Doingbusiness News

Stewart (AMRO): We can expect important US investments in Romania

2012-02-03

The bilateral economic relations between the United States and Romania need fresh impetus and the actions to be designed by the recently-created American-Romanian Business Council (AMRO) will lead to a better information of the business climate and certainly to new and important U.S. investments in Romania, AMRO President Eric Stewart told Agerpres in an interview.

Agerpres

OMV Petrom -OMV 4Q Trading Statement

2012-02-03

According to data released within OMV's Trading Statement, Petrom's oil production in 4Q 2011 stood at 186,000 boe/day, which is 1% higher qoq and 0.5% higher yoy as first volumes from the exploration well Totea contributed with 1,500 boe/d.

Raiffeisen Capital & Investment

MFP borrows RON 1.304 bn for 6.79% interest

2012-02-03

The Finance Ministry (MFP) on Thursday borrowed RON 1.304 billion (nearly 0.3 billion) off commercial banks, RON 554.45 million more than initially set, in a benchmark bond issue maturing in October 2014 auctioned by the National Bank of Romania (BNR).

Agerpres

NBR cuts the key rate for the third time in a row

2012-02-02

Today, the NBR cut the key rate by 25bp to 5.5%, while keeping unchanged the minimum reserve requirements for both RON and FXliabilities. The decision was in line with our expectations and market consensus.

BCR Research

Transelectrica - Securities commission approved the preliminary prospectus

2012-02-02

According to a release to the Bucharest Stock Exchange, the local securities commission (CNVM) approved yesterday the preliminary prospectus for the SPO of 15% of the share capital of the power grid operator Transelectrica (TEL).

Raiffeisen Capital & Investment

Fondul Proprietatea - State selects intermediary for Hidroelectrica IPO

2012-02-02

The state published the official announcement requesting offers for the sale of a 10% stake in energy producer Hidrolecetrica through an IPO by issuing new shares.

Raiffeisen Capital & Investment

FP managers: Romania could be the first state emerging from crisis with a strong economic growth

2012-02-02

Romania's economy could be the first to emerge from the European crisis with a strong economic growth, according to Mark Mobius, managing director of the investment company Franklin Templeton Emerging Markets, and Proprietatea Fund (FP) manager Greg Konieczny.

Agerpres

International reserves of Romania, EUR 37.08 bn on January 31

2012-02-02

On January 31, 2012, Romania's international reserves totalled 37.08 billion euros, compared to 37.25 billion euros on December 31, 2011.

Agerpres

BVB closes up on Wednesday, reaching past six month high

2012-02-02

The Bucharest Stock Exchange (BVB) closed Wednesday up, with the BET and the BET-C indices having reached their past six month high recorded in the first trade session of August 2011.

Agerpres

FP managers estimate that leul will strengthen in 2012

2012-02-02

Romania's national currency - will continue to strengthen against other currencies in 2012, appreciate the CEO of the investment company Franklin Templeton Emerging Markets, Mark Mobius, and the Property fund manager (FP), Greg Konieczny.

Agerpres

Banca Transilvania - Weak bottom line but encouraging NPLs

2012-02-01

Banca Transilvania's (TLV) 4Q 11 results under RAS came in below our and consensus estimates mainly due to higher risk costs, despite the fact that apparently NPLs have actually decreased a bit. This is actually the last quarter when TLV reports RAS figures, as starting 2012 Romanian banks will switch to IFRS.

Raiffeisen Capital & Investment

Mugur Isarescu re-elected as chairman of National Committee on Financial Stability for another year

2012-02-01

Governor of the National Bank of Romania (BNR) Mugur Isarescu was re-elected as Chairman of the National Committee on Financial Stability (CNSF) for another year, the committee reports in a release sent to Agerpres.

Agerpres

MFP set to borrow EUR 1,15 bn off local banks in February

2012-02-01

Romania's Finance Ministry (MFP) is set to borrow RON 5 billion (nearly 1.15 billion euros) off local banks this February in seven issues of treasury certificates and Government bonds.

Agerpres

Central Depository registers another nine US companies in RoClear system

2012-02-01

Another nine United States-based companies have been registered in the RoClear offset-settlement and register system managed by the Central Depository, the institution announced in a release on Tuesday.

Agerpres

Ropharma 4Q 2011 preliminary results

2012-02-01

Pharmaceuticals retailer and distributor Ropharma (RPH) released its preliminary 4Q 2011 results with sales up 16% yoy to RON 103.9 mn. On the costs side, merchandise expenses rose in line with sales to RON 85.7 mn, while personnel costs augmented by 15% yoy to RON 9.3 mn, on higher headcount, as during 4Q, RPH acquired several pharmacies.

Raiffeisen Capital & Investment

Banca Transilvania- 4Q 2011 results

2012-02-01

Banca Transilvania (TLV) has reported a net profit of RON 25 mn for 4Q 11, below our and consensus estimates mainly on higher risk costs. The surge in risk costs is higher than we anticipated after a drop in 3Q 11, despite the fact that NPLs have hardly increased.

Raiffeisen Capital & Investment

SIF Moldova calls GSM for a share capital increase and to set 2011 dividend

2012-02-01

SIF Moldova (SIF2) has called an extraordinary GSM for April 5 (6) whose most important topics are: (i) a share capital increase of RON 114.2 mn by issuing two new shares for every old share at a price of RON 0.11, (ii) approving a 2011 DPS of RON 0.22 and (iii) amending its bylaw.

Raiffeisen Capital & Investment

The Government intends to list electricity distribution companies

2012-02-01

According to media sources, the Ministry of Economy has issued a government decision for the listing on the Bucharest Stock Exchange (BVB) of stakes of 15% in electricity distribution companies Electrica Distributie Transilvania Sud, Electrica Distributie Transilvania Nord and Electrica Distributie Muntenia Nord.

Raiffeisen Capital & Investment

Transgaz - ANRE proposes 9.9% efficiency factor over next regulatory period, up from 8% now

2012-01-31

The regulatory authority in the energy sector (ANRE) released its proposal regarding the efficiency factor which should be used to determine Transgaz tariffs over the next regulatory period of five years, beginning in July 2012.

Raiffeisen Capital & Investment

Franklin Templeton: Private management at state-owned companies might increase stock quotations on BVB

2012-01-31

Franklin Templeton Investment Management Limited UK, Bucharest branch, manager of Proprietatea Fund (FP), believes that the current process of selecting professional managers for the companies scheduled for listing should contribute to higher prices for their shares listed on Bucharest Stock Exchange (BVB), reads a release sent by Franklin Templeton on Monday, January 30.

Agerpres

New BNR Regulation on mortgage loan, in effect as of January 31

2012-01-31

The new Regulation of Romania's Central Bank (BNR) on the mandatory minimum down payment of 15% at mortgage loans will take effect on January 31, after, in 2011, the Central Bank modified the granting conditions of housing loans.

Agerpres

Non performing loans ratio in banking system increases to 14.18%

2012-01-30

The non performing loans (NPL) ratio for credit institutions registered in Romania, per total system, reached 14.18 percent at the end of the third quarter 2011, compared to 11.67 percent, on September 30, 2010, the National Bank of Romania (BNR) data reveal.

Agerpres

SIF Banat-Crisana calls extraordinary GSM to change the ownership limit to 5%

2012-01-30

SIF Banat-Crisana (SIF1) has called an extraordinary GSM for March 1, 2012 to amend its bylaws, namely to increase the ownership limit from 1% to 5%.

Raiffeisen Capital & Investment

Transgaz calls GSM to initiate selection procedure for the Board

2012-01-30

The natural gas grid operator Transgaz (TGN) called a GSM for March 5 to initiate the procedure for the selection of the new executive and non-executive board members according to the government ordinance 109/2011.

Raiffeisen Capital & Investment

Fondul Proprietatea – Hidroelectrica’s GSM has approved the listing

2012-01-30

Fondul Proprietatea (FP) has informed that Hidroelectrica's shareholders gathered for an extraordinary GSM has approved the listing of the company on the Stock Exchange.

Raiffeisen Capital & Investment

Gas consumption in November 2011 up 25% yoy

2012-01-27

According to a report issued by the Regulatory Authority in the Energy Sector (ANRE) gas consumption rose by 25% yoy in November 2011 to 17.2 TWh. The largest consumption increase came from households, with a 50% yoy rise to 3.9 TWh, and energy producers, up 60% yoy to 5.2 TWh.

Raiffeisen Capital & Investment

Romanian Business Exchange is launched in Bucharest

2012-01-25

A brokerage, business resources and consultancy platform has become operational starting Tuesday by means of the Romanian Business Exchange (BRA), which, via the information, links entities having financial resources to entities looking for resources to develop businesses, a release to Agerpres says.

BCR Research

15% of Romgaz stock, brokered for sale by Erste, Goldman Sachs, BCR and Raiffeisen Capital

2012-01-25

A Consortium consisting of Erste Group Bank AG, Goldman Sachs International, Romanian Commercial Bank and Raiffeisen Capital & Investment was chosen to mediate the public offering of a package of 15 percent of Romgaz stock, the Ministry of Economy, Trade and Business Environment informed on Tuesday.

Agerpres

IMF mission begins fourth evaluation of precautionary stand-by agreement with Romania

2012-01-25

The delegation of the International Monetary Fund (IMF), the European Commission and the World Bank on Wednesday, in Bucharest, begins the fourth mission meant to evaluate the precautionary stand-by agreement with Romania.

Agerpres

National unemployment reaches 5.12% in December 2011

2012-01-25

National unemployment in Romania stood at 5.12 percent at the end of 2011, with the lowest unemployment reported for Ilfov County (1.67 percent) and Timis County (1.90 percent), and Bucharest City (2 percent), Chair of the National Employment Agency (ANOFM) Elvira Rodica Antonescu told a press conference.

Agerpres

Island, interested in developing several heating projects in Romania by capitalizing geothermal energy

2012-01-20

Island is interested in developing in Romania, mainly in the western region, several heating project by the use of thermal energy, a field in which this country is a worldwide leader, Foreign Affairs and External Trade Minister Össur Skarpheoinsson said in the joint press conference with his Romanian counterpart Teodor Baconschi.

Agerpres

Finance Ministry sells RON 436 mn worth of benchmark bonds for 7pc yield

2012-01-20

The Ministry of Public Finance (MFP) on Thursday raised RON 436 mln (some 100.34 mln euros at the current exchange rate) from the commercial banks through a benchmark bond issue maturing in April 2016, placed through the National Bank of Romania; the raised amount was 45 pct more than planned.

Agerpres

Companies outside EU to be traded on BVB

2012-01-19

The Board of the Bucharest Stock Exchange (BVB) has altered the Stock Code to enable the trading on the alternative trading system (ATS) of some companies outside the European Union (EU), according to a release of BVB sent Agerpres.

Agerpres

Coface maintains Romania's B risk rating, given shaky political and economic environment

2012-01-19

Country risk assessment company Coface maintains Romania's B risk rating, indicating a shaky political and economic environment, able to further affect an already poor payment history, the Coface representatives told a press conference on Wednesday.

Agerpres

The Government approved the listing of Nuclearelectrica and Hidroelectrica

2012-01-19

According to media sources, the Government approved yesterday the listing of 10% of the share capital of hydro power generator Hidroelectrica and nuclear power generator Nuclearelectrica through share capital increases on the Bucharest Stock Exchange (BVB).

Raiffeisen Capital & Investment

SIF Muntenia calls extraordinary GSM to change the ownership limit to 5%

2012-01-18

SIF Muntenia (SIF4) has called an extraordinary GSM for February 18 (20), 2012 to amend its bylaws, namely to increase the ownership limit from 1% to 5%.

Raiffeisen Capital & Investment

Petrom – update on Brazi power plant project

2012-01-18

Petrom (SNP) announced that the construction of Brazi power plant was successfully completed by the end of 2011, but final tests were interrupted due to external technical factors.

Raiffeisen Capital & Investment

Electroarges share capital increase

2012-01-17

Household appliances producer Electroarges (ELGS) held a shareholders meeting on January 14. The shareholders approved a share capital increase of RON 9.3 mn to RON 15.5 mn through the issuance of 30.9 mn new shares priced at RON 0.3 each.

Raiffeisen Capital & Investment

Oltchim cut back production due to lack of power

2012-01-17

Chemical producer Oltchim (OLT) announced that starting January 11 power supplier Electrica has partially cut its energy supply to the company and thus it had to reduce production.

Raiffeisen Capital & Investment

Ministry of Finance has borrowed more than intended

2012-01-17

Yesterday, the Ministry of Finance has raised RON 3.5 bn through the issuance of 1-year T-bills, more than double the initial intended amount of RON 1.5 bn.

Raiffeisen Capital & Investment

Three banking consortia submit offers to broker Romgaz shares' listing on BVB

2012-01-17

Three banking consortia submitted offers to broker the listing on the stock exchange of a stake belonging to Romgaz Medias, with the winner to be announced in two weeks, Florin Vladan, director of the Office of State Participations and Privatization in Industry (OPSPI), told Agerpres.

Agerpres

Turkish investors see Romania as better place to invest than other EU states

2012-01-17

Romania is seen by the Turkish investors as a much better investment destination than many other EU-member states, the Association of Turkish Businessmen from Romania (TIAD) says in a release sent to Agerpres on Monday.

Agerpres

Fondul Proprietatea – December 2011 NAV and expected DPS

2012-01-16

Fondul Proprietatea (FP) has published its unitary NAV as of December 2011 which came in at RON 1.0788 per share, up 0.4% mom mainly on a back of a 1.1% mom increase in listed shares portfolio to RON 4.8 bn.

Raiffeisen Capital & Investment

SIF2, SIF3 and SIF4 – preliminary net profits and expected 2011 DPS

2012-01-16

SIF Moldova (SIF2), SIF Transilvania (SIF3) and SIF Muntenia (SIF4) have published their official NAVs as of end-December 2011, which revealed the preliminary net profit for 2011.

Raiffeisen Capital & Investment

SIF Banat-Crisana and SIF Oltenia – Preliminary net profit and expected 2011 DPS

2012-01-13

SIF Banat Crisana (SIF1) and SIF Oltenia (SIF5) have published their official NAVs as of December 2011 which revealed the preliminary net profit for 2011.

Raiffeisen Capital & Investment

Ministry of Finance has borrowed more than intended

2012-01-13

Yesterday, the Ministry of Finance has raised RON 917 mn through the issuance of 3 year T-bonds, almost double compared to the initial intended amount.

Raiffeisen Capital & Investment

19 state-owned companies in FP portfolio must list stakes by late 2012

2012-01-12

A number of 19 state-owned companies included in Proprietatea Fund (FP) portfolio should be listed by the end of 2012, companies representing 15 percent of Proprietatea Fund NAV (net asset value) on November 30, 2011, according to information fed by FP to Bucharest Stock Exchange (BVB) on Wednesday.

Agentia Nationala de Presa Agerpres

Stock market opens slightly higher Thursday trading session

2012-01-12

The Bucharest Stock Exchange (BVB) opened slightly higher the trading session on Thursday, with the BET-C general index having advanced 0.35 percent in the first 15 minutes of the session.

Agentia Nationala de Presa Agerpres

IMF mission to visit Romania over Jan. 25 - Feb. 6

2012-01-11

The International Monetary Fund (IMF) mission will visit Bucharest over Jan. 25 - Feb. 6, 2012 for a fourth assessment of the accord with Romania, IMF representative in Romania and Bulgaria, Tonny Lybek announced at a news conference on Wednesday.

Agentia Nationala de Presa Agerpres

About 850,000 Romanians make 3.8 mln online card transactions in 2011

2012-01-11

About 850,000 Romanians made 3.8 million online card payments in 2011, according to a release Netopia mobilPay sent on Wednesday to Agerpres.

Agentia Nationala de Presa Agerpres

Andreea Paul Vass: Romania, largest economic growth in EU, in third quarter 2011

2012-01-11

Having a 1.8 percent growth rate in the third quarter of 2011 from the previous quarter, Romania is still the first in the EU-22, with the largest economic growth, says an economic analysis made by Andreea Paul Vass, state adviser to Premier Emil Boc, which was sent to Agerpres on Wednesday.

Agentia Nationala de Presa Agerpres

New law on car tax, in force starting on Saturday; its effective implementing, after rules approval

2012-01-11

The new law on the car pollution tax will come into force at the end of this week, but the effective implementing will only be possible after the Government approves the implementing rules, according to the information remitted on Wednesday to Agerpres by the Environment and Forestry Ministry (MMP).

Agentia Nationala de Presa Agerpres

Major oil companies in Romania, fined with 3 percent of turnover made in 2010

2012-01-10

The Competition Council penalized the main oil companies in Romania with fines as much as 3 percent of their turnovers made in 2010, following an investigation made on the fuel market, the representatives of the oil companies told Agerpres on Tuesday.

Agentia Nationala de Presa Agerpres

Electronic system for tourists' record to be implemented nationwide starting in January 2012

2012-01-10

The electronic system for tourists' record has been tested since December 2011 and is going to be completely implemented nationwide starting at the end of January 2012, Regional Development and Tourism Minister Elena Udrea said at the Tourism Advisory Council on Tuesday.

Agentia Nationala de Presa Agerpres

Stock market opens low on Tuesday

2012-01-10

The Bucharest Stock Exchange (BVB) opened low the trading session on Tuesday, with the BET-C general index having decreased 0.08 percent in the first 15 minutes of the session.

Agentia Nationala de Presa Agerpres

Retail trade turnover drops 2.3 percent

2012-01-06

The amount of the turnover derived from retail trade (except for cars and motorcycles sales) dropped in November compared to the previous month, both as gross series and series adjusted depending on the number of working days and seasonally-adjusted, by 2.3 and 1 percent, according to the provisional data released on Friday by the National Institute of Statistics.

Agentia Nationala de Presa Agerpres

ILO unemployment rate steady at 7.3pct in Nov.

2012-01-06

The Romanian unemployment rate according to the International Labour Office (ILO) criteria was put at a seasonally adjusted 7.3 percent in Nov., having kept unchanged from Oct. and being by 0.1 percent lower than in Nov. 2010, the National Institute for Statistics has announced.

Agentia Nationala de Presa Agerpres

BVB opens in the green

2012-01-06

Bucharest Stock Exchange opened in the green the Friday trading session and the general index of the market BET-C reported an appreciation of 0.56 percent in the first 15 minutes since the transactions started.

Agentia Nationala de Presa Agerpres

Romanian Stock Exchange remains attractive in 2012

2012-01-05

Romania is preferred by financial analysts in Southeast Europe, by comparison to the other countries in the region, in terms of forecasting stock prices in 2012.

Agentia Nationala de Presa Agerpres

Brokers: BVB could surge 20-30 pct in 2012

2012-01-05

Bucharest Stock Exchange (BVB) could surge 20-30 percent in 2012, after a year of decline, when all national sectoral indexes recorded decreases ranging from 12 to 20 percent, Chairman of Intercapital Invest brokerage house Razvan Pasol told Agerpres.

Agentia Nationala de Presa Agerpres

Economic expert Blanculescu: 2012, a positive year for Romanian economy

2012-01-05

2012 will be a positive year for Romania's economy, despite the adverse effects of the sovereign debt crisis that holds sway over the euro area, and competitiveness will become the 'religion of national economy,' says Ionel Blanculescu, president of the company Consultancy & Financial Investigations, and former Minister-delegate in charge of the coordination of control authorities.

Agentia Nationala de Presa Agerpres

Central Bank could keep key interest rate at 6pct

2012-01-05

The National Bank of Romania's (BNR) Board of Directors will gather on Thursday in their first money policy meeting in 2012 to discuss the level of the key interest rate and this year's future macro-economic developments, the inflation included.

Agentia Nationala de Presa Agerpres

Teraplast sells non-core/excess assets

2011-12-22

Teraplast (TRP) announced it sold several non-core assets. These include the terracotta tiles business (land and buildings), the former headquarter (land and building) and other excess assets.

Raiffeisen Capital & Investment

Banca Transilvania - to start a new repurchase program

2011-12-22

Banca Transilvania (TLV) announced that its Board has decided to start a new repurchase program of up to 12 mn of its own shares. The acquired shares will be used to remunerate a part of its staff.

Raiffeisen Capital & Investment

SIF Oltenia – Chairman’s statements regarding BCR

2011-12-20

The CEO and Chairman of SIF Oltenia (SIF5), Mr. Ciurezu, has been quoted in the local media trying to explain the rationale of SIF5 subscribing to BCR's EUR 138 mn share capital increase.

Raiffeisen Capital & Investment

Ministry of Finance has borrowed RON 1.7 bn

2011-12-20

The Ministry of Finance placed yesterday some 12 months T-bills worth RON 1.7 bn, slightly above the intended amount of RON 1.3 bn.

Raiffeisen Capital & Investment

Transelectrica calls GSM for share capital increase and 2011 budget approval

2011-12-19

The power grid operator Transelectrica (TEL) called a GSM for January 19, asking shareholders' approval for a share capital increase of RON 1 mn with the value of some land where the company received property rights.

Raiffeisen Capital & Investment

Fondul Proprietatea - A new ordinance for better corporate governance of state-owned companies

2011-12-19

Fondul Proprietatea (FP) has informed that a new Government ordinance regarding the corporate governance of state owned companies has come into force.

Raiffeisen Capital & Investment

Fondul Proprietatea official NAV end of November 2011

2011-12-19

Fondul Proprietatea (FP) reported a net asset value of RON 14.4 bn at the end of November , meaning a NAV per share of RON 1.0742, down 3.7% mom.

Raiffeisen Capital & Investment

SIF Oltenia subscribed RON 37.2 mn to BCR’s share capital increase

2011-12-19

SIF Oltenia announced that it subscribed RON 37.15 mn to BCR’s share capital increase. SIF5 will get 371.15 mn shares in BCR, paying RON 0.1 for each share.

Raiffeisen Capital & Investment

SIFs – Legislative proposal to hike the ownership limit approved

2011-12-15

The legislative proposal to hike the ownership limit in SIFs from 1% to 5% has been moved on the Chamber of Deputies agenda for today.

Raiffeisen Capital & Investment

SIFs – Legislative proposal to hike the ownership limit (update)

2011-12-14

The draft legislation to hike the ownership limit in SIFs to 5% from 1% has been listed on the Chamber of Deputies agenda for December 15, ranking 28th.

Raiffeisen Capital & Investment

Aerostar 2012 budget

2011-12-14

Aerostar (ARS) shareholders approved in the GSM of December 12 its 2012 budget. The company forecasts an increase of 10% yoy in revenues to RON 165 mn, while earnings before taxes are expected to reach RON 14 mn (+26% yoy compared to current year estimate).

Raiffeisen Capital & Investment

Banca Transilvania – The CEO targets a 10% loan growth in 2012

2011-12-13

The CEO of Banca Transilvania (TLV), Mr. Rekkers, was cited by local media saying that it targets a 10% loan growth in 2012. This rate compares favorably with a rate of 5.6% used in our model for TLV.

Raiffeisen Capital & Investment

Ministry of Finance borrowed at a lower yield

2011-12-13

Yesterday, the Ministry of Finance has raised an amount of RON 1.4 bn, more than the initial intended amount of RON 1.2 bn, through the issuance of 11 months T-bills.

Raiffeisen Capital & Investment

Inflation edges down y/y following base effect

2011-12-12

Although the reading was pretty high in November (0.42% m/m), a pretty strong base effect saved the day for annual CPI which inched down to 3.4%. Both market consensus and we provided a ballpark figure for the November inflation of 0.5% m/m and 3.5% y/y.

BCR Research

Fondul Proprietatea - Memorandum with the State for establishing Complexul Energetic Oltenia

2011-12-12

According to a release to the Stock Exchange, Fondul Proprietatea (FP) has informed that it has signed a Memorandum with the Ministry of Economy for establishing Complexul Energetic Oltenia, which is a merger between Complexul Energetic Craiova, Complexul Energetic Turceni, Complexul Energetic Rovinari and Societatea Nationala a Lignitului Oltenia.

Raiffeisen Capital & Investment

Rompetrol Well Services enters Hungary and Bulgaria

2011-12-09

Rompetrol Well Services (PTR) announced that it expanded activities to Hungary and Bulgaria after it signed contracts worth USD 0.8 mn. PTR can rapidly and at low cost mobilize equipment and staff to neighboring countries.

Raiffeisen Capital & Investment

BRD-GSG change of CEO

2011-12-09

According to a release to the Bucharest Stock Exchange from BRD-GSG, the existing CEO, Mr. Guy Poupet, will be replaced from January 1, 2012 with Mr. Alexandre Maymat, former CEO of GSG in Cameroon.

Raiffeisen Capital & Investment

Erste Capital markets day: guidance on risk and operating costs

2011-12-09

In a press release ahead of today's CMD Erste emphasizes the commitment to the CEE region. In Hungary Erste plans the integration of subsidiaries into the bank, downsizing the branch network by 43 branches and reduction of staff by 400-450.

Raiffeisen Capital & Investment

EBA stated EUR 743 mn capital shortfall to EBA CT1 9% for Erste Bank

2011-12-09

The European Banking Authority (EBA) today published the final results of its stress test, which was conducted in connection with the sovereign debt crisis, amongst 71 European banks based upon the third quarter 2011.

Raiffeisen Capital & Investment

Ministry of Finance borrowed at a lower yield

2011-12-09

Yesterday, the Ministry of Finance has raised RON 743 mn through the issuance of 2-year T-bonds, slightly higher than the intended amount of RON 700 mn.

Raiffeisen Capital & Investment

State's stake in Fondul Proprietatea continued to decrease in November

2011-12-08

Fondul Proprietatea (FP) released the shareholding structure as of end of November 2011. The Ministry of Finance's stake decreased from 2.74% on November 11 to 1.53% at end of November.

Raiffeisen Capital & Investment

Standard&Poor’s lowers Transgaz local currency long-term corporate credit rating

2011-12-08

According to a release from the natural gas grid operator Transgaz (TGN), Standard & Poor's Rating Services lowered the local currency long-term corporate credit rating of the company to BB+ (the highest non-investment grade) from BBB-, following a similar action on the local currency long-term sovereign credit rating on Romania.

Raiffeisen Capital & Investment

3Q 2011 GDP details

2011-12-07

The National Statistics Institute (INSSE) published detailed data on 3Q 2011 GDP evolution, which showed that the Romanian economy grew 1.8% qoq (slightly lower than the initial data of 1.9%) and 4.4% yoy.

Raiffeisen Capital & Investment

3Q11 real GDP: Positive contribution of the domestic demand to economic growth

2011-12-06

The National Institute of Statistics released the structure of the 3Q11 economic growth. Real GDP increased by 1.8% q/q (seasonallyadjusted data) and 4.4% y/y, the fastest pace since 2008. Domestic demand made an important positive contribution to the economic growth.

BCR Research

Bucharest Stock Exchange to extend trading session

2011-12-05

The Board of the Bucharest Stock Exchange (BVB) has decided to request the local securities commission (CNVM) to approve the extension of the trading hours for ATS International and Structured Products market segments.

Raiffeisen Capital & Investment

Romania's FX reserves decreased in November

2011-12-05

According to data released on Friday by the Central Bank (BNR), Romania's FX reserves decreased by more than EUR 0.45 bn to EUR 31.7 bn at end-November 2011.

Raiffeisen Capital & Investment

Fondul Proprietatea facelift - company update

2011-12-02

Since its listing in January and after a year with Franklin Templeton at its helm, Fondul Proprietatea escaped anonymity and went through a successful facelift in front of investors. There is still a long way ahead to maximize the value of its stake-holdings, but at least the goal appears achievable.

Raiffeisen Capital & Investment

SIF Moldova closed the deal with Erste

2011-12-02

SIF Moldova (SIF2) announced that it closed on Tuesday the deal with Erste Bank for the sale of its stake in BCR. SIF2 will receive for the 6% stake in BCR close to RON 123.6 mn in cash and around 4 mn shares in Erste Bank (currently valued at RON 229 mn).

Raiffeisen Capital & Investment

EIR Conference – French Embassy: The future of the cohesion policy in the European Union

2011-12-01

Within the project 'Romania-France: Together in Europe', the European Institute of Romania and the French Embassy in Bucharest organise the conference 'The future of the cohesion policy in the European Union: between convergence and competitiveness' at Intercontinental Hotel, Ronda Grand Ballroom, Bucharest on Tuesday, December 6th, 2011, 17:00, held by Emmanuel BERTHIER, Inter-ministerial Delegate for town and country planning and competitiveness (France).

ACTMedia

Romania as destination, promoted as a first at EIBTM Barcelona

2011-12-01

Romania participates for the first time with a brand in the Global Meetings and Events Exhibition - EIBTM Barcelona 2011. 'It's the first time we attend this event and actually come to Spain with a brand.

ACTMedia

Statistics: Number of vacancies increases by 4,400 in quarter three

2011-12-01

A number of 27,700 jobs were vacant in Q3 of 2011, increasing by 4,400 compared with the same period of 2010, while the ratio of available jobs on the market reached 0.68 percent, a similar value to that of quarter three of last year, the National Institute of Statistics (INS) data released on Tuesday reveal.

ACTMedia

Four optional pension funds merge

2011-12-01

The Commission for the Supervision of the Private Pension System (CSSPP) approved on Tuesday the final authorization of the merger of optional pension funds administered by BRD Private Pensions, Generali Private Pensions and Onix Insurance (former OTP Insurance), the institution announced.

ACTMedia

Romania risks to exceed 2011 deficit target, unless EC unblocks reimbursement of EU funds

2011-12-01

Romania is likely to miss the budget deficit target of 4.4 percent of GDP, set for 2011, unless it fails to obtain from the European Commission the release of amounts to be reimbursed for European projects, warned on Tuesday, the European Affairs Minister, Leonard Orban.

ACTMedia

Senate approves Government's letter of intent to IMF

2011-12-01

The Senate, on Tuesday, approved the draft law on ratifying the Letter of Intent the Romanian authorities signed on March 10, 2011 and sent to the International Monetary Fund (IMF). Romania might borrow on a precautionary basis another 3.6 billion euros.

ACTMedia

S&P reaffirmed Romania's rating for FX debt and took one notch from the local currency debt

2011-11-30

The agency reaffirmed Romania's foreign-currency debt rating of BB+, the highest non- investment grade and lowered the local-currency sovereign debt rating for Romania by one notch to BB+, in order to narrow gaps between local and foreign-currency grades.

Raiffeisen Capital & Investment

SIFs - Legislative proposal to hike the ownership limit (update)

2011-11-30

The Chamber of Deputies has postponed for next week the vote on the legislative proposal to hike the ownership limit in SIFs to 5%.

Raiffeisen Capital & Investment

Survey: Romanian business managers expecting drop in construction and services Nov. 2011 - Jan. 2012

2011-11-29

Romanian business managers are expecting a moderate rise in retail trade, a relative stable manufacturing industry and a moderate drop in services and construction in November 2011 - January 2012 compared with the previous three months, according to their opinions surveyed in November 2011.

ACTMedia

Statistics: Number of building permits drops 24% in October

2011-11-29

The number of building permits issued for residential buildings dropped 24 percent in October 2011 from September 2011 and 13.7 percent from October 2010, reaching 2,924 permits, shows a release of the National Institute of Statistics (INS).

ACTMedia

Ministry of Finance borrows more than EUR 57 mn from commercial banks

2011-11-29

The Ministry of Public Finance (MFP) borrowed on Monday over 57 million euros (249 million lei) from the commercial banks through the issuance of Treasury bills with discount, placed on auction by Romania's National Bank (BNR).

Raiffeisen Capital & Investment

Announcement for selecting broker to list 15% Romgaz stake made public

2011-11-29

An announcement regarding the selection of the Initial Secondary Public Offer Broker for the sale of a block of shares accounting for 15 percent of SNGN Romgaz SA gas company share capital in the regulated market managed by the Bucharest Stock Exchange and admitting the company stocks to trading was made public on Monday, the Ministry of Economy, Trade and Business Climate said in a release.

ACTMedia

Gov't deficit goes down to 2.4% of GDP as of October 30, 2011

2011-11-29

The deficit of the Romanian Government went down to 2.4 percent of the Gross Domestic Product (GDP) after the first ten months of 2011, from 2.52 percent as of September 30.

ACTMedia

Romanian Constitutional Court upholds law postponing until 2016 court-won salary rights

2011-11-29

Romania's Constitutional Court on Monday rejected the contestation targeting the law postponing until 2016 payments of salary rights public sector employees have won in court, people close to the matter told Mediafax.

