A m e r i c a n C h a m b e r o f C o m m e r c e i n B u l g a r i a

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Analyses:Analyses:

How Global Tensions How Global Tensions Marked 2015Marked 2015

Bulgaria in the Center Bulgaria in the Center of Gas Abundance?of Gas Abundance?

Events:Events:

AmCham Raised AmCham Raised 61K in 201561K in 2015

Nine Members Nine Members Enter AmCham BoDEnter AmCham BoD

New versions of New versions of ISO 9001, ISO 9001, ISO 14001 publishedISO 14001 published

Winter WonderlandWinter Wonderland

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I feel honored to present to you the December issue of the AmCham Magazine in a notable 2015 year when we celebrated 20 years of presence in Bulgaria. The Chamber had prom-inent speakers at the anniversary landmark events, among them the President of the Republic Rossen Plevneliev, Prime Minister Boyko Borissov, Kenneth Hyatt, deputy under-secretary at the U.S. Department of Commerce, Joseph Quinlan, managing director and chief market Strategist, Bank of America, Roderick Moore, charge d'affaires, U.S. Embassy in Bulgaria, and Minister of Foreign Affairs Daniel Mitov, to name but a few.

A change in AmCham leadership took place at the AmCham General Assembly when nine members of the AmCham BoD were elected with a record turnout. Go to Page 16 to find more on the new BoD personalities.

In the past year AmCham had the pleasure of partnering with several other institutions, business organizations and bilateral chambers: the U.S. Embassy in Sofia, Bulgarian Chamber of Commerce and Industry, German-Bulgarian Chamber of Industry and Commerce, French-Bulgarian Chamber of Commerce and Industry, Confindustria Bulgaria and Austrian Business Circle.

AmCham committees were especially active during the year in advocating for members’ interests in sector-specific policy and legislative issues. They developed a series of official proposals addressed to the government for improving the existing legislative framework in Bulgaria. A joint initiative in key economic and social sectors was put forward with the German-Bulgarian Chamber of Commerce (GBCIC), the Austrian Business Circle (ABC), the French-Bulgarian Trade and Industry Chamber (FBTIK) and Confindustria Bulgaria.

Overall, the Chamber had a busy year with many events and joint initiatives in times of rising global unrest.

To read an analysis from Boyko Vassilev on how global tension marked year 2015, please go to Page 8.

Internet encryption of data and cyber security is another burning topic for businesses and intelligence agencies, which we analyse on Page 10.

The readers can choose among variety of members’ news on Pages 20-24.

I would like to congratulate everyone and thank you for your support, commitment and engagement in all our activities. I wish you all happy holidays and safe travels for you, your families and friends. I wish you a great and successful 2016. We look forward to seeing you in the New Year!

Sincerely Yours,

Krassimira ChemishanskaAmCham President

Dear Reader,

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Publisher American Chamber of Commerce in BulgariaBusiness Park Sofia, Mladost 4 AreaBuilding 2, Floor 6, Sofia 1766, BulgariaTel.: +359 (2) 9742 743Fax: +359 (2) 9742 741e-mail: amcham@amcham.bgwww.amcham.bg

Acting Editor-in-ChiefChristopher Karadjov

Deputy Editor-in-ChiefIrina Bacheva

ISSN 1312-935X

Writers:Boyko Vassilev, Marina Tzvetkova, Mina Georgieva, Yuliana Boncheva

AdvertisingAmCham Bulgaria: Nadejda Vakareeva, nadia@amcham.bg

The AmCham Bulgaria Magazine reaches a broad audi-ence of AmCham members, leading US, Bulgarian and international companies, US and Bulgarian decision-mak-ers, all AmChams around the world.Subscription is free of charge. If you would like to sub-scribe to AmCham Bulgaria publications, please contact the AmCham Bulgaria office.

AmCham Bulgaria Magazine is a primary forum for political and economic analyses, news, viewpoints as well as for the presentation of new business opportunities. The articles in the AmCham Bulgaria Magazine express the opinions of the authors and do not necessarily reflect the position of the American Chamber of Commerce in Bulgaria.

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Is security the price to pay for innovation?���������� ����������������� ����������� ����� �����������������������������������

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Contentsc o v e r s t o r y

Ski Bulgaria . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

By Marina Tsvetkova

a n a l y s i s

The Power and the Quarrel:

