Sofia Echo reports that “Bulgarian banks advanced to a new round in their cutthroat fight for attracting fresh cash from savers. New deposit offers came out from the market’s top players Postbank, UniCredit Bulbank, DSK Bank and Raiffeisenbank.

A bunch of other lenders have ongoing juicy deposit promotions including UBB, First Investment Bank, EIBank, and Allianz Bank Bulgaria.

Annual rates on three-month local currency deposits have climbed to 6-7.5 per cent, to eight per cent on four-month deposits and 8.5-9 per cent on six-month products.

Euro-denominated deposits come with lower rates because it is the lev that Bulgarian banks are most starved for.

Source: Sofia Echo

It may be that a copy is never as good as an original, but Italian artist Daniele Dondé’s reproductions of famous paintings sure come close. An exhibition of his works will be on show in Varna until July 23 2008 at the Golden Tulip Hotel in Business Park Varna.

Dondé has been known for making copies of paintings by names like Vincent van Gogh, Claude Monet, Auguste Renoir, Paul Gaugin, Gustave Klimt, Amedeo Modigliani, Edgar Degas and Leonardo da Vinci, among others, for more than 20 years.

In fact, the show in Bulgaria is not only works by Dondé, but by a whole team of 10 of his reproductionists.

To achieve such exact copies, the artists take the original images and reproduce them inch by inch, including every minute detail, in the new work. To obtain the look of originals, the artists use specially aged canvases and paints that are as close as possible to the composition of those used in eras past.

On his website, Dondé says that he became interested in this profession after having discovered that some 50 per cent of the art in his father’s collection were fakes; instead of becoming permanently depressed, he decided to work with such reproduction artists and legitimatise their craft, the agreement being that they work solely for him.

The show in Bulgaria has been made possible by Koicho Belchev, a Dondé collaborator in painting. Belchev, born in 1922, comes from a long line of influential tobacco industry players; his family served as the prototype for the family in Bulgarian author Dimitar Dimov’s novel Tyutyun (Tobacco). After communism entered Bulgaria, he went to Switzerland, going on to graduate from a university in Zurich in the late 1940s, where he studied under Karl Jung. Working in the financial sphere in New York City, US, for 22 years, he eventually become owner of the (now defunct) Hayden, Stone & Co. He has been working with Dondé since 1990. At present, Belchev lives in Switzerland.

Source: SofiaEcho

Bansko needs to correct a major fact in its city guide, Katya Melamed, the archaeologist supervising ongoing digs in the vicinity of Bulgaria’s major ski resort, said to The Sofia Echo. All reference books state that the first signs of settlements can be dated back to the 15th century, Melamed said, but recent findings indicate that active life in the area started around fourth century CE.

Her team is continuing a series of excavations that initially began almost 15 years ago. Now they are looking into a large building from the seventh century, and with a quite complex architectural plan, Melamed said. The remaining structure displays evidence of adjoining spacious warehouses with floors, covered with wooden grids.

According to Melamed, this was an early Christian basilica as it is evident by the fragments of stained glass as well as richly adorned Byzantine glasses recently unearthed.

The scholar suggested that most likely the basilica was burnt down by a Slavic tribe that later built a settlement over the ruins. Melamed discovered another layer of remnants consisting of rectangular-like dwellings. Later on, around the 10th century, another religious building was erected, a church perhaps, which also crumbled in a fire, the archaeologist said.

What happened after that is hard to determine, Melamed said, but the settlement was abruptly abandoned and turned into a necropolis. More than 150 graves have been located, as the majority of them have been excavated. Melamed said that the findings are typical for a burial site, such as various adornments and coins.

Thus far, the most valuable objects Melamed and her team have found are a silver ring with a engraved cross and an inscription written in Greek, as well as a coin left from the time of Bulgarian ruler Ivan Assen II (1218/1241).

Melamed said that a great quantity of Slavic pottery has been unearthed. The basilica’s roof was covered with locally manufactured tiles. Earlier archaeological discoveries have found that a Slavic pottery factory functioned in the area and supplied the nearby region.

Source: SofiaEcho

At the beginning of October 2008, MM Television – the first Bulgarian music television – will give the first “Music Decade Awards” in Bulgaria’s history, thus celebrating 10th anniversary of the television.

