i s s u e 1 5 3o c t o b e r 2 0 1 4

Analyses:

The Revision The Revision of the of the State BudgetState Budget

TTIP Is Good for TTIP Is Good for Business & TradeBusiness & Trade

AmCham Events:

Six New Members Six New Members Join the ChamberJoin the Chamber

U.S. Embassy U.S. Embassy Presents Presents New OfficersNew Officers

News:

Cyber Crime Cyber Crime Dominates Dominates Securit y SummitSecurit y Summit

Deloitte Knowledge Deloitte Knowledge AcademyAcademy

Analyses:Analyses: AmCham Events:AmCham Events: News:News:

Before the Consultations for a New Government:Before the Consultations for a New Government:

AmCham White Paper 2014AmCham White Paper 2014Reaches Out Political EliteReaches Out Political Elite

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e d i t o r i a l

While Bulgaria is reeling in suspense whether the negotiations on composing a new government will succeed or fail, time seems to stand still. No movement can be detected on the payouts for the supposedly guaranteed-by-law deposits from the defunct Corporate and Trade Bank (KTB); no discussion surrounds the utilization of a next tranche of Euro funds; even along the dreaded detour for the Struma Highway construction to Greece all heavy earth-moving machinery seems to have been frozen. Everyone appears to be waiting to check out the new government, or, rather, deducing whether there will even be a cabinet. The actualization of the budget is also pending; it was proposed by the caretaker government for a vote by the incoming National Assembly (see how much the state will need Page 6). The new parliament has a series of serious deci-sions to make in the banking sector and healthcare, among other areas.

Even before the early parliamentary elections on Oct. 5, American Chamber of Commerce in Bulgaria held a series of meetings with a number of leaders from political parties repre-sented in the new parliament (read more about this initiative on Page 4). Ensuring a good business environment, solving problems in the energy sector and negotiating Bulgaria’s entry into the Eurozone are all part of the AmCham’s White Paper 2014, a copy of which the politicians received in person.

This said, even when the country seems to have been halted in its tracks, AmCham keeps on moving forward. Six new members presented themselves at a party with some 300 par-ticipants from within the Chamber’s community (read more on Page 12).

Sincerely,

Milen MarchevEditor-in-Chief

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

Editor-in-ChiefMilen Marchev

Deputy Editor-in-ChiefChristopher Karadjov

Senior Editor:Irina Bacheva

ISSN 1312-935X

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

AdvertisingAmCham Bulgaria: Nadejda Vakareeva, nadia@amcham.bg

AmCham Bulgaria Magazine:Milen Marchev, milen@milenmarchev.com

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.

i s s u e 1 5 3o c t o b e r 2 0 1 4

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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a m c h a m b u l g a r i a

Contentsc o v e r s t o r y

2014 AmCham White Paper Project Under Way . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

a n a l y s i s

Budget’s New Clothes . . . . . . . . . . . . . . . . . . . . 6

By Marina Tsvetkova

Don't be afraid of U.S.-E.U. free trade . . . . . . . . . . . . . . . . . . . . . .10

By Philipp Rösler*

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

Six New Members Join AmCham Community . . . . . . . . . . . . . . . . . . . . .12

U.S. Embassy Presents New Officers. . . . . . . . . . . . . . . . . . . . . . . . . . .16

o s a c e v e n t s

Cyber Crime, Energy, Global Politics Dominate Security Summit . . . . . . .18

m e m b e r n e w s

Tim Kurth is the New Executive Director of Aurubis Bulgaria . . . . . . . . . . . . . . . . . . . . . .19

Deloitte Knowledge Academy: Bridging Academy and Business . . . . . . . . . . . . .20

