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Globinvesting Magazine

Bulgarian & Greek properties blog

25th October 2016 9:18 AM

News (Sofia News Agency)

Real time news provider in English that informs its readers about the latest Bulgarian news - economic, political and cultural, foreign media analysis on Bulgaria and world news.

1438 Square Meters of Concrete were Removed from the Seaside of Sunny Beach Resort

1438 square meters of beach strip "Sunny Beach - North", occupied by concrete elements of the mini golf course, are removed. It is among the illegal objects collected during the clearing of the new tenant's strip and is part of his contract obligations. Removal of unregulated buildings is part of the preparatory activities before the start of the forthcoming summer season.

Tourism Minister Nikolina Angelova made an on-site inspection at the end of last week to check how the illegal sites are being taken off. It was then found that more than 190 illegal buildings were removed. All unregulated sites must be demolished and the beach cleared until mid-May when a ban on construction of resorts enters into force.

In 2016, a contract with the concessionaire of Sunny Beach - North was terminated due to the deployment of sites with an area of ​​more than 8000 square meters approved by the Minister of Tourism. A new tenant on the beach was appointed in early 2017. The term of the contract is 5 years, for each he will pay to the state fee of 1,650 million BGN. Prices of beach accessories were reduced to to 8 BGN per 1 umbrella and 1 lounge chair.

Bulgaria’s Q4 Household Spending Rises 13%

The average expenditure per household in Bulgaria rose 13.2% year-on-year to BGN 1,368 ($872.5/699.4 euro) in the fourth quarter of 2017, the National Statistical Institute (NSI) said on Thursday.

Expenditure on food had a share of 31% of total household spending during the October-December period, while expenditure on housing constituted 18.8% of the total, NSI said in a statement.

Expenditure on food and non-alcoholic beverages per household member increased by an annual 12.5% to BGN 424 during the period under review.

Housing expenditure per household member grew 17.3% on the year to BGN 257, while expenditure on transport and tecommunications rose 10.5% to BGN 143.

During the fourth quarter, the total average income per household member rose by an annual 9.3% to BGN 1,449. Wages and salaries accounted for 53.9% of the total income, followed by income from pensions with 26.2% and self-employment with 7%.

The average nominal income from wages and salaries per household member rose 9.2% on the year to BGN 715 while income from pensions grew by 2.3% to BGN 380, quoted by See News. 

Environment Minister Signs Contracts for Construction of Waste Handling Plants


The Minister of Environment and Water, Neno Dimov, signed a contract for the design and construction of four waste treatment systems for the municipalities of Pazardzhik, Batak, Belovo, Bratsigovo, Lesichovo, Peshtera and Septemvri (South Bulgaria). The project includes three composting isntallations for separately collected green and / or biodegradable waste and one installation for pre-treatment of mixed municipal waste. The facilities will servicemore than 170,000 residents.

The three composting installations for separately collected green and biodegradable waste have a total capacity of 12,598 tonnes per year. Infrastructure for transporting the waste to the site of the facility will be built in Belovo. The project envisages the construction of a pre-treatment plant for mixed municipal waste generated on the territory of the seven municipalities. The facility has a capacity of up to 43,000 tons per year and will be located in the village of Aleko Konstantinovo, Pazardzhik municipality.

The total amount of the investment is BGN 19.7 million.

The Operational Programme "Environment 2014-2020" provides grants amounting to BGN 14 million. The project implementation period is 30 months, according to the Bulgarian National Television. 

UK to Seek EU Mutual Recognition Deal For Financial Services

Britain’s government is ready to push for a mutual recognition system to regulate financial services after it leaves the EU in order to preserve the City of London’s access to the bloc, Reuters reported on Friday.

Under the proposal, Britain and the European Union would recognize each other’s regulatory and supervisory regimes, an option long favored by the financial services industry, the FT said.

British finance minister Philip Hammond was expected to back the proposal in a speech in coming days.
No one was immediately available to comment at the ministry.

Bank of England Governor Mark Carney has previously said Britain and the EU should adopt a system of mutual recognition or run the risk of a damaging hit to financial services across Europe.

A dispute resolution mechanism would be part of the plan, the FT said.

Such a proposal is likely to be challenged by the European Commission which has said Britain cannot pick and choose which parts of the EU’s single market it can retain.

