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Website: www.dynamicspacebg.com

Mobile: +359 (0) 896670507 +359 (0) 897036030
Office/Fax: +359 (0) 2 953 01 16
e-mail: info@dynamicspacebg.com

Office Address: Ul.Vladayska 42, Sofia, Bulgaria

Twitter: @dynamicspacebg
  

Bulgarian Labour Market

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Bulgaria has registered the highest decline in employment among all 27 countries in the European Union in the second quarter of 2012, latest Eurostat data indicates.
Thus, in April-June 2012, Bulgaria's employment went down by 1.3% compared with the first quarter of the year.
Bulgaria's employment fares even worse in Q2 of 2012 on annual basis, registering a 2.8% decline year-on-year.
Other EU members – Denmark, Spain, Cyprus, Malta, Portugal, and Slovenia – have also seen declines in their employment levels in the second quarter of 2012 but their drops are all below 0.5%. No Eurostat data is available about Greece and Romania.
The number of persons employed remained stable in the euro area1 (EA17) and increased by 0.1% in the EU27 in the second quarter of 2012 compared with the previous quarter, according to national accounts estimates published by Eurostat, the statistical office of the European Union.
In the first quarter of 2012, employment fell by 0.3% in the euro area and by 0.1% in the EU27. These figures are seasonally adjusted.
The highest increase in employment was recorded in real estate activities (+0.7% in the euro area and +1.4% in the EU27), and the largest fall in financial and insurance activities (-0.8% and -0.7% respectively).
Compared with the same quarter of the previous year, employment fell by 0.6% in the euro area and by 0.2% in the EU27 in the second quarter of 2012 (after -0.5% and -0.2% respectively in the first quarter of 2012).
Eurostat estimates that, in the second quarter of 2012, 223.4 million men and women were employed in the EU27, of which 146.4 million were in the euro area.

Article courtesy of: www.novinite.com 
Image courtesy of: http://www.freedigitalphotos.net image by 'xedos4'

To rent offices with a service you can trust, in Bulgaria, contact the Dynamic Space property experts:

Website: www.dynamicspacebg.com

Mobile: +359 (0) 896670507 +359 (0) 897036030
Office/Fax: +359 (0) 2 953 01 16
e-mail: info@dynamicspacebg.com

Office Address: Ul.Vladayska 42, Sofia, Bulgaria

Twitter: @dynamicspacebg
  

BNB Reports EUR 846.2 M FDI Jan-Jul 2012

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According to preliminary data of the Bulgarian National Bank (BNB), foreign direct investments (FDI) in Bulgaria in the period January – July 2012 amounted to EUR 846.2 M (2.1% of GDP) as compared to EUR 376.5 M (1.0% of GDP) for January – July 2011.
The attracted Equity Capital (acquisition/disposal of shares and equities in cash and contributions in kind by non-residents in/from the capital and reserves of Bulgarian enterprises and receipts/payments from/for real estate deals in the country) for the period January - July 2012 amounted to EUR 495.8 M. It increased by EUR 68.5 M compared to that attracted in the same period of 2011 (EUR 427.2 M). The receipts from real estate investments of non-residents amounted to EUR 141 M, compared to EUR 122 M attracted in January – July 2011.
The other capital, net (the change in the net liabilities of the direct investment enterprise to the direct investor on financial loans, suppliers' credits and debt securities) was positive, amounting to EUR 290.2 M in January - July 2011, compared to a negative other capital, net of EUR -130.1 M in January - July 2011.
Based on preliminary data on profit/loss, the Reinvested Earnings2 (the share of non-residents in the undistributed earnings/ loss of the enterprise) in January - July 2012 were estimated at EUR 60.3 M, against EUR 79.4 M in the same period of 2011.
By country, the largest direct investments in Bulgaria for the period January - July 2012 were those of the Netherlands (EUR 498.9 M), Switzerland (EUR 104.9 M) and Russia (EUR 85.7 M). The largest net negative flows for the period were towards Germany (EUR -118.8 M) and towards Greece (EUR -65.1 M).
According to preliminary data, Direct investment abroad increased by EUR 103.3 M in the period January - July 2012, compared to an increase of EUR 88.5 M in January - July 2011.

