Economy of Europe

Sofia Municipal Council has discharged Stoyan Tsvetanov, who heads Toplofikatsiya heating utility's branch in the capital.

The decision was taken by a majority of 37 to one, with five abstained.

Romania is to open a legal case against Italian energy holding Enel at the Paris-based International Court of Arbitration for breaching privatization terms concerning the sale of the local company, Electrica Muntenia Sud.

Deposits for over BGN 1 B have been withdrawn in June from Bulgarian banks, shows data of the Bulgarian National Bank (BNB). 

Austrian OMV announced that it had found a new oil reservoir in Romania's Black Sea shallow-water Istria XVIII offshore perimeter.

The reservoir identified at exploration well Marina 1 was reported to have a production potential of 1,500 to 2,000 barrels of oil equivalent per day (boe/d), according to reports of OMV Petrom, as cited by money.bg.

Customers of Corporate Commercial Bank (KTB), including natural and legal persons, will sue the state for the crisis at the fourth biggest Bulgarian lender.

An initiative committee has issued a media statement informing that it will make the Bulgarian National Bank (BNB), the prosecution, the investigative authority and the Interior Ministry liable and will seek compensatory damages.

BELGRADE - Serbian dinar continues its two-day decline against the euro by dropping another 0.2 percent or 18 paras on Tuesday and reaching the medium exchange rate of EUR 1 = RSD 116.4267, which is the lowest value of the dinar against the euro in the course of this year, the National Bank of Serbia (NBS) stated in a release.

A gas interconnector with Romania being built since 2012 will not be operational before September, sources close to the construction say.

The 25-kilometer-long connection between Bulgaria's city of Ruse and Romanian Gyurgevo was initially scheduled to be ready in end-2013 at the latest, but the deadline was extended over technical difficulties.

Prof. Nikolay Nenovski, Denitsa Kirilova and Emil Karanikolov will be the three new members of the Supervisory Board of the Bulgarian Bank for Development JSC.

The three, who were elected at a regular general assembly of the bank's shareholders earlier this month, will replace Diana Dragneva-Ivanova, Rumen Porozhanov and Stefan Belchev, who held the position last year.

State General Reserve Fund of the Sultanate of Oman, one of Corporate Commercial Bank (KTB) shareholders, is free to take steps to save it, Bulgaria's Finance Minister announced.

Minister Petar Chobanov explained in an official statement he had held phone conversations with the SGRF's chief executive Abdulsalam Al-Murshidi, whose fund owns a 30% stake at KTB.

BGN 206 M missing at Bulgaria's CorpBank were not carried out of the bank in cash in the past weeks as previously thought, Sofia Prosecutor's Office announced.

Results from the investigation so far show the money was embezzled over a period of three years, with fake documents allegedly created by Corporate Commercial Bank (KTB) high-profile employees to cover up the wrongdoing.