Bulgarian Current Account Deficit Went Over 1billion Eur Just In 2 Months 17/04/2008
Bulgaria's current account deficit was 1.29 billion EUR ($2.04 billion) or 3.9 percent of annual GDP at the end of February, compared with 1.11 billion EUR and 3.9 percent of GDP a year ago, data showed on Tuesday. The Socialist-led government sees the external shortfall rising to 22 percent of gross domestic product this year, after it hit 21.5 percent in 2007 due to strong imports of both consumer and industry goods. Exports rose 30.7 percent to 2.3 billion EUR, while imports rose 24.7 percent to 3.5 billion EUR, the central bank data showed. Rampant domestic consumption is the key driver of the deficit, as Bulgarian rush to buy after decades of austerity under communism, while companies import machinery and other investment goods to expand production. The bloated gap makes... more

Bulgaria & Romania To Pay 25 Mln Eur Each For Reconstruction Of Danube Bridge 02/09/2008
Bulgaria and Romania will have to provide 25 mln EUR each for a thorough reconstruction of the Danube bridge between the towns of Rousse and Giurgiu. This is the agreement reached by the Bulgarian minister of transport Peter Mutafchiev and his Romanian colleague Ludovic Orban during their meeting in Rousse, announced BNR.Experts from the two countries will prepare proposals about the terms and the actions, which will approved on the next ministerial meeting in the Romanian town of Calafat in September.Such reconstruction of the bridge has not been made since its establishment in 1954.The two ministers agreed the experts to make proposal on reduction of the taxes for crossing the Danube bridge with the criteria being valid for other bridges which are to be built over the river. more

Unicredit Bulbank To Finance Mall In Sofia, Parent Company Doubles Capital 07/10/2008
UniCredit Bulbank and UniCredit Bank Austria, both members of UniCredit Group, will finance Bulgaria Mall, the next shopping centre in the Bulgarian capital Sofia, Bulgaria's largest bank by assets said in a statement.The two financial institutions and Bulgaria Mall investors LSProperty and Salamanca Capital sealed an agreement to this effect on October 3 after several months of negotiations.Bulgaria Mall, in construction since July 2008, is expected to open doors on Christmas 2010. The project worth 220 million euro will result in 33 000 sq m of commercial and 30 000 sq m of office space.The news comes amid UniCredit Group's strenuous efforts to restore credibility with investors and clients and stave off rumours it would be the next European prey of financial tumult.At an... more