Eurogroup paves way for Bulgaria to adopt euro
June 19 (UPI) -- European finance ministers on Thursday recommended that Bulgaria become the 21st member of the Eurogroup, paving the way for the Eastern European nation to adopt the euro currency.
The Eurogroup finance ministers agreed to Bulgaria's accession based on earlier positive assessments by the European Commission, the executive arm of the European Union, and the European Central Bank.
"This is a well-deserved achievement for Bulgaria, Paschal Donohoe, president of the Eurogroup, said during a press conference following Thursday's Eurogroup meeting.
"It is an acknowledgment of the commitment, the significant convergence process that has been undertaken and the enormous work by the Bulgarian authorities. It's also a really good signal for the strength of our monetary union."
The recommendation proposes that Bulgaria introduce the euro as its currency on Jan. 1.
The acceptance of the recommendation is the first step toward achieving that goal, with the EU Council now needing to adopt additional legal acts to enable Bulgaria to become a Eurogroup member.
The recommendation is now set for adoption by all 27 EU finance ministers on Friday, followed by all EU leaders on June 27.
Then, the European Council is expected adopt the three legal acts necessary to enable Bulgaria to introduce the euro by next month.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Bloomberg
an hour ago
- Bloomberg
Has Europe Already Lost the AI Arms Race?
Bloomberg Tech: Europe spotlights the biggest names and trends shaping the region's technology ecosystem as the global competition heats up. This monthly, 30-minute 'magazine-style' show features in-depth interviews with top technology leaders, as well as major investors and policymakers - giving you a compelling A to Z of the most consequential innovations, opportunities and challenges. On today's show, the next industrial revolution is here — powered by AI. The US and China may dominate, but is Europe ready to close the gap? We discuss with Plural CEO, Carina Namih, Giant Ventures, Co-Founder & General Partner, Tommy Stadlen, Balderton Principal, Laura McGinnis and Arm CEO Rene Haas. (Source: Bloomberg)
Yahoo
2 hours ago
- Yahoo
SBF AG (FRA:CY1K) Is Expected To Breakeven In The Near Future
SBF AG () is possibly approaching a major achievement in its business, so we would like to shine some light on the company. SBF AG, through its subsidiary, SBF Spezialleuchten GmbH, engages in the development, manufacture, and distribution of ceiling and lighting systems for indoor and outdoor rail vehicles. The €90m market-cap company announced a latest loss of €2.0m on 31 December 2024 for its most recent financial year result. As path to profitability is the topic on SBF's investors mind, we've decided to gauge market sentiment. We've put together a brief outline of industry analyst expectations for the company, its year of breakeven and its implied growth rate. This technology could replace computers: discover the 20 stocks are working to make quantum computing a reality. According to some industry analysts covering SBF, breakeven is near. They expect the company to post a final loss in 2025, before turning a profit of €1.3m in 2026. Therefore, the company is expected to breakeven just over a year from now. What rate will the company have to grow year-on-year in order to breakeven on this date? Using a line of best fit, we calculated an average annual growth rate of 103%, which is rather optimistic! If this rate turns out to be too aggressive, the company may become profitable much later than analysts predict. We're not going to go through company-specific developments for SBF given that this is a high-level summary, however, take into account that by and large a high forecast growth rate is not unusual for a company that is currently undergoing an investment period. Check out our latest analysis for SBF Before we wrap up, there's one aspect worth mentioning. The company has managed its capital prudently, with debt making up 29% of equity. This means that it has predominantly funded its operations from equity capital, and its low debt obligation reduces the risk around investing in the loss-making company. There are too many aspects of SBF to cover in one brief article, but the key fundamentals for the company can all be found in one place – SBF's company page on Simply Wall St. We've also put together a list of pertinent aspects you should look at: Valuation: What is SBF worth today? Has the future growth potential already been factored into the price? The intrinsic value infographic in our free research report helps visualize whether SBF is currently mispriced by the market. Management Team: An experienced management team on the helm increases our confidence in the business – take a look at who sits on SBF's board and the CEO's background. Other High-Performing Stocks: Are there other stocks that provide better prospects with proven track records? Explore our free list of these great stocks here. — Investing narratives with Fair Values Vita Life Sciences Set for a 12.72% Revenue Growth While Tackling Operational Challenges By Robbo – Community Contributor Fair Value Estimated: A$2.42 · 0.1% Overvalued Vossloh rides a €500 billion wave to boost growth and earnings in the next decade By Chris1 – Community Contributor Fair Value Estimated: €78.41 · 0.1% Overvalued Intuitive Surgical Will Transform Healthcare with 12% Revenue Growth By Unike – Community Contributor Fair Value Estimated: $325.55 · 0.6% Undervalued View more featured narratives — Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Upturn
3 hours ago
- Business Upturn
GMM Pfaudler shares surge over 2% after German subsidiary secures Rs 330 crore contract from European client
By Aditya Bhagchandani Published on June 20, 2025, 09:23 IST GMM Pfaudler shares surged over 2% today after its wholly owned German subsidiary, Pfaudler Normag Systems GmbH, has signed a significant contract worth €33.2 million (approximately ₹330 crore) with a European-based customer. The deal involves the design, engineering, and supply of comprehensive acid recovery equipment and systems. As of 9:22 am the shares were trading at Rs 1,185 on NSE According to the exchange filing, the contract spans four years and includes a 30% upfront payment upon signing. The client, whose identity remains undisclosed due to confidentiality agreements, is a European manufacturer of light and medium weapons, ammunition, and tools catering to both defence and civilian sectors. GMM Pfaudler stated the project is expected to contribute meaningfully to the company's revenue over the execution period. Financial backdrop The announcement comes shortly after GMM Pfaudler reported a consolidated net loss of ₹27 crore in Q4 FY25, compared to a net profit of ₹27.6 crore in Q4 FY24. This figure excludes one-time closure costs of ₹47.7 crore related to severance, inventory write-offs, asset impairments, and other exceptional expenses. Despite the loss, revenue from operations rose 8.9% YoY to ₹806.6 crore. However, EBITDA declined 57.5% to ₹83.3 crore, and margins contracted to 10.3% from 12.1% in the same period last year. Ahmedabad Plane Crash Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
