 12.3%. The number of vessels handled is 794, and cargo in tonnage - 7 million tons. The company's revenue for 2023 are 119 million BGN, and the profit is 29 million BGN. The company employs 857 people.

By the end of June, public companies must hold their annual general meetings by law to adopt their financial statements for the previous year and decide on the distribution of reported profits. Thirty years ago, when mass privatization began, 81 privatization funds were at the start. Today, only 38 of them are active, having already been transformed into holding companies. In recent years, some of these companies have been liquidated, while others have decided to continue their activities as ordinary joint-stock companies. Of the profit for 2024, only four of these companies will distribute their profits – Stara Planina Hold AD – Sofia, Albena AD – Albena Resort, Bulgarian Transport Holding AD – Plovdiv and Industrial Capital Holding AD – Sofia. Stara Planina Hold is the only Bulgarian public holding company that has paid a dividend for every year of its activity. The gross amount set aside for payment to shareholders during this period is over 55.6 million leva. The gross dividend of the enterprises of the Stara Planina Hold group for 27 financial years is 271.2 million leva. A total amount of 6,544,630.42 leva to be paid as a dividend from the profit for 2024. The gross amount per share is 0.31579 leva, the same amount that was also distributed from the profit for 2023 and 2022. The total amount of the dividend includes the net profit for 2024 in the amount of 6,537,067.95 leva and part of the undistributed profit (7,562.47 leva). From the profit for 2024 in the amount of 5,303,700.58 leva, Albena AD will pay a dividend of 0.20 leva per share, and the remaining part will be attributed as retained earnings. The right to a dividend is held by shareholders registered in the central register of securities as such with the right to a dividend as of July 5. From the net profit for 2023, a total amount of 547,656 leva or 0.13 leva per share was distributed. Industrial Capital Holding AD – Sofia ended 2024 with a net profit of 2,153,568.00 leva. The General Meeting decided to pay a dividend in the amount of 1,659,425.68 leva, with a gross dividend per share of 0.10526316 leva. Its payment begins on August 14 through Central Depository AD and Eurobank Bulgaria AD. The remainder of last year's profit in the amount of BGN 494,142.32 remains as retained earnings. An amount of BGN 1,659,425.68 from the net profit for 2023 was paid as dividends to the shareholders of Industrial Capital Holding. The gross amount of one share is BGN 0.10526. This dividend is higher than that paid from the profits for 2022 and 2021. Industrial Capital Holding AD is the legal successor of the Industrial Capital Privatization Fund AD, established for the purpose of participating in the mass privatization in 1996. Today, the company owns shares in enterprises in the mechanical engineering sector - Siloma AD, Rubolt AD, EMKA AD, ZAI AD and M+S Hydraulic AD. The shareholders of Bulgarian Transport Holding decided to allocate an amount of BGN 13,785 from the net profit for 2024 in the amount of BGN 124,115.13, as well as from the undistributed profit from previous years in the amount of BGN 13,726.94, to the Reserves fund. Another BGN 2,503.56 was added to the company's Additional Reserves fund. From the remaining BGN 121,553.51, it was voted to pay a dividend, with its gross dividend being BGN 0.37 per share. A dividend was also paid from the net profit for 2023, but at BGN 1 per share. For the unreceived dividends, the shareholders use the general 5-year statute of limitations under the Obligations and Contracts Act. After this period, these amounts remain on the company's balance sheet.

Glass packaging manufacturer BA Glass Bulgaria, which has plants in Plovdiv and Sofia, is reducing its revenue by 10% in 2024. After turnover almost reached 3 billion leva in 2023, last year it decreased to 2.7 billion leva. The result reflects the sales of the entire Portuguese group BA Glass, which go through the Bulgarian company. BA Glass produces bottles and jars mainly for the foreign market, exporting to over 20 countries in Europe and the region, mainly to Greece, Romania, the United Kingdom, Italy, etc. In Bulgaria, it works with beer, wine and alcoholic beverage producers, as well as canneries. The company reports increased production last year, which is the result of improved efficiency and the renovation of one of the old furnaces and workshop in Plovdiv. The project was implemented in 2023 and the furnace has been operating since February last year. In 2022, a new furnace was built in Sofia. In 2024 BA Glass added three new factories to its portfolio - in the United Kingdom, Poland and Mexico, but closed its production in Greece. The group currently has 13 packaging plants - 12 in Europe and one in Mexico. BA Glass's net profit fell by 40% to 161.9 million leva. It employs around 730 people.

