Employers are refusing to take part in the trialogue with the government and the trade unions on the level of the minimum wage in Bulgaria. In a letter to the minister of labor and social policy, the employer association writes that in the conditions of economic revitalization the idea of setting down minimum income thresholds administratively is thoroughly inconsistent with the dynamics of employment, productivity of labour and rise in prices. Businesses say that this approach, which is not applied anywhere in the EU, expands the shadow economy and reduces real wages. According to government forecasts, the minimum wage in Bulgaria will go up by 10 percent in 2020. The minimum wage has been set by the government for three years as employers have been refusing to take part in the trialogue.

Deposits of Bulgaria's non-government sector rose by an annual 7.2% to BGN 79.7 billion at the end of June, down from a 8.6% annual rise at the end of May, the central bank, BNB, said. Deposits at the end of June were equal to 68.9% of Bulgaria's estimated gross domestic product in 2019. Deposits of households increased by an annual 8.2% to BGN 53.1 billion at the end of June. Deposits of non-financial corporations totalled BGN 23.2 billion, up by 2.6% year-on-year, while deposits of financial corporations added 28.2% to BGN 3.4 billion.

Bulgaria's government has amended the terms of a concession held by Aquarex-V for a well in the Velingrad-Chepino mineral water deposit, increasing the maximum amount the company can extract annually to 108,000 cubic metres from 10,000 cubic metres. The change was made upon the request of Aquarex-V, the government said following its weekly meeting. The concession for the well, located in southern Bulgaria, was signed in May 2000. Aquarex-V, a unit of Polish food and soft drinks producer Maspex Group, bottles water under the Velingrad brand.

Bulgaria's government has awarded a 35-year concession contract to local Bulstone for mining limestone from the Trebezha site, in northwestern Bulgaria. Bulstone will pay over BGN 1.9 million in concession fees during the 35-year period, and will invest over BGN 1 million in production activities, the government said following its weekly meeting. The concession site has a total area of 24.53 hectares. Vratsa-based Bulstone is owned by local private investor Mihail Petkov.

Bulgaria's government has extended the term of a minerals mining concession for the Ovcharovo deposit held by local Vatia Holding by 15 years. The extension was requested by the company which considers that the deposit still holds significant resources. The 20-year concession contract for the Ovcharovo deposit was signed in 2006 but entered into force as of December 1998, when the privatisation contract was signed. Last year, Vatia Holding halted quartz sand mining from the Pobit Kamak deposit, 25 km east of Sofia, due to protests from people living in nearby villages.

Bulgaria's government has awarded a one-year building materials exploration license for the Velyov Kamak area, in southern Bulgaria, to local construction company Groma Hold. Groma Hold will invest at least BGN 32,000 in exploration works during the one-year period, the government said following its weekly meeting. Groma Hold is fully owned by local private investor Hristo Savev.

National Electricity Company JSC will be able to sell to Kozloduy NPP JSC part of the existing old equipment, which is located at the site of Belene NPP. This was decided today by the Council of Ministers at its regular meeting. These are filters, fans and other details that are essential for the implementation of the programs for the extension of the lifetime of the Kozloduy 5th and 6th units, a message from the Council of Ministers said. The value of the equipment envisaged for sale is close to BGN 2.8 million. The sale will be done through direct negotiations between the two companies. The possibility of such a transaction is regulated by the Rules on the procedure for exercising the rights of the state in the commercial companies with state participation in the capital. Its texts state that the starting price for the sale is determined by an independent valuer after a decision of the Council of Ministers.

France-based credit insurance company Euler Hermes said that large companies in Bulgaria recorded one of the world's highest rates of year-on-year increase in working capital requirement (WCR) in 2018. WCR is a measure of financial resources that companies consume to cover operating costs and expenses, and run their businesses efficiently. "In 2018, Global Working Capital Requirement hit its worst level since 2012 (+1 day, 70 days). The evolution of WCR indicates which businesses have improved, or in this case, deteriorated, their capacity to maintain operating cash flow and internal funding for investment," Euler Hermes said in a new study on working capital - a key indicator of the financial situation and behaviour of corporates published earlier this month. Bulgaria ranked 34th among 36 countries as the WCR of its big companies added 3 days year-on-year to an average of 93 days. The indicator for Bulgaria is well above the global average of 70 days. Only Saudi Arabia and China were ranked lower. The rise in Bulgarian companies' WCR is mainly concentrated in three sectors - household goods (170 days), automobiles (164 days) and metals (134 days), Euler Hermes' research showed.