MM TV has invited ten of the most renowned Bulgarian music video directors, Alexander Mollov, Valeri Milev, Georgi Tornev among them. Each of them will reveal his personal point of view on the development of Bulgarian music during the last ten years, providing a short movie about each of the ten categories of the music awards.

All performers, nominated through the years, will take part in the competition for the anniversary awards. The jury will include competent music journalists and editors, as well as MM TV crew.

Source: News BG

Going to Bulgaria this summer, brush up on some basic phrases using BBC Languages Tools

85% of the approximate 8.7m population of Bulgaria speak the official language, Bulgarian. 2.5% speak Macedonian, considered in Bulgaria as a dialect of Bulgarian and not as a separate language.

Other minority languages include Romani, Turkish, spoken by 9% of the population, and the related languages of Gagauz, Tatar, and Albanian.

The works of Bulgarian sculptor Ivan Minekov have been chosen for exhibition as part of the 23rd International Ballet Competition Varna 2008.

The show opened on July 17 in Alfa Art Gallery III in the Black Sea city’s Palace of Culture and Sport.

Given the event that it accompanies, the theme of Minekov’s exhibition is overarchingly ballet, with 12 statues of various sizes representing the art. Among those on display is his newest work, entitled Ballerina, which will be conferred as the grand prize to the winner in the young age category of the dance competition.

Paintings by Minekov’s daughter, the London-based Paola Minekova, complement Minekov’s works, along with canvases by Varna artist Svetlin Nenov. The show is on until July 30.

Minekov’s history as an artist dates back to the 1970s, when, between 1975-1990, he was the man who designed many of the communist-stylised statues in cities around Bulgaria, like Bourgas, Dorkovo, Lovech, Rousse and his native Pazardjik.

Today his works can be found in private collections around Europe, and in Israel, Japan and the United States. At present, he is working on a memorial to the Bulgarian Jews in World War 2, and a monument to be placed at the site of the El Al civilian airliner crash, which was shot down over Bulgaria in 1955.

Source: SofiaEcho

Found on the Black Sea coast just 1km south of the ancient town of Nesebar, Ravda is the perfect location for your dream holiday home and investment property. Set in an idealic backdrop of virgin forest, lush green meadows and fields of sunflowers, Ravda’s wide flat sandy beach is considered to be among the finest along the Black Sea coast.

Pensions not a viable option, then consider investing in a Bulgarian property to secure your retirement. With projected increases of 20-40% ROI p.a. for Beach Properties in Bulgaria and prices starting from only £39,000 make it an ideal investment location.

Just 20 minutes from the airport and commercial port at Bourgas, 3km from Sunny Beach and next to Nesebar, this property’s location has many strategic advantages.

1 bed, 2 bed and penthouse apartments still available.

Prices start at Euro 60,000/ £39,000 (includes VAT)

This complex is completed and ready to rent or occupy.

Ravda Beach holiday complex offers luxury accommodation, this closed complex comprises of 67 stylish turn-key apartments from 52 to 145 sqm, with private swimming pool, green areas, a children’s playground, parking and shopping facilities.

Are you already planning a trip to Bulgaria?

Why not take the opportunity to experience Ravda beach and its surrounding areas on your visit, to see if it’s right for you?

You are very welcome to stay at the Ravda Beach Holiday Complex, at our expense*. We will arrange for a colleague to pick you up from the airport and escort you to the apartments, and to assist you throughout your stay.

The Location

The ancient town of Nesebar, set on a small rocky peninsula on the north of Bourgas Bay, is one of 9 UNESCO heritage sites in Bulgaria and is the jewel of the Black Sea. With narrow authentic medieval, Roman and Greek cobblestone streets and ancient remains, Nesebar is a place of intrigue which exudes a romantic and timeless atmosphere.

In contrast, one of the most popular and lively tourist destinations on the Black Sea coast, Sunny Beach, is just 3 km away. With miles of sandy flat beach, alongside which runs a long pedestrian promenade with shops, market stalls, bars, cafes and restaurants, Sunny Beach attracts the young and stylish European set.

About the Developer

BG Developments is Irish/Bulgarian collaboration. The Irish parties have successfully developed and dealt in residential and commercial property and land for over 35 years, and they have a long standing relationship with their Bulgarian partners spanning 25 years. All projects undertaken by BG Developments Ltd are carefully analysed and planned, ensuring a continuing legacy of value and return on investment.