The Commission for Protection of Competition (CPC) has initiated open proceedings against "Bulgarian Posts" upon a complaint by the mobile operator "A1 Bulgaria". The complaint is against the decision of "Bulgarian Posts" EAD for services in providing communication connectivity, delivery, installation, configuration and maintenance of communication equipment. The CPC has initiated open proceedings against the Sofia municipal company "Pazari Vazrazhdane" EAD upon a complaint by "Trillium Engineering" EOOD against the decision to expand a temporary flower market in the "Levski-Botevgradsko shosse-ramka" area in the Poduyane region. Upon a complaint by ZAD "OZK - Zastrahovane" AD, the CPC has initiated open proceedings against "TEC Maritsa Iztok 2" EAD against the decision for "Fire and other disasters" property insurance. The CPC has initiated open proceedings against St. George University Hospital EAD in Plovdiv upon a complaint by Denex Service EOOD against the decision to supply and install three professional washing machines, a dryer and a calender for the needs of the Hospital Sterilization and Laundry unit.

PFC CSKA will have a new partner. In the coming days, the company "ID 1 Invest" will officially enter the club. Currently, 100% of the shares of the "reds" are held by "Fond Sport", which is owned by the "National Fund for Sports, Culture, Art and Science" foundation. After the transformation, the capital of "Fond Sport" will be increased from 62,051,000 leva to 87,051,000 leva, and the additional contribution of 25 million leva will be provided by the new partner, "ID 1 Invest". The paid amount has already been transferred by bank transfer. The new partner will own 28.71% of the shares of the owner of CSKA, while the remaining 71.29% will remain in the hands of the "National Fund for Sports, Culture, Art and Science".

"Inhom" Ltd. - Beloslav was established in 1994 with partners Vanyo Palazov and Alexander Alexandrov. Subsequently, in 1997, Krasimira Kalcheva joined it, and in the following year - her husband Danko Kalchev. Since 2005, the company has been owned and managed by the latter two. Over the years, "Inhom"'s production has reached over 300 types of handmade products and technical glass in small series for the cosmetic, wine and pharmaceutical industries. Among its clients are companies from Bulgaria, Italy, Serbia, the Netherlands and Russia. Even in the period 2000 - 2004, they produced glass details for lighting fixtures for IKEA. In its strong years, the factory worked continuously, without days off. At that time, the employees were about 70 people. In 2006, "Inhom" implemented a project for 100 thousand leva under the PHARE program for the competitiveness of the Bulgarian economy. The funding was used to purchase a robot for continuous glass feeding directly from the furnace. Later, for another 85 thousand leva, a second machine was purchased from Italy - for the production of vials and bottles. Nowadays, the company's production of glass products is mainly limited to blown glass souvenirs. The company's two main products are currently glass composite reinforcement and a liquid that serves as a flame retardant. The reinforcement is non-metallic and is a substitute for traditional ones. It is used in industrial and civil construction, as well as in road construction in the construction of bridges, highways and retaining walls. It is also used in the construction of railway sites, airports, marine and port facilities, as well as in mining construction. The "Flamex" liquid is produced in cooperation with partners from the Norwegian "Millottre" and was created under the "Innovation Norway" program. For this purpose, in 2009, the Bulgarian-Norwegian company "Flamex - Bulgaria" was established. The liquid itself is used to cover all types of wooden surfaces, making them more difficult to burn. It can also be used as an additive to water for extinguishing fires. All wooden surfaces at the Winter Olympics, which were held in Sochi in 2014, were treated with it. It is mainly exported to Norway and Poland. Inhom's revenue for 2023 is 732 thousand. leva. The expectations for 2025 are that they will be maintained. The number of employees has already decreased to about 15 people.

In 2024, there were nearly 202 million private households in the EU. Just under a quarter of them (23.6%) included children, while 76.4% did not. The highest shares of households with children were in Slovakia (35.6%), Ireland (31.0%) and Cyprus (28.6%). In contrast, the lowest shares were recorded in Finland (18.0%), Lithuania (19.6%) and Germany (20.1%). In 2024, almost half (49.8%) of households with children in the EU had 1 child, 37.6% had 2 children and 12.6% had 3 or more children. Households with 1 child were predominant in all EU countries, except in the Netherlands, where the share of households with 2 children was higher. Households with 3 or more children were the least common in all EU countries. Their percentage among all households with children ranges from 20.6% in Ireland, 18.1% in Sweden and 17.4% in Finland to 6.2% in Portugal, 6.4% in Bulgaria and 7.6% in Italy.

