Doingbusiness News

Will Poland and Ukraine score with EURO 2012?

2012-05-24

Poland and Ukraine have spent EUR 30.2 bn on infrastructure and sports venues in total, resulting in high capital investments growth (9% for Ukraine and 8.5% for Poland) and softening the negative effects of the financial crisis.

Erste Group Research

MAE: Neighbourhood policy and functioning of human rights protection system are discussed in Strasbourg

2012-05-24

Romanian Minister of Foreign Affairs Andrei Marga on Wednesday, in Strasbourg, attended the meeting of the Committee of Ministers of the Council of Europe, which debated topical subjects of interest on the new neighbourhood policy of the organization and the functioning of the system protecting human rights in Europe.

Agerpres

Stock exchange opens lower

2012-05-24

The Bucharest Stock Exchange (BVB) opened lower on Thursday, as the BET-C general index went down 0.57 percent on average in the first 15 trading minutes.

Agerpres

Proposed changes to capital gains taxes

2012-05-24

According to the draft law amending the Fiscal Code, the government intends to change the way it taxes capital gains from securities sale.

Agerpres

Over 62,000 high education grants to be given next academic year

2012-05-24

The Government approved over 62,000 state grants for university and BA studies, 35,600 for master degree studies and 3,000 doctoral grants, for the 2012-2013 academic year, informs the Ministry of Education Research, Youth and Sports (MECTS) release sent to Agerpres.

Agerpres

Public Tender Offer priced at RON 2.22 per share

2012-05-23

The National Securities Commission approved the Public Tender Offer initiated by Pelican Fertilizers GmbH for a stake of 24.13% in fertilizers producer Azomures (AZO).

Raiffeisen Capital & Investment

Stirom shares start trading today on the main market of the BVB

2012-05-22

The shares of the producer of glass and glass containers Stirom (STIB) will start trading today on the main market of the Bucharest Stock Exchange. Stirom is majority owned by a Nicosian Company and is member of the Yioula Group.

Raiffeisen Capital & Investment

Posta Romana to lay off 1,000 employees over the next three months

2012-05-21

The new CEO of Posta Romana, where Fondul Proprietatea owns a stake of 25%, declared that some 6500 employees (some 19% of the total workforce) will be discharged, in order to avoid insolvency.

Raiffeisen Capital & Investment

Fondul Proprietatea - Hidroelectrica to quit having fixed prices for bilateral contracts

2012-05-21

The Ministry of Economy announced that during negotiations with the holders of bilateral contracts with Hidroelectrica it was decided that there would be no fixed prices.

Raiffeisen Capital & Investment

Romanian M&A market to be dominated by small transactions in 2012

2012-05-21

The mergers&acquisitions (M&A) market in Romania will be dominated by small transactions of up to two million euros in 2012, and the increase will be insignificant compared to last year, reveals a local survey conducted by the international consultancy network Nexia.

Agerpres

Fresh bill to regulate 2015 - 2024 oil and gas royalties

2012-05-21

A new bill will be produced to regulate oil and gas royalties over the 2015 - 2024 period, Minister of Economy, Trade and Business Environment Daniel Chitoiu told a press conference on Friday.

Agerpres

OMV Petrom - Rumored calendar for gas price liberalization

2012-05-18

According to the media, the Romanian government proposed a calendar for gas price liberalization, which follows to be agreed with the IMF. The calendar stipulates the elimination of regulated prices by end-2014 for industrial consumers and by end-2018 for households. The deadline for industrial consumers could be moved further by one year (until end-2015) if market stability is endangered.

Raiffeisen Capital & Investment

Fondul Proprietatea - Procedures for the selection of intermediaries for Nuclearelectrica's listing suspended

2012-05-18

According to a release, the nuclear power producer Nuclearelectrica decided to suspend the intermediary’s selection procedures for floating a 10% stake on the BSE. We remind that the deadline for submitting the offers was May 21.

Raiffeisen Capital & Investment

Ministry of Finance sold 5-year T-bonds worth RON 0.7 bn

2012-05-18

Yesterday, the Ministry of Finance sold RON 0.7 bn in five year T-bonds, slightly higher than the initial intended amount of RON 0.65 bn.

Raiffeisen Capital & Investment

Fondul Proprietatea calls GSM to approve the secondary listing

2012-05-17

Fondul Proprietatea (FP) has called its (E)GSM for June 26(27), 2012 to approve the formalities needed for its secondary listing on Warsaw Stock Exchange and the registration with the Polish National Depository for Securities.

Raiffeisen Capital & Investment

Petrom - Economy Minister envisages overtaxing oil companies profits

2012-05-17

According to the local media, the newly appointed economy minister, Mr. Chitoiu, is considering overtaxing the profits of the oil companies. According to his statements cited in the press, the government is working on a draft law to be approved by the end of the year and which should come into force from 2013.

Raiffeisen Capital & Investment

Ropharma - 1Q 2012 results

2012-05-16

Pharmaceutical retailer and distributor Ropharma (RPH) reported for 1Q 2012 increasing sales figures by 7.3% yoy to RON 107.3 mn out of which sales trough its own pharmacies network inched up by 1% yoy to RON 75.3 mn.

Raiffeisen Capital & Investment

Cemacon - 1Q 2012 results

2012-05-16

The construction materials producer Cemacon (CEON) posted a turnover of RON 3.6 mn, 9% higher yoy. On the costs side, raw material expenses contracted by 38% yoy to RON 1.1 mn, while personnel expenses were down 34% yoy to RON 0.8 mn.

Raiffeisen Capital & Investment

Boromir Prod - 1Q 2012 results

2012-05-16

The miller & baker Boromir Prod (SPCU) reports 4Q 12 figures, with a drop of 18% yoy in its sales. Raw materials expenses decreased by 30% yoy to RON 17.1 mn, while salaries costs dropped 16% yoy to RON 4.1 mn.

Raiffeisen Capital & Investment

Sicomed 1Q 2012 results

2012-05-16

Pharmaceutical producer Sicomed (SCD) has reported its 1Q 2012 results with sales of RON 72.8 mn, up 12% yoy. The company managed to cut its costs (raw materials expenses down 18% yoy to RON 8.8 mn, labor expenses lower 6% yoy to RON 11 mn) and posted operational gains of RON 8.6 mn, lower 59% yoy.

Raiffeisen Capital & Investment

Alro - 1Q 2012 results

2012-05-16

Aluminum smelter Alro (ALR) has reported a drop of 10% yoy in its sales to RON 510 mn in 1Q 12, probably due to lower aluminum prices. On the costs side, expenses with electricity jumped 30% yoy to RON 194 mn, as Hidroelectrica invoked the force majeure clause and charged higher prices.

Raiffeisen Capital & Investment

Transgaz - Follow-up on 1Q 2012 results

2012-05-15

As more information became available on Transgaz 1Q 2012 results we decided to issue a follow-up to our First Impression of yesterday, May 14.

Raiffeisen Capital & Investment

Real GDP fell marginally in Q1

2012-05-15

Preliminary estimates made public today by the statistical office showed real GDP fell marginally in Q1 2012 from Q4 2011 (-0.1% qoq). It increased by 0.3% from Q1 2011 (gross data).

Raiffeisen Research

Daniel Daianu: Romanian economy might shift on growth in Q2

2012-05-15

The Romanian economy might come back on growth in the second quarter of 2012 but it will small, mainly due to the tensions in the Euro Area, economist Daniel Daianu, state advisor within the Prime Minister's Working Apparatus, told Agerpres on Tuesday.

Agerpres

1Q12 GDP - Romania falls back into technical recession

2012-05-15

GDP slipped into negative territory for the second consecutive quarter (-0.1% q/q). Our q/q estimate stood at -0.2% q/q, while the market median was 0% q/q. In annual terms, GDP struggled to remain positive (+0.3% y/y) and, as mentioned in our local weekly publication, the latest negative trends y/y in industry and construction weighed pretty heavily on the 1Q12 GDP y/y n.s.a.

Erste Group Research

Biofarm 1Q 12 - Results broadly in line with estimates

2012-05-15

Biofarm released its 1Q 2012 results in line with our estimates. Sales decreased slightly yoy, negatively influenced by the unfavourable weather conditions, while bottom line improved as BIO marketing expenses were slightly lower.

Raiffeisen Capital & Investment

Electroarges released solid 1Q 2012 results

2012-05-15

Household appliances producer Electroarges (ELGS) released its 1Q 2012 results with the turnover up 10% yoy to RON 39.3 mn.

Raiffeisen Capital & Investment

Socep 1Q 2012 results

2012-05-15

Stevedoring company Socep (SOCP) has reported its 1Q 2012 results with sales inching higher by 3% yoy to RON 13.8 mn. The company did not manage to adjust its costs as salaries expenses went up by 9% yoy to RON 5.6 mn, while third parties augmented by 11% yoy to RON 3.8 mn.

Raiffeisen Capital & Investment

Artego 1Q 2012 results

2012-05-15

The rubber products manufacturer Artego (ARTE), published its 1Q 2012 results with sales increasing by 7% yoy to RON 48.5 mn. Labor costs were down 8% yoy at RON 8.6 mn, while raw material costs were up 11% yoy at RON 33.5 mn in line with the evolution of rubber prices.

Raiffeisen Capital & Investment

Impact Developer&Contractor - 1Q 2012 results

2012-05-15

The construction and development company Impact (IMP) has reported its 1Q 12 results. Sales increased by 20% to RON 4.5 mn, while total revenues plunged 54% yoy to RON 2.6 mn, on the back of a decrease in revenues from own work.

Raiffeisen Capital & Investment

Antibiotice 1Q 2012 results

2012-05-15

Pharmaceutical producer Antibiotice (ATB) reported for 1Q 2012 flat revenues and higher operating profit, though offset by higher financial losses. The turnover reached RON 72 mn, just 1% higher yoy.

Raiffeisen Capital & Investment

Dafora 1Q 2012 results

2012-05-15

Dafora (DAFR) has published its 1Q 12 results with a plunge of 44% yoy in its sales to RON 25.0 mn, but due to a positive change in inventories, its total revenues have decreased only 5% yoy to RON 38.6 mn.

Raiffeisen Capital & Investment

Azomures 1Q 2012 results

2012-05-15

The fertilizer producer Azomures (AZO) reported its 1Q 2012 results with sales increasing by 9% yoy to RON 446 mn. On the costs side, raw material expenses rose by 26% yoy to RON 311 mn, while personnel expenses were up 9% yoy to RON 22 mn.

Raiffeisen Capital & Investment

Prospectiuni – 1Q 2012 results

2012-05-15

The geophysical and geological prospecting company Prospectiuni (PRSN) reported weak 1Q 2012 results. Sales halved yoy to RON 32.7 mn (half also compared to our estimates), most probably due to the bad weather conditions and to the delays in the tendering processes of Petrom and Romgaz.

Raiffeisen Capital & Investment

Fondul Proprietatea - official NAV as of end-April 2012

2012-05-15

Fondul Proprietatea (FP) has reported its official NAV as of end-April 2012. The unitary value was RON 1.1572 per share, down 2.9% mom as the portfolio of listed shares amounted to RON 6.13 bn, down 3.3% mom.

Raiffeisen Capital & Investment

Transelectrica 1Q 12 - Larger than expected drop in volumes added to higher costs

2012-05-14

Transelectrica 1Q 2012 results disappoint on weak bottom line, partially derived from a drop in quantities transported but also higher costs.

Raiffeisen Capital & Investment

Transgaz 1Q 12 - Slight profit weakness on higher depreciation expenses

2012-05-14

Transgaz 1Q 2012 results were slightly lower than our expectations and consensus in terms of profitability, the main digressing factor being the rise in depreciation expenses.

Raiffeisen Capital & Investment

Condmag 1Q 2012 results

2012-05-14

The industrial contractor Condmag (COMI) reported its 1Q 2012 results. Sales rose by 31% yoy to RON 15.2 mn, while on the costs side, raw materials were up 25% yoy to RON 7 mn, third parties costs up 21% yoy to RON 5.3 mn and labor expenses down 11% yoy to RON 7 mn.

Raiffeisen Capital & Investment

Electromagnetica 1Q 2012 results

2012-05-14

Electricity trader and producer of electrical components released its 1Q 2012 results with sales down 10% yoy to RON 115 mn. The drop was mainly attributable to a decrease in the sale of electricity (-18% yoy to RON 93.3 mn), while production of electrical components rose by 45% yoy to RON 21.1 mn.

Raiffeisen Capital & Investment

Broker Cluj - 1Q 2012 results

2012-05-14

Broker Cluj (BRK), a broker and investment house, has reported its 1Q 12 results. Sales (i.e. mainly fees collected from its clients) have dropped 24% yoy to RON 0.9 mn, due to a lower turnover compared to 1Q 11.

Raiffeisen Capital & Investment

Teraplast 1Q 2012 results

2012-05-14

Teraplast (TRP) published its un-consolidated 1Q financial results (RAS). Sales dropped by 1.3% yoy to RON 37.5 mn, being negatively influenced by the extreme weather conditions. The decrease in the sales to the domestic market was compensated by exports, which reached nearly a quarter of total sales, as compared to 11% in 2011.

Raiffeisen Capital & Investment

Alumil Rom Industry 1Q 2012 results

2012-05-14

Alumil Rom Industry (ALU) reported a minor drop in its 1Q 2012 sales to RON 12.5 mn (-1% yoy). The company managed to adjust its costs structure as raw materials costs and merchandise dropped by 3% yoy to RON 8.9 mn, while personnel expenses were cut by 7% yoy to RON 2 mn.

Raiffeisen Capital & Investment

Transelectrica 1Q 2012 results

2012-05-14

Transelectrica 1Q 2012 results disappoint on weak bottom line, partially derived from a drop in quantities transported. These reached 14.65 TWh, 7% lower yoy while we were predicting a drop of just 1.5%. On the other hand interconnection revenues were more than 50% above our estimate at RON 17 mn.

Raiffeisen Capital & Investment

Transgaz 1Q 2012 results in line with expectations

2012-05-14

Transgaz 1Q 2012 results were close to expectations but below consensus in terms of net profit. The revenues met our estimates with quantities transported down some 1% yoy and flat on our forecast.

Raiffeisen Capital & Investment

Rompetrol Refinery group reports USD 1.092 bn turnover in Q1

2012-05-14

Rompetrol Refinery group reached a gross consolidated turnover of 1.092 billion dollars in the first quarter of 2012, a 2 percent year-on-year advance according to the unaudited financial and operational statement for Q1 2012 sent at the end of last week to Bucharest Stock Exchange.

Agerpres

Minister of Foreign Affairs attends meeting of Foreign Affairs Council

2012-05-14

Minister of Foreign Affairs Andrei Marga on Monday, May 14, attends the meeting of the Foreign Affairs Council (FAC), which will be held in Brussels.

Agerpres

Disinflation beats all expectations in April

2012-05-11

April brought a major surprise and inflation fell to 1.8% y/y, the first drop below the NBR' target (3%±1pp) ever recorded. On a m/m basis, consumer prices remained roughly unchanged (+0.1%).

Erste Group Research

Retrasib - 1Q 2012 results

2012-05-11

Retrasib (RTRA) a producer of electrical equipment has reported a decrease of 5% yoy in its quarterly sales to RON 7.6 mn. Due to a decrease of 13% yoy of its raw material expenses to RON 6.4 mn, the operating result has shrank only 2% yoy to RON 0.7 mn.

Raiffeisen Capital & Investment

Orsova Shipyard - 1Q 2012 results

2012-05-11

Orsova Shipyard's (SNO) 1Q 12 sales have plunged 84% yoy to RON 2.1 mn, the company blaming also the difficult weather conditions which delayed the delivery terms (SNO has not delivered any ship during this period).

Raiffeisen Capital & Investment

Rompetrol Well Services – 1Q 2012 results

2012-05-11

Rompetrol Well Services (PTR) published its 1Q 12 results with a 3% yoy increase in its sales to RON 19.9 mn, despite the harsh winter weather. Labour expenses, the most important expenses item decreased 1% yoy to RON 6.3 mn while material expenses increased 13% yoy to RON 5.8 mn.

Raiffeisen Capital & Investment

Oil Terminal reports weak 1Q 2012 results

2012-05-11

The harbour operator Oil Terminal (OIL) has reported an 11% yoy decrease in its sales to RON 25 mn, as transported quantities decreased by 29% yoy to the lowest level in the last five years. This was mainly due to difficult weather conditions in January and February, but also to the fact that Petrotel Lukoil refinery was closed for revision works for more than 25 days.

Raiffeisen Capital & Investment

Compa 1Q 2012 results

2012-05-11

Auto components producer Compa (CMP) reported its 1Q 2012 results with sales increasing by 14% yoy to RON 137.9 mn. On the costs side, raw material expenses rose by 9% yoy to RON 71.7 mn, while personnel expenses were up 20% yoy to RON 20.5 mn.

Raiffeisen Capital & Investment

Bucharest Stock Exchange - 1Q 2012 results

2012-05-11

The Bucharest Stock Exchange (BVB) reported its 1Q 2012 results with the turnover down 16% yoy to RON 5 mn. During this period, trading volumes of shares were some 29% lower yoy, mainly given that during 1Q 2011 Fondul Proprietatea was listed and the first days of trading were marked by a record turnover.

Raiffeisen Capital & Investment

Vrancart - key figures for 1Q 2012 results

2012-05-10

Cardboard and paper producer Vrancart (VNC) released some key figures for 1Q 2012 results. Turnover dropped by 5% yoy to RON 39.5 mn, while operational profit improved significantly to RON 2.7 mn (up 2.2x yoy).

Raiffeisen Capital & Investment

OMV Petrom 1Q 12 - Best quarter ever but low chances to be repeated soon

2012-05-09

Backed by the high oil price environment and some inventory gains and, finally, unencumbered by other special items (like the fine from the Competition Council in 4Q) OMV Petrom reported its highest quarterly net profit ever. The RON 1.4 bn net profit is close to our expectations but surpassed consensus by some 28%.

Raiffeisen Capital & Investment

Ropharma intends to increase the weight of production to 10% of the turnover

2012-05-08

According to the local media, citing Mr. Mihai Miron, the CEO of the pharmaceutical retailer and distributor Ropharma (RPH), the company intends to increase the weight of the production of its own drugs to 10% of the turnover until 2015 at EUR 13-14 mn, up from EUR 3.5 mn budgeted for 2012 and roughly EUR 2.1 mn registered during 2011 (2.4% of the turnover).

Raiffeisen Capital & Investment

SIF Muntenia - Proposal to pay a special dividend

2012-05-08

SIF Muntenia (SIF4) has called a GSM for July 06(07), 2012 where the shareholders would vote among other issues on the management's proposal to pay a special dividend of RON 0.122 per share.

Raiffeisen Capital & Investment

Thierry de Montbrial comes to Bucharest to launch his 'Romanian Journal' book

2012-05-08

Thierry de Montbrial, one of the great personalities of the European intellectual world, well-known specialist in economics and political science, is visiting Romania on May 9-11, on the occasion of the official launch of his book 'Romanian Journal'.

Agerpres

MFP borrows RON 750 mn from banks on Monday

2012-05-08

The Public Finance Ministry (MPF) on Monday borrowed approximately 750 million lei (approximately 170.45 million euros) from commercial banks, through an issue of discounted T-bills, placed on tender through the National Bank of Romania (BNR).

Agerpres

Iproeb – 1Q 2012 results

2012-05-07

Iproeb (IPRU) has reported a drop of 17% yoy in its quarterly sales to RON 21.5 mn. On the expenses side, raw materials were also down 19% yoy to RON 16.0 mn while salaries costs increased slightly by 2.7 % yoy to RON 3.9 mn.

Raiffeisen Capital & Investment

Prefab 1Q 2012 results

2012-05-07

Construction materials producer Prefab (PREH) has reported a 38% yoy drop in its quarterly turnover to RON 7.8 mn, affected by the difficult weather conditions at the beginning of this year and weak demand.

Raiffeisen Capital & Investment

Gas prices will not change in 2012

2012-05-07

During the weekend, the government continued its negotiations with the IMF during the fifth review of Romania's stand-by agreement with the latter. Gas price liberalization was on the agenda of the discussions and government officials declared that so far IMF agreed that the gas price will not change in 2012.

Raiffeisen Capital & Investment

BVB opens low

2012-05-07

Trade on the Bucharest Stock Exchange (BVB) started Monday down, with the BET-C composite index declining 0.88 percent in the first five minutes of the trade session, while financial investment securities recorded a 1.61-percent drop, as indicated by the BET-FI index.

Agerpres

Five new US companies to be listed on BVB, starting May 10th

2012-05-07

Five new US companies will be listed on the Alternative Trading System (ATS) of the Bucharest Stock Exchange (BVB) International Department, starting on Thursday May 10th, BVB sources inform.

Agerpres

FinMin-designate Georgescu: Public wages will increase by 8% in June

2012-05-07

Public wages in Romania will increase by 8 percent as from June, because the necessary funds have been identified, Finance Minister-designate Florin Georgescu said on Saturday.

Agerpres

Fondul Proprietatea - Merger plan for CE Oltenia was approved

2012-05-04

Fondul Proprietatea (FP) announced through a release to the stock exchange that the shareholders of Complexul Energetic Craiova, Complexul Energetic Turceni, Complexul Energetic Rovinari and Societatea Nationala a Lignitului Oltenia (the national lignite producer) approved on Monday in their GSMs the merger plan and the creation of Complexul Energetic Oltenia.

Raiffeisen Capital & Investment

Oltchim 1Q 2012 results

2012-05-03

The chemicals producer Oltchim (OLT) reported its 1Q 2012 results with a decrease of 45% yoy in its turnover to RON 254.5 mn as the company reduced its working hours due to the lack of working capital and weak demand.

Raiffeisen Capital & Investment

Azomures - Shareholders rejected the proposal to pay a dividend for 2011

2012-05-03

The shareholders of fertilizers producer Azomures (AZO) gathered for the GSM have rejected Fondul Proprietatea’s (FP) proposal to pay a dividend out of the 2011 profit.

Raiffeisen Capital & Investment

Romania's FX reserves decreased in April

2012-05-03

According to data released yesterday by the Central Bank (BNR), Romania's FX reserves decreased by almost EUR 268 mn to EUR 34.3 bn at end-April 2012.

Raiffeisen Capital & Investment

FinMin-designate Georgescu says negotiations with IMF resume today

2012-05-03

Finance Minister-designate Florin Georgescu on Wednesday reported at the end of a technical meeting with the ministers-designate of the Ponta Cabinet that negotiations between Romania and the International Monetary Fund (IMF) will resume on Thursday.

Agerpres

FinMin-designate Georgescu on exchange rates: Things will probably calm down on Monday

2012-05-03

Finance Minister-designate Florin Georgescu has stated that if Parliament votes in the Ponta Cabinet on Monday, May 7, things will probably calm down in respect to the exchange rates of the local currency, the leu (RON).

Agerpres

BNR: Impact of currency depreciation on inflation will be limited

2012-05-03

The impact of currency depreciation on inflation will be limited, the National Bank of Romania going to publish an inflation around 2 percent in its next quarterly report, said on Wednesday the Central Bank Governor, Mugur Isarescu, in a press conference.

Agerpres

Monetary policy meeting: Key rate unchanged at 5.25%

2012-05-02

Today, the NBR decided to stop the monetary easing after four consecutive cuts in the key rate of 25bp each. The key rate remained flat at 5.25%, in line with our expectations. Minimum reserve requirements were also left unchanged. In our view, the main reasons behind today's decision are the political turmoil and a possible increase in the inflation rate in 2H12.

Erste Group Research

Banca Transilvania 1Q 2012: Strong beat and weaker earnings quality

2012-05-02

Banca Transilvania's net profit (TLV) has beaten by quite a margin our and consensus estimates but considering the drivers, earnings quality is questionable. Thus, risk costs decreased despite higher NPLs while main revenues driver was trading gains. These results are under IFRS but on a stand-alone basis and therefore, not fully comparable with the annual figures.

Raiffeisen Capital & Investment

Aerostar 1Q 2012 results

2012-05-02

Aircraft components manufacturer Aerostar reported a strong set of 1Q 2012 results. The turnover was up by 20% to RON 37 mn, while revenues climbed 47% to RON 49.7 mn on the back of an increase of production on stock.

Raiffeisen Capital & Investment

Teraplast 2012 budget

2012-05-02

Teraplast (TRP) held a Shareholders Meeting on April 27 and among other issues, the shareholders approved the 2012 budget.

Raiffeisen Capital & Investment

SIF Muntenia – Shareholder contested the resolutions of the latest GSM

2012-05-02

SIF Muntenia (SIF4) has informed that a shareholder has contested in court the resolutions of the latest GSM which approved among others the 2011 DPS of RON 0.081 and the 2011 financial statements.

Raiffeisen Capital & Investment

BRD-GSG 1Q 2012 - Risk costs remain elevated

2012-05-02

BRD-GSG's first quarterly results published under IFRS have been disappointing mainly due to still high risk costs. While the results are under IFRS, they seem to be on a alone basis, therefore not directly comparable to the annual consolidated figures.

Raiffeisen Capital & Investment

Mecanica Ceahlau – 1Q 2012 results

2012-05-02

Mecanica Ceahlau (MECF), a maker of agricultural machines, has posted a 22% yoy drop in its sales to RON 8.5 mn, despite a favorable economic environment as stated by the company.

Raiffeisen Capital & Investment

Bermas reported weak 1Q 2012 results

2012-05-02

Local beer producer Bermas (BRM) reported a drop in its turnover for 1Q 2012 to RON 2.4 mn (down 9% yoy), while production volumes dropped by 8.5% yoy. This was mainly caused by the glacial weather at the beginning of the year.

Raiffeisen Capital & Investment

Prospectiuni – to pay a DPS of RON 0.00627

2012-05-02

The shareholders of the seismic data acquisition company Prospectiuni (PRSN) decided in the last GSM to distribute a DPS of RON 0.00627 out of the 2011 net profit (payout ratio of 11%).

Raiffeisen Capital & Investment

Banca Transilvania – 1Q 2012 results

2012-05-02

Banca Transilvania (TLV) 1Q 12 net profit under IFRS beat by quite a margin our and consensus estimates but earnings quality is questionable, with a decrease in risk costs despite higher NPLs and with trading gains the main revenues driver.

Raiffeisen Capital & Investment

MFP plans loans worth RON 3.5 bn from domestic banks in May

2012-05-02

The Public Finance Ministry (MFP) wants to loan 3.5 billion lei (about 0.797 billion euros) from local banks in May, through five T-bill and bond issues, according to the data release don the MFP website.

Agerpres

BVB sets some EUR 2.5 mn net profit for 2012

2012-05-02

The Bucharest Stock Exchange (BVB) has set a gross profit of 12.7 million lei and a net profit of some 2.5 million euros (11.113 million lei) in its 2012 budget of revenues and expenditure, reveals a report sent by the BVB.

Agerpres

CEZ Romania plans to take over new wind farms

2012-05-02

Czech energy group CEZ, which, this year, will complete a 1.1 billion euro investment in the largest onshore wind farm in Europe, located in two villages in Dobrogea (south-east ), say they are about to finalize their portfolio of projects, following advanced talks to acquire new windmill parks.

Agerpres

Bucharest Stock Exchange - Quorum not met for voting the shares repurchase program

2012-04-27

The Bucharest Stock Exchange (BVB) held yesterday its Ordinary and Extraordinary GSMs. Shareholders approved among others the dividend to be paid out of the 2011 net profit which stands at RON 2.1417 (97% payout ratio) and translated into a dividend yield of 6.5% taking into consideration the last closing price of RON 32.89.

Raiffeisen Capital & Investment

Ministry of Finance sold 15-year T-bonds worth RON 226 mn

2012-04-27

Yesterday, the Ministry of Finance borrowed RON 226 mn in 15-year T-bonds, slightly above the initial intended amount of RON 200 mn.

Raiffeisen Capital & Investment

Local Securities Commission approved the preliminary prospectus for Tarom's listing

2012-04-26

According to the media, the local Securities Commission (CNVM) approved the preliminary prospectus for the IPO of 20% of the airline carrier Tarom.

Raiffeisen Capital & Investment

Transgaz - MOL did not approve Nabucco 2012 budget

2012-04-26

According to the media, Hungarian oil group MOL did not approve the 2012 budget of Nabucco International Company (NIC), which is the project company developing Nabucco pipeline.

Raiffeisen Capital & Investment

Fondul Proprietatea - Shareholders approved 2011 DPS and the shares repurchase program

2012-04-26

Fondul Proprietatea's (FP) shareholders gathered for the GSM have approved the proposal for the 2011 dividend (i.e. RON 0.03854) and a repurchase program of up to 1.1 bn of its own shares.

Raiffeisen Capital & Investment

Banca Carpatica -1Q 2012 results

2012-04-25

Banca Carpatica (BCC) has reported its 1Q 12 results under IFRS, with a 15% yoy growth for loans and 12% for assets to RON 4.2 bn. Net interest income has surged by 15% yoy to RON 22.4 mn, on the back of higher revenues from T-bills portfolio.

Raiffeisen Capital & Investment

Fondul Proprietatea - Paid share capital of the Fund has increased by RON 0.2 mn

2012-04-24

Fondul Proprietatea (FP) announced that the paid share capital of the Fund has increased by RON 0.225 mn to RON 13.412 bn.

Raiffeisen Capital & Investment

OMV Petrom - OMV 4Q Trading Statement

2012-04-24

According to data released within OMVs Trading Statement, Petrom's oil production in 1Q 2012 stood at 184,000 boe/day, which is 1% lower qoq and yoy, negatively influenced by severe weather conditions.

Raiffeisen Capital & Investment

Cypriot company acquired 4.4% stake in SIF Banat Crisana

2012-04-23

Through several transactions that took place over the last few weeks, a company registered in Cyprus, Aktra Holdings Limited, acquired a stake of 4.4% (24.2 mn shares) in SIF Banat Crisana (SIF1), out of which close to 3% purchased last Friday.

Raiffeisen Capital & Investment

Fondul Proprietatea – minimum quorum requirement for share capital reduction followed by cancelation lowered to 25%

2012-04-23

Fondul Proprietatea (FP) announced through a release to the stock exchange that the local SEC gave its green light for the new Company Bylaws voted in the last GSM of April 4.

Raiffeisen Capital & Investment

SIF Muntenia – GSM approves management proposals including the 2011 dividend

2012-04-20

SIF Muntenia (SIF4) has eventually announced the results of its latest GSM. Despite previous rumors to the contrary, the shareholders approved by a narrow margin all management's proposals including the 2011 financial statements and dividend.

Raiffeisen Capital & Investment

Ministry of Finance sold 5-year T-bonds worth RON 0.63 bn

2012-04-20

Yesterday, the Ministry of Finance borrowed RON 0.63 bn in 5-year T-bonds, slightly above the initial intended amount of RON 0.5 bn.

Raiffeisen Capital & Investment

Romania reports second biggest increase in February 2012 construction output in EU

2012-04-18

Romania was second in the European Union in terms of February 2012 construction output compared with January 2012, at 1.7 percent, outpaced only by the UK, at 5.7 percent, according to data released on Wednesday by the Eurostat official European statistics office.

Agerpres

Mark Gitenstein: After controversy on buying Romanian companies Romania can buy part of America now

2012-04-18

Romania can now buy part of America, US Ambassador in Bucharest Mark Gitenstein told the Bucharest Stock Exchange when five highly performing American companies entered trading.

Agerpres

Ambassador Gitenstein voices worries over severe limitation of damages to former property owners

2012-04-18

The US Administration is advocating the most transparent and efficient way for property restitution, US ambassador in Bucharest Mark Gitenstein said on Wednesday in a statement at the Bucharest Stock Exchange (BVB).

Agerpres

Word Press Photo comes back to Bucharest, after 17 years

2012-04-18

World Press Photo Exhibition, comprising the most successful press photos worldwide comes back to Bucharest, after a 17-year old absence, the opening taking place on May 17, at the new headquarters of the National Library of Romania and of the Ministry of Culture and National Heritage.

Agerpres

Privatization procedure for Cupru Min set to continue, in compliance with current laws

2012-04-18

The Ministry of Economy, Trade and Business Milieu will continue the privatization procedure for Cupru Min company, in compliance with the current law, according to a release sent to Agerpres.

Agerpres

Oltchim – Four companies expressed their interest in the privatization

2012-04-18

According to local media, four companies have expressed their interest in the privatization of chemical producer Oltchim (OLT) by submitting non-bidding preliminary offers.

Raiffeisen Capital & Investment

Cemacon is proposing the conversion of debt into equity

2012-04-17

The management of the construction materials producer Cemacon (CEON) proposed the conversion of part of its debt owed to BCR into shares. This proposal will be a topic on the its next GSM on April 29.

Raiffeisen Capital & Investment

Prospectiuni - CEO comments on development strategy

2012-04-17

The CEO of the seismic company Prospectiuni (PRSN) was cited in the local media as he provided details on the company's plans for 2012 and the development strategy.

Raiffeisen Capital & Investment

SIF Muntenia shareholders did not approve 2011 results and the dividend proposed

2012-04-17

According to a media article, so far not confirmed by the company, the shareholders of SIF Muntenia (SIF4) did not approve the first points on the agenda of the latest GSM.

Raiffeisen Capital & Investment

Banca Carpatica 2012 bottom line budgeted to return in black

2012-04-13

Banca Carpatica (BCC) budgeted for 2012 a net profit of RON 17 mn under IFRS after three years of losses. The company expects a significant drop in risk costs (94%) after aggressive provisioning in the previous two years and as IFRS requirements are more lax, and 23% higher net interest income.

Raiffeisen Capital & Investment

Fondul Proprietatea – Official NAV as of March 2012

2012-04-13

Fondul Proprietatea (FP) has reported its official NAV as of March 2011. The unitary value was RON 1.1911 per share, down 0.24% mom due to a slight decrease of listed shares.

Raiffeisen Capital & Investment

OTP Bank lowers the interest rate for personal loans in Lei

2012-04-12

OTP Bank Romania meets its customers' needs with an additional decrease of the interest rate for personal loans in lei. By June 29th, 2012, the bank's clients can benefit from a promotional interest rate of only 14.05%* (effective annual interest 14.99%), for personal loans in lei, and a very fast approval, in only 48 hours.

OTP Bank

SIF Muntenia has completed the sale of its remaining BCR stake

2012-04-12

SIF Muntenia (SIF4) has announced that on April 10 has completed the sale of its remaining stake in BCR to Erste Group (BCR).

Raiffeisen Capital & Investment

Fondul Proprietatea asks Conpet for higher dividend

2012-04-12

At the request of Fondul Proprietatea (FP), which owns almost 30% of the oil pipelines operator, the management of Conpet (COTE) added on the agenda of its next GSM set for April 27 the distribution of a special dividend from reserves amounting to RON 70 mn.

Raiffeisen Capital & Investment

Azomures - Fondul Proprietatea has requested a dividend of RON 0.4165 per share

2012-04-12

Fertilizers producer Azomures (AZO) has informed that Fondul Proprietatea (FP), a significant shareholder of the company, has proposed the payment of a 2011 dividend of RON 0.4165 per share.

Raiffeisen Capital & Investment

Fondul Proprietatea - State seeks intermediary for IPO of 10% stake in Nuclearelectrica

2012-04-12

The state published today the announcement that it is selecting intermediaries for the listing of a 10% stake in nuclear power producer Nuclearelectrica. The deadline for submitting the offers is May 21.

Raiffeisen Capital & Investment

SIF Banat Crisana has completed the sale of its remaining BCR stake

2012-04-11

SIF Banat Crisana (SIF1) has informed that on April 9 has completed the sale of its remaining stake in BCR to Erste Group (BCR).

Raiffeisen Capital & Investment

Fondul Proprietatea - Hidroelectrica 2012 budget

2012-04-11

According to the budget published in the Official Gazette, Hidroelectrica, the largest unlisted stake in Fondul Proprietatea's (FP) portfolio, is envisaging for 2012 flat operating revenues yoy at RON 3 bn, while water and energy costs are budgeted to drop by 16% yoy to RON 0.95 bn.

Raiffeisen Capital & Investment

Fondul Proprietatea - CET Turceni reports best results ever for 2011

2012-04-11

According to a media release citing the general manager of Complexul Energetic Turceni, the company registered in 2011 the strongest net profit since the set up of the company as the problems faced by Hidroelectrica boosted demand from coal energy producers.

Raiffeisen Capital & Investment

Industry - under the spell of Eurozone

2012-04-10

It seems that the actual 2.4% m/m gross increase in February was simply not enough for industry to maintain the trend in seasonally adjusted terms (-1.4% m/m s.a.). An unfavorable base effect coupled with tepid confidence in February led industry to lose significant momentum in the first two months (+0.4% YTD).

Erste Group Research

March inflation down two notches to 2.4%

2012-04-10

We hit the mark almost dead center in March, with monthly inflation of 0.42% and an annual CPI of 2.4%. The market consensus was a little more pessimistic, anticipating a monthly advance in prices of 0.5% in March.

Erste Group Research

Total assets managed by voluntary pension funds exceed EUR 110 mn

2012-04-10

Contributions transferred by participants into the personal accounts of voluntary pension funds (Pillar III) increased in the first quarter of this year by 14 percent from the same period of 2011, and total assets managed by the voluntary pension funds exceeded 110 million euros (483 million lei), the Association of Private Pension Funds in Romania (APAPR) announced in a release remitted to Agerpres on Monday.

Agerpres

Bonds registered with Depositary, to be used in BNR monetary policy operations

2012-04-10

Bonds issued by international financial institutions, deposited in the RoClear system of the Central Depository (DC) will be able to be used in the National Bank of Romania (BNR) monetary policy operations, reads a DC release remitted to Agerpres on Monday.

Agerpres

Ministry of Finance borrows at all times low yields

2012-04-10

Yesterday, the Ministry of Finance borrowed RON 1 bn in 1-year T-bills, the same as the initial intended amount.

Raiffeisen Capital & Investment

Banca Transilvania adds new share repurchase program to GSM agenda

2012-04-10

Based on the request of SIF Moldova, which owns a stake above 5% in Banca Transilvania, the latter added to the agenda of the April 27 GSM a share repurchase program for 15 mn shares (0.84% of the share capital). Based on the request of SIF Moldova, which owns a stake above 5% in Banca Transilvania, the latter added to the agenda of the April 27 GSM a share repurchase program for 15 mn shares (0.84% of the share capital).

Raiffeisen Capital & Investment

February trade balance

2012-04-09

FOB exports fell by 0.4% y/y to EUR 3.5bn, while imports advanced by 2.2% y/y to EUR 4bn in February. The weak performance of the Romanian exports is a combination of the heavy snowfall that forced many transport operators to reduce their activity and low external demand from Eurozone countries.

Erste Group Research

SIF Moldova - quorum not met for the share capital increase

2012-04-09

SIF Moldova (SIF2) failed to meet the necessary quorum at the second calling of its EGSM on Friday (33.7% present out of the 50% required).

Raiffeisen Capital & Investment

SIF Transilvania raised its stake in the Bucharest Stock Exchange to 5%

2012-04-06

SIF Transilvania was reported that it reached a 5% stake in the Bucharest Stock Exchange.

Raiffeisen Capital & Investment

Transgaz IFRS results for 2011

2012-04-06

Transgaz reported its 2011 results under IFRS, which are in line with our expectations and with the results already reported under Romanian Accounting Standards.

Raiffeisen Capital & Investment

Ministry of Finance continues to borrow at decreasing yields

2012-04-06

Yesterday, the Ministry of Finance borrowed RON 1.5 bn in 4-year T-bonds, more than 50% above the initial intended amount.

Raiffeisen Capital & Investment

GSK to continue its projects in Romania

2012-04-06

More than 1.6 million dollars have been invested over the past half decade in health and education projects in Romania by the company GlaxoSmithLine, which supported critical social issues such as IMR (infant mortality rate), palliative care and impoverished communities, managing director of GSK Romania Pascal Prigent said on Thursday.

Agerpres

Hospitals to be reorganized as private institutions

2012-04-05

Hospitals shall organized as non-budgetary institutions, reads the first Chapter of the new draft law on the reform of the healthcare system, namely on the organization and the functioning of the public hospitals, informs Health Ministry (MS) web page.

Agerpres

Michelin might start off new investment in western Romania

2012-04-05

The Michelin company, which owns two production facilities in the western town of Zalau, Salaj County, might conduct a new investment there, Economy Minister Lucian Bode told a meeting on Wednesday with the county's mayors and public administration officials.

Agerpres

PF Manager: Listing on Warsaw Exchange, a price boost for Proprietatea Fund shares

2012-04-05

Listing the Proprietatea Fund (PF) on the Warsaw Stock Exchange will boost the price of the fund's shares, PF manager Greg Konieczny told a press conference on Wednesday.

Agerpres

ALB expects leasing market to score 10-15% growth, in 2012

2012-04-05

The leasing market is likely to increase 10-15 percent, this year, after it saw a 20 percent growth in 2011, the Association of Financial Companies in Romania (ALB), chairwoman Antoaneta Curteanu opines.

Agerpres

Aerostar to distribute a DPS of RON 0.072

2012-04-05

The shareholders of the manufacturer of aircrafts and aircraft components Aerostar (ARS) approved in the GSM held on April 3, among others, the dividend to be paid out of the 2011 profit.

Raiffeisen Capital & Investment

Fondul Proprietatea - shareholders approved Warsaw listing and change of fee structure

2012-04-05

Fondul Proprietatea (FP) held yesterday its (E)GSM, with shareholders endorsing the majority of the proposals. Thus, shareholders have voted favourably the proposal to approve in principle the secondary listing on Warsaw Stock Exchange and to instruct the manager to present a plan for such a listing.

Raiffeisen Capital & Investment

ALB grants loans worth EUR 469 mn in 2011

2012-04-05

The members of the Association of Financial Companies in Romania (ALB), representatives of the consumption credit, granted loans worth 469 million euros in 2011, according to a document unveiled at a press conference.

Agerpres

New Plexus plant in Oradea

2012-04-05

The U.S. company Plexus Corporation announced the beginning of a new production plant construction in Oradea (north-west of Bucharest), which will be located in the Eurobusiness Industrial Park, on Borsului national road, set to replace the current Plexus location in Santion commune, in a rented building, Oradea City Hall informed on Wednesday.

Agerpres

Simona Marinescu named head of UN/UNDP excellence centre

2012-04-05

The Romanian Foreign Affairs Ministry hails the recent appointment of Dr. Simona Marinescu as director of the U.N./UNDP International Centre for attracting the private sector to funding and implementing development programmes, a body based in Istanbul, Turkey, the ministry said in a release to Agerpres on Wednesday.

Agerpres

E-Boda predicts turnover to rise by 33%, 10% market share on tablet PC segment

2012-04-05

The founder of E-Boda Alexandru Dragoi told a press conference on Wednesday that his company aims to record a 33.3 percent increase in the turnover amounting to 20 million lei and a 10 percent market share on the tablet PC segment.

Agerpres

Rasvan Radu (UniCredit): Crediting resumption can be economic relaunch source

2012-04-05

The crediting resumption and the companies' trust regaining can be the main sources of economic relaunch for Romania and the countries of Central and Eastern Europe, UniCredit CEO Rasvan Radu said on Wednesday at the conference 'CEE and China: Investment bridges and business opportunities,' organized by CFA Romania, the professional association of internationally certified financial analysts.

Agerpres

Romania, third in EU in terms of depreciation of retail in February

2012-04-05

The retail volume dropped 2.5 percent in Romania in February 2012 as compared to the previous month, being the third in terms of depreciation figure in the entire European Union, according to preliminary data presented by the European Statistics Office (Eurostat) on Wednesday.

Agerpres

BNR's Bogdan Olteanu: Romania's natural resources may be good opportunity for investors

2012-04-05

Romania's natural resources may be a good opportunity for investors, said on Wednesday Vice-Governor of the National Bank of Romania (BNR) Bogdan Olteanu, who attended the conference titled 'ECC and China: Bridges for Investments and Business Opportunities,' which was organized by CFA Romania.

Agerpres

Socep calls GSM to inform about its investment subsidiary

2012-04-04

Socep (SOCP) has called a GSM for May 10, 2012 to inform its shareholders about the establishment of Socefin and setting the investment guidelines for this entity.

Raiffeisen Capital & Investment

Ropharma budgeted increasing figures for 2012

2012-04-03

During the GSM held yesterday, the shareholders of the pharmaceutical retailer and distributor Ropharma's (RPH) approved among others the 2012 budget.

Raiffeisen Capital & Investment

Fondul Proprietatea - The Government selected the intermediary for Hidroelectrica offer

2012-04-03

According to the local media, the Government selected the consortium for Hidroelectrica offer. The Government intends to sell through an IPO a stake of 10% of Hidroelectrica’s shares.

Raiffeisen Capital & Investment

Romania's FX reserves increased in March

2012-04-03

According to data released yesterday by the Central Bank (BNR), Romania's FX reserves increased by almost EUR 1.2 bn to EUR 34.6 bn at end-March 2012.

Raiffeisen Capital & Investment

Stock market opens low Tuesday trading session

2012-04-03

The Bucharest Stock Exchange (BVB) opened slightly lower on Tuesday, with the BET-C general index having decreased 0.08 percent in the first 5 minutes of the session.

Agerpres

STX OSV Tulcea begins largest investment in naval field in Romania

2012-04-03

The STX OSV Tulcea Yard (north-east from Bucharest) this year plans to complete modernizing investments of the unit worth almost 20 million euros, the largest investment in the naval field of Romania standing at about 15 million euros having been already initiated.

Agerpres

Romanians redirect over EUR 27 mn through 2% provision in 2011

2012-04-03

Romanians last year redirected over 27 million euros through the 2 percent provision, informs a release of the organization Salvati Copiii (Save the Children) remitted to Agerpres.

Agerpres

IMF analyses supplementary performance criteria in stand-by arrangement with Romania

2012-04-03

Annual inflation in Romania fell further to 2.6 percent in February, somewhat higher than expected, perhaps reflecting supply disruptions from the severe weather, while recent indicators suggest a continued weakening of growth, and new industrial orders fell and Q1 Gross Domestic Product growth is expected to be negative due to the adverse impact of severe weather in February, reads a supplement to a recent International Monetary Fund (IMF) review of Romania's performance criteria under a stand-by arrangement, posted on the IMF website.

Agerpres

IMF-Romania Memorandum: Worsening European conditions threaten Romania's economic recovery

2012-04-03

After two years of recession, growth resumed in Romania in 2011, but the economic outlook has deteriorated owing to the European economic downturn, reads the report drawn by the International Monetary Fund following the 4th review under the stand-by arrangement with Romania and request for modification of the performance criteria, posted on Monday on the IMF website.

Agerpres

Hidroelectrica IPO underwriters decided

2012-04-03

The consortium made up of BRD - Groupe Societe Generale, Citigroup Global Markets Limited, Societe Generale and SSIF Intercapital Invest was selected to underwrite the initial primary offering of 10 pct of hydropower producer Hidroelectrica's stake, a company release informs.

Agerpres

SIF Oltenia increased its stake in Transelectrica to 5.1% through the SPO

2012-04-02

Following the allocation of its shares sold through the SPO, Transelectrica announced that SIF Oltenia (SIF5) increased its stake in the power grid operator from 2.57% to 5.1%.

Raiffeisen Capital & Investment

Stock market opens high week's first trading session

2012-04-02

The Bucharest Stock Exchange (BVB) opened high on Monday, with the BET-C general index having increased 0.13 percent in the first 10 minutes of the session.

Agerpres

China Shipping Container Lines banks on economic potential of Black Sea and Romania

2012-04-02

China Shipping Container Lines (CSCL), one of the strongest corporations in the field of container maritime transport, relies on the economic potential of the Black Sea and of Romania, increasing by 33 percent the transport capacity of the Asia-Black Sea Express service (ABX), responsible for the direct connection between Chinese ports and Constanta Port, said managing director of China Shipping (Romania) Agency Luo Zhongming.

Agerpres

Contract for building Bucharest-Otopeni metro sector, to be signed in February 2013

2012-04-02

The contract for building the metro sector connecting Bucharest to the Otopeni Henri Coanda International Airport could be signed in February 2013, Transports Minister Alexandru Nazare told Agerpres on Sunday.

Agerpres

Romania to allocate RON 1 bn for road maintenance by 2014

2012-04-02

The Ministry of Transports will allocate a billion lei at the most for the maintenance of the national roads and motorways between 2012 and 2014, Minister of Transports and Infrastructure Alexandru Nazare told Agerpres in an interview taken on Sunday.

Agerpres

Transelectrica - The prices for the SPO were set

2012-03-30

The prices for the two tranches of the SPO for a 15% stake in Transelectrica (TEL) were announced yesterday.

Raiffeisen Capital & Investment

Banca Transilvania - 2012 budget

2012-03-30

Banca Transilvania (TLV) has published its 2012 budged, now based on IFRS figures. The bank is aiming for a 11% loan growth, higher than our expectations of 5.8% while T-bills portfolio is seen expanding around 17%, slightly above our projection of 15%.

Raiffeisen Capital & Investment

Fondul Proprietatea - Shareholders request amendments to GSM agenda from April 25

2012-03-30

Fondul Proprietatea (FP) has informed that a group of shareholders owning more than 5% of its shares has requested to add new topics to the GSM agenda from April 25.

Raiffeisen Capital & Investment

EC Report: Social situation remains challenging in Romania

2012-03-30

Agerpres correspondent Tudor Martalogu reports: Employment growth has picked up in Romania, while unemployment has stabilized in 2011, and the economic and labor market outlook is positive, but the social situation remains challenging, reveals the latest EU Employment and Social Situation Quarterly review, released on Thursday by the European Commission (EC).

Agerpres

Trade balance between Romania and Poland, EUR 3.24 bn in 2011

2012-03-30

The trade balance between Romania and Poland was 3.24 billion euros in 2011, with the trade deficit amounting to 1.1 billion euros, according to a release issued by the Romanian Ministry of Economy.

Agerpres

Mugur Isarescu: BNR signals of decreasing interest rate will influence loans, banks to recover delay

2012-03-30

The signals sent by the National Bank of Romania (BNR) to reduce the interest rate within the monetary policy in the autumn of 2011 will permeate to the lending market in the period to come, and the banking sector will make up for this delay, BNR governor Mugur Isarescu told a press conference on Thursday.

Agerpres

Mugur Isarescu: Restoring public wages has limited impact if deficit target is observed

2012-03-30

The restoration of the public wages will have a limited impact if the Government's deficit target provided for in the arrangement with the International Monetary Fund (IMF) is observed, and this process would rather lead to a gradual recovery of domestic demand, Governor of the National Bank of Romania (BNR) Mugur Isarescu told a news conference on Thursday.

Agerpres

Mugur Isarescu: BNR exchange rates are in a balance area

2012-03-30

The indicative exchange rates of Romania's national currency, the leu (RON), computed by the National Bank of Romania (BNR) are now in a balance area that can shift according to the developments in the fundamentals of the Romanian economy, and the BNR does not defend any threshold of the rates, BNR Governor Mugur Isarescu told a news conference on Thursday.

Agerpres

Mugur Isarescu: Latest inflation developments pave the way for financial stability and economic growth

2012-03-30

The consolidation of inflation within the variation band around the target paves the way for maintaining financial stability and achieving sustainable economic growth, Governor of the National Bank of Romania (BNR) Mugur Isarescu told a news conference on Thursday.

Agerpres

42nd Brasov Rally to start Friday

2012-03-30

Romania's National Rally Championships start Friday, March 30, with the 42nd editions of the Tess Rally, the Brasov Rally.

Agerpres

Mugur Isarescu: Inflation to rise temporarily in the second haf of 2012

2012-03-30

The basic statistics effects will lead to the temporary rise of the annual inflation rate in the second half of 2012, but it will not exceed the variation range around the 3 percent target, governor of the National Bank of Romania Mugur Isarescu told a press conference on Thursday.

Agerpres

Mugur Isarescu: Credit to the private sector takes longer to recover, despite BNR's cut in policy rate

2012-03-30

Credit to the private sector takes longer to recover, despite the signals from the National Bank of Romania (BNR) coming in the form of a cut in its monetary policy rate as from the autumn of 2011, BNR Governor Mugur Isarescu told a news conference on Thursday.

Agerpres

Banca Transilvania FY 2011 IFRS - A double digit ROE

2012-03-29

Banca Transilvania's (TLV) FY 2011 consolidated IFRS results offered a pleasant surprise with bottom line easily beating our and consensus estimates on significantly lower risk costs (215 bps). The reason was a decrease in total impaired loans despite the fact that NPLs continued to go up. Operating profitability weakened, proving that the chase of market share has its costs.

Raiffeisen Capital & Investment

The monetary easing cycle continues

2012-03-29

The central bank cut the key rate for the fourth consecutive time to an all-time low of 5.25%, while keeping the mandatory reserves ratios unchanged.

Erste Group Research

Erste negotiates with SIF Oltenia the purchase of the BCR stake

2012-03-29

According to a media release citing the CEO of Erste Group, the bank is negotiating with SIF Oltenia (SIF5) the purchase of the latter's 6.58% stake in BCR. We remind the SIF5 is the only SIF that did not reach an agreement with Erste on the sale of the BCR stake.

Raiffeisen Capital & Investment

Banca Transilvania – FY 2011 IFRS results

2012-03-29

Banca Transilvania (TLV) has released its FY 2011 consolidated IFRS results which positively surprised with a bottom line of RON 297 mn, almost double compared to last year net profit, but also significantly above our and consensus estimates.

Raiffeisen Capital & Investment

Romania, attractive target for South Korean investors

2012-03-29

Agerpres special correspondent Mariana Nica reports: Romania represents an attractive destination for the investors from South Korea, considering there are several powerful companies operating in the heavy industry and the IT sector expressing interest in Romania, Stelian Samson, director within the Romanian Centre for the Promotion of Trade and Foreign Investments (CRPCIS), told Agerpres on Thursday at the 'Alimentaria 2012' International Food and Beverage Fair organized in Barcelona.

Agerpres

Cernavoda to host nuclear power conference

2012-03-29

The Cernavoda Mayoralty is holding a European conference on Thursday, March 29, on nuclear power development as a boost to community development, in its capacity as a member of the GMF Group of European Municipalities with Nuclear Facilities.

Agerpres

Ford joins the Association of Romania's Carmakers

2012-03-29

The Ford company has decided to become a member of the ACAROM Association of Romania's Carmakers, Ford Romania Director General Henrik Nenzen announced Wednesday.

Agerpres

Renault Group's total investment in Romania in 2012 projects to exceed EUR 2 bn

2012-03-29

Renault Group's total investment in Romania in this year's projects will exceed 2 billion euros, Renault Romania Human Resources Executive Manager Radu Mavrodin said on Wednesday.

Agerpres

Apple, Visa, Intel, Coca-Cola, Bank of America to be traded on BVB

2012-03-29

Tradeville brokerage house has initiated the procedures for admission to trading of the US companies Apple, Visa, Intel, Coca-Cola and Bank of America on the Bucharest Stock Exchange (BVB), following the amendments to the regulations of the alternative trading system (ATS), according to a release Tradeville sent to Agerpres on Wednesday.

Agerpres

Cross-border cooperation projects worth EUR 30 mn approved for financing

2012-03-29

Forty-five projects worth 30.1 million euros of European funds were approved for financing at the 5th meeting of the Joint Monitoring Committee of the IPA Programme for Romania-Serbia Cross-border Cooperation, the Romanian Ministry of Regional Development and Tourism (MDRT) reports.

Agerpres

Managers expect 19% growth in construction sector, 17% advance in total output volume

2012-03-29

Three-month projections by managers in the manufacturing industry see the production volume rising (short term balance +17 pct) and the construction sector advance 19 pct, shows data released on Wednesday by the National Statistics Institute (INS).

Agerpres

The auction for Oltchim's privatization should take place in late May

2012-03-28

According to the local media, citing the head of the Privatization Office, investors should submit their offers for Oltchim?s (OLT) privatization until April 17, whereas the auction is scheduled for May 31.

Raiffeisen Capital & Investment

SPO for Transelectrica ended successfully

2012-03-28

The Secondary Public Offering for the 15% stake in Transelectrica sold by the state ended yesterday successfully. The tranche for large investors (with subscriptions above RON 0.5 mn) was oversubscribed by some 40% while the tranche for small investors (10% of the offer) was oversubscribed by close to 177%.

Raiffeisen Capital & Investment

Prebet calls GSM to approve 2011 dividend

2012-03-28

Building materials maker Prebet (PREB) has called its annual GSM for May 24, 2012 when shareholders could vote among other issues on management's dividend proposal.

Raiffeisen Capital & Investment

Overdue lei-denominated loans up by 0.41%, and those in foreign currency up by 2.34% in February

2012-03-28

The total value of overdue lei-denominated corporate and household loans, reported at the level of January 2012, amounted to 9.446 billion lei, with 0.41 percent over that in January, while those in foreign currency to 13.202 billion lei (equivalent), with 2.34 percent rise, according to a report by the National Bank of Romania (BNR), published on Friday.

Agerpres

Transelectrica offering 137.5% oversubscribed

2012-03-28

The subscription for the secondary public offering of power grid company Transelectrica on Tuesday, March 27, hit 137.58 pct of the total shares put up for sale, according to figures published on the Bucharest Stock Exchange (BVB) website.

Agerpres

The River Adagio to open cruise season in Consanta Black Sea port

2012-03-28

Cruise season is expected to bring 45 passenger ships to Constanta Black Sea port (southeastern Romania), in 2012. Based on the sea companies' initial schedule, by 7 percent more cruise holidaymakers are expected to arrive in Constanta, the more that 18 of the cruise ships are high capacity vessels, said Constanta National Sea Ports Administration (CNAPM) PR officer Monica Velicu.

Agerpres

Opening of Romania's Honorary Consulate in Klagenfurt

2012-03-28

The official opening ceremony of the Honorary Consulate of Romania in Klagenfurt, with consular jurisdiction over Carinthia Province, took place on March 26, 2012.

Agerpres

Romanian Investment Forum, organized this year in London by BVB and LSE

2012-03-28

Representatives of the London Stock Exchange (LSE) and of the Bucharest Stock Exchange (BVB) will organize in the British Capital, this year, the Romanian Investment Forum, a meeting dedicated to the presentation of the investment opportunities in Romania to the business community on the London market, the Ministry of Finance informed in a release.

Agerpres

Mihai Bogza (Banc Post): Credits granted in Euros remain dominant in Romania

2012-03-28

The local banks in Romania want to grant credits in the local currency as well, but the loans granted in euros will remain the main currency, said BancPost chairman Mihai Bogza on Tuesday.

Agerpres

Romania - South Korea commerce deficit attains EUR 224 mn, in 2011

2012-03-28

Romania's exports to South Korea increased to 246 million euros, in 2011, compared to 216 million euros in 2010, while imports went up to 471 million euros, last year, from 441 million euros, in 2010, Statistical Office of the European Commission (Eurostat) data informed, on Tuesday.

Agerpres

FinMin Dragoi: Economic growth of 1.5-2% in 2012 could be achieved without a problem

2012-03-28

Securing economic growth is a top priority of the Romanian Government, and a 1.5-2 percent growth of Romania's Gross Domestic Product (GDP) in 2012 should be achieved without a problem, Finance Minister Bogdan Dragoi told a news conference on Tuesday.

Agerpres

FinMin Dragoi: Increasing local fees by 16% is not a raise in taxes but an inflation adjustment

2012-03-28

Increasing local fees and taxes by 16 percent, included in a draft normative document of the Ministry of Public Finance is an adjustment to inflation, in compliance with the Fiscal Code, Minister of Public Finance Bogdan Dragoi told a press conference held on Tuesday.

Agerpres

Joint mission of IMF, EC and WB to come to Romania on April 24

2012-03-28

A joint mission of the International Monetary Fund, the European Commission and the World Bank will come to Romania on April 24 for the fifth evaluation within the precautionary agreement with Romania, announced Minister of Public Finance Bogdan Dragoi during an economic conference on Tuesday.

Agentia Nationala de Presa Agerpres

OMV Petrom 2012 budget points to weaker operating profit versus 2011

2012-03-27

OMV Petrom made public its 2012 budget, which will be submitted for shareholders' approval in the GSM of April 27. The budget presents the company estimates on 2012 results for OMV Petrom SA, unconsolidated, related to E&P activity and refining activities.

Raiffeisen Capital & Investment

Ministry of Finance succeeded in borrowing at a lower yield

2012-03-27

Yesterday, the Ministry of Finance borrowed RON 300 mn in 6-month T-bills, matching the initial intended amount, even though banks' demand stood more than 5x higher.

Raiffeisen Capital & Investment

Roman Copper Corp. Canada wins tender staged for selling Cupru Min SA Abrud

2012-03-27

Roman Copper Corp. Canada won on Monday the tender organized for selling the shares owned by the state at the company Cupru Min SA Abrud (central-western Romania), for the price of 200.772 million euros, with the starting price being 57.363 million euros, according to a release sent on Monday by the Ministry of Economy, Trade and Business Milieu (MECMA).

Agerpres

Ambassador Andreas von Mettenheim: Romania and Germany - a secure future in United Europe

2012-03-27

The Ambassador of the Federal Republic of Germany to Bucharest, Andreas von Mettenheim, held on Monday the a conference entitled 'Why Europe Needs Partnership. Romania and Germany, Present and Future', at the 'Babes-Bolyai ' University (UBB) in Cluj-Napoca (north-western Romania), in front of a large audience, conveying the message that both countries should not have reasons for concern as regards their secure future within the European Union.

Agerpres

Local fees and taxes likely to go up 16% in 2013

2012-03-27

Local fees and taxes might go up 16.05 percent, starting early 2013, reads government decision draft posted on the Public Finance Ministry (MFP) web page, and this to be indexed to the inflation over the past three years.

Agerpres

Mihai Tanasescu to be appointed as EIB Vice President in a few months

2012-03-27

Romania's representative to the International Monetary Fund (IMF) Mihai Tanasescu will be appointed as Vice President of the European Investment Bank (EIB) in a few months, Romania being represented for the first time at this level in the bank, sources related to the international financial bodies told Agerpres.

Agerpres

Tony Blair: The future belongs to a united Europe

2012-03-27

Former UK Prime Minister Tony Blair on Monday held a conference in Bucharest where he urged for a united Europe in the current international context and the challenges facing the European countries.

Agerpres

Budget deficit of 0.44%t of GDP after two months

2012-03-27

The consolidated general budget reported a 2.7 billion lei deficit representing 0.44 percent of the GDP according to operative data of the Ministry of Public Finance released on Monday.

Agerpres

Bucharest Stock Exchange 2012 budget

2012-03-26

The Bucharest Stock Exchange (BVB) has published its budget for 2012, which should be approved in the next GSM. The company's sales are seen at RON 25.2 mn, some 16% higher yoy, on increasing trading revenue (RON 20.4 mn, up 28% yoy).

Raiffeisen Capital & Investment

OMV Petrom 2011 DPS proposal

2012-03-26

OMV-Petrom (SNP) called a GSM on April 27 requesting shareholders to approve among others the 2011 dividend, the final FY 2011 financial results and the 2012 budget.

Raiffeisen Capital & Investment

Alro 2011 dividend proposed at RON 0.3165

2012-03-26

The aluminium smelter Alro (ALR) called a GSM for April 27. The main points of the agenda include the approval of the FY 2011 financial statements, the 2012 budget and the 2011 dividend.

Raiffeisen Capital & Investment

BRD-GSG financial year 2011 IFRS: RAS-like risk costs

2012-03-23

BRD-GSG's FY 2011 consolidated IFRS results have surprised on the downside, with a very weak bottom line, driven mainly by higher risk costs. These were triggered by higher NPLs, above our projections, and also by an increased coverage ratio.

Raiffeisen Capital & Investment

Transelectrica 2011 dividend proposed in line; FY 2011 consolidated statements

2012-03-23

The power grid operator Transelectrcia (TEL) called a GSM for April 26 asking shareholders to approve among others the FY 2011 financial statements, both individual and consolidated and also the dividend to be paid from the 2011 profit.

Raiffeisen Capital & Investment

Banca Transilvania to pay stock dividends

2012-03-23

Banca Transilvania (TLV) has called an ordinary and extraordinary GSM for April 27, 2012 when shareholders could vote on management's proposal to pay stock dividends.

Raiffeisen Capital & Investment

BRD-GSG - FY 2011 net profit under IFRS

2012-03-23

BRD-GSG has published its 2011 financial statements under IFRS which revealed a consolidated net profit of RON 496.3 mn, down 51% yoy and well below our estimate of RON 808.7 mn and market consensus of RON 824 mn.

Raiffeisen Capital & Investment

Antibiotice - proposal for a share capital increase

2012-03-22

Pharmaceuticals producer Antibiotice (ATB) called a Shareholders Meeting for April 26, 2012. The shareholders are asked to approve a share capital increase of RON 16.4 mn by capitalizing 2011 net profit and other reserves.

Raiffeisen Capital & Investment

Bucharest Stock Exchange 2011 DPS at RON 2.1417

2012-03-22

The Bucharest Stock Exchange (BVB) has called a GSM for April 25, 2012. Among other issues, shareholders should approve the disbursement of dividends worth RON 16.4 mn, which translates into a DPS of RON 2.1417 (97% payout ratio).

Raiffeisen Capital & Investment

Zentiva’s 2011 DPS at RON 0.0812

2012-03-22

The pharmaceuticals producer Zentiva (SCD) called a GSM for April 26, 2012. Among other issues, the shareholders are asked to approve the FY 2011 results, the 2012 budget and the distribution of DPS of RON 0.0812 paid from the 2011 net profit (100% payout ratio).

Raiffeisen Capital & Investment

Rompetrol Well Services intends to pay a 2011 DPS of RON 0.029

2012-03-22

Rompetrol Well Services (PTR) has called its annual GSM on April 26, 2012 where the shareholders will have to approve among other issues, the management's proposal to pay a dividend of RON 0.029 per share out of its 2011 net profit.

Raiffeisen Capital & Investment

Transgaz 2011 dividend proposed in line with estimates at RON 29.76

2012-03-22

Transgaz (TGN) called a shareholders meeting for April 25 to approve the final FY 2011 financial statements and also the dividend from the 2011 profit. The dividend proposed stands at RON 29.76, in line with our estimate (RON 30).

Raiffeisen Capital & Investment

Bucharest Stock Exchange holds 5% in the new Chisinau Stock Exchange

2012-03-21

The Bucharest Stock Exchange announced that the Moldavian Securities Commission authorized its holding of a 5% stake in the Chisinau Stock Exchange.

Raiffeisen Capital & Investment

Biofarm’s DPS proposal above expectations

2012-03-21

The pharmaceutical producer Biofarm (BIO) has called a shareholders meeting for April 23(24), 2012 to approve among others the dividends to be paid from the 2011 profit, the FY results for 2011 and the 2012 budget.

Raiffeisen Capital & Investment

Banca Transilvania to offer financing under the European Progress Microfinance Facility

2012-03-21

Banca Transilvania (TLV) informed that it signed a EUR 7.5 mn borrowing agreement with European Investment Fund with the purpose of supporting small businesses.

Raiffeisen Capital & Investment

Banca Transilvania - Management meeting - take aways

2012-03-20

2012 strategy: No figures were provided since TLV will publish its 2012 budget and FY 2011 (IFRS) figures next week. The bank will continue to target a slightly above the market growth, seizing opportunities while preserving its asset mix.

Raiffeisen Capital & Investment

Number of Facebook active accounts in Romania has increased 11% in past three months

2012-03-20

The number of Facebook active accounts in Romania has increased by 11 percent in the past three months and topped 4.67 million people, according to the data presented by Victor Kapra, online consultant, during a specialist conference on Tuesday.

Agerpres

BNR regulation on consumer credits observes European practices

2012-03-20

The regulation of the National Bank of Romania (BNR) on the consumption credit observes the European practices in this sector and clearly differentiates the consumer credit from the commercial real estate loans, highlighting the importance of risk assessment, president of Romanian Banking Association Radu Gratian Ghetea told Agerpres.

Agerpres

Hahn: Romania should absorb over EUR 30 mn euros a week in EC payments in 2012

2012-03-20

Romania should get payments of European money at more than 30 million euros a week by the end of 2012 in order to meet all the requirements related to the European Union funds absorption, visiting European Commissioner for Regional Policy Johannes Hahn said on Monday.

Agerpres

Retrasib - CEO's statements regarding 2012 guidelines

2012-03-19

In an interview to the local media, the CEO of the producer of electrical transformers Retrasib (RTRA) has made several comments regarding 2012 guidelines.

Raiffeisen Capital & Investment

Azomures - Competition Council gave its green light for the takeover by Ameropa

2012-03-19

According to a release to the stock exchange, the Competition Council gave its green light for the takeover of Azomures (AZO) by the Swiss based fertilizer and grains trading house Ameropa.

Raiffeisen Capital & Investment

Fondul Proprietatea calls GSM to approve 2011 dividend and a shares repurchase program

2012-03-19

Fondul Proprietatea (FP) has called an ordinary and extraordinary GSM for April 25, 2012 while the main topics are the approval of its 2011 dividend and a repurchase program of up to 1.1 bn of its own shares.

Raiffeisen Capital & Investment

228,932 green certificates traded in March

2012-03-19

As many as 228,932 green certificates were traded on the Centralized Market for Green Certificates, in this March, by 174,111 more than during the same time, last year when 54,821 such certificates were negotiated, read data OPCOM energy market operator makes public.

Agerpres

Romanian Facebook for groups of friends

2012-03-19

Several Romanian young people launched an electronic platform named Prevyou by which the user can find out where their friends are and which are the places they like at a given moment of the day, Capital magazine quotes Digi24.

Agerpres

40% decrease in pharmaceutical products in Romania in 2011

2012-03-19

In 2006 about 315 million boxes of medicine for the domestic market were made in Romania (for an average price of under 5 lei/box, therefore extremely accessible), while only approximately 190 million were produced in 2011, that is a decline in absolute values of 125 million or 40 percent, as reveals Ranbaxi CEO Dragos Damian, in a survey remitted to the press.

Agerpres

European Commissioner for Regional Policy Hahn to pay official visit to Romania

2012-03-19

European Commissioner for Regional Policy Johannes Hahn will be attending a meeting today in Bucharest of the Romanian Government's Interminsterial committee on monitoring the absorption of European funds, the European Commission Representation in Romania reports.

Agerpres

Petrom made EUR 7.7 bn investments in 7 years

2012-03-19

Petrom has invested 7.7 billion euros in the last seven years and in 2012 it plans to make a billion euros worth of investments, which are to be approved in the Shareholders General Meeting in April, the oil company's managing director Mariana Gheorghe told Agerpres.

Agerpres

Oltchim - Ministry of Economy has published the privatization announcement

2012-03-16

The Ministry of Economy has published the privatization announcement for the chemical producer Oltchim (OLT). Potential bidders can procure the information memorandum starting with March 20.

Raiffeisen Capital & Investment

Ministry of Finance borrowed at a lower yield

2012-03-16

Yesterday, the Ministry of Finance borrowed RON 1 bn in 4-year T-bonds, more than double the initial intended amount.

Raiffeisen Capital & Investment

Bermas to grant dividends of RON 0.06 per share

2012-03-15

Local beer producer Bermas (BRM) called a Shareholders Meeting for April 26. Among other issues, shareholders are asked to approve a gross dividend of RON 0.06 from the 2011 profit.

Raiffeisen Capital & Investment

Antibiotice budgeted higher net profit for 2012

2012-03-15

The state-owned pharmaceutical producer Antibiotice (ATB) made public its 2012 budget. Turnover is expected some 10% higher yoy at RON 309 mn and the company expects an improvement in EBIT by almost 22% yoy to RON 39 mn.

Raiffeisen Capital & Investment

Fondul Proprietatea - Official NAV as of end-February 2012

2012-03-15

Fondul Proprietatea (FP) has published its official NAV as of end-February 2012. The unitary NAV came in at RON 1.1951, up 5.9% mom while total NAV stood at RON 16.03 bn.

Raiffeisen Capital & Investment

Electromagnetica 2012 budget

2012-03-14

According to a media release citing the chairman of electronic components producer and electricity trader Electromagnetica (ELMA), the company expects declining revenues for 2012 by 25% yoy to RON 370 mn.

Raiffeisen Capital & Investment

Transelectrica secondary public offering starts today

2012-03-14

The government approved yesterday the price range for the secondary public offering for the sale of the 15% stake in power grid operator Transelectrica (TEL). The minimum price per share stands at RON 14.9, offering a discount of 12.7% to the March 12 closing price, and the maximum price of RON 19.2 is 12.5% above the last available closing price.

Raiffeisen Capital & Investment

Electroarges share capital increase results

2012-03-13

In a release to the stock exchange, the Board of the household appliances producer Electroarges (ELGS) announced the results of the share capital increase that took place between February 10 and March 9.

Raiffeisen Capital & Investment

Transelectrica shares suspended as SPO pricing is discussed

2012-03-13

Transelectrica shares are suspended from trading today as the Government will discuss the price range for the secondary public offering for the 15% stake it plans to sell through the market.

Raiffeisen Capital & Investment

Ministry of Finance borrows at a low yield

2012-03-13

Yesterday, the Ministry of Finance borrowed RON 2.5 bn in 1-year T-bonds, 2.5x higher than the initial intended amount, at an average yield of 5.27%.

Raiffeisen Capital & Investment

Over 60,000 foreign health tourism arrivals to Romania last year

2012-03-12

The Romanian health tourism last year registered over 60,000 foreign arrivals, with dental, ophthalmic and plastic surgery services being the most sought after, Emilian Imbri, advisor to the Minister of Regional Development and Tourism, told Agerpres at the International Tourism Exchange in Berlin.

Agerpres

Stock market opens lower

2012-03-12

The Bucharest Stock Exchange (BVB) opened lower on Monday, with the BET-C general index dipping 0.72 percent in the five opening minutes.

Agerpres

FinMin Dragoi: Romania has solid economic fundamentals that secure 2012 economic growth

2012-03-12

Romania has solid economic fundamentals underpinned by the structural measures implemented over the past three years that secure economic growth for 2012, Finance Minister Bogdan Dragoi said Friday.

Agerpres

FinMin to launch new bond issue in foreign markets after mid-year

2012-03-12

The Public Finances Ministry will launch a new issue of government securities and bonds in the foreign market after mid-2012, Minister Bogdan Dragoi announced at a news conference on Friday.

Agerpres

Romania, Republic of Korea want to boost economic exchanges

2012-03-12

Romanian Foreign Affairs Minister Cristian Diaconescu on Friday met South Korean ambassador in Bucharest Im Han-taek, on which occasion he voiced the wish to boost the economic cooperation between Romania and South Korea.

Agerpres

RON 2 bn budget impact this year if public sector wages grow 16%

2012-03-12

A 16% rise in public sector wages beginning June 1 would have a budget impact of two billion lei, Minister of Public Finance Bogdan Dragoi told a press conference on Friday.

Agerpres

Inflation edged down to 2.6% y/y

2012-03-12

Inflation sped up to a monthly 0.64% in February and was slightly closer to our expectation (0.7%) than to the market consensus (0.5%). CPI edged down a notch to 2.6% in February from 2.7% in the previous month.

Erste Group Research

Electromagnetica dividend proposal

2012-03-12

The electrical components producer and electricity trader Electromagnetica (ELMA) has called a GSM for April 12, 2012 to approve among others the dividends to be paid from the 2011 profit, the FY results for 2011, the 2012 budget and a share capital increase of RON 0.03 mn, following the merger with Procel.

Raiffeisen Capital & Investment

Fondul Proprietatea – The position of City of London regarding the incoming GSM

2012-03-12

City of London (CL), one of Fondul Proprietatea's (FP) largest shareholder with a stake of 8.5%, has released a communiqué stating its position regarding the main topics of the incoming GSM.

Raiffeisen Capital & Investment

OTP Bank - the full-year 2011 results

2012-03-09

According to the original report submitted to the Budapest Stock Exchange, the Romanian subsidiary of OTP Group ended the year 2011 with a positive financial performance. Thus, OTP Bank Romania registered a RON 13 million after tax profit, while the operating result remained stable during the year.

OTP Bank

Oltchim – European Commission approved the conversion into equity of its debt toward the State

2012-03-09

European Commission approved the conversion into equity of Oltchim's (OLT) debt toward the State, paving the way for the privatization of the chemical producer.

Raiffeisen Capital & Investment

Fondul Proprietatea - Enel not yet interested in minority stakes offered by the fund

2012-03-09

According to Romanian media, the CEO of Enel said that the group was not yet interested in minority stakes that Fondul Proprietatea (FP) owns in its Romanian subsidiaries from the power distribution and supply field.

Raiffeisen Capital & Investment

INS: Industrial production (gross series) goes down 0.3% in January

2012-03-09

The industrial production (gross series) went down by 0.3 percent this January from the previous month and as an adjusted series, depending on the number of workdays and seasonality, it went up by 0.6 percent, according to the data published by the National Institute of Statistics (INS) on Friday.

Agerpres

INS: Turnover of services marketing B2B drop 23% in January

2012-03-09

The nominal turnover of the services marketing business to business (B2B) dropped both as real and seasonally and working day adjusted series by 23.1 and 1 percent in this January as compared to January 2011, according to the National Institute of Statistics (INS).

Agerpres

Stock market opens higher on Friday

2012-03-09

The Bucharest Stock Exchange (BVB) opened higher on Friday, with the BET-C general index having increased 0.17 percent in the first 7 of the session.

Agerpres

First edition of SMB Forum, March 14 to 16 in Bucharest

2012-03-09

The first edition of the Forum for Small and Medium Businesses (SMB) in Romania is to take place in Bucharest over three days between March 14 and 16, announced state advisor Andreea Paul, ambassador of the Romanian SMBs to the European Commission and coordinator of the event, in a release sent to Agerpres.

Agerpres

Moody's reaffirmed Transelectrica's Baa3 rating

2012-03-08

The rating agency Moody's has reiterated Transelectrica's (TEL) Baa3 rating with stable perspective, thus maintaining the company in the 'Investment grade' class, at equal rate with Romania.

Raiffeisen Capital & Investment

Oradea City wins Romania's 2012 Green Capital title

2012-03-08

The western Romanian city of Oradea has garnered most of the votes to be named on Wednesday the greenest county capital in Romania in 2012. The title was presented by Minister of the Environment and Forestry Laszlo Borbely at the 2nd edition of the Romania's Green Capital gala awards.

Agerpres

Sales of IT products, mobile phones on the rise in 2011

2012-03-08

The sales of IT products and mobile phones surged by 25.5 percent, 10 percent respectively in 2011 compared to 2010, according to the report issued by GfK Temax.

Agerpres

Ionut Dumitru: Fiscal responsibility law bans salary rises before elections

2012-03-08

Fiscal responsibility law bans any salary rises in 2012, given that it is an election year, too, Raiffeisen Bank's chief cashier and Fiscal Council's chairman Ionut Dumitru said, on Wednesday.

Agerpres

Analyst advises differentiated payroll rise in public sector

2012-03-08

Payroll rises should be granted this year only in connection with labor productivity for a differentiated motivation of the public sector, considers president of Consulting and Financial Investigations firm Ionel Blanculescu.

Agerpres

Admiral Markets: Authorities' plan to restore wages in public sector will strengthen leul and generate BVB optimism

2012-03-08

Romanian authorities' intention to restore the public sector employees' wages since June will strengthen the local currency leul and generate optimism on the Stock Exchange, Cristian Cochintu, financial analyst at Admiral Markets, told Agerpres, on Wednesday.

Agerpres

OTP Bank Romania has increased its share capital

2012-03-07

The Romanian Court of Registration registered the capital increase – in the amount of RON 139,999,920 – the Romanian subsidiary of OTP Bank, on February 29th, 2012. Accordingly, the statutory capital of OTP Bank Romania S.A. has been increased from RON 542,908,040 to RON 682,908,960.

OTP Bank

Alumil expects a slight increase in sales for 2012

2012-03-07

According to media, citing Alumil Rom Industry (ALU) CEO, the company is expecting that its sales will continue to grow slightly in 2012.

Raiffeisen Capital & Investment

Fondul Proprietatea - Advisor selected for divestments from distribution and supply companies

2012-03-07

The manager of Fondul Proprietatea (FP) has informed that it selected Citigroup as intermediary to facilitate transactions with stakes held in the power and gas distribution and supply companies, both private and majority state owned.

Raiffeisen Capital & Investment

SIF Oltenia to pay a 2011 DPS of RON 0.13

2012-03-06

SIF Oltenia (SIF5) has joined its peers and called its annual GSM for April 26, 2012. The main topic on the agenda is the proposal to pay a 2011 DPS of RON 0.13 which implies a pay-out ratio of 90% and a current dividend yield of 9.2%.

Raiffeisen Capital & Investment

Stock market opens low on Monday

2012-03-05

The Bucharest Stock Exchange (BVB) opened low on Monday, with the BET-C general index having decreased 0.45 percent in the first 5 minutes of the session.

Agerpres

Bosch invests EUR 43 mn to expand production unit in Blaj

2012-03-05

Bosch is going to invest 43 million euro by late 2013 to expand and purchase new production equipment for their plant in Blaj (Alba County), reads a Bosch group release.

Agerpres

Florin Libocor (BRD): Romanian economy to keep upward trend

2012-03-05

The economy will remain on an upward trend confirming the process of gradual moderate recovery, said chief economist with BRD-Groupe Societe Generale Florin Libocor during the BRD Media Days conferences.

Agentia Nationala de Presa Agerpres

Bucharest, Cluj-Napoca and Timisoara users hold over 30% of Facebook accounts in Romania

2012-03-05

Nearly one third (31.37 percent) of Facebook users in Romania are registered in Bucharest, Cluj-Napoca (center) and Timisoara (west), an equivalent of approximately 1.44 million people, statistics published by facebrands.ro portal reveal.

Agerpres

BRD Chairman: Romanians are not ready for very sophisticated banking products

2012-03-05

Romanians are not ready for sophisticated banking products on the side of deposits, said Guy Poupet, Chairman and CEO of BRD - Groupe Societe Generale, on the occasion of BRD Media Days conferences.

Agerpres

BVB stock transactions have increased by almost 7% last week

2012-03-05

Stock transactions on Bucharest Stock Exchange (BVB) accounted for 197.16 million lei (about 45.4 million euros), last week, higher by almost 7 percent compared to the previous week, according to an analysis of Intercapital Invest brokerage.

Agerpres

SIF Banat Crisana proposes a 2011 DPS of RON 0.1

2012-03-05

Like other peers, SIF Banat Crisana (SIF1), called its annual GSM for April 25, 2012 when shareholders could vote on the management proposal to pay a 2011 DPS of RON 0.1.

