Average Bulgarian salaries in private sector to rise by 15-20% this year
The salaries of low-qualified and middle-management employees in the private sector in Bulgaria are expected to rise by 15-20% in 2008, due to the increased investment into the economy, according to research group Industry Watch.
The monthly salary for an ‘average employee’, excluding the highest earners, in the private sector in Sofia will be about 650 Leva (£248) in 2008. In Varna for the same position, an employee will receive 600 Leva (£229) and in Plovdiv and Bourgas around 500 Leva (£191), according to Industry Watch.
The report considered an average position one that does not require any special knowledge, but only basic language and computer skills. According to Industry Watch, these average positions formed 46% of the private sector labour market.
The average monthly salary of a low-qualified employee employed in a basic position in Sofia in 2008 will be around 400 Leva (£153). In Varna, Plovdiv and Bourgas it would be about 350 Leva, (£133) according to the report.
Berlin-Moscow train link to reduce journey by 12 hours
Polish Prime Minister Donald Tusk has just visited Moscow and the Berlin-Moscow rail link was one of the priority topics. By 2014 the two capitals are expected to be linked by a fast rail link, which will travel at 160km/h and will shorten the travel time from 28 to 16 hours.
Russian Railways (RZD) has reported that the link would go via Smolensk, Minsk, Brest, Warsaw and Poznan, en route to Berlin. An RZD spokesperson reportedly said ‘we plan to upgrade the section of the corridor from Moscow to the Polish border. If our Polish and German partners can fulfill their investment declarations, it will be possible to inaugurate the fast connection by 2014’.
PKP Polish railway has indicated that they will complete their section of the line by 2013. PKP and RZD have also discussed plans to build ultra high speed connections linking Berlin and Moscow, where trains could travel up to 250km/h.
RZD has already begun constructing a high speed line from Moscow to St. Petersburg and also plans to build a new railway line from Moscow to Sochi in the south of Russia, which is hosting the 2014 Winter Olympics.
Albania and Kosovo will not unify says Albanian PM
Kosovo leaders will proclaim independence by the end of February 2008, according to the Albanian Prime Minister Sali Berisha.
Kosovo and Albania however would not unify, Berisha said, rejecting speculation of a possible unification, reported Bulgarian National Radio (BNR).
Bulgaria had stated many times that it does not support unilateral proclamation of Kosovo’s independence.
Bulgarian property prices rise 30% in 2007 to €557sqm
The average sale price for a square meter of residential property in Bulgaria reached 1090 Leva (€557) in 2007, a 30% increase over the €430sqm in 2006. The overall price hike of residential properties for the last three years is 300%, according to a report in the Sofia Echo.
Despite the price increase, the number of property transactions went up by 10%. Real estate agencies reported that the average time between an offer being accepted and exchanging contracts has dropped to less than a month.
Experts said a 30% price hike made sense given that inflation for the year reached 12.6% and it was the first year Bulgaria was a member of the EU.
However, Mladen Mitov at Yavlena estate agency reportedly warned: “The high demand is a thing of the past and now we will see high supply. We expect a 20% increase in the residential stock in Sofia and 15% across country.”
Worldwide News
Property price growth of up to 29% in New Zealand
Property price growth in some of New Zealand’s regions, have risen by up to 29% over the past 12 months according to a report carried out by the Massey University Real Estate Analysis Unit.
The report, based on data from the private rental sector and supplied by the Dept. of Building and Housing Bond Centre, also found that average rental prices rose by NZ$10 a week in the last quarter of 2007 to NZ$290, staying well ahead of inflation and rising at an annual rate of 14%. The rent increases are said to be from rising net migration and first time buyers remaining in the rental market for longer than expected.”
In January this year, the Real Estate Institute of New Zealand published latest home valuation figures, which recorded an increase in property transactions of 6% compared to 2006. Some areas such as Ellerslie-Panmure, Auckland, saw a 29% price increase and one of the country’s star regions, Gisborne, on the east coast of the North Island, continued its good run with values rising 13% last year, and they are now 111% higher than four years ago.
FDI into Philippines expected to double this year
The Philippine central bank (BSP) has announced that it expects foreign direct investment (FDI) to grow by 100% in 2008 to reach $6.9bn from $3.1bn in 2007, as a result of the positive outlook for the Philippine economy.
Diwa Guinigundo, BSP deputy governor, reportedly said that according to projections made by the country’s finance managers, they forecast net foreign direct investment to total $3.6bn in 2008 and net foreign portfolio investments at $3.3bn.
The National Economic Development Authority said the country’s gross domestic product (GDP), expanded by at least 7% in 2007, which comfortably beat the government’s target of 6.1-6.7%.
The better-than-expected performance was the result of the rise in government spending and personal consumption as more overseas Philippine workers increased the amount of money they sent home to relatives.
Dubai’s Global Village to attract over 20m visitors by 2011
In 1996, the first Global Village opened its doors to welcome less than 500,000 visitors. Since then the festival has witnessed a steady rise in visitors from all over the world and attracted 4.2m people in 2007. However, organisers expect visitor numbers to reach 5m visitors this year.
Global Village will have a permanent presence in the area by the end of this year in Dubai Land, which will not only guarantee year-round trade for businesses, but ensure over 1,000 full-time jobs on-site.
The tourist attraction is targeting over 20m foot visitors to the Village by 2011, when the three permanent phases of the project are due to be completed. The project will be finished within the next three years and plans include a 560-room 5-star hotel alongside a 3-star hotel and over 1,000 residential units.
FDI into South Korea falls for third year in a row
Foreign direct investment (FDI) into South Korea has been declining for three years running, especially money from the EU and Japan.
The decline is because South Korea has become less competitive as a global production base than China and India and is also now considered less attractive as a global research and development (R&D) center than Japan and Singapore.
The Ministry of Commerce, Industry and Energy said last week that FDI last year fell 6.5% to $10.5bn from $11.2bn in 2006. In 2005 the figure was $11.6bn and in 2004 it was $12.8bn.
By industry, the manufacturing industry saw a 36% decrease to $2.69bn from the previous year, while the service industry saw a 15% increase to $7.6bn.
Investment from US companies rose 37% to $2.3bn, while EU companies, the biggest foreign investors, reduced their investment by 13% to $4.3bn. Investment from Japanese companies fell 53% to $990m.