ACTMedia

The State budget for 2012

2011-11-29

The ministry of finances published on their site the draft budget for 2012 as it was approved by the government. Immediately after approval, premier Emil Boc stated that the budget is characterised by the following words: prudence, responsibility, investment and work places.

ACTMedia

Artego shares will start trading on the main market starting with December 07

2011-11-29

The Bucharest Stock Exchange (BVB) informs that Artego (ARTE) shares will start trading on the main market starting with December 07, after being transferred from Rasdaq market.

Raiffeisen Capital & Investment

SIF Moldova – GSM approves the terms of the BCR deal with Erste Group

2011-11-29

SIF Moldova's (SIF2) shareholders gathered for a GSM have approved the terms of the BCR deal with Erste Group. The Austrian bank has offered identical terms to all five SIFs and SIF2 was the last one to formally approve the BCR deal.

Raiffeisen Capital & Investment

Romania can reach 6-7% in economic growth, says Mark Mobius

2011-11-28

Mark Mobius, executive president of Templeton Emerging Markets Group, sees no reason why the Romanian economy can't grow with 6 - 7 percent yearly, although the country went through a crisis and obtained a growth above 1 percent this year.

ACTMedia

Finance Ministry plans to borrow RON 700 mn from banks on Monday

2011-11-28

The Public Finance Ministry (MFP) on Monday organizes a tender for a discounted T-bill issue, with a 364-day maturity, worth 700 million lei (approximately 160.55 million euros).

ACTMedia

Overdue loans in lei surge 2.17%, and those in foreign currency 3.9%, in October

2011-11-28

The overall value of overdue lei-denominated loans of the population and companies, reported at the level of October 2011, amounted to 9.361 billion lei, 2.17 percent higher than in the previous month and those denominated in foreign currency exceeded 11.946 billion lei (equivalent), going up 3.9 percent, according to a report released by the National Bank of Romania (BNR).

ACTMedia

Romanian Govt, IMF in negotiations to raise min wage to RON 700

2011-11-28

Romania's Government is in negotiations with the International Monetary Fund (IMF) to raise the gross minimum wage to 700 lei (EUR160) from RON670, said Finance Minister Gheorghe Ialomitianu on Friday.The minister said talks on this matter will be held with employers' organizations.

ACTMedia

Draft budget on 2012 approved by Government makes available extra RON 300 mn for investments

2011-11-28

The draft budget on 2012 approved by the Government on Friday includes investment expenses in amount of 38.1 billion lei, about 300 million higher that the initial proposal released on the website of the Ministry of Public Finance which read an initial 37.8 billion lei.

ACTMedia

Romania needs RON 57 bn and EUR 2.4 bn for deficit, public debt

2011-11-28

Romania in 2012 must find financial resources of 57 billion lei and 2.4 billion euros to fund its budget deficit and the public debt servicing, State Secretary at the Public Finances Ministry Gheorghe Gherghina said after the Government's sitting on Friday.

ACTMedia

Draft consolidated budget on 2012: More than half of revenues to come from CAS and VAT

2011-11-28

More than half of the revenue of the consolidated budget of the state in 2012 will come from the social security contributions (CAS) and from the value added tax (VAT), according to the draft budget and the draft social security budget on 2012, discussed on Friday by the Government prior to approval.

ACTMedia

Government adopts 2012 budget with a deficit target of 1.9% of GDP and 2.1% growth forecast

2011-11-28

The Government adopted on Friday the draft state budget and draft social security budget on 2012 with an economic growth forecast of 2.1 percent on 2012 and a deficit target of 1.9 percent of the GDP, Prime Minister Emil Boc confirmed.

ACTMedia

Azomures – Ameropa has signed the agreements for taking over the fertilizer producer

2011-11-28

Azomures (AZO) has informed that the Swiss based fertilizer and grains trading house Ameropa has bought the indirect controlling stake in the fertilizer producer from the former controlling owners Eurofert Investments and Azomures Holdings.

Raiffeisen Capital & Investment

Fondul Proprietatea - cvorum not met in second calling of GSM for treasury shares annulment

2011-11-28

Fondul Proprietatea's shareholders gathered for the second calling of the Extraordinary GSM did not meet the minimum quorum requirements, therefore the 240 mn treasury shares bought during the buy-back program can not be cancelled for the moment.

Raiffeisen Capital & Investment

Fondul Proprietatea - State selects intermediary for Romgaz IPO (positive)

2011-11-28

The state published the official announcement requesting offers for the sale of a 15% stake in gas producer Romgaz through an IPO. Offers need to be submitted by December 29.

Raiffeisen Capital & Investment

Governmental credit slides 2.9% in Oct

2011-11-25

The governmental credit slid 2.9 percent in Oct. 2011, down to 63.289 billion lei (about 14.5 billion euros) compared with Sept., but surged by 17.4 percent (13.4 percent in real terms) compared with Oct. 31, 2010, the National Bank of Romania (BNR) reports.

ACTMedia

Central Bank official: Romania faces no short-term risk of lower bank exposures

2011-11-25

Romania faces no short-term risk of lower exposures of foreign banks, Vice-Governor of the National Bank of Romania (BNR) Cristian Popa considers. 'I do not foresee a short-term risk of lower exposures.

ACTMedia

BNR official: Romania must wait for market sentiment to settle, before a new bonds issue

2011-11-25

Romania must wait for the market sentiment to settle down before borrowing again from the foreign capital market, says deputy governor of the National Bank of Romania (BNR) Cristian Popa.

ACTMedia

BVB approves transfer of Artego to the main market

2011-11-25

The Bucharest Stock Exchange (BVB) informs that its council approved the transfer of Artego (ARTE) shares from the Rasdaq market to the second tier of the main market of the BVB.

Raiffeisen Capital & Investment

Bucharest Stock Exchange GSM

2011-11-25

The Bucharest Stock Exchange (BVB) called a Shareholders Meeting for January 9(10), 2012.

Raiffeisen Capital & Investment

SIF Banat Crisana finalized the first part of the transaction with Erste Group

2011-11-24

SIF Banat Crisana (SIF1) announced that as part of the transaction approved with Erste Group, it has sold 2.63% of its BCR stake in exchange for some 1.7 mn shares of Erste Group (0.45% of the share capital) and RON 50.7 mn cash.

Raiffeisen Capital & Investment

Fondul Proprietatea GSM resolutions

2011-11-24

Yesterday, Fondul Proprietatea (FP) held a Shareholders Meeting. The most important proposal on which the shareholders have their approval was the removal of the voting rights restrictions for stakes above 1%.

Raiffeisen Capital & Investment

Change of indirect control of Azomures

2011-11-22

According to media sources, it seems that negotiations between Eurofert and Azomures Holding, which own a cumulated stake in local fertilizer producer Azomures (AZO) of 75.9%, and the fertilizer trader Ameropa Group have been closed.

Raiffeisen Capital & Investment

CNP: Number of employees to go up 41,000 in 2012

2011-11-22

The average number of employees will stand at 6.22 million persons in 2012, up 41,000 compared with 2011, according to the AMIGO data in the autumn version of the Medium-Term Prognosis 2011-2015 drawn up by the National Prognosis Commission (CNP).

ACTMedia

Prognosis: Construction works to surge 4% in 2012

2011-11-22

Construction works volume will surge by 4 percent in 2012, with an estimated increase for 2011 standing at only 0.5 percent, according to the autumn version of the Medium-Term Prognosis 2011-2015 drawn up by the National Prognosis Commission (CNP).

ACTMedia

Trade exchanges between Romania and the Arab Emirates grow twice in first nine months of 2011

2011-11-22

The bilateral trade exchanges between Romania and the United Arab Emirates (UAE) increased by almost 100 percent in the first nine months of 2011 from the same period of 2010, amounting to a total of almost 430 million dollars, according to a release issued by the Romanian Ministry of Economy, Trade and the Business Environment (MECMA).

ACTMedia

Radu Craciun (Eureko): BNR controlled the speed of leu depreciation and won’t allow the exchange rate over 4.5lei/euro

2011-11-22

The National Bank of Romania*BNR) controlled the speed of leu depreciation over the last weeks and wont' allow the exchange rate to go to excessive values, over 4.5 lei/euro the manager for investment for the pensions fund Eureko Radu Craciun said.

ACTMedia

SIFs- Legislative proposal to hike the ownership limit (update)

2011-11-22

The Chamber of Deputies has not voted yesterday, as initially scheduled, on the legislative proposal to hike the ownership limit from 1% to 5%, due to a busy agenda.

Raiffeisen Capital & Investment

Ministry of Finance has borrowed RON 500 mn

2011-11-22

The Ministry of Finance placed yesterday some 9-month T-bills worth about RON 500 mn, about half of the intended amount, although banks total bids summed RON 1.5 bn.

Raiffeisen Capital & Investment

World Bank projects sluggish growth for the South East European economies in 2011 and 2012

2011-11-21

While a global slowdown and recent turbulence in the Eurozone have shaken economies of the six countries in South East Europe (SEE6)*, their deeper integration with the European Union (EU) remains the best long term prospect for their growth, according to the new World Bank 'South East Europe Regular Economic Report' (SEE RER), released last week. This is the first of a series of regular reports which will come out semi-annually.

ACTMedia

Top 30 SEE companies: Companies in Romania posted revenues of almost EUR 22 bn, in 2010

2011-11-21

Half of the best performing companies in South East Europe (SEE), present in the Top 30 in 2010, a rankings list compiled by financial news agency SeeNews, come from Romania, and the value of revenues made by them totals 21.87 billion euros, the tenth edition of the Romania Yearbook Top 100 Companies informs.

ACTMedia

Romanian state holds 2.7% stake in Proprietatea Fund

2011-11-21

The Romanian state, via the Public Finances Ministry, still holds 2.74 percent of the 13.4 billion lei Proprietatea (Property) Fund (FP) underwritten capital, according to the latest reports on the Fund shareholders released on Nov. 11. (1 euro=4.35 lei)

ACTMedia

SIFs' net assets drop 5% in October

2011-11-21

The net assets of the five financial investment funds (SIFs) amounted to 6.1 billion lei in late October, 5 percent lower on a year-on-year basis, and 11.6 percent lower than in December 2010, according to the Funds' Administrators Association.

ACTMedia

Romanian banks posted a larger net loss in 3Q 2011

2011-11-21

According to media, citing info from BNR, Romanian banks have posted of loss of RON 860 mn in 3Q 2011. For the first nine months of the year, Romanian banking system has booked a cumulated loss of RON 765 mn, as risk costs remain high and operating profitability deteriorates. For the first nine months of the year, Romanian banking system has booked a cumulated loss of RON 765 mn, as risk costs remain high and operating profitability deteriorates.

Raiffeisen Capital & Investment

Bucharest, 24th out of 33 in the top of European cities attractive for shopping

2011-11-18

Bucharest was the 24th in a top made up of 33 European cities as regards attractiveness for international shopping commissioned by Economist Intelligence Unit (EIU), being advantaged by prices and kept down by weak results as regards shops, culture and climate.

ACTMedia

WB Report: Securing EU10 economic recovery amid headwinds

2011-11-18

The economic recovery of the EU10[1] countries was well on track in the first half of 2011, but has moderated in the second half of 2011 in response to the deterioration of the external environment, according to the World Bank's latest EU10 Regular Economic Report, launched today in Warsaw, the press release sent by the institution is saying.

ACTMedia

Car-manufacturing industry contributes by 35% to Romanian exports

2011-11-18

The Romanian car-manufacturing industry contributes by 35 percent to the total Romanian export, being the major supported of it with the 230,000 employees, according to the Ministry of Economy, Trade and Business Milieu (MECMA).

ACTMedia

WB: Romania, Slovenia to speed up pace of economic growth in 2012

2011-11-18

The Romanian economy will see a 1.5 percent growth this year and in 2012 Romania's progress is to be somewhere between 1.8 and 2.1 percent, according to World Bank's latest estimations.

ACTMedia

MFP has borrowed about EUR 68 mn

2011-11-18

The Ministry of Public Finance (MFP) has borrowed on Thursday about 68.15 million euros (296.45 million lei) from commercial banks through the issuance of benchmark bonds, with a three-year maturity, placed on auction through the National Bank of Romania (BNR). (1 euro = 4.35 lei)

ACTMedia

Announcement on selection of intermediary for sale offering of 15% stake in Transgaz

2011-11-18

Minister of Economy, Trade and Business Environment published on Wednesday the announcement on the selection of an intermediary for the Secondary Public Offering of equity issued by Transgaz Medias, MECMA informs.

ACTMedia

Romania failed in attempt to borrow money from the American market

2011-11-18

Romania failed in its attempt to borrow dollars from the American market through the MTN bond issue but will not give up the issue for USA where it will return in more favorable conditions.Last week, Finance Ministry representatives participates in meetings with British and American investors to promote bond issues in dollars.

ACTMedia

Government cuts RON 1.3- 2 bni from amounts allocated for investments in 2012

2011-11-18

Internal budget resources allocated for investments will drop by 1.3-2 billion lei in 2012 compared to the amounts programmed in 2011, but the government hopes to compensate by a European fund absorption on the rise by 50%.

ACTMedia

Armax Gaz 3Q 2011 results

2011-11-18

The oil and gas equipment producer Armax Gaz (ARAX) released some key figures for 3Q 2011. Sales inched up by 2% yoy to RON 15.2 mn, while operational profit increased by 40% yoy to RON 0.5 mn.

Agentia Nationala de Presa Agerpres

Gov't halts subsidies under national housing construction programme

2011-11-17

The Government has halted its subsidies for the construction of owner-occupied housing units, under an emergency ordinance published on Tuesday in the Official Gazette.

ACTMedia

The number of insolvencies grew in October

2011-11-17

The number of companies who got into insolvency grew 2.5 times in October against September, but at ten months there was a drop of 10% in insolvencies against the same period of last year, according to the data of the National Office of Commerce (ONRC).

ACTMedia

Eurostat: Annual inflation rate in Europe - 3.4% in October 2011

2011-11-17

The annual inflation rate in the European Union (EU) in October 2011 stood at 3.4 percent compared with 3.3 percent in September, while in the euro area case the annual inflation rate kept at 3 percent, according to the data released by the European Statistics Office (Eurostat) on Wednesday.

ACTMedia

Gov't approves second revision of 2011 Budget and social security fund

2011-11-17

The Government on Wednesday approved the second revision of the 2011 Budget and social security fund based on the latest data released by the National Statistics Institute (INS) indicating a 4.5-percent economic growth year-over-year in the 3rd quarter of the year and the implementation of the Budget in the first nine months that ended with a deficit of 2.5-percent of the Gross Domestic Product (GDP).

ACTMedia

Prodlacta 3Q 2011 results

2011-11-17

Local dairy producer Prodlacta (PRAE) announced weak results for 3Q 2011. Sales dived by 74% yoy to RON 2.7 mn, one of weakest quarterly figures in the last three years.

Raiffeisen Capital & Investment

Pharmaceutical market legislative changes - claw-back tax

2011-11-17

As mentioned in our most recent Biofarm update, starting October 2011, the Ministry of Health proposed some changes to the claw-back tax system.

Raiffeisen Capital & Investment

Azomures 3Q 2011 results

2011-11-17

The fertilizers producer Azomures (AZO) reported strong results for 3Q, on the back of favorable fertilizers pricing on the international markets, but also due to a positive reversal in provisions.

Raiffeisen Capital & Investment

SIFs - The legislative proposal to hike the ownership limit (update)

2011-11-17

The Chamber of Deputies will vote on November 21 (not on November 22 as was previously rumored) on the proposal to hike the ownership limit in SIFs from 1% to 5%.

Raiffeisen Capital & Investment

Economist Conferences gathers governmental officials and investors to discuss Romania’s future economic potential

2011-11-17

Reflecting its commitment to provide incisive analysis of Romania's prospects, Economist Conferences, part of The Economist Group, is holding the Bucharest Summit to discuss investment opportunities, as well as risks, for those operating in the Romanian market.

Economist Conferences

BAT Medias 3Q 2011 results

2011-11-16

The auto transportation company BAT Medias (BAME) released its 3Q 2011 results with sales 11% lower yoy to RON 7.3 mn. On the costs side, raw materials were 57% higher yoy to RON 2.5 mn, while third parties expenses were almost halved yoy at RON 1.7 mn.

Raiffeisen Capital & Investment

Comvex 1-3Q 2011 results

2011-11-16

Black Sea operator Comvex (CMVX) released its 1-3Q 2011 results with sales 2% higher yoy to RON 37.8 mn. On the costs side, raw materials were 13% lower yoy to RON 3.8 mn, while salaries expenses increased by 10% to RON 10.8 mn.

Raiffeisen Capital & Investment

Zentiva 3Q 2011 results

2011-11-16

Pharmaceuticals producer Zentiva (SCD) released 3Q 2011 results. Sales decreased 16% yoy to RON 62.6 mn. Costs advanced fast, with raw material costs up 70% yoy to RON 10.4 mn.

Raiffeisen Capital & Investment

Cemacon 3Q 2011 results

2011-11-16

The construction materials producer Cemacon (CEON) posted a turnover of RON 11.4 mn, 54% higher yoy driven by a robust demand on the local construction sector. Cost items surged (raw material expenses almost double yoy to RON 2.1 mn, energy costs up 35% yoy to RON 1.3 mn and third parties almost 2x higher at RON 2 mn) and dragged the operational profit at RON 0.7 mn, lower by 73% yoy.

Raiffeisen Capital & Investment

EBRD’s report – “Crisis and Transition: The People’s Perspective”

2011-11-16

Just as the global economic system faces its biggest test since the Great Depression, the European Bank for Reconstruction and Development has produced stark new analysis revealing how support for democracy and the market economy fluctuated dramatically as a result of the economic crisis.

ACTMedia

Romania's balance of payments, 3.79 billion-euro deficit in nine months

2011-11-16

The current account of Romania's balance of payments totaled 3.795 billion euros in the first nine months of 2011, decreasing 10.8 percent compared with the same period of 2010, following the 13.2 percent reduction in the trade balance deficit and the 8.7 percent increase in the current transfer surplus (based on the net transfers of the public administration), the National Bank of Romania (BNR) announced on Tuesday.

ACTMedia

Raiffeisen: 2.5% economic growth in 2011

2011-11-16

Raiffeisen reviewed the estimate about economic growth in Romania for this year from 1.5% to 2.5% due to a third quarter over expectations but considers a 2012 prognosis of 1.8% could be optimistic because of the basic effect in agriculture.

ACTMedia

Eurostat: Romania posts highest Q3, 2011 quarterly economic growth rate in EU

2011-11-16

Romania reported the highest quarterly economic growth rate among the EU member states in the third quarter of 2011, according to preliminary estimates released Tuesday by the Eurostat official statistics office of the EU.

ACTMedia

Statistics: Romania's economy posts 2.7% growth Jan.-Sept. 2011

2011-11-16

Romania's economy recorded a 2.7-percent growth in the first nine months of 2011 compared with the similar period of the year before, according to first estimates released by the National Statistics Institute (INS).

ACTMedia

CNP lowers 2012 economic growth projection to 1.8 - 2%

2011-11-16

The National Economic Projection Commission (CNP) revised downwards the country's economic growth projection for 2012 from the spring estimate of 4 pct to 1.8 - 2.3 pct in the autumn version of its 2011-2015 medium-term outlook report.

ACTMedia

Alumil Rom Industry First Impression 3Q 2011: Retail development sustains sales growth

2011-11-15

Alumil Rom Industry posted good third quarter results. The performance was helped by the expansion works of several retail chains and also by the fact that the company entered the program for the thermal rehabilitation of buildings. Most figures came slightly higher yoy and above our forecasts.

Raiffeisen Capital & Investment

The legislative proposal to hike the ownership limit – update

2011-11-15

According to media, citing people with knowledge of the matter, the Chamber of Deputies will vote on November 22 on the legislative proposal to hike the ownership limit from 1% to 5%.

Raiffeisen Capital & Investment

Biofarm First Impression 3Q 2011: Underperforming the market

2011-11-15

Pharmaceutical producer Biofarm reported weak results for 3Q 2011. For the first time in the last six quarters sales dropped yoy, despite the fact that the local pharmaceutical market rose during the quarter. On the other hand, BIO was unable to adjust its cost structure and thus operational profit dropped significantly, coming in 50% below expectations.

Raiffeisen Capital & Investment

Impact Developer&Contractor 3Q 2011 results

2011-11-15

Real estate developer Impact Contractor&Developer (IMP) 3Q sales dropped by 85% yoy to RON 0.7 mn. The company was unable to adjust its costs structure as third parties expenses were 13% higher yoy to RON 4.5 mn, thus operating losses reached RON 2.9 mn vs. an operational loss of RON 1.1 mn in 3Q 2010.

Raiffeisen Capital & Investment

Dafora 3Q 2011 results

2011-11-15

Dafora (DAFR) third quarter sales decreased by 31% yoy to RON 36.7 mn. Main costs items decreased more slowly on a yearly basis. The sharp slump in sales resulted in an operating loss of RON 3.7 mn compared to a positive EBIT of RON 1 mn in 3Q 10.

Raiffeisen Capital & Investment

Antibiotice 3Q 2011 results

2011-11-15

Antibiotice (ATB) reported a 2% yoy increase in sales for 3Q to RON 62.7 mn. On the costs side, raw materials costs came in flat yoy at RON 11.4 mn, while third parties expenses augmented by 39% yoy to RON 15 mn, probably on higher marketing expenses.

ACTMedia

Remarul 16 Februarie 3Q 2011 results

2011-11-15

The rolling stock maintenance and repairs company Remarul 16 Februarie (REFE) made public some 3Q 2011 financial indicators. Turnover was up 81% yoy to RON 37.6 mn, while the operational profit increased by 42% yoy to RON 4.3 mn.

Raiffeisen Capital & Investment

Electromagnetica 3Q 2011 results

2011-11-15

Electricity trader and producer of electrical components shares released good 3Q 2011 results. Revenues advanced 12% yoy to RON 139.5 mn, with sales of electricity up 11%, (accounted for about 87% of total revenues), while sales of electrical components climbed 13% yoy.

Raiffeisen Capital & Investment

Alro 3Q 2011 results

2011-11-15

Aluminum smelter Alro (ALU) has reported sales of RON 566 mn, up 22% yoy, for 3Q 11. The growth rate in sales has slowed from 30% yoy over 1H 11, as aluminum prices have decreased during the last quarter.

Raiffeisen Capital & Investment

Alumil 3Q 2011 results

2011-11-15

Alumil reported good 3Q 11 figures as it benefited from the retailers expansion and indirectly entered the buildings' thermal rehabilitation program. Sales advanced 18% yoy to RON 21.3 mn and were 14% higher than our estimates.

ACTMedia

Biofarm 3Q 2011 results

2011-11-15

Pharmaceutical producer Biofarm released its 3Q 2011 results, weaker than we expected. Sales were 2% lower yoy at RON 17.7 mn, and 8% lower compared to our estimates, despite the fact that during 3Q the pharmaceutical market had a solid 13.7% yoy rise.

Raiffeisen Capital & Investment

Fondul Proprietatea official NAV end of October 2011

2011-11-15

Fondul Proprietatea (FP) reported a net asset value at the end of October of RON 14.99 bn, meaning a NAV per share of RON 1.1147, up 2.7% mom.

Raiffeisen Capital & Investment

Eurostat: Romania's industrial production growth ranks 6th among EU states, in Sept

2011-11-15

The industrial production grew in 14 EU Member States, in September, 2011 compared to Sept, 2010, Romania scoring a double growth than the EU average, European Statistical Office (Eurostat) data say.

ACTMedia

Brokerage contract for selling 15% of Transelectrica shares

2011-11-15

Minister of Economy, Trade and Business Milieu signed on Monday the brokerage contract with the Brokerage Union, made up of the Romanian Commercial Bank, SSIF International Invest and Swiss Capital, bidder selected to broker the secondary public offering to sell a 15 percent stake of the National Company of Power Transmission Transelectrica.

ACTMedia

XTB: Romania's budget risks again to be too optimistic

2011-11-15

A construction of Romania's budget on an increase in revenues of 7 percent and an economic advancement of around 2 percent may seem at the moment too optimistic, in conditions of a revised outlook for the euro area, an weekly analysis conducted by the brokerage house X-Trade Brokers reveals.

ACTMedia

Gheorghe Ialomitianu: Budget revision will not be negative

2011-11-15

The budget revision which is to be decided during the Government session on Wednesday will not be negative, said Minister of Public Finance Gheorghe Ialomitianu before the meeting of the National Permanent Bureau of the Democratic Liberal Party.

ACTMedia

Real GDP grew by 4.4% yoy in Q3, much faster than expected

2011-11-15

According to flash estimates released by the statistical office, real GDP grew by 4.4% yoy and by 1.9% qoq (seasonally adjusted) in Q3. Both growth rates were substantially above market expectations.

Raiffeisen Research

3Q11 real GDP – flash estimate: Economic growth gains speed due to a bumper agricultural crop

2011-11-15

According to the flash estimate released this morning by the National Institute of Statistics, Romanian economy grew in 3Q11 at the fastest rate in the last three years. Real GDP increased by 1.9% q/q (seasonally-adjusted data) and 4.4% y/y. Our expectations stood at +1% q/q and +2.8% y/y, while market consensus was +1.8% y/y.

BCR Research

EC Report: Mobility of Romanian and Bulgarian workers has an overall positive impact on EU economy

2011-11-14

A report of the European commission released on Friday highlights the overall positive impact of the mobility of Romanian and Bulgarian workers on the economies of the destination countries.

ACTMedia

EC Report: Remittances from Romanian workers account for 3% of GDP

2011-11-14

The remittance sent by the Romanian and Bulgarian workers living abroad between 2004-2010 represents an average 3 percent of these countries GDP, reveals a report of the European Commission released in Brussels in Friday.

ACTMedia

ING sees an exchange rate of 4.4 lei/euro in Q4

2011-11-14

The ING Bank analysts estimate that the national currency will reach over the last quarter of the year a minimum level against the euro of 4.4 lei/euro due to the tensions in the euro zone, a report of the bank shows. At the same time, ING shows that in October the National Bank of Romania spent 700 million euro to support the leu.

ACTMedia

FinMin Gheorghe Ialomitianu: The 2012 budget is cautious and realistic; investments are main target

2011-11-14

Public Finance Ministry Gheorghe Ialomitianu on Friday told a press conference held in Bistrita (northern Romania) that the budget for 2012 was a 'cautious' and 'realistic' one and would have as main target the stimulation of investments.According to the Minister, the budget is almost ready and could reach Parliament by the end of this month.

ACTMedia

Capital of SME loan guarantee fund raised by RON 250 mn in 2012

2011-11-14

The social capital of the National Guarantee Fund for Loans to Small and Medium-Sized Enterprises (FNGCIMM) will increase by 250 million lei in 2012 to support 100,000 jobs, Premier Emil Boc said on Friday, after the meeting with FNGCIMM leadership.

ACTMedia

Draft 2012 Budget is built on 1.9% of GDP, 2.1% economic growth

2011-11-14

The draft 2012 Budget is built on a deficit of 1.9 percent of the Gross Domestic Product (GDP) and a 2.1-percent economic growth, which would bring the deficit in ESA terms to 3 percent of the GDP, Prime Minister Emil Boc said Friday after meeting the management of the National SMEs Loan Guarantee Fund.

ACTMedia

2012 Budget: The government cuts down on education, culture and justice

2011-11-14

The governments will cut down for next future on the budgetary allocations for half of the ministries, including education, culture, agriculture and justice as well as for the parliament, as compared to the funds of this year, increasing the budgets of presidential administration and intelligence services.

ACTMedia

PM: Our target for 2013 is a zero deficit

2011-11-14

The budget deficit target for 2013 is zero percent, after setting a maximum deficit of 3 percent of the GDP by the ESA methodology of the European Union (2.5 percent on cash) for 2012, showed Prime Minister Emil Boc on Friday after the meeting with the leaders of the National Fund for Loan Guarantee for SBEs.

ACTMedia

Jeffrey Franks: Romania can postpone adopting Euro, if not economically prepared

2011-11-14

Romania adopting the European single currency in 2015 is a highly ambitious target that can be postponed if the economy fails to reform effectively, considering the current situations faced by the member states which adopted the euro without the back-up of a solid economy, chief of the IMF delegation in Romania Jeffrey Franks told a debate broadcast at Romanian TV channel ProTV.

ACTMedia

EC: Before setting a date for accession to Euro, Romania must meet criteria

2011-11-14

Before setting a date for a state's accession to the euro area, the criteria stipulated in the Treaty must be met, a European Commission (EC) spokesman said in Brussels on Friday, as an answer to a question on Romania's intention of maintaining its objective of accessing the monetary union in 2015.

ACTMedia

Concefa 3Q 2011 results

2011-11-14

Construction company Concefa (COFI) reported its 3Q 2011 results. The slowdown in construction works due to the anemic economic growth, dragged down the turnover by 3% yoy to RON 24.2 mn.

Raiffeisen Capital & Investment

Compa 3Q 2011 results

2011-11-14

Automotive components producer Compa (CMP) has reported sales of RON 113 mn in 3Q 11, up 2.3% yoy, but the company said that it noticed a decrease in demand in August and September.

Raiffeisen Capital & Investment

Oltchim 3Q 2011 results

2011-11-14

Chemical producer Oltchim (OLT) reported poor 3Q results. Sales were down 7% yoy to RON 342 mn, raw material expenses dropped 4% yoy to RON 181 mn while energy and water costs climbed 42% yoy to RON 96 mn.

Raiffeisen Capital & Investment

Prospectiuni 3Q 2011 results

2011-11-14

The seismic data acquisition company Prospectiuni released only some key figures for 3Q 2011. Sales were up 40% yoy to RON 75.9 mn (9% above our estimates), on higher works performed with traditional local partners: Romgaz and Petrom, but also with external companies: Mohave (Portugal) and Circle Oil&Gas (Morocco).

Raiffeisen Capital & Investment

GfK Study – Over half of Romanians hardly succeed in covering common expenses

2011-11-11

Over half of Romanians hardly succeed in covering their common expenses and about a quarter of them have debts, a study made by GfK Romania shows. At the same time most Romanians think the general state of economy has gone down in the last 12 months and the number of jobless people is expected to grow.

ACTMedia

Analysts: Economic growth could be saved by rural population if education problem solved

2011-11-11

The growth potential of the Romanian economy could increase if labour force from the rural area is activated. The are millions of people who contribute just with 3.5% of GDP, whose education is precarious and who cannot be easily transferred to industries and services, analysts say.

ACTMedia

Bloomberg: Romania to meet investors on Nov 11 for planned Dollar bond

2011-11-11

Romania will meet investors starting Nov. 11 to discuss the sale of dollar-denominated bonds under a 7 billion-euro ($9.6 billion ) medium-term notes plan, Deputy Finance Minister Bogdan Dragoi said.

ACTMedia

Statistics: Annual inflation rate surges slightly to 3.55% in Oct

2011-11-11

The annual inflation rate in Romania surged in October to 3.55 percent from 3.45 percent recorded in Sept. 2011, according to figures released on Thursday by the National Statistics Institute (INS).

ACTMedia

EC estimate for Romania's economic growth this year at 1.7%

2011-11-11

Romania's GDP will this year grow 1.7 pct in real terms and will speed up in 2012 to 2.1 pct, shows the European Commission's autumn economic forecast published on Thursday.

ACTMedia

Pharmaceutical market grew by 13.7% yoy in 3Q 2011

2011-11-11

According to research company Cegedim, during 3Q, the pharmaceutical market was up 13.7% yoy to RON 2.7 bn. Prescription drugs, which account for 75% of the market, increased by 9%, OTC drugs were up 13% yoy to RON 360 mn, while the transfer of several drugs to hospital pharmacies drove this segment up 46% yoy to RON 380 mn.

Raiffeisen Capital & Investment

Reignited inflationary pressures

2011-11-10

October inflation rate (+0.6% m/m and 3.6% y/y) came in as a negative surprise. Our forecast was 3.1% while market consensus stood at 3.5% y/y. The positive effect of a bumper agricultural crop in agriculture faded away and food price advanced by 0.8% m/m following a significant increase in the volatile prices of vegetables, fruits and eggs.

BCR Research

Transelectrica first impression 3Q 2011 - Overall picture in line with expectations

2011-11-10

The power grid operator Transelectrica 3Q 2011 results came overall in line with our and consensus expectations.

Raiffeisen Capital & Investment

Teraplast first impression 3Q 2011 - Domestic market growth remains subdued

2011-11-10

Teraplast published its unconsolidated 3Q 2011 results under Romanian Accounting Standards (RAS). The results reported include only the results of the main entity, namely Teraplast. The results were weak and reflected the difficult business environment within the local constructions sector, which was partly offset by growing exports.

