Bulgaria could join the ERM II exchange rate mechanism in the first or second quarter of 2020. This was stated by the head of the European Banking Restructuring Council, Elke König. After Bulgaria’s accession to the so-called Eurozone waiting room, Bulgarian banks would start contributing to the European Restructuring Fund, which is part of the council, led by König, as it would have to approve the restructuring plans of Bulgarian banks. This procedure is mandatory and provides a buffer in the event of negative developments.

Banks, accountants, attorneys, investment and insurance intermediaries involved in the preparation and implementation of cross-border tax schemes should report this to the NRA, the Finance Ministry's draft Law on Amendments to the Tax and Social Insurance Procedure Code provides. It introduces rules for "early warning" on cross-border transactions, which bring risk of tax evasion. The changes are being made because Bulgaria has to implement the measures of the OECD's plan against reduction of the tax base, as well as the Euro-directive on the mandatory automatic exchange of tax information. Tightening of cross-border controls is due to take effect on July 1, 2020. The Euro-directive on compulsory automatic exchange was adopted after the so-called ‘Panama Papers’, which uncovered numerous cases where consultants have actively assisted their clients to transfer funds to offshore areas in order to pay less taxes.

At least 100 more people are going to be hired in the next year by the Bulgarian company Scale Focus, an outsourcing business in the IT sector, announced its executive director. The new jobs will be created thanks to the initiative of Scale Focus Academy. It plans over the next 5 years, around 10,000 young people from all over the country, even without previous experience in the IT industry, to receive free training and start working for real clients. Scale Focus is the largest Bulgarian software company with over 1000 specialists, 200 clients worldwide and development offices in Sofia, Plovdiv, Varna and Burgas.

Bulgaria's Life Insurance Institute intends to offer several type of insurance policies in Italy, according to a statement by Bulgaria's Financial Supervision Commission. Life Insurance Institute intends to offer life insurance, illness insurance, and accident insurance in Italy, the FSC said in a statement. The Bulgarian regulator has informed its Italian peer of the company's intentions. Last year, Life Insurance Institute absorbed local peer Health Insurance Institute. Life Insurance Institute is a unit of Bulgarian insurer Lev Ins.

Bulgaria's Financial Supervision Commission has granted approval to Groupama Zhivotozastrahovane, a unit of France's Groupama Group, to acquire 100% of local Express Life Insurance. The financial regulator did not provide further details. Groupama Zhivotozastrahovane is also awaiting approval from the Commission for Protection of Competition for the deal. In July, OTP said that together with its Bulgarian unit Expressbank it has agreed to sell 100% of insurer Express Life Insurance to Groupama Zhivotozastrahovane. Expressbank was renamed from Societe Generale Expressbank earlier this year, after DSK Bank - a unit of OTP, completed its acquisition from France's Societe Generale Group. Besides Expressbank, DSK Bank also acquired indirect control over its units Societe Generale Factoring, Sogelease Bulgaria and Regional Urban Development Fund, as well as direct control over insurer Sogelife Bulgaria. OTP Bank has been present in Bulgaria since 2003.

Bulgaria's DallBogg: Life and Health intends to offer guarantee insurance in Belgium, France and Germany, according to a statement by Bulgaria's Financial Supervision Commission. The Bulgarian regulator has informed its peers in Belgium, France and Germany about the company's intentions, the FSC said in a statement. The regulator did not provide further details.

Toplofikacia Pernik JSC notifiied it has abandoned its investment intention to burn RDF and shale. The company has declared to the ecology watchdog its desire to terminate the procedure for consideration of the investment proposal for "Adding additional fuels - biomass, shale and RDF, to the operation of the combustion plant TPP Republika for the production of electricity and thermal energy". The company has submitted a new investment plan for "Adding additional fuels – biomass, to the operation of the combustion plant TPP Republika for the production of electricity and thermal energy", for which a new procedure will be carried out in accordance with the Environmental Protection Act. Toplofikacia Pernik informed that the grinfding of biomass will be done through new facilities. For the co-firing of coal and biomass the company will partially reconstruct steam generators №4 and 5. According to the estimates of the company, the investment in the reconstruction and new equipment will be worth BGN 2.4 million. TPP Republika is a coal-fired thermal power plant in Pernik. It started operating in 1951 and has a capacity of 180 MW. The plant has five steam boilers.

