The European Fund for Strategic Investments will provide financial assistance of BGN 10 million for 320 micro-enterprises in Bulgaria, the European Commission announced. The Fund, main shareholder of which is the European Investment Bank (EIB), has concluded its first microfinance guarantee agreement in Bulgaria. This happened within the framework of the EC Program for Employment and Social Innovation. The cash transaction is backed by guarantees from the EU budget under the Juncker Investment Plan for Europe. The European Strategic Investment Fund allows the EIB to invest in more high risk operations.

Investments in mutual funds in Bulgaria have grown by 23% over the last two years, but despite the positive trend, consumers are lagging far behind the levels of activity typical of the countries of Central and Eastern Europe (CEE). This shows an analysis of Unicredit Bulbank, according to which last year, for every BGN 100 of deposit, Bulgarians invested BGN 2.40 on the capital markets. At the same time, an Eastern European has invested an average of EUR 20 for every EUR 100 deposit. According to experts, the outlook for deposit interest rates is that they are around zero levels, while the capital markets continue to have opportunities for profitability. There are over 9 million deposits in Bulgaria, worth more than BGN 52 billion, with the average consumer keeping BGN 5 thousand in their savings account. The yield on these funds is minimal given the environment of zero interest in the banking system. However, only 2.3% of the population's savings were invested in products other than deposit, while in CEE the level is 16.7%. Over the last two years, there has been a noticeable upward trend in activity, mainly through the purchase of savings plans that are actively advertised in banking offices.

Power utility CEZ Electro Bulgaria, part of Czech energy group CEZ, said that its net profit rose to BGN 11.2 million in the first nine months of 2019 from BGN 9.1 million in the same period of 2018. CEZ Electro's revenue grew to BGN 411.0 million in the January-September period of 2019 from BGN 368.1 million in the comparable period of last year. The company's expenses increased to BGN 398.5 million in the review period from BGN 357.9 million in the like period of 2018, due to a rise in cost of goods sold. Earlier this month, Bulgaria's competition regulator banned local financial and insurance group Eurohold Bulgaria's EUR 335 million deal to acquire the assets of Czech energy group CEZ in Bulgaria, which include a majority stake in CEZ Electro Bulgaria. The competition regulator said that it has decided to ban the acquisition of the assets of CEZ by Eurohold because combining the experience of the economic resources and market positions of the two groups in the electricity and insurance sector creates prerequisites for the notified deal to lead to the establishment or strengthening of dominant position. The CEZ group in Bulgaria comprises CEZ Distribution Bulgaria, CEZ Electro Bulgaria, licensed electricity trader CEZ Trade Bulgaria, IT services company CEZ ICT Bulgaria, solar park Free Energy Project Oreshetz, biomass-fired power plant Bara Group and CEZ Bulgaria. CEZ's earlier deal with Sofia-based Inercom for the sale of the group's assets in Bulgaria fell through as CEZ also failed to obtain approval from the local competition regulator.

BDZ Holding will cease to exist until the end of January next year. Its freight and passenger subsidiaries will be transformed into joint-stock companies in the hope that the two companies will get out of their deteriorating state. This was decided by the board of directors of the parent company. Their intention was supported by the Minister of Transport. Instead of one manager, BDZ Passenger Transport and BDZ Freight will have boards of directors to make decisions. One of the reasons for the reform is the decline in financial performance, which is not a surprise given the tragic state of the holding for many years, and its accumulated debts. Months ago, the state gave about BGN 200 million to help BDZ cover them. For the first six months of the year, the loss of the holding is just over BGN 9 million, the financial statement of the company shows. For the next three years, BDZ Passenger Transport will receive BGN 175 million annually, which is foreseen in the mid-term budget forecast for the period 2020-2022. The same period also envisages funds for the capital expenditures of the future joint-stock company from the state budget.

More than 200 people work in the representation of Kronospan Bulgaria in V. Tarnovo, and after the completion of the investment program of the company, in 2020 the jobs will exceed 260. Since its appearance in Veliko Tarnovo, the company has invested in the renovation of its production base over BGN 420 million. The company has also invested in the purchase of industrial space from the former radio factory in order to create a cluster for the furniture industry. The focus there will be on leasing space to companies that use the Kronospan’s products in their production. The aim of Kronospan Bulgaria is to attract a strategic partner (a leading furniture manufacturer from Central and Western Europe or the Middle East) to further develop the local furniture industry. When this happens, an additional 500 jobs will be provided in the region.