By Georgi Nalbantov, Manager Data Analytics, Deloitte

VMware Expands Presence in Bulgaria. . . . . . . . . .21

t r a v e l

Atlanta – The city of Coca Cola. . . . . . . . . . . . . . .22

n e w m e m b e r s . . . . . . . . . . . . . . . . . . . . .24

The Bulgarian American Credit Bank

C3i Inc

3M Bulgaria EOOD . AA KRES EOOD . Abbott Products EOOD . AbbVie EOOD . Actavis Bulgaria . Adecco Bulgaria ltd. . Advance International Transport EOOD . AES Corporation . AFA OOD . AGORA-IN Ltd. . AHNtech Branch Bulgaria . AIG Europe Limited (Bulgaria Branch) . AIMS Human Capital . Air Berlin PLC & Co. Luftverkehrs KG . Albena AD . Alfred C. Toepfer International Bulgaria EOOD . ALICO Bulgaria ZhZD EAD, a MetLife Inc. Company . 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. . Arexim Engineering . Ashtrom International 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. . AVON Cosmetics Bulgaria . AW-Tronics . Axway Bulgaria EOOD . Baker Tilly Bulgaria . Balkan Star Automotive EOOD . Ballistic Cell Ltd. . Baxter Bulgaria EOOD . BC Serdon . Berlitz Schools of Languages . BG Radio . BICA International Ltd. . BMG Ltd. . BMW Vertiebs GmbH - Branch Bulgaria . BNP Paribas S.A. - Sofia Branch . BOYANOV & Co. . Braykov's Legal Office . British American Tobacco Bulgaria . Brown Forman Beverages Worldwide Sofia Branch LLC . bTV Media Group . Bulgarian American Enterprise Fund . Bulgarian Charities Aid Foundation (BCAF) . Bulgarian Executive Search Association . Bulgarian Property Developments EOOD . BulPros Consulting JSC . Bulstrad Life Vienna Insurance Group . Business Intellect Ltd. . Business Park Sofia EOOD . Carat Bulgaria . Castello Precast OOD . Center for the Study of Democracy . Cheque Dejeuner Bulgaria Ltd. . Chevron Bulgaria Exploration and Production EOOD . Cisco Systems Bulgaria . Citibank Europe Plc, Bulgaria Branch . Club 50 Plus . 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 . Congress Engineering Ltd. . Construction Management Group . Contitrans M Ltd. . ContourGlobal Maritsa East 3 AD . Credit Agricole Bulgaria EAD . Curtis / Balkan Ltd. . Dalkia Bulgaria EAD . Danailov, Mihaleva, 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 . Electron Progress EAD . Elevat Ltd. Legal House . 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. . Ernst & Young Bulgaria EOOD . ESRI Bulgaria Ltd. . Etap Adress . Eurobank Bulgaria . Eurohold Bulgaria . European Bank for Reconstruction and Development (EBRD) . European Trade Center EOOD . Expat Capital . Experian Bulgaria EAD . FairPlay International . Fama Consulting OOD . Flying Cargo Bulgaria Ltd. - Licensee of FedEx . Force Delta Ltd. . Forton International AD . Foundation Glob@l Libraries - Bulgaria . Fox International Channels Bulgaria EOOD . GAEA - Green Alternative Energy Assets EAD . Galardo EOOD . Gasstroymontaj Jsc . General Electric International . Georgiev, Todorov & Co. . Geostroy AD . Geotechmin OOD . Geotrading AD . Gi Group . GIFTA . GlaxoSmithKline . Grand Hotel Sofia . GTC Bulgaria . Helios . Power Hewlett-Packard Bulgaria Ltd. . HILD Asset Bulgaria Jsc. . Hilton Sofia . Honeywell EOOD . IBM Bulgaria . ICAP Bulgaria JSC . Ideal Standard - Vidima AD . Incotex Group Ltd. . Industrial Holding Bulgaria . InterConsult Bulgaria Ltd. . Interdean Relocation Services . Interlang Ltd. . Intertek - Moody . Intracom Bulgaria EAD . Investbank JSC . Investor BG AD . IP Consulting Ltd. . ITT Exelis . Japan Tobacco International Bulgaria . Jobs.bg EOOD . JobTiger Ltd. . Johnson & Johnson Bulgaria EOOD . Johnson Controls Electronics Bulgaria . Junior Achievement Bulgaria . Kaliakra AD . Kamenitza AD . Katilin Popov Enforcement Officers . Kempinski Hotel Grand Arena Bansko . Kempinski Hotel Zografski Sofia . KPMG Bulgaria OOD . LANDMARK Property Management AD . Lexim Sofia Ltd . Lindner Immobilien Management EOOD . Lirex BG Ltd. . M3 Communications Group, Inc. A Hill & Knowlton Associate . Maria Vranovska, MD, MBA . Mars Incorporated Bulgaria EOOD . Marsh EOOD . Maxi I AD . MB Communications . MBL| Part of the CBRE Affiliate Network . Megatron EAD . Mellon Bulgaria EAD . Merck Sharp & Dohme Bulgaria . Microsoft Bulgaria . Miltech Ltd. . Minstroy Holding Jsc . Mobiltel EAD . Monbat Plc. . Mondelez Bulgaria AD . Moten Sport . Moto-Pfohe Ltd. . Movex Relocations . Mr. Alex Nestor . Mr. David Hampson . Mr. Jean Talmon . Ms. Anelia Tatarova . Ms. Kalinka Kovatcheva . Ms. Margarita Radeva, CPA . Municipal Bank Plc . Musala Soft AD . NDB Ltd. . Nemetschek Bulgaria . NEXTDOOR Ltd. . Nicholas Galabov . Novacon Bulgaria Ltd. . Novotel Sofia MHQ . Nu Boyana Film Studios . Office for Mining Industry and Metallurgy Ltd. . On Bulgaria Ltd. . Oracle East Central Europe Limited - Branch Bulgaria . Orak Group Europe Ltd. . Orbit Ltd. . Orkikem 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. . PMB EOOD . PPD Bulgaria EOOD . Premier Luxury Mountain Resort . Premier Tours Ltd. . Prestige 96 AD . Progress CAD R&D Centre Ltd. . Provident Financial Bulgaria Ltd. . PSG Payroll Services Ltd. . PwC Bulgaria . Quadrant Beverages JSC . Radisson Blu Grand Hotel . Red Devil Catering Plc . Regus Bulgaria Ltd. . Renault Nissan Bulgaria SRL . Right Rental Ltd. . RSM BX Ltd. . S&T Bulgaria . Sanofi - Aventis Bulgaria EOOD . Sb Accounting and Consulting . Schenker EOOD . Schneider Electric Bulgaria . SECTRON . Sensata Technologies . Shell Bulgaria EAD . Sherita M Ltd. . Siemens EOOD . SIENIT Holding . Sitel Bulgaria EOOD . Sodexo Pass Bulgaria EOOD . Sofia Hotel Balkan . Sofita . Sogelife Bulgaria IJSC . Sopharma AD . Sopharma Trading JSC . St. Sofia Golf Club & SPA . Stanton Chase International Bulgaria . Steelcase International . Stefan Dimitrov, Norman Realestate Co. Ltd. . Sunfoods Bulgaria EOOD - Development Licensee of McDonald’s in Bulgaria . Sutherland Global Services Bulgaria EOOD . Tavex EOOD . TBI Bank EAD . TechnoLogica EAD . Telelink EAD . TELUS International Europe . The Coca-Cola Company Bulgaria . Tishman Management Company EOOD . Titan Zlatna Panega Cement . TMF Services EOOD . Tocheva & Mandazhieva Law Office . Totema Engineering JSC . UniCredit Bulbank . UniCredit Leasing EAD . Unimasters Logistics Plc . Unique Estates . Unisys Bulgaria Branch . United Bulgarian Bank . VAPTECH Ltd. . Videolux Holding / Technopolis . VISA Europe . VIVACOM . VMware Bulgaria EOOD

VSK K t IZ Di ik EOOD VUZF U i it Hi h S h l f I d Fi W llt i Ltd

Board of Directors of the American Chamber of Commerce in Bulgaria

President Mr. Peter Lithgow AES Corporation

Vice President Mr. Alex Nestor Individual Member

Vice President Mr. Daniel Berg European Bank for Reconstruction and Development (EBRD)

Treasurer Ms. Petya Dimitrova Eurobank Bulgaria

Members Mr. Borislav Dimitrov Cisco Systems Bulgaria

Mr. David Butts CMS Cameron McKenna EOOD

Ms. Diana Pazaitova Fama Consulting

Mr. George Brashnarov Nemetscheck Bulgaria

Ms. Krassimira Chemishanska Amgen Bulgaria

Mr. Sergey Koynov Forton International

Mr. Solomon Passy Atlantic Club Bulgaria

Mr. Venislav Yotov AIG Europe Limited (Bulgaria Branch)

Ex-Officio Member Mr. Thomas Bruns Senior Commercial Officer, U.S. Embassy

Executive Director Mr. Valentin Georgiev

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Before the parliamentary elections of October the 5th, 2014 American Chamber of Commerce in Bulgaria' s leadership had formal meetings with some of the political parties that are now represented in the new 43 National Assembly. Long before the political consultations of making new govern-ment which are currently on between GERB and the 7 others political par-ties which made it to the parliament, the Chamber presented the main points on political and business stabil-ity in Bulgaria, that should be imple-mented by the new government in order the country to have a sustain-able development, stable business environment and opportunities for new investments.