How Global Tensions Marked 2015 . . . . . . . . . . . . 8

By Boyko Vassilev

Encrypt That. . . . . . . . . . . . . . . . . . . . . . . . . . .10

By Martin Deshev

Bulgaria in the Center of

Gas Abundance? . . . . . . . . . . . . . . . . . . . . . . . .12

a m c h a m e v e n t s

AmCham Raised 61K in 2015 . . . . . . . . . . . . . . . .14

Nine Members Enter AmCham BoD . . . . . . . . . . . .16

c o m m i t t e e r e p o r t s

New versions of ISO 9001,

ISO 14001 published . . . . . . . . . . . . . . . . . . . . .18

m e m b e r n e w s

Best Employers Ranked for 2015 . . . . . . . . . . . . .20

Illegal Tobacco Hurts the Budget . . . . . . . . . . . . .22

Vladislav Mihov, Country Manager, JTI

AFA Marks 25 Years in Business . . . . . . . . . . . . . .22

Member of AUBG’s First Class

Comes Back as President . . . . . . . . . . . . . . . . . .23

Mtel Media Masters: Best Science,

Tech, Innovation Journalism of 2015 . . . . . . . . . . .24

t r a v e l

Cruise Destination Guide -

Summer 2016 . . . . . . . . . . . . . . . . . . . . . . . . . .26

n e w m e m b e r s . . . . . . . . . . . . . . . . . . . . .28

BiT television

Imperial Tobacco

Kambourov & Partners

Telenor

3M Bulgaria EOOD . AA KRES EOOD . Abbott Products EOOD . AbbVie EOOD . Actavis Bulgaria EAD . Adecco Bulgaria ltd. . ADM Bulgaria Trading EOOD . Advance International Transport EOOD . AES Corporation . AFA OOD . AGORA-IN Ltd. . AIG Europe Limited (Bulgaria Branch) . AIMS Human Capital . Albena AD . ALD Automotive OOD . All Channels Communication . Alliance One Tobacco Bulgaria . Allied Pickfords Bulgaria . Alpha Bank Bulgaria . America for Bulgaria Foundation . American College of Sofia . American English Academy . American Research Center in Sofia . American University in Bulgaria (AUBG) . Amgen Bulgaria EOOD . Amway Romania Marketing Srl. . Anglo-American School of Sofia . AON Bulgaria . APOLO Ltd. . Architect Nikolay Mihaylov Galabov . Arexim Engineering . Ashtrom International Ltd. . ASSESS Ltd. . Association Srednogorie Copper Industrial Cluster . Astra Zeneca Bulgaria EOOD . AT Engineering 2000 Ltd. . Atlantic Club Bulgaria . Atos IT Solutions and Services EOOD . Attica Media Bulgaria Ltd. . August Research . Aurubis Bulgaria AD . Auto Bavaria Ltd. . Auxionize . AVON Cosmetics Bulgaria . AW-Tronics LLC . Axway Bulgaria EOOD . Baker Tilly Bulgaria . Balkan Star Automotive EOOD . Ballistic Cell Ltd. . Baxter Bulgaria EOOD . BG Radio . BICA International Ltd. . BiT television . BMG Ltd. . BMW Vertiebs GmbH - Branch Bulgaria . BNP Paribas S.A. - Sofia Branch . Bojinov & Bojinov . BOYANOV & Co. . Braykov's Legal Office . British American Tobacco Bulgaria . Brown-Forman Bulgaria Ltd. . bTV Media Group . Bulgarian American Enterprise Fund . Bulgarian Charities Aid Foundation (BCAF) . Bulgarian Executive Search Association . Bulgarian Property Developments EOOD . Bulgarian-American Commission for Educational Exchange Fulbright . Bulgarian-American Credit Bank . BulPros Consulting JSC . Bulstrad Life Vienna Insurance Group . Business Intellect Ltd. . Business Park Sofia EOOD . C3i Europe EOOD . CAD R&D Centre Progress Ltd. . Carat Bulgaria . Castello Precast OOD . Center for the Study of Democracy . CEZ Bulgaria EAD . Chaos Software ltd. . Cheque Dejeuner Bulgaria Ltd. . Cisco Systems Bulgaria . Citibank Europe Plc, Bulgaria Branch . CMS Cameron McKenna LLP - Bulgaria Branch . Coca-Cola Enterprises Services Bulgaria EOOD . Coca-Cola HBC Bulgaria AD . Coface Bulgaria Credit Management Services EOOD . COLLIERS International Bulgaria . Comverse Bulgaria . Congress Engineering Ltd. . Construction Management Group . Contitrans M Ltd. . ContourGlobal Maritsa East 3 AD . Curtis / Balkan Ltd. . DA TRAVEL . Dalkia Bulgaria EAD . Danailov, Drenski, Nedelchev & Co. . Delchev & Partners Law Firm . Deloitte Bulgaria EOOD . denkstatt Bulgaria OOD . Deutsche Bank AG . Devin AD . DHL Express Bulgaria Ltd. . Diamed Ltd. . Dimitrov, Petrov & Co. . Djingov, Gouginski, Kyutchukov, & Velichkov . Dobrev & Lyutskanov Law Firm . Dr. I.S. Greenberg Medical Center . Drujba Glassworks SA . Dundee Precious Metals Inc. . DuPont Pioneer . EcoPack Bulgaria AD . Edenred Bulgaria . Ekoterm Proekt EAD . Ekotoi - Service Ltd. . Ekzotika EOOD . EL-A-Project Ltd. . Electron Progress EAD . Eli Lilly and Company . Eltrak Bulgaria Ltd. . EMC Computer Systems Austria GmbH . Emerson Process Management . EnergoService AD . Engineeringservice Sofia Ltd. . Enterprise Communications Group OOD . EOS Matrix Ltd. . EPAM Systems Bulgaria . EQE Control OOD . Ernst & Young Bulgaria EOOD . ESRI Bulgaria Ltd. . Etap Adress . Eurobank Bulgaria . Eurohold Bulgaria . European Bank for Reconstruction and Development (EBRD) . European Trade Center EOOD . Evrika Commerce Ltd. . EVS Translations Bulgaria . Expat Capital . Experian Bulgaria EAD . FairPlay International . Fama Consulting OOD . Flying Cargo Bulgaria Ltd. - Licensee of FedEx . Force Delta Ltd. . Forton AD . Foundation Glob@l Libraries - Bulgaria . GAEA - Green Alternative Energy Assets EAD . Galardo Real Estate . Garitage Investment Management EOOD . Gasstroymontaj Jsc . General Electric International . Georgiev, Todorov & Co. . Geostroy AD . Geotechmin OOD . Geotrading AD . Gi Group . GIFTA . Grand Hotel Sofia . GSK . GTC Bulgaria . Harley-Davidson Sofia . Helios Power Jsc . Hewlett-Packard Bulgaria Ltd. . Hilton Sofia . Holzindustrie Schweighofer EOOD . Honeywell EOOD . Hydroenergy Company JSC (HEC) . IBM Bulgaria . ICAP Bulgaria JSC . IDC Bulgaria . Ideal Standard - Vidima AD . Imperial Tobacco . Incotex Group Ltd. . Industrial Holding Bulgaria . INFORMA . InterConsult Bulgaria Ltd. . Interdean Relocation Services . Interlang Ltd. . Intertek BA . Intracom Bulgaria EAD . Investbank JSC . Investor BG AD . IP Consulting Ltd. . Japan Tobacco International Bulgaria . Jobs.bg EOOD . JobTiger Ltd. . Johnson & Johnson Bulgaria EOOD . Junior Achievement Bulgaria . KAI Group . Kalamaris Group . Kaliakra AD . Kambourov & Partners . Kamenitza AD . Katilin Popov Enforcement Officers . Kempinski Hotel Grand Arena Bansko . Kempinski Hotel Marinela Sofia . Kinstellar Sofia Branch . KPMG Bulgaria OOD . LANDMARK Property Management AD . Lexim Sofia Co. Ltd. . Lindner Immobilien Management EOOD . Lirex BG Ltd. . M3 Communications Group, Inc. Hill+Knowlton Strategies Associate . Maria Vranovska, MD, MBA . Mars Incorporated Bulgaria EOOD . Marsh LLC. . MBL| Part of the CBRE Affiliate Network . Medical Center "AmeriMed" . Megatron EAD . Mellon Bulgaria EAD . Merck Sharp & Dohme Bulgaria . MetLife Europe Ltd. - Bulgaria Branch . Microsoft Bulgaria . Miltech Ltd. . Minstroy Holding Jsc . Mnemonica . Mobiltel EAD . Monbat Plc. . Mondelez Bulgaria AD . Moten Sport . Moto-Pfohe Ltd. . Mr. Alex Nestor . Mr. David Hampson . Mr. Jean Talmon . Mr. Nikolay Ouzounov . Ms. Anelia Tatarova . Ms. Gergana Valova . Ms. Kalinka Kovatcheva . Ms. Margarita Radeva, CPA . Municipal Bank Plc . Musala Soft AD . NDB Ltd. . Nemetschek Bulgaria . NEXTDOOR Ltd. . Novacon Bulgaria Ltd. . Novotel Sofia . Nu Boyana Film Studios . On Bulgaria Ltd. . Oracle East Central Europe Limited - Branch Bulgaria . Orak Group Europe Ltd. . Orbit Ltd. . Panchim Ltd. . PANDA - IP Ltd. . Pedersen & Partners . Penev LLP . Penkov, Markov & Partners . Pfizer Luxembourg SARL Branch Bulgaria . Philip Morris Bulgaria EOOD . Philips Bulgaria Ltd. . PPD Bulgaria EOOD . Premier Luxury Mountain Resort . Premier Tours Ltd. . Prestige 96 AD . Provident Financial Bulgaria Ltd. . PSG Payroll Services Ltd. . PwC Bulgaria . Quintiles Bulgaria Ltd. . Radisson Blu Grand Hotel . Raiffeisen Investment Bulgaria EOOD . Red Devil Catering Plc . Regus Bulgaria Ltd. . Renault Nissan Bulgaria SRL . Right Rental Ltd. . RSM BX Ltd. . S&T Bulgaria EOOD . Sanofi - Aventis Bulgaria EOOD . Sb Accounting and Consulting . Schenker EOOD . Schneider Electric Bulgaria . SECTRON . Sensata Technologies Bulgaria EOOD . Shell Bulgaria EAD . Sherita M Ltd. . Siemens EOOD . Siemens Healthcare . SIENIT Holding . Silver Ridge Power . Sitel Bulgaria EOOD . Sodexo Pass Bulgaria EOOD . Sofia Hotel Balkan . Sofita Translation Agency . Sogelife Bulgaria IJSC . Sopharma AD . Sopharma Trading JSC . Sportal.bg JSC . Stanton Chase International Bulgaria . Stefan Dimitrov, Norman Realestate Co. Ltd. . Sterling Serviced Office Group . Sunfoods Bulgaria EOOD - Development Licensee of McDonald’s in Bulgaria . Sutherland Global Services Bulgaria EOOD . Synchron-S OOD . Tavex EOOD . TBI Bank EAD . TechnoLogica EAD . Telelink EAD . Telenor . TELUS International Europe . The Coca-Cola Company Bulgaria . The National Network for Children . Tishman Management Company EOOD . Titan Zlatna Panega Cement . TMF Services EOOD . Tocheva & Mandazhieva Law Office . UniCredit Bulbank . UniCredit Leasing EAD . Unimasters Logistics Plc . Unique Estates . United Bulgarian Bank . Videolux Holding / Technopolis . VISA Europe . Visteon Electronics Bulgaria . VIVACOM . VMware Bulgaria EOOD . VSK Kentavar - IZ Dinamika EOOD . VUZF University Higher School of Insurance and Finance . Walltopia Ltd. . Welcome to Bulgaria . Westinghouse Energy Systems Bulgaria Branch . World Courier Bulgaria Ltd. . World Transport Overseas Bulgaria Ltd. . WorleyParsons Nuclear Services JSC . Wrigley Bulgaria EOOD . Xerox Bulgaria Ltd. . Xogito BG Ltd. . Yastrebets Hotel Wellness & SPA . Yatoto . Zlatina Ruseva-Savova, LL.M., MBA . Zobele Bulgaria EOOD .

Board of Directors of the American Chamber of Commerce in Bulgaria

President Ms. Krassimira Chemishanska Amgen Bulgaria

Vice President Mr. Alex Nestor Individual Member

Members Mr. Iravan Hira Hewlett Packard Enterprise Bulgaria

Mr. Petar Ivanov Microsoft Bulgaria

Mr. Stoyan Ivanov The Coca-Cola Company Bulgaria

Mr. Sergey Koinov AG Capital

Mr. Olivier Marquette AES Bulgaria

Mr. Solomon Passy Atlantic Club Bulgaria

Ms. Zlatina Ruseva-Savova individual member

Ms. Stanislava Taneva Citibank Europe Plc, Bulgaria Branch

Mr. Venislav Iotov AIG Europe Limited (Bulgaria Branch)

Mr. Plamen Zhechev Cisco Systems Bulgaria

Ex-Officio Member Ms. Maria Galindo Senior Commercial Officer, U.S. EmbassyExecutive Director Mr. Valentin Georgiev

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The Bulgarian winter resorts are luring a growing number of foreign skiers and snowboarders. Both beginners and advanced winter sports lovers who have visited Eastern Europe are surprised by the well maintained ski runs, chal-lenging terrain and the opportunity for good training at rea-sonable prices. The places for freeriding in the wilderness, the conditions for ski or splitboard touring, the huts, the winter routes and the proximity of the mountain to many towns and villages are the invaluable wealth of winter Bulgaria. The huge amount of fresh snow is an undeniable attraction, starting at 2,600 meters of height at Bansko for instance. Skiers can slide down runs with a total length of 70 kilometers.

It is no coincidence that a recent survey of the European Travel Commission placed Bulgaria among the top six most preferred European destinations for winter tourism. Another piece of good news: for the first time this winter Bulgaria will host four races of the European Cup in Alpine Skiing in the framework of one season. The resort of Pamporovo will organize two slalom races for women on Feb. 9 and 10, 2016 and right after that, on Feb. 12 and 13, two giant slalom races for women will be held in the resort of Borovets.

Sports Minister Krasen Kralev said that the four races are a huge recognition and Bulgaria will benefit from them as a winter tourism destination. “That will allow us to show visitors and viewers our excellent resorts and nature. The benefit will be not only for ski sport but for tourism too, because that will be a good advertisement of Bulgaria,” Kralev said.

Statistics show that last year winter tourism reported 426 million Euro of revenue and more than 1.2 million tourists visited

Bulgaria. Thanks to the relieved visa procedures, Turkish tourist arrivals increased nearly 30 percent. Growth was registered on other target markets too. Tourists from the United Kingdom increased by 15 percent, from Germany, 11 percent, from Israel, 26 percent, from Macedonia and Serbia, 9 percent, and from Greece, 6 percent.

At the start of the active winter season

the Bulgarian mountain resorts are ready to meet the first winter sport lovers. Interest in the Bulgarian winter resorts has been already shown by tourists from Slovakia, the Netherlands and neighboring countries like Macedonia, Turkey and Romania.

The main markets of Bulgarian winter tourism will be the Balkan countries, as well as Germany, the United Kingdom and Israel. A rise is expected even on the Italian market, which is a com-petitor.

The travel business expects a good season. The Ministry of Tourism hopes for the same. The advance bookings made with tour operators, the data of the winter resorts and the number of seasonal flights requested at Sofia Airport give reasons to expect growth of 5-7 percent in the number of tourists this winter. By comparison, last winter saw an 8-percent increase in foreign tour-ists in Bulgaria and revenue from international tourists rose nearly 5 percent.