Bitcoin is Currently over $10,000

The world's most popular cryptocurrency bitcoin overcame the $ 10,000 psychological barrier, according to trade data.

According to the CoinMarketCap portal, at 20:31 (Bulgarian time), the value of the bitcoin jumped 7.36% to $ 10,013.

At Bitfinex, just a few minutes before, the cryptocurrency hit reached $ 10,047.

The last time that bitcoin traded slightly more than $ 10,000 was at the end of January.

Liza Minnelli Auctions Cabaret Outfit in Huge 'Downsizing' Sale

Liza Minnelli’s signature Cabaret bowler hat, boots and halter top vest are going up for auction in a sale of more than 1,000 lots belonging to the singer, her mother, Judy Garland, and her movie director father, Vincente Minnelli, the Guardian. 

California auction house Profiles in History announced on Wednesday that the Love, Liza auction in May, the first from Minnelli’s vast personal collection, would also include her 1971 Rolls Royce Silver Shadow as well as her hand-annotated shooting script for Cabaret.

The 1972 musical brought Minnelli a best actress Oscar for her performance as Berlin nightclub singer Sally Bowles and sent her career rocketing.

Price estimates have yet to be determined as auctioneers sort through the collection that Minnelli has assembled over decades.

Minnelli, 71, said she was selling to downsize her life.

“Throughout my long career I have collected wonderful possessions and memorabilia and now I’ve reached a point in my life where I want to simplify and share with my fans who have always been there for me,” the actor said in a statement.

The two-day sale will take place in Calabasas, near Los Angeles, at a date to be announced in late May and will be preceded by a free public exhibition at the Paley Center in Beverly Hills from 4-29 April, the auction house said.

“Usually when you see these famous people auctions, it’s household furnishings. This is pretty substantial,” said Joe Maddalena, chief executive of Profiles in History. “Liza Minnelli is a cultural icon and this is the most important Judy Garland material that has ever been sold.

“Between Vincente Minnelli, Judy Garland and Liza, they kept everything. There are probably 500 Halston custom-made stage costumes,” he said

The Judy Garland memorabilia includes an MGM studio paycheck that was issued when she was 13, before she appeared in her first film, along with a green tramp clown tailcoat she wore for a 1956 photograph by Richard Avedon.

Items by the fashion designer known simply as Halston include garments that Minnelli wore on stage, screen and in personal appearances, including a red sequined tuxedo from the 1970s, and a black and crimson beaded flapper dress.

“I am hoping that fashion and textile museums will get a chance to get this. Everything was custom made for her,” Maddalena said.

“We have tried to make an auction where there is something for everybody. There will be things for a few hundred dollars, and things for tens of thousands. It will cover the gamut.”

Journey in Europe with Ship-houses

For them, this is not an escape or retreat but a rediscovery of the world. Two German photographers decided to look at European cities from a different angle. Or, more precisely, from the decks of their own ship-houses. A journey that started from Hamburg continues to Amsterdam and Paris and will end in Berlin. An adventure that turns into a creative challenge.

It is not a lonely journey but a search for the changes that occur in Europe - in economic, social and environmental terms. At each stop the floating houses will turn into showrooms in which photographs will be displayed.

The boats are also the result of the creative inspiration of the Germans. One is made of wooden parts, artistically combined with unnecessary window frames. This is a place for relaxation and contemplation. The other house-ship was turned into a photographic studio; it is made entirely of metal plates.

The journey must end in June. It is enough for the two Germans to find the right photographic perspective for the changes that take place in major European cities.

And what is the benefit of all the voyage and snapping of the cameras will ask sworn pragmatists. Of course, there is a benefit, not just for the two travelers. Recordng changes in European cities in photos will certainly help to avoid many mistakes in building the vision for the future of the increasingly crowded environment.

Electric Airplane Start-up Eviation Aims to Enter Serrvice in 2021

Electric airplane start-up Eviation Aircraft Ltd is aiming for its 9-seat commuter aircraft to be flying passengers by 2021 after signing up South Korea’s Kokam as its battery supplier, the Israeli company’s chief executive said on Thursday, quoted by Reuters.

Venture capital-backed Eviation is one of a number of companies looking to develop small electric aircraft that would incur lower energy and operating costs, release less emissions and be quieter than their conventionally fueled counterparts.

Airbus SE, Boeing Co and Uber Technologies Inc are also investigating electric and hybrid aircraft technology.

