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Bulgaria adopts euro amid celebration and anxiety over inflation | Business and Economy News

Move comes nearly two decades after the Balkan country entered the EU as hope for stability clashes with fear of rising prices.

Bulgaria has officially adopted the euro, becoming the 21st country to join the single currency nearly two decades after entering the European Union, a move that has led to both celebration and anxiety.

At midnight on Wednesday (22:00 GMT), the Balkan country abandoned the lev, its national currency since the late 19th century.

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Images of Bulgarian euro coins lit up the central bank’s headquarters in Sofia as crowds gathered in freezing temperatures to mark the new year.

“I warmly welcome Bulgaria to the euro family,” said Christine Lagarde, the president of the European Central Bank.

Some residents welcomed the change with optimism. “Great! It works!” said Dimitar, 43, speaking to The Associated Press after withdrawing 100 euros from a cash machine shortly after midnight.

Successive Bulgarian governments have backed euro adoption, arguing it would strengthen the country’s fragile economy, anchor it more firmly within Western institutions and shield it from what officials describe as Russian influence. Bulgaria, with a population of about 6.4 million, remains the poorest member of the EU.

Commuters walk past an advertisement promoting Bulgaria's entry into the Eurozone in Sofia's subway on December 31, 2025, ahead of the country's adoption of the euro on January 1, 2026. (Photo by Nikolay DOYCHINOV / AFP)
Commuters walk past an advertisement promoting Bulgaria’s entry into the eurozone in Sofia’s subway on December 31, 2025, ahead of the country’s adoption of the euro on January 1, 2026 [Nikolay Doychinov/AFP]

Divided public

Yet public opinion has long remained split. Many Bulgarians fear the euro will drive up prices while wages stagnate, worsening living standards in a country already struggling with political instability.

In a televised address before midnight, President Rumen Radev described the euro as the “final step” in Bulgaria’s integration into the EU.

However, he criticised the absence of a public referendum on the decision.

“This refusal was one of the dramatic symptoms of the deep divide between the political class and the people, confirmed by mass demonstrations across the country,” Radev said.

Bulgaria recently plunged into further uncertainty after anticorruption protests toppled a conservative-led government in December, pushing the country towards its eighth election in five years.

“People are afraid that prices will rise, while salaries will remain the same,” a woman in her 40s told the AFP news agency in Sofia.

At city markets, vendors listed prices in both levs and euros. Not everyone was worried.

“The whole of Europe has managed with the euro, we’ll manage too,” retiree Vlad said.

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National Guard to patrol New Orleans for New Year’s a year after deadly attack

A National Guard deployment in New Orleans authorized by President Trump will begin Tuesday as part of a heavy security presence for New Year’s celebrations a year after an attack on revelers on Bourbon Street killed 14 people, officials said Monday.

The deployment in New Orleans follows high-profile National Guard missions the Trump administration launched in other cities this year, including in Washington and Memphis, Tennessee. But the sight of National Guard troops is not unusual in New Orleans, where troops earlier this year also helped bolster security for the Super Bowl and Mardi Gras.

“It’s no different than what we’ve seen in the past,” New Orleans police spokesperson Reese Harper said.

The Guard is not the only federal law enforcement agency in the city. Since the start of the month, federal agents have been carrying out an immigration crackdown that has led to the arrest of at least several hundred people.

Harper stressed that the National Guard will not be engaging in immigration enforcement.

“This is for visibility and just really to keep our citizens safe,” Harper said. “It’s just another tool in the toolbox and another layer of security.”

The Guard is expected be confined to the French Quarter area popular with tourists and won’t be engaging in assisting in immigration enforcement, Harper said. Guardsmen will operate similar to earlier this year when they patrolled the area around Bourbon Street following the vehicle-ramming attack on Jan. 1.

The 350 Guard members will stay through Carnival season, when residents and tourists descend on the Big Easy to partake in costumed celebrations and massive parades before ending with Mardi Gras in mid-February.

Louisiana National Guard spokesperson Lt. Col. Noel Collins said in a written statement that the Guard will support local, state, and federal law enforcement “to enhance capabilities, stabilize the environment, assist in reducing crime, and restoring public trust.”

In total, more than 800 local, state and federal law enforcement officials will be deployed in New Orleans to close off Bourbon Street to vehicular traffic, patrol the area, conduct bag searches and redirect traffic, city officials said during a news conference Monday.

The extra aid for New Orleans has received the support of some Democrats, with Mayor LaToya Cantrell saying she is “welcoming of those added resources.”

The increased law enforcement presence comes a year after Shamsud-Din Jabbar drove around a police blockade in the early hours of Jan. 1 and raced down Bourbon Street, plowing into people celebrating New Year’s Day. The attacker, a U.S. citizen and Army veteran who had proclaimed his support for the Islamic State militant group on social media, was fatally shot by police after crashing. After an expansive search, law enforcement located multiple bombs in coolers placed around the French Quarter. None of the explosive devices detonated.

In the immediate aftermath of the attack, 100 National Guard members were sent to the city.

In September, Gov. Jeff Landry asked Trump to send 1,000 troops to Louisiana cities, citing concerns about crime. Democrats pushed back, specifically leaders in New Orleans who said a deployment was unwarranted. They argued that the city has actually seen a dramatic decrease in violent crime rates in recent years.

Cline and Brook write for the Associated Press. Cline reported from Baton Rouge.

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After a year of insults, raids, arrests and exile, a celebration of the California immigrant

What comes next is a mystery, but I’d like to share a note of appreciation as 2025 fades into history.

