NEMETHY: Is the world heading towards a “polycrisis”?

Les Nemethy CEO and founder of Euro-Phoenix Financial Advisors October 5, 2022

According to historian Adam Tooze, we are currently potentially facing a “polycrisis”: a number of smaller to medium-sized crises in the world that have the potential to combine and reinforce each other.

Serbia’s Dimitrovgrad to build cross-border IT industrial park with Bulgaria

bne IntelliNews October 4, 2022

Serbian municipality to offer plots of land to IT companies as Serbia seeks to boost its tech sector.

Bulgaria’s fragmented parliament unlikely to produce stable new government

Denitsa Koseva in Sofia October 3, 2022

Seven parties have passed the 4% threshold and will enter Bulgaria’s new parliament, making the formation of a ruling coalition a virtually impossible task.

Czechs try to transform EU's relationship with Israel

Robert Anderson in Prague October 3, 2022

As the current rotating president of the European Union, Prague has convened a meeting of the long moribund EU Israel Association to try to boost EU links with the Jewish state.

Bulgaria’s populist Gerb wins snap general election on record-low turnout

Denitsa Koseva in Sofia October 2, 2022

Exit polls indicate Bulgaria will get its most fragmented parliament ever and comments from the key parties in the run-up to the vote offer little hope of a stable majority being formed in parliament.

bneGREEN: Fit for 55 – not fit for purpose

Richard Lockhart in Edinburgh September 30, 2022

The EU’s Fitfor55 efforts to reduce CO2 emissions by 55% by 2030 are woefully inadequate and unable to contain global warming to the 1.5°C target, with reductions of up to 77% needed instead to stand any chance of averting a climate catastrophe.

Report says Russian gas supplies to Europe via TurkStream now endangered

bne IntelIiNews September 29, 2022

Gazprom unit that operates pipeline said to be withdrawing all technical support.

East and West clash in Bulgaria’s snap general election

Denitsa Koseva in Sofia September 29, 2022

Old alliances have broken down, with Russian vs Western orientation becoming the biggest dividing line in Bulgarian politics.

More pain stored up for Emerging Europe in 2023

bne IntelliNews September 29, 2022

Government efforts to shield populations from the energy crisis and rampant inflation have shifted the economic impact to next year, says the EBRD as it downgrades GDP growth forecasts for 2023.

Secret report reveals top officials knew Bulgaria wouldn’t benefit from Balkan Stream

Denitsa Koseva in Sofia September 27, 2022

Sofia paid over €1.5bn for its section of the Balkan Stream pipeline, which has never delivered any gas to Bulgaria.

BRUEGEL: National policies to shield consumers from rising energy prices

Giovanni Sgaravatti for Bruegel, Simone Tagliapietra for Bruegel, Georg Zachmann for Bruegel September 26, 2022

The current increase in wholesale energy prices in Europe has prompted governments to try to shield consumers from the direct impact of an energy crisis that is sweeping the Continent and the rising prices that are costing hundreds of billions.

ING: Eurozone PMI suggests the region may already be in recession

Bert Colijn Senior Economist Eurozone for ING September 26, 2022

The third decline in a row for the eurozone PMI indicates that business activity has been contracting throughout the quarter. This confirms our view that a recession could have already started.

Desperate Southeast Europe governments scramble for energy resources

bne IntelliNews September 23, 2022

Facing a cold winter, Southeast European countries look to coal from Indonesia, gas from Azerbaijan and oil from Iran.

France's 52 Entertainment buys Bulgarian gaming developer Casualino

bne IntelliNews September 18, 2022

French e-gaming company 52 Entertainment aims to improve its regional capabilities in board and card games.

Amid global energy crisis Balkan states reach out to energy-rich Azerbaijan

Fuad Shahbazov in Durham September 15, 2022

With the deepening energy crisis in the West triggered by Russia's intervention in Ukraine, European countries including Bulgaria and Serbia are eyeing alternative suppliers for additional natural gas volumes.

US-Bulgarian Alcatraz AI raises $25mn in Series A funding

bne IntelliNews September 15, 2022

Alcatraz AI has raised nearly $50mn in total to develop its autonomous access control system using 3D facial authentication and artificial intelligence.

Bulgaria offers electricity-for-gas exchange to Azerbaijan

bne IntelliNews September 12, 2022

As Sofia struggles to secure gas for the winter, caretaker Economy Minister Nikola Stoyanov offers to export electricity to Azerbaijan in exchange for more natural gas.

Opposition party demands resignation of Bulgaria’s ‘pro-Russian’ energy minister

Denitsa Koseva in Sofia September 10, 2022

Caretaker Energy Minister Rossen Hristov accused of trying to bring Bulgaria back into Russia’s sphere of influence as he seeks to resume gas deliveries from Gazprom.

ING: ECB hikes by a historic 75bp, more hikes in the works

Carsten Brzeski Global Head of Macro for ING Research September 9, 2022

The European Central Bank has decided on the largest rate hike since the start of the monetary union and has given the impression that it is fully determined to do more on September 7.

Eastern EU governments under pressure to act on rising living costs

bne IntelliNews September 7, 2022

Discontent is growing in Central and Southeast European countries that are suffering the highest inflation in the EU, pumped up by soaring food and energy prices.