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.