Greek budget deficit down sharply in first half 2013

The Greek state budget deficit fell to 4.991 billion euros in the first six months of 2013, from 12.477 billion euros in the same period last year and down from a budget target for a deficit of 7.194 billion euros, the finance ministry said yesterday.

In a report, the ministry said that the budget’s primary deficit was 1.511 billion euros, in the January-June period, down significantly from a primary deficit of 3.316 billion euros last year and a budget target for a shortfall of 3.877 billion euros.

Serbia gets 212 small hydroelectric power stations

By signing a Memorandum of Understanding with the representatives of 15 municipalities and investors, the Energy Ministry today finished the procedure of allocating 212 sites for the construction of small hydroelectric power stations in Serbia.

If all these small hydroelectric power stations are completed on schedule, Serbia will get about 1,000 new jobs and a new capacity of 80 megawatts over the next three years, said Dejan Trifunovic, assistant to the Energy Minister.

Pegasus launches flights to Albania's capital, Tirana

Pegasus Airlines continues to expand its network rapidly with the addition of such new routes as Albania's Tirana. Pegasus' latest new destination of Tirana launches on September 2 and will run five times a week from Istanbul's Sabiha Gokcen airport.  

Huawei invests EUR 200 million in Serbian railway

The railway company Zeleznice Srbije (ZS) signed on Wednesday an agreement with the Chinese company Huawei on modernizing its telecommunications, with the total value of the investment standing at around EUR 200 million.

Bulgaria's Current Account Turns To Surplus, FDIs Down

Bulgaria's current account swung to a surplus for the first five months of 2013 from a deficit a year ago, data released by the Bulgarian National Bank showed Wednesday.

The current account showed a surplus of EUR 28.7 M from January till the end of May, compared to a deficit of BGN 1.04 B in the same period a year earlier.

Chinese Company “SEPCO 3” is building a thermal plant in Zenica

After a successful conduction of analysis and review of the project, municipality Zenica signed an agreement yesterday with the Chinese state company “Sepco 3” on the construction and purchase of equipment for the thermal plant Toplana, for which the foundations for construction were laid for this most important infrastructural project in Zenica and one of the most important energy projects in this part of Europe. 

Bulgaria opens Monday its first completed highway Trakiya

The last section of the Trakiya highway in southern Bulgaria, connecting the capital Sofia and the Black Sea city of Burgas, which has been built for 40 years, is finally going to be launched on Monday, July 15.

All Bulgarian Prime Ministers since the start of the construction in the distant 1973 are invited for the ceremony. Bulgarian President, Rosen Plevneliev, is going to attend as well.

After the Monday launch, for a first time Bulgaria will have not only a highway that connects Sofia to the Black Sea, but also its first completed highway ever.

Greek Intralot receives betting license in Poland

INTRALOT’s subsidiary in Poland, Totolotek, has received a 6-year Internet betting license from the Polish Ministry of Finance. According to the license granted, Totolotek will provide to players in Poland Fixed Odds Betting and Sport Pool Games through the Internet. The Company’s plans regarding interactive gaming in Poland also entail the development of Live Betting.

FYR Macedonia and Serbia Call off Trade Row

Serbian wheat and flour will be freely exported to FYR Macedonia while wine and tomatoes from FYR Macedonia can freely enter Serbia following a meeting of the two trade ministers.

Serbian Trade Minister Rasim Ljajic and his counterpart from FYR Macedonia, Ljupco Dimovski, have agreed that FYR Macedonia will amend a regulation curbing the import of wheat and flour from Serbia.

Russia transfers USD 300mn to Serbian budget

The government of the Russian Federation transferred USD 300 million worth of financial support to the Serbian state budget. This was announced on Wednesday in Belgrade by the Serbian Ministry of Finance and Economy.

Panasonic to Acquire Minority Stake in Gorenje as Part of Partnership Deal

Japanese electronics group Panasonic will acquire a significant though minority stake in Slovenian home appliance group Gorenje as part of a partnership deal that envisages cooperation in research and development, production and sales, the companies announced on Friday.

First Croatian Smart Phone Goes On Sale In Croatia

The first Croatian smart phone went on sale in Croatia on the weekend without much fuss. The Forcebook UltraPhone 40, produced by Croatian tech company HG Spot, is white, has a 4 inch screen, an Android 4.0 operating system, a 1 GHz processor and dual SIM capabilities.

