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.
Sofia paid over €1.5bn for its section of the Balkan Stream pipeline, which has never delivered any gas to Bulgaria.
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.
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.
Facing a cold winter, Southeast European countries look to coal from Indonesia, gas from Azerbaijan and oil from Iran.
French e-gaming company 52 Entertainment aims to improve its regional capabilities in board and card games.
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.
Alcatraz AI has raised nearly $50mn in total to develop its autonomous access control system using 3D facial authentication and artificial intelligence.
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.
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.
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.