AmCham Bulgaria launched its White Paper project for 2014 with recom-

the areas of:1. Economic and financial stability2. Regulatory transparency and pre-

dictability; rule of law

3. Investment promotion4. Taxation 5. Public procurement and public-pri-

vate partnerships

2014 AmCham White Paper Project Under WayChamber meets with key figures of main political parties represented in the new

Parliament before the elections

Members of GERB Executive Committee Rumyana Buchvarova (left) and Tomislav Dontchev, met with the AmCham Board members.

Evgeni Uzunov, deputy chair of BSP (in the middle on left) and Roumen Gechev, economic expert, BSP

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6. Education, entrepreneurship, and labor policy

7. Healthcare 8. Energy and mineral resources9. International cooperation and trade

partnerships10. Banking and financial services

The current White Paper is the third project in a row; the first one was launched back in 2009. The White Paper for 2014 provides the basic principles AmCham believes will help to stimulate economic growth, invest-ments and employment, as well as increase competitiveness of the Bulgarian economy. Core challenges facing the next government are lack of confidence in institutions, worsening business and investment climate, and slow economic growth. These chal-lenges are not unique to Bulgaria.

Bulgaria needs to do more, however, and do it urgently to address these problems in order to ensure a stable and satisfactory quality of life for the current and next generation. Perhaps most importantly, government action is needed to reassure business about the intention to maintain a welcoming, predictable, and stable political, eco-nomic and regulatory environment.

The chamber had a series of meetings in September with representatives of the following political parties: GERB, Reformist Block; and the Bulgarian Socialist Party to present the White Paper.

On Sep. 23, AmCham Board members met with representatives of the politi-cal party GERB. The party was repre-sented by Rumyana Bachvarova and Tomislav Dontchev, members of GERB Executive Committee.

GERB’s Dontchev stated that there are no conceptual differences between the party’s political program and the AmCham White Paper policy recom-mendations. He shared some of the key priorities and measures for eco-nomic growth and institutional reforms outlined in the GERB political plat-form. Both Dontchev and Bachvarova agreed that a lot has to be done in order to improve the investment cli-mate in the country. Further to these statements, GERB representatives

need of a structured and sustainable form of interaction between the gov-ernment, business, and civil society organizations in order to improve deci-sion-making processes in the country.

On Sep. 26, AmCham Board members met with representatives of the Reformist Block. The alliance was rep-resented by Meglena Kuneva, chair of Bulgaria for Its Citizens Movement, and Bozhidar Lukarski, chair of the Union of the Democratic Forces.

During the meeting, Kuneva stressed the importance of regulatory predict-ability for the business, as well as the need of a comprehensive administra-tive reform in order to ensure adminis-tration’s effectiveness, professional-ism, and impartiality.

Among the topics discussed were the need of judicial and healthcare reforms, the worsening investment climate, the preparation for the upcoming Bulgarian Presidency of the European Union in 2018, as well as the importance of the

Partnership (TTIP) for Bulgaria.

On Sep. 30, AmCham Board members met with representatives of BSP. The party was represented by Evgeni Uzunov, deputy chair of BSP, Roumen Gechev, economic expert, Atanas Merdzhanov, member of the Executive Committee, Boris Ivanov, chief of staff to the BSP chair, and Denitsa Karadjova, member of Executive Committee.

“BSP agrees with the majority of the AmCham White Paper recommenda-tions as they coincide to a large extent with our political program,” Gechev said. He stressed that the party would like to keep the currency board for the time being. Moreover, the party would like to speed up the entry of Bulgaria into the Euro zone and the EU Banking Union.

BSP representatives were adamant for the introduction of progressive taxa-tion for physical persons but preserv-ing the 10-percent corporate tax, as the party believes that the flat tax is no longer applicable for the current eco-

Bozhidar Lukarski and Meglena Kuneva from the Reformist Block discussed with AmCham representatives

ways of making business environment in Bulgaria better.

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Bulgaria will certainly have to raise for-eign debt, because the budget gap is widening. It is now more than clear that revenue will be 1 billion Leva less than projected by the end of the year. At the same time spending is higher than planned. Bulgaria will also have to chan-nel 750 million Leva into European proj-ects and hope that the European Union (EU) will refund it. Thus deficit will jump by nearly 2 billion Leva. Besides, the government will have to find another 1.5 billion Leva to return the money it urgently borrowed in summer to rescue the banking system. It is not yet clear whether Corporate Commercial Bank (KTB) will be bailed out or not. At the end of the day it may turn out that deficit will exceed the 3-percent ceiling allowed by the EU. That means Bulgaria may suffer a penalty for the overrun.

The budget was deliberately miscalcu-lated, which makes its revision all the more necessary, president Rossen Plevneliev said. The truth about num-bers in the country was not spoken out in the beginning of the year, they were

caretaker cabinet is doing is just telling people the truth about revenue, Plevneliev said. Revenue was deliber-ately overestimated by 2 billion Leva, so it could not be fulfilled, nor could spend-

ing, given the unrealistic revenue, he added.

Nevertheless, in his words, spending has been fulfilled. He underscored that

Budget’s New ClothesThe new parliament will decide the fate of Bulgaria’s revised 2014 budget

By Marina Tsvetkova

One to oneThe revised 2014 budget draft provides for a deficit reaching 4 percent on a cash accounting basis, exceeding the 3 percent of GDP permitted by the EU, which neces-sitates increasing debt by another 4.5 billion Leva. The government deficit alone is expected to stand at 2.846 billion Leva, i.e. 3.6 percent of GDP.

The budget of the National Health Insurance Fund is also planned to be revised. The new debt plans also provide for debt financing worth up to 700 million Leva by the Bulgarian Deposit Insurance Fund. A part of the debt may be used for liquidity sup-port for the banking system within the framework of the 2.9 billion Leva state aid already approved by the European Commission.

The circumstances require raising the allowable state debt ceiling by the end of the year to 22.5 billion Leva (28.4 percent of the GDP forecast), the finance ministry says. The revised budget forecast shows that revenue will be 1.061 billion Leva (1.3 percent of the GDP forecast) below projections.

Lower-than-planned revenue in 2014 is expected from VAT on imports, excise duties, corporate taxes etc. At the same time the budget for structural and additional fiscal measures of several ministries is proposed to be raised by 448.5 million Leva (0.6 percent of the GDP forecast) due to unforeseen expenditure.

Financial Minister of the caretaker government Rumen Porozhanov (second from right) during a meeting with Labor Unions and Employers’ organization about the

revision of the state budget 2014.

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the caretaker government was only committed to “being fair and telling people the truth about numbers and facts.”