A survey of 75 central banks conducted in March-May shows a flight from the dollar and a reorientation towards gold, the euro and the yuan. The trend has been evident for a decade, but has recently intensified. The OMFIF (Official Monetary and Financial Institutions Forum) study reveals that President Donald Trump’s trade wars, which have led to collapses in the dollar and US securities, are a leading factor. Central bankers around the world, who manage trillions in reserves, are clearly turning to the euro. The currency that will gain the most from the flight from the dollar is the euro. The central banks surveyed by OMFIF plan a net increase in their euro reserves by 16% in the next 12-24 months. The euro is followed by the yuan. 30% of central banks expect to increase its holdings, with its share reaching 6% in the next decade. Forty percent of central banks plan to increase their gold reserves over the next decade. And the dollar, which was the most popular currency until last year, has already slipped to seventh place this year, according to OMFIF. Seventy percent of those surveyed said the political situation in the United States (especially the tariff war) discourages them from investing in dollars. But concerns are already creeping into the European Central Bank that the euro’s rapid appreciation could hurt the competitiveness of eurozone countries. The single currency has appreciated by about 14 percent against the dollar this year. That’s good for now, because it’s helping to keep inflation under control and meet the ECB’s 2 percent target. But if the euro’s appreciation continues, it could hurt exports and push inflation to unhealthily low levels.

East Asian countries share three main goals in their pension reforms: adapting pension systems to an aging population, ensuring adequate post-retirement income, and expanding coverage to underserved groups.

China has undertaken extensive structural reforms to its pension system, with a tiered approach to retirement age adjustments being introduced in September 2024. The reform implements a gradual increase in the retirement age over a period of 15 years, with the retirement age for men increasing from 60 to 63, for women in white-collar jobs from 55 to 58, and for women in blue-collar jobs from 50 to 55. The implementation schedule includes gradual increases of one month every five months for the first two groups, while the third group is subject to an accelerated progression of one month every three months. The reform plan also introduces flexibility through new early retirement options, allowing retirement up to three years before the standard retirement age, as well as deferred retirement options, extending working life by up to three years after the standard retirement age. In November 2022, China launched a comprehensive and voluntary state pension program as a third pillar (defined contributions managed by commercial banks and asset management companies) to complement the existing two-pillar structure. This initiative aims to improve voluntary retirement savings through tax-advantaged personal pension insurance mechanisms. Improvements to the third pillar also include regulated withdrawal rules tailored to retirement age parameters, comprehensive beneficiary designation mechanisms, and dual regulatory supervision by banking and insurance institutions. Japan is changing the scope of social security from October 1, 2024, when it specifies the requirement for mandatory insurance for part-time workers. Previously, all full-time and part-time employees working at least 75% of a full-time equivalent (FTE) – typically 30 hours per week based on a 40-hour full-time schedule – were required to be covered by social security programs (both health and pension) if they worked for companies with 100 or more employees. A more recent reform extended coverage to part-time employees working between 20 hours per week and 75% of FTE. Companies with 50 or more employees must now cover these part-time employees, a change from the previous threshold of 100 or more employees set in October 2022.

Japan has also systematically raised the retirement age from 60 to 65. The earnings-related component of this transition is scheduled to be completed by 2025 for men and 2030 for women. for women, reflecting a gradual approach to pension reform. The country also maintained its macroeconomic indexation mechanism, introduced in 2004, which applies automatic adjustments to pension benefits based on demographic and economic indicators, in particular changes in the number of insured persons and trends in life expectancy. Japan has introduced innovative measures to encourage longer participation in the workforce after age 65. These initiatives include incentive structures allowing workers to delay receiving their pension until age 75 at the latest, as well as associated increased benefit levels.