Raiffeisen Capital & Investment

Constructii Bihor 3Q 2011 results

2011-11-10

Constructii Bihor (COBJ) has reported an increase of 3% yoy in its 3Q 11 sales to RON 17.1 mn. On the expenses side there was an across the board increase, with raw materials expenses surging 122% yoy to RON 8.3 mn while third party expenses went up 30% yoy to RON 8.4 mn.

Raiffeisen Capital & Investment

Orsova Shipyard 3Q 2011 results

2011-11-10

Orsova Shipyard (SNO) has published its results with a 42% drop in its quarterly sales to RON 13.6 mn, the company blaming the weak demand environment. Raw materials expenses surgerd 43% yoy to RON 6.6 mn, while labour costs decreased 21% yoy to RON 4.2 mn.

Raiffeisen Capital & Investment

Comelf 3Q 2011 results

2011-11-10

Environment protection equipment producer Comelf (CMF) posted its 3Q 2011 results with an increase in total revenues of 27% yoy to RON 36 mn. According to the management, the company diversified its product portfolio by investing in additional equipment, which helped the sales growth.

Raiffeisen Capital & Investment

Rompetrol Well Services 3Q 2011 results

2011-11-10

Rompetrol Well Services reported an increase in turnover over 3Q 2011 of 36% to RON 29.3 mn, as the sales of merchandise reached RON 9.9 mn, from below RON 1 mn in 3Q 2010.

Raiffeisen Capital & Investment

Conpet 3Q 2011 results

2011-11-10

The operator of crude oil and oil products pipelines Conpet (COTE) reported weak results over 3Q 2011 with the turnover down 1% yoy at RON 97.7 mn on lower quantities transported.

Raiffeisen Capital & Investment

Bucharest Stock Exchange 3Q 11 results

2011-11-10

The Bucharest Stock Exchange (BVB) reported strong results for 3Q with sales 2.4x higher yoy at RON 6 mn, on elevated volumes. The company managed to keep under control its costs, labor expenses being almost flat yoy at RON 1.7 mn, while third parties up 39% yoy to RON 1.1 mn.

Raiffeisen Capital & Investment

Banca Carpatica 3Q 2011 RAS results

2011-11-10

Banca Carpatica's (BCC) net loans grew 2.7% qoq to RON 0.93 bn while total assets expanded 5.4% qoq to RON 2.9 bn, on the back of a higher cash position.

Raiffeisen Capital & Investment

Teraplast 3Q 2011 results

2011-11-10

Teraplast (TRP) released unconsolidated 3Q 2011 results under RAS. Sales decreased 3% yoy to RON 65.3 mn as sales on the local market contracted (except for pipes and PVC profiles).

Raiffeisen Capital & Investment

Transelectrica 3Q 2011 results in line with expectations

2011-11-10

The power grid operator Transelectrica 3Q 2011 results came overall in line with our and consensus expectations. Revenues reached RON 614 mn, above our and consensus estimate, due to higher pass-through (balancing) revenues while quantities transported reached 12.8 TWh, just 1% above our estimate and 5% lower yoy, after the dive in exports.

Raiffeisen Capital & Investment

Romania commercial deficit at EUR 741 mn in September

2011-11-10

The Romanian FOB-CIF commercial deficit in Sept. totalled 3.165 billion lei (741.1 million euros), by 394.2 million lei (95.1 million euros) lower than in Sept. of 2010, show preliminary estimations of he National Institute for Statistics sent on Wednesday.

ACTMedia

MFP: Road Show for possible bond issue on international markets in November

2011-11-10

The Public Finance Ministry (MFP) on November 11 will launch a Road Show for a possible bond issue on international markets, the second one this year, Secretary of State Bogdan Dragoi told Reuters. Citibank, Deutsche Bank (DBK Gn.DE) and HSBC will be the arrangers in the bond issue, Dragoi mentioned.

ACTMedia

SIF1 and Erste sign accord to transfer BCR stocks

2011-11-10

The Financial Investments Company SIF1 Banat Crisana and Erste Group Bank AG (EGB) signed the documents to transfer to the latter the shares the former holds in the Banca Comerciala Romana (BCR), informs release sent to the Bucharest Stock Exchange (BVB).

ACTMedia

Mugur Isarescu: We need short term capital inflow

2011-11-10

The process of deleveraging is unavoidable and the domestic saving is insufficient,which makes it necessary to expect short term capital inflow, the BNR governor announced, showing that the central bank needs not to follow the exchange rate evolution, Mediafax announced.

ACTMedia

Gov't-owned shares in Eximbank SA to switch under Finance Ministry's administration

2011-11-10

At a plenary session on Wednesday, the Senate passed a draft law under which the Government-owned shares in Romania's export-import Eximbank are switched from the administration of the State Assets Realisation Authority (AVAS) to the Finance Minitry's.

ACTMedia

Petrom 3Q 2011 results

2011-11-09

Petrom (SNP) reported strong results for 3Q 11 as it continued to benefit from favorable crude price development and improved operational performance. Petrom Group's clean EBIT came 72% higher yoy and well above consensus.

Raiffeisen Capital & Investment

Industrial new orders surge 17.2% in first 9 months of 2011

2011-11-08

All-in industrial new orders in Romania were up 17.2 percent in the first 9 months of 2011 compared with the same period of the year before, with a 25.4 percent hike in Sept. against the previous month, according to data revealed by the National Statistics Institute (INS).

ACTMedia

Romanian industry turnover up 17.6% in 9 months

2011-11-08

The Romanian industry turnover went up 17.6 percent in the nine months from Jan.-Sept. 2010 and it rose 13.6 percent in this Sept. from Aug.; the turnover was up 15.2 percent on last Sept., the National Institute for Statistics announced on Monday.

ACTMedia

Building works grow 17.1% in Sept

2011-11-08

The volume of building works, as gross series grew 17.1 percent, and by 1.3 percent, contingent on the number of workdays and seasonality, in Sept compared to Aug, National Statistics Institute (INS) release informs.

ACTMedia

Romania Central Bank revises inflation projection downwards to 3.3% this year, 3% in 2012

2011-11-08

BNR governor Mugur Isarescu presented on Monday in a press conference the central bank's Quarterly Report on Inflation. The BNR Board analyzed and approved the document last Wednesday.

ACTMedia

EC and IMF statement on the Review of Romania’s Economic Program

2011-11-08

Staff teams from the European Commission (EC) and the International Monetary Fund (IMF) visited Bucharest from October 25 until November 7 for the regular review of Romania's economic program.1 The objectives of the program are to solidify economic growth while maintaining macroeconomic and financial stability.

ACTMedia

IMF, Gov't agree on privatising majority stake in Oltchim, CFR Marfa and energy companies

2011-11-08

The government needs to hurry privatizations and the appointment of private management at state-owned companies, to decisively change the system where a privileged few enjoy undeserved profit, says Jeffrey Franks, head of the International Monetary Fund's delegation to Romania.

ACTMedia

Istvan Szekely: Romania can draw EUR 8 bn in European funds by end-2012

2011-11-08

The Romanian Government can assist the country with its economic growth and jobs creation by actually drawing in by the end of 2012 of nearly 8 billion euros worth of European funds, Director for Romania with the European Commission (EC) Istvan Szekely said on Monday upon the release of the conclusion of a recent evaluation mission conducted by the International Monetary Fund and the EC.

ACTMedia

Jeffery Franks on the conclusion of a recent evaluation mission conducted by the IMF and the EC

2011-11-08

The head of the International Monetary Fund (IMF) mission Jeffery Franks made some statements at the end of the third evaluation under a precautionary stand-by arrangement between Romania and the IMF, carried out October 25 - November 7 in Bucharest.

ACTMedia

State's stake in Fondul Proprietatea continued to decrease in October

2011-11-08

Fondul Proprietatea (FP) released the shareholding structure as of end of October 2011. The Ministry of Finance's stake decreased from 5.01% at end of September to 3.31% at end of October.

Raiffeisen Capital & Investment

The legislative proposal to hike the ownership limit – update

2011-11-08

According to local media, following postponements of more than one year, the proposal to hike the ownership limit in SIFs from 1% to 5% was scheduled to be discussed by the Budget and Finance Committee of the Chamber of Deputies on November 7-8.

Raiffeisen Capital & Investment

Eurostat: Romania ranks 6th in EU by Sept. industrial production price rises

2011-11-07

The Romanian industrial production prices went up 0.7 percent in September from August, i.e. more than the European Union average, show figures released by the European Office for Statistics (Eurostat) on Friday.

ACTMedia

Tanasescu (IMF) : Romania's capital market should be encouraged

2011-11-07

Romania's capital market should be encouraged because that means transparency and predictability, Romania's representative with the International Monetary Fund (IMF) Mihai Tanasescu told a specialist conference on Friday.

ACTMedia

Christian de Boissieu: These crises threaten to undermine economic stability in the whole currency area, and by extension other EU countries

2011-11-07

For two years we have undergone a serious crisis period which started in Greece, followed by Ireland, Portugal and again Greece. At present it is important to limit the contagion effects from spreading to Italy and Spain.

ACTMedia

Artego 3Q 2011 results

2011-11-07

The rubber products manufacturer Artego (ARTE) published its 3Q 2011 results with sales increasing by 22% yoy to RON 47.7 mn. Labor costs were up 7% yoy at RON 8.3 mn, while raw material costs were down 5% yoy at RON 33.5 mn in line with the evolution of rubber prices.

Raiffeisen Capital & Investment

SIF Banat Crisana shareholders approve BCR deal

2011-11-07

SIF Banat Crisana (SIF1) announced that its shareholders, gathered for a GSM on November 4, have approved the sale of its BCR stake to Erste Group in a cash and shares deal.

Raiffeisen Capital & Investment

Transgaz First Impression 3Q 2011: Maintenance costs kept low, sustaining the profit

2011-11-04

Transgaz reported for 3Q 2011 a net profit above expectations, again on low maintenance costs. We might see a surge maintenance costs in 4Q or next year and we keep recommendation and place target price under review.

Raiffeisen Capital & Investment

BRD-GSG First Impression 3Q 2011

2011-11-04

BRD-GSG's 3Q RAS results were weak across the board and came in below our and to a lesser degree consensus estimates. Risk costs went up, but the most disappointing was the deterioration of operating profitability, with lower revenues and higher non-interest expenses.

Raiffeisen Capital & Investment

Romanian government targets a budget deficit below 3% of GDP in 2012

2011-11-04

Last evening, President Basescu made some statements after a meeting with the joint IMF, EU and World Bank mission: 2012 state budget will be built on a budget deficit below 3% of GDP (ESA95 methodology). On cash standards, the budget deficit will be 1.9-2.5% of GDP

BCR Research

Aerostar 3Q 2011 results

2011-11-04

Aerostar (ARS) reported for 3Q 2011 an increase of 15% yoy in revenues to RON 37.4 mn. The operating result was impacted by provisions worth RON 8.1 mn, most of them being related to warranties granted to clients.

Raiffeisen Capital & Investment

Iproeb 3Q 2011 results

2011-11-04

The cables producer Iproeb (IPRU) released its 3Q results with sales reaching RON 34.1 mn, up 21% yoy. On the costs side, raw materials expenses rose in line with sales at RON 23.9 mn, third parties expenses more than doubled at RON 2.7 mn, while personnel expenses were down 24% yoy at RON 2.9 mn.

ACTMedia

BRD-GSG 3Q 2011 RAS results

2011-11-04

BRD-GSG has reported its 3Q 11 RAS results which were weak across the board and below our and to some degree consensus estimates. Net profit for the quarter stood at RON 101 mn, down 6% yoy and more importantly 37% qoq and 34% below consensus.

Raiffeisen Capital & Investment

CNVM: Restoring investors' trust and transparency, priorities of financial auditors

2011-11-04

Restoring the confidence of investors and transparency should be the main priorities in the financial province, because investors have to know the aspects detected by the financial auditors, Chair of the National Securities Commission (CNVM) Gabriela Anghelache told a meeting of the Congress of Romania's Financial Auditors.

ACTMedia

Finance Ministry raises almost EUR 115 mn from commercial banks

2011-11-04

The Ministry of Public Finance (MFP) on Thursday raised EUR 114.94 million (RON 500 million) from the commercial banks in a two-year benchmark bond issue auctioned off by the National Bank of Romania to local commercial banks.

ACTMedia

BNP Paribas: BNR will continue to reduce key interest rate and will accept a weaker leu

2011-11-04

BNP analysts think BNR might reduce the key interest rate by 0.25% to 5.75% at the next monetary policy session in January, allowing the depreciation of the leu to 4.5 units per euro in the first half of 2012, Mediafax writes.

ACTMedia

ANEIR's Ionescu: Lower monetary policy rate boosts business competitiveness

2011-11-04

The recent cut in the monetary policy rate of the National Bank of Romania (BNR), to 6 percent on Wednesday, will provide increased opportunities for the companies, including the exporting companies, to boost their competitiveness in accessing loans on lower interest rates, Secretary General of the National Association of Romania's Importers and Exporters (ANEIR) Mihai Ionescu told Agerpres on Wednesday.

ACTMedia

Government decided with IMF to expand list of EU projects to 100 investments at a lower value

2011-11-04

The government decided on Wednesday night with the International Monetary Fund to expand the list of EU priority projects from 60 to 100 public investments, taking over only works that need small financing of total value will be less than 1 billion euro, of which 586 million EU financing.

ACTMedia

Tanasescu (IMF): Romania has necessary anchors to avoid shock following Greece euro decision

2011-11-04

Romania has the necessary anchors to avoid a possible shock following Greece's euro-related situation, the Romanian representative at the International Monetary Fund (IMF) Mihai Tanasescu said ahead of a meeting of the visiting IMF delegation and officials of the Romanian Ministry of Economy, Trade and Business Climate on Thursday.

ACTMedia

NBR cut the key rate by 25bp to 6.00%

2011-11-03

The central bank (the NBR) cut the monetary policy rate by 25bp to 6.00% today. The decision was in line with our expectations, but it was at odds with market consensus which was for a flat rate. This was the first cut since May 2010. We expected the NBR to cut also minimum reserve requirements ratio for RON, but it left it unchanged at 15%.

Raiffeisen Research

Human Development Report 2011 Norway at top, DR Congo last

2011-11-03

Norway, Australia and the Netherlands lead the world in the 2011 Human Development Index (HDI), while the Democratic Republic of the Congo, Niger and Burundi are at the bottom of the Human Development Report's annual rankings of national achievement in health, education and income, released Wednesday by the United Nations Development Programme (UNDP).

ACTMedia

Romanian companies allowed until December 15 to update General Employee Registry

2011-11-03

Romania's Government has pushed the deadline by which companies may register or update the data in the General Registry of Employees (REVISAL) to December 15, 2011. The original deadline expired on November 1, 2011.

ACTMedia

Statistics: Industrial prices, up 0.9% in September

2011-11-03

Industrial prices for both the internal and the external markets advanced 0.9 percent in September 2011 on a monthly basis and 8.1 percent year-over-year, reveal data released Wednesday by the National Statistics Institute (INS).

ACTMedia

BNR cuts key interest rate to 6%

2011-11-03

The Board of Directors of the National Bank of Romania (BNR) decided on Wednesday to reduce the key interest rate to the level of 6 percent from 6.25 percent a year, in effect starting on November 3, 2011.

ACTMedia

Gov't adopts draft law on ratification of European Council Decision setting up European Stability Mechanism

2011-11-03

The Government on Wednesday adopted the draft law on the ratification of the European Council Decision on March 25, 2011 aiming at amending the Treaty on the Functioning of the European Union with regard to a stability mechanism for the member states whose currency is the euro.

ACTMedia

Mecanica Ceahlau 3Q 11 results

2011-11-03

Agricultural equipment manufacturer Mecanica Ceahlau (MECF) released positive 3Q 11 results with sales advancing by 9% yoy to RON 7.2 mn and EBIT up 22% yoy to RON 1.6 mn. The net profit advanced by 12% yoy to RON 1.2 mn.

Raiffeisen Capital & Investment

Transgaz 3Q profit above expectations on low maintenance costs

2011-11-03

Transgaz reported for 3Q 2011 a net profit above expectations, again on low maintenance costs. The turnover for the quarter reached RON 240 mn, in line with our forecast, which assumed a growth in quantities transported of 5% yoy.

Raiffeisen Capital & Investment

Surprising cut in the key rate

2011-11-02

Today, the NBR decided to cut the key rate by 25bp to 6%. Our expectations and market consensus were consistent with a flat key rate. Minimum reserve requirements remained unchanged for both RON and FX.

BCR Research

Global food prices remain high and volatile affecting poorest countries the most

2011-11-02

Global food prices remain high and volatile, hitting the poorest countries hardest and adding to the strains facing the global economy, according to the World Bank Group's new Food Price Watch released ahead of the G-20 Summit in Cannes, France.

ACTMedia

Pension and wage indexation to depend on economic development and figures released by European Commission

2011-11-02

The decision on pension and wage indexation in 2012 will depend on the economic development and it will be taken after the European Commission confirms the indicators related to this evolution, Minister of Labour, Family and Social Protection Sulfina Barbu said on Tuesday.

ACTMedia

About 13% of SMEs loan guarantees, granted to European projects

2011-11-02

The National Guarantee Fund for Loans to Small and Medium-Sized Enterprises (FNGCIMM) granted over 24,000 guarantees, worth 1.65 billion euros, out of which approximately 13 percent to co-finance European-financed projects, according to the data released by FNGCIMM on Tuesday in a seminar on European fund accessing.

ACTMedia

Vasilescu (BNR): Causes of Romania’s reserve drops

2011-11-02

Foreign exchange reserves dropped in October mainly because of capital outcomes from Romania, which affected the minimal compulsory reserves in foreign exchange set up by banks, said Adiran Vasiliu the councilor of the BNR governor who avoided to comment whether the central bank had sold hard currency.

ACTMedia

Government to support access to credits of private sector in 2012

2011-11-02

The Government will modify the aid schemes for 2012, the 'de minimis' state aids and the credit guarantees for the private sector, SBEs included, announced Prime Minister Emil Boc on Tuesday during the first meeting of the Tripartite National Council for Social Dialogue held at Victoria Palace, according to a release sent by the Executive Press Office.

ACTMedia

Banks - The watered down regulation to curb FX lending published

2011-11-02

The final watered down regulation to curb FX lending was published in the Official Gazette. Its main provisions are: i) down payment for EUR denominated mortgage loans will be at least 25%, compared to 30% as proposed initially, if the borrower is unhedged,

Raiffeisen Capital & Investment

Petrom started exploration of Totea gas well

2011-11-02

Petrom (SNP) announced that it started the test exploration of the deep onshore field Totea. The daily production amounts to approximately 430,000 cbm of gas and 58 tons of condensate and accounts for approximately 3% of Petrom's daily gas production.

Raiffeisen Capital & Investment

Romania's FX reserves increased in October

2011-11-02

According to data released yesterday by the Central Bank (BNR), Romania's FX reserves decreased by more than EUR 1.4 bn to EUR 32.2 bn at end-October 2011.

Raiffeisen Capital & Investment

BRD-GSG 3Q 2011 results preview

2011-11-01

We expect BRD-GSG's quarterly RAS results to impress due to a significant rebound of the bottom line mainly on the back of lower risk costs.

Raiffeisen Capital & Investment

Romania September jobless rate rises to 7.5%

2011-11-01

The seasonally adjusted unemployment rate was estimated at 7.5 percent in September 2011, according to the criteria of the International Labour Organization (ILO), increasing 0.2 percentage points compared with the previous month and 0.3 percentage points over the level of September 2010, according to the provisional data announced on Monday by the National Institute of Statistics (INS).

ACTMedia

SWIFT system starts in November, nine banks in

2011-11-01

The new automatic transaction data processing system SWIFT will be operational starting on Tuesday, November 1, 2011 and nine Romanian banks out of 14 announced their participation in the system, general director of the Central Depositary Adriana Tanasoiu told a press conference on Monday.

ACTMedia

FinMin seeks to borrow RON 4.5 bni from local banks in November

2011-11-01

The Romanian Public Finances Ministry seeks to borrow 4.5 billion lei (around 1.0416 billion euros at the current exchange rate - editor's note) from the commercial banks in November by six T-bonds- and securities issues, the ministry announced on its Web site.

ACTMedia

Romanian Central Bank works on creating bridge bank to help banks in trouble

2011-11-01

The Romanian Central Bank will work on regulations to create a bridge bank, which would take over banks under difficulty, according to Romanian daily Ziarul Financiar.

ACTMedia

IMF: European funds, the most important element in Romania's 2012 economic growth strategy

2011-11-01

European funds are the most important element in the 2012 economic growth strategy of Romania, head of the International Monetary Fund (IMF) mission in Romania Jeffrey Franks said on Monday at the beginning of a meeting with Romanian European Affairs Minister Leonard Orban.

ACTMedia

FinMin: Analysis made with IMF, EC reveals nine-month results very good

2011-11-01

The economic-financial results of Romania in the first nine months of the year are very good as revealed by the analysis made with the IMF and European Commission officials, Public Finances Minister Gheorghe Ialomitianu said before a meeting of the Democratic Liberal Party's (PDL) National Standing Bureau on Monday.

ACTMedia

Gov't-BNR Committee: Romania maintains 2015 eurozone accession goal

2011-11-01

Romania maintains its goal to adopt the European single currency in 2015, is the conclusion emerged during the talks held on Monday at the meeting of the Inter-ministerial Committee in charge, chaired by Premier Emil Boc and governor of the National Bank of Romania (BNR) Mugur Isarescu.

ACTMedia

Mixed signals regarding reform of Romanian state companies - IMF official

2011-10-31

The signals regarding the reform of the state companies in Romania are mixed, with better developments in the transport sector, the Romanian representative at the International Monetary Fund (IMF) Mihai Tanasescu told a private television channel on Sunday.

ACTMedia

Managers’ estimate: Moderate growth in commerce and decrease in constructions in October and November

2011-10-31

The managers of commercial companies estimate for the period October-November by comparison to the three previous months, a moderate increase in commerce, stability in industry and services and decrease in constructions, the evolution of the number of employees and of the prices varying from sector to sector.

ACTMedia

Shares issued by Christian Dior, Danone, Heineken, L'Oreal to be traded on BVB as of Monday

2011-10-31

The shares issued by Christian Dior, Danone, Heineken and L'Oreal will be traded, as of October 31, within the Alternative Trading System of the Bucharest Stock Exchange (BVB) - securities admitted to trading also on a regulated market Section, informs BVB.

ACTMedia

Mugur Isarescu: Romania can no longer rely on workforce as sole competitive edge

2011-10-31

Mugur Isarescu considers that Romania's new competitive advantages are given by the industry with either internal or external management - due to investments in technology - IT human resources, but by the wine industry as well, and that the cheaper workforce is no longer a competitive edge capable of attracting foreign investment.

ACTMedia

Romanian Central Bank Board approved regulation on household loans

2011-10-31

The Board of the National Bank of Romania (BNR) in the meeting on Friday approved the regulation on household loans, shows a press release of the central bank.

ACTMedia

Artego prospectus for transfer to the main market approved

2011-10-31

The local securities commission (CNVM) approved the prospectus for the transfer of the rubber products manufacturer Artego (ARTE) from the OTC market Rasdaq to the main market of the exchange.

Raiffeisen Capital & Investment

Possible change of indirect control of Azomures

2011-10-31

In a release to the Bucharest Stock Exchange (BVB), Azomures (AZO) announced that the shareholders of Eurofert and Azomures Holdings are currently negotiating the sale of the two companies to international grain and fertilizer trader Ameropa Group.

Raiffeisen Capital & Investment

European Court of Justice Decision regarding transfer of non-performing debts

2011-10-28

We would like to inform you that the European Court of Justice (ECJ) has published on 27 October 2011 its decision in GFKL Financial Services AG ('GFKL') concerning the transfer of non-performing loans to a specialist debt collector. Specifically, whether there was consideration for the transfer, whether any such consideration was taxable or exempt, and how any such consideration should be calculated.

Ernst & Young Romania

Oltchim - State to select the consultant for the privatization process

2011-10-28

The state has published the announcement for the selection of the consultant for the privatization process of chemical producer Oltchim. The deadline for submitting the offers is November 21.

Raiffeisen Capital & Investment

Socep 3Q 2011 results

2011-10-28

Stevedoring company SOCEP (SOCP) has reported its 3Q 2011 results. The company said that cargo traffic increased by 40% during the first nine months of the year. Quarterly sales amounted to RON 14.0 mn, up 17% while salaries costs went up 25% yoy to RON 6.0 mn and third party expenses surged 51% yoy to RON 4.1 mn.

Raiffeisen Capital & Investment

World Bank: A quarter of state companies are practically bankrupt

2011-10-28

A quarter of the 760 state companies among which Radet, CFR and Oltchim are not performing, having practically entered bankruptcy and about 100,000 employees might be left without a job if those units close down, a World Bank study shows.

ACTMedia

AmCham: Foreign investments influenced by investors’ reduced access to authorities

2011-10-28

Reduced access to authorities determines certain foreign companies to invest in other markets which do not offer more advantages than Romania, but where governments have more opening to dialogue, Anca Harasim, CEO at AmCham declared on Thursday.

ACTMedia

WB Economist: Foreign investments have not contributed much to Romania's economy

2011-10-28

The foreign investments carried out in Romania have not contributed much to the national economy and the added value created by the foreign companies is the lowest in Central Europe, World Bank (WB) Senior Economist, specialist in the private and financial sector Donato De Rosa told a press conference in Bucharest on Thursday.

ACTMedia

Benoit Nadler (EC): Actual assimilation rate of European funds for Romania, 3.5%

2011-10-28

The actual rate of assimilation of the European funds in the case of Romania is 3.5 percent and the situation is critical, Benoit Nadler, representative of the European Commission (EC) within DG Regio team for Romania, told a conference held in Bucharest by the World Bank on Thursday.

ACTMedia

Mugur Isarescu: Our worry is not for zero budget deficit but for a manageable one

2011-10-28

“Our worry is not for zero budget deficit but for one which can be easily managed. With zero deficit you cannot develop, especially in Romania’s case,” said Mugur Isarescu at a conference about saving and credits.

ACTMedia

Mihai Tanasescu (IMF): Romania does not need salary, pension or social contribution cuts in 2012

2011-10-28

The accord reached by European leaders on Thursday morning is a success, Romania's representative with IMF, Mihai Tanasescu told RFI. The banking system will be re-capitalized the Emergency Fund will grow to 1,400 billion dollars and Greece can reduce its sovereign debt to 120% of GDP.

ACTMedia

Lucian Croitoru (BNR): Romanian banking system not to be affected by request to capitalize banks

2011-10-28

The Romanian banking system will not be affected by the request to capitalize the eurozone banks nominated after a stress test run a few months ago, following a decision made on Wednesday night by the European leaders, advisor to the BNR Governor Lucian Croitoru said on Thursday.

ACTMedia

EU cuts back-room deal on Greek debt write-down

2011-10-28

EU leaders and bank officials struck a last-minute agreement early Thursday (27 October) to write off 50% of Greek debt from their books, in a back-room deal that will see weaker banks receive aid from the European Financial Stability Facility (EFSF).

ACTMedia

Banca Transilvania First Impression 3Q 2011

2011-10-27

Banca Transilvania's (TLV) 3Q 11 RAS results clearly beat our and to a lesser degree consensus estimates on lower risk costs while other items were mainly in-line with our expectations. Operating profitability deteriorated significantly due to an extremely weak trading result and higher operating expenses.

Raiffeisen Capital & Investment

Banca Transilvania 3Q 2011 results preview

2011-10-26

We expect Banca Transilvania's (TLV) quarterly RAS results to display a contracting bottom line, mainly due to very weak trading results.

Raiffeisen Capital & Investment

Bucharest wages much higher than the rest of the country

2011-10-26

The average salaries of employees in the private sector is the highest in Bucharest compared to the rest of the country, the difference being close to 40%, according to the Paywell study made by PwC Romania.

ACTMedia

Education reforms - key to boost innovation, competitiveness, and labor productivity in Emerging Europe and Central Asia

2011-10-26

Countries in Emerging Europe and Central Asia need to reform their education and training systems in order to provide the right skills demanded by labor markets, says a new World Bank report, Skills, Not Just Diplomas: Managing Education for Results in Eastern Europe and Central Asia.

ACTMedia

IMF Mission begins third evaluation of precautionary agreement with Romania

2011-10-26

The International Monetary Fund (IMF) Mission on Tuesday has begun the third evaluation of the stand-by precautionary agreement with Romania. One of the main discussion topics will be the revision of the economic growth prognosis for 2012, under the 3.5 percent level initially taken into account, and the way in which this thing will affect the draft budget for 2012.

ACTMedia

Barroso: EC supports accession to Schengen Area of Romania

2011-10-26

The European Commission is reiterating its support for the accession to the Schengen Area of Romania, who has fulfilled all the necessary technical criteria, President of the European Commission Jose Manuel Barroso said on Tuesday after meeting Romania's President Traian Basescu in Brussels.

ACTMedia

SIF Moldova calls GSM to be bought out of BCR by Erste Group

2011-10-26

SIF Moldova (SIF2), the only SIF which was not part of the agreement in principle from September, announced that it would call a GSM for November 26 so that the shareholders could vote on its buying out of BCR by Erste Group.

Raiffeisen Capital & Investment

Eurostat: Romania, 7th in EU in terms of monthly advance in industrial new orders

2011-10-25

Industrial new orders went up 6.2 percent in the Euro Zone and 6.5 percent in the European Union in Aug. 2011 compared with the same period of 2010, according to the figures released on Monday by the Eurostat statistics office of the EU.

ACTMedia

Mihai Ionescu (ANEIR): Romanian exports surge by 36.9% in October 2011

2011-10-25

The Romanian exports went up by 36.9 percent over the first couple of decades of October 2011 on year-on-year basis, whereas the imports went up by 20.3 percent, Mihai Ionescu, general secretary of the National Association of the Romanian Importers and Exporters (ANEIR), told Agerpres on Monday.

ACTMedia

MFP borrows RON 735.673 mni from banks

2011-10-25

The Public Finance Ministry (MPF) on Monday borrowed over 735.673 million lei (about 170.294 million euros) from the commercial banks, through an issue of discounted T-bills placed on tender through the National Bank of Romania (BNR).

ACTMedia

Mugur Isarescu: year 2012 and the following will not resemble 2009 - 2011

2011-10-25

'Year 2012 and the ones to come next won't be like the 2009 – 2011 ones. Romania will have to force its getting out of the crisis, a difficult and complex process. What they ask, on the part of the whole Romanian society is a new effort for restructuring, efficiency, perfecting.

ACTMedia

IMF and EU, a new mission in Romania during October 25 to November 7

2011-10-25

A new mission of the International Monetary Fund (IMF), European Union and World Bank will be in Romania from October 25 to November 7, 2011, for evaluation of budgetary policies.

ACTMedia

SIF Transilvania announced the sweetened deal for BCR

2011-10-25

SIF Transilvania (SIF3) informed that it received a sweetened deal for BCR in-line with the one announced by SIF Muntenia (SIF4). Thus, the cash component is now higher by RON 13.3 mn (EUR 3.1 mn) while the Erste Group shares component which accounts for around 75% of the entire deal remains the same.

Raiffeisen Capital & Investment

Antibiotice gets FDA approval for a second medicine

2011-10-24

Antibiotice (ATB) informed that Food and Drug Administration (FDA) has given the green light for its second medicine to enter the US market.

Raiffeisen Capital & Investment

Fondul Proprietatea 2012 budget

2011-10-24

Fondul Proprietatea (FP) published the 2012 budget which follows to be approved in the GSM of November 23. Revenues are seen at RON 529 mn, up 77% yoy on higher dividends to be received, of RON 509 mn.

Raiffeisen Capital & Investment

Chinese investors show interest in Romanian energy and infrastructure projects

2011-10-24

The Chinese investors say they want to get involved in the Romanian energy and infrastructure projects, such as the thermal power plant at Doicesti, the building of the Sibiu-Pitesti, and Comarnic - Brasov motorway segments, the Braila bridge and the modernization works of Constanta port (Romanian Black Sea shore), informs Economy, Trade and Business Environment Ministry release.