That positive trend is expected to continue this winter. A total of 178 seasonal flights have been requested at Sofia Airport, i.e., 80 more than last winter. Flight requests from Kiev are six times more than last winter. A new destination has also been included:

Ski BulgariaSki BulgariaSome 20 ski centers in Bansko, Borovets, Vitosha, Pamporovo, Chepelare,

Dobrinishte are awaiting winter sports lovers

By Marina Tsvetkova

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Copenhagen. The number of seasonal flights requested from London to Sofia is 69, compared to 24 last year. More flights and passengers are expected at Plovdiv Airport from markets impor-tant for Bulgarian tourism, such as Israel (14 new flights), the Netherlands (13), the United Kingdom (5).

Increased interest is reported by winter resorts, with Borovets alone seeing a nearly 20-percent rise in bookings from the U.K. market so far. More visitors are expected in the Pamporovo resort too.

The upcoming winter season has been secured with respect to road cleaning too, Minister of Tourism Nikolina Angelkova pointed out.

The motorway to Blagoevgrad shortens by more than an hour the travel time to Bansko,

where 10 percent more skiers are expected this season. Last year Bansko was visited by more than 500,000 ski sport lovers.

The newly opened stretch of the Struma Highway to Blagoevgrad considerably reduces the travel time to the resort. Previously it took three hours to drive from Sofia to Bansko and now ski sport lovers can reach the resort town in just an hour and 20 minutes. The extension of the motorway will increase tourist inflow from Serbia, Greece, Romania and Turkey, Bansko’s Mayor Todor Ikonomov forecasts.

Every year skiers from Turkey increase three to four times, because we make very strong campaigns at the exhibitions there, Ikonomov says. Bulgaria has a strategy to attract Turkish tourists with a facilitated visa issuing procedure. For the purpose, the Ministry of Foreign Affairs has launched a pilot project for online document submittal for Turkish citizens.

Demand for balneological, spa and wellness tourism is rising and

such services are becoming increasingly popular on markets like Romania, Serbia and Greece, as well as the rest of the European countries, said Rumen Draganov, director of the Institute for Analysis and Assessment in Tourism. He explained that tourists from the United Kingdom and Ireland have a no-snow guarantee, i.e., they get insurance coverage for every day without snow or when there is a wind or storm and they cannot go skiing. In this way they do not risk a failed vacation.

But we should not forget the Bulgarian market -

it is going to be number one this season. There are some 280,000

The word about the good skiing offers in Bulgaria is spreading quickly from site to site. Recently Clickstay published an extensive article about the advantages of ski/snowboard vacations in Bulgaria, which calls on winter sport lovers to choose the Bulgarian mountain slopes.

One of the biggest advantages of winter Bulgaria is definitely the low budget needed for a pleasant stay not only as it concerns skiing but also accommoda-tion.

Last year The Daily Mail defined Bansko as the best value-for-money destination for ski and snowboard vacations because of the total value of a holiday, which was up to five times cheaper than the same vacation in Austria.

Besides, according to Clickstay Bulgarian resorts offer very good conditions for beginners, because of the quality and inexpensive lessons. So those who want to learn skiing should come to Bulgaria.

The annual survey of TripAdvisor, which includes 42 winter resorts, shows that Bansko offers one of the best prices for skiing and snowboarding tourism. The survey was carried out by the indepen-dent organization Ipsos MORI and reveals that Eastern Europe is home to the three cheapest winter destinations: Bansko in Bulgaria, Sochi in Russia and Kranjska Gora in Slovenia.

A week on the slopes in Bansko would cost around 1,279 pounds, including hotel accommodations, lift passes,

equipment rental, skiing or snowboard-ing lessons and a dinner for a four-member family. That price is about four times lower than the price of a similar vacation in the most expensive resort, Zermatt in Switzerland (about 4,809 pounds).

The survey compares the price of a one-week vacation for a four-member family at the height of the winter sea-son: from September 15 to April 15. It covers 10 of the best resorts in Eastern Europe that offer much more than just a good price.

It turns out that foreigners also like the fact that Bulgaria is a less known desti-nation and the resorts here are not over-populated.

Rankings

Summer expectationsThe Ministry of Tourism expects growth in the number of tour-ists during the summer season. The agreed flights to the airports of Varna and Burgas have increased 35 percent already and requests from Germany are up 50 percent. Early bookings show “a two-fold increase in the number of tourists”. A similar forecast for a 35-percent rise in charter flights was recently made by one of the large tour operators on the German market, TUI.

According to Mihail Maltsev, chairman of Ural Tourism Association, Bulgaria has a chance to welcome 1.5 million Russian tourists next summer. In the past years Bulgaria was visited by an average of 600,000 to 700,000 Russian tourists and last summer their number was 450,000.

Bulgaria has potential to attract Russian tourists who refuse to travel to Turkey, Minister of Tourism Nikolina Angelkova said. The ministry has already taken measures and is orga-nizing targeted campaigns. It is considering the opportunities for further easing of the visa regime for Russian citizens, including free visas for some tourist groups.

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Bulgarians practicing winter sports. Some 160,000 will use their weekends to visit Bulgarian spa resorts. Over 350,000 will travel for the Christmas and New Year holidays and will visit various cultural events in the country. On the whole, Bulgarian tourists receive a smaller portion of advertising than foreign visitors do, Draganov said.

A lot of work is waiting for us, especially as concerns skiing infrastructure,

Nikolina Angelkova admitted. Bulgaria is among the laggards in terms of built ski runs and lifts, despite the fact that ski lifts are the most environment-friendly transportation. Legislative amendments have been already drafted and will soon be put to public hearing.

A commission has been appointed to determine the type of ski runs depending on their complexity and safety. That will be done at the request of the owner or user of the facilities. For the first time this season requirements have been introduced for mountain guides and winter resorts have shown readiness to meet the requirements of the new ordinance on security and information provision of the ski runs and ski areas and on the work organization of ski patrols.

For nearly 10 years the five-time World Ski Cup champion Marc Girardelli has been promoting winter sports and Bulgaria as a ski-ing destination and for several months he has been an adviser to Minister Angelkova.

“Bulgaria has been fighting for years one and the same problem: the extremely slow procedures for construction of skiing facilities in the winter resorts. That prevents foreign investors who would oth-erwise participate in their modernization,” Girardelli says. He added: “Bulgaria has ski resorts established 50 or 60 years ago that have never been modernized. The potential investors from Austria, Switzerland and Germany I have talked with, find that shocking.”

Bulgarian winter centers have a really big potential but instead of clearing a path for investment, this country is raising barriers. That thwarts the economic development of the regions and the increase in people’s living standards. Foreign investors cannot allow them-selves to wait for 10 or 20 years for a construction permit. That is an unreasonably long period and a too risky enterprise.

Hopes and promises

Borovets resort can already boast 160 snow cannons that can cover more than 60 percent of the ski runs in the resort. Just a

few years ago their number was 70. The legendary Chamkoria has a 10-year development plan that envisages a replacement of the gondola lift. However, the project needs investment, as well as permits for every change, because Mount Rila is a national park.

The new revised management plan of Pirin National Park is expected to be adopted soon. Once it is approved by the Council of Ministers all conditions will be met to allow the construction of the so needed second gondola lift in the Bansko ski area.

The blessing of the state institutions that will clear the way for the construction of the lift has been awaited for more than six years. Although there is complete public consensus on the need for a second facility, which has been confirmed by a number of public opinion polls, the project has failed to materialize so far because of the furious criticism by non-government organizations and the express ban in the current Pirin management plant.

The construction of the Struma Highway, the second gondola lift and the upgrade of the oldest three-seat Todorka lift into a six-seat lift may turn Bansko into one of the most preferred European skiing destinations.

Issues must be solved in relation to the infrastructure leading to the winter resorts, the lack of legal amendments facilitating the con-struction of skiing infrastructure, and the quality of medical service in the resorts. The development of Bulgarian winter tourism cannot be successful without a strategic document ensuring a long-term framework for the planned changes in mountain tourism. All efforts will be meaningless if the moment an investor comes, 50 watchful citizens halt all investment plans, experts say. �

Offer for enthusiasts The total length of ski runs in Bulgaria exceeds 210 kilome-ters. The highest point is located 2,600 meters above the sea level and the maximum height difference reaches up to 1,630 meters. All ski runs are equipped with modern gondola or chairlifts, and children and beginning skiers can use comfort-able ski lifts in the gentler slope sections.

The best conditions for tourists in the winter season are between December and April and almost all ski runs are equipped with snow cannons, which guarantees quality snow coverage throughout the winter.

RecognitionThis year too Bansko joined the competition for the World Ski Awards that was held in Austria. For the third time Bansko won the prestigious award of Best Ski Resort in Bulgaria. That is the only initiative in the world for recognizing and awarding achievements in ski sport. Voting is anonymous and is performed by hundreds of guests of the Bulgarian resort, skiing fans who have visited European and other ski-ing destinations and recognize Bansko as one of the best places.

For the third time Bansko has been awarded the Best Winter Resort in Bulgaria prize of the World Ski Awards Academy. Bamako’s prize places Bulgaria among the top 20 countries for winter tourism for the third consecutive year. Through the years Bansko has established itself as a number-one resort in Eastern Europe. Eight races of the World Cup have been successfully organized in the ski area.

Bansko is also the winner of the Balkan Winter Capital prize for 2011. It was voted Bulgaria’s number-one ski resort for having the most modern ski center of all Bulgarian ski resorts. It has the best indicators for snow and longest season (December to May) of all ski resorts in the Balkans. The unique combination of a well developed mountain resort and historic landmarks makes Bansko an elegant place for attrac-tive vacation and amusement.

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Refugees. That was the word of 2015. And since the year was one of division rather than of unity, it had its counter-part: migrants. Refugees or migrants? The world could not even understand how to call the hundreds of thousands of people who have shaken Europe since the summer.