The Republic of Korea is increasing from 1 January 2026 the rate of social security contributions from 9% to 13% (divided equally between employees and employers until 2033, increasing by 0.5% each year from 2026) and adjusts the nominal income replacement ratio to 43% starting from 2026, stopping the previously planned one until 2028. The reform aims to extend the viability of the National Pension Fund, which was previously expected to be exhausted by 2056. Combined with efforts to increase the fund's rate of return from 4.5% to 5.5%, the exhaustion date is expected to be pushed back to 2071. The legislation introduces expanded credits, such as a 12-month credit for the birth of a first child (removing the previous limit of 50 months) and an increase in the military service credit from 6 to 12 months. In addition, it extends support for social security contributions for low-income regional insured persons to mitigate the burden of higher rates.Mongolia has introduced new requirements for pension recipients, requiring them to pay social security contributions (except for unemployment insurance contributions) when working under employment contracts, contract-based work contracts or other similar arrangements. For employees working on more than one basis at the same time, contributions from secondary employment are limited to pension and health insurance only.

Mongolia introduced a defined contribution system for new entrants to the labour market in 2018, a strategic change towards greater sustainability of the system. The country has also taken steps to gradually increase the retirement age, with plans to reach 65 for men in 2042 and 65 for women in 2067.

Conclusions Recent pension reforms in East Asian countries reveal different approaches to addressing similar demographic challenges, with each country implementing tailored solutions with similar strategic elements. These reforms demonstrate a regional trend towards raising the retirement age, expanding coverage and improving the sustainability of schemes. China and Japan have adopted more comprehensive approaches. China has introduced a differentiated system of increasing the retirement age by gender and occupation. At the same time, Japan has focused on expanding the coverage of social security to include smaller employers. Japan and China offer flexible retirement options, with the Japanese system allowing for personalized choices, while China maintains a structured framework with specific options for early and delayed retirement. The Republic of Korea prioritizes fiscal sustainability and income adequacy, with the 2025 amendment to the National Pension Act significantly increasing the contribution rate to 13% and fixing the replacement rate at 43%. Reforms in Mongolia stand out for their fundamental restructuring of the social security system through the General Social Insurance Law, combining a defined contribution system with preserved traditional elements of social security. This mixed approach is different from the gradual changes seen in other countries.

China’s 1 billion internet users generate more data than any other country in the world. The same goes for the country’s vast network of facial recognition cameras. As self-driving cars take to the roads and flying vehicles take to the skies, the quality and value of the information coming from the new technologies will skyrocket. The government is also embedding data governance into the economy and national security. This has implications for the Asian country itself, but it also holds lessons for democracies. China’s leaders see data as a factor of production, alongside labor, capital and land. President Xi Jinping has called data a key resource with a “revolutionary impact” on international competition. The scope of this vision is unprecedented, affecting everything from civil liberties to the profits of internet companies and Beijing’s ambitions to lead in artificial intelligence. In 2021, China introduced rules inspired by the EU’s General Data Protection Regulation (GDPR). But now the country is rapidly moving away from Western norms. All levels of government must mobilize their data. A large-scale project is underway to assess the data held by state-owned companies, with the aim of accounting for it as an asset or trading it on state exchanges. On June 3, the State Council adopted new rules requiring all levels of government to share their data. Another important step is the introduction of a digital identity, expected on July 15. With it, the central government can control a register of all the websites and apps visited by every citizen. Linking a name to online activity will become more difficult for the big tech companies that have so far managed these systems. They will see only an anonymous stream of numbers and letters. But the worrying thing is that this register could one day become a panopticon for the state. China’s ultimate goal, it seems, is to create an integrated national “ocean of data” that covers not only consumer but also industrial and government activity. While a digital identity system could replace the more cumbersome current online surveillance systems, where low-level officials abuse vast powers, the new approach looks like a haven for Big Brother. Most countries are struggling with how to manage and control data. The Trump administration is reportedly considering hiring private technology company Palantir to unify government data sets. The EU may need to update its GDPR regulation. India’s Aadhaar digital ID system emphasizes privacy, albeit at the expense of economic development. All countries need scale and efficiency in data management. But democracies have a tougher time, as they must build in controls that protect property, privacy, and civil liberties. As China implements its giant experiment, it will pay less attention to these values ​​and could build an effective but dystopian surveillance system. For decades, Beijing has been a “fast follower” of Western innovations. If it now takes a leading role in demonstrating the financial value of the nation's ocean of data, its approach to centralization will become not only an economic but also a political challenge.