German Minister: A New Financial Crisis Poses a Threat to the World Economy
The world economy is facing the risk of a new financial crisis, warned German Finance Minister Wolfgang Schauble, quoted by the electronic edition Politico.
Agropolychim CEO: We Are Shutting down over Farmers' Lack of Money
Business | November 13, 2008, Thursday // 00:00
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The Agropolychim Devnya plant is shutting down temporarily as a result of the effects of the global financial crisis, and the shortage of funds with Bulgaria's agricultural producers. Photo by agropolychim.bg
The CEO of one the largest fertilizer producers in Southeast Europe "Agropolychim Devnya", Philippe Rombaut stated in an interview for Novinite.com the announced shutting down of the plant's manufacturing operations had been caused by the total collapse of Bulgaria's internal market for nitrate fertilizers.
Rombaut explained the serious delays in the delivery of contracted phosphate fertilizers because of the lack of funds with the traditional buyers also contributed to the factory's problems.
The CEO of Agropolychim declared that the Bulgarian state must aid the farmers in getting credit, and must tackle the issues of the terminated EU funds, and of the Bulgarian bureaucracy.
Another critical problem according to Rombaut was the fact the reduced natural gas prices recently announced by Gazprom would be introduced in Bulgaria with a nine-month delay because of Bulgargaz's present contracts with the Russian supplier. This is bound to hurt the competitiveness of Bulgaria's fertilizer industry.
Rombaut also said he expected that by February-March of 2009 the whole of Bulgaria's economy would have been hit by the global financial crisis.
Rombaut explained the serious delays in the delivery of contracted phosphate fertilizers because of the lack of funds with the traditional buyers also contributed to the factory's problems.
The CEO of Agropolychim declared that the Bulgarian state must aid the farmers in getting credit, and must tackle the issues of the terminated EU funds, and of the Bulgarian bureaucracy.
Another critical problem according to Rombaut was the fact the reduced natural gas prices recently announced by Gazprom would be introduced in Bulgaria with a nine-month delay because of Bulgargaz's present contracts with the Russian supplier. This is bound to hurt the competitiveness of Bulgaria's fertilizer industry.
Rombaut also said he expected that by February-March of 2009 the whole of Bulgaria's economy would have been hit by the global financial crisis.
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