Contact us for more information.

* This offer is only open to serious investors and is subject to a standard vetting process.

Bulgaria could earn round 100 million USD yearly from congress tourism, the Bulgarian MEP Biliana Raeva considers.

According to Raeva words the congress tourism is one of the most successful tourist branches and our country should stake more on this sphere.

A business tourist leaves few times more money than the ordinary one by his visit to a concrete country.

Round 400, 000 people have visited Bulgaria for business in 2006.

Minimal drop in the amount of this kind of tourists is marked in 2007, but for the first 5 months of the present year, the branch marks raise of 16,6%.

MEP Biliana Raeva pointed out, the development of business tourism in our country is important, but is connected with serious planning and preparing.

That was declared on a seminar in Varna city on the theme ‘Congress Tourism’, attended also by the chairman of State Agency of tourism Anelia Krushkova , representatives of the local authorities and experts over the operative programs of EU.

There will be discussed the concrete opportunities for development of business tourism in Bulgaria, methods of attracting investments in the branch and ways of using the EU structure funds resources.

Source: BG News

Recent news from the Bulgarian banking sector confirms what many property investors have known for a while – investment potential in Bulgarian property is one of the best in the world. Not only does capital growth top global rankings, but the Bulgarian mortgage sector is booming.

Data just released by RNCOS – a leading market research company – confirms that the Bulgarian real estate market was the world’s strongest in 2007. The RNCOS report, Bulgarian Banking Sector Analysis, also found that Bulgaria’s mortgage sector is one of the fastest growing in the banking industry with housing loans accounting for one third of all lending products.

The Bulgarian mortgage market may be young, but in its short life it has shown remarkable growth. After liberalisation of the mortgage sector in 2004, the Compound Annual Growth Rate (CAGR) increased by a massive 87% between 2004 and 2007 with growth for the period 2007 to 2010 predicted to be at a similar spectacular percentage.

Bulgarian National Bank figures report that Bulgarians took out over €2.5 billion in mortgages over the last year and home loans now account for almost half the loan total (a rise of nearly 25% over the last 3 years).

Not only has mortgage lending seen a massive hike, but Bulgaria has also experienced a huge increase in mortgage products. “Being able to choose from a variety of products is very important for the property investor,” comments Ken Thorkildsen, Director of Obelisk Private Finance, “and the choice in Bulgaria has improved almost beyond recognition in the last few years.”

Of particular interest to property investors are products for remortgaging and equity release. Equity release amounts have increased by up to 75% of the appraised value, which allows property investors leverage for other products, therefore providing the opportunity to expand their property portfolio.

Interest-only mortgages are also a vital tool in property investment and while these were previously for a maximum of 2 years, Bulgarian banks are now offering interest-only home loans for up to 10 years. “This is a real bonus to the Bulgarian property market,” says Ken. Furthermore, banks have recently reduced mortgage tie-in periods meaning investors who sell their property soon after purchase have less to pay in redemption charges. Some banks have cut tie-in periods to just 3 years.

With increased choice in Bulgarian mortgage options, independent financial advice is more important than ever before. “The investor’s maxim should be to minimise borrowing costs and, at the same time, ensure returns are maximised,” says Ken. “Only a professional financial adviser with up-to-date information can guide you through the myriad of new products available in the Bulgarian sector.”

Source: Obelisk Private Finance

The Chair of Bulgaria’s State Agency for Tourism Aneliya Krushkova announced Friday that the number of foreign tourists visiting the country in the first five months of 2008 has grown 16.6% compared to the same period of 2007.

The greatest percentage increases are recorded in the number of Romanians visiting Bulgaria. They are followed by Serbs, Macedonians, and Russians.

Krushkova also announced that the World Tourist Organization ranked Bulgaria 39th in the world by the number of foreign tourists it attracted in 2007.

She said, however, that the country was not included in the ranking by revenue from foreign tourists.

At the same time 29% more Bulgarians have traveled abroad as tourists in January-May 2008 compared to the same period of 2007, with Greece, Egypt, and Turkey being the most popular foreign tourist destinations for them.

Source: Novinite