A new European directive recommends that Member States start implementing the debt-forgiving regulations - a bankruptcy procedure, not only for companies but also for citizens - as soon as possible. In fact, Bulgaria is the only country in the EU where no personal bankruptcy mechanism has yet been put in place and, unlike business, consumers are becoming life-long debtors. At the suggestion of the Bulgarian MEP from GERB / EPP Emil Radev, the recommendation was laid down in the final text of the directive adopted by the European Parliament on improving the efficiency of restructuring, insolvency and debt cancellation procedures. "Consumer over-indebtedness is an issue that raises serious economic and social concerns. The aim of the new directive is to give entrepreneurs a second chance by forgiving their debts. This will eliminate eternal debtors, reduce the amount of non-performing loans in the bank's balance sheets and prevent the accumulation of such loans in the future. To achieve this, however, it is extremely important that the rules for debt cancellation be applied to consumers, "said Emil Radev.

Bulgaria has macroeconomic stability, fiscal governance is good, but reforms are needed. This is what a report for Bulgaria within the framework of the European Semester 2019, presented by the EC Representation in this country, shows. Despite relatively good economic performance, Bulgaria is slow in catching up to the rest of the EU. Hourly productivity in Bulgaria is among the lowest in Europe. There are large differences in development of regions, with five out of the six EU poorest economic regions being in Bulgaria, while southwestern Bulgaria is close to the EU average.

Euronext Paris-listed Bourbon Marine&Logistics has signed an integrated logistics contract for support of Shell's exploration campaign in Bulgaria, in partnership with Bulgaria's Bon Marine. "The project scope covers the full logistics solution project management, offering for the first time both Marine logistics together with shore logistics: marine services, logistics base, warehousing, port facilities, cargo carrying units, waste management, customs clearance, etc.," Bourbon Marine&Logistics said in a statement. Two large supply vessels will be dedicated to the project, as well as the latest digital data management tools. The drilling operation is scheduled to start in early April and should last about 3 to 4 months. Bourbon Marine&Logistics will operate from the city of Varna, on Bulgaria's Black Sea coast. Working with a strong local partner is fully part of Bourbon Marine & Logistics local content strategy. Bourbon Marine&Logistics operated a fleet of 483 vessels in 2018 and generated revenue of EUR 689.5 million last year. Shell, through its unit Shell International Exploration and Development Italia, currently holds 50% of the exploration rights on offshore Block 1-14 Khan Kubrat, in the Bulgarian sector of the Black Sea.

Canadian mineral exploration and development company Velocity Minerals has launched its 2019 drill programme at the Rozino gold project in Bulgaria. Several drill holes have been completed and the first results from the 2019 drill program are expected in the coming weeks. A total of 12,000 m to 14,000 m of drilling is planned to be completed at Rozino, which will include exploration drilling to expand the resource base, as well as resource definition and infill drilling. The programme also envisages an additional 1,000 m of drilling regionally to begin testing structural targets located close to the Rozino deposit. Earlier this month, Velocity Minerals closed a CAD 9 million (USD 6.8 million) strategic investment with Atlantic Gold Corporation and its unit 1193490 B.C. Ltd, with the proceeds to be used to fund the advancement of the Rozino gold project. Velocity Minerals completed the acquisition of 70% interest in Bulgaria's Tintyava Property, which holds the Rozino gold deposit, from Gorubso-Kardzhali earlier this year, through delivery of a PEA.

Bulgaria's energy regulator has approved an 0.83% increase in the regulated wholesale gas price for the second quarter of 2019, roughly in line with the proposal of state-owned gas supplier Bulgargaz. The new price will be BGN 45.17 per MWh, free of VAT and excise, the Energy and Water Regulatory Commission said in a statement. Bulgarian energy regulations require Bulgargaz to set the gas price quarterly, taking into account global oil prices and the lev/dollar exchange rate. The Energy and Water Regulatory Commission has the final say on proposed changes in the wholesale price, at which the company sells natural gas to end-suppliers and customers directly connected to its transmission network. Bulgaria imports almost all the natural gas it needs from Russia through a pipeline crossing the territories of Ukraine, Moldova and Romania.

BNB approves the acquisition of Piraeus Bank Bulgaria by Eurobank Bulgaria. The Governing Council of the Bulgarian National Bank gave its preliminary approval. The buyer will acquire 99.9819% of the capital of Piraeus Bank Bulgaria, which will subsequently become its subsidiary and part of the Greek group EUROBANK ERGASIAS S.A. At present, the Commission for Protection of Competition assesses the transaction. It is expected very soon that the anti-monopoly investigation will be completed and both parties will have a full range of regulatory approvals. The two parties signed an agreement in November 2018. The deal was estimated at EUR 75 million. Eurobank Bulgaria will most likely consolidate Piraeus Bank Bulgaria with Postbank. The united banking institution will have a total asset value of over BGN 10 billion and will probably come closer to the three largest credit institutions on the Bulgarian market on this benchmark. Postbank will also rank third in Bulgaria on its loan portfolio with an expected market share of 10 percent. Its capital will exceed EUR 600 million.