ACTMedia

ZEW: The economic perspective of Romania for the next six months got worse

2011-10-24

The perception of the financial analysts regarding the evolution of Romania's economy over the next six months recorded in October the most important worsening in Central and Eastern Europe, according to a survey of the ZEW institute, taken by Mediafax. Romania went down from the first position as regards expectations following Turkey and Poland.

ACTMedia

Discussions with IMF for the 2012 budget start from GDP prognosis of 2.3-2.5%

2011-10-24

Discussions which start this week with the mission of evaluating the stand-by agreement regarding the construction of the budget for 2012 start from the prognosis of economic growth of 2.3 – 2.5% and a budgetary deficit of 3% of GDP, target which is brought by the European Commission and less by IMF.

ACTMedia

European Union Summit ends in Brussels

2011-10-24

Upgrading economic governance in the euro area was the main theme of Sunday's European Council. Poland's Prime Minister has announced a further European Council, to take place on Wednesday.

ACTMedia

Fondul Proprietatea - Analyst and Investors Days Takeaways

2011-10-21

Fondul Proprietatea (FP) held on October 19-20 its first Analyst and Investor Days, with speakers from FP's management and from some of the most important companies for its portfolio like Hidroelectrica, OMV Petrom, Romgaz and Nuclearelectrica.

Raiffeisen Capital & Investment

Romania falls 7 positions to 72 in WB’s Doing Business 2012 Report

2011-10-21

Romania dropped seven positions in the World Bank's annual report Doing Business ranking 72nd among 183, mainly because it now asks for a tax clearance certificate for a new company's headquarters, before the company's registration.

ACTMedia

Romanian state borrows EUR 42 mn from commercial banks

2011-10-21

The Public Finances Ministry on Thursday borrowed 42 million euros /182.09 million lei/ from the commercial banks by a benchmark bond issue that matures in three years, put to tender via the National Bank of Romania.

ACTMedia

BRD anticipates cuts of key interest rate in November

2011-10-21

BNR may cut down the monetary policy interest rate by 0.25 points in its November meeting, from 6.25% to 6% and in 2012 by another 0,5 points, to 5.5% a prudent attitude even if inflation gets down within the targeted interval, according to BRD Groupe Societe Generale, Mediafax writes.

ACTMedia

IMF wants to limit foreign exchange credits to consumer credits

2011-10-21

IMF requested that the limitation of foreign exchange credits should be applied only to consumer credits, said Aurel Saramet, the president of the National Guaranty Fund for credits granted to small and medium size companies, Mediafax informs.

ACTMedia

MAEur: Slow-paced implementation of operational programmes

2011-10-21

The structural and cohesion funds absorption rate can be measured both at the national level, contingent on the bulk of the internal payments to the beneficiaries by the management authorities, posing for 14.1 percent of the EU funds due to be allocated over 2007-2013, and depending on the funds Romania received from the EU Commission, representing the external or the effective absorption, posing for 3.69 percent on Sept 30, of the EU funds for 2007-2013, informs Ministry for European Affairs (MAEur) press release.

ACTMedia

Fondul Proprietatea listing on Warsaw Stock Exchange encounters delays

2011-10-21

In a report to the stock exchange, the fund manager of Fondul Proprietatea (FP) announced it is encountering some complications regarding its listing on Warsaw Stock Exchange which will lead to some delays from the schedule previously announced.

Raiffeisen Capital & Investment

Details from OMV 3Q Trading Statement

2011-10-21

OMV released its 3Q 11 Trading Statement, which provided some relevant information also on OMV Petrom performance for the mentioned period. With respect to the E&P segment, OMV said production volumes in Romania were slightly lower qoq as the new wells could not compensate outages caused by bad weather.

Raiffeisen Capital & Investment

Analyzing the wealth of the world's adult population

2011-10-20

The Credit Suisse Research Institute published its second Global Wealth Report on October 19, 2011. Analyzing the wealth of the world's entire adult population, across countries and regions, it offers a host of new insights and perspectives.

ACTMedia

Romanian Academy Study: Romania included with six areas on the list of 20 poorest regions in Europe

2011-10-20

Romania is included with six areas covering almost the entire country (except for the Bucharest-Ilfov area) on the list of the 20 poorest regions in Europe, according to the latest survey conducted by the Research Institute for Quality of Life within the Romanian Academy.

ACTMedia

Eurostat: Romania scores second high growth in building works in EU, in August

2011-10-20

Romania's building works grew by 6.3 percent, in Aug 2011 compared to the same month, last year, a higher growth scoring only Poland, namely 10.6 percent, among the EU countries, read data the European Union's Statistical Office Eurostat presents on Wednesday.

ACTMedia

BNR Survey: Industrial production to register a possible revival, but of low intensity

2011-10-20

Industrial production in September showed a possible rebound, but of low intensity, revealed a business survey conducted by the National Bank of Romania (BNR) for the last month.

ACTMedia

EBRD: 2012 economic slowdown specific to all European emerging markets, not only Romania

2011-10-20

The cut economic growth forecast for 2012 is not specific to Romania, but to all the European emerging markets and it is the result of the situation in the Euro Area, where to the exports are directed, the EBRD director for Romania Claudia Pendred told a press conference of the Foreign Investors Council on Wednesday.

ACTMedia

Government implemented 11 out of the 80 measures proposed by FIC for economic growth

2011-10-20

The Government took into account 27 measures of economic growth proposed a year ago by the Foreign Investment Council (FIC) and implemented 11 of them, said FIC board member Mariana Gheorghe on occasion of the presentation of the Economic Growth Programme results and the launch of the White Chart.

ACTMedia

FIC member companies plan EUR 10 bn investments in Romania in next 5 years

2011-10-20

Foreign Investors Council (FIC) member companies plan 10 billion-euro investments in Romania in the coming five years, FIC Chairman Steven van Groningen said on Wednesday.

ACTMedia

State becomes shareholder in Rompetrol Rafinare with 44.7% stake

2011-10-20

The conversion of Rompetrol Rafinare (RRC) bonds into shares has finally concluded, making the state shareholder with a 44.7% stake in the company.

Raiffeisen Capital & Investment

French Film Festival to begin in Bucharest, on Oct 21st

2011-10-19

The French Film Festival, due in Bucharest, on Oct 21-28, is aimed at a very wide range of audience starting with young cinemagoers till film professionals, France's Ambassador in Romania Henri Paul told a news conference at the French Institute in Bucharest, on Tuesday.

ACTMedia

Romanian billionaires' wealth diminishes 11% and represents 20.91% of GDP

2011-10-19

The wealth of the wealthiest Romanians amounts to 25.1 billion euros (20.91 percent of the GDP), having diminished 11 percent from the previous year (3.1 billion euros), according to the 2011 issue of Forbes Romania 500 Billionaires chart.

ACTMedia

Investments of Dutch firms in Romania surge by EUR 1.5 bn in 2011

2011-10-19

The value of the investments made in Romania by the Dutch companies exceeded 11 billion euros in 2011, 1.5 billion euros (plus 15.8 percent) above the amount reported in the last year for the period July 2010 - July 2011, the officials of the Romanian-Dutch Trade Chamber (NRCC) told at a press conference on Tuesday.

ACTMedia

Catalin Pauna (World Bank): Nobody measures if public investments have reached their aim

2011-10-19

Romania has the biggest expenses with investments in Europe, but results are not measured and Finances have to justify some projects as public money is often allocated for 'black holes,' said Catalin Pauna, senior World Bank economist in Romania.

ACTMedia

EBRD revises Romania's 2011 economic growth forecast downwards

2011-10-19

The European Bank for Reconstruction and Development (EBRD) revised Romania's 2011 economic growth forecast downwards to 1.5 percent from 1.9 percent reported in July and for 2012 too, down to 1.1 percent from 3.8 percent, according to the quarterly analysis entitled Regional Economic Prospects.

ACTMedia

International award of Forbes Romania for the Bulgarian Finance Minister, Simeon Djankov

2011-10-19

The government of Bulgaria was brave in dealing with the economic crisis which was in its peak at the time the cabinet took office and managed to avoid serious problems, according to the Bulgarian Finance Minister, Simeon Djankov.

ACTMedia

Daianu: Romania will not be able to have economic growth if recession comes back

2011-10-19

Romania will not be able to have an economic growth if the recession comes back, the only instrument it will be able to use for its growth being the absorption of the European funds, said economist Daniel Daianu on Tuesday when the study titled 'Taxation Policy in Romania: Curse of Low Fiscal Returns' was launched.

ACTMedia

Fondul Proprietatea called GSM to remove the voting rights restrictions

2011-10-19

Fondul Proprietatea (FP) has called a GSM for November 23, 2011 to change several provisions from its bylaws. The most important proposal is to remove the voting rights restrictions for stakes above 1%.

Raiffeisen Capital & Investment

The Dutch Business Community is actively supporting Romania’s accession into the Schengen Area

2011-10-18

The Dutch business community in Romania is strongly supportive of Romania's accession into the Schengen Area. The Netherlands-Romanian Chamber of Commerce and its sister organization in The Netherlands, the Dutch Romanian Network, are constantly engaged in dialogue with the Dutch authorities in order to determine a change of position in what concerns Romania's accession into the Schengen Zone.

The Netherlands-Romanian Chamber of Commerce (NRCC)

Romanian number of insolvencies nears 14,000 in first 9 months

2011-10-18

A total 13,984 firms went insolvent in Romania within the first nine months of the year, 10% less than in the same interval of the previous year, according to data from the national trade registry ONRC.

ACTMedia

The government and the crisis scared away 13,000 investors from the market

2011-10-18

The Stock Exchange Bucharest (BVB) got to calculate the investors left on the market, the last three years leaving deep cuts: the stock exchange indicators did not recover from the losses, and the number of investors is at the minimum.

ACTMedia

Unit trusts posts average yield rates of 3.97% over past 12 months

2011-10-18

The unit trust index indicating the average yield rates of trust units over the past 12 months stood at 3.97 percent, which is higher than a 3.45-percent inflation rate in the same period.

ACTMedia

Index funds register 20%t yield in first half of 2011

2011-10-18

The performance indices of closed-end investment funds exceeded the investors' expectations in the context of the stock quotations having dropped on the international exchange markets, the profit standing at 20 percent, shows the audit report carried out for five of the independently managed closed-end funds.

ACTMedia

Ministry of Finance sold 2-year T-bonds worth RON 800 mn

2011-10-18

Yesterday, the Ministry of Finance has raised the intended amount of RON 800 mn through the issuance of 2-year T-bonds, paying an average yield of 7.4%. In the last auctions, the Ministry borrowed less than the intended amounts or rejected all bids saying that the yields demanded by the banks were too high.

Raiffeisen Capital & Investment

EU Commissioner: Food security not a past problem

2011-10-17

Romanian EU Commissioner for Agriculture Dacian Ciolos said Friday food security is an issue that concerns the future and fears of food shortages underlie current social commotion and political turmoil.

ACTMedia

MAE: Romania, Greece and Bulgaria submit proposal to EC to create European strategy for Western Balkans

2011-10-17

Ministers of Foreign Affairs of Romania, Greece and Bulgaria, Teodor Baconschi, Stavros Lambrinidis and Nickolay Mladenov, sent a common letter to Commissioner for enlargement and European neighbourhood policy Stefan Fule on Friday, October 14 and to European Commissioner for regional policy Johannes Hahn, with the proposal to create a strategy for the Western Balkans.

ACTMedia

Head of Bilderberg Group: We don't try to create the United States of Europe

2011-10-17

The idea of a minister of finances at European level or an entity of united European states is not good, Greece must be saved from bankruptcy and be kept in the euro zone, to avoid what could happen to the Greek state to happen to another state, Etienne Davignon, the chairman of the Bilderberg group said on Friday in a conference organized by the National Bank of Romania (BNR).

ACTMedia

SIFs to receive a sweetened deal for BCR

2011-10-17

SIF Muntenia's (SIF4) communiqué which announced that it signed the contract to be bought out of BCR, revealed that the cash component was sweetened by RON 13.3 mn (EUR 3.1 mn).

Raiffeisen Capital & Investment

Fondul Proprietatea - official NAV end of September 2011

2011-10-17

Fondul Proprietatea (FP) reported a net asset value at the end of September of RON 14.6 bn, meaning a NAV per share of RON 1.0902, down 4.8% mom.

Raiffeisen Capital & Investment

Ten Romanian companies present at International Energetika Fair

2011-10-14

Ten Romanian companies from electrical, electronics, communications and information technology industry participate in the International Energetika Fair, organized from October 12 to 14, in Belgrade, Serbia, according to a release of the Ministry of Economy, Trade and Business Environment (MECMA).

Raiffeisen Capital & Investment

Romanian economic mission to be organized in South Africa

2011-10-14

The Ministry of Economy, Trade and Business Environment (MECMA), the Romanian Center for Trade and Investment along with Romania's Trade and Industry Chamber is organizing an economic mission to Cape Town, South Africa on Oct. 7-16, in order to develop economic relations between Romania and South Africa, MECMA reports.

ACTMedia

Gazprom Neft unveils investment plans to create 500 jobs in Romania

2011-10-14

Business officials of NIS company of Serbia, a subsidiary of the Russian company Gazprom Neft, on Thursday unveiled to Romanian Prime Minister Emil Boc, at a meeting at the Romanian Government House in Bucharest, their intention to develop in Romania oil investments worth some millions of euros by 2015 and create nearly 500 jobs.

ACTMedia

Project of competitiveness strategy: Romania wants to switch from cheap labour force to use of well-trained workers

2011-10-14

Romania plans to switch from the model based on cheap labour force to making utmost use of well-trained workforce in an economy controlled by creative and innovating enterprises, reads the project of the 2012-20 Competitiveness Strategy of Romania.

ACTMedia

Balance of payments current account posts EUR 3.29 bn deficit in eight months

2011-10-14

The current account of the balance of payments posted 3.296 billion euros in 8-month deficit, down 19.7 percent on last Jan.-Aug., the National Bank of Romania said in a release on Thursday.

ACTMedia

EU parliament votes for Bulgaria and Romania to be admitted to Schengen

2011-10-14

The European Parliament on Thursday adopted a resolution asking the European Council to allow Romania and Bulgaria to join the Schengen Area.German MEP Manfred Weber questioned the Dutch and Finnish motives.

ACTMedia

Head of Bilderberg Group comes to Bucharest

2011-10-14

Viscount Etienne Davignon, the president of Bilderberg Group will meet BNR governor Mugur Isarescu on Friday to discuss about EU and the debt crisis. Davignon is a Belgian politician of Hungarian origin who was also the vice-president of the European Commission.

ACTMedia

Concefa share capital increase results

2011-10-14

In a release to the stock exchange, the Board of the constructions company Concefa (COFI) announced the results of the share capital increase that took place over September 9 to October 8.

Raiffeisen Capital & Investment

Ductil management sees slower business over 2H 2011

2011-10-14

According to a media article citing the CEO of the company, the welding electrodes producer Ductil Buzau (DUCL) is facing falling orders over September and October, mainly due to a decline in export volumes.

Raiffeisen Capital & Investment

SIF Muntenia sold its stake in BCR to Erste

2011-10-14

SIF Muntenia (SIF4) announced that on October 13 it signed the official agreement with Erste Group for the sale of its stake in BCR. The effective number of shares to be sold/swapped this year is the one announced several weeks ago.

Raiffeisen Capital & Investment

Business environment: 2012, peak of financial crisis in Romania

2011-10-12

More than half of the companies in Romania believe that the economic crisis peak will be reached in 2012, a year that will be affected by new bankruptcies of Romanian SMEs, Association of Chartered Certified Accountants (ACCA) Director for South-Eastern Europe Andreia Stanciu told a press conference on the developments on the SMEs sector on Wednesday.

Agerpres

Romania ranks 4th in EU in terms of Aug industrial output growth

2011-10-12

Romania's industrial production surged by 1.9 percent in Aug. 2011 compared with Aug. 2010, an increase higher than the EU's average, show the data released on Wednesday by Eurostat official statistical office of the EU.

Agerpres

Romania has EU's highest number of agricultural holdings in 2010

2011-10-12

Romania in 2010 had the highest number of agricultural holdings in the European Union, namely 3.856 million or 32 percent of the overall EU 27, show figures made public by the European Statistics Office (Eurostat) on Wednesday.

Agerpres

Romanian new motor vehicles registration up 7.21% in September

2011-10-12

The number of the new vehicles registered in Romania went up 7.21 percent in Sept. up to 8,995 vehicles compared to the same period a year ago, while new cars recorded an increase of only 0.22 percent up to 6,875 units, show figures made public by the Driving Licence and Vehicle Registration Directorate on Wednesday.

Agerpres

Samsung C&T Corporation could set up Romania's Land Registry

2011-10-12

Romanian Ministry of Regional Development and Tourism (MDRT) and Samsung C&T Corporation might forge a public-private partnership for setting up Romania's Land Registry, an operation due to begin in three months, according to a release of MDRT.

Agerpres

Stock market opens lower

2011-10-12

Stocks traded on the Bucharest Stock Exchange (BVB) on Wednesday opened lower in the first 5 trading minutes, as reflected by the BET-C composite index plunging by 0.03 percent.

Agerpres

World Bank to coordinate selection of private managers for CFR Marfa and Tarom

2011-10-12

The World Bank (WB) will coordinate the selection of the private managers of the companies CFR Marfa and Tarom, according to the information sent to Agerpres by the Ministry of Transports and Infrastructure (MTI).

Agentia Nationala de Presa Agerpres

Economy Ministry and Pedersen&Partners Consulting sign consultancy contract for professional managers' selection process

2011-10-12

The Ministry of Economy, Trade and Business Environment (MECMA) and Pedersen&Partners Consulting company on Tuesday signed the consultancy contract for the recruitment of managing personnel for the companies under the institution's coordination.

Agerpres

Volume of construction works decreases in first 8 months of 2011

2011-10-10

The volume of construction works decreased in the first eight months of this year, compared with the same period in 2010, both as unadjusted series and as a series adjusted to number of working days and seasonality by 0.3% and by 1%, respectively, according to the National Institute of Statistics (INS).

ACTMedia

Industry turnover rises by 18% in first eight months

2011-10-10

Turnover in industry increased by 18 percent in first eight months of this year, compared to same period of 2010, the National Institute of Statistics (INS) informs.

ACTMedia

Industrial production unadjusted series decreases 7.1% in August from July

2011-10-10

Industrial production (unadjusted series) decreased by 7.1% in August this year compared with the previous month, due to negative trend of the processing industry (-9.4%), according to data presented on Friday by the National Statistics Institute (INS).

ACTMedia

Romania Provided EUR 300 mn in state aid to 20 major investments

2011-10-10

Romania has provided EUR300 million in state aid for 20 investment projects worth more than EUR1.1 billion, through an aid scheme approved by the European Union, Prime Minister Emil Boc said Friday in a business forum in Timisoara.

ACTMedia

IMF delegation to visit Romania October 25 - November 7

2011-10-10

A delegation of the International Monetary Fund will visit Romania between October 25 and November 7 for the third review of a EUR3.5 billion precautionary agreement signed end March.

ACTMedia

New Romanian consulate in Catania to open in coming weeks

2011-10-10

A new Romanian Consulate in Catania, Sicily, Italy will open in the coming weeks, as it is currently being arranged, the Foreign Affairs Ministry spokeswoman Doris Mircea told a news conference on Friday.

ACTMedia

Societe Generale acquired 2 mn shares of BRD-GSG

2011-10-10

In a release to the Bucharest Stock Exchange (BVB), Societe Generale announced that it bought almost 2 mn shares of BRD-GSG (0.3% of BRDs share capital).

Raiffeisen Capital & Investment

Industrial production up 1.9% mom in August

2011-10-10

According to data released on Friday (Oct 7) by the Statistics Institute (INSSE), industrial production advanced 1.9% m-o-m in August, a second positive monthly growth rate, after 1.8% increase recorded in July.

Raiffeisen Capital & Investment

Gallup Study: Romania registers one of the biggest differences between aspiring freelancers and people who want to start a business

2011-10-07

According to a Gallup study, Romania registers one of the budget difference in EU between the percentage of people who want to be freelancers and those who intend to start their own business. The promotion of successful models could be a solution and that is why they intend of bring to the fore the champions who have won the bet against crisis and have increased their incomes.

ACTMedia

Statistics: Industry turnover rises by 18% in first eight months

2011-10-07

Turnover in industry increased by 18 percent in first eight months of this year, compared to same period of 2010, the National Institute of Statistics (INS) informs.

ACTMedia

Memorandum with IMF: Public-sector employees' salaries could increase on certain conditions in 2012

2011-10-07

The Romanian authorities could adopt salary increases over 2012, on condition that progress is made concerning the reduction in the number of employees, according to the Government's letter of intent with the International Monetary Fund (IMF) released on Wednesday, October 5, by the international financial institution.

ACTMedia

State's stake in Fondul Proprietatea decreased to 5.01% at end of September

2011-10-07

Fondul Proprietatea (FP) released the shareholding structure as of end of September 2011. The Ministry of Finance's stake decreased from 6.17% at end of August to 5.01% at end of September.

Raiffeisen Capital & Investment

Ministry of Finance rejects all bids at a bond action

2011-10-07

Yesterday, the Ministry of Finance rejected all bids for a 5-year bond worth RON 500 mn saying that the yields demanded by the banks are too high.

Raiffeisen Capital & Investment

Petrom wind park started operations

2011-10-06

Petrom (SNP) announced that commercial operations at Dorobantu wind park (45 MW) started on October 1. The wind park is located in Dobrogea, an area with a high wind potential.

Raiffeisen Capital & Investment

The Government abandoned the two Energy Giants plan

2011-10-06

Fondul Proprietatea (FP) has informed that the Government formally abandoned the plan to establish the two Energy Giants. These two companies were to be established around Hidroelectrica and Nuclearelectrica by merging them with other energy and coal producers.

Raiffeisen Capital & Investment

Petrom extends oil price hedged into 2012

2011-10-06

In a separate release Petrom announced that its oil price hedges were extended into 2012. Derivative instruments have been used to hedge earnings in the E&P business segment for 30,000 bbl/d in 2012.

Raiffeisen Capital & Investment

Survey: Economic crisis did not cause Romanians working abroad to come back home massively

2011-10-06

The economic crisis has not caused a massive wave of Romanian people who work abroad coming back, and those who returned are here most likely for a limited period only, according to the survey 'The impact of the economic crisis on the migration of the Romanian labour,' launched on Tuesday, October 4 by the Friedrich Ebert Stiftung foundation.

ACTMedia

Statistics: Net average monthly salary earnings drop 1.1% in August, to 1,455 lei

2011-10-06

The net nominal average salary earnings in August stood at 1,455 lei, dropping 1.1 percent from the previous month, but increasing 8.7 percent compared with the same month of 2010, according to the data released on Wednesday by the National Institute of Statistics (INS).

ACTMedia

Korean companies interested in tourism and infrastructure in Romania

2011-10-06

Korean companies are interested in joint projects with the Romanian companies in the field of tourism, construction and infrastructure, according to a release of the Ministry of Regional Development and Tourism, on Wednesday.

ACTMedia

Proprietatea Fund EUR 28 mn stock repurchase over past four months

2011-10-06

Proprietatea Fund (FP) has bought its own shares in exchange of 120 million lei (28 million euros) over the past four months, with the buyback being among the most important investments made by the Fund on BSE, reads Ziarul Financiar daily.

ACTMedia

Central Depository registers in own settlement system Commerzbank AG shares

2011-10-06

The financial instruments issued by Commerzbank AG were registered on Wednesday in the clearing-settlement system and RoClear registry for unfolding operations of cross-border settlement, informs a release of the Central Depository /DC/, the company that conducts clearing-settlement operations for stock exchange transactions.

ACTMedia

Labor in Romania is overburdened, BNR governor says

2011-10-06

Labor is overburdened and, if I were to assume a risk, that would be reducing the CAS, said on Wednesday the governor of the National Bank of Romania (BNR), Mugur Isarescu, adding at the same time that, on Tuesday, he did not took a stand against such a measure.

ACTMedia

Mugur Isarescu: Annual inflation falls below 4% in September

2011-10-06

Annual inflation in September, which will be announced next week, fell below 4 percent, within the target range of Romania's National Bank (BNR), according to Governor Mugur Isarescu. 'Inflation is back within the target range not by the end of this year, but next week (when the National Institute of Statistics is to release the figure - editor's note).

ACTMedia

Research and Inventika Shows take place in Bucharest between October 5 and 8

2011-10-05

The National Authority for Scientific Research in the period October 5-8 at the Romexpo Exhibition Centre will organize the exhibition of Romanian research accomplishments 'The Research Show' and the fifteenth edition of the Inventions, Scientific Research and New Technologies International Show, 'Inventika 2011,' informs a press release remitted to Agerpres on Tuesday.

ACTMedia

Tender launched for procurement of EUR 65 mn worth of IT equipment by SMEs

2011-10-05

The Ministry of Communication and Information Society (MCSI) launches as of October 5 a new call for projects (tender) worth roughly an aggregate EUR 95 million (RON 280 million) aimed at supporting SMEs procure software applications.

ACTMedia

Statistics: Prices of industrial production decrease 0.2% in August versus July

2011-10-05

The prices of industrial production per total (local market and foreign one) decreased by 0.2% in August this year compared with the previous month and increased by 8.7% compared with August 2010, according to the data made public on Tuesday by the National Institute of Statistics (INS).

ACTMedia

Eurostat: Romania, EU fifth in terms of industrial production prices increase in August

2011-10-05

Romania posted in August 2011 compared with August 2010 an increase of 7.8 percent in industrial production prices under conditions in which in the European Union industrial production prices registered a growth of 6.7 percent and in the euro area they advanced by 5.9 percent, according to figures presented on Tuesday by the European Statistics Office (Eurostat).

ACTMedia

Economic analyst: Romania should cut taxes to have growth

2011-10-05

Romania should cut taxes on capital and labor force in order to have economic growth on medium and long term, as nothing can be done by means of measures of monetary policy, economic analyst Florin Catu says.

ACTMedia

Why is Romania not attractive for investors: 92% of companies blame fiscal system

2011-10-05

About 92% of medium and large companies in Romania consider that the present fiscal system does not allow them to build a long term coherent business strategy , a study made by Accace show. Accace is one of the most important players in Central and East European market of financial management consulting.

ACTMedia

Sovereign debt crisis to lead to new-type public, one opposing excessive public debt, benefits

2011-10-05

The sovereign debt crisis will lead to a new-type public, one opposing the high public debt and excessive benefits, said on Tuesday Lucian Croitoru, advisor to the National Bank of Romania governor.

ACTMedia

Romanians' welfare to see no improvement in 2012

2011-10-05

The Romanians have no chances to see their welfare improve in 2012, says Adrian Vasilescu, advisor to the National Bank of Romania's (BNR) governor.

ACTMedia

Bogdan Dragoi: Deficit target for 2011 is to be met without problems; public debt is to decrease from 2013

2011-10-05

The 4.4 percent of the GDP budget deficit target for 2011 will be met 'without any kind of problems,' and the public debt to the GDP ratio will enter a descending trend starting with 2013, Public Finance Ministry (MFP) Secretary of State Bogdan Dragoi said at Romania Financial Forum on Tuesday.

ACTMedia

Isarescu: Treating superficially the deficit financing seems a huge error

2011-10-05

In the current context, treating the deficit financing as a piece of cake is a huge error, National Bank of Romania (BNR) Governor Mugur Isarescu said on Tuesday, at a forum on Romanian financial markets.

ACTMedia

Orban: Romania is to receive larger funding in future EU budget exercise than in 2007-2013

2011-10-05

The funds earmarked for Romania in the next EU budget exercise for 2014-2020 will be larger than those granted in the period 2007-2013, but on certain supplementary conditions, European Affairs Minister Leonard Orban said on Tuesday.

ACTMedia

Russian Federation's Ambassador : Russia wants more Romanian investment, regular meetings, education accord

2011-10-05

Russia is awaiting a more active presence of the Romanian companies in its market, systematic contracts and the signing of the already-drawn up bilateral documents, the Russian Federation's Ambassador to Romania Aleksandr Churilin said on Tuesday.

ACTMedia

SAB& Accessories 2011 edition due at Romaero Baneasa, on Oct 5-9

2011-10-04

This year edition of the Bucharest Motor Show and Accessories (SAB&A) will happen at the Romaero Baneasa, on Oct 5-9. The Show will display cars, light and heavy commercial vehicles, motorcycles, bicycles, auto parts and accessories, moto and velo, leasing and insurance companies.

ACTMedia

IRES Survey: Corruption, wages, health system and rich poor gap, capital worries for Romanians

2011-10-04

The Romanian people are currently very worried about the level of corruption, the wages, the health system and the gap between the rich and the poor, with 80 percent of those polled by a survey conducted by the Romanian Institute for Evaluation and Strategy (IRES) saying these are among their major concerns.

ACTMedia

The multinationals leave at the first signal of insecurity

2011-10-04

The state should support Romanian entrepreneurs equally as they encourage multinational investment on the local market, which are opportunist and at the first sign of insecurity move their factories to other countries, Cristian Nacu, partner in Entreprise Investors (EI) said, quoted by wall-street.ro.

ACTMedia

Romania loses investments in favour of Serbia

2011-10-04

Serbia wins more and more investments against Romania, in the context where bureaucracy and high administrative costs diminished the competitivity of the Romanian economy, Rene Schob, partner of the fiscal consultancy company Leitner Leitner says.

ACTMedia

Romanian State borrows EUR 69 mn from commercial banks

2011-10-04

The Public Finance Ministry (MPF) on Monday borrowed about 69 million euros (over 297.486 million lei) from commercial banks, through an issue of discounted T-bills placed on tender through the National Bank of Romania (BNR).

ACTMedia

Central Bank's forex reserves advance 3.3% in September

2011-10-04

On Sept. 30, 2011, the forex reserves of the National Bank of Romania (BNR) stood at EUR 33.626 billion, up 3.3 pct from the EUR 32.550 billion registered on August 31, 2011.

ACTMedia

Banca Carpatica – A private equity fund is interested in a buy out

2011-10-04

According to local media, citing people with knowledge of the matter, the London-based private equity fund AnaCap is interested in an investment in Banca Carpatica (BCC) and is currently involved in due diligence.

Raiffeisen Capital & Investment

Fondul Proprietatea’s shares repurchase program ended

2011-10-04

Fondul Proprietatea (FP) has informed that in the period spanning between September 26 and September 30 it has bought 14.4 mn of its own shares, amounting RON 6.3 mn, as part of the repurchase program.

Raiffeisen Capital & Investment

Net monthly average pay hits EUR 327 in 2010

2011-10-03

The net monthly average pay last year was RON 1,391 (about 327 euros), up 2.2 pct (+ RON 30) from the previous year and by 23.6 pct higher in real terms than in 1990; these figures are referenced to the evolution of the population's consumer prices, shows data of the National Statistics Institute (INS).

ACTMedia

Statistics: Romania August jobless rate steady at 7.3%

2011-10-03

The rate of unemployment in the seasonally adjusted form was estimated at 7.3 percent in August 2011, according to criteria of the International Labour Office (ILO), being on a par, both with that recorded in the previous month, and the level recorded in August 2010, according to the National Institute of Statistics data.

ACTMedia

Four new individual certificate issues to be traded on BVB starting on Monday

2011-10-03

Four new individual certificate issues released by Erste Group Bank AG will be traded starting on Monday within the Bucharest Stock Exchange's (BVB) Structured Products Sector, under the Certificates Category, BVB informs.

ACTMedia

Extension of eligible assets range accepted by BNR for monetary market to come into effect on Monday

2011-10-03

The extension of the eligible assets range accepted by the National Bank of Romania (BNR) for monetary market operations will come into effect on Monday, October 3, according to the decision of the BNR Board of August 31, 2011, a press release reads.

ACTMedia

IMF unlocks third EUR 480 mn tranche for Romania

2011-10-03

The International Monetary Fund's Executive Board approved on Thursday the second review of the precautionary agreement and will unlock for Romania the next tranche worth EUR 480 million.

ACTMedia

BNR could revise downwards own forecast on Romania's economic growth in 2012

2011-10-03

Romania's Central Bank /BNR/ could revise downwards its own forecast on the economic growth of Romania in 2012, BNR Deputy Governor Cristian Popa said on Thursday evening.

ACTMedia

German company Bosch expected to invest in Cluj

2011-10-03

Chairman of Cluj County Council Alin Tise said on Friday he was negotiating with Bosch company for an investment the German company was to make in one of the industrial parks in this county.

