On Friday, the OECD presented their first economic assessment of Bulgaria since 1999. Sofia was praised for low unemployment, conservative fiscal politics, high wage growth, and a dynamic IT sector. The same day, IT company Alterco appeared to verify this with its stocks expected to increase significantly within a year. However, on closer examination, the recommendations highlight deep structural problems requiring ambitious reforms. Elsewhere in Europe, police have launched an investigation involving Czech ČEZ Group and Bulgaria's MRF party honorary chairman Ahmed Dogan.
OECD: Bulgaria must continue reforms
Barriers to competition are high, the judiciary needs more accountability and protection of its independence, skills mismatches persist, large income inequalities are visible - these are just a few of the issues that need addressing in Bulgaria, judging by the report. Bulgaria applied to become part of the OECD but doesn't have the necessary votes yet.
Czech police investigate how ČEZ sold the Varna TPP to Ahmed Dogan
Czech police launched a criminal investigation into the circumstances surrounding the sale of the Varna TPP by energy giant ČEZ. Varna TPP's majority owner is Movement of Rights and Freedoms (MRF) honorary chairman Ahmed Dogan, according to Prague-based news website Seznam Zpravy. The investigation began following allegations by the Czech Pirate Party that the deal has harmed taxpayers, as the state is the majority owner of ČEZ.
Alterco stocks expected to increase by 25%
Sofia-based IT company Alterco's stocks are expected to increase by 25% to 10.83 levs per share (5.54 euro) within the next 12 months, according to a report conducted by investment company Wood & Co., commissioned by the EBRD. The outlook follows an expected increase in demand for IoT products.