As a matter of fact, we could understand nothing this year. There were at least two opinions on every issue, each defended violently and with much aggression. 2015 was the year of quar-rels. And nothing guarantees that 2016 will not be the same.

There are reasons for that. Commentators reassure us that 500 million Europeans can accept 2 million refugees. But in Africa alone the terror-ists of Boko Haram put another 5 mil-lion to flight. Some 60 million are run-ning away from wars and disasters worldwide. A significant part of them are aiming at Europe.

But why has the huge refugee flow started off right now? Isn’t it true that the civil war in Syria has been going on for four full years? Here is one of the big-gest quarrels or, if you prefer, one of the most heated arguments. In the sea of conspiracy theories involving all possi-ble dark powers, two reasonable expla-nations can be found:

- The refugees have realized that Bashar Assad is not going to fall soon and they are losing their chance of a quick return home;

- The key is in Turkey and its enmity with the Kurds – and more specifically in the election that was repeated so that the party of President Recep Tayyip Erdogan can win majority from a second trial.

At any rate Europe took both roads. It intensified talks on the future of Syria and recognized Turkey’s key role. It will

be remembered how

Angela Merkel visited Ankara

in the height of the presidential cam-paign and how after the visit the Europeans put three billion Euro on the table and eased the visa regime for Turkish citizens.

As I retell this I see that it starts looking like understanding. But there was no understanding: neither in Turkey, nor in Europe. There were quarrels – frequent, uncontrolled, full of aggression.

The two elites in Turkey – the secular and the religious ones – still cannot see eye to eye. The Sunni cannot make it up with the Alawites. In addition, the Turks cannot make it up with the Kurds, who are inspired by the fight of their brothers in Iran and Syria and by the rise of Selahattin Demirtas in Turkey itself. Besides, Turkey has come into conflict with Russia.

That was an unexpected development for many. For a long time Russia and Turkey had been working well together. They had been exchanging gas, foods and tourists. Their mutual trade amount-ed to about 44 billion Euro. They were

speaking of shared Euro-Asian values. They were planning to build Turkish Stream and a nuclear plant in Akkuyu. Their leaders looked similar: Erdogan and Vladimir Putin were building on an image of strong men capable of mobiliz-ing internal support and impatient of opposition. Even in Syria they were accused of one and the same thing: bombarding Islamic State, while actually hitting whomever they wanted.

It is Syria that set them at odds – more specifically their opposite interests and fears. Russia entered Syria to help its ally Assad, to fence off his part of the country and relieve the tension from the increas-ingly strained situation in Ukraine. Turkey – Syria’s strongest neighbor, had

its interests.

They were connected with the toppling of Assad, the moderate opposition and the minority of the so-called Turkmen in the mountains near the border. The Russian strikes on the Turkmen unleashed the quarrel, which ended with the downing of a Russian SU-24, a trade embargo and mutual accusations of trading with Islamic State.

How is all that going to end? Maybe with some half-reconciliation in which the

The Power and the Quarrel:

How Global Tensions Marked 2015

By Boyko Vassilev

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strategic considerations will prevail over emotion. But that will take a lot of time; a lot of nonsense will be written and a lot of bad things spoken. After the year of quarrels, escalation will become a regu-lar part of the picture.

But isn’t Europe in a state of quarrel too? The division is easily seen and it has several fronts. Great Britain is hesi-tating over quitting the EU – and that discussion will influence 2016. If it opts for quitting, Scotland will again start splitting from London. Catalonian sepa-ratism has not been abandoned – and 2015 gave ample evidence of that.

Europe is divided in terms of values too. On the one hand, the last bastions of the multi-culti, European liberalism and politi-cal correctness are struggling to survive. On the other, there is the rise of what Alexadner Andreev from Deutsche Welle called “conservatism”: the western radi-cals of Marine Le Pen, the star of French politics targeting 2016, and the Central-European populists of Viktor Orban in Hungary, Robert Fico in Slovakia, the Freedom Party of Austria and the win-ning Law and Justice party in Poland. The gap had been growing wider for a year. The refugees dug it down to the bottom. As a result, half of Europe today does not understand the other half. In the West, workers do not understand the intellectual elites: the first are losing their jobs because of the cheaper foreign workforce and the latter are losing their hope of a united Europe welded together by the liberal and post-modern values. In the East, people either don’t want to or cannot understand the western post-mo-dernity; they are still in modernity and striving for strong states and solid border barriers. So the West does not under-stand the East, plus the fact that the West and the East do not understand themselves.

German Chancellor Angela Merkel fell victim to that gap. An Eastern European by origin (a pastor’s daughter from the former German Democratic Republic), she reacted in a western manner: she invited the refugees to Germany. Her rat-ing dropped, she antagonized her own party and the European East accused her of acting on her own. No-one under-stood her. Merkel could not stop the flow at the German borders. At the same time the famed European solidarity disap-peared like snow in warm November.

Thus Europe’s leadership was shaken and the soul of the old continent was split between Orban and Merkel. There were warnings that that could break up the European Union. That looks serious. A Deutsche Welle commentator told the Eastern Europeans that if they wanted,

they could quit the EU.

At the same time decision makers from Bratislava to Sofia are asking them-selves: is that the winning horse we bet on? If Europe breaks up, why did we make all those efforts? And what was the point of the fall of the Berlin Wall and the painful transition?

A quarrel. A hard and annoying quarrel. And above it – the huge problems of the planet. Terrorism, which horrifies the rich world and threatens every restau-rant, café and concert hall from Paris to San Bernardino. And the climate chang-es, which make all our problems look petty and insignificant. By the way, it turns out that there is a connection between the two. It was pointed out by U.S. Secretary of State John Kerry. It turns out that before the war in Syria there were four years of drought. Is that not the reason why the world was shak-en? Even if it is, that is a chicken-or-egg question: Can a shaken world solve its global problems?

Look at the United States. In 1992 The Economist asked if America would lose its global leadership. In 2015, there is still no answer. The Chinese yuan has become a reserve currency of the International Monetary Fund and the Chinese industry is flourishing, but the United States has an overwhelming advantage in technology, social media and internet. Can 2016 turn the global rivalry between the United States and China into a dance on the brink of a military quarrel? That will be the last straw, you may say. But look at the sig-nals, from the economy to Taiwan.

Against that background, the presiden-tial primaries in the United States are a display of conflict and high-pitched rhet-oric. But that is no news. As a rule, the primaries are

a parade of radicals,

who bolt for the center once they reach the final stretch of the race. But this time

it was strange. Donald Trump on the right and Bernie Sanders on the left radicalized the political debate to the maximum. According to The New York Times, Trump called his opponents “stu-pid” at least 30 times and quite often used the language structure “I/we” against “them.” If that is not a quarrel, what is?

Yes, the big election next year will be reached by more moderate candidates. But not the most moderate. The suc-cesses of Trump and Sanders are a symptom, not an exception. They show that the public is divided, angry and quarrelsome. Global instability is setting people’s nerves on edge. It smells of danger.

How shall we call that danger? Probably Islamic State – or more justly, Daesh. Born last year, having cut through 2015 like a thin red line, this phenomenon will keep on annoying us in 2016. Daesh challenges the producing and self-indul-gent West with what the West fears the most: death. While we think how to have a hair transplant, remove our wrinkles and live another 200 years, terrorists give their lives and take lives easily. They have found out our raw spot. And are putting their poisonous sting into it.

Here is another deep source of the global quarrel. The overpopulated and polluted planet is afraid to die. Climate is playing its tricks, global warming is chasing winter away from Sofia and people are writhing with some strange nerve pain. Let’s hope we can read the writings on the wall.

As always, art is a step ahead. The year 2015 ended with the resurrection of Star Wars. The most powerful tale of good and evil is back again – and met with ovations. The instinct of humanity is awakened; a planetary conflict is pend-ing. It will be difficult, almost impossible, but the ending will be happy. Leaders like Canada’s newly elected Prime Minister Justin Trudeau – handsome, eloquent and skilled in boxing – will take the helm. The good powers of the Galaxy will unite and destroy the Death Star. Such is the law of life.

All we have to do now is make a wish for 2016. Given all said above, the wish comes by itself: May the Force be with us! �

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It is not easy to unite large companies and rivals like Google, Apple and Microsoft. The technological giants have been com-peting for years for the industry leadership and they rarely stand together behind a cause. The intelligence agencies, howev-er, have made that wish come true with their desire to get access to the data of internet users, including information that is encrypted and is supposed to be protect-ed.

It all began in 2013 when Edward Snowden uncovered the online espionage practices of the U.S. National Security Agency (NSA) and some of its partners, such as the U.K. Government Communications Headquarters (GCHQ). The scandal gained political dimensions and necessi-tated the renegotiation of some agree-ments between the United States and the European Union. The main thing it achieved, however, was the unification of the technological industry, which interpret-ed the actions of the institutions not only as an act of human right violation but also as a threat to its own business model.

First stage of battle

Snowden's first disclosures showed that some leading technological companies assisted the NSA in this effort by facilitating access to their systems through the so-called backdoors. The companies categor-ically denied that, saying that online espio-nage was contrary to their understanding and a bad business practice, because it would repulse their clients. Other docu-ments of Snowden showed that the NSA might not need such direct access to com-panies' networks, because it had methods to intercept internet traffic from the high-way network. In response, technological companies embarked on a mass practice of encrypting not only the information on their servers but also the data during trans-mission.

Encryption does not give full guarantees for confidentiality of the digital information but it considerably hampers its decoding. When it is done well, decoding can take so much time and system resource that it will actually render all abuse attempts mean-ingless. It also prevents intelligence agen-

cies from collecting information about the people they keep under surveillance. That triggered a long political battle between the two sides in the argument. The institutions want to be given an opportunity for faster access to the information they are inter-ested in through backdoors in companies' encrypted services. The Silicon Valley, however, is categorically against the idea.