Raiffeisen Capital & Investment

SIF Transilvania proposes a 2011 DPS of RON 0.1712

2012-03-05

SIF Transilvania (SIF3) has called its annual GSM for April 26, 2012 and one of the topics on the agenda is the proposal to pay a 2011 DPS of RON 0.1712 which implies a pay-out of 90% and a current dividend yield of 24.6%.

Raiffeisen Capital & Investment

OMV Petrom, Fondul Proprietateta – The Government is mulling hiking royalties for oil&gas companies

2012-03-02

The new head of the Ministry of Economy said in an interview with the media that the Government was mulling hiking in 2013 the royalties paid by oil&gas companies to 10%.

Raiffeisen Capital & Investment

BVB opens higher on Friday

2012-03-02

The Bucharest Stock Exchange (BVB) opened higher on Friday, as the BET-C general index edged up 0.21 percent in the first 10 minutes of the session.

Agerpres

Black Sea top modern nautical base in the making in Mangalia on European money

2012-03-02

The city of Mangalia will boast the top modern nautical base on the Black Sea western coast, which will be built mostly on European funds.

Agerpres

Research Institute for Renewable Energies inaugurated in Timisoara

2012-03-02

Romania's first Research Institute for Renewable Energies (ICER) was inaugurated in Timisoara (western Romania) on March 1, thanks to a EU-funded project implemented by the Traian Vuia Politechnics University (UPT) from Timisoara, with the investment standing at 17 million euros.

Agentia Nationala de Presa Agerpres

MFP borrows over RON 473 mni, at 6.75% yield and maturity in 2021

2012-03-02

The Public Finance Ministry (MPF) on Thursday borrowed 473.58 million lei (approximately 109.12.95 million euros) from commercial banks, through an issue of benchmark bonds, with a 9-year maturity, placed on tender through the National Bank of Romania (BNR).

Agerpres

BNR foreign exchange reserves, up 2.11%, to EUR 33.387 bn, in February 2012

2012-03-02

The foreign exchange reserves of Romania in the National Bank of Romania (BNR) increased 2.11 percent in February this year, to 33.387 billion euros, from 32.696 billion euros on January 31, 2012, according to a release of the central bank remitted to Agerpres on Thursday.

Agerpres

Two consortia file bids to broker Hidroelectrica IPO

2012-03-02

Two consortia have filed bids to broker the initial public offering of shares in Hidroelectrica on the Bucharest Stock Exchange (BVB), the Ministry of Economy, Trade and Business Milieu (MECMA) reported on Thursday.

Agerpres

FinMin Bogdan Dragoi: Favourable moment for Romania on foreign capital markets

2012-03-02

On the international financial markets there has been a favourable moment for Romania to come out with bond issues, to draw financings, taking into account the constraints connected with implementing the new fiscal pact and the domestic budget constraints, Public Finance Minister Bogdan Dragoi said on Thursday.

Agerpres

Investors in US and UK buy over three quarters of Romania's dollar bonds

2012-03-01

The bonds issued by the Public Finance Ministry (MFP) on February 28 on the US market have been mainly bought by US and UK investors, informs a release remitted on Wednesday to Agerpres.

Agerpres

4th edition of Bucharest International Boat Show opens at Romaero Baneasa

2012-03-01

The 4th edition of the Bucharest International Boat Show opened today in Bucharest at the Romaero Baneasa Exhibition Centre. The show, opened throughout March 4, gathers together boat traders and manufacturers, as well as traders and manufacturers of boat accessories and providers of related services from Romania, Bulgaria and Hungary.

Agerpres

Lebanese business people expected to increase their investments in Romania

2012-03-01

The rampant crisis in Europe is an opportunity for Romanian business people to develop cooperation with the Middle East, particularly Lebanon, Chairman of the Romanian Chamber of Commerce and Industry (CCIR) Mihail Vlasov told the opening of a Romanian-Lebanese Business Forum on Tuesday.

Agerpres

EC official: 2012 raises challenges on possible losses of European money for Romania

2012-03-01

The year 2012 raises great challenges concerning possible losses of European money for Romania, European Commission's (EC) General Directorate (DG EMPL) for Employment Director Peter Stub Jorgensen warned on Wednesday.

Agerpres

BNR expands range of assets eligible for open market operations

2012-03-01

The National Bank of Romania (BNR) has expanded the range of eligible assets accepted by the National Bank of Romania for open market operations as from March 1, BNR reports in a press release.

Agerpres

Prospectiuni 4Q 2011 results

2012-03-01

The seismic data acquisition company Prospectiuni released only some key figures for 4Q 2011 results. Turnover more than doubled yoy at RON 99.6 mn, the highest quarterly figure in the last five years and stood some 23% above our forecast, most probably on higher works performed for its traditional local partners Petrom and Romgaz, but also on increased volume of external contracts.

Raiffeisen Capital & Investment

Fondul Proprietatea calls EGSM to approve among others secondary listing

2012-02-29

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

Raiffeisen Capital & Investment

Government approves Romania's signing European Stability Treaty

2012-02-29

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

Raiffeisen Capital & Investment

Romania resumes US-dollar denominated bond issue on US market

2012-02-29

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

Agerpres

Ceiling on state guarantees under 2012 Kogalniceanu Programme set at RON 1.2 bn

2012-02-29

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

Agerpres

Government establishes MPF directorate for state-owned companies financial control

2012-02-29

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

Agerpres

Vrancart 2012 budget

2012-02-28

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

Raiffeisen Capital & Investment

Andreea Paul Vass: Taxes account for 54% of gasoline price, lowest share in EU

2012-02-28

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

Agerpres

European Hydropower Summit in Bucharest

2012-02-28

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

Agerpres

MFP borrows over RON 500 mn from commercial banks on Monday

2012-02-28

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

Agerpres

Information Centre for Structural Instruments opens in Bucharest

2012-02-28

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

Agerpres

BCR expecting 15% rise in 2012 private banking business

2012-02-27

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

Agerpres

EC: Romania, Italy and Cyprus must adopt consumer favorable legislation on energy labeling

2012-02-27

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

Agerpres

Temporary workers provide growing niche in Romanian job market

2012-02-27

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

Agerpres

Non-standard evolution for Romanian capital market, head of industry watchdog says

2012-02-27

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

Agerpres

Rail car maker Astra Vagoane Arad back in Brazil after 20 years

2012-02-27

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

Agerpres

Boromir Prod – 4Q 2011 results

2012-02-27

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

Raiffeisen Capital & Investment

Fondul Proprietatea - Competition Council approves the set up of Complexul Energetic Oltenia

2012-02-24

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

Raiffeisen Capital & Investment

Fondul Proprietatea - Hidroelectrica 2011 profit drops to RON 16 mn

2012-02-24

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

Raiffeisen Capital & Investment

Fondul Proprietatea - Romgaz FY 2011 key figures

2012-02-24

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

Raiffeisen Capital & Investment

Transelectrica signs 3 year contract for maintenance works worth RON 361 mn

2012-02-23

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

Raiffeisen Capital & Investment

IMF: Romania programme stays within set schedule

2012-02-23

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

Agerpres

BVB closes higher, reports state bond transactions of nearly EUR 7 mn

2012-02-23

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

Agerpres

Joint Venture confirmed potentially significant gas discovery offshore Romania

2012-02-22

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

Raiffeisen Capital & Investment

Stock market opens 0.42% higher on Wednesday

2012-02-22

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

Agerpres

Three new Erste Bank certificates traded on Wednesday on BVB

2012-02-22

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

Agerpres

Romania endorses economic coordination and fiscal consolidation in eurozone

2012-02-22

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

Agerpres

Romanian tourism could register a 15% growth in 2012, says Minister Petrescu

2012-02-22

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

Agerpres

Retrasib called GSM to a approve a shares repurchase program

2012-02-21

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

Raiffeisen Capital & Investment

Ministry of Finance borrows at a lower yield

2012-02-21

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

Raiffeisen Capital & Investment

BVB liquidity dropped 7.6% last week

2012-02-20

The transactions value at Bucharest Stock Exchange (BVB) amounted to 52 million euros over the past week, 7.6 percent less than the previous week.

Agerpres

Over USD 6.67 mn from World Bank loan to Romania cancelled

2012-02-20

Over 6.675 million dollars from a loan given Romania by the International Bank for Reconstruction and Development (IBRD) - the World Bank investment division - was cancelled, given the Romanian side cannot use this amount by the set date, the Public Finance Ministry says on its website.

Agerpres

More than 13.34 million valid credit cards on the market

2012-02-20

There were 13,348,529 valid cards, co-branded cards and e-money included, on the Romanian market on December 31, 2011, reveal the statistics released by the National Bank of Romania.

Agerpres

SIF Muntenia's 2011 dividend proposal yields 10.5%

2012-02-20

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

Raiffeisen Capital & Investment

Equity call – benefit from dilution of inactive shareholders

2012-02-17

Given that SIF Moldova (SIF2) has proposed to its shareholders a share capital increase which, if approved, will lead to a dilution of the inactive shareholders, we tried to quantify this dilution effect. The base case scenario of our exercise assumes a 70% subscription rate to the capital increase.

Raiffeisen Capital & Investment

MFP borrows RON 500 mn from banks for four years, at a 6.75% yield

2012-02-17

The Public Finance Ministry (MPF) on Thursday borrowed 500 million lei (approximately 114.95 million euros) from commercial banks, through an issue of benchmark bonds, with a 4-year maturity, placed on tender through the National Bank of Romania (BNR).

Agerpres

Romania's 6.3% absorption rate for European convergence funding - lowest in EU

2012-02-17

Romania's absorption rate for the European funds allocated for the country's convergence reached 6.3 pct, the lowest in the EU, Prime Minister Mihai-Razvan Ungureanu cautioned on Thursday.

Agerpres

Romania is Country of the Year at 2013 Biofach edition, event organizers officially announce

2012-02-17

Agerpres special correspondent Mariana Nica reports: Romania was officially named Country of the Year at the 2013 edition of the world's largest organic products fair - Biofach, which is organized every year in February in Nuremberg (Germany); the announcement was made public on Thursday by the Biofach fair organizers - Nuremberg Messe, at a press lunch offered to the accredited journalists.

Agerpres

Banca Transilvania sold a 4% stake in SIF Banat Crisana

2012-02-17

Banca Transilvania (TLV) announced that on February 15th and 16th the bank and several of its subsidiaries sold on the deal section of the market a stake of 4% in SIF Banat Crisana (SIF1).

Raiffeisen Capital & Investment

Fondul Proprietatea - Largest shareholder asks for a change in management fee to simulate returning cash

2012-02-16

Fondul Proprietatea (FP) has informed that Manchester Securities, currently the fund's largest shareholder with a stake of 12.2%, has requested the calling of a GSM where shareholders could vote on its proposal to amend the management fee paid to Franklin Templeton.

Raiffeisen Capital & Investment

Biofarm 4Q 2011: Growth sustained by higher marketing costs

2012-02-16

Pharmaceutical producer Biofarm reported a robust increase in sales for 4Q 2011, slightly higher compared to our forecast. On the other hand, fierce competition on the OTC (non-prescription) market, BIO's core segment, called for considerable marketing efforts, higher than we estimated and brought the operational performance lower.

Raiffeisen Capital & Investment

Bermas 4Q 2011 results

2012-02-16

Local beer producer Bermas (BRM) reported its 4Q 2011 results. Due to seasonality 4Q is generally one of the weakest quarters, but sales also decreased yoy (-20% yoy) to RON 2.4 mn , mainly affected by the reduction in consumers purchasing power and unfavorable weather conditions.

Raiffeisen Capital & Investment

Cemacon 4Q 2011 results

2012-02-16

Cemacon (CEON) reported an increasing turnover for 4Q 2011, but decreasing total revenues (-88% yoy) to RON 1.5 mn given a significant drop in inventories (-RON 4.5 mn).

Raiffeisen Capital & Investment

Vrancart reported solid 4Q 2011 results

2012-02-16

Cardboard and toilet paper producer Vrancart (VNC) has reported decreasing sales but improved profitability due to cost cutting measures for 4Q 2011. The quarterly sales amounted to RON 41.6 mn, down 1.2% yoy.

Raiffeisen Capital & Investment

Broker 4Q 2011 results

2012-02-16

The broker and investment company Broker (BRK) has reported weak quarterly results due to losses from its investment portfolio. While its fees and other operating revenues almost doubled to RON 1.7 mn, its results were burdened by provisions of RON 5.0 mn, up 5.5% yoy, set up for some stakes from its portfolio.

Raiffeisen Capital & Investment

Banca Carpatica 4Q 2011 RAS results

2012-02-16

Banca Carpatica's (BCC) net loans under RAS have expanded 2.5% qoq to RON 0.95 bn while total assets surged 30% qoq to RON 3.8 bn, on the back of a doubling of T-bills portfolio to RON 1.67 bn.

Raiffeisen Capital & Investment

Impact Developer&Contractor 4Q 2011 results

2012-02-16

Real estate developer Impact Contractor&Developer (IMP) 4Q turnover dropped by 9% yoy to RON 4.5 mn. The company managed to cut its raw material and labor costs, but depreciation came almost 10x higher yoy to RON 4.8 mn.

Raiffeisen Capital & Investment

Zentiva 4Q 2011 results

2012-02-16

The pharmaceutical producer Zentiva (SCD) posted a 2% yoy drop in its turnover to RON 52.1 mn. The company cut its labor expenses by 17% yoy to RON 10.5 mn, but raw materials were up 36% yoy to RON 12 mn, while costs of merchandise more than doubled at RON 8.7 mn.

Raiffeisen Capital & Investment

Alro 4Q 2011 results

2012-02-16

Aluminum smelter Alro (ALR) has reported a 13% yoy increase in its 4Q 11 sales to RON 538 mn. It seems that the growth rate of sales has slowed down significantly from 27% yoy over 1-3Q.

Raiffeisen Capital & Investment

Biofarm 4Q 2011 results

2012-02-16

The pharmaceutical producer Biofarm reported a robust increase in sales of 16% yoy for 4Q 2011 to RON 26.2 mn, 7% above our forecast. On the other hand, fierce competition on its core segments, OTC drugs and nutritional supplements required significant marketing efforts and third parties expenses augmented by 30% yoy to RON 9.3 mn (the highest quarterly figure in the last four years), surpassing our estimates.

Raiffeisen Capital & Investment

Transelectrica - SPO should begin in March, consumption up 5% yoy in February

2012-02-16

According to media reports, the secondary public offering for the 15% stake sold by the state in power grid operator Transelectrica could begin in the first half of March and should complete by the end of the month. The final prospectus should be available beginning of March.

Raiffeisen Capital & Investment

Local auto sales drop 23% in January

2012-02-16

Local auto sales (cars plus commercial vehicles) dropped this January 23 pct from January 2011, standing at 4,221 units; car deliveries plunged by some 21 pct to 3,475 units, shows data released on Wednesday by the Association of Automotive Manufacturers and Importers (APIA).

Agerpres

Transelectrica 4Q 2011: Provisions hit operating profit

2012-02-15

The power grid operator Transelectrica reported its preliminary 4Q 2011 results under Romanian Accounting Standards, unconsolidated, which showed a net loss in line with our estimates but larger than consensus estimates. The published results do not include a full breakdown of costs and revenues which makes comparison with our estimates relatively difficult.

Agerpres

Transgaz 4Q 2011: Surpassing expectations on lower than foreseen costs

2012-02-15

Transgaz reported its preliminary 4Q 2011 results under Romanian Accounting Standards with a net profit above our forecast but close to consensus estimates.

Raiffeisen Capital & Investment

OTP Bank launches a new campaign for personal loans

2012-02-15

OTP Bank Romania comes to meet its clients' needs with a special fixed interest, of only 15,79%* (DAE 16,98%) and with a fast approval term, of only 48 hours, for the personal loan in RON, without mortgage.

OTP Bank

Fondul Proprietatea proposes a 2011 DPS of RON 0.038

2012-02-15

Fondul Proprietatea (FP) has published its financial statements for 2011, with a net profit of RON 518 mn compared to RON 215 mn in 2010. The surge in net profit was due to higher dividends received from portfolio companies.

Raiffeisen Capital & Investment

Aerostar - 4Q 2011 results

2012-02-15

Aerostar (ARS) released its 4Q 2011 results under Romanian Accounting Standards (RAS) with sales up 6% yoy to RON 58 mn, while raw materials rose by 21% yoy to RON 13 mn and third parties expenses were more than doubled at RON 7.7 mn.

Raiffeisen Capital & Investment

Retrasib - 4Q 2011 results

2012-02-15

Retrasib's (RTRA) sales for 4Q 2011 soared 22% yoy to RON 12.2 mn, while its operating revenues dropped 4% yoy to RON 9.9 mn (as the company sold more products than it manufactured during this quarter).

Raiffeisen Capital & Investment

Prefab - 4Q 2011 results

2012-02-15

Building materials producer Prefab (PREH) reported a sales drop of 13% yoy in 4Q 11 to RON 11.7 mn. Total operating revenues amounted to RON 19.6 mn, up 16% yoy. On the costs side, raw materials expenses jumped 50% to RON 9.3 mn, while salaries costs increased 22% yoy to RON 3.0 mn.

Raiffeisen Capital & Investment

Concefa - 4Q 2011 results

2012-02-15

Constructions company Concefa (COFI) reported a 37% yoy decrease in its quarterly sales to RON 33.6 mn. Raw materials expenses decreased by 22% yoy to RON 18.9 mn, while third party expenses contracted by 41% yoy to RON 11.3 mn.

Raiffeisen Capital & Investment

Rompetrol Well Service 4Q 2011 net profit up 19% yoy

2012-02-15

Rompetrol Well Services (PTR) reported for 4Q 2011 rising revenues and net profit. The revenues reached RON 25.7 mn, up 14% yoy. Material costs came in significantly higher yoy, salaries rose by 12% yoy but third parties were 4% lower.

Raiffeisen Capital & Investment

Oil Terminal - 4Q 2011 net result

2012-02-15

The harbour operator Oil Terminal (OIL) reported a net loss over 4Q 2011. The turnover stood at RON 27.4 mn, 29% lower yoy and lower than over the previous three quarters.

Raiffeisen Capital & Investment

Electroarges - 4Q 11 results

2012-02-15

Household appliances producer Electroarges (ELGS) released its 4Q 2011 results with the turnover up 5% yoy to RON 31 mn. Raw materials increased by 20% yoy to RON 26 mn, while labor costs were cut by 9% yoy to RON 3.3 mn.

Raiffeisen Capital & Investment

Mecanica Ceahlau - 4Q 11 results

2012-02-15

Agricultural equipment manufacturer Mecanica Ceahlau (MECF) released positive 4Q 11 results with sales advancing by 14% yoy to RON 6 mn thanks to higher prices for agricultural products and improved execution in the subsidy process for farmers.

Raiffeisen Capital & Investment

Socep - 4Q 2011 results

2012-02-15

Stevedoring company Socep (SOCP) has reported its 4Q 2011 results with sales inching higher by 2.7% yoy to RON 15.1 mn. The company did not manage adjust its costs as salaries expenses went up by 14% yoy to RON 6.2 mn, while third parties augmented by 32% yoy to RON 4.3 mn.

Raiffeisen Capital & Investment

Condmag - 4Q 2011 results

2012-02-15

The industrial contractor Condmag (COMI) reported weak 4Q 2011 results. The turnover reached RON 38 mn, better than over the previous three quarters but 29% lower yoy.

Raiffeisen Capital & Investment

Artego - 4Q 2011 results

2012-02-15

The rubber products manufacturer Artego (ARTE) published its 4Q 2011 results with an impressive increase in sales of 41% yoy to RON 59.5 mn. The main cost item, raw materials rose in line with sales evolution, despite a drop in rubber prices in 4Q, while labor costs were up 19% yoy to RON 10.3 mn.

Raiffeisen Capital & Investment

Orsova Shipyard - 4Q 2011 results

2012-02-15

Orsova Shipyard's (SNO) 4Q 11 sales surged 25% yoy to RON 14.8 mn (4Q 10 sales figure was the lowest for the past five years). Raw materials expenses decreased 1% yoy to RON 5.3 mn while third party expenses soared 74% yoy to RON 3.0 mn.

Raiffeisen Capital & Investment

Electromagnetica - 4Q 2011 results

2012-02-15

Electricity trader and producer of electrical components released disappointing results for 4Q 2011. Revenues declined by 6% yoy to RON 109.2 mn, on the back of a drop in sales of electricity (which accounted for roughly 84% of total revenue) of 10% yoy, while sales of electrical components climbed by 24% yoy to RON 17.4 mn.

Raiffeisen Capital & Investment

Andreea Paul-Vass: Romania macroeconomics-wise stable, recommended for investments

2012-02-15

Romania remains stable macroeconomics-wise with respect to being recommended for investments, the Prime Minister's advisor Andreea Paul Vass said in a press release on Tuesday.

Agerpres

Flanco: Romanian electro-IT retail market grows to EUR 1.1 bn in 2011

2012-02-15

The Romanian electro-IT market in 2011 stood at approximately 1.1 billion euros, 10 percent more than in 2010, Flanco marketing manager Violeta Luca told a press conference on Tuesday.

Agerpres

4Q11 real GDP weaker than expected

2012-02-15

According to the flash estimate released this morning by the National Institute of Statistics, real GDP contracted by 0.2% q/q (seasonallyadjusted data) in 4Q11. In y/y terms, real GDP increased by 1.9% in 4Q11. The economic growth for the full year 2011 stood at 2.5%.

Erste Group Research

Compa - 4Q 2011 results

2012-02-15

Compa (CMP) has reported an increase in its 4Q 2011 sales of 5.9% yoy to RON 127.9 mn. Raw materials expenses expanded only 1% yoy to RON 65.8 mn while salaries costs jumped 8% yoy to RON 19.7 mn.

Raiffeisen Capital & Investment

Oltchim - 4Q 2011 results

2012-02-15

Chemical producer Oltchim (OLT) reported poor 4Q results as the company reduced its working hours due to the lack of working capital and weak demand. Sales were down 31% yoy to RON 275 mn, while raw material expenses dropped by 24% yoy to RON 175 mn and energy and water costs inched by 2% yoy to RON 75.8 mn.

Raiffeisen Capital & Investment

Azomures - 4Q 2011 results

2012-02-15

The fertilizers producer Azomures (AZO) has reported the 4Q 2011 figures with its sales almost flat yoy at RON 330 mn. Raw materials expenses surged 31% yoy to RON 226.7 mn due to a higher gas bill triggered by a change in gas basket which now contains more imported gas.

Raiffeisen Capital & Investment

Transelectrica 4Q 2011 results in line with expectations

2012-02-15

The power grid operator Transelectrica reported its preliminary 4Q 2011 results under Romanian Accounting Standards, unconsolidated, which showed a net loss in line our estimates but larger than consensus estimates.

Raiffeisen Capital & Investment

Transgaz 4Q 2011 results exceeded estimates

2012-02-15

Transgaz reported its preliminary 4Q 2011 results under Romanian Accounting Standards with a net profit above our forecast but close to consensus estimates. Quantities transported were 6% below estimates dragging the turnover 3% below our expectations.

Raiffeisen Capital & Investment

BRD-GSG 4Q 2011 results: Higher risk costs outweighed better operating results

2012-02-14

BRD-GSG's 4Q 2011 RAS net profit came in below our and consensus estimates mainly due to surging risk costs as, apparently, NPLs went up during the quarter, bucking the trend of the Romanian banking sector.

Raiffeisen Capital & Investment

Bucharest stocks opens higher

2012-02-14

Trade on the Bucharest Stock Exchange (BVB) opened higher on Tuesday, with the BET-C composite index inching up 0.22 percent in the 10 opening minutes.

Agerpres

BRD-GSG – 4Q 2011 RAS results

2012-02-14

BRD-GSG has published its 4Q 2011 results under RAS with a disappointing bottom line mainly due to higher risk costs. Thus, the bank has reported a net profit of RON 83.1 mn, compared to our estimate of RON 135 mn and a Reuters poll of RON 103.4 mn.

Raiffeisen Capital & Investment

Alumil Rom Industry 4Q 2011 results

2012-02-14

Alumil Rom Industry (ALU) reported its 4Q stand-alone results under RAS. Sales advanced by 16% yoy to RON 23.3 mn, most likely helped by the expansion works of several retail chains (e.g. Lidl, Mega Image) and also by the fact that the company entered the program for the thermal rehabilitation of buildings.

Raiffeisen Capital & Investment

Antibiotice 4Q 2011 results

2012-02-14

The state-owned pharmaceutical producer Antibiotice (ATB) reported its 4Q preliminary results, with a solid top line increase of more than 20% yoy to RON 80.5 mn.

Raiffeisen Capital & Investment

Central Bank: Romania payment balance posts EUR 5.68 bn in 2011 deficit

2012-02-13

The current account of the Romanian balance of payments posted 5.682 billion euros in deficit last year, up 3 percent on 2010, mainly due to the 22 percent widened deficit of the balance of revenues, the National Bank of Romania announced in a release to Agerpres on Monday.

Agerpres

Valentin Lazea (BNR): Romania is a normal country, in line with European average or even above average

2012-02-13

Romania is a normal country from the macro-economic perspective, in line with the European average or even above the average as for some indicators, Romania's National Bank (BNR) Chief economist Valentin Lazea said on Friday, at a conference organized by the Representation of the European Commission (EC) to Romania.

Agerpres

Inflation fell to 2.7% y/y

2012-02-13

The reading came in way below both our monthly estimate and the market consensus, the actual number for January inflation standing at 0.4%. This pushed down inflation to a new record low of 2.7% y/y.

BCR Research

Teraplast – 4Q 11 results

2012-02-13

Teraplast (TRP) has reported its 4Q 11 stand-alone results under RAS with a disappointing 13% yoy decrease in sales to RON 44.7 mn. The company said that the 2011 decrease in sales was due to weak domestic demand for installations, divesting some non-core business lines (i.e. terracotta tiles) and lower sales of merchandises from other group companies.

Raiffeisen Capital & Investment

Bucharest Stock Exchange 4Q 2011 results

2012-02-10

The Bucharest Stock Exchange (BVB) reported its 4Q 2011 results with turnover up 2.3x yoy at RON 4.8 mn, on increased trading volumes of shares (+2.8x yoy) mainly due to the listing of Fondul Proprietatea (FP), but slightly lower qoq.

Raiffeisen Capital & Investment

Fondul Proprietatea - Shareholders ask for a GSM calling regarding secondary listing

2012-02-10

Fondul Proprieatatea (FP) informed that a group of shareholders which own more than 5% of its shares, have asked for a GSM calling.

Raiffeisen Capital & Investment

EUR 3.5 mn investments in fortresses of Fagaras, Feldioara and Rupea

2012-02-10

County Council Brasov president Aristotel Cancescu on Thursday, February 9, announced in a press conference that the county administration would invest 3.5 million euros this year for the rehabilitation of the fortresses of Fagaras, Feldioara and Rupea (Brasov County, central Romania).

Agerpres

Five-company consortium to rehabilitate Curtici-Arad rail sector, for over 248 million euros

2012-02-09

The National Railways Company - CFR SA signed with Astaldi - Swietelsky - Alstom - Euro Construct - Dafora consortium the contract for the execution of some construction and installation works on the railway sector 1 - Border - Curtici - Arad - km 614 (west), informs a Dafora release.

Agerpres

A new IMF agreement would not be a good message, says BNR Governor

2012-02-09

Governor of the National Bank of Romania (BNR) said on Wednesday, in a specialized conference, that Romania should not sign a new agreement with the International Monetary Fund (IMF), demonstrating that things are going well.

Agerpres

US reiterates support for including Romania in Visa Waiver programme

2012-02-09

The U.S. Administration reiterates its support for including Romania in the Visa Waiver programme - such is the conclusion of Wednesday talks between Bogdan Aurescu, State Secretary at the Romanian Foreign Ministry and Marie Yovanovitch, Deputy Assistant Secretary of State in the Bureau of European and Eurasian Affairs, the ministry said in a release to Agerpres.

Agerpres

Ceramica reports 2011 sales of RON 66 mn

2012-02-08

Brick producer Ceramica Iasi (CERE) reported for 2011 a turnover of RON 65.5 mn, flat yoy and a volume of sales of 373 th cm.

Raiffeisen Capital & Investment

SIFs – Erste Group made a better offer for BCR shares owned by other shareholders

2012-02-08

According to the media, Erste Group has made an offer to buy the BCR shares owned by other minority shareholders (owning some 0.36% of the share capital), like the employees.

Raiffeisen Capital & Investment

Transport Ministry signs six railway contracts worth nearly EUR 500 mn

2012-02-08

Transport Minister Anca Boagiu on Tuesday signed six railway contracts worth 479 million euros financed by European funds. The first contract is for the construction of portion I Border-Curtici-Arad. It is worth 248 million euros, VAT excluded, and the works should end in two years.

Agentia Nationala de Presa Agerpres

EC unveils interim CVM report on Wednesday

2012-02-08

The European Commission (EC) on Feb. 8 will unveil the interim reports drawn up within the Cooperation and Verification Mechanism (CVM), set up when Romania and Bulgaria joined the European Union to monitor progress in the areas of judicial reform and the fight against corruption.

Agentia Nationala de Presa Agerpres

Romania's population is decreasing, reveals provisional results of Population and Households Census 2011

2012-02-08

Romania's population decreased by over 2.6 million, from 21,680,974, in 2002, to 19,042,936 people, reveals provisional results of the Population and Households Census 2011, announced by the National Institute of Statistics (INS).

Agerpres

Jeffrey Franks (IMF): Romania to grow faster than European average in 2012

2012-02-08

Romania will experience a faster growth in 2010 than the European average, although the 2012 economic growth forecast for Romania was lowered to 1.5 - 2 percent, the head of the International Monetary Fund's mission in Romania Jeffrey Franks said in an interview with the public radio station Radio Romania Actualitati.

Agerpres

IMF wants secret agreements on energy to be legally canceled

2012-02-08

Romania's Government must explore any legal possibility to annul the secret bilateral agreements on energy and negotiate fresh one with the companies, at the market prices, IMF mission's head to Romania Jeffrey Franks told an interview with Radio Romania Actualitati, on Tuesday.

Agerpres

Interest rate of monetary policy can change if market allows

2012-02-08

The interest rate of monetary policy is likely to be reconsidered if the inflation projection is confirmed and if the market allows it, Central Bank (BNR) vice-governor Cristian Popa said during the presentation of the 4Q report on inflation.

Agerpres

Romania is somehow over-indebted in terms of consumer loans

2012-02-08

Romania is somehow over-indebted in terms of consumer loans, and whatever we say, what happened over 2006-2008 it can no longer repeat, Romania's Central Bank (BNR) governor Mugur Isarescu told a news conference, on Tuesday.

Agerpres

IMF's Franks not expecting radical shift in Romania's economic policies following Gov't change

2012-02-08

Head of the International Monetary Fund (IMF) mission to Romania Jeffrey Franks is confident that the government change that is about to be performed will not result in a radical shift in Romania's economic policy.

Agerpres

SIF Banat Crisana and SIF Muntenia swapped remaining BCR shares

2012-02-07

SIF Banat Crisana (SIF1) informed that it swapped into Erste Group (EBS) all its BCR shares which according to the agreement with the Austrian bank were allocated to this component of the transaction.

Raiffeisen Capital & Investment

WB Board to discuss in May EUR 1 bn worth of program with Romania

2012-02-07

The World Bank Board will discuss in May the EUR 1 bln worth of program agreed upon with Romania, said on Monday Sudharstan Canagarajah, Lead Economist in the Europe and Central Asia Region, during the meeting of the IMF, EC and WB delegation with the MPs of the Budget & Finance Committees.

Agerpres

IMF to work with any government, says Jeffrey Franks

2012-02-07

The International Monetary Fund (IMF) will work with any government, said on Monday, in the Parliament, the head of the IMF mission to Romania, Jeffrey Franks, after Emil Boc announced that he had decided his Government's resignation.

Agerpres

Romania, second in EU in public debt decrease in Q3 compared with Q2 of 2011

2012-02-07

The public debt in the euro area registered a slight decrease in the third quarter of 2011 compared with the second quarter of 2011, to 87.4 percent of the GDP, from 87.7 percent of the GDP, the trend being opposite in the case of EU27, where the public debt increased to 82.2 percent from 81.7 percent, as revealed by the data released on Monday by the European Office for Statistics (Eurostat), which released this indicator for the first time.

Agerpres

Prime Minister designate to talk about optimum formula of new cabinet

2012-02-07

Premier designate Mihai-Razvan Ungureanu said on Monday evening that, on Tuesday morning, he would hold talks with the leaders of the ruling coalition with a view to identifying the 'optimum formula' for the Cabinet, but added that he would also talk with the opposition.

Agerpres

Wage recouping to be discussed at next IMF mission visit

2012-02-07

The issue of recouping the public workers' wage losses cannot be discussed earlier than the next evaluation mission visit of the International Monetary Fund, the European Commission and the World Bank due at the end of April, the chairwoman of the Commission on budget and finances in the Deputies' Chamber, Eugenia Barna said on Monday.

Agerpres

CEE countries with bigger breathing space for higher government bond yields

2012-02-06

Even though the ongoing sovereign debt crisis in the Euro Area and increased risk aversion dented demand for CEE government securities, Erste Group analysts do not see any sizable sell-off comparable to post-Lehman. 'However, the current turmoil in the Euro Area increased pressure on yield spreads and opened discussions about the yield level that countries could afford from the liquidity point of view', said Juraj Kotian, Co-Head Macro/Fixed Income Research CEE at Erste Group and author of the Special Report.

Erste Group

EC official: Romania's growth forecast slashed to 1.5-2% in 2012

2012-02-06

The economic growth forecast for Romania in 2012 was slightly downgraded to 1.5 to 2 percent compared to 1.8 to 2.3 percent, Mission Chief of the European Commission for Romania Istvan Szekely told a press conference on Sunday.

Agerpres

Jeffrey Franks (IMF): No adjustments to budget, but there is little room for new initiatives

2012-02-06

The Romanian authorities and the experts of the International Monetary Fund made no adjustments regarding the budget revenues and expenses for 2012, as they are able to be taken into account at the following evaluation mission in three months' time, according to IMF mission chief Jeffrey Franks.

Agerpres

Next IMF mission, scheduled end-April

2012-02-06

The International Monetary Fund (IMF) ended the fourth evaluation mission of the precautionary agreement with Romania with an agreement and the next evaluation mission is scheduled for the end of April, the beginning of May.

Agerpres

INS: Average net monthly wages went up by 113 in December to 1,604 lei

2012-02-06

The average net monthly wages were 1,604 lei in December 2011, 113 lei higher compared to the previous month and 7.2 percent higher on a year-on-year basis, according to data released on Monday by the National Institute of Statistics (INS).

Agerpres

PM Boc: I have decided to tender my Cabinet's resignation

2012-02-06

Prime Minister Emil Boc on Monday announced having taken the decision to tender the resignation of his Cabinet. 'I have tendered the resignation of my Cabinet because I am not clinging to power. To the country, it is extremely important that there is economic stability and that we may win together with Romanians. We have taken very tough decisions. Those decisions we took thinking about the future of Romania, not because we wanted to but because we had to,' said Boc.

Agerpres

Fondul Proprietatea - Paid share capital of the Fund has increased by RON 4.9 mn

2012-02-06

Fondul Proprietatea (FP) announced that the paid share capital of the Fund has increased by RON 4.9 mn to RON 13.412 bn.

Raiffeisen Capital & Investment

OMV Petrom – First deepwater well indicates presence of gas

2012-02-06

OMV Petrom (SNP) informed that its JV with ExxonMobil has encountered natural gas in Domino-1, the first deepwater exploration well in the Romanian sector of Black Sea.

Raiffeisen Capital & Investment

Romania ranked No. 6 by EU December retail trade growth

2012-02-03

Romania ranks 6th in the European Union by the retail trade growth in Dec. 2011 compared to the prior month, as the retail trade in the EU advanced 0.3 percent, while in the Euro zone it dropped 0.4 percent, show figures released by the European Office for Statistics (Eurostat) on Friday.

Agerpres

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

Global markets: Debt crisis now also affecting real economy

2012-01-02

'Since May 2010, one debt summit has followed the other with the aim of resolving the debt crisis affecting an increasing number of countries within the eurozone. However, a clear solution to the problem has yet to be found, and this is reflected unequivocally by the global markets,' notes Peter Brezinschek, chief analyst at Raiffeisen Bank International AG (RBI).

Raiffeisen Bank International

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

FinMin: Improved rating will bring more investors

2011-07-06

A better rating by the evaluation agency Fitch, which brought Romania back to the category recommended for investments will have a positive effect not only on the price used by Romania for loans, but also on direct foreign investments, the secretary of state in the Ministry of Public Finance, Bogdan Dragoi said.

ACTMedia

Isarescu: Imports of capital should not be used for consumption

2011-07-06

Imports of capital, given that Romania will continue to be a net importer of capital, should be used to restore the capital and efficiency, not for consumption, said on Tuesday the Governor of the National Bank of Romania, Mugur Isarescu, in the conference 'The biggest players in the economy.'

ACTMedia

BNR - RON 1.415 bn profit in 2010

2011-07-06

Romania's Central Bank (BNR) recorded, for the fourth consecutive year, a positive financial result in 2010, but down by 69% compared with 2009, shows the Annual Report of BNR.

ACTMedia

Reform of state and of a free market and a sustainable democracy - United States priorities in Romania

2011-07-06

Reform of the state and of a free market and a sustainable democracy are high priorities for the United States, because they ensure we have a reliable and stable strategic ally and trading partner in Romania.

ACTMedia

Romtelecom seeks a consultant for listing on the BSE

2011-07-06

According to the Ministry of Communications, cited by the local media, the Ministry has reached an agreement with the majority shareholder, OTE group, to list the telecom operator on the Bucharest Stock Exchange.

Raiffeisen Capital & Investment

Fondul Proprietatea – shares repurchase program (update)

2011-07-06

Fondul Proprietatea (FP) informed that during June 27 and July 03 it bought 6.88 mn of its own shares as part of the repurchase program at an average price of just below RON 0.53 per share.

Raiffeisen Capital & Investment

Romanians' average income at EUR 196 per person in Q1

2011-07-05

The Romanians' overall average monthly income stood at 2,318 lei per home and 804 lei per person (some 196 euros) in the first quarter of 2011, in nominal terms, while spending totalled 2,098 lei a month per household (728 lei per person). (1 euro= 4.1 lei)

ACTMedia

Prices of industrial production went down in May

2011-07-05

The prices of industrial production per total, the domestic market and foreign market dropped in May by 0.3% as compared to April, as a result of lowering prices in the manufacturing industry, but they increased by 8% against the respective month corresponding to 2010, accordino to INS.

ACTMedia

Romanian-Iraqi discussions to identify joint economic cooperation projects

2011-07-05

An Iraqi delegation of the Wasit Governorate will discuss in the days ahead with representatives of the private sector and with those of Romanian state-held companies in the portfolio of the Ministry of Economy, Trade and Business Environment (MECMA) in view to identify the opportunities for some joint projects of economic cooperation.

ACTMedia

Launching of the TARGET-2 Romania euro payment system

2011-07-05

Monday, 4 July 2011, Banca Naţională a României has successfully launched the first euro payment system in Romania, with 23 participants (22 credit institutions and the BNR). TARGET2-România is the national component of the TARGET2 euro payment system (Trans-European Automated Real-time Gross settlement Express Transfer system).

ACTMedia

A joint mission of the IMF, EC and WB comes to Romania at the end of July

2011-07-05

A joint mission of the International Monetary Fund, the European Commission and the World Bank will come to Bucharest between 20 July and 1 August for the second evaluation of the stand-by agreement, precautionary type, a press release of the IMF says.

ACTMedia

Ambassador M. Gitenstein: US companies mostly concerned about corruption related to Executive decisions and tenders

2011-07-05

The deepest worries of the American companies about corruption in Romania are mainly related to ministerial decisions or tender offers, the companies feeling these tenders are won by unfair competition, US Ambassador in Bucharest Mark Gitenstein told the press agencies on Monday before the Independence Day reception.

ACTMedia

Polish EU Presidency vows to rescue European project

2011-07-05

The Polish EU Presidency is taking on the 'exciting challenge' of countering a new wave of Euroscepticism and convincing other members of the Union that the European project is a 'great thing', the country's prime minister, Donald Tusk, told a select group of Brussels journalists in Warsaw on 1 July.

ACTMedia

Fitch upgrades Romania to investment grade

2011-07-05

On Monday, Fitch Ratings upgraded Romania's sovereign rating to BBB- from BB+ with stable outlook, considering that the government is on track to meet the budget deficit target for 2011.

BCR Research

Eurostat: Romania's 2009 tax burden, among the smallest in EU

2011-07-04

Latvia and Romania had the smallest tax burdens in the European Union in 2009, with the tax-to the Gross Domestic Product (GDP) ratio standing at 26.6 percent in the case of Latvia and 27 percent in Romania's case.

ACTMedia

Property Fund delays announcement about foreign stock exchange listing

2011-07-04

The managers of the Property Fund, the Americans from Franklin Templeton, announced the recommendation made to shareholders for a secondary Fund list would be made public the following week and not until the end of June, as it had been announced previously.

ACTMedia

MFP wants to borrow about EUR 1 bn from local banks, in July

2011-07-04

The Ministry of Public Finance (MFP) wants to borrow four billion lei / about one billion euros, at a rate of approx. 1 euro = 4.2 lei / from local banks in July, with six issues of treasury bills and state bonds, according to data published on the MFP site.

ACTMedia

BVB to change trade timetable

2011-07-04

Bucharest Stock Exchange (BVB) trade timetable will change starting July 11, BVB informs.

ACTMedia

BNR's international reserves increase by 4.92%, to EUR 34.4 bn at June-end

2011-07-04

According to BNR'data, in June 30th 2011, National Bank of Romania's foreign exchange reserves stood at EUR 34,402 million, compared to EUR 32,707 million on May 31st 2011.

ACTMedia

Public debt of Romania dropped to 36% of GDP

2011-07-04

According to the ministry of finances, the public debt of Romania dropped in April by 3.5 billion lei against the previous month and got to 195,5 billion lei ( 46.2 billion euro) the equivalent of 36% of GDP, as the Treasury made payment which got to maturity to private banks of over 2 billion lei.

ACTMedia

PCC and Carlson Ventures will not launch a public offer for Oltchim

2011-07-04

In a joint communique, PCC SE and Carlson Ventures which controlled between them 31.5% of Oltchim's (OLT) shares, announced that they would not launch a public offer for the remaining shares.

Raiffeisen Capital & Investment

Romania's FX reserves increased in June

2011-07-04

According to data released on Friday by the Central Bank (BNR), Romania's FX reserves increased by almost EUR 1.7 bn to EUR 34.4 bn at end-June 2011.

Raiffeisen Capital & Investment

Bucharest government to request the EC an updated study on the impact of labour market liberalization over EU member state economies

2011-07-01

Authorities in Bucharest will demand that European Commission to conduct an updated study on the impact of labour market liberalization over EU member state economies in an attempt to push for a lift of restrictions for Romanian workers, a document of the executive reads quoted by news agency Mediafax.

ACTMedia

'Hottest' domains for foreign investments in 2011: Regenerating energy and automobiles

2011-07-01

Romania is negotiating 17 foreign investment projects worth 1.150 billion euro, most of them in the field of regenerating energy, automobiles and steel industry.

ACTMedia

Germany, Romania's main trade partner

2011-07-01

Prime-Minister Emil Boc attended the 'Summer Festivity' 2011 on Thursday night, a traditional meeting of the German investors in Romania, marking the end of the business year at the end of June.

ACTMedia

Romania, fourth EU country that China cooperates with

2011-07-01

Romania is the fourth country in the European Union that China cooperates with, Deputy Director General with the Department for Software Industry within the Industry and Information Technology Ministry of the Popular Republic of China Guo Jiangbing said on Thursday.

ACTMedia

Mobile operators to reduce roaming charges as of July 1 - Romanian Telecom Regulator

2011-07-01

Romanian mobile operators must reduce roaming charges for calls to other EU member states and Norway, Iceland and Liechtenstein, starting with July 1, to no more than EUR0.35/minute for outgoing calls and EUR0.11/minute for incoming calls.

ACTMedia

Overdue loans augment in May

2011-07-01

The total value of the corporate and household overdue loans in lei registered in May, 2011, amounts to 8.428 billion lei, 0.39 percent over the value of the previous month, and that of the loans in foreign currency stood at over 10.104 billion lei (equivalent) (1 euro = 4.21 lei), having increased 4.7 percent, according to a report of the National Bank of Romania (BNR).

ACTMedia

Isarescu: Keeping monetary policy rate will lead inflation towards target

2011-07-01

Keeping the monetary policy rate will lead inflation towards target in the upcoming period, said on Thursday the Governor of the National Bank of Romania (NBR), Mugur Isarescu, on the occasion of being conferred the Doctor Honoris Causa title by the Romanian- American University.

ACTMedia

Letter of intent with IMF: Romanian authorities promise to reform companies working in energy and transports

2011-07-01

The Romanian authorities pledge to deeply reform state-owned companies, especially those working in energy and transports, according to the letter of intent agreed upon with the International Monetary Fund (IMF).

ACTMedia

Switzerland president pays visit to Romania

2011-07-01

The Swiss Confederation President Micheline Calmy-Rey is paying an official visit to Romania on Thursday and Friday on an invitation from President Traian Basescu, the Presidential Administration announced in a release on Wednesday.

ACTMedia

Power transmitted by Transelectrica up 12% yoy in April 2011

2011-07-01

According to a release from the Regulatory Authority in the Energy Sector (ANRE), power quantities transmitted by Transelectrica continued to rise by 12% yoy in April 2011, after a surge of 11.7% in 1Q 2011.

Raiffeisen Capital & Investment

Eurostat: Prices in Bulgaria and Romania are the lowest in the EU

2011-06-30

Denmark had, in 2010, the highest prices in the European Union for goods and services ( 143% among EU27), the lowest prices being recorded in Bulgaria (51%) in the EU) and Romania (59%) according to the data published on Tuesday by the European Office of Statistics (Eurostat).

ACTMedia

Population's trust and the companies' trust in the Romanian economy sligthly improved

2011-06-30

Population's and the companies' trust in the Romanian economy slightly improved in June, the perception getting better at most in the retail sector, according to a survey made monthly by the European Commission.

ACTMedia

EBRD Survey: Most Romanians are dissatisfied with quality of life

2011-06-30

More than 80% of Romanians are dissatisfied with their quality of life, the largest share in the 34 European and Central Asian states included in the 'Life in Transition' survey conducted by the European Bank for Reconstruction and Development (EBRD).

ACTMedia

Gov't to grant state guarantees and interest subsidies in order to support SMEs

2011-06-30

The Small and Medium-Sized Enterprises (SME) will be granted state guarantees and interest subsidies for the loans taken from banks in order to make investments, according to an Emergency Ordinance adopted by the Government on Wednesday in order to set up the Kogalniceanu Card aiming to support firms.

ACTMedia

Non-government loans up by 1.5%

2011-06-30

The amount of the non-government loans granted by the credit institutions went up by 1.5 percent (1.3 percent in real terms) in May on a monthly basis, up to 207.669 billion lei, according to the National Bank of Romania.

ACTMedia

BNR maintains monetary policy interest rate at 6.25%

2011-06-30

The National Bank of Romania (BNR) on Wednesday decided to maintain the monetary policy interest rate at 6.25 percent per annum and to maintain the existing levels of minimum reserve requirement ratios on both leu-and foreign currency-denominated liabilities of credit institutions.

ACTMedia

We had IMF agreement as lifeline, says advisor to central bank governor

2011-06-30

Romania had the agreement with the International Monetary Fund as a lifeline, Adrian Vasilescu, advisor to the governor of the National Bank of Romania, declared on Tuesday, warning that Greece's possibly slipping into default and halting wage and pension payments would affect the entire Europe.

ACTMedia

President of Greece: The crisis should be an opportunity for strengthening cooperation between Greece and Romania

2011-06-30

Greek banking institutions in Romania maintain their position on the market, thus showing their dynamism within an unfavorable environment, in a difficult period, said on Wednesday the President of the Hellenic Republic, Karolos Papoulias, on the occasion of Romania - Greece Business Forum.

ACTMedia

Prospectus for Petrom SPO to be submitted to the Government

2011-06-30

According to local media, citing sources close to the matter, the prospectus drawn up by the Brokerage Syndicate for the sale of a 9.84% stake in OMV Petrom (SNP) through a public offering will be submitted to the Government for approval within the next days.

Raiffeisen Capital & Investment

Teraplast First Impression FY 2010 (IFRS) - Disappointing consolidation

2011-06-30

Teraplast made available on its website the FY 2010 un-audited consolidated figures (IFRS), which include the results of the main entity Teraplast, Politub (PE pipes producer) and Plastsistem (thermal insulating panels producer).

Raiffeisen Capital & Investment

Key rate unchanged

2011-06-30

NBR decided to leave the key rate unchanged at 6.25% in line with market consensus and our expectations. Minimum reserve requirements remained also flat for both RON and FX.

BCR Research

OTP Bank Romania launches OTP Mentor, a complete financial counselling programme

2011-06-29

OTP Bank Romania launches OTP Mentor, a complete financial counselling programme, addressing all those who want to streamline their financial resources.

OTP Bank

Daniel Daianu the first Romanian invited to be part of the European Foreign Relations Council

2011-06-29

Professor Daniel Daianu, former finance minister, was invited in the last days to be part of the European Foreign Relations Councils, a European think tank that reunites about 140 prominent persons from politics and business.

ACTMedia

Unemployment rate slides to 4.97% in May

2011-06-29

The unemployment rate recorded at end-May 2011 at the national level stood at 4.97 percent, by 0.44 percent lower than the rate registered in April and by 2.73 percent lower compared to the May 2010 rate, show figures released by the National Employment Agency (ANOFM).

ACTMedia

Qatari economic delegation visits Rosia Montana

2011-06-29

The Qatari delegation headed by Qatar's Minister for International Cooperation Khalid bin Mohammad Al-Attiyah voiced interest over the mining area in the Apuseni Mountains and the investment opportunities in the Alba county (north-west of Bucharest), following a visit to Rosia Montana on Tuesday, the Prefect's Office of Alba says in a release to Agerpres.

ACTMedia

Southeast Europe continues to improve business regulations for entrepreneurs, finds IFC-World Bank

2011-06-29

According to the news release sent by WB, a new IFC-World Bank report finds that business regulation reform across southeast Europe is saving local entrepreneurs both time and money.

ACTMedia

Statistics: Moderate increase in economy in June-August

2011-06-29

A survey conducted by the National Institute for Statistics (INS) with company managers reveals a moderate increase for the period June-August in the manufacturing industry, retail trade, services and construction sector, compared with the previous three months.

ACTMedia

EU welcomes any initiative to improve Romania's regional fund absorption

2011-06-29

The European Commission said Tuesday that any initiative to improve Romania's absorption of regional funds is welcome.

ACTMedia

Concerns about Greece raised Romania’s risk premium in last few days

2011-06-29

Greece woes have resulted in the increase of risk premium for Romania in the last few days, but it will be some time before it can be determined whether the situation is a long-term one and what the impact will be, said Jeffrey Franks, the head of the IMF delegation to Romania.

ACTMedia

Franks: Romania’s economy has slowed down

2011-06-29

Preliminary data show that the advance of exports and industrial output have slowed down in the second quarter, which will lead to an economic growth below the level of the first quarter, the head of the IMF mission for Romania, Jeffrey Franks declared, according to Mediafax.

ACTMedia

Embassy official: Greek banks in Romania have good capitalization level, face no problem

2011-06-29

The Greek banks present on the Romanian market have a good capitalization level, and they will remain loyal to the Romanian banking market, and will continue investing in the enlargement of their network, economic officer of the Greek Embassy in Bucharest Ioannis Paschalis told the Romanian Greek Business Forum, on Tuesday.

ACTMedia

Romanian Greek dialogue on Cyprus' situation and prospects of resolving Middle East problem

2011-06-29

Greece's President Karolos Papoulias said on Tuesday that Romania's President Traian Basescu and he were discussing the prospects of resolving the Middle East problem, issues of a particular importance and common interest.

ACTMedia

President of Greece came to reassure Bucharest: Greek banks have sufficient capitalization

2011-06-29

Romanian President Traian Basescu on Tuesday welcomed Greek President Karolos Papoulias to the Presidential Palace in capital Bucharest.

ACTMedia

BNP Paribas might bid for RBS Romania

2011-06-29

According to local media, citing people with knowledge of the matter, BNP Paribas might bid for RBS Romania which is up for sale by its parent.

Raiffeisen Capital & Investment

Unemployment rate increased to 7.6% in Q1 - 741,000 people were jobless

2011-06-28

The unemployment rate was 7.6 percent in the first quarter of 2011, according to the International Labour Organization (ILO) criteria, 0.3 percent higher than the previous quarter and lower on a year-over-year basis from 8.1 percent, according to the National Institute of Statistics (INS).

ACTMedia

Romania May budget gap at 1.36% of the GDP

2011-06-28

The deficit of the consolidated general budget for the first five months of 2011 amounted to 7.4 billion lei (for an exchange rate of about 1 euro=4.1 lei), namely 1.36 percent of the gross domestic product (GDP), according to the operating data supplied by the Ministry of Public Finance, which were published on Monday.

ACTMedia

IMF completes first review under precautionary stand-by arrangement with Romania and approves EUR 481 mn disbursement

2011-06-28

The Executive Board of the International Monetary Fund (IMF) Monday completed the first review of Romania's economic performance under a program supported by a 24-month precautionary Stand-By Arrangement (SBA), the official statement says The completion of the review enables the immediate disbursement of SDR 430 million (about €481 million or about US$683 million).

ACTMedia

Rompetrol Rafinare – Constanta Court rules that the 2010 debt to equity swap is legal

2011-06-28

According to local media, Constanta Court has decided that the EUR 516 mn debt conversion into equity performed by Rompetrol Rafinare Petromidia (RRC) in 2010 was legal.

Raiffeisen Capital & Investment

Draft law which includes Transelectrica share capital increase under discussion

2011-06-28

According to a release to the Bucharest Stock Exchange from the power grid operator Transelectrica (TEL) the Economy Ministry released a draft law that changes the government decision which approved the sale of 15% in the company.

Raiffeisen Capital & Investment

French Embassy to organise new edition of Pasarela fashion festival at start-July

2011-06-27

A new edition of Pasarela fashion festival will be organized on July 2-3 by the French Embassy in Romania, in collaboration with the French Institute in Bucharest and the French Fashion Institute in Paris, with the event to be held at the National Museum of Contemporary Art to offer Romanian designers and art school students the opportunity to present their collections.

ACTMedia

Trade between Romania and China stands at USD 1.24 bn in 2011

2011-06-27

Commercial exchanges between Romania and China amounted to 1,24 billion dollars in the first four months of 2011, by 12 percent higher than the volume recorded in the same period of last year, Chinese ambassador to Bucharest Liu Zengwen said in Targu Mures (north-west of Bucharest) on Friday.

ACTMedia

ZEW Survey: Romania – the most ample deterioration of economic perspectives

2011-06-27

The perception of the financial analysts regarding the evolution of Romania's economy in the next six months recorded in June the most important worsening in Central and Eastern Europe, according to a survey of ZEW.

ACTMedia

The Strategy for the Danube region was approved by the European leaders: EUR 100 bn by 2013

2011-06-27

The head of state and government in the European Union approved on Friday The Strategy regarding the Danube region and they asked « the important actors to implement it without delay » the conclusions of the Summer European Council said.

ACTMedia

US Ambassador: In so far as there is corruption, American companies will not invest in Romania

2011-06-27

US Ambassador to Bucharest, H.E. Mark Gitenstein explained in a statement for HotNews.ro his reasons for criticizing, the other days, the decision of the Constitutional Court on the project revising the Constitution proposed by President Basescu.

ACTMedia

BVB’s GSM to approve a special dividend did not meet quorum requirements

2011-06-27

According to media sources, the second call of Bucharest Stock Exchange's (BVB) GSM which was supposed to approve the payment of a special dividend through a capital reduction, did not meet the quorum requirements.

Raiffeisen Capital & Investment

Fondul Proprietatea – a stake of 1.8% was transferred in June to entitled individuals

2011-06-27

The local authority in charge with the redeeming process announced that during the first two weeks of June it issued indemnity rights which gave the bearers the ownership for some 246 mn Fondul Proprietatea (FP) shares, meaning a stake of 1.78%.

Raiffeisen Capital & Investment

Gas price update

2011-06-27

The regulatory authority in the Energy Sector released the new prices for the gas basket, separate for households and non-households.

Raiffeisen Capital & Investment

Transelectrica management reiterates intention to raise capital through shares offering

2011-06-23

At the inauguration of the first charging station for electric cars, the general manager of Transelectrica (TEL) mentioned that the company intends to place on the market an additional stake of 12% in the company at the time when the state intends to perform the secondary public offering for the 15% stake.

Raiffeisen Capital & Investment

Dafora share capital increase

2011-06-22

Dafora (DAFR) has called a GSM for July 25, 2011. Shareholders are asked to approve a share capital increase of RON 5.1 mn (EUR 1.2 mn).

Raiffeisen Capital & Investment

World Bank Group announces new instrument to help food producers and consumers in developing nations deal with volatile prices

2011-06-22

The World Bank Group Tuesday announced a new risk management product to provide up to an initial $4 billion in protection from volatile food prices for farmers, food producers, and consumers in developing countries, addressing a key issue that will be discussed later this week by Group of 20 (G-20) ministers.

ACTMedia

Survey: Most EU citizens, including Romanians voice deep concern over environmental issues

2011-06-22

Most citizens of the European Union (EU) voice their deep concern over environmental issues saying that a more efficient use of natural resources and the protection of the environment could boost the economic growth in the EU, shows the latest survey conducted by the European Commission and released on Monday.

ACTMedia

CCIB : Rosia Montana project could have a positive impact on sustainable development

2011-06-22

Rosia Montana Gold Corporation (RMGC) investment in a gold mine, in Apuseni Mountains (Northwest of Bucharest) can have a major positive impact on sustainable development, is the conclusion of a debate held recently by the Chamber of Commerce and Industry of Bucharest (CCIB).

ACTMedia

Romania-United Arab Emirates sign agreement on aerial services

2011-06-22

Romanian Minister of Transport and Infrastructure Anca Boagiu and United Arab Emirates (UAE) Transport Minister Sultan Saeed Nasser Al Mansoori on Tuesday in Dubai signed 'the Agreement between Romania's Government and the Government of the United Arab Emirates for Aerial Services Between and Beyond Their Territories', Ministry of Transports and Infrastructure says in a release.

ACTMedia

Romania participates in Le Bourget International Aerospace Salon, France

2011-06-22

Twelve Romanian companies participate in the 49th edition of Le Bourget International Aerospace Salon, which runs from June 20 to 26, 2011 in Paris, according to a release of the Ministry of Economy, Trade and Business Environment.

ACTMedia

Eurostat: Romania and Bulgaria have lowest GDP per capita in EU in 2010 too

2011-06-22

Romania and Bulgaria in 2010 had a GDP per capita expressed in the purchasing power parity (PPS) that was lower by about 55 percent than the average in the European Union (EU), according to a preliminary estimate published by the European statistics office EUROSTAT on Tuesday.

ACTMedia

European Commission: 800 million euro projects blocked

2011-06-22

EC representatives explained why the payment of 800 million euro was suspended from the Regional Operational Program for the time being.

ACTMedia

Barroso draws Commission's red lines ahead of summit

2011-06-22

In a letter sent to EU heads of state and government, European Commission President José Manuel Barroso has laid down his services' red lines regarding to the EU's priorities ahead of a summit on 23-24 June.

ACTMedia

IMF Board first review under Stand-by arrangement with Romania due on June 27

2011-06-22

The Board of the International Monetary Fund (IMF) will hold on June 27 the first meeting for the review of the new Stand-by arrangement with Romania, the schedule published on the institution's website informs.

Agerpres

Transgaz Company News - Analysts Meeting Takeaways

2011-06-21

The company held today an analyst meeting focused on the 2010 results, but where other issues were also covered, such as Nabucco, the upcoming tariff revision, dividends, transit contracts and the 2011 budget.

Raiffeisen Capital & Investment

PCC and Carlson Ventures will cooperate for a future privatization in Oltchim

2011-06-21

According to a press release, PCC and Carlson Ventures announced that they act in a concerted manner in what concerns Oltchim (OLT).

Raiffeisen Capital & Investment

Petrom deliveres first electricity to the grid (neutral)

2011-06-21

Petrom's newly-constructed 860 MW combined cycle gas fired power plant at Brazi made first power deliveries to the Romanian grid as a part of tests run at the site.

Raiffeisen Capital & Investment

Over 50 events, for 'Night of Cultural Institutes' 2011

2011-06-21

More than 50 events, which will be run for more than 14 hours in eight locations in Bucharest, are set for the fifth edition of the 'Night of Cultural Institutes', organized in the night of Friday to Saturday, June 24, inform the initiators of this project.

ACTMedia

Eurostat: Romania is sixth in the EU for export growth

2011-06-21

Romania is sixth in the EU for export growth over the first three months of the year, 40% , the export deliveries growing from 7.9 billion euro in Q1 of last year to 11.1 billion euro, Eurostat announced on Friday.

ACTMedia

Romania, Jordan to sign new healthcare cooperation agreement

2011-06-21

Romania's Health Minister Cseke Attila on Monday announced in Cluj-Napoca that his ministry and the Jordanian Ministry of Health will conclude a new healthcare cooperation agreement. He told journalists that Romania is particularly interested in Jordan's expertise in the field of oncology.

ACTMedia

Finance Ministry raises some RON 1.4 bn in T-bill auction this Monday

2011-06-21

The Ministry of Public Finance (MFP) on Monday raised about RON 1.4 bln (about 0.3286 bln 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

IMF discusses on Friday the first evaluation of the new agreement with Romania

2011-06-21

The executive council of the IMF will discuss on Friday the first evaluation of the stand-by agreement preventive type with Romania and the request for amendment of some performance criteria, according to the site of the financial institution and quoted by Mediafax.

ACTMedia

EC cuts local infrastructure funding for Romania, over procurement problems

2011-06-21

The European Commission has suspended financing for Romania through axis 2 of the regional operational program (Improving regional and local transport infrastructure) and asked Romanian authorities to check every public procurement contract signed with axis 2 beneficiaries.

ACTMedia

Adecco announces changes in its Executive Committee

2011-06-20

Adecco Group, the worldwide leader in Human Resource services today announces changes in its Executive Committee. Alain Dehaze has been appointed as the new Regional Head of France, Switzerland & India.

Adecco Group

New Europe Property Investments starts trading today

2011-06-20

Today, the New Europe Property Investments shares will start trading on the Bucharest Stock Exchange (BVB) under the ticker NEP.

ACTMedia

Fondul Proprietatea share purchase program

2011-06-20

According to media sources, Franklin Templeton intends to cancel the Fondul Proprietatea (FP) shares that were acquired in the current own shares purchase program.

Raiffeisen Capital & Investment

Daily News Egypt: Romania vows to help Egypt in coming phase

2011-06-20

In post-revolution Egypt, Chairman of the Egyptian-Romanian Business Council Hassan El-Shafei announced that by 2015, the council plans to reach $600 million in bilateral economic exchange while increasing yearly mutual investments to $10 million.

ACTMedia

EC Report: All 49 bathing water areas in Romania comply with mandatory quality values

2011-06-20

Water quality in the 49 bathing water sites analyzed in Romania, all located on the Black Sea coast, comply with mandatory quality values of the EU, but only one of these sites also meets the strict guide values, reveals the annual report published by the European Environment Agency (EEA) and the European Commission (EC), which makes a comparison of the water quality in over 21,000 bathing water sites (both coastal, and inland) in Europe.

ACTMedia

Eurostat:Romania records sixth-largest decline in construction works in EU in April

2011-06-20

Romania reported the sixth-largest decline in construction works, namely 0.3 percent in April 2011 among the European Union member states, compared with the previous month, while the volume of construction works in the EU plunged by 0.9 percent, according to the figures released by the EU's Official Statistics Office Eurostat on Friday.

ACTMedia

Tax Administration announces some 2,000 redundancies

2011-06-20

About 2,000 employees of the National Tax Administration (ANAF) will be made redundant in the near future, and most Financial Guard staff will be handed previous notice on June 20, ANAF president Sorin Blejnar on Friday told a press conference.

ACTMedia

First Home 4 programme's 12 participating banks to give EUR 1.4 bn in credit

2011-06-20

The 12 banks to participate in the First Home 4 programme will be able to extend credit of 1.4 billion euros, said Aurel Saramet, the chairman of the National SME Credit Guarantee Fund on the occasion of the signing of the first contract under the programme at the Romanian Commercial Bank (BCR) on Friday.

ACTMedia

Finance Ministry envisions dollar bond issues

2011-06-20

The Ministry of Public Finance (MFP) has taken up the 'upgrading' of its medium-term note program, so as to be able to also issue dollar-denominated bonds on international markets, MFP Secretary of State Bogdan Dragoi told a press conference.

ACTMedia

SIF's net assets, up 0.4% in May

2011-06-20

The net assets of the five financial investment funds (SIF) were 7.36 billion lei in late May, 0.4 percent higher than April 2011 and 5.5 percent higher than December 2010, according to the Association of Fund Administrators.

ACTMedia

Survey: Hiring estimates, at most optimistic level since start of crisis

2011-06-16

Romanian employers have the most ambitious hiring plans since end-2008 and up to now, given the fact that 28% of the firms on the local market want to increase their number of employees in Q3 2011, shows a survey by Manpower Romania, a human resources company.

ACTMedia

S&P gets down four Greek banks present in Romania to «extremely speculative»

2011-06-16

The evaluation agency Standard&Poor's got down the ratings for Greek banks National Bank of Greece (NBG), EFG Eurobank (EFG), Alpha Bank and Piraeus Bank with acitivities in Romania by three steps, to « CCC » the « extremely speculative » category, after a similar decision regarding Greece.

ACTMedia

Steven van Groningen is new Foreign Investment Council president

2011-06-16

The new president of the Foreign Investment Council (FIC) is Raiffeisen Bank president Steven van Groningen, who replaces OMV Petrom managing director Mariana Gheorghe from the position. Van Groningen will hold the FIC tenure by May 2012.

ACTMedia

New Civil Code comes into force on Oct. 1

2011-06-16

The new Civil Code will come into force on Oct. 1, Vice President of the Democratic Liberal Party (PDL - main ruling coalition party) Sever Voinescu said on Tuesday at the end of the meting of the PDL National Standing Bureau, also attended by Minister of Justice Catalin Predoiu.

ACTMedia

A possible Institute of UNESCO in the field of physics in Romania

2011-06-16

Secretary of State for Global Affairs Doru Costea has received, on Wednesday a delegation of UNESCO, to discuss the realization of a feasibility study for the proposed set-up in Romania of an Institute of UNESCO in the field of physics, the Ministry of Foreign Affairs informs in a release.

ACTMedia

Fondul Proprietatea – A British asset manager reported a 5.85% equity interest

2011-06-16

According to a release to Bucharest Stock Exchange, the British asset manager City of London Investment Management Company has informed that it had a 5.85% equity interest in Fondul Proprietatea (FP).

Raiffeisen Capital & Investment

Fondul Proprietatea – May official NAV

2011-06-16

Fondul Proprietatea (FP) has disclosed its monthly compulsory NAV figures, as of May-2011. Thus, the official NAV per share was RON 1.1919, down 0.7% mom while the cash&T-bills portfolio stood at RON 752.2 mn, declining from RON 804. mn, a month ago.

Raiffeisen Capital & Investment

Retrasib 1H 2011 preliminary figures

2011-06-15

The producer of electrical transformers Retrasib (RTRA) published some key 1H 2011 preliminary figures.

Raiffeisen Capital & Investment

Oltchim - The propylene plant resumed operations

2011-06-15

The management of the chemical producer Oltchim (OLT) announced that the plant providing propylene to the company has resumed operations.

Raiffeisen Capital & Investment

ECA International: The most expensive cities for expats

2011-06-15

Bucharest went down two positions to 74th in the 2011 edition of the most expensive European cities for expats, which includes 78 states.

ACTMedia

Romania, Argentina eying joint economic projects of various scopes

2011-06-15

Romanian research, the manufacturing industry and energy equipment are the main areas where Romania and Argentina can carry out joint projects, deputy chairman of the Romanian Chamber of Commerce and Industry (CCIR) Sorin Dimitriu on Tuesday told a specialist conference.

ACTMedia

Unemployment rate in Romania increased to 7.3% at the end of the year

2011-06-15

Unemployment rate, calculated by the International Labour Office was of 7.3% at the end of 2010, an increase to the previous quarter and to the previous in 2009 according to the National Statistics Institute.

ACTMedia

Romania Jan-April current account gap narrows to EUR 1.15 bn

2011-06-15

Romania's current account deficit narrowed 46.4% to EUR1.15 billion in the first four months, from a gap of EUR2.15 billion in the year-earlier month, due to lower trade deficit and higher transfer surplus, central bank data showed Tuesday. Romania's current account deficit plummets by 46.4 pct in first four months of 2011

ACTMedia

Cristian Popa (BNR): We stick to 1.5% economic growth in 2011

2011-06-15

The National Bank of Romania (BNR) stays firm on its forecast of a 1.5 percent economic growth for this year and is confident the balance of risks is the same in spite of fears induced by the evolutions of the economies in the European Union fringe areas and of the figures below expectations of economic growth in Germany and the US, BNR vice-governor Cristian Popa told a seminar on the topic on Tuesday.

ACTMedia

Oil Terminal shareholders called to approve share capital increase

2011-06-14

Oil Terminal (OIL) called a shareholders meeting for July 15 (16). The shareholders are asked to approve among other issues a share capital increase by incorporating a piece of roughly 38 ha of land.

Raiffeisen Capital & Investment

Transgaz shareholders have approved the DPS of RON 28.77

2011-06-14

Transgaz's (TGN) shareholders have approved Friday during the second call of its GSM the proposal to pay a dividend per share of RON 28.77, out of its 2010 net profit.

Raiffeisen Capital & Investment

The president has not signed the law setting the deadline for the listing of state-owned companies

2011-06-14

The president has not signed the law which amended the deadline for the listing of the state-owned companies from Fondul Proprietatea's (FP) portfolio from 2008 to 2014.

Raiffeisen Capital & Investment

Romanian companies expect 7.3% rise in H1 2011 industrial output

2011-06-14

Romanian companies expect the industrial output to increase by 7.3 pct in the first half of 2011 compared to same period of the year before, found the short-term trend survey conducted by the National Projection Commission (CNP).

ACTMedia

Romanian exports to EU higher by 30% in four months

2011-06-14

Romania delivered goods worth 10.40 billion euros to the other 26 states of the European Union in the first four months of this year, up by 30.6 percent from January-April 2010, and imported goods worth 11.99 billion euros, up by 20.4 percent, informs the Ministry of Economy.

ACTMedia

Jan - May inflation at 0.6%, May monthly average at 0.21%

2011-06-14

The monthly average inflation rate was 0.21 pct in May vs. April 2011, whereas inflation over Jan - May 2011 was 0.6 pct, shows data released by the National Statistics Institute (INS).

Agentia Nationala de Presa - Agerpres

Romanian Constitutional Court to discuss draft constitution on June 16

2011-06-14

Romania's Constitutional Court will discuss on June 16 the draft revised Constitution sent by President Traian Basescu.

Agentia Nationala de Presa - Agerpres

Benjamin Netanyahu - official visit to Romania in the upcoming weeks

2011-06-14

Israeli PM Benjamin Netanyahu will visit Romania and Bulgaria in the upcoming weeks but the precise dates were not released yet, The Jerusalem Post reads.

ACTMedia

Romgaz to pay Fondul Proprietatea RON 18.5 mn as dividends for 2005

2011-06-10

According to local media, the Court has approved Fondul Proprietatea's (FP) claim that Romgaz should pay it RON 18.5 mn as dividends out of the 2005 net profit.

Raiffeisen Capital & Investment

Exxon and Petrom present Black Sea exploration project to Romanian president

2011-06-10

Representatives of Exxon and Petrom met Romanian president Traian Basescu yesterday, to present offshore oil and gas exploration plans in the Romanian waters of the Black Sea.

Raiffeisen Capital & Investment

Foreign trade gap flat at EUR 0.9 bn in April

2011-06-10

According to data released by the National Statistics Institute (INSSE), exports growth decelerated in April to 16.5% yoy from 35% yoy in the previous month.

Raiffeisen Capital & Investment

Budget deficit climbed in May to 1.2% of GDP

2011-06-10

According to preliminary data, the budget deficit climbed by 0.4% in May, reaching EUR 1.4 bn (1.2% of GDP). At the end of April the budget deficit reached only 0.8% of GDP, boosted by an increase in VAT, excises and non-fiscal revenues.

Raiffeisen Capital & Investment

Inflation pressures subsiding in May

2011-06-10

May inflation rate (0.2% m/m and 8.4% y/y) surprised to the downside. Our expectations were 0.3% m/m, while market consensus stood at 0.4% m/m.

BCR Research

Eurostat : Romania’s population will drop over the next 50 years, down to 17 million in 2060

2011-06-09

Romania's population will drop at 19.857 million people before 2035 from 21.462 million at the beginning of 2010, going down by 2060 at 17.308 million, representing one of the most important declines in the EU, according to the data presented on Wendsday by Eurostat.

ACTMedia

Standard & Poor's affirms ratings on Romania, outlook stable

2011-06-09

Standard & Poor's Ratings Services on Wednesday affirmed its 'BB+/B' foreign currency and 'BBB-/A-3' local currency sovereign credit ratings on Romania.

ACTMedia

Moody’s does not plan to modify Romania’s rating for at least a year to come

2011-06-09

Moody's does not plan to modify its rating on Romania for at least a year to come, its general director for Central Europe, Petr Vins said quoted by news agency Mediafax. Moody's is the only big financial evaluation agency that maintained Romania's rating at the investment grade category during the crisis.

ACTMedia

World Bank: Romania’s economy will increase by 1.6% this year and by 3.7% in 2012

2011-06-09

The World Bank revised the estimate of the economic advance of Romania to 1.6%, higher than the previous estimate but decrease the estimate for next year to 3.7% the Global Economic Prospects report reveals.

ACTMedia

The inflation rate went up in May at 8.5%

2011-06-09

Prices recorded, most likely a growth of 0.3% in May, according to a survey made by Asociatia Analistilor Financiar-Bancari of Romania. Thus, the monthly rate of inflation went up in May up to 8.5% against 8.3% as it was in April.

ACTMedia

Statistics: Romania's GDP up 1.7% in Q1, 2011

2011-06-09

Romania's Gross Domestic Product predicted for the first quarter of 2011 exceeded 106.723 billion lei, by 1.7 percent higher in real terms against the same period of 2010, according to figures released by the National Statistics Institute (INS).

ACTMedia

Romanian President supports country reorganized into eight counties

2011-06-09

Romanian President Traian Basescu on Wednesday asked the Government to consider the country's reorganization into eight counties or seven counties and Bucharest, pointing out that the current administrative organization into 41 counties favors corruption and hinders EU fund absorption.

ACTMedia

Households’ overdue loans increase by EUR 75 mn in April

2011-06-09

Households' overdue loans recorded an increase of RON 310 mn (EUR 75 mn) in April 2011, reaching RON 6.2 bn.

Raiffeisen Capital & Investment

Romania's 1Q 2011 GDP - details

2011-06-09

The National Statistics Institute (INSSE) published the revised 1Q GDP figures, which showed that the Romanian economy grew 0.7% qoq (slightly higher than initial data of 0.6%) fuelled by industry (+3% qoq), while agriculture was the weakest sector (-4.1%).

Raiffeisen Capital & Investment

Exports and further build-up of inventories, key drivers of 1Q11 economic growth

2011-06-08

The structure of 1Q11 economic growth released this morning by the National Institute of Statistics brought little news. Real GDP was revised slightly upwards to +0.7% q/q (seasonally-adjusted data) and +1.7% y/y and was supported again by net exports and change in inventories.

BCR Research

Fondul Proprietatea shares repurchase program - update

2011-06-08

Fondul Proprietatea (FP) informed investors that between May 30 and June 05 it acquired 17.4 mn of its own shares as part of the share purchase program.

Raiffeisen Capital & Investment

Construction works decline in first 4 months of 2011

2011-06-08

Construction works in non-adjusted terms plunged by 4.7 percent over the first four months of 2011, compared to the same period of 2010 and adjusted for working days and seasonality declines by 4.5 percent, according to the figures published by the National Statistics Institute (INS).

ACTMedia

Almost 3% of funding available to Romania under SOP Environment absorbed so far

2011-06-08

Romania absorbed nearly 3 pct of the total European funding made available under the 'Environment' Sectoral Operational Program, although it is a champion in terms of contract engagement, Minister of Environment and Forestry Laszlo Borbely told a specialist conference on Tuesday.

ACTMedia

BVB advances 1% on Tuesday

2011-06-08

Trade on the Bucharest Stock Exchange (BVB) closed Monday up, with the BET-C composite index advancing 1.05 percent, while financial investment securities were up 0.27 percent, as indicated by the BET-FI index.

ACTMedia

Exchange rate between 4 and 4.7 lei/euro: How much is the leu?

2011-06-08

Is the leu over evaluated? Or is it under evaluated? Should the exchange rate be 4.7 lei/euro or 4 lei/euro? Economists debate the question of the real exchange rate almost daily, but BNR governor Mugur Isarescu is not satisfied with the quality of these debates. In his opinion both positive and negative reports should be quoted.

ACTMedia

Isarescu BNR: Increase of monetary mass in Romania is not at all explosive

2011-06-08

The increase of the monetary mass in Romania is 'not at all explosive' and the correlations with the inflation rate have little relevance, Governor of the National Bank of Romania (BNR) Mugur Isarescu told a specialized seminar on Tuesday.

ACTMedia

Romania's budget posts deficit of 1.2% of GDP in Jan-May

2011-06-08

Romania's budget deficit in January-May was 1.2% of the gross domestic product, compared to 0.8% in January-April, according to Finance Minister Gheorghe Ialomitianu.

ACTMedia

Croitoru, BNR: We are a small country and depend on foreign capital

2011-06-08

Since we depend on foreign capital flows, economic growth in Romania will also depend on the evolution of other economies and the policies adopted by other states, says Lucian Croitoru, the councilor of the BNR governor.

ACTMedia

FT: Romania, Bulgaria’s Schengen accession could take years

2011-06-08

It may be years, not months, before Romania and Bulgaria can join the passport-free Schengen area, mainly because of lack of trust in the two countries' judicial institutions, the Financial Times reported Tuesday, citing a diplomatic source in Brussels.

ACTMedia

EP:Bulgaria, Romania to wait for Schengen till after September

2011-06-08

The process of Schengen entry of Bulgaria and Romania will likely continue in September, said Hungarian EU Presidency representative Eniko Gyori in the European Parliament.

ACTMedia

Romania hands over BSEC chairmanship to Russian Federation

2011-06-08

Bucharest hosts on June 8 the meeting of the Council of the Foreign Ministers of the Black Sea Economic Cooperation Organization (BSEC) member states, when Romania will hand over the organization's chairmanship to the Russian Federation.

ACTMedia

Oltchim divests minority stakes

2011-06-07

The chemical producer Oltchim (OLT) is requesting offers for the sale of some minority stakes in two companies, Protectchim amd Mentchim.

Raiffeisen Capital & Investment

Turnover in industry rises 21.3% in first 4 months

2011-06-07

The turnover in industry rose by 21.3% over January 1 - April 30, 2011, due to the increases recorded in the processing industry (plus 22.3%) and the mining one (plus 2.1%), informs the National Statistics Institute (INS).

ACTMedia

Average net wage inched up 0.3% in April, to RON1,498

2011-06-07

The net wage income went up 0.3 percent (5 lei), standing at 1,498 lei and the average nominal gross wage income in Romania surged by 0.5 percent in April from March, amounting to 2,066 lei , according to the figures released by the National Statistics Institute. (1 euro = 4.13 lei)

ACTMedia

Bloomberg: Romania’s loan costs reached the lowest level in November

2011-06-07

Romania's loan costs dropped to their smallest level in November after spending cuts increased the trust of investors, Bloomberg informs.

ACTMedia

MFP borrows RON 1.2 bn from banks on Monday

2011-06-07

The Public Finance Ministry (MFP) on Monday borrowed almost 1.2 billion lei (approximately 0.2905 billion euros) from commercial banks, in a discounted T-bills issue, placed on tender through the National Bank of Romania.

ACTMedia

BVB advances 1.20% on Monday

2011-06-07

Stocks traded on the Bucharest Stock Exchange (BVB) on Monday advanced 1.20 percent on the average, as reflected by the BET-C composite index, while financial investment securities were up 0.73 percent, as indicated by the BET-FI index.

ACTMedia

Moody’s: Greek banks could sell Romanian business if crisis worsens

2011-06-06

Greek lenders are unlikely to withdraw substantial capital from their Romanian subsidiaries over the coming period, but a sovereign crisis at home could prompt a sale of international businesses, Moody's Investors Service said.

ACTMedia

Participation of local investors to FP reached 42.23%

2011-06-06

The local investors controlled 42.23% of the shares of Fond Proprietatea (FP) at the end of May, compared to 32.18% in April, and the ministry of finances trasferred of the portfolio 11.54%of the capital of the fund in the mentioned month, reducing the participation to 25.24%, Mediafax said.

ACTMedia

Ionut Dunitru: Limitation of budgetary deficit and public debt must be accompanied with adjustment measures

2011-06-06

Introduction in the constitution of some limits regarding the budgetary deficit and the public debt would be an important step in ensuring the sustainability of the public finances, but there must be included also measures of adjustment if the limits are reached, the head –economist with Raiffeisen Bank Romania Ionut Dumitru said.

ACTMedia

Jeffrey Franks: Inflation to increase by 0.5 percentage points following the elimination of heating subsidies for the population

2011-06-06

The government's decision to eliminate heating subsidies to the population starting this year will have an impact over this year's inflation rate that already reached 8.3% in April, IMF chief of mission in Romania said quoted by news agency Mediafax.

ACTMedia

First Slovene consular office of Romania, in Targu Mures

2011-06-06

The first Honorary Consulate of Slovenia in Romania was opened on Friday in Targu Mures (central Romania), in the presence of charge d'affaires of the Slovene Republic in Romania Marcel Koprol.

ACTMedia

SIF Moldova has sued BCR and Erste Group on profit distribution

2011-06-06

SIF Moldova (SIF2) has informed that it asked in the Court the annulment of several resolutions of BCR's latest GSM, namely the ones which decided that BCR's 2010 net profit would be retained and used for a share capital increase and payment of stock dividends.