Greek Trainose sale gets the green light from EC

The European Commission has given Greece the green light to start the privatization process for Greek railway service operator Trainose.

In a letter sent to the Transport Ministry, Commission Vice President Joaquin Almunia, informed Minister Michalis Chrysochoidis that the restructuring of the train operator, which started in 2010, as well as its forthcoming privatization will relieve the company of the burden that the issue of state subsidies has brought on it.

UK Mail enters Croatian market

The British independent delivery company UK Mail plans to be more active in Croatia after the country joins the European Union on 1 July. UK Mail have said they will be working together with Overseas Express.

Bulgaria to Build 1st Nuclear Waste Repository

Bulgaria's government has made the first steps towards creating the country's first nuclear waste repository.

According to a cabinet press release Wednesday, the area near the northern village of Harlets, nearby Bulgaria's only functioning NPP - theKozloduy NPP - has been designated as a site for the repository.

First Turkish bank arrives in Serbia

The first Turkish bank in Serbia yesterday opened its office at Terazije Square in Belgrade through its branch office in FYR Macedonia. Halkbank, the seventh largest bank in Turkey, is a bank with the largest growth rate in Europe since 2008.

FrieslandCampina extends contract with Unilever to produce Napoca ice cream until 2014 at Romanian factory

Dairy maker FrieslandCampina Romania has extended the contract with Unilever Romania and will continue to produce the Napoca ice cream in its plant in Baciu, Cluj county, at least until end-2014, the company has recently announced.

Montenegrin government decides to have Chinese companies build stretch of Bar-Boljare highway

China Communication Construction Company (CCCC) and its subsidiary CRBC are going to build a stretch of the Bar-Boljare highway, the Montenegrin government announced today.

The Chinese company has offered to build a "high-priority" stretch between Smokovac and Matesevo, with a length of 42 kilometers, for EUR 809 million, finance and transportation ministers, Radoje Zugic and Ivan Brajovic, told the press.

GlaxoSmithKline to close down large Romanian drug factory

British drug maker GlaxoSmithKline GSK recently announced its plans to close down the Europharm factory it owns in Brasov, Romania, because of production overcapacity at a group level. The decision came following a wave of expired patents which led to an excess of capacity for solid oral drugs,” said Pascal Prigent, general manager of GSK Romania.

Shah Deniz consortium chooses TAP to carry Azeri gas to Europe

The consortium developing Azerbaijan's Shah Deniz gas field has chosen the Trans Adriatic Pipeline (TAP) for natural gas deliveries to Europe, Gordon Birrell, BP Regional President for Azerbaijan, Georgia and Turkey said on Friday.

TAP defeated the rival Nabucco West project.

Bosnia has worst GDP in Europe, Eurostat says

Bosnia and Herzegovina has the lowest Gross Domestic Product, GDP, per capita and the lowest Actual Individual Consumption, AIC, of 37 European countries, according to a report by the EU statistics agency Eurostat. The research covered all EU member states, plus Switzerland, Iceland, Norway, Croatia, FYR Macedonia, Serbia, Turkey, Montenegro, Bosnia and Albania.

Lukoil to Buy Wind Farm Worth EUR 17.6 M near Bulgaria's Balchik

LukErg Renew, a 50/50 joint venture of Russian Lukoil-Ecoenergo and Italian ERG Renew, has agreed to buy wind farms in Bulgaria and Romania for a total of EUR 127 M.

The deal concerns Bulgarian renewable energy project Hrabrovo near the Black Sea coastal town of Balchik and Romanian wind farm Gebeleisis, according to reports of Capital Daily.

Romania and Bulgaria remain well behind the rest of the EU for GDP per capita in 2012

GDP per capita in Romania expressed in Purchasing Power Standards (PPS) was the second lowest in the EU last year, ahead of only Bulgaria, according to figures published today (June 19) by EU Statistics Office Eurostat. Romanian GDP per capita was 49 percent of the EU average, while Bulgaria’s was lower still – 47 percent the average. However, for Actual Individual Consumption (AIC) per capita, Romania ranked lowest at 48 percent of the EU average, Bulgaria was one place ahead at 49 percent of the average figure. The figures for the rest of the EU for both GDP and AIC per capita were all at least 61 percent of the overall EU averages.

Split port gets new operational area

Two new ferry berths were opened at the Croatian port of Split on Friday.

The project has been estimated to cost close to 5 million Euro.