Article courtesy of: www.novinite.com 
Image courtesy of: http://www.freedigitalphotos.net image by 'sheelamohan' 

To rent offices with a service you can trust, in Bulgaria, contact the Dynamic Space property experts:

Website: www.dynamicspacebg.com

Mobile: +359 (0) 896670507 +359 (0) 897036030
Office/Fax: +359 (0) 2 953 01 16
e-mail: info@dynamicspacebg.com

Office Address: Ul.Vladayska 42, Sofia, Bulgaria

Twitter: @dynamicspacebg
  

Bulgarian State Construction Company Privatized For BGN 51 M

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Bulgarian state construction company Technoexportstroy was privatized Wednesday against BGN 51 M given by Bulgarian firm AT Engineering 2000.
AT Engineering was the sole bidder in the privatization tender, and acquired 100% of the company's 103,970 shares.
This is the biggest yet privatization deal in Bulgaria for 2012, but came to be finalized only after the third try.
At the first listing of Technoexportstroy, Bulgaria's Privatization Agency had set a BGN 68 M minimum limit, dropping to BGN 60 M at the second, and then dropping off at the third.
The privatization contract obliges the buyer to keep the principal field of operation of the company unchanged for the next 3 years.
The buyer is also obliged to not initiate or support a liquidation or transformation of the company for the same period.
AT Engineering 2000 engages in construction and repair of industrial, administrative and residential buildings.
Its last major project involves taking part in building composting facilities at the future Sofia recycling plant, as a part of the Eggersmann & Co. consortium.
The company has received a significant drop of income from BGN 78 M in 2009 to BGN 16 M in 2011, which has resulted in some 120 employees being laid off.
Technoexportstroy's financial situation is not good either, with a small profit of BGN 119,000, but also uncovered losses of BGN 175 M, given a capital of BGN 82.6 M and blocked bank accounts.
The company is however known to own attractive real estate and facilities, as well as a network of units abroad.

Article courtesy of www.novinite.com 
Image courtesy of: http://www.freedigitalphotos.net image by 'Stuart Miles' 

To rent offices with a service you can trust, in Bulgaria, contact the Dynamic Space property experts:

Website: www.dynamicspacebg.com

Mobile: +359 (0) 896670507 +359 (0) 897036030
Office/Fax: +359 (0) 2 953 01 16
e-mail: info@dynamicspacebg.com

Office Address: Ul.Vladayska 42, Sofia, Bulgaria

Twitter: @dynamicspacebg
  

Mall-ology or Mall-itus in Bulgaria?!!! (Sofia Ring Mall next to IKEA, coming soon!)

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The future Sofia Ring Mall – which is to become Bulgaria's largest retail and entertainment destination together with the closely located store of IKEA Bulgaria – is to be completed by July 2013.
The EUR 120 M shopping center will provide to its customers views towards the city and Vitosha Mountain and a lot of green areas.
This has been announced at a news conference in the Bulgarian capital Tuesday featuring represenatives of the two Greek investors Fourlis Group and Danaos Group as well as the project consultants Colliers International.
They have pointed out that the expansion of Sofia ring road, which is scheduled for the fall of 2012, will provide safe and easy access for the some 1.5 million residents of Sofia.
Sofia Ring Mall is scheduled to be completed by July 2013 and its opening is planned for the fall 2013.
It will feature a tenant mix of over 200 stores, including fashion and sport stores, entertainment facilities, a 10-screen cinema multiplex. More than 25 000 sq meters of gross leasable area are slated to anchor tenants and more than 20 000 sq meters to fashion brands. In total Sofia Ring Mall will have 69 000 square meters of gross leasable area, and 172 000 square meters of gross building area on 3 retail floors.
One of the biggest advantages of Sofia Ring Mall is that it's a unique cluster of "big box" operators working in synergy with a classical "shopping mall" mix, making it and all-in-one offer catering all needs of visitors, the investors say.
The total investment of the project, including the land and the infrastructure which involves green spaces and assisting roads on the side, is exceeding 120 million EUR.
Some of the tenants that have already made contracts for retail space at the Sofia Ring Mall include Piccadilly; Yavor Furniture; Mr.Bricolage; Cine'Grand; Technomarket; Public.
During the presentation of the project Liberis Moschovitis, General Manager of Sofia Ring Mall, highlighted the regional character of the development and the new experience that will be offered to the visitors.
He noted that "the new retail destination in Sofia has been created to provide the important tenants mix, especially with the combination with IKEA making it a new retail destination in the country."
"One of the strategic advantages of Sofia Ring Mall is its strategic location, convenient and easy access. Moreover, the successful concept "all under one roof" makes the classic shopping in the city very special experience among the big open spaces, a lot of green area and entertainment places", said Iglika Yordanova, manager "Commercial area" in Colliers International.
Sofia South Ring Mall EAD, a joint stock company owned by two major investors Fourlis Group & Danaos Group, is a company, active in the investment, lease and management of the commercial center Sofia Ring Mall.