Raiffeisen Capital & Investment

Michelin invests over 265 million euros over decade operating in Romania

2011-06-02

The Michelin Group, world leader in tyre-manufacturing segment, has invested more than 265 million euros and produced more than 450,000 tyres over its ten year it has been operating in Romania, according to data issued on Thursday by new manager of local branch and the Balkans Eric Faidy, during an informal meeting with the press.

Agentia Nationala de Presa - Agerpres

Fondul Proprietatea – a stake of 10% have been transferred last week to entitled individuals

2011-06-01

Local media has cited the authority in charge with the redeeming process who said that last week it issued indemnity rights which gave the bearers the ownership for 10.1% of Fondul Proprietatea (FP) shares.

Raiffeisen Capital & Investment

Romanian-Austrian cooperation agreement on agriculture

2011-06-01

he Agency for Agricultural Payments and Interventions (APIA) signed a cooperation agreement with the AgrarMarkt Austria Agency (AMA) on May 20 on the occasion of the Conference of the Payment Agencies' General Managers held in Budapest.

Agentia Nationala de Presa - Agerpres

Fitch a confirmat ratingurile Braşovului, cu perspectivă stabilă

2011-06-01

Fitch Ratings a confirmat ratingurile oraşului Braşov la 'BB plus' pentru împrumuturile pe termen lung în valută, 'BBB minus' pentru creditele pe termen lung în lei şi 'B' pentru împrumuturile pe termen scurt în valută, perspectiva ratingurilor pe termen lung fiind stabilă, se arată într-un comunicat al agenţiei de evaluare financiară.

Agentia Nationala de Presa - Agerpres

Armax Gaz to purchase 10% of its own shares

2011-05-31

Armax Gaz (ARAX) held a Shareholders' Meeting on May 27. Among other issues, the shareholders approved the purchase of up to 10% of its share capital (around 61.4 mn shares) within the next 18 months.

Raiffeisen Capital & Investment

Constitutional Court to rule on the ownership limit for SIFs

2011-05-31

The Constitutional Court will rule on June 2, 2011 on SIF Transilvania's (SIF3) claim that the Government Ordinance from 2005 which increased the ownership limit from 0.1% to 1% is not constitutional.

Raiffeisen Capital & Investment

Slight decline of vacant jobs in Q1 2011

2011-05-31

The amount of vacant jobs reported a slight drop of 1,700 (-0.01 percent) in the first quarter of the current year and a 0.18 percent increase of 6,900 jobs on a year-over-year basis, up to 27,300 (+0.69 percent), reveal data from the National Institute of Statistics (INS) released on Monday.

ACTMedia

Romanians, to work 149 days to ensure state expenditure in 2011

2011-05-31

Romanians will work 149 days in 2011 to ensure the sate expenditure, according to the data of the Independent Centre for Studies in Economics and Law (CISED). Compared with 2009, for example, this 'fiscal burden' increased by almost two weeks.

Agentia Nationala de Presa - Agerpres

Construction permits for residential buildings, 6.8 percent fewer in first four months

2011-05-31

The number of the construction permits for residential buildings issued in the first four months of 2011 amounted to 10,541, plunging 6.8 percent on a year-over-year basis, according to data provided by the National Institute of Statistics (INS) on Monday.

ACTMedia

City Mall Bucharest to see fourth sale attempt, at EUR 23.58 mn

2011-05-31

Bankrupt shopping center City Mall Bucharest will be put up for sale for the fourth time on June 10, in an auction starting at EUR23.58 million, some 30% less than the initial price of EUR33 million.

ACTMedia

OTE will not purchase the shares of the Romanian state at Romtelecom

2011-05-31

Greek group OTE will not purchase the shares of the Romanian state at Romtelecom, a decision which came after a financial evaluation of the group in Greece and the imposition of Deutsche Telekom, a majority share holder, to accumulate cash, sources close to the transaction told Hotnews.ro.

Agentia Nationala de Presa - Agerpres

Romania to eliminate barriers to opening hypermarkets, after EU pressure

2011-05-31

Romania's Government, under pressure from the European Commission (EC), has pledged to remove barriers to the opening of retail chains, by no longer requiring the competition's approval and an impact study before issuing authorization.

ACTMedia

BVB closes down on week's first session

2011-05-31

The quotations of the shares listed on the Bucharest Stock Exchange (BVB) decreased on Monday 0.24 percent on average in an evolution tracked by the BET-C composite index, whereas the BET-FI index of the financial investment companies (SIFs) dropped 1.26 pct.

ACTMedia

Romanian managers estimate increase of activity in industry, commerce, services and constructions

2011-05-31

Activity in manufacturing industry, retail, services and constructions will increase between May and July according to the opinions of managers of some companies interviewed by the Institute for Statistics (INS).

ACTMedia

Oltchim – PCC has now an equity interest of 15.8%

2011-05-30

The German group PCC, one of Oltchim's (OLT) largest shareholders who has expressed its intention to acquire the chemical producer in the event the company is privatized, has announced that it increased its equity interest from 13.8% to 15.8%.

Raiffeisen Capital & Investment

Over one thousand doctors left Romania in the first four months of 2011

2011-05-30

Over one thousand doctors left Romania over the four months of 2011, out of whom 30% were GPs, the general secretary of the Doctors' College of Romania, Viorel Radulescu said on Saturday in Craiova.

ACTMedia

Romania requests funds from EC for most intense laser in the world

2011-05-30

Romania will send the funding request for the project of the most intense laser in the world, the Extreme Light Infrastructure (ELI), to the European Commission (EC) either in September or October 2011, Minister of Education, Research, Youth and Sport Daniel Funeriu told an international conference organised by professional services company KPMG Romania.

ACTMedia

International agreement for sustainable development of forests in Carpathian region

2011-05-30

The Environment Ministers of the Czech Republic, Hungary, Poland, Romania, Serbia, Slovakia and Ukraine adopted a protocol for the sustainable forest management in the Carpathian region, informs a press release.

ACTMedia

Hungary ranks 12th in end-2010 ranking of foreign investors in Romania

2011-05-30

Hungary was 12th in a ranking of foreign investors in Romania as of end-2010, with 10,777 companies operating in Romania that employed more than 5,000 people, MEP Iuliu Winkler told Agerpres on Friday.

ACTMedia

Romanian Union Agrostar says food prices to rise by 3-5%

2011-05-30

Food prices in Romania will rise 3-5% in the following period because of adverse weather conditions and the international context, officials of the Agrostar food industry union federation said Friday during a seminar.

ACTMedia

Outstanding RON loans rise by 2%, forex ones - by 1%

2011-05-30

The total value of outstanding retail and corporate lei loans in April 2011 stands at 8.395 billion lei, up 2% from the previous month, and that of forex loans stands at over 9.649 billion lei (equivalent) up 1%, according to a report of Romania's Central Bank (BNR) (1 euro = 4.13 lei).

ACTMedia

BVB ends week with slight appreciation

2011-05-30

The quotations of the shares listed on Bucharest Stock Exchange (BVB) appreciated by an average 0.68 percent on Friday, a performance measured by the composite index BET-C, whereas the BET-FI index of the financial investment funds (SIFs) went up by 0.68 percent.

ACTMedia

CNP estimates inflation rate at year-end at 4.8%

2011-05-30

The National Commission of Prognosis (CNP) estimates the inflation rate at the year-end (December 2010-December 2011) at 4.8 percent, according to the spring prognosis released on Friday on the institution website.

ACTMedia

Bucharest to host BSEC meeting

2011-05-30

Romania's Ministry of the Environment and Forestry (MMP) will held, May 30-31, a meeting of the environment ministers of the Black Sea Economic Cooperation (BSEC) organisation, and a meeting of the BSEC working group on environmental protection, at the Parliament Palace in Bucharest.

ACTMedia

Zentiva to lend RON 50 mn loan to its mother company

2011-05-27

The drugs maker Zentiva SA (SCD) has announced that its mother company Sanofi has borrowed from it RON 50 mn for a tenor of 6 months. The interest charged was set at ROBOR minus 0.15%.

Raiffeisen Capital & Investment

Oltchim sent an offer to Petrom for the purchase of the refinery assets

2011-05-27

According to a release to the Bucharest Stock Exchange, the chemical producer Oltchim (OLT) sent OMV Petrom an offer for the purchase of the refinery assets at Arpechim.

Raiffeisen Capital & Investment

Nouriel Roubini: BNR's monetary policy to maintain interest rate stable is correct

2011-05-27

Romania's Central Bank /BNR/ monetary policy to maintain the interest rate stable is correct, said, in Bucharest, economist Nouriel Roubini, at 2011 Finance Forum, organized by Forum Invest.

Agentia Nationala de Presa - Agerpres

Messori (BEI): Banca Europeană de Investiţii va investi în România peste un miliard de euro în infrastructură, energie şi telecomunicaţii

2011-05-26

Banca Europeană de Investiţii (BEI) va investi în 2011 în România peste un miliard de euro, în special în infrastructură, energie şi telecomunicaţii, dar va sprijini şi cofinanţarea de către guvern a accesării fondurilor europene, a declarat joi şefa Biroului de la Bucureşti al Băncii Europene pentru Investiţii, Milena Messori, prezentă la Forumul Finance 2011, organizat la Bucureşti de către ForumInvest.

Agentia Nationala de Presa - Agerpres

Danube-Black Sea Canal makes EUR 1 ml in annual profits

2011-05-25

To mark the 27th anniversary of the opening of the Danube - Black Sea and the Poarta Alba - Midia Navodari canals to navigation, the Navigable Canals Administration (ACN) organized on Tuesday at the Constanta Maritime University the event 'How it was made.'

Agentia Nationala de Presa - Agerpres

How BVB tries to increase liquidity on all markets

2011-05-25

The board of BVB approved the extension of the trading session by 15 minutes up to 16 :45 in the context where the North-American capital market represents the main reference on the international financial market. « As the last years revealed the increase of sensibility of the domestic stock exchange market to foreign factors, the board appreciated as appropriate the extension of the trading session at BVB to overlap the NYSE trading schedule. In this way, there is the possibility offered to investors in BVB to react to the opening of the North-American stock exchange.

ACTMedia

Romania about to get a new sanction from the EC: we did not transpose the new EU regulations on the telecom market

2011-05-25

Romanians should be able, starting Wednesday, May 25 to be able to change their telecom operator without changing their telephone number in just one day according to the new EU regulations in the telecom sector adopted at the end of 2009 that would have had to be transposed into national legislation by this date. The EU warns on Monday that it will consider launching an infringement procedure for the countries that did not comply with this obligation. Romania is one of these countries.

ACTMedia

Some EUR 3.4 bln in European funding already in Romanian farmers' accounts

2011-05-24

About EUR 3.4 bln have by now reached the accounts of Romanian farmers in payments for development, while 37 pct of the total EU funding for agriculture is earmarked for the Romanian agricultural sector, Minister of Agriculture and Rural Development Valeriu Tabara told a specialist conference on Tuesday.

Agentia Nationala de Presa - Agerpres

ZEW/Erste survey : Romania Remains Top CEE Business Destination In May

2011-05-23

Romanian economic outlook for the next six months improved slightly in May, anchoring the country in the first spot among the best business destinations in Central and Eastern Europe, a ZEW/Erste survey showed Friday. Economic expectations for Romania rose 0.1 points to 50.1 points in May, after an increase of 5.5 points a month earlier, the survey noted. The assessment of the current economic situation in Romania increased 4 points on the month to minus 18 points, the second gloomiest assessment in the region after Hungary.

ACTMedia

EBRD Ups Romania GDP Forecast To +1.8% In 2011

2011-05-23

The European Bank for Reconstruction and Development Friday revised upward its forecast for Romanian economic growth to 1.8% in 2011, from 1.1% previously, saying it expects harsh austerity measures implemented under a multilateral financial program will pay off.

ACTMedia

Cluster promoting Romanian clothing industry

2011-05-23

omanian Textile Concept Cluster promoting the Romanian clothing industry both on the home and the foreign market is launched in Bucharest, on Monday.

Agentia Nationala de Presa - Agerpres

Five new wells increase Petrom's gas production

2011-05-20

Petrom said its daily natural gas production increased 6% after bringing five new wells on stream in Southern Romania, according to an emailed statement.

Raiffeisen Capital & Investment

Securities Commission has approved the prospectus for the listing of a real estate fund

2011-05-20

Local Securities Commission (CNVM) has approved the prospectus for the technical listing of New Europe Property Investment (NEPI) on Bucharest Stock Exchange (BVB).

Raiffeisen Capital & Investment

Pilot project - “Management of the Correlation between the Education System and the Labour Market”

2011-05-20

'Universities closer to the future', the slogan of the pilot project 'Management of the Correlation between the Education System and the Labour Market', launched on May 18, 2001, by The Ministry of Education, Research, Youth and Sport, shows the Ministry's commitment and effort to enhance the adjustment of higher education to an ever-changing labour market.

ACTMedia

Gov't to amend car tax regulation in line with European court ruling

2011-05-20

The Romanian Government will modify its car tax on first registrations in line with the decision of the European Court of Justice, governmental spokesperson Ioana Muntean told Agerpres.

ACTMedia

Over 8,000 firms suspend activity in first 4 months

2011-05-20

In the first four months of this year, 8,627 firms suspended their activity, most of them in Bucharest, according to the National Trade Registry Office (ONRC).

ACTMedia

FinMin borrows RON 500 mn from commercial banks

2011-05-20

The Public Finances Ministry on Thursday borrowed 500 million lei from the commercial banks by an issue of benchmark government bonds put to tender via the National Bank of Romania.(1 euro=4.1 lei)

ACTMedia

EU asks Romania to implement directive on railway safety

2011-05-20

The European Commission has sent a reasoned opinion to ten Member States formally requesting to fully implement the last amendment to the Railway Safety Directive.

ACTMedia

Commission launches infringement procedure against Romania over agreement with Russia on equal treatment of EU airlines

2011-05-20

The European Commission on Thursday took the first step in pursuit of an infringement procedure against Romania on its bilateral air services agreement with Russia, by sending Bucharest an official notification. The EU executive body is concerned that the agreement could impinge on the equal treatment of airlines operating in the EU and on competition among European air carriers.

ACTMedia

Alro - Preliminary prospectus approved for a SPO of up to 20.96% of shares

2011-05-19

According to a release to the Bucharest Stock Exchange, Vimetco and Conef, the main shareholders of the aluminium smelter Alro (ALR) intend to sell up to 20.96% of ALR existing stock in a Secondary Public Offering (SPO).

Raiffeisen Capital & Investment

OMV Petrom - Securities commission approved preliminary prospectus

2011-05-19

According to a release to the stock exchange from OMV Petrom (SNP), the local securities commission (CNVM) approved the preliminary prospectus drawn up by the state and the Brokerage Syndicate for the purpose of assessing the investment interest in the stake of 9.84% which the state intends to sell.

Raiffeisen Capital & Investment

Fondul Proprietatea - The process of transferring shares began

2011-05-19

According to local media, the process of transferring Fondul Proprietatea’s (FP) shares to entitled individuals started yesterday with 56.4 mn shares being transferred (0.4% of the share capital of FP).

Raiffeisen Capital & Investment

In Romania vor fi infiintate primele facultati de logistica

2011-05-19

Olanda finanţează parţial un program prin care vor fi înfiinţate primele facultăţi de logistică în România, a anunţat miercuri, într-o conferinţă de presă, la Bucureşti, Robin Martens, director executiv la European Gateways Platform (EGP).

Agentia Nationala de Presa - Agerpres

Emerging Market growth poles are redefining global economic structure, says World Bank report

2011-05-18

By 2025, six major emerging economies—Brazil, China, India, Indonesia, South Korea, and Russia—will account for more than half of all global growth, and the international monetary system will likely no longer be dominated by a single currency, a new World Bank report says.

Raiffeisen Capital & Investment

American investments in Romania: EUR 570 mn in wind energy and social care

2011-05-18

Groupe Concorde Developments (GCD) of the USA will launch in Romania, in collaboration with the government and EU projects estimated at 570 million euro, in wind energy and the building of social care centers.

ACTMedia

Augustin Hagiu – FORT: Romania is the third world of road infrastructure

2011-05-18

Romania is the third world of road infrastructure, but has the largest number of traffic controllers who maintain a real chaos on the country's roads, says Augustin Hagiu, the chairman of the Federation of Transport Operators – FORT in a press release.

ACTMedia

Romania, partner countries sign Bucharest Statement by Black Sea Economic Cooperation Organization

2011-05-18

The Romanian authorities and the officials of the Black Sea riparian states adopted the Bucharest Statement by the Black Sea Economic Cooperation Organization, on Tuesday, said Romanian Ministry of Economy, Trade and Business Environment (MECMA) State Secretary Karoly Borbely.

ACTMedia

Fondul Proprietatea started the repurchasing of shares

2011-05-18

According to a release to the Bucharest Stock Exchange, Fondul Proprietatea (FP) has repurchased 7.5 mn shares totaling RON 3.9 mn over the period 11-13 May.

Raiffeisen Capital & Investment

Govt pledges over 7000 job cuts in railway, energy, postal companies

2011-05-17

Romania's government has pledged to cut more than 7000 jobs in state railway companies, energy suppliers and the national postal company, while lowering their running costs through renegotiated contracts, says the letter of intent to a EUR3.6 billion loan agreement with the IMF.

ACTMedia

Romania must amend newly adopted labor laws by this fall

2011-05-17

The Romanian Government must extend the period over which overtime can be rewarded with paid time off to 90 days, from 60 days as stated in the country's recently adopted labor laws, says the memorandum of understanding agreed upon with the European Commission.

ACTMedia

Industry, offices and retail, engines of real estate sector in 2011

2011-05-17

The high demand for manufacturing facilities, registered earlier this year, shows that many investors have realized that now is the best time to position themselves on the market in Romania, securing their interest zone, said on Monday Razvan Iorgu, managing director of CB Richard Ellis Romania, on the occasion of a specialized conference.

ACTMedia

MFP borrows EUR 278 mn from commercial banks

2011-05-17

The Public Finance Ministry (MFP) on Monday borrowed over 278 million lei (1.12 billion lei) from the commercial banks, by issuing discount treasury bills, auctioned by the National Bank of Romania. (1 euro=4.1054 lei)

ACTMedia

Eurostat: Romania posts highest annual inflation in EU for 9th straight month

2011-05-17

Romania maintained the highest inflation in the European Union for the ninth month in a row in April, while the EU's average rate was up at 3.2% from 3.1% in March, statistics office Eurostat said Monday.

ACTMedia

Romania FDI inflow drops 22% YY in first quarter, to EUR 379 mn

2011-05-17

Romanian foreign direct investment, or FDI, dropped 22% to EUR379 million in the first quarter this year, from EUR486 million in the same period a year earlier, the central bank said Monday.

ACTMedia

Mihai Tanasescu (IMF) : 2012 is an electoral year, Romania has precise targets it needs to comply with

2011-05-17

We have so many sectors in which an influx of capital is needed and I am convinced that 2012 will continue the reform trend, Romania's representative to the IMF Mihai Tanasescu declared in a talk show Bucuresti punkt Bonn, by HotNews.ro and Radio Deutsche Welle.

ACTMedia

XTB : Romania has to stimulate investment and production

2011-05-17

Romania got out of recession at the end of Q1 but there is still need to find a new engine, outside exports to take over the leading role.

ACTMedia

Visit of minister Teodor Baconschi to the United Kingdom and Northern Ireland

2011-05-17

The minister of foreign affairs Teodor Baconschi made on 16 May 2011 a visit to the United Kingdom of Great Britain and Northern Ireland at the invitation of the British counterpart William Hague.

ACTMedia

MFA : Romania decided to suspend the activity of the Embassy in Tripoli

2011-05-17

Romania decided to suspend the activity of the Tripoli Embassy starting with 14 May and bringing back all the personnel, following the constant deterioration of the security situation in Lybia, including the capital city, the Ministry of Foreign Affairs informed on Monday.

ACTMedia

Prodlacta 1Q 2011 results

2011-05-17

Dairy producer Prodlacta (PRAE) reported a 50% drop in sales in the first quarter of 2011 to RON 7.4 mn. Raw material costs decreased by 37% yoy to RON 3.7 mn, while salaries were down 34% yoy to RON 1.2 mn.

Raiffeisen Capital & Investment

Argus 1Q 2011 results

2011-05-17

Edible oil producer Argus (UARG) released its 1Q 11 figures and posted a 70% yoy rise in sales to RON 64 mn. In the same time, revenues from stock accumulation registered a steep increase to RON 20.3 mn, up 5x yoy.

Raiffeisen Capital & Investment

SIF Muntenia has invested in a private hospital

2011-05-17

According to local media which cites its chairman, SIF Muntenia (SIF4) has invested EUR 12 mn in a private hospital in Pitesti, a middle-sized town in Romania.

Raiffeisen Capital & Investment

Vrancart – 1Q 11 results

2011-05-16

The cardboard and toilet paper producer Vrancart (VNC) has reported a 22% yoy rise in its quarterly sales to RON 41.7 mn. The company has also booked a significant change of RON 2.2 mn in inventories which boosted its total revenues.

Raiffeisen Capital & Investment

Zentiva 1Q 2011 results

2011-05-16

The pharmaceutical producer Zentiva (SCD) reported for 1Q 2011 decreasing sales figures by 4% yoy to RON 64.7 mn on lower sales volume of own production (-12% yoy to RON 54 mn) and increasing sales of merchandise (+85% yoy to RON 10 mn).

Raiffeisen Capital & Investment

Fondul Proprietatea – Monthly official NAV

2011-05-16

Fondul Proprietatea (FP) has released its official NAV for April-2011 which increased 0.5% mom to RON 1.2004 per share.

Raiffeisen Capital & Investment

BAT Medias 1Q 2011 results

2011-05-16

The auto transportation company BAT Medias (BAME) reported for 1Q 2011 a 14% yoy drop in sales to RON 6 mn.

Raiffeisen Capital & Investment

Cemacon 1Q 2011 results

2011-05-16

The construction materials producer Cemacon (CEON) reported an impressive net profit for 1Q 2011, boosted by financial gains and other revenues.

Raiffeisen Capital & Investment

Conpet 1Q 2011 results

2011-05-16

Conpet (COTE) has reported a 2.2% yoy decrease in its revenues from transport activity of oil products to RON 81.4 mn.

Raiffeisen Capital & Investment

Biofarm First Impression 1Q 2011: Sales increase outpaced market growth

2011-05-16

Biofarm released its 1Q 2011 results under Romanian Accounting Standards. As we anticipated, sales growth outpaced pharmaceutical market growth and Biofarm posted a 26% yoy top line increase.

Raiffeisen Capital & Investment

Comelf 1Q 2011 results

2011-05-13

Comelf's (CMF) quarterly sales have jumped 53% yoy to RON 32.4 mn but unfortunately expenses have followed a similar pattern. Thus, raw materials expenses were up 51% yoy to RON 15.6 mn while staff costs were up 29% yoy to RON 7.1 mn.

Raiffeisen Capital & Investment

Concefa 1Q 2011 results

2011-05-13

Constructions company Concefa (COFI) released its 1Q 2011 results. The turnover climbed by 84% yoy to RON 12.1 mn. Raw materials doubled yoy to RON 5.8 mn, whereas third parties expenses rose by 23% yoy to RON 6.5 mn.

Raiffeisen Capital & Investment

Condmag 1Q 2011 results

2011-05-13

The industrial contractor Condmag (COMI) reported weak results for 1Q 2011. Sales plunged by almost 80% yoy to RON 11.6 mn, while raw materials costs fell by only 34% yoy to RON 5.6 mn and labor expenses were flat yoy at RON 7.9 mn.

Raiffeisen Capital & Investment

Oil Terminal 1Q 2011 results

2011-05-13

The harbour operator Oil Terminal (OIL) has reported a 1.5% yoy decrease in its sales to RON 28.0 mn, the company saying that in 1Q 11 has transported through its pipes the smallest physical quantity during the last four years.

Raiffeisen Capital & Investment

Ropharma 1Q 2011 results

2011-05-13

Pharmaceuticals retailer and distributor Ropharma (RPH) reported for 1Q 2011 increasing sales figures by 15% yoy to RON 100 mn out of which sales trough its own pharmacies network augmented by 17% yoy to RON 75 mn.

Raiffeisen Capital & Investment

Dafora 1Q 2011 results

2011-05-13

Constructions and drilling company Dafora (DAFR) reported rising sales figures for 1Q 2011 by 20% yoy to RON 45 mn. On the costs side, raw materials and labor expenses contracted each, whereas third parties expenditure hiked by 26% yoy to RON 20.4 mn.

Raiffeisen Capital & Investment

Impact 1Q 2011 results

2011-05-13

Impact Developer&Contractor (IMP) released its 1Q 2011 results (un-audited and under Romanian Accounting Standards). Operational revenues dropped by 6% yoy to RON 5.5 mn.

Raiffeisen Capital & Investment

Impact 1Q 2011 results

2011-05-13

Antibiotice 1Q 2011 results

2011-05-13

The pharmaceutical producer Antibiotice (ATB) reported its 1Q 2011 results under RAS. Turnover increased by 20% yoy to RON 71.2 mn and raw material costs rose in line with sales evolution to RON 24.1 mn, whereas cost of merchandise increased by 80% yoy to RON 7.8 mn.

Raiffeisen Capital & Investment

Alumil Rom Industry 1Q 2011 results

2011-05-13

Alumil Rom Industry (ALU) reported a 17% yoy increase in sales to RON 12.6 mn, lower than we estimated (+38% yoy) as the commercial segment (retailer's expansion) could compensate only partly the sluggish demand in the construction sector.

Raiffeisen Capital & Investment

Alro 1Q 2011 results

2011-05-13

The aluminium smelter Alro (ALR) reported a significant rise in turnover and profitability over 1Q 2011. Sales came up by 36% yoy to RON 564 mn on the back of higher aluminium prices, while revenues climbed 41% yoy to RON 584.7 mn, due to stock accumulation.

Raiffeisen Capital & InvestmentAlro 1Q 2011 results

Fondul Proprietatea – The Government might delay the transfer of shares

2011-05-13

According to media which claims that it has obtained a document from the Ministry of Finance, the Government is planning to delay the process of transferring Fondul Proprietatea's (FP) shares to entitled individuals for another 60 working days.

Raiffeisen Capital & Investment

BCR short note: 1Q11 real GDP – flash estimate

2011-05-13

According to the flash estimate released this morning by the National Institute of Statistics, real GDP increased by 0.6% q/q (seasonally-adjusted data) and 1.6% y/y in 1Q11.

BCR Research

Transgaz First Impression 1Q 2011

2011-05-13

The natural gas transmission company Transgaz reported figures for 1Q 2011 came in line with expectations, both at the top and bottom level.

Raiffeisen Capital & Investment

Allianz weathers high level of natural catastrophes

2011-05-12

Allianz Group today reported solid results for the first quarter of 2011 amid a challenging environment and severe natural catastrophe events. Total quarterly revenues of 29.9 billion euros remained strong, amounting to only 2.2 percent below the record level of 30.6 billion euros in the first quarter of 2010.

Allianz SE

Teraplast First Impression 1Q 2011: Hurt by rising prices of raw materials

2011-05-12

Teraplast (TRP) published its un-consolidated 1Q 2011 results (under RAS), which do not include the results of Politub (PE pipes producer) and Plastsistem (thermal insulating panels producer).

Raiffeisen Capital & Investment

Bloomberg: Romania, Kazakhstan are attractive on lowdebt, Renaissance Capital says

2011-05-12

Romania and Kazakhstan will be the most-attractive emerging markets for investment in the next four years as their economies grow amid low debt levels, according to Renaissance Capital, quoted by Bloomberg.

ACTMedia

Romania's exports outside EU increase by 51.6% in Q1

2011-05-12

Romanian exports to countries outside the European Union (EU) increased during the first three months of 2011 with an average of 51.6 percent, a level that exceeds the increase recorded in the case of intra-community exports, of 35.2 percent, the Ministry of Economy, Trade and Environment Business (MECMA) informs.

ACTMedia

Stock market slides 0.96% on Wednesday

2011-05-12

The quotations of the shares listed on the Bucharest Stock Exchange (BVB) decreased 0.96 percent on average on Wednesday, as measured by the BET-C composite index, while the BET-FI index of the financial investment companies (SIFs) went down 2.04 percent.

ACTMedia

IRSS survey: Almost 70% of the Romanians consider that things go in a wrong direction in this country

2011-05-12

Over half of the Romanians – 69% consider that things go in a wrong direction in the country, and 9% consider the contrary, according to a survey made by the Romanian Institute for Social Studies (IRSS) and made public on Wednesday, in a press conference.

ACTMedia

Banca Carpatica 1Q 2011 results

2011-05-12

Banca Carpatica's (BCC) total assets have contracted 3.7% qoq to RON 2.8 bn, driven by a 4.8% qoq decrease in net loans to RON 0.91 bn. NII have plunged 13.9 % yoy to RON 22.7 mn, as NIM has shrank.

Raiffeisen Capital & Investment

Rompetrol Well Services – 1Q 2011 results

2011-05-12

Rompetrol Well Services (PTR) has reported a 25% yoy surge in its sales to RON 19.2 mn, despite the fact that the company said its clients have reduced their investments and USD/RON rate had an unfavourable evolution.

Raiffeisen Capital & Investment

Azomures 1Q 2011 results

2011-05-12

Fertilizers producer Azomures (AZO) has published strong results for 1Q 11. Sales for the quarter stood at RON 408.3 mn, up 44% yoy, while raw materials expenses increased by 88% yoy at RON 246 mn as the company did not benefit any more from the facility offered by the Government to use only the cheaper domestically produced gas.

Raiffeisen Capital & Investment

Teraplast 1Q 2011 results

2011-05-12

Teraplast (TRP) published its un-consolidated 1Q financial results (RAS). Sales advanced by 11% yoy to RON 38.1 mn, slightly higher than our estimates (+9% yoy).

Raiffeisen Capital & Investment

Transelectrica First Impression 1Q 2011 - Net profit surpasses our and consensus expectations

2011-05-11

The power grid operator Transelectrica (TEL) reported a strong set of results for 1Q 2011. Revenues from transport came above our estimates on higher quantities transported, while costs were below expectations, driving the net profit 2x higher than our estimate and the consensus.

Raiffeisen Capital & Investment

UbiFrance representative: Romania running first-time trade surplus with France

2011-05-11

At the end of November 2010, the Romania - France balance of trade registered for the first time in the countries' bilateral relation a surplus of 428 million euros for Romania, Catalin Frateanu, representative of the UbiFrance Economic Mission of the Embassy of France in Bucharest, declared on May 9 in Targu Mures (center Romania).

ACTMedia

INS: Trade deficit of EUR 1.4 bn in Q1

2011-05-11

FOB-CIF trade deficit in the first quarter of this year was over 5.959 billion lei (about 1.411 billion euros), down 2.5 million lei (642.2 million euros) than in the similar period of 2010, according to data published on Tuesday by the National Institute of Statistics (INS).

ACTMedia

Romanian Leu gains 0.4% vs Euro, exchange rate at 4.0885

2011-05-11

The Romanian leu extended early gains against the euro in mid-session Tuesday, and the central bank's reference strengthened to 4.0885 units, from 4.1039 units in the previous day.

ACTMedia

INS: Average monthly inflation of 0.66% in April, 0.7% in first 4 months of 2011

2011-05-11

The average monthly inflation rate in Romania in the first four months of 2011 amounted to 0.7 percent, having reached 0.66 percent in April, against March 2011.

ACTMedia

Jeffrey Franks: No tragedy if Romania is not ready to join Euro Zone in 2015

2011-05-11

In order to adhere to the Euro Zone in 2015, Romania must speed up the pace of reforms, have a low deficit, a reduced inflation, a low level of debt and interests, the head of the International Monetary Fund (IMF) mission to Romania Jeffrey Franks told Agerpres in an interview, by adding that from his viewpoint, it is not so important the year Romania is going to enter the Euro zone, but to speed up the reform pace.

ACTMedia

IMF: Romania’s Economic growth potential at 3% on medium term

2011-05-11

Romania has an economic growth potential of 3% on medium term, but it needs to raise local production for a sustainable growth, according to Jeffrey Franks, head of the International Monetary Fund mission to Bucharest.

ACTMedia

World Bank: Romania has lowest absorption rate of European funds in EU

2011-05-11

Romania has the lowest rate of structural funds absorption in the entire European Union, World Bank's (WB) director for Central and Eastern Europe Peter Harrold told a symposium held by the WB Romania office in Bucharest.

ACTMedia

World Bank: Romania needs complex development policy anchored in country-specific vision

2011-05-11

Romania needs a complex national development policy, anchored in a vision of its own about the future, that should go beyond political considerations and the convergence policy will require a consensus on the ways to achieve the established goals, World Bank Regional Director for Central and Eastern Europe, Peter Harrold, on Tuesday told a symposium organized in Bucharest by the World Bank.

ACTMedia

Petrom 1Q 2011 results - positive

2011-05-11

Similar to its parent OMV, Petrom reported a strong upstream result, however disappointing expectations at refining and G&P. Higher oil prices and higher production (due to Kazakhstan) offset the negative impact from higher exploration expenses and hedging contracts (RON –56 mn).

Raiffeisen Capital & Investment

Michelin announces net sales of EUR 5,047 mn, up 28% on first-quarter 2010

2011-05-10

Historically high sales in first-quarter 2011, with volumes gaining 16.5% on the sustained rebound in demand. MICHELIN brand positions strengthened, thanks to its excellent product plan. Price-mix improved by 7.7%, primarily reflecting price increases to pass on the sharp, across-the-board run-up in raw materials costs.

Michelin

Inflationary pressures remain high

2011-05-10

April inflation rate (0.66% m/m and 8.3% y/y) was above our expectations and market consensus (8.2%). Food price increased by 0.9% m/m due to higher prices on global markets but also due to insufficient supply of domestic goods on consumer markets.

BCR Research

Adecco maintains strong double-digit revenue growth in Q1

2011-05-10

Adecco Group, the worldwide leader in Human Resource services, today announced results for the first quarter of 2011.

Adecco Group

European Commission Staff Statement after a joint mission with the IMF and the World Bank to Romania

2011-05-10

A European Commission services' mission reviewed the implementation of the ongoing balance-of-payments assistance to Romania and assessed the implementation of agreed measures for the release of the final instalment of EUR 150 million.

ACTMedia

Istvan Szekely, EC: Final assessment of Romanian economy development to be made by international markets

2011-05-10

The novelty in the new precautionary programme of the European Commission with Romania will be that the assessment of the economic progress will be made by the financial markets where Romania is to get complete funding from, European Commission country manager Istvan Szeleky told a press conference held after the first evaluation mission of the new stand-by precautionary agreement between Romania and the European Commission running in parallel with the precautionary agreement with the International Monetary Fund.

ACTMedia

European Commission waits EFC approval to release final loan installment worth EUR 150 mn

2011-05-10

Romania's economy is recovering, with a 1.5 percent estimated growth in 2011, which will advance up to approximately 4 percent in 2012.

ACTMedia

IMF Reaches staff level agreement on first review of precautionary stand-by arrangement for Romania

2011-05-10

A joint mission from the International Monetary Fund (IMF), European Commission, and World Bank visited Bucharest from April 27 to May 9 to prepare the first review of Romania's new Stand-By Arrangement. Mr. Jeffrey Franks, IMF Mission Chief for Romania, made the following statement at the end of the visit:

ACTMedia

Government will seek international consultancy companies to recruit new managers for state owned companies

2011-05-10

The state will commit to use international human resources companies to recruit the future managers of some state owned companies that register debts.

ACTMedia

Another 15-20 state-owned companies might be included on list of IMF monitored comapnies

2011-05-10

Another 15-20 state-owned companies in the months to come might included on the lost of the companies monitored by the International Monetary Fund (IMF), said chief of the IMF mission Jeffrey Franks in an interview to Agerpres on Monday.

ACTMedia

Jeffrey Franks, IMF: Romania’s exports increase way faster than markets where it sells increase

2011-05-10

Restructuring and the continuation of reforms were the main key points made by Jeffrey Franks in his speech presenting the first evaluation of the latest agreement with Romania.

ACTMedia

Armax Gaz 1Q 2011 results

2011-05-10

The oil and gas equipment producer Armax Gaz (ARAX) reported its 1Q 2011 results. Revenues increased by 13% yoy at RON 33.4 mn.

Raiffeisen Capital & Investment

Compa 1Q 2011 results

2011-05-10

Auto components producer Compa (CMP) reported strong 1Q 2011 results. Sales increased 50% yoy to RON 120 mn (5% higher than budgeted figures) being fuelled by exports, which accounted for 89% of total sales vs. 84% in 1Q 10.

Raiffeisen Capital & Investment

Romgaz 1Q 2011 results

2011-05-10

Gas producer Romgaz has disclosed some key 1Q 2011 figures. Sales advanced by 4% yoy to RON 1.18 bn although production decreased by 3.8% yoy to 1.51 bn cubic meters.

Raiffeisen Capital & Investment

Transelectrica 1Q 2011 results

2011-05-10

The power grid operator Transelectrica (TEL) reported a strong set of results for 1Q 2011. Quantities transported stood 11.7% higher yoy and 6% above our expectations.

Raiffeisen Capital & Investment

BCR's CEO says there is no timetable for the listing

2011-05-10

According to the media, BCR's CEO said that there was no timetable for the listing of BCR's shares despite (amended) provisions in the privatization contract which stipulated that Erste should start listing procedures by late 2011.

Raiffeisen Capital & Investment

IMF says Government to sell stakes in large energy companies

2011-05-10

The head of IMF mission in Romania said that the Government should sell significant stakes in large energy and transport companies.

Raiffeisen Capital & Investment

Statistics: Construction works volume down 4.4% in Q1

2011-05-09

The construction works volume as gross series went down 4.4 percent in the first quarter of 2011 compared with the similar period of 2010, informs the National Institute of Statistics (INS).

ACTMedia

Average net wages, down 1.1% in March 2011 against March 2010

2011-05-09

Average net wages in Romania declined 1.1 percent in March 2011 from March 2010, in nominal terms, with the real wage index in March 2011 being 91.6 percent of the March 2010 figures, the National Statistics Institute (INS) reports in a press release issued on Friday.

ACTMedia

National export strategy 2011 – 2015 : Romania wants to get the markets in Russia, North Africa and the Arabic countries

2011-05-09

The ministry of economy launched for public debate a new National Strategy for Export of Romania, valid for the period 2011 – 2015. This focuses attention on the auto domain, furniture industry, textiles and IT.

ACTMedia

Analysts estimate that the annual inflation rate increased to 8.2% in April

2011-05-09

Consumption prices increased in April by 0.5% while the annual inflation rate was 8.2% according to an average of opinions expressed by the members of the financial analysis's association.

ACTMedia

IMF mission, Romanian Gov't concluded talks for letter of intent

2011-05-09

A delegation of the International Monetary Fund (IMF) headed by Jeffrey Franks concluded on Saturday talks with Romanian ministries and authorities involved in the drawing up of a letter of intent to a new precautionary arrangement between Romania and the IMF.

ACTMedia

Remar Parcani 1Q 2011 results

2011-05-09

The railstock maintenance and repairs company Remar Pascani (RMAR) published some 1Q 11 financial figures. Sales plunged 76% yoy to RON 8 mn and the Remar posted an operating loss of RON 1 mn (vs. operating profit of RON 6.8 mn in 1Q 10).

Raiffeisen Capital & Investment

Orsova Shipyard 1Q 11 results

2011-05-09

Orsova Shipyard's (SNO) quarterly sales have contracted 15.4% yoy to RON 13.2 mn, the company blaming de weak foreign demand for this evolution.

Raiffeisen Capital & Investment

Fondul Proprietatea increased stake in Azomures

2011-05-09

In a release to the Bucharest Stock Exchange (BVB), Fondul Proprietatea (FP) announced that it increased its stake in fertilizers producer Azomures (AZO) to 10.2% from 7.7%.

Raiffeisen Capital & Investment

Successful completion of the first review of the new stand-by arrangement with the IMF

2011-05-09

Key ideas from the press conference held by Jeffrey Franks, IMF Mission Chief for Romania:

BCR Research

Important changes in Romanian State Aid Law

2011-05-06

The mid-size state aid scheme was recently amended by including state aid funds for taking over companies in difficulties (e.g. insolvency and liquidation cases) and by emphasising the importance of some specific criteria in order to maximize the state aid up to 40% for Bucharest/Ilfov region and to 50% for the other regions.

Noerr Finance & Tax

Government: Registering new companies will take three days

2011-05-06

Commercial registered agents are the new category of the Trade Registry Office's employees, who are to register a company, its merger or closure, within three days after application is put in, stipulates a draft law the Government promoted in emergency procedure, on Wednesday.

ACTMedia

Statistics: Industry turnover up 24.3% in Q1

2011-05-06

The industry turnover in Q1 of 2011 went up 24.3 percent from the similar period of 2010, mainly due to the increase in the processing industry (25.6 percent).The mining industry witnessed a 0.2 percent increase, according to the centralized data of the National Institute of Statistics (INS).

ACTMedia

Malta, the 10th EU country to maintain until 2013 labor market restrictions for Romanians and Bulgarians

2011-05-06

Malta will maintain labor market restrictions for Romanians and Bulgarians, Times of Malta informs quoting European sources, Romanian news agency Mediafax reports.

ACTMedia

MFP borrows over EUR 50.1 mn from commercial banks

2011-05-06

The Ministry of Public Finance (MFP) on Thursday borrowed over 50.1 million euros (206.04 million lei) from commercial banks, through an issue of benchmark bonds, auctioned by the National Bank of Romania. (1 euro = 4.10 lei).

ACTMedia

How will inflation evolve?

2011-05-06

The Romanians consider that the annual inflation rate will be over 6% by the end of 2011, although the BNR prognosis indicates an inflation of 5.1%. About 67% of people participating in an opinion poll made by eZonomic consider that inflation will be higher than 6%, while only 17% think it will be between 5% and 6%.

ACTMedia

Mugur Isarescu: the Central Bank increased its inflation estimate for 2011 to 5.1%

2011-05-06

Romania's National Central Bank increased the estimate of the inflation for the end of the year to 5.1%, National Central Bank Governor Mugur Isarescu said when presenting the quarterly report on the inflation.

ACTMedia

Prebet 1Q 2011 results

2011-05-06

Constructions materials producer Prebet (PREB) reported some 1Q 11 key figures. Turnover stood at RON 3.2 mn, up 27% yoy, while the company broke even in terms of operational profit.

Raiffeisen Capital & Investment

Ductil 1Q 2011 results

2011-05-06

The welding electrodes manufacturer Ductil (DUCL) reported its results for 1Q 11 with turnover increasing by 17% yoy at RON 36 mn.

Raiffeisen Capital & Investment

Prospectiuni 2011 budget

2011-05-06

The geological and geophysical prospecting company Prospectiuni (PRSN) released the 2011 budget.

Raiffeisen Capital & Investment

Iproeb 1Q 2011 results

2011-05-06

The electrical cables producer Iproeb (IPRU) has reported for 1Q 2011 sales of RON 26.0 mn, down 6% yoy. Its raw materials and energy costs have increased 6.6% yoy to RON 20.4 mn while salaries costs have increased 4.1% yoy to RON 3.8 mn.

Raiffeisen Capital & Investment

Standard&Poor's reaffirms Transgaz rating

2011-05-06

The rating agency Standard&Poor's reiterated Transgaz (TGN) rating at BB+ with stable outlook for FX loans and BBB- with stable outlook for local currency loans.

Raiffeisen Capital & Investment

Switzerland extends labor market restrictions for Romanians, Bulgarians until at least 2014

2011-05-05

Romanian and Bulgarian workers' access to the Swiss labor market will continue to be restricted until at least 2014, after the country's Federal Council confirmed Wednesday the extension of a transitional period imposed on citizens of the two EU countries, Swiss newspaper Le Matin reported online.

ACTMedia

Statistics: Romania 1Q Adjusted Retail Sales -5.6% On Year

2011-05-05

Romanian adjusted retail sales declined 5.6% in the first quarter of 2011 compared with the year-earlier period, on falling consumption in all sectors, the statistics institute INS said Wednesday.

ACTMedia

Eurostat: Romania posts second biggest March growth in retail trade in EU

2011-05-05

The volume of retail trade in Romania advanced 0.8 percent this March, on a monthly basis, being outperformed only by Estonia's 2.1 percent rise, according to first estimates released on Wednesday by the Eurostat European Statistics Office.

ACTMedia

IMF: Most MECMA subordinated companies have met financial targets

2011-05-05

Most companies subordinated to the Ministry of Economy, Trade and Business Environment (MECMA) have met their financial targets in the first quarter of 2011, the members of the mission of the International Monetary Fund (IMF), the European Commission (EC) and the World Bank (WB) agreed during the talks they had at the Ministry's headquarters on Wednesday, reads a MECMA release.

ACTMedia

Oxford Economics improved Romania’s economic growth estimates for 2011 from 0.1% to 1.2%

2011-05-05

Oxford Economics modified Romania's economic growth estimate for 2011 from 0.1% to 1.2% this year due to optimistic perspectives for exports and industry and following some encouraging signals from the other economic sectors, Romanian news agency Mediafax reports.

Agentia Nationala de Presa - Agerpres

Senate: Draft law on cutting income tax for pensions and salaries to 13% - passed

2011-05-05

The Romanian Senate on Wednesday adopted with 50 to 36 votes and two abstentions a bill reducing the income tax to 13% from 16% for pensions and salaries.

ACTMedia

Commission proposes better management of migration to the EU

2011-05-05

Wednesday, the Commission presented initiatives for a more structured, comprehensive, rapid-response approach from the EU to the challenges and opportunities of migration, not least in view of the current developments in the Mediterranean.

ACTMedia

Dialogue between the US official Ellen Tauscher and Foreign Minister Baconschi

2011-05-05

Romania's Foreign Minister Teodor Baconschi, on Wednesday, assured US Under Secretary of State for Arms Control and International Security Affairs Ellen Tauscher that Romania is to observe the commitments it made regarding its participation in the actions in the operation theaters.

ACTMedia

Aerostar 1Q 2011 results

2011-05-05

Aerostar (ARS) reported 1Q 11 sales of RON 30.8 mn, slightly lower yoy, but 6% higher than company's budget. However, due to lower personnel (-5% yoy) and raw material costs (-25% yoy), EBIT came 57% higher yoy at RON 4.4 mn.

Raiffeisen Capital & Investment

Oltchim 1Q 11 results

2011-05-05

The chemicals producer Oltchim (OLT) reported its 1Q 11 results under RAS. The turnover was up 93% yoy to RON 465 mn, fuelled by an increase in exports.

Raiffeisen Capital & Investment

Ministry of Finance sold 3-year T-bonds worth EUR 0.9 bn

2011-05-05

Yesterday, the Ministry of Finance sold 3-year T-bonds worth EUR 0.94 bn, more than the initial intended amount of EUR 0.6 bn, in a 3-year T-bond auction at an average yield of 4.89%.

Raiffeisen Capital & Investment

Central bank admits that 2011 inflation target will be missed

2011-05-05

Key messages sent by the NBR governor at the presentation of the quarterly Inflation report:

BCR Research

Central bank keeps key rate flat

2011-05-03

NBR decided to keep the key rate at 6.25%, in line with our and market expectations. At the same time, minimum reserve requirements for FX and RON remained unchanged.

BCR Research

BRD-GSG First Impression 1Q 2011

2011-05-03

BRD-GSG's net profit under RAS came in significantly above our estimate but below a Reuters Poll. The main reason for the divergence from our estimate was a decrease in risk costs, but operating performance was disappointing, especially on the revenues side.

Raiffeisen Capital & Investment

Freeex freedom of the press report: moguls became more than ever the starts of their own media institutions

2011-05-03

The crisis that lead to thousands of layoffs in the mass media sector and to media owners in the spotlight are among the most important traits of the evolution of mass media in Romania in 2010, the recent FreeEx report on the freedom of the press reads.

ACTMedia

Businessman Elan Schwartzenberg bought 90% in Realitatea TV, keeps Manager

2011-05-03

Businessman Elan Schwartzenberg told a news conference Monday he has bought in media group Realitatea Media and Sebastian Ghita remains the group's manager, under a five-year contract.

ACTMedia

Cathedaral Plaza could be sold to a British investment fund

2011-05-03

The office building Cathedral Plaza in Bucharest could be sold for 70 million euro to a British investment fund, the trading being signed by the end of the year if all conditions are met regarding the rent yield and the covering degree.

ACTMedia

Finance Ministry raises over EUR 402 mn in T-bill auction

2011-05-03

The Ministry of Public Finance (MFP) on Monday raised over 402 mln euros (RON 1.641 bln) from the commercial banks operating in Romania, through a discount T-bill issue placed through the National Bank of Romania (BNR).

ACTMedia

Which is the prognosis for inflation announced by BNR?

2011-05-03

The BNR board will approve in the meeting for monetary policy on Tuesday the report on inflation, to be presented at the end of the week.

ACTMedia

NBR's international reserves, April 2011

2011-05-03

According to the data of the Central Bank, on April 30th 2011, National Bank of Romania's foreign exchange reserves stood at EUR 32,073 million, compared to EUR 32,767 million on March 31st 2011.

ACTMedia

IMF had talks with BNR officials

2011-05-03

The International Monetary Fund (IMF) delegation headed by Jeffrey Franks on Monday had talks with National Bank of Romania (BNR) officials, within the mission evaluating Romania's observing the conditionalities stipulated in the precautionary agreement signed with the Romanian authorities.

ACTMedia

Oil Terminal 1Q 2011

2011-05-03

According to the Oil Terminal (OIL) representatives, cited by the local media, the harbour operator registered a decrease in sales by 10% yoy due to diminished traffic.

Raiffeisen Capital & Investment

Prefab 1Q 11 results

2011-05-03

Construction materials producer Prefab (PREH) has reported a 7% yoy decrease in its quarterly sales to RON 12.6 mn. The company blamed the weak demand environment which put a pressure on its selling prices.

Raiffeisen Capital & Investment

Alro's 2011 budget

2011-05-03

Aluminum smelter Alro (ALR) has approved its 2011 budget. Sales are estimated at USD 728 mn, up 31% compared to 2010.

Raiffeisen Capital & Investment

Socep 1Q 2011 results

2011-05-03

Stevedoring company Socep (SOCP) has reported solid quarterly figures, with 1Q sales rising by 42% yoy at RON 13.4 mn on higher traffic.

Raiffeisen Capital & Investment

Albalact 1Q 2011 results

2011-05-03

Dairy producer Albalact (ALBZ) reported for 1Q 2011 a 32% yoy increase in sales to RON 85.2 mn on higher volumes. On the costs side, raw material expenses climbed in-line with the revenues (+32% yoy to RON 49.5 mn).

Raiffeisen Capital & Investment

BRD 1Q 2011 results

2011-05-03

BRD-GSG's stand alone profit under RAS came in at RON 122.3 mn, above our estimate of RON 78.7 mn and below consensus of RON 131.5 mn.

Raiffeisen Capital & Investment

Romania's FX reserves decreased in April

2011-05-03

According to data released yesterday by the Central Bank (BNR), Romania's FX reserves decreased by almost EUR 700 mn to EUR 32.07 bn at end-April 2011.

Raiffeisen Capital & Investment

OTP: Loans in lei - more realistic option for consumption loans

2011-05-02

Loans in lei are a much more realistic option for the consumption loans, said OTP Bank Romania's Deputy executive manager Adrian Chichita.

Agerpres

Stock market opens low on Monday

2011-05-02

Trade on the Bucharest Stock Exchange (BVB) opened low on Monday, with the BET-C general index having declined 1.14 percent in the first 15 minutes of the session.

Agerpres

Businessman Elan Schwartzenberg to take over Realitatea TV

2011-05-02

Businessman Elan Schwartzenberg will take over Romanian TV station Realitatea TV owned by Sorin Ovidiu Vintu, under arrest on charges of blackmail, newspaper Evenimentul zilei reported Saturday in its online edition, citing unnamed sources.

ACTMedia

Number of construction permits for residential buildings declines in Q1

2011-05-02

The number of construction permits for residential buildings in the first quarter decreased 3 percent from the similar period in 2010, while in March they soared 47.7 percent compared with February 2011, the National Institute of Statistics (INS) informs on Friday.

ACTMedia

10 EU States to keep out Bulgarian, Romanian laborers till 2014

2011-05-02

Ten major EU member states want to keep their labor markets closed for citizens of Bulgaria and Romania till 2014, the maximum period they are allowed, according to Austrian Labor Minister Rudolph Hundstorfer, quoted by novinite.com.

ACTMedia

Romania keeps 2015 deadline for Euro adoption

2011-05-02

The Romanian government Friday decided to keep the year 2015 as the official deadline for euro adoption, participants in the executive's meeting said.

ACTMedia

Convergence Program: The economy to resume a sustainable growth

2011-05-02

The macro-economic framework for 2011 took into account the fact that the economic and financial evolution will improve and the economy is to resume its sustainable growth, so that it will achieve a higher Gross Domestic Product by 1.5 percent full-year, shows the draft of Convergence Program 2011 - 2014, prepared by the Government.

ACTMedia

Budget construction, in Convergence program

2011-05-02

The budget construction in 2011-2014 timeframe was set up in conditions of the strengthening of the concept of economic governance, launched at the European level, which includes a comprehensive legislative package, that will bring more discipline and rigor in the macro-economic processes in the EU Member States and will prevent future crises, according to the draft Convergence Program 2011 - 2014, prepared by the Government.

ACTMedia

Convergence Program: Economic growth of 4-4.7% over 2012-2014

2011-05-02

The draft Convergence Program 2011-2014, drawn up by the Government, sets in the medium-term, namely over 2012-2014, the pace of the economic growth to speed up and to range between 4.0 - 4.7 percent, as to recoup the drops of 2009-2010 due to the economic-financial crisis and to ensure Romania catches up with the other developed EU member states from this viewpoint.

ACTMedia

Special dividend for Conpet was not approved

2011-05-02

Ministry of Economy, the majority shareholder of oil pipeline operator Conpet (COTE), did not approve Fondul Proprietatea's request of distribution of a special dividend from reserves amounting RON 70 mn (RON 12 per share).

Raiffeisen Capital & Investment

Albalact has found a buyer for its old factory

2011-05-02

In an interview with the local media the CEO of the domestic dairy producer Albalact (ALBZ) said that the company was in advanced talks with the domestic DIY chain Dedeman to sell the real estate assets related to its old factory (land and buildings) for an amount in the region of EUR 1.6 mn.

Raiffeisen Capital & Investment

Transgaz - Ministry of Economy voted against the DPS of RON 28.77

2011-05-02

Ministry of Economy voted against the payment by Transgaz (TGN) of a dividend per share of RON 28.77 which corresponds to a pay-out ratio of 90%.

Raiffeisen Capital & Investment

Banca Transilvania First Impression 1Q 2011: Robust results

2011-05-02

With provision charges only slightly above our estimate, the main reason for the deviation of Banca Transilvania's (TLV) RAS net profit from our projections was a slower contraction in NIM, a lightly higher growth in assets and a very strong performance of non-interest items.

Raiffeisen Capital & Investment

PM Boc: Comarnic-Brasov and Pitesti-Sibiu road sectors under way this year

2011-05-02

Prime Minister Emil Boc announced in Bacau (east), on Sunday April 30 that the Comarnic-Brasov motorway (central) and that linking Pitesti (south) and Sibiu (central) will 'get under way, this year.'

Agerpres

New labour legislation comes into force on May 2, 2011

2011-05-02

The amended Labour Code and the Law on daily workers will come into effect on May 2, while another important component of the labour market legislation package, the Law on social dialogue, is awaiting a decision of the Constitutional Court of Romania (CCR), due out on Wednesday.

Agerpres

Second issue of benchmark government bonds of 2011 to be traded as of Tuesday, on BVB

2011-05-02

The Bucharest Stock Bucharest (BVB) will start on May 3 the trading of the second issue of benchmark government bonds of this year, issued by the Public Finance Ministry, the value of the issue standing at 289.14 million lei (some 71.04 million euros, the editor's note), according to a BVB release.http://www.doingbusiness.ro/admin/index.php?menu=stiri&action=adauga_stire

Agerpres

PM Boc: State companies restructuring plan to be known by end-July

2011-05-02

The plan for the restructuring of the state companies and public companies that are the subject of an analysis carried out by the Government and the International Monetary Fund mission currently visiting Bucharest will be made known by the end of July most likely, Prime Minister Emil Boc said in the eastern Bacau on Saturday.

Agerpres

Transelectrica's CEO replaced

2011-04-29

Transelectrica announced through a release to the stock exchange that the Ministry of Economy decided to replace its CEO, Mr Gal, with Mr. Hahaianu.

Raiffeisen Capital & Investment

SIF Banat Crisana and SIF Muntenia - Shareholders approved the higher dividend

2011-04-29

SIF Banat Crisana's (SIF1) shareholders gathered for the GSM have approved the higher dividend proposal of RON 0.103 which was supported by a group of investors.

Raiffeisen Capital & Investment

Fondul Proprietatea –The process of issuing new shares will be resumed

2011-04-29

According the procedures in place, the process of issuing new Fondul Proprietatea's (FP) shares to entitled individuals will be resumed starting with May 2, 2011.

Raiffeisen Capital & Investment

Most immigrants in Romania come from the Middle East

2011-04-29

Most immigrants in Romania come from Syria, Jordan, Iran and Egypt, a study on the phenomenon of immigration in Romania concludes, presented on Thursday by Soros Romania and quoted by news agency Agerpres.

ACTMedia

Germany opens doors to Central European workers

2011-04-29

On 1 May 2011 Germany and Austria will lift all restrictions on the movement of workers from the eight Central European EU member states which joined the bloc in 2004.

ACTMedia

EC to probe new Dutch rules for Bulgarians and Romanians, Bulgarian Media Reports

2011-04-29

The European Commission plans to launch a probe into the initiative of the Dutch government to restrict access for Romanian and Bulgarian workers to the country's labor market, Novinite.com reported Thursday.

ACTMedia

Romanian managers see economic activity slightly up in Q2

2011-04-29

Romanian companies estimate economic activity will pick up in the second quarter of 2011 from a quarter before, with the constructions sector set up to improve more vigorously, the statistics institute INS said in a statement Thursday.

ACTMedia

Mobius (Templeton Emerging Markets): 6% annual growth is achievable

2011-04-29

Romania might score an annual economic growth of 6 percent, over the coming years, Executive President of Templeton Emerging Markets Group, Mark Mobius told a news conference, on Wednesday April 27.

ACTMedia

BVB to start transactions for two issues of Erste Bank certificates, on Friday

2011-04-29

Two individual issues of Erste Bank certificates will be available to be transacted on the Bucharest Stock Exchange (BVB), starting Friday April 29, 2011, BVB informs.

ACTMedia

Tanasescu,IMF: Estimation of lower social contribution, due by end of IMF mission

2011-04-29

Romanian representative at the International Monetary Fund (IMF) Mihai Tanasescu believes Romania might estimate the possibility of a decrease in the social contributions by the time the IMF mission comes to an end.

ACTMedia

State-owned enterprises, an essential item to be discussed by Romanian authorities with IMF

2011-04-29

An important item in the program concluded between the International Monetary Fund (IMF) and Romania refers to the structural reforms and in particular the situation of state enterprises over which the discussions of the IMF mission with Romanian authorities will be mainly focused in the period April 27 - May 9, Chief of the IMF mission to Romania Jeffrey Franks announced on Wednesday.

ACTMedia

Erste Group First Impression 1Q 2011

2011-04-28

Erste Group's 1Q bottom line missed consensus by 4%. However the quality of earnings was below our expectations as on group level Erste surprised with a strong trading result while NII and F&C was slightly below expectations.

Raiffeisen Capital & Investment

OMV First Impression 1Q 11 Trading Statement: Libyan disruption not as bad as feared

2011-04-28

OMV's Trading Statement reveals upstream production figures slightly above expectations as the Libyan production outage did not affect the group's overall performance quite as much as we feared.

Raiffeisen Capital & Investment

BVB calls GSM to approve special dividend

2011-04-28

The Bucharest Stock Exchange (BVB) has called a shareholders meeting for June 24, 2011.

Raiffeisen Capital & Investment

Albalact 4Q 2010 results

2011-04-28

Dairy producer Albalact (ALBZ) released its 4Q 2010 results under Romanian Accounting Standards (RAS). The turnover climbed by 34% yoy to RON 78 mn as sales of merchandise tripled yoy to RON 9 mn and sales of own production increased by 25% yoy to RON 68.7 mn.

Raiffeisen Capital & Investment

Fondul Proprietatea – Shareholders approved the higher dividend

2011-04-28

Fondul Proprietatea's (FP) shareholders gathered for the GSM approved the higher dividend of RON 0.03141 proposed by the Ministry of Finance instead of a dividend of RON 0.01569 as proposed by the manager.

Raiffeisen Capital & Investment

Today, 529 people become Romanian citizens

2011-04-28

Romania's National Citizenship Authority announced that 529 people will swear allegiance to Romania on Thursday, April 28.

ACTMedia

Eurostat : Romania has the most important drop in new orders in industry in the EU

2011-04-28

Romania recorded in February the most important drop in new orders in industry out of all member states of the European Union ( EU) of 4.7% as compared to January, at the level of EU the indicator going up by 1.2% the Eurostat data show.

ACTMedia

List with main projects to be made in public-private partnership approved

2011-04-28

The government approved a list with the main projects to be made in public-private partnership, the premier Emil Boc announced at the end of the executive meeting.

ACTMedia

Government approves emergency ordinance to receive the last installment from the EC

2011-04-28

The Government on Wednesday adopted an emergency ordinance concerning the ratification of an additional memorandum of understanding (the 4th addendum to the memorandum of understanding) between the European Commission and Romania concerning the payment of a last disbursement of 150 million euros of a 5-billion-euro financial assistance extended to Romania in 2009, Finance Minister Gheorghe Ialomitianu told a news conference on Wednesday.

ACTMedia

Eurostat team visits Romania for talks on 2010 deficit

2011-04-28

A team of European Union's statistical arm Eurostat will arrive in Bucharest at the end of the month to hold talks on the country's budget for 2010, a Finance Ministry official said Wednesday.'It's possible there will be follow-up visits, at the end June and then in July,' said Gheorghe Gherghina, state secretary at the ministry.

ACTMedia

IMF: Romania may reduce social security taxes if it guarantees budget gap below 3% in 2012

2011-04-28

Romania may reduce the social security taxes paid by employers only if there are guarantees that it can achieve the fiscal targets of 2011 and 2012, when the budget deficit must drop below 3% of the GDP, said people close to the talks between the IMF and Romanian authorities.

ACTMedia

IMF: Romanian 2012 Elections pose risk to reforms

2011-04-28

The 2012 elections pose the greatest risk to the reforms assumed by Romania before international institutions, as the Government might undo some of them, arguing that the crisis is over and the economy is recovering, said people close to the talks between the IMF and Romanian authorities.

ACTMedia

Gov't to convene in session to decide on switchover to European single currency

2011-04-28

The Government will convene in a special session on Friday to approve a convergence programme and a national reform plan, governmental sources reported on Wednesday.

ACTMedia

Main shareholders sold a 8% stake in Concefa

2011-04-27

Construction company Concefa (COFI) announced yesterday trough a release to the stock exchange, that one of its main shareholders sold 48 mn shares (8.4% of the share capital) worth of RON 6.25 mn.

Raiffeisen Capital & Investment

SIF Banat Crisana suspends voting rights to several shareholders

2011-04-27

SIF Banat Crisana (SIF 1) has announced that it suspended the voting rights above the 1% threshold for the incoming GSM for three groups of shareholders who were supposed to act in concerted manner.

Raiffeisen Capital & Investment

About 2 million people choose black market employment (estimates)

2011-04-27

One of the reasons why the registered unemployment rate in Romania has dropped below 6 percent in March, reaching the minimum in the past 12 months, could be expansion of moonlighting, given that the number of employees decreased by 300,000 people last year, and 1.68 million Romanians hold illegitimate jobs, Ziarul Financiar reads.

ACTMedia

Rulers modify PPP law

2011-04-27

The government eliminated the condition imposed on companies which contested in court a contract of public-private partnership to present a guarantee of 2% of the contract value and decided to make them pay a fix amount and a share of the contract value.

ACTMedia

EBRD official: European fund absorption in Romania could increase by involving commercial banks

2011-04-27

The absorption of European funds in Romania could be improved by improving access procedures and by boosting the participation of private commercial banks, Director of the Romania Office of the European Bank for Reconstruction and Development (EBRD) Claudia Pendred told Agerpres on Tuesday.

ACTMedia

Romania Leu’s exchange rate firms to new 13-mo high at 4.0735 vs Euro

2011-04-27

Romania's leu continued to advance against the euro in mid trade Tuesday and the central bank's reference strengthened 0.2% to 4.0735 units, reaching a fresh 13-mo high.

ACTMedia

IMF delegation in Bucharest to tackle situation of state-run firms

2011-04-27

The situation of the state-run companies recording losses represents the most serious issue to be tackled by the International Monetary Fund (IMF) mission, headed by Jeffrey Franks, to visit Bucharest over April 27 - May 9 and the Romanian authorities, Romania's representative with the IMF and former Finance Minister Mihai Tanasescu told Agerpres on Tuesday.

ACTMedia

PM Boc: For the time being, there is no direct money under the IMF arrangement

2011-04-27

Prime Minister Emil Boc on Tuesday insisted that Romania's new financial arrangement with the International Monetary Fund (IMF), the European Commission (EC) and the World Bank (WB) does not entail, for the time being, Romania drawing the money extended by the financial institutions.

ACTMedia

Romania to decide by the end of the month whether it will maintain its euro zone objective

2011-04-27

Romania will decide whether it will give up plans to join the euro zone in January 2015 through the convergence plan for 2011-2014 that is currently debated between the government, national bank and the presidency and will be approved by the end of the month, PM Boc declared quoted by Agerpres.

ACTMedia

FinMin: Q1, 2011 budget deficit stands at 1% of GDP

2011-04-27

Romania's Q1, 2011 aggregate budget deficit stood at RON 5.2 billion (nearly 1.277 billion euros) January 1 - March 31, 2011, which is 1 percent of the Gross Domestic Product (GDP), according to data released by the Finance Ministry.

ACTMedia

Eurostat: we have reserves to the quality of some data sent by Romania

2011-04-27

Eurostat, the European statistics institute doubts the quality of some data sent by Romania regarding its budgetary deficit, citing uncertainties on the impact of some public corporations on the government deficit and on the reporting of ESA95 categories 'other accounts receivable and payable.'

ACTMedia

ForMin Baconschi signed the convention on avoiding double taxation between Saudi Arabia and Romania

2011-04-27

Romanian Minister of Foreign Affairs Teodor Baconschi on Tuesday, April 26, during his visit to Saudi Arabia, signed the convention on avoiding double taxation between the two countries, informs a release sent by the Romanian Ministry of Foreign Affairs (MAE) .

ACTMedia

Bucharest Stock Exchange 1Q 11 results

2011-04-26

Bucharest Stock Exchange (BVB) has released its 1Q 11 results with a 34% yoy jump in its revenues to RON 6.0 mn. We remind that Fondul Proprietatea (FP) listing took place in late January and the first days of trading were marked by a record turnover.

Raiffeisen Capital & Investment

Biofarm - 1Q 2011 earnings outlook

2011-04-26

We expect positive 1Q results for pharmaceutical producer Biofarm. According to data from IMS Health market research firm, the domestic pharmaceutical market advanced by 10% yoy in the first two months of this year, to RON 1.67 bn (EUR 400 mn).

Raiffeisen Capital & Investment

Alumil Rom Industry and Teraplast - 1Q 2011 earnings outlook

2011-04-26

Available data shows that the growth of the Romanian constructions sector remained in negative territory over the first two months of the year, with works at new projects revealing the sharpest yoy contraction.

Raiffeisen Capital & Investment

Transelectrica andTransgaz - 1Q 2011 earnings outlook

2011-04-26

We expect positive 1Q results from the utilities company Transelectrica and neutral results for Transgaz. According to the company management, electricity consumption came up by 6% yoy in 1Q 2011, which should boost the quantities transported by Transelectrica.

Raiffeisen Capital & Investment

Banca Transilvania and BRD-GSG

2011-04-26

The 1Q results of the two Romanian banks, BRD-GSG and Banca Transilvania (TLV), are expected to be in line with the last two quarters of 2010.

Raiffeisen Capital & Investment

INS: Almost two thirds of the employees earn under RON 1,500 gross

2011-04-26

In October last year, 65% of the women and 58.4% of the men earned less than 1,500 lei gross show the INS data published on Friday.

ACTMedia

ING: Jobless figures don’t reflect Romanian economic reality

2011-04-26

Romanian declining unemployment rate 'is spectacular', but it doesn't reflect the economic reality in the country, ING Bank said in a report Friday.

ACTMedia

Franklin Templeton bought Petrom of about EUR 1 mn in one week

2011-04-26

Franklin Templeton Investments (FTI) bought this week shares Petrom (SNP) whose total value is 0.93 million euro ( 3.8 million lei). The acquisition was made through some investment funds FTI.

ACTMedia

SIFs net assets increase by 4.5% in first quarter

2011-04-26

Net assets of the five financial investment companies (SIFs) stood at the end of the first quarter of 2011 at 7.29 billion lei, increasing by 1.4 percent compared to February 2011, and by 4.5 percent from December 2010, the Fund Managers Association (AAF) informs.

ACTMedia

The way the ING analysts see the evolution of the exchange rate for the following months

2011-04-26

The exchange rate for foreign currency could fluctuate around 4.05 lei/euro in May, and in June the rate could be 4-4.05 lei/euro, the appreciation of the national currency on short term being due to the drop in commercial deficit, according to an ING analysis, quoted by Mediafax.

ACTMedia

BCR expecting Romanian economy to advance 3.9% in 2012

2011-04-26

Banca Comerciala Romana (BCR) has upwardly adjusted its projections of Romania's economic growth in 2012, from 2.6 percent to 3.9 percent, under a BCR specialist report presented on Tuesday by BCR senior economist Lucian Anghel.

ACTMedia

Lybek, IMF: First precautionary agreement evaluation mission, to come to Romania on April 27

2011-04-26

The first mission of the International Monetary Fund (IMF) evaluating the precautionary agreement signed with Romania will come to this country on April 27 and the evaluation will complete on May 9, IMF representative for Romania and Bulgaria Tonny Lybek said on Friday.

ACTMedia

Tax increases could shadow Romania private consumption recovery

2011-04-26

Romanian private consumption is set to pick up in the coming period, following sharp reductions in the previous years, but recovery could lag behind due to possible tax increases and higher global prices for oil and food items, according to the draft convergence program for 2011-2014.

ACTMedia

Romanian FDI seen rising to EUR 5.8 bn in 2014

2011-04-26

The Romanian government estimates foreign direct investments will increase to EUR5.8 billion in 2014, from EUR3.6 billion predicted for this year, according to the draft convergence program for 2011-2014.In 2010, FDI inflows fell 25.6% on the year to EUR2.6 billion, covering 54.3% of the country's current account deficit.

ACTMedia

The draft convergence program: Government gives up plans to join euro in 2015

2011-04-26

Romania gave up its self-imposed 2015 deadline for the euro adoption, saying the country will not be able to join the European Exchange Rate Mechanism (ERM-II) before 2013-2014, according to the draft convergence program for 2011-2014.

ACTMedia

GfK Survey: Romanians Concerned Over More Price Increases

2011-04-22

Romanian consumers estimate further price increases in the coming period, due to possible higher taxes and charges, a survey from market researcher GfK showed Thursday.

ACTMedia

FinMin borrows EUR 26.65 mn from commercial banks

2011-04-22

The Public Finances Ministry on Thursday borrowed roughly 26.65 million euros (109.34 million lei) from the commercial banks by a benchmark bond issue put to tender via the National Bank of Romania.

ACTMedia

WB economist: BNR can use leu appreciation to control inflation

2011-04-22

The National Bank of Romania (BNR) could allow the appreciation of the leu to get inflation closer to the targeted interval this year, Catalin Pauna, the senior economist of World Bank Office in Romania told Bloomberg.

ACTMedia

An IMF mission arrives in Romania in the end of April for a first evaluation of the precautionary agreement

2011-04-22

An IMF mission will arrive in Romania in Bucharest at the end of the month for the first evaluation mission of the new standby agreement, precautionary signed with Romania, IMF representatives said.

ACTMedia

Minister Hoshyar Zebari: Romania can help Iraq reconstruction

2011-04-22

Romanian-Iraqi business opportunities must be explored, and Romania, after having been already present in Iraq through its companies, can help the reconstruction of this country, stated on Wednesday evening the Iraqi Minister of Foreign Affairs, Hoshyar Zebari, on the occasion of the conference 'Iraq's foreign policy ', given at the Romanian Diplomatic Institute in Bucharest.

ACTMedia

Fondul Proprietatea – Ministry of Finance is the shareholder requesting a higher dividend

2011-04-22

Following the release of new regulation issued by the Securities Commission (CNVM), Fondul Proprietate (FP) has revealed the identify of the shareholder which proposed a higher dividend to be paid out of the 2010 net profit.

Raiffeisen Capital & Investment

Iproeb signs another contract with an electricity distribution company

2011-04-21

In a release to the Bucharest Stock Exchange (BVB), electrical cables producer Iproeb (IPRU) announced it has signed a contract with E.ON Moldova Distributie to supply electrical cables worth EUR 3 mn.

Raiffeisen Capital & Investment

Bucharest Stock Exchange development plans

2011-04-21

The management of the Bucharest Stock Exchange (BVB), cited by the local media, stated that it intends to expand through to acquisition of a stake in a smaller stock exchange from the region (possibly Serbia or the Republic of Moldova).

Raiffeisen Capital & Investment

Romania public art sales up 124% on year in 2010

2011-04-20

Public art sales in Romania increased 124% in 2010, compared to 2009, to EUR8.3 million, and the average annual yield stood at 40%, according to the second edition of the Artmark Index, launched Tuesday by the Bucharest Stock Exchange.

ACTMedia

Top Social Brands 2011: Top brands in Romanian social media

2011-04-20

This year Biz magazine made the study Top Social Brands trying to set up a classification of brands most present in the Romanian social media. The classification was: Vodafone, BCR, Microsoft, Petrom, Avon, Nokia, Orange, LG, Romtelecom, Timisoreana.

ACTMedia

Generali Asigurari payed the biggest damage in the history of the insurance market in Romania:

2011-04-20

Generali Asigurari paid last month a damage worth over 55.2 million lei for damages produced at the commercial complex Dragonul Rosu, the insurer announced.

ACTMedia

BCR: Romanian economy could grow 2% in 2011

2011-04-20

The Romanian Commercial Bank (BCR) improved the estimation on Romania's economy in 2011, from a 1.2 percent economic growth to 2 percent, according to BCR Chief Economist Lucian Anghel.

ACTMedia

BCR estimates 0.5% growth in Romania's economy in Q1 2011 compared to Q4 2010

2011-04-20

The Romanian Commercial Bank (BCR) estimates an increase in Romania's economy of 0.5 percent in the first quarter of 2011 compared to the fourth quarter of 2010, relying on data available to date.

ACTMedia

BCR estimates 4.1 lei/euro exchange rate at 2011-end

2011-04-20

The Romanian Commercial Bank (BCR) estimates a 4.1 lei/euro exchange rate at the end of 2011, BCR Chief Economist Lucian Anghel said during the presentation of the 'Romania - the Return to Growth' macroeconomic report on Tuesday.

ACTMedia

BCR adjusts its forecast on BNR interest rate, anticipating stability or even increase

2011-04-20

The Romanian Commercial Bank (BCR) adjusted its previous forecast regarding the monetary policy interest rates set by the Romanian Central Bank (BNR), anticipating it will steady itself to 6.25 percent in 2011 and that it might grow in 2012, said BCR chief economist Lucian Anghel when presenting the macroeconomic report 'Romania - Back on an Upward Track.'

ACTMedia

BCR expecting Romanian economy to advance 3.9% in 2012

2011-04-20

Annual WB report 2010 : Romania, Bulgaria to make highest economic progress this year

2011-04-20

Romania and Bulgaria, where the crisis struck later than in the other European Union countries, will see the highest progress as concerns this year's economic growth compared to 2010, shows the World Bank's EU10 economic report released on Tuesday in Bucharest.

ACTMedia

Electromagnetica CEO comments on development strategy

2011-04-20

The CEO of the electrical components producer and electricity trader Electromagnetica (ELMA) was cited in the local media as he provided more details on the company's plans for 2011 and for the next years.

Raiffeisen Capital & Investment

Prodplast repurchase program

2011-04-19

Prodplast (PPL) announced that it intends to start a share purchase program. The topic was added to the next GSM agenda (April 28), at the request of one of the major shareholders of the company.

Raiffeisen Capital & Investment

Iproeb signs contract with Enel Distributie

2011-04-19

In a release to the Bucharest Stock Exchange (BVB), electrical cables producer Iproeb (IPRU) announced it has signed a contract with Enel Distributie Romania for the supply of electrical cables.

Raiffeisen Capital & Investment

Study: Romania ahead of Switzerland, Austria on immigrant integration policies

2011-04-19

Romania was included for the first time in the MIPEX III study (Migrant Integration Policy Index), alongside Bulgaria and the USA and the results of the research showed that Romania ranks 22nd in the general classification regarding integration policies, ahead countries such as Switzerland, Austria, Poland, Lithuania and Slovakia.

ACTMedia

Romanian transport ministry sets new rules for highway construction contracts

2011-04-19

The contracts for the construction of four highway segments on Romania's sector of Pan-European Corridor IV will have new clauses, to disallow increasing the contract value by more than 10%, and penalizing overdue constructors by 0.1% per day.

ACTMedia

Finance Ministry borrows about EUR 295 mn from commercial banks

2011-04-19

The Ministry of Public Finance (MFP) borrowed nearly 295 million euros (over 1.21 billion lei) from commercial banks on Monday, through the sale of a discount treasury bill auctioned by the National Bank of Romania (BNR).

ACTMedia

XTB: Questions about the solid economic growth in Romania

2011-04-19

Romania has probably gone out of the recession at the end of Q1, but its coming back is not perceived by the majority of the Romanians.

ACTMedia

UNESCO General Director to pay official visit to Bucharest on April 27

2011-04-19

General Director of UNESCO Irina Bokova will pay an official visit to Romania on April 27, to hold meetings with the joint Standing Bureaus of the Parliament and with several commissions as well, Deputies' Chamber Secretary Niculae Mircovici announced.

ACTMedia

First issue of 2011 Gov't benchmark bonds to be traded on BVB today

2011-04-19

Trade in the first 2011 issue of Government benchmark bonds put out by the Romanian Finance Ministry will start today on the Bucharest Stock Exchange. BVB reports in a press release that the issue is worth RON 500 million (more than 121 million euros).

Agerpres

Two 100% electric Renault car models undergo test drives in Romania

2011-04-18

Renault brought for the first time in Romania the 100 pct electrically powered models Fluence Z.E. and Kangoo Express Z.E., and beginning with end-2011, the two cars will be marketed for a minimum price of 21,000 euros - the first - and 15,000 euros, the second, respectively.

Agerpres

Artego 2010 dividend and 2011 budget

2011-04-18

The shareholders of the rubber products manufacturer Artego (ARTE), approved in the meeting of April 15 the 2010 results, the 2011 budget and a dividend per share to be paid from the 2010 profit of RON 0.1 per share.

Raiffeisen Capital & Investment

Teraplast finalizes share purchase program

2011-04-18

In a release to the Bucharest Stock Exchange (BV), Teraplast (TRP) has announced that it finalized the share purchase program started in March 2010.

Raiffeisen Capital & Investment

BVB will not change the GSM agenda as requested by shareholders

2011-04-18

Bursa de Valori Bucuresti (BVB) has announced that its Board decided not to include on the agenda for its incoming GSM the request of some shareholders for the payment of a special dividend of RON 5 per share through the reduction of the share capital.

Raiffeisen Capital & Investment

IER Conference: Green economic growth – starting point for sustainable development

2011-04-18

The European Institute of Romania and the Ministry of Environment and Forests organise the conference Green economic growth – starting point for sustainable development on 19 April 2011. The event will take place in the Fortuna Hall (21st floor), at Intercontinental Hotel (4 Nicolae Bălcescu Bvd., Bucharest).

ACTMedia

Radu Ghetea : Bank taxation will increase loan prices

2011-04-18

Laurentiu Mitrace (CEO Leumi Bank) Gheorghe Muntean ( Italo Romena, general manager) were elected in the Board of Directors of the Romanian Association of Banks (ARB) following the AGM meeting which took place on Thursday, the chairman of the Association Radu Ghetea said.

ACTMedia

British Ambasador to Bucharest: Well qualified work force is an advantage of Romania but it needs fiscal and legislative predictability

2011-04-18

British Ambassador to Bucharest, Martin Harris talks in an interview about Romania and the challenges faced by British investors, what are their expectations.

ACTMedia

The National Prognosis Commission head : Romania could have an economic growth of 0.5% in Q1 against Q4 2010

2011-04-18

Romania could record in Q1 of this year an economic growth of 0.5% against the last quarter of last year and 1.3% for the similar period of 2010, the head of the National Prognosis Commission, Ion Ghizdeanu.

ACTMedia

ZEW Survey : The perspectives of the Romanian economy, the best in the region

2011-04-18

The perception of financial analysts regarding the evolution of Romania’s economy for six months improved in April, becoming the best in Central and Eastern Europe, after in March Romania was situated third in the region, according a survey of the ZEW institute.

ACTMedia

Eurostat: Romania registered in March the biggest annual inflation rate in the EU of 8%

2011-04-18

Romania maintained the highest inflation in the European Union for the eighth month in a row in March, while the EU's average rate was stable at 2.7%, statistics office Eurostat said Friday.

ACTMedia

World Bank: Growth returning to Emerging Europe and Central Asia

2011-04-18

Every country in the Emerging Europe and Central Asia (ECA) region is expected to grow in 2011, but some countries are vulnerable to rising food and energy prices, said the World Bank at a press briefing during the World Bank/IMF Spring Meetings 2011.

ACTMedia

Swedish companies are interesting by Constanta-Istanbul submarine power cable

2011-04-18

Secretary of State for European Affairs with the Romanian Ministry of Foreign Affairs Bogdan Aurescu on Friday, in Bucharest, had consultations with his Swedish counterpart Frank Belfrage, an occasion on which they discussed both items on the European agenda and the project of the submarine power cable connecting Constanta (south-eastern Romania) to Istanbul.

ACTMedia

Romanian Govt to assign RON 35 bn to investments this year, RON 45 bn in 2012

2011-04-18

Romania's Government will assign 35 billion lei (EUR1=RON4.0966) for investments this year and the sum will be increased to RON45 billion next year, Prime Minister Emil Boc told a news conference Friday.