ACTMedia

The Chinese in ZTE are interested in the production line in Jucu

2011-10-03

The ZTE Corporation representatives in Romania are interested in what it will happen in Jucu, in Cluj county, as there is a platform for telecom equipment, aeroport and highway, but they expect the Nokia contract desecretisation and an invitation from the authorities for a possible investment in the area, Lorian Vintila, strategy director of ZTE Romania said for HotNews.

ACTMedia

European Parliament prepares resolution on Romania and Bulgaria's accession to Schengen Area

2011-10-03

The European Parliament has prepared a draft resolution on Romania and Bulgaria's accession to the border-free Schengen Area following a delay in the final vote on the process at a September 22 meeting of the EU's Justice and Home Affairs Council because of Dutch and Finnish opposition.

Agentia Nationala de Presa Agerpres

Rehn tipped as next Eurogroup chief

2011-10-03

A new institutional set-up for the eurozone's economic governance will take centre stage at the next EU summit in mid-October. Ahead of this crucial meeting and cornered by increasing pressures to hand over powers to member states, the European Commission is entertaining the idea of one of its own getting the Eurogroup's top position.

ACTMedia

Electromagnetica moves to the main market of BVB

2011-10-03

The local Securities Commission approved the transfer of the electricity trader and producer of electrical components shares, Electromagnetica (ELMA), from the Rasdaq market to the main market (BVB).

Raiffeisen Capital & Investment

Societe Generale acquired 0.7 mn shares of BRD-GSG

2011-10-03

In a release to the Bucharest Stock Exchange (BVB), Societe Generale announced that it bought 0.7 mn shares of BRD-GSG (0.1% of BRD's share capital).

Raiffeisen Capital & Investment

Dan Pascariu (UniCredit): 4.4 lei/euro would create problems for banks

2011-09-30

Banks in Romania would have serious problems for an exchange rate of over 4.4 lei/euro as they will have to re-capitalize and will be affected by the difficulty of paying several debtors said Dan Pascariu, the chairman of the Supervision Council UniCredit Tiriac Bank.

ACTMedia

BNR regulations for credit classification and placements in force as of 1 October

2011-09-30

Regulations about the classification of credits and placements as well as the determination and use of prudential value adjustments come into force as of 1 October 2011, the BNR regulations being published in the Official Monitor no. 668 of 27 September 2011.

ACTMedia

Solutions for Romania to overcome new wave of economic crisis in 2012

2011-09-30

The reduction of the number of employees in the budget sector, freezing pensions and salaries, private management for state owned companies, the renegotiation of the accord with IMF are the solutions suggested by politicians to avoid the wave of the new economic crisis in 2012.

ACTMedia

British investors, interested in energy companies privatization

2011-09-30

The British investors showed their interest in the privatization of the energetic sector and in the public-private partnership in this area, reads a release of the Ministry of Economy, Trade and Business Environment.

ACTMedia

Nokia factory in Jucu, Romania to close, all employees to be laid off

2011-09-30

Nokia's factory in Jucu, Romania closes in 2011, Nokia confirmed in a press release on Thursday. The Nokia press release says the closure in Jucu, Cluj county will affect some 2,200 people and says the measure was due to the need to optimize production processes, with priority given to factories in Asia.

ACTMedia

SIF Muntenia started the final negotiations with Erste Group

2011-09-30

SIF Muntenia (SIF4) announced that it started the final negotiations with Erste Group to sell its BCR stake based on the agreement in principle signed two weeks ago.

Raiffeisen Capital & Investment

Banca Transilvania - shares repurchase program

2011-09-30

Banca Transilvania (TLV) informed that it will buy back 2 mn of its own shares during the next month.

Raiffeisen Capital & Investment

Key rate unchanged

2011-09-30

Today, the NBR decided to keep the key rate unchanged at 6.25%, in line with our expectations and market consensus. Minimum reserve requirements were also left unchanged for both RON and FX.

BCR Research

INOE opens Norway-sponsored 3D research observatory

2011-09-29

The National Optoelectronics Research and Development Institute (INOE) on Wednesday opened the Romanian Atmosphere Observatory (RADO), a leading South-Eastern European low atmosphere research centre, in Magurele, near Bucharest City.

ACTMedia

Romania's energy strategy, topic of discussion between officials, AmCham

2011-09-29

Drawing up the energy strategy of Romania and the project to introduce professional management in the companies with majority state capital subordinated to in the Ministry of Economy, Trade and Business Environment (MECMA) were topics discussed on Tuesday by Minister of Economy Ion Ariton, with the representatives of the American Chamber of Commerce in Romania 'AmCham.'

ACTMedia

Moody’s: Romania’s default risk in five years will be 8.9%

2011-09-29

The probability that the Romanian state gets into default ( payment stoppage) for the following five years is 8.9% after the risk for the next 12 months increased twice almost last week, from 0.76% to 1.35% in the context of worries concering the world economy, according to Moody's.

ACTMedia

Romania's 2012 economic growth projection to be revised

2011-09-29

Romania's economic growth projection for 2012 will be revised, taking into account the financial turbulence that keeps Europe on the edge, Prime Minister Emil Boc declared on Wednesday at the opening of the 2011-2012 Legal Year, in the Romanian Academy Auditorium.

ACTMedia

Petrom could sell more than 100 filling stations

2011-09-29

According to local media sources, Petrom (SNP) is currently analizing the possibility the sale of about 130 of its filing stations located in Romania (out of a total of 550) to Naftna Industrija Srbije (NIS).

Raiffeisen Capital & Investment

First International Business Invest Forum - Renewables in Romania, November 10th in Bucharest

2011-09-28

The First International Business Invest Forum - Renewables in Romania, which will take place on the 10th November 2011, in Palace Hall Bucharest wants to bring together experts from the renewable energy field in Romania to exchange know how and offer you practical experiences.

ACTMedia

Jobless rate in Romania won’t exceed 5% in 2011

2011-09-28

The jobless rate in Romania has slightly increased to 4.83%, but it should not exceed 5% this year, Silviu Bian, president of the National Employment Agency (ANOFM), said Tuesday.

ACTMedia

Romanian exporters lose 5% of Third World Market

2011-09-28

The Romanian exporters were ousted from the non-European Third World Market, as the Western and the US contenders offering better supplies, against the background of the drop in the world demand, National Association of the Romanian Exporters and Importers (ANEIR) chairman Mihail Ionescu told the Moldova Business Forum, on Tuesday.

ACTMedia

Dinu Petre: Auditing, financial, tax consultancy and accountancy market - EUR 250-270 mn

2011-09-28

The market of auditing, financial and tax consultancy and accountancy stands at some 250-270 million euros, Dinu Petre, partner at Cunescu Balaciu&Co. told a Tuesday's press conference.

ACTMedia

Overdue loans advance 2.25%, to RON 20.183 bn in August

2011-09-28

The total value of overdue personal and corporate loans, both RON and foreign-currency denominated, exceeded RON 20.183 billion in August 2011, up 2.25 percent on a monthly basis.

ACTMedia

General Inspectorate for Emergencies gets grant from U.S. Trade and Development Agency

2011-09-28

The U.S. Trade and Development Agency made a grant available to Romania's General Inspectorate for Emergencies for a study that is to asses the technologies used during emergency response operations.

ACTMedia

Statistics: Expenses for research and development amount to over EUR 560 mn in 2010

2011-09-28

Romania last year spent 560 million euros (over 2.413 billion lei at an exchange rate of 4.25 lei for 1 euro) for the research and development activity, accounting for 0.47 percent of the GDP, down by 0.01 percentage points from 2009, informs the National Institute of Statistics.

ACTMedia

British Secretary of State for Business, Innovation and Skills Vince Cable on visit to Bucharest

2011-09-28

British Secretary of State for Business, Innovation and Skills Vince Cable will be on visit to Bucharest on Wednesday and Thursday, September 28 and 29, in order to promote the trade relations between Great Britain and Romania as well as the partnership for economic growth in the European Union agreed upon by President Traian Basescu and British Premier David Cameron in London in June, informs a release sent by the Embassy of Great Britain on Tuesday.

ACTMedia

The first leading board meeting of national forum on implementing EU strategy for Danube region

2011-09-28

Minister of Foreign Affairs Teodor Baconschi will head the first meeting of the steering board of the national forum on implementing the EU Strategy for the Danube Region to take place at the headquarters of the Ministry of Foreign Affairs (MAE).

ACTMedia

European Parliament to adopt 'six pack' EU budget rules

2011-09-28

The European Parliament is getting ready to adopt six legislative bills aimed at mastering the bloc's debt crisis, amid criticism from leftist MEPs that the new rules are not social enough.On Wednesday, the so-called 'six-pack' on economic governance is expected to pass by a safe majority in the European Parliament.

ACTMedia

SIF Banat Crisana - Securities Commission asks it to call GSM for BCR

2011-09-28

SIF Banat Crisana (SIF1) informed that Securities Commission (CNVM) has asked it to call a GSM within the next 45 days so that the shareholders could vote on a solution for its BCR stake.

Raiffeisen Capital & Investment

Transelectrica 1H 2011 IFRS results in line with expectations

2011-09-28

The power grid operator Transelectrica (TEL) released its 1H 2011 consolidated results under IFRS. Revenues came in 5% above expectations as a result of higher balancing revenues compared with the unconsolidated figure released under Romanian Accounting Standards (RAS).

Raiffeisen Capital & Investment

Fondul Proprietatea - Romanian State voted against the proposal to list Hidroelectrica

2011-09-28

Fondul Proprietatea (FP) announced that the representatives of the Romanian State have voted in Hidroelectrica's GSM against its proposal to list the energy producer.

Raiffeisen Capital & Investment

Government to list airline carrier Tarom

2011-09-28

Yesterday, the Transportation Ministry announced that it will select a broker for the initial public offer (IPO) of a 20% stake in local airline carrier Tarom.

Raiffeisen Capital & Investment

WBank: Romania, among states implementing new procedures to enhance economic opportunities for women

2011-09-28

Women worldwide still face legal and regulatory hurdles to fully participating in the economy and Romania is among the states having implemented new procedures meant to enhance economic opportunities for women, reveals a report released on Monday by the World Bank (WB) alongside the International Finance Corporation (IFC).

Agerpres

Unemployment goes slightly down, to 7.2% in second quarter

2011-09-27

In keeping with the criteria of the Bureau of International Labour (BIL) the unemployment rate was 7.2 percent in the second quarter of this year, down from the previous quarter, but up from the corresponding quarter of the previous year, say the data supplied by the National Institute of Statistics.

ACTMedia

World Bank-IFC report finds Government reforms enhance economic opportunities for women, but greater strides needed

2011-09-27

A new report from the World Bank and IFC released Monday finds that women still face legal and regulatory hurdles to fully participating in the economy.

ACTMedia

MFP rejects all bids from banks for treasury certificates

2011-09-27

The Finance Ministry (MFP) on Monday rejected all bids submitted by commercial banks for an issue of six-month treasury bills, the National Bank of Romania (BNR) reports.

ACTMedia

Eight-month 2011 deficit reaches 2.4% of GDP

2011-09-27

The implementation of Romania's aggregate Budget in the first eight months of 2011 resulted in a deficit of RON 12.97 billion, or 2.4 percent of the Gross Domestic Product (GDP), which allows for an optimistic prediction that the annual deficit target of 4.4 percent of the GDP will not be overshot, the Finance Ministry reported on Monday.

ACTMedia

Banca Capatica CEO statements

2011-09-27

In an interview with the local media the CEO of Banca Carpatica (BCC) said that provisions charges have dropped significantly (under RAS) meaning that the bank might be back in black by the end of the year.

Raiffeisen Capital & Investment

UniCredit sees growth of 2.5 % in 2012

2011-09-26

UniCredit Tiriac Bank revised dropping the estimate of growth for the Romanian economy in 2012, from 3.5% to 2.5% as the foreign demand is weak, but they count on the gradual coming back of economies in the euro zone next year, after stopping their engines in the second quarter of 2011.

ACTMedia

Bank deposits of companies and individuals up 0.5% in Aug against July

2011-09-26

The bank deposits of companies and individuals surged by 0.5 percent in Aug. 2011 compared to the previous month up to 178.06 billion lei and by 5.1 percent compared to Aug. 2010, according to the figures published by Romania's National Bank (BNR) at the end of last week.

ACTMedia

Non-governmental loans in lei increase 0.1% and forex-denominated ones drop 0.3% in August

2011-09-26

The balance of non-governmental loans in August 2011 diminished 0.1 percent (+0.2 percent in real terms) compared with July 2011 to 215.70 billion lei, according to the data released on Friday, September 23, by the National Bank of Romania (BNR).

ACTMedia

Mihai Tanasescu (IMF): Our financial system is one of the best supervised in Europe

2011-09-26

Romania's representative at the IMF Mihai Tanasescu stated on Friday on TVR Info that the euro zone will survive, even if there is a difficult period.

ACTMedia

ZEW Study : Romania continues to have the best economic perspectives in Central and Eastern Europe

2011-09-26

Romania continued in September to have the best economic perspectives at six months, from Central and Eastern Europe (ECE) as such countries as Hungary and Poland recorded strong drops in trust, according to the ZEW institute.

ACTMedia

EABC: Government policies needed in support of business environment

2011-09-26

The Romanian government should consider the business environment as a partner that needs to be supported by governmental policies, Michael Maibach, president of the European-American Business Council, told Agerpres on the occasion of a conference on solutions for exiting the crisis organized in Bucharest by the European People's Party (EPP).

Agentia Nationala de Presa Agerpres

PM Boc: Romania's priority is to implement those EUR 14 bn destined to ongoing works

2011-09-26

Romania's priorities now is to implement the 14 billion euros of EU funding destined to ongoing works, and in 2012 the Government plans to begin re-allocation of European funds for programs such as the rehabilitation of blocks, said on Friday Prime Minister Emil Boc, at Victoria Palace.

ACTMedia

Jerzy Buzek: If you maintain reform pace in next 12 months, citizens' life quality will improve

2011-09-26

European Parliament (EP) President Jerzy Buzek, at the end of an official meeting with Deputies' Chamber Speaker Roberta Anastase on Friday, said that Romania had to maintain the same reform pace and estimated that if this happened in the following 12 months, an improvement in the citizens' quality of life would also be felt.

ACTMedia

SIF Oltenia and SIF Moldova - GSM resolutions regarding the BCR stake

2011-09-26

SIF Oltenia (SIF5) informed that its shareholders gathered for the GSM have voted against a push for the listing of BCR. Furthermore, the shareholders have voted in favour of the proposal to sell its BCR stake to Erste Group. We view this piece of news as neutral for SIF5 shares.

Raiffeisen Capital & Investment

The Netherlands-Romanian Chamber of Commerce supports Romania’s bid to enter the Schengen Zone

2011-09-23

The Netherlands-Romanian Chamber of Commerce (NRCC) is strongly in favour of Romania's membership in the Schengen area. 'Romania's accession in the Schengen zone will be beneficial both for the free movement of individuals, as well as for the flow of goods.

The Netherlands-Romanian Chamber of Commerce

Eurostat: Romania, second place in EU in terms of industrial new orders increase in July

2011-09-23

Industrial new orders dropped 2.1 percent in the euro area and 0.8 percent in the entire European Union in July 2011 compared with the previous month, according to the data released on Thursday by the European Office of Statistics (Eurostat).

ACTMedia

Central Depository registers in its own settlement system L'Oreal, Danone, Christian Dior, Heineken shares

2011-09-23

The Central Depository (DC), the company that conducts clearing-settlement operations for stock market transactions, registered on September 22 in its own system for cross-border transactions L'Oreal, Danone, Christian Dior and Heineken shares, DC informs.

ACTMedia

Romanian state borrows over EUR 22 mn from commercial banks

2011-09-23

The Public Finances Ministry on Thursday borrowed more than 22 million euros /98.39 million lei/ from the commercial banks by a benchmark bond issue with 10-year maturity put to tender via the National Bank of Romania.

ACTMedia

Joint Romania-Moldova government meeting to be held in November

2011-09-23

The joint meeting of the governments from Bucharest and Chisinau will be held in November, premier Emil Boc and his Moldovan counterpart Vlad Filat decided on Thursday during a meeting held in at Victoria Palace.

ACTMedia

Dutch Govt confirms opposition to Romania's Schengen accession

2011-09-23

The Netherlands on Thursday confirmed its opposition to the accession of Romania and Bulgaria to the Schengen Area, according to AFP.

ACTMedia

Romania, in top 50 countries regarding economic liberty

2011-09-22

Romania went up with 37 positions on position 48 in a ranking regarding economic liberty included in the Economic Freedom of theWorld 2011 report, made by the Canadian Institute Fraser.

ACTMedia

The merger and acquisition market is to stop this year

2011-09-22

The Romanian market for mergers and acquisitions (M&A) will stagnate this year at the level of 300 – 320 million euro, Doru Lionachescu, main partner of the investment house Capital Partners says.

ACTMedia

Government to make new budget revision by year-end

2011-09-22

The Government will make a second budget revision for 2011 by the year-end, as the fiscal responsibility law allows it, Public Finance Ministry (MFP) Secretary of State Gheorghe Gherghina told on Wednesday.

ACTMedia

The Vienna Institute cuts the prognosis for Romania’s economy in 2012

2011-09-22

The Vienna Institute for International Economic Studies (WIIW) will revise dropping the economic growth prognosis for Romania in 2012,from 4% to 2.5-3% due to the diminishing demand on the export markets of Romania.

ACTMedia

International conference on future Multiannual Financial Framework of EU

2011-09-22

Poland's Embassy to Romania, together with the European Institute of Romania and the representative office of the European Commission, on Wednesday organized the international conference on the 'Future Multiannual Financial Framework of the European Union.

ACTMedia

E. Boc: Budget deficit in 2012 - around 3%, also depending on state companies losses

2011-09-22

The budget deficit projected for 2012 will be around 3 percent, and any eventual reduction below this level will depend on how the state companies will be classified, or reclassified given the budget, their losses affecting deficit targets, Prime Minister Emil Boc said on Wednesday, at the beginning of the Government Meeting.

ACTMedia

SIF Muntenia GSM

2011-09-22

SIF Muntenia (SIF4) announced that at yesterday's first call of its shareholders meeting only 9.95% of its shareholders were present.

Raiffeisen Capital & Investment

Important changes brought to law no.157/2011 to the judicial regime applicable to foreign citizens

2011-09-21

In the Official Gazette of Romania, part 1 no.533/28.07.2011 was published the law no.157/2011 for the amendment and completion of some documents regarding the regime of the aliens to Romania (law no 157/2011) law no 157/2011 came into force on 31 July 2011 with the exception of art.III which comes into power when the Schengen acquis is applied by Romania.

ACTMedia

IPP opinion poll on public acquisitions: 87% of Romanians think tenders are incorrect and 91% consider they are politically influenced

2011-09-21

The Institute for Public Policies, IPP, released on 20 September and opinion poll organized at national level in July , which measured the Romanians' perceptions of the fairness and efficiency of the process of public acquisitions in Romania.

ACTMedia

Special trades with Proprietatea Fund take Bucharest stocks up at session close

2011-09-21

Two special trades with Proprietatea Fund shares, worth a combined RON 123.87 million were registered on Tuesday on the Bucharest Stock Exchange, taking the total liquidity to RON 139.52 million (32.56 million euros).

ACTMedia

CNP to revise upwards to 1.7% economic growth prognosis for 2011

2011-09-21

The National Prognosis Commission (CNP) will revise upwards, from 1.5 percent to 1.7 percent, Romania's economic growth prognosis for 2011 and downwards, from 3.5-4 percent to 2.5-3.2 percent, the growth prognosis for 2012, said CNP chairman Ion Ghizdeanu on Tuesday.

ACTMedia

Ghizdeanu (CNP): The international environment seems unfavourable to Romania

2011-09-21

The current international environment seems unfavourable to Romania and that is why for a short future Romania should expect moderate growth that is better than this year's, Chairman of the National Economic Projections Board (CNP) Ion Ghizdeanu told a conference on Tuesday on macroeconomic policies.

ACTMedia

CNP launches project co-financed from EU funds worth over RON 5.18 mn

2011-09-21

The National Commission of Prognosis (CNP) on Tuesday announced the initiation of a project worth over 5.18 million lei (approximately 1.21 million euros), co-financed from the European Social Fund, aimed at 'Improving the institutional, assessment and macro-economic policy creation capacity in the field of economic convergence with the EU of the National Commission of Prognosis.'

ACTMedia

Romania to set 2012 GDP growth target in October, in talks with IMF

2011-09-21

Romania's economic growth forecast, used in drafting the state budget for next year, will be determined by the Government in October, through consultations with the International Monetary Fund, European Commission and World Bank, Prime Minister Emil Boc said Tuesday.Boc said the Government keeps 1.5% as the target GDP growth for 2011. The official growth forecast for 2012 is 3.5-4%.

ACTMedia

Finland joins Holland in officially opposing Romania’s accession to Schengen area

2011-09-21

Finland voted, next to Holland, against the accession of Romania and Bulgaria in the Schengen area, Brussels sources declare. The decisive vote will be held in the European Council on 22 September.

ACTMedia

World Bank Report : Women in Romania earn on average 10% less than men

2011-09-20

The women in Romania earn, on average 10% less than men in the conditions of a similar work place, the difference being more reduced than in Europe and Central Asia, a report of the World Bank shows. This shows that, both in Romania and in the region, the women are hired especially in the sector of services and the public sector, which means a lower income than that of men.

ACTMedia

Eurostat: Romania, second in EU in terms of construction works in July

2011-09-20

Romania reported the second largest growth in the EU regarding the construction works (3.3 percent) in July 2011, on a month-on-month basis, as the amount of the construction works in the Union went up by 0.3 percent and by 1.4 percent in the eurozone, reveal data made public by the Eurostat, the European statistic bureau.

ACTMedia

Pedersen & Partners, official management selection consultant for state-owned companies

2011-09-20

Pedersen & Partners is the consultant that will assist the Ministry of Economy, Trade and Business Environment (MECMA) with the selection of the professional managers for the majority state-owned companies, reads a MECMA release.

ACTMedia

Central Depository promotes Romania's capital market at SIBOS 2011, in Canada

2011-09-20

The Central Depository (DC) is to present Romania's capital market potential at the most important event of the international financial-banking community - SIBOS 2011, held in Toronto (Canada), from September 19 to 23, the institution informs in a press release.

ACTMedia

Decision on wages, pensions rise to be made after analysis with IMF, European Commission

2011-09-20

We are going to make a decision on the rise in public sector wages and pensions in 2012 after an analysis that the Government will make with the International Monetary Fund and the European Commission, Public Finances Minister Gheorghe Ialomitianu said at the end of a meeting of the ruling Democratic Liberal Party's (PDL) National Standing Bureau on Monday.

ACTMedia

Romania must spend EUR 8.6 bn in European funds by end-2013

2011-09-20

Leonard Orban, who has been named for Minister of European Affairs, told a hearing in Parliament on Monday that Romania will have to spend 8.6 billion euros in European Union funds by the end of 2013.

ACTMedia

Ministry of Finance borrows at lower maturities

2011-09-20

Yesterday, the Ministry of Finance has raised RON 657 mn through the issuance of 9-month T-bills, above the intended amount of RON 500 mn.

Raiffeisen Capital & Investment

Eurostat: Romania, second place in the EU for annual growth i Q2 of work force costs

2011-09-19

Romania occupies the second place in the EU for the annual growth of Q2 in work force costs per working hour, of 7.2% against an EU average of 3.4% Eurostat said. The total costs of work force include expenditure connected to salaries and non-salaries, but they do not include bonuses or expenditure such as recruiting, training or equipment.

ACTMedia

BVB included in ROTX index as of Sept. 19

2011-09-19

The Bucharest Stock Exchange SA (BVB) will be incorporated in the new structure of the ROTX index, effective as of September 19, 2011, the BVB announced in a release.

ACTMedia

Lazea (BNR): Banks and the Romanians have already forgotten the lessons of the crisis

2011-09-19

The banks in Romania and their clients have already forgotten the lessons of the crisis and have started over the last six months to give loans in euro, the head economist of the Central bank, BNR, Valentin Lazea said, informs Mediafax. « It seems that the lessons of the crisis have been easily forgotten both by the banks and the people who want loans » Lazea said, present at the forum on economic issues.

ACTMedia

Romania to use significant share of EU funds for building thermal rehabilitation

2011-09-19

Romania's Government plans to use a significant part of EU funds to support the building thermal rehabilitation program and will ask the authorities involved to better publicize the incentives for homeowners who begin such projects, said Prime Minister Emil Boc.

ACTMedia

French Secretary of State: France will continue to strongly back Romania in the accession to the Schengen area

2011-09-19

Between Paris and Bucharest there is not even one millimetre of problems, but, on the contrary, a close collaboration, and France will continue to strongly back Romania, in the accession to the Schengen area included, even if this will be done in two steps in order to calm all European partners, David Douillet, Secretary of State in charge of French people abroad with the Foreign Affairs Ministry in Paris, who payed a visit to Romania these days, told a press conference on Friday.

ACTMedia

Netherlands block Romania, Bulgaria from Schengen accession

2011-09-19

Late Friday night the Dutch government decided it will veto Bulgaria and Romania's Schengen accession in 2011, and will prevent any decision by the Council of the EU on the Balkan countries' applications by 2012.

ACTMedia

Cecilia Malmstrom hopes solution will be found for Romania and Bulgaria to join Schengen area

2011-09-19

European Commissioner for Home Affairs Cecilia Malmstrom on Friday voiced hope that a solution would be found for Romania and Bulgaria to join the Schengen area, in the context in which the EU interior ministers are to have their say on this subject on September 22.

ACTMedia

Adecco is added to the Dow Jones Sustainability Indexes World and Europe

2011-09-19

Adecco Group, the global leader in Human Resource services, today announces its inclusion in the Dow Jones Sustainability World and Europe Indexes (DJSI). The DJSI, in cooperation with Sustainable Asset Management (SAM), recognise the Adecco Group as one of the sustainability leaders in the Industrial Goods and Services sector.

Adecco Group

Romania to spend USD 1.3 mn to unblock Danube River trafic

2011-09-16

Romania may spend about 4 million lei ($1.3 million) to unblock traffic on the Danube River as water levels have dropped in recent days, the Transport Ministry said.

ACTMedia

World gas industry issues, debated at 1st International Gas Congress in Romania

2011-09-16

World gas industry problems are to be analyzed for two days, in Medias / north-west of Bucharest /, on the occasion of the 1st International Gas Congress in Romania - IE ROM GAS 2011, with the participation of numerous gas industry specialists from the country and abroad.

ACTMedia

ING Bank revised downwards the estimates regarding the economic increase of Romania in 2012, from 3.5% to 2.2%

2011-09-16

ING Bank revised downwards the prognosis with regards to the evolution of the Romanian economy in 2012 at 2.2% from 3.5% as it was estimated previously, a report of the credit institution says. The bank keeps its estimates for this year at 1.5% as the good evolution of agriculture will compensate the slowing down of exports.

ACTMedia

SIF Moldova will ask shareholders opinion on Erste Group’s proposal for BCR

2011-09-16

SIF Moldova (SIF2), the only SIF who was not part of the agreement with Erste Group to sell its minority shake in BCR, will ask shareholders' opinion on the offer received from the bank.

Raiffeisen Capital & Investment

Fondul Proprietatea – End of August official NAV

2011-09-16

Fondul Proprietatea (FP) has announced that its official NAV as of end of August stood at RON 1.1450 per share down 1.5% mom.

Raiffeisen Capital & Investment

Ministry of Finance borrows less than intended

2011-09-16

Yesterday, the Ministry of Finance has raised RON 180 mn through the issuance of 3-year T-bonds, less than the intended amount of RON 700 mn.

Raiffeisen Capital & Investment

Foreign direct investment, at its minimum of the last 9 years

2011-09-15

In July, foreign direct investment in Romania was worth 90 million euro, the total of the first 7 months reaching 1.1 billion euro, dropping by 30% against the same period of last year and by 58% against 2009.

ACTMedia

Financial investment funds' shares, almost 5% up on BVB

2011-09-15

The quotations of the shares listed on Bucharest Stock Exchange (BVB) appreciated on Wednesday by an average 1.29 percent, an evolution measured by the composite index BET-C whereas the BET-FI index of the financial investment funds went up by 4.94 percent.

ACTMedia

The leu falls to its lowest level against the euro this year

2011-09-15

Romania's national currency, the leu (RON), on Wednesday fell 0.15 percent to the European single currency, the euro, with the National Bank of Romania (BNR) posting a Wednesday's reference exchange rate of RON 4.2886 to the euro, up RON 0.0064 from Tuesday's RON 4.2822 to the euro rate. This is the lowest value of the leu against the euro this year.

ACTMedia

Gov't keeps 2012 growth and deficit targets unchanged in letter of intent to the IMF

2011-09-15

The Romanian Government has kept its 2012 economic growth target at 3.5 percent and its deficit target at 3 percent in its latest letter of intent to the International Monetary Fund (IMF) adopted on Wednesday, Finance Minister Gheorghe Ialomitianu told Agerpres.

ACTMedia

Erste Group and four of the SIFs reached an agreement to them out of BCR

2011-09-15

Erste Group has reached an agreement with SIF Banat Crisana (SIF1), SIF Transilvania (SIF3), SIF Muntenia (SIF4) and SIF Oltenia (SIF5) to buy them out of BCR. SIF Moldova (SIF 2) is not part of this transaction but it will be offered the same conditions if it changes its mind.

Raiffeisen Capital & Investment

Dacia to move part of Sandero production to Morocco, to build more Dusters in Romania

2011-09-14

Carmaker Automobile Dacia will move part of its Sandero model production from Mioveni, Romania to the Renault factory in Casablanca, Morocco, in order to expand production of the Duster model, said Jacques Chauvet, Renault manager for the Euromed region and Dacia chairman.

ACTMedia

Pakistan, Romania sign trade treaty

2011-09-14

Pakistan and Romania on Monday signed a treaty to enhance bilateral trade that has so far remained below $100 million.Both the countries signed the Agreement on Economic, Technical and Scientific Cooperation. Economic Affairs Division Secretary Abdul Wajid Rana and Romanian Ambassador Emilian Ion inked the accord, said an official handout of the finance ministry.

ACTMedia

Top of most performing companies listed on BVB

2011-09-14

Azomures and Ropharma are companies listed at BVB which created the highest value for shareholders in 2010, according to the study 'Contrast TOP 50 of the Most Performing companies listed at BVB' and the first 10 companies listed at RASDAQ according to a methodology which includes four main indicators: real rehabilitation of capital, using company capital, the combined increase indicator and share profitability.

ACTMedia

Romania - last but one place in EU in GDP share earmarked for social assistance

2011-09-14

Romania is on the last but one place in the European Union regarding the GDP share earmarked for social assistance, Senate President Mircea Geoana said on Tuesday during the works of the Senate's Labour Committee, also attended by Labour Minister Sebastian Lazaroiu.

ACTMedia

Romania, Vietnam to sign memorandum of understanding on land management cooperation

2011-09-14

Romania's Ministry of Administration and Interior and the Ministry of Natural Resources and the Environment of Vietnam will sign today a memorandum of understanding on land management cooperation, a topic that was discussed on Tuesday by Romania's State Secretary for Local Communities Gheorghe Emacu and a delegation led by Vietnam's Deputy Minister for Natural Resources and the Environment Manh Hien Nguyen.

ACTMedia

ForMin Baconschi: We would like to see as many US companies as possible invest in Romania

2011-09-14

Romania's Foreign Minister Baconschi said Tuesday in Washington DC that Romania wants to see as many American companies as possible invest in Romania, after having announced that IBM will open a factory in Romania that will generate about 3,000 jobs.

ACTMedia

Concefa share capital increase

2011-09-14

Following shareholders' approval in the GSM at the end of August, the constructions company Concefa (COFI) will initiate the procedures for a share capital increase of RON 14.2 mn through the issuance of 142 mn new shares.

Raiffeisen Capital & Investment

SIFs - The offer for the BCR stakes will be revealed in several days

2011-09-14

According to local media, Erste Group will reveal its offer for the minority stakes in BCR owned by the SIFs to prevent a listing of the Romanian bank.

Raiffeisen Capital & Investment

BRD-GSG will not reduce its headcount through lay-offs

2011-09-13

The deputy CEO of BRD-GSG was cited by the local media saying that BRD-GSG would not pursue a reduction in its headcount through lay-offs, but through natural attrition.

Raiffeisen Capital & Investment

Single market act lists 12 levers to stimulate growth and strengthen confidence

2011-09-13

The single market act lists 12 levers for stimulating growth and strengthening confidence, shows a document presented at a public hearing organized by the European Economic and Social Committee (EESC).