Apple's CEO Tim Cook recently under-scored again that intelligence agencies' desire for direct access to users' data was not only unreasonable but even danger-ous. “It’s not the case that encryption is a rare thing that only two or three rich com-panies own and you can regulate them in some way. Encryption is widely available. It may make someone feel good for a moment but it’s not really of benefit. If you halt or weaken encryption, the people that you hurt are not the folks that want to do bad things. It’s the good people. The other people know where to go,” Cook said in an interview for the British Telegraph daily.

In the name of security

The argument of security agencies is that terrorists and criminals take advantage of encrypted services. After the terror attacks in Paris the discussion was resumed. „Everybody wants to crack down on terror-ists. Everybody wants to be secure. The question is how. Opening a backdoor can

have very dire consequences,” Cook added. According to him the solution is not in giving easier access to intelligence agencies. „You can't weaken cryptogra-phy. You need to strengthen it. You need to stay ahead of the folks that want to break it.”

Most politicians and institutions, however, want agencies' rights increased. Recently the Manhattan District Attorney's office called for the adoption of a law obliging smartphone producers to ensure that data on their devices is accessible upon request by the respective agency. The office explained that it wanted only the informa-tion stored on a seized device to be searchable. Marcus Thomas, a former assistant director of the FBI's operational technology division and currently chief technology officer at Subsentio, argues that it's too late to turn back the clock on strong encryption. He told the Association Press however that it would be good if companies could think of a compromise and find a way to help the services when needed.

According to Michael Moore, chief technol-ogy officer and co-founder of data security firm Terbium Labs, security agencies do not need additional powers. He gave an example with a successful police action in 2013, when the biggest online bazaar for drugs, weapons and all other kinds of ille-

Encr ypt ThatTech companies seem poised to rebuff government snooping on its devices

US whistleblower Edward Snowden is seen on a screen as he speaks to journalists during a video news

conference, in the Council of Europe building in Strasbourg, France, June 23, 2015. Earlier the same day

the Council had asked the United States to allow Snowden a return without fear and reportedly was

discussing various issues such as the migrants' situation in Europe and a right for asylum for wanted

whistleblowers.

EPA

/PA

TR

ICK

SEEG

ER

By Martin Deshev

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gal goods, Silk Road, was uncovered and taken down. It operated on the „dark Web,” where the whole information is encrypted and which is accessible through a special-ized browser, Tor. "The way they figured that out was through good old-fashioned police work, not by breaking cryptogra-phy," Moore said. "I don't think there's a shortcut to good police work in that regard."

„Encryption fundamentally is about math," said Mike McNerney, a former cyber policy adviser to the Secretary of Defense. "How do you compromise on math?" He called the idea of backdoors "silly." He, Cook and most other tech people share another common view too: if some kind of back-door is created, all hackers' efforts will be directed towards it, which will practically make it senseless to encrypt anything. „We have never given anybody access to our servers. We will never do,” Cook is adamant. Earlier this year Google came up with a similar stand. As a matter of fact, Google, Apple, Microsoft and a few other technological companies are actively lob-bying with US lawmakers in favor of encryption. The corporations even have their own institution, the Information Technology Industry Council (ITIC), which

unites more than 60 technological compa-nies.

Life goes on

It is clear that the technological industry is unbending and has one and the same answer to any proposal of politicians and institutions that provides for a change in encryption. Nevertheless politicians would not yield either. Online publication Motherboard announced that in January 2016 the government of Kazakhstan would propose a law to “secure protection of Kazakhstan users when using coded access protocols to foreign internet resources.” The proposal even appeared on the website of Kazakhtelecom, one of the largest internet providers in the coun-try, which is financed mainly by the state. Then it quickly disappeared. It lacked details about specific intentions but accord-ing to information of online publication Telecomparer it will use an additional online certificate, which practically renders encryption meaningless and gives govern-ment agencies access to the internet traf-fic.

There has been no official comment from Kazakhtelecom or from the local govern-

ment. Despite the lack of clarity about the intentions of the authorities, it seems that encryption is the main objective. Fixing on the technology and presenting it as harm is a huge mistake, specialists believe. “It's impossible to end encryption. You would be eliminating commerce on the internet,” said Alex Salazar, CEO of cybersecurity start-up Stormpath. “You can’t do logins, credit card transactions, health care, really anything that is sensitive.”

"If encryption had been allowed to take its natural course of development, our citi-zens and consumers would be much bet-ter protected today. People who have been in cybersecurity for a couple of decades are painfully aware of this history, and don't want to see it repeated," said Gartner analyst Jay Heiser. For the time being it looks as if the situation will remain unchanged. Politicians will still want more rights for the agencies and companies will not only refuse to give them – they will continue to hectically invest in improving security as much as they can. Businesses also back them up. Data of the U.S. National Venture Capital Association show that more than $10 billion has been invest-ed in the sector of cybersecurity since 2012. �

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To fulfill the dream of becoming a gas hub Bulgaria needs more investments although it's not really clear who will use the new amounts. Bulgaria may actually turn out to be in the center of gas abun-dance and a factor on European Natural Gas Network. Our dreams of becoming a gas hub are not groundless but we need a lot of work and investments to achieve that.

Bulgaria hasn't stopped its negotiations with Russia on finding a way to transport Russian gas through our territory, Investor.bg learned. One of the ideas is realization of Turkish Stream and South Stream projects, each one with only two pipes.

Thus Bulgaria will receive at least 32 billion cubic meters of gas from Russia via South Stream, which is seen as the most cost-efficient route.

Russian president Vladimir Putin already hinted about a restart of South Stream a few months ago. Now he has to show that he is ready to follow European rules as with the case of North Stream.

Work on South Stream can actually start immediately, because the permits of the project are available, pipes for the undersea part are stacked at the ports of Varna and Bourgas, and countries along the route give it strong political support.

There is still a chance for South Stream to be completed. But even if talks between Bulgaria and Russia fail, there are new and still undeveloped fields in the Mediterranean. Just a few months ago the Italian Eni announced that it has discovered its biggest field in years – Zohr in the deep waters off Egypt.

Field production is yet to begin but vari-ous participants have already expressed their interest and Bulgaria has to act fast

if it doesn't want to lose its position.

Greece is a step ahead after talks between its prime minister Alexis Tsipras and Egyptian foreign minister Sameh Shukry. The president of Egypt, Abdel Fattah el-Sisi, will also visit Athens in December and energy projects will come up during discussions, Greek media say.

Athens also fully supports Turkish Stream; plans for a new gas hub in Greece also look possible. Gas fields in Iran as well as ideas for LNG terminals in Greece also become more important in terms of European needs of natural gas.

And yet, at this stage these plans remain only on paper despite related in-depth talks and demonstration of commitment for their realization. The most important part is missing though – funds. Although the world has started to shake off the hard financial crisis, petrol and gas com-panies struggle with lower oil prices that hinder their intentions for investments.

Bulgaria faces another problem – the lack of a modern gas network. Although the government uses the system in sup-port of the idea of becoming a main gas

hub for Southeast Europe, the network state remains several decades old. There haven't been any new invest-ments on many facilities since they were brought into use 40 or more years ago.

We can see some efforts in this direction in the last couple of months. More than 200 million Leva were invested for repairing the six compressor stations.

The second stage of the storage facility modernization in Chiren will also start early 2016. Even if its capacity is dou-bled to 1 billion cubic meters this will be far from enough compared to possible flows of natural gas through the coun-try.

Bulgaria’s best chance for a new stor-age is the Galata field which is still oper-ating despite its shrunk production.

Another serious question is not only whether the country can actually become a gas hub for Southeast Europe, but also whether Europe actually needs so much gas. Market logic is simple – demand defines supply.

This should be also taken into account as the European Gas Network is full of half-empty pipes waiting to be used. �

Bulgaria in the Center of Gas Abundance?

Underground gas storage “Chiren”.

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AmCham’s Thanksgiving community dinner Nov. 24, 2015, collected 46, 500 Leva, adding to the Chamber’s total of 60,500 Leva raised from chari-table initiatives and programs for the year. An open bid, silent auction, raffle and scholarships donated by compa-nies complemented the contributions at the dinner. The money was desig-nated for “Get ready to Succeed” pro-gram and “We Can” fund of Bulgarian Charities Aid Foundation (BCAF).

The auction and raffle items at the 13th annual Thanksgiving dinner were raised in favor of orphan students in secondary schools and universities. The collected money included contri-butions from raffle from the July 4th celebration in the amount of 4,747 Leva.

Special guests at the dinner were: Martina Strong, chargé d’affaires, U.S. Embassy Bulgaria, Doncho Barbalov, Sofia’s deputy mayor, and Elitsa Barakova, BCAF. AmCham President Krassimira Chemishanska welcomed the audience by noting that it is a spe-cial occasion when so many members

get together to contribute for a social cause. She announced that Amgen Bulgaria will provide five scholarships for university students.

ContourGlobal Maritsa East-3 donated 3,067 Euro for scholarships to cover three stipends for engineering stu-dents.

Some 300 guests attended the Thanksgiving dinner in the exquisitely decorated EFE Hall at Marinela Hotel. Live music performance by Vasil Petrov and Angel Zaberski Trio added to the festive atmosphere.

“Thanksgiving is a time for each one of us to value all good things in life and to be thankful for what we have, to be creative and innovative! AmCham is delighted to bring together so many business leaders. It shows that the Chamber membership is full of dynam-ic companies that can create a new economic and social dimension in this country. It is not only a gathering to honor the traditional American holiday, but also an opportunity for us to unite as a community in our efforts to make

AmCham Raised 61K in 2015

ContributorsWorks of ArtGalas Art GalleryPenkov, Markov & Partners

Offers and PresentsAlbena ADAmway RomaniaBalkan Star AutomotiveBrown-Forman Bulgaria Ltd.Central Park HotelEkzotika EOODGrand Hotel SofiaHarley-Davidson SofiaHilton SofiaKempinski Hotel Grand Arena BanskoMarinela Hotel SofiaMobiltel EADNovotel SofiaPamporovo ADPremier Luxury Mountain Resort,

BanskoRadisson Blu Grand HotelSofia Hotel BalkanSt. Sofia Golf Club & SPASuite Hotel Sofia Technopolis

Martina Strong, charge d’affaires at the U.S. Embassy Bulgaria (centre), and

Valentin Georgiev, AmCham, welcomed the audience.