ACTMedia

SIF Oltenia – Current CEO to be replaced with its deputy

2011-04-15

SIF Oltenia (SIF5) has announced that its current CEO and Chairman, Mr. Salapa, has resigned and that the Board has proposed Mr. Ciurezu to replace him.

Raiffeisen Capital & Investment

Trade Registry: number of suspended firms dropped by 64% in first quarter

2011-04-15

The number of companies suspended, dissolved in the first quarter was of 18,768, 42.5% less than in the same period of 2010, according to data of the National Office of Trade Registry (ONRC).

ACTMedia

Government simplifies accounting for small businesses

2011-04-15

Businesses with turnover under 35,000 euros will benefit from a simplified tax filing system, according to an Ordinance adopted on Wednesday by the Government to amend the Accounting Law.

ACTMedia

FinMin: Government cannot reduce VAT, but plans to reduce workforce taxes

2011-04-15

The Government cannot reduce the VAT, because it ensures most of the public expenses, but the Romanian authorities will talk to the IMF and the European Commission about the possibility of reducing the workforce taxes, Public Finances Minister Gheorghe Ialomitianu on Thursday told a press conference, organized by the Foreign Investors Council (FIC).

ACTMedia

Mariana Gheorghe, CIS: In 2010 foreign investors withdrew EUR 800 mn projects from Romania because of economic policies

2011-04-15

'Romania is faced with a lack of priorities for resources and with the lack of resources. The government is working on a list of priority investments and we, foreign investors suggest a possible priority', the president of the Foreign Investors' Council, Mariana Gheorghe said.

ACTMedia

Lazea (BNR): Quality investors look for four aspects: labour force flexibility, infrastructure, justice and depth of financial markets

2011-04-15

'Quality investors are looking for four aspects, when they decide to invest: the flexibility of labour force, infrastructure, the functioning of justice and the depth of financial markets.

ACTMedia

Lazea (BNR): Romania ranks third in EU according to investment share in GDP

2011-04-15

Romania ranks third in EU according to the share of investments in GDP, while needs are unlimited and should be handled according to priorities, as mayoralties cannot have 'schools and bridges and dispensaries and roads and stadiums' says senior BNR economist Valentin Lazea.

ACTMedia

Kiril Kravchenko: Gazprom Neft is interested in Bulgaria, Romania and other countries

2011-04-14

The energy market in Southeast Europe has not a bad outlook and now that market is not assessed enough to certain degree. That is what deputy general director of Gazprom Neft, director general of the Serbian oil company NIS Gazprom Neft Kiril Kravchenko said in an interview with FOCUS News Agency.

Agerpres

Fondul Proprietatea shareholder asks for higher dividend

2011-04-14

According to a release to the Bucharest Stock Exchange, a significant shareholder of Fondul Proprietatea (FP) requested some additions to the agenda of the GSM of April 27.

Raiffeisen Capital & Investment

Romanian PM: Govt to deregulate energy market according to calendar

2011-04-14

Romania's Government will deregulate its energy market by 2015, following a calendar agreed upon with the International Monetary Fund and the European Commission, Prime Minister Emil Boc said Wednesday.

ACTMedia

Current account gap narrows to EUR 44 mn

2011-04-14

Romania's current account deficit narrowed to EUR44 million in January to February, from a gap of EUR747 million in the year-earlier period, on a much lower trade deficit, central bank data showed Wednesday.

ACTMedia

Romania’s foreign debt increased by 1.1% in the first two months of the year to EUR 91.79 bn

2011-04-14

Romania's foreign debt rose to 91.79 billion euro after the first months of the year with almost 1 billion euro more than last year, Romania's National Central Bank data shows. The long term and medium foreign debt is 72.86 billion euro, a 1.1% higher than the debt registered in December 2010.

ACTMedia

Council gave green light for Danube Strategy

2011-04-14

Member States' ministers for EU affairs adopted the Council's conclusions about the Danube Region Strategy on 13 April 2011.

ACTMedia

Several BVB shareholders ask for a special dividend from the reduction of the share capital

2011-04-13

The Bucharest Stock Exchange (BVB) announced through a release that several shareholders requested to add on the agenda of the GSM that will be held on April 29, the approval of a special dividend of RON 5 from the reduction of the share capital.

Raiffeisen Capital & Investment

Study: Romanian expect price rises this year

2011-04-13

Over half of Romanian expect the present crisis to continue for another 2-5 years and 92% of the population anticipates price rise this year, according to a study made by the market research company ISRA Center.

ACTMedia

Over 250 companies from 21 countries to attend Construct Expo 2011

2011-04-13

Over 250 companies from 21 countries will attend the 18th edition of the Construct Expo, the International Fair of technologies, equipment, installations, tools, fittings and materials for construction, over this April 13-17, Romexpo, the Fair's organizer, informs.

ACTMedia

Trade, Romanian entrepreneur's solution during crisis

2011-04-13

Romanian entrepreneurs seem to see in trade the way to enter business in this period of crisis. Both last year and also earlier this year, most newly-established companies operate in a form of trade. Thus, of the 18,660 registrations in the first two months of this year at the Trade Registry, a quarter is in trading activities.

ACTMedia

Draft: Romanian Govt may reject “unusually low” public-private auction bids

2011-04-13

The Romanian Government may reject bids submitted on auctions awarding public-private partnership contracts, if the respective offers are 'unusually low' and if data show investors will not be able to meet requirements.

ACTMedia

Romanian Governemnt suspends certified tax statement obligation

2011-04-13

Romania's Government has decided not to require companies to certify their yearly tax statements until January 1, 2013, so as to relieve the taxpayers of this additional cost and avoid cases when these statements are not filed at all.

ACTMedia

Monitoring program for companies concluded with IMF yields no result

2011-04-13

The monitoring program for companies concluded by the government with IMF has not yielded any results after two years, while arrears of those companies have grown, says Aurelian Dochia, financial consultant of Concept consulting company.

ACTMedia

IMF: Romania gross Government debt up to 37.8% of GDP in 2011

2011-04-13

Romania's gross general government debt is likely to increase to 37.7% of the gross domestic product in 2011, from 35.2% a year earlier, the International Monetary Fund said in a report Tuesday.

ACTMedia

Romania central bank to raise inflation forecast in May

2011-04-13

Romania's central bank will revise upward its forecast for the year-end inflation at a quarterly report due May, prompted by surging global food and oil prices, said Adrian Vasilescu, adviser to the central bank governor. 'I don't think the year-end prognosis will be higher than 5%,' Vasilescu said Tuesday.

ACTMedia

Raiffeisen Bank Report: inflation prognosis for 2011 rising from 4.5% to 5.3%

2011-04-13

Raiffeisen Bank has reviewed its prognosis about the annual inflation rate at the end of 2011 in a negative sense, anticipating a 5.3% level, a lot more than the previous estimate of 4.5%.

ACTMedia

Bucharest International Film Festival's 7th edition

2011-04-12

The seventh edition of the Bucharest International Film Festival (Bucharest IFF) opens on Monday with the Cirkus Columbia made by Bosnian film director Danis Tanovic.

ACTMedia

Romania's population decreased by 6,786 people in Feb 2011

2011-04-12

Romania's population decreased by 6,786 people on the month in February 2011, according to data released Monday by the National Statistics Institute (INS).

ACTMedia

Romania’s trade deficit decreased by 52% up to EUR 582.4 mn in the first two months of 2011

2011-04-12

Romania's trade deficit narrowed to EUR582.4 million in the first two months of 2011, from EUR1.1 billion in the year-earlier period, the country's statistics institute INS said Monday. Exports rose 42% on the year to EUR6.9 billion in January to February, while imports were up 25% to EUR7.5 billion.

ACTMedia

RON 900 mn out of the Reserve Fund, used for the payment of debts in 2010

2011-04-12

The Budgetary Reserve Fund benefitted in 2010 from approximately of 2.58 billion lei out of which 900 million lei had as a destination the payment of debts, especially for the Ministry of Transport and Infrastructure (MTI) and the ministry of economy, commerce and business environment (MECMA) says in the annual report of the Fiscal Council.

ACTMedia

Statistics: Annual inflation exceeded 8% in March

2011-04-12

The annual inflation rate increased in March to 8.01% due to the increase in food prices by almost 10% according to the National Statistics Institute. Important price increases registered for non food goods and for services.

ACTMedia

IMF: Romania's economy should advance 1.5% in 2011 and 4.4% in 2012

2011-04-12

The World Economic Outlook (WEO) presents the IMF staff's analysis and projections of economic developments at the global level, in major country groups (classified by region, stage of development, etc.), and in many individual countries.

ACTMedia

Capital Economics: Romanian economic recovery ‘two speed and bumpy’

2011-04-12

Romanian economic recovery remains 'two-speed and bumpy', with industrial output boosted by external demand, while domestic recovery lags behind, a survey from Capital Economics showed.

ACTMedia

Ministry of Finance borrowed at a lower yield

2011-04-12

Ministry of Finance has raised an amount of RON 2.3 bn through the issuance of 1-year T-bills, paying an average yield of 6.84% which compares favourably to a previous similar issue one week ago when it paid 6.88%.

Raiffeisen Capital & Investment

Inflation rises to 8% in March

2011-04-12

According to data released by the National Statistics Institute (INSSE), Romania's annual inflation rate increased to 8.01% in March, from 7.6% in February.

Raiffeisen Capital & Investment

Report: Public sector average gross wage drops beneath private sector average

2011-04-11

The public sector's average gross wage dipped in Q4 2010 to RON 1,701, beneath the RON 2,013 average registered in the private sector, while the total number of employees in the governmental sector decreased by 132,000 persons over 2008-2010, shows the Tax Council Annual Report. (1 euro was trading for RON 4.5 at the end of 2010)

ACTMedia

IER: Launch of the project Preparing Moldova for a comprehensive free trade area with the European Union

2011-04-11

The European Institute of Romania (IER) recently launched the project 'Preparing Moldova for a comprehensive free trade area with the European Union' at the Infoeuropa Centre on April 1, 2011.

ACTMedia

Statistics: Gross series industrial output increases 12.2% in first two months

2011-04-11

The gross series industrial output increased 12.2 percent in the first two months of this year and, as working day and seasonally adjusted series it grew 11.5 percent, compared with the similar period of 2010, according to the centralized data of the National Institute of Statistics (INS).

ACTMedia

Romania’s Economy ministry signed the contract with the Renaissance Russians

2011-04-11

Romania's Economy minister signed the contract with the Renaissance Capital Limited, EFG Eurobank Securities, BT Securities and SC Romcapital SA for the mediation of the sales offer of 9.84% of OMV Petrom shares the state owns.

ACTMedia

Romanian inflation seen rising to 7.8% in March

2011-04-11

Romanian consumer prices are likely to increase by 0.5% on the month in March, while the annual inflation is seen accelerating to 7.8%, according to a median forecast of the country's association of financial and banking analysts AAFBR.

ACTMedia

Prodplast - Management comments

2011-04-11

In an interview for the local press, the economic director of plastics producer Prodplast (PPL) made some comments regarding the 2010 results and the development plans for the next period.

Raiffeisen Capital & Investment

Oltchim – a new significant shareholder has been reported

2011-04-11

According to the regulatory provisions, the British fund Carlson Ventures International LTD has informed that it acquired a stake of 9.2% in the chemicals producer Oltchim (OLT), having now an equity interest of 12%.

Raiffeisen Capital & Investment

Industrial output up 0.3% mom in February

2011-04-11

According to data released by the National Statistics Institute (INSSE), in February industrial output increased 0.3% mom and 12.7% yoy (seasonally adjusted data).

Raiffeisen Capital & Investment

SACE inaugurates its Bucharest office and reveals an EUR 215 mn project pipeline in Romania

2011-04-08

SACE, the insurance and financial group controlled by the Italian Ministry of Economy and Finance, has celebrated today the inauguration of its new office in Bucharest which will act as a regional hub for all Central and Eastern European Countries.

ACTMedia

Romania 16th among countries with risky debts

2011-04-08

Costs for ensuring the Romanian state’s debts against default risk dropped in the first quarter of the year by a position among countries with the highest risk, to position 16, according to a report of made by CMA a company monitoring the financial market.

ACTMedia

Government sells EUR 121 mn worth of bonds to banks

2011-04-08

The Ministry of Public Finance (MFP) borrowed 121.9 million euros (500 million lei) from the commercial banks through a benchmark bond issue, put out to tender by the Romanian National Bank (BNR).

ACTMedia

FinMin Report: Romania 1Q budget deficit at 1% of GDP

2011-04-08

Romania's consolidated budget posted a deficit of 5.6 billion lei (EUR1=RON4.1089) in the first quarter, equal to 1% of the gross domestic product, an official of the Finance Ministry said Thursday, citing preliminary data.

ACTMedia

Romania's tax collection as GDP share lowest in EU in 2009

2011-04-08

Tax collection in Romania had the lowest rate in the Gross Domestic Product (GDP) from the European Union in 2009, namely only 32.4 percent by 16.6 percent less than the European average, reveals the most recent Report of the Fiscal Council, released on Thursday.

ACTMedia

European fund absorption rate: 8.6% in late 2010

2011-04-08

In late 2010 Romania had a European fund absorption rate amounting to 8.6 percent of the total allocated budget, much under the 17 percent average of the countries in the area, reads the latest report of the Fiscal Council, which was published on Thursday.

ACTMedia

Fiscal Council : Romanian economy not out of the woods yet

2011-04-08

The Romanian economy has stabilized, but the country is yet to emerge from its worst recession in over a decade, the parliament-appointed Fiscal Council said Thursday.

ACTMedia

Isarescu: Higher living standards this year will be felt in production and export industries only

2011-04-08

Living standards will increase differently and the advance will be noticed as early as this year in the production and export sectors but it will be felt with delay in the budgetary area, Romania's National Central Bank governor Mugur Isarescu declared in an interview for Romanian news agency Mediafax.

ACTMedia

Fondul Proprietatea - Romgaz's budget

2011-04-08

According to local media, domestic natural gas producer Romgaz, has budgeted for 2011 total revenues of around RON 3.95 bn.

Raiffeisen Capital & Investment

Romania’s February net salary down 0.7% M-M, to RON 1,414

2011-04-06

Romania's net average salary in February was at 1,414 lei (EUR1=RON4.1333), down 0.7% compared with the previous month, Romania's statistics institute said Tuesday.

ACTMedia

Study: Some 89% of Romanians choose spending over savings in ’11

2011-04-06

Some 89% of Romanians intend to spend more this year, while only 14% plan to increase their savings, according to the 'Observatoire Cetelem 2011' study on consumer behavior in Europe.

ACTMedia

Trade Ministry official: Romanian exports' annual growth pace at 12 - 15% by 2015

2011-04-06

Romanian exports will grow by 2015 by an average annual pace ranging between 12 and 15 pct and the aggregate increase over this interval will be in excess of 50 pct, director of the Export Development Department of the Ministry of Economy, Trade and Business Environment (MECMA) Costin Lianu on Tuesday told a conference on exports.

ACTMedia

Exporters fearing RON 3.6-3.8 to the Euro exchange rates

2011-04-06

Romania's exporting companies are worried the local currency, the leu (RON), will strengthen against the European single currency to an exchange rate of RON 3.6-3.8 to the euro and sent a message to the National Bank of Romania (BNR) that they are worried about 'the sudden' developments of late in the exchange rates of the leu.

ACTMedia

Ernst & Young: Romanian GDP Likely To Grow 1% In 2011

2011-04-06

Romanian economy is likely to grow by a meager 1% in 2011, mostly driven by exports, but domestic demand remains subdued, Ernst & Young said in a report Tuesday.

ACTMedia

BNR's Croitoru: Romania is challenged by reinvigorated capital inflows

2011-04-06

Romania is challenged by reinvigorated capital inflows that put pressure on the local currency, the leu (RON), which has forced the leu to appreciate, Lucian Croitoru, adviser to Governor of the National Bank of Romania (BNR) Mugur Isarescu, told a conference on exports on Tuesday.

ACTMedia

Fondul Proprietatea requested the opening of insolvency procedure for World Trade Center

2011-04-06

Fondul Proprietatea (FP) has announced that it requested in the law the opening of insolvency procedure for World Trade Center Bucharest. FP received from the Government the ownership of a debt worth of USD 65.3 mn from World Trade Center.

Raiffeisen Capital & Investment

SIF Oltenia sold its stake in Oltchim

2011-04-06

According to the media citing company officials, SIF Oltenia (SIF5) sold its 6.5% stake in the chemicals producer Oltchim (OLT) for RON 10 mn.

Raiffeisen Capital & Investment

Renaissance Capital: We believe in being on the ground, not flying in and out to do deals

2011-04-05

The Romanian government has announced Renaissance Capital was ranked first in a tender for organising a secondary public offering of a 9.84% stake in OMV Petrom SA, Romania's largest oil and gas company.

Renaissance Capital

Euro Plus Pact not sufficient for sustainable pensions

2011-04-05

On 31 March 2011 the CEEC Forum convened in London to discuss the EU-level developments to enhance the Stability and Growth Pact.

APAPR

Statistics: Retail turnover by 5.4% up, in Feb 2011

2011-04-05

The retail turnover (except the car and motorbike sales) went up by 5.4 percent, both as gross series, contingent of the number of workdays, and by 1.1 percent as adjusted series, depending on the seasonality, in Feb 2011 compared to the previous month, National Statistics Institute (INS) data inform.

ACTMedia

Statistics: Industrial output prices increase 0.8% in February

2011-04-05

The prices of the total industrial output (domestic and foreign market) increased in February this year 0.8 percent compared with the previous month and 10.9 percent compared with the similar month of 2010, according to the National Institute of Statistics (INS) data.

ACTMedia

Eurostat: Romania, ranked eight in EU in industrial output price increase in February

2011-04-05

Romania registered a 0.6 percent increase in industrial output prices in February 2011 compared with the previous month, while in the European Union and in the euro area the industrial output prices went up 0.8 percent, according to the data released on Monday by the European Office of Statistics (Eurostat).

ACTMedia

Renaissance Capital consortium scores best in bid for Petrom SPO

2011-04-05

A consortium led by Russia's largest lender Renaissance Capital has won the highest score in a bid to broker the secondary offering of a 9.84% stake in Romanian dominant oil company OMV Petrom (SNP.RO), people close to the matter said Monday.

ACTMedia

Finance Ministry raises EUR 423.7 mn from commercial banks

2011-04-05

The Ministry of Public Finance (MFP) on Monday raised over 342 mln euros (RON 1.46 bln plus) at an exchange rate of RON 4.13 for 1 euro from the commercial banks operating in Romania, through a discount T-bill issue placed through the National Bank of Romania.

ACTMedia

Romania to draw IMF funds under follow-up deal if recession lingers

2011-04-05

Romania is not expected to use the EUR5 billion placed at its disposal under a precautionary loan agreement with the International Monetary Fund and the European Commission, unless the economy underperforms, according to an IMF report.

ACTMedia

Minister of Foreign Affairs starts today an official visit to France

2011-04-05

Minister of Foreign Affairs Teodor Baconschi pays an official visit to the French Republic on April 5-6, invited by his French counterpart Alain Juppe, reads a release sent by MAE.

ACTMedia

Fondul Proprietatea – Franklin Templeton increased its equity interest in Alro

2011-04-05

Franklin Templeton, the manager of Fondul Proprietatea (FP) has announced that it increased its equity interest in the aluminium smelter Alro (ALR), throught one of its funds from 9.93% to 10.03%.

Raiffeisen Capital & Investment

Yahoo will develop at least two new products for Romania this year

2011-04-04

Yahoo intends to develop at least two new products for the Romanian market until the end of the year, Raluca Hotaran said, country content manager Yahoo for Romania since the beginning of the year.

ACTMedia

National Prognosis Commission: Unemployment rate to plunge 1.3% by 2014

2011-04-04

The unemployment rate will amount to 5.5 percent in 2014, compared to the predicted level of 6.8 percent for 2011, according to the Projection of the Main Economic-Social Indicators in Territory, drawn up by the National Prognosis Commission (CNP).

ACTMedia

CNIPMMR chairman: Foreign and local capital should grow in parallel

2011-04-04

The foreign capital should grow in parallel with the growth of the local capital in the period to come, because the economy needs balance, chairman of the National Council of Small and Medium Sized Private Enterprises in Romania (CNIPMMR) Ovidiu Nicolescu told the 'Post-crisis prospects, focus on SMEs' conference on Friday.

ACTMedia

IMF says political tensions could lead to dampening confidence in Romania

2011-04-04

In a recent country report by the International Monetary Fund, political tensions and inflation are mentioned as risks that could hinder the Romanian economy.

ACTMedia

Romania's international reserves exceed EUR 36 bn in March 2011

2011-04-04

The international reserves of Romania (foreign currencies and gold) on March 31, 2011 stood at 36,123 million euros, up from 35,467 million euros on February 28, 2011, according to data with the National Bank of Romania (BNR), the reserves depositary.

ACTMedia

European Investment Bank to conduct 10 projects in Romania this year

2011-04-04

The European Investment Bank (EIB) will conduct 10 projects in Romania this year, with the adequate annual investment volume for a country the size of Romania standing at between 800 million and one billion euros, EIB Vice President Matthias Kollatz Ahnen said here on Friday.

ACTMedia

Romania's new Labor Code to enter force on April 30

2011-04-04

Romania's new Labor Code was published Thursday in the Official Journal and will enter force on April 30. On March 8, the Government sought the lawmakers' confidence vote to pass the new Code.

ACTMedia

Ambassador Renita: Republic of Moldova is preparing to start negotiations with EU for free trade area

2011-04-04

The Republic of Moldova is preparing to start the negotiations with the European Union for making the agreement on a free trade area and hopes that this process will be launched in the second half of this year, during the Polish Presidency of the European Council, said Moldovan Ambassador in Bucharest Iurie Renita on Friday.

ACTMedia

Banca Transilvania's 2011 budget

2011-04-04

Among other materials released for the incoming GSM, Banca Transilvania (TLV) has published its 2011 budget based on RAS stand-alone figures. A direct comparison with our model is not easy since the latter is based on IFRS.

Raiffeisen Capital & Investment

Transelectrica - new tariffs for pass-through activities

2011-04-04

According to some orders of the Regulatory Authority in the Energy Sector (ANRE) Transelectrica's tariff for technological system services was reduced from 19.68 RON/MWh to 9.14 RON/MWh.

Raiffeisen Capital & Investment

State Grid Corporation of China interested to buy 15% of Transelectrica

2011-04-01

According to a media article, State Grid Corporation of China (SGCC) apparently made an offer to the state for the acquisition of the 15% stake in Transelectrica (TEL) that the latter intends to sell through the market.

Raiffeisen Capital & Investment

Central Bank cuts FX reserves requirement

2011-04-01

Central Bank (BNR) has decided yesterday during its monetary policy meeting to keep unchanged the key interest rate at 6.25% but to cut the mandatory reserves requirement for FX liabilities.

Raiffeisen Capital & Investment

Electricity bill 2 lei up per 100 kWh, starting April 1st

2011-04-01

Electricity users are to pay about 2 lei more for every 100 KWh, as of April 1, the rise representing the contribution to high efficiency co-generation, and this in compliance with the Order by the president of the National Energy Regulatory Agency (ANRE).

ACTMedia

IRES study : Interethnic relations in Romania are generally good

2011-04-01

A study by the Romanian Institute for Assessment and Strategy (IRES), sent on Wednesday , reveals that, in recent years, relations between Romanians and minority ethnic groups are generally good.

ACTMedia

Percentage of people over 60 in Romania’s population to double to 39.5% by 2050

2011-04-01

The percentage of people over 60 in Romania's population will double over the next 40 years and will reach 39.5% by 2050, which will trigger an increase in state spending on pensions and healthcare from 13.1% of GDP in 2007 to 23.2% of GDP in 2060, according to a study by German insurer Allianz.

ACTMedia

Romanian suppliers could deliver wood building materials to Japan for reconstruction

2011-04-01

Romanian suppliers could deliver to Japan wood building materials, especially softwood, amounting to approximately 200 million euros, to support the reconstruction process.

ACTMedia

Ministry of Finance to borrow RON 4.5 bn from local banks, in April

2011-04-01

The Ministry of Public Finance (MFP) plans to borrow 4.5 billion lei, from the local banks, in April, through six treasury bonds issues, MFP web page informs.

ACTMedia

BNR maintains monetary policy rate at 6.25%

2011-04-01

The Board of the National Bank of Romania (BNR) on Thursday decided to maintain the 6.25 percent annual monetary policy rate, coming into force on May 5, 2011, as well as to lower the minimum reserve requirements ratio on foreign currency-denominated liabilities with residual maturities of up to two years of the crediting institutions to 20 percent from 25 percent starting with the April 24-May 23, 2011, maintenance period, according to a BNR release.

ACTMedia

U.S. ambassador: Romania's progress on fighting corruption is substantial, but not enough

2011-04-01

Romania has made substantial progress on fighting corruption and reforming the judicial system over the last two years, but these steps are not sufficient, U.S. Ambassador Mark H. Gitenstein said at the Bucharest Stock Exchange on Thursday.

ACTMedia

Erhard Busek at the launch of the National Forum 'The EU Strategy for the Danube Region' in Bucharest

2011-04-01

The projects included in the Strategy for the Danube region must be put into practice as soon as possible, to have the chance to benefit of future European funding, post-2013, stated on Wednesday, former Vice-Chancellor of Austria Erhard Busek, who attended the launch of the National Forum 'The EU Strategy for the Danube Region' as president of the Institute for the Danube Region and Central Europe and the European Commission's responsible for transport area of this Strategy.

ACTMedia

NBR provides a stimulus of around EUR 1 bn to support economic recovery

2011-03-31

The NBR decided to keep the key rate unchanged at 6.25%, in line with our and market expectations. At the same time, minimum reserve requirements for FX-denominated liabilities with residual maturities of up to two years were cut by 5pp to 20%.

BCR Research

Banca Transilvania First Impression FY 2010 IFRS - With a little help from coverage ratio

2011-03-31

Banca Transilvania's (TLV) consolidated results under IFRS were only slightly below our estimates in terms of net profit. Revenues, both NII and F&C, were somewhat higher than expected but this was more than compensated by the higher risk costs.

Raiffeisen Capital & Investment

BCR will not pay any dividends out of the 2010 net profit

2011-03-31

According to the proposals for the incoming GSM, for the second year in a row, BCR will not pay any cash dividend out of the 2010 net profit.

Raiffeisen Capital & Investment

SIF Oltenia rejects the increased dividend proposal

2011-03-31

SIF Oltenia (SIF5) has announced that its management rejected a proposal of a group of shareholders to increase the dividend to be paid out of the 2010 net profit to RON 0.125 per share.

Raiffeisen Capital & Investment

OTE required an extension of another 45 days to present the offer to Romtelecom shares

2011-03-31

The Greek group OTE ( majority shareholder of Romtelecom) required the Romanian authorities an extension of another 45 days since the end of March to present their offer for the taking over of the state participation in the company, the minister of communications, Valerian Vreme stated at a press conference.Vreme said that OTE hired Citigroup as assessor.

ACTMedia

Proprietatea Fund cannot participate in Petrom floatation

2011-03-31

The Proprietatea Fund cannot participate in the Petrom floatation, but other funds managed by the Franklin Templeton company will be able to buy Petrom shares, Franklin Templeton fund manager for Proprietatea Fund Greg Konieczny told a press conference on Wednesday.

ACTMedia

BVB head: State forgot about BCR listing

2011-03-31

The state forgot about the listing on the stock exchange of the Romanian Commercial Bank (BCR) and Erste group (the bank's majority shareholder) does not want this listing because an evaluation of the shares market would plunge BCR right now to a value much lower than that paid in 2006, the privatization moment, Bucharest Stock Exchange (BVB) managing director Valentin Ionescu told a conference on the shares market on Wednesday.

ACTMedia

BNR: We have the least volatile exchange rate in the region

2011-03-31

The last quarter of 2010 showed the stoppage of the annual rate of drop of GDP down to -0.6 percent (rhythm three times slower than in the previous interval). This result was given, on the one hand, to the slight quarterly improvement and the basic effect associated to economic contraction in October-December 2009.

ACTMedia

BNR Vice Governor: Upcoming years to bring average economic growth rates of 3-4 pct in region

2011-03-31

According to estimates, the upcoming years will bring economic growth average rates ranging between 3 and 4 percent in Central and Eastern European states and the current account deficits will hold steady around the level of 6 percent of the Gross Domestic Product, Vice Governor of the National Bank of Romania (BNR) Florin Georgescu told the conference named Rethinking Business - Added Value in the Accounting Function, staged by the Association of Chartered Certified Accountants on Wednesday.

ACTMedia

IMF: The new 24-month precautionary Stand-By Arrangement comes into effect today

2011-03-31

The Executive Board of the International Monetary Fund (IMF) last Friday approved a new 24-month precautionary Stand-By Arrangement (SBA) in the amount equivalent to SDR 3,090.6 million (about €3.5 billion, 300 percent of quota), with the SBA coming into effect on March 31, 2011.

ACTMedia

EC approves subsidized guarantee scheme for real economy

2011-03-31

The European Commission (EC) on Wednesday, in keeping with the EU norms for the state aid, approved the prolongation till December 31, 2011 of a temporary scheme for Romania meant to grant subsidized guarantees for investments and loans referring to the operational capital for companies.

ACTMedia

IER Conference :“Launch of Strategy and Policy Studies – SPOS 2010”

2011-03-31

The European Institute of Romania (IER) on Wednesday, at the European Commission headquarters in Romania, launched several strategic policy options (SPOs) made in 2010.

ACTMedia

European Commissioner for Internal Market and Services, Michel barnier, starts today an official visit to Romania

2011-03-31

European Commissioner for Internal Market and Services Michel Barnier will be paying an official visit to Romania on Thursday, the European Commission Representation in Bucharest reported on Wednesday.

ACTMedia

Oil Terminal shareholders called to approve share capital increase and dividend proposal

2011-03-30

Oil Terminal (OIL) called a shareholders meeting for April 28 (29). The shareholders are called to approve the 2010 results, the 2011 investment plan and a gross dividend per share of RON 0.002958.

Raiffeisen Capital & Investment

XTB: National currency could face short-term difficulties

2011-03-30

The national currency could face short-term technical difficulties in surpassing the 4.0375 leu/euro exchange rate, but this level could be exceeded in two or three weeks, if no major upset occurred, say the X-Trade Brokers experts.

ACTMedia

Erste: Romania sovereign rating may be raised in 2012

2011-03-30

Romania's sovereign rating could be upgraded in the next year, provided fiscal reforms continue, Austrian Erste Group said in a report Tuesday.

ACTMedia

Romania central bank to leave key rate unchanged at 6.25%

2011-03-30

Romania's central bank is likely to leave its key rate unchanged for the seventh straight time at 6.25% a year during its next monetary policy meeting March 31, as it continues to battle high inflation, the association of financial and banking analysts AAFBR said Tuesday.

ACTMedia

Bucharest Stock Exchange – 2011 budget

2011-03-30

The Bucharest Stock Exchange (BVB) has published its budget for 2011 so that its shareholders could approve it within the next GSM.

Raiffeisen Capital & Investment

Biofarm 2011 budget

2011-03-30

The pharmaceuticals producer Biofarm (BIO) made public its 2011 budget that should be approved by the shareholders on April 19.

Raiffeisen Capital & Investment

Transelectrica analysts meeting takeaways

2011-03-30

The power grid operator Transelectrica held yesterday an analyst meeting for the presentation of the 2010 results and 2011 guidelines. Among others, the management disclosed that power consumption rose approx.

Raiffeisen Capital & Investment

Oltchim are prevăzut în proiectul de buget pe 2011 un profit brut de 2,1 milioane lei

2011-03-29

Societatea Oltchim Râmnicu Vâlcea are prevăzut în proiectul de buget pentru 2011 un profit brut de 2,1 milioane lei şi venituri totale de peste 2,434 miliarde lei.

Agentia Nationala de Presa - Agerpres

Construction authorisations for residential buildings up 9.3%

2011-03-29

The number of the construction authorisations for residential buildings edged up by 9.3 percent over the first two months of 2011, compared to the same period of the last year, with a total of 4,566 issued documents, according to the figures released by the National Institute of Statistics (INS).

ACTMedia

Statistics: Rising retail prices, of up to 40%

2011-03-29

Managers estimate that the retail prices will record increases of up to 40 percent in the period March-May 2011, although the forecast is of growth in all economic activity areas, respectively by 23 percent in the volume of industrial production, 18 percent in constructions, 2 percent in retail and 7 percent in services, the National Statistics Institute (INS) informs in a press release remitted Agerpres on Monday.

ACTMedia

Equity trading drops by 4% last week

2011-03-29

Equity trading on the Bucharest Stock Exchange (BVB) fell 4 percent last week and stood at 232.96 million lei, according to brokers of the financial investment services company Intercapital Invest.

ACTMedia

Vasilescu (BNR) : We cannot get out of the crisis this year, and possibly next year either

2011-03-29

Romania has no chances to get out of the crisis this year and probably next year either, when it is an electoral year, he stated on Monday at Radio Romania Actualitati Adrian Vasilescu the adviser of the BNR governor.

ACTMedia

Romanian Consulate General has been established in Vancouver, Canada

2011-03-29

The last day of the official visit to Canada by the Minister of Foreign Affairs, 26 March, was marked by the establishment of the third Consulate General of Romania in the Canadian territory, MAE informs.

ACTMedia

Banca Carpatica - CEO's interview

2011-03-29

In an interview to a local newspaper, the CEO of Banca Carpatica (BCC) made some comments regarding the 2010 results and the budget for 2011.

Raiffeisen Capital & Investment

Alro Shareholders Meeting agenda

2011-03-29

Alro (ALR) called a shareholders meeting for April 30, 2011. Among other issues, the main issues on the meeting's agenda are:

Raiffeisen Capital & Investment

BVB calls GSM to approve merger with SIBEX and approve dividends

2011-03-29

The Bucharest Stock Exchange (BVB) called a shareholders meeting for April 30, 2011. Shareholders will be asked among others to approve the merger with Sibiu Monetary Financial and Commodities Exchange (SIBEX) and also to empower the Board to carry on with the procedures of the merger process.

Raiffeisen Capital & Investment

Shareholders ask SIF Muntenia for a higher dividend

2011-03-29

SIF Muntenia (SIF4) announced that a group of shareholders asked for the inclusion in the agenda of the GSM of April 22 of the proposal to pay a dividend of RON 0.081.

Raiffeisen Capital & Investment

OTP Bank Romania: personal loans with favorable conditions

2011-03-28

OTP Bank Romania comes to meet its clients' needs with favorable interest rates and absolutely transparent costs for the personal loans without mortgage, both for new loans and for refinancing loans.

OTP Bank

IMF approves new precautionary stand-by arrangement with Romania

2011-03-28

On Friday, the Executive Board of the IMF approved a new 24-month precautionary stand-by arrangement withRomania worth EUR 3.5bn which will come into effect on March 31, 2011.

BCR Research

Non-banking clients' bank arrears up 4.8%

2011-03-28

Non-banking clients' bank arrears edged up 4.8 percent in Feb., amounting to a value of nearly 4.16 billion euros (17.5 billion lei), compared to Jan., when the debts stood at about 3.97 billion euros (16.7 billion lei), according to the figures released by the National Bank of Romania. (1 euro=4.2 lei)

ACTMedia

Unicredit: Forecast envisages RON 130.1 bn in GDP in 2011

2011-03-28

Romania is expected to score an economic growth worth 1.7 percent, and a GDP worth 130.1 billion euros, UniCredit report informs.

ACTMedia

Business analysts about leu's strengthening in the past days

2011-03-28

The European single currency on Thursday was traded for RON 4.1020, according to the exchange rates issued by the National Bank of Romania (BNR), which means the lowest value of the euro against Romania's national currency, the leu (RON), in the past 11 and a half months.

ACTMedia

RON 2.3 bn budgetary deficit after the first two months of the year

2011-03-28

The general consolidated budget registered in the first two months of the year a 2.3 billion lei deficit, representing 0.4% of GDP after in January it registered a 819 million lei increase, Romania's Finance ministry data revealed.

ACTMedia

Spring European Council: Romania joined Euro+ pact

2011-03-28

The creation of the Euro+ pact has been decided and there were six states outside euro that agreed to join euro+ pact including Romania, President Traian Basescu announced on Friday at Brussels where he also attended the Spring European Council.

ACTMedia

Alpha Bank’s profit in Romania - EUR 49 mn

2011-03-28

Alpha Bank's made a gross profit of EUR 49.2 million last year in Romania, a drop of 3 percent compared to 2009, when its profit stood at EUR 50.7 million.

ACTMedia

Fondul Proprietatea taps into banking stocks, acquires shares worth over EUR 100 mn

2011-03-28

Fondul Proprietatea sovereign fund (FP) has tapped into the banking sector, having acquired financial stock worth in excess of 100 million euros, online publication Financiarul (www.financiarul.com) reports.

ACTMedia

Survey: 77% of Romanians, stressed by bank debts in 2010

2011-03-28

About 77 percent of the Romanians were stressed out in 2010 by debts due to banks, while the same issue was experienced only by 69 percent in 2009 and roughly 60 percent in 2007, reads a survey conducted by market research company IRSOP conducted last year and made public by BCR the Bank for Homes.

ACTMedia

Population's lei deposits rise in February, forex ones decrease

2011-03-28

The lei deposits of Romanian households rose in February 2011 by 1.6% from the previous month to 65.886 billion lei, while forex deposits decreased by 0.7% to 39.341 billion lei, according to data made public by Romania's Central Bank (BNR).

ACTMedia

Romania Feb overdue loans up 5% on month to RON 17.6 bn

2011-03-28

Romanian overdue private loans rose 5% on the month to 17.56 billion lei (EUR1=RON4.1020), equal to 8.44% of the total lending, central bank data showed Thursday.

ACTMedia

Switzerland finances Romanian projects worth 181 million Swiss Francs in next five years

2011-03-28

Romanian Public Finance Minister Gheorghe Ialomitianu and Switzerland's Ambassador in Bucharest Livio Hurzeler on Friday signed an agreement on launching the 'Swiss-Romanian cooperation programme on the reduction of economic and social disparities within the extended European Union.'

ACTMedia

Romanian Fin Min says lower VAT on food won’t lower prices but endanger state spending

2011-03-28

Romanian Finance Minister Gheorghe Ialomitianu said Friday he will try to convince lawmakers not to adopt a bill that lowers the sales tax on basic food items because the measure will not lower food prices and will jeopardize the country's budget spending.

ACTMedia

IMF Survey online: Romania Poised For Growth

2011-03-28

The IMF's Executive Board approved March 25 the final review of Romania's IMF-supported program, and agreed to the country's request for a new €3.6 billion Stand-By Arrangement, which will be precautionary in nature.

ACTMedia

IMF Executive Board approves new EUR 3.5 bn precautionary stand-by arrangement for Romania

2011-03-28

The Executive Board of the International Monetary Fund (IMF) Friday approved a new 24-month precautionary Stand-By Arrangement (SBA) in the amount equivalent to SDR 3,090.6 million (about €3.5 billion, 300 percent of quota), with the SBA coming into effect on March 31, 2011.

ACTMedia

Govt approves Romania's participation in Pact for Euro

2011-03-28

The Government in its sitting on Wednesday March 23, approved Romania's participation in the Pact for the Euro whose goal is to promote the employment, the competitiveness, the consolidation of the public finance and to increase the financial stability in the European Union, Government spokesperson Ioana Muntean informed in a briefing at the Victoria Palace.

ACTMedia

Balance-of-payments assistance to Romania

2011-03-28

After the third addendum to the MoU has entered into force, the fourth instalment under the Balance-of-Payments loan is ready to be disbursed.

ACTMedia

Antibiotice share capital increase

2011-03-28

Pharmaceuticals producer Antibiotice (ATB) called a Shareholders Meeting for April 28. The shareholders are asked to approve a share capital increase of RON 9 mn by capitalizing 2010 net profit and other reserves.

Raiffeisen Capital & Investment

Rompetrol Well Services dividend proposal

2011-03-28

Rompetrol Well Services (PTR) called a Shareholders Meeting for April 28(29). Among other issues, the shareholders are asked to approve a gross dividend of RON 0.015 per share, the same level as in 2009 year and indicating a payout ratio of 29%.

Raiffeisen Capital & Investment

Fondul Proprietatea GSM agenda

2011-03-25

Fondul Proprietatea (FP) called a Shareholders Meeting for April 27(28), 2011. The shareholders are asked to approve (i) FY 2010 results, (ii) a gross dividend of RON 0.01569 per share and (iii) naming of a new member of the Board of Nominees.

Raiffeisen Capital & Investment

Transelectrica dividend proposal and 2010 IFRS results

2011-03-25

The power grid operator Transelectrica called a GSM for April 28. The agenda of the meeting includes the approval of the 2010 results, both RAS unconsolidated and IFRS and the dividend to be paid from the 2010 profit.

Raiffeisen Capital & Investment

Banca Transilvania share capital increase and share repurchase program

2011-03-25

Banca Transilvania (TLV) called a shareholder meeting for April 28(29). Among other issues (approving FY 2010 IFRS results, 2011 budget) the shareholders are asked to approve a share capital increase of roughly RON 296 mn.

Raiffeisen Capital & Investment

SIF Banat-Crisana hikes dividend proposal

2011-03-25

SIF Banat-Crisana (SIF1) announced that it made some changes to its next GSM agenda (April 27) as requested by the local securities commission (CNVM), namely for the shareholders to vote on the election of the Board members, discharging the previously proposal to extend the mandate of the members appointed temporarily.

Raiffeisen Capital & Investment

Petrom dividend proposal

2011-03-25

Petrom (SNP) announced it intends to pay a 2010 gross dividend of RON 0.0177, indicating a payout ratio of around 40%. The proposed registration date is May 12.

Raiffeisen Capital & Investment

Permanent closure of Arpechim refinery

2011-03-25

OMV Petrom SA announced that it took the decision to permanently close Arpechim refinery. The company said that the sale option, which it investigated in the past year, was not feasible as no credible buyer was identified that would have the experience and financial resources necessary to safely and sustainably operate the refinery.

Raiffeisen Capital & Investment

Ford Romania Investei EUR 350 mn in local unit so far

2011-03-25

Carmaker Ford Romania invested EUR350 million so far in its plant in Craiova, southern Romania, out of the EUR675 million the company pledged to invest when it bought the plant.

ACTMedia

Romania's exports to Libya total EUR 45 mn in 2010

2011-03-25

Romania's exports to Libya totalled 45.02 million euros in 2010, with grain as the main exported product, worth 20.8 million euros, according to information sent to Agerpres by the Ministry of Economy, Commerce and Business Environment.

ACTMedia

Significant growth expected in the Romanian-Israeli business environment

2011-03-25

Relations between Romania and Israel are excellent, said the Ambassador of Israel to Romania, Dan Ben-Eliezer, Wednesday, March 23, on the occasion of his participation in an event planned to strengthen economic and cultural ties between Israeli companies and the Romanian ones.

ACTMedia

MFP borrows over EUR 100 mn

2011-03-25

The Public Finance Ministry (MFP) on Thursday borrowed from commercial banks 100.56 million euros (approximately 412.33 million lei) in an issue of benchmark Government bonds placed on tender through the National Bank of Romania.

ACTMedia

Romanian Leu’s exchange rate gains 0.6% at 4.102 vs Euro

2011-03-25

The Romanian leu traded in ranges against the euro in mid session Thursday, and the central bank's reference gained 0.6% at 4.102 units, the strongest in almost one year.

ACTMedia

Romania received the fourth installment from EC worth EUR 1.2 bn

2011-03-25

The European Commission Thursday disbursed a fourth installment worth EUR1.2 billion to Romania, part of a larger EUR5 billion loan negotiated two years ago, the EU said in a statement.

ACTMedia

ING: Romania’s follow-up deal with IMF endangered by VAT cut

2011-03-25

Romania's follow-up agreement with the International Monetary Fund could be endangered by the lawmakers' move to sustain a lower sales tax on basic food items, according to ING analysts.

ACTMedia

Remarks by Herman van Rompuy, President of the European Council, following the meeting of the European Council (March 24th, 2011)

2011-03-25

We took important decisions today. Let me first brief you on our economic discussion. We decided a comprehensive package of economic measures.

ACTMedia

Albalact to sell old factory

2011-03-24

Dairy producer Albalact (ALBZ) called a Shareholders Meeting for April 27, 2010.

Raiffeisen Capital & Investment

Alro obtains EU non-refundable financing

2011-03-24

In a release to the Bucharest Stock Exchange (BVB), aluminum smelter Alro (ALR) announced that it obtained EU non-refundable financing for the acquisition of some production equipment.

Raiffeisen Capital & Investment

CNVM ordinances regarding SIFs

2011-03-24

The local Securities Commission (CNVM) issued two ordinances concerning the shareholders meetings of SIF Banat-Crisana (SIF1) and SIF Oltenia (SIF5).

Raiffeisen Capital & Investment

Court of Accounts: Underground economy in Romania exceeds EUR 50 bn

2011-03-24

The president of the Court of Accounts Nicolae Vacaroiu explained the deputies of the Commission for budget, finance and banks, on Wednesday, that by his own calculations, the underground economy in Romania annually exceeds 50 billion euros.

ACTMedia

Microsoft Romania to hire over 100 people in 2011

2011-03-24

Microsoft Romania will hire up to 110 people this year, most of them to be selected through social networks, Cosmin Bordea, Microsoft Romania HR Lead, said Wednesday.

ACTMedia

Romania February private lending -1.3% on month to RON 206.6 bn

2011-03-24

Romanian private lending fell 1.3% in real terms to 206.6 billion lei (EUR1=RON4.1439) in February from a month earlier, but was up 3.6% on the year, central bank data showed Wednesday.

ACTMedia

Romania’s Leu rally is ‘market driven,’ central banker Cristian Popa says

2011-03-24

The Romanian leu's rally to its strongest level in almost a year is 'market driven and appears to be broadly in line with economic fundamentals,' Deputy Governor Cristian Popa said.

ACTMedia

Senate: A 5% VAT for basic food products is maintained

2011-03-24

The Senate decided on Wednesday to maintain the law regulating the VAT at 5% for basic food products after it rejected the reexamination request formulated by President Basescu.

ACTMedia

Constitutional Court: articles modifying the Labour Code are constitutional

2011-03-24

The modifications brought to the labour code, for which the government took responsibility in the Parliament are constitutional, the Constitutional Court decided on Wednesday.

ACTMedia

Prefab 2011 budget

2011-03-23

Construction materials producer Prefab (PREH) budgeted for 2011 a 25% yoy increase in revenues to RON 89.1 mn and an almost 3-fold increase in net profit to RON 10 mn.

Raiffeisen Capital & Investment

Transgaz dividend proposal

2011-03-23

The natural gas transporter Transgaz (TGN) called a GSM for April 28 to approve among others the 2010 results and the dividend to be paid from the 2010 profit.

Raiffeisen Capital & Investment

Romanian press audience dropped over January-December 2010

2011-03-23

The printed editions of Romanian newspapers and magazines reported audience drops compared to previous deliveries, the press market fluctuating according to the latest data supplied by the National Audience Study (NAS) over January –December 2010.

ACTMedia

Eurostat: Romania's population could drop to 19 mln people by 2030

2011-03-23

At this moment Romania, as well as other European states, deals with a demographic issue due to 21 years of low birth rates.

ACTMedia

Fitch says Romania rating on hold for now

2011-03-23

Romania has made progress enforcing IMF-backed reforms over the last year but still faces risks to fiscal consolidation which will keep its sovereign rating below investment level for now, Fitch Ratings said.

ACTMedia

Romanian Leu exchange rate hits 10 1/2 months high at 4.1439 vs Euro

2011-03-23

Romania's leu extended early gains against the euro in mid trade Tuesday and the central bank's reference strengthened 0.6% on the day to 4.1439 units, from 4.1685 units a day earlier.

ACTMedia

Government to pay arrears from budget reserve fund this year

2011-03-23

The amounts for payment of arrears will be allocated this year from the budget reserve fund at the Executive's disposal, according to the system applied in 2010, the government decided by exemption from the provisions of the law of public finances.

ACTMedia

Citi: Romanian GDP Poised To Grow 2% In 2011

2011-03-23

Romanian economy is likely to grow by a modest 2% in 2011, after a decline of 1.3% a year earlier, Citigroup said in a report Tuesday.

ACTMedia

ANEIR President: Export has been only locomotive that pulled ahead Romanian economy

2011-03-22

Romania is the first in Europe in a rankings of countries that have managed to achieve in 2010 the 2008 level of exports, stated on Friday, in Focsani (east), Mihai Ionescu, president of the National Association of Exporters and Importers of Romania (ANEIR).

ACTMedia

Gov't: Private companies may reschedule their public debt

2011-03-22

Private companies operating in Romania may reschedule their public debt under an emergency ordinance passed by the Government at a meeting on Sunday, Prime Minister Emil Boc reports.

ACTMedia

FinMin borrows nearly EUR 312 mn from banks

2011-03-22

The Public Finances Ministry on Monday borrowed nearly 312 million euros /1.3 billion lei/ from the commercial banks by a discount T-bond issue put to auction via the National Bank of Romania.

ACTMedia

Leu's appreciation - either through BNR intervention or because market expects higher inflation

2011-03-22

The leu has gone up, which is explained either through the intervention of Romania's Central Bank (BNR) or because the market is expecting higher inflation and eliminates the speculations on reducing the key interest rate in the future, which seemed very likely at the start of the year, Cristian Cochintu, Admiral Markets' analyst, told Agerpres.

ACTMedia

PM Boc: Romania to keep flat tax, VAT at current level this

2011-03-22

Romania's Government will keep the flat tax and VAT at their current level this year, and will consider making changes to these taxes only further in the future, Prime Minister Emil Boc said Monday.

ACTMedia

EU Council: CVM to be further applied within previously defined operating framework

2011-03-22

Gathered on Monday in Brussels in the meeting of the General Affairs Council General (CAG), the EU Foreign Ministers adopted without debate the conclusions regarding Romania (and Bulgaria's) evolution under the Cooperation and Verification Mechanism (CVM).

ACTMedia

Remar Pascani 4Q 2010 results and 2011 budget

2011-03-22

The railstock maintenance and repairs company Remar Pascani (RMAR) reported disappointing 4Q 2010 results. Sales went down by 50% yoy to RON 15 mn, the company recorded an operating loss of RON 1.26 mn, while the bottom line stood in red at RON 1.8 mn.

Raiffeisen Capital & Investment

Fondul Proprietatea – portfolio details

2011-03-22

Fondul Proprietatea (FP) published more details on its portfolio as of end-February 2011 (top 10 holdings, breakdown by sector, country and asset classes).

Raiffeisen Capital & Investment

Alumil Rom Industy 2011 budget

2011-03-21

Alumil Rom Industry (ALU) published its 2011 budget. The company expects a 4% yoy increase in turnover to RON 70.3 mn, while EBIT is forecasted to increase by 43% yoy to RON 3.6 mn.

Raiffeisen Capital & Investment

Legal consultant selected for listing of an additional 15% in Transelectrica

2011-03-21

According to a release from the State Privatization Office (OPSPI), cited by the local media, the body has selected the legal consultant for the listing of an additional stake of 15% of power grid operator Transelectrica.

Raiffeisen Capital & Investment

Eurostat: Romania 2010 exports post fourth largest increase in EU

2011-03-21

Romania posted last year the fourth largest increase in exports and the ninth greatest increase in imports in the European Union, EU's statistics office Eurostat said Friday.

ACTMedia

EU Commission to issue EURO 1.2 bn T-bonds to assist Romania's BoP

2011-03-21

Romania will receive 1.2 billion euros within the Balance of Payments (BoP) assistance programme that the EU Commission launched on the market, on Thursday, through issuing T-bonds, on behalf of the European Union, in a loan programme to Romania.

ACTMedia

Fin Min: We cannot afford to cut VAT in 2011 and 2012

2011-03-21

There are political talks regarding a VAT decrease but talks with the IMF target the decrease in the level of social contributions paid by employees, but not of the VAT, Romania's Finance minister Gheorghe Ialomitianu said for B1TV, a Romanian television.

ACTMedia

IMF board will analyze the new agreement with Romania on March 25

2011-03-21

IMF board will meet on March 25 to debate Romania's request to sign a precautionary agreement with the international institution, worth 3.6 billion euro, IMF announced on Friday. Moreover, the IMF board will make the seventh evaluation of the standby agreement signed with Romania on May 4th 2009, for a two year period.

ACTMedia

Ministry of Finance wants to borrow RON 1 bn from banks

2011-03-21

The Ministry of Public Finance (MFP) on Monday is organising an auction for the issue of the T-bonds at discount worth one billion lei, and this is the 5th tender in this March.

Agerpres

Koton to invest USD 4 mn in 5 new stores, in Romania

2011-03-21

Agerpres special correspondent Roxana Clinciu reports: Turkish Koton Chain will invest 4 million USD in five new stores in Romania, during the coming two years, Company's owner Yilmaz Yilmaz told Agerpres at the Istanbul Shopping Fest.

Agerpres

Zentiva dividend proposal

2011-03-18

Pharmaceuticals producer Zentiva (SCD) called a GSM for April 28, 2011. Among other issues, the shareholders are asked to approve the FY 2010 results, the 2011 budget and the distribution of a hefty gross dividend of RON 0.2998 paid from the 2010 net profit (100% payout ratio) and retained earnings.

Raiffeisen Capital & Investment

Biofarm dividend proposal

2011-03-18

The pharmaceuticals producer Biofarm (BIO) called a shareholders meeting for April 19 to approve among others the dividends to be paid from the 2010 profit, the approval of FY results for 2010, the 2011 budget and the construction of a new deposit facility worth EUR 9.3 mn.

Raiffeisen Capital & Investment

Fondul Proprietatea weighting in indices

2011-03-18

Bucharest Stock Exchange (BVB) has announced the weightings of Fondul Proprietaea (FP) in Romanian indices after its inclusion in many of them.

Raiffeisen Capital & Investment

Eurostat : Romania sees second big drop in building works, in EU, in Jan

2011-03-18

Romania registered the second big drop in the building works, namely minus 6.4 percent, among the EU countries, in Jan 2011, compared to the previous month, given that the building works went up with 1.0 percent in the EU, read data the Statistical Office of the EU Commission (Eurostat) made public on Thursday.

ACTMedia

Foreign Investors’ Council: Top 10 investments must be completed by authorities

2011-03-18

The Foreign Investors' Council (FIC) will present these days the list of the main 10 projects (of the existing 46,000) which should be completed according to a cost/benefit analysis made by FIC members.

ACTMedia

MFP raises RON 317 mn at benchmark securities auction

2011-03-18

The Ministry of Public Finance (MFP) on Thursday raised RON 317 million (some 74.59 million euros) through an issue of benchmark securities, auctioned by the National Bank of Romania (BNR).

ACTMedia

Romania Leu exchange rate hits fresh 9-1/2 month high at 4.1788 vs Euro

2011-03-18

Romania's leu recovered early losses against the euro in mid trade Thursday and the central bank's reference firmed to a new nine and a half months high at 4.1788 units.

ACTMedia

ZEW: Romania’s economic perspectives for the next six months improved

2011-03-18

The perception of foreign analysts regarding Romania's economy for the next six months improved in March as Romania advanced a position compared to February up to the third place among Central and Eastern European countries, a ZEW survey reads, quoted by news agency Mediafax.

Agentia Nationala de Presa - Agerpres

Eurostat: Romania posts highest annual inflation rate in EU

2011-03-17

Romania posted the highest inflation in the European Union for the seventh consecutive month in February, while the EU's average rate was stable at 2.8%, statistics office Eurostat said Wednesday.

ACTMedia

Romania OKs six bids for Petrom sale brokerage

2011-03-17

The technical offers filed by six consortiums were accepted Wednesday in the auction for a broker to sell 9.84% in oil company OMV Petrom (SNP.RO), people close to the matter told MEDIAFAX.

ACTMedia

Electroarges cancels dividend proposal

2011-03-17

In a release to the Bucharest Stock Exchange (BVB), manufacturer of household appliances Electroarges (ELGS) announced that its Board proposed to not distribute any dividends out of 2010 net profit.

Raiffeisen Capital & Investment

Condmag – share capital increase results

2011-03-17

The Board of the industrial contractor Condmag (COMI) announced the results of the second round of the share capital increase that took place over February 14 – March 7.

Raiffeisen Capital & Investment

Transgaz and Transelectrica request share capital increase

2011-03-17

According to a media release, officials of both Transelectrica and Transgaz announced in a conference held yesterday, that they asked the state representatives for a share capital increase that should reduce the state's stake closer to 51%.

Raiffeisen Capital & Investment

Fondul Proprietatea – monthly official NAV

2011-03-17

Fondul Proprietatea (FP) has announced its official NAV for end of February which stood at RON 1.1691 per share, up 3% mom. Its cash position stood RON 1,011 mn, down from RON 1,315 mn in January.

Raiffeisen Capital & Investment

Pension reforms must deliver affordable and adequate benefits, warns OECD

2011-03-17

Recent reforms will still be insufficient to cover increased pension costs in the future, despite increases in retirement ages in half of OECD countries, according to a new OECD report.

Organisation for Economic Co-operation and Development (OECD)

Eurostat: Romanian Q4 employment sees third biggest decrease in EU

2011-03-16

Romania registered the third biggest decrease in the European Union of the number of people employed in the fourth quarter of 2010, according to EU's statistics office Eurostat.

ACTMedia

8.5% of January's exports go to non-EU countries

2011-03-16

The tendency of export re-orientation to non-EU countries continued also in January this year, with 28.5% of total trade versus 27.8% in the same period of 2010, according to the data from the Ministry of Economy, Trade and Business Environment (MECMA).

ACTMedia

Korea Importers Association, Romanian Trade and Industry Chamber sign collaboration memorandum

2011-03-16

The representatives of the economic delegation of Korea Importers Association (KOIMA) in Europe and the Community of Independent States signed a collaboration memorandum with the Romanian Chamber of Trade and Industry (CCIR) in Bucharest on Monday.

ACTMedia

Tunisian Ambassador: We intend to encourage the Romanian businessmen to take advantage of the new potential offered by our country

2011-03-16

Tunisia is a democratic country, less restrictive since the revolution in January, and now it provides new business opportunities for the Romanian businessmen, Tunisian Ambassador in Bucharest HE Saloua Bahri told a seminar 'Economic Opportunities in the New Political Context of the Tunisian Republic' held on Tuesday at the Romanian Chamber of Commerce and Industry.

ACTMedia

Opinion: Better development conditions for Romania out of EU

2011-03-16

Romania, like any rational state, should bow out of the European Union, which is an external force that imposes its development direction, the way the government is a force external to the people's wishes, libertarian Jeffrey Miron, a Harvard University Professor of Economics, told Agerpres at the end of a conference organized in Bucharest by the Romanian-American University.

ACTMedia

WIIW Report: Romania to register economic growth in 2011, “Mini-Boom” expected in 2012

2011-03-16

Romania will register economic growth this year and a 'mini-boom' can be expected in the election year 2012, said the Vienna Institute for International Economic Studies (WIIW).Romania's gross domestic product (GDP) will grow by 2% this year, by 4% in 2012 and by 3% in 2013, according to a WIIW report.

ACTMedia

Electroarges to grant a dividend of RON 0.119 per share

2011-03-16

Household appliances producer Electroarges (ELGS) announced that it intends to grant a gross dividend of RON 0.1191 per share, which is double compared to previous year dividend and reflects a pay-out ratio of 45%.

Raiffeisen Capital & Investment

SIF Banat Crisana hikes dividend proposal

2011-03-16

SIF Banat Crisana (SIF1) has informed that its management has amended the proposal for the dividend to be paid out of the 2010 net profit from RON 0.04 per share to RON 0.06 per share.

Raiffeisen Capital & Investment

South Korean companies are encouraged to increase investments in Romania

2011-03-15

Secretary of State for Global Affairs with the Ministry of Foreign Affairs (MAE) Doru Costea encouraged South Korean companies to increase their investments in the Romanian economy.

ACTMedia

MFP borrows approximately RON 1 bn from banks, at a 6.82 average yield

2011-03-15

The Public Finance Ministry (MFP) on Monday borrowed 999.952 million lei (approximately 235.282 million euros) from commercial banks, in a discounted T-bills issue, placed on tender through the National Bank of Romania.

ACTMedia

Romania leu’s exchange rate hits bew 10-mo high at 4.1843 vs euro

2011-03-15

Romania's leu traded in ranges against the euro in mid session Monday and the central bank's reference firmed nearly 0.5% on the day to a fresh 10-month high at 4.1843 units. Friday, the leu's indicative was 4.2048 versus the euro.

ACTMedia

Foreign currency prognosis for 2011: the euro will drop to 4 lei

2011-03-15

The leu will get stronger along 2011, down to a rate of 4 lei for one euro in December, the analysts of JP Morgan consider, thus presenting the most optimistic prognosis on the market.

ACTMedia

BNR: Balance of payments and external debt, January 2011

2011-03-15

According to the Central bank data, in January 2011 the balance-of-payments current account posted a deficit of EUR 15 million, 86.5 percent lower than in January 2010, due to the trade deficit turning into a surplus.

ACTMedia

OIF: Romania, main Francophone country of Central and Eastern Europe

2011-03-15

Romania is still the main Francophone country of Central and Eastern Europe, given that about one quarter of its population has studied French, David Bongard, the head of the regional antenna for Central and Eastern European countries with the International Organization of La Francophonie (OIF) said on Monday.

ACTMedia

Luxembourg Foreign Affairs Minister starts today an official visit to Bucharest

2011-03-15

Foreign Affairs and Immigration Minister of the Grand Duchy of Luxembourg Jean Asselborn is paying an official visit to Bucharest on March 14 and 15, invited by Romanian chief diplomat Teodor Baconschi, a meeting between the two officials being scheduled for Tuesday, reads a press release sent by the Romanian Ministry of Foreign Affairs (MAE) on Monday.

ACTMedia

Alumil Rom Industry proposes no dividend for 2010

2011-03-15

Alumil Rom Industry (ALU) announced that it will not distribute any dividends out of 2010 result. Alumil 2010 net profit shrunk 74% yoy to RON 2.1 mn (EPS of RON 0.068).

Raiffeisen Capital & Investment

BRD-GSG First Impression FY 2010 - IFRS offers a better picture

2011-03-14

BRD-GSG's FY 2010 consolidated results were in line with our estimates and slightly above consensus in terms of net profit. A lower than expected NIM has been outweighed by lower risk costs, despite higher than forecasted NPLs.

Raiffeisen Capital & Investment

German companies, interested in solar energy and biogas fields

2011-03-14

Representatives of nine German companies working in the solar energy and biogas fields participated in the meetings between the Romanian and German authorities in the energy and environment sector, on the occasion of the visit to Bucharest of the political and economic delegation subordinated to the Federal Ministry for Environment, Nature Conservation and Nuclear Safety of Germany, reads a release of the Romanian - German Chamber of Commerce and Industry.

Agerpres

Registrations of new vehicles rise 26%

2011-03-14

The registrations of new vehicles rose in February 2011 by 26.38% compared with the same period of last year, having reached 4,724 units, according to the data with the Driving Licenses and Vehicle Registration Directorate (DRPCIV).

Agerpres

Romania's agricultural exports up 40% in 2010

2011-03-14

Romania managed a more than twofold reduction of its agri-food trade deficit from 1.53 billion euros in 2009 to 729.45 million euros at the end of 2010, with exports advancing 40 pct to 3.06 billion euros at the end of 2010, shows data provided to Agerpres by the Ministry of Agriculture and Rural Development (MADR).

Agerpres

Seven Romanian companies attend Asia World Expo Hong Kong 2011

2011-03-14

Seven Romanian aircrafts makers, namely Iarom, Incas, Romaero, Giar, Aerofina, Aerostar and IAR were attending the Asian Aerospace Hong Kong 2011 International Expo and Congress, hosted at the Asia World Expo Complex in Hong Kong, over March 8-10, Ministry of Economy, Trade and Business Environment (MECMA) release informs.

Agerpres

Stock market opens low

2011-03-14

The Bucharest Stock Exchange (BVB) opened low on Monday, with the BET-C composite index decreasing 0.77 percent in the 15 opening minutes.

Agerpres

Romania's trade deficit decreases by EUR 286 mn in January

2011-03-14

FOB-CIF trade deficit in January 2011 stood at 795.1 million lei (186.2 million euros), down 1.178 billion lei (286.7 million euros) compared to January 2010, according to data published on Monday by the National Institute of Statistics (INS).

Agerpres

BRD-GSG FY 2010 IFRS results in line with expectations

2011-03-14

BRD-GSG has published its FY 2010 consolidated results under IFRS which were in line with our projections in terms of net profit. Net loans were down 1.3% yoy to RON 32.2 bn while total assets were up 2.8% yoy to RON 49.7 bn.

Raiffeisen Capital & Investment

Romania and Armenia to cooperate in IT & C field

2011-03-14

Minister of Communications Valerian Vreme discussed on Thursday, in Bucharest, with the Minister of Transport and Communications of the Government of Armenia, Manuk Vardanian, about the possibility of concluding a Memorandum of Understanding between the two ministries, for identifying and implementing cooperation in this field, the Ministry of Communications and Information Society (MCSI) informed in a release.

ACTMedia

EBRD, EIB, IFC made available EUR 1.76 bn for Romania in 2009-2010

2011-03-14

The European Bank for Reconstruction and Development, the European Investment Bank and the International Finance Corporation made available EUR1.76 billion to support Romanian banks in the 2009-2010 interval, within a joint action plan aimed to help financial systems in Central and Eastern Europe.

ACTMedia

Economic crisis hits legal system as well

2011-03-14

The situation in the legal system affected by the crisis was discussed on Friday during the international conference 'Justice in the Context of the Economic Crisis,' which takes place on Friday and Saturday.

ACTMedia

Romania, Bulgaria to implement joint cross-border monitoring procedure

2011-03-14

Romania and Bulgaria will implement a joint procedure of cross-border monitoring, this topic being discussed during a work meeting between a delegation led by Head of Schengen Department within the Romanian Ministry of Administration and Interior (MAI) Police Chief Officer Marian Tutilescu and the officials of the counterpart ministry led by Bulgarian Deputy Minister of Interior Dimitar Georgiev, reads a MAI release sent on Friday.

ACTMedia

Japan’s Embassy to Romania: Japanese investors in Romania did not register massive damages

2011-03-14

For now there is no information to confirm massive damages for Japanese investors in Romania, as a consequence of the recent 8.9 Richter scale quake in Japan, Japanese Embassy to Bucharest declared .

ACTMedia

Vrancart 2011 budget

2011-03-11

Cardboard and paper producer Vrancart (VNC) budgeted for 2011 a turnover 15% higher yoy of RON 176.9 mn. The operating profit is expected 61% higher yoy at RON 7.75 mn.

Raiffeisen Capital & Investment

Aerostar to grant a dividend of RON 0.07 per share

2011-03-11

The manufacturer of aircrafts and aircraft components Aerostar (ARS) called the Annual Shareholders Meeting for April 12, 2011.

Raiffeisen Capital & Investment

SIF Oltenia dividend proposal

2011-03-11

SIF Oltenia (SIF5) has called its annual (E)GSM for April 28(29), 2011 to approve among other issues its proposal for the dividend to be paid out of the 2010 profit.

Raiffeisen Capital & Investment

BRD-GSG dividend proposal

2011-03-11

BRD-GSG has called its GSM for April 14, 2011 to approve the dividend to be paid out of the 2010 net profit and other issues like the 2010 financial statements and its 2011 budget.

Raiffeisen Capital & Investment

Two Romanian businessmen in 2011 Forbes list of billionaires

2011-03-11

Romanian businessmen Dinu Patriciu and Frank Timis have been included in this year's wealthiest people list compiled by Forbes.

ACTMedia

Romania to have nine more industrial parks

2011-03-11

There are currently nine industrial parks in Romania under construction, with their total number amounting to 49, State Secretary with the Ministry of Administration and the Interior (MAI) Gheorghe Marcu told a specialist conference within the Gulf Cooperation Council (GCC)-Romania-Bucharest Business Forum on Wednesday.

ACTMedia

Will inflation fit in BNR target?

2011-03-11

Raiffeisen and ING analysts consider less probable for inflation to fit in the BNR target of 3% +/- 1%, when the consumer price increase rate exceeded the analysts' estimates in February.

ACTMedia

Romania’s February inflation at 7.6%, above estimates

2011-03-11

Romanian consumer prices rose 0.77% in February from a month earlier, while the annual inflation accelerated to an unexpected 7.6%, the country's statistics institute INS said Thursday.

ACTMedia

Inflation surprises again on the negative side

2011-03-10

Monthly inflation rate came in at 0.77% mom in February, above our and market expectations of 0.5% mom. The annual inflation rate climbed to 7.6% yoy from 7% yoy in February.

Raiffeisen Research

Fondul Proprietatea - funds available for repurchase program

2011-03-10

Fondul Proprietatea (FP) has RON 120 mn to use for the share repurchase program approved by the shareholders in September 2010 (shareholders' equity minus reserves minus 2010 profit).

Raiffeisen Capital & Investment

Rising food prices pushed inflation up in February

2011-03-10

February inflation rate was 0.8% m/m and 7.6% y/y. Our forecast stood at 0.7% while market consensus was 0.5%. Food prices went up by a high 1.8% m/m due to global but also local developments (a shortage of fresh vegetables and fruits on the peasant market during the winter).

BCR Research

Volume of construction works decreases in January

2011-03-10

The volume of construction works decreased in January compared with December 2010, both as unadjusted and as adjusted series in terms of working days number and seasonality, by 66.5 percent and namely 6.3 percent, reports the National Institute of Statistics (INS).

ACTMedia

Unadjusted series industrial output drops 3.7% in January 2011

2011-03-10

The industrial output dropped 3.7 percent in January 2011 from the previous month as unadjusted series and increased 1 percent as working day and seasonally adjusted series, reports the National Institute of Statistics.

ACTMedia

BNR expecting inflation to fall below 4% at end-2011

2011-03-10

The National Bank of Romania (BNR) is expecting inflation in Romania to fall below 4 percent at the end of 2011, from 7 percent in January, BNR Governor Mugur Isarescu told a Gulf Co-operation Council - Romania business forum on business opportunities in Central and South-Eastern Europe.

ACTMedia

ING Bank: Romania's inflation rate at 5%, economic growth 0.6% this year

2011-03-10

Romania's inflation rate will be 5 pct this year and 4.5 pct in 2012, meaning that it stays rather high, said ING Bank Romania chief economist Nicolae Chidesciuc. According to the cited expert, the bank expects Romania's economy to grow 0.6 percent in 2011 and 3.5 percent in 2012, respectively.

ACTMedia

BNR Governor Isarescu: Romania's external deficit could be kept steady at around 4-5%

2011-03-10

Romanians should learn from the economic recession of the past two years to make more haste and less speed, although they have gaps to bridge, Governor of the National Bank of Romania (BNR) Mugur Isarescu told a business forum on Wednesday in Bucharest on business opportunities in Central and South-Eastern Europe provided by cooperation between the Gulf Cooperation Council and Romania.

ACTMedia

ForMin Baconschi: We shall facilitate Gulf business environment representatives' entrance to Romania

2011-03-10

Romanian Foreign Affairs Minister Teodor Baconschi maintains that the visa policy can be made more flexible on socio-professional categories, saying that Romania will make efforts to facilitate the entrance to Romania of government and business environment representatives of the Gulf area.

ACTMedia

EcoMin Ariton: There are many opportunities for increasing Romanian exports to Gulf states

2011-03-10

Romanian Minister of Economy Ion Ariton believes there are many opportunities for increasing Romanian exports to the member states of the Gulf Co-operation Council (GCC); commercial exchanges between Romania and the GCC states have recorded positive trends over the past years, overshadowed by the financial crisis and global recession.

ACTMedia

A similar event to the Forum « Cooperation Council of the Golf – Romania» will be organised in an Arabic State of the Golf

2011-03-10

The delegations in the states of the Cooperation Council of the Golf received on Tuesday at Cotroceni by president Traian Basescu informed in connection with the decision referring to the organisation of a similar event in one of the Arabic states in the Golf in the near future.

ACTMedia

Erste CEE Macro Comments

2011-03-09

RO Politics+FX: Shortly after the prime minister presented the new labour code in parliament, the opposition filed a no-confidence motion that will be decided next Wednesday.

Erste Group Research

Electromagnetica 4Q 2010 results and 2011 budget

2011-03-09

The electricity trader and producer of electrical components Electromagnetica (ELMA) reported its 4Q 2010 figures. Sales went up by 27% yoy to RON 116 mn, on the back of a surge in revenues from merchandise sold (energy) of 29% yoy to RON 101.9 mn.

Raiffeisen Capital & Investment

SIF Transilvania will invest in the energy sector

2011-03-09

In an interview with the local media, the CEO of SIF Transilvania (SIF3) has suggested that the company will guide its investment strategy for this year mostly towards companies in the oil, energy and chemical sectors, given that these sectors have a small presence in their portfolio.

Raiffeisen Capital & Investment

SIF Muntenia dividend proposal

2011-03-09

SIF Muntenia (SIF4) called shareholders for the annual (E)GSM on April 22. The shareholders need to approve among others the dividend to be paid out of the 2010 preliminary net profit of RON 72.7 mn.

Raiffeisen Capital & Investment

Prognosis: Industrial production likely to drop 6% by Q1 end, according to economic agents

2011-03-09

Industrial production could record, by the end of the first quarter in 2011, a decrease of about 6 percent compared to last quarter of 2010, and respectively an increase of about 7.7 percent from the similar quarter of the previous year, according to a conjectural analysis conducted by the National Commission for Prognosis (CNP) based on a survey at the level of economic agents.

ACTMedia

Statistics: Romania January industrial sales -11% on month, +25.5% on year

2011-03-09

The industry all-in (the domestic and external market) turnover, in nominal terms, slumped by 11 percent in Jan. 2011, compared to Dec. 2010, the National Institute of Statistics (INS) reports.

ACTMedia

Erste CEE Macro Comments

2011-03-08

HU Fiscal: Yesterday, the government reported that the cumulated budget deficit reached HUF 560bn or 81.4% of the FY target in February.

Erste Group Research

Armax Gaz 4Q 2010 key figures

2011-03-08

Producer of equipment used in the oil & gas industry, Armax Gaz (ARAX) released some key 4Q 2010 figures (revenues, net profit).

Raiffeisen Capital & Investment

Electromagnetica dividend proposal

2011-03-08

The electricity trader and producer of electrical components Electromagnetica (ELMA) called a shareholders' meeting for April 14 to approve among others the dividends to be paid from the 2010 profit, the approval of FY results for 2010 and the 2011 budget.

Raiffeisen Capital & Investment

SIF Banat Crisana dividend proposal

2011-03-08

SIF Banat Crisana called shareholders for the annual (E)GSM on April 27 to approve among others the dividend to be paid out of the 2010 net profit of RON 63 mn.

Raiffeisen Capital & Investment

Ministry of Finance borrowed at a higher yield

2011-03-08

Ministry of Finance has raised an amount of RON 600 mn through the issuance of 1-year T-bills, paying an average yield of 6.92% up from the previous similar issue in February when it paid 6.88%.

Raiffeisen Capital & Investment

Volume of overdue loans in industry to record 8.2pct increase, at end of first quarter (CNP)

2011-03-08

he volume of overdue loans taken by economic agents in industry will register a 8.2 percent increase at the end of the first quarter of 2011, an increase by about 0.4 percent compared to the fourth quarter of 2010, and an increase by about 8.2 percent is forecast compared to the previous quarter, according to a conjectural survey for the industrial sector, conducted by the National Commission for Prognosis (CNP).

Agentia Nationala de Presa - Agerpres

Yahoo! launches portal in Romanian

2011-03-08

Yahoo! Software giant launched www.yahoo.com in the Romanian language, offering news and information picked from Romanian news pages.

Agentia Nationala de Presa - Agerpres

Recas white dry wine wins Grand Prize of Vinalies Internationales contest in Paris

2011-03-08

The Solo Quinta white dry wine produced by Recas Cellars won the Grand Prize of the 17th edition of the 'Vinalies Internationales' contest, held in Paris over February 25 - March 1.

Agentia Nationala de Presa - Agerpres

CNP: Average number of employees in industry to reach 1.195 million persons at first quarter end

2011-03-08

The companies estimate that at the end of the first quarter of 2011 the average number of employees in Romania will reach approximately 1.195 million persons, almost 4.7 percent less compared with the similar period of the previous year, according to a survey carried out by the National Commission for Prognosis (CNP).

Agentia Nationala de Presa - Agerpres

Industrial production likely to drop 6pct by Q1 end, according to economic agents

2011-03-08

Petrom raises fuel reference prices by RON 0.09

2011-03-08

Petrom on Tuesday raised the reference prices for fuels traded at its own stations by RON 0.09.

Agentia Nationala de Presa - Agerpres

Stock market opens low on Tuesday

2011-03-08

The Bucharest Stock Exchange (BVB) opened low on Tuesday, with the BET-C composite index decreasing 0.22 percent in the first 20 minutes.

Agentia Nationala de Presa - Agerpres

Yahoo! launches Romanian language version

2011-03-08

The Romanian version of the Yahoo! portal has become active at http://ro.yahoo.com/, while the Yahoo! mail can also be accessed in Romanian.

ACTMedia

Environment : Romania, first country in region having completed Danube Management Plan

2011-03-08

Romania is the first country in the Danube basin that has completed the Management Plan of the Danube, the dams issue being included, said on Monday, in a specialized seminar, Laszlo Borbely, Minister of Environment and Forests.

ACTMedia

Statistics: Monthly average earning drops 5 percent in January 2011 from previous month

2011-03-08

The monthly gross nominal average earning in January 2011 stood at 1,963 lei, 5 percent lower compared with the previous month, informs a release of the National Institute of Statistics (INS) remitted on Monday.

ACTMedia

The Roland Berger Study : 83% of the Romanian banks sell or are going to sell some of their debts

2011-03-08

Approximately 83% of the banks in Romania and 80% of the banks in Central and Eastern Europe – ECE sell or are going to sell some of their debts. Almost all interviewed banks in the region coordinate and organise collecting activities on retail in their central sector.

ACTMedia

Ministry of Finance borrows over 140 mln euros from Romanian commercial banks

2011-03-08

The Ministry of Public Finance (MFP) on Monday borrowed nearly 142.85 million euros (600 million lei, 1 Euro = 4.20 lei) from the commercial banks operating on the Romanian market, by issuing treasury bonds at discount in a tender via the National Bank of Romania (BNR).

ACTMedia

Stock market closes high

2011-03-08

Stocks traded on the Bucharest Stock Exchange (BVB) on Monday increased by 0.18 percent on average as reflected by the BET-C composite index, while financial investment securities surged by 0.85 percent, as indicated by the BET-FI index.

ACTMedia

Analysts estimate that the annual rate of inflation went up to 7.3% in February

2011-03-08

Consumption prices went up in February by 0.5% and the annual rate of inflation was 7.3% according to the average of the opinion expressed by the members of the Association of Financial-banking analysts in Romania (AAFBR). The opinions of the analysts with regard to monthly inflation varied between 0.3% and 0.7% and the estimates regarding the annual rate were placed between 6.5% and 7.5%.

ACTMedia

The official opening of the Business Forum of the Gulf Co-operation Council, Tuesday, in Bucharest

2011-03-07

The Romania- Gulf Co-operation Council (GCC) business forum called 'Business opportunities in Central and South-Eastern Europe', to be held March 8-10, 2011 in Bucharest is the first business event of such magnitude in Central and South-Eastern Europe. Its main aim is to highlight opportunities for economic, investment, business and trade cooperation among the participating countries.

ACTMedia

Hourly cost of work force increased in Q4

2011-03-07

The hourly cost of work force in adjusted form, respectively according to the number of working days increased in Q4 of last year by 0.89% against the previous three months, but against the same period of the previous year dropped by 1.21%.

ACTMedia

Trade between Romania and Hong Kong exceeds USD 100 mn in 2010

2011-03-07

Volume of Romania's total trade with Hong Kong Special Autonomous Region of China stood, at the end of last year, at the level of 105.35 million dollars, announced on Thursday, in a business seminar, Anca-Rodica Turcea, senior adviser in the Ministry of Economy, Trade and Business (MECMA).

ACTMedia

Statistics: National economy investments down 13.5 % in 2010

2011-03-07

The net investments made in the national economy were down 13.5 percent last year from 2009; such investments amounted to 55.688 billion lei (around 13 billion euros), show figures released by the National Institute of Statistics on Friday.

ACTMedia

BRD : The reduction of the deficit in 2011, more difficult

2011-03-07

The reduction of the budgetary deficit in the limit agreed with IMF and EC for this year, of 4.4% out of the GDP is a more difficult task to achieve than the deficit target of 2010, and the only solution is the better collection and the fight against evasion, the head-economist of BRD Florian Libocor says.

ACTMedia

Dacian Ciolos: Romania risks losing European funds, unless it speeds up their absorption

2011-03-07

Romania runs the risk of losing European funds unless it speeds up the process of using them, European Commissioner for Agriculture and Rural Development Dacian Ciolos told a press conference held at the European Commission Resident Office in Romania on Friday.

ACTMedia

Isarescu : We don’t have to take into consideration changes up to 3-4% of the exchange rate

2011-03-07

Changes of up to 3-4% of the exchange rate do not need to be taken into consideration and it should not be evident in prices, the BNR governor Mugur Isarescu said.

ACTMedia

Erste CEE Macro Comments

2011-03-07

5y SovX: In spite of the fact that the SovX CEEMEA includes names like Qatar and Abu Dhabi, the spread between CEE & WE is resuming its downtrend. Is the market focus shifting from North Africa back to Spain & Portugal again?

Erste Group Research

Prefab – share purchase program

2011-03-07

Constructions materials producer Prefab (PREH) announced that the share purchase program approved by the shareholders meeting (hel in March 25, 2010) will take place between March 7 and October 14, 2011.

Raiffeisen Capital & Investment

Ductil 4Q 2010 results

2011-03-07

The welding electrodes manufacturer Ductil (DUCL) reported some key figures for 4Q 2010. The turnover inched up 2% to RON 29.3 mn, but came in 10% lower qoq.

Raiffeisen Capital & Investment

Conpet 4Q 2010 preliminary results

2011-03-07

The operator of crude oil and oil products pipelines Conpet (COTE) reported some key figures for 4Q 2010. Turnover increased by 24% yoy at RON 116.5 mn, while operational profit was more than 2.5x higher yoy at RON 27 mn.