Canada's Velocity Minerals and Bulgaria's Gorubso Kurdzhali have invested some BGN 3.2 million in increasing the capital of Bulgaria's Tintyava Exploration, which operates the Rozino gold deposit, commercial register documents show. Tintyava Exploration has issued 230 new shares at a price of BGN 13,959 each, which were subscribed for by Kibela Minerals - the local unit of Velocity, and Gorubso Kurdzhali proportionally to their stakes in the company - 70/30. The shares have a nominal value of BGN 100 each. Last month, Velocity said that drill results from 12 holes at the Rozino gold deposit in southeast Bulgaria have intersected multiple broad intervals of near surface gold mineralization. Velocity Minerals, through its unit Kibela Minerals, completed the acquisition of a 70% stake in Tintyava Exploration earlier this year, after it delivered a preliminary economic assessment. Tintyava Exploration holds a prospecting and exploration licence for the Tintyava property, which holds the Rozino gold deposit.

State-owned Bulgarian Development Bank (BDB) said that its net profit rose by 20% year-on-year to BGN 18.3 million in the first half of 2019 on the back of stepped-up lending activity. The bank's loan portfolio expanded by 7% in the first half of 2019. The quality of the loan portfolio remains high, as the risk exposures overdue for more than 90 days fell below 6% of total loans. BDB currently has 13 active contracts with 8 financial institutions including the Council of Europe Development Bank, the European Investment Bank, Germany's Kreditanstalt fuer Wiederaufbau and China Development Bank with which it signed a EUR 1.5 billion deal in 2018.

Germany’s industrial crisis is worsening, the economy is at risk of recession and a raft of mounting troubles mean the chance of a near-term turnaround are fading. Trade tensions, weaker demand abroad and the travails of the car industry have built up over the past year to take a toll on the engine of Europe’s economy. They’ve dragged manufacturing into its deepest slump in seven years, and some of the nation’s biggest corporate names from BASF SE to Daimler AG and Continental AG have had to come to terms with a new reality for business. As one of the world’s biggest exporters, Germany is paying a high price for the the slowdown in global trade. The economy is forecast to grow the least in six years in 2019, the Bundesbank sees no sign of an export recovery and some are even saying there’s a risk of recession. All that is being reflected across the corporate landscape, where companies are having to rein in their predictions amid pressure on sales. Engineering firm Duerr AG said Monday it’s facing a “more challenging macroeconomic environment. Chemicals giant BASF earlier this month said trade conflicts have put a dent in global growth, as well as its business.

Chinese e-commerce giant Alibaba has opened its doors to US sellers on its oldest platform, Alibaba.com. It now offers tools to allow US firms to sell on the business-to-business platform in the US and globally. The move will allow Alibaba, traditionally China-focused, to compete with global e-commerce giants like Amazon. Alibaba.com says it has 10 million active business buyers in more than 190 countries and regions. As part of the announcement on Tuesday, Alibaba.com said US produce firm Robinson Fresh would be joining the platform on 23 July. That follows a "strategic collaboration" between Alibaba.com and US offices supply firm Office Depot announced in March, it said. Previously, US businesses mainly bought from Chinese sellers on the Alibaba.com platform, which caters to small and medium-sized firms. The new tools, which include an online payments system, will give American firms access to new customers in China and around the world. The move comes at a time of tense relations between the US and China, which have been fighting a trade war for the past year.

Japanese automaker Nissan plans to cut more than 10,000 jobs globally as it looks to turn around its business, Kyodo News reported. Those additional job reductions, which include early retirement options, come after the automaker said in May it will slash about 4,800 jobs worldwide, the news site said, citing company sources. Nissan has about 139,000 employees around the world. Kyodo also reported that an announcement is coming on Thursday when Nissan releases earnings for the three months starting April 2019. A Nissan spokesperson told CNBC the company does not comment on speculation. Nissan shares were up 0.85% Wednesday morning in Tokyo. The company has come under pressure: Nissan reported a 44.6% annual decline in operating profit for the 12 months that ended on March 31, 2019. It cited an unfavorable business climate as car sales fell notably in the United States. For the current fiscal year, Nissan has predicted profits to drop by almost 28%.