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United States

Angel Krasimirov

Three Bulgarian ministers sacked after fatal bus crash

Aug 31 2018

SOFIA Bulgarian Prime Minister Boyko Borissov sacked three ministers on Friday over a bus accident in which 17 people died, saying politicians needed to take responsibility for a crash that provoked an outcry over the poor state of the country's roads.

Bulgarian president criticizes defense officials over U.S. visit

Aug 23 2018

SOFIA Bulgaria's president has criticized a planned visit by defense officials to Washington just as the country seeks bids to supply warplanes from the United States and several other countries.

Bulgarian government approves roadmap to euro membership

Aug 22 2018

SOFIA Bulgaria's government approved an action plan on Wednesday that envisages the country entering the "waiting room" for euro membership and also joining the European Union's banking union by the end of June next year.

Bulgarian regulator quits amid outcry over insurance company

Aug 21 2018

* Parliament asks regulator for report explaining its actions

RPT-Bulgaria's top prosecutor orders probe of regulator over insurer

Aug 20 2018

* Public anger as 200,000 Bulgarians left without car insurance

Bulgaria's top prosecutor orders probe of regulator over insurer

Aug 20 2018

* Public anger as 200,000 Bulgarians left without car insurance

CEE MARKETS-Currencies weaken, risks from lira weakness eyed

Aug 15 2018

* Currencies mostly ease after jitters triggered by Turkish lira * Hungarian government bonds stable * Investors mull Turkish contagion channels (Adds deepening losses, dealer comment, dollar index) By Sandor Peto and Angel Krasimirov BUDAPEST/SOFIA, Aug 15 Central Europe's main currencies neared multi-week lows against the euro on Wednesday as investors were afraid that jitters of the Turkish lira could return and picked the safer dollar. The lira's plunge has knocked Central European assets and there is a risk that investors who suffer losses on lira assets may seek to curb further losses by selling Central European assets. The exposure of some euro zone banks to Turkey is also a contagion channel, analysts said. "The market has priced a fair amount of contagion already. But the endgame is not obvious yet, and another shoe could still drop," Citi said in a note. The lira regained some ground on Wednesday, but some investors were afraid of further losses, while public holidays in several Central European states including Poland limited turnover, increasing the potential for volatility. "It is easier to weaken currencies now," one Budapest-based dealer said. Record low interest rates in Poland and Hungary, and volatile government bond yields in the latter add to the vulnerability of their markets, analysts said. Hungarian yields, after swinging 10-15 basis points at the start of this week, took a breather on Wednesday, with the 10-year benchmark fixed at 3.46 percent. The zloty eased 0.5 percent and the forint 0.6 percent against the euro by 1253 GMT, while the Czech crown shed 0.2 percent. The region's main economies reported robust 4-5 percent annual economic growth rates on Tuesday, except for the Czech Republic which is facing a slowdown. These economies are fundamentally different from Turkey and other emerging economies which struggle with current account deficit problems, analysts said. If Turkey's problems ease in the near future, Central European markets will benefit, Erste analyst Zoltan Arokszallasi said in a note, adding that Turkey's 1-4 percent share of the region's exports was not worrying. In GDP-related terms, Turkish trade exposure in the region is biggest in Bulgaria, at 4 percent, followed by the Czech Republic and Romania at around 1 percent, the Citi note said, adding that Bulgaria's exports are heavy in energy, which can be diverted to other end-markets. Years of weakening in the lira, however, has already brought many Bulgarian companies into a difficult situation, said Tsvetoslav Tsachev, research analyst at ELANA in Sofia. "Bulgaria exports a lot to Turkey, especially raw materials, materials that are being processed, (and) they will be expensive for the Turkish economy," he said. A key risk to the region's assets is if the Turkish turmoil renews flows to the dollar, whose rally earlier this year led to selling in the region's emerging markets, analysts said. The dollar firmed 0.2 percent on Wednesday against a package of currencies. CEE SNAPSHOT AT MARKETS 1453 CET CURRENCI ES Latest Previous Daily Change bid close change in 2018 Czech <EURCZK= 25.7520 25.7100 -0.16% -0.82% crown > Hungary <EURHUF= 324.8200 323.0200 -0.55% -4.28% forint > Polish <EURPLN= 4.3265 4.3047 -0.50% -3.47% zloty > Romanian <EURRON= 4.6572 4.6560 -0.03% +0.48% leu > Croatian <EURHRK= 7.4260 7.4285 +0.03% +0.06% kuna > Serbian <EURRSD= 117.8900 117.9800 +0.08% +0.52% dinar > Note: calculated from 1800 CET daily change Latest Previous Daily Change close change in 2018 Prague 1068.29 1067.260 +0.10% -0.92% 0 Budapest 35832.33 36006.20 -0.48% -9.00% Belgrade <.BELEX1 734.61 741.10 -0.88% -3.32% 5> Sofia 630.45 632.50 -0.32% -6.94% BONDS Yield Yield Spread Daily (bid) change vs Bund change in Czech spread Republic 2-year <CZ2YT=R 1.3300 0.0920 +198bps +10bps R> 5-year <CZ5YT=R 1.6790 -0.0500 +199bps -4bps R> 10-year <CZ10YT= 2.1780 0.0050 +186bps +2bps RR> FORWARD RATE AGREEMEN T 3x6 6x9 9x12 3M interban k Czech Rep 1.71 1.84 1.94 1.46 <PRIBOR= > Hungary 0.55 0.77 0.98 0.18 Note: FRA are for ask prices quotes ************************************************* ************* (Reporting by Sandor Peto Editing by Alexandra Hudson and Gareth Jones)

New York art turns Bulgarian village into outdoor gallery

Aug 04 2018

STARO ZHELEZARE, Bulgaria With fewer than 500 inhabitants, Staro Zhelezare in southern Bulgaria is a world away from the mean streets of Manhattan, but its houses and barns have now been painted with some of the most famous images from New York's Museum of Modern Art (MoMA).

Rowing: Ageless Karsten may seek eighth Olympic appearance in 2020

Aug 01 2018

SOFIA Double Olympic champion Ekaterina Karsten may seek to prolong her illustrious career by another two years and make history in rowing by competing at the Games for the eighth time in Tokyo in 2020, the 46-year-old Belarusian said.

Bulgarian Socialists rally to demand early election

Jul 28 2018

SOFIA Tens of thousands of supporters of Bulgaria's opposition Socialist Party (BSP) rallied on Saturday to protest poverty and corruption and demand an early election.

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