Raiffeisen Capital & Investment

SIF Transilvania dividend proposal

2011-03-07

SIF Transilvania (SIF3) has called its annual (E)GSM for April 28, 2011 when shareholders will vote among other issues on its proposal for the dividend to be paid out of the 2010 net profit.

Raiffeisen Capital & Investment

Changes to BVB indices

2011-03-07

The Indices Committee of the Bucharest Stock Exchange decided to include the newly listed Fondul Proprietatea (FP) and also the Bucharest Stock Exchange (BVB) in the composition of the BET index, while Dafora (DAFR) and Condmag (COMI) will be excluded.

Raiffeisen Capital & Investment

Viorel Stefan: No functional engines able to re-launch economy

2011-03-04

Viorel Stefan, the chairman of the Commission for budget, finance and banks in the Chamber of Deputies, said in an interview granted to Agerpres, that Romania would not get out of crisis in 2011 because the engines able to lead to such an evolution are missing.

ACTMedia

Romanian public pension system unsustainable unless occupancy rate increases

2011-03-04

Romanian Labor Minister Ioan Botis said Thursday ,at the Mediafax Talks about Private Pensions conference that Romania's job occupancy rate has been 58% for the past 10-15 years and, unless it climbs to 64-65%, the state will be unable to pay pensions.

ACTMedia

Analysts: BNR may not reduce key interest rate in 2011

2011-03-04

The National bank of Romania may not reduce the monetary policy interest rate this year, as most analysts expected, because of inflation and of he fact, unique in Central Europe, that the leu did not take advantage of the developing of the emerging market, a Reuters analysis shows.

ACTMedia

Romanian Leu’s exch rate hits fresh 10-mo high at 4.2016 vs Euro

2011-03-04

Romania's leu rose slightly against the euro in mid trade Thursday and the central bank's reference strengthened to a fresh ten-month high at 4.2016 units, from 4.2051 units a day earlier.

ACTMedia

Eurostat: Romania registers second annual GDP contraction in EU during fourth quarter of 2010

2011-03-04

Greece and Romania were the only European Union member states to have registered a decline in the gross domestic product (GDP) over the whole year during the fourth quarter of 2010, according to the second estimation released by the European Statistical Office (Eurostat) on Thursday.

ACTMedia

Romania's GDP declines by 1.3% in 2010

2011-03-04

Romania's Gross Domestic Product fell by 1.3 percent in 2010 compared to the previous year (in real terms) and the fourth quarter of 2010 by 0.6 percent compared to the corresponding period in 2009, according to a release issued on Thursday by the Institute of National Statistics (INS).

ACTMedia

The official opening in Edinburgh of a Consular Office of the Embassy of Romania

2011-03-04

Between February 20-22, 2011, the Ambassador of Romania in the UnitedKingdom, Dr Ion Jinga, made an official visit to Scotland for the official opening in Edinburgh of the Consular Office of the Embassy of Romania.

ACTMedia

Valdis Zatlers, the first Latvian president to visit Romania

2011-03-04

President Traian Basescu said on Thursday that the visit to Bucharest of Latvia's President Valdis Zatlers will consolidate the political and economic ties between Romania and Latvia. 'This is the first visit of a Latvian president to Romania.

ACTMedia

Romania's 4Q 2010 GDP - details

2011-03-04

The National Statistics Institute (INSSE) published yesterday details on 4Q 2010 GDP evolution. The revised data confirmed preliminary figures that showed Romania's 4Q 2010 GDP rose by 0.1% qoq, while FY 2010 GDP contraction was of 1.3% (vs. initial data of 1.2%).

Raiffeisen Capital & Investment

Adecco reports strong results for 2010

2011-03-03

Adecco Group, the worldwide leader in Human Resource services, today announced results for the full year and the fourth quarter of 2010. Revenues in 2010 were up 26% or 12% organically, to EUR 18.7 billion.

Adecco Group

Erste CEE Macro Comments

2011-03-03

PL Rates: The MPC kept rates at 3.75% yesterday. 'Uncertainty about consumer demand, sluggish labor market and slow recovery of fixed investment' were cited as the reasons for keeping key rates on hold.

Erste Group Research

Comments from Concefa CEO

2011-03-03

During the press conference held yesterday, following the transfer of Concefa (COFI) shares to the Bucharest Stock Exchange (BVB) main market from the Rasdaq market, the company CEO and majority owner (70%) made several optimist notes regarding 2011 guidelines.

Raiffeisen Capital & Investment

Santierul Naval Orsova 2011 budget

2011-03-03

The shipbuilder Santierul Naval Orsova (SNO) budgeted for 2011 a turnover of RON 80.7 mn, up 16% compared to the preliminary figures reported for 2010 and a net profit of RON 0.5 mn versus RON 0.01 mn registered last year.

Raiffeisen Capital & Investment

Study: The Romanians, the most pessimistic people in the world when it comes to launching a business

2011-03-03

Only 4.29% of the population aged between 18 and 64 in Romania was involved in launching a busness or managed and owned a company for less than three years and a half, according to a study where Universitatea Babes-Bolyai in Cluj Napoca took part.

ACTMedia

Immigrants enjoy better laws in Romania than in most countries in Europe

2011-03-03

A new study released on Tuesday by the British Council and Migration Policy Group non-profit organization shows that Romania is better prepared than most countries in the region for migrant workers and their families, with similar policies in the new countries of labor force immigration.

ACTMedia

Statistics: Industrial production prices edge up 10% in Jan. 2011 compared to Jan. 2010

2011-03-03

The industrial production prices edged up 10 percent in Jan. 2011 compared to Jan. 2010 and by 1.3 percent, compared to Dec. 2010, the National Institute of Statistics (INS) said in a release sent on Wednesday.

ACTMedia

Erste CEE Macro Comments

2011-03-02

Saudi Arabian Stocks: The Tadawul All Share Index collapsed yesterday on rumours of protests planned for March.

Erste Group Research

Concefa FY 2010 results

2011-03-02

Construction company Concefa (COFI) released some key FY 2010 preliminary figures. Sales reached RON 110.5 mn, 35% higher yoy.

Raiffeisen Capital & Investment

SIF Oltenia acquires another stake in Biofarm

2011-03-02

SIF Oltenia (SIF5) announced that it bought a stake of 0.9% in the pharmaceutical producer Biofarm (BIO), at an average price of 0.22 RON per share in a transaction worth RON 2.1 mn.

Raiffeisen Capital & Investment

Eurobarometer 74 - Economic governance in the European Union

2011-03-02

This report presents the first results of the Standard Eurobarometer wave 74 which was carried out from mid-November to early December 20101; it was fielded in 32 countries or territories: the 27 European Union Member States, four candidate countries2 (Croatia, the Former Yugoslav Republic of Macedonia, Turkey and Iceland), and the Turkish Cypriot Community in the part of the country that is not controlled by the government of the Republic of Cyprus.

ACTMedia

Survey : Romania 6-months economic outlook brightens up in February

2011-03-02

Romanian economic outlook for the next six months improved slightly in February, after a decline of nearly 11 points a month earlier, a ZEW/Erste survey showed Tuesday.

ACTMedia

International reserves decline EUR 480 mn, to EUR 35.467 bn

2011-03-02

Romania's international reserves (foreign exchange plus gold) at the end of February stood at 35.467 billion euros, declining 480 million euros compared with the level of 35.947 million euros registered on January 31, 2011, reports the National Bank of Romania (BNR).

ACTMedia

Sibiu Monetary Financial and Commodities Exchange turns into SIBEX

2011-03-02

Sibiu Monetary Financial and Commodities Exchange starting on Tuesday changes its name in S. C. Sibex - Sibiu Stock Exchange S.A., SIBEX told Agerpres in a release on Tuesday.

ACTMedia

In Ramallah, ForMin Baconschi signed the Romanian - Palestinian Cooperation Protocol

2011-03-02

Romanian companies could participate in the development of several large-scale infrastructure projects the Palestinian National Authority (PNA) plans to implement in the upcoming period and for which financing is already secured, Romanian Foreign Minister Teodor Baconschi said , during his visit to Ramallah - the administrative capital of the Palestinian National Authority .

ACTMedia

Liviu Voinea: Labor Code not bringing jobs from black market, but increasing unemployment

2011-03-02

A flexible labor market, as it is proposed by amending the Labor Code, will not bring jobs from the black market, but will lead to the disappearance of many permanent job contracts by replacing them with fixed-term contracts, to the disadvantage of young and women employees, and probably will end in lower budget revenues, economic analyst Liviu Voinea, Executive Director of the Group of Applied Economics (GEA) told AGERPRES on Monday.

ACTMedia

Libya crisis to hit poor worldwide, EU warns

2011-03-02

Libya's humanitarian crisis is starting to affect vulnerable people across the world, Humanitarian Aid Commissioner Kristalina Georgieva said Monday (28 February), warning that the effects of rising oil prices were already being felt in the food sector and threatening to push millions into hunger.

ACTMedia

Erste CEE Macro Comments

2011-03-01

HU Fiscal: Today 11am CET, the Hungarian Economy Minister Gyorgy Matolcsy will unveil details of the long awaited reform package which should secure sustainability of the deficit reduction beyond 2013 when many of the short-term measures will expire.

Erste Group Research

Ford B-Max produced in Romania was presented in Geneva

2011-03-01

The American builder Ford presented on Monday in world premiere at the Auto Salon in Geneva the B-Max, model which will be produced exclusively in Romania, in Craiova.

ACTMedia

Over 2,600 construction authorisations were issued in January – increase by 17%

2011-03-01

2,634 construction authorisations were issued in January this year, up by 17% against last month, while the number of authorisations for residential buildings ( which could have one or more residences) dropped by 8.6% down to 1,740 authorisations , the data publishe by the National Institute for Statistics show.

ACTMedia

Statistics: Managers see prices rising 10 to 38% over Feb - April

2011-03-01

Company managers running business in Romania expect a rise in prices over the interval February - April, with the growth ranging from 10 pct in the sector of constructions through 11 pct for services; 16 pct for the processing industry; to 38 pct for retail trade, informs a press release issued on Monday by the National Statistics Institute (INS).

ACTMedia

EFG Eurobank Report: Romania economy to recover starting second half of 2011

2011-03-01

Estimations show the Romanian GDP dropped by 1.2% in 2010 as compared to 2009, less than the 1.8% drop expected by EFG Eurobank and other entities on the market, while on seasonally adjusted data the GDP grew by 0.1% in Q4.

ACTMedia

Eurostat: Romania's January annual inflation, highest in EU

2011-03-01

Romania posted the highest inflation in the European Union for the sixth consecutive month in January, while the EU average rate was stable at 2.7%, official data showed Monday.

ACTMedia

Prospectiuni 4Q 2010 results

2011-03-01

The geological and geophysical prospecting company Prospectiuni (PRSN) reported some key figures for the 4Q 2010 results. The company reported weaker than expected figures, both in terms of revenue and profitability.

Raiffeisen Capital & Investment

Erste CEE Macro Comments

2011-02-28

RO Budget + FX: The consolidated state budget ended January with a surplus of 0.15% of GDP. Total revenues increased by 3.6% y/y with a staggering 28% jump in VAT revenues while expenditures declined by 2.1%, as major contributors (personnel, social and capital expenditures) were lower than in January 2010.

Erste Group Research

SIF Moldova dividend proposal

2011-02-28

SIF Moldova (SIF2) has called its annual GSM for April 24, 2011 where the shareholders will have to approve its proposal for the dividend to be paid out of the 2010 net profit.

Raiffeisen Capital & Investment

Unemployment will go down to around 5% in late 2011

2011-02-28

Chairman of the National Employment Agency (ANOFM) Silviu Bian says unemployment in Romania will drop nationwide to the province of 5 percent by the end of the year.

ACTMedia

EC survey : the Romanians trust the economy more

2011-02-28

The indicator of population trust and companies in the Romanian economy continued to increase in February, showing an improvement of the perception especially in the sector of services, retail and industry, according to a survey made by the European Commission (EC).

ACTMedia

Norway to offer Romania EUR 305 mn as non-repayable aid, over 2012-2014

2011-02-28

Norway will offer Romania a grant of 305 million euros in the period 2012-2014, through the European Economic Area Financial Mechanism (EEA) and the Norwegian Cooperation Programme, a quarter of these funds going to be earmarked for environmental projects, renewable energy and climate change research, the Norwegian Ambassador to Bucharest, Oystein Hovdkinn, announced in a press conference.

ACTMedia

SAR 2011 projections for Romania: 1-pct GDP growth and 4.7-pct inflation

2011-02-28

Romania's Gross Domestic Product (GDP) could increase by one percentage point, on average, in 2011, while inflation could stop at 4.7 percent, within a 4 percent- 5.5 percent range, reads an annual report drawn up by the Romanian Academic Society (SAR) and released on Friday at a news conference.

ACTMedia

Erste CEE Macro Comments

2011-02-25

Energy Net Imports/GDP: Net imports in million tons of oil equivalent/ GDP in USD (base year 2000) shows the energy dependence on outside sources of an individual country in relation to its economy. The chart allows a relative comparison among countries. Among the countries shown Ukraine is the most exposed to higher energy prices, the USA the least.

Erste Group Research

Erste Group First Impression 4Q 2010 -

2011-02-25

Erste Group's 4Q result met our and consensus estimates on the bottom line but missed estimates on a pre-tax level especially due to the weak result of the Austrian Savings banks.

Raiffeisen Capital & Investment

Erste Group 4Q 2010 figures

2011-02-25

Iproeb 4Q 2010 figures

2011-02-25

Electrical cables producer Iproeb (IPRU) reported 4Q 2010 key figures (sales, EBIT and net profit). 4Q sales continued to recover following the sharp contraction in the final quarter in the previous two years.

Raiffeisen Capital & Investment

Eurostat: Romania among poorest regions in EU

2011-02-25

Six Romanian administrative regions, making up the entire country except the area around the capital, rank among the poorest regions in the European Union, according to Eurostat.

ACTMedia

JP Morgan: Romanian GDP likely to grow 2% in 2011

2011-02-25

Romanian economy is on its way to wake up from over two years of 'hibernation' in 2011, aided by growing exports, good reforms and a vital bailout program led by the International Monetary Fund and the EU, according to a report from JP Morgan Chase Bank.The bank estimates Romanian economy will grow by 2% this year, followed by a more accelerated growth of 4% in 2012.

ACTMedia

Barroso: 'We cannot afford to be passive spectators'

2011-02-25

European Commission President José Manuel Barroso said the EU executive 'cannot afford to be passive spectators' of the popular revolutions sweeping through North Africa, which he described as 'historic'.

ACTMedia

Presidents Basescu, van Rompuy discuss contribution to European Stability Mechanism

2011-02-25

Romania's Presentment Traian Basescu and President of the European Council Hermann van Rompuy discussed on Thursday in Bucharest the financing of the European Stability Mechanism, with Basescu asking van Rompuy to break down the computation of the contribution of each member states that will not put Romania in difficulty.

ACTMedia

Allianz Group - annual results 2010

2011-02-25

Allianz Group today reported strong results for fiscal year 2010. Based on preliminary figures, total revenues reached a new high of 106.5 billion euros, with Life and Health insurance statutory premiums growing to 57.1 billion euros.

Allianz Group

Prefab - CEO's interview

2011-02-24

In an interview to a local newspaper, the CEO of the construction materials producer Prefab (PREH) made some comments regarding the development strategy of the company.

Raiffeisen Capital & Investment

Eurostat: Romania Dec '10 industrial orders rise at 4th fastest pace in EU

2011-02-24

Romanian industrial new orders rose 42.3% on the year in December 2010, the fourth biggest increase in the European Union, official data showed Wednesday.

ACTMedia

Romania and Bulgaria are reluctant to privatise inefficent companies for fear of lay-offs

2011-02-24

Romania and Bulgaria are reluctant to privatise inefficient companies who swallow state funds worth hundreds of million euros for fear they would be followed by massive lay-offs.

ACTMedia

Romanian businessmen prepared to conquer Russian market once more

2011-02-24

Romanian businessmen are ready to reconquer the Russian Federation market's promising sectors, according to the Business Council for Economic Cooperation with the Russian Federation, reads a release of the Bucharest Chamber of Commerce and Industry sent on Wednesday.

ACTMedia

Romania absorbed EUR 1.9 bn in EU Funds, 10% of total allowance

2011-02-24

Romania had absorbed EUR1.9 billion in EU structural funds, excluding agriculture, by the end of 2010, accounting for only 10% of the total funds available for the period 2007-2013, Finance Ministry official Bogdan Dragoi said Wednesday.

ACTMedia

Romanian Finance minister: A cut in social contributions for employers currently analyzed

2011-02-24

The authorities are analyzing the possibility of reducing social contributions, especially for employers, taking into account for now making labor market flexible, Finance Minister Gheorghe Ialomitianu said on Wednesday.

ACTMedia

Valentin Lazea, BNR: Foreign investors ranked the 46,000 investment projects in Romania

2011-02-24

'The Council of Foreign Investors made a study which is to be published in a conference at mid –March to rank the investment projects, following a cost-profit analysis.

ACTMedia

Governor Isarescu: Stimulating consumption, bad idea for our economy

2011-02-24

Stimulating consumption is a stupid idea, and what is more important is that Romanians work more to boost production, Governor of the National Bank of Romania (BNR) Mugur Isarescu told a debate on Wednesday.

ACTMedia

European Council President Herman Van Rompuy starts today a visit to Romania

2011-02-24

European Council President Herman Van Rompuy will visit Romania Thursday and will hold talks with President Traian Basescu at the presidential palace, the Presidency said in a press release Wednesday.

ACTMedia

Population's lei deposits increase in January, forex deposits decrease

2011-02-24

The lei deposits of population's households edged up by 1 percent in January up to 64.848 billion lei (about 15.25 billion euros), whereas the forex deposits plunged by 0.4 percent down to nearly 39.615 billion lei (about 9.32 billion euros), according to the data the National Bank of Romania (BNR) has published.

Agerpres

Stock market opens low

2011-02-24

The Bucharest Stock Exchange (BVB) opened low on Thursday, with the BET-C composite index decreasing 0.52 percent in the first 30 minutes.

Agerpres

IAC Group begins building work on automotive component plant at Bals

2011-02-24

The International Automotive Components (IAC) Group, supplier of automotive components and systems, has begun the building work on the greenfield manufacturing facility in the town of Bals, Olt County (southern Romania), the investment for the new plant amounting to 58 million euros, according to a company release.

Agerpres

Non-governmental loans decrease at end-January

2011-02-24

The balance of non-governmental loans extended by credit institutions decreased in January 2011 by 0.7% (minus 1.5% in real terms) compared with December 2010, to the level of 207.826 billion lei /some 48.9 billion euros/, Romania's National Bank informs.

Agerpres

EBRD sells its holding in BRD-Groupe Soeciete Generale SA

2011-02-24

The European Bank for Reconstruction and Development (EBRD) has sold 34,845,050 shares, representing its entire holding, in BRD - Groupe Société Générale, a leading bank in Romania which is listed on the Bucharest Stock Exchange (BVB), EBRD reports in a press release submitted to the BVB. KBC Securities N.V and KBC Securities Romania acted as brokers.

Agerpres

Stock market opens high

2011-02-23

The Bucharest Stock Exchange (BVB) opened high on Wednesday, with the BET-C composite index increasing 0.43 percent in the first 30 minutes.

Agerpres

Independent joint stock company to build unit 3 and unit 4 of Cernavoda nuclear-power plant

2011-02-23

An independent joint-stock company will be established to build unit 3 and unit 4 of the Cernavoda nuclear-power plant. The shareholders' structure will include the Romanian Nuclearelectrica National Nuclear Power Corporation (SNN), but none of the stakeholders will become a majority shareholder.

Agerpres

Cocor Media Channel generates 2010 sales of EUR 1.7 mn

2011-02-23

Cocor Media Channel of Bucharest, the biggest media façade in Europe, has generated total 2010 sales of 1.7 million euros from letting outdoor advertising spaces. The figures were 30 percent higher than in 2009.

Agerpres

Erste CEE Macro Comments

2011-02-23

Impact of higher oil prices in CEE: The trade balances of Ukraine and Croatia are the most exposed to higher oil prices.

Erste Group Research

Petrom 4Q 2010 results

2011-02-23

Petrom's 4Q 10 sales came in according to estimates at RON 5458 mn, up 29% yoy, which also applies for the CCS EBIT on group level.

Raiffeisen Capital & Investment

Banca Transilvania's CEO comments to the media

2011-02-23

In an interview with the local media, the CEO of Banca Transilvania (TLV) Mr. Rekkers said that he expected NPLs to peak at the end of the first half of the year.

Raiffeisen Capital & Investment

Oltchim – Privatization process to be resumed in 2012

2011-02-23

According to a communiqué from the Ministry of Economy, Oltchim's (OLT) privatization process will be resumed in early 2012.

Raiffeisen Capital & Investment

Petrom First Impression 4Q 2010 - E&P and G&P good, R&M not so

2011-02-23

Petrom's 4Q 10 sales came in according to estimates, which also applies for the CCS EBIT on group level.

Raiffeisen Capital & Investment

Dacia – a successful online Romanian brand

2011-02-23

Dacia is the Romanian brand most present on the Internet, the most trustworthy and the most popular, according to a Gemius Research and Evensys Study for 2011, which has in view the presence of brands in the local online.The study was made over 11-20 January 2011 on 2,300 Internet users aged 18 to 45.

ACTMedia

Norway to offer Romania EUR 305 mn as non-repayable aid, over 2012-2014

2011-02-23

Erste CEE Macro Comments

2011-02-22

Unrest in Libya has helped drive oil prices to the highest level since 2008, strengthening the upwards trend and reinforcing fears about second round effects on inflation in Slovakia (Eurozone), Poland, Romania, the Czech Republic but less so in Hungary and Ukraine.

Erste Group Research

Alro's subsidiary to purchase bauxite mines

2011-02-22

According to a media release, Vimetco, the majority owner of the aluminum smelter Alro (ALR), plans to transfer to Alro's subsidiary, the alumina producer Alum Tulcea (BBGA) the mining operations in Sierra Leone.

Raiffeisen Capital & Investment

More details on Transelectrica's 2011 budget

2011-02-22

The power grid operator Transelectrica published more details on its 2011 budget, to be approved by shareholders in the meeting of March 22.

Raiffeisen Capital & Investment

Tender for rehabilitating five railway tunnels

2011-02-22

The Romanian National Railway Company CFR SA organizes an open tender on April 11, 2011 to assign the contract referring to rehabilitation works of railway tunnels within the range of the Regional Railway Branches based in Brasov and Timisoara (central Romania).

ACTMedia

MFP borrows over EUR 226 mn from banks

2011-02-22

The Ministry of Public Finance (MFP), on Monday borrowed 226.17 million euros (959 million lei) from commercial banks, by issuing treasury bills at a discount, put on tender by Romania's National Bank (BNR). (1 euro = 4.24 lei).

ACTMedia

AmCham Romania supports Gov't initiative to amend labour legislation

2011-02-22

The American Chamber of Commerce in Romania (AmCham Romania) is supporting the Government's initiative to amend the labour legislation and reiterates the importance of substantial changes to the benefit of all parties involved: employees - employers - Government, AmCham reports in a press release.

ACTMedia

Erste CEE Macro Comments

2011-02-21

The EURHUF forward for year end is equal to the highest forecast of 19 banks participating in a Bloomberg survey.

Erste Group Research

Thanks to export, almost 50 percent increase in steel-making business last year

2011-02-21

The business made by the six steelworks operating on the Romanian market reached 1.9 billion euros in 2010, 50 percent higher than in 2009, when the figure was 1.29 billion euros, according to a survey made by Fin.ro newspaper, based on both the production and the international steel price.

ACTMedia

Romania officially out of recession in March ’11 - PM

2011-02-21

Romania will officially come out of recession at the end of the first quarter of 2011, Prime Minister Emil Boc said Friday evening.

ACTMedia

ZEW and Erste survey: Romania’s economic perspectives for the next six months improved

2011-02-21

The perception of financial analysts on Romania's economic evolution for the next six months improved in February as Romania was place on fourth in Central and Eastern Europe in a perspectives survey conducted by Zentrum fur Europaische Wirtschaftsforschung (ZEW) and the Austrian Erste group, Romanian news agency Mediafax reports.

ACTMedia

Erste CEE Macro Comments

2011-02-18

PL Rates: Two rate setters expressed their support for a rate hike yesterday. Anna Zielinska-Glebocka, who was clearly hawkish also before the surprising CPI data, said that rates should be hiked either in March or in 2Q and the council must not procrastinate.

Erste Group Research

Prebet 4Q 2010 results

2011-02-18

Constructions materials producer Prebet (PREB) reported some 4Q 10 key figures. Turnover stood at RON 6.3 mn, down 21% yoy and the company posted a net profit of RON 0.2 mn compared to RON 0.1 mn in 4Q 09.

Raiffeisen Capital & Investment

National Collective Contract removed from latest draft of Romanian Labor Code

2011-02-18

Every mention of the single national collective labor contract has been struck from the latest draft of Romania's Labor Code, which will be discussed Friday by Prime Minister Emil Boc, Labor Minister Ioan Botis and the major labor unions.

ACTMedia

Rockefeller Group plans to invest over EUR 100 mn in the real estate market in the region including Romania

2011-02-18

Europa Capital, member of the American Rockefeller Group plans to invest over 100 million euro in the real estate sector in the region, including Romania, Novinite reports.

ACTMedia

List of public-private partnership projects completed by 1 March

2011-02-18

The government already has a preliminary list of projects within the public-private partnership. The list will be completed by 1 March and then will be presented to the domestic and international business circles to attract investors, premier Emil Boc declared on Wednesday night at the press conference held at the end of the Executive meeting.

ACTMedia

Transgaz First Impression 4Q 2010: Dividend yield could climb above 10%

2011-02-17

The natural gas grid operator Transgaz reported a strong set of 4Q 2010 results, with the net profit above expectations, due to higher than estimated quantities transported, and thus revenues, and lower grid losses and maintenance expenses.

Raiffeisen Capital & Investment

Erste CEE Macro Comments

2011-02-17

HU Bonds and Fiscal: Yesterday, a senior official of the Government Debt Agency, Andras Laszlo Borbely, said that Hungary is not under pressure to issue additional net FX debt in 2011.

Erste Group Research

Record EUR 100 mn bio product exports for Romania in 2010

2011-02-17

Agerpres correspondent Mario Cretu reports: Romania has posted record exports of bio products in 2010 of 100 million euros, Chairman of the Bio-Romania Association Marian Cioceanu said on Thursday at BioFach 2011, the world's largest organic trade fair.

Agerpres

Maritime cooperation protocol between Romania and Turkey

2011-02-17

The bilateral cooperation between Romania and Turkey can be reinforced by the cooperation protocol between the National Company of Administration of Maritime Ports in Constanta (south-eastern Romania) and the Ro-Ro Pendik Port in Turkey, Minister of Transports and Infrastructure Anca Boagiu said on Thursday.

Agerpres

Romania topping the EU construction output rankings for December 2010

2011-02-17

Romania recorded the largest increase, of 17.6 percent, in construction output in December 2010, compared with November, among the European Union member states for which data were available.

Agerpres

Stock market opens high

2011-02-17

Stocks traded on the Bucharest Stock Exchange (BVB) on Thursday's opening session recorded an increase and the BET-C composite index edged up 0.17 percent in the first 30 opening minutes.

Agerpres

Govt okays budget for scrappage car scheme

2011-02-17

The Government passed a budget worth 228 million lei, namely round 53.6 million euros to the scrappage car scheme aimed at renewing Romania's vehicle fleet, in 2011, PM Emil Boc said.

Agerpres

Govt: EUR 300 mn to guarantee local authority debts

2011-02-17

The Government, on Wednesday, approved a total ceiling worth up to 300 million euros to offer state guarantees to the local authorities that take out loans to co-finance EU projects, in 2011, said PM Emil Boc.

Agerpres

Banca Carpatica 4Q 2010 results

2011-02-17

Banca Carpatica's (BCC) assets have contracted 2.9% qoq to RON 2.9 bn but they increased 19% yoy. Loans/deposits ratio stood at 39.8%.

Raiffeisen Capital & Investment

Transgaz 4Q 2010 results

2011-02-17

The natural gas grid operator Transgaz reported a strong set of 4Q results. Revenues came in 4% above expectations on 5% higher quantities transported.

Raiffeisen Capital & Investment

Sighisoara reaches final stage of Europe Prize

2011-02-17

Sighisoara (central Romania) was selected for the final stage of the Europe Prize, the highest distinction awarded by the Council of Europe Parliamentary Assembly, according to a letter sent to the municipality by the chairman of the Europe Prize section on the Committee on the Environment, Agriculture and Local and Regional Affairs of the Council of Europe.

ACTMedia

Romanian Trade Registry: No of insolvencies sharply down in Jan

2011-02-17

The number of Romanian companies dubbed insolvent in January dropped to 202, compared to a monthly average of 1,500-2,000 registered over the past two years and a half, Trade Registry data showed Wednesday.

ACTMedia

Fondul Proprietatea dividends to be five times smaller in 2011 than in 2010

2011-02-17

Fondul Proprietatea is suggesting a 2011 gross dividend of RON 0.0156 per share of the 2010 profit, which would be more than five times smaller that the dividends of RON 0.0816 per share distributed in 2010 of the 2008 and 2009 profits.

ACTMedia

Oxford Economics revises previous estimates and forecasts that Romania’s economy will grow this year

2011-02-17

Oxford Economics revised its forecast for Romania's economic growth in 2011 from a negative 1% to a 'marginal' increase of 0.1%, but warned that the main growth catalyst, the exports, is also a vulnerability.

ACTMedia

Erste CEE Macro Comments

2011-02-16

PL Macro: January inflation showed a more pronounced growth of prices than expected. In m/m terms, prices grew by 1.2% and y/y by 3.8% (vs. the expected 3.4% and December's 3.1%), above the CB's target range (2.5% +/-1%).

Erste Group Research

Dafora 4Q 2010 results

2011-02-16

Constructions and drilling company Dafora (DAFR) has released the 4Q 10 preliminary figures. Sales decreased by 30% yoy to RON 48.8 mn.

Raiffeisen Capital & Investment

Zentiva 4Q 2010 results

2011-02-16

The pharmaceutical producer Zentiva (SCD) posted a solid turnover growth in 4Q 2010 of 20% yoy at RON 53.1 mn. One of the most important growth drivers comes from increasing trading revenues (up 5x yoy to RON 10 mn), as following the international takeover of Zentiva by Sanofi-Aventis, SCD started promoting Sanofi-Aventis products.

Raiffeisen Capital & Investment

Prodplast 4Q 10 results

2011-02-16

Prodplast (PPL) has released its quarterly figures with a 30% increase in its sales to RON 13.75 mn. The company's raw materials costs have also surged 30% yoy to RON 10.2 mn while salaries expenses decreased 5% yoy to RON 1.4 mn.

Raiffeisen Capital & Investment

Cemacon 4Q 2010 results

2011-02-16

Building materials producer Cemacon (CEON) reported rising 4Q 2010 sales but a red bottom line. Sales came up by 3% yoy to RON 5.1 mn but total revenues climbed more than 50% to RON 11.4 mn on inventory accumulation and other revenues.

Raiffeisen Capital & Investment

Condmag 4Q 2010 results

2011-02-16

The industrial contractor Condmag (COMI) reported a strong set of 4Q 2010 results, after three quarters with lower yoy sales. Revenues climbed 38% to RON 54.1 mn while raw materials costs rose by 27% to RON 12.4 mn.

ACTMedia

Alro 4Q 2010 results

2011-02-16

Aluminum smelter Alro (ALR) released 4Q 2010 results under Romanian Accounting Standards (RAS). 4Q turnover increased 26% yoy (slowing down compared to previous quarters on a more difficult comparison base) to RON 475.6 mn on the back of higher aluminum prices.

Raiffeisen Capital & Investment

Fondul Proprietatea to pay a dividend of RON 0.0156 per share

2011-02-16

Fondul Proprietatea (FP) has announced through its manager that it might pay for 2010 a gross dividend of RON 0.0156 per share which implied a yield of 2.6%.

Raiffeisen Capital & Investment

Study: Crisis has affected 85% of Romanians 18 and over

2011-02-16

The Romanians allocated at the end of 2010 a large part of overall incomes for food and credits compared to 2008, while the budget proportion allocated for clothes and personal care objects, furniture or education dropped, the Financial Crisis Meter study made by Mercury Research shows.

ACTMedia

Eurostat: Romania's GDP dropped by 1.2% in 2010

2011-02-16

Romania's economy dropped by 1.2% last year, less than official estimates of authorities, which anticipated a 1.9-2% reduction.

ACTMedia

Biofarm First Impression 4Q 2010: Sales growth better than expected, beats the market

2011-02-15

Biofarm has released its 4Q 2010 preliminary results under Romanian Accounting Standards. Results were better than we expected with the turnover increasing by 36% yoy at RON 22.5 mn against our estimates of RON 18.5 mn.

Raiffeisen Capital & Investment

Constructii Transilvania 4Q 2010 key figures

2011-02-15

Constructii Transilvania (COTR) has released its key figures for 4Q 10. Sales amounted to RON 9.3 mn and were down 21% yoy while operating profit stood at RON 0.5 mn, decreasing 71% yoy.

Raiffeisen Capital & Investment

Bermas 4Q 2010 results

2011-02-15

Local beer producer Bermas(BRM) reported a 6% yoy increase in sales to RON 3 mn. On the costs side, raw material expenses dropped by 2% to RON 1.9 mn, while salaries increased by 18% yoy to RON 1.8 mn.

Raiffeisen Capital & Investment

Mecanica Ceahlau 4Q 2010 results

2011-02-15

Agricultural machinery producer Mecanica Ceahlau (MECF) released some financial figures for 4Q 2010. Sales reached RON 4.5 mn, up 15% yoy and the company finished 4Q on breakeven.

Raiffeisen Capital & Investment

Vrancart 4Q 2010 results

2011-02-15

Cardboard and toilet paper producer Vrancart (VNC) has reported higher sales but lower profitability due to surging costs. The quarterly sales amounted to RON 42.1 mn, up 25% yoy but raw materials expenses soared 43% yoy to RON 22.1 mn.

Raiffeisen Capital & Investment

Comelf 4Q 2010 results

2011-02-15

Comelf (CMF) reported its 4Q 2010 results, with rising sales but profit impact by financial losses. Sales went up by 30% yoy, raw materials costs doubled at RON 13.3 mn and salaries rose by 35% to RON 7 mn.

Raiffeisen Capital & Investment

Aerostar 4Q 2010 results

2011-02-15

Aerostar (ARS) reported a 11% yoy increase in sales to RON 53.9 mn. On the cost side, raw material costs came in 9% higher yoy at RON 10 mn, while labor expenses were almost flat at RON 14.5 mn.

Raiffeisen Capital & Investment

Orsova Shipyard 4Q 2010 results

2011-02-15

Orsova Shipyard (SNO) has released a weak set of 4Q 10 results. Sales came in at RON 11.9 mn, down 53% yoy while operational result was a loss of RON 1.28 mn, compared to a tiny profit of RON 0.02 mn for the corresponding quarter of 2009.

Raiffeisen Capital & Investment

Impact Developer & Contractor 4Q 2010 results

2011-02-15

Real estate developer Impact Developer & Contractor (IMP) reported a 32% yoy drop in sales to RON 8.7 mn. As a result of the sharp contraction in sales, IMP posted an operating loss of RON 5.7 mn.

Raiffeisen Capital & Investment

Rompetrol Well Services 4Q 2010 results

2011-02-15

The drilling services provider Rompetrol Well Services (PTR) reported good 4Q 2010 results. The turnover rose by 33% yoy to RON 22.6 mn.

Raiffeisen Capital & Investment

Prefab 4Q 2010 results

2011-02-15

Construction materials producer Prefab (PREH) 4Q 2010 sales decreased 9% yoy to RON 13.4 mn. On the costs side, raw material cost were lower 11% yoy to RON 6.2 mn, while third party expenses jumped 148% yoy to RON 4.8 mn.

Raiffeisen Capital & Investment

Oil Terminal 4Q 2010 results

2011-02-15

Oil Terminal published its 4Q 2010 results. Sales came in 21% higher yoy at RON 38.4 mn. Raw materials expenses surged 70% yoy to RON 2.6 mn, salaries climbed 14% to RON 18.5 mn while third parties expenses increased by 26% yoy to RON 11.2 mn.

Raiffeisen Capital & Investment

SOCEP 4Q 2010 results

2011-02-15

Stevedoring company SOCEP (SOCP) has reported robust quarterly figures, with its sales for 4Q 10 up 33% to RON 14.7 mn. Salaries expenses were down 2% yoy to RON 5.5 mn while third party expenses increased 12% yoy to RON 3.2 mn.

Raiffeisen Capital & Investment

Azomures 4Q 2010 results

2011-02-15

Fertilizers producer Azomures (AZO) has published strong results for 4Q 10, the last quarter when the company partially benefited from the facility offered by the Government to use only the cheaper domestically produced gas.

Raiffeisen Capital & Investment

Antibiotice 4Q 2010 preliminary results

2011-02-15

The state-owned pharma producer Antibiotice (ATB) released its 4Q 2010 preliminary results. Turnover was 7% higher yoy at RON 67.7 mn. On the costs side, labor expenses increased by 11% yoy on higher headcount at RON 17.5 mn, while third parties expenses were 20% lower yoy at RON 12.4.

Raiffeisen Capital & Investment

Romania: 4Q10 real GDP – flash estimates

2011-02-15

National Institute of Statistics released this morning the flash estimates for 4Q10 and 2010 economic growth. Real GDP increased by 0.1% q/q (seasonally-adjusted data) but remained in the negative territory in annual terms at -0.6% y/y in 4Q10.

BCR Research

Erste CEE Macro Comments

2011-02-15

RO Macro: Today, the National Institute of Statistics will release the flash estimate for 4Q10 real GDP. Our forecast shows that Romania remained in recession with real GDP falling 0.3% q/q (seasonally-adjusted data) and 1% y/y.

Erste Group Research

Compa 4Q 2010 results

2011-02-15

Auto components producer Compa (CMP) reported a hefty 49% yoy increase in 4Q sales to RON 120.3 mn on the back of strong exports to Western Europe.

Raiffeisen Capital & Investment

Alumil 4Q 2010 results

2011-02-15

Alumil Rom Industry (ALU) released the key 4Q 2010 financial figures. Full financial statements were not made available. Sales reached RON 20.2 mn, down 13% yoy, but slightly higher than our estimates (RON 19.2 mn).

Raiffeisen Capital & Investment

Biofarm 4Q 2010 results

2011-02-15

The pharmaceutical producer Biofarm (BIO) released its 4Q 2010 preliminary results. Turnover came in higher than we expected at RON 22.5 mn, 36% higher yoy.

Raiffeisen Capital & Investment

Transelectrica 2011 budget

2011-02-15

The power grid operator Transelectrica (TEL) called a shareholders' meeting for March 22 to approve among others the 2011 budget.

Raiffeisen Capital & Investment

Intermediary selection procedure started for OMV-Petrom offer

2011-02-15

The Economy Ministry began the selection process for the intermediary that will prepare the offer for the sale of its 9.84% stake in OMV-Petrom.

Raiffeisen Capital & Investment

Investors in the Golf, interested to expand in Romania

2011-02-15

The investors in the Golf, namely Saudi Arabia, the United Arabic Emirates, Bahrain, Oman, Kuweit and Qatar are interested to expand in Romania in domains such as agriculture, infrastructure and financial sector and are willing to place minimum 20 million dollars in a project.

ACTMedia

Eurostat: Romania the last in the EU as industrial production growth

2011-02-15

Romania was the last but one in the EU as regards the industrial production growth of December – 4.3%- against the same month of 2009, showing that the indicator dropped in three community states, according to a Eurostat report.

ACTMedia

MFP borrowed RON 600 mn from banks on Monday

2011-02-15

The Ministry of Public Finance (MFP) borrowed almost 600 million lei on Monday (about 141.176 million euros) from commercial banks, by issuing treasury bills at a discount, put on tender by the Central Bank.

ACTMedia

Monthly inflation rate - 0.77% in January

2011-02-15

Romanian consumer prices rose 0.77% on the month in January, while the annual inflation eased to 6.99%, the country's statistics institute INS said Monday.

ACTMedia

Feasibility study of AGRI project could be ended in April 2012

2011-02-15

The feasibility study of the AGRI (Azerbaijan-Georgia-Romania-Interconnector) gas pipe project could end by April 1, 2012, according to the protocol signed on Monday at the ministerial meeting in Bucharest on the development of the AGRI project, reads a release of the Romanian Ministry of Economy, Trade and the Business Environment.

ACTMedia

BRD-GSG Impression 4Q 2010

2011-02-14

BRD-GGS has released its 4Q 10 RAS unconsolidated results which were significantly below our and consensus estimates, profitability wise, due to higher risk costs. Despite the fact that NPLs formation does not seem to have accelerated, risk costs were driven up by a downward revaluation of the collateral and by the ongoing trend among some SMEs to appeal to the insolvency law.

Raiffeisen Capital & Investment

Teraplast First Impression 4Q 2010: Good results, in line with expectations

2011-02-14

Teraplast (TRP) released its 4Q 2010 results under RAS. Although our DCF model is based on IFRS consolidated figures, that include the results of Politub (PE pipes producer) and Plastsistem (sandwich panels producer), the results and the 2011 guidelines broadly confirm our estimates.

Raiffeisen Capital & Investment

Transelectrica First Impression 4Q 2010: Bottom line hit by provisions

2011-02-14

The power grid operator Transelectrica (TEL) provided its 4Q 2010 results, but without the breakdown of revenues or detailed information on costs. While revenues and quantities transported came in above expectations, profitability disappointed as the company recorded large provisions for receivables.

Raiffeisen Capital & Investment

BRD-GSG 4Q 2010 results

2011-02-14

BRD-GSG reported its 4Q 2010 results under RAS and some key figures on the consolidated 2010 results. 4Q 2010 results are disappointing in terms of profitability, with higher provision and also lower trading revenues.

Raiffeisen Capital & Investment

Erste CEE Macro Comments

2011-02-14

CZ Rates: From Friday's CNB meeting with analysts, we understood that the board is still split with consensus a function of monthly data.

Erste Group Research

Strong base effect supports disinflation process

2011-02-14

Consumer prices increased by 0.8% m/m and 7% y/y in January, above our expectations and market consensus that stood at 0.6% m/m. However, due to a strong base effect, annual inflation rate fell by 1pp in a single month.

BCR Research

Dacia, Nokia, Petrom, Rompetrol, Romania’s Top Exporters In 2010

2011-02-14

Romanian carmaker Automobile Dacia, the Romanian unit of Finnish mobile giant Nokia, oil company OMV Petrom and oil refinery Rompetrol Rafinare were the country's top exporters in 2010 both in the European Union and outside the EU, the Economy Ministry said Friday.

ACTMedia

Investors prefer Hungary as the reform in Romania seems good only on paper

2011-02-14

Hungary and Romania, both beneficiaries of financial support on the part of IMF approached different policies for economic relaunching, but the conservative strategy adopted by the authorities in Bucharest does not draw investors, Reuters says.

ACTMedia

Bancpost: Romania economic recovery threatened by high inflation

2011-02-14

Romanian economic recovery could be slowed down by a high inflation in 2011, as rising food and fuel prices on international markets threaten to drive local prices up, Dan Bucsa, chief economist at Romanian bank Bancpot said Friday.

ACTMedia

IMF intent letter: the government will privatize some energy companies if it will fail to create Electra and Hidroenergetica giants

2011-02-14

The government will sell its minority shares it holds at energy companies that should be part of the Electra and Hidroenergetica giants. However, it will not be done unless the strategy of setting up the new national giants will not be successful until the end of 2011, the government's intent letter to the IMF, for the end of the January – February evaluation reads quoted by Romanian news agency Mediafax.

ACTMedia

Jeffrey Franks (IMF): Romania is not at half road on the way to euro zone accession yet

2011-02-14

Jeffrey Franks, the head of IMF delegation to Buchrest stated in an interview offered to TVR that there are some signs that the economy is stabilising, despite the difficult situation Romania has to face.

ACTMedia

Romania, Georgia economic relations are on rise

2011-02-14

The economic relations between Romania and Georgia are on the rise, with commercial exchanges increasing by 30 percent in 2010, and with both parties being interested in building on this bilateral relation, Romanian Minister of Foreign Affairs Teodor Baconschi said on Friday.

ACTMedia

Teraplast 4Q 2010 results

2011-02-14

Teraplast (TRP) released its 4Q 2010 results under Romanian accounting standards (RAS). 4Q turnover climbed 9% yoy to RON 51.2 mn, fuelled by sales of own production (+12% yoy), while sales of merchandise were roughly flat (+2%).

Raiffeisen Capital & Investment

Transelectrica 4Q 2010 results

2011-02-14

The power grid operator Transelectrica (TEL) provided its 4Q 2010 results, but without any details on quantities transported, breakdown of revenues or grid losses.

Raiffeisen Capital & Investment

MFP to auction T-bills worth over EUR 140 mn

2011-02-14

The Public Finance Ministry (MFP) is holding an auction today to sell discount treasury bills worth more than 140 million euros (RON 600 million) redeemable in six months.

Agerpres

Snowpark for extreme sports, at 2,000 meters height

2011-02-14

A snowpark designed for extreme winter sports, snowboarding and freeskiing, will be opened in Sinaia (central Romania), at 2,000 m altitude, this weekend, according to Sinaia City Hall spokesperson Madalina Rosu.

Agerpres

Current account deficit increases 5% in 2010

2011-02-14

The current account of the balance of payments registered a 5.158 billion euro deficit in 2010, increasing 5 percent from 2009, because of the increase in the negative balances of incomes and services and of the current transfers surplus decline, according to a National Bank of Romania (BNR) release.

Agerpres

US Toro Company invests EUR 20 mn in Romania

2011-02-14

The US Toro Company invests in Romania about 20 million euros to build a plant producing micro-irrigation systems meant for vegetable growers, farm lands, orchards and vineyards in Eastern Europe.

Agerpres

Erste CEE Macro Comments

2011-02-11

PL central bank: NBP MPC member Glapinski said that he sees one, or at most two, rate hikes in the second half of 2011. He also said that there is no need to tighten immediately and sharply.

Erste Group Research

Condmag - results of the share capital increase

2011-02-11

The industrial contractor Condmag (COMI) announced the results of the share capital increase of December 9 – January 31.

Raiffeisen Capital & Investment

Bucharest Stock Exchange calls GSM to approve merger with SIBEX

2011-02-11

Bucharest Stock Exchange (BVB) called a shareholders meeting for March 29, 2011. Shareholders will be asked among others to approve the merger with Sibex and also to empower the Board to carry on with the procedures of the merger process.

Raiffeisen Capital & Investment

Bucharest Stock Exchange 4Q 2010 preliminary results

2011-02-11

Bucharest Stock Exchange (BVB) reported its 4Q 2010 preliminary results. Turnover fell by 41% yoy to RON 2 mn as trading volumes shrunk during the quarter. Restructuring efforts continued, but operational costs diminished to a minor extent (-2% yoy).

Raiffeisen Capital & Investment

IMF: New Agreement Aims Keeping Romania on the Right Track

2011-02-11

Romania's follow-up agreement with the International Monetary Fund sets a series of ambitious goals for the next two years, but not all of them will be completed by the end of the financial program, IMF mission chief Jeffrey Franks said late Wednesday.

ACTMedia

UGIR- 1903 arguing for collective labour agreements at all levels

2011-02-11

The UGIR-1903 union of industrial employers of Romania is arguing for the need to have collective labour agreements at all levels, erga omens, without exception, UGIR-1903 Chairman Ioan Cezar Coraci told a debate held by the Senate on the amending and supplementing of the Labour Code.

ACTMedia

Romanian Govt Approves Bill Eliminating Govt Inspectors

2011-02-11

Romania's Government approved a bill Wednesday evening eliminating the position of government inspector and people filling such positions are to be transferred into a reserve body.

ACTMedia

Implementation company of AGRI project to be set up in second half of 2011

2011-02-10

Implementation company of AGRI project is to be set up in the second half of 2011, with the participation of Azerbaijan, Georgia, Romania and Hungary, and the feasibility study will be completed in the first six months of this year, Tudor Serban, advisor to the Minister of Economy, told Agerpres.

Agerpres

Stock market opens low

2011-02-10

The Bucharest Stock Exchange (BVB) opened low on Thursday, with the BET-C composite index decreasing 0.06 percent in the first ten minutes.

Agerpres

Environment Fund investing in building 285 parks

2011-02-10

As many as 285 public parks will be built in Romania nationwide, as the Government has approved the allocation of RON 214 million (more than 50 million euros) off the Environment Fund to this end, Minister of the Environment and Forestry Borbely Laszlo reported on Wednesday.

Agerpres

Only 13% of Romanian SMEs have 3-5 year business plan

2011-02-10

Although the SMEs account for 90 percent of the companies in Romania, only 13 percent of them have a 3-5 year business plan, said Aurel Saramet, president of the National Fund for Guaranteeing Loans to SMEs (FNGCIMM), on Wednesday.

Agerpres

Concefa signed a RON 17 mn contract with CFR

2011-02-10

Erste CEE Macro Comments

2011-02-10

Analysts' views: CZ Macro - CPI data in January surprised on the downside. The structure wasn't surprising - as in December the m/m increase was also mainly about oil and food prices, with regulated prices adding the rest.

Erste Group Research

Erste CEE Trading Comments

2011-02-09

RON: Yesterday trading was seen in the shorter end of the swap curve. Bills and bonds were rather quiet. It looks like markets seems content with current levels.

Erste Group Research

Romania's industrial output decreased in December by 0.2% mom

2011-02-09

According to data released yesterday by the National Statistics Institute (INSSE), in December industrial output decreased 0.2% mom (seasonally adjusted data) mostly on the back of a 0.3% decline in manufacturing segment.

Raiffeisen Capital & Investment

Statistics: Industrial production, gross series, increased by 5.5% in 2010

2011-02-09

Industrial production (gross series) increased by 5.5 percent in 2010 compared with 2009, and as adjusted series, depending on the number of working days and seasonally changes by 4.1 percent, according to data centralized by the National Statistics Institute (INS ).

ACTMedia

Statistics: Construction works decline 13.2% in 2010

2011-02-09

Construction works in non-adjusted terms declined 13.2 percent in 2010 from 2009. Adjusted for working days and seasonality, they were down 14.4 percent, according to data with the National Statistics Institute (INS).

ACTMedia

AOAR: Accord with IMF was not good for business environment

2011-02-09

The representatives of the Businessmen's Association (AOAR) consider that the IMF accord was 'not good for business'. In the opinion of AOAR, the accord tried to repair some unbalances in the public sector but for business it brought the increase of VAT, massive arrears and the increase of insolvency among small and medium companies.

ACTMedia

New agreement with WB is to support Romania in improving its financial efficiency and health care system

2011-02-09

The World Bank (WB) will disburse this year to Romania, within the new agreement, a tranche of the Development Loan Programme worth 400 million euros, for the support of the measures taken for budget expenses efficiency and for fiscal consolidation in the fields of the state budget, public sector salaries, health care, education and social assistance.

ACTMedia

Romania's New Deal with EU Could Kick off May 1

2011-02-09

Romania's follow-up agreement with the European Commission might take effect on May 1, pending approval from the authorities in Brussels, a Commission official said Tuesday.

ACTMedia

IMF: Romania’s Decision to Waive on Final Installment Unmeddled with

2011-02-09

Romania's decision not to draw the last installment from its EUR13 billion loan with the International Monetary Fund was made of the government's own accord and it sends a positive signal to investors worldwide, an official of the International Monetary Fund said Tuesday.

ACTMedia

IMF new loan fully designated for BNR

2011-02-09

The total amount the International Monetary Fund (IMF) will place at Romania's disposal under the new precautionary stand-by agreement, namely 3.6 billion euros, will be designated for the National Bank of Romania (BNR), said Jeffrey Franks, the chief for the IMF Mission for Romania, on Tuesday.

ACTMedia

Erste CEE Macro Comments: BNR Inflation report and MinFin auction

2011-02-08

The NBR raised its inflation forecast for 2011 to 3.6% (from a previous 3.4%) but remains optimistic on inflation outlook and believes that inflation will again be on target in 4Q11.

Erste Group Research

New industrial orders in December 2010 increased by 42.3% compared to December 2009

2011-02-08

New industrial orders in December 2010 increased by 42.3 percent compared to December 2009, in nominal terms, as compared both to November 2010 - by 1.6 percent, and the same month a year before - 42.3 percent, according to data published on Monday by the National Institute of Statistics (INS).

ACTMedia

Statistics: Turnover in industry increased by 12% in 2010

2011-02-08

Total industry turnover, on the domestic and foreign markets, increased by 12 percent in 2010 compared with the previous year, the National Statistics Institute (INS) informs.

ACTMedia

Martin Harris: Development of trade relations between Great Britain and Romania is a priority

2011-02-08

The development of the trade relations between Great Britain and Romania is a priority, and the development of the Bucharest Stock Exchange (BVB) can facilitate these relations, Ambassador of the United Kingdom of Great Britain to Romania Martin Harris said in the opening of the Monday trading session.

ACTMedia

Kuweit, one of the richest states in the world, interested to invest in Romania

2011-02-08

Ahmad Baqer Al-Abdullah, the minister of commerce and industry of Kuweit, as well as other high officials of the state in the Golf will make a visit to Romania in March, occasion on which they will discuss the opportunity of some new investments on a local level.

ACTMedia

Finance ministry borrowed more than EUR 353 mn from domestic market

2011-02-08

The Ministry of Public Finance on Monday borrowed more than 353 million euros (almost 1.5 billion lei) from commercial banks, by an issue of treasury bonds with discount, put on tender through the Central Bank.

ACTMedia

Surplus Cash in Market to Drop Shortly

2011-02-08

Romanian liquidity excess in the interbank market is mostly due to a cluster of four to five banks that show reserve in lending funds to their peers, central bank governor Mugur Isarescu said Monday.

ACTMedia

Leu/Euro Exch Rate Stable, Free from Interventions

2011-02-08

The Romanian leu's stability against the euro is independent of the central bank's interventions in the monetary market, central bank governor Mugur Isarescu said Monday.

ACTMedia

Consumer Prices Exposed to Outside Pressure

2011-02-08

Romanian consumer prices are exposed to upward pressure from international food and oil prices, central bank governor Mugur Isarescu said Monday.

ACTMedia

Central Bank Governor Mugur Isarescu: Inflation variation meeting expectations in Q4 2010

2011-02-08

Inflation varied in Q4 2010 meeting the expectations and exceeded the variation range targeted by the Central Bank, mainly due to the VAT increase, Governor of the National Bank of Romania (BNR) Mugur Isarescu told a press conference on Monday.

ACTMedia

BNR to no longer take EUR 1 bn from IMF because it has sufficient reserves

2011-02-08

Romania's Central Bank (BNR) will no take one billion euros from the International Monetary Fund (IMF) because it has sufficient reserves, BNR Governor Mugur Isarescu said on Monday. According to him, the international gold reserves of BNR amount to 36 billion euros.

ACTMedia

Armax signed a contract with Romgaz worth EUR 6.4 mn

2011-02-08

According to a release to the Bucharest Stock Exchange (BVB), Armax (ARAX), a producer of equipment and installations used in the oil and gas sector, has signed a contract worth EUR 6.4 mn with Romgaz for building two natural gas drying stations.

Raiffeisen Capital & Investment

NBR raises slightly 2011 inflation forecast, sees no impact on rates

2011-02-07

Key messages sent by the NBR governor at the presentation of the quarterly Inflation Report:

BCR Research

Stock market opens higher on Monday

2011-02-07

The Bucharest Stock Exchange (BVB) opened higher Monday's trading session, with the BET-C composite index increasing 0.19 percent in the 15 opening minutes.

Agerpres

Romania to participate with 17 companies in largest organic products fair worldwide - Biofach 2011

2011-02-07

Romania will be present with 17 companies in the largest fair for organic products in the world - Biofach 2011, to be held in Germany, in Nuremberg, in the period February 16 through 19, 2011, this event being supported by the Association of Organic Agriculture Operators - 'Bio Romania', together with the Ministry of Economy, Trade and Business Environment - the Department of Foreign Trade.

Agerpres

Current quotations halve Franklin Templeton commission in Property Fund

2011-02-07

Current quotations on Bucharest Stock Exchange (BVB) halve the commission of American Franklin Templeton Investment Management Company Limited in the Property Fund (FP), which manages this Fund.

Agerpres

Romania Inflation Report

2011-02-07

Today, the NBR will present its Inflation Report. The press release issued after the most recent monetary policy meeting, at which the key rate was left unchanged at 6.25%, was particularly optimistic on the inflation outlook.

Erste Group Research

Erste Report on IMF loan last tranche decisions

2011-02-07

On Sunday, President Basescu said that Romania will not draw the last tranche of EUR 1bn from the IMF loan but will use the funds from the EU for the financing of the budget deficit.

Erste Group Research

Romanians' net average wage earning edges up in December

2011-02-07

The gross nominal average wage earning edged up by over 485 euros (namely 2.067 lei, 1 Euro = 4.26 lei) in Dec., by 8.8 percent higher than in Nov. 2010, the National Institute of Statistics (INS) told in a release on Friday.

ACTMedia

Bucharest-Danube Canal and Budapest-Bucharest-Constanta high-speed rail, among Romania's Danube Strategy projects

2011-02-07

Construction of the Danube-Bucharest Canal, the implementation of a high-speed rail between Budapest-Bucharest-Constanta, Danube ports modernization and the construction of two new road bridges over the Danube to Bulgaria represent some of the projects of the Action plan of Romania for the the Danube region strategy, whose priority areas were presented on Thursday, February 3, in a press conference, by Foreign Minister Teodor Baconschi, together with Infrastructure and Transport Minister Anca Boagiu and Minister of Regional Development and Tourism Elena Udrea.

ACTMedia

ING says inflation could top 6% end-December

2011-02-07

Romanian inflation is likely to reach and even surpass 6% at the end of December, due to upward pressure from international food prices and the government's commitment to eliminate subsidies for thermal energy, analysts of ING Bank Romania said Friday.

ACTMedia

Prospectiuni CEO statements

2011-02-07

The CEO of the geophysical and geographical prospecting company Prospectiuni (PRSN) made some comments in the media regarding their development strategy.

Raiffeisen Capital & Investment

Sudden liberalization of natural gas market could lead to bankruptcy and certain sectors collapse

2011-02-04

A sudden liberalization of the natural gas market could trigger bankruptcy of small and medium consumers and the collapse of the national chemical and petrochemical industry, Iulian Iancu, chairman of the Romanian National Committee of the World Energy Council (CNR-CME), told Agerpres on Thursday.

ACTMedia

Eurostat: Romania Dec ’10 Retail Sales Fall At Fastest Pace In EU

2011-02-04

Romanian retail sales fell 9.4% on the year in December 2010, the largest decline in the European Union, official data showed Thursday. EU's retail sales inched down 0.1% in December compared with the year-earlier month, EU's statistics agency Eurostat said.

ACTMedia

WB Unlikely To Revise Romania 2011 GDP Forecast After Review Mission

2011-02-04

The conclusion of the World Bank's review mission on Romanian economic and fiscal progress under a EUR20 billion international bailout will not prompt a revision of the country's growth forecast for 2011, an official of the World Bank said Thursday.

ACTMedia

ING: BNR will probably miss inflation target in 2011

2011-02-04

The central bank will not reduce the monetary policy interest rate in today's meeting because of inflation pressure but will most likely miss the inflation target for 2011, ING Bank Romania analysts say.

ACTMedia

Romania Central Bank keeps key rate at 6.25%

2011-02-04

The National Bank of Romania's (BNR) Board of Directors on Thursday decided to keep the key interest rate at 6.25 percent per annum, to keep the current levels of the minimum mandatory reserve rates applicable to national leu currency and forex liabilities of the lending institutions as well as to properly manage the banking system liquidity.

ACTMedia

EC announces priority area coordinators for EU Strategy for Danube Region

2011-02-04

Romania will be coordinating several priority areas of the EU Strategy for the Danube Region: the improvement of mobility and intermodality (the inland waterways area, together with Austria), the promotion of culture and tourism (together with Bulgaria) and the environmental risk management (together with Hungary).

ACTMedia

Antibiotice 2010 preliminary figures and 2011 budget

2011-02-04

According to a media release, the pharmaceutical producer Antibiotice (ATB) recorded in 2010 preliminary revenues of RON 260 mn and a gross profit of RON 18 mn, 15% higher yoy.

Raiffeisen Capital & Investment

OMV 4Q 2010 Trading Statement

2011-02-04

OMV's production figures increased as expected, due to higher gas production in Romania and Libya, and the start of fields in the UK and Pakistan.

Raiffeisen Capital & Investment

Petrom raises diesel fuel price by 0.04 lei a litre

2011-02-04

Oil Company Petrom has raised the basic price for the diesel fuel traded at its stations by 0.04 lei a litre starting Friday.

Agerpres

Ministry of Public Finance attracts over RON 1.275 bn by two bond issues

2011-02-04

The Ministry of Public Finance (MPF) borrowed 1,275 billion lei (about 0.3 billion euros) from commercial banks on Thursday, by issuing two benchmark bonds, put on tender by the Central Bank.

Agerpres

Monetary policy meeting: Key rate unchanged

2011-02-03

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

BCR Research

Google’s Hotpot is available also in Romania

2011-02-03

Google has recently launched the Hotpot service, allowing users in 38 countries, including Romania, to see recommendations for restaurants, hotels and coffee shops, based on other users' feedback.

ACTMedia

UniCredit Tiriac Bank: Foreign direct investments to Romania to reach EUR 5 bn this year

2011-02-03

UniCredit Tiriac Bank expects foreign direct investments in Romania to stay between EUR 4 and 5 billion this year. The bank's chief economist Rozalia Pal believes Romania will continue to see negative results in the first and second quarters of the year, which will influence the investor sentiment.

ACTMedia

Next IMF agreement will target the flexibility of the labour market

2011-02-03

The next agreement with the IMF will focus on reforms that would accelerate Romania's growth potential: special attention will be given to the flexibility of the labour market, EU funds absorption and orienting money towards investments, sources close to negotiations declared for HotNews.ro.

ACTMedia

Gov't adopts Emergency Ordinance on support to young entrepreneurs

2011-02-03

Romanians younger than 35 will be eligible for up to EUR10,000 as non-refundable financing to start their own micro-company, as long as they hire at least two employees and reinvest 50% of their profit every year, as per an emergency ordinance approved by the Government on Wednesday.

ACTMedia

Imotrust – GSM resolutions

2011-02-02

Imotrust (ARCV), the real estate developer, has announced that its shareholders gathered for the (E)GSM voted to approve the cancellation of its shares that were not subscribed by the holders of the subscription rights in due time.

Raiffeisen Capital & Investment

Comelft 2011 budget

2011-02-02

Environment protection equipment producer Comelf (CMF), held a GSM on January 27. Among other issues, the shareholders approved the company's 2011 budget.

Raiffeisen Capital & Investment

Banca Transilvania CEO’s interview

2011-02-02

Banca Transilvania's (TLV) CEO, Mr. Rekkers, said in a press interview that the bank was targeting for this year a loan growth higher than in 2010, even close to 20%.

Raiffeisen Capital & Investment

Egypt and Romania – trade relations dropping since 1995

2011-02-02

Commercial relations between Romani and Egypt having been dropping of late. The value of Romanian exports to Egypt was last year 143 million euro, on the drop since 2009 – 190 million euro.

ACTMedia

NBR's International Reserves - January 2011

2011-02-02

According to central bank data, on January 31st 2011, National Bank of Romania's foreign exchange reserves stood at EUR 32,689 million, compared to EUR 32,432 million on December 31st 2010.

ACTMedia

Romanian Economy minister: IMF demands liberalization of prices for natural gas and electric energy

2011-02-02

Economy minister Ion Ariton declared that the IMF demanded the liberalization of prices for natural gas and electric energy and asked for a new calculus formula for them.'We have talked with the IMF mission about the steps that need to be taken in order to ensure Romania's economic growth, the situation of mining and gas prices in the time to come included,' said Ariton.

ACTMedia

Tanasescu(IMF): IMF and EC ask government to include arrears in budget deficit

2011-02-02

IMF and EC asked the government to report budget deficit according to the model used by EU – ESA95, which includes state debts to companies, Romania's representative with IMF, Mihai Tanasescu said.

ACTMedia

Banca Transilvania First Impression 4Q 10

2011-02-01

Banca Transilvania's (TLV) unconsolidated results were in line with our and consensus estimates in terms of net profit. While risk costs were somewhat higher than our expectation, the overall picture on this front is that of a stabilization.

Raiffeisen Capital & Investment

Mecanica Ceahlau 2011 budget

2011-02-01

Agricultural equipment manufacturer Mecanica Ceahlau (MECF), held a GSM on January 28. Among other issues, the shareholders approved the company's 2011 budget.

Raiffeisen Capital & Investment

Banca Transilvania 4Q 2010 results

2011-02-01

Banca Transilvania's (TLV) 4Q 10 results under RAS where in line with our and consensus estimates in terms of net profit. Gross loans were up 1.5% qoq, slightly better than our expectations, and have grown 9.9% yoy.

Raiffeisen Capital & Investment

Transgaz 2010 revised budget and 2011 budget

2011-02-01

The natural gas transporter Transgaz (TGN) made public the materials for the shareholders' meeting of March 2, 2011, namely the 2010 revised budget and the 2011 budget.

Raiffeisen Capital & Investment

Transgaz Company News - 2011 budget

2011-02-01

The natural gas transporter Transgaz (TGN) made public the materials for the shareholders' meeting of March 2, 2011, when the shareholders will be asked to approve the 2010 revised budget and the 2011 budget.

Raiffeisen Capital & Investment

Mechel units produced three times more laminated profiles than in 2010

2011-02-01

The metallurgical units in Romania controlled by the Russian group Mechel produced in 2010 almost three times more laminated profiles as compared to 2009 up to 164,099 tons, while the total production of steel, laminated and wire reached 1.83 million tons.

ACTMedia

MFP increases securities issue volume by RON 2 bn in first quarter

2011-02-01

The Public Finance Ministry (MFP) on Monday announced it increased the indicative volume of government securities issues on the domestic market for the first quarter of 2011, from 13-15 billion lei to 15-17 billion lei.

ACTMedia

Mihai Tanasescu IMF: The discussions showed that great progress was obtained but some elements are still to be improved

2011-02-01

« The agreement with the international authorities was an instrument which created a certain stability. Out of the preliminary discussions, there was much progress made. This agreement could be finalised in good conditions.

ACTMedia

OTP Bank Romania continues the 'Right to Read' campaign

2011-01-31

OTP Bank Romania continues its social responsibility campaign, the 'Right to Read'. The first stage of the campaign brought successful results, during 2010. 53 schools were equipped with more than 30.000 books, thus bringing the joy to read to more than 11.000 children.

OTP Bank

Cushman&Wakefield survey: Office market shows good signs for 2011

2011-01-31

The Romanian office market is to see positive prospects in 2011, both in terms of its economic growth, and because many companies postponed analyzing how many office spaces they need, but are to make a decision in the respect, this year, say data of the global analysis Cushman&Wakefield makes public, on Monday.

Agerpres

IAEA mission to Romania, to assess nuclear safety measures

2011-01-31

An international team of experts in nuclear field completed, on January 28, a two-week mission in Romania, to check up the nuclear safety measures, noting 'a great openness and transparency' of the authorities in charge with the nuclear sector, the International Atomic Energy Agency (IAEA) in Vienna informs in a press release issued at the end of the aforementioned mission.

Agerpres

Stocks opens low, on Monday

2011-01-31

The Bucharest Stock Exchange (BVB) moved downwards in the opening of the session this Monday, with the BET-C composite index dipping 1.32 percent in the first twenty minutes after the start of trades.

Agerpres

Research and Markets :'Romania Infrastructure Report Q1 2011'

2011-01-31

Business Monitor International's Romania Infrastructure Report provides industry professionals and strategists, corporate analysts, infrastructure associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Romania's infrastructure industry.

ACTMedia

Premier Emil Boc rejects a possible privatisation of CEC

2011-01-31

Premier Emil Boc expressed his disagreement with the possible privatisation of CEC Bank. The prime – minister was asked if the state wanted to sell the majority packages owned by other companies besides CFR Marfa and Termocentrale according to the agreement with IMF.

ACTMedia

Ropharma 4Q 2010 preliminary results

2011-01-31

Pharmaceuticals retailer and distributor Ropharma (RPH) reported its preliminary 4Q 2010 results. Sales were up 6% yoy and reached RON 89.6 mn.

Raiffeisen Capital & Investment

Oltchim 4Q 2010 results

2011-01-31

Chemicals producer Oltchim (OLT) released its 4Q 2010 results under RAS. Sales advanced by 40% yoy to RON 400 mn. On the costs side, raw materials costs climbed faster (+55% yoy to RON 232.1 mn), while other items had slimmer growth rates (ex. energy and labor costs rose by 5% and 27%, respectively).

Raiffeisen Capital & Investment

Standard & Poor's keeps Transgaz rating unchanged

2011-01-28

Standard & Poor's Ratings Services maintained the corporate credit ratings of Romania's National Gas Transmission Company Transgaz at BB+ with stable outlook for foreign currency, and at BBB- with stable outlook for local currency, respectively, informs a company press release published on the website of the Bucharest Stock Exchange (BVB).

Agerpres

EUR 100 mn loan for Otopeni Airport development

2011-01-28

The banking consortium made up of BRD-Groupe Societe Generale and the Romanian Commercial Bank (BCR) signed a 100 million euro worth loan contract for financing the Henri Coanda International Airport modernization project.

Agerpres

Derivatives on Proprietatea Fund shares, almost 15% of Sibex transaction volume

2011-01-28

The week's last but one trading session brought the Proprietatea Fund (FP) share derivatives (DEFPR) for the first time on the domestic capital market, with 636 contracts on Proprietatea Fund derivatives, the number of open positions amounting to over 1,200, which is almost 15 percent of the total derivative transfers on the Stock Exchange in Sibiu (central Romania).

Agerpres

As many as 42,189 residential building permits issued in 2010

2011-01-28

As many as 42,189 residential building permits were issued in 2010, down 13.6% compared to 2009, according to the data centralized by the National Statistics Institute (INS).

Agentia Nationala de Presa - Agerpres

Stocks down 0.98% in Friday's session opening

2011-01-28

The Bucharest Stock Exchange (BVB) moved downwards in the opening of the session this Friday, with the BET-C composite index dipping 0.98 percent in the first fifteen minutes after the start of trades.

Agerpres

Trade between Romania and Italy rises in 2010

2011-01-28

The trade between Romania and Italy rose in 2010 to over 7.6 billion euros, up by 16.5% from 2009, with Italian firms having contributed by some 7-8% to Romania's GDP, the Romanian Foreign Ministry's State Secretary for European Affairs Bogdan Aurescu told a Thursday's press conference after a meeting with his Italian counterpart Alfredo Mantica.

Agerpres

Romania aligns with European energy policies

2011-01-28

Agerpres correspondent George Andrei reports: Romania aligns with the European energy policies, supports the diversification of natural gas sources and transmission routes, backs the Nabucco project as a priority and emphasizes the complementarity of the Nabucco project and the Azerbaijan-Georgia-Romania Interconnector (AGRI), Alexandru Gradinar, 1st Secretary with Romania's Embassy in Austria responsible for economic and energy affairs told Agerpres on the occasion of the European Gas Conference 2011 held in Vienna.

Agerpres

Commercial real estate transactions in 2010: some EUR 300 mn

2011-01-28

The value of real estate transactions with commercial properties amounted last year to 293 million euros, according to a study of real estate consultancy firm DTZ Echinox, published by Ziarul financiar daily.

Agerpres

Ionut Movanu appointed new Tax Director at LeitnerLeitner Romania

2011-01-27

Ionut Movanu joined LeitnerLeitner team in January 2011 as the new Tax Director at LeitnerLeitner Romania. Ionut will develop the new Business Line Banking & Finance in close collaboration with the already existing Practice Group Banking & Finance in Austria with its well-known representatives and LeitnerLeitner Partners Univ. Prof. Dr. Sabine Kirchmayr-Schliesselberger and Tatjana Polivanova-Rosenauer.

LeitnerLeitner Romania

Banca Transilvania launched the offer for the unsubscribed shares during the rights issue

2011-01-27

According to the documents published by the Securities Commission (CNVM), Banca Transilvania (TLV) has started on January 24 to offer to employees and selected investors some 7.3 mn shares which remained unsubscribed following the RON 120 mn rights issue.

Raiffeisen Capital & Investment

In Romania, art sales exceeded EUR 8 mn in 2010

2011-01-27

Art auction market is twice as much in 2010, the level exceeding 8 million euros, compared to 3.7 million in 2009, Artmark House representatives announced, on Tuesday, in a press conference.

ACTMedia

Euromonitor : consumption expenditure in Romania will grow moderately by 2020

2011-01-27

Consumption expenditure in Romania were last year of 4,600 dollar/inhabitant and will record by 2020 a moderate increase, reduced by the decrease and ageing of the population, as well as by the faded economic growth, according to Euromonitor International.

ACTMedia

Coraci : Franks says that the effects of VAT increase were not noticeable due to the government management

2011-01-27

The head of IMF mission to Bucharest, Jeffrey Franks said during his discussions from the Economic and Social Council that the effects of VAT increase were not noticeable due to the reduced capacity for management of the government, the UGIR – 1903 chairman Cezar Coraci said.

ACTMedia

Investments in commercial spaces to attain EUR 500 mn in 2011

2011-01-26

The investments in commercial buildings are expected to attain 500 million euros, in Romania, in 2011, by 138 percent higher than in 2009, informs the Investment Market Update survey conducted by DTZ Company.

Agerpres

Households' and companies' deposits increase 5.8% in 2010

2011-01-26

The households' and companies' deposits increased 5.8 percent in 2010 compared with 2009 and amounted to 177.438 billion lei (approximately 41.75 billion euros), according to the data published by the National Bank of Romania on Wednesday.

Agerpres

Jeffrey Franks (IMF): Improvement in labor efficiency and productivity, a key to Romania's economic growth

2011-01-26

Romanian economy could grow especially by increasing labor productivity and efficiently using workforce and investments, head of the IMF mission to Romania, Jeffrey Franks, declared on Wednesday, as cited by sources who attended the meeting of the IMF mission with members of the Economic and Social Council (CES).

Agerpres

National car fleet reaches 5.42 million cars, out of which 20 percent registered in Bucharest (DRPCIV)

2011-01-26

The Romanian car fleet total number pf vehicles at the end of 2010 was by 100,000 units larger than in the previous year, reaching 5.42 million units, out of which 20 percent are registered in Bucharest, show the data of the Directorate for Driving Licence Regime and Vehicle Registration (DRPCIV) of the Capital Police, published on Tuesday, January 25.

Agerpres

Stocks down in Wednesday's session opening

2011-01-26

The Bucharest Stock Exchange (BVB) opened down on Wednesday, with the BET-C composite index sliding 0.37 percent in the first fifteen minutes after the session opening. Trades in the first quarter-hour were in excess of RON 18.397 million. Of this amount, Proprietatea Fund shares - freshly introduced to trades on Tuesday - accounted for RON 2.239 million.

Agerpres

Vestas opens representative office in Romania

2011-01-26

Vestas Company, one of the world leaders in wind power technology, officially opens its offices in Romania on Wednesday.

Agerpres

Transactions worth EUR 50 mn of FP shares boost BVB liquidity to reccord level

2011-01-26

Transactions worth 50 million euros of the Proprietatea Fund (FP) shares, on Tuesday, boosted the Bucharest Stock Exchange (BVB) liquidity to the record level of 244.39 million lei, namely 57.34 million euros, during the past eleven months.

ACTMedia

BVB president: PF listing could set off economy-beneficial string of events

2011-01-26

The listing of Proprietatea Fund (PF) on the Bucharest Stock Exchange could set off in the future a string of positive events for the capital market in particular, but also for the economy overall, said president of the Bucharest Stock Exchange Bucharest (BVB) Stere Farmache.

ACTMedia

Tanasescu (IMF): Cooperation with IMF to begin with streamlining certain areas

2011-01-26

The talks between Romanian authorities and the International Monetary Fund delegation regarding future cooperation will start from a major obligation for Romanian economy, namely to streamline certain areas, by speeding the structural reforms, Mihai Tanasescu, Romania's representative at IMF, told RFI radio on Tuesday.

ACTMedia

Teraplast – share buyback program update

2011-01-26

Teraplast (TRP) announced that between December 2, 2010 and January 20, 2011 it purchased from the open market some 0.6 mn of its own shares at an average price of RON 0.42 per share.

Raiffeisen Capital & Investment

Proprietatea Fund might seek London, Warsaw, Vienna or Hong Kong listing

2011-01-25

Proprietatea Fund might seek listing in London, Warsaw, Vienna or Hong Kong, Mark Mobius, executive chairman of PF manager Franklin Templeton Emerging Markets declared on Tuesday on the occasion of the debut of stock exchange trades in Proprietatea Fund.

Agerpres

BVB president: PF listing could set off economy-beneficial string of events

2011-01-25

FP shareholders have already transferred two billion shares to brokers' accounts

2011-01-25

The Proprietatea Fund (FP) shareholders on Tuesday morning transferred two billion shares to brokers' accounts, Central Depository CEO Adriana Tanasoiu said at the FP listing on the Stock Exchange on Tuesday.

Agerpres

ISPE, Romgaz and Transgaz team up to develop Romania's first CCS project

2011-01-25

Companies Romgaz and Transgaz joined forces with the Institute for Studies and Power Engineering - ISPE for the implementation of the carbon dioxide capture and geological storage (CCS) technology by the development of the first such Demonstration Project in Romania, reads a Romgaz release.

Agerpres

IMF begins talks with Central Bank officials in Bucharest

2011-01-25

The mission of the International Monetary Fund (IMF), headed by Jeffrey Franks, has arrived at the National Bank of Romania (BNR) for talks within the seventh review conducted under the Stand-By Agreement.

Agerpres

Mega Image sales amount to RON 1 bn in 2010

2011-01-25

The Mega Image chain sales amounted to approximately one billion lei in 2010, VAT included, as they were supported by price adjustments as well as by the chain's expansion by 21 stores, according to a release of the company mentioned before.

Agerpres

BVB opens down Tuesday's trading session

2011-01-25

The Bucharest Stock Exchange (BVB) opened down Tuesday's trading session, with the BET-C composite index decreasing 0.36 percent in the 30 opening minutes, the transactions value exceeding 41.992 million lei.

Agerpres

Petrom cuts fuel price by 4 bani/litre

2011-01-25

Petrom cut on Tuesday the reference price of fuels in OMV and Petrom petrol stations by 4 bani/litre due to the decrease in the tax component by 0.01 dollars, following the stop in collecting the tax for the Special Fund for Petroleum Products, the company informs.

Agerpres

Over three million euros' worth of Proprietatea Fund stocks in first minutes on BVB

2011-01-25

The Bucharest Stock Exchange (BVB) traded Proprietatea Fund (FP) stocks in 261 deals worth 13.4 million lei (over three million euros) in the first five minutes.

Agerpres

Mark Mobius: Property Fund can relaunch capital market

2011-01-25

Mark Mobius, the CEO of Templeton Asset Management, hopes to change Romania's image among foreign investors through the January 25 listing of Property Fund on the Bucharest Stock Exchange /BVB/, informs an article published on Tuesday by Financial Times.

Agerpres

Market of profile systems with architectural application to grow by 5-7% in 2011

2011-01-25

The market of profile systems with architectural application is to increase in 2011 by about 5-7 percent, up to some 117 million euros, due to rehabilitation programs and expansion of store networks, sales director of Alumil Rom Industry SA, Horatiu Capmare, told Agerpres on Monday.

Agerpres

Rompetrol cuts price of fuels by 3 bani/litre as of Tuesday

2011-01-25

Rompetrol Downstream, the retail arm of Rompetrol Group in Romania, will cut, as of Tuesday, the reference prices of the fuels sold through its own petrol stations by 3 bani/litre, following Friday's elimination of the one cent / litre tax for the Special Fund for Petroleum Products (FSPP), the company informs.

Agerpres

Three companies announce withdrawal from construction project of Cernavoda Reactors 3 and 4

2011-01-25

Power groups GDF Suez, Iberdrola and RWE have announced on Monday, during the meeting of the companies signatory of the Investors Agreement on the construction project of Reactors 3 and 4 of the Cernavoda Nuclear Power Plant, that they are withdrawing from this project due to reasons pertaining to each company strategy, the Ministry of Economy, Trade and Business Environment informs.

Agerpres

APIA estimates an increase of new cars sales of 8.5% in 2011

2011-01-25

The Association of Manufacturers and Importers of Automobiles in Romania (APIA) estimates for 2011 an increase of about 8.5 percent in the new car sales, up to 115,000 units, and relies on a balance between second hand cars deliveries and the new cars sales.

Agerpres

MFP borrowed over EUR 234 mn from domestic market

2011-01-25

The Ministry of Public Finance (MPF) on Monday borrowed over 234 million euros, namely over 999.96 million lei from the commercial banks, in an issue of discount T-bills, placed on tender through Romania's Central Bank (BNR).

ACTMedia

Stock exchange trading in Proprietatea Fund starts today

2011-01-25

Bucharest Stock Exchange trading in Proprietatea Fund (PF) stock starts on Tuesday, January 25, in what represents a landmark event on the local stock market in the recent years.

ACTMedia

EBRD supports development of rural leasing in Romania: EUR 7 mn loan financing for IMPULS-Leasing Romaniaa

2011-01-25

The EBRD is diversifying the availability of financing for smalilability of financing for small and medium-sized companies in Romania with a EUR 7 million loan to IMPULS-Leasing Romania IFN SA (ILRO) to support the extension of leasing services in rural areas, the bank infoirms in a press release sent on Monday.

ACTMedia

EBRD revises Romania 2011 economic growth forecast upwards

2011-01-25

Romania's economy will grow by 1.1 percent this year, as compared to an October 2010 forecast that had anticipated an expansion of 0.9 percent in 2011, reveals a report of the European Bank for Reconstruction and Development (EBRD) made public in Vienna on Monday.

ACTMedia

IMF delegation starts on Tuesday seventh Stand-by Agreement review mission

2011-01-25

An International Monetary Fund (IMF) mission headed by Jeffrey Franks will be in Bucharest over January 25 - February 8, 2011 for the seventh review conducted under the Stand-By Agreement.

ACTMedia

Alumil Rom Industry 2011 estimates

2011-01-25

According to Alumil Rom Industry (ALU) management, cited by the media, the local architectural profiles market is expected to recover moderately in 2011 and to grow by 5-7% yoy.

