Тhere was an increase in production of mineral fuels for internal combustion engines in the fourth quarter of 2018 on an annual basis after the discontinuation of the upward trend a year earlier, shows the industry report of SFB Capital Market JSC on the development of the sector. Compared to the same period in 2017, the increase was 9.3%, but compared to the third quarter of 2018, the production fell 3.6%. Production reported a decrease of 17.1% for the whole 2018 YoY. Bulgaria's foreign trade in mineral fuels grew in the fourth quarter on an annual basis. Compared to the same period of the previous year the increase was 2.3%. However, trade in the whole 2018 decreased by 17.9%. Import of mineral fuels decreased by 13.8% in the fourth quarter of 2018 and by 22.7% in the whole year. In the last three months of 2018 there was a drop in exports for the fifth consecutive quarter, but the rate of decline is weakening. Compared to the fourth quarter of the previous year, the decline was 4.1%. The annual reduction in exported fuel is 34.7% in 2018. The estimates show that the quantities of mineral fuels provided for domestic market consumption in the fourth quarter of 2018 were up 11.5% and for the whole 2018 there was a 0.9% decrease. For more information and orders: http://sfb.bia-bg.com

The electricity import levy will be dropped as of 1 July as a measure against the rise in electricity prices for industrial consumers. This was offered by the four nationally represented business organizations at a meeting with Prime Minister Boyko Borisov and Minister of Energy Temenuzhka Petkova. In their view, this fee should be abolished along with the payment for the export of electricity, the removal of which has already been decided. Business organizations have called for a meeting with the prime minister on account of rising electricity prices on the free market since early April. The directors assured that they adhere to their commitments to avoid excessive energy prices on the energy exchange. Employers have signaled that once the electricity export tax is dropped from July 1, the electricity for business may rise by BGN 10 and this will also lead to a rise in the prices of goods and services. In this regard, business organizations have proposed to abolish the electricity import levy to allow industrial consumers to buy cheaper electricity from neighboring countries.

Bulgarian diversified group Doverie United Holding is awaiting approval from Moldova's central bank, BNM, for changes to the management team of recently acquired Moldovan lender Moldindconbank (MICB). After receiving the central bank's approval, the new managers should be approved by MICB's shareholders. Last month, Doverie United Holding completed the acquisition of a 63.8865% shareholding interest in the Moldovan lender through its wholly-owned unit Doverie-Invest. In accordance with Moldovan legislation, Doverie-Invest should make a buyout bid for the remaining stake in MICB within 90 days of signing the contract for acquisition of the majority stake. Until then, Doverie-Invest can vote with no more than 25% of all shares it holds in MICB. On Friday, Moldova's central bank said that MICB will remain under its temporary administration for a further six months as of April 20 but gave no reason for its decision. Doverie United Holding controls 22 companies active in various sectors of the economy, including construction, healthcare, retail trade, textiles and others. Doverie United Holding's largest shareholder is blue-chip drug maker Sopharma, which held a 33.24% stake in the company at the end of 2018.

The U.S. Department of Agriculture (USDA) intends to grant Bulgaria's Huvepharma an exclusive license for an experimental African swine fever vaccine. The prospective exclusive license will be royalty-bearing. "The prospective exclusive license may be granted unless, within thirty (30) days from the date of this published Notice, the Agricultural Research Service receives written evidence and argument which establishes that the grant of the license would not be consistent with the requirements of 35 U.S.C. 209 and 37 CFR 404.7," the agency said in a statement. The final date for submitting comments is May 22. Huvepharma develops both human and animal health products. The company also manufactures and markets enzymes for food, feed and industrial applications. Huvepharma's manufacturing subsidiary - Biovet, is headquartered in Peshtera, Bulgaria and has three production units in the country and two facilities in the USA. Huvepharma has representative offices and subsidiaries in Bulgaria, Belgium, Poland, China, Taiwan, Thailand, USA, Russia, India, Brazil and Turkey.

Eurohold Bulgaria wants to attract BGN 154 million of investments by issuing new shares on the stock exchange. Eurohold will issue up to 80 million new preferred shares, each with a nominal value of BGN 1 and an issue value of BGN 1.95. The holding can thus raise up to BGN 154 million. The raised funds will be used to reinforce the capital position of the group , as well as supporting its expansion. The announcement does not indicate directly that the funds are needed to finance the transaction for the Bulgarian assets of the Czech energy company CEZ. Last week Eurohold was granted exclusivity for the acquisition of the assets of CEZ Bulgaria. The public company participates in the procedure alone. It will finance the deal "with its own funds and with the support of leading Western European banks". "The intention to acquire CEZ Bulgaria is part of Eurohold's long-term strategy for entering new regulated business segments that offer great opportunities for sustainable growth," the report said.