Despite the common appeal of employ-ers and trade unions in the tripartite council, the revised government budget is now a fact and its fate will be decided by the new parliament. According to the draft deficit will exceed the 3-percent ceiling and reach 4 percent; economic growth will be 1.5 percent instead of 1.8 percent; inflation will stand at 1.1 per-cent instead of 1.8 percent. Government spending will jump by another 449 mil-lion Leva. The gap is proposed to be financed with a new government debt for 4.5 billion Leva and state guarantees for 2 billion Leva, that is, the state will raise 6.5 billion Leva in additional debt in 2014. The caretaker government should have cut on spending instead of increasing it, economist Georgi Angelov commented.

In principle, all ministries complain of shortages and say they will have to close down if they do not get extra money. Spending additional resources from the current budget is also criticized, because it is clear that the projected revenue is only on paper.

When such serious figures are con-cerned, the calculations should not be made precipitately, said Vasil Velev, chairman of the Bulgarian Industrial

Capital Association. In his words the budget is the financial expression of the policies conducted and its revision should be proposed by the next govern-ment together with the 2015 draft bud-get. Experts are mainly concerned about the envisaged excessive deficit (3.6 percent of GDP), which will be formed by the issuing of another 4.5 billion Leva of debt and 2 billion Leva state guaran-tees for the banking sector. Budget defi-cit is one of the indicators that determine Bulgaria’s way to the Euro area and, being such an important ceiling, it should not be exceeded, trade unions and employers say.

Trade unions have also raised the alarm

about the approaching deadline for adoption of the 2015 budget. Public comments on the issue so far have been quite sparing. What is certain for now is that government spending next year will be predetermined by the revised macroeconomic framework that has been prepared for the 2014 budget update. There is no delay in the 2015 budget procedure, the Finance Ministry said.

Additional spending

The proposed 2014 budget revision pumps more money into the Interior Ministry and in Agriculture. An additional resource of 449 million Leva will be allo-cated to these sectors, as approved by the “Bliznashki” cabinet. As much as 126 million Leva will be provided to the Interior Ministry, which will increase its overall budget for the year to 1 billion Leva. The additional money will cover the salary increase in the system from July 1. Another 60 million will be used for national top-up payments to stock-breeders. A total of 22.1 million Leva will be distributed among municipalities for VAT on projects under the Rural Region Development Program and some 10 million Leva will be used for measures to combat bluetongue and for payment of de minimis aid to fruit and vegetable producers. The revised budget provides for an additional 50 million Leva to the social ministry, including 36 million Leva for support for low-income households, for various employment programs and securing the payment of social benefits. The ministry will receive another 14 mil-

Bulgaria`s interim Prime Minister Georgi Bliznashki has prepared an actualization of the state budget, which

has to be debated by the new parliament.

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Besides reinforcing the National Health Security Fund’s budget with another 100 million Leva, the revised budget also allocates additional money to the health ministry – a total of 24.2 million Leva – which will be used for emergency and psychiatric aid, as well as for subsidies to hospitals in remote and less accessi-ble areas.

The regional ministry will receive a total of 16.4 million Leva, which will be added to its current 250 million Leva budget. It will use 13 million Leva of the amount to guarantee road cleaning in winter. The remainder will be spent on compulsory purchases of land for construction or repair of motorways or on infrastructure projects.

The Agriculture Ministry will receive the same additional amount, 16.4 million Leva. As much as 5.4 million Leva of it will be allocated to the Bulgarian Food Safety Agency; 5 million Leva to the Agricultural Academy; 4 million Leva to Executive Forest Agency; and 2 million Leva to the Executive Agency for Fisheries and Agriculture.

The Transport Ministry will receive 14.7 million Leva to pay for the construction works on Danube Bridge 2 at Vidin – Calafat. The revision will add 10 million to the Defense Ministry’s budget, which

for consumables and medication sup-plies.

As much as 10 million Leva is budgeted for the Supreme Judicial Council for payment of late remunerations to jury members and compensations to dis-missed or retired officers.

The justice ministry will get 5 million Leva for prison maintenance and for legal assistance in cases filed by the state. The culture ministry will use its additional 4 million Leva to subsidize theaters and operas and refurbish the building of the National High School for Ancient Languages and Culture. The foreign ministry will receive up to 3 mil-lion Leva intended for payment of its officers’ business trips abroad. The last item on the revised budget is 77 million Leva for financing of European projects and for contingency costs.

Resource budgeted for banks

The updated state budget in practice provides resource for two options for rescuing KTB, experts say. One of them envisages raising 2.9 billion debt as part of the 3.3 billion Leva state aid for the banking system that was approved in June. Alternatively, the Bulgarian Deposit Insurance Fund may issue up to 2 billion Leva of debt and borrow 700 million Leva from the budget. Until the end of the year First Investment Bank (FIBank) will con-tinue receiving liquidity support from the state worth up to 1 billion Leva. This is envisaged in FIBank’s restructuring plan, which has been sent for approval to the European Commission. �

Government to borrow 500 million Euro for construction of motorways, railroadsThe caretaker cabinet is speeding up a 500 million Euro lending agreement between Bulgaria and the European Investment Bank. The loan is expected to be used for refinancing and co-financing of infrastructure projects under the Cohesion Fund of the European Commission in the period 2014-20. The agreement was prepared by Plamen Oresharski’s government last year but it was never ratified. According to the draft the agreement had to be signed in 2013, the documents of the regional ministry show. The loan is expected to be used for increasing the resource Bulgaria will pro-vide for construction of motorways, railroads and water supply and sewerage proj-ects. During his term as prime minister Boyko Borisov also talked about a loan from the European Investment Bank but the agreement failed to be approved by two gov-ernments. Now the new parliament is expected to ratify it. A memorandum of coop-eration between Bulgaria and the European Bank for Reconstruction and Development is also expected to be prepared in the near future. It will provide financial support for enhancing the competitiveness of small and medium-sized businesses, improving energy efficiency and helping municipalities develop European projects. The European Bank for Reconstruction and Development has supported for years small businesses through various schemes that have often involved the ministry of econo-my and energy. The same ministry allocates the funds under the Kozloduy International Fund which is administered by the European Bank for Reconstruction and Development.

Revised projections for wage and pension riseThe minimum wage in 2015 may be 360 Leva per month instead of 380 Leva as expected and in 2016 it may reach 430 Leva, rather than 450 Leva, the govern-ment’s calculations show. The reason is the lower-than-projected economic growth and the adverse budget forecast. The maximum social security income will rise to 2,600 Leva next year and to 3,000 Leva in 2017.

The pension changes are not yet clear, because no decision has been taken whether the so-called Swiss rule for indexation of the pensions for age will be observed, as provided for by the law. In this case a large part of the pensions will have to be reduced, because of the expected deflation at the end of 2014. The social ministry has said that it is looking for options to update pensions by a certain percent next year. For the time being the calculations are based on a minimum pension of 160 Leva next year and some 15 or 20 Leva more in 2016. The revised budget forecast is based on keeping tax rates at 10 percent for companies and individuals and 15 percent for sole proprietors.

