The state, business and trade unions will not agree on a mechanism for raising the minimum wage this year, which means that the amount of BGN 610 will enter into force in 2020. This was made clear by the words of Temenujka Zlatanova, head of the Department of Life and Demographic Policy at the Social Ministry. She also said that the minimum wage grew slightly faster than the average wage, but this is a positive trend. "In the budget forecast we have a parameter that we are following for next year. It is set at BGN 610, so if there is no negotiation, we have a reference value that we can offer the government for next year, "Zlatanova said.

6.5 times the gross premium income in insurance for the period 2000 - 2018 has increased. This "Fact of the week" was announced by the Association of Insurers on its social networking page, insmarket.bg reported. The insurance sector started at very low levels after the licensing of the companies in 1998. In 2000 the total gross premium income was only 388 million leva. In the past 18 years it grew 6.5 times to BGN 2.527 million in 2018. After a period of intense growth in 2004-2008, there is a significant decline following the financial and economic crisis in 2008-2012. In the coming years, the market is recovering and reaching higher levels compared to the pre-crisis period. In 2016 the gross premium income is BGN 2.004 million, and for two years - by 2018 - it grows by about 25%.

The four nationally-represented employers' organizations have called on the CPC for misappropriation by district heating utility companies, coal-fired power stations and a power trader from the group of energy boss Hristo Kovachki on the electricity exchange and want their activity to be inspected. According to the Bulgarian Industrial Capital Association, the Bulgarian Industrial Association, the Bulgarian Chamber of Commerce and Industry and the Confederation of Employers and Industrialists in Bulgaria, these companies influence the free negotiation of the free market, buy energy from the producers, create artificial deficit and inflate prices. The business points out as involved in the misappropriation the district heating plants in Burgas, Pernik, Pleven, Ruse, Veliko Tarnovo, Vratsa, Sliven and Gabrovo, Bobov Dol and Maritza 3 coal-fired power stations, the Brikel factory and Grand Energy Distribution trader, which at the same time represents the municipal Toplofikacia Sofia, which in turn is occupied by employees of Kovachki.

Bulgarian nitrogen and phosphorus fertilizers producer Agropolychim will invest BGN 25.89 million in expanding the capacity of its ammonia storage facility in the town of Devnya. The new facilities are expected to become operational in July 2020, the ministry said in a statement, upon awarding the company with a Class A investment certificate for the project. The investment will result in 12 new jobs. Holders of Class A investment certificates benefit from shorter terms for administrative services and individual administrative services, financial aid for construction of technical infrastructure elements, etc. Agropolychim currently employs nearly 1,000 people.

By decision of the Greek Regulatory Authority for Energy (RAE), ICGB AD receives a license for an Independent Transmission System Operator (INGS). The license, issued on June 27, 2019 and officially received on July 18, 2019, concerns the Greek section of the gas interconnector with Greece (IGB project). The license is issued for a period of fifty (50) years and expires on June 27, 2069. It entitles ICGB AD to start the construction of the project, including the pipeline and auxiliary facilities and equipment on the territory of Greece. The construction of the gas interconnector Greece-Bulgaria aims to ensure diversification not only of the routes but also of the natural gas sources for Bulgaria and the region. As part of the development of the Southern Gas Corridor, through IGB Bulgaria and its neighboring countries will have access to alternative supplies from the Caspian region as well as from existing or prospective LNG terminals. IGB‘s implementation also provides opportunities for transit transmission through the gas pipeline Greece-Bulgaria and the gas transportation system of Bulgartransgaz EAD to the other gas interconnectors with Romania and Serbia.

Once again in the last month the Bulgarian business will pay the highest price for electricity across Europe. The price achieved on the Bulgarian Independent Energy Exchange's "Day ahead" market is 118.73 BGN / MWh of base power and is even higher than the Greek one, to which technological costs and other charges have been charged. For comparison, in Romania and Hungary, the prices are about 100 BGN / MWh and in Western Europe - about 80-90 BGN / mWh. Since the beginning of July, the stock price of electricity in Bulgaria is the highest in the region, with an absolute record for the summer season - over 195 BGN / mWh. These price levels are significantly higher than the forecasts of the Energy and Water Regulatory Commission for the current regulatory period - 89 BGN / MWh. The main reason for the high electricity prices in Bulgaria is the artificial shortage created. Kozloduy NPPs, Maritsa East 2 TPP and NEK (all three part of BEH) provide between 60 and 63% of the electricity for the free market.

Cosmetics producer Bulgarian Rose said that it pocketed sales revenue of BGN 2.14 million in the first half of 2019, in line with its forecast for sales of BGN 2.12 million in the review period. The company expects to book sales of BGN 638,000 in July. Bulgarian Rose generated revenue of BGN 2.58 million in the January-June period of 2018, and a further BGN 713,000 in July. 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.

United States-based diesel engines maker Cummins has made an indicative offer for Volkswagen’s MAN Energy Solutions unit, people close to the matter said, as the carmaker seeks to slim down its portfolio of disparate assets. Volkswagen announced in May that it is exploring a sale or partnership for its MAN Energy Solutions as part of a restructuring of the German cars, trucks and bus empire. VW has held talks with Cummins, and received an offer from the U.S. company for MAN Energy Solutions, the sources said. A Cummins spokesman said, “We do not comment on rumors or speculation in the marketplace.” VW Chief Executive Herbert Diess has vowed to simplify the group which has 12 brands, trucks, buses, motorbikes, cars and electric bicycles as part of its business. MAN Energy makes large diesel engines used in ships and power stations. A Volkswagen spokesman on Friday reiterated that VW is reviewing all options for the asset, but declined to comment further on Cummins.

Google will pay just a $13 million settlement to end a privacy-focused lawsuit formed based on Google’s mass data collection, as it relates to scooping up data from people’s Wi-Fi connections in their home. In 2010, it was revealed that Google’s Street View cars (the ones that roam the streets taking images that are used to build Google Maps’ Street View feature) were sucking up personal information such as emails, passwords, and more from unencrypted home Wi-Fi networks up and down the country. As Google’s Street View car drove past houses, it was sucking up data indiscriminately. Google admitted to the practice – though said it was an “accident” and, at the time, the “Wi-Spy” lawsuit suggested that it was one of the greatest wiretap lawsuits ever and a threat of billions of dollars in damages loomed over Google’s head. However, nine years later, Google has settled the suit for just $13 million. If Google had gone to trial over this suit, the Federal Wiretap act would be invoked and, if found guilty, Google would have to pay out $10,000 for every person whose personal details were swept up in their abusive Street Car data collection practices.

China said on Monday it will impose anti-dumping duties on some stainless steel products imported from the European Union, Japan, South Korea and Indonesia. Anti-dumping tariffs of 18.1% to 103.1% will be applied to stainless steel billets and hot-rolled stainless steel plates from companies in the EU and the three Asian nations, effective July 23, China’s Ministry of Commerce said in a statement. The decision follows an anti-dumping probe in July last year after a complaint filed by state-owned Shanxi Taigang Stainless Steel. “The investigation agency has made a final decree that there was dumping of the investigated products and it has caused substantive damage to the industry in China,” said the commerce ministry in the statement. Stainless steel billets and hot-rolled stainless steel plates are mainly used as raw material to make cold-rolled stainless steel products or used in shipbuilding, containers, rail, power and other industries. China, the world’s largest stainless steel producer, churned out 26.71 million tonnes of stainless steel products in 2018, up 2.4% from a year ago, according to China’s Stainless Steel Association.