Raiffeisen Capital & Investment

Transgaz calls GSM to approve 2011 budget

2011-01-25

The natural gas transporter Transgaz (TGN) called a shareholders' meeting for March 2, 2011. Shareholders will be asked to approve among others a revised 2010 budget, and the 2011 budget.

Raiffeisen Capital & Investment

Fondul Proprietatea will launch the buy-back program today

2011-01-25

Fondul Proprietatea (FP) announced through its manager Franklin Templeton that the shares buy-back program would be activated starting today, simultaneously with the beginning of the listing of its shares on the Bucharest Stock Exchange.

Raiffeisen Capital & Investment

The Minister of economy wants to privatise the companies in his supervision and find out what investments he could draw

2011-01-24

The minister of economy will require the government for a new mandate to initiate privatisation or share sale for the energy companies, after receiving such powers in the previous years, but without any result, estimating that he could draw over 10 billion euro.

ACTMedia

Catalin Pauna: World Bank approves EUR 300 mn loan for Romania

2011-01-24

The World Bank Board of Directors on Thursday approved a second loan for Romania totalling 300 million euros as part of the Development Program Loan (DPL), chief economist of the World Bank Office in Bucharest, Catalin Pauna told Agerpres.

ACTMedia

Bucharest Stock Exchange and SIBEX resume talks on merger

2011-01-24

Representatives of the Bucharest Stock Exchange (BVB) and Sibiu Monetary Financial and Commodities Exchange (SIBEX) met on January 22 and decided to resume talks regarding a possible merger between the two.

Raiffeisen Capital & Investment

Antibiotice 2011 budget

2011-01-21

The state-owned pharma producer Antibiotice (ATB) made public the budget sent to the Ministry of Health for approval. The company budgeted operating sales of RON 275 mn, up almost 15% against the 2010 budget.

Raiffeisen Capital & Investment

Conpet 2011 budget

2011-01-21

The shareholders of the operator of crude oil and oil products pipelines Conpet (COTE) approved in the shareholders' meeting of January 20, among others, the 2011 budget.

Raiffeisen Capital & Investment

RWE, GDF Suez and Iberdrola back out of EnergoNuclear

2011-01-21

According to media sources, GDF Suez, RWE and Iberdrola announced their withdrawal from the public-private partnership EnergoNuclear.

Raiffeisen Capital & Investment

Unicredit division chief: Romania has problems but we continue investments

2011-01-21

Romania remains on the list of the most important four states in the are in which Unicredit will invest, although it is among the last countries in which economy cannot recover and the situation is still difficult, said Gianni Papa, the head of the Unicredit Central and east European division declared in Vienna, according to Mediafax.

ACTMedia

Finance Ministry sells RON 500 million worth of benchmark bonds

2011-01-21

The Ministry of Public Finance (MFP) on Thursday raised RON 500 million (117.65 million euros) in a benchmark bond issue auctioned off by the National Bank of Romania to local commercial banks.

ACTMedia

Mihai Tanasescu, IMF: the main lesson to be learned from the crisis is to know how to attract private money

2011-01-21

The agreement between Romania and the IMF is almost at its end. The agreement was signed with the aim to push Romania towards economic growth but it did not comply with its target.

ACTMedia

Coface maintains Romania’s rating at B

2011-01-21

Romania maintains its level B rating, non-suitable for investments, Coface Romania, Bulgaria and Slovakia Country Cluster Manager Cristian Ionescu declared. Romania has been under a 'B' rating since June 2009.

ACTMedia

The annual meeting, at Cotroceni Presidential Palace, of the heads of diplomatic missions accredited to Bucharest

2011-01-21

The technological and economic achievements of China, Japan or India cannot leave Romania insensitive, President Traian Basescu declared on Thursday.

ACTMedia

SIF Transilvania asks for compensation for stake in IAR Ghimbav

2011-01-20

According to local media, SIF Transilvania (SIF3) officials asked the majority shareholder of helicopter producer IAR Ghimbav (IARV), the Ministry of Finance, to compensate them for the 5% stake in the company with other stocks at companies in the Ministry's portfolio or with cash.

Raiffeisen Capital & Investment

Transelectrica CEO statements

2011-01-20

According to media sources citing the CEO of the power grid operator Transelectrica (TEL), the management of the company plans to propose to its main shareholder, the Ministry of Economy, to allow for an offer of an additional stake of 5% to 8% in the company to raise funds to finance its investment projects.

Raiffeisen Capital & Investment

Eurostat: Romania reports biggest slump in construction works in EU in November

2011-01-20

Romania experienced the biggest slump in construction works of all the European Union in November 2010, as opposed to the previous month, minus 4.6 percent, according to data presented on Wednesday by the Statistical Office of the European Commission (Eurostat).

ACTMedia

Economist Intelligence Unit: Romania’s economy will recover slowly in 2011

2011-01-20

Romanian economy is expected to grow only modestly in 2011, after a decline of 2% envisaged for 2010, while tough austerity measures are bound to face strong social opposition and could create instability, the Economist Intelligence Unit said in its latest global forecast Tuesday.

ACTMedia

Franks, IMF: The big disappointment is the economy has not returned to growth

2011-01-20

The IMF's big disappointment after two years of arrangement with Romania is that the economy has yet to return to growth, says Jeffrey Franks, the head of the mission negotiating and managing the Fund's relationship with Bucharest.

ACTMedia

Romania is to sign agreement on joining European Space Agency Convention

2011-01-20

Romania on Thursday, January 20, at the Foreign Affairs Ministry (MAE), will sign the agreement on Romania's joining the European Space Agency (ESA) Convention.

ACTMedia

ECB accepts Central Depository to join T2S pan-European settlement platform in first wave

2011-01-19

The Central Depository has obtained the European Central Bank's agreement to be part of the first group of central depositories allowed to connect to the pan-European settlement platform Target2 Securities (T2S), the institution announced.

Agerpres

Exchange rate to fluctuate 4.15 - 4.21 lei/ 1 euro and inflation to stand at 4.5-5% (analysis)

2011-01-19

The leu/euro exchange rate will most likely fluctuate between 4.15 and 4.21 lei for 1 euro, with 4.10 lei / 1 euro being the most optimistic level that could be reached this year, Cristian Cochintu, financial analyst at Financiar Admiral Markets Romania, told Agerpres.

Agerpres

Stock market opens 1.24% high

2011-01-19

The Bucharest Stock Exchange (BVB) opened high its trading session, with the BET-C composite index growing by 0.45 percent, in the first 15 opening minutes on Wednesday.

Agerpres

VAT and flat tax not to be modified, finance minister assures

2011-01-19

The Agerpres' George Andrei reports: the 16% flat tax and the 24% VAT will not be modified in the coming period, and Romania's financial perspective for 2011 is good, said on January 18 Romanian Finance Minister Gheorghe Ialomitianu, who attended the Euromoney Central and Eastern European Forum, in Vienna.

Agerpres

Almost one third of energy production capacities are to be closed in ten years

2011-01-19

Romania must shut down energy production capacities of 5,544 MW in the next ten years, namely 28 percent of the full capacity of the power system, announced on Tuesday, Director General of the Energy Policy Division with the Ministry of Economy, Alexandru Sandulescu, on the occasion of the Wind Power Romania Conference.

Agerpres

Assets of mandatory private pension funds have exceeded one billion euros

2011-01-19

The assets of the new mandatory private pension funds (Pillar II) increased in December 2010 by 4.3 percent compared to November and have exceeded as of last year-end one billion euros, reaching the level of 4.33 billion lei, the Private Pension System Supervisory Commission (CSSPP) informs.

Agerpres

GE Energy's newest wind turbines, used in two wind farms in Romania

2011-01-19

GE Energy, one of the most important companies in the renewable energy sector, will team up with Monsson Alba, developer of wind farms, for two new projects in Romania, which will add 35 MW of wind energy to the national grid, reads a GE's press release sent Agerpres on Tuesday.

Agerpres

Government plans to simplify verification on ground for EU funded projects

2011-01-19

Government plans to simplify on ground verification procedures in the case of projects funded through the European Regional Operational Programme, following talks on Tuesday, at Victoria Palace, between Premier Emil Boc, the Regional Development and Tourism Minister, Elena Udrea, as well as other officials in charge with EU funds absorption.

Agerpres

National Library of Software Programs to open in Bucharest

2011-01-19

The Ministry of Communications and Information Society (MCSI) through the Bucharest-based National Institute for Research and Development in Informatics (ICI) is launching the National Library of Software Programs, at ten a.m. on Thursday, Jan 20.

Agerpres

Romania may sign a precautionary agreement

2011-01-19

According to World Bank officials, cited by the local media, Romania is preparing to negotiate a new agreement with the International Monetary Fund (IMF), European Commission (EC) and the World Bank.

Raiffeisen Capital & Investment

UNCTAD: Romania's economy to rise by 2.5% in 2011 and by 4% in 2012

2011-01-19

Romania's economy will grow by 2.5 percent in 2011 and by 4 percent in 2012, after a 1.5 percent decline in 2010, according to evaluations released on Tuesday by the United Nations Conference on Trade and Development (UNCTAD).

ACTMedia

CE promises harsher stress tests for banks until end of first semester

2011-01-19

European authorities in the banking field will make a new round of stress tests for banks by June, more difficult than last year, the European commissioner for economic and monetary affairs Olli Rehn said, after a meeting of finance ministers in the euro area.

ACTMedia

BVB - most performing stock market in December 2010

2011-01-19

The Bucharest Stock Exchange (BVB) obtained the best performance over November 30 - December 31 within the FTSE Mondo Visione Exchanges index by recording an 18.2% rise in the value of shares denominated in dollars, informs BVB.

ACTMedia

Admiral Markets Report: The leu will end year with slight growth

2011-01-19

The fight of exporting nations for a weak currency will appreciate the leu, but on the other hand the monetary policy prospects are negative for 2011 a study made by Admiral Markets on provisions of the evolution of the main currencies in the market this year shows.

ACTMedia

IMF stays flexible on new Romania loan agreement

2011-01-19

The International Monetary Fund will show flexibility regarding the duration of a follow-up agreement with Romania, IMF mission head Jeffrey Franks said Tuesday, without giving an exact timeframe.

ACTMedia

Romania must consolidate its current achievements, believes Jeffrey Franks

2011-01-19

IMF's mission chief to Romania Jeffrey Franks on Tuesday, in Vienna, said that the important moment for Romania was the consolidation of the achievements made until now in the reform process.

ACTMedia

Peter Harrold, WB: Romania is to sign two-year programme with IMF and WB

2011-01-19

The support programme that Romania will sign with the large international financiers, the International Monetary Fund (IMF) and the World Bank (WB), as well as with the European Commission will probably be a two-year-long programme, Country Director for Romania with the World Bank Peter Harrold said on Tuesday.

ACTMedia

Mobius : Romania is as attractive to investors as Uganda or Botswana

2011-01-18

Romania is a marginal market from the point of view of investors, who do not make the difference between Romania and Uganda and Botswana, Mark Mobius, the head of Franklin Templeton, the administrator of Proprietatea Fund said in an interview to ProTV and incont.ro.

ACTMedia

MFP sells T-bills worth RON 2.5 bn

2011-01-18

The Ministry of Public Finance (MPF) on Monday borrowed 2.541 billion lei (approximately 0.5978 billion euros) from the commercial banks, in an issue of discount T-bills, placed on tender through the Romanian National Bank.

ACTMedia

Isarescu : We are close to the limit of prudence but creditation does not start

2011-01-18

The central bank is close to the limit of prudence and let much liquidity on the financial market, but creditation does not restart, Mugur Isarescu stated on Thursday in an interview to The Money Channel.

ACTMedia

Cemacon share capital increase results

2011-01-18

Building materials producer Cemacon (CEON) announced the results of the share capital increase decided by the shareholders on November 19, 2010.

Raiffeisen Capital & Investment

SIF Muntenia to launch a mandatory tender offer for Transchim

2011-01-18

According to local media, SIF Muntenia (SIF4) will launch a mandatory public tender offer (MPTO) for the transportation company Transchim Bucuresti (TRAI).

Raiffeisen Capital & Investment

E.ON plans to buy minority stakes from Electrica

2011-01-18

According to media sources, E.ON Romania notified Electrica in November 2010 that it wants to exercise its buy option for the remaining minority stakes held by the latter in the power distribution and supply companies E.ON Moldova Distributie and E.ON Moldova Furnizare at the price set in the privatization contract.

Raiffeisen Capital & Investment

Statistics: Romanian population down 4,128 in November

2011-01-17

The number of newborns registered in Romania in November 2010 was 17,773 (accounting for a birth rate of 10.1 per 1,000 inhabitants), whereas the number of deaths was 21,901 (12.4 deceased per 1,000 inhabitants), resulting in a negative growth of the population of 4,128 persons, informs a Friday release of the National Statistics Institute (INS).

ACTMedia

Central Depository has registered more than 7 bln FP shares assigned in last two years

2011-01-17

The Central Depositary registered a number of 4,924 stock ownership transfers, with shares issued by the Property Fund (PF), as a result of assignments in the period January 2008 - December 2010, the total number of assigned shares being 7.29 billion.

ACTMedia

Romania To Pay Some EUR 300 MN In IMF Loan Interest This Year

2011-01-17

Romania will pay the International Monetary Fund interest worth SDR266 million (EUR300 million), for the loan installments transferred this year.

ACTMedia

SIF Oltenia appoints new President

2011-01-17

The Board of SIF Oltenia decided to appoint Mr. Salapa as President of the Board and General Manager. Mr. Salapa was the former president, before Mr. Staicu, whose rights were revoked after he was convicted by Court.

Raiffeisen Capital & Investment

Merger planned for the state-owned power supply companies

2011-01-17

According to media sources, the Government plans to merge the three state-owned power supply companies (Electrica Furnizare Transilvania Nord, Electrica Furnizare Transilvania Sud and Electrica Furnizare Muntenia Nord) into one company that will remain a subsidiary of Electrica.

Raiffeisen Capital & Investment

Fondul Proprietatea 2010 net profit

2011-01-17

According to media sources, Fondul Proprietatea reported for 2010 a net profit of RON 456.3 mn, significantly above the budgeted figure of RON 199 mn.

Raiffeisen Capital & Investment

Govt to set EUR 200 mn ceiling on First Home, in 2011

2011-01-17

The Romanian Government will set total ceiling worth 200 million euros on the First Home Programme, in 2011, PM Emil Boc announced.

Agerpres

Dacia sales in Europe rise 10.2% in 2010

2011-01-17

The registrations of Dacia cars in Europe (EU plus EFTA) in 2010 stood at 262,777 units, up by 10.2% from 238,445 units in 2009, according to the statistics of the European Automobile Manufacturers' Association (ACEA) , published on Thursday.

Agerpres

Romania in December still had highest annual inflation rate in EU

2011-01-17

December 2010 was the fifth consecutive month when Romania had the highest inflation rate in all the 27 European Union member states, 7.9 percent, higher than the 7.7 percent in November, considering that the annual inflation rate in the EU went up in December to 2.6 percent and it went beyond expectations in the eurozone, to 2.2 percent, for the first time in the last two years, according to a revised evaluation published on Friday by Eurostat (statistical office of the European Union).

Agentia Nationala de Presa - Agerpres

Central Bank Governor: 2011, not an easy year in terms of BNR decisions

2011-01-17

2011 will not be an easy year in terms of decisions, said on Thursday Romania's National Bank Governor Mugur Isarescu, on a private TV station.

Agerpres

Financial-banking analysts skeptical Romania will meet deficit agreed upon with IMF and EU

2011-01-17

Most members of the Romanian Association of Financial-Banking Analysts (AAFBR) are skeptical of Romania's capacity to meet the budget deficit target agreed upon with the International Monetary Fund and the European Union; the experts expect the budget deficit to stand this year around 5 pct of GDP, compared to target of 4.4 pct of GDP.

Agerpres

Trade volume with Moldova 15% higher

2011-01-14

The volume of trade between Romania and Moldova grew by over 15% between January-November 2010, especially due to the increase of export volumes over the Prut river.

ACTMedia

Romania’s steel output grew by 50% in the first 11 months of 2010

2011-01-14

Steel output in Romania grew by 50% in the first 11 months of 2010, compared to the same period of 2009, because of the investment policy of great steel groups present in Romania – Arcelormittal, TMK and Tenaris, according to data supplied by the Ministry of Economy, Trade and Business.

ACTMedia

Analysts See Romania's GDP +1.2% In 2011, Inflation At 4.3%

2011-01-14

Romania will register an economic growth of 1.2%, and the annual inflation rate will fall towards 4.3% in December, the association of financial and banking analysts AAFBR said in a survey Thursday.

ACTMedia

Finland European Affairs Minister to visit Bucharest in early Feb.

2011-01-14

Finland's Minister of European Affairs and Migration Astrid Thors will pay a visit to Bucharest on Feb. 7 to meet Romanian Foreign Minister Teodor Baconschi and Minister of Administration and Interior Traian Igas, with one of the topics on the visit agenda being the Schengen Area enlargement.

ACTMedia

European Commissioner for Home Affairs to visit Bucharest in Feb.

2011-01-14

European Commissioner for Home Affairs Cecilia Malmstrom will pay a visit to Bucharest on Feb. 9-10, director-general of the Foreign Ministry's Communication Department Doris Mircea announced on Thursday.

ACTMedia

Rompetrol Rafinare and Ministry of Finance to meet on the convertible bonds issue

2011-01-14

The Ministry of Finance has announced that its representatives would have on January 17, 2011 a meeting with Rompetrol Rafinare (RRC) where they would discuss again the convertible bonds.

Raiffeisen Capital & Investment

Stock market opens higher on Friday

2011-01-14

The Bucharest Stock Exchange (BVB) opened higher Friday's trading session, with the BET-C composite index increasing 0.53 percent in the 15 opening minutes.

Agerpres

Central Bank Governor: 2011, not an easy year in terms of BNR decisions

2011-01-14

2011 will not be an easy year in terms of decisions, said on Thursday Romania's National Bank Governor Mugur Isarescu, on a private TV station.

Agerpres

Audiences in the written press: almost all newspapers lose readers

2011-01-13

Almost all general, economic and weekly business newspapers registered a significant drop in the number of readers according to the latest National Audience Study for October 2009 – October 2010, compared to the previous study.

ACTMedia

Romania, ranked 63rd in Index of economic freedom worldwide, according to Heritage Foundation

2011-01-13

Romania's economy is free in a proportion of 64.7 percent, which places it 63rd out of 183 countries in the rankings of the world's freest economies, according to the findings of a report released on Wednesday by the Heritage Foundation, a Washington-based reputable organization in the field of economic analysis.

ACTMedia

EBRD: Romania GDP to grow 0.9% in 2011

2011-01-13

The Romanian economy will grow by 0.9 percent in 2011, director of the European Bank for Reconstruction and Development's (EBRD) Bucharest-based office told Agerpres in an exclusive statement on Wednesday.

ACTMedia

Romanian Leu rises vs Euro, exch rate at 4.2523 units

2011-01-13

The Romanian leu continued its upward trend in mid-trade Wednesday, on a positive sentiment in the region, and the central bank announced a reference rate of 4.2523 units, from 4.2581 units a day earlier.

ACTMedia

World Bank’s Global Economic Prospects 2011

2011-01-13

World Bank says most developing countries have recovered from crisis, projects steady global growth, but Europe and Central Asia recovery continues and sensitivity to Western European risks remains, the Press Release sent by WB office in Washington reads.

ACTMedia

Commissioner Šemeta visits Romania and Bulgaria

2011-01-13

Algirdas Šemeta, EU Commissioner for Taxation, Customs, Anti-fraud and Audit, will visit Romania and Bulgaria on 13 and 14 January 2011.

ACTMedia

Romgaz preliminary FY 2010 figures

2011-01-13

Romgaz, the domestic gas producer where Fondul Proprietatea (FP) has a 15% equity interest, has revealed to the media some preliminary FY 2010 figures.

Raiffeisen Capital & Investment

Romania's adjusted industrial output rose in November by 1.6% mom

2011-01-13

According to data released yesterday by the National Institute of Statistics, Romania's adjusted industrial output rose in November 2010 by 1.6% mom.

Raiffeisen Capital & Investment

Financial-banking analysts skeptical that Most members of the Romanian Association of Financial-Banking Analysts (AAFBR) are skeptical of Romania's capacity to meet the budget deficit target agreed upon with the International Monetary Fund and the Europe

2011-01-13

Stock market closes high

2011-01-13

Stocks traded on the Bucharest Stock Exchange (BVB) increased on Thursday by 0.11 percent on average, as reflected by the BET-C composite index, while financial investment securities dropped by 0.25 percent, as indicated by the BET-FI index.

Agerpres

China Development Bank interested in investing in Romania

2011-01-13

Representatives of China Development Bank expressed eager interest in investing in Romania, mentioning their willingness to provide financial support for the projects carried out in Romania by Chinese IT & C companies, reads a release of the Ministry of Communications and Information Society (MCSI).

Agerpres

15 million-euro stock market for Danube Delta fish

2011-01-13

The National Agency for Fishery and Aquaculture (ANPA) will file a project for financing, necessary for creating the Fish Stock Market in Tulcea (eastern Romania) in about a month. Marian Manaila, head of the above-mentioned institution, hopes that the Stock Market will operate next year.

Agerpres

Turnover of motor vehicle and motorcycle trade decreases 9.2% in first 11 months of 2010

2011-01-13

The turnover of the motor vehicle and motorcycle trade (adjusted series) decreased 9.2 percent in the first 11 months of 2010 compared with the similar period of last year, but it increased 5.5 percent, namely 8.8 percent (adjusted series) from October 2010 and November 2009, informs the National Institute of Statistics (INS) in a release sent to Agerpres on Thursday.

Agerpres

Balance-of-payments current account posts deficit of up to 23.5% in first 11 months of 2010

2011-01-13

In the first 11 months of 2010, the balance-of-payments current account posted a deficit of 5,173 million euros, 23.5 percent higher than in the same period of 2009, Romania's National Bank (BNR) informs.

Agerpres

Romania's car market decreases 18.5% in 2010

2011-01-13

The registrations of new cars decreased in December 2010 by 3.91% versus December 2009, having reached 14,507 units, while the car market decreased 18.5% to 94,541 vehicles in entire 2010, according to official data from the Driver's Licenses and Vehicle Registration Directorate (DRPCIV) made public on Thursday.

Agerpres

INS: Volume of construction works, down by 17.1% in November 2010

2011-01-13

The works in construction, as unadjusted series, fell in November 2010 by 17.1 percent compared to the similar period in 2009, while compared with October 2009, they fell, as similarly unadjusted series, by 2,8 percent, revealed provisional data published on Thursday by the National Institute of Statistics (INS)/.

Agerpres

World Bank: Romania's economy to grow by 1.5% in 2011 and by 4.4% in 2012

2011-01-13

Romania's economy that recorded a decline of 1,9 percent in 2010, will grow by 1.5 percent in 2011 and by 4.4 percent in 2012, reads the report on the Prospects of World Economy in 2011, published by the World Bank.

Agerpres

Inflation rate at 8% y/y in 2010

2011-01-12

Monthly inflation came in at 0.5% in December, slightly below our expectations. NBR's target for 2010 of 3.5% ± 1pp was missed mainly because of the hike in VAT which became effective as of July. However, the performance indicator agreed with the IMF for the annual inflation rate was reached.

BCR Research

Dacia: Romania car market to gradually grow during 2011

2011-01-12

Romania's car market stands good growing chances in 2011, thanks to the Old Car Scrappage scheme and the new pollution tax, declared Dacia commercial manager Fabrice Cambolive, during a press conference on Monday.

Agerpres

Investment worth EUR 1.3 mn in industrial facility in Baia Mare

2011-01-12

A 1.3 million euro investment consisting in a rubber products factory owned by the Hertalan Ro company, the Romanian subsidiary of the Dutch company Hertalan Rubber Products, was built and went into use in Baia Mare (northern Romania), Remco Romania, the constructor of the new industrial facility, told Agerpres in a release on Tuesday.

Agerpres

Fair Competition Council wants pharmacy market free in two years

2011-01-12

The deregulation of the pharmacy market will be achieved in two years, the Fair Competition Council chairman Bogdan Chiritoiu told a meeting reviewing the body's 2010 activity on Tuesday.

Agerpres

World Bank, willing to provide expertise to Romanian Gov't for reform implementation by ministries

2011-01-12

The World Bank Vice President for Europe and Central Asia, Philippe Le Houerou, expressed on Tuesday, in the Government, the availability of the World Bank to offer Romania expertise in order to implement reform actions and to improve the activities of the ministries, informed the press office of the Government in a press release remitted to Agerpres.

Agerpres

Net nominal average wage increased in November 2010 by 0.8%, compared to November 2009

2011-01-12

Romania's net average salary in November was at 1,377 lei (EUR1=RON4.2643), up 2.8% from the previous month, due to granting of vacation bonuses an returns from furlough, the country's statistics institute said Tuesday.

ACTMedia

XTB : leu – good perspectives in 2011

2011-01-12

Romania's getting out of recession this year will have a positive effect on the national currency, as a possible new agreement with IMF and the listing of Proprietatea Fund according to a report of X-Trade Brokers. In 2010, the leu was stable against the euro, with a modest depreciation of 1.02% but the national currency depreciated significantly ( over 8%) against the American dollar.

ACTMedia

The South-Koreean parliamentary delegation discussed joint economic projects in Bucharest

2011-01-12

The minister of foreign affairs Teodor Baconschi received on Tuesday 11 January 2011 a parliamentary delegation from the Korean Republic, led by the vice-chairman of the parliamentary group for friendship with Romania from the National Assembly of the Korean Republic.

ACTMedia

Armax has won a contract worth of EUR 5.4 mn

2011-01-12

According to local media, Armax (ARAX), a producer of equipment and installations used in the oil and gas sector, has won a tender for building two natural gas drying stations for a Turkish company.

Raiffeisen Capital & Investment

World Bank, willing to provide expertise to Romanian Gov't for reform implementation by ministries

2011-01-12

SIF Oltenia acquires another stake in Biofarm

2011-01-11

SIF Oltenia (SIF5) announced yesterday that on Friday it bought a stake of 0.43% in the pharmaceutical producer Biofarm (BIO), in a transaction worth RON 1 mn at an average price of RON 0.22 per share.

Raiffeisen Capital & Investment

SIF Moldova will continue disinvestment from the banking sector

2011-01-11

In an interview with the local media, the CEO of SIF Moldova (SIF2) has suggested that the disinvestment from the banking sector might continue into 2011 in an attempt to increase its cash position and due to the expected lower dividends to be paid by the banks this year.

Raiffeisen Capital & Investment

Budget deficit target to be RON 8 bn, in Q1 2011

2011-01-11

The budget deficit target is 8 billion lei, in the first quarter of 2011, one third of the 24 billion lei deficit, respectively, namely 4.4 percent of the GDP, as agreed with the International Monetary Fund (IMF), for the current year, FinMin Gheorghe Ialomiteanu said.

ACTMedia

Romania's trade deficit at EUR 911 mn in Nov. 2010

2011-01-11

Romania's FOB/CIF trade deficit hit 3,913.2 million lei (911.3 million euros) in November 2010, up 210.1 million lei (48.1 million euros) year-on-year; compared with October 2010, in November exports advanced by 3.4 pct (expressed in domestic lei) and by 2.8 pct (expressed in euro), while imports increased by 7 pct expressed in lei and 6.4 pct in euro, respectively, reads a release of the National Statistics Institute (INS).

ACTMedia

Inflation was 8% in 2010 and BNR could miss the target in 2011

2011-01-11

The annual rate of inflation was at the end of last year 7.9% - 8% and BNR will miss in 2011 the target for inflation, of 3% plus/minus a percentage point, for the fifth year in a row, the majority of the economic analysts considered. The estimates of the analysts for December 2010 a monthly inflation of 0.4-0.6% and an annual rate of 7.85 – 8.1% much over the target of the central bank of 3.5% plus/minus a percentage point. The analysts anticipate that the annual inflation will be kept at about 7% for the first part of the year, so that starting with July the effect of VAT increase disappear and the rate to start to drop to 3.3 – 4.8% in December. « In December the monthly inflation was 0.4% and the annual rate of 7.9%. In January – June the inflation will be about 6.5 – 6.9% so that in July it will drop to 4.8%, level which I anticipate for December as well » the head –economist of ING Bank Romania, Nicolaie Chidesciuc said. He sees risks for the present prognosis regarding the inflation on the part of pressure on prices for food, which continued in the first part of 2011, from imported inflation, under the conditions where inflation in the euro zone and other states in the region started to grow, but the possible increase of taxes and some prices administered, such as natural gas. « I perceive a high risk from possible increase of taxes, mainly excises, such as tobacco ones. At the same time, we speak about price adjusting for thermal energy, which was postponed in 2010. Depending on the decision to be taken in the case of subsidies for thermal energy, the effect on inflation could be approximately one percentage point » Chidesciuc said. The head economist of ING Bank Romania said that in Romania the inflation could not drop for the next 5-10 years, under the conditions where the economy was in a process of real convergence towards the European Union. « Inflation in Romania should be 1.5-2 percentage points over the one in the euro zone, 3.5% - 4%. More ambitious targets could harm the economy » Chidesciuc says. The head –economist of UniCredit Tiriac Bank, Rozanlia Pal estimates that in December 2010 the monthly inflation was 0.6% and the annual rate 8% and for the end of the year she sees an inflation of 4.2% over the BNR target. « The factors who determined in the past the increase of consumption prices did not depend on BNR. In 2010 there were uncertainties on the part of the supply, such as deficiency of food and risks which were estimated on the part of the demand and which targeted the evolution of the oil price. In 2011 we expect these effects to continue but to be calmed down over the second part of the year. The challenge, for the central bank, will be place the inflationist estimates in a stable environment, from the point of view of macroeconomic conditions, including the exchange rate » Pal considers. At the same time, the head-economist of BCR Lucian Anghel thinks the annual rate of inflation was situated in December 2010 at 7.9-8.1% and will drop to 4.3% at the end of 2011 but it will be above the BNR target. « If inflation exceeds the BNR target, this will be determined by adminstered prices and excises increases. As in the last year, it is hard to fight with such measures with the instruments of the central bank » Anghel said. On the other hand, the head-economist of BRD Florian Libocor and the RBS economist Florentina Cozmanca appreciate the annual rate of inflation will be within the BNR target. « Monthly inflation was 0.4% in December and the annual rate of 7.85%. The annual inflation will record the maximum level over the first semester. During the year I expect a reduction of annual inflation to a value close to the level of 3.5%. The effects of the second round could be manifest in the first semester of the year » Libocor said. Cozmanca estimates a monthly inflation of 0.53% and an annual rate of 8% for the last month of 2010. « The annual inflation will be reduced to 3.3% at the end of this year, after it will be for the first six months of 6.9- 7.3%. There are risks on the part of regulated prices, of evolution of prices on the international plan and food costs » Cozmanca said. The annual rate of inflation exceeded in 2007 and 2008 the superior limits of intervals targeted by BNR by 1.5 percentage points each, after it was raised to 6.5% and 6.3% respectively. At the same time, the central bank missed the inflation target established for 2009, of 3.5% plus/minus a percentage point, under the conditions where the annual rate was situated at 4.74% in December. For 2010, the central bank revised several times the inflation estimates, in the context where the government decided the increase of VAT from 19% to 24% starting with July. The BNR governor Mugur Isarescu stated in November that the central bank calculated the impact of VAT increase on inflation could be higher towards the end of the year by 2.4 percentage points. Inflation is one of the criteria in the foreign financing agreement signed by Romania, worth 20 billion euro and coordinated by IMF. At the same time, inflation is among the convergence criteria Romania has to cover to access the euro zone.

ACTMedia

MFP sells T-bonds worth almost EUR 190 mn

2011-01-11

The Public Finance Ministry (MFP), on Monday borrowed almost 190 million euros (over 799.97 million lei) from the commercial banks in an issue of discount benchmark Government bonds placed on tender through the National Bank of Romania (BNR).

ACTMedia

Leu, at best exchange rate in past three months versus euro

2011-01-11

Romania's national currency, the leu, reached last weekend the best exchange rate in the past three months versus the euro.

ACTMedia

Romania to sign precautionary agreements with EU Commission, IMF for 2011

2011-01-11

Romania will sign precautionary agreements with the International Monetary Fund (IMF) and the European Commission (EC), for amounts made available to resort to under special circumstances, according Minister of Public Finance Gheorghe Ialomitianu.

ACTMedia

International Monetary Fund to release 7th tranche on Tuesday

2011-01-11

Approval of the seventh tranche within the loan to Romania 'will occur two working days after Friday's meeting of the IMF Executive Board,' announced the International Monetary Fund Regional Resident Representative for Romania and Bulgaria, Tonny Lybek on Monday.

ACTMedia

BCR Note: Romania to receive EUR 900 mn from the IMF

2011-01-10

On Friday, the IMF Board completed the sixth review under the stand-by arrangement with Romania and approved the disbursement of EUR 900mn to the NBR.

BCR Research

Schedule for floatation of 15% of Transgaz and Transelectrica and IPO of Romgaz

2011-01-10

According to media sources, citing a schedule approved by the government public tenders, the state intends to sell its stakes of 15% in Transelectrica (TEL) by June and 15% of Transgaz (TGN) by September.

Raiffeisen Capital & Investment

State aid for investments in Romania’s power and natural gas transportation grids

2011-01-10

According to media sources, citing a release from the Competition Council, the European Commission approved the state aid for Romania's power grid operator Transelectrica (TEL) and natural gas transporter Transgaz (TGN).

Raiffeisen Capital & Investment

Eurostat: Romania records economic decline in Q3

2011-01-10

Romania recorded an economic decline of 2.2% in Q3 2010 compared to the same quarter of 2009, according to the second estimate published on Friday by the EU's Statistics Office (Eurostat).

ACTMedia

Overnight Deposits at Romania Central Bank Skyrocket in 2010 to RON 387.3 bn

2011-01-10

Overnight deposits at Romania's central bank reached a combined amount of 387.29 billion lei (EUR1=RON4.2580) in 2010, seven times more than in the previous year, which points to an average daily liquidity excess of RON 1.06 billion, according to central bank data.

ACTMedia

ForMin Teodor Baconschi was to sign agreements on nuclear energy and road transport in Jordan

2011-01-10

Romanian Foreign Affairs Minister Teodor Baconschi, on January 8 and 9, visited the Hashemite Kingdom of Jordan.

ACTMedia

Romania to Get USD 1.17 bn Disbursement from IMF

2011-01-10

The International Monetary Fund Friday approved a $1.17 billion disbursement to Romania after reviewing the country's progress in meeting terms of a $17.45 billion loan.

ACTMedia

More than half Romanians pessimistic about 2011

2011-01-07

Some 56 percent of the Romanians are pessimistic about 2011 and say it will be a bad year for them, reveals a survey by the Romanian Institute for Evaluation and Strategy.

ACTMedia

Survey: Romania economic sentiment slightly up in December

2011-01-07

Romania's economic sentiment index edged slightly higher to 81.6 points in December, from 81.1 points in the previous month, mainly helped by advances in services and construction, a widely watched European Commission monthly survey showed Thursday.

ACTMedia

Proprietatea Fund to be listed on January 25

2011-01-07

The Bucharest Stock Exchange Council decided in a meeting on Thursday to allow Proprietatea Fund shares to be listed on the market with the FP symbol, a press release of the market operator reads.

ACTMedia

MFP sells banks bonds worth over RON 1.08 bn

2011-01-07

The Public Finance Ministry (MFP) on Thursday borrowed over 1.08 billion lei (approximately 0.254 billion euros) in an issue of benchmark Government bonds placed on tender through the National Bank of Romania.

ACTMedia

BVB stock quotations increase 2.2 on average

2011-01-07

Stocks traded on the Bucharest Stock Exchange (BVB) on Thursday increased 2.24 percent on average, as reflected by the BET-C composite index, while financial investment securities rose 2.10 percent, as indicated by the BET-FI index.

ACTMedia

ING Sees Romanian Leu Stronger in 2011, on IMF Deal Success

2011-01-07

ING Bank Romania revised its view on the leu and sees the local currency stronger in 2011 than its previous forecasts, following the positive impact of the agreement with the International Monetary Fund.

ACTMedia

High level meeting on precautionary agreement with IMF and EU

2011-01-07

Romanian President Traian Basescu, Prime Minister Emil Boc, central bank governor Mugur Isarescu, Finance Minister Gheorghe Ialomitianu on Thursday set the parameters of a new, precautionary agreement with the International Monetary Fund and the European Union, the central bank said in a statement.

ACTMedia

Over 90% of population's incomes are spent on public utilities, in Q3 of 2010

2011-01-06

The population's incomes, representing 90.6 percent of their total earnings were spent on utilities, such as running water, electricity, heating and natural gas, in Q3 of 2010, National Statistics Institute (INS) data say.

ACTMedia

New professions in Occupations Code in Romania

2011-01-06

The Association of Human Resources professionals in Romania - HR Management Club - introduced eight new professions in the Occupations Code in Romania (COR), which will be published in the Official Gazette, the Association informs in a release.

ACTMedia

Central bank keeps key interest rate at 6.25% per annum

2011-01-06

Romania's central bank Wednesday left its main interest rate at a record low of 6.25% a year for the fifth consecutive time as the inflation is still above the bank's target interval.

ACTMedia

WB council will discuss the granting of the second loan for Romania on 20 January

2011-01-06

The board of the World Bank will discuss the granting of a loan of 300 million euro for Romania on 20 January, the head –economist of the local bureau of the international institution Catalina Pauna said, saying that all measures were covered.

ACTMedia

Analysts: there are big chances that Romania receives the seventh part of the IMF loan

2011-01-06

The managing board of IMF will discuss on Friday if they offer Romania the seventh part of the loan included in the international financing agreement but the analysts consider we have no reason to worry.

ACTMedia

Transgaz undertook RON 75.5 mn loan

2011-01-06

The natural gas transporter Transgaz (TGN) announced it undertook a RON 75.5 mn loan, which will be used to finance the investments in upgrading the grid.

Raiffeisen Capital & Investment

Industrial production prices by 0.8% higher in Nov than in Oct, 2010

2011-01-05

The industrial production prices (on home and foreign markets) grew by 0.8 percent in Nov compared to Oct, 2010, and by 8.1 percent vs, the same month, in 2009, reads National Statistics Institute (INS) release sent on Tuesday.

ACTMedia

Adrian Vasilescu,Central Bank: 2011 will be more difficult than 2010

2011-01-05

This year will be the most difficult one from an economic point of view, because we have to fight on two battlegrounds, one for overcoming the recession and one to attain budgetary balance, counsellor of the National Bank Governor Adrian Vasilescu told Agerpres on Tuesday.

ACTMedia

Transgaz undertakes RON 24 mn loan

2011-01-05

According to media sources, the natural gas transporter Transgaz (TGN) undertook a RON 24 mn loan, which will be used to finance the investments in upgrading the grid.

Raiffeisen Capital & Investment

Romania's state budget deficit at 6.6% of GDP in 2010

2011-01-05

According to government sources, cited by the local media, preliminary data shows that Romania's state budget deficit amounted to 6.58% of GDP in 2010.

Raiffeisen Capital & Investment

Romanian stocks end up 1.18% in first trading session of the year

2011-01-04

The quotations of the shares listed on the Bucharest Stock Exchange (BVB) - the evolution of which is tracked by the BET-C composite index - on Monday inched up 1.18 pct on average, whereas the shares of the five financial investment companies (SIFs, the evolution of which is reflected by the BET-FI index) climbed 1.75 pct on average.

ACTMedia

Romania's FX reserves decreased in December

2011-01-04

According to data released yesterday by the Central Bank (BNR), Romania's FX reserves slightly decreased by EUR 368 mn to EUR 32.4 bn at end-December 2010.

Raiffeisen Capital & Investment

Individual investors liquidate share portfolios of EUR 93.7 mn in 2010

2011-01-04

Individual investors on the Bucharest Stock Exchange (BVB) liquidated share portfolios of 93.7 million euros (388.55 million lei) in 2010, according to BVB.

Agerpres

Industrial production prices by 0.8 pct higher in Nov than in Oct, 2010

2011-01-04

Romanian delegation to participate in AG CONNECT Expo 2011, U.S.A.

2011-01-04

A delegation of the Romanian companies is to be present, from January 6 to 12, 2011, in the AG CONNECT expo 2011, organized in Atlanta, the United States of American, a release of the Romanian Group for Investment and Consulting (RGIC) informs.

Agerpres

Stock market opens high

2011-01-04

The Bucharest Stock Exchange (BVB) opened high its 2011 second trading session, with the BET-C composite index increasing by 0.52 percent, in the 20 opening minutes on Tuesday.

Agerpres

Dacia sells cars worth over EUR 1 bn in France in 2010

2011-01-04

As many as 104,642 Dacia cars were registered in France in 2010, up 70.9% versus 61,217 units in 2009, the French Car Makers' Committee (CCFA) announced on Monday.

Agerpres

Stock Exchange trading totalled EUR 2.15 bn in 2010

2011-01-04

Trading on all Bucharest Stock Exchange (BVB) rings totalled 2.15 billion euros in 2010, up by 29 percent from 2009, the BVB has announced.

Agerpres

Stock exchange investments bring highest average yield in 2010

2011-01-04

The investments in the most liquid shares listed on the Bucharest Stock Exchange (BVB) recorded an average yield worth 12.32 percent, in 2010, given by the BET index that reflects the evolution of the most liquid ten listed issuers.

Agerpres

SOCEP, Transgaz and UCM Resita - top listed shares on stock-exchange. in 2010

2011-01-04

Shares of companies like SOCEP Constanta, Transgaz and UCM Resita topped the Bucharest Stock Exchange (BVB)'s lists, in 2010, bringing the investors appreciations up to 155 percent for the first company, and of 78 percent for the next two, Intercapital Invest brokers say.

Agerpres

Romania to participate with 15 companies in Berlin 'Green Week' International Exhibition

2011-01-04

Romania will participate with 15 firms in the 76th edition of the International Exhibition for Food, Agriculture and Horticulture 'Green Week', which will be held in Berlin (Germany) from 21 to 30 January 2011, considered the biggest specialized event in the food industry and agriculture fields in Europe.

Agerpres

Oltchim sells its Protectchim stake

2011-01-04

Oltchim auctions off a package of 900 equity shares it has at Protectchim, representing 30 percent of the company's share capital, the starting price being 1.7 million lei, according to a release sent to the Bucharest Stock Exchange (1 euro=4.26 lei).

Agerpres

BNR's foreign exchange reserves increase almost EUR 4.13 bn in 2010

2011-01-04

The foreign exchange reserves of the National Bank of Romania (BNR) in 2010 registered a 4.129 billion lei increase from 28.303 billion euros at the end of 2009 to 32.432 billion euros at the end of December 2010.

Agerpres

ANEIR: Romania's exports might be worth EUR 40 bn in 2011

2011-01-03

Romania's exports in 2011 might set a new record after 1989, being worth about 40 billion euros, if no unforeseen phenomena occur abroad and the exchange rate stays stable, estimate exporters.

ACTMedia

Companies established outside Romania may request 2009 VAT refund by March 31, 2011

2011-01-03

The deadline for the submission of VAT refund requests for 2009 by taxable companies, which are not established or registered for this purpose in Romania, has been extended to March 31 next year, from September 30 this year, through a Government Decision.

ACTMedia

Romanian Govt puts off hiking taxes on industrial property protection

2011-01-03

Romania's Government has postponed hiking the taxes on industrial property, charged to natural and legal persons, until 2012, considering that such an increase could reduce the number of requests for protection and affect innovation.

ACTMedia

Romania’s return to growth depends on fiscal policy, Euro-zone recovery - analysts

2011-01-03

Romania's gross domestic product might grow by some 1% in 2011, after a 2% fall this year, but the economic growth depends on the domestic fiscal policy and the recovery of the European Union economies, analysts said.

ACTMedia

Raiffeisen official: Economic growth to resume next year, leu to euro x-rate between 4.2 - 4.4

2011-01-03

Next year we expect economic growth to resume, the inflation rate to go down and the monetary policy interest rate to be lowered, Raiffeisen Bank chief economist Ionut Dumitru told Agerpres.

ACTMedia

Stock market closed high on 2010 last trading session

2011-01-03

Stocks traded on the Bucharest Stock Exchange (BVB) increased on Thursday by 0.47 percent on average on this year's last session, as reflected by the BET-C composite index, while financial investment securities rose by 2.53 percent, as indicated by the BET-FI index.

ACTMedia

Budgetary deficit on 30 November : 5.2% out of the GDP

2011-01-03

The income collected to the general consolidated budget was 150,5 billion lei, 4.9% higher against the corresponding period of last year.

ACTMedia

The main amendments in the fiscal and income policy for 2011

2011-01-03

The increase of the auto tax and excises, the possibility that micro-entreprises could opt for an income tax of 3% on income, health contributions for several pensioners, as well as the increase of the ceiling for deposit guarantee are among the main amendments applied since 1 January.

ACTMedia

Reuters: Romania court endorses budget, IMF-backed pay bill

2011-01-03

Romania's top court backed the government's 2011 austerity budget and a key public pay reform bill on Tuesday, clearing the way for vital cash from an International Monetary Fund aid deal early next year.

ACTMedia

Romania holds BSECO chairmanship in office, as of Jan 1, 2011

2011-01-03

Romania holds the Chairmanship in Office (CiO) of the Black Sea Economic Cooperation Organization (BSECO), for six months as of Jan 1, 2011, Romania's Foreign Ministry (MAE) press release informs.

ACTMedia

Banca Carpatica’s latest shares offer

2011-01-03

Banca Carpatica (BCC) announced that its management decided to offer to investors at a price of RON 0.1001 the shares which were not subscribed during its last share capital.

Raiffeisen Capital & Investment

Transelectrica’s 2011 tariffs up 10% yoy

2011-01-03

The regulatory authority in the energy sector (ANRE) released the 2011 transmission tariffs for the power grid operator Transelectrica (TEL). The approved tariffs stand 10.4% higher yoy and 3% higher than our and the company's expectations.

Raiffeisen Capital & Investment

MFP plans to borrow over EUR 233 mn from home banks

2011-01-03

The first T-bills tender of this year is due on Jan 4, for an issue of discount treasury bills worth over 233 million euros (1 billion lei) having an one-year maturity. The Ministry of Public Finance (MFP) wants to borrow over one billion euros (4.8 billion lei) from the local banks, in Jan, through six issues of treasury and security bills, MFP official web page reads.

Agerpres

Sibiu Stock Exchange's derivative market makes optimistic debut

2011-01-03

The Monetary Financial and Commodities Exchange of Sibiu (BMFMS) shows rises during its opening half an hour, on the most liquid derivatives in 2010, namely for the stocks of SIF 5 Oltenia and the Dow Jones Industrial Average respectively, BMFMS release informs.

Agerpres

Stock market opens 2011 first trading session high

2011-01-03

The Bucharest Stock Exchange (BVB) opened high its 2011 first trading session, with the BET-C composite index increasing by 0.39 percent, in the 15 opening minutes on Monday.

Agerpres

Leisure complex on 73-ha area near Arad

2011-01-03

Bellavista Golf Villas&Resort company will develop in Fantanele village in Arad County (west) a project that will include a golf course, leisure spaces and a luxury residential complex.

Agerpres

Saaten Union Romania has funded vegetable crops with EUR 3.5 mn in 2010

2011-01-03

Saaten Union Romania company has funded the setting up of vegetable crops in 2010 with 3.5 million euros, announced Director General of Saaten Union Romania George Aldescu.

Agerpres

Over EUR 120 mn projects on big enterprises

2011-01-03

Forty five projects worth over 120 million euros (515 million lei) will be financed on non-disbursable funds, by the agency of the Ministry of Economy, Trade and Business Environment (MECMA) through the POS CCE operation aimed at the big enterprises, MECMA press release informs.

Agerpres

Energy certificate mandatory for real estate transactions, starting Jan 1

2011-01-03

Any real estate leasing or sales transactions will need an energy performance certificate to be released by authorized auditors, starting this Jan 1.

Agerpres

Central bank pays over one million euros for software licence acquisition

2011-01-03

The National Bank of Romania (BNR) awarded a contract worth nearly five million lei (1.14 million euros), pre-VAT, to Bucharest-based Ingenio Software company for the supply of Oracle software licence and technology required for the digital signature, the BNR said in an announcement published on the Public Acquisition Electronic System (SEAP) web site.

Agerpres

New year sets in with trimmed maternity benefits, higher car taxes and excise duties

2011-01-03

Next year will come along with lower standards of living, having in store higher excise and car pollution taxes and lower child allowances, as well as health insurance contributions for pensions higher than 740 lei; on the other hand, public employees will recover 15 pct of their wages that were hacked back 25 pct in July and the minimum gross wage will rise to 670 lei.

Agerpres

Open tender for updating Busteni resort

2011-01-03

Busteni City Hall organizes an open tender with the purpose of updating the infrastructure and increasing the quality of tourist services within the mountain resort, with the contract being put at about 2.55 million euros (approximately 11 million lei), pre-VAT, according to an announcement of the institution published on SEAP website (The Electronic Public Acquisition System) last week.

Agerpres

IMF to discuss, on Friday, whether Romania is to be receive seventh loan tranche

2011-01-02

The International Monetary Fund Executive Board, on Friday Jan 7, will discuss the sixth review under the Stand-By Arrangement, Request for Waiver of Nonobservance of Performance Criterion and Request for Waiver of Applicability, for Romania, informs IMF web page.

Agerpres

Proprietatea Fund to be traded on Bucharest Stock Exchange as of Jan. 25, 2011

2011-01-02

The National Securities Commission (CNVM) on Wednesday issued the Registration Certificate for Proprietatea Fund (PF) and approved the amendment to the floatation prospectus; trading with PF shares on the Bucharest Stock Exchange (BVB) is scheduled to start on January 25, 2011, informs a release of the Fund's trustee Franklin Templeton Investment Management.

Agerpres

Romanian banks - The threshold for the State’s guarantee for deposits to be lifted

2011-01-01

As already announced and agreed with IMF, the threshold for the retail deposits which are guaranteed by the State through a dedicated Fund will be lifted to EUR 100 ts from January 2011.

Raiffeisen Capital & Investment

Imotrust's GSM agenda

2011-01-01

Real estate developer Imotrust Arad (ARCV) has called a shareholders meeting for January 31, 2011. The shareholders are asked to approve the canceling of shares that were not subscribed in the period when subscription rights could be exercised.

Raiffeisen Capital & Investment

Hidroelectrica sells 1.75 million MWh to Arcelor Mittal Galati on power market

2010-12-30

SC Hidroelectrica SA on Wednesday sold, through the Romanian Power Market Operator OPCOM, 1.75 million MWh to the Arcelor Mittal Company of Galati (eastern Romania), at the price of 130 lei per MWh, Hidroelectrica informs in a release sent to Agerpres.

Agerpres

A number of 248,787 green certificates traded on OPCOM, in 2010

2010-12-30

A number of 248,787 green certificates were traded in 2010 on the Centralized Green Certificates Market, 75.6 percent higher compared with that of the similar period last year, according to data published on site of the energy market operator - OPCOM.

Agerpres

Investment of EUR 11 mn in Poiana Brasov Sport Hotel

2010-12-30

Ana Hotels company, owned by businessman George Copos, has completed upgrading works at the Sport Hotel in Poiana Brasov (Bucegi Mountains, central Romania) through a loan from BRD - Groupe Société Générale, worth 11 million euros, this being reopened under the Sport Hotel & Spa brand.

Agerpres

BCR chief economist: Romania should focus on ten multi-annual EU-funded projects

2010-12-30

Out of the 46,000 projects seeking European funding, Romania should focus on ten major such undertakings, which should span several years, Banca Comerciala Romana (BCR) chief economist Lucian Anghel told Agerpres.

Agerpres

MCSI: eTax payment system gets operational

2010-12-29

The Romanian national eTax payment system (SNEP) has become fully functional and you can access it at www.ghiseul.ro, Ministry of Communications and Information Society (MCSI) informs.

Agerpres

Raiffeisen official: Economic growth to resume next year, leu to euro x-rate between 4.2 - 4.4

2010-12-29

New year sets in with trimmed maternity benefits, higher car taxes and excise duties

2010-12-29

Shopping near home, new stake in local retail

2010-12-29

Approximately 215 proximity stores affiliated to some retail chains have been opened in Romania in 2010. By this year-end the number will increase to 230 units, with sales that cumulate more than five million euros a month.

Agerpres

Online tax returns as of July 2011

2010-12-29

The government decided on Tuesday that the single-form tax return can be filed on paper until July 1, 2011, and after that, it shall be filed online, the government's spokesperson Ioana Muntean announced.

Agerpres

ANEIR: Romania's exports might be worth 40 billion euros in 2011

2010-12-29

Mecanica Ceahlau preliminary 4Q 2010 key figures

2010-12-28

Agricultural equipment manufacturer Mecanica Ceahlau (MECF) released some 4Q 10 key figures. Turnover advanced by 14% compared to last quarter of 2009 to RON 4.4 mn, while the company broke even in terms of gross profit.

Raiffeisen Capital & Investment

Albalact - The merger with Raraul cancelled

2010-12-28

Dairy producer Albalact (ALBZ) held a Shareholders Meeting on December 27. The shareholders voted against the finalization of the merger with cheese producer Raraul.

Raiffeisen Capital & Investment

Chamber of Deputies decided to exclude outstanding loans from the application of Ordinance 50

2010-12-27

The Chamber of Deputies amended Ordinance 50 which regulates banks' reference rate for loans, to exclude outstanding loans from its application.

Raiffeisen Capital & Investment

Finance Ministry sold 5-year T-bonds worth RON 533 mn

2010-12-27

Finance Ministry sold RON 533 mn in a 5-year T-bond auction on Thursday at 7.27% yield, more than the target initially announced of RON 300 mn.

Raiffeisen Capital & Investment

The Parliament has adopted the state budget for 2011

2010-12-23

The state budget is a top requirement of the IMF and should enable the disbursement of EUR 900mn to the NBR after the IMF Board meeting scheduled on January 7. It is built around a positive economic growth of 1.5%, a deficit of 4.4% of GDP (cash standards) and an average EURRON FX rate of 4.21.

BCR Research

EBRD - EUR 10 mn loan to support sustainable energy efforts in private sector

2010-12-23

The EBRD is continuing to support private industrial companies in Romania in their drive to improve energy efficiency with a new €10 million loan to OTP Bank Romania to finance sustainable energy projects undertaken by local businesses.

OTP Bank

Armax to start exploration activities

2010-12-22

According to local media, the oil & gas equipment producer Armax Gaz (ARAX) signed a partnership with British oil company Zeta Petroleum to start E&P activities at the Jimbolia oil fields.

ACTMedia

SIF Muntenia's transactions

2010-12-22

According to local media SIF Muntenia (SIF4) continued its selling rally on BRD-GSG stocks yesterday.

Raiffeisen Capital & Investment

Romanian exports surge EUR 2 bn from pre-recession levels

2010-12-22

The Romanian exports, after having dropped by about 5 billion euros, exceeded the 2008 levels by 2 billion euros this year and by over 25 percent last year's value, the Romanian National Association of Exporters and Importers (ANEIR) said in a release.

ACTMedia

Government has approved additional letter of intent with the IMF

2010-12-22

Romania's Government has pledged to continue layoffs in the public sector in 2011, implement tax cuts only if the economy recovers and lower social security expenses.

ACTMedia

Romania has opened a consular office in Edinburgh, Scotland

2010-12-22

The Ministry of Foreign Affairs has opened a Consular office in Edinburgh, as part of the Consular Section of the Romanian Embassy in the UK, which will manage the relationship with the Romanian citizens and local authorities in Scotland, Northern Ireland and northern England, MAE informs in a press release on Tuesday.

ACTMedia

Romanian Lower Chamber adopts family allowance bill

2010-12-21

The Romanian Chamber of Deputies on Monday approved with 171 votes in favor, 49 votes against and five abstentions the draft law on family allowance, whose articles were adopted last week.

ACTMedia

BVB: 40% of investors left the market in 2009, 30% in 2010

2010-12-21

Approximately 40% of the investors of BVB left the market between 2008-2009 and 30% left the market between 2009-2010, the general manager of BVB Valentin Ionescu said on Monday.

ACTMedia

SIF Muntenia's transactions

2010-12-21

In a release to the Bucharest Stock Exchange, SIF Muntenia (SIF4) announced that on December 17 it sold BRD-GSG shares worth RON 14.8 mn.

Raiffeisen Capital & Investment

Electromagnetica 3Q 2010 results

2010-12-21

The electricity trader and producer of electrical components Electromagnetica (ELMA) reported its 3Q 2010 results. Revenues reached RON 125 mn, up 15% yoy, on a hike of electricity trading revenues of 13%.

Raiffeisen Capital & Investment

Ministry of Finance succeeded in borrowing at a lower yield

2010-12-21

Ministry of Finance has raised an amount of RON 1.77 bn through the issuance of 6m T-bills, paying an average yield of 6.71% which compares favorably the yield of 6.88% paid for a previous similar issue.

Raiffeisen Capital & Investment

Stock market opens lower

2010-12-20

The Bucharest Stock Exchange (BVB) opened lower Monday's trading session, with the BET-C general index having dropped 0.28 percent in the 20 opening minutes.

Agerpres

Discount T-bills worth over EUR 186 mn to be sold at auction

2010-12-20

The Public Finance Ministry (MFP) puts up discount T-bills worth over 186 million euros (800 million lei) for auction, on Monday. (1 euro = 4.29 lei).

Agerpres

BVB has adopted European standards on tick size

2010-12-20

Bucharest Stock Exchange (BVB) has adopted, as effective from Monday, December 20, the new tick sizes for the regulated market, according to the modifications approved by the Romanian National Securities Commission (CNVM), BVB informs.

Agerpres

German brands top Romanians' used car preferences

2010-12-20

In order to avoid paying a car tax that could be even 50 pct higher as of January 1, 2011, and given also that they either cannot afford it, or just do not want to buy a new car, the Romanians this November went on a second hand car buying spree.

Agerpres

Budget deficit increases to 5.2% at November end

2010-12-20

The budget deficit increased at the end of November this year to 5.2 percent of the estimated gross domestic product (GDP), compared with 4.63 percent of GDP at the end of October, Government sources told Agerpres.

Agerpres

Eurostat : Romania is fourth in the EU according to the growth of exports at nine months

2010-12-20

Romania is fourth in the European Union according to the growth of exports in the first nine months, of 26% as the indicator dropped in only one community state, and the tenth position function of imports advance, according to the Eurostat data.

ACTMedia

Number of insolvencies reached 19,560 in November

2010-12-20

The number of companies which got in insolvency over the first 11 months of the year was 19,558 a little under the level of the whole of last year when 19,894 companies got into the situation not to pay their debts, according to the National Office of the Commercial Register (ONRC).

ACTMedia

Romanian private sector minimum wage set at RON 700

2010-12-20

Romanian unionists and employers on Friday signed the national collective work Contract which sets the minimum wage in the private sector at 700 lei (EUR1=RON4.2953) and increases wages of qualified workers and foremen.

ACTMedia

BVB to be open on Dec 27-30th

2010-12-20

The Bucharest Stock Exchange (BVB) will be open over Dec 27-30, after transactions used to be suspended before Christmas and resumed in the coming year, over the past years.

ACTMedia

Adrian Vasilescu (BNR) : recession is kept in the game by the 25% salary cuts

2010-12-20

National Central Bank counsellor, Adrian Vasilescu declared for the public television TVR1 that the recession in Romania is still present due to the 25% salary cuts.

ACTMedia

FinMin about a possible plan B of the IMF instalment

2010-12-20

Romania will have problems accessing instalments from the IMF if it will fail to comply to conditions in the IMF/EC agreement and the plan B would be take up loans fromthe market which is not a good thing, Romanian Finance minister Gheorghe Ialomitianu declared.

ACTMedia

Romania lifts visas for Albania, Bosnia holders of biometric passports

2010-12-20

Romania lifted short-term visa requirements for Albanian and Bosnian holders of biometric passports on Dec. 15, the Romanian Foreign Affairs Ministry (MAE) said in a release on Friday. MAE states that these rules are not applied to the citizens holding older passports.

ACTMedia

European Council - December 16-17th, 2010 conclusions

2010-12-20

The European Council welcomed the report presented by its President following up on its conclusions of 28 and 29 October 2010.

ACTMedia

SIF Moldova’s transactions

2010-12-20

In a release to the Bucharest Stock Exchange, SIF Moldova (SIF2) has announced that it bought shares in Fondul Proprietatea worth RON 12 mn

Raiffeisen Capital & Investment

SIF Muntenia's transactions

2010-12-20

In a release to the Bucharest Stock Exchange, SIF Muntenia (SIF4) announced that on December 16 it sold BRD-GSG shares worth RON 6.3 mn.

Raiffeisen Capital & Investment

Budget blueprint provides arrears to be fully offset by mid-2011

2010-12-17

The 2011 consolidated budget provides a deficit of 4.4 pct of GDP, the reduction of arrears to zero and 35 billion lei in investments, Minister of Public Finance Gheorghe Ialomitianu on Friday told the joint parliamentary Committees on Budget & Finance at the presentation of the budget.

Agerpres

Transactions with Property Fund shares can be recorded until December 21st

2010-12-17

The Central Depository has informed investors it registers the transactions with Property Fund (FP) shares only until December 21, invoking a National Securities Commission (CNVM) document stipulating that the transactions with FP shares will be made by observing the capital market legislation once FP shares will be registered as securities, through the issue of the relevant Securities Registration Certificate (CIVM), Bursa daily announces.

Agerpres

European Investment Bank gives 70-million-euro loan to Sector 6 Mayor's Office

2010-12-17

A contract under which the European Investment Bank (EIB) gives a loan of 70 million euro to the Mayor's Office of Bucharest's Sector 6 was signed on Friday, in Bucharest, in the presence of Sector 6 Mayor Cristian Poteras and EIB vice-president Matthias Kollatz Ahnen.

Agerpres

Eurostat: Romania was second in EU as for highest annual increases in hourly labor costs in Q3

2010-12-17

The hourly labor costs registered in Romania advanced by 6.3 percent in the third quarter of 2010 compared to the similar period of 2009, this being the second highest growth pace in the European Union (EU), after Bulgaria (10.2 percent), reveal the data published on Thursday by the European Statistics Office (Eurostat).

ACTMedia

Eurostat: Romania has highest annual inflation rate in EU in November too

2010-12-17

November 2010 was the fourth month on end in which Romania had the highest annual inflation rate in the 27 European Union member states, 7.7 percent, down from 7.9 percent in October, when the EU annual inflation rate in November was stable, 2.3 percent, and in the eurozone it stood at 1.9 percent, according to some revised estimate that was published by the European statistical office Eurostat on Thursday.

ACTMedia

Finance Ministry draws over EUR 116.5 mn through bonds issue

2010-12-17

The Finance Ministry drew on Thursday over 116.5 million euro (500 million lei) through an issue of benchmark government bonds placed at bidding through Romania's Central Bank.

ACTMedia

Romanian-Hungarian joint venture to develop border checkpoints to Schengen standards

2010-12-17

Romania and Hungary will set up a joint venture to attract European funds for the development of border checkpoints once Romania joins the Schengen Area, Minister of Transport Anca Boagiu declared on Thursday.

ACTMedia

Teodor Baconschi: Is it possible to close a number of diplomatic missions in 2011

2010-12-17

The Minister of Foreign Affairs, Teodor Baconschi, said on Wednesday that a series of diplomatic missions of Romania might be closed in 2011 as a result of a lower budget of the Ministry of Foreign Affairs (MAE) for next year compared to 2010.

ACTMedia

EUROPEAN COUNCIL, Thursday and Friday 16 and 17 December in Brussels

2010-12-17

Under the Presidency of Herman Van Rompuy, the European Council discussed on Thursday 16 the outline of a permanent mechanism to safeguard the financial stability of the euro area and a limited treaty change required to create such a mechanism.

ACTMedia

Teraplast 2011 budget

2010-12-17

Teraplast held a Shareholders Meeting on 16 December. Among other issues, the shareholders approved the granting of a total of 4.5 mn own shares (1.6% of its share capital) to the company management.

Raiffeisen Capital & Investment

Local SEC approves Prospectus for Fondul Proprietatea listing

2010-12-17

The Romanian National Securities Commission (CNVM) approved yesterday the Prospectus for Fondul Proprietatea (FP) listing.

Raiffeisen Capital & Investment

Aerostar 2011 budget

2010-12-16

Aerostar (ARS), the manufacturer of aircrafts and aircraft components, held a Shareholders meeting on Dec 14. Among other issues, the shareholders approved the company's 2011 budget.

Raiffeisen Capital & Investment

Opinion poll: Nearly one third of Romanians would migrate if given the chance

2010-12-16

Nearly one third of Romanians, or 31%, would leave their country permanently if they had the opportunity, while Britons are the most eager Europeans to leave their country, with 33%, according to a Gallup survey released Tuesday.

ACTMedia

First estimate for Q3 2010: Euro area and EU27 employment stable -0.2% in both zones compared with the third quarter of 2009

2010-12-16

The number of persons employed in both the euro area1 (EA16) and the EU271 was stable in the third quarter of 2010 compared with the previous quarter, according to national accounts estimates published by Eurostat, the statistical office of the European Union.

ACTMedia

Employed population grows in every quarter of 2010 (INS)

2010-12-16

The employed population has been growing in every quarter of the year 2010, attaining 9.104 million people in Q3, read data the National Statistics Institute (INS) President Vergil Voineagu presented in a news conference on Tuesday Dec 14.

ACTMedia

The Commission for Budget – Finances : the majority of the provisions in OUG50 to be applied only for new loans

2010-12-16

The deputies in the Commission for Budget, Finances and Banks approved on Wednesday the application of the majority of the provisions in the ordnance regarding population loans only for contracts which were signed after the coming into force of the document.

ACTMedia

SIF Transilvania's transactions

2010-12-15

In a release to the Bucharest Stock Exchange (BVB), SIF Transilvania (SIF3) announced that it underwrote RON 10.3 mn in the first phase of the share capital of hotel & spa owner Tusnad (TSND).

Raiffeisen Capital & Investment

Vergil Voineagu (INS): Romania still mired in recession

2010-12-15

Romania is still mired in recession, the other European Union (EU) member states failing to exit recession being Ireland, Greece, Luxembourg and The Netherlands, announced on Tuesday in a press conference, president of the National Institute of Statistics (INS), Vergil Voineagu.

ACTMedia

Romania Jan-Oct current account gap widens to EUR 4.94 bn

2010-12-15

Romania's current account deficit widened 30.3% to EUR4.94 billion in the first ten months, from a gap of EUR3.79 billion a year earlier, largely due to the lower current transfers surplus, central bank data showed Tuesday.

ACTMedia

UniCRedit: Romania and Bulgaria are the most vulnerable to crisis in Euro zone

2010-12-15

Romania and Bulgaria are the most vulnerable in the area to the crisis of debts on the outskirts of the euro zone, but the economic recovery of Central and Eastern Europe (CEE) on the overall is not endangered by the evolution of monetary union, a report of the Italian group UniCredit shows.

ACTMedia

Romania may receive EUR 360 mn from WB in January

2010-12-15

Romania may receive an installment of 360 million euro, already postponed three times, from the World Bank in January as part of the accord with IMF, EU and other international creditors provided changes brought to the pension system are maintained, said Francois Rantrua, WB country manager, Mediafax informs.

ACTMedia

Income and living conditions in Europe: In the EU27, 116 million people were at risk of poverty or social exclusion in 2008

2010-12-14

How many people are poor in the EU? Is inequality increasing? Does a job guarantee escape from poverty? Questions like these and many others on poverty and social exclusion as well as housing, health and education are analysed in the new publication Income and living conditions in Europe1 issued by Eurostat, the statistical office of the European Union.

ACTMedia

Romania will come out of the crisis when it becomes attractive again

2010-12-14

'For the economy to get healthy we must reduce the indebtness level. The comparison between the housing banks and the commercial banks show us that we live over the level we can afford. In a saving- lending contract you could get, on average, a loan of 20,000 lei, while the commercial banks offer 25,000 euro' Razvan Munteanu, vicechairman responsible with the retail activity of Raiffeisen Bank Romania says.

ACTMedia

Ernst&Young: the fiscal impredictability can send away those who invested in Romania

2010-12-14

Foreign investors who would like to come with money to Romania are discouraged by the fiscal impredictability and those who have already invested could leave as the changes of fiscal order made overnight change their business plans.

ACTMedia

Romania sold 1-year T-bills worth RON 1.47 bn

2010-12-14

Yesterday, Romania sold RON 1.47 bn in 1-year treasury bills with the maximum accepted yield at 7.09%, which compared favorably to yields of 7.3% at previous auctions.

Raiffeisen Capital & Investment

Number of Romanians who left to work abroad has tripled in 2010

2010-12-13

The number of Romanians who left with a contract of employment abroad has tripled this year compared with 2009, according to data provided by the Thera Group.

Agerpres

Tuborg opens plant at Pantelimon on Monday

2010-12-13

Tuborg Romania on Monday opens the plant at Pantelimon (near Bucharest), Environment Minister Laszlo Borbely being also invited to attend the event.

Agerpres

Luxury homes market seeks salvation in rental

2010-12-13

About 900 luxury apartments in Bucharest have been waiting for their owners for more than two years, these building developers having hanging around their necks a business worth over 240 million euros.

Agerpres

Tender for Treasury bills in amount of RON 1 bn

2010-12-13

The Ministry of Finance (MFP) has launched a tender on Monday for the sale of discount Treasury bills worth one billion lei (0.235 billion euros - editor's note).

Agerpres

Moody's improves the outlook of Transelectrica's rating

2010-12-13

According to a media release, Moody's changed to stable from negative the outlook on Transelectrica's (TEL) Baa3 rating. The rating is the same as the sovereign rating.

Raiffeisen Capital & Investment

SIF Muntenia’s transactions

2010-12-10

In a release to the Bucharest Stock Exchange, SIF Muntenia (SIF4) has announced that it bought shares in Fondul Proprietatea worth RON 9.8 mn.

Raiffeisen Capital & Investment

Rompetrol Rafinare’s bonds might be rescheduled for 2 to 3 years

2010-12-10

According to Romania's president which paid an official visit to Kazakhstan, Rompetrol Rafinare's (RRC) EUR 580 mn convertible bonds which became due this autumn, might be rescheduled for a period of two to three years.

Raiffeisen Capital & Investment

Low cost flights could be transferred to Otopeni

2010-12-10

The minister of transport resumes discussions regarding the transfer of the low cost flights from Baneasa airport to Otopeni. The Baneasa airport is intended to remain a 'city airport', for small business aircrafts.

Raiffeisen Capital & Investment

Romania: CPI slowed down to 7.7% y/y in November

2010-12-10

Although coming in at a pretty high 0.52% m/m in November which was in line with our expectations, inflation rate slowed down to 7.7% y/y due to a pretty strong base effect (CPI was 7.9% y/y in October).

BCR Research

Banca Transilvania has opened a new outlet in Cyprus

2010-12-08

Banca Transilvania (TLV) has opened a new outlet in Nicosia, Cyprus targeting the quite numerous Romanian community within the island.

Raiffeisen Capital & Investment

Enel Green Power develops its first 34 MW wind farm near Tulcea

2010-12-07

Enel Group, a member Enel Green Power and world leader in the industry of renewable energy, announced on Monday the start of operations at its first wind farm in Romania, the Agighiol wind power plant sited in Valea Nucarilor, near the city of Tulcea (Eastern Romania).

Agerpres

Ministry of Finance succeeded in borrowing at a lower yield

2010-12-07

Ministry of Finance has raised an amount of RON 1 bn through the issuance of 6m T-bills paying an average yield of 6.88% which compares favourably the yield of 6.95% paid for a previous similar issue.

Raiffeisen Capital & Investment

Ropharma Company Fact Sheet - New pharma player on the main market

2010-12-06

Starting with November 24, 2010 Ropharma Brasov (RPH) shares are traded on the Bucharest Stock Exchange (BVB) main market, Tier I. Previously, Ropharma shares were listed on the OTC market RASDAQ under the ticker IAFR.

Raiffeisen Capital & Investment

Transelectrica - Analysts meeting takeaways

2010-12-06

On Friday, December 3, took place an analysts meeting with the management of Transelectrica to discuss the Business Plan for the period 2010-2013 published by the company over the previous week.

Raiffeisen Capital & Investment

Romania can contribute to upgrading industrial facilities in Azerbaijan

2010-12-06

A first step towards the development of economic relations between Romania and Azerbaijan is the cooperation focused on the upgrading and modernization of some industrial facilities in Azerbaijan and even the development of new production capacities, stated vice president of the Chamber of Commerce and Industry of the Municipality of Bucharest (CCIB), Florin Antonescu , on the occasion of the bilateral Business Forum in Bucharest.

Agerpres

ROMATSA gives awards to airlines operating largest number of flights to and from Romania

2010-12-06

The Romanian Air Traffic Services Administration (ROMATSA), at its central hqrs, on Friday, organized, an award giving ceremony, for the main airlines operating the largest number of flights in Romania's airspace, in 2010.

Agerpres

BCR: Romania should focus on drawing European funds and strengthen export to get out of crisis

2010-12-06

The cut of the income tax to 10 percent will not make banks grant loans more easily, Oana Petrescu, retail vice-president of the Romanian Commercial Bank (BCR), told a conference on the 20th anniversary of the bank's presence on the Romanian market.

Agerpres

The Banker: BRD is 'Best Bank in Romania'

2010-12-06

BRD-Groupe Societe Generale received for the fifth time, from the magazine 'The Banker', the title of the 'Best Bank in Romania' in 2010, the bank informed.

Agerpres

Number of house completions fell by 16% in first nine months

2010-12-06

A number of 32,132 dwellings were completed in the first nine months of 2010, down with 6,038 units compared to the same period in 2009, according to data released on Friday by the National Institute of Statistics (NIS).

Agerpres

Turnover in retail trade decreases 5% in first 10 months

2010-12-06

The volume of turnover in retail trade (adjusted series) dropped 5% in the first 10 months of 2010 versus the same period in 2009, informs a Friday's release from the National Statistics Institute (INS).

Agerpres

INS: investments in economy fall by 17.2% in first 9 months

2010-12-06

The investments in the national economy fell by 17.2% in the first nine months of 2010 compared to the same period in 2009 and stood at 36.55 billion lei /some 8.6 billion euros/, the National Statistics Institute (INS) informs.

Agerpres

Romania signs air transport agreeements with Georgia and Jordan

2010-12-06

Minister of Transports and Infrastructure Anca Boagiu on Thursday, in Brussels, during the council of EU transport ministers, signed two joint agreements on aviation, which refer to the progressive opening of the market as regards the access to routes and the capacity on a mutual basis as well as nondiscrimination and equal chances of competition for businesses on the basis of the principles included in the EU treaties.

Agerpres

Romania might export electricity to Syria and Turkey

2010-12-06

Romania and Syria will examine the possibility of exporting electricity through the submarine electric cable that will connect Romania and Turkey via the Black Sea, SANA quotes Romanian Ambassador in Damascus Danut-Florin Sandovici as saying recently.

Agerpres

Romania is fourth in EU in point of decrease in prices of industrial production in October

2010-12-06

Romania is one of the seven European Union member states that saw a decrease in the prices of the industrial production on the domestic market in October 2010 from the previous month, according to the data presented by the European statistics office Eurostat on Thursday.

Agerpres

Hidraulica Uzina Mecanica Plopeni IPO – subscription results

2010-12-06

The subscription period for the IPO undertook by Hidraulica Uzina Mecanica Plopeni has ended, with the company succeeding in raising only RON 4,180, the equivalent of 38,000 shares at a price of RON 0.11 per share.

Raiffeisen Capital & Investment

FESCO and Adecco set up Joint Venture in Shanghai to enhance HR service offerings in China

2010-12-03

Adecco Group, the worldwide leader in Human Resource services, has set up a joint venture in Shanghai with FESCO, one of the leading HR service companies in China. Under the terms of the joint venture, FESCO and Adecco hold 51% and 49% of the equity respectively.

Adecco Group

Adecco becomes Official International Sponsor of Davis Cup

2010-12-03

Adecco Group, the worldwide leader in Human Resource services, today announced that it has signed an agreement with the International Tennis Federation to become an Official International Sponsor of the Davis Cup.

Adecco Group

Eurostat: Romania is fourth in EU in point of decrease in prices of industrial production in October

2010-12-03

Statistics: Gross domestic product decreases 2.3% in first nine months of 2010

2010-12-03

The gross domestic product (GDP), seasonally adjusted data, decreased 2.3 percent in the first nine months of 2010, compared with the similar period of 2009, according to the data released by the National Institute of Statistics (INS).

ACTMedia

Erste: Continued IMF program highlights Romania's positive developments

2010-12-03

Romania's continuing the program with the IMF and the prospect of fresh talks for a new loan in 2011 show that the country is headed for the right direction and meets the conditionalities established with the Fund, Erste Bank officials declared on Thursday at the presentation of a short-term trend survey on Central and Eastern Europe markets and international developments.

ACTMedia

Central Bank forex reserves up by nearly EUR 500 mn

2010-12-03

The National Bank of Romania's (BNR) forex reserves stood at 32.9 billion euros at end-November, up by nearly 500 million euros from 32.3 billion euros at the end of October, show figures released by the BNR on Thursday.

ACTMedia

European budget commissioner: Romanian issues not exceptional

2010-12-03

The current economic environment is difficult and Europe is pessimistic, rather defensive - a situation which should not persist, European budget commissioner Janusz Lewandowski said in Bucharest on Thursday.

ACTMedia

Weak domestic demand in 3Q10

2010-12-02

Today, the National Institute of Statistics has disclosed the detailed structure of GDP in 3Q10. Real GDP fell 0.7% q/q (seasonally-adjusted data) and 2.5% y/y in 3Q10 and confirmed the flash estimate previously released.

BCR Research

Romanian automotive industry's 2009 turnover at EUR 8.1 bn

2010-12-02

The Romanian automotive industry's 2009 turnover was 8.1 billion euros, the equivalent of 6 pct of the Gross Domestic Product (GDP) and projections for this year stand at 10 pct, president of the Romanian Automotive Manufacturers Association (ACAROM) Constantin Stroe stated in late November.

ACTMedia

The real economy, analysed by BNR: What went in September and which are the risks for the months to come ?

2010-12-02

As the political tension and the reshuffling of the government are underway, the exchange rate leu/euro showed an episode of growth over the first days of September.

ACTMedia

Romania's public debt accounts for 36.22% of GDP

2010-12-02

Romania's public debt at the end of September 2010 amounted to 185.28 billion lei (over 43 billion euros), accounting for 36.22 percent of the gross domestic product (GDP), according to the data released by the Public Finance Ministry (MFP).

ACTMedia

RZB anticipates exchange rate of 4.40 lei/euro in 2011

2010-12-01

The leu-euro relation may reach 4.400 lei in March 2011, as against 4,296 lei/euro at present, the analysis department of Raiffeisen Zentral Bank of Vienna anticipates.

ACTMedia

Isarescu: Larger budget deficit would go to interest payments, exchange rate differences

2010-12-01

Romania cannot afford too large a budget deficit, National Bank of Romania (BNR) governor Mugur Isarescu said at a conference on the European funds absorption on Tuesday.

ACTMedia

Cristian Popa, BNR: Monetary policy interest rate should be maintained at present level

2010-12-01

The monetary policy interest rate must be maintained at the present level, considering that its modification would not bear effect on interest rates for credits, said Cristian Popa, the deputy governor of Central bank (BNR).

ACTMedia

Statistics: Romania companies expect slight decline in industry, retail In Nov-Jan

2010-11-30

Romanian managers said they expect slight decreases in on the industrial and retail segments, a sharp drop in construction and relative stability in services between November 2010 and January 2011, the National Institute for Statistics, or INS, said Monday.

ACTMedia

Romania might get an additional EUR 306 mn from Norway till 2014

2010-11-30

Romania might get another 306 million euros from Norway as a consequence of extending, till 2014, the EEA and Norway Grants for 2009-2011, informs the Romanian Ministry of Economy, Trade and the Business Environment (MECMA).

ACTMedia

Property Fund to be listed on BVB on Jan. 25

2010-11-30

The Property Fund will be listed on the Bucharest Stock Exchange on Jan. 25, 2011, investment company Franklin Templeton, the Fund administrator announced on Monday.

ACTMedia

Romanian Leu opens stronger vs Euro, recovers previous weakness

2010-11-30

The Romanian leu opened Monday's session slightly stronger against the euro, compared to Friday's closing values, while dealers in the market suspect central bank intervention.

ACTMedia

The public debt went up to RON 185 bn: 36.22% out of the GDP

2010-11-30

Romania's public debt went up in September by 3.3% against August, at 185.28 billion lei, increasing its share in the GDP to 1.17 percentage points, at 36.22% according to the data published on Monday by the ministry of public finances (MFP).

ACTMedia

ING: Romania likely to niss 2011 deficit target

2010-11-30

Romania has set 'ambitious' targets for its 2011 budget, but chances are the government will miss its deficit cap of 4.4% of gross domestic product, because of weaker-than-expected economic performance.

ACTMedia

Autumn forecast 2010-2012: EU recovery taking hold, but progress uneven

2010-11-30

The European Commission's autumn forecast foresees a continuation of the economic recovery currently underway in the EU. GDP is projected to grow by around 1¾% in 2010-11 and by around 2% in 2012.

ACTMedia

Fondul Proprietatea Shareholders' Meeting

2010-11-30

Fondul Proprietatea (FP) has held yesterday a General Shareholders Meeting (GSM) where the shareholders have approved among other issues the new bylaws of the fund.

Raiffeisen Capital & Investment

Transelectrica - negotiations carried regarding the funds from sale of 15% stake

2010-11-29

According to media sources, the power grid operator Transelectrica (TEL) negotiates with the state to leave the money to be raised from the sale of the 15% stake in the company.

Raiffeisen Capital & Investment

Banca Transilvania - rights offer subscription results

2010-11-29

Banca Transilvania (TLV) announced the subscription results following its RON 120 mn rights issue. Thus, 94% of the 120 mn new shares the bank intended to issue at a price of RON 1 per share were subscribed.

Raiffeisen Capital & Investment

State budget deficit was almost flat in October

2010-11-29

According to a release of the Ministry of Finance, the state budget was almost flat in October compared to the previous month. At end-October the state budget gap stood at 4.6% of the estimated annual GDP.

Raiffeisen Capital & Investment

Transelectrica's new 2011-2013 business plan

2010-11-26

Transelectrica (TEL) has published its 2011-2013 business plan and the company has also published its newest projection for the FY 2010 figures under RAS.