No drop in unemployment is projected for now. Unemployment will stay at around 11 or 12 percent, which explains the need for allocating substantial finan-cial resource for social support and employment programs: some 500 million Leva a year.

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Trade is good. Trade between Europe and the United States is even better. In a nutshell, these are the results of a recent survey by the Pew Research Center and the German Bertelsmann Foundation. Of the American respon-dents, 72% support increased trade with the European Union and 79% with Germany. In Germany, whose economy traditionally relies on exports, 75% would welcome more trade with the United States.

There is good news for those support-ive of a closer transatlantic trade rela-tionship: the next round of negotiations for the Transatlantic Trade and Investment Partnership (TTIP) will begin on May in Washington DC. The goal is nothing less than creating the world's largest free trade zone.

agreement are manifold. Careful esti-mates put the number of jobs that could be created on both sides of the Atlantic as a result of the agreement at several hundred thousand. A bold deal would mean more than $300 billion added to the greater region's economy. With the successful conclusion of negotiations, more than one-third of international trade and almost 40% of global indus-trial output would suddenly be free of red tape, customs duties or tariffs.

Despite those impressive opportuni-ties, a look at the fine print of the Pew/Bertelsmann survey reveals a paradox. While a clear majority sees the benefits of additional trade, almost every sec-ond German and American does not think that the TTIP would be beneficial

to their country.

Where does the skepticism come from in an export-driven economy such as Germany, or in a champion of free mar-kets like the United States? Is it a text-book case of German angst? Is it a sign of isolationist tendencies in the United States?

It has been easy to classify some of those who oppose the TTIP as irratio-nal and uninformed. For example, German anti-globalization groups, who need the popular outrage to recruit activists and raise funds, called the TTIP a "free trade trap" or even a "dan-ger to democracy."Some Americans (Wisconsinites, really) feared for their Oktoberfest beer or Black Forest ham, as some regional European products must actually come from the region that they carry in name. As funny or outright ridiculous as some of these claims might sound, most of these concerns have to be taken seriously.

I have always been a fervent supporter of a transatlantic free trade agreement. Retrospectively, I declare myself guilty of having been so enthusiastic that I might not have given enough attention to the doubts and concerns that exist about the TTIP. In fact, the Pew num-bers question whether proponents of the agreement, especially responsible politicians on both sides, have done enough to explain the benefits, listen and respond to the questions of their constituents, and design the negotia-tions in as transparent a way as possi-ble.

So what are the biggest concerns?

Recurring themes are weaker stan-dards in consumer and environmental protection, an erosion of workers' rights

Don't be afraid of U.S.-E.U. free tradeLowering business barriers between United States and Europe would open

opportunities for all.By Philipp Rösler*

*The article is written by Philipp Rösler for the USA TODAY. Rösler is Managing Director of the World Economic Forum in Geneva, Switzerland and former vice-chancellor and minister for economic affairs of

US Trade Representative Michael Froman (R) and EU Trade Negotiator Ignacio Garcia Becerra (L) attend

a stakeholder presentation at the free trade negotiations for the Transatlantic Trade and Investment Partnership

(TTIP) at the National 4-H Youth Conference Center in Chevy Chase, Maryland, USA, 01 October 2014.

This is the seventh round of free trade talks between the European Union and the USA.

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and a lack of data protection. I find it interesting and to an extent reassuring that citizens on both sides of the Atlantic share similar doubts about the impact of the TTIP on their life. Take for exam-ple negotiations on agricultural prod-ucts and food. While Americans do not generally share the European fear of chlorine-washed chickens, it is very hard to explain to a European why cheese made from raw milk is banned in several states.

But friends of chicken wings and Camembert need not despair, as there is one important point that is often left out of the discussion and might help to alleviate many of those concerns: what the TTIP tries to achieve is mutual acceptance of standards, not the com-plete harmonization thereof. For exam-ple, a drug that had to undergo the costly and time-consuming process to gain market access twice could, under the TTIP, be accepted under one set of regulations and would hence be avail-able to patients throughout the whole free trade zone.

This principle of mutual acceptance of American versus European standards is in fact already a time-tested and established practice in many areas. A German car is tested along different, albeit similar, criteria as an American car. Nobody would ban a car from mar-ket access because the indicator is orange instead of red. Likewise, it wouldn't make any sense not to accept airplanes by Boeing in European air-space. The rationale is: despite the different approach and differences in detail, we trust your standards enough to accept them in our market.

This idea would be applied to additional sectors and industries as the transat-lantic free trade zone takes shape, without watering down any existing standards, labor regulations or rules for data protection. Over time, the free trade zone could become the nucleus for new, evolved standards that help to set global benchmarks and best prac-tices, thus replacing different sets of global standards that might not cur-rently fulfill the criteria we envision for a socially and environmentally sustain-able future.

Having said that, there are a number of

will not be easily resolved. Those lead-ing the negotiations would be well advised to keep in mind that the nego-tiations can only be successful if they earn the trust of their constituents. The best way to do that is to explain the benefits and to make the process as transparent and inclusive as possible.

How this can be done is one of the things I have learned in my new role at the World Economic Forum in Geneva, Switzerland. The Forum, with its trade-mark multi-stakeholder approach, has

proven time and again that it is worth the effort to invite even the harshest critics to the table. This requires time and resources. But by including as many different voices as possible, both the quality and the result of the process will benefit.

The opportunities of unhindered trade across the Atlantic are huge. Let's not endanger the success of the negotia-tions by keeping doors and minds closed to the concerns of European and American citizens. �

10 Reasons to Support the Transatlantic Trade and Investment Partnership (TTIP)1. Economic Growth According to estimates, TTIP could boost the transatlantic economy’s GDP between 1.5 and 3.5 percent.

2. Increase in Foreign TradeTTIP would significantly increase foreign trade between the EU and the US.

3. Chance to Set Global Standards in Industry and ServicesCommon standards would improve the position of the transatlantic partners in regard to global trade.

4. Strengthening Innovation PotentialInnovation is a key driver for growth. A comprehensive TTIP would further strengthen innovation, research and development.

5. More Labor MobilityA comprehensive agreement could significantly influence the mobility of skilled and specialized professionals, thereby counteracting the shortage of skilled workers on both sides of the Atlantic.

6. Sustainable Job CreationResearch has shown that increases in exports and new investment opportunities would create roughly 400,000 new jobs in the EU and 750,000 new jobs in the US.

