Sat, Jul 04 2009
The Societe Generale Expressbank Bulgaria issued a statement on January 25, saying that the massive fraud case which had been uncovered by Societe Generale in France, would not affect the results of the Bulgarian bank.
On January 25 French Societe Generale announced that a rogue lone trader had made unauthorised bets on stock markets, but may not have netted him a cent, Associated Press said.
The bank said the fraud was "exceptional in its size and nature," and it apparently went undetected by its own multi-layered security systems for more than a year.
AFP news agency said that a Paris-based trader allegedly built up 4.9 billion euros of losses, wiping out Societe Generale's 2007 profit and leaving it as a potential takeover target.
The trader was identified as 31-year-old Jerome Kerviel.
The Bulgarian Societe Generale Expressbank said it expected that the fraud would have no effect on its performance and that results in 2008 would continue trends from 2007.
Mobile operator Cosmote Romania agreed the acquisition of smaller local rival Zapp Mobile for 207 million euro on June 30, after months of negotiations.
The intergovernmental agreement for the Nabucco natural gas pipeline will be signed in Ankara on July 13, it emerged on July 3.
Bulgaria has low taxes, low labour costs and a lot of wind – a good combination for any company seeking to develop wind parks.
On June 5 2009, US ambassador Nancy McEldowney launched the first US-Bulgarian partnership dedicated to Information Technology and Innovation.
Bulgarian car parts manufacturers have been affected by the recession, but are optimistic about their future.