Courtesy of Novinite

To rent offices with a service you can trust, in Bulgaria, contact the Dynamic Space property experts:

Website: www.dynamicspacebg.com

Mobile: +359 (0) 896670507 +359 (0) 897036030
Office/Fax: +359 (0) 2 953 01 16
e-mail: info@dynamicspacebg.com

Office Address: Ul.Vladayska 42, Sofia, Bulgaria

Twitter: @dynamicspacebg
  
 

COMMERCIAL PROPERTY MARKET IN BULGARIA – 2012

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According to analysts, there are three main tendencies concerning the commercial property market in Bulgaria for 2012.

The first one is that the number of purpose built industrial facilities has increased due to the increased volume of outsourcing of light industrial production from Western Europe to Bulgaria. Bulgaria is attractive with low taxation and low labour costs.

The second tendency is that the relocation of companies into newly build offices has intensified due to the fact that the owners offer 5 to 7 year leases at attractive prices, allowing firms to cut costs during the economic downturn.

The third tendency is that six new giant shopping malls are under construction throughout Bulgaria, three of which are opening in 2012 – Bulgaria Mall, Paradise Centre and a new mall in Bourgas. 

Source:
http://lmlegalservices.com/blog/archives/818

Contact Dynamic Space 

To rent offices with a service you can trust, in Bulgaria, contact the Dynamic Space property experts:

Website: www.dynamicspacebg.com

Mobile: +359 (0) 896670507 +359 (0) 897036030
Office/Fax: +359 (0) 2 953 01 16
e-mail: info@dynamicspacebg.com

Office Address: Ul.Vladayska 42, Sofia, Bulgaria

Twitter: @dynamicspacebg
  

An Anatomy of Bulgarian Business

Aging Bulgarian Business leaders

Young entrepreneurs in Bulgaria represent only 5% of all businessmen in the country, according to recent research.

The study conducted by the market research agency NOEMA, shows that businessmen of 60+ represent 15% of the total.  

33% of SME's are family run businesses. These family businesses are mostly run and managed (70%) by their creators representing 90% of all business in Bulgaria.

The study focused on the macro-economic environment for business in Bulgaria and their current state of competitiveness, the influence of the economic crisis and how/if they are recovering.  It also investigated the amount of innovation carried out by such firms.

There are 325,000 micro businesses in Bulgaria, followed by 23,000 small business, with medium businesses representing 4,444. There are only 774 large firms representing only 2% of the total.

Business is mostly concentrated in Southern Bulgaria with a strong difference compared to the North. Experts from NOEMA cite the poor infrastructure in many Northern regions.

The crisis has hit the manufacturing sector most with a large number being forced to shut down since 2008. 

Unemployment rose most in SME's, which provide 75% of all jobs in the country.

The financial indicators have worsened slightly with revenues and turnovers going down by several percentage points, leading businesses to cut costs and investment in new technology and equipment.

In 2011 SME's relied largely on exports of raw material, machines and equipment to the rest of the EU.

Experts raise concern at the aging population of leading Bulgarian entrepreneurs, with most over 46.  Banks are seen as loathe to lend making access to credit a key issue for SME's in Bulgaria.  This in turn affects competitivity, with reduced investment in innovations highlighting a need for alternative sources of financing.  In 2011, according to the study, 62% of SME's used funds from their owners or friends and relatives to plug the gap left by the banks.

Another problem for SME's is the protection of intellectual property.  Only 7% having registered patents; 13% a registered brand and less than 20% with enough funds to invest in the aforementioned.

Article courtesy www.novinite.com 

To rent offices with a service you can trust, in Bulgaria, contact the Dynamic Space property experts:

Website: www.dynamicspacebg.com

Mobile: +359 (0) 896670507 +359 (0) 897036030
Office/Fax: +359 (0) 2 953 01 16
e-mail: info@dynamicspacebg.com

Office Address: Ul.Vladayska 42, Sofia, Bulgaria

Twitter: @dynamicspacebg