7. Investment BoostTTIP would create new opportunities and incentives for companies to invest in the transatlantic marketplace.

8. Prosperity Gains for EveryoneExisting free trade agreements show that comprehensive trade liberalization gener-ates long term economic prosperity for partner states.

9. Increase in CompetitivenessThe EU and the US could expand their position in international trade as the driving forces of the global economy.

10. Deepening of Transatlantic ValuesThe transatlantic relationship that is based on trust, transparency and common prin-ciples would be further strengthened.

Source: ©copyright American Chamber of Commerce in Germany e.V.

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AmCham President Peter Lithgow, board member Solomon Passy and Executive Director Valentin Georgiev introduced six new members during the traditional Meet New Members party on Oct 14, 2014, held at the Radisson Blu Grand Hotel.

Some 100 guests attended the cocktail to find more about AbbVie, Atos IT Solutions and Services, BNP Paribas S.A. - Sofia Branch, Castello Precast, Panchim, and Provident Financial Bulgaria.

The global biopharmaceutical AbbVie Inc. was created in 2013 by separation from Abbott; it is performing scientific research activity, said Kiril Nikolchev, country manager. Orlin Dimitrov,

Six New Members Join AmCham Communit y

More than 100 guests listened to the presentations of the new members.

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Solutions and Services, explained the company delivers hi-tech transactional, consulting and technology services, systems integration and managed ser-vices. Atos has 76,400 employees in 47 countries.

BNP Paribas S.A. - Sofia Branch has been present in Bulgaria since 1994; the branch offers a full range of prod-ucts and services in corporate and investment banking, as well as online deposits for individuals, said Hans Broucke, Country Head.

Castello Precast is an engineering and

Hans Broucke, Country Head of BNP Paribas. Kiril Nikolchev, Country Manager of AbbVie Inc.

In the middle is Yordan Radoev, Business Development Manager, Castello Precast.

From left: Iva Todorova, IBM, Plamena Georgieva, Dimitrov, Petrov&Co., Zlatina Ruseva-Savova, MP, Ruseva-Savova Law Office, and Iftach Shacham, CEO,

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building company, specializing in the design, manufacture and assembly of precast concrete elements with 30 years European experience, explained Yordan Radoev, business develop-ment manager.

Panchim is the biggest producer in Bulgaria of plastic sheets and one of the leading manufacturers in Europe, said CEO Jerry Schleider. As part of Plazit-Polygal Group, Panchim Ltd. offers a total portfolio of plastic prod-ucts.

Provident Financial Bulgaria, is a non-banking financial institution and is part of the UK-based group International Personal Finance, said Tanya Obushtarova, corporate affairs coordinator. The company is a lead-ing international provider of consumer credit in growth markets across Central and Eastern Europe, as well as in Mexico.

At the new members’ presentation, the chamber’s leadership emphasized its role in the improvement of busi-ness environment in the country. “AmCham Bulgaria is among the best chambers in Europe,” President Lithgow said. �

Jerry Schleider, CEO of Panchim confers with Solomon Passy, Atlantic Club Bulgaria.

Orlin Dimitrov (second from left), Telecom, Media and Utilities at Atos IT Solutions and Services at the

company boot.

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The American Chamber of Commerce in Bulgaria and the U.S. Embassy had the traditional networking reception on Oct. 2, 2014, to present the key officers and members of the U.S. Mission in Bulgaria. The event took place at the Grand Hotel Sofia where close to 80 members attended the event.

In their opening remarks Peter Lithgow, AmCham president, and Marcie B. Ries, U.S. ambassador to Bulgaria, recognized the importance of the relationship between the Chamber and the Embassy.

The ambassador introduced several new officers at the embassy: Bruce G. Berton, deputy chief of mission, Sally Behrhorst, deputy chief of political/economic section, and Tammy Paltchikov, cultural affairs officer and Dan Milstein, Director European Regional Office, U. S. Department of Energy.

Valentin Georgiev, AmCham executive director, elaborated on the recent progress of the AmCham White Paper and Chamber’s series of meetings with political parties. �

U.S. Embassy Presents New Officers

Dan Milstein, Director European Regional Office, U.S. Department of Energy

(right) talks with lawyers from Borislav Boyanov's law office.

Many members attended the business cocktail and had a chance to meet with

partners.

Peter Lithgow, AmCham president and Marcie B. Ries, U.S. ambassador to

Bulgaria welcome the audience.

The networking cocktail was kindly supported by Maker’s Mark, AES Bulgaria,

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The International Security Management Association (ISMA) and the Overseas Security Advisory Council (OSAC) held a three-day conference on Sep. 7-9, 2014 for ISMA members and OSAC constituents at Sofia Balkan Hotel in Sofia. Mike Howard, president of the ISMA board of directors and chief secu-rity officer of Microsoft Global Security, and Stephen Brunette, executive direc-tor of OSAC, made welcoming remarks to the participants, followed by exclusive keynote speeches from President Rosen Plevneliev and U.S. Ambassador Marcie Ries.

Some 160 participants from 23 coun-tries representing companies from a variety of industries, NGOs, faith-based organization and academic institutions had the unique chance to hear from President Plevneliev an overview of the current security situation in Eastern and Southeastern Europe, as well as an opportunity to directly ask questions on hot topics. Ambassador Ries touched on the global threats and risks we face today, highlighting the critical role that integration and information sharing play.

were discussed during the conference, including cyber crime and the European approach, what does the Syrian and Iraqi crises mean for the region, impact and trends in corruption and organized crime in the region, energy security in Southeast Europe, cyber security edu-cation in a corporate world, how the World Customs Organization helps brand owners protect intellectual prop-erty, global and regional implications from the crisis in Ukraine, among others. Speakers included representatives of the U.S. Department of State, European Cybercrime Center, BulgarianMinistry of the Interior, HIS, Coca Cola Enterprises, World Customs Organization, Sibylline, etc.

There is currently one upcoming event planned in 2014 by OSAC Bulgaria Country Council: the Fourth SEE Regional Forum on Cybersecurity and Cybercrime, co-organized with State Agency for National Security and the ICT Academy.

The International Security Management Association (ISMA), founded in 1983, is a premier international security association of senior security execu-

tions located worldwide. ISMA’s mis-sion is to provide and support an international forum of selected security executives whose combined expertise will be utilized in a synergistic manner in developing, organizing, assimilat-ing, and sharing knowledge within security disciplines for the ultimate purpose of enhancing professional and business standards.

The OSAC was established in 1985 under the Federal Advisory Committee Act to promote security cooperation between American private sector inter-est worldwide and the U.S. Department of State. The OSAC Council is com-prised of 30 private-sector and four public-sector member organizations that represent specific industries or agen-cies. Today, the OSAC partnership encompasses ten federal agencies and over 4,600 private organizations, from the business and academic communi-ties to non-governmental and faith-based organizations.