ACTMedia

Commercial exchanges between Romania and Poland could reach EUR 3 bn in 2011

2011-09-13

Commercial exchanges between Romania and Poland would get at 2.73 billion euro in 2010, and the estimates show they will reach the value of 3 billion euro in 2011, the ambassador of the Republic of Poland to Bucharest H.E. Marek Szczygiel said on Monday at the opening of an exhibition of the Embassy of Poland at the Chamber for Commerce and Industry of Romania (CCIR).

ACTMedia

MFP borrows RON 1.199 bn from banks on Monday

2011-09-13

The Public Finance Ministry (MPF) on Monday borrowed 1.199 billion lei (approximately 0.2801 billion euros) from commercial banks, through an issue of discounted T-bills placed on tender through the National Bank of Romania (BNR).

ACTMedia

Romania records significat progress in taxation field since start of international assistance program

2011-09-13

Romania has made significant progress in the fiscal field since the start of the assistance program established by international creditors, reducing the budget deficit from 8.5 percent of GDP in 2009 to 6.4 percent of GDP in 2010, says the 2011 report on public finances in the euro area released by the European Commission.

ACTMedia

Valentin Lazea, BNR: The economic increase of next year could be revised from 3.5-4% to 2.5%

2011-09-13

The estimate for economic growth for next year, at present 3.5 – 4% could be significantly revised downwards at 2.5% taking into consideration the international context, stated the head-economist of BNR Valentin Lazea, quoted by Mediafax.

ACTMedia

Statistics: Annual inflation rate slows down to 4.25% in August

2011-09-13

The annual inflation rate slowed down in August to 4.25 pct from 4.85 pct registered this July, shows data published on Monday by the National Statistics Institute. August is the third consecutive month of deflation, as prices dropped 0.35 pct from July, due to foodstuff growing 1.4 pct cheaper.

ACTMedia

Central Bank: Financial Stability Report - 2011

2011-09-13

The National Bank of Romania is launching the 6th Financial Stability Report. The publication assesses the soundness of the Romanian financial system and its capacity to withstand the significant challenges manifest during 2010 and the first half of 2011, the factors that influenced the performance of the financial system, as well as its interaction with real economy and external environment.

ACTMedia

BCR: Inflation surprisingly low in August

2011-09-12

Despite several factors pointing rather to a flat/slight decline in the monthly inflation, CPI came in well below our forecast and the market expectation, at a level similar to the previous month (-0.4% m/m).

BCR Research

Bilateral trade between Romania and Russian Federation, up nearly 36% in H1, 2011

2011-09-12

Bilateral trade between Romania and the Russian Federation advanced 35.7 percent in H1, 2011 from H1, 2010, to $2.54 billion, the Romanian Ministry of Economy, Trade and Business Milieu (MECMA) reports in a press release.

ACTMedia

CIF imports went down by 3.6% in July

2011-09-12

The CIF (cost insurance freight) imports went down by 3.6 percent in values in lei (5.2 percent for values in euros) and the FOB (free on board) exports went up by 2.1 percent in values in lei (0.3 percent in values in euros) in July as compared to the previous month, according to the preliminary estimations of the National Institute of Statistics (INS).

ACTMedia

Subsidies for credit interest for SMEs, RON 24 mn in Q3

2011-09-12

The sum allocated to subsidize the interest by the Mihail Kogalniceanu programme for small and medium enterprises (SMEs) amounts to 24 million lei (5.66 million euros) in the third quarter of 2011, said president of the Agency for the Implementation of Projects and Programmes for SMEs Cristian Haiduc on Friday.

ACTMedia

Morgan Stanley will evaluate the Romtelecom options regarding the listing of the company or Cosmote merger

2011-09-12

Romtelecom, one of the big telecommunication operators on the local market, chose the investment bank Morgan Stanley to evaluate its options regarding the future of the company, especially the possibility of getting listed on the stock exchange, the merger proposal between Romtelecom and Cosmote and the listing of the new entity for the Stock Exchange or other options.

ACTMedia

Record flows of gold at Sibex

2011-09-12

On the Sibex market there were on Friday record tradings on the gold market, the number of SINGOLD contracts signed until 18 :15 being over 8,000 with one ounce dimension, which represents the equivalent of almost 250 kg of gold, a press release of Sibex announces.

ACTMedia

Ministry to coordinate European funds absorption to be set up in Sept.

2011-09-12

The new ministry for the coordination of the European funds absorption will be set up by the end of September, but the name of the person designated for the portfolio will be made public only after the ruling coalition's agreement on all the aspects of such a move is obtained, Prime Minister Emil Boc said on Friday.

ACTMedia

Transelectrica - State selects intermediary for 15% stake sale

2011-09-12

The state has published on Friday the announcement that it is selecting the intermediary for the listing of a 15% stake in Transelectrica (TEL).

Raiffeisen Capital & Investment

Hidroelectrica, Oltchim, SNLO, Electrica Furnizare and Romarm, first Government-owned enterprises to get professional management

2011-09-12

Hidroelectrica, Oltchim, the Oltenia National Lignite Corporation (SNLO), Electrica Furnizare and Romarm are the first Romanian Government-owned enterprises to get professional management assigned thorough specific methods, the Ministry of Economy, Trade and Business Milieu (MECMA) reports.

Agerpres

McCormick completes acquisition of Kamis

2011-09-09

McCormick & Company, a global leader in flavor, yesterday completed the acquisition of Kamis S.A., a brand leader in spices, seasonings, mustards and other flavor products in Poland with distribution subsidiaries in Russia, Romania and Ukraine.

ACTMedia

Statistics: Gross series industrial output drops 1.8% in July

2011-09-09

Gross series industrial output drops 1.8 percent in July this year compared with the previous month, because of the 2.1 percent decline registered in the manufacturing industry, according to the data released on Thursday by the National Institute of Statistics.

ACTMedia

Deloitte: Romania's weight increases in ranking of top 500 Central European businesses

2011-09-09

Romania's weight in the annual ranking by Deloitte Central Europe of the top 500 Central European companies has increased from 6 to 8 percent, that is from 33 companies in 2010 to 38 companies in 2011.

ACTMedia

First gold bar at Rosia Montana to be cast in 2014, if everything goes to plan

2011-09-09

The first gold bar at Rosia Montana (Alba County, western Romania), will be cast in 2014, if everything goes according to the company's plan, RMGC technical manager Cecilia Szentesy told the Focus Energetic conference.

ACTMedia

RMGC is open to discussions with state on its participation in project

2011-09-09

The Rosia Montana Gold Corporation (RMGC) is willing to discuss with the Romanian State on its participation in the project, but it considers that it is competitive, at the level of western countries, technical design manager of Rosia Montana Gold Corporation Cecilia Szentesy told the Focus Energetic conference on Thursday.

ACTMedia

Nicolae Malaxa’s granddaughter sold 0.2% of Property Fund shares

2011-09-09

The biggest shareholder of the Property Fund, Georgia Palade van Dusen, the granddaughter of former industrialist Nicolae Malaxa, sold 0.2% of Property Fund shares in August for which she received 11 million lei (about 2.6 million euro).

ACTMedia

Romanian Govt might approve letter of intent to IMF next week

2011-09-09

Romania's Government plans to convene a meeting for the beginning of next week, to approve the final draft of the letter of intent agreed upon with the International Monetary Fund, European Commission and World Bank in this summer's evaluation mission, people close to the matter told Mediafax.

ACTMedia

Transgaz analyst meeting takeaways

2011-09-09

The natural gas grid operator Transgaz (TGN) held an analyst meeting yesterday, September 8. Several topics were touched but mainly the 1H 2011 results and the 2011 overall performance.

Raiffeisen Capital & Investment

Companies estimate 2.1% drop in industrial production in third quarter

2011-09-08

Companies estimate a 2.1 percent drop in the industrial production in the third quarter 2011 from the previous quarter, according to the short-term trend survey conducted by the National Projection Commission (CNP) on a sample of 549 businesses working in industry.

ACTMedia

Romania gets dow ten places in the top of global compatitivity, position 77

2011-09-08

Romania went down on place 77 this year in the top of global competitivity drawn up by the World Economic Forum, out of 142 analysed states, with ten positions lower than the previous year. Romania got a general score of 4.08 points, on a scale from 1 to 7 after having 4.16 points in 2010.

ACTMedia

US Competitiveness ranking continues to fall; emerging markets are closing the gap

2011-09-08

Switzerland tops the overall rankings in The Global Competitiveness Report 2011-2012, released by the World Economic Forum. Singapore overtakes Sweden for second position.

ACTMedia

State's stake in Fondul Proprietatea decreased to 6.17% at end of August

2011-09-08

Fondul Proprietatea (FP) released the shareholding structure as of end of August 2011. The Ministry of Finance's stake decreased from 12.4% at end of June to 6.17% at end of August.

Raiffeisen Capital & Investment

Successful conclusion of public offer for EGL shares

2011-09-07

According to the final result upon the expiry of the supplementary offer deadline on 1 September, Axpo now controls 99.8% of the voting rights and share capital of EGL. Upon completion of the offer, Axpo will apply for the cancellation of the remainder of the EGL shares. The delisting of the shares is planned as a next step.

EGK Group

Unemployment rate in Romania, slightly higher in August by 4.8%

2011-09-07

The unemployment rate in Romania reported a 0.03 percent increase in August 2011 as compared to the previous month, up to 4.8 percent, whereas it went down by 2.61 percent on a year-on-year basis, reveal the statistics published by the National Employment Agency (ANOFM).

ACTMedia

Construction work volume down 2.2% in first seven months of 2011

2011-09-07

The construction work volume went down both as gross series and as adjusted series in terms of number of working days and seasonality by 1.8 percent and 2.2 percent, respectively, in the first seven months of 2011 compared with the same period of last year.

ACTMedia

Romania's industrial turnover, up 17.7% Jan.-July 20011

2011-09-07

Romania' s industrial output advanced 17.7 percent in the first seven months of 2011 compared with the similar period of 2010, the National Statistics Institute (INS) reports.

ACTMedia

New orders in industry grow 17.8% in first seven months

2011-09-07

The new orders in industry (both on the domestic and foreign markets) grew by 17.8 percent in the first seven months 2011 from the similar span of time last year, informs the National Institute of Statistics (INS).

ACTMedia

Final consumption, down 1.7% in H1, 2011 in Romania

2011-09-07

Final consumption in Romania was down 0.7 percent in Q2, 2011and 1.7 percent in H1, 2011, with a negative impact on the increase in the Gross Domestic Product (GDP), according to data released on Tuesday by the National Statistics Institute (INS).

ACTMedia

BNR imposes 30% down payment for real estate credits

2011-09-07

Consumer credits will have to be paid in 5 years and clients must bring guarantees for 133% of the loan value, while real estate financing in euro will have a down payment of at least 30%, according to a BNR regulation also applicable to branches of foreign banks, Mediafax informs.

ACTMedia

Eurostat: Romania registers slightest economic growth in EU in Q2, compared with Q2 of 2010

2011-09-07

Romania registered the slightest economic growth among the European Union member states in the second quarter of 2011 compared with the similar period of 2010, according to the second estimation released on Tuesday by the European Office for Statistics (Eurostat).

ACTMedia

U.S. Embassy Moves to New Chancery in Banaesa

2011-09-07

The U.S. Embassy in Bucharest is pleased to announce that it will open the doors at its new location at 4-6 Bulevardul Dr. Liviu Librescu, Sector 1, Bucharest, on September 14, a press release sent by the US Embassy informs.

ACTMedia

Transelectrica management statements

2011-09-07

At the celebration of five years since its listing, the management of Transelectrica (TEL) provided some comments on the expected performance for 2011.

Raiffeisen Capital & Investment

SIFs - the draft law to hike the ownership limit might be discussed in October

2011-09-07

According to the Chairman of the Budget and Finance Commission of the Chamber of Deputies, cited by the local media, the draft law to hike the ownership limit in SIFs from 1% to 5% might be discussed in the Chamber during October.

Raiffeisen Capital & Investment

BNR published the draft regulation for curbing FX retail lending

2011-09-07

The Cental Bank has published a draft which will change the regulation for retail lending and it is meant to curb FX loans.

Raiffeisen Capital & Investment

External demand starting to lose steam

2011-09-06

National Institute of Statistics released the detailed structure of 2Q11 economic growth. Real GDP increased by 0.2% q/q (seasonally-adjusted data) and 1.4% y/y.

BCR Research

Net average nominal wage income falls to RON 1,471 in July 2011

2011-09-06

Net average nominal wage income in Romania was RON 1,471 in July 2011, down RON 1 from the month before, according to data with the National Statistics Institute (INS). (1 euro = RON 4.25)

ACTMedia

Eurostat: Romania, placed second in EU in terms of retail trade increase in July

2011-09-06

The retail trade volume increased 0.2 percent in the euro area (EA17) and in the European Union (EU27) in July compared with the previous month, Portugal and Romania registering the most significant advance in the EU, according to the data released by the European Statistics Office (Eurostat) on Monday.

ACTMedia

Statistics: Turnover in retail trade goes down 5.2% in first seven months 2011

2011-09-06

The turnover in retail trade, except for the trade in motor vehicles and motorcycles, went down by 4.8 percent as a gross series and by 5.2 percent as an adjusted series depending on the number of work days and seasonality, over January-July 2011, from the same span of time last year, according to a release issued by the National Institute of Statistics (INS).

ACTMedia

FinMin borrows over EUR 235.8 mn from banks

2011-09-06

The Public Finances Ministry on Monday borrowed more than 235.8 million euros (close to a billion lei at an exchange rate of 4.24 lei to the euro) from the commercial banks by a discount T-bond issue put to tender via the National Bank of Romania (BNR).

ACTMedia

Romania could offer Iraq expertise in reforming financial-banking, tax and insurance system

2011-09-06

Romania could offer Iraq expertise in reforming the financial-banking, tax and insurance system as part of a project organised together with the United Nations, with a delegation of several Iraqi government officials currently paying a fact-finding visit to Bucharest in this respect.

ACTMedia

The number of finalised residences in Q1 dropped at 17.806

2011-09-05

The number of finalised residences in Q1 was 17,806 units, dropping by 868 against the first six months of last year, more than half being in the rural area, according to the data published on Friday by INS.

ACTMedia

The work force costs go up

2011-09-05

The hourly cost of work force, depending on the number of working days, increased in Q2 by 4.2% against the first three months, as a result of increase in electricity production and distribution, gas, extracting industry and distribution of water and sewage, according to Mediafax.

ACTMedia

Industrial producer prices up 1% in July

2011-09-05

Industrial producer prices overall, on both the domestic and foreign market, increased in July by 1 percent from the previous month, whereas the y-o-y advance was 9.3 percent, according to provisional data published by the National Statistics Institute (INS) on Friday.

ACTMedia

Korean company to invest in Romanian nuclear plant

2011-09-05

South Korea's BKB plans to invest in a project to build a third and fourth reactor at the Cernavoda nuclear power plant in southeast Romania, the economic ministry said on Friday.'BKB, leader of Korea Nuclear consortium, voiced its firm intention to buy a stake in EnergoNuclear, the joint company developing the third and fourth reactors at Cernavoda,' the ministry said.

ACTMedia

Statistics: National economy investments down 6.3% by mid-year

2011-09-05

Investments made in the Romanian economy dropped by 8.6 percent in the second quarter from last April-June and were down by 6.3 percent in the first half-year compared to the first six months of 2010, the National Institute of Statistics announced on Friday.

ACTMedia

Changes to indices

2011-09-05

The Indices Committee of the Bucharest Stock Exchange (BVB) ruled on some changes to the composition of the BET-XT and BET-C indices.

Raiffeisen Capital & Investment

George Enescu Festival turns Bucharest City, September 1 -25, into Europe's musical capital

2011-09-02

The 20th edition of the George Enescu Competitive Music Festival was opened Thursday evening at 19:30hrs, local time, at Sala Mare a Palatului in Bucharest with a recital by The Hague Philharmonic conducted by Christian Badea.

ACTMedia

Finance Ministry rejects all banks' offers for bond issue

2011-09-02

The Public Finance Ministry (MFP) on Thursday rejected all buying offers submitted by commercial banks for a bond issue worth 500 million lei (1 euro= 4.23 lei), with a five-year maturity, according to the data of the National Bank of Romania (BNR).

ACTMedia

Romania forex reserves slightly down to EUR 32.5 bn in August

2011-09-02

The foreign exchange reserves of the National Bank of Romania (BNR) dropped 0.39 percent at the end of August, amounting to 32.550 billion euros, compared with 32.680 billion euros on July 31, 2011, according to the BNR data.

ACTMedia

Romanian authorities, IMF to discuss this Sept. whether to keep economic growth targets

2011-09-02

The Romanian authorities and International Monetary Fund (IMF) and European Commission (EC) representatives will meet at the end of September to decide whether to maintain the economic growth targets of 1.5 pct for 2011 and 3.5 - 4 pct for 2012, respectively, Minister of Public Finance Gheorghe Ialomitianu told a press conference on Thursday.

ACTMedia

Romanian Govt wants 2012 unitary wage law approved by November

2011-09-02

The Romanian Government wants the Parliament to adopt by November the bill on wages in the public sector in 2012, according to the Executive's list of legislative priorities for this year's second parliamentary session.

ACTMedia

Romania and Turkey aim at USD 10 bn worth of bilateral trade exchanges

2011-09-02

The Romanian and Turkish Governments aim at a figure of ten billion dollars in trade exchanges over the next few years, as the maximum level reached was seven billion back in 2008 before the crisis onset, however, after a slump in 2009, it might be reached again this year, Ministers of Foreign Affairs Teodor Baconschi and Ahmet Davutoglu told a joint press conference within the Reunion of the Diplomacy, on Wednesday, August 31.

ACTMedia

FinMin seeks to borrow RON 500 mn from banks on Thursday

2011-09-01

The Public Finances Ministry on Thursday is organising a tender for a bond issue worth 500 million lei (some 118.48 million euros at the current exchange rate - editor's note) with a five-year maturity.

ACTMedia

Romania's public debt increases to RON 214 bn in June

2011-09-01

Romania's public debt on June 30, 2011, amounted to approximately 214.02 billion lei, namely 50.547 billion euros at an exchange rate standing at 4.2341 lei per euro, increasing by almost 14 billion lei compared with the end of May of this year, according to the data of the Public Finance Ministry (MFP).

ACTMedia

Romanian Government approves Fiscal Code and Fiscal Procedure Code amendments

2011-09-01

The Government on Wednesday approved the amendments to the Fiscal Code and the Fiscal Procedure Code, Premier Emil Boc announced at the Victoria Palace.

ACTMedia

Adecco completes the acquisition of Drake Beam Morin, Inc.

2011-09-01

Adecco Group today announces the successful completion of its acquisition of Drake Beam Morin, Inc., taking the worldwide lead in career transition and talent development services.

Adecco Group

SIFs 2009 agreement with Erste Group to postpone BCR listing revealed

2011-09-01

SIF Moldova (SIF2) has published on its website the agreement signed in 2009 with Erste Group to delay the listing of BCR for a period of two years.

Raiffeisen Capital & Investment

Stocks dip in opening minutes

2011-08-31

The Bucharest Stock Exchange (BVB) opened down on Wednesday, with the BET-C composite index sliding 0.52 percent in the first five minutes after the opening of trades.

Agerpres

Government adopts ordinance regarding creation of Bucharest Metropolitan Transport Authority

2011-08-31

The Government adopted during the Tuesday session the ordinance regarding the creation of the Bucharest Metropolitan Transport Authority (AMTB) to plan, coordinate and organise the public transport by the underground train, buses, trolley-buses, trams, as well as the regional railway transport in the capital city's metropolitan area, secretary of state in the Ministry of Transports Alexandru Nazare told a press conference at Victoria Palace.

Agerpres

Trade unions unveil survey of pension budget deficit causes

2011-08-31

A survey on Why There Are Not Money for the Pensions. The Causes of the Social Security Budget Deficit and Alternative Solutions will be made public by the experts of the Office for watching labour market and jobs quality with the National Trade Union Bloc (BNS) on Wednesday.

Agerpres

Local market of building materials projected at EUR 900 mn this year

2011-08-31

The local market of construction chemicals will hit this year 200 million euros, and adding to this the cement-based adhesives for wall and floor tiles takes the figure to 900 million euros, Sika Romania general manager Ileana Nicolae told Agerpres.

ACTMedia

Non-repayable financial assistance worth EUR 405 mn given to South Muntenia region contracts

2011-08-31

As many as 218 financing contracts were signed for the projects filed under the Sectoral Operational Programme for the South Muntenia Region, with the non-repayable financial assistance amounting to roughly 405 million euros (1.784 billion lei for an exchange rate of 4.2 lei to the euro) by this Aug. 29, says a press release of the South Muntenia Regional Development Agency.

ACTMedia

Romania pays larger amounts to EU budget than collected funds in July

2011-08-31

In July 2011 Romania paid larger amounts to the European Union (EU) budget compared with the funds it collected, the difference standing at seven million euros, according to the data sent by the Public Finance Ministry (MFP), at the request of Agerpres.

ACTMedia

Baconschi: We expect JHA Council's consensus on a two-step accession to Schengen; it is a reasonable compromise

2011-08-31

Romania expects the coming JHA Council of September to reach a consensus on the decision of a two-step accession to the Schengen area, initially with the airport border points, and then with the land and sea border points, as this is a reasonable compromise, Foreign Affairs Minister Teodor Banconschi said on Tuesday.

ACTMedia

SocGen has bought 2 mn shares of BRD-GSG

2011-08-31

In a release to the Stock Exchange, SocGen has informed that it bought 2 mn shares of BRD-GSG through a deal transaction.

Raiffeisen Capital & Investment

BNS prezinta un studiu referitor la cauzele care au generat deficitul bugetului de pensii

2011-08-31

Un studiu intitulat 'De ce nu sunt bani pentru pensii? Cauzele deficitului bugetului asigurărilor sociale de stat şi soluţii alternative' va fi dat publicităţii miercuri de către experţii 'Biroului pentru observarea pieţei muncii şi a calităţii locurilor de muncă' din cadrul Blocului Naţional Sindical (BNS).

Agentia Nationala de Presa Agerpres

A possible gas price increase in October

2011-08-30

According to the media, citing governmental sources, the gas prices for industrial consumers might go up by 10% starting with October 2011.

Raiffeisen Capital & Investment

Job vacancies up to 27,700 in Q2

2011-08-30

The number of job vacancies in Romania went up to 27,700 in the second quarter of this year, on the rise by 400 from Jan.-March, show figures made public by the National Institute of Statistics on Monday.

ACTMedia

Statistics: Managers estimate moderate increase in retail trade in August-October

2011-08-30

Corporate managers estimate a moderate increase in the retail trade in the period August-October 2011, and a relative stability in the manufacturing industry, constructions and services, compared with the previous three months, according to the conjectural balance indicator, informs the National Institute of Statistics (INS).

ACTMedia

Eurobank - Alpha Bank set to become Romania’s third largest bank group

2011-08-30

Greek banks Eurobank and Alpha Bank have recently agreed on a merger which had been announced by the international media last week.

ACTMedia

MFP wants to borrow RON 4.7 bn from local banks in September

2011-08-30

The Ministry of Public Finance (MFP) wants to borrow 4.7 billion lei (1.1085 euros) from banks in September by seven issues of treasury bonds and Government bonds, according to data released on the MFP website.

Agentia Nationala de Presa Agerpres

Residential construction program to get EUR 40 mn in private financing

2011-08-30

According to a draft Government Resolution put up for inter-ministerial debate, the Ministry of Regional Development and Tourism plans to launch the 'Privately-financed Rented Housing Construction Program' wherein private companies will participate with more than 40 million euros.

Agerpres

U.N. Committee confirms Romania's suspension from green certificate trading

2011-08-29

The United Nations Compliance Committee of the Kyoto Protocol in a public meeting on Sunday confirmed that Romania had been suspended from the trading in emission certificates, the Ministry of Environment and Forests announced.

ACTMedia

Each of 5 investment projects China proposes is mandated to minister in charge

2011-08-29

The Government, during its meeting on Aug 24 appointed a person in charge for each of the big five investments projects, each worth at least one billion euros, and which China proposed to be implemented in the public-private system, on the special occasion of the official visit the Romanian governmental delegation paid to Beijing, two weeks before, PM Boc told the Radio Romania Actualitati, on Friday.

ACTMedia

Seven-month deficit reaches 2.09% of GDP

2011-08-29

The aggregate deficit of the Romanian Government, January 1 - July 31, 2011, reached RON 11.4 billion, or 2.9 percent of the Gross Domestic Product (GDP) as it advanced RON 0.1 billion in July, the Finance Ministry reports (1 euro = RON 4.25).

ACTMedia

ZEW/Erste survey : Romania 6-month economic outlook darkens in August

2011-08-29

Romanian economic outlook for the next six months declined for the third straight month in August, on mounting pessimism in financial markets and renewed concern about Europe's sovereign debt crisis, a ZEW/Erste survey showed Friday.

ACTMedia

Public sector workers drop to 1.225 million, PM Boc announces

2011-08-29

The number of the Romanian public sector workers has dropped to 1.225 million at this moment, Prime Minister Emil Boc told Radio Romania Actualitati (News) public station on Friday.

ACTMedia

SPRM: The Rosia Montana project gives a chance to the mining community in the Apuseni Mountains

2011-08-29

The Group for the Support of the Rosia Montana Project (SPRM) through the means of 50 members representing NGOs, townhalls in the Alba and Hunedoara counties, universities, as well as employers' associations and trade unions organizations representative at the local level, support the starting of the gold project from Rosia Montana for the economic relaunching of the Apuseni.

ACTMedia

Argus – Securities Commission might force a MPTO

2011-08-29

Through a communiqué, Securities Commission (CNVM) ruled that Mr. Chelu has gained, directly and indirectly, the control of several companies among which Argus (UARG).

Raiffeisen Capital & Investment

One quarter of Romania's exports of common metals goes to Turkey, in Q1

2011-08-26

Approximately 24% of Romania's total exports of common metals and metallurgical products went to Turkey in Q1 of this year, with the total value of products sold having stood at some 424 million euros.

ACTMedia

Pharmaceutical drugs manufacturers worried about authorities' statements on tax clawbacks

2011-08-26

The Romanian Association of the International Drug Manufacturers (ARPIM) voice their concern about the recent public statements issued by the authorities regarding the tax clawbacks, reads a press release sent to Agerpres on Thursday.

ACTMedia

Finance Ministry raises EUR 53 mn in ten-year benchmark bonds

2011-08-26

The Ministry of Public Finance (MFP) on Thursday raised around 53 mln euros (RON 226.49 mln at an exchange rate of RON 4.25 for 1 euro) from the commercial banks through a 10-year benchmark bond issue placed through the National Bank of Romania.

ACTMedia

BVB is technically, operationally ready for Govt's privatisation programme offers

2011-08-26

The Bucharest Stock Exchange (BVB) is technically and operationally ready to conduct offers as part of the Government's privatisation programme, the BVB said in a press release on Thursday.

ACTMedia

Jan - July budget deficit at 2.09% of GDP

2011-08-26

The consolidated budget deficit over the interval Jan. 1 - July 31, 2011 stood at RON 11.4 billion, ie 2.09 pct of GDP, marking a monthly advance by RON 0.1 bln, informs the Ministry of Public Finance. (1 euro trades for RON 4.25)

ACTMedia

Armax Gaz 2Q 2011 results

2011-08-26

The oil and gas equipment producer Armax Gaz (ARAX) 2Q 2011 sales plunged 63% yoy to RON 9.8 mn.

Raiffeisen Capital & Investment

Emerging Europe - This is our time

2011-08-25

Budapest - International Public Relations is a tricky business; news that might be totally overlooked by local media is often picked up and broadcast around the world from an international perspective regardless of the local opinion on the matter in question.

Promote CEE

Belgians are interested in opportunities to invest in agriculture and industry

2011-08-25

The Boerenbond Association, the largest corporate organization of farmers and operators working in agriculture and industry in Belgium, is interested in the investment opportunities existing in Romania's agriculture and industry, reads a release of the Timis Chamber of Commerce, Industry and Agriculture (CCIAT).

ACTMedia

Govt approves construction of new multipurpose sports center for RON 260 mn

2011-08-25

The Romanian Government approved the construction of a multipurpose sports center in capital Bucharest by 2013, which will seat 16,000 people and cost 260 million lei (about EUR60 million).

ACTMedia

Romania to adopt clawback tax, allot RON 150 mn for healthcare next week

2011-08-25

Romanian Prime Minister Emil Boc on Wednesday asked the new Health Minister, Ladislau Ritli, to present a bill on the clawback tax next week and complete the C2 list of generic drugs, after which the Government will allot the ministry 150 million lei (EUR35 million) from the reserve fund.

ACTMedia

Iproeb 2Q 2011 results

2011-08-25

Electrical cables producer Iproeb (IPRU) reported a good 21% yoy increase in sales to RON 27 mn in 2Q 11 following a decrease in sales over 1Q 11.

Raiffeisen Capital & Investment

SIF Banat Crisana will not call a GSM to discuss the BCR issue

2011-08-25

In a communiqué to the Stock Exchange, SIF Banat Crisana (SIF1) has informed that, unlike its peers, it would not call a GSM to discuss the BCR issue.

Raiffeisen Capital & Investment

The Government approved the listing of 20% of Tarom

2011-08-25

The Government announced through a release that it adopted the privatization strategy for the national airline Tarom.

Raiffeisen Capital & Investment

SIF Moldova calls GSM to tackle the BCR issue

2011-08-24

SIF Moldova (SIF2) has called a GSM for September 23, 2011 to discuss the BCR stake issue as requested by a group of investors.

Raiffeisen Capital & Investment

SocGen bought BRD-GSG shares from the market

2011-08-24

According to a communiqué to the Stock Exchange, SocGen has informed that it bought yesterday 200 ts shares of BRD-GSG from the market.

Raiffeisen Capital & Investment

Labour productivity in industry declines 1.7% in June from May

2011-08-24

Labour productivity in industry declined in June 2011 by 1.7% compared with the previous month and by 0.8% compared with the same period of last year, according to the National Statistics Institute (INS).

ACTMedia

Foreign residents in Romania will pay taxes the second year after getting the status

2011-08-24

Foreign citizens resident in Romania will pay taxes on incomes obtained both in the country and abroad in the first year after receiving the status of residents and not after 3 years as the present law stipulates, according to a draft order which amends the Fiscal Code.

ACTMedia

Raiffeisen reduces estimate of GDP increase in 2012

2011-08-24

Raiffeisen maintains the prognosis of Romania's economic growth at 1.5% for this year, but reviewed the estimate concerning the GDP advance for next year from 3.5 to 2.7% when Central and East European countries are feeling the effects of slower activities at world level.

ACTMedia

Rosia Montana Gold Corporation: We deny existence of any financial connection with any party

2011-08-24

Rosia Montana Gold Corporation (RMGC) 'firmly' rejects any allegation concerning the existence of a direct or indirect financial connection with any political party, a company press release sent to Mediafax on Tuesday shows.

ACTMedia

OTP Bank Romania recorded a net profit of RON 22.9 million in 1H 2011

2011-08-23

According to the original report submitted to the Budapest Stock Exchange, the Romanian subsidiary of OTP Bank recorded a net profit of RON 22.9 million, representing a significant growth compared to the similar period of last year.

OTP Bank

Over 80 companies to attend BIFE's 20th edition

2011-08-23

Over 80 companies are expected to attend the 20th edition of the BIFE TIMB, Romania's International Fair for Furniture, wooden products and furniture fittings makers, home designers, machinery and equipment for forest exploitation and wood processing companies, on Aug 31-Sept 4, 2011, Bucharest-based Fairs and Exhibitions Center Romexpo release informs.

ACTMedia

INS: The work productivity in industry dropped by 1.7% in June against May

2011-08-23

The work productivity in industry dropped in June 2011 by 1.7% against the previous month and with 0.8% against the same period of last year, according to the data of the National Institute of Statistics (INS).

ACTMedia

Comnord 1H 2011 results

2011-08-23

Constructions company Comnord (COSC) made public some 1H 2011 financial indicators. Sales dipped 74% yoy to RON 3.5 mn due to the difficult environment.

Raiffeisen Capital & Investment

Update on Fondul Proprietatea's shares repurchase program

2011-08-23

Fondul Proprietatea (FP) has informed through its manager that during the period spanning between August 15 and August 19, it has bought 6.1 mn of its own shares from the market, as part of the repurchase program.