Kronospan Bulgaria invested over BGN 40 million in ecological installations and facilities at its plant in Veliko Tarnovo. For about 3 years, the company has literally transformed its production lines around the city. This made possible the integration of the latest technologies implemented in the German woodworking industry into the chipboard production line. A new WESP (water electrostatic filter) complying with European BAT standards (best available techniques) is currently in operation at the company base in Veliko Turnovo. At the same time, after installation and a series of tests, cyclone filters and bag filters are already operating at full capacity to ensure that they meet the latest European requirements for the permitted dust content in the atmosphere, which are to come into force on 25 November 2019. The reduction of emissions from the production of Kronospan to a minimum is achieved through the introduction of treatment facilities called 'water scrubbers'. The environmental policy of Kronospan places priority above the quality of the ambient air, and wastewater.

EU sanctions against Turkey over its incursion into northern Syria are "on the table," France said on Friday, while Sweden plans to push for a European arms embargo on Ankara. European countries and the Commission have condemned Turkey's military offensive against Syrian Kurdish forces since it began on Wednesday. Amélie de Montchalin, the French minister for European affairs, told France Inter on Friday morning that a potential response to Turkey's actions would be debated "at the European Council next week." Asked if sanctions against Ankara would be under consideration, she said: "Obviously that's on the table." European leaders will meet for a summit on October 17-18. EU foreign ministers are also set to discuss Turkey and Syria at a meeting on Monday. Sweden's Foreign Minister Ann Linde, meanwhile, announced she would propose implementing a European arms embargo against Turkey at Monday's foreign ministers' meeting, a move backed by the Swedish parliament on Friday. The incursion "violates international law," she said.

Ecuador's state-run oil company, declared on Wednesday a force majeure on all oil trading operations, according to an evening Tweet by Petroecuador, citing mass protests that have disrupted the country's oil industry. Petroecuador also said that it had completely shut down the TransEcuadorean Pipeline System known as SOTE, which normally carries 360,000 barrels per day, because it does not have enough oil to move through it. The force majeure will last as long as the protests continue, Petroecuador claims. Thus far, the protests have disrupted more than 200,000 barrels of oil production, creating a loss of $12.8 million. Ecuador, who exports 315,000 bpd, currently has contracts with Chile, PetroChina, Unipec, and PetroThailand according to TeleSUR, but its larger clients include Chevron, Valero, and Marathon Petroleum Corp—Ecuador’s largest customer. Marathon purchased 59,000 bpd from Ecuador in July. The protests, which were sparked in part by high fuel prices, have drug on for a week, and Ecuadorian President Lenin Moreno is hoping to settle the matter through dialogue with the country’s indigenous population. But so far, the interaction between the protestors and security forces in the country have resulted in violence.

OPEC trimmed its forecast for oil demand growth for the third month in a row on Thursday, citing weaker-than-expected data in the Asia Pacific region as well as advanced economies in the Americas. The move is likely to add to growing pressure on the Middle East-dominated group to impose a deeper round of production cuts at its December meeting. In a closely-watched monthly report, OPEC cut its forecast for global oil demand growth for the remainder of this year to 0.98 million barrels per day (b/d). That’s down 40,000 b/d from its September estimate. The group, which consists of some of the world’s most powerful oil-producing nations, kept its forecast for 2020 in line with last month’s projections. It expects world oil demand to grow by 1.08 million b/d next year. The report comes as the U.S.-China trade war continues to cloud prospects for the global economy and fuel demand. High-level negotiators from the world’s two largest economies will resume trade talks on Thursday, seeking to secure a breakthrough to end their long-running dispute.