The Strategic Planning and Management Directorate of the Council of Ministers presented April 28 at a round table, attended by AmCham representatives, its web portal for public consultations - www.strategy.bg.

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Over 100 businessmen and guests joined the well known AmCham Meet New Members party on April 15 that was held at the Radisson SAS Grand Hotel in Sofia. Anthony Hassiotis, AmCham President and CEO of Eurobank EFG Bulgaria, welcomed the guests by emphasizing the role of the newly launched three AmCham board committees (Business Promotion Committee, Public Affairs/Advocacy Committee, Membership Development Committee). He encouraged the businesses to actively support the committees work.

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The American Chamber of Commerce took part in the (Investing Across Borders) project of the International Finance Corporation, as one of the contributors from Bulgaria. The principal objective of the IAB project is to stimulate reforms leading to a more business-conducive, transparent and secure environment for foreign direct investment.

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Topic of the Day

07.05.2009

The Bulgarian economy will dip into recession in 2009 and 2010 with the country’s gross domestic product shrinking by respective 1.6% and 0.1%, showed the spring report of the European Commission released in early May. Though a softer version of the International Monetary Fund’s prediction for a 3.5% and 1.0% GDP slump for this and next year, the EC forecast points to a macroeconomic deterioration. Both the EC and the IMF expect that the adjustment processes will reshape the Bulgarian economy, bringing to the fore industrial companies and their export as the major propellers of economic growth.

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Politics

07.05.2009

Martin Dimitrov, leader of the right-wing opposition Union of Democratic Forces (UDF), has approached the Central Election Commission with a request to make void a false registration for the European elections following a scandal that has ripped the party apart. The registration scandal erupted on April 30 when former party leader Plamen Yurukov submitted documents for the UDF's solo running in the upcoming MEP elections.

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Economy

07.05.2009

The Bulgarian National Bank (BNB) has revised down its forecast for Bulgaria's key macroeconomic indicators for 2009 to reflect dimmer outlook on the global economy. In its April estimate the central bank projected a feeble GDP growth of 0.6% or a worse-case 2% contraction for this year versus a previous anticipation for a 2.4% rise announced at the beginning of the year.

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Business

07.05.2009

Steve Hanke, the architect of Bulgaria's currency board, has stated that corruption is still the country's biggest problem. Hanke stated that "Corruption is Bulgaria's biggest problem, it is the area where my advice has not been heeded," in an interview for Bulgarian National Radio.

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International

07.05.2009

Carmaker Porsche says it has agreed a merger with fellow German manufacturer Volkswagen (VW) after weeks of talks between the two firms' management, BBC wrote. The luxury carmaker said in a statement that it wanted to see the "creation of an integrated car manufacturing group". VW hailed the decision of the Porsche and Piech families, owners of Porsche group, to create the merger.

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