The Fund of Funds has signed an operational agreement with the investment intermediary Innovation Accelerated Bulgaria for investment in startups. The new accelerating and start-up fund has a resource of BGN 30.5 million. Of these, BGN 27.4 million is provided by the Operational Program ‘Innovation and Competitiveness’ 2014-2020 (OPIC) and the rest must be recruited by private investors. The plans are to reach about 200 companies, with accelerated investment from BGN 50,000 to BGN 100,000, and in the start-up phase they can reach up to BGN 2 million. The Fund manager plans to invest in start-ups that introduce innovative business ideas in the fields of healthcare, education, eldercare, transport and logistics, light industry, digitization, and more. Along with the funding, Innovation Accelerated Bulgaria will provide mentoring and strategic support to companies and will also enable them to connect to business networks.

Steel radiator manufacturer Korado Bulgaria, part of Czech Republic-based Korado Group, plans to pay out BGN 2.502 million in dividend for the second half of 2018. Korado Bulgaria's shareholders will vote on the proposed dividend payout of BGN 0.19 per share at a meeting on May 15. The company has already paid out a dividend of BGN 0.10 per share, or a total of BGN 1.317 million, for the first half of 2018. Korado Bulgaria's net profit rose by an annual 10% to BGN 5.3 million in 2018, as its revenue increased by 3.2% to BGN 44 million despite a drop in sales volume. It sold 547,138 units in 2018, down from 555,747 in 2017. On the domestic market, Korado Bulgaria sold 10,532 units last year, as compared to 15,946 a year earlier. Korado Bulgaria's domestic operations are negatively impacted by competition from Turkish manufacturers, especially in the most popular segment, its CEO Jiri Reznicek said. To address this challenge, the company is focusing on higher-value added products, shifting to comprehensive heating systems from individual products, and optimising costs. Korado Bulgaria is also counting on support from a recently-contracted major client - a German company with operations in most European countries which has helped the company introduce online sales.

The European Central Bank is studying options to lower the charge that banks pay on some of their excess cash as a possible way to offset the side-effects of its ultra-easy policy, two sources told Reuters. No policy proposal has been made on the matter but the objective of the move would be to return some of more than 7 billion euros ($7.90 billion) a year the ECB collects in interest from banks, one of the sources said. Negative interest rates effectively mean banks pay the ECB to park their excess liquidity safely with it overnight. A so-called tiered deposit rate would mean banks are exempted in part from paying the ECB’s 0.40 percent annual charge on their excess reserves, boosting their profits as they struggle with an unexpected growth slowdown. A problem with a tiered rate is that it would signal that rates are going to stay low for a very long time, in potential conflict with the ECB’s forward guidance, which sees rates at record lows only until next year, one of the sources added. On the other hand, movements in financial markets suggest investors have already priced out a deposit rate hike for almost another two years. The sources said work is still at the staff level and has not yet reached the policymaking Governing Council.

Inflation in the U.S. could climb to "surprisingly high" levels in the next two years if global growth holds up after the Federal Reserve stops raising interest rates, according to Credit Suisse. The Swiss bank's chief economist, James Sweeney, predicted that U.S. inflation could hit 2.2 percent to 2.3 percent by 2020. The latest figures by the U.S. Bureau of Labor Statistics showed that the consumer price index increased by 1.5 percent from a year ago in February. The Fed last week kept interest rates unchanged and indicated that it may not raise rates at all this year. The central bank also lowered its forecast for U.S. economic growth and inflation, citing concerns about weaker Chinese and European economies. But there's a chance that the U.S. economy — the largest in the world — could weather those risks, Sweeney told CNBC's Nancy Hungerford on Thursday at the Credit Suisse Asian Investment Conference in Hong Kong. "This further stimulus by the Fed — if global growth picks up and the U.S. is okay — is likely to lead to some surprisingly high inflation numbers," he said. Sweeney added that there were signs that inflation in the U.S. was picking up in certain segments within the services industry, even though overall increase in consumer prices remain below the Fed's 2 percent target.

Dubai’s economy grew 1.94 percent in 2018, the government said on Wednesday, hitting its slowest pace since a contraction in 2009 when the economy was hobbled by a debt crisis. Dubai, which has a diversified economy that focuses on tourism and international business services, has been hurt by a rough patch amid a downturn in its real estate market. “A weakening external backdrop, a strong U.S. dollar and the ongoing correction in the property market are headwinds for a number of vital sectors,” said Monica Malik, chief economist at Abu Dhabi Commercial Bank. The economy slowed from 3.1 percent growth in 2017, revised government data showed. The 2017 figure was revised from the previous growth figure of 2.8 percent. Property prices in Dubai have fallen by more than a quarter from their peak in 2014. S&P said last month it expects prices to fall another 5-10 percent this year due to a continued gap between supply and demand, before steadying in 2020. Dubai needed a $20 billion bailout from oil-rich Abu Dhabi to escape a debt crisis in 2009 caused by collapsing property prices, which had threatened to force some state-linked companies to default on billions of dollars of debt.