Bulgarian National Radio News

The Eurasian Economic Union (EEU) officially starts functioning on January 1. The EEU unites Russia, Belarus, Kazakhstan, Armenia, and Kyrgyzstan. The new economic union envisages free flow of capital, goods services, and workforce on a common market including over 170 million people, according to reports of the Bulgarian National Radio. The union operates through supranational and intergovernmental institutions. The supranational institutions are the Eurasian Commission (the executive body), the Court of the EEU (the judicial body) and the Eurasian Development Bank. National governments are usually represented by the Eurasian Commission's Council. The constituent states of the EEU are placed under binding laws and have equal representation within the union's executive and judicial bodies.

First Investment Bank, the main creditor of the Burgas Shipyards AD, has expressed interest in handing over management of the company to a German investor. Radoslav Valchev, a representative of the Bulgarian office of the German company, explained Friday in an interview for the Bulgarian National Radio (BNR) that the company had prepared a rehabilitation plan for the factory. The fate of the Burgas Shipyards AD is to be decided next Wednesday. Valchev noted that in the case of a decision to hand over the management of the Burgas Shipyards to the German investor, the public tender for the sale of its property would be stopped and the laid-off staff would be reappointed.