The OSAC Bulgaria Country Council, launched in November 2012, is one of the 141 OSAC chapters around the globe attached to U.S. Embassies and

Cyber Crime, Energy, Global Politics Dominate Securit y Summit

Bulgaria’s President Rosen Plevneliev presents an overview of the security situation in Eastern and Southeastern Europe.

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“Aurubis Bulgaria, which has about 800 employees, is the second largest site in the Group and is therefore very impor-tant to us. I’m especially glad that we’ve found a competent successor within our Group, Tim Kurth,” said Peter Willbrandt, Executive Board Chairman of the Aurubis Group.

“At the same time, I’d like to offer Nicolas Treand my sincerest thanks for all he has achieved for the company in his seven years there. In particular, I’d like to emphasize the considerable improvements in environmental protec-tion and the significant increases in capacity and productivity. I wish him all the best for the future.”

Tim Kurth, 46, has worked for the Aurubis Group since 2006 and is currently respon-

sible for logistics in the Group as Vice President Corporate Logistics. Previously, the logistics specialist gathered interna-tional experience in companies such as Unilever and Numico, including a two-year stay in Poland. “I’m truly looking forward to this new, challenging task. Aurubis Bulgaria has developed excep-tionally well in the past several years, and I’m proud to be able to continue this process together with the employees,” Tim Kurth commented.

“In the past few years I’ve worked inten-sively with different departments at Aurubis Bulgaria on a number of proj-ects, which is a good basis for me to start with.” �

Tim Kurth is the New Executive Director of Aurubis BulgariaTim Kurth, 46, took over the position of Executive Director of Aurubis Bulgaria

from Nicolas Treand.

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Deloitte Analytics: your data, inside out

Turning everyday information into useful and actionable insights.

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. Please see www.deloitte.com/bg/about for a more detailed description of DTTL and its member firms.

© 2014 Deloitte Bulgaria

In a two-week period in the end of July this year Deloitte orga-nized a Knowledge Academy in the field of Data Analytics (a new line that set off this May). The aim of the academy was twofold. Firstly, to train the participants how to apply academic knowledge in practice, which is in effect a step towards bridg-ing the gap between university education and business, and secondly, to build relationship with local universities. Next to the main organizer from Bulgaria, Georgi Nalbantov, Manager of Data Analytics at Deloitte, there were four guest lecturers, two of whom from Sofia University, the Faculty of Economics and Business Administration: Prof. Ivanov and Dr. Bogdanova. Another guest lecturer was Filip Trojan, Manager of Deloitte’s Data Analytics team in the Czech Republic, as well as Ivo Penev, software client architect at IBM. The participants had a unique opportunity to apply their existing knowledge as well as newly learned techniques to solve real-life business tasks and case studies.

The plan for the future is to continue to organize such data-analytics knowledge academies biannually together with uni-versity partners and to offer specialized training workshops in specific industrial sectors, such as banking, telecoms, health-care, retail, and others. We believe that such public-private partnership will be beneficial both to the academic and busi-ness parties, as it will better prepare university graduates, as well as existing staff in companies, to extract knowledge and

managers. In reality, managers would like to “see” reports for next month, rather than for the current month, which is only possible with predictive data analytics.

Our plans for partnerships with universities go even further. We plan for the end of next year to start cooperation on common PhD projects and to organize and participate in scientific com-munities and seminars. In this way high-level experts and future holders of PhD titles will be trained to apply advanced data-analysis techniques and participate in complex business projects in high demand of such advanced skills. Clearly in the current trends in a variety of industrial and service sectors

Deloitte Knowledge Academy: Bridging Academy and Business

By Georgi Nalbantov, Manager Data Analytics, Deloitte

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VMware, Inc. (NYSE: VMW), the global leader in virtualiza-tion and cloud infrastructure, has announced in October the expansion of its Research & Development facility in Sofia and the creation of a new Professional Services Center of Excellence. To support this growth, VMware is adding a new 6,000 square meter office space that will allow the organisation to gradually expand from 480 employees at present, to close to 1,000 over the next sev-eral years.

The current facility, already the largest Research & Development site for VMware in Europe, Middle East, & Africa (EMEA), boasts some of the best software develop-ers, quality engineers, technical writers and product man-agers in the world who have been at the forefront in devel-

ment and automation. Building on the success of the cur-rent facility, the new site will allow VMware to expand its utilisation and development of the talent available in the region, as it continues to build innovative software-defined technologies that allow IT leaders to be bold in the pursuit of opportunity and decisive in the face of uncertainty.

In addition, VMware is announcing it will create a new Professional Services Center of Excellence, with plans to have close to 150 employees in place by the end of 2015. Closely linked to the R&D facility, the centre is a first of its kind for VMware, and is aimed at addressing the compa-ny’s customer and partner needs across Europe, Middle East, Africa, Asia, and Americas, and will transform VMware Bulgaria from a R&D facility to a multifunctional hub with product, revenue generating professional services and business operations teams.

Commenting during his visit to the region, Pat Gelsinger, Chief Executive Office of VMware said: “Just walking around the site gives me a sense of excitement. This team in Bulgaria is going to play a crucial role in helping to rede-fine what’s possible in the Software-Defined era. We’re continuing to make investments like this here because this region has the skills and expertise to help customers and partners understand how the new Software-Defined approach is opening up new possibilities from the enter-prise to the data center, and from a unified user environ-ment to the hybrid cloud.”

In connection with its expansion plan in Bulgaria, VMware will continue hiring for both its Product and Professional Services teams – from front and backend software engi-neers with development and quality assurance expertise, along with product managers, release managers, technical communications and infrastructure experts. �

VMware Expands Presence in BulgariaSkills and Expertise a Key to Expanding R&D hub in Sofia

VMware building in Sofia at G.M. Dimitrov Blvd.

From left: Matthew Stepanski, Vice President, VMware, Diana Stefanova, man-

aging Site Director, Bulgaria&EMEA R&D, VMware, and Pat Gelsinger, CEO,

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Atlanta has been dubbed everything from the "capital of the new South" and "the next international city" to "the best place to do business." It's also a great place to visit. Fueled by the prosperity of local mega companies like Coca Cola and Holiday Inn, the prestige of hosting the 1996 Summer Olympic Games and the energy of young upwardly mobile types who have migrated to the city in droves - Atlanta is on fire. And this

time it's a good thing. From world-class restaurants and a myriad of cultural attractions to a hip nightlife and sporting events galore, the city is cosmopolitan in every sense of the word. But Atlanta has also managed to maintain its historic character. Stop by the Atlanta History Center or visit the Martin Luther King Jr. Historical Site, a moving tribute to an American icon. Browse through the former home of famous author

Atlanta – The cit y of Coca Cola

Atlanta Skyline

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Margaret Mitchell or pop into the Jimmy Carter Library and Museum for details on the life and times of the former presi-dent and his family. Whether you choose modern urban endeavors or old southern pleasures, Atlanta will not disap-point.