Raiffeisen Capital & Investment

Representative office to promote Romanian offer in Chinese market to open in Beijing

2011-08-19

The Chamber of Commerce and Industry of Bucharest (CCIB) plans to open in Beijing a representative office to promote the Romanian offer in the Chinese market and also to draw the Chinese investors to Romania.

Agentia Nationala de Presa Agerpres

EIU: Romania will have economic growth of 1.7% this year

2011-08-18

Romania is confronted with harsh measures and will register an economic growth of only 1.7% this year, which will accelerate in 2012, according to Economist Intelligence Unit (EIU).

ACTMedia

KPMG: Domestic banks have significant exposure to Romania's sovereign debt, which is a risk in case of contagion

2011-08-17

Romanian banks have insignificant exposures to governments in the euro zone, which are currently undergoing a strict monitoring process, in exchange having a significant exposure to Romania's sovereign debt, which may represent a risk in case the contagion caused by the debt crisis in the countries in the euro zone put pressure on the country's finances, KPMG Romania Senior Partner Serban Toader said.

Agentia Nationala de Presa Agerpres

Banca Carpatica – 2Q 2011 RAS results

2011-08-16

Banca Carpatica's (BCC) net loans have contracted 0.9% qoq to RON 0.9 bn while its T-bills portfolio increased 1.8% qoq to RON 0.77 bn.

Raiffeisen Capital & Investment

Oltchim 2Q 2011 results

2011-08-16

The chemicals producer Oltchim (OLT) reported its 2Q 2011 results under RAS. Sales advanced by 49% yoy to RON 451 mn, fuelled by an increase in exports.

Raiffeisen Capital & Investment

Ropharma 2Q 2011 results

2011-08-16

Pharmaceuticals retailer and distributor Ropharma (RPH) reported its 2Q 2011 results with a flat yoy evolution for the turnover at RON 88.5 mn, affected by the fact that starting with April 1 oncology drugs were distributed only via hospital pharmacies, dragging down the turnover.

Raiffeisen Capital & Investment

Impact Developer&Contractor 2Q 2011 results

2011-08-16

Real estate developer Impact Contractor&Developer (IMP) 2Q sales plunged 75% yoy to RON 2.7 mn. Operating losses reached RON 4.6 mn compared to a positive operating result of RON 0.4 mn in 2Q 2010.

Raiffeisen Capital & Investment

Sicomed 2Q 11 results

2011-08-16

Pharmaceutical producer Sicomed (SCD) has reported its 2Q 11 results with sales of RON 56.2 mn, down 6% yoy.

Raiffeisen Capital & Investment

Oil Terminal 2Q 2011 results

2011-08-16

The harbour operator Oil Terminal (OIL) has reported the 2Q 2011 results with sales of RON 28.3 mn, down 13% yoy. Regarding the main cost items, salaries were up by 9% yoy to RON 16.5 mn, but third parties expenses dropped by 28% yoy to RON 5.3 mn.

Raiffeisen Capital & Investment

Alro – 2Q 2011 consolidated results

2011-08-16

The aluminum smelter Alro (ALR) has published its quarterly consolidated results. Thus, ALR's sales amounted to RON 584 mn, up 24% yoy.

Raiffeisen Capital & Investment

Transelectrica 2Q 2011 - Low maintenance costs boost profit above estimates

2011-08-16

The power grid operator Transelectrica (TEL) delivered surprisingly positive 2Q 2011 results, especially in the light of the preliminary figures reported with the revised 2011 budget, due to lower maintenance and financial costs.

Raiffeisen Capital & Investment

Teraplast 2Q 2011 - Inputs inflation mixed with anaemic local demand

2011-08-16

Teraplast Group released un-consolidated 2Q 2011 results under RAS, which include the figures for just the main entity of the group, namely Teraplast.

Raiffeisen Capital & Investment

Biofarm 2Q 2011 - Gaining additional market share

2011-08-16

Pharmaceutical producer Biofarm reported rising sales for 2Q 2011, albeit at slower growth rates compared to previous quarters, but increases in marketing expenses and raw material costs drove the operational profit lower yoy. Financial gains added to the bottom line and allowed Biofarm to post higher net profit yoy.

Raiffeisen Capital & Investment

Transgaz 2Q 2011 - Profit rises on increase in quantities transported

2011-08-16

The 2Q 2011 results of the natural gas grid operator Transgaz (TGN) exceeded our and consensus expectations, on higher quantities transported and lower operating costs.

Raiffeisen Capital & Investment

Alumil Rom Industry 2Q 2011 - 1H figures broadly confirm our FY forecasts

2011-08-16

Alumil Rom Industry made public its 2Q 2011 results under RAS and some key 1H 2011 indicators under IFRS. 2Q sales contracted 11% yoy and were significantly bellow our estimates.

Raiffeisen Capital & Investment

Mecanica Ceahlau 2Q 2011 results

2011-08-16

Agricultural equipment manufacturer Mecanica Ceahlau (MECF) released strong 2Q 11 results with sales advancing by 67% yoy at RON 7.5 mn.

Raiffeisen Capital & Investment

Concefa 2Q 2011 results

2011-08-16

Construction company Concefa (COFI) reported its 2Q 2011 results. The slowdown in construction works caused by a particularly cold spring and anemic economic growth, dragged down the turnover by 44% yoy to RON 15.1 mn.

Raiffeisen Capital & Investment

Comelf 2Q 2011 results

2011-08-16

Comelf (CMF), the producer of environment protection equipment, posted its 2Q 2011 results, with a 46% yoy increase in sales to RON 37.3 mn.

Raiffeisen Capital & Investment

Prospectiuni 2Q 2011 results

2011-08-16

The geophysical and geological prospecting company Prospectiuni (PRSN) reported a strong set of 2Q 2011 results. Revenues stood at RON 72.3 mn, up 160% yoy and 7% higher qoq, the largest quarterly turnover achieved in the last four years, after a weak 2010.

Raiffeisen Capital & Investment

Fondul Proprietatea 2Q 2011 results

2011-08-16

Fondul Proprietatea reported for 2Q 2011 a turnover of RON 560 mn, more than double yoy on higher dividends received from its portfolio companies, especially OMV Petrom, Romgaz, Hidroelectrica and Transgaz.

Raiffeisen Capital & Investment

Prefab 2Q 2011 results

2011-08-16

Constructions materials producer Prefab (PREH) reported disappointing 2Q 2011 results. Turnover decreased by 27% yoy to RON 19.2 mn dragged by sluggish demand and decreasing prices.

Raiffeisen Capital & Investment

Vrancart 2Q 2011 results

2011-08-16

Paper and cardboard producer Vrancart (VNC) published 2Q 2011 results. Sales advanced 11% yoy to RON 40.9 mn. On the costs side, raw material expenses recorded a sharp increase of 35% yoy to RON 25 mn.

Raiffeisen Capital & Investment

Romania 2Q 2011 GDP up 0.2% qoq

2011-08-16

Real GDP tempered its quarterly advance to 0.2% qoq in 2Q, from the 0.7% qoq growth rate recorded in 1Q, according to the National Institute of Statistics (INS) flash estimate.

Raiffeisen Capital & Investment

Romania exports agricultural products in value of 1.19 billion euros, up 55pct in first five months

2011-08-12

Romania's exports of agricultural products in intra and extra EU countries grew by almost 55 percent in first five months of 2011, exceeding 1.19 billion euros, according to data provided by the Ministry of Agriculture and Rural Development (MADR) to AGERPRES .

Agentia Nationala de Presa Agerpres

OTP Bank Romania provides solutions for clients with loans in Swiss franc

2011-08-10

OTP Bank Romania provides solutions to its clients who have CHF based loans and face difficulties to pay their monthly installments because of the fast appreciation of the Swiss franc.

OTP Bank

BVB reports year-on-year H1 net profit almost three times higher

2011-08-10

The net profit of Bucharest Stock Exchange (BVB) increased by 185.6 percent over the first half of 2011, on a year-on-year basis, in the context of the good results of the operational and financial activity, according to financial results published on the BVB website.

Agentia Nationala de Presa Agerpres

Industrial production, up 7.5pct in first half of 2011

2011-08-09

Industrial output grew by 7.5 percent as gross series in the first half of 2011 compared to same period of 2010 and as adjusted series for working days and seasons by 7, 7 percent, according to the National Statistics Institute (INS).

Agentia Nationala de Presa Agerpres

Average salary in June – 1472 lei, 14 lei more than in May

2011-08-05

In June 2011, the average gross nominal salary was 2026 lei, 0.9% more than in May, according to the National Statistics Institute. In net terms the average salary was 1472 lei and the increase 14 lei (1%). The highest values of the average nominal wages was registered in the financial field (3948 lei) and the lowest in hotels and restaurants (866 lei).

ACTMedia

Romania to make outstanding payments worth EUR 90 mn to Bechtel in two tranches

2011-08-05

The Romanian state will make outstanding payments worth 90 million euros to the U.S. Bechtel Company in two tranches by end-2011, Minister of Transport and Infrastructure Anca Boagiu said on Wednesday at the Victoria Palace (the gov't offices).

ACTMedia

Finance Ministry sells nearly RON 372.22 mn worth of benchmark bonds

2011-08-05

The Ministry of Public Finance (MFP) on Thursday raised RON 372.22 million (about EUR 88.203 million) in a benchmark bond issue due on April 30, 2016, auctioned off by the National Bank of Romania to local commercial banks.

ACTMedia

EUR 13.5 bn worth of contracts signed under EU structural funding projects

2011-08-05

The contracts signed under projects financed from EU structural and cohesion funds totaled EUR 13.5 billion at the end of July, whereas disbursements to beneficiaries stood at EUR 2.7 billion (out of which EUR 1.109 billion in reimbursements and the rest in pre-financing and state budget contributions), shows the latest data of the Authority for the Coordination of Structural Instruments (ACIS).

ACTMedia

Gov't: EUR 600 mn in Treasury loan to European projects until Brussels reimbursements resume

2011-08-05

The government will use about 600 million euros as a Treasury loan to finance European projects by the end of December, given that Romania will no longer invoice with the European Commission (EC) the reimbursement of spending in the form of community funds, the government decided on Thursday.

ACTMedia

Romanian Govt to regulate healthcare clawback tax by end-August

2011-08-05

Romania's Government will regulate the clawback in the healthcare system by the end of August, through a decision or emergency ordinance, Prime Minister Emil Boc said Thursday.

ACTMedia

Sebastian Vladescu: Romania has protection against a new financial crisis, but a very fragile one

2011-08-05

Romania has protection against a new economic and financial crisis, but it is very fragile, said on Wednesday Sebastian Vladescu, former Minister of Finance, on RFI radio station.

ACTMedia

Ialomiteanu: 2011 deficit target stays 4.4% of GDP, after budget rectification

2011-08-05

Public Finance Minister Gheorghe Ialomiteanu said in the end of the Government's Wednesday meeting that the 2011 deficit target stays 4.4 percent of the GDP, after the budget rectification, and specified that the revenues and the expenditure went up by 3.2 billion lei, each, this year.

ACTMedia

First 2011 budget rectification: More money for investments and arrears

2011-08-05

The government decided the first budget rectification at the Wednesday meeting. Sums are allocated according to the positive news from economy, which confirms a 1.5% increase estimated for this year, premier Emil Boc announced.

ACTMedia

Ductil 2Q 2011 results

2011-08-05

The welding electrodes manufacturer Ductil (DUCL) reported key figures for 2Q 2011. Turnover augmented by 11% yoy at RON 38.1 mn, while raw materials increased sharply by 32% yoy at RON 14.4 mn and dragged the operational profit at RON 3.7 mn, down 26% yoy.

Raiffeisen Capital & Investment

Condmag 2Q 2011 results

2011-08-05

Industrial contractor Condmag (COMI) has reported its quarterly results, with a 36% yoy decrease in its sales to RON 29.6 mn.

Raiffeisen Capital & Investment

Antibiotice to expand production capacity

2011-08-05

Pharmaceutical producer Antibiotice (ATB) announced an investment worth EUR 12 mn aimed at increasing its production capacity for anti-infectious drugs by 10 mn vials per annum.

Raiffeisen Capital & Investment

Albalact 2Q 2011 results

2011-08-05

In 2Q 2011 dairy producer Albalact (ALBZ) maintained the strong sales momentum from 1Q and posted a hefty 33% yoy increase in sales to RON 80.6 mn on higher volumes sold.

Raiffeisen Capital & Investment

Ernst&Young : Turks to invest in crisis-hit Greece and Romania

2011-08-04

Turkish firms will considerably increase their investments abroad in 2011, according to a top official at Ernst&Young, quoted by the local media.

ACTMedia

Central Bank: Inflation drops to 7.93% in June thanks to lower volatile prices for food

2011-08-04

The annual inflation rate dropped to 7.93 percent in June from 8.34 percent in May, as a result of the lower volatile prices for food, reads a press release from the National Bank of Romania (BNR).

ACTMedia

Traian Hristea appointed to position of head of EU delegation in Yerevan

2011-08-04

The Romanian diplomat Traian Hristea was appointed to the position of head of the EU delegation in Yerevan, informs the Romanian Ministry of Foreign Affairs (MAE) in a release it sent on Wednesday.

ACTMedia

How the Fiscal Council sees the draft for budgetary rectification

2011-08-04

The draft for budgetary rectification proposed by the ministry of finances breaks the law of fiscal responsibility as the supplementary sums to expenditure are allocated for chapters which exceed the allowed area, according to the Fiscal Council.

ACTMedia

Government boosts subsidies for pensions budget by more than a billion lei

2011-08-04

The subsidy from the state budget for the social payments budget for the public pensions system will be increased by more than a billion lei, according to the draft resolution of the Government on the revision.

ACTMedia

Erste Group has made an offer for all five SIFs

2011-08-04

The CEO of SIF Banat-Crisana (SIF1) has been cited by local media saying that Erste Group has made an offer for all five SIFs regarding their minority stakes in BCR.

Raiffeisen Capital & Investment

Key rate unchanged

2011-08-03

The NBR decided to keep the key rate at 6.25%, in line with our expectations and market consensus. Minimum reserve requirements for RON and FX were also left unchanged.

BCR Research

Industrial production prices registered an increase of 0.7% in June

2011-08-03

The prices of industrial production per total domestic market and foreign market have scored in June an increase of 0.7% compared to the previous month and of 8.4 percent as compared to similar month in 2010, according to provisional data announced by the National Institute of Statistics (INS).

ACTMedia

Property Fund buys back 36.37 million shares and pays RON 18.77 mn

2011-08-03

Over 25-29 June Property Fund bought back a package of 36.37 million shares, representing 0.26% of the social capital, following transactions of 18.77 million lei, according to a BVB report. The average purchase price was 0.5161 lei/share.

ACTMedia

Two new Erste Bank certificate issues ready for trading as of Wednesday

2011-08-03

Two new Erste Bank turbo certificate issues having gold and silver as underlying assets will be available for trading as of Wednesday, the Bucharest Stock Exchange (BVB) informs.

ACTMedia

Lucian Angel, BCR: We shall revise inflation prognosis at 4 - 5%

2011-08-03

The Romanian Commercial Bank (BCR) decided to revise slightly down the inflation prognosis for the end of the year from 5.1 - 5.2 percent to 4 - 5 percent, Chief Economist with BCR Lucian Angel told Agerpres.

ACTMedia

Romania's public debt at 37.07% of GDP at end-May

2011-08-03

At the end of May 2011, Romania's public debt stood at RON 200.663 billion (about EUR 47 billion), representing 37.02 pct of the Gross Domestic Product (GDP), up one percentage point from the end of April 2011, according to data published by the Ministry of Public Finance (MFP).

ACTMedia

Planned EUR 700 mn upward adjustment for aggregate general budget

2011-08-03

The state's aggregate general budget will undergo a RON 2.975 billion (EUR 700 million) upward adjustment for both revenues and expenditures, as provides the draft Government Ordinance on the budget adjustment.

ACTMedia

State budget revenues boosted by RON 3.21 bn at revision

2011-08-03

The revenues of the state budget will gain 3.21 billion lei at the budget revision, according to the draft resolution on the state budget revision on 2011.

ACTMedia

Romania's investment-assigned GDP share - highest in EU, President says

2011-08-03

President Traian Basescu on Tuesday declared at the public radio station Romania Actualitati (News of the Day) that last year and this year too, Romania had the highest percentage of the Gross Domestic Product (GDP) assigned for investments of all European Union member states, adding that in his opinion, this area of activity is the engine that really powers the economy.

ACTMedia

President says some state-owned companies may go bankrupt

2011-08-03

Romanian President Traian Basescu said Tuesday on public radio he does not rule out the possibility of several state-owned companies to go bankrupt, adding the Government does not have to always step in and save these companies.

ACTMedia

Romania to increase ministry budgets for investments, company debts

2011-08-03

Romania's government will increase the budgets of several ministries, in order to finance investments and eliminate debts incurred by state enterprises, but will give less resources to the Ministry of Environment and the Ministry of Finance, according to the draft budget revision.

ACTMedia

Electromagnetica 1H 2011 results

2011-08-03

The electricity trader and producer of electrical components Electromagnetica (ELMA) reported its 1H 2011 results. The turnover reached RON 246 mn, up 6% yoy, mainly due to a hike of 6% yoy in sales of energy that stood at RON 215 mn.

Raiffeisen Capital & Investment

Employees asked for the cancellation of GSM resolution setting dividends

2011-08-03

The natural gas transportation company Transgaz (TGN) has informed that an employees union has asked in the law for the cancellation of latest GSM resolution (from June 10, 2011) which decided on the distribution of the 2010 net profit.

Raiffeisen Capital & Investment

Stock market opens low on Tuesday

2011-08-02

Trade on the Bucharest Stock Exchange (BVB) opened low on Tuesday, with the BET-C general index having declined 0.31 percent in the first 15 minutes of the session.

Agerpres

Romanian money transfer company Meridiana is expanding its services in Spain and France

2011-08-02

Romanians working in Spain and France will be able to send money home, starting this month, using the services provided by the Romanian money transfer company Meridiana, which stakes this way to double the transferred amount, with the target set at 10 million euros per month.

Agerpres

INS: ILO unemployment rate, estimated at 7.5% in June 2011

2011-08-02

Seasonally adjusted unemployment rate was estimated as 7.5 percent in June 2011, according to the criteria of the International Labour Office (ILO), up 0.1 percentage points from the previous month and 0.4 percentage points above June 2010, according to the National Statistics Institute (INS).

ACTMedia

BVB Board accepts KBC Securities to trading system

2011-08-02

The Board of the Bucharest Stock Exchange (BVB) decided at end-July to accept investment firm KBC Securities NV Belgium as remote participant in the BVB trading system, on the sight regulated market.

ACTMedia

BNR keeps August reference interest rate at 6.25% per annum

2011-08-02

The National Bank of Romania (BNR) has set the August reference interest rate at 6.25 percent per annum.

ACTMedia

Romanian Central Bank's international reserves dip to EUR 32.68 bn at end-July

2011-08-02

The foreign exchange reserves of the National Bank of Romania (BNR) stood at EUR 32.680 billion, by 5 pct less than the EUR 34.402 billion in the central bank's vaults on June 30 2011.

ACTMedia

Liviu Voinea (GEA): An economic growth of 3.5-4% in 2012 can be achieved only by consumption growth

2011-08-02

The executive manager of the Applied Economy Group (GEA) Liviu Voinea considers that economic growth of 3.5 – 4% in 2012 according to the estimates of IMF is possible only by increase of consumption.

ACTMedia

Romania to benefit from increasing co-financing rates for EU funds

2011-08-02

The European Commission's plan to reduce the co-financing that must be provided by six EU member states to access EU funds, to 5% from 15%, may save Romania as much as EUR714 million.

ACTMedia

Statement of EC and IMF on the Review Mission to Romania

2011-08-02

Staff teams from the European Commission (EC) and the International Monetary Fund (IMF) visited Bucharest from July 20 until August 1, for the regular quarterly review of Romania's economic program.

ACTMedia

Istvan Szekely, EC: Romania's economic developments follow established trajectories

2011-08-02

The economic developments follow the established trajectories and Romania could register a 1.5 percent economic growth this year, which will rise to 3.5 percent next year, European Commission (EC) delegation head Istvan Szekely told a press conference on Monday.

ACTMedia

IMF: Foreign human resources firms will select managers for 15 state-owned enterprises

2011-08-02

The largest state-owned enterprises, 15 in all, that are not ready to sell their majority stakes will be provided private managers selected by leading international human resources firms, head of the International Monetary Fund (IMF) mission in Romania Jeffrey Franks told a news conference on Monday.

ACTMedia

IMF: Romania to record economic growth of 1.5 % in 2011

2011-08-02

Romania will record an economic growth of 1.5 percent in 2011 and of 3.5-4 percent in 2012, head of the International Monetary Fund (IMF) mission for Romania Jeffrey Franks said on Monday.

ACTMedia

Next review of Romania's economic program scheduled for Oct/Nov 2011

2011-08-02

The joint European Commission (EC) and International Monetary Fund (IMF) expert teams that have been visiting Bucharest over July 20 - August 1 for the regular quarterly review of Romania's economic program found the program remains on track, that all performance criteria set for the end of June were met and the authorities have steadfastly implemented program policies.

ACTMedia

Fondul Proprietateas shares repurchase program - update

2011-08-02

Fondul Proprietatea (FP) has informed that in the period spanning between July 25 and July 29 it has bought 36.37 mn of its own shares, as part of the repurchase program.

Agentia Nationala de Presa Agerpres

Banca Transilvania First Impression 2Q 2011

2011-08-01

The bank's net profit under RAS came in roughly in-line with our estimate and slightly above consensus. The main diverges from our projections were a stronger easing in risk costs (the lowest for the last nine quarters), mitigated by a deterioration in operating profitability.

Raiffeisen Capital & Investment

BRD-GSG First Impression 2Q 2011

2011-08-01

BRD-GSG's RAS stand-alone net profit blasted past our and, to a lesser degree, past consensus estimates, mainly on the back of lower provision charges which were the lowest for the past eight quarters.

Raiffeisen Capital & Investment

INS to release ILO-compliant monthly unemployment data as from August 1st

2011-08-01

Romania's National Institute of Statistics (INS) will release each month unemployment data that are compliant with the International Labour Office (ILO) standards, as from August 1, the INS reports.

ACTMedia

Home-heating bills in Bucharest to go up by 37% as from August 1

2011-08-01

The home-heating bills of Bucharesters will go up 37 percent as from August 1, from RON 124/Gcal to RON 169/Gcal, VAT included, according to a decision of the Bucharest Mayoralty General Council adopted on July 27.

ACTMedia

New individual issues of turbo certificates released by Raiffeisen Centrobank AG

2011-08-01

Two individual issues of Raiffeisen Centrobank AG will be available for transactions starting Aug. 1, 2011 within the Structured Product Sector - the Certificate Category, the Bucharest Stock Exchange (BVB) says in a release.

ACTMedia

MFP plans to borrow RON 4 bn from local banks in August

2011-08-01

The Ministry of Public Finance (MFP) plans to borrow 4 billion lei (about 0.945 billion euros at today's exchange rate - editor's note) from banks in August through six issues of treasury and state bonds, according to the figures published on the MFP website.

ACTMedia

Romania Central Bank to leave key rate unchanged at 6.25%

2011-08-01

Romania's central bank is likely to leave its key rate unchanged for the tenth straight time at 6.25% a year at its next monetary policy meeting August 3, the association of financial and banking analysts AAFBR said Friday.

ACTMedia

Citi analysis: Romania is less vulnerable to the crisis in the Euro zone

2011-08-01

Although Romania is among the most exposed ten emerging countries to the crisis in the euro zone, out of 22 of countries included in the 'Indicator of contagion' made by the analysts of the American bank Citigroup, it is less vulnerable than other EU states, such as Hungary, the Czech Republic or Poland, Mediafax informs.

ACTMedia

Treichl: Romania needs 'infrastructure, infrastructure, infrastructure'

2011-08-01

The executive chairman of the Erste group Andreas Treichl is optimistic as regards the resumption of creditation in Romania and hoped the economy comes back strongly enough, so that it faces some possible slidings caused by the elections in 2012.

ACTMedia

Romanian Govt sees GDP up 0.3-0.4% in 2Q, inflation at 4.8% in 2011

2011-08-01

Romania's Government estimates a 0.3-0.4% growth of the gross domestic product in the second quarter, compared to the first, and an inflation rate of 4.8% this year, below the central bank's forecast, people close to the matter told Mediafax.

ACTMedia

Romanian Govt to revise 2011 budget in early August

2011-08-01

Romania's Government will conduct this year's first budget adjustment in early August, with priority granted to allotting additional resources for investment programs, especially those run by the Ministry of Transports, Prime Minister Emil Boc said Friday.

ACTMedia

Fondul Proprietatea – Romgaz 1H 2011 key figures

2011-08-01

Romgaz, the natural gas producer where Fondul Proprietatea (FP) has an equity stake of 15%, has published some key figures for 1H 2011.

Raiffeisen Capital & Investment

Banca Transilvania 2Q 11 RAS results

2011-08-01

Banca Transilvania's (TLV) bottom line came in roughly inline with our estimate and slightly better than consensus estimates. Provision charges decreased and were better than our expectations while operating profitability has deteriorated.

Raiffeisen Capital & Investment

BRD-GSG 2Q 11 RAS results

2011-08-01

BRD-GSG has published its 2Q 11 stand alone results (under RAS) which blasted past our and, to a lesser degree consensus, estimates mainly on lower provision charges.

Raiffeisen Capital & Investment

Romanians put in most hours of work among EU employees

2011-07-29

The full-time employees in Romania worked 41.3 hours per week last year, the highest figures in the EU, followed by the Luxembourgers with 40.8 hours per week and by those in the UK, Poland, Germany and Bulgaria with 40.5 hours per week, according to a report of the European Foundation for the Improvement of Living and Working Conditions (Eurofund).

ACTMedia

TIAD: Romanian-Turkish commercial exchanges increase 30% in Q1

2011-07-29

The commercial exchanges between Romania and Turkey in the first quarter of 2011 accounted for 1.57 billion euros, increasing approximately 30 percent compared with the same period of 2010, placing Turkey on the fourth position in the chart of most significant foreign investors in Romania, according to the data remitted by the Turkish Businessmen Association (TIAD).

ACTMedia

Managers estimate increase of activity in industry, commerce, services and constructions over the next three months

2011-07-29

The activity in manufacturing, constructions, retail and services will have a moderate increase over July – September, according to the opinions of managers of some companies interviewed by the National Institute for Statistics (INS).

ACTMedia

IMF not accepting any scaling back the 2012 budget targets to increase public wages

2011-07-29

The International Monetary Fund (IMF) does not accept any scaling back the 2012 aggregate budget targets in order to increase the public wages. IMF mission chief Jeffrey Franks on Thursday met Chairman of Romania's Fiscal Council Ionut Dumitru to exchange opinions on the implementation of the public budget in the first six months of 2011 and on the budget projects for the entire 2011 and for 2012.

ACTMedia

Interfax-Ukraine: Ukraine, Romania agree on opening new border checkpoints

2011-07-29

Measures are being taken to sign an intergovernmental agreement between the Cabinet of Ministers of Ukraine and the government of Romania on opening three new border checkpoints for vehicles, the press service of the State Customs Service of Ukraine reported on Thursday.

ACTMedia

Erste Group 2Q 2011 results

2011-07-29

Erste Group's 2Q bottom line came in 12% below our and 8% below consensus estimates due to higher risk costs, a weaker F&C income and negative impact from valuation of financial assets and real estate portfolio.

Raiffeisen Capital & Investment

Socep 2Q 2011 results

2011-07-29

Stevedoring company Socep (SOCP) has reported solid quarterly figures, with 2Q sales rising by 69% yoy at RON 16.5 mn on higher traffic.

Raiffeisen Capital & Investment

SIF Moldova – A GSM is called following shareholders pressure (positive)

2011-07-29

SIF Moldova (SIF2) has informed that following a request from a group of shareholders, its Board decided that it would call a GSM where the proposals to press on BCR listing should be voted.

Raiffeisen Capital & Investment

Study: Bucharest, one of 30 most popular cities in the world for opening business centres

2011-07-28

Bucharest is in the top of the 30 most popular cities in the world for opening business centres, on position 29 according to a report of the company for real estate consultancy CB Richard Ellis (CBRE).

ACTMedia

UNCTAD report: Romania ranked 1st in region in terms of value of greenfield investment projects

2011-07-28

Romania is ranked first in Central and Eastern Europe in terms of the value of greenfield investment projects, $5.204 billion in the first four months of 2011, according to the 2011 World Investment Report by the United Nations Conference on Trade and Development (UNCTAD).

ACTMedia

Agathon (ACPR): We hope economy will grow 3% in next period

2011-07-28

Vice-President of Employers' Confederations Alliance of Romania (ACPR), Dan Matei Agathon, hopes that the Romanian economy will record 3% growth in the next period.

ACTMedia

Finance Ministry borrows EUR 462.6 mn from banks, at a 4.85% rate

2011-07-28

The Ministry of Public Finance (MFP) have borrowed on Wednesday 462.6 million euros from the commercial banks, following a euro bonds issue, with four-year maturity, in July 2015.

ACTMedia

Romanian Labor Ministry, IMF discuss wage law, pensions, social assistance code

2011-07-28

Romanian Labor Minister Sebastian Lazaroiu said Wednesday he discussed with the International Monetary Fund mission the public sector wage law to be enforced next year, the implementation of a new pension system and the country's future social assistance code.

ACTMedia

Romania absorbed 30% of European funds meant for rural development

2011-07-28

Romania absorbed almost 3 billion euros out of the total European funds meant for rural development available by 2013, representing a 30 percent degree of absorption, according to data provided by the Agency of Payments for Rural Development and Fishery (APDRP).

ACTMedia

The state reduces the pre-financing on EU projects

2011-07-28

The ceiling within which the state insures pre-financing of the EU funding projects was drastically reduced, from 30% at maximum 10% of the value of the contract, and the companies which do not send the reimbursing documentation to the authorities in at most four months will be obliged to give the money back.

ACTMedia

SIFs – Shareholders asked for GSMs to press on BCR listing

2011-07-28

SIF Moldova (SIF2), SIF Transilvania (SIF3), SIF Muntenia (SIF4) and SIF Oltenia (SIF5) informed that they received a request from a group of investors to call GSMs which should empower their Boards to ask BCR to start listing procedures.

Raiffeisen Capital & Investment

Ministry of Finance sold 4-year T-bonds worth EUR 0.46 bn

2011-07-28

Yesterday, the Ministry of Finance sold 4-year T-bonds worth EUR 0.46 bn at an average yield of 4.85%. The amount raised is lower than the initial intended amount of EUR 0.6 bn, even though subscriptions were close to EUR 1 bn.

Raiffeisen Capital & Investment

OTP Bank Plc. announces the EU Wide Stress Test Results

2011-07-27

OTP Bank Plc. was subject to the 2011 EU-wide stress test conducted by the European Banking Authority (EBA), in cooperation with the Hungarian Financial Supervisory Authority, the European Central Bank (ECB), the European Commission (EC) and the European Systemic Risk Board (ESRB).

OTP Bank

UNCTAD report : Romania went down on position 73 in a ranking regarding foreign investment in 2010

2011-07-27

Romania dropped on position 73 in a top regarding performance in drawing foreign direct investment in 2010, against the position 63 in 2009 and position 42 in 2008, according to the 2011 edition of the World Report on Investments, made by the Conference of the United Nationals for Commerce and Development (UNCTAD) presented on Tuesday at the UN Information Centre for Romania. The top includes 197 states and territories, and Romania is overcome by Angola, Thailand, Malta, Argentina, Latvia and is followed by Mexico, Brasil, Lybia, Croatia and Panama.

ACTMedia

Transport Ministry: operational losses of IMF-monitored companies by 23% lower than targets assume

2011-07-27

The state-run companies belonging to the Ministry of Transport and Infrastructure (MTI), which the International Monetary Fund (IMF) has been monitoring, registered operational losses by 23 percent lower, in the first half of the year, than targets assumed, Transport Minister Anca Boagiu announced on Tuesday during her meeting with the officials of the IMF, the EU Commission and the World Bank (WB).

ACTMedia

Foreign investors require the privatisation of companies

2011-07-27

«Over the last two years, Romania followed the same trend, of dropping, as in the area of Central and Eastern Europe as regards investment. We notice that at least in Q1 the trend of dropping is kept, but we are optimistic as regards the perspectives of Romania to draw the attention of investors.

