Bulgaria defers entry to eurozone
Bulgaria will not now seek to join the euro on January 1, 2024.
Finance Minister Rossitsa Velkova said that Bulgaria is lagging behind with the adoption of the relevant legislation, and also does not meet the criterion for inflation. "In the context of the talks held with the executive vice-president of the European Commission, Valdis Dombrovskis, and with Pascal Donahue, president of the Eurogroup, it was decided that Bulgaria will not submit a convergent report at the end of February, " she explained.
Bulgaria's proposed accession to the euro has been a controversial issue for some time with some fringe groups campaigning for a referendum on the issue.
Cargo drone producer Dronamics raises USD 40 million
Bulgarian cargo drone manufacturer Dronamics has announced that it has raised USD 40 million from venture capital funds and business angels from 12 countries ahead of its upcoming Series A funding round.
This amount includes investments from Founders Factory, Speedinvest, Eleven Capital and, most recently, from the Strategic Development Fund (SDF), the investment arm of the Tawazun Council of the United Arab Emirates.
Dronamix is a leading developer and operator of long-range cargo drones. Their Black Swan drone can carry 350 kg worth of cargo to a height of 2,500 km, making it 80% faster, 50% cheaper and with up to 60% lower emissions compared to alternative modes of transport, including air travel.
Lukoil Bulgaria to pay BGN 70 million in fines
The Commission for the Protection of Competition has fined Lukoil-Bulgaria BGN 67.7 million for a violation committed under Art. 21 of the Competition Protection Act.
The company is found to have abused its dominant position by applying price pressure to its competitors in the wholesale trade of motor fuels on the territory of the country, which can prevent, limit or disrupt competition in the fuel markets and affect the interests of consumers.
The case was brought to CPC's attention by OMV Bulgaria, who claimed they had concerns about the violation of competition rules in fuel markets by Lukoil.