Business news archive: February 2012

The government on Tuesday approved the methodological rules for the establishment, organization and functioning of the economic financial inspection in public corporations, national companies and state-owned companies. (...)

The Government on Tuesday set at RON 1.2 billion (nearly 0.276 billion euro) the total ceiling on state guarantees for companies accessing the 2012 Kogalniceanu Programme. (...)

Romania resumed the US-dollar denominated bond issue on US market on Tuesday, with a 6.5 percent indicated yield. According to an order of the Public Finance Minister, released in the Official Gazette, the indicated value of the bond issue stands between 500 million dollars and 1 billion dollars. (...)

The Government on Tuesday approved Romania's signing the European Stability Treaty, Government's spokesman Dan Suciu announced. (...)

Fondul Proprietatea (FP) called an extraordinary GSM for April 4. The main points of the agenda for the meeting include approval of the secondary listing on the Warsaw Stock Exchange, the change of the fee structure of the fund manager, encouraging him to return cash to the shareholders through asset sales, shares repurchases and special dividends, as proposed by the main shareholder Manchester Securities, and the cancellation of 240 mn shares repurchased by the company. (...)

The Ministry of European Affairs (MAEur) on Monday opened an information center in Bucharest that will provide information about European structural funds, given that beneficiaries lacks experience in this area, European Affairs Minister Leonard Orban said. (...)

The Public Finance Ministry (MPF) on Monday borrowed over 500 million lei (approximately 115 million euros) from commercial banks, through an issue of discounted T-bills, placed on tender through the National Bank of Romania (BNR). (...)

The first edition of the European Hydropower Summit will take place on Tuesday, in Bucharest, the main issues regarding the challenges in developing hydro potential and environmental compliance objectives. (...)

Romania records the lowest share of taxes in the petrol price, of 54 percent and the 7th lowest share in the diesel price of 56 percent in the EU (after Austria, Luxembourg, Cyprus, Lithuania, Malta and Slovenia), shows an analysis drawn up by Prime Minister's state adviser Andreea Paul Vass. (...)

Cardboard and paper producer Vrancart (VNC) budgeted for 2012 a turnover of RON 185.1 mn, some 13% higher compared to the figure registered in 2011. (...)

Boromir Prod (SPCU), a miller and baker, has reported a 1% yoy increase in its 4Q 2011 sales to RON 37.9 mn. (...)

Arad-based rail car maker Astra Vagoane is back in the Brazilian market after a 20-year break, having won in late 2011 a contract worth over 100 ml euros under which it will export 98 passenger cars to the South American country. (...)

In theory, the capital market represents a financing alternative for any economy, but in Romania this opportunity was not sufficiently made use of, president of the National Securities Commission (CNVM) Gabriela Anghelache told an economy seminar. (...)

More than 55,000 Romanians had a temporary job in 2011, a 10 percent rise on the prior year, show estimates made by Accace financial management consultancy experts. (...)

Agerpres correspondent Tudor Martalogu reports: The European Commission on Monday decided to send motivated notifications (the second stage of the infringement procedure) to Romania, Italy and Cyprus, because they have not notified the Union government concerning the complete transposition in the national legislations of the directive on energy labeling. (...)

Banca Comerciala Romana (BCR) is expecting a 15-percent rise in its 2012 private banking business, as it was a market leader in 2011, on a market estimated at 4 billion euros, with a nearly 25-percent share, BCR Retail Director Executive Sorin Mititelu told a news conference on Monday. (...)

According to media citing the company's CEO, the natural gas producer Romgaz where Fondul Proprietatea (FP) has an equity interest of 15%, has posted in 2011 sales of RON 4.05 bn, up 13% yoy and a net profit of RON 762 mn, up 17% yoy. (...)

According to some management statements cited in the media, Hidroelectrica's profit dropped to RON 15.7 mn in 2011 from RON 292.3 mn in 2010, as the drought reduced water levels. (...)

The Competition Council has endorsed the establishment of Complexul Energetic Oltenia, which is a merger between Complexul Energetic Craiova, Complexul Energetic Turceni, Complexul Energetic Rovinari and Societatea Nationala a Lignitului Oltenia. (...)

The Bucharest Stock Exchange (BVB) on Wednesday recorded three transactions with state bonds worth 6.83 million euros (29.78 million lei) and share transactions of 8.67 million euros (37.78 million lei). (...)

The International Monetary Fund's programme with Romania stays within the set schedule, with the IMF next evaluation mission to take place at end-March, the international lender's Bucharest-based Office announced on Wednesday. (...)

The power grid operator Transelectrica (TEL) signed a contract with its subsidiary Smart SA, for maintenance services. The contract spans over 36 months and amounts to RON 361 mn. (...)

The Ministry of Regional Development and Tourism (MDRT) estimates a growth by 15 percent of the travel industry in 2012, after an advance of 17 percent in 2011, Minister Cristian Petrescu said in an interview given to Agerpres. (...)

Romania endorses the requirement that steps have to be taken to strengthen the economic coordination and the fiscal consolidation in the eurozone, reads the release the Ministry of Public Finance (MFP) sent to Agerpres on Tuesday. (...)

Three new issues of turbo certificates of Erste Group Bank AG will be traded on Wednesday on Bucharest Stock Exchange (BVB) in the Derivatives Sector, Certificates category. (...)

The Bucharest Stock Exchange (BVB) opened high on Wednesday, with the BET-C general index having increased 0.42 percent in the first 15 minutes of the session. (...)

OMV Petrom announced that the joint venture with ExxonMobil confirmed a potentially significant gas discovery offshore Romania. The Domino-1 well, the first deep water exploration well offshore Romania, encountered 70.7 meters of net gas pay, resulting in a preliminary estimate for the accumulation ranging from 1.5 to 3 trillion cubic feet (42 to 84 billion cubic meters). (...)

The Ministry of Finance placed yesterday some 2-year T-bonds worth RON 2.5 bn, more than three times the initial intended amount. (...)

The producer of electrical transformers Retrasib (RTRA) has called its annual (extraordinary) GSM for March 29, 2012. Among other issues like the approval of the 2011 financial statements and the 2012 budget, the shareholders will vote on a proposal to start a shares repurchase program of up to 10% of its share capital. (...)

SIF Muntenia (SIF4) has called its annual GSM for April 11 (12), 2012. Among other issues, the shareholders will have to approve the proposal to pay a 2011 DPS of RON 0.081 which implies a 100% pay-out ratio. (...)

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