ACTMedia

OMV Petrom offering to resume in early 2012

2011-07-27

The public offering of a 9.84-percent stake in OMV Petrom held by the Romanian Government will resume in early 2012, according to a press release of the Ministry of Economy, Trade and Business Milieu (MECMA).

ACTMedia

PM Boc announces investment-directed budget adjustment

2011-07-27

The upcoming budget adjustment will be mainly investment-directed so as to make it possible for wages to get back to the 2010 level and allow a rise in pensions as of this year, Prime Minister Emil Boc said on Tuesday.

ACTMedia

Retrasib share capital increase

2011-07-27

The producer of electrical transformers Retrasib (RTRA) has called a GSM for August 10, 2011. Shareholders are asked to approve a share capital increase of RON 5 mn through the issuance of 50 mn new shares by capitalizing some reserves.

Raiffeisen Capital & Investment

The Government reaffirmed its commitment to privatizations

2011-07-27

Following a meeting with the IMF mission in Romania, the Government, through the Ministry of Economy, has issued an official statement saying that it remained committed to the previously agreed Letter of Intent regarding privatizations and restructuring of certain state-owned companies.

Raiffeisen Capital & Investment

Adecco announces the acquisition of Drake Beam Morin, Inc.

2011-07-26

Adecco Group, the global leader in Human Resource services, today announces the acquisition of US-based Drake Beam Morin, Inc., a leading provider in the career transition and talent development services sector, for an enterprise value of EUR1 149 million.

Adecco Group

Romanian Facebook users hit 3.6 mn plus

2011-07-26

Social networking portal Facebook is currently being accessed by over 3.6 million Romanian users, which stands for 16.85 pct coverage of the total population, shows the latest data published by facebrands.ro, the only site that officially monitors Facebook pages in Romania.

ACTMedia

Survey: Only a quarter of Romanian employees believe they are properly paid for their work

2011-07-26

Only 25 percent of Romanian employees believe they are properly paid for the activity they carry out, while the rest of 75 percent say they are quite satisfied with the conditions at their current job, concludes the survey 'The Quality of Low Salary Employment,' carried out by the experts with the Office for Labour Market and Job Quality Monitoring within the National Trade Union Bloc (BNS).

ACTMedia

Romania collects over EUR 224 mn from cereal exports in first four months of 2011

2011-07-26

Romania collected 224.41 million euros from cereal exports in the first four months of 2011, witnessing an almost 60 percent increase compared with the same period of last year, when the exports' value stood at 142.32 million euros, according to the data sent by the Ministry of Agriculture and Rural Development (MADR).

ACTMedia

Special trades with Proprietatea Fund take market liquidity to EUR 24.42 mn this Monday

2011-07-26

Special trades with Proprietatea Fund (PF) shares this Monday took the Bucharest Stock Exchange (BVB) liquidity to a two-month high of EUR 24.42 million (RON 103 million).

ACTMedia

H1 budget deficit at 2.07 % of GDP, below limit negotiated with IMF

2011-07-26

The H1 general budget deficit stood at RON 11.3 billion, ie 2.07 pct of GDP, below the RON 12.6 bln deficit target set forth in the Supplementary letter of intent to the International Monetary Fund (IMF), shows operative data given to publicity by the Ministry of Public Finance (MFP) on Monday.

ACTMedia

Concefa signed a RON 20 mn contract with CFR

2011-07-26

According to a release to the Bucharest Stock Exchange (BVB), the constructions company Concefa (COFI) has signed a contract with CFR, the national company responsible for public rail infrastructure.

Raiffeisen Capital & Investment

Fondul Proprietatea shares repurchase program - update

2011-07-26

Fondul Proprietatea (FP) informed investors that between July 18 and July 22 it acquired 50 mn of its own shares as part of the share purchase program.

Raiffeisen Capital & Investment

Romanian banks - Private loans have increased 2.9% mom in June

2011-07-26

According to the latest data provided by the Central Bank (BNR) private loans have increased 2.9% mom in June to RON 214 bn. Private loans growth have received a boost from the RON depreciation (2.7% mom), but apart from that, the main driver continued to be the corporate segment with a growth of 3.5% mom in nominal terms.

Raiffeisen Capital & Investment

Conpet 2Q 2011 results

2011-07-25

The operator of crude oil and oil products pipelines Conpet (COTE) reported strong results over 2Q 2011, boosted mainly by FX gains. The turnover stood flat yoy at RON 88.1 mn but rose 8% qoq and the operating profit climbed 7% yoy and 54% qoq to RON 12.2 mn.

Raiffeisen Capital & Investment

OMV Petrom/Fondul Proprietatea - Bids for the 9.84% offer below required threshold

2011-07-25

The authorities have informed that the bids for the sale of the 9.84% stake in OMV Petrom (SNP) were below the 80% threshold required for the successful completion of the offer.

Raiffeisen Capital & Investment

ZEW survey : Economic perspectives for Romania, the best in ECE

2011-07-25

The perception of financial analysts regarding the evolution of Romania's economy for the next six months has become in July the best in Central and Eastern Europe (ECE) in the context of reduced worsening of expectations against the majority of states in the region.

ACTMedia

BVB: Silver and Brent Crude Oil Futures available for trade on July 25

2011-07-25

Bucharest Stock Exchange (BVB) puts on trade two new futures contracts on July 25, Brent Crude Oil Futures and Silver Futures, reads a BVB release.

ACTMedia

Renaissance Capital: Petrom offering will be successfully completed when market conditions stabilise

2011-07-25

The investors' risk appetitive, particularly in the case of capital markets they are unfamiliar with, is quite limited, given the difficult conditions on the world markets and their worsening during the marketing process conducted for the Petrom offering, Renaissance Capital Managing Director and Head of Financing Group, one of the arrangers of the Petrom secondary offering, says in a press release issued on Friday.

ACTMedia

Sale of OMV Petrom stake to resume, as subscription falls below 80%

2011-07-25

The secondary public offering for the sale of a 9.84-percent stake in OMV Petrom, conducted by the Romanian Ministry of Economy, Trade and Business Milieu (MECMA) via the State Industrial Shareholdings and Privatisation Office ended on Friday, but subscription stood at below 80 percent, the level required to conclude the offering, MECMA reports in a press release.

Agentia Nationala de Presa - Agerpres

Fitch: Bad loans to peak towards late 2011 in Romania

2011-07-25

The bad loans in the banking systems in Romania, Bulgaria and Croatia will reach their highest level towards the end of 2011 and in 2012 in Slovenia and Hungary, reads a report of the credit rating agency Fitch Ratings written for Central and Eastern Europe.

ACTMedia

ACPR after IMF meeting: Romania urgently needs a ministry of European funds

2011-07-25

Deputy Chairman of the Alliance of Romania's Employers' Association Confederations (ACPR) Dan Matei Agathon, on Friday presented the conclusions drawn after a meeting with head of the International Monetary Fund (IMF) Jeffery Franck, highlighting the need for a ministry of European funds being set in place.

ACTMedia

Eurostat: Romania, third in EU in terms of construction works increase in May

2011-07-21

Romania recorded in May 2011, compared to the previous month, the third largest increase in construction works in the European Union, in conditions in which, in the EU, the construction works volume decreased by 0.9 percent and in the euro area the volume of construction works decreased by 1.1 percent, according to data presented on Tuesday by the European Statistics Office (Eurostat).

ACTMedia

Slight appreciation for OMV Petrom against rising market

2011-07-21

The shares listed on the Bucharest Stock Exchange (BVB) gained on Wednesday 0.20 pct on average, in an evolution tracked by the BET-C composite index.

ACTMedia

EU multi-annual draft budget is one of solidarity

2011-07-21

The proposal regarding the multi-annual financial framework for the European Union, which targets the 2014-2020 period, is ambitious, innovative, responsible and rigorous, said on Wednesday the head of the representation office of the European Commission (EC) in Romania, Nicolae Idu.

ACTMedia

Rompetrol Rafinare - Court rules in favor of conversion of bonds into shares

2011-07-21

According to a release of the company, the court has ruled in favour of the share capital increase of RON 1.97 bn settled in the EGSM of September 2010, which represents the conversion into shares of 20.65 mn bonds which had been issued by the company in favor of the state.

Raiffeisen Capital & Investment

OMV Petrom JV with Exxon to continue Neptun Block exploration

2011-07-21

OMV Petrom (SNP) has informed that following the decision of the Romanian State to extend with five years its concession period for Neptun Block, its JV with Exxon Mobile would enter a new phase.

Raiffeisen Capital & Investment

OTP Bank Romania joins the fourth phase of the First House program

2011-07-20

OTP Bank Romania signed the participation protocol with The National Credit Guarantee Fund for Small and Medium Companies for the fourth phase of the First House governmental program.

OTP Bank

China Town shopping area at Afumati

2011-07-20

Prime Minister Emil Boc on Tuesday attending the opening of the China Town shopping area at Afumati, near Bucharest City, that aims to become the largest such shopping area in Europe after office buildings and a residential quarter will be built there.

ACTMedia

Gov't has set minimum price for Petrom stake at 0.3708 / lei per share

2011-07-20

The Government has set, on Tuesday, the minimum price for Petrom shares to be sold on the stock exchange at 0.3708 lei / share, according to government representatives.

ACTMedia

IMF review mission arrives Wednesday in Romania

2011-07-20

A new mission of the International Monetary Fund (IMF) is coming on Wednesday to Romania for the second review of the Stand-by precautionary agreement and for assessing the progress made as regards the commitments made by the Romanian authorities.

ACTMedia

Merkel draws red lines ahead of eurozone summit

2011-07-20

As eurozone heads of state prepare for a summit on Thursday (21 July) to put together a second bailout package for debt-laden Greece, German Chancellor Angela Merkel said she wanted clear commitments from private investors that they would contribute to further funding.

ACTMedia

Aerostar 2Q 2011 results

2011-07-20

Aerostar (ARS) released its 2Q 11 results under Romanian Accounting Standards (RAS). 2Q revenues were almost 15% lower yoy at RON 32.8 mn as exports could not fully balance the drop in domestic demand.

Raiffeisen Capital & Investment

BRD-GSG - CEO's statements

2011-07-20

BRD-GSG's CEO was quoted by local media saying that provision charges have peaked in 1H 11 and that in 2H 11 they would be below the level reached during the first half of the year.

Raiffeisen Capital & Investment

Minimum price set at RON 0.3708 for OMV Petrom’s offer

2011-07-19

According to local media, citing officials with knowledge of the matter, the Government has set the minimum price for the sale of a 9.84% stake in OMV Petrom (SNP) at RON 0.3708 per share.

Raiffeisen Capital & Investment

GfK Consumer Climate Europe survey for Q2 of 2011: Hopes of economic recovery in Europe

2011-07-19

In many European Union countries, consumer sentiment is improving for the first time since the financial and economic crisis, even though the discussions on the Greek rescue package are still creating a great deal of uncertainty.

ACTMedia

Prospects for Romanian-Bulgarian trade discussed in Bucharest

2011-07-19

Romanian Minister of Economy, Trade and Business Milieu Ion Ariton and Bulgarian Minister of Economy, Energy and Tourism Traycho Traykov on Monday discussed in Bucharest the latest developments in and prospects for commercial exchanges between Romania and Bulgaria, the Romanian Ministry of Economy, Trade and Business Milieu reports in a news release.

ACTMedia

Finance Ministry raises almost RON 900 mn in T-bill auction

2011-07-19

The Ministry of Public Finance (MFP) on Monday raised RON 899.92 mln (about 210.828 mln euros at the current exchange rate) from the commercial banks operating in Romania, through a discount T-bill issue placed through the National Bank of Romania (BNR).

ACTMedia

A joint mission IMF–World Bank-EC comes to Bucharest on Wednesday for the second evaluation in the new agreement

2011-07-19

A joint mission of IMF, European Commission and the World Bank comes on Wednesday to Bucharest for the second evaluation of the stand-by agreement precautionary type, the representatives of international institutions to analyse the way in which the reforms were made in the first half of this year.

ACTMedia

State officials meet today to set minimum price for Petrom offer

2011-07-19

According to a media release, government officials will convene today to set the minimum price per share for the offer taking place for the sale of the 9.84% stake in Petrom.

Raiffeisen Capital & Investment

Oil Terminal 2011 budget

2011-07-18

Oil Terminal (OIL) held a Shareholders meeting on July 15. Among other issues, the shareholders approved the 2011 budget.

Raiffeisen Capital & Investment

Fondul Proprietatea end of June official NAV

2011-07-18

Fondul Proprietatea (FP) has informed that its official NAV as of end-June stood at RON 1.1754 per share, down 1.4% mom.

Raiffeisen Capital & Investment

Arges and Cluj, the counties in Romania with economic growth

2011-07-18

In 2009 and 2010 the Romanian economy went down, first with 7.1% of the GDP and then with 1.3% of the GDP. Although the salary cuts depreciated due to the inflation as well as the unemployment which affected all counties, statistically not the whole country was in recession.

ACTMedia

Project is devised to restart Romanian exports to U.S. market

2011-07-18

The National Association of the Romanian Exporters and Importers (ANEIR) and Eximbank have launched a project meant to restart the Romanian exports in the United States market and also in the Gulf states, the Association said in a press release on Friday.

ACTMedia

Foreign direct investments dropped by 23.3% in the first five months

2011-07-18

Foreign direct investments in Romania dropped by 23.3% in the first five months, at 799 million euro, the greatest part being intra-group loans, according to the data announced on Friday the National Bank of Romania (BNR).

ACTMedia

BNR Governor: Average annual inflation rate could drop towards 5% in August

2011-07-18

The average annual inflation rate in Romania in August will drop towards 5 percent, while the monthly inflation rate could get under 4 percent at the beginning of October, National Bank of Romania (BNR) Governor Mugur Isarescu told a specialized press conference on Friday.

ACTMedia

Not just a 'man's world' - female breadwinners’ growing influence in consumer spending

2011-07-15

While unemployment rates remain high, female employment is rising and wages for women are higher than ever before, creating a significant impact on purchasing behavior among female consumers.In its latest strategy briefing: Female Breadwinners - How the Rise in Working Women is Influencing Spending Patterns, Euromonitor International looks at the growing buying power of the female worker.

Euromonitor International

Romania's exports of agricultural products is approaching EUR 1 bn

2011-07-15

Romania's exports of agricultural products in intra and extra community countries was close to one billion euros by the end of April 2011, the top revenues being dominated by corn, tobacco and sunflower seeds, according to data provided by the Ministry of Agriculture and Rural Development (MADR) .

ACTMedia

The Romanians bought 50 kg of gold in two weeks

2011-07-15

BCR and Piraeus the two local banks which have operations with gold with the customers sold since the beginning of the month, in less than two weeks almost 50 kg of gold, worth 1.8 million euro.

ACTMedia

Reuters: The instability of the markets may affect the privatization programme of Romania

2011-07-15

The nervousness of the markets and the high price of 840 million dollars required by the government for Petrom shares could affect the ambitious programme of privatization, Reuters says, quoted by Mediafax.

ACTMedia

Eurostat: Romania records also in June highest annual inflation rate in EU

2011-07-15

June 2011 was the 11th consecutive month in which Romania recorded the highest annual inflation rate in the European Union (EU) - 8.0%, followed at a distance by Estonia - 4.9% and Lithuania - 4.8%, according to the data made public on Thursday by the European Statistical Office (Eurostat).

ACTMedia

Ambassador Henri Paul: Romania, France have very strong, very close ties

2011-07-15

The ties linking Romania to France are very strong and very close, as there is an odd attraction uniting the two countries, which have been making up a tandem that is more than 130 years old, French Ambassador to Romania Henri Paul said in an address to a reception celebrating France's National Day on Thursday.

ACTMedia

EU funds for overdue contracts should be directed to other projects

2011-07-15

Romanian Prime Minister Emil Boc asked the ministers to penalize EU fund beneficiaries who are overdue in implementing their projects, so that the money can be diverted towards other European developments.

ACTMedia

Condmag has penciled a RON 12.5 mn contract with OMV Petrom

2011-07-15

Condmag (COMI) has informed that it signed a RON 12.5 mn contract with OMV Petrom (SNP) with a total value of RON 12.5 mn.

Raiffeisen Capital & Investment

Transelectrica 1H 2011 preliminary figures

2011-07-14

Together with the release of further details on the revised 2011 budget, Transelectrica reported some preliminary 1H 2011 figures, which point to a net profit of RON 10 mn, from RON 161 mn obtained in 1Q 2011.

Raiffeisen Capital & Investment

Salaries - higher in Bucharest than in Iasi, Timisoara and Cluj, but the cost of living is close

2011-07-14

The net average salary of Bucharest is almost 30% higher than in Iasi, Timisoara and Cluj, but the cost of living in these towns is close to that of the capital city, says a study of the A.T.Kearney consultancy company regarding seven towns of Romania.

ACTMedia

Egypt may Add Ukraine, Romania to the list of wheat suppliers

2011-07-14

Egypt, the world's biggest wheat importer, is considering adding Romania and Ukraine to its list of approved suppliers, said Nomani Nomani, vice chairman of the state-run General Authority for Supply Commodities.

ACTMedia

ING reduces the estimate for inflation

2011-07-14

ING reduced the estimate regarding inflation at the end of this year from 6.1% to 4.7% after the unexpectedly low level of indicator in June, but as a result of the ANRE decision to keep prices for gas for household consumers and due to a better agricultural year.

ACTMedia

Romania and Greece want CAP and CP appropriate financing after 2013

2011-07-14

Romania and Greece are interested in coordinating their efforts for maintaining an appropriate financing within the new multi-annual budget after 2013 for the Common Agricultural Policy (CAP) and for the Cohesion Policy (CP), informs a Foreign Affairs Ministry (MAE) release.

ACTMedia

'North Africa and Eastern Europe: perspectives and shared experiences' seminar, a proof of Romania's solidarity

2011-07-14

The Romanian Minister of Foreign Affairs, Teodor Baconschi, said on Wednesday, on the occasion of the opening of the international seminar 'North Africa and Eastern Europe: perspectives and shared experiences' that Romania expresses its solidarity with the countries in the Mediterranean basin and in the Arab world who fight for democracy because it also has 'the recent memory of a closed regime, and also the experience of efforts crowned by success'.

ACTMedia

Mark Gray: European Commission to publish the MCV report on 20 July

2011-07-14

The spokesperson of the European Commission Mark Gray stated on Wednesday for Mediafax that the report regarding MCVwill be published by the EC on 20 July.

ACTMedia

Transelectrica 2011 revised budget

2011-07-14

Transelectrica provided more details on the revised 2011 budget, which foresees a gross profit of RON 42 mn, significantly below our estimate which stands close to RON 200 mn.

Raiffeisen Capital & Investment

Transgaz - Gas consumption in May rose by 20% yoy

2011-07-14

Gas consumption recorded a significant jump of 20% yoy in May 2011 to 9 TWh, while over Jan-Apr 2011 consumption stood flat yoy. The rise came mainly from energy production and chemical sectors.

Raiffeisen Capital & Investment

Romanian National Bank sets rate at 4.28 RON/Euro

2011-07-13

The Romanian national currency leu (RON) was traded at a rate of 4.2910 RON/Eur on the interbanking market on Tuesday, due to worries related by the Greek and Italian crisis.

ACTMedia

Vasilescu (BNR): If Spain and Italy are affected we will be too

2011-07-13

Problems in Spain and Italy would also affect Romania and measures will have to be taken to reduce the effect as much as possible, the councilor of BNR governor Adrian vasilescu declared on Tuesday at a TV station when speaking about the financial problems facing the two countries.

ACTMedia

Euro takes a beating as second Greek rescue on hold

2011-07-13

Markets are pummelling the euro as EU finance officials make vague proclamations on strengthening EU bailouts but continue to disagree on the terms of a second Greek rescue plan.

ACTMedia

Survey: European funds on paper and in reality

2011-07-13

The absorption rate, i.e. the effectively spent money, of the European Union structural funds is very low at this moment in Romania, at a little over 7 percent for the Regional Operational Programme (ROP) and nearly 20 percent for the Operational Programme for the Development of Human Resources (OPDHR), said the Public Policies Institute Director Violeta Alexandru on Tuesday.

ACTMedia

PM Boc: Romania will have a 3% budget deficit in 2012

2011-07-13

Premier Emil Boc said in Ploiesti that in 2012 Romania would have a budget deficit of 3% and the economic growth prognosis for this year is 1.5-2% while for 2012 it is 3.5-4%, Mediafax informs.

ACTMedia

Transelectrica 2011 revised budget below expectations

2011-07-13

The power grid operator Transelectrica called a shareholders' meeting for August 19 asking shareholders to approve among others the revised 2011 budget.

Raiffeisen Capital & Investment

Dafora signs drilling contract with Petrom

2011-07-12

Dafora (DAFR) announced that it signed a four-year drilling contract with Petrom (SNP) worth EUR 23 mn.

Raiffeisen Capital & Investment

SIF Banat Crisana has received a RON 2.9 mn installment from AVAS

2011-07-12

SIF Banat Crisana (SIF1) has announced that following a legal complaint against the State Assets Resolution Agency (AVAS) it received a first installment of RON 2.92 nm.

Raiffeisen Capital & Investment

Monthly inflation rate turned negative in June

2011-07-12

According to the official communique, Romania's monthly inflation rate (CPI) in June stood at -0.29%, below the 0.2% which was expected by the market.

Raiffeisen Capital & Investment

Romania's population decreases by 5,578 people in May

2011-07-12

Romania's population decreased by 5,578 people in May 2011 and by 7,410 people in April, with a negative population growth having been recorded, according to provisional data published by the National Institute of Statistics (INS).

ACTMedia

Textiles, IT and furniture bring Romania's exports to UK, 40% up

2011-07-12

Romania's exports to Great Britain increased by 40 percent, during the first four months of the year, when Romania was exporting electronics, textiles, IT products and furniture totaling 400 million euros, chairman of the British - Romanian Chamber of Commerce Raymond Breden, told a news conference, on Monday.

ACTMedia

MRCMA: Romania’s exports keep their rising tendency

2011-07-12

Romanian exports recorded in May 2011 a 27.1% dynamics, similar value to the growth rate of exports recorded in 2010 ( 28.1%), the record year for exports of the last two decades, the Ministry of Economy, Commerce and Business Environment (MECMA) says. According to a MECMA press release, the tendency to grow of Romanian exports will continue over the first four months of 2011 ( increase of 33.3%) and is kept in this way, the growth rhythm of exports for a consecutive period of 19 months ( constantly positive).

Agentia Nationala de Presa - Agerpres

Trade deficit totaled EUR 3.64 bn in five months, down EUR 297 mn

2011-07-12

FOB-CIF commercial deficit was 15.136 billion lei (3.642 billion euros) in the first five months of the year, down 1.132 billion lei (297.2 million euros) as compared to that recorded during the similar period in 2010, according to the National Institute of Statistics (INS).

INS

MFP borrows over EUR 210 mn from commercial banks

2011-07-12

The Ministry of Public Finance (MFP) on Monday borrowed about 212 million euros (over 900 million lei) from the commercial banks through an issue of discount treasury bills, auctioned by the National Bank of Romania (1 euro = 4.2272 lei).

ACTMedia

BVB launches futures contract on its own shares with Market Maker

2011-07-12

The Bucharest Stock Market (BVB) on Friday will start trading the futures contract on the BVB shares (named BVB Futures) and starting the same day SSIF IFB Finwest will act as Market Maker for the next two maturities of this futures contract, the BVB reports.

ACTMedia

PM: Romania to retain majority packages in strategic companies

2011-07-12

Romanian Prime Minister Emil Boc said Monday that he supports selling minority packages in companies of strategic importance, such as Trangaz, Romgaz and Transelectrica, but the state needs to hold on to majority participations, in order to have 'a strong say' in energy and other important sectors.

ACTMedia

Sale of 9.84% of state-controlled shares in Petrom started Monday

2011-07-12

The process by which the Romanian state sells 9.84% of the shares held by the Economy Ministry in oil company Petrom started on Monday.

ACTMedia

Analyst'reaction: Liviu Voinea - the decrease of inflation in June is not a significant evolution

2011-07-12

The manager of the Group of Applied Economy Liviu Voinea considers that the decrease of inflation recorded in June does not represent a significant evolution as starting with autumn the increase of gas price and excises will be evident.

ACTMedia

Year-on-year inflation goes down to 7.93%

2011-07-12

The consumer price index declined 0.29 percent this June on a monthly basis, bringing year-on-year inflation down to 7.93 percent.

ACTMedia

Eastern Europe only marginally affected by crisis in Greece

2011-07-11

While Greece – and with it the stability of the euro – is facing a struggle of sorts for survival at the moment, most of the countries in Central and Eastern Europe, including Poland and the Czech Republic, have a solid economic foundation to stand on.

Raiffeisen Capital Management

Romanian industrial production, up 8.9% in first 5 months

2011-07-11

Industrial production (unadjusted series) was higher by 8.9% in the first five months of this year compared with the same period in 2010, the biggest increases having been recorded in the processing industry and the extractive one, according to the National Institute of Statistics (INS).

ACTMedia

Structured Products Market totals EUR 40 mn transactions, on stock exchange

2011-07-11

The Structured Products Market totals transactions worth about 170 million lei and a bulk amounting to over 5.5 million transactional units, one year after its launch on the stock market, with more than 78 percent of it being achieved in 2011, the Bucharest Stock Exchange (BVB) informs.

ACTMedia

Sale offer of 9.48% in Petrom to run as of Monday

2011-07-11

The Bucharest Stock Exchange (BVB) will run, as of Monday, through its electronic system, the secondary public sale offering of shares held by the Ministry of Economy, Trade and Business Environment in OMV Petrom, reads a BVB release.

ACTMedia

AAFBR: Inflation went up to 8.5% in June

2011-07-11

Prices went up by 0.2% in June, similarly to the previous month, so that the annual rate of inflation reached 8.5% per year, easily over the last of last month, according to most of the opinions expressed by the Association of Financial-Banking Analysts of Romania (AAFBR).

ACTMedia

European Commissioner Neelie Kroes starts today an official visit to Romania

2011-07-11

Vice-President of the European Commission in charge of the digital agenda Neelie Kroes on Monday pays an official visit to Romania, informs the site of the European Commission.

ACTMedia

Romania, Bulgaria demand full access to EU's labour market

2011-07-11

The Bulgarian and Romanian governments have asked the European Commission to help them fully open the EU labour market to their nationals from 2012, Bulgarian news website Mediapool announced.

ACTMedia

Prodplast mandatory public tender offer

2011-07-11

The local securities commission (CNVM) approved the prospectus for the mandatory public tender offer (MPTO) for a stake of 59.9% of Prodplast (PPL).

Raiffeisen Capital & Investment

State's stake in Fondul Proprietatea reduced to 18.9% at end-June

2011-07-11

Fondul Proprietatea (FP) released the shareholding structure as of end-June 2011. The Ministry of Finance's stake decreased from 25.25% from end of May to 18.9% at end-June.

Raiffeisen Capital & Investment

Inflation rate on a downward trend

2011-07-11

June inflation rate (-0.3% m/m and 7.9% y/y) produced a very positive surprise. Our expectations and market consensus stood at 8.5% y/y. Food price decreased by 1.3% m/m following a better supply of fresh vegetables and other domestic food products.

BCR Research

Savings for Europe through the Port of Constanta

2011-07-10

Significant savings can be made if the flow of goods destined for Central & Eastern Europe is entering Europe via Romania, through the Port of Constanta, according to the 'CO2 Reduction' report issued by the European Gateways Platform.

Archicom

Turnover in trade and services sectors increased in first 5 months

2011-07-08

The volume of retail and wholesale trade turnover, maintenance and repair of motor vehicles and motorcycles, gross series, rose in the first five months of 2011 by 3.7 percent compared to the same period last year, and that adjusted depending on working days and seasonality increased by 4.5 percent, the National Statistics Institute (INS) informs.

ACTMedia

Companies have bigger problems with banks than people

2011-07-08

At the end of May, the number of natural persons with debts was 728,318, with delays of more than 30 days, according to the monthly bulletin published by the National Bank.

ACTMedia

A maximum price of RON 0.46 for Petrom stake secondary offering

2011-07-08

The secondary offering for the OMV Petrom shares, launched by the Ministry of Economy, Trade and Business Environment (MECMA), has set a maximum price of 0.46 lei per share, the maximum value of the offering amounting to roughly 2.564 million lei, according to the announcement published on the Bucharest Stock Exchange website.

ACTMedia

Fitch improves ratings of Brasov and Oradea

2011-07-08

Fitch Ratings improved the rating for long term debts of the towns of Brasov and Oradea to BBB- from BB+, with a stable perspective, according to a press release of the evaluation agency.

ACTMedia

Petrom makes potentially significant gas discovery

2011-07-08

OMV-Petrom (SNP) announced the successful result of the exploration well 4539 Totea, which was drilled in Southwestern Romania, in Oltenia.

ACTMedia

Ministry of Finance borrowed at a lower yield

2011-07-08

Yesterday, the Ministry of Finance has raised an amount of RON 0.7 bn, more than the initial intended amount of RON 0.5 bn, through the issuance of 3 1/3-years T-bonds.

Raiffeisen Capital & Investment

Gov't approved implementation rules of 'Kogalniceanu' card program for SMEs

2011-07-07

The Government has approved, on Wednesday, through a Decision, the Methodological rules for the application of the OUG No.60/2011 on 'Mihail Kogalniceanu' card program for small and medium-size enterprises, announced Prime Minister Emil Boc, in a press conference at the Victoria Palace.

ACTMedia

Construction works gross volume decreases by 3% in January-May

2011-07-07

The volume of construction works decreased in the first five months of the year by 3 percent as gross series, compared to same period in 2010, while in May the decrease stood at 16 percent compared to April, show provisional data published on Wednesday by the National Institute of Statistics (INS).

Agentia Nationala de Presa - Agerpres

Romanian industry turnover up 20.4% in five months

2011-07-07

The turnover in the Romanian industry went up 20.4 percent in the five months of the year from Jan.-May 2010, based on the rises in the processing industry at 21.3 percent and mining industry at 3.1 percent, the National Institute of Statistics announced on Wednesday.

ACTMedia

New orders in industry rise by 23.5% in first 5 months

2011-07-07

New orders in industry rose in the first five months of 2011 by 23.5 percent compared to the same period last year due to increases recorded in all industrial groups, the National Statistics Institute (INS) informs.

ACTMedia

Year-to-date BRM trades in greenhouse gas allowances at over 4 mn

2011-07-07

A number of 4.1 million greenhouse gas emission allowances have been traded this year on the floor of the Romanian Commodities Exchange (BRM), which represents over 5.4 pct of the annual ceiling of 75.9 million tonnes assigned to Romania over the interval 2008 - 2012, BRM informs.

ACTMedia

The head-economist of Renaissance Capital: Improvement of country rating, one trust vote for Romania

2011-07-07

Although it has been anticipated since May by the head economist of Renaissance Capital, Charles Robertson, the reception of Romania among the countries with ' investment grade' was a piece of news which surprised the market. At the same time, a similar movement is expected on the part of S&P, the analyst says.

ACTMedia

Romania to benefit from higher European funds in 2014-2020

2011-07-07

Romania will be one of the countries to benefit from higher European funds from the European Union budget for the period between 2014 and 2020, European Commissioner for Agriculture and Rural Development Dacian Ciolos told a press conference on Wednesday.

ACTMedia

Israeli Prime Minister Benjamin Netanyahu at the Cotroceni presidential palace

2011-07-07

'Mr. Prime Minister, thank you so much for visiting us. I am looking forward to continuing our discussion of last year. I'm still under the impression of the talks I had with you and the President.

ACTMedia

FP - Proposal for a secondary listing on Warsaw Stock Exchange

2011-07-07

The manager of Fondul Proprietatea (FP) announced that it would propose to shareholders a secondary listing of the fund on Warsaw Stock Exchange (WSE) in the 1Q 12.

Raiffeisen Capital & Investment

OMV Petrom SPO prospectus approved by Securities Commission

2011-07-07

The National Securities Commission (CNVM) has announced that it has approved the prospectus for the sale of the 9.84% stake in OMV Petrom (SNP).

Raiffeisen Capital & Investment

Number of Romanians with major spending plans increased from last year

2011-07-06

The number of Romanians who have major acquisition and spending plans for 2011 has increased compared to last year, and the main spending plan concerns vacation, according to a survey published in the 2011 Financial Annual Report launched by MEDIAFAX Tuesday.

ACTMedia