The international rating agency + Standard & Poor's (S & P) confirmed Bulgaria's long-term and short-term credit rating in foreign and local currency 'BBB- / A-3'. According to S & P's aggregate assessment, the country's fiscal and external positions remain strong and economic growth expectations are seen as favorable, despite the long-term structural constraints. The positive outlook for the rating reflects the significant likelihood that Bulgaria will join the Currency Mechanism II (MP II) over the next 12 months. The rating agency expects GDP to rise steadily at 3.3% in 2019, then slow down to 3% in 2022. Private consumption and government investment will have a major impact. Export growth is expected to recover, despite weaker external demand in 2019 due to slower economic activity in major European trading partners. According to S & P, the progress of the Action Plan for Accession to ERM II is estimated to be significant, with most of the commitments being undertaken or being implemented. The Agency would raise Bulgaria's credit rating when entering ERM II. Further progress in structural and institutional reforms would also increase the country's creditworthiness, notes the analysis.

Bulgaria’s Finance Ministry has said that the consolidated Budget surplus for the first four months of 2019 was BGN 2.7 billion, or 2.3% of this year’s estimated gross domestic product, exceeding the ministry’s forecast of BGN 2.68 billion issued last month. The figure represented an increase of one percentage point of GDP compared to the same period of 2018, when Bulgaria recorded a Budget surplus of BGN 1.53 billion, the ministry said in a statement. For May, the ministry forecast a Budget surplus of BGN 2.98 billion at the end of the month. The state Budget had a surplus of BGN 2.57 billion and the EU funds surplus was BGN 134.6 million. Bulgaria’s contribution to the EU budget for the first four months of 2019 was BGN 536.6 million. Revenue in January-April was BGN 15.18 billion, an improvement of 14.5% compared to the same period of last year. Tax revenues were up 10% compared to January-April 2018, at BGN 11.97 billion.

Bulgaria has negotiated a new 140 million cubic meters of gas other than Russian supplies of blue fuel. This was announced by the Minister of Energy Temenuzhka Petkova at an extraordinary briefing. "Diversification means security of supply and competitive prices, the government can boast of concrete actions, the construction of the Greece-Bulgaria interconnector has begun last week, and the project will provide a real opportunity for access to other sources of natural gas. "Bulgartransgaz" I am happy to announce that a tanker that will deliver gas from the US arrives late tonight, thanks to a contract with a Dutch company, which is at lower prices "said Temenujka Petkova, adding that this is a clear sign that the government is working towards diversification. Quantities delivered are 90 million cubic meters for the second quarter and another 50 million cubic meters for the third quarter. The supplier has made a formal letter to the Ministry of Energy with a clear statement on the gas market in Bulgaria and wants to participate in the gas supply of about 500 million cubic meters over the next 5 years.

Volvo Group Bulgaria opened a new own service center near Plovdiv. The investment in it is BGN 3.8 million. The event was attended by more than 200 guests - the company's clients. The center will be servicing and selling the full range of Volvo and Renault automobiles. The service capacity will be approximately 5,000 trucks per year, with 9 trucks at a time. The service will have modern equipment according to the company's established global standards. There will be three passageways and three diagnostic stands. The warehouse will offer large spare parts and will provide delivery within 24 hours. One of the strongest advantages of the workshop is the team of 15 professionals and a mobile group. Part of it is also one of the best specialists in after-sales service, which over the years have won international recognition with top rankings in global competitions of the company. The investment in its own service center in Plovdiv is part of the overall strategy of Volvo Group Bulgaria for sustainable development, modernization and increasing the capacity of the service network in the country. Тhe total investment for the development of the service network in Bulgaria exceeds BGN 12 million

US ship carrying 90 million cu m of liquefied natural gas for Bulgaria from the US in Greece late Thursday night, Bulgarian Energy Minister Temenouzhka Petkova told journalists on Friday. The price of the fuel is competitive and is lower than that of the natural gas supplied so far. "The LNG delivery was made possible thanks to an agreement between Bulgargaz and Dutch-registered company Kolmar concluded at competitive prices and marks a step forward in Bulgaria's efforts to diversify its gas sources and supply routes," Petkova said. These 90 million cu m of gas were produced by US company Cheniere Energy under an import agreement for the second quarter of 2019. In the third quarter Kolmar will ship approximately 50 million cu m of LNG produced by British Petroleum. A Bulgargaz subsidiary that will be selling the fuel in Bulgaria is tasked with the liberalization of the natural gas market, Petkova added.