Lawyer Borislav Boyanov and Elena Marinova, Musala Soft.

The open bids were put in the skilful hands of Preslava Fentham-Fletcher.

“Lilly” oil on canvas painting was outbid by Garry Levesley, ContourGlobal

Maritsa East 3.

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a difference in Bulgaria,” Chemishanska said.

In turn, U.S. Embassy’s Strong encour-aged all guests at the events to be gen-erous, thus helping young Bulgarian people who seek opportunities and new prospects in life.

Those in attendance placed bids for works art and other items. These were the winning bids:

- “Lily”, oil on canvas painting from

Galas Art Gallery was acquired for 2,000 Leva by Garry Levesley, ContourGlobal Maritsa East 3.

- Jack Daniel’s acoustic guitar provided by Brown-Forman Bulgaria Ltd. was outbid for 2,000 Leva by Vladimir Penkov from law office Penkov, Markov & Partners.

- “Early New Moon” Painting by the painter Iliya Zhelev, provided by Penkov, Markov & Partners, was outbid by Amgen Bulgaria for 3,500 Leva.

- A live decorated Christmas tree pro-vided by Ekzotika EOOD, went for 500 Leva to David Butts.

AmCham kindly thanks the sponsors of the event: America for Bulgaria Foundation, Hotel Marinela Sofia, Philip Morris Bulgaria and Microsoft. We would like also to commend the companies who have purchased tables and contrib-uted to the funds: AES Bulgaria, Amgen Bulgaria, ContourGlobal Maritsa East 3, Deloitte Bulgaria EOOD, Hewlett-Packard Enterprises. �

(L-R) Olivier Marquette, managing director, AES Corporation, Martina Strong,

charge d’affaires at the U.S. Embassy Bulgaria, Maria Galindo, U.S. commercial

officer and Solomon Passy, Atlantic Club Bulgaria.

Several AmCham member companies bought tables; Philip Morris Bulgaria

among them.

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Nine members of the AmCham BoD were elected for the nine vacant seats on Dec. 8, 2015, during the General Assembly meeting held with a record turnout. The elected members are:

� Krassimira Chemishanska, country director, Amgen Bulgaria, who enters a third term at the BoD

� Iravan Hira, general manager, Hewlett Packard Enterprise Bulgaria

� Petar Ivanov, general manager, Microsoft Bulgaria

� Stoyan Ivanov, country manager, Coca-Cola Bulgaria, Croatia, Slovenia, Bosnia & Herzegovina, The Coca-Cola Company Bulgaria

� Sergey Koinov, CEO, AG Capital, who enters a second term at the BoD

� Olivier Marquette, managing director for AES Bulgaria

� Solomon Passy, CEO and Founder, Atlantic Club Bulgaria, who enters a third term at the BoD

� Zlatina Ruseva-Savova, individual member, Ruseva-Savova Law Office

� Stanislava Taneva, Citi country officer and corporate banking head, Citibank Europe Plc, Bulgaria Branch

The AmCham Board of Directors has 12 members, with the three current Board members:

� Alex Nestor, individual member� Venislav Iotov, general manager, AIG

Europe Limited� Plamen Zhechev, enterprise and public

sector manager, Cisco Systems

Bulgaria

AmCham Bulgaria kindly thanks all the 20 BoD runners who took part in the contest.

Krassimira Chemishanska of Amgen Bulgaria told the audience that as a member of the Board for two mandates already focused her efforts in supporting the Chamber’s key priorities in the field of TTIP, business ethics, innovation, entre-preneurship, enhancing the spirit of cross-border collaboration, scientific exchange, education and partnership. As a chairman of the Healthcare Committee, Chemishanska established sustained collaboration with the AmCham EU HC Committee.

In his address to the members Iravan Hira of Hewlett Packard Enterprise Bulgaria praised AmCham’s contribu-tions to the business environment. According to him the established best practices should be harnessed and used even further. He said that as BoD mem-ber he will uphold the spirit of innovation and entrepreneurship that his company and the whole IT sector stand for.

Petar Ivanov of Microsoft Bulgaria stated that he will add value to AmCham, because of his professional knowledge in the ICT industry in Central and Eastern Europe in the past 17 years. He has actively supported American companies in all initiatives of AmCham and U.S. embassy in Bulgaria, Macedonia, Serbia

and Croatia.

Stoyan Ivanov, The Coca-Cola Company Bulgaria, elaborated on the key areas of importance to him as a BoD member. He will contribute to enhancing the collective power of the members and actively engaging them in AmCham’s agenda. Effective advocacy in the dialog with the government on legislative and regulatory framework will be his other focus area, as well as working towards enhancing the collaboration with peer chambers of com-merce in Bulgaria and abroad.

Sergey Koinov of AG Capital said that AmCham could become more vocal with regard to AmCham values which are a great example to the Bulgarian society. The Chamber should continue support-ing causes to improve the business cli-mate in the country. AmCham commit-tees are a great source of expertise and we should take better advantage of them, Koinov further pointed out.

The priorities of Stanislava Taneva, Bulgaria branch of Citibank Europe Plc, would be to continue promoting Bulgaria as a preferred destination for invest-ments and business, as well as facilitat-ing the effective cooperation and invest-ment between the United States and Bulgaria. Sharing best practices and common areas of cooperation among the members to promote collective interests will be one of her main objectives.

As an individual member Zlatina Ruseva-

Nine Members Nine Members Enter AmCham BoDEnter AmCham BoD

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Savova would be delighted to share all her knowledge and experience in advis-ing U.S. and multinational companies on their investments, strategic operations and day-to-day business in Bulgaria. Her professional endeavours have been focused on working with the public authorities to ensure transparency and equal access to the market. She will work to affirm AmCham’s position as a factor in authorities' decision making process by getting involved into legislative and target campaigns on the level of both working groups and decision-makers.

Solomon Passy, CEO and founder of Atlantic Club Bulgaria, would work for AmCham's engagement with start-ups and ICT businesses that may in the long run shape Bulgaria as the EU’s “start-up nation.” He will engage with AmCham's social media to provide a new image for AmCham and serve as a communication vessel among membership, its interna-tional and EU families.

Olivier Marquette, AES Bulgaria, said he planned to work on the improvement of the image of American businesses in

Bulgaria, and on building fruitful relation-ship with the national and local authori-ties and communities.

The Assembly approved the Annual Report of the Board of Directors for 2015, the financial statements of the Auditor for 2014 and the registered Auditor for 2015, and the budget for year 2016.

Special guests at the meeting were Martina Strong, chargé d’affaires and deputy chief of mission, U. S. Embassy, and Maria Galindo, U.S. commercial officer. �

Radisson Blu Grand Hotel hosted the meeting. This year AmCham General Assembly marked a record turnout of voters.

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c o m m i t t e e r e p o r t s

The International Organization for Standardization (ISO) published the new versions of two of its most popular and widely applied Management Systems Standards - ISO 9001:2015 and ISO 14001:2015 in September 2015.

The revised versions of both standards are aligned with Annex SL (ISO/IEC Directives, Part 1 Consolidated ISO Supplement — Procedures specific to ISO) that requires all Management Systems international standards devel-oped by ISO Technical Committees, Sub Committees and Project Committees to have the so-called high level struc-ture, common terms and definitions and identical core texts for the purpose of facilitating their combined implementa-tion by the organizations in a single (or integrated) management system that meet the requirements of two or more international standards and to avoid conflict requirements in different stan-dards.

One of the key objectives of the current revision of ISO 9001:2015 and ISO 14001:2015 is to provide instruments to organizations to adapt their Quality and Environmental Management Systems to

the changes in the context in which organizations operate nowadays, by considering and proactively managing risks associated with their processes, as well as the views, needs and expecta-tions of the relevant interested parties, so that they could ensure process effec-tiveness and the overall capability of the management system to reach its objec-tives, based on the process and leader-ship approach and the risk based think-ing.

By considering and managing risks to the Management System and all its pro-cesses, organizations could benefit from improved likelihood of achieving their objectives that allows them to provide more confidence to the relevant inter-ested parties that the products and ser-vices delivered by the organization will meet their needs and expectations.

ISO 9001:2015 and ISO 14001:2015 require organizations to implement risk based Quality and Environmental Management Systems, in which preven-tive action, aimed at reducing or elimi-nating the likelihood of undesired conse-quences of occurring risks and at improving organizational capability of taking advantage of opportunities for

change, associated with risks.

In November 2015 the members of the AmCham Quality Management Working Group (QMWG) discussed the changes in the new versions of ISO 9001 and ISO 14001 and their expected effect on organizations that have implemented the previous versions of both stan-dards.

Vyara Stankova, deputy general man-ager at Intertek and AmCham QMWG Co-Chair presented the Risk Based Approach to Management in ISO 9001:2015 and Boyan Rashev, manag-ing partner at denkstatt, presented the key changes in ISO 14001:2015 and their implementation to the attendants in the November meeting of the AmCham QMWG.

In 2016 the AmCham Quality Management Working Group will continue its initiative to present recognized best practices in different aspects of organizational man-agement contained in international stan-dards to its members, as well as to pro-vide opportunity for sharing best practic-es and approaches aimed at improve-ment of organizational performance and effectiveness. �

New versions of ISO 9001, ISO 14001 published

Vyara Stankova, deputy general manager at Intertek.

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For the ninth consecutive year �on Bulgaria presented the companies awarded as the best employers for 2015 according to its internationally approved methodology for measuring employee engagement.

A total of 59 companies in eight indus-tries took part in the study conducted in 2015. Nearly 17,100 employees shared their opinion on their employer and 353 top managers assessed the companies they manage.