Raiffeisen Capital & Investment

Securities Commission ordinance regarding the breach of ownership limit

2010-11-26

Banca Transilvania (TLV) announced that the Court has ruled favourably on the request of the bank and its subsidiaries to suspend the Securities Commission (CNVM) ordinance regarding the breaching of the 1% ownership limit in SIF Banat Crisana (SIF1).

Raiffeisen Capital & Investment

Japanese companies want to invest in Romania

2010-11-26

Several Japanese companies have announced their intention to invest in Romania mainly in agriculture and environment, Natsuo Ameniya, Japan's ambassador in Romania told Mediafax Agency.

ACTMedia

EC Report: Unemployment rate in Romania 6.9% in 2009

2010-11-26

The unemployment rate in Romania was 6.9 percent in 2009 (compared with 5.8 percent in 2008) and the number of unemployed in the same period - 681,000 people (compared with 576,000 people in 2008), according to the European Commission's annual report on employment in Europe, presented on Thursday in Brussels.

ACTMedia

Isarescu: Romania doesn’t risk default

2010-11-26

Romania is no danger to suspend its external payments, central bank governor Mugur Isarescu said Thursday, in reply to media reports about an imminent default following a statement made by the head of the International Monetary Fund.

ACTMedia

Romania sells EUR 1.3 bn 3-year bonds at 4.8% average yield

2010-11-26

Romania's Finance Ministry on Thursday sold three-year foreign currency bonds worth EUR1.3 billion, above the planned amount, at an average yield of 4.8% a year.

ACTMedia

MAE signs contracts worth over EUR 330 mn to upgrade consular offices to Schengen standards

2010-11-26

Romanian Foreign Ministry (MAE) has signed contracts worth 333.34 million euros to upgrade Romania's consular offices to Schengen standards, MAE Director General for Communication Doris Mircea reported on Thursday.

ACTMedia

OECD launches in Bucharest the latest study of the Black Sea and Central Asia Initiative

2010-11-26

The Development Centre of the Organization for Economic Cooperation and Development) launches, on 26 November at the MFA Headquarters, the study Economic Development and Competitiveness in Eastern Europe and the South Caucasus, in the framework of the Black Sea and Central Asia Initiative (BSCAI).

ACTMedia

European insurance sector remains stable despite economic turbulence

2010-11-25

The European insurance sector remained stable in 2009, according to key figures released today by the CEA, the European insurance and reinsurance federation.

UNSAR

Banca Transilvania listing on Vienna Stock Exchange posponed

2010-11-25

According to Bloomberg, citing its CEO, Banca Transilvania (TLV) said that it would postpone the listing of its shares on Vienna Stock Exchange for 2011.

Raiffeisen Capital & Investment

Transgaz – investment at Isaccea–Negru Voda pipeline

2010-11-25

According to the local media, Transgaz (TGN) will invest RON 31 mn to upgrade Isaccea – Negru Voda pipeline. The upgrade would allow a better connection of the Romanian gas system to the Bulgarian national gas as it would increase the pipeline reverse-flow capacity.

Raiffeisen Capital & Investment

Romanian - Indian commerce might attain USD 1.5 bn, over next four years

2010-11-25

The bilateral trade between Romania and India might attain 1.5 billion USD, in the average run, namely over the coming four years, the target having been set during the talks between the Romanian Economy Ministry's State Secretary Borbely Karoly and India's Minister of Commerce and Industry Jyotiraditya M. Scindia and Minister of Petroleum and Natural Gases Prasada Shri Jitin.

ACTMedia

Alpha Bank: Lending will increase in Romania by 5% next year

2010-11-25

Creditation in Romania will increase this year by 4% after a drop of 3.9% last year, and will record increase of 5% and 6.5% in 2011 and 2012, the Greek group Alpha Bank estimates, according to Mediafax.

ACTMedia

Libocor(BRD) : The key to budgetary correction cannot be expenditure reduction for ever

2010-11-25

« The key to budgetary correction cannot be expenditure correction but a better collection. Evasion is everywhere and I think we haven't been in this situation since 1999. We cannot discuss about lending resumption as long as we have income cuts.

Agentia Nationala de Presa - Agerpres

IMF confident Romania won’t enact income tax cut

2010-11-25

The International Monetary Fund Wednesday expressed concerns over Romanian Senate's recent vote to lower the income tax rate to 10% from 16%, saying it expects the authorities will ensure the 'unfunded' tax cut will not be enacted.

ACTMedia

Comnord 1-3Q 2010 results

2010-11-24

Constructions company Comnord (COSC) released its financial figures for 1-3Q 2010. Turnover stood at RON 19.6 mn, 80% lower compared to same period last year as construction works continued to decline.

ACTMedia

Concefa 3Q 2010 results

2010-11-24

Constructions company Concefa (COFI) released 3Q 2010 results. The turnover climbed by 60% yoy to RON 31.5 mn. As a result, EBITDA rose to RON 6.1 mn, almost five-time higher yoy.

ACTMedia

Petrom - New CFO and G&P head

2010-11-24

Petrom just announced that CFO Reinhard Pichler will be replaced by Daniel Turnheim and the board member responsible for Gas and Power, Gerald Kapes, will be replaced by Hilmar Kroat-Reder.

ACTMedia

Romania’s steel production at world level

2010-11-24

Romania's gross steel output grew by 19.2% in October from 302,000 tons last year to 360,000 tons, compared to a 2.4% increase of world industry, from 114.8 million tons to 117.6 million tons, according to data of the World Steel Association.

ACTMedia

Romania’s auto industry to account for 10% of GDP this year, from 6% in 2009

2010-11-24

Romania's auto industry will come to account for 10% of the country's gross domestic product this year, which is estimated at some EUR120 billion, compared to 6% of GDP in 2009, said Tuesday Constantin Stroe, head of the Romanian Carmakers Association ACAROM.

ACTMedia

The head of Bayer Romania : Market unpredictability and huge payment postponement are the major issues we have

2010-11-24

Many initiatives and measures proposed by the authorities and the payment which get to be made once a year are the major problems encoutered on the domestic market, Andreas Damaske, the general manager of Bayer Romania, the local branch of the German group which operates in pharmacy, auto and agriculture.

ACTMedia

Romanian Senate adopts bill setting flat tax at 10%

2010-11-24

Romania's Senate adopted Tuesday with 45 to 31 votes and eight abstentions a draft law drawn up by ruling democrat liberals, which reduces the flat tax to 10%, from 16%.

ACTMedia

SIF Moldova subscribed to the share capital increase of Banca Transilvania

2010-11-23

According to a release to the stock exchange, SIF Moldova (SIF2) subscribed on November 19, RON 8.6 mn to the share capital increase of Banca Transilvania (TLV).

Raiffeisen Capital & Investment

Fondul Proprietatea – The decision on Romgaz’s donation was postponed

2010-11-23

According to media, Romgaz's GSM has postponed for November 30 the decision on the RON 400 mn donation from its accounts to the State budget to finance the budget deficit.

Raiffeisen Capital & Investment

RENEXPO 3rd edition due in Bucharest, on Nov 24-26

2010-11-23

The third edition of Renexpo South-East Europe, International Trade Fair and Conference for Renewable Energy and Energy Efficient Construction and Renovation will take place at the Palace Hall Bucharest, over Nov 24-26, informs the event's organizer the Renewable Energy Exhibition and Conference Group (REECO).

ACTMedia

The Ukraine Investors' Summit 2010 -Kyiv, Ukraine , 14.12.2010-15.12.2010

2010-11-23

As new opportunities are opening up in Ukraine's growing economy, the need for investment, finance and various consulting services is becoming crucial in all areas of businesses.

ACTMedia

MFP accepts yields higher than 7% for T-bills

2010-11-23

The Ministry of Public Finance (MFP) on Monday borrowed more than 999.97 million lei (about 235.287 million euros) from the commercial banks, in an issue of discount T-bills for which it accepted yields higher than 7 pct (the limit imposed by the banks until now).

ACTMedia

Romanian gov't approves budget revision

2010-11-23

The Government on Monday approved the 2010 budget revision by an emergency ordinance, Prime Minister Emil Boc announced after the Executive's meeting. He explained the revision is meant to 'ensure the financial resources by year-end'.

ACTMedia

Jiri Sitler is the new Ambassador of the Czech Republic in Bucharest

2010-11-23

Secretary of State for European Affairs with the Romanian Ministry of Foreign Affairs (MAE) Bogdan Aurescu on Monday received the newly appointed Ambassador of the Czech Republic in Bucharest, Jiri Sitler, who presented on this occasion the copies of his letters of accreditation as chief of the Czech diplomatic mission in Romania.

ACTMedia

SIF Oltenia’s transactions

2010-11-22

According to a release to the stock exchange, SIF Oltenia (SIF5) subscribed RON 6.4 mn to the share capital increase of Banca Transilvania (TLV).

Raiffeisen Capital & Investment

SIF Transilvania’s transactions

2010-11-22

According to a release to the stock exchange, SIF Transilvania (SIF3) subscribed RON 4 mn to the share capital increase of hotel operator Turism Lotus Felix, which is a spin off from Turism Felix (TUFE).

Raiffeisen Capital & Investment

SIF Banat Crisana’s transactions

2010-11-22

According to a release to the stock exchange, SIF Banat Crisana (SIF1) sold on November 18 a stake of 0.7 mn shares of Prodplast Imobiliare for RON 2.7 mn.

Raiffeisen Capital & Investment

Impact shares will resume trading

2010-11-22

According to a release to the Bucharest Stock Exchange, real estate developer Impact Developer & Contractor (IMP) shares will resume trading starting November 23, given that since August the Court temporarily suspended the insolvency procedures.

Raiffeisen Capital & Investment

Romania unemployment aid no longer tied to min. wage in 2011

2010-11-22

Romania's Government has committed to the IMF to no longer tie unemployment aid to the minimum wage to avoid having to raise it along with the wage hike planned for 2011, according to the Government's letter of intent.

ACTMedia

Statistics: 11.3% of the total of active companies in the economic domain are in the industry

2010-11-22

At the end of 2009, the industry sector had 58,853 companies, 11.3% out of the total of active companies in the economy, industry, constructions, commerce and services, according to the Institute for Statistics ( INS).

ACTMedia

BERD Report : The infrastructure – the main priority for Romania

2010-11-22

« The development of the infrastructure is a main priority for Romania which recorded supplementary delays during last year. The authorities have to increase the capacity of the public sector to draw EU funds and increase the volume of financial resources for infrastructure projects.

ACTMedia

Lucian Croitoru (BNR): A credible economic growth, only in Q2 of 2011

2010-11-22

Economic growth in Romania could be seen only in Q2 of 2011 and for short term, the growth potential will be low, Lucian Croitoru said, the adviser on monetary policy of the BNR governor.

ACTMedia

NATO adopts new Strategic Concept

2010-11-22

At their Summit meeting in Lisbon, NATO leaders adopted a new Strategic Concept that will serve as the Alliance's roadmap for the next ten years and that reconfirms the commitment to defend one another against attack as the bedrock of Euro-Atlantic security.

ACTMedia

SIF Oltenia’s transactions

2010-11-19

According to a release to the stock exchange, SIF Oltenia (SIF5) subscribed RON 4.95 mn to the share capital increase of hotel operator Turism Lotus Felix, which is a spin off from Turism Felix (TUFE).

Raiffeisen Capital & Investment

Eurostat: Romania's deficit in relation with USA amounts to 38 million euros in first six months of 2010

2010-11-19

Romania's exports to the US increased from 165 million euros in the first six months of 2009 to 245 million euros in the similar period of 2010, in the context of the slight increase in imports, from 274 to 283 million euros, according to the data presented on Thursday by the statistical office of the European Union (Eurostat).

ACTMedia

Analysts anticipate average exchange rate of 4.3 lei/euro and key interest rate of 6-6.25% in 2011

2010-11-19

The Romanian Commercial Bank anticipates an average exchange rate between 4.1 and 4.3 lei/euro for next year, while the inflation rate will drop to 4% of GDP at the end of 2011, close to the target foreseen by the National Bank of Romania, while monetary policy interest rates will reach 6% in the second half of 2011.According to the senior economist of BCR, Lucian Anghel, the inflation rate estimated by BNR until the end of 2010 is 8.2%.

ACTMedia

WB Press Release : Sustaining EU10 Recovery Requires Strong Policy Action

2010-11-19

Half a year after Europe was shaken by a sovereign debt crisis, the recovery in the EU10 continued in 2010 and is set to strengthen in 2011, according to the World Bank's new EU10 Regular Economic Report launched Thursday in Warsaw.

ACTMedia

World Bank: Romania is the only EU 10 country having seen its economy shrink in Q3

2010-11-19

Romania is the only country in the EU 10 - including Bulgaria, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Romania, Slovakia and Slovenia - that is still in recession in the third quarter of 2010, shows the Economic Report on the EU 10 made public by the World Bank in Warsaw and Bucharest on Thursday.

ACTMedia

Romanian Govt greezes hiring in 2011 because of slow economic recovery

2010-11-19

Romania's Government has decided to keep public sector hiring frozen in 2011 and fill only one in seven vacant positions, as the economy is recovering 'slowly,' expecting savings of around 350 million lei (EUR1=RON4.2960) in personnel expenses, but also lower revenue from income taxes.

ACTMedia

Romania slightly revises up year-end budget revenue

2010-11-19

Romania's Government will slightly revise up its year-end estimate for budget revenues by 52.8 million lei (EUR1=RON4.296) to RON165.49 billion, according to the draft of the second budget revision for 2010.

ACTMedia

OTP Bank Romania has increased its share capital

2010-11-18

The Romanian Court of Registration registered the capital increase – in the amount of RON 80 million – of the Romanian subsidiary of OTP Bank, on November 16th, 2010.

OTP Bank

Bucharest Stock Exchange might return some capital to the shareholders

2010-11-18

According to media sources, citing Board members, several shareholders of Bucharest Stock Exchange (BVB) intend to call a GSM where the shareholders could vote on a reduction of its share capital by around EUR 9 mn.

Raiffeisen Capital & Investment

Eurostat: Romania, EU leader in construction works in September

2010-11-18

Romania posted up the largest growth in construction works (4 percent) in the European Union (EU) in September 2010 compared with the previous months, in the context in which construction works in the euro zone fell 2.1 percent, according to data released by the European Statistics Office (Eurostat).

ACTMedia

New ferryboat connection between Bulgaria and Romania launched

2010-11-18

A new ferryboat connection has linked the Bulgarian town of Svishtov with its Romanian neighbour across the Danube River to the north, Zimnicea, Bulgarian National Television (BNT) reported on November 17th, 2010.

ACTMedia

Romania tips trade balance with South Africa in its favour

2010-11-18

Romania's commercial exchanges with South Africa, even though modest at this moment, carry considerable potential for development and the balance tips in Romania's favour, vice chairman of the Romanian Chamber of Commerce and Industry (RCCI) Sorin Dimitriu told an economic seminar here on Wednesday.

ACTMedia

Romanian export-oriented industries poised to grow further in 2011

2010-11-18

Romanian export-oriented manufacturing industries will continue to grow in 2011, further supporting economic recovery, whereas sectors such as retail and constructions will be negatively impacted by low consumer confidence, according to consultancy firm Roland Berger.

ACTMedia

Romania 3Q foreign card payments at record RON 1 bn - central bank

2010-11-18

Romanians used cards to pay 966 million lei (EUR1=RON4.2950) in the third quarter to POS terminals abroad, the largest amount reported to date, and withdrew RON380 million from foreign ATMs, according to central bank datThe value of foreign POS transactions in the third quarter is 25% higher than that recorded at the end of the second quarter - RON771 million.

ACTMedia

ING says Romania may reach 2010 deficit target, sees limited market impact

2010-11-18

Recent budgetary indicators suggest Romania may be able to reach its year-end fiscal objectives, but the positive evolution could have only a limited impact on the market, due to the government's repeated failure to lower the general arrears, according to a report from ING Bank Romania.

ACTMedia

Romania, IMF set 1Q 2011 budget deficit target at RON 5.7 bn

2010-11-18

Romania and the International Monetary Fund have agreed on a budget deficit target of 5.7 billion lei (EUR1=RON4.295) for the first quarter of next year, one third lower compared to the same period of 2010.

ACTMedia

The Netherlands opens honorary consulate in Cluj

2010-11-17

The Netherlands has, since Saturday, an honorary consulate in Cluj-Napoca (center-west), its opening being marked by the presence of the Dutch ambassador, Tanya van Goole.

ACTMedia

Volume of Romania-USA commercial exchanges exceeded RON 1 bn on 30 September

2010-11-17

The volume of commercial exchanges between Romania and the US excceded a billion dollars on 30 September 2010, being on the rise by 22.4% compared to 2009.

ACTMedia

Ambassador Henri Paul: French investors want more transparency in economic policies

2010-11-17

French ambassador in Bucharest Henri Paul said on Tuesday in Ordaea that French investors, the same as other investors, want more visibility of the economic policies, market transparency, a stable currency and not too high taxes.

ACTMedia

Romanians’ foreign financial holdings at EUR 3.2 bn in September

2010-11-17

Romanian residents' financial holdings abroad stood at EUR3.2 billion in September, down 12% from December last year, central bank data showed Tuesday.

ACTMedia

Eurostat: Romania's October annual inflation, highest in EU

2010-11-17

Romania had in October 2010 the biggest year-on-year inflation rate among the 27 EU states - 7.9%, while the year-on-year inflation rate in the EU stood at 2.3% and at 1.9% in the eurozone, according to a revised estimate published on Tuesday by the European Statistics Office (Eurostat).

ACTMedia

Otopeni Airport reevaluated, next stop Timisoara Airport

2010-11-17

Schengen Area evaluation committee experts Monday visited International Airport Henri Coanda in Otopeni, near capital Bucharest, to assess the country's progress regarding airspace.

ACTMedia

Europe's economy rebounds faster than expected - Romania continues to struggle

2010-11-17

The European economy is recovering more quickly than expected from the crisis and companies are expected to hire 600,000 new workers over the next year, according to BusinessEurope's economic outlook released Monday (15 November).

ACTMedia

SIF Banat Crisana’s transactions

2010-11-17

Through a communiqué to the Stock Exchange, SIF Banat Crisana (SIF1) announced that it bought a stake in Fondul Proprietatea (FP), paying for it RON 3.0 mn.

Raiffeisen Capital & Investment

Azomures 3Q 2010 results

2010-11-17

The fertilizers producer Azomures (AZO) reported its 3Q 2010 results, which came in significantly better yoy, on the back of higher fertilizers' prices and higher external and domestic demand.

Raiffeisen Capital & Investment

Prodlacta 3Q 2010 results

2010-11-16

Dairy producer Prodlacta (PRAE) reported a 23% drop in sales in the third quarter of 2010 to RON 10.4 mn. Raw material costs decreased by 35% yoy to RON 5.4 mn (helped also by a reduction in inventories).

Raiffeisen Capital & Investment

BAT Medias 3Q 2010 results

2010-11-16

The auto transportation company BAT Medias (BAME) reported for 3Q 2010 a 40% yoy increase in revenues to RON 8.2 mn. Main cost items also increased (raw materials costs by 40% to RON 1.6 mn, third parties expenses by 71% to RON 3.2 mn and labor expenses by 20% to RON 1.5 mn).

Raiffeisen Capital & Investment

Artego 3Q 2010 results

2010-11-16

The rubber products manufacturer Artego (ARTE) has released its 3Q 10 results with a 37% yoy jump of its sales to RON 39.2 mn but with decreasing margins, most likely due to higher commodities prices.

Raiffeisen Capital & Investment

Cemacon 3Q 2010 results

2010-11-16

The ceramic bricks producer Cemacon (CEON) reported for 3Q 2010 sales of RON 7.4 mn, 28% lower yoy. Costs adjusted as well and the company achieved an operating profit of RON 2.5 mn, 70% higher yoy.

Raiffeisen Capital & Investment

Armax 3Q 2010 results

2010-11-16

Armax Gaz (ARAX) released 3Q 2010 results. The turnover stood at RON 15 mn, down 32% yoy, but overall revenues increased by 6% to RON 18.4 mn on increased inventory.

Raiffeisen Capital & Investment

Vrancart – 3Q 2010 results

2010-11-16

Toilet paper and cardboard producer Vrancart (VNC) has published its quarterly results. Despite a 37% yoy increase in sales to RON 39.5 mn, driven by cardboard products, operating profit decreased 7% yoy to RON 1.9 mn due to a surge in its costs.

Raiffeisen Capital & Investment

Zentiva 3Q 2010 results

2010-11-16

The pharmaceutical producer Zentiva (SCD) reported impressive 3Q 2010 results. Turnover came in at RON 74.5 mn, double yoy, mainly due to a lower base in 3Q 09 (RON 38 mn, 25% lower yoy) and to the fact that the company sold a large quantity of products from existing inventory.

Raiffeisen Capital & Investment

Total volume of Chinese investment in Romania - USD 385 mn, in September

2010-11-16

Chinese investment in the Romanian economy was almost 385 million dollars, according to the data of the ministry of economy, the focus being on the wood manufacturing industry and furniture production, textile industry, tobacco and equipment production industry.

ACTMedia

Romania accessed but 15% of European funds

2010-11-16

The current situation of the European funds' accession unveils an absorption percentage of only 15, while out of the 23,000 projects aiming to the community funds' accession only 4,000 have got a financing decision, on Monday said in the opening of the first edition of the Banking Fair at World Trade Center the vice-president of the Business Peoples' Association of Romania (AOAR), Constantin Bostina.

ACTMedia

Raiffeisen Capital Management : The political situation in Romania could be tensioned over the next months as well

2010-11-16

'The political situation in Romania could be tensioned over the next months; the austerity measures determine more and more protests with the population. Globally, the announcement for the ' quantitative relaxation' offered by the Federal Reserve of the US stimulated the risky assets' a research report of Raiffeisen Capital Management said.

ACTMedia

Romanian household loan demand seen rising slightly in Q4

2010-11-16

Romanian banks estimate household lending will recover slightly in the fourth quarter of 2010, but demand is expected to remain weak, a quarterly central bank survey showed Monday.

ACTMedia

Finance Ministry sells benchmark bonds worth over EUR 190 mn

2010-11-16

The Ministry of Public Finance (MFP) on Monday, raised 190.5 million euros (819.31 million lei) in a benchmark bond issue auctioned by the National Bank of Romania.

ACTMedia

ING ups Romanian GDP growth forecast to -1.6% in 2010

2010-11-16

ING Bank Romania has lifted its forecast on Romanian gross domestic product growth to minus 1.6% in 2010, on better-than-expected third quarter GDP data, the lender said in a report Monday.

ACTMedia

Două noi emisiuni de certificate Erste Group tranzacţionate pe BVB, de marţi

2010-11-16

Două noi emisiuni individuale de certificate emise de către Erste Group Bank vor fi disponibile la tranzacţionare, de marţi, la bursa de Valori Bucureşti, sectorul Produse Structurate, informează bursa.

Agentia Nationala de Presa - Agerpres

Zentiva, profit de aproape 20 de ori mai mare la nouă luni

2010-11-16

Producătorul de farmaceutice Zentiva a realizat un profit net de 57,44 milioane lei pe primele nouă luni ale anului, de circa 20 de ori mai mare decât cel înregistrat în aceeaşi perioadă a anului trecut, când profitul a ajuns la 3,21 milioane lei.

Agentia Nationala de Presa - Agerpres

Romania 9-Mo FDI falls 40% to EUR 2.1 bn

2010-11-15

Romanian foreign direct investment, or FDI, fell 39.5% to EUR2.07 billion in the first nine months, from EUR3.42 billion in the year-earlier period, the central bank said Friday.

ACTMedia

Rantrua: Some WB proposals to be included in the discussions with EC and IMF

2010-11-15

Some of the recommendations of WB, such as the reform in administration will be included in the discussions with the EC and the IMF but they are not conditions for the moment, but only evaluations and guidances for the government which is going to decide if they are to be applied or not, Francois Rantrua, country manager of WB for Romania said.

ACTMedia

Romanian central bank Governor says arrears worse than large deficits

2010-11-15

Arrears are one of the reasons why Romania is in recession and has a high inflation rate and the chain of overdue payments is more dangerous than large deficits, central bank governor Mugur Isarescu said Saturday.

ACTMedia

Prodplast 3Q 2010 results

2010-11-15

Prodplast (PPL) 3Q 10 sales decreased by 7% yoy to RON 12.8 mn. The main cost item, raw materials advanced by 6% yoy to RON 11.1 mn.

Raiffeisen Capital & Investment

Remarul 16 Februarie 3Q 2010 results

2010-11-15

Railways stock repairs and maintenance company Remarul 16 Februarie (REFE) reported some key figures for 3Q results. 3Q 2010 sales came in 11% lower yoy at RON 20.8 mn.

Raiffeisen Capital & Investment

Transilvania Constructii 3Q 2010 results

2010-11-15

Constructions company Transilvania Constructii (COTR) released 3Q 10 results under Romanian Accounting Standards. Revenues rose sharply by 78% yoy to RON 9.2 mn.

Raiffeisen Capital & Investment

Comelf 3Q 2010 results

2010-11-15

Environment protection equipment producer Comelf (CMF) posted its 3Q 2010 results. Sales came in 2.5x higher yoy at RON 34.4 mn.

Raiffeisen Capital & Investment

Impact 3Q 2010 results

2010-11-15

Real estate developer Impact Developer & Contractor (IMP) released its 3Q 10 results under RAS. Sales dropped by 57% yoy to RON 5.1 mn.

Raiffeisen Capital & Investment

Antibiotice 3Q 2010 results

2010-11-15

The pharmaceutical producer Antibiotice (ATB) reported for 3Q 2010 a turnover of RON 61.5 mn, up 24% yoy, mainly in line with the pharmaceutical market growth.

Raiffeisen Capital & Investment

Rolling stock producer Remarul gets Bombardier exclusivity in the Balkans

2010-11-15

After months of negotiations, the Cluj Napoca-based rolling stock manufacturer 'Remarul 16 Februarie' (Romania's center-northwest) succeeded in obtaining the exclusive right to manufacture and sell in five Balkan states - Romania included - trains produced under the Bombardier license, Bursa daily informs.

Agerpres

Andreea Paul Vass (PM adviser): Sole fiscal statement starting Jan. 1, 2011

2010-11-15

Taxpayers can submit online, starting next year, a single tax declaration, the system going to be functional from January 1, 2011, announced on Friday, November 12, in a press conference in Zalau (north-west), Andreea Paul Vass, adviser to the Prime Minister.

Agerpres

SIF Oltenia announces RON 73.231 million in net profit January through September

2010-11-15

Financial Investment Company SIF 5 Oltenia has announced RON 73.231 million in net profit January through September, down 63 percent compared with the same interval last year, when it stood at RON 198.12 million, according to financial information provided to the Bucharest Stock Exchange.

Agerpres

Biofarm First Impression 3Q 10

2010-11-12

Biofarm released its 3Q 2010 results under Romanian Accounting Standards. Sales were close to our estimates and 11% higher yoy, but operating expenses were higher than expected.

Raiffeisen Capital & Investment

BCR: Austerity measures weigh on economic growth

2010-11-12

Today, the National Institute of Statistics released the flash estimates for 3Q10 economic growth. Real GDP fell 0.7% q/q (seasonally-adjusted data) and 2.5% y/y. Our forecast was -0.7% q/q, while market consensus stood at -1.3% q/q.

BCR Research

Alumil First Impression 3Q 10 - Back into black

2010-11-12

Alumil Rom Industry 3Q 2010 results (under Romanian Accounting Standards) came roughly in line with our expectations, in spite of the fact we had expected a milder decrease in sales.

Raiffeisen Capital & Investment

Constructii Bihor 3Q 2010 results

2010-11-12

Constructions company Constructii Bihor (COBJ) made public its 3Q 10 results under RAS. Sales dropped 12% yoy to RON 16.5 mn, the yearly rate of decrease improving from 56% in 1H 10.

Raiffeisen Capital & Investment

Orsova Shipyard 3Q 2010 results

2010-11-12

Orsova Shipyard (SNO) reported surging sales and profits in 3Q 2010. The turnover stood at RON 23.7 mn, 82% higher yoy, but the overall boost in revenues was smaller as the company reduced inventory.

Raiffeisen Capital & Investment

Oil Terminal 3Q 2010 results

2010-11-12

Oil Terminal reported rising turnover and margins. The turnover reached RON 33.5 mn, 11% higher yoy. The main cost item, labor expenses rose less than sale, by 8% yoy to RON 17.3 mn, while raw materials and third parties costs came up by 19% and 17% respectively to RON 1.8 mn and RON 8.2 mn.

Raiffeisen Capital & Investment

Condmag 3Q 2010 results

2010-11-12

The industrial contractor Condmag (COMI) released its 3Q results (RAS). Revenues decreased 34% yoy to RON 45.3 mn.

Raiffeisen Capital & Investment

Aerostar 3Q 2010 results

2010-11-12

Aerostar (ARS) reported a 24% yoy decrease in sales to RON 33.4 mn. On the costs side, material costs came in 29% yoy higher to RON 19.4 mn, while labor expenses were almost flat at RON 12.6 mn.

Raiffeisen Capital & Investment

Dafora 3Q 2010 results

2010-11-12

Constructions and drilling company Dafora (DAFR) has released 3Q 10 figures under RAS. Sales advanced by 34% yoy to RON 52.9 mn.

Raiffeisen Capital & Investment

Alro 3Q 2010 results

2010-11-12

The aluminum smelter Alro (ALR) reported impressive 3Q 2010 results. Revenues came up by 47% yoy to RON 461 mn. Raw materials and utilities costs climbed 31% and 25% yoy respectively to RON 161.7 mn and RON 117.4 mn.

Raiffeisen Capital & Investment

Prospectiuni 3Q 2010 results

2010-11-12

The geological and geophysical prospecting company Prospectiuni (PRSN) reported its key 3Q 2010 figures, which were impressive compared with the previous two quarters.

Raiffeisen Capital & Investment

Alumil 3Q 2010 results

2010-11-12

Alumil (ALU) reported 3Q 10 results. Sales were down 26% yoy to RON 18.1 mn, more than we expected (-16%) on a prolonging of the slump in demand in the construction sector.

Raiffeisen Capital & Investment

Biofarm 3Q 2010 results

2010-11-12

Biofarm (BIO) released its 3Q 2010 results. Turnover came in almost flat compared with our estimates, at RON 18 mn, 11% higher yoy.

Raiffeisen Capital & Investment

Feasibility study for South Stream due end of November

2010-11-12

According to a press release by Gazprom, the feasibility study prepared jointly with the gas transporter Transgaz is due to be finalized end of November.

Raiffeisen Capital & Investment

Hidraulica Uzina Mecanica Plopeni IPO

2010-11-12

Hydraulics equipment producer, Hidraulica Uzina Mecanica Plopeni (HPR) will launch an IPO starting today (November 12). The offer will be opened until December 3rd.

Raiffeisen Capital & Investment

Unemployment rate decreases to 7.08% in October

2010-11-12

Nationwide unemployment rate stood at 7.08% at end-October, by 0.27% lower than that in September 2010 and by 0.02% lower than that in October 2009, informs the National Employment Agency.

ACTMedia

CCIR: Conference on investment opportunities in Romania

2010-11-12

Romania is offering many investment possibilities in the field of infrastructure, rural development, tourism and environment.

ACTMedia

Romanian Central Banker: Lending to lag behind economic recovery

2010-11-12

Romanian lending is bound to lag behind economic revival and bankers should use the temporary halt to resolve the core issue of non-performing loans, an official of the central bank said Thursday.

ACTMedia

EBRD forecasts 2% economic decline for Romania in 2010

2010-11-11

Peter Sanfey, chief economist of the European Bank for Reconstruction and Development (EBRD), revealed on Thursday, within a relevant conference, a few figures from the Transition Report that EBRD will launch officially next week in London, according to which Romania will have 2% economic decrease in 2010 and slight rise of 0.9% in 2011.

Agerpres

EBRD: Romania's switching to euro in 2015, a far too optimistic target

2010-11-11

The 2015 deadline set for Romania's adopting the euro is far too optimistic, European Bank for Reconstruction and Development (EBRD) chief economist Peter Sanfey on Thursday told a specialist conference.

Agerpres

Two Siveco Romania projects get IPMA recognition

2010-11-11

Two projects developed by Siveco Romania were nominated by the International Project Management Association (IPMA) among the best project management achievements.

Agerpres

Teraplast First Impression 3Q 2010 - Margins higher than expected

2010-11-11

Teraplast (TRP) released its un-consolidated 3Q 10 results under Romanian Accounting Standards (RAS) and the key consolidated 3Q 10 P&L positions (IFRS), which include the results of the main entity Teraplast, Politub (the plastic pipes producer) and Plastsistem (the thermo-insulating sandwich panel producer).

Raiffeisen Capital & Investment

Remarul 16 Februarie acquires production license

2010-11-11

According to a release to the Bucharest Stock Exchange, the rolling stock maintenance and repairs company Remarul 16 Februarie (REFE) acquired from Bombardier Transport France a license for the production of large capacity auto motors for passengers traffic.

Raiffeisen Capital & Investment

Ductil 3Q 2010 results

2010-11-11

Welding electrodes manufacturer Ductil Buzau (DUCL) reported its 3Q 2010 results. The turnover was almost flat yoy at RON 32.7 mn, as revenues from sales of merchandise augmented by 15% yoy whereas sales of own production dipped.

Raiffeisen Capital & Investment

Iproeb 3Q 2010 results

2010-11-11

The cables producer Iproeb (IPRU) released its 3Q results under RAS. Sales reached RON 28.2 mn, 26% higher yoy, but revenues went up by only 7%, due to some inventory buildup in 3Q 2009.

Raiffeisen Capital & Investment

Rompetrol Well Services 3Q 2010 results

2010-11-11

The drilling services provider Rompetrol Well Services (PTR) reported strong 3Q 2010 results. Revenues rose by 25% to RON 21.5 mn.

Raiffeisen Capital & Investment

Romania: CPI remained pretty high in October

2010-11-10

Inflation rate came in at 0.55% m/m in October, pretty much in line with market expectations, while the annual figure inched up at 7.9%.

BCR Research

Ambassador Alexander Churilin about Romanian-Russian relations

2010-11-10

The Ambassador of the Russian Federation to Bucharest, Alexander Churilin, believes that ''the restoration of mutual trust and mutual respect'' is the main prerequisite for ''warmer'' Romanian-Russian relations.

ACTMedia

Petrom First Impression 3Q 2010 - E&P and R&M fine, gas and FX losses spoil the results

2010-11-10

Petrom's E&P segent performed as expected, suffering from impairments and higher export duties in Kazakhstan on the one hand, but profiting from the positive oil price development on the other.

Raiffeisen Capital & Investment

Transgaz First Impression 3Q 2010 - Non-recurring gains lift bottom line

2010-11-10

The natural gas transporter Transgaz (TGN) reported its 3Q 2010 results under RAS, which came in better than we expected but in line with consensus.

Raiffeisen Capital & Investment

Bucharest Stock Exchange 3Q 2010 results

2010-11-10

Bucharest Stock Exchange (BVB) reported its results for 3Q 2010. Revenues decreased by 28% yoy to RON 2.5 mn as trading volumes shrunk during the quarter.

Raiffeisen Capital & Investment

Transgaz 3Q 2010 results

2010-11-10

The natural gas transporter Transgaz (TGN) reported its 3Q 2010 results under RAS, which came in better than we expected but in line with consensus.

Raiffeisen Capital & Investment

Petrom 3Q 2010 results

2010-11-10

Petrom's 3Q 10 top line was reported according to expectations (slightly better than we presumed) at RON 4,815 mn. Clean CCS EBIT was 11% below our forecast at RON 760 mn.

Raiffeisen Capital & Investment

French companies at Indagra Farm fair

2010-11-10

Ubifrance, the French Agency for international company development prganizes this year in partnership with Groupama Insurance the fifth edition of the French Pavilion at Indagra Farm fair, to be held in Bucharest between 10 and 14 November at Romexpo, at the same time with the specialized exhibition of food industry products and equipment – Indagra Food and the international exhibition for packing materials, machines and specific equipment All Pack.

ACTMedia

About 50,000 companies have gone bankrupt in 3 years

2010-11-10

The number of companies which went bankrupt between January 2008 and September 2010 is close to 50,000. Most bankruptcy procedures were initiated last year when 19,894 companies could not pay their debts.

ACTMedia

Only 3% of Romanian managers say crisis will end this year

2010-11-10

One out of three company managers in Romania say crisis effects will end by mid 2011, while a third of CEOs in Romania cannot anticipate the end of the crisis.

ACTMedia

ANEIR: In 2011, Romania's export targets aggressively extra-EU markets

2010-11-10

Romania's exports will focus in 2011 on the main partner, the EU countries, and also to the extra-EU area, whose share will rise, said on November 8 Mihai Ionescu, secretary general of the Association of Romanian Exporters and Importers (ANEIR) and co-president of the Export Council.

ACTMedia

Romania's trade deficit dropped by 3.45% in the first nine months

2010-11-10

Romania's trade deficit decreased in the first nine months of the year by 3.45% to 6.89 billion euro from 7.14 billion euro in the same period in 2009, Romania's National Statistics Institute data reveals.

ACTMedia

Financial analysts expecting inflation to reach 8% in late 2010

2010-11-10

Annual inflation in Romania should reach 8 percent, according to estimates of the Association of Financial and Banking Analysts of Romania (AAFBR).

ACTMedia

Trilateral agreement to establish meeting points of Romania, R. Moldova and Ukraine borders

2010-11-10

Under the Romania-Republic of Moldova Treaty on the regime of state borders, mutual cooperation and assistance on border issues signed on Monday, November 8, in Bucharest, the meeting points of Romania, the Republic of Moldova and Ukraine's state borders will be established under a separate trilateral agreement.

ACTMedia

Chinese delegation intersted in water power projects, road and rail infrastructure and agriculture in Romania

2010-11-10

Prime Minister Emil Boc on Tuesday welcomed at Victoria Palace, the Government House in Bucharest, a delegation headed by the Deputy President of the National Assembly of the People's Republic of China Simayi Tieliwaerdi to discuss the prospects for bilateral economic cooperation under water power projects, road and rail infrastructure and agriculture.

ACTMedia

CNP: Unemployment rate to reach 8% in 2010

2010-11-10

Romania will report an unemployment rate of 8 percent in 2010 compared with 7.8 percent in 2009, according to the National Commission for Prognosis (CNP).

Agerpres

CNP estimates inflation rate will stand at 8.1% in 2010

2010-11-10

The inflation rate will stand at 8.1 in 2010, with the average annual inflation to reach 6.2 percent, according to the autumn forecast of the National Commission for Prognosis (CNP).

Agerpres

Adecco continues to deliver strong topline growth

2010-11-09

Adecco Group announces results for the third quarter of 2010. Revenues were EUR 5.1 billion in Q3 2010, an increase of 17% on an organic basis. The gross margin was 17.8%, up 10 bps compared to the prior year’s third quarter and down 70 bps organically and adjusted.

Adecco Group

Romania Sept Adjusted Construction Works Down 15.1% YY

2010-11-09

Romania's construction output fell 15.1% in adjusted data in September compared with the same month a year earlier, with decreases in all sectors, the National Institute for Statistics said Monday.

ACTMedia

The association of Exporters: there are huge pressures for the foreign exchange rate on the part of speculators

2010-11-09

The evolution of the leu is under high pressure on the part of speculators both in Romania and outside the country, who want a negative evolution of the national currency, the chairman of the National Association of Exporters and Importers in Romania (ANEIR) Mihai Ionescu.

ACTMedia

UniCredit : The annual rate of inflation was 7.7% in October

2010-11-09

The inflation rate was 0.4% in October against the previous month of this year, according to the estimates of UniCredit Tiriac Bank analysts, who show that the highest increase of prices took place on food, determined by the evolution of the international market.

ACTMedia

Romania Central Bank revises down 2009 FDI to EUR 3.5 bn

2010-11-09

Romania's central bank Monday revised downward foreign direct investment data for 2009 to EUR3.5 billion, from EUR4.9 billion previously, after subtracting the net loss out of equity increases.

ACTMedia

EC experts to assess Romania's progress under CVM, Nov. 16-17

2010-11-09

An expert mission of the European Commission will be in Bucharest, November 16-17, to assess Romania's progress under the Cooperation and Verification Mechanism (CVM) that monitors Romania's progress with judiciary reform, the European Commission reported on Monday.

ACTMedia

Jose Manuel Barroso: Danube Strategy - an opportunity for EU Member States to accelerate integration benefits

2010-11-09

The New Strategy for the Danube region will be an opportunity for the European Union Member States to accelerate the benefits of integration, but also to reduce existing disparities, the President of the European Commission (EC), Jose Manuel Barroso, underlined.

ACTMedia

Declaration on EU Strategy for Danube Region was adopted at Parliament Palace on Monday

2010-11-09

The declaration on the EU Strategy for the Danube Region was adopted in Bucharest, at the Parliament Palace, on Monday, on the sidelines of the Danube Summit.

ACTMedia

Financial analysts expecting inflation to reach 8% in late 2010

2010-11-09

Annual inflation in Romania should reach 8 percent, according to estimates of the Association of Financial and Banking Analysts of Romania (AAFBR).

Agerpres

Euro-denominated trade deficit decreases 3.46% in first 9 months

2010-11-09

The FOB-CIF trade deficit in the first 9 months of 2010 stood at 28.827 billion lei (6.899 billion euro), by 1.386 billion lei (246.8 million euro) lower than in the similar period of 2009, according to the data centralized by the National Statistics Institute.

Agerpres

Over EUR 195 mn funds to be reallocated to SMEs

2010-11-09

EU funds higher than 195 million euros will be reallocated to the Small and Medium Sized Entreprises (SMEs), whereas 100 million euros will go to the renewable energy resources, money coming from energy efficient and interconnection operations, informs the Ministry of Economy, Trade and Business Environment (MECMA).

Agerpres

New factory at Bals to supply parts to Ford

2010-11-09

The International Automotive Components (IAC) Group a plastics blow molding manufacturer plans to have a factory built in Bals (a town located in southern Romania), which is to supply car interior components to Ford car maker in Craiova (south).

Agerpres

Compa 3Q 2010 results

2010-11-09

Auto parts producer Compa (CMP) published 3Q 2010 results under Romanian Accounting Standards (RAS). Compa reported a hefty 66% yoy increase in sales to RON 110.4 mn on the back of a recovery in orders from the company's traditional clients (i.e. Bosch and Delphi).

Raaiffeisen Capital & Investment

Banca Carpatica – 3Q 2010 results

2010-11-09

Banca Carpatica (BCC) has reported its 3Q 10 figures under RAS. The balance sheet contracted 0.8% qoq to RON 3.0 bn while net loans shrank 4.7% qoq to RON 1.0 bn.

Raiffeisen Capital & Investment

Petrom - Brazi terminal construction finished

2010-11-09

Petrom just announced the finalization of a 8,120 cubic meters fuel terminal next to the Petrobrazi refinery. The construction of the terminal, which will supply the central and the eastern part of Romania, cost EUR 29 mn.

Raiffeisen Capital & Investment

Romania's industrial output rose by 1% mom

2010-11-09

According to data released yesterday by the National Institute of Statistics, Romania's adjusted industrial output rose in September by 1% mom.

Raiffeisen Capital & Investment

Statistics: New orders in industry rise in September

2010-11-08

The new orders in total industry (internal and foreign market), rose in September 2010 in nominal terms by 26.3% from August and by 29.9% versus the similar period in 2009, according to the data centralized by the National Statistics Institute (INS).

ACTMedia

Eurostat: Romania - first in EU by increase in industrial production prices in September

2010-11-08

Romania had the biggest price increase, 1.2 percent, in industrial production among the 27 member states of the European Union (EU) in September 2010, compared with the previous month, after an increase of 0.5 percent in August, in the context in which prices in industrial production in EU27 have recorded an average increase of 0.2 percent and of 0.3 percent respectively in the euro zone, according to data presented on Thursday by the European Statistics Office (Eurostat).

ACTMedia

Energy and research, main areas of interest for Romanian-Cypriot cooperation

2010-11-08

Romanian and Cypriot authorities in the economic field have established the key areas of interest for the cooperation between the two states, which are energy and research - innovation, announced the Permanent Secretary with the Office of Planning, George Georghiou, on Friday, on the occasion of the signing of the Protocol of the Romanian-Cypriot Inter-governmental Committee.

ACTMedia

Gov't wants repayment of arrears to private companies postponed to April 2011

2010-11-08

In the Letter of Intent issued under the Stand-By Agreement, the government asks the International Monetary Fund (IMF) and the European Commission (EC) to approve the postponement until April 2011 of the state's debts to private companies, President Traian Basescu declared on Thursday.

ACTMedia

The Danube Summit opens today, at the Parliament Palace in Bucharest

2010-11-08

The Danube Summit opens on Monday, 8 November 2010, at the Parliament Palace in Bucharest, under the high patronage of the President of Romania.

ACTMedia

Teraplast share repurchase program - update

2010-11-08

Teraplast (TRP) informed investors that between September 29 and November 3 it acquired almost 1 mn of its own shares as part of the new share purchase program.

Raiffeisen Capital & Investment

SIF Oltenia's transactions

2010-11-08

According to a release issued on Friday to the Bucharest Stock Exchange (BVB), SIF Oltenia (SIF5) has announced that it sold its entire stake of 4.1 mn shares in Comcerealis Craiova.

Raiffeisen Capital & Investment

BNR's Isarescu: 2015 stays euro-adoption target

2010-11-08

Governor of the National Bank of Romania (BNR) Mugur Isarescu declared on Friday on the public radio station that 2015 stays the deadline for the adoption of the euro.

Agerpres

BNR governor expects wage rises next year, but inflation to partially offset their effects

2010-11-08

Wages in the public sector will indeed inch up next year, but inflation will partially offset the effects of this rise, governor of the National Bank of Romania (BNR) Mugur Isarescu declared on Sunday on a private television channel.

Agerpres

HP launches first European Brand Store in Romania

2010-11-08

Hewlett Packard (HP) IT manufacturer and its retail partner Altex opened their first high-end store in Europe, in Romania, on Nov 5, informs the HP release sent to Agerpres.

Agerpres

Black Sea Forum on Renewable Energy to hold 1st edition

2010-11-08

Romanian Foreign Ministry (MAE) State Secretary for Global Affairs Doru Costea will attend the inaugural edition of the Black Sea Forum on Renewable Energy, in Bucharest, on Tuesday, Nov 9, MAE release informs.

Agerpres

BCR: Precautionary agreement with IMF could be beneficial for Romania

2010-11-08

Banca Comerciala Romana (BCR) CEO Dominic Bruynseels said Friday that a new 'precautionary' type agreement with the International Monetary Fund (IMF) could be beneficial for Romania.

Agerpres

BCR and Banca Transilvania could become shareholders in Oltchim

2010-11-05

According to the media citing sources from the Ministry of Economy, Banca Comerciala Romana (BCR) agreed in principle to the conversion of half its loan to chemical producer Oltchim (OLT) into shares.

Raiffeisen Capital & Investment

Romania keeps steady in Doing Business rank

2010-11-05

Romania's rank in Doing Business 2011 is 56, one place down compared to 2010, when the country was ranked 55.

ACTMedia

Romania ranks 44 in World Economic Forum’s financial development chart

2010-11-05

Romania has ranked 44 after being included this year, for the first time, in a World Economic Forum chart of the 57 most developed financial markets worldwide.

ACTMedia

Finance Ministry sells RON 120 mn worth of benchmark bonds

2010-11-05

The Ministry of Public Finance (MFP) on Thursday raised almost 28 million euros (120.05 million lei) in a benchmark bond issue auctioned by the National Bank of Romania.

ACTMedia

BNR news conference : Impact of VAT increase on inflation is 2.4% in September

2010-11-05

The impact of the VAT increase on the annual inflation rate is 2.4 percent in September 2010, said Governor of the National bank of Romania (BNR) Mugur Isarescu on Thursday when presenting the quarterly report on inflation.

ACTMedia

BNR upwardly adjusts 2010 inflation projection to 8.2%

2010-11-05

Inflation in Romania in 2010 will be 8.2 percent, up 3.4 percent from 2009 and 0.4 percent past the projections released this August, reads the quarterly inflation report drawn up by the National Bank of Romania (BNR) and presented on Thursday at a news conference by BNR Governor Mugur Isarescu.

ACTMedia

EC President Jose Manuel Barroso, to visit Bucharest on Monday, November 8

2010-11-05

The European Commission President, Jose Manuel Barroso, is to pay on Monday, November 8, a visit to Romania, occasion for participating in the Danube Strategy Summit held in Bucharest.

ACTMedia

Mecanica Ceahlau 3Q 2010 results

2010-11-04

Mecanica Ceahlau (MECF) has reported its 3Q 10 results with a 45% rise in its quarterly sales to RON 6.6 mn. With labour costs down 6% yoy to RON 1.2 mn and raw material expenses declining 24% yoy to RON 1.2 mn, the operational profitability improved significantly.

Raiffeisen Capital & Investment

Prebet 3Q 2010 key figures

2010-11-04

Constructions materials producer Prebet (PREB) reported some 3Q 10 key figures. Sales were down 38% yoy to RON 6.6 mn and the bottom line was on breakeven.

Raiffeisen Capital & Investment

Two companies in Fondul Proprietatea portfolio to merge

2010-11-03

According to a media release, the shareholders of E.ON Gaz Romania and E.ON Moldova Furnizare, the two companies majority owned by E.ON providing gas and respectively power supply services, agreed on the merger of the two companies.

Raiffeisen Capital & Investment

Romanian exports to Algeria - about USD 150 mn

2010-11-03

Romania\'s exports to Algeria amounted to USD 149,940,000 in the first eight months of 2010, the largest growth occurring in the segment of chemicals, construction materials, metallurgy, machine and electric appliances, according to a release of the Ministry of Economy, Trade and Business Environment (MECMA).

ACTMedia

Industrial prices, up 1.4% in September

2010-11-03

Industrial prices in Romania recorded a 1.4-percent overall rise in September 2010, on a monthly basis, and a 7.9-percent rise from September 2009, according to data with the National Statistics Institute (INS).

ACTMedia

Romania, one of the most vulnerable economies

2010-11-03

Romania is one of the most vulnerable economies, ranking third after Hungary and the Czech Republic, in a classification made by Credit Agricole- Corporate and Investment Banking (CA-CIB), East European states being disadvantaged in the study by the close commercial ties with Europe.

ACTMedia

Romanian Govt To Allot Funds For Investments In 1H 2011

2010-11-03

Romania's Government agreed with its foreign lenders to allot funds for investments in the first half of next year, in order for them to be used more efficiently, Prime Minister Emil Boc told the ministers managing European money, in a meeting of the committee on community funds on Tuesday.

ACTMedia

Foreign investors became interested in the agricultural domain of the Balkans

2010-11-02

Foreign investors became interested in the agricultural domain of emerging economies in the Balkans, drawn by the reduced price of land and work in the region, but encouraged by the calming down of the effects of world crisis, according to a Reuters analysis.

ACTMedia

Statistics: The drop in industry leads to -10.5% energy consumption

2010-11-02

The end consumption of energy dropped last year by 10.5% as compared to 2008, at 22.387 million tons equivalent petrol (tep) mainly due to the reduction by 27.5% of the consumption in industry, including constructions, and the energy resources diminished by 11.3% according to INS.

ACTMedia

Finance Ministry raises EUR 342 mn from domestic market

2010-11-02

The Ministry of Public Finance (MFP) on Monday raised some 342 mln euros (over 1.46 bln lei) from the commercial banks operating in Romania through a discount T-bill issue placed through the National Bank of Romania.

ACTMedia

BNR's forex reserves drop by some 0.7% in October 2010

2010-11-02

The foreign exchange reserves of Romania (foreign currencies and gold) were standing at 35.532 billion euros, down by 249 million euros (0.7 percent) compared to the level of 35.781 billion euros as of September 30, 2010, Romania's Central Bank (BNR) reports.

ACTMedia

Statement by IMF Mission Chief for Romania

2010-11-02

A mission from the International Monetary Fund (IMF) visited Bucharest from October 20 to November 1. Mr. Jeffrey Franks, IMF Mission Chief for Romania, made the following statement at the end of the visit:

ACTMedia

Romania/EC: fourth tranche of EU assistance programme to be released if appropriate measures are taken

2010-11-02

Mission of the EU Commission (EC) services to Romania came to the conclusion that if the specific, with the Romanian authorities agreed upon measures are taken, it will be met the conditions for the payment of the fourth trache of the EU assistance programme's balance of payment worth 1.2 billion euros, the EU Commission announced in a statement made after the conclusion of the joint EU Commission, IMF and the World Bank mission to Bucharest, over Oct 20 - Nov 1.

ACTMedia

Transelectrica First Impression 3Q 2010

2010-11-02

The power grid operator Transelectrica reported its 3Q 2010 unconsolidated results under RAS more than a week earlier than initially scheduled.

Raiffeisen Capital & Investment

Key rate unchanged

2010-11-02

The decision is in line with our expectations and market consensus. The uncertainties surrounding the inflation outlook and the tense political and social climate are key elements mentioned in the press release issued by the NBR.

BCR Research

Successful review of the IMF stand-by arrangement

2010-11-02

Today, the head of the IMF mission and a team of experts from the EC and the World Bank presented the conclusions of the periodic review of the 24-month stand-by arrangement:

BCR Research

Transelectrica 3Q 2010 results

2010-11-02

The power grid operator Transelectrica reported its 3Q 2010 results under RAS more than a week earlier than expected. Both the top line and bottom line exceeded expectations on higher quantities transported and interconnection revenues and higher than expected financial gains.

Raiffeisen Capital & Investment

Romania's FX reserves decreased in October

2010-11-02

According to data released yesterday by the Central Bank (BNR), Romania's FX reserves slightly decreased by EUR 270 mn to EUR 32.3 bn at end-October.

Raiffeisen Capital & Investment

IMF mission ended its sixth review of the standby agreement

2010-11-02

The joint IMF, European Commission and World Bank mission ended yesterday its sixth review of the standby agreement with Romania.

Raiffeisen Capital & Investment

BRD-GSG First Impression 3Q 2010

2010-11-01

BRD-GSG's 3Q 10 unconsolidated RAS results came in well below our and consensus estimates on the back of surging risk costs while operating result was in accordance with the estimates.

Raiffeisen Capital & Investment

Oltchim 3Q 2010 results

2010-11-01

The chemicals producer Oltchim (OLT) reported for 3Q 2010 a rise of 43% in the turnover to RON 367.7 mn. Raw materials costs surged in line with revenues to RON 188.6 mn, while the remaining cost items went up less than sales.

Raiffeisen Capital & Investment

Fondul Proprietatea 2011 budget

2010-11-01

Fondul Proprietatea called a shareholders meeting for November 29 to approve among others the 2011 budget.

Raiffeisen Capital & Investment

BRD-GSG 3Q 2010 RAS results

2010-11-01

BRD-GSG has reported its 3Q 10 unconsolidated RAS results which came in below our and consensus estimates due higher risk costs.

Raiffeisen Capital & Investment

Television, the main information source for 56% of population

2010-11-01

Television stays the Romanians' main source of information, closely followed by the Internet, is the finding of the most recent Game Changer survey on the subject of the impact of the economic recession on the consumer's behavior. The survey was launched by Initiative Romania.

ACTMedia

Eurobarometer 337 survey : Mobility in EU positively influences labour market, according to 44% of Romanians

2010-11-01

Nearly 50 percent of Europeans and 44 percent of Romanians believe that mobility in the space of the European Union (EU) has a positive effect on the evolution of labour market, shows the Eurobarometer 337 survey - Geographical and labour market mobility, by the European Commission (EC).

ACTMedia

Jeffrey Franks: Romania hasn’t met the end-September performance criteria

2010-11-01

Romania will have to request a new derogation for the failure to fulfil the conditionality regarding the arrears, International Monetary Fund (IMF) head of mission for Romania Jeffrey Franks said on Friday when coming out of the meeting he had with Romanian National Bank (BNR) Governor Mugur Isarescu.

ACTMedia

French Embassy in Bucharest hails adoption of national education law

2010-11-01

The French Embassy in Bucharest welcomes the adoption by the Government, which assumed responsibility in Parliament, of the national education law, which contains some provisions related to foreign languages.

ACTMedia

Romanian Govt approves legal frame to set up national visa information system

2010-11-01

The Romanian Government Thursday approved the legal frame to set up a national visa information system which will enable the country to connect to the European Union Visa Information System, said Government spokeswoman Ioana Muntean.

ACTMedia

Erste Bank 3Q 10 results - 3Q beating our and consensus forecasts

2010-10-29

Posting a net profit of EUR 265 mn (EUR 229 mn incl. accrued part. cap dividend) the bottom line beats our estimate by 17% and consensus figure by 10%.

Raiffeisen Capital & Investment

Bermas 3Q 10 results

2010-10-29

Domestic brewer Bermas (BRM) has reported its figures for 3Q 10. The company's sales have amounted to RON 10.8 mn, up 9% yoy, after two quarters with negative growth in sales.

Raiffeisen Capital & Investment

Prefab 3Q 2010 results

2010-10-29

Constructions materials producer Prefab (PREH) reported its 3Q 2010 results. The companys turnover reached RON 18 mn, 23% lower yoy.

Raiffeisen Capital & Investment

Socep 2Q 2010 results

2010-10-29

Stevedoring company Socep (SOCP) reported for 3Q 2010 sales of RON 12 mn, down 8% yoy. On the costs side, personnel expenses dropped significantly by 26% yoy to RON 4.8 mn as the number of employees was cut at the Containers Terminal.

Raiffeisen Capital & Investment

Building authorizations dropped by 13% in 9 months

2010-10-29

The number of building authorizations for residential constructions issued in the first 9 months dropped by 13% against the similar period of 2009, reaching 32,835 documents, according to official INS data.

ACTMedia

Financing granted by EximBank grew by 20% in first 9 months

2010-10-29

The financing granted by EximBank in the first 9 months of the year grew by 20% against the end of 2009, and against an average growth of 6.2% per banking system, while guarantee engagements increased by 16% in the same period, according to a press release of the bank.

ACTMedia

EBRD improves outlook on Romania's economy

2010-10-29

The European Bank for Reconstruction and Development (EBRD) on Thursday upgraded its growth estimates for Central and Eastern Europe, including Romania, bud urged further reform in order to avoid repeating the serious recession of 2009, EBRD reports in a press release.

ACTMedia

Jeffrey Franks: IMF expects Romania's economy to grow in 2011

2010-10-29

The IMF estimates that Romania's economy will increase in 2011, IMF Romania chief of mission Jeffrey Franks declared on Thursday, saying that the information that appeared in the press are not correct.

ACTMedia

Jeffrey Franks, IMF: OUG 50 is a condition for next tranche release

2010-10-29

The applying of Ordinance 50/2010 on credit contracts for consumers in an adequate manner is a condition for the release of the next loan tranche, according to the International Monetary Fund (IMF) head of mission Jeffrey Franks.

ACTMedia

Banca Transilvania First Impression 3Q 2010

2010-10-28

Banca Transilvania's (TLV) 3Q 10 RAS bottom line blew past our and consensus estimates, on lower risk costs and a much higher rebound in trading income.

Raiffeisen Capital & Investment

Romania ranks mid-way in 2010 Prosperity Index, overtaken by Bulgaria, Tunisia, Trinidad and Tobago

2010-10-28

Romania ranks mid-way, on the 51 spot, in this year's Legatum Prosperity Index, which includes 110 countries, behind states such as Bulgaria, Tunisia, Panama and Trinidad and Tobago but above Mexico, Russia, South Africa or Turkey.

ACTMedia

Over EUR 3.65 bn population and companies' overdue credits at September end

2010-10-28

The total value of overdue credits of the population and companies, in lei and foreign currency, registered, in September 2010, amounts to over 3.65 billion euros (15.666 billion lei), increasing 2.4 times from September last year and 9 percent from the credits registered in August 2010, according to a report of the National Bank of Romania (BNR) (1 euro=4.27 lei).

ACTMedia

Fiscal Council : The agreement with IMF and EU did not help Romania to resume its economic growth

2010-10-28

The agreement with IMF and the EC did not help Romania to resume its economic growth but the financing package helped the economy to stabilise and to avoid a deep recession, according to the chairman of the Fiscal council (CF) Ionut Dumitru.

ACTMedia

President Traian Basescu participates in autumn Council of Europe meeting

2010-10-28

Romanian President Traian Basescu will participate on Thursday and Friday in the autumn European Council meeting, which will take place in Brussels, informs a release of the Presidential Administration sent on Wednesday.

ACTMedia

Imotrust 1-3Q 10 results

2010-10-27

Real estate developer Imotrust (ARCV) released its 3Q 10 results under Romanian Accounting Standards (un-audited). Since the company did not release 3Q 09 or 2Q 10 figures, we will just present the 3Q 10 figures without a yoy or quarterly comparison.

Raiffeisen Capital & Investment

Fondul Proprietatea – Romgaz will not donate RON 400 mn to the Government

2010-10-27

Franklin Templeton, the manager of Fondul Proprietatea (FP), informed that the Government's proposal to transfer RON 400 mn from Romgaz's accounts to the State's budget has been dropped from the agenda of the company's next GSM.

Raiffeisen Capital & Investment

Transgaz - Gas consumption in August down 10% yoy

2010-10-27

According to a report by the Regulatory Authority in the Energy Sector (ANRE), gas consumption dropped by 10.9% yoy in August 2010 to 6.9 TWh, after a considerable drop in the consumption of chemicals and energy producers.

Raiffeisen Capital & Investment

Transelectrica CEO resigned

2010-10-27

According to a media release, the CEO of the majority state-owned power grid operator Transelectrica Mr. Baicusi resigned from his position.

Raiffeisen Capital & Investment

Romania Ranked 69th In Transparency International 2010 Corruption Perceptions Index

2010-10-27

Perception of business environment and of the international institutions on the phenomenon of corruption in Romania has worsened in 2010, reveals a report issued on Tuesday by Transparency International - Romania (TI-Romania).

ACTMedia

E.ON: Romania Will Not Overcome Crisis In 2011

2010-10-27

Romania's industry does not seem to be reviving and the country's economy will not defeat the crisis in 2011, Tuesday said Frank Hajdinjak, the general manager of utility group E.ON Romania, the local subsidiary of Germany's E.ON AG.

ACTMedia

BNR does not like increase of guaranteed deposits to EUR 100,000

2010-10-27

As of January 1 2011, the bank guarantee limit will grow from 50,000 euro at present to 100,000 euro, according to an emergency order.

ACTMedia

IMF backs enforcement of Ordinance No. 50 for effective contracts only

2010-10-27

The International Monetary Fund supports the strengthening of consumer protection in Romania in general and particularly in the financial sector, IMF mission chief for Romania, Jeffrey Franks, declared at the end of talks with president of the National Authority for the Consumer's Protection, Constantin Cerbulescu.

ACTMedia

Romania, Poland sign common action plan

2010-10-27

Romania and Poland on Tuesday signed an Action Plan as part of the Romanian-Polish Strategic Partnership, with state secretary at the Foreign Ministry Doru Costea signing the document for Romania and Polish counterpart Jan Borkowski signing it for Poland.

ACTMedia

Romanian IT Service Companie Asesoft Takes Over Media Group Realitatea Media Manegement

2010-10-26

Romanian IT service provider Asesoft took over the management of media group Realitatea Media, owned by Sorin Ovidiu Vintu, and plans to invest EUR 75 million in the business in the next five years.

ACTMedia

Agricultural Policy Forum 2010: SEE facing the challenge of EU compliance

2010-10-26

The Agricultural Policy Forum 2010 which is just about to happen in Dresden, Germany (October 27th – 30th) will be the 10th in the series of events established in 2001 in order to facilitate policy decision making in SEE.

ACTMedia

Dan Bucsa, Bancpost: The economy won’t rebounce in 2011, recession has deepened

2010-10-26

Romania's economy won't rebounce in 2011, after the recession got deeper in the second quarter of this year. The dynamics of the GDP could be situated for the next year between -1% and +1% but positive effects could not be seen in the private sector, Dan Bucsa considers, the head economist of Bancpost.

ACTMedia

AmCham reiterates importance of same flat tax keeping

2010-10-26

The American Chamber of Commerce in Romania (AmCham Romania), on behalf of the 300 companies it represents, reiterates the importance for Romania to keep the same flat tax, of 16 percent, while capping the contributions for social insurance, AmCham Romania says in a release on Monday.

ACTMedia

MFP raises over RON 460 mn in 1y-treasury bills

2010-10-26

The Finance Ministry (MFP) on Monday raised RON 460.54 million through the sale of one-year discount treasury bills auctioned by the National Bank of Romania (BNR).

ACTMedia

Jeffrey Franks (IMF): Central bank's forex reserves aplenty and still rising

2010-10-26

The foreign exchange reserves of the National Bank of Romania are sufficient, International Monetary Fund (IMF) mission chief for Romania Jeffrey Franks declared on Monday after talks with BNR officials.

ACTMedia

Romanian-Omani diplomatic dialogue

2010-10-26

The consolidation of the relations with the Sultanate of Oman and the importance attached to identifying some projects of cooperation in fields of common interest were the main subjects dealt with by Romanian Minister of Foreign Affairs Teodor Baconschi during the meeting he had on Monday with Secretary General of the Ministry of Foreign Affairs of the Sultanate of Oman Sayyid Badr bin Hamad al-Busaidi on the occasion of the official visit the latter one is paying to Romania.

ACTMedia

Remar Pascani 3Q 2010 results

2010-10-26

The rolling stock repairs and maintenance company Remar Pascani (RMAR) reported its 3Q 2010 results. The turnover reached RON 4.7 mn, flat yoy, but 50% lower qoq and significantly lower compared with the 1Q result of RON 33.6 mn.

Raiffeisen Capital & Investment

Peles Assembly to be on UNESCO World Heritage List, together with tree German royal castles

2010-10-25

Romania's Minister of Culture and National Heritage Hunor Kelemen has been paying an official visit to Bavaria and Baden-Wurttemberg German states, on Oct 21 and 22, when, together with the Bavarian officials, it has been decided on the initiation of common listing the Peles Assembly, including Peles and Pelisor castles - in Prahova County - southern Romania, and three royal castles, namely Herrenchiemsee, Linderhof and Neuschwanstein of southern Germany, as the UNESCO World Heritage Monuments.

ACTMedia

MAI submits national strategy draft on immigration for 2011-2014 to be publicly debated

2010-10-25

The Administration and Internal Affairs Ministry (MAI), on its website, submits the draft of the Government Resolution on approving the national strategy on immigration for 2011-2014 to be publicly debated by November 1, informs a MAI press release sent to Agerpres.

ACTMedia

Eurostat revises upwards figures on Romania's deficit and national debt in 2009

2010-10-25

The Statistical Office of the European Union (Eurostat) published on Friday the second revised estimate on the EU Member States government deficit and debt figures in 2009, the Eurostat informs in a press release.

Agentia Nationala de Presa - Agerpres

Ambassador Gitenstein: As soon as economic situation of Romania improves U.S. will answer questions about visas

2010-10-25

U.S. Ambassador Mark Gitenstein said that he will give an answer to the question when will the Romanians be able to enter the U.S. space without a visa as soon as the Romanian economy improves, also adding that he would like to see this wish fulfilled during the two years left of his current tenure as Ambassador.

ACTMedia

Romanian banks - The threshold for the State's guarantee for deposits to be lifted

2010-10-25

According to local media, following the latest negotiations with IMF, the threshold for the retail deposits which are guaranteed by the State is to be lifted to EUR 100 ts starting 2011.

Raiffeisen Capital & Investment

Talks between the Ministry of Economy and FMI

2010-10-22

According to media source, talks between representatives of the International Monetary Fund (IMF) and those of the Ministry of Economy, Trade and Business Environment (MECMA) were focused on issues related to public companies, without having touched the subject of reducing wages in these companies.

Raiffeisen Capital & Investment

Romanian-Tunisian cooperation in energy, industry and IT

2010-10-22

Romania and Tunisia plan to cooperate in fields such as energy, industry and IT, and Tunisia's Minister of Trade and Handicrafts Ridha Ben Mosbah will be invited in Romania, in 2011, for the purpose, the Romanian Ministry of Economy, Trade and Business Environment (MECMA) release informs.

ACTMedia

FITCH: Banks in Romania, Bulgaria and Hungary are most vulnerable in Eastern Europe

2010-10-22

Banks in Romania, Hungary and Bulgaria are most vulnerable in Eastern Europe to a new crisis, as the number of credits that do not perform is still high and the economic growth loaw, Fitch director Michael Steinbarth declared, quoted by Bloomberg.

ACTMedia

Finance Ministry sells T-bonds worth over EUR 46 mn

2010-10-22

Public Finance Ministry (MFP) , on Thursday, drew over 46 million euros (220 billion lei) issuing benchmark treasury bills, placed in tender by the National Bank of Romania (BNR).

Agentia Nationala de Presa - Agerpres

Nicolae Petria, Carpatica: No economic recovery before 2012

2010-10-22

'We expect an economic recovery towards the end of 2012 or the beginning of 2013. We also hope that no government falls will intervene since such events are not welcomed by the business or banking environment.

ACTMedia

Mihai Tanasescu, IMF: Romania will sign a new agreement to the EC similar with the current one

2010-10-22

Romania's potential new financing agreement with the International Monetary Fund will also include a loan accord with the European Commission, similar to the one signed in 2009, Romanian representative to the IMF, Mihai Tanasescu, said Thursday.

Agentia Nationala de Presa - Agerpres

Romanian Economy Ministry-Owned Companies Met Budget Targets

2010-10-22

The three companies controlled by the Romanian Economy Ministry under monitoring by the International Monetary Fund have met the personnel spending targets established, said Thursday Mihai Tanasescu, Romania's representative to the IMF.

ACTMedia

Jeffrey Franks: We are optimistic for the year 2010

2010-10-22

The figures relating the budget implementation for the third quarter look pretty well and the budget deficit target has been attained, chief of the visiting International Monetary Fund mission Jeffrey Franks said on Thursday after meeting Public Finance Minister Gheorghe Ialomitianu and Labour Minister Ioan Botis at the Finance Ministry's headquarters.

ACTMedia

SIF Muntenia's transactions

2010-10-21

According to local media, SIF Muntenia (SIF4) sold on Monday remaining stake (7.83%) at Comat Auto (COTA) for RON 2.2 mn (EUR 0.5 mn) at RON 4.5 per share.

Raiffeisen Capital & Investment

OMV trading statement 3Q 2010

2010-10-21

According to OMV trading statement for 3Q 2010, Petrom's overall domestic production remained at the same level as in 2Q 2010.

Raiffeisen Capital & Investment

Chamber of Deputies voted for the reduction of VAT for food to 5%

2010-10-21

Surprisingly, yesterday the Chamber of Deputies voted favorably and unanimously for (i) the reduction of the VAT for food to 5% from 24% and (ii) for increasing the threshold for the tax on pensions from RON 1,000 to RON 2,000.

Raiffeisen Capital & Investment

EcoMin Ariton, ambassador Cospito discuss boosting Romanian-Italian economic relations

2010-10-21

Romania's Economy Minister Ion Ariton on Tuesday welcomed Italy's ambassador in Bucharest Mario Cospito to discuss the need to boost economic ties between Romania and Italy by encouraging and facilitating direct governmental ties and ties between the business communities of the two countries.

ACTMedia

Romania is interested in partnerships with Canadian companies in defence, energy, aviation, IT and agriculture sectors

2010-10-21

Romania is interested in establishing effective and long term partnerships between large companies in Canada and Romanian companies in the defence industry, renewable energy, aviation industry, information and communications technology and agriculture.

ACTMedia

IMF, Romania Agree On 2011 Budget Figures

2010-10-21

The International Monetary Fund and the Romanian authorities have already agreed on next year's budget parameters, Jeffey Franks, head of the IMF mission to Bucharest, said Wednesday.

ACTMedia

Black Sea NGO Forum is held in Constanta

2010-10-21

Cooperation at the European Union's eastern border, three years after launching the first European cooperation initiative in the Black Sea region, will be the topic of the 3rd edition of the Black Sea NGO Forum held in Constanta (south-east of Bucharest) over 21-23 October.

ACTMedia

Romania and Spain will sign a strategic partnership. Zapatero to come to Bucharest

2010-10-21

The Spanish premier Jose Luis Rodriguez Zapatero will come to Bucharest, on which occasion there will be signed a strategic partnership between Romania and Spain according to MFA.

ACTMedia

SIF Muntenia's transactions

2010-10-20

In a release to the Bucharest Stock Exchange (BVB), SIF Muntenia (SIF4) announced that on October 18, it sold Comat Auto (COTA) shares worth RON 2.2 mn.

Raiffeisen Capital & Investment

Government to sell Petrom stake above OMV's 2004 price

2010-10-20

The advisor to the Romanian Economy Ministry Tudor Serban said to Bloomberg that Romania will sell 9.8% in Petrom (SNP) at a higher price than the one OMV paid in 2004.

Raiffeisen Capital & Investment

Eurostat: Romania the second fall of constructions in EU

2010-10-20

Romania had in August the second drop of activities in the construction sector – 20.4%. A more serious situation was registered in Spain (-34.7%) while at EU level there was a decline of only 1.3%, according to data presented by Eurostat.

ACTMedia

Romanian-Polish cooperation in mining and defence industries

2010-10-20

Romania and Poland have been studying cooperation opportunities in fields such as the mining industry and the defence industry and the development of the industrial parks, informs Economy, Trade and Business Environment Ministry (MECMA) release.

ACTMedia

Incomes at 32% of GDP in Romania and 40% of GDP in Bulgaria

2010-10-20

Finance minister Gheorghe Ialomiteanu declared on Tuesday at the Labor Commission of the Chamber of Deputies, that in Romania incomes are still 32% of GDP while in Bulgaria they are close to 40% of GDP.

ACTMedia

Mihai Tanasescu: Precautionary agreement discussions with IMF to be held in upcoming days

2010-10-20

The authorities in Bucharest will have preliminary discussions in the next few days with the International Monetary Fund (IMF) representatives for a new precautionary agreement, Romania's representative to the IMF Mihai Tanasescu, ex-Finance Minister, told a public television channel on Monday.

ACTMedia

NATO gives woman top press job for first time

2010-10-20

NATO announced that it has given a woman its top press job for the first time in its 61-year history as it announced the hiring of international journalist Oana Lungescu as spokeswoman.

ACTMedia

Imotrust begins construction works for EUR 6 mn project

2010-10-19

According to a release to the stock exchange, real estate developer Imotrust (ARCV) will begin, through a subsidiary, construction works on a project whose value is estimated at EUR 6 mn.

Raiffeisen Capital & Investment

SIF Banat Crisana reduces stake in Prodplast Imobiliare

2010-10-19

SIF Banat Crisana (SIF1) has announced that it has sold a 3.59% stake in Prodplast Imobiliare (PPLI). Thus, SIF1 stake in PPLI was reduced to 4.77% from 8.36%.

Raiffeisen Capital & Investment

Dafora signs new contract with Romgaz

2010-10-19

In a release to the Bucharest Stock Exchange (BVB), the gas and water drilling services provider Dafora (DAFR) announced that it signed a contract with national gas producer Romgaz for the construction of new drilling wells.

Raiffeisen Capital & Investment

As many as 3,682 joint stocks registered Jan - July 2010

2010-10-19

As many as 3,682 joint-stock companies with foreign contribution to the share capital were registered in Romania in the first seven months of 2010, with the value of their paid up capital standing at RON 10.139 billion (2.037 billion euros), according to centralised data with the National Statistics Institute (INS).

ACTMedia

Bankers : the country risk and the cost of compulsory minimum reserves takes the margins of loan interest over the level of other European countries

2010-10-19

ING offers mortgage loans in Spain at a margin of 0.6%. Alpha Bank operates in Greece with a higher margin by several percentage points for the same product as Romania. In general, the banks practice in Romania a high level of the margins for interest for mortgage loans against other countries in the EU.

ACTMedia

MFP borrows over EUR 268 mn from commercial banks

2010-10-19

Public Finance Ministry (MFP) , on Monday, drew over 268 million euros (1.15 billion lei) from the commercial banks by issuing discount treasury bills, placed in tender by the National Bank of Romania (BNR).

ACTMedia

EBRD Delegation Visits Romania For Consultation Meetings

2010-10-19

A delegation of the European Bank for Reconstruction and Development's Board of Directors is visiting Romania between October 17 and October 19, as part of a regular series of consultations, the bank said in a statement Monday.

ACTMedia

Lybek (IMF): Bonus-giving, tax cuts could affect budget deficit

2010-10-19

Giving bonuses, increasing the minimum salary and cutting the flat tax rate could affect the budget deficit target agreed with the International Monetary Fund (IMF), head of the IMF Office for Romania and Bulgaria Tonny Lybek told Agerpres on Monday.

ACTMedia

IMF review mission visits Romania Oct 20-Nov 1, new agreement to be discussed

2010-10-19

A delegation of the International Monetary Fund arrives in Romania Wednesday, October 20, to review the country's progress under a EUR13 billion loan agreement and discuss a new agreement, an IMF official said.

ACTMedia

What the elite of Europe debated in Bucharest

2010-10-19

Bucharest hosted over the last three days the annual meeting of the Trilateral Commission, where the international elite debated issues regarding the future of Europe, the relations with China and Russia or the situation of Transdniester.

ACTMedia

Jose Manuel Barosso comes to Bucharest for the summit Danube Strategy

2010-10-19

The chairman of the European Commission Jose Manuel Barosso will be in Bucharest on 8 November to take part in the third summit dedicated to the Danube Strategy, Viorel Ardelenau, national coordinator for the Danube Strategy said on Monday.

ACTMedia

SIF Oltenia’s transactions

2010-10-18

SIF Oltenia (SIF5) has announced that it sold a stake of 42.5% in Lactate Natura Targoviste (INBO), a dairy maker in which SIF5 had before the transaction an equity interest of 76.5%.

Raiffeisen Capital & Investment

Gas consumption fell by 10% yoy in July 2010

2010-10-18

According to a report by the Regulatory Authority in the Energy Sector (ANRE) gas consumption dropped by 10.5% yoy in July 2010 to 6.9 TWh, after a 30% drop in chemical producers' consumption.

Raiffeisen Capital & Investment

Top 300 Capital: Ion Tiriac, Dinu Patriciu, Ioan Niculae Are Romania’s Richest Businessmen

2010-10-18

Romanian businessmen Ion Tiriac, Dinu Patriciu and Ioan Niculae occupy the top three positions in this year's Top 300 richest Romanians, an annual ranking by business weekly Capital.

ACTMedia

IER Conference: « The economic crisis and the EU finances : predictible evolutions »

2010-10-18

In the cycle of debates « Romania's policies » the European Institute of Romania (IER) in partnership with Economicfest organised a round table with the title 'The economic crisis and the EU finances: predictible evolutions'.

ACTMedia

Eurostat : Romania, third place in the EU after the annual growth of exports in January-July

2010-10-18

Romania occupies third place in the EU depending on the annual growth of exports inter and outer community in the period January-July of 25% at 20.5 billion euro and the fifth position according to imports advance, of 20% at 26 billion euro, according to the Eurostat data.

ACTMedia

Eurostat: Romania - highest inflation rate in EU, in September

2010-10-18

Romania posted the highest inflation in the European Union for the second consecutive month in September, while the EU average rate accelerated to 2.2%, from 2% in August, official data showed Friday.

ACTMedia

Priority Romanian-Hungarian projects focus on energy and infrastructure

2010-10-18

Romania and Hungary will develop common priority projects in the fields of energy and infrastructure, Secretary of State with the Romanian Economy Ministry Borbely Karoly said on Friday at the signing ceremony of a Romanian-Hungarian joint intergovernmental committee protocol.

ACTMedia

Gerhard Schroeder speaks in Bucharest about economic situation in Europe and international evolutions

2010-10-18

'Europe, where to? The economic solutions of the left' was the main theme of the debate organized by the Ovidiu Sincai Institute of Social Democrats in Bucharest on Friday, the guest of the event being the former German Chancellor Gerhard Schroeder.

ACTMedia

BNR Governor Isarescu, presented excellence diploma of Eurolink - Europe House Foundation

2010-10-15

Governor of the National Bank of Romania (BNR) Mugur Isarescu on Friday was presented the 'Personality of the Year 2010 for a European Romania' excellence diploma' by the Eurolink - Europe House Foundation.

Agerpres

Eurostat: Romania - highest inflation rate in EU, in September

2010-10-15

Romania had in September the biggest annual inflation rate among the 27 EU states (7.7%), in the context in which the annual inflation rate rose slightly last month to 1.8% (from 1.6% in August) and in the EU it rose to 2.2% from 2% in August, according to a revised estimate made public on Friday by EU's Statistical Office (Eurostat).

Agerpres

Austria is pleased with cooperation on e-Government, with Romania

2010-10-15

Agerpres correspondent George Andrei reports: Austria thinks the bilateral cooperation in the e-Government is beneficial to Romania and it is high time for A-Trust Company to implement the new e-signature service.

Agerpres

Gov't allots additional EUR 100 mn to SME National Guarantee Fund

2010-10-15

The Government decided on Wednesday to allot extra money to the National Guarantee and Counter Guarantee Fund for Small and Medium Sized Enterprises (SME), i.e. 100 million euros more for 2010, to ease the absorption of European funds by these companies.

ACTMedia

Volume of British investments in Romania down to 1.9 billion euros

2010-10-15

The volume of direct investments of UK in Romania reached 1.9 billion euros January through July this year, down 36 percent compared with the same period of 2009, when it amounted to 2.9 billion euro, Lord Lamont of Lerwick, the honorary president of the British Romanian Chamber of Commerce (BRCC) announced on Thursday, at a conference.

ACTMedia

East Capital: Proprietatea Fund is very important to us

2010-10-15

The flotation of Proprietatea Fund on the Bucharest Stock Exchange (BVB) increased investor interest in the Romanian capital markets; this was a wise decision the Government has taken, head of the East Capital (EC) Investment Division Peter Elam Hakansson on Wednesday, Oct. 13, told a press conference in Vienna.

ACTMedia

Romania Central Banker: Public Sector Too Overcrowded To Allow Decent Pay

2010-10-15

Romanian public workers need decent wages, but the system is too overcrowded to allow that, an official at the central bank said Thursday.

ACTMedia

Transactions with 2.4% of Bursa de Valori Bucuresti shares

2010-10-15

Yesterday, a cumulated stake of 2.4% in Bucharest Stock Exchange (BVB) changed hands on the deal market. The transaction took place at RON 40 per share at a 4% premium compared to the price in the last trading session.