One of the leading vendors of technology payment solutions for traders, Nuvei, acquires all shares of fintech company SafeCharge, which has a large office in Sofia. The deal is estimated at USD 889 million. The Boards of Nuvei and SafeCharge International Group Limited announced that they agreed on the terms of the deal on 22 May 2019. The SafeCharge e-commerce payment company has about 400 employees worldwide, over 120 of whom are based in Bulgaria. Acquisition is good news for the country because Nuvei will keep its presence in Bulgaria. The company does not foresee any changes in assets or research and development activities in the country. Under the terms of the acquisition, SafeCharge shareholders will be entitled to receive USD 5.55 per share. The deal estimates SafeCharge at approximately USD 889 million.

Bulgaria's First Investment Bank (Fibank) said that its consolidated net profit fell to BGN 19.4 million in the first quarter of the year from BGN 22.9 million in the same period of 2018. The drop was mainly due to the fact that the bank received a net BGN 8.9 million in tax returns in the first quarter of last year, while it paid BGN 2.5 million in taxes during the first three months of 2019, figures from its interim financial statement, showed. Fibank's profit before taxes grew to BGN 22 million in the January-March period of 2019 from BGN 13.9 million in the comparable period of 2018. Revenue from banking operations increased to BGN 96.5 million in the review period from BGN 94.4 million the year before. Net interest income fell to BGN 63.3 million in January-March from BGN 65.5 million in the like period of last year, while net fee and commission income edged up to BGN 23.7 million from BGN 23.2 million the year before. Fibank's administrative expenses grew to BGN 55 million in the first three months of the year from BGN 49.9 million in the same period of 2018. The lender's consolidated assets rose to BGN 9.70 billion at the end of March from BGN 9.59 billion a year earlier. Fibank was Bulgaria's fourth largest lender by assets at the end of March, according to central bank data. The bank had 154 branches and offices in the country at the end of March, one more compared to a year earlier.

Supermarket chain Aldi is set to open its first store in China. The German discounter is reportedly hoping to tap into a more affluent customer base by touting sought-after products from Europe. German discount chain Aldi Süd is preparing to launch a flagship store in the coastal metropolis of Shanghai next week, according to trade reports. A second store is expected to follow in the near future, the Lebensmittel Zeitung newspaper reported. With its stores in Australia and the United States, Aldi Süd is already well ahead in the race to increase business beyond Europe, he added. The retailer began operating an online shop in China in 2017, and speculation about an expansion had been circulating for some time. Business publication Manager Magazin reported that Aldi initially plans to open at least 10 stores in China, with 50 to 100 further outlets to follow in the coming years. It said the Shanghai store would offer the usual Aldi products, imported from Europe, as well as a large fresh fish counter.

President Donald Trump threatened to impose new tariffs on Mexico if the country does not step up its immigration enforcement actions, combining his boiling border-related frustrations with his preferred method of punishing foreign countries. Trump said in a White House statement that the first round of tariffs would begin on June 10 at 5% "on all goods imported from Mexico." The statement said Trump would carry out his threat under authority from the International Emergency Economic Powers Act and that he would lift tariffs only "if the illegal migration crisis is alleviated through effective actions taken by Mexico." The statement warned further that if Mexico does not act as Trump demands, tariffs would go up to 10% by July, 15% by August, 20% by September and reach a permanent level of 25% by October. Trump has grown increasingly frustrated about the border issue amid an increase in illegal crossings. He's been largely stymied by Democrats in his efforts to secure funding for a wall, and blames Central American countries for allowing large migrant flows to reach the US southern border.

Iranian crude exports have fallen sharply in May to around 400,000 barrels per day (bpd), tanker data showed and two industry sources said after the U.S. tightened the screws on Tehran’s main source of income. The United States reimposed sanctions on Iran in November after pulling out of a 2015 nuclear accord between Tehran and the six world powers. Aiming to cut Iran’s sales to zero, Washington this month ended sanctions waivers for importers of Iranian oil. Iran has nonetheless sent abroad about 400,000 bpd so far this month, according to data from Refinitiv Eikon and two industry sources who also track the flows, less than half April’s rate. The bulk of the crude is heading to Asia. The drop in exports has tightened the market, supported prices and deeply reduced Iran’s revenue. A dearth of information about the exact rate of shipments is a headache for other OPEC members and allies, which are scheduled to meet to set oil supply policy in June.