Latest News from Bulgaria

Two-Thirds of Bulgaria's Young Families Have No Savings – Study

Two-thirds of the young families in Bulgaria have no savings, according to a study of the marketing research agency NOEMA and AMI Communications Bulgaria.

Some 28 percent of the young couples keep their money in bank deposits, 7% - in real estate and only 4% use it to start a business, Bulgarian National Radio reports.

First Investment Bank Shares Up on Monday

Shares of Bulgaria's First Investment Bank were up 24% as of Monday, 13:00 EEST (11:00 GMT).

Data from the Sofia Stock Exchange, cited by website, came despite Friday's surge of panic among many Bulgarians following rumors spread via SMS and online that the bank could fail.

The information forced scores of people to withdraw their savings.

Six Arrested for Bulgaria Bank Rumours

The malicious rumours from last week caused mass panic and, as a result, thousands of people withdrew their savings (a total of more than 400 million euros) from First Investment Bank—the bank under attack.

The arrested are accused of sending texts and emails warning of bankruptcy and of using social media such as Facebook and YouTube to spread the ill-intentioned rumours.  

Part of Bulgartabac Holding Sold, Again

Bulgaria's largest tobacco company, Bulgartabac Holding, has been sold again, reports Capital Daily. 

According to the publication, the Austrian commercial registry shows that on June 26, the majority share package is evenly split between two offshore companies. Livero Establishment transferred  half of BT Invest to Woodford Establishment.

Bulgaria-Turkey Border Fence to Be Ready 'within Days' - DefMin

Bulgaria's Defense Minister Angel Naydenov announced it would take days to complete a border fence being built at the border with Turkey.

"We are days away from having constructed this installation which is important to the Bulgarian Army and necessary for Bulgaria's security," Focus News Agency quoted Naydenov as saying.

BNB Demands 10-Year Sentence for Spreading False Bank Information

Bulgarian National Bank (BNB) proposes amendments to the Penal Code envisaging imprisonment for those disseminating misleading information about banks.

The institution has tabled its proposal containing suggested legal changes to Parliament's Budget and Finance Committee headed by liberal lawmaker Yordan Tsonev (DPS), the bank said in a message to the media.

Production Prices See Slight Increase in May 2014

Bulgaria's producer price index on the domestic market recorded a slight increase by 0.1% in May compared to the previous month.

The domestic prices rose in the mining and quarrying industry by 1.7% and in the electricity, gas, and steam supply by 0.1%, while in the manufacturing the prices remain at the level of the previous month, the National Statistical Institute data shows.

Bulgaria's Emergency Care Stages Protest Against Assаults, Pay Cuts

Bulgaria's Emergency Care Units have declared a symbolic permanent protest as of Monday.

The National Association of Emergency care workers issued a protest declaration against the assaults on doctors, the violation of the right of way of ambulances and the lack of measures to ensure their safety, Bulgaria's Nova Tv reports.

All First Investment Bank Branches to Work with Customers

Bulgaria's First Investment Bank branches will be open during the usual business hours and have sufficient cash to meet the customers' needs, the bank's official statement says.

All the branches of the bank will open specialized counters for making deposits, opening of accounts, payment of salaries, grants, and regular payments, First Investment Bank informs on its Facebook page.

Bulgaria's Energy Watchdog to Announce Price Changes

Bulgaria's energy watchdog (DKEVR) will discuss and set price changes for natural gas, electricity and central heating and hot water, to come into effect on July 1. 

It is expected that the price of natural gas will be decreased by 2.47% to BGN 597.69 without excise duty and VAT for 1000 cubic meters. 

European Commission Approves Liquidity Support Scheme for BG Banks

The European Commission approved a liquidity support scheme for Bulgarian banks to the tune of BGN 3.3 B, said the Commission in a press statement.

On Sunday (June 29), Bulgaria asked the Commission to authorise the provision of a credit line of  BGN 3.3 B to the banking system in order to respond to speculative attacks that occurred over the past week. 

Elections to be Held October 5, Parliament Dissolves August 6

Bulgaria is to hold early elections on October 5 and is to have a caretaker government after President dissolves Parliament in August, the county's head of state announced.

After political consultations at the Presidency attended by most of the major parties, it was decided that no other government would be sought within the current legislature.