Economy of Europe

Advent International and a Bulgarian-Russian consortium headed by businessman Denis Barekov are reportedly the key bidders for nationalized Austrian bank Hypo Alpe Adria.

The bank, which Austria nationalized in 2009 to prevent its collapse, is to sell its Balkan network by mid-2015 at the behest of the EU Commission.

Governor blames currency decline on "debts and Ukraine"

BELGRADE -- National Bank of Serbia (NBS) Governor Jorgovanka Tabaković is "not worried" about the national currency reaching a historic low agaisnt the euro.

One euro was worth RSD 116.74 on Thursday, according to the mean exchange rate.

BELGRADE - National Bank of Serbia (NBS) Governor Jorgovanka Tabakovic has said she is not worried about the fall of the national currency to a historic low of RSD 116.74 for one euro on Thursday, explaining that the reasons for that were a bad state of Serbia’s public finances and the Ukraine crisis.

Sofia Municipal Council has discharged Stoyan Tsvetanov, who heads Toplofikatsiya heating utility's branch in the capital.

The decision was taken by a majority of 37 to one, with five abstained.

Romania is to open a legal case against Italian energy holding Enel at the Paris-based International Court of Arbitration for breaching privatization terms concerning the sale of the local company, Electrica Muntenia Sud.

Deposits for over BGN 1 B have been withdrawn in June from Bulgarian banks, shows data of the Bulgarian National Bank (BNB). 

Austrian OMV announced that it had found a new oil reservoir in Romania's Black Sea shallow-water Istria XVIII offshore perimeter.

The reservoir identified at exploration well Marina 1 was reported to have a production potential of 1,500 to 2,000 barrels of oil equivalent per day (boe/d), according to reports of OMV Petrom, as cited by money.bg.

Customers of Corporate Commercial Bank (KTB), including natural and legal persons, will sue the state for the crisis at the fourth biggest Bulgarian lender.

An initiative committee has issued a media statement informing that it will make the Bulgarian National Bank (BNB), the prosecution, the investigative authority and the Interior Ministry liable and will seek compensatory damages.

BELGRADE - Serbian dinar continues its two-day decline against the euro by dropping another 0.2 percent or 18 paras on Tuesday and reaching the medium exchange rate of EUR 1 = RSD 116.4267, which is the lowest value of the dinar against the euro in the course of this year, the National Bank of Serbia (NBS) stated in a release.

A gas interconnector with Romania being built since 2012 will not be operational before September, sources close to the construction say.

The 25-kilometer-long connection between Bulgaria's city of Ruse and Romanian Gyurgevo was initially scheduled to be ready in end-2013 at the latest, but the deadline was extended over technical difficulties.