Allianz Bank Bulgaria, part of local diversified group Allianz Bulgaria Holding, officially opened a new business centre in the country's capital Sofia on October 28, the lender's controlling shareholder said. Following the new opening and the implementation of the modern banking system Oracle Flex Cube 12.3 the bank will launch a project for the upgrade of its distribution network. The lender is adapting its branch network to the changing environment and client expectations. Allianz Bank Bulgaria envisages the establishment of small cashless branches where traditional cash desks are substituted with machines and bank employees are responsible mainly for consultant services. The bank also envisages implementing 24-hour self-service zones as part of its strategy for complete digitalisation of business processes. Allianz Bulgaria Holding owns 99.89% of Allianz Bank Bulgaria's capital, according to the diversified group's most recent financial report published on the country's commercial register.

After the collapse of the well-known Ruse-based Precise-Inter Holding JSC, the assets of its successor, the joint stock company PIH Industry, are once again auctioned. Because of the accumulated millions of debts, it was declared bankrupt four years ago. And the bankruptcy trustee of the company, Dimitar Smilenov, who has so far announced 30 auctions for its assets, is once again attempting to raise at least a small part of the money with which its creditors must be paid back. Three auctions will be held on November 7, which will sell both the three-storey residential building of the enterprise, located on 2724 square meters in a property of 11,836.71 square meters, as well as installations and production lines. The total price of the property sold is less than BGN 1 million, but the debts of the bankrupt company are nearly BGN 100 million. At the same time, the revaluation of the assets is under way. In the summer of 2008, for example, there was an attempt to sell the same residential building, and its valuation then was BGN 368,243.

Portugal’s government is to review its ‘golden visa’ programme which grants residence to non-EU foreign investors with a view to redirecting such investment from a red-hot property market in big cities to depopulated areas in order to create new jobs. The “Authorisation of Residence for Investment Activity” policy, commonly known as the golden visa programme and aimed at foreigners ready to invest 250,000-500,000 euros in Portugal, has attracted 4.8 billion euros of investment since its launch in 2012. However, 90% of this investment has gone into the property market, sending house prices soaring and contributing to the growing issue of rising rents for locals in the two main cities, Lisbon and Porto. Just 17 investors out of nearly 8,000 chose to invest in companies, government data from the Service for Foreigners and Borders (SEF) shows. The Socialist government announced over the weekend a range of guidelines for its second term in office, one of them outlining plans to review the programme with the intention of spreading investment across the country.

The slow death of the American coal industry has forced Murray Energy, the largest private coal miner in the United States, to file for bankruptcy protection. Murray Energy's bankruptcy has been telegraphed for years. It recently failed to make payments to lenders, and the company entered into a forbearance agreement that bought it time to negotiate a restructuring. But that grace period came and went, and Murray Energy was unable to pay its bills. S&P Global Ratings downgraded the company's credit rating to "default" earlier this month. The coal company formed a restructuring agreement with some of its lenders, representing about 60% of Murray's $1.7 billion in liabilities. The company announced Tuesday it has received $350 million in credit to keep its business operational through bankruptcy. Robert Murray, the self-proclaimed king of the coal industry, has been replaced as CEO. Murray Energy announced that former Chief Financial Officer Robert Moore will take over as the company's new chief executive. Robert Murray will remain as the company's chairman.

Airbus SE landed one of its biggest-ever deals with the sale of 300 narrow-body planes to Indian budget carrier IndiGo that’s worth more than $33 billion at sticker prices. The contract for A320neo-series jets includes the latest XLR long-range variant and takes IndiGo’s orders for the re-engined aircraft to 730, the companies said in a statement Tuesday. That’s equivalent to more than 10% of all sales of the model, part of a class of workhorse plane that far outsells all other types. The transaction marks the latest victory for Airbus as Boeing Co. reels from the grounding of the rival 737 Max after two fatal crashes in five months. Boeing chief Dennis Muilenburg is due to appear before U.S. lawmakers Tuesday amid mounting pressure from his board, regulators and airlines. Airbus Chief Executive Officer Guillaume Faury said the order represented a “strong vote of confidence” in the A320neo from a company that’s already its largest operator, with 97 in service.