Bulgaria's manganese mystery
Bulgaria has exported nearly 72,000 tons of manganese (metal) over the past three-and-a-half years, despite the fact that the only producer in the country is bankrupt, and there are almost no imports. The surprising numbers are seen in a SeeNews report on the mining and metallurgical industry in Bulgaria, based on data from ITC, and are confirmed by partially available Eurostat statistics.
The Ministry of Energy confirmed that there is no such mining in the country, but could not say where the exports derive from. The National Statistical Institute, for its part, does not provide detailed information, but only aggregated data.
The case is interesting because manganese was included in the European Commission's latest list of critical materials. In addition to steel production, it is also used for the production of batteries.
Inflation spurs wages increase in 2024
Predicted price hikes mean than most employers (67%) include wage increases in their 2024 budget. But one in five directors plan to maintain pay levels, and 9% of directors are still undecided. The information comes from the Bulgarian Chamber of Commerce's annual poll of its members, which it is conducting for the 19th year in a row.
The survey was conducted in the period November 10 - December 10, 2023 among the managers of 784 micro, small, medium and large enterprises from all over the country and from all sectors of the economy.
Additional inflation could also be triggered through the government's plans to increase the minimum wage which may lead to a surge in companies' production costs . Almost half of those surveyed said they would factor this additional cost into the prices of goods and services.
A new cycle of startup funding begins
The state-owned Fund of Funds has launched a procedure for awarding grants under the new European program funding. Until February, those willing to take part and bid for the 100 million euros for three funds are being sought - two for 30 million euros and one for 40 million euros. The three funds will need to finance startups through different stages of their development - from gestation through to the product and then growth.
The teams, as in the first round in 2019, will be selected through public procurement. Four years ago five funds were created - NV3, Morningside Hill, Innovation Capital, Vitosha Ventures and Silverline. The investment mandate of the old funds ends soon - by the end of 2023 and they must have invested all their funds. Until the funds from the new second FnF program are earned, there will be a months-long drought in startup funding.
Bulgaria's manganese mystery
Bulgaria has exported nearly 72,000 tons of manganese (metal) over the past three-and-a-half years, despite the fact that the only producer in the country is bankrupt, and there are almost no imports. The surprising numbers are seen in a SeeNews report on the mining and metallurgical industry in Bulgaria, based on data from ITC, and are confirmed by partially available Eurostat statistics.