If you came to Greater Los Angeles from Mexico, by way of Calexico, Feliz Navidad.

If you once lived in Syria, and settled in Hesperia, welcome.

If you were born in what once was Bombay, but raised a family in L.A., happy new year.

I’m spreading a bit of holiday cheer because for immigrants, on the whole, this has been a horrible year.

Under federal orders in 2025, Los Angeles and other cities have been invaded and workplaces raided.

Immigrants have been chased, protesters maced.

Livelihoods have been aborted, loved ones deported.

With all the put-downs and name-calling by the man at the top, you’d never guess his mother was an immigrant and his three wives have included two immigrants.

President Trump referred to Somalis as garbage, and he wondered why the U.S. can’t bring in more people from Scandinavia and fewer from “filthy, dirty and disgusting” countries.

Not to be outdone, Homeland Security chief Kristi Noem proposed a travel ban on countries that are “flooding our nation with killers, leeches and entitlement junkies.”

The president’s shtick is to rail mostly against those who are in the country without legal standing and particularly those with criminal records. But his tone and language don’t always make such distinctions.

The point is to divide, lay blame and raise suspicion, which is why legal residents — including Pasadena Mayor Victor Gordo — have told me they carry their passports at all times.

In fact, thousands of people with legal status have been booted out of the country, and millions more are at risk of the same fate.

In a more evolved political culture, it would be simpler to stipulate that there are costs and benefits to immigration, that it’s human nature to flee hardship in pursuit of better opportunities wherever they might be, and that it’s possible to enact laws that serve the needs of immigrants and the industries that rely on them.

But 2025 was the year in which the nation was led in another direction, and it was the year in which it became ever more comforting and even liberating to call California home.

The state is a deeply flawed enterprise, with its staggering gaps in wealth and income, its homelessness catastrophe, housing affordability crisis and racial divides. And California is not politically monolithic, no matter how blue. It’s got millions of Trump supporters, many of whom applauded the roundups.

But there’s an understanding, even in largely conservative regions, that immigrants with papers and without are a crucial part of the muscle and brainpower that help drive the world’s fourth-largest economy.

That’s why some of the state’s Republican lawmakers asked Trump to back off when he first sent masked posses on roundups, stifling the construction, agriculture and hospitality sectors of the economy.

When the raids began, I called a gardener I had written about years ago after he was shot in the chest during a robbery attempt. He had insisted on leaving the hospital emergency room and going back to work immediately, with the bullet still embedded in his chest. A client had hired him to complete a landscaping job by Christmas, as a present to his wife, and the gardener was determined to deliver.

When I checked in with the gardener in June, he told me he was lying low because even though he has a work permit, he didn’t feel safe because Trump had vowed to end temporary protected status for some immigrants.

“People look Latino, and they get arrested,” he told me.

He said his daughter, whom I’d met two decades ago when I delivered $2,000 donated to the family by readers, was going to demonstrate in his name. I met up with her at the “No Kings” rally in El Segundo, where she told me why she wanted to protest:

“To show my face for those who can’t speak and to say we’re not all criminals, we’re all sticking together, we have each other’s backs,” she said.

Mass deportations would rip a $275-million hole in the state’s economy, critically affecting agriculture and healthcare among other industries, according to a report from UC Merced and the Bay Area Council Economic Institute.

“Deportations tend to raise unemployment among U.S.-born and documented workers through reduced consumption and disruptions in complementary occupations,” says a UCLA Anderson report.

Californians understand these realities because they’re not hypothetical or theoretical — they’re a part of daily life and commerce. Nearly three-quarters of the state’s residents believe that immigrants benefit California “because of their hard work and job skills,” says the Public Policy Institute of California.

I’m a California native whose grandparents were from Spain and Italy, but the state has changed dramatically in my lifetime, and I don’t think I ever really saw it clearly or understood it until I was asked in 2009 to address the freshman convocation at Cal State Northridge. The demographics were similar to today’s — more than half Latino, 1 in 5 white, 10% Asian and 5% Black. And roughly two-thirds were first-generation college students.

I looked out on thousands of young people about to find their way and make their mark, and the students were flanked by a sprinkling of proud parents and grandparents, many of whose stories of sacrifice and yearning began in other countries.

That is part of the lifeblood of the state’s culture, cuisine, commerce and sense of possibility, and those students are now our teachers, nurses, physicians, engineers, entrepreneurs and tech whizzes.

If you left Taipei and settled in Monterey, said goodbye to Dubai and packed up for Ojai, traded Havana for Fontana or Morelia for Visalia, thank you.

And happy new year.

steve.lopez@latimes.com

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Where to eat dinner on New Year’s Eve and New Year’s Day brunch

Chef Zachary Pollack is ringing in the New Year right with a variety of dinner options at his new Santa Monica spot, Cosetta. Choose from three seatings, including an early, all-ages a la carte option; a low-key, four-course menu from 6 to 7:30 p.m. for $75; and a five-course Capodanno feast with Champagne and caviar from 8-11 p.m. for $120 per person. On New Year’s Day, the restaurant will transform into “Aloha, Cosetta,” an all-day Hawaiian BBQ celebration from 12 to 7 p.m., featuring dishes such as coconut shrimp, risotto Spam musubi, macadamia-chile pork ribs and tiki-style cocktails. With three price tiers, the top CHIEFTAIN tickets ($100) include tomahawk steaks, lobsters and a 24-ounce mai tai in a keepsake mug. Book New Year’s Eve on the website, and New Year’s Day via Resy.

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