Eviation CEO Omer Bar-Yohay said his firm signed a deal with Kokam last week because, as a smaller supplier, Kokam was able to make batteries more specific to his company’s needs.

“If I would go today to Samsung or Panasonic or LG Chem or Tesla for that matter and say I need a different cell size, they will probably laugh because the number of cells we are going to buy is not significant enough to start the design process,” he told Reuters in a phone interview.

The battery will have 9,400 cells distributed throughout the aircraft including the ceiling, floor and wings, weighing 3.8 tonnes, or 60 percent of the maximum takeoff weight.

Electric airplanes are reliant on improvements in battery technology, which is why smaller aircraft are likely to be electrified years before large commercial jets.

Batteries are heavy and store far less energy per kilogram than jet fuel, but the ratio is improving gradually each year, allowing electric cars and airplanes longer ranges than they had previously.

Eviation’s “Alice” airplane is expected to have a range of up to 650 nautical miles (1200 kilometers), compared to 1000 nautical miles for a similar-sized conventional Cessna Caravan. It will cost $2 million-plus, on par with the Cessna, but have far lower fuel and maintenance costs, Bar-Yohay said.

Eviation hopes to fly the Alice demonstrator for the first time by the end of the year, with the first public display at the Paris Airshow in mid-2019, he said. Moving to commercial production after that would require raising around $100 million of capital.

Given the advantages of going electric, major manufacturers are also investing in electric and hybrid aircraft technology.

Seattle-area startup Zunum Aero, backed by the venture capital arms of Boeing and JetBlue Airways Corp, announced plans in October to bring a 12-seat hybrid-electric commuter aircraft to market by 2022.

Airbus is working on the CityAirbus concept, a four-passenger electric aircraft capable of vertical takeoffs and landings, with the first demonstrator flight expected later this year. Ride-hailing firm Uber is exploring a similar concept with Uber Elevate.

Bulgarian Energy Minister Will Negotiate the Construction of the Southern Gas Corridor Today in Baku

Energy Minister Temenujka Petkova will participate in the fourth meeting of the Consultative Council for the construction of the Southern Gas Corridor, which is held today in Baku.

The gas corridor will connect Europe and Azebradian.

The country expects us to negotiate Azeri gas from 2020, and that will help gasify a large proportion of households. Azerbaijan has enormous reserves of blue fuel. If they are delivered, Europe's energy security will be ensured. At the same time, the proposed market price is the lowest possible.

Bulgarian Tourists in Serbia have Increased Threefold for the Last 10 Years

Bulgarian tourists in Serbia have increased more than three times over the past ten years. Last year, more than 430,000 Bulgarians visited Serbia, while 400,000 Serbs were in Bulgaria. This was announced by Minister of Tourism Nikolina Angelova during the presentation of the Tourist Organization of Serbia before officially opening the 35th Holiday & Spa Expo, which takes place on 14th and 16th of February in Sofia.

Bulgaria and Serbia are preparing the signing of a cooperation agreement on tourism. Continuing work on joint projects on cultural and historical heritage and on distant markets. Among them are "The Wine Route" and "The Road to the Roman Emperors," said Renata Pinja, Deputy Minister of Trade, Tourism and Telecommunications of Serbia. Bulgaria is among the top ten countries with the largest number of tourists visiting Serbia, said Maria Labovic, Executive Director of the Country Tourism Organization. The most popular destinations for the Bulgarians are Belgrade, Nis, Novi Sad.

Belgrade attracts with its 96 hotels and about 6,000 restaurants and cafes, sports and cultural events, concerts of Balkan and world stars. The winter in Belgrade is a few months, so is our cultural program, said Slobodan Unkovic, Deputy Director of the Belgrade Tourist Organization.

For the first time in the 35-year-old tourism trade organization, we have a partner country, and that is Serbia, said Vihra Ognyanova. 360 travel companies from 23 countries participate in the exhibition. This is an increase of 9 per cent compared to a year earlier. Fifty municipalities, tourist centers and museums from all over the country present a rich palette of Bulgaria as a tourist destination. Digital transformation in tourism is one of the topics to be discussed during the event. Online travel service platforms are becoming more and more preferred not only by customers but also by tour operators. The exhibition offers everything - along with the traditional summer and terrestrial tourism, there are more adventurous tours in Bulgaria and abroad, beauty, spa, wine, cultural, rural tourism, etc.