Ciela Norma will deliver 3,000 voting machines for the European elections on May 26th. This was decided by the Central Electoral Commission at its meeting on Monday. Three companies applied for the announced public procurement - Ciela Norma, Lex.BG AD and Bulgarian Voting Machines Ltd. Bulgarian voting machines was not allowed because it did not meet the conditions set by the assignor and Lex.BG AD dropped out of the race because it offered a much higher price than the maximum estimated value of the order of BGN 7.5 million. The price includes both renting machinery and logistics and training the election administration to operate them. Otherwise, both companies - Ciela and Lex.BG - offer the same machine from the Venezuelan manufacturer of voting machines Smartmatic.

Bulgarian security solutions developer Biodit has received a BGN 50,000 voucher from the country's SMEs promotion agency, which will cover the expenses related to the company's forthcoming initial public offering (IPO). Biodit is the first company to receive financing from the EU-funded voucher scheme. The biometric identification security solutions provider is expecting the approval of the Financial Supervision Commission (FSC) for its prospectus for an IPO on the Bulgarian Stock Exchange. Last week, FSC said that it has asked Biodit to provide additional information and documents regarding its request for approval of an IPO prospectus. In February, Biodit said that its shareholders have approved the management's proposal to offer 2.2 million shares for subscription in an IPO on the stock exchange in Sofia. The shares, which carry a nominal value of BGN 1 each, will be offered in the price range of BGN 1.0-1.1 apiece. Currently, the company has a registered capital of BGN 12.5 million, divided into the same number of shares. The IPO will be considered successful if at least 1 million shares are subscribed for and paid for.

Cosmetics producer Bulgarian Rose pocketed sales of BGN 430,000 in March, sharply exceeding its forecast for BGN 260,000 in monthly revenue. The company's accumulated first quarter sales amounted to BGN 829,000. Sales in April are projected at BGN 512,000. Last year, Bulgarian Rose generated revenue of BGN 895,000 in the first quarter, and a further BGN 407,000 in April. Karlovo-based Bulgarian Rose, established in 1948, manufactures cosmetic products for face, body, and hair using rose oil and locally-grown herbs. Bulgarian Rose, part of blue-chip industrial group Stara Planina Hold, has stores in nine cities across Bulgaria.

German manufacturing remained in a slump at the start of the second quarter, casting a cloud over the euro-area economy as well as the European Central Bank’s hopes for a quick recovery. Factory output in Europe’s largest economy contracted for a fourth month running in April, according to a survey on Thursday. Manufacturing in the euro area also shrank, while a broader gauge of economic activity in the region declined. Fresh signs of malaise contradict recent cautious optimism from ECB policy makers that the 19-nation economy will soon turn the corner. Governing Council member Ewald Nowotny said the economy should at least stabilize in the second half of the year. Yet the German government this week slashed its outlook to predict the weakest expansion in six years. The ECB has already said it won’t raise interest rates at all this year, and more evidence of weakness across the region could force it to deploy fresh measures to support flagging growth. The euro-area figures “add to worries that the economy has failed to rebound with any conviction from one-off factors that dampened activity late last year,” said Chris Williamson, an economist at IHS Markit, which compiles the PMI.

The United States said it will eliminate in May all waivers granted to eight economies allowing them to buy Iranian oil without facing U.S. sanctions, as it ratcheted up pressure to choke off all oil revenues of the Islamic Republic. The decision, taken by President Donald Trump, has sent oil prices to their highest in 2019, even though the White House said the United States was working with top OPEC exporter Saudi Arabia and the United Arab Emirates to ensure the oil market is “adequately supplied.” The sanctions were imposed as Washington pressed Iran to curtail its nuclear program and stop backing militant proxies across the Middle East. Secretary of State Mike Pompeo on Monday reiterated that Washington’s goal was to bring down exports of Iranian oil to zero and added the United States had no plans to give any grace period beyond May 1 for countries to comply. The United States reimposed sanctions in November on exports of Iranian oil after Trump unilaterally pulled out of a 2015 nuclear accord between Iran and six world powers last May.

Dubai is looking to retail and tourism to break free of its weakest economic expansion in almost a decade. Growth in the city’s gross domestic product is set to accelerate to 2.1 percent in 2019 and 3.8 percent the following year before slowing to 2.8 percent in 2021, according to projections released on Sunday by the emirate’s department of economic development. GDP expanded only 1.9 percent in 2018, substantially below forecasts made by the International Monetary Fund. A turnaround for the economy is riding on a better performance for industries other than Dubai’s bellwether real estate sector, with improvements seen this year and next for finance, tourism as well as retail and wholesale. The emirate’s 2020 World Expo will contribute 22.7 billion dirhams ($6.2 billion) to the economy during the fair next year and another 62.2 billion dirhams after it’s over, according to auditing firm Ernst & Young LLP.