The gross domestic product (GDP) per person employed in Bulgaria increased to BGN 8,011.8 in the second quarter of 2019, the statistical office said, citing preliminary data. Gross value added (GVA) per person employed rose in real terms by 4.4%, while GVA per hour worked grew by 4.5% in real terms in the April-June period of 2019 compared to the corresponding quarter of last year. GVA per person employed in the industrial sector was BGN 7,776.7 in the review period. In the services sector, an average of BGN 7,187.3 gross value added was produced by a person employed. The lowest labour productivity was in the agricultural sector - BGN 1,469.8. In terms of GVA per hour worked the industrial sector led by BGN 18.0, followed by services with BGN 17.3 and agriculture with just BGN 3.6. A total of 3.6 million people were employed in the country's economy at the end of the second quarter, according to NSI. The total number of hours worked was 1.52 billion.

Bulgaria's economy expanded by 3.5% year-on-year in the second quarter of 2019, maintaining its annual growth rate from the previous quarter, the National Statistical Institute (NSI) said, citing preliminary seasonally adjusted data. On a quarterly comparison basis, GDP growth decelerated to 0.8% in the second quarter, from 1.2% in the first quarter of 2019. NSI said in a flash estimate in the middle of August that GDP grew by 3.3% year-on-year in the second quarter of 2019 and by 0.6% quarter-on-quarter in the April-June period of 2019. Calculated in current prices, Bulgaria's GDP totalled BGN 29.1 billion in the April-June period of 2019.

Industrial giant ABB opens its newest plant in Bulgaria. The new facility is the company's second investment in Petrich and the fifth manufacturing facility in the country, Automotive Cluster Bulgaria reports. The factory, which is located on 7400 sq.m. area, will produce and deliver low voltage products to the company's plants in Germany and Switzerland. The investment is worth about BGN 7 million. The facility, which is located next to the city's first base, will employ 420 people when full speed starts. The facility will include a production hall with an area of 3,500 square meters, an administrative part with an area of 1,500 square meters, as well as 2,400 square meters. It will perform activities such as welding, pre-assembly, final assembly and testing, divided into manual and semi-automatic operations. ABB also has two plants in Rakovski and a production unit in Sevlievo. ABB has a development center for transformers in Sofia.

The state will provide targeted funding up to BGN 313.4 thousand with VAT, from the budget of the Ministry of Economy for 2019, to the municipality of Kuklen for the construction of road infrastructure and street sewerage in the territory of the Industrial and commercial zone Kuklen, located in Plovdiv district. Spinner Bulgaria Ltd.'s investment project is being implemented there. The investment of the company amounts to BGN 10 million and about 100 new positions will be opened for the implementation of the project. The construction of the new infrastructure will support road traffic, serving already existing businesses in the industrial area as well as new investors.

Bulgartransgaz is holding talks with the Turkish company Botash and the Romanian Transgas to allow 5.7 billion cubic meters of gas to enter Bulgaria as of January 1, 2020, the head of the company, Vladimir Malinov, said. Negotiations with Botash are planed for next week. The point of connection of the two gas systems is Strandzha - Malkochlar. If an agreement is signed, 11 million cubic meters of liquefied natural gas will be transported from terminals in Turkey per day. At the moment, in addition to the Russian gas through the Trans-Balkan gas pipeline, there is an opportunity for physical import of 1.5 billion cubic meters of blue fuel from Greece at Kulata - Sidirokastro. Exports through Romania will have a capacity of 3 billion cubic meters per year. Now 1.5 billion cubic meters per year can be transported from Greece to the Revitus LNG. If an agreement with Botash is signed for 4 billion cubic meters, gas traders in Bulgaria will be able to transport 5.7 billion cubic meters a year, as exports to Romania and possibly to Ukraine could be up to 3 billion cubic meters, and 2.7 billion would be left for trade in Bulgaria.

Bulgaria's Central Department Store company, owner of the retail and office building of the same name in central Sofia, is planning to raise some BGN 6.4 million through a capital increase. All new 6,385,989 shares will be offered for subscription at a price of BGN 1 apiece to local company Bulinvest Com. The shareholders of Central Department Store will vote on the company's proposal at a meeting scheduled for October 23. Central Department Store closed 2018 with a net profit of BGN 284,000 on revenue of BGN 4.8 million. The company's current assets amounted to BGN 2.0 million at the end of 2018, while it had obligations of BGN 4.9 million due in the following 12 months.

Bulgarian diversified group Zenit Investment Holding said that Cyprus-based Covotsos Textiles has acquired a 28.58% stake in the company for an undisclosed price. Zenit Investment Holding did not name the seller. The transaction was carried out on September 3. Three private investors - each holding 9.53% of the diversified group's capital, have sold their entire stakes to an unknown buyer through deals also concluded on September 3.

The UK’s data watchdog has announced plans to fine the airline British Airways a record £183 million over last year’s data breach. The Information Commissioner’s Office (ICO) said that “poor security arrangements” at the company lead to the breach of credit card information, names, addresses, travel booking details, and logins for around 500,000 customers. The fine would be the largest the ICO has ever issued, far more than the £500,000 fine against Facebook for the Cambridge Analytica scandal that affected millions. British Airways will now have 28 days to appeal the ruling before it is made final. In a statement, the Information Commissioner Elizabeth Denham said that the loss of personal data is “more than an inconvenience” and said that companies should take appropriate steps “to protect fundamental privacy rights.” The fine comes less than a year after the regulator fined Facebook just £500,000 for the Cambridge Analytica scandal, which affected as many as 87 million users. If that sounds small to you, that’s because it most definitely was.

Trade between China and the United States has continued to fall ahead of October negotiations and a further tit-for-tat escalation of tariffs, according to customs data reported by AP. The big picture: Imports of American products to China dropped to $10.3 billion in August, down 22% from the same month last year. Chinese exports to the U.S. also plummeted to $44.4 billion in August, down 16%. China's trade surplus with the U.S. shrunk to $31.3 billion in August, down $27 billion from a year prior. Both sides of the escalating trade war hiked tariffs on billions of dollars worth of goods last month, disrupting industries ranging from agriculture to the auto sector to consumer products. Talks between President Trump and Chinese President Xi Jinping earlier this summer ended without a deal. Negotiators are set to meet again in October, with Trump planning additional tariff increases on Oct. 1 and Dec. 15. On Sept. 1, the U.S. imposed a 15% tariff on $112 billion worth of Chinese goods. China retaliated by resuming 25% tariffs on American cars and adding 5–10% tariffs on $75 billion worth of goods. On Oct. 1, Trump will increase existing tariffs on $250 billion worth of Chinese goods from 25% to 30%.

Alibaba Group has acquired Kaola for approximately $2 billion from Hangzhou-based entertainment giant NetEase. The acquisition has created the largest cross-border e-commerce platform in China, according to Alibaba’s management. Commenting on Alibaba Group’s latest acquisition, company chief executive Daniel Zhang said: “With Kaola, we will further elevate import services and the experience for Chinese consumers through synergies across the Alibaba ecosystem.” CEO at NetEase William Ding remarked: “Completion of this strategic transaction will allow NetEase to focus on its growth strategy, investing in markets that allow us to best leverage our competitive advantages.” Kaola will be operating independently under its current brand. Alvin Liu, the import and export general manager of Tmall, a third-party e-commerce platform for major brands and retailers under Alibaba, has been appointed as Kaola’s new CEO. By the end of this year, China’s cross-border e-commerce market is projected to exceed 10 trillion yuan (appr. $1.4 trillion). This, after the nation’s e-commerce law recently came into effect.