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Pro-Russia parties gain ground in Bulgaria ahead of elections

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Map of Bulgaria showing the capital Sofia and Sliven

Pro-Russia parties are gaining ground in Bulgaria ahead of a parliamentary vote on Sunday, as Moscow capitalises on continued political instability in the EU and Nato’s south-eastern member.

Heading into the seventh parliamentary election in just four years, politicians who adopt pro-Kremlin messaging have become increasingly popular with voters disillusioned with mainstream politics.

“Parties with some level of Russian influence may attract about a quarter of the vote or more, depending on mobilisation and turnout,” said Daniel Smilov, a political scientist at the Centre for Liberal Strategies in Sofia.

“People who see themselves as left behind seem more motivated to vote, which might create unpleasant surprises for pro-European forces.”

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Most analysts project yet another inconclusive election, followed by an eighth vote in spring. Several insiders told the Financial Times that major parties and government officials are already planning for that snap poll next year.

The uncertainty benefits Moscow as it showcases Bulgaria’s dysfunction as systemic EU and Nato weaknesses.

“In the three years since I’ve been here, this is already the sixth election. It is sad,” Russia’s ambassador Eleonora Mitrofanova said in June, when Bulgaria held its last parliamentary vote. She pledged to work with any government that is formed, given that “our relationship is now at zero”.

Map of Bulgaria showing the capital Sofia and Sliven

Russia has mounted multiple influence campaigns on the continent this year, including in the run-up to the European parliament elections in June when a network run by a Moscow-based oligarch was uncovered as paying for politicians to peddle Kremlin lines and get more like-minded MEPs elected into the EU assembly.

The leadership of Moldova on Sunday only narrowly secured a Yes vote in a referendum on EU membership after what officials in Chișinău described as a massive vote-buying operation orchestrated by Moscow to back the No campaign.

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Although Bulgaria has investigated Russian infiltration and expelled more than 100 diplomats since the start of the Kremlin’s full-scale war against Ukraine, political parties have so far escaped scrutiny of how susceptible they are to influence from Moscow.

Bulgarian mainstream parties are mostly pro-western and the country has supported Ukraine in its defence against Russian aggression, including with weapons shipments.

But several upstart, pro-Russia outfits have seen their support growing among Bulgarian voters, Smilov said.

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The far-right Revival party has grown into a mid-size force with about 15 per cent of electoral support. Its leader Kostadin Kostadinov is banned from Ukraine on suspicions of being a Russian agent. He headed a delegation to a Brics forum in Moscow in late August, and has often criticised Bulgaria’s support for Ukraine.

“If you want war, choose [other parties], they support Zelenskyy’s criminal regime in Ukraine,” Kostadinov wrote on Facebook this week. “If you want peace, choose Revival. The choice is yours. Me and my comrades have already chosen.”

Kostadin Kostadinov leads a march under the motto “Give peace a chance” in support of the people in Gaza and South Lebanon
The Revival party, led by Kostadin Kostadinov, centre, has grown into a mid-size force with about 15% of electoral support © Nikolay Doychinov/AFP/Getty Images

The Bulgarian Socialist party, which has shrunk below 10 per cent, is also ambiguous on Russia, with its deputies regularly criticising Bulgaria’s support for Ukraine, including its arms shipments.

Two upstart parties founded this year are also highly ambivalent on Ukraine, “overlapping with pro-Russia lines”, Smilov said.

Mech (Morality, Unity, Honour) is a Eurosceptic conservative group that claims neutrality over Ukraine, while Velichie (Greatness) has said it would prevent Bulgaria from participating in the war effort — although denied it was pro-Russia. They each poll just below 4 per cent, the parliamentary threshold in Bulgaria.

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Causing more fragmentation, the second-largest party, the Turkish Movement for Rights and Freedoms (MRF) split this year over a leadership struggle.

Tycoon Delyan Peevski, who took over the party, was banned from the US for corruption, with the UK last year also placing him on its sanctions list for “attempts to exert control over key institutions and sectors in Bulgarian society through bribery and use of his media empire”.

Delyan Peevski is seated among other attendees during a session of the National Assembly in Sofia
The Movement for Rights and Freedoms, led by Delyan Peevski, centre, split this year over a leadership struggle © STR/NurPhoto/Reuters

The split of the ethnic Turkish vote — representing more than 10 per cent of the Bulgarian population — had “dramatic consequences”, said Goran Georgiev, an analyst with the Sofia-based Center for the Study of Democracy. “The low trust in democratic institutions makes the elections wholly unpredictable.”