More than half of the participating com-panies (55 percent) fall in the category of medium and large firms (with 250 employ-ees and more). The rest were small, with up to 250 employees. This year the medium companies (with 250 to 1,000 employees) are at the forefront in the firms having highest share of engaged employees - at the average of 70 per-cent. They are followed by the small companies where the average rate of engagement is 66 percent. The last place is taken by the large companies where the rate of employee engagement this year is at the average of 47 percent.

The highest rate of engagement is observed among the employees of the IT sector, followed by those involved in the pharmaceutical and production sector.

More than half of the employees involved in these companies speak positively about their employer; they wish to con-tinue to work with it in the long term and make much more efforts in performing their everyday work which contributes to the business success.

The employee engagement in Bulgaria

remains stable and relatively high. On average 61 percent of all surveyed employees are engaged with the busi-ness of the company in which they work. This means that they recommend it to their colleagues, friends and acquain-tances as a good place to work. On the other hand, the engaged employees rarely think about leaving and do not seek other opportunities in the labour market. They make much more effort than they are expected to make in their workplace.

The economic characteristics in Bulgaria - the feeling of security among the employees in Bulgaria and their confi-dence of the labor market are increased.

In 2014, the percentage of the employ-ees who say that they rarely worry about losing their job is increased. In addition, this positive trend is complemented by the higher percentage of employees (62 percent) who claim that they can easily find a job now if they have to seek new opportunities in the labor market.

The additional benefits provided by the employers continue to be a key factor in the employee engagement; however, the major challenge in the next year will be the communication with the employees.

In the opinion of every other employee the additional benefits obtained do not meet his/her needs and those of his/her family. In addition, nearly 60 percent of the employees in Bulgaria share that the package of the additional benefits which the employer provides will be a key fac-tor in making the decision whether to remain engaged in the company in the

long term or to seek new opportunities in the labor market. There are many cases in which the employees take the benefits for granted and think that the employer is obliged to provide them. The awareness and communication in these areas have a large potential effect on increasing the level of engagement.

Ranking

Companies are ranked in two catego-ries: 1. Small (up to 250 employees) 2. Medium and large (250 to 1,000, and over 1,000 employees)

The result is objective and is based on a statistical formula. The employees are those who determine whether a com-pany is a good employer or not. Their engagement is the key factor which influence on the business results of the employer. The formula that determines the winners in the two categories is a combination of several indices, which are added to the measurements of the rate of engagement - "Senior Leadership," "Employer Brand," "High Performance Culture."

The best employers in Bulgaria for 2015 are:

Small Companies Company Sector1. SiteGround IT2. Tavex Ltd Finances3. Japan Tobacco Trade in tobacco International products

Medium and Large Companies Company Sector1. Actavis EAD Pharmacy2. DHL Express Transport and Bulgaria Ltd logistics3. Kalinel Ltd Production �

Best Employers Ranked for 2015

Tavex company awarded in the category Small Companies. DHL Express company awarded in the category Medium and Large Companies.

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- What is the tobacco industry in Bulgaria like these days?

- Bulgaria is one of the most competi-tive tobacco products markets. The country also has long traditions in tobacco growing and in tobacco prod-ucts manufacturing. No less than seven companies actively compete for mar-ket share and for the attention of the existing smokers. On the other hand,

Bulgaria has to comply with specific rules on the levels of taxa-tion on cigarettes, which lead to relatively high prices compared to average income levels. A smoker needs on average 17 per-cent of his daily disposable money to buy a pack of cigarettes. This is a very important factor that defines a lot of market specif-ics, including the consumer shift to more affordable formats of products.

- What will the New Year bring in your business?

- The legislation includes change in excise – increase in next three years so that Bulgaria reaches the minimum EU levels of excise taxation on cigarettes by 2018. This will have an impact on end consumer prices. Experience anywhere shows that when cigarette prices go up, the stimulus for illegal supply increases. This is a traditional issue in Bulgaria – the high levels of illegal products on the market. This year the government and especially Customs Agency put a lot of effort and achieved serious decrease of the levels of cigarettes illegal trade. We believe there are still opportunities in that direction and an even better control over production, warehouses and borders can be achieved, so that illegal supply is as limited as possible. If pressure against illegal trade does not continue, it can easily go back to previous levels and then the state will continue to miss serious revenues from excise and VAT, while legal companies and traders will encounter difficulties. Over the last years, the state has been losing several

hundred million Leva per year from illegal cigarettes. On top of that is the very popular offering of illegal-cut smoking tobacco, which is often outside of comments and attention, but is a signifi-cant phenomenon. For a country like Bulgaria all this is a problem with huge fiscal and social dimensions. The money that can be won back from the contraband are enough to fill to a large extent the gaps discussed publicly in systems like health care and secu-rity. In 2015 thanks to all the work against illegal trade the legal market grew and stabilized. This stability can be kept with even stronger measures against illegal trade, so that the boom of illegal products from 2010, the last time excise was changed, is not repeated. A serious change in environment and at the same time, an additional potential driver for illegal trade will be the implemen-tation of the new Tobacco Products Directive in the Bulgarian legislation. The Ministry of Economy already prepared and pre-sented for public consultation a draft law, which transposes the directive. Transposition is a rather complex and complicated pro-cess, which is a challenge both for industry and state authorities. We hope the law will be adopted as quickly as possible in the Parliament, so that legal business has enough time to prepare for the changes within the deadlines. As a whole we expect to work in a predictable and stable business environment, in which even-tual changes are consulted with the industry and all specifics are taken into account. If legal business and the government work together, this would lead to cleaner conditions on the market and in the industry.

- What were your achievements during 2015?

- We continued our targeted investments in the brands of the company and in our people, and this is delivering good results as we continue to develop our business. We were also ranked among the Best Employers in Bulgaria in the AON Hewitt study for the third year in a row. We will aim to maintain the good momentum in 2016. We will continue to be a reliable partner of the law enforcement authorities in order to reduce the illegal trade. �

"When you aim for perfection, you discover it's a moving target."

Zen saying

In the lifespan of a consulting firm, 25 years make a history in itself. For AFA, these years signify a start in parallel with the onset of the transition period in Bulgaria, presence in all dramatic changes in the economic environment of the coun-try, and hard work for recognition of the accounting and audit profession.

This quarter of a century has earmarked a period associated with globalization, increas-ingly sophisticated business models, new business ethics, colossal technology

advancement, economic and social crises, new regulations. Those were the times when Bulgaria had to live up to the challenges. Those were the times when the team of AFA worked with commitment to the success of its clients and partners but also gained valuable experience and knowledge in a lot of proj-ects, industries and businesses.

Thus, the ultimate portrait of AFA on the verge of its 25th Anniversary shows:

� A team of experts in diverse fields joining their efforts to produce best client-tai-lored solutions;

� Expertise and services in various areas: accounting, audit, taxation, corporate

finance, management consulting, train-ing;

� Leading position among accounting and advisory firms;

� Public image associated with trust, inde-pendence and high quality;

� Credo for achieving a better and ethical business world.

The AFA team wishes you a Happy New Year! �

Illegal Tobacco Hurts the BudgetVladislav Mihov, Country Manager, JTI

AFA Marks 25 Years in Business

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The American University in Bulgaria (www.aubg.edu), a leader in liberal arts education and an institution of higher learning accred-ited both in the United States and Bulgaria, announced that its Board of Trustees had appointed Stratsi Kulinski as president.

Kulinski has been a longstanding sup-porter of AUBG, and is an accomplished professional with global business and cross-cultural expertise. He was one of the very first students to attend AUBG in 1991 and graduated in 1995. Kulinski also holds an MBA from the prestigious Wharton School of the University of Pennsylvania. His professional career stretches over 20 years creating and building value for media, telecommunica-tions, and high tech companies across Europe, North and South America, Africa, and Asia, with corporate assignments in London, Washington, Moscow, and the Silicon Valley. President Kulinski brings to AUBG a global perspective, entrepre-neurial mindset, people management focus, and a versatile skillset in partner-ships, strategy and finance, legal and

regulatory matters, and marketing. “The Board is very pleased that President Kulinski is taking the helm of the University,” said Dr. Ivan Manev, chair of the Board of Trustees of AUBG. “He is the right person to steer the University and shift it into a sustainable growth mode in the years ahead. Stratsi is a widely respected col-league from our Board, with whom we have worked closely over the past several years. He is a person of unwavering enthusiasm for AUBG. His deep knowl-edge of the University strengths and chal-lenges, ability to think strategically and creatively, his business and cross-cultural acumen, and the ease with which he builds relationships and communicates made him a natural choice. We elected Stratsi unanimously, which demonstrates our confidence in his capacity to take AUBG to new heights.”

In turn, President Kulinski said: “I am thrilled to come back home to AUBG. As a member of the first graduating class, my commitment runs on a deep and personal level. This is not merely a career shift – it

is a reunion with my extended family that is the American University in Bulgaria.” He added: “As I take on the role of president of AUBG, I am excited to contribute my time and energy and work closely with our students, faculty, staff, Board, University Council, supporters, and community stakeholders locally and worldwide to ensure the long-term success of our mis-sion. My priorities for the first few months are to engage all AUBG stakeholders, communicate openly with all university constituents, and advance a culture of ownership and entrepreneurial initiative in everything we do.”

President Kulinski will assume office in January 2016. �

Member of AUBG’s First Class Comes Back as President

Stratsi Kulinski

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Smart cars, robot teachers and “designer” babies – these were just some of the fantastic scenarios that came to life on the scene of Mtel Media Masters 2015. This year the telecom’s journalistic competition for articles, dedicated to science, tech-nology and innovation were organized under the motto “Five Scenarios for Tomorrow” and featured five speakers: journalist Velislava Popova, sports pundit Momchil Manchev, publisher Jacqueline Wagenstein, teacher Emil Jassim and reproductive health specialist Dr. Meftune Shefketova.

The future will bring us automobiles, targeted at the drivers’ needs, Manchev said. The cars of tomorrow would also be environmentally friendly.