The additional 2.700 square metres the berths provide are set to aid the flow of international traffic in the port.

Statkraft to build hydropower plants in Albania

Statkraft has decided to start the construction of the Devoll hydropower project in Albania. Initially, it’s decided to build the two hydropower plants Banjë and Moglicë with a combined capacity of 243 MW and an annual production of about 700 GWh.

Bulgaria, Romania Launch Danube Bridge 2, 'Crossroad Link with Europe'

Bulgaria and Romania launched Friday the long-anticipated Danube Bridge 2, describing it as the countries’ crossroad link with Europe. 

"This wonderful, beautiful facility, the newest bridge over the Danube connects the people on both sides of the river. But it also brings them closer to Europe, turning the town of Vidin into a crossroad link in our relations with Europe,” Bulgaria’s parliamentary speaker Mihail Mikov said at the opening.

Ryanair proposes rescue plan for Greek tourism and aviation

Ryanair, presented a Greek tourism rescue plan to the Transport Minister Kostas Chatzidakis which could see Ryanair grow its Greek traffic to 10m passengers p.a. by 2016, on the day Ryanair opened its 1st Greek base  at Chania.

Serbian public enterprises account for four fifths of economy's loss

Out of nearly 500 public enterprises with over 200,000 employees, a total of 198 ended 2012 with a loss that makes up four fifths of all losses in the Serbian economy.

According to the latest analysis of the Agency for Business Registers, the public enterprises which recorded a loss in 2012 accounted for 87 percent of the total losses in the Serbian economy worth RSD 63 billion.

Austrian firm Verbund turns on new wind farm on Romanian coast

Austrian company Verbund has flicked the on-switch for the new Casimcea Wind Farm, in Tulcea County. Verbund’s investment in the project is some EUR 380 million and the new wind farm can produce enough electricity to supply some 350,000 households. More turbines will be connected over the next two years, taking the wind farm’s capacity to 280 MW by 2016, according to the company.

New Hydro Power Plant on Sava River

Slovenian Prime Minister Alenka Bratušek officially inaugurated on Friday a new hydro electric power station on the river Sava near the town of Krško. She said in her address that hydroelectric plants on Sava south of Ljubljana will contribute to Slovenia's goals in renewable electricity production.

Aluminij d.d. Mostar in BiH entirely shuts down its production facilities

Aluminij can no longer continue to operate in conditions of current prices of electricity and primary aluminium, and therefore starting as of 17 June it starts with shutting down process of the entire smelter - this is a today’s  Decision of the Supervisory Board of the Company, based on  the proposal of CEO Ivo Bradvica, which  was unanimously adopted  after thorough review of the Business Report in the first four months of the current year, which shows that the Mostar smelter realizes  KM 9,7 KM of  loss per month, as of 1 January.

Chinese experts: Morava channel construction is feasible

The project to build a Morava navigation channel to connect Belgrade and Thessaloniki is feasible, although there are some infrastructure barriers that should not be difficult to remove, a delegation of the China Gezhouba Group Corporation, a Chinese national company, said Friday.

Bulgaria Has 3 Months to Decide on Belene Nuclear Plant Project

Bulgaria has three months to decide the fate of the Belene nuclear power plant project, according to National Electric Company executive Ivo Lefterov. 

Lefterov revealed that Russian state-owned company Atomstroyexport would announce its financial claims to Bulgaria for the abandoned project by the end of the week. 

Danish Grundfos opens first factory in Serbia - Plant in Indjija worth EUR 50 million

Serbian President Tomislav Nikolic opened a new factory of the water pumps producer Grundfos in the industrial zone of the town of Indjija, northern Serbia, on Wednesday.

At the opening ceremony, Nikolic said that the decision by Grundfos to build a factory in Serbia testifies to the fact that we have become an attractive destination for investors.

World Bank: Bulgaria Loses BGN 2 M Daily from Energy Mess

The excess of electric power generating capacity of Bulgaria is so large that there will be a surplus of energy in the country even in 2030 when consumption will be higher.

The conclusion comes from the report of the World Bank and the European Commission on the Bulgarian energy sector.

Germanwings expands into Greek market

Low Budget airline Germanwings announced its plans to expand into Greek market, following the airline’s launch of its first direct flight in May from Hannover to Thessaloniki.

The company is to expand with three summer destinations from the new Hub Hamburg to Heraklion, Kos and Corfu. 