The Georgia capitol is a great place to visit for those with an interest in Georgia history, politics, or buildings with gold on them. The building itself and its surroundings are gorgeous with several memorials to distinguished Georgians and impor-tant historic events. The interior is majestic as well with por-traits, statues, and miles o' marble.The upstairs "museum" is a great way to waste an afternoon learning about all things Georgia. Too bad they didn't have free peanuts and Billy Beer.

1999 was an unforgettable year for the Zoo with the arrival of LunLun and Yang Yang, a pair of giant pandas on loan from China. Even as the city celebrated the beloved bears, Atlanta joined the Zoo in mourning Willie B., who passed away in 2000 at the age of 42. The gorilla who had become the symbol of the Zoo’s resurgence was eulogized by Ambassador Andrew young, memorialized by a crowd of over 5,000 people, and remembered by media throughout the U.S., including ”Time” magazine.

The early years of the 21st century were challenging ones for Zoo Atlanta. Like many of the nation’s cultural attractions, the

Trade Center in 2001. Zoo leaders embarked on a crucial period of evaluation, aligning the Zoo’s mission of conserva-tion, education and family fun with a new strategic plan that would guide the institution in a growing and changing city and state.

If you are planning a long week-end visit to Atlanta to shop, here are some suggestions. The North Georgia Premium Outlets, the Ballard Designs Backroom, Frontgate, Phipps Plaza and Lenox Square should be on your list. Where else should you go?

Step into a world of magic and serenity at the Atlanta Botanical Garden, where features like the Fuqua Orchid Center treat visitors to a rare collection of high-elevation orchids never before grown in the southeast.

Georgia Aquarium is the world's most magical aquarium. Situated near Centennial Olympic Park and World of Coca-Cola in downtown Atlanta, Georgia. Georgia Aquarium offers its guests an experience like no other. Across six separate gal-leries, with more than 70 amazing habitats, 10 million gallons of water and thousands of species of marine animals, guests will marvel at, learn about and come to better understand such majestic aquatic animals as whale sharks, manta rays, dol-phins, beluga whales, sea otters, African penguins and thou-sands of species of exotic fish and other animals. The spec-tacular AT&T Dolphin Tales show combines incredible natural animal behaviors with dynamic theatrics, a Broadway-inspired musical score and a compelling story, which together under-score the connection between humans and the animal world. The animated "Deepo's Undersea 3D Wondershow," for all ages, tells an entertaining but important story about conserving and protecting animals and their natural environment.

Atlanta has some very charismatic and arty neighborhoods – you may consider visit to Uptown’s art district, Buckhead, Little Five Points or Decatur. In 2013 Decatur has been awarded the Great American Neighborhoods and its charm comes from the gentle blending of traditional and historic buildings with vibrant contemporary and artistic buildings and places.

At the end, here is our advice and recommendation: If you have never been in Atlanta, do your best to visit it. You can easily revisit the city because Atlanta has always something more to offer and surprise you! �

Bronze replica of the Statue of Liberty located on the northwest corner of

Georgia's state capitol grounds.

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The Bulgarian American Credit Bank was founded in 1996 by the Bulgarian American Enterprise Fund.

In 2008, Allied Irish Banks (AIB) acquired 49.99% of the bank.In 2011, their shares were acquiredby CSIF AD, a Bulgarian private investment company, 100% owned by Mrs. Tzvetelina Borislavova. The current shareholders are CSIF (62%), Gramercy USA (35%), and a number of smaller investors.

BACB focuses on sectors such as agriculture and a wide variety of bio and eco-friendly projects, and actively supports projects under the EU programs. BACB is a strong supporter of SME’s in Bulgaria. Recently, the bank also started extending its retail busi-

ness, covering all the major cities in Bulgaria. In 2013, BACB launched BACB Plus - the first Virtual Bank in this country. In 2014, BACB introduced the first VISA CodeSure cards, as one of the most innovative card products in Bulgaria. BACB proudly calls itself “Bulgaria’s green bank” and has earned the prestigious “The 2013 Greenest Bank in Bulgaria” award in the 4th Annual b2b Magazine National Competition.

Contacts:Vassil Simov

Chairman of the Board of Directors and CEOTel.: +359 2 9658 358

Address: 2, Slavyanska Str.1000 Sofia

C3i Inc., a Telerx company, is a leading pro-vider of specialty support services for life sciences companies, health care providers and patients leveraging digital health tech-nology. Headquartered in Morristown, New Jersey, C3i has global operations in North

America, Europe, India, and China. Company’s global customer contact centers support 9 of the top 10 pharmaceutical companies and has supported more than 1,000,000 life sciences and users. Its 1,500 employees provide patient and site technology training, 24x7 multilingual service desk, hardware provisioning and break/fix, asset management, and user application administration ser-vices for pharmaceutical sales and clinical professionals world-

wide. As part of its strategic business development C3i will add new service lines such as Pharmacovigilance & Drug Safety and Medical Information in its solutions portfolio. For more information, please visit C3i’s website at www.c3i-inc.com.

Contacts:Joel Morse

PresidentTel.: +359 2 809 8126

Address: Business Park Sofia. Build. 7, Entr. B, Fl. 1, Mladost 4 Area

1766 Sofia

EVS Translations Bulgaria is part of the successful EVS Translations Group, an international translation company that spe-cializes in providing language solutions for global corporations for more than 20 years. In Bulgaria the company supported the Vick Prize for the best novel of the year. As the

only company in Bulgaria with highly specialized in-house transla-tor teams in the United States, UK and Germany, EVS Translations Bulgaria guarantees consistent and cost-effective solutions for single-and multilingual projects of every size. EVS Translations works in global partnership with over 200 listed companies and processes projects of 2,000corporate clients. EVS Translations

completes over 30,000 individual projects in over100 language combinations every year, including financial, technical and legal texts. In addition, all workflows at EVS Translations are certified by the German company TUV in line with ISO9001:2008 and the special certification for translation companies EN15038.

Contacts:Nikolay YamalievGeneral Manager

Tel.: +359 (2) 980 52 54http://www.evs-translations.bg/

Address: 47, Alexander Stamboliyski Blvd., fl. 3, apt. 91303 Sofia