“Reading is fashionable, no matter in what ‘package’ it comes in”, the publisher Wagenstein said. Nowadays the publishers should be aware that customers demand access to their favor-ite books “anytime, anywhere, on every device.”

“Journalists will not be replaced by robots in the future. But I do believe that robots and journalists will soon be working side by side,” predicted Popova, editor-in-chief of www.dnevnik.bg and member of the governing body of Center for Media Development foundation

“Modern schooling will be online in the future,” said history teacher Emil Jassim. Thanks to the new technologies, the les-sons will take into account every pupil’s individual needs.

Future would bring us new, more innovative treatments for reproductively challenged couples, Dr. Shefketova noted. A

key challenge will remain the doctor’s ability to keep a human connection with his patients.

The evening’s culmination came with the acknowledging of this year’s Mtel Media Masters laureates. The task to pick the best articles was given to a jury consisting of Vesislava Antonova; Dobrina Cheshmedzhieva, head producer of Bulgarian National Television’s (BNT) evening news; Ivan Bedrov, analysis editor in “Club Z”; Kin Stoyanov, writer and journalist, editor at Studio Transmetria; and Nacho Strigulev, technology editor at Manager magazine.

In the “Internet Media” category, the “Short Forms” subcatego-ry award went to blogger Konstantin Pavlov for his article “The world with or without YouTube.” Vidka Atanasova from Dnevnik was acknowledged for her article “Four ‘Cosmic Challenges’ for Nine Days” in the “Long Forms” subcategory. Assen Georgiev received the “Print Media” award in the “Short Forms” subcategory for his article “Facebook (on) Holiday,” while Emil Spahiyski from Trud daily received recognition in the “Long Forms” subcategory for his piece “Ghosts Haunt Us From the Facegrave.”

In the “Electronic Media” category Boyko Vassilev from BNT received the award in the “Short Forms” subcategory for his broadcast “Raising Hearts,” while Maria Milkova from Nova TV was acknowledged in the “Long Forms” subcategory for her documentary “Enlightener Without Armor.” The jury also decided to acknowledge Julian Arnaudov from Capital weekly, who received a special award for his overall achievements in the field of technology reporting. �

Mtel Media Masters: Best Science, Tech, Innovation Journalism of 2015

(L-R) Emil Jassim, Dr. Meftune Shefketova, Jacqueline Wagenstein, Velislava Popova and Momchil Manchev

3 in 1

daily supplement

LACTIC ACID BACTERIA

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Soon will come the summer again. Now is the right time to recall what the

Early Bird does…

Cruise Destination Guide Embarkation Ports: Civitavecchia (Rome), Genoa, Barcelona

Places To Go: This is a destination with a great diversity of natural beauty, culture, history, artistic sites and romantic places. Two continents and hundreds of islands. Capri, Ibiza, Palma de Mallorca, Corsica, Sardinia, Gibraltar and Ceuta, Antibes, Cannes and Monte Carlo, Rome, Naples and the charming Amalfi coast.

Western Mediterranean Cruises

Aegean & Adriatic Cruises Embarkation Ports: Venice, Istanbul, Civitavecchia (Rome)

Places To Go: Here we have itineraries along the picturesque Dalmatian Coast with amazing ports of calls like Split, Dubrovnik, and Kotor, located in the very end of the only fjord in the Mediterranean, followed by Greek isles of Santorini, Mikonos and Crete, all with their unique flavor and atmosphere. Not to mention the cosmopolitan Istanbul – the city that lays on two continents.

Cruises to Bermuda & the Bahamas Embarkation Ports: New York

Places To Go: Enjoy Bermuda’s pink sandy beaches by day time and have fun on board the cruise ship in the evenings. Take a tour to Kennedy Space Center when visiting Port Canaveral. Another option here is Orlando. Getting south you’ll have a great time in Fort Lauderdale and Miami. Next are beaches again – the white sandy beaches of the Bahamas are considered among the best in the Globe.

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- Summer 2016

CONTITRANS M Ltd. is a Preferred Sales Agent of 9 the most significant operators in the cruise industry. Our partners are: PRINCESS CRUISES, Royal Caribbean, Seabourn, Holland America Line, Celebrity Cruises, NCL, Cunard, MSC and Azamara. For more informa-tion and reservations call us on 0700 10 575 or visit www.contitrans-m.com

Embarkation Ports: Copenhagen, Kiel, Hamburg, Amsterdam, Southampton

Places To Go: This region is famous for the great number of must-sees that you can find in each big city. Vasa Museum in Stockholm, the Tivoli Gardens in Copenhagen, the Old Town of Tallinn. Most Baltic cruises overnight in St. Petersburg so guests have good opportu-nity to visit the Hermitage - world’s second famous art museum, or experience eve-ning tours combined with musical (ballet) performances and so much more.

Embarkation Ports: Copenhagen, Kiel, Hamburg, Amsterdam, Southampton

Places To Go: People say: when cruising along the western coast of Norway, the landscape varies from picturesque to breath-taking. Thousands of people book each summer cruises to fjords to be amazed by spectacular scenery and unique sights that Mother Nature has cre-ated here. How about cruising to polar bears’ world? Are you up to see the Midnight Sun?! And think a bit about the chance to be among few who ever set foot on Spitsbergen.

Embarkation Ports: Yokohama (Tokyo), Kobe (Osaka), Shanghai

Places To Go: The itineraries here include ports of call in Japan, Korea, China even Russia. Just imagine: Tokyo, Nagoya, Osaka & Kyoto, Nagasaki and Busan – in only 8 days. If you have another week more, you can’t imagine what else you’ll see.

Round Japan Cruises

Fjords, British Isles & Arctic Cruises

Cruises to the Baltic Capitals

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BiT television is a multi-thematic pro-gram profile tv and broadcasts informa-

tional, educational, cultural and entertain-ment shows. The mission of the BIT is to be the television of 10 million Bulgarians - those in Bulgaria and all around the world.

Through its program, TV BiT achieved several key objectives:

� maintains the connection between Bulgarians in the country and all around the world as a sense of community;

� puts into focus the man and his life, approaching the media agenda to that of the real life of the people;

� promotes the values of tolerance, multi-culturalism, understanding and mutual respect between people of different nations, races and religions;

� maintains a high quality of journalism and follows the highest professional and

ethical standards.

A key feature of television is its focus on people and their lives and presentation of global issues through local problems.

Contacts:+359 29676554

sofia_desk@bitelevision.comwww.bitelevision.com8-mi Dekemvri 13 Str.

Office 12

Imperial Tobacco is an international fast moving con-sumer goods com-

pany with a strong track record of creating value for our shareholders. Our core busi-ness is built around a tobacco portfolio that offers consumers comprehensive brand choice. We are also creating new consumer experiences through our non-tobacco products. We are present on the Bulgarian market for more than 15 years

now. Our motivated and goal oriented team is always focused on providing high level of service to our clients and our con-sumers. We take our obligations seriously and apply high standards of responsible marketing to reinforce adult choice. We support our consumers and proactively tackle important issues such as the smug-gling and counterfeiting of tobacco prod-ucts. We work to protect the legitimate tobacco market which helps to ensure that tobacco products are sold only to adults

and that criminals do not profit through illicit trade. We also stand up for our con-sumers by championing our consumers’ rights to enjoy smoking.

Contacts:Michael Mihaylov

Operations ManagerTel.: +359 2 96 40 195

15 Henrih Ibsen Str., fl.4, office 41407 Sofia

Kambourov & Partners is a leading Bulgarian law firm with over 25 years of experience in advising major domestic and international corporations and finan-cial institutions. Based on its diversified practice in all industry sectors, it offers sound strategic solutions to legal issues in

a wide range of practice areas including Energy, Banking, Finance, Corporate, Employment, Competition, IP, TMT, Litigation & Arbitration, Restructuring & Insolvency, Real Estate, White Collar, Competition, Tax, Regulatory & Compliance, etc. The firm counts on 16 fully integrated departments to cover all client needs and help achieve business goals. It is certified with an ISO 9001:2008 standard and operates a quality manage-

ment system.

Contacts:Yavor Kamburov

Managing Partner37A Fridtjof Nansen St, 5th floor, 1142

Sofia, Bulgaria Phone: + 359 2 986 9999, 986 8888

Fax: + 359 2 986 9995 E-mail: manolova@kambourov.biz

URL: www.kambourov.biz

Telenor is a lead-ing telecommuni-cation company

that offers a full range of services: mobile, fixed and data, to nearly 4 mil-lion active subscribers in Bulgaria. By November 4, 2014, the company oper-ated under the GLOBUL brand. Since August 1, 2013, it has been a part of Telenor Group which operates in 13 countries in Europe and Asia and has

over 196 million subscribers. The com-pany’s services are available to 99.98% of Bulgaria’s population, covering over 99.50% of the country’s territory, and Telenor UMTS network covers 99.94% of the population. Telenor employs over 2,300 highly motivated and qualified professionals. Our products and servic-es are offered at around 370 points of sale throughout the country, including about 230 Telenor stores and 140 stores

of our official partners Global Net Solutions and Internity.

Contacts:Stein-Erik Vellan

CEO+359 89 8198001

Business Park Sofia, Build. 61766 Sofia

Right Rental Ltd. is leader in event management, logistics and equipment rental for corporate events, weddings, sports events, exhibitions and concerts. We have national and regional coverage, delivering both equipment and

event services to neighboring countries – Greece, Romania and Serbia.We offer the most advanced tent solutions and aluminum structures produced by the leading Belgian company

Veldeman Structure Solutions.No event is too big or small, too far or too unusual for Right Rental.

Our team of professionals with over 10 years of experience is ready to meet any challengeable event!

Right Rental Ltd. Tel: 0700 13 700 www.rightrental.net office@rightrental.net

RIGHT TIME, RIGHT PLACE, RIGHT NOW

32А Cherni Vrah Blvd, 2nd floor, Aries Office Building, 1407 Sofia | Tel: +359 2 988 12 75 | Fax: +359 2 986 75 49 | www.aes.bg