Serbian Nordeus to open development center in Skopje

Belgrade-based Nordeus has decided to expand its business by opening a new development center in Skopje.

Nordeus has been constantly growing since the launch of its main product - the Top Eleven Manager game. Aside from this football manager game, the company has also decided to strategically expand its business and start developing other gaming products.

Construction of Bogdanci wind park begins

Cornerstone laying ceremony marked Saturday the start of the construction of "Bogdanci" wind park. This is the first wind park in FYR Macedonia which will provide pure energy from renewable source using the wind energy. 

Foreign supermarket chains struggling in Croatia

Foreign supermarket chains are struggling in Croatia and can not compete with the major local player, according to data from Financial Agency (FINA).

Croatia’s largest supermarket chain Konzum topped the list of leading supermarkets in the country in 2012 with revenue slightly up to just under 2 billion euros.

Slovenian Peko Sale Aborted

The sale of state-owned footwear maker Peko to Croatian Osimpex appears to have been aborted, as Osimpex said Thursday it did not extend its offer beyond its 30 April validity after failing to obtain bank loans for the EUR 2m deal.

Montenegrin Prime Minister opens Port Milena bridge, an EUR 13.9 million investment.

Montenegrin Prime Minister Milo Đukanović inaugurated the bridge over the Port Milena channel, connecting the town of Ulcinj with Štoj and Ada Bojana. The investment was worth EUR 13.9 million and the project was initiated in 2010. 

Bulgaria Govt Allocates BGN 3 M to Tourism Promotional Campaign

Bulgaria's caretaker government has granted a total of BGN 3 M to the Ministry of Economy, Energy and Tourism (MIET) for the implementation of the annual program for national tourism advertisement.

CEZ Files Lawsuit Against Albania

The Czech power company CEZ announced on Thursday that it has launched arbitration proceedings seeking compensation for damages incurred during its investment in an Albanian electricity company.

“The arbitration proceedings have been formally initiated by sending a notice of arbitration,” CEZ said in a statement. “However, this does not prevent a potential out-of-court settlement between the parties.”

Low cost Ryanair confirms the launch of flights from Podgorica

The largest low cost airline company in the world, Ryanair has confirmed that it will start flights from Podgorica to the European airports. The official announcement of Ryanair has also been accompanied with the launch of first tickets for two destinations. The company said that the first flight will be made on June 20.

McDonalds in FYR Macedonia closed indefinitely

MINA finds that the reasons for the closure of all McDonalds restaurants in FYR Macedonia was dispute in contract and contractual obligations between the franchise owner Sveto Janevski and McDonalds' corporate European office.

Skopje to get 30 mln euro DoubleTree by Hilton hotel

The Hilton hotel brand is set to enter FYR Macedonia after Skopje-based franchisee Stone Bridge Hotel on Monday broke ground for the construction of a DoubleTree by Hilton worth 30 million euro ($39 million), the FYR Macedonian government said on Monday.

Oracle to invest EUR 100 million in Romanian expansion

American software producer Oracle will invest EUR 100 million in Romania in expanding its existing capacities, according to Dan Şova, the minister delegate for Infrastructure Projects and Foreign Investments. Oracle’s new investment in Romania will be mainly directed to call centers, according to the minister.

BiH more efficient than Croatia and Serbia in the Wood Sector

Wood sector of BiH is making larger profit than the wood sector of Croatia and Serbia.

Benchmark report for 2012, presented by the Association for Business Counselling in BiH, showed that the BiH wood sector companies make more than 70% of overall income and have larger profit per employee in comparison to companies from Croatia and Serbia.

Slovak bank sues Greece over 2012 bond swap

Slovak bank Postova Banka said it is suing Greece at an international arbitration tribunal over the forced exchange of the country’s bonds last year.

According to Reuters, Postova said it and shareholder Istrokapital SE were suing Greece at the International Centre for Settlement of Investment Disputes (ICSID) because it believed Greece broke international treaties in the bond swap.

The newest shopping center in Bucharest, Promenada, to open this fall

The new shopping center Promanada in the Floreasca area of Bucharest, developed by Raiffeisen Evolution, will open in October this year. So far, work has been 75 percent completed, and 90 percent of the 38,000 sqm leasable area has been rented out to companies such as Peek & Cloppenburg, Indi­tex, H&M, C&A, Billa, according to Ziarul Financiar daily.