Voter apathy is further complicating the outcome.

Turnout was just below 33 per cent in June and may fall further, boosting the chances of fringe parties, Georgiev said.

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On the streets of Sliven in central Bulgaria, passers-by were largely ignoring party activists who were campaigning for APS, the Turkish party that split from the Peevski-ran outfit.

“I couldn’t care less, honestly,” said Arzu, a mother of two. “One is just like the other.”

A local candidate running for APS, Vladimir Martinov, admitted: “It’s partly our fault that there was no stable coalition in recent years.” He said the liberals “offered us a coalition provided we got rid of Peevski. We said no. It’s our fault.”

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US business spending shows signs of resilience in September

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Events to look out for on Friday include durable goods data, consumer-goods company results and the latest from the US election campaign trail:

Durable goods: Orders for long-lasting goods like washing machines and aircraft are forecast to have decreased 1 per cent in September after a flat reading in August, according to an LSEG poll of economists.

Consumer companies: Further clues on the resilience of shoppers in the US and around the world will be revealed when consumer-facing companies report this morning. These include toothpaste maker Colgate-Palmolive and Sharpie pen maker Newell Brands.

US election: Vice-president Kamala Harris will hold a rally in Houston, Texas, where global pop star Beyoncé is expected to appear. Meanwhile, former president Donald Trump will hold a rally in the swing state of Michigan.

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US consumer sentiment: The University of Michigan’s consumer sentiment index is forecast to report a final reading of 69 in October, down from September’s 70.1. 

Fedspeak: Federal Reserve Bank of Boston president Susan Collins will participate in a fireside chat before the Black Economic Council of Massachusetts Black Expo.

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Podcast: Are people doing enough to protect themselves from scams?

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Podcast: Are people doing enough to protect themselves from scams?

In this Weekend Essay episode, Momodou Musa Touray explores the growing issue of scams. With more people falling victim to fraud every day, he shares personal stories and alarming statistics, illustrating the point that scams can ensnare even the savviest individuals.

As Scams Awareness Week comes to a close, it’s time to examine how prepared we really are. Are you doing enough to guard against these threats? Tune in to find out!

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Chapel Down shares plunge after winemaker pulls back on sale plans

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Chapel Down shares plunge after winemaker pulls back on sale plans

England’s largest producer says it will remain independent and also downgrades sales guidance

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Areas handing out up to £125 free cash to parents for food over half term – can you get help?

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Areas handing out up to £125 free cash to parents for food over half term - can you get help?

THOUSANDS of parents can get free cash worth up to £125 to cover the cost of food this half term.

The help comes via the latest round of the Household Support Fund which is worth £421million.

Parents with children on free school meals can get food vouchers

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Parents with children on free school meals can get food vouchersCredit: Getty

The fund has been shared by the Department for Work and Pensions between councils across England.

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They have until the end of March next year to distribute their share of the cash.

Each local authority gets to decide who to give help to, and what type of help to offer.

Some are paying people money direct into their bank accounts while others are handing out energy vouchers.

But some are also handing out food vouchers to families in need over the coming months, including this half term.

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Here are all the councils giving out help to hard up parents.

West Berkshire Council

West Berkshire Council is distributing a swathe of support to thousands of residents in need.

It is giving eligible households direct cash payments worth up to £300 as well as cash payments to pensioners.

It is also sharing £189,000 between 4,200 young children via free school meal vouchers, meaning each child on average will get £45 in vouchers.

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Eligible children will receive three weeks’s worth of vouchers from their school to cover the Christmas holiday period and February half term next year.

Reading Borough Council

Nearby Reading Borough Council is handing out food vouchers to families whose children are on free school meals or pupil premium.

Around 3,900 households are expected to receive the vouchers, which will be sent from December and are worth £125.

Councillor Ellie Emberson, lead for corporate services and resources, said: “The Council has designed a local package of support which directs this invaluable funding to households in Reading who will most need it this winter, which again includes families claiming pupil premium free school meals, care leavers and pensioners.”

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Devon Council

Devon Council, in the South-West of England, has been given £5million to share among hard-up households.

It is using part of the multi-million pound share to carry on giving children eligible for free school meals holiday vouchers to cover school half term breaks.

The food vouchers will be distributed by schools to 22,000 pupils to spend during this half term, Christmas and February half terms.

Hackney Council

Hackney Council is also distributing food vouchers to households in need over school half terms between now and next March.

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The London authority said children eligible for free school meals in state-funded primary and secondary schools will qualify for the vouchers.

If you fall into this category but don’t receive any vouchers, Hackney Council said to contact your child’s school.

Warwickshire Council

Warwickshire Council is offering out support to families with children eligible for free school meals.

The help will come in the form of vouchers although details are limited at the minute.

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The best thing to do if you live in the area and your child is on free school meals is contact their school or the council.

What about if I don’t live in these areas?

You might not be able to get school vouchers if you live outside these areas, but you may be eligible for other help.

Each council across England has been allocated a share from the £421million HSF pot.

But each local authority gets to decide its own eligibility criteria.

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That means what you are entitled to will vary depending on where you live.

Not all councils have decided what they will do with their share of the £421million yet either.

The best thing to do is contact your local authority to see if any help is currently on offer.

Household Support Fund explained

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Sun Savers Editor Lana Clements explains what you need to know about the Household Support Fund.

If you’re battling to afford energy and water bills, food or other essential items and services, the Household Support Fund can act as a vital lifeline.

The financial support is a little-known way for struggling families to get extra help with the cost of living.

Every council in England has been given a share of £421million cash by the government to distribute to local low income households.

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Each local authority chooses how to pass on the support. Some offer vouchers whereas others give direct cash payments.

In many instances, the value of support is worth hundreds of pounds to individual families.

Just as the support varies between councils, so does the criteria for qualifying.

Many councils offer the help to households on selected benefits or they may base help on the level of household income.

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The key is to get in touch with your local authority to see exactly what support is on offer.

And don’t delay, the scheme has been extended until April 2025 but your council may dish out their share of the Household Support Fund before this date.

Once the cash is gone, you may find they cannot provide any extra help so it’s crucial you apply as soon as possible.

Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.

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Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories

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Close Brothers shares drop on motor finance court ruling

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Close Brothers shares drop on motor finance court ruling

Court of Appeal sides with consumers over commissions paid to dealerships on car finance loans

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Should investors fear the ‘October effect’?

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Should investors fear the ‘October effect’?

Dubbed the ‘greatest humourist the United States has produced’, Samuel Langhorne Clemens, known better by his pen name Mark Twain, is probably best known for the characters of Tom Sawyer and Huckleberry Finn.

For investors, it’s one of Twain’s lesser-known creations, Pudd’nhead Wilson, the titular character who gives his view on the month of October when investing:

“October. This is one of the peculiarly dangerous months to speculate in stocks. The others are July, January, September, April, November, May, March, June, December, August and February.”

Although Twain’s views on the stock market are meant to be sarcastic, they do in fact have a ring of truth to them. Since the beginning of the 20th century, plenty of market cycles have seen a dip in performance during this month.

The idea could have gained traction after the great Banking Panic of 1907, an event that led to multiple bank runs and heavy selling at the US stock exchange. All that prevented a serious financial crash was the work of a banking consortium to provide major funding to New York itself, during what was a notoriously cold October in the Big Apple.

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The stock market crash that led to the US Great Depression of 1929 – a financial disaster on an unparalleled scale – began on 24 October, Black Thursday, with the market losing 11% of its value in frantic trading. Black Tuesday occurred the following week, seeing a loss of over 23% in just two days.

The black days of October have continued in more recent times, with Black Monday in 1987. On 16 October that year, all markets closed in London due to adverse weather but, after they re-opened, the speed of the crash accelerated. By midday, the UK blue chip index had dropped by 14% and a further 11% the following day – some of the largest losses on record.

Domestic stocks then continued to fall, albeit at a less precipitous rate, reaching a trough in mid-November at 36% below their pre-crash peak, not recovering until 1989.

Although October has had its fair share of market mishaps over the years, it’s interesting to note the month has historically heralded the end of more bear markets than the beginning. In fact, October gets a poor rap when considering most investors have probably lived through a range of highly volatile months.

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The fact of the matter is that terrible market events do not all cluster in one particular month. If they did, it would make an investor’s job that much easier.

Maybe it’s Mark Twain’s fault, maybe it’s just investor psychology but, October, despite hosting Halloween, should be no scarier for investors than any other month of the year.

Perhaps it’s just a difference in lexicon between the British and our American cousins. After all, anyone from North America will tell you with glee that October hails the start of the fall – just not necessarily for financial markets.

Of course, despite volatility and extreme market events, investing over the long term remains a tried-and-tested route for investors and good outcomes.

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Thomas Watts is senior investment analyst on Abrdn’s MPS team

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