Raiffeisen Capital & Investment

Impact Developer&Contractor obtains credit extension from creditors

2010-10-15

Real estate developer Impact Developer&Contractor (IMP) received approval from Piraeus Bank to extend and restructure an investment loan worth EUR 12.8 mn.

Raiffeisen Capital & Investment

Arad - Szeged gas pipeline inaugurated

2010-10-15

According to a media release, the Arad – Szeged gas pipeline has been officially inaugurated yesterday, though imports through the pipeline have already started in August.

Raiffeisen Capital & Investment

SIF Oltenia acquires another stake in Prodplast Imobiliare

2010-10-14

SIF Oltenia (SIF5) announced that it acquired a stake of 7.2% (1.45 mn shares) in Prodplast Imobiliare, the real estate company span-off from Prodplast SA, for a total amount of RON 5.8 mn.

Raiffeisen Capital & Investment

Cemacon's shareholders called to approve a share capital increase

2010-10-14

Building materials producer Cemacon (CEON) has called a GSM for November 19 (20), 2010 to approve a RON 4.8 mn share capital increase by issuing 48.8 mn new shares at a price of RON 0.1.

Raiffeisen Capital & Investment

Gazprom and Romanian officials agree on feasibility study for South Stream

2010-10-14

According to a release from the natural gas transporter Transgaz (TGN) to the stock exchange, officials from the Ministry of Economy and company representatives met with Gazprom representatives.

Raiffeisen Capital & Investment

Eurostat: Romania, the weakest monthly increase of industrial productivity in the EU

2010-10-14

Romania recorded in August the most reduced increase of industrial productivity in the European Union of 0.1%, against 0.8% at community level, as the index dropped in three states and stopped in another one, according to Eurostat.

ACTMedia

Romania's current account deficit continued to increase to EUR 4.07 bn after 8 months

2010-10-14

The current account of the balance of payments posted a deficit of 4.07 billion euros in the eight months of this year, up by 48.7 percent on Jan.-Aug. 2009, the National Bank of Romania announced on Wednesday.

ACTMedia

Foreign direct investments dropped by 35.9% in the first 8 months

2010-10-14

Foreign direct investments totaled in the first eight months of the year 1.95 billion euro, a 35.9% drop compared to the similar period in 2009, of 3.05 billion euro, Romanian National Central Bank data reads on Wednesday.

ACTMedia

Kuwaiti parliamentary delegation prepares the Romania - Gulf Cooperation Council meeting , Bucharest, 2011

2010-10-14

Prime Minister Emil Boc on Wednesday welcomed a parliamentary delegation headed by Deputy Chairman of Kuwaiti National Assembly Abdullah Yusuf Al-Rumi.

ACTMedia

Possible agreement between Romania and Russia in first quarter of 2011

2010-10-14

Gazprom and Transgaz might propose signing an Intergovernmental Cooperation Agreement between Romania and Russia on the South Stream project accomplishment, in the first quarter of 2011, if the results of the feasibility studies which are going to be made have positive conclusions, according to a press release of the Russian energy company.

Agerpres

Enhanced interest in Romanian market following Proprietatea Fund listing

2010-10-14

Agerpres Correspondent George Andrei reports: The flotation of Proprietatea Fund on the Bucharest Stock Exchange (BVB) increased investor interest in the Romanian capital markets; this was a wise decision the Government has taken, head of the East Capital (EC) Investment Division Peter Elam Hakansson on Wednesday, Oct. 13, told a press conference in Vienna.

Agerpres

Danila, BNR: Accent laid exclusively on cutting expenses but no new jobs are created

2010-10-13

Nicolae Danila, a member in the Administration Board of BNR, says that accent is laid now exclusively on cutting budget expenses , increasing unemployment , without assuring conditions for new jobs, the only able to produce new incomes.

ACTMedia

ING: BNR may increase interest of monetary policy in 2011

2010-10-13

Inflation pressures registered for foodstuff may force BNR to increase the level of monetary policy interest in the first quarter of 2011.

ACTMedia

Aerostar closes contract for construction of new production facility

2010-10-13

According to a release to the stock exchange, the manufacturer of aircrafts and aircraft components Aerostar (ARS) closed a contract worth RON 11.1 mn for the construction of a new production facility.

Raiffeisen Capital & Investment

MEI Roemenie EN Bujgarije owns 6.5% of Condmag

2010-10-12

In a release to the Bucharest Stock Exchange (BVB), the industrial contractor Condmag (COMI) announced that investment fund MEI Roemenie EN Bulgarije Fonds owns a stake of 6.6% in the company.

Raiffeisen Capital & Investment

Romania September CPI +0.56% on month

2010-10-12

Romanian consumer prices rose 0.56% on the month in September, largely driven by higher food and service prices , the country's statistics institute INS said Monday.

ACTMedia

Romania's trade deficit narrows in August

2010-10-12

Romania's trade deficit shrank to EUR 593.6 million in August from EUR 645 million deficit recorded during July, the National Institute of Statistics said Monday.

ACTMedia

Annual inflation rate increased to 7.7%

2010-10-12

The annual inflation rate increased in September to 7.7% due to the increase of prices for non-food goods and tabacco, the National Statistics Institute data reads.

ACTMedia

Raiffeisen Bank International received A from Fitch and S&P

2010-10-12

The rating agencies Fitch and Standard&Poor gave the rating « A » for long-term loans to the Raiffeisen Bank International ( RBI), as a result of the merging of operations from Raiffeisen Zentralbank Oesterreich and the branch Raiffeisen International Bank Holding (RIB).

ACTMedia

European Commissioner for Employment, Social Affairs and Inclusion comes to Romania

2010-10-12

European Commissioner for Employment, Social Affairs and Inclusion Laszlo Andor on Tuesday will pay a short visit to the National Trade Union Bloc (BNS), informs a BNS press release.

ACTMedia

Inflationary pressures from administered prices in September

2010-10-11

September inflation rate (0.6% m/m and 7.8% y/y) was above our expectations and market consensus (0.4% m/m). An increase in the administered price of railway transport, water and sewerage services as well as the monthly depreciation of the RON led to higher tariffs for services (0.6% m/m).

BCR Research

Romania, Turkey bilateral trade up by 50% in seven months

2010-10-11

Bilateral trade between Romania and Turkey has increased by 48.8 percent in the first seven months of 2010, amounting to 2.4 billion euros, according to a release from the Ministry of Economy, Commerce and the Business Environment.

ACTMedia

CCPIT chairman: Economic ties between Romania and China should overcome economic crisis

2010-10-11

Chairman of China's Council for the Promotion of International Trade (CCPIT) Wan Jifei told a Chinese-Romanian business forum on Friday in Bucharest that economic relations between China and Romania should overcome the economic crisis, and that traders of the two countries should become more interested in developing commerce, because economic relations between the two countries are quite low.

ACTMedia

Analysts estimate an annual inflation rate of 7.8%

2010-10-11

The members of the Association of Financial-Banking Analysts in Romania (AAFBR) estimate for the end of the year 2010 an annual rate of inflation of 7.8% which varies between 7.2% and 8.2% expecting a slight drop against the estimates of last month ( 7.9%).

ACTMedia

Tanasescu (IMF): Romania Meets 9-Month Fiscal Targets, IMF Delegation To Discuss Pension Bill

2010-10-11

Romania has met its main nine month fiscal targets, and the International Monetary Fund delegation, coming to Bucharest in October for a new evaluation of the agreement, will assess the impact of sending the pension bill back to Parliament, said Romania's representative to the IMF, Mihai Tanasescu.

ACTMedia

Nicolae Danila (BNR): Romania should join the euro in 2015

2010-10-11

Romania should join the euro in 2015, as planned, but the economic indicators now trigger an alarm signal and show that our country, unlike the other candidate countries to the euro zone, Poland, Hungary and even Bulgaria, is far from the accession date, said on Friday in Sibiu (northwest of Bucharest), Nicolae Danila, a member of Romania's National Bank Board.

ACTMedia

Reunion on Danube Strategy in November in Bucharest

2010-10-11

Romanian Foreign Affairs minister Teodor Baconschi declared on Friday that representatives of 14 states will arrive in Bucharest, in November, at the end of the reflection process and at the writing of the Danube Strategy.

ACTMedia

Baconschi: It's been 4 years since we joined the EU and we are still stuck in the accession logic

2010-10-11

We are still captive in the accession logic and we still act as if we wish to join the EU, Romanian Foreign Affairs minister Teodor Baconschi declared in a press conference regarding Romania's objectives for the next 20 years.

ACTMedia

Local securities commission maintains ruling on Prodplast MPTO

2010-10-11

According to media sources, the local securities commission (CNVM) rejected the appeals against its decision that a mandatory public tender offer needs to be launched by the two companies that own more than 33% in plastics producer Prodplast (PPL).

Raiffeisen Capital & Investment

Artego calls GSM to approve transfer to BVB main market

2010-10-11

The rubber products manufacturer Artego (ARTE) called a shareholders' meeting for November 11.

Raiffeisen Capital & Investment

Banca Carpatica's 3Q 10 operational profit

2010-10-11

Banca Carpatica (BCC) has revealed, before the due date for the release of its 3Q 10 results, the pre-provisioning net profit for this period.

Raiffeisen Capital & Investment

Petrom capital increase timetable

2010-10-08

Petrom is under no pressure to raise capital this year and can afford to delay a share sale by a few months, Chief Executive Officer Mariana Gheorghe said.

Raiffeisen Capital & Investment

BCR might become a shareholder of Oltchim

2010-10-08

According to a company release made by Oltchim (OLT) to the stock exchange, BCR might become one of the chemical producer's shareholders.

Raiffeisen Capital & Investment

Jan - Aug industrial output up 5.3% y-o-y

2010-10-08

Romania's industrial output (raw series) advanced 5.3 pct over the interval January - August 2010 from the similar period of the previous year, informs the National Statistics Institute (INS).

ACTMedia

Total turnover for services up 11.5% in unadjusted series January through August

2010-10-08

The total turnover for services rendered to the population grew by 11.5 percent, unadjusted series, and by 10.7 percent in series adjusted depending on the number of working days and seasonality January through August this year compared with the similar period of 2009.

ACTMedia

Construction works down 17% over Jan - Aug

2010-10-08

The volume of construction works decreased by 17.2 pct in first eight months of 2010 compared with the similar period of 2009, the National Statistics Institute (INS) informed.

ACTMedia

Romania down by two positions in top of countries with most risky debts

2010-10-08

The costs of the Romanian state's insurance against default risks were reduced in the third quarter and Romania got down by two positions in the top of states with the most risky debts now ranking 10th, according to a report made by CMA, a company monitoring the financial market.

ACTMedia

UniCredit estimates inflation rate of 7.3% by end of year

2010-10-08

UniCredit Tiriac Bank has reviewed its prognosis for the inflation rate at the end of the year 2010 from 7.7% to 7.3% in the conditions in which the effects of the second round of VAT increase did not take place.

ACTMedia

Foreign investors will renegotiate with IMF budget deficit target for infrastructure investments in 2011

2010-10-08

The Foreign Investors' Council (CIS) suggests the renegotiation of the accord with IMF for a higher budget deficit of 4.4% of GDP in 2011, allowing the government to make higher investments in infrastructure.

ACTMedia

Foreign investors in Romania present on Thursday 12 measures to change the economy

2010-10-08

The Foreign Investors Council (CIS) released on Thursday, in a press conference, an 80-measure plan for Romania's economic recovery; this initiative is expected to increase Romania's gross domestic product (GDP) by 11.6 percent, if the suggestions are set into practice by 2015.

ACTMedia

The IMF mission returns to Romania on October 20

2010-10-08

The sixth International Monetary Fund (IMF) mission tasked with reviewing Romania's economic performance against the provisions of the Stand-By Agreement and the Additional Letter of Intent will arrive in Bucharest on Wednesday, October 20, and will stay in Romania until November 1 or 2, Mihai Tanasescu, Romania's representative to the IMF and former Minister of Finance, told Agerpres in an exclusive statement.

ACTMedia

Romania and Malta sign trade agreement

2010-10-08

Malta may be a useful springboard for Romanian businesses to reach Africa and the Middle East, President of the Republic of Malta George Abela told the Malta-Romania Business Forum on Thursday.

ACTMedia

Azomures plans capex of USD 115 mn

2010-10-07

Azomures (AZO) called a shareholders meeting for November 8. The stockholders are asked to approve bank loans worth USD 85 mn.

Raiffeisen Capital & Investment

Alro's revised 2010 budget

2010-10-07

Aluminum smelter Alro (ALR) has released its revised 2010 budget, by cutting the guidance for the net profit from USD 56.6 mn to USD 31.4 mn.

Raiffeisen Capital & Investment

New industrial orders drop 6.9% in August from July 2010

2010-10-07

The total of new industrial orders on the internal and external market nominally dropped 6.9 percent in August 2010 and grew 35.1 percent compared with the last year's corresponding month, informs a Wednesday release of the National Institute of Statistics (INS).

ACTMedia

Industrial turnover down 8.1% in August against July

2010-10-07

The total industrial turnover (both the domestic and foreign markets) dropped 8.1 percent in nominal terms (current prices) in August 2010 against July and by 10.4 against the same month last year, according to the National Statistics Institute (INS).

ACTMedia

Working group for the reform of the Romanian capital market

2010-10-07

Nine banks and eight lawyer houses, active in the stock exchange area have recently created a working group which proposes to contribute to the efficiency of the legal framework of the market economy.

ACTMedia

Eurostat: Romania has third annual GDP reduction in EU in second quarter

2010-10-07

The European Union (EU) economy registered in this year's second quarter an annual growth higher than initially estimated, according to a second estimation published on Wednesday by the statistical office of the European Union (Eurostat).

ACTMedia

Isarescu: Central banks ponder financial stability as secondary target

2010-10-07

European central banks mull taking on financial stability as an additional key task besides price stability, central bank governor Mugur Isarescu said Wednesday.

ACTMedia

IMF sees Romanian GDP falling at fastest pace in Emerging Europe

2010-10-07

Romania's economy will shrink at the fastest pace among emerging states in Europe this year, while its estimated growth of 1.5% for 2011 will be the smallest in the region, the International Monetary Fund said in its latest global outlook report.

ACTMedia

IMF: Parent banks may want to increase exposure to Romania voluntarily

2010-10-07

Romania's agreement with the parent banks of the largest local lenders is temporary and the country won't probably need it any more in a year and a half, as the banks will want to increase their exposure voluntarily, an official of the International Monetary Fund said Wednesday.

ACTMedia

Key justice fields get 3.6 million Swiss francs in financial support

2010-10-06

Romania is to receive 3.6 million Swiss francs from the Swiss Federal Council under a bilateral framework agreement between the government of Romania and the Swiss Federal Council for strengthening key areas of the judiciary, the Ministry of Justice informed in an Oct. 4 release.

ACTMedia

EBRD financed branches of 3 Greek banks with EUR 335 mn

2010-10-06

The European Bank for reconstruction and Development granted several credit lines for subsidies of Greek banks in several states, among which in Romania.

ACTMedia

BNR: Romania's pre-election challenge is to secure fiscal stability

2010-10-06

The main challenge facing Romania is to secure the long-term fiscal stability, given that elections are to be held in 2013 and that the populist measures will threaten the future of the economy by their lack of sustainability, the National Bank of Romania's (BNR) money policy advisor Lucian Croitoru told a conference on the Lessons of the Economic Crisis for the Authorities and Banks on Tuesday.

ACTMedia

Joost Kuhlmann : Romania Fails To Use 95% Of EU Funds

2010-10-06

Romania fails to use about 95% of the EU funds it has at its disposal, which calls for reform in its public administration, which should be depoliticized, an official of the European Commission said Tuesday.

ACTMedia

Foreign financiers: Lower single tax will lead to re-discussing Accord

2010-10-06

Sources close to Romania's financiers – European Commission, IMF and World Bank said that a lower single tax of 10% instead of the present 16% will lead to re-discussing the Accord signed by Romania.

ACTMedia

SIF Muntenia subscribed RON 7 mn to Unisem's share capital increase

2010-10-06

In a release to the Stock Exchange (BVB), SIF Muntenia (SIF4) announced it has subscribed 70 mn shares in the recent share capital increase underwent by Unisem (UNISEM), a trader of seeds and agricultural commodities.

Raiffeisen Capital & Investment

Condmag calls GSM to launch a cash call

2010-10-06

The industrial contractor Condmag (COMI) has called an extraordinary GSM for November 8, 2010 to approve a share capital increase of RON 15.3 mn through the issuance of 153.15 mn new shares at a price of RON 0.1 each.

Raiffeisen Capital & Investment

Antibiotice calls GSM to approve share capital increase

2010-10-06

The pharmaceutical producer Antibiotice (ATB) called a shareholders' meeting for November 12.

Raiffeisen Capital & Investment

More than 360 companies from 17 countries to participate in 36th edition of TIB

2010-10-05

More than 360 companies from 17 countries are expected to participate over October 6-9, 2010, in the 36th edition of the Bucharest International Technical Fair (TIB) in 2010, according to Sornic Vornic, deputy general manager of the Romexpo SA exhibition center.

ACTMedia

Bucharest is last but one in top best cities for business in Europe

2010-10-05

Bucharest is second to last in a chart of Europe's top-36 destinations for business, according to European Cities Monitor survey released Monday by real estate consultancy firm Cushman&Wakefield. Last year, Bucharest ranked 30th in the same chart, but this year it only outranks Athens, which was put in last place.

ACTMedia

Eurostat: Romania ranks fifth in EU industrial production price hike in August

2010-10-05

Industrial production prices in the euro area increased by 0.11 percent in August 2010, compared to July 2010, while in the European Union (EU) they remained unchanged, according to the data presented by the European Statistics Office on Monday.

ACTMedia

Eurostat: Romania August PPI rises at 6th fastest pace in EU

2010-10-05

Romanian industrial producer prices rose at the sixth fastest pace in the European Union in August, official data showed Monday.

ACTMedia

Electromagnetica calls an extraordinary GSM

2010-10-04

The electricity trader and producer of electrical components Electromagnetica (ELMA) has called an Extraordinary General Shareholders Meeting (GSM) for November 4 (5), 2010 to approve among other issues, the following:

Raiffeisen Capital & Investment

Romania's FX reserves increased in September

2010-10-04

According to data released on Friday by the Central Bank (BNR), Romania's FX reserves increased by EUR 1.02 bn to EUR 32.57 bn at end-September.

Raiffeisen Capital & Investment

Eurostat : Romania has among the lowest unemployment rates in the EU

2010-10-04

Romania has one of the lowest unemployment rates in the EU being 20th in the ranking of member states for this criterion, and the number of unemployed dropped in the Community area in August, but it kept over the level of 23 million people, the data published by Eurostat, the statistics bulletin of the EU says.

ACTMedia

Thousands of companies in Romania go to Bulgaria due to the austerity measures

2010-10-04

The tough austerity measures, for the observance of financial agreement with the international financial institutions determined thousands of companies in Romania to move to Bulgaria, where the taxes are lower and the regulations are stable offering a business environment which is friendlier, Reuters says.

ACTMedia

Finance Ministry wants to borrow over a billion euros from local banks in October

2010-10-04

The Public Finance Ministry (MFP) wants to borrow from banks, in October, 4.6 billion lei (over a billion euros) through six issues of treasury bills and Government bonds, according to the data published on the MFP site.

ACTMedia

Transactions on BVB advance 10% in the week ending on October 1

2010-10-04

Trade on the Bucharest Stock Exchange advanced 10 percent in value in the week that ended on October 1, compared with the previous week, reaching RON 118.27 million (nearly 27.8 million euros), according to a Plus Capital research.

ACTMedia

Excise duties to be computed against RON 4.2655 to the euro in 2011

2010-10-04

Excise duties in 2011 will be computed against an exchange rate of RON 4.2655 to the euro, as released on Friday by the Central European Bank (CEB), almost 0.08 percent lower that the 2010 reference rate of RON 4.2688 to the euro.

ACTMedia

BNR's Isarescu: I don't believe Romania still needs another financial agreement with IMF

2010-10-04

Governor of the National Bank of Romania (BNR) Mugur Isarescu believes Romania no longer needs a new financial agreement with the International Monetary Fund (IMF).

ACTMedia

NBR's International Reserves - September 2010

2010-10-04

On September 30th 2010, National Bank of Romania's foreign exchange reserves stood at EUR 32,579 million, compared to EUR 31,554 million on August 31st 2010, BNR reports in a press release..

ACTMedia

Oil Terminal signs new contract

2010-10-01

Oil Terminal (OIL) announced it signed a contract with Set Select Energy Gmbh worth EUR 2.5 mn per year, which means roughly 8% of the OIL's turnover in 2009.

Raiffeisen Capital & Investment

Rompetrol Rafinare shareholders approved a share capital increase

2010-10-01

Yesterday, the shareholders of Rompetrol Rafinare (RRC) approved a capital increase of RON 1.97 bn. The sum represents the conversion into shares of 20.65 bn bonds which had been issued by the company, with an issue price of RON 0.1118 per share.

Raiffeisen Capital & Investment

INS: net average salary, 4 % bigger in 2009

2010-10-01

The national monthly net average salary (1,361 lei) recorded 4 percent (+52 lei) rise compared with 2008, according to the National Statistics Institute (INS).

ACTMedia

Ernst&Young: Romania’s economy will contract until 2012

2010-10-01

A GDP contraction by 3% this year followed by a 1% drop in 2011 may be possible. A revival of economic growth is foreseen for 2012.

ACTMedia

Eugen Radulescu BNR: Romania’s GDP would grow by 3% if taxes were collected at Bulgaria’s level

2010-10-01

Romania's GDP might grow by 3% if taxes were collected at Bulgaria's level, a value similar to that collected from income taxes, Eugen Radulescu, the director of internal audit from BNR declared on Thursday.

ACTMedia

SIF Transilvania's acquires Fondul Proprietatea shares

2010-09-30

In a release to the Bucharest Stock Exchange (BVB), SIF Transilvania (SIF3) said that on September 27 it bought shares in Fondul Proprietatea worth RON 28 mn, without releasing information on the acquisition price.

Raiffeisen Capital & Investment

Teraplast share repurchase program – update

2010-09-30

Teraplast (TRP) informed investors that between August 6 and September 28 it acquired some 0.17 mn of its own shares as part of the new share purchase program.

Raiffeisen Capital & Investment

October International Tourism Fair, at Parliament Palace

2010-09-30

The National Association of the Tourism Agencies in Romania (ANAT) organises between 7 and 10 October in Parliament Palace the second edition of the International Tourism Fair « Winter Holiday » the organisers announced on Wednesday.

ACTMedia

Construction permits issued for residential buildings, up 9.5%

2010-09-30

Construction permits issued for residential buildings in August 2010 stood at 4,670, up 9.5 percent from July 2010 and 0.4 percent from August 2009, the National Statistics Institute (INS) informs.

ACTMedia

Trust in Romania's economy improved in September

2010-09-30

Romania's economic sentiment index edged slightly higher to 76.7 points in September from 76.4 points in August.

ACTMedia

Romania- the sixth beneficiary of EU funds

2010-09-30

Romania received last year 2.95 billion euro from the EU budget and recorded after a contribution of 1.22 billion euro a surplus of 1.69 billion euro, the sixth as dimension in the member states, according to a report presented by the European Commission.

ACTMedia

Romania 8-Months VAT Revenues Up 4.5% On Year After Tax Hike

2010-09-30

Romanian budget revenues from the value added tax rose 4.5% on the year to 23.3 billion lei (EUR1=RON4.2648) in January to August, following a 5 percentage point increase in the VAT level enforced in July.

ACTMedia

Romanian Govt To Eliminate Minimum Tax As Of Oct 1

2010-09-30

Romania's Government decided to eliminate the minimum tax starting October 1, Prime Minister Emil Boc announced Wednesday.

ACTMedia

Budget deficit reaches 4.09% of GDP, in eight months

2010-09-30

The general consolidated government budget in the first eight months of the year ended with a deficit of 20.9 billion lei, representing 4.09 percent of the GDP, an increase compared to the first first seven months of 2010, when it totaled 20 billion lei (3.9 percent of GDP), according to data published Wednesday by the Ministry of Public Finance (MPF).

ACTMedia

T-bonds worth over EUR 5 mn traded on BVB

2010-09-30

T-bonds worth 5.08 million euros were traded on Wednesday on the Bucharest Stock Exchange (BVB), bringing the BVB total liquidity up to RON 40.13 million (9.39 million euros).

ACTMedia

Key rate flat at 6.25%

2010-09-29

The concerns regarding the second round effects of the VAT hike on the consumer prices and the skittish political situation stood behind today's monetary policy decision.

BCR Research

SIF Muntenia's transactions

2010-09-29

In a release to the Bucharest Stock Exchange, SIF Muntenia (SIF4) announced that between August 13 and September 29 it sold BRD-GSG shares worth RON 6.1 mn.

Raiffeisen Capital & Investment

SIF Moldova increases stake in Fondul Proprietatea

2010-09-29

In a release to the Stock Exchange (BVB), SIF Moldova (SIF2) announced it bought shares in Fondul Proprietatea worth RON 12.4 mn, without releasing information on the acquisition price.

Raiffeisen Capital & Investment

Expectations for September-November: Employment to drop in all economic sectors except retail

2010-09-29

Romanian managers said they have a negative outlook on the construction sector, and a relatively stable view on the industrial and services sectors for the September-November period compared with the previous three months, the National Institute for Statistics, or INS, said Tuesday.

ACTMedia

MFP could issue bonds on foreign markets within medium-term financing programme in 2011

2010-09-29

The Ministry of Public Finance (MFP) could issue bonds on foreign markets within the Medium Term Notes - MTN financing programme at the beginning of 2011, if the domestic market will not offer favorable conditions by mid-October 2010, date when the Romanian state might start borrowing on the external markets, announced on Tuesday MFP State secretary Bogdan Dragoi in a conference on Romanian industry.

ACTMedia

Increased trading with Socep shares

2010-09-28

In a release to the Bucharest Stock Exchange (BVB), Socep (SOCP) announced that Transport Trade Services, which indirectly controls Navrom Galati (COVG) acquired on Friday a 10.2% stake in the company.

Raiffeisen Capital & Investment

Banca Transilvania – Pre-emptive rights to start trading

2010-09-28

Banca Transilvania (TLV) announced the new calendar for its RON 120 mn rights issue, despite the ongoing legal debate with SIF Banat Crisana (SIF1) which has delayed the procedures since June.

Raiffeisen Capital & Investment

SIF Moldova increases stake in Fondul Proprietatea

2010-09-28

In a release to the Bucharest Stock Exchange (BVB), SIF Moldova (SIF2) announced it bought shares in Fondul Proprietatea worth RON 3.1 mn, without releasing information on the acquisition price.

Raiffeisen Capital & Investment

Transactions with 6.3% of BVB shares

2010-09-28

Yesterday, a cumulated stake of 6.3% in Bucharest Stock Exchange (BVB) changed hands through 3 transactions on the deal market.

Raiffeisen Capital & Investment

State budget deficit decelerates in August

2010-09-28

According to Ministry of Finance officials, cited by the local media, the state budget deficit decelerated in August as it increased RON 1 bn on the previous month level.

Raiffeisen Capital & Investment

Forbes Top Billionaires

2010-09-28

Businessman Dinu Patriciu is the wealthiest Romanian with a fortune estimated at EUR2.3 billion, according to the second edition of Forbes Romania Top 500 billionaires.

ACTMedia

Eurostat: Romania's trade surplus with South Africa increases 3.5 times in H1 2010

2010-09-28

Romania's exports to South Africa increased from 25 million euros in H1 2009 to 28 million euros in H1 2010 while imports from South Africa fell from 19 million euros to 8 million euros, according to data released on Monday by the Eurostat official statistics office of the European Union.

ACTMedia

Finance Ministry borrows almost RON 399 mn from banks

2010-09-28

The Public Finance Ministry (MFP) on Monday drew over 398.69 million lei (approximately 93.81 million euros - editor's note) by issuing discount treasury bills, placed in tender by the National Bank of Romania (BNR).

ACTMedia

Lucian Croitoru (BNR): Romania has a growth potential of 2-3%

2010-09-28

Romania will have a potential for growth of 2-3 percent as soon as the country exits the crisis, compared to 5 percent the country's growth potential before the crisis, adviser to Governor of the National Bank of Romania (BNR), Lucian Croitoru, told a press conference on the vulnerability of the welfare state during the economic crisis, which was held in Bucharest on Monday.

ACTMedia

Romania's Jan-Aug Budget Deficit Widens To 4.1% Of GDP

2010-09-28

Romania's consolidated budget posted a deficit of 20.9 billion lei (EUR1=RON4.2455), or 4.1% of the gross domestic product, after the first eight months of the year, people from the Finance Ministry told Mediafax.

ACTMedia

BNR will keep the monetary policy interest rate

2010-09-28

BNR will keep on Wednesday the rate of monetary policy interest at a minimum of 6.25% as well as the level of the compulsory minimum reserves, the key word being caution until the economic situation clarifies and inflation pressure disappears, the economic analysts consider.

ACTMedia

Oil & Gas Firms Keep Lead in SEE TOP 100, Wholesale & Retail Advance Most

2010-09-27

Oil and gas firms keep their leadership in the third annual ranking of the top 100 companies in Southeast Europe in terms of total revenue in 2009 prepared by SeeNews in strategic partnership with global management consultancy A.T. Kearney and in exclusive content partnership with Euromonitor International.

SeeNews

OTP Bank continues the Right to Read campaign

2010-09-27

OTP Bank Romania continues its national social responsibility campaign „Right to Read', which aims the development of libraries in schools from the rural environment. The social initiative is supported by the Ministry of Education and Research, institution involved in the selection of the general schools participating in the program.

OTP Bank

Vasile Blaga resigns as minister of administration and interior

2010-09-27

Romania's Interior Minister Vasile Blaga resigned Monday, amid tensions raised by an unsanctioned protest march of police workers Friday, which prompted the president and prime minister to renounce police protection.

ACTMedia

SIF Oltenia sold its entire stake in Socep Constanta

2010-09-27

In a release to the Bucharest Stock Exchange (BVB), SIF Oltenia (SIF5) announced that it sold its entire stake (35.03 mn shares, 10.2%) in the stevedoring company Socep Constanta (SOCP) for an amount of RON 13.87 mn.

Raiffeisen Capital & Investment

Fondul Proprietatea shareholding structure

2010-09-27

Fondul Proprietatea published on its website the shareholding structure as of September 22. The total number of shareholders in Proprietatea Fund stands at 4,437, meaning 371 more compared to the previous reporting as of July 29, 2010.

Raiffeisen Capital & Investment

Expenditure on research and development dropped in 2009 from 0.59% to 0.48% of GDP

2010-09-27

Expenditure for research and development represented 0.48% of GDP last year, 2.35 billion lei respectively, dropping by 0.11 percentage points against 2008, the most important source for public funds financing.

ACTMedia

Non-governmental credit rises 0.5% in August

2010-09-27

The balance of non-governmental credit extended by credit institutions rose in August 2010 by 0.5 percent (0.2 percent in real terms) versus July 2010 to 207.667 billion lei.

ACTMedia

Romanian Leu firms vs Euro on higher FX sales

2010-09-27

Romania's leu extended early gains versus the euro in mid session Friday, tracking the currencies in the region and amid growing demand from companies.

ACTMedia

AOAR does not want a new agreement with IMF and proposes a strategic investment fund

2010-09-27

The Association of Business people in Romania AOAR does not support the new loan from IMF and in exchange proposes the set up of a strategic fund for investments worth 5-7 billion euro, by the issueing of bonds, tradable on the stock exchange Bucharest.

ACTMedia

IMF approved the release of the sixth installment to Romania

2010-09-27

The IMF board approved on Friday the fifth evaluation of the agreement with Romania which means it will release the sixth installment of over 900 million euro which will be released on Monday to Romania's National Central Bank.

ACTMedia

Vrancart obtained a loan worth EUR 17.2 mn to finance capex

2010-09-24

According to a company report on the Bucharest Stock Exchange (BVB), cardboard producer Vrancart (VNC) approved in the GSM of September 22 a loan worth EUR 17.2 mn.

Raiffeisen Capital & Investment

Banca Transilvania - The launch of the rights offering postponed once again

2010-09-24

Banca Transilvania (TLV) announced that the Court has postponed for early October the next hearing in its legal debate with SIF Banat Crisana (SIF1).

Raiffeisen Capital & Investment

EC delivers third tranche of assistance package for Romania

2010-09-24

The European Commission (EC) delivered the third tranche, worth 1.15 billion euros, of the 5 billion euro loan for Romania, which was agreed upon in May 2009 as part of an international financial assistance package.

ACTMedia

Croitoru (BNR): A delay of adopting euro by 1-2 years would not be a problem

2010-09-24

A 1-2 year delay of adopting euro in Romania would not be a problem, on condition that this delay could reflect an increase of the quality of adjustments which should be made to fulfill criteria, says Lucian Croitoru, councilor of the BNR governor.

ACTMedia

Bulgarian President Parvanov: Romania and Bulgaria have great cooperation potential in energy field

2010-09-24

Romania and Bulgaria have great cooperation potential in the energy field, stated Bulgarian President Gheorghi Parvanov in a joint press conference with his Romanian counterpart Traian Basescu, who payed an official visit to Bulgaria.

ACTMedia

Government ordinance could change Fondul Proprietatea existing regulations

2010-09-23

According to media sources, the government is preparing an emergency ordinance so that the amounts recovered from foreign trade receivables dating from the communist regime go to the state budget instead of Fondul Proprietatea (FP).

Raiffeisen Capital & Investment

Petrom and Hunt form exploration partnership

2010-09-23

Petrom announced that it agreed to set up a joint venture with American oil compamy Hunt oil for exploration activities on two onshore blocks (Adjud and Urziceni East) in Eastern Romania.

Raiffeisen Capital & Investment

Labor force occupancy rate in Romania - below European average by 6%

2010-09-23

Labor force occupancy rate in Romania saw an almost 6 percent decline between 1998 and 2009, whereas at the European level the average rate was on the rise in the same interval, by more than 3 percent, reveals a study published by Euractiv.

ACTMedia

Valentin Lazea (BNR) : this year there came more foreign investment to services and constructions

2010-09-23

One of the causes of budgetary deficit in Romania was represented by the structure of foreign investment, according to Valentin Lazea, head economist of the National Bank of Romania.

ACTMedia

Coface Keeps Romania Rating Unchanged At “B”

2010-09-23

Coface has left its sovereign rating on Romania unchanged at 'B' in September, the lowest rating in central and eastern Europe, the agency said Wednesday Romania and neighbor Bulgaria have been under 'B' rating since June 2009.

ACTMedia

Coface : over 11,000 Romanian companies reached insolvency over the first 6 months of 2010

2010-09-23

11,221 of companies in Romania were in insolvency during the first quarter of this year. More exactly, 6,255 companies were in the general procedure of insolvency, 2,235 in simplified insolvency, 2,717 in bankruptcy and 14 judicial reorganization, according to a study made by Coface Romania.

ACTMedia

The European Commission does not think there will be necessary any more amendments

2010-09-23

Romania will reach its targets established with the EC and IMF for 2010 and 2011 and there will not be necessary supplementary amendments, the head of the Unit for the Czech Republic, Poland, Romania and Slovakia in the European Commmission Laurent Moulin during the international conference « Romania – the future beyond the crisis », organised by the Association of Italian Business People in Romania – Unimpresa and the Alliance of Employers Confederations in Romania. '

ACTMedia

Compa Sibiu plans to generate 17,200 MWh of power in 2011

2010-09-22

Auto parts producer Compa Sibiu (CMP) plans to produce power from cogeneration of roughly 13,500 MWh in 2010, more than 3x higher yoy.

Raiffeisen Capital & Investment

Bucharest becomes 47th in top of cities with most expensive commercial areas in the world

2010-09-22

In 2010 Bucharest ranked 47th in the top of cities with most expensive commercial areas in the world, considering the level of rents for commercial areas, on the drop by 7 seven position compared to 2009, according to a report which analyses the most expensive rents for retail locations in 59 countries, made by the real estate consulting company Cushman& Wakefield.

ACTMedia

Preliminary 2010 autumn forecasts: current account deficit at 5.7% of GDP in 2010

2010-09-22

Romania's current account deficit will rise in 2010 to 5.7 percent of GDP from 4.5 percent in 2009, according to the preliminary 2010 autumn forecasts of the National Economic Projection Board (CNP).

ACTMedia

EC ceased the excessive deficit procedure for Romania

2010-09-22

The European Commission ceased the excessive deficit procedure for Romania as it concluded that the state took the necessary measures to reduce the deficit to below 3% in 2012, a press release of the EC reads.

ACTMedia

Alumil Group interested in new production facilities in Romania

2010-09-21

According to media sources, the Greek company Alumil, the main shareholder of the aluminum profiles producer Alumil Rom Industry (ALU) would be interested to open a new plant in Romania in order to increase production.

Raiffeisen Capital & Investment

Transgaz CEO replaced

2010-09-21

According to a release from the natural gas transporter Transgaz (TGN), the Board of the company decided to replace the present CEO, Mr. Muntean, with Mr. Cosma, which was in charge of the national gas dispatcher within TGN.

Raiffeisen Capital & Investment

Romania dropped 12 positions, 85th in a top regarding economic freedom

2010-09-21

Romania dropped 12 positions, 85th rank, in a top regarding economic freedom included in the Economic Freedom Of the World 2009 report made by the Canadian institute Fraser.

ACTMedia

Ten billion euros, Austrian companies investments in Romania

2010-09-21

Austrian companies are still interested to invest in Romania, but they ask for more transparency, efficiency and consistency in public administration, as well as the improvement of the legal system, Rudolf Lukavsky, representative of the Austrian Embassy to Bucharest, said on Monday in Bucharest, on the occasion of the 60th anniversary of the Trade Department of the Austrian Embassy in Bucharest.

ACTMedia

Finance Ministry borrows more than EUR 214 mn from banks

2010-09-21

The Ministry of Public Finance (MFP) has borrowed on Monday more than 214 million euros (912 million lei) from the commercial banks via a discounted T-bill issue, auctioned through Romania's National Bank (BNR).

ACTMedia

Joint visit of the minister for European Affairs of Great Britain and the state secretary for European Affairs of Germany

2010-09-21

Between 20 and 22 September 2010 there will take place the visit to Bucharest of the British minister for Europe David Lidington and state secretary for European Affairs of Germany Werner Hoyer, MFA transmits.

ACTMedia

Oltchim management estimates EUR 120 mn are needed to reopen Arpechim

2010-09-20

The management of the chemicals producer Oltchim (OLT) estimates that the necessary investment to launch the petrochemical unit of Arpechim refinery, which Oltchim had acquired at the beginning of 2010, adds up to EUR 120 mn.

Raiffeisen Capital & Investment

SIF Moldova's transactions

2010-09-20

SIF Moldova (SIF2) has announced that it bought shares in Fondul Proprietatea worth RON 10.49 mn. The price per share was not disclosed.

Raiffeisen Capital & Investment

Survey: More Than Half Of Romanians Have Lower Income Compared To 2009

2010-09-20

More than half of Romanians have lower income in 2010 compared to 2009, and this is the case of both people aged over 35, with low education, and younger people with higher education and average income, according to a survey conducted by market research company 360insights.

ACTMedia

Romania had the most significant decline in the volume of construction works in the EU in July

2010-09-20

Romania had in July 2010 the most significant decline of the volume of construction works in the European Union (minus 28.2 percentage points) as compared to June 2010, being followed by Spain (minus 10.3 points) and Slovenia (minus 3.2 points), according to the data presented on Friday by theEurostat.

ACTMedia

Almost 80% of the companies with EU financing give up the projects as they have no money

2010-09-20

The representatives of the National council for SMEs consider that the number of companies which give up due to the lack of money the implementation of elligible projects for EU financing reached high levels, reaching 70-80% of the total.

ACTMedia

EIU: Romania's economy will drop 1.2% this year but will increase in 2011

2010-09-20

Romania's economy will drop by 1.2% this year but it will register an increase in 2011 Economist Intelligence Unit estimations conclude, quoted by the Romanian news agency Mediafax.

ACTMedia

Hidroelectrica energy company investments to increase by 55pct in 2011

2010-09-17

Hidroelectrica investments for upgrading its hydro-power capacity and achieving new targets of national interest amount to 397.4 million euros in 2011, by 55 percent more than those planned for 2010, according to the data presented on Thursday by Hidroelectrica Operations Manager Dragos Zachia at the round table meeting on the Romanian micro-hydro-energy landscape.

Agentia Nationala de Presa - Agerpres

The retail network of Flamingo will be sold

2010-09-17

Flanco announced yesterday that a deal will be closed with Asesoft group that will take over the retail network. Flanco belongs to the listed entity Flamingo International (FLA) and operates the retail network.

Raiffeisen Capital & Investment

Analysis: Romania could reach financing crisis in November

2010-09-17

Romania may be faced by a financing crisis in November because of the government decision to refuse selling state binds at profits higher than 7% and the state could pay significantly more. The government meets difficulties in implementing austerity measures needed to carry out the accord with IMF, thus pushing interest rates requested by investors higher and higher, Reuters reports.

ACTMedia

Conference on NATO-Russia cooperation in East

2010-09-17

The NATO-Russia relation, Romania's prospects in NATO, what Romania expects from NATO and the new NATO strategic concept were the main subjects dealt with during a conference organized by the Foreign Policy at the National Military Club on Thursday.

ACTMedia

The government managed to pass the law on pensions: both women and men will retire at the age of 65

2010-09-17

The government managed to pass the law on the unique pensions system by 170 votes for, 2 against and 3 abstains. The law was voted by Democrat Liberal, Hungarian and Independent deputies while Social Democrats and Liberals left the Chamber as a protest to the fact that their amendment urging that the increase of 45% of pensions be voted by uninominal vote. To pass, the law needed 168 votes for.

ACTMedia

Prospectiuni CEO statements to the local press

2010-09-16

The CEO of the geophysical and geographical prospecting company Prospectiuni (PRSN) made some comments in the media regarding their development strategy.

Raiffeisen Capital & Investment

Survey : Bucharest ranks 69th out of 73 cities worldwide by price level

2010-09-16

Romania's capital city Bucharest ranks 69th among 73 cities worldwide according to the price levels, says a survey conducted by financial services firm UBS. New York, Geneva and Oslo are still among the most expensive cities worldwide, according to UBS classification.

ACTMedia

Eurostat: Romania 2Q employment -2.2% on year

2010-09-16

Romania's employment rate fell 2.2% in the first quarter compared with the year-earlier period, below the 0.6% annual decline in the European Union, official data showed Wednesday.

ACTMedia

Eurostat: Romania's August annual inflation, highest in EU

2010-09-16

Romania posted the highest inflation in the European Union in August, while the EU average rate eased to 2%, from 2.1% in July, official data showed Wednesday.

ACTMedia

Romanian Leu tempers gains vs Euro, exch rate at 4.2394

2010-09-16

Romania's leu lost part of its early gains versus the euro in mid trade, while the central bank's reference strengthened 0.2% at 4.2394 units, from 4.2478 units a day earlier.Against the US dollar, the leu's indicative won 1.2% on the day at 3.2687 units.

ACTMedia

EU refinances loans to Romania with bonds emission of EUR 1.15 bn

2010-09-16

The European Union launched a bonds emission of 1.15 billion euro with maturity in seven years, to refinance loans to Romania in the financing agreement of the state, an official involved in the trading said. Bonds are guaranteed by all 27 member states, Reuters says.

ACTMedia

Payroll spending cut to 7.4% of GDP in 2011

2010-09-16

The nominal cap for 2011 total spending from the consolidated budget was set at 192.3 billion lei, the government's spokesperson Ioana Munteanu declared on Wednesday after the government's meeting.

ACTMedia

Romanian Govt strategy for 2011-2013: wage raises tied to layoffs

2010-09-16

Pay raises in the Romanian public sector will be conditioned on staff cuts and social-economic indicators, while ministers and other officials will be forbidden from granting deductions or new bonuses without special exemption provided by law.

ACTMedia

EU stuck in debate over economic 'indicators'

2010-09-16

European Union leaders meet on Thursday (16 September) as part of ongoing discussions to better coordinate their economic policies in the wake of the Greek debt crisis.

ACTMedia

SIF Oltenia’s Board to elect a provisory member

2010-09-15

SIF Oltenia (SIF5) has announced that its Board would gather on September 24, 2010 to elect a provisory Board member following the departure of Ms. Racovita.

Raiffeisen Capital & Investment

Romanian economy might come out of recession in third quarter

2010-09-15

The Romanian economy might technically come out of recession in the third quarter of 2010, but it might decrease again in the last quarter, said Vergil Voineagu, president of the National Institute of Statistics (INS), on Tuesday.

ACTMedia

French Chamber of Commerce: 50 new French companies are interested in Romania

2010-09-15

French companies do not plan to leave Romania and about 50 new companies prospect the market for future investments in Romania, representatives of the French Chamber of Commerce declared on September 14.

ACTMedia

Stockpile production cushions economy decline in H1

2010-09-15

Stockpile production has cushioned the decrease of Romanian economy in the first half of 2010 which was 1.5 percent down against the same period of 2009; without this influence, the economic contraction would have been more severe, shows data presented on Tuesday by the president of the National Statistics Institute (INS), Vergil Voineagu.

ACTMedia

Statistics: Romania's GDP for the first six months - RON 211.4 bn

2010-09-15

The nominal value of the GDP was, in the second quarter of 2010 of 114.7 billion lei and at the level of the first six months the GDP reached 211.4 billion lei, National Statistics Institute President Vergil Voineagu said.

ACTMedia

Petrom, Raiffeisen Bank and BCR officials about fiscal system in Romania

2010-09-15

A company cannot be based on the fiscal system in Romania, the financial director of Petrom, Reinhard Pichler said. He mentioned that he did not support the elimination of taxes but a fair tax system.

ACTMedia

The legislative proposal to hike the ownership limit – update

2010-09-14

According to local media which cited two members of the Parliament, including the initiator, the proposal to hike the ownership limit in SIFs from 1% to 5% might be voted in Chamber of Deputies by the end of this session (early December).

Raiffeisen Capital & Investment

Renault starts the technical central for trials in Titu on Wednesday

2010-09-14

Renault will inaugurate on Wednesday in Titu the technical centre for trials where the newest types of the French producer will be tested.

ACTMedia

The market for construction materials in Romania and Bulgaria could revive quite soon

2010-09-14

The market for construction materials in Romania and Bulgaria could revive quite soon and Wienerberger could make small acquisitions if there are opportunities, the financial manager of the Austrian Group Willy Van Riet said in an interview offered to the daily Wirtschaftsblatt.

ACTMedia

Survey: Foreign investors affected by romanian partners’ bankruptcy

2010-09-14

The main problem of German, Swiss and Austrian investors in Romania is the bankruptcy of their local partners, fueled by the economic crisis, according to a survey conducted by audit and consultancy firm LeitnerLeitner.

ACTMedia

Romania leu widens gains vs euro, exch rate at 4.2630

2010-09-14

The Romanian leu extended early gains versus the euro in mid trade Monday and the central bank's reference strengthened 0.2% at 4.263 units, from 4.2723 units Friday.

ACTMedia

First local pop-up store opens in Bucharest

2010-09-14

Henkel opened the first pop-up store in Romania for a 30-day period, reads a press release of the real estate company King Sturge.

Agerpres

MFP sells treasury bills worth almost RON 400 mn

2010-09-14

The Public Finance Ministry (MFP) on Monday drew 372.027 million lei (approximately 87.535 million euros) by issuing discount treasury bills, placed in tender by the National Bank of Romania.

Agerpres

Hidroelectrica wins gold at Moscow Inventions and Investment Show

2010-09-14

A team of specialists from the Hydro-Electric Plants Branch based in Targu Jiu (southwestern Romania) won the gold medal at the 10th edition of the International Inventions and Investment Show, Section A - Engineering held in Moscow on Sept. 7-10.

Agerpres

Investments from European funds in coastal area of Romanian seaside

2010-09-14

The Romanian Black Sea coastal area (south-west) will benefit from investments of 27.33 million lei (some 6.43 million euro), consisting in seaside-rehabilitation works and works for protecting marine biodiversity, out of which almost 23 million lei represents European funds financed through Axis 5 of the Sectoral Operational Programme.

Agerpres

Erste Bank offers to BCR's employees RON 14.03 for a share

2010-09-13

According to local media, Erste Bank has launched an offer for BCR shares owned by the employees, willing to pay RON 14.03 (EUR 3.28) for each stock.

Raiffeisen Capital & Investment

Romania August CPI +0.23% On Month, +7.6% On Year

2010-09-13

Romanian consumer prices (CPI) inched up 0.23% in August after a 2.6% increase a month earlier, while the annual inflation accelerated to 7.58%, the highest rate in two years, the country's statistics institute INS said Friday.

ACTMedia

FDI dropped by 35.8% in the first seven months

2010-09-13

Foreign direct investments (FDI) in the first seven months of 2010 amounted to 1.90 billion euro, a 35.8% drop compared to 2.97 billion euro during the similar period in 2009, according to the National Central Bank data.

ACTMedia

The current account deficit continued to increase amounting to EUR 3.79 bn in the first seven months

2010-09-13

The current account deficit of the balance of payments increased in the last seven months by 38.5% compared to the similar period, last year to 3.79 billion euro, Romania's National Central Bank reads. In January - July 2009, the current account deficit was 2.74 billion euro.

ACTMedia

Inflation reaches highest level in two years

2010-09-13

Year-over-year inflation in Romania reached 7.58 percent in August 2010, the highest level in the past two years, with the prices for fresh and canned vegetables, citric fruits and other fruits, water and mass transit tickets having advanced the most.

ACTMedia

Johan Gabriels, RBS : the state should make investments, the European funds are there

2010-09-13

The Romanian authorities must mobilise themselves and make investments especially by using the European funds which are meant for this, Johan Gabriels says, the banker who took over the leadership of RBS in Romania at the beginning of this year.

ACTMedia

European structural funds drawn by Romania, almost one fifth of the money of 2007-2009

2010-09-13

The sums reimbursed to the private and public environment which were selected on the basis of projects for European financing, reached 4.5 billion lei ( almost one billion euro) according to the official data valid on 31 August 2010.

ACTMedia

Study: Romanians rank 142nd in top of most generous people in the world

2010-09-10

Australians and Neo-Zealanders are most generous people in the world, according to 'World Giving Index', a study concerning charitable attitudes at world level.

ACTMedia

Romania drops three positions in global competitiveness classification

2010-09-10

Romania has dropped by three positions in the competitiveness classification at world level compared to last year, ranking 67th out of 139 countries analysed in the global report of competitiveness 2010-2011, made by the World Economic Forum, according to the Group of Applied Economy, its partner in Romania.

ACTMedia

Romania Jan-July trade gap widens to EUR 5.36 bn

2010-09-10

Romania's trade deficit widened to EUR 5.36 bn in January to July, from EUR5.23 billion in the same period a year earlier, the National Statistics Institute said Thursday.

ACTMedia

IMF Board considers on September 24 the report on Romania, to approve the next instalment of the loan

2010-09-10

The IMF board will discuss on September 24 the results of the fifth evaluation mission on Romania's economic achievements, in accordance with the stand by agreement, sources told Romanian news agency Agerpres.

ACTMedia

Martin Harris, new British ambassador: Fight against corruption is very important

2010-09-10

The cooperation and checking mechanism for justice must be maintained until conditions are met. The adoption of the ANI law is a good sign for British investors but restrictions for Romanians on the British labour market remain at least until 2011.

ACTMedia

Romanian healthcare service co-payment system to be introduced in Jan 2011

2010-09-10

Romanian will introduce the co-payment system for healthcare services in January 2011, Health Minister Attila Cseke said Wednesday.

ACTMedia

Romania struggling to improve job situation

2010-09-10

Romania's employment rate has been on a downward spiral in the last ten years and is currently way behind the EU's target for 2020.

ACTMedia

Albalact shareholders approve merger with Raraul

2010-09-09

Dairy producer Albalact (ALBZ) held a Shareholders Meeting on September 7. Among other issues, the shareholders agreed for Albalact to merge with cheese producer Raraul.

Raiffeisen Capital & Investment

Exchange rate leu-Swiss franc reached historic level – 3.3504 lei/franc

2010-09-09

The exchange rate leu – Swiss Franc, calculated by BNR reached on Wednesday the historic level of 3,3504 lei/franc which means a depreciation of the national currency of almost 18% against the first day of the year.

ACTMedia

Analysts: Inflation rate at 0.4% in Aug., 7.9% in Dec.

2010-09-09

The monthly inflation rate in this August most likely stood at 0.4 percent (with estimates ranging between 0.2 and 0.9 percent), while the year-on-year inflation rate was 7.7 percent (with estimates ranging between 7 and 8.3 percent), reveals a survey of the Romanian Association of Financial-Banking Analysts (RAFBA) made public on Wednesday.

ACTMedia

Four new accredited ambassadors

2010-09-09

President Traian Basescu, on Wednesday, signed the accreditation decrees of Romania's extraordinary and plenipotentiary ambassadors to France, Ukraine, Iraq and Croatia.

ACTMedia

Romania govt approves letter of intent to IMF deal

2010-09-09

Romania's Government Wednesday approved an additional letter of intent to its EUR13 billion loan agreement with the International Monetary Fund, Finance Minister Gheorghe Ialomitianu said.

ACTMedia

Early elections in the Republic of Moldova to take place on 21 November

2010-09-09

The date for early parliamentary elections in the Republic of Moldova is 21 November decided Alianta pentru Integrare Europeana, according to Unimedia md.

ACTMedia

Lellouche and Besson come to Bucharest on Thursday

2010-09-09

The French delegation to come to Bucharest on Thursday will be made up of Pierre Lellouche, Eric Besson and other French officials as well as French journalists.

ACTMedia

Over 8,000 new dwellings and 4,000 old flats to be promoted at tIMOn

2010-09-08

Over 8,000 new dwellings and 4,000 old flats will be promoted at the 18th edition of the National Real Estate Fair (tIMOn), due in Bucharest on Sept 9-12.

Agerpres

World Bank, interested in new projects in Romania

2010-09-08

The World Bank (WB) wishes to continue the ongoing projects in Romania and identify new cooperation possibilities with the Romanian authorities.

Agerpres

INS: Romania's industrial output, down 2.3% in July 2010 from June 2010

2010-09-08

Romania's industrial output was down 2.3 percent in July 2010 on a monthly basis, in unadjusted terms, and 0.8 percent in adjusted terms, the National Statistics Institute (INS) reports.

Agerpres

Motor vehicle trade down 12% January through July

2010-09-08

Trade in motor vehicles and motorcycles declined by 12 percent unadjusted series January-July 2010 and by 13.6 percent adjusted series depending on working days and seasonality, according to data issued by the National Institute of Statistics (INS).

Agerpres

Best-known Romanian brands

2010-09-08

The findings of a recent study of the most powerful 50 Romanian brands, conducted by Unlock Market Research, will be made public today at the BrandRo event organised by the Biz magazine in Bucharest.

Agerpres

Survey: Romanian Employers See Hiring Frozen For Q4 2010

2010-09-08

Employers in Romania forecast a balanced activity on the local labor market for the last quarter of the year but are less pessimistic than in the fourth quarter of 2009, according to a survey by human resources company Manpower.

ACTMedia

Romanian large, medium companies required to file fiscal statements online as of Oct 25

2010-09-08

Romanian large and medium companies will be required to file their fiscal statements online as of October 25, while other taxpayers will have a choice between the traditional and online method of submitting tax documents, according to a draft decision by the National Fiscal Administration Agency.

ACTMedia

FinMin about the decrease of the flat tax: We have several options, but a decision will be taken with the IMF

2010-09-08

Finance minister Gheorghe Ialomitianu considers the possibility to reduce the flat tax next year. He told HotNews.ro that the ministry has several options but a decision will be taken with the IMF delegation.

ACTMedia

INS: New orders in industry down 13.3% in July

2010-09-07

Overall new orders received in industry (including both domestic and foreign markets) dropped 13.3 percent in nominal terms in July 2010 compared with the previous month's figure and surged 24.7 compared with the same month of last year, according to provisional data published by the National Institute of Statistics (INS) on Tuesday.

Agerpres

Volume of construction works down 30.5% in July, compared with June

2010-09-07

The volume of construction works dropped 30.5 percent, 28.3 percent respectively, in July 2010, both as unadjusted series as well as a series adjusted depending on the number of working days and seasonality, according to provisional data published by the National Institute of Statistics (INS) on Tuesday.

Agerpres

Turnover in industry drops in July by 7.3% from June

2010-09-07

The turnover in the entire industry (domestic and foreign market) dropped in July 2010, in nominal terms, by 7.3 percent from the previous month, informs the National Institute of Statistics (INS).

Agerpres

MTI introduce standardele de cost pentru investiţii în infrastructură

2010-09-07

Ministrul Transporturilor şi Infrastructurii, Anca Boagiu, a aprobat, marţi, prin ordin de ministru, constituirea unui grup de lucru pentru elaborarea standardelor de cost minime şi maxime pentru investiţiile publice ale ministerului.

Agentia Nationala de Presa - Agerpres

One third of Imotrust subscription rights changed hands

2010-09-07

Yesterday, over 107 mn Imotrust (ARCVR01) subscription rights changed hands on the RASDAQ market.

Raiffeisen Capital & Investment

Transelectrica 1H 2010 IFRS results

2010-09-07

The power grid operator Transelectrica reported its IFRS 1H 2010 results. The revenues came in line with expectations at RON 1.25 bn, and 1% higher than the unconsolidated figure under Romanian Accounting Standards.

Raiffeisen Capital & Investment

Financial institutions and Nabucco shareholders sign mandate letter

2010-09-07

Shareholders in the Nabucco natural gas pipeline project and three international financial institutions, the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB) and the International Finance Corporation (IFC), signed a mandate letter, which marks the beginning of the project appraisal, a required step toward a financing package of up to EUR 4 bn.

Raiffeisen Capital & Investment

Proprietatea Fund to distribute EUR 260 mn worth of dividends

2010-09-07

The Proprietatea Fund (FP) will distribute dividends worth more than EUR 260 mn (RON 1.1 bn) to its shareholders, from its 2008 and 2009 profit.

ACTMedia

Romania could get EUR 360 mn from the World Bank before the end of October

2010-09-07

Romania could receive before the end of October a sum of 360 million euro from the World Bank, a part of the agreement with IMF and EU and other international creditors and the money will be used for the financing of the budgetary deficit, Francois Rantrua stated as country manager of the World Bank.

ACTMedia

Romania and Switzerland sign on September 7th the agreement for non-refundable funds for 181 million Swiss Francs

2010-09-07

The bilateral agreement between the governments of Romania and Switzerland for the non-refundable financing programme of 181 million Swiss francs will be signed on Tuesday 7 September in Berne, Alexandru Nazare, state secretary in the ministry of public finance announced.

ACTMedia

Shareholders approve listing of Proprietatea Fund on two stock exchanges

2010-09-06

The shareholders of the Proprietatea Fund (FP) on Monday, during their general assembly, approved the listing of the fund on two stock exchanges, a Romanian and a foreign one.

Agerpres

FP shareholders approve appointment of Franklin Templeton as administrator

2010-09-06

The shareholders of the Proprietatea Fund (FP) on Monday approved the appointment of the company Franklin Templeton Investment Management as administrator of the fund by 99.97 percent of the votes for and 0.02 percent of the votes against.

Agerpres

Jeffrey Franks: Romania should not change its main taxes in 2011

2010-09-06

The chief of the International Monetary Fund (IMF) in Romania, Jeffrey Franks, on Sunday, September 5, after an informal meeting he had with the newly appointed Minister of Public Finance, Gheorghe Ialomitianu, said that Romania should not change its main taxes next year.

Agerpres

MFP intends to borrow RON 1 bn from the banks

2010-09-06

The Ministry of Public Finance (MFP) on Monday issues discount T-bills worth RON 1 billion (about 0.235 billion euros), to carry a six-year maturity, according to the government securities issues schedule.

Agerpres

SIF Moldova sold it's participation at Tauron Polska Energy

2010-09-06

SIF Moldova (SIF2) sold it's 0,02% participation at Tauron Polska Energy, the second biggest energy distribution Polish company, for RON 1.94 mn. Following this transaction SIF2 obtained a RON 0.14 mn. profit.

Raiffeisen Capital & Investment

Petrom sells Russian upstream licenses

2010-09-06

Petrom exited Russian exploration, selling its 74.9 % stake in Ring Oil Holding & Trading Ltd., which has 8 licenses in the Saratov and 2 in the Komi regions, and CorSarNeft (the operator) to its minority partner, Mineral & Bio Fuels Ltd. (MBO), based on Malta.

Raiffeisen Capital & Investment

Romania's industrial turnover, up 7.1% in Q3, 2010

2010-09-06

A recent survey by the National Economic Projection Board among company managers indicates that Romania's industrial business turnover was up 7.1 percent in the third quarter of 2010, outgoing Economic Ministry Adriean Videanu told a news conference on Friday.

ACTMedia

Eurostat: Romania July retail sales decline at fastest pace in EU

2010-09-06

Romanian July retail sales declined at the fastest pace in the EU, namely 10.5% on the month, while throughout the EU retail sales inched up 0.1% on the month, EU's statistics agency Eurostat said Friday.

ACTMedia

Polish ForMin starts an working visit to Bucharest

2010-09-06

The Polish Minister of Foreign Affairs, Radoslaw Sikorski, on Monday will pay a working visit to Bucharest, at the invitation of his Romanian counterpart, Teodor Baconschi, says a release of the Romanian Foreign Ministry.

ACTMedia

Jeffrey Franks (IMF): Romanian Govt reshuffling won’t affect disbursement of new loan installment

2010-09-06

The chief of the International Monetary Fund mission to Romania, Jeffrey Franks, said Saturday that the reshuffling of the Romanian Government will not affect the disbursement of a new loan installment to Romania and will not lead to higher financing costs.

ACTMedia

ING : There is much chance for the government to fail before the end of the year

2010-09-06

The chance the government fails before the end of the year grows gradually and the political trouble could intensify significantly in October-November, a report made by the ING Bank Romania economists shows

ACTMedia

ECB Chairman Trichet: There is no substitute for sound and stable policies

2010-09-06

Attending a concert on Sunday in Bucharest celebrating the 130th anniversary of the National Bank of Romania (BNR), Chairman of the European Central Bank (ECB) Jean-Claude Trichet urged the Romanian authorities to come up with sound and stable policies able to generate sustainable economic growth.

ACTMedia

Government was reshuffled

2010-09-03

Yesterday, the Prime Minister Emil Boc reshuffled its team. Six ministers lost their seats:

Raiffeisen Research

Prodplast Imobiliare to start trading on SIBEX

2010-09-03

According to media sources, citing Sibiu Stock Exchange (SIBEX) officials, on September 6, Prodplast Imobiliare shares will start trading on SIBEX alternative trading system (ATS).

Raiffeisen Capital & Investment

Prospectiuni signs EUR 5 mn contract with Portuguese company

2010-09-03

According to local media, the geological and geographical prospecting company Prospectiuni (PRSN) signed a contract with Portuguese energy company 'Porto Energy' worth EUR 5 mn for a 4 months period, with the possibility to extend it for additional 7 months in 2011.

Raiffeisen Capital & Investment

Conpet calls GSM to approve revised budget

2010-09-03

The operator of crude oil and oil products pipelines Conpet (COTE) called a shareholders' meeting for October 5th. The shareholders are asked to approve the revised 2010 budget that has been previously approved through a government decision.

Raiffeisen Capital & Investment

Romanian Government reshuffled

2010-09-03

The governing party decided the reshuffle of the government. Six ministers will be replaced, from the following ministries: Finance, Economy, Transportation, Agriculture, Labour and Communications.

Raiffeisen Capital & Investment

Romanian companies to file in tax returns in e-format as from October 1st

2010-09-03

Romania's large and medium-sized companies will file in their tax returns in an electronic format as of October 1st, under the National Electronic System, the Ministry of Communications and information Society (MCSI) reports.

ACTMedia

International conference “Public-private partnerships in post-conflict stabilization and reconstruction – Opportunities for emerging state-donors: the case of Romania”

2010-09-03

The Foreign Ministry organized on 2 September in Bucharest the international conference 'Public-private partnerships in post-conflict stabilization and reconstruction – Opportunities for emerging state-donors: the case of Romania'.

ACTMedia

INS: cifra de afaceri din comerţul cu amănuntul a scăzut cu 10,5% în iulie

2010-09-03

Volumul cifrei de afaceri din comerţul cu amănuntul (cu excepţia comerţului cu autovehicule şi motociclete) a scăzut în iulie faţă de luna precedentă, cu 10,5 la sută (serie ajustată), informează Institutul Naţional de Statistică (INS), într-un comunicat remis vineri Agerpres.

Agentia Nationala de Presa - Agerpres

Industrial production prices grow by 6.9% in July

2010-09-02

The industrial production prices (both on the domestic and the foreign market) grew by 6.9 percent in July, 2010, vs. July 2009, and by 0.1 percent compared to June, this year, say temporary data, the National Statistics Institute (INS) made public on Thursday.

Agerpres

Investments in economy decline 18.7% in H1

2010-09-02

The investments made in the national economy fell 18.7 percent in H1 2010 versus H1 2009, the National Statistics Institute (INS) informs.

Agerpres

Turnkey dwellings dwindle by over 20% in H1

2010-09-02

As many as 18,674 turnkey dwellings were built in the first half of 2010, by 4,827 homes less than in the H1, 2009, read data the National Statistics Institute (INS) supplied on Thursday.

Agerpres

Transport Ministry to launch tenders with European financing of EUR 3.14 bn

2010-09-02

The Transport Ministry will launch, until the end of the year, tenders with European financing, through the Transport Regional Operational Programme, worth EUR 3.14 bn, Transport Minister Radu Berceanu told a Wednesday's press conference.

Agerpres

BVB: SIF quotations up by 1.75% at opening

2010-09-02

The Bucharest Stock Exchange (BVB) opened high its trading session on Thursday with the BET-C composite index climbing by 0.30 percent in the first five opening minutes.

Agerpres

Eight companies showing in Romania's IT exhibition, at Expo Shanghai 2010

2010-09-02

Eight companies are participating under the Romania IT - Creative Talent, Technical Excellence brand, in Romania's IT exhibition, at the Expo Shanghai 2010, Ministry of Economy, Trade and Business Environment (MECMA) release informs.

Agerpres

European-financed transport projects worth EUR 1.154 bn

2010-09-02

EU-financed projects worth EUR 1.154 bn were approved and contracted under the Sectoral Operational Programme Transport (SOPT) in Romania, according to the August review, Romanian Minister of Transport Radu Berceanu on Wednesday stated at the government meeting.

Agerpres

Renault opens spare parts centre nearby Pitesti

2010-09-02

Renault Group opened the largest car parts centre outside the French borders, which will distribute spare parts and accessories for Dacia, Renault and Nissan brands in Romania, in Oarja village, nearby Pitesti (north-west of Bucharest) on Wednesday.

Agerpres

Comnord 2Q 2010 key figures

2010-09-02

Constructions company Comnord (COSC) released some key financial figures for 2Q 2010. The turnover stood at RON 3.2 mn, 2.3x higher compared to the same period last year, but remained at a very low level as construction works shrunk sharply.

Raiffeisen Capital & Investment

Statistics: Romania's economy registers 0.3-percent growth in Q1

2010-09-02

Romania's Gross Domestic Product (GDP) dropped in the first half of 2010 by 2.4 percent, compared with the first half of 2009, seasonally adjusted data, but registered a 0.3 percent increase in the second quarter of 2010 from this year's first quarter, informs a National Institute of Statistics (INS) press release sent Agerpres on Wednesday.

ACTMedia

Romania Leu Loses Gains Vs Euro, Exch Rate At 4.2636

2010-09-02

Romania's leu lost part of its early gains versus the euro mid trade Wednesday and the central bank's reference weakened to 4.2636 units, a new five weeks low.

ACTMedia

NBR's International Reserves - August 2010

2010-09-02

On August 31st 2010, National Bank of Romania's foreign exchange reserves stood at EUR 31,554 mn, compared to EUR 31,580 mn on July 31st 2010.

ACTMedia

Slightly improved performance of households consumption in 2Q10

2010-09-01

Today, the National Institute of Statistics released the detailed structure of GDP for 2Q10. Real GDP increased by 0.3% q/q (seasonally-adjusted data), but remained in negative territory as compared to the corresponding period of the previous year (-0.5% y/y).

BCR Research

Transilvania Constructii share capital increase

2010-09-01

Constructions company Transilvania Constructii (COTR) held a Shareholders meeting on August 30. The shareholders approved a share capital increase of RON 7.8 mn to RON 31.2 mn by capitalizing some reserves.

Raiffeisen Capital & Investment

BAT Medias 2Q 2010 results

2010-09-01

The auto transportation company BAT Medias (BAME) reported for 2Q 2010 an impressive growth in revenues, of 2.5x yoy to RON 15 mn.

Raiffeisen Capital & Investment

Prodlacta 2Q 2010 results

2010-09-01

Local dairy producer Prodlacta (PRAE) announced 2Q 10 sales of RON 13.2 mn, down 14% yoy which according to the management was the result of weaker demand.

Raiffeisen Capital & Investment

Armax Gaz 2Q 2010 results

2010-09-01

The oil & gas equipment producer released the main 2Q 2010 financial figures. Full financial statements were not made available. Revenues rose sharply by 91% yoy to RON 35 mn.

Raiffeisen Capital & Investment

Banca Carpatica share capital increase

2010-09-01

Banca Carpatica (BCC) called a shareholders' meeting for October 9. Among others, the shareholders must approve a share capital increase worth RON 63.5 mn, through the issue of 635 mn shares with a nominal value of RON 0.1.

Raiffeisen Capital & Investment

Report: Romania Ranks Last In EU By No. Of Employees With Definite Period Contracts

2010-09-01

Romania ranks last among the European Union member states by the number of employees with contracts for a definite period, as only 1% of Romanian employees benefit from this type of contracts, compared to the EU average of 15%, according to a report on the labor market.

ACTMedia

ELLI Index Results at a Glance: Romania, at the bottom of the index

2010-09-01

The current study 'The European ELLI Index 2010 - Making Lifelong Learning Tangible!' presents the first results of the ELLI Index and compares Europe's progress in lifelong learning.

ACTMedia

Jean Claude Trichet will arrive in an official visit in Bucharest on September 4

2010-09-01

Jean Claude Trichet, Central European Bank President will arrive in Bucharest on September 4 to attend manifestations organized by the Romanian National Central Bank to mark 130 years since opening.

ACTMedia

Bogdan Mazuru to take over post of Ambassador in Paris, on Sept 3

2010-09-01

Diplomat Bogdan Mazuru will take over the post of Romania's Ambassador in Paris, on Sept 3, Foreign Ministry Teodor Baconschi told the public radio, on Monday.

ACTMedia

Romanian Diplomats' Annual Summit held Wednesday and Thursday

2010-09-01

The Ministry of Foreign Affairs (MAE) organizes on Wednesday and Thursday in Bucharest the Annual Summit of Romanian Diplomats devoted to the subject 'Romanian diplomacy: 2011 priorities.'

ACTMedia

Economia României a crescut cu 0,3% în trimestrul doi

2010-09-01

Produsul Intern Brut (PIB) al României a scăzut în primul semestru al anului 2010 cu 2,4 la sută, comparativ cu semestrul I 2009, date ajustate sezonier, dar a înregistrat o creştere cu 0,3 la sută în trimestrul doi al anului în curs faţă primul trimestru din 2010, informează un comunicat remis miercuri Agerpres de către Institutul Naţional de Statistică (INS).

Agentia Nationala de Presa - Agerpres

Pay scale sized for minimum wage above 650 lei

2010-08-31

In performing the calculations for the public system's pay scale, experts of the Ministry of Public Finance (MFP) use a minimum wage higher than 650 lei, MFP representatives told Agerpres.

Agerpres

WB: Romania's tax collection inefficiency extremely evident

2010-08-31

The inefficiency of tax collection and public spending in Romania is extremely obvious, chief economist of the World Bank (WB) mission to Romania Catalin Pauna declared on Tuesday at the Palace of Parliament.

Agerpres

Italian investors interested in tourist infrastructure in Romania

2010-08-31

Italian companies might be interested to invest in tourist infrastructure in Romania and could develop, together with the Romanian authorities, such cultural tourism routes based on the existence of Roman relics in the country, informs the Romanian Ministry of Regional Development and Tourism.

Agerpres

Special pensions recomputation brings savings amounting to EUR 40 mn

2010-08-31

Savings to the state budget through the recomputation of the special pensions amounts to EUR 40 mn, calculated on an annual basis, Labour Minister Mihai Seitan on Tuesday said at the Palace of Parliament.

Agerpres

IMF: Romania salary expenditure to be cut down to 2005 levels

2010-08-31

The salary expenditure in the Romanian public sector will be cut in 2011 down to the 2005 levels of 7.4 percent of gross domestic product, the International Monetary Fund (IMF) representative in Romania Tonny Lybek said at the Palace of Parliament on Tuesday.

Agerpres

Petrom raises base fuel price

2010-08-31

Oil Company Petrom has raised the basic prices for its petrol by 0.04 lei a litre and for diesel fuel by 0.02 lei a litre starting Tuesday, as a result of the developments in the global quotations for the oil products.

Agerpres

15% of Transgaz and Transelectrica to be floated over the coming months

2010-08-31

According to a release from the natural gas transmission company Transgaz (TGN), the official gazette published on August 28 the government's decision to list an additional 15% of Transgaz shares on the market, through a public offering.

Raiffeisen Capital & Investment

Most of the vacant working places : public administration and health

2010-08-31

The average of vacant working places was for Q2 of 0.59% dropping by 0.11 percentage points against the three previous months and by 0.57 percentage points against April and June 2009, the highest demand being for public administration, health and agriculture.

ACTMedia

Romania August Economy Sentiment Improves On Retail Comeback

2010-08-31

Romania's economic sentiment index rose 1.4 points to 76.4 points in August, helped by improving confidence in retail trade, a widely watched European Commission monthly survey showed Monday.

ACTMedia

BVB: SIF securities up 1.37% at opening

2010-08-31

Stocks traded on the Bucharest Stock Exchange (BVB) slid at the opening of the trading session on Monday, with the BET-C composite index dropping 0.16 percent in the five opening minutes.

ACTMedia

Romania Leu Extends Gains Vs Euro, Exch Rate At 4.2326

2010-08-31

Romania's leu widened early gains versus the euro in mid trade Monday and the central bank's reference won nearly 0.3% on the day at 4.2326 units, from 4.2447 units Friday.

ACTMedia

The minister of finances wants to draw RON 4.6 bn through state bonds in September

2010-08-31

The minister of Public Finances (MFP) intends to draw 4.6 billion lei through emissions of state bonds in September, in order to refinance the public duty and the budgetary deficit, an order of the minister says.

ACTMedia

Legislative priorities of gov't

2010-08-31

The head of the Department for the Relations with the Parliament, Valentin Iliescu, presented the Government's list of draft laws for the second 2010 Parliament session to start on September 1.

ACTMedia

Rompetrol Rafinare calls GSM to approve the conversion of the bonds

2010-08-30

Rompetrol Rafinare (RRC) called a shareholders' meeting for September 30. The agenda of the meeting includes among others the approval of:

Raiffeisen Capital & Investment

Poll: 75% of Romanians believe corruption has been growing for the past five years

2010-08-27

Three in four Romanians believe corruption has been on the rise in the country for the past five years, according to a poll by CSOP company, published on Thursday. It shows only 6% of the population believe the level of corruption decreased during the period, while 13% say they do not feel any change.The poll was ordered by the Association for Implementation of Democracy (AID).

ACTMedia

Most profitable firm in Romania last year had no employees and an annual profit of over 3.68 billion euro

2010-08-27

The most profitable company in Romania last year was a firm established in a village in the county of Brasov. American European Marketing&Enterprises, with no employees but with a bigger profit than that of major oil company Petrom - 3.68 billion euro (2.5% of the Romanian GDP), is established in the village of Fantana, Hoghiz community in Brasov county and declares it operates on the real estate market.

ACTMedia

Budget deficit stands at 3.9% or 19.92 billion Ron after seven months

2010-08-27

Romania's budget deficit after the first seven months of the year stands at an acceptable level of 3.9% of the GDP or 19.92 billion Ron, Finance ministry officials said.

ACTMedia

Reding criticises France, Italy over Roma treatment

2010-08-27

EU Commissioner Viviane Reding, responsible for justice, fundamental rights and citizenship, Wednesday (25 August) criticised the French authorities for seeking solutions to immigration problems and tackling the Roma issue outside of an EU context. She also indirectly condemned Italy for its 'discriminatory' and 'inflammatory' rhetoric.Reding, who is also a vice-president of the European Commission, broke the silence of the summer recess by publishing a statement recognising that following the expulsions of Roma by France and similar intentions voiced by Italy, the issue had attracted the attention of policymakers at both national and EU levels.

ACTMedia

Eurobarometer: Seven of ten Romanians want stronger European economic governance

2010-08-27

Seven out of ten Romanians say they want a stronger European economic governance, while 75 percent of the EU citizens believe a tighter coordination of economic and financial policies among the EU member states would prove efficient to fight the economic crisis, informs a Eurobarometer study conducted this spring and presented by the European Commission on Thursday.

Agentia Nationala de Presa Agerpres

Romania is among European countries with highest growths in industry

2010-08-27

Romania is among the European countries with the highest year to year growth in new orders in industry, with an 34.6 percent appreciation and an increase by 5.5 percent in June 2010, according to data provided by Eurostat, quoted in a release of the personal adviser to Prime Minister Emil Boc, Andreea Paul Vass.

Agentia Nationala de Presa Agerpres

Transport Ministry to receive 4.5 billion euros in financial grants by 2013

2010-08-27

The Transport Ministry qualifies for financial grants of 4.5 billion euros from the European Union by 2013 plus 1 billion euro in co-financing money, says Transport Minister Radu Berceanu.

Agentia Nationala de Presa Agerpres

GfK: More than half of Romania's urban population uses Internet

2010-08-26

About 55 percent of Romania's urban population aged over 15 use the computer at least once a month and 51 percent access the Internet monthly or more often, shows the 2010 Roper Reports survey, informs a release of GfK Romania.

Agentia Nationala de Presa Agerpres

Grupul Rompetrol va plăti statului 100 milioane dolari din datorie

2010-08-26

Grupul Rompetrol susţine că va răscumpăra, până la finele anului 2010, doar suma de 100 milioane dolari din datoria de 571 milioane euro către statul român, din cauza pierderilor înregistrate până în prezent şi a lipsei de cash-flow, conducerea companiei afirmând că analizează şi posibilitatea închiderii Rafinăriei Petromidia.Acţionarul majoritar al companiei Rompetrol Rafinare negociază cu statul român în privinţa datoriei Rafinăriei Petromidia, ce trebuie plătită până în 30 septembrie 2010, şi susţine că se află în imposibilitatea de a o plăti în întregime, din cauza condiţiilor economice nefavorabile.

Agentia Nationala de Presa Agerpres

Rompetrol contemplates shutting down Petromidia refinery

2010-08-26

Rompetrol Group contemplates shutting down the Petromidia refinery due to losses and unfavorable economic conditions, Rompetrol Chief Financial Officer Dmitry Grigoryev on Wednesday told a press conference.

Agentia Nationala de Presa Agerpres

The NBR launches the Financial Stability Report - 2010

2010-08-25

The National Bank of Romania released the 5th Financial Stability Report. The document assesses the financial system's soundness and capacity to withstand significant challenges during the recent period, the factors that influence the performance of the financial system and its interaction with real economy and external environment, the Bank said in a statement.

ACTMedia

Analysts say date of adopting euro is possible as of 2017 or 2020

2010-08-25

The adoption of the European currency may be delayed by at least two years from the formal deadline established now for 1 January 2015, although Romania might enter the euro zone after 2020, the main cause being the delay of reforms which should prepare the real economy for the change, analysts say.

ACTMedia

Romanian-Hungarian joint institute for Danube studies

2010-08-25

Environment Ministers from Romania and Hungary Borbely Laszlo and Fazekas Sandor stated on Tuesday, at the end of their meeting at the Ministry of Environment, in Bucharest, that they have a plan to create an institute meant to study river Danube, as well as the strategies to be implemented in this hydrographic basin.

Agentia Nationala de Presa Agerpres

Carrefour opens 23rd hypermarket in Southwestern Romania

2010-08-25

Carrefour opens on Wednesday the 23rd hypermarket in Romania, in Severin Shopping Center, Drobeta Turnu-Severin, Mehedinti County (south-west of Bucharest).

Agentia Nationala de Presa Agerpres

European Commission approves Ministry of Communication project application

2010-08-24

he Ministry of Communications and Information Society (MCSI) received on Tuesday from the European Commission the financing agreement for the project entitled Study on Developing an European Integrated Cybernetic System, Employing a Pilot System Aimed at the Main National Internet Service Providers (ECIS), having a total value of 627,000 euros, reads a MCSI press release.

Agentia Nationala de Presa Agerpres

Romania to learn from Hungary's experience when it takes up as EU president

2010-08-24

Romania plans to learn from Hungary's experience when the country takes up the European Union's presidency in the first half of 2011, Minister of Agriculture and Rural Development Mihail Dumitru said at the end of a meeting with visiting Hungarian counterpart Fazekas Sandor on Monday.

Agentia Nationala de Presa Agerpres

Romania, third in EU in terms of monthly advance in industrial new orders

2010-08-24

No less than 16 European Union member states have reported rises in industrial new orders for June 2010 compared with the previous months, with Denmark, the Netherlands and Romania having recorded the highest growth rates, of 23 percent, 8.9 percent and 5.5 percent, respectively, according to data released on Tuesday by the Eurostat statistics office fo the EU.

Agentia Nationala de Presa Agerpres

Energy projects worth more than RON 770 million submitted for European co-financing

2010-08-24

As many as 52 projects for investment in the expansion and upgrading of electricity and natural gas distribution networks worth a total of RON 771 million have been submitted for co-financing from structural funds, the Ministry of Economy, Commerce and Business Milieu (MECMA) reports in a press release.

Agentia Nationala de Presa Agerpres

Romanian Investors Say Bureaucracy Stalls EU Funds Accession

2010-08-24

Romanian large private companies hesitate in drawing European funds for investments as the projects' implementation lasts very long and the market's needs change rapidly, several investors said Monday during a debate.

ACTMedia

Economists: Romania must get on international markets

2010-08-24

The current structure of Romania's public debt is not 'healthy', economists warn. 'There are hardly any long term resources beyond those from international institutions. Tenders with 3 or 5-year deadlines who have been accomplished managed to draw rather little of their initial purpose. The current state is that we have a high enough short-term effort to roll public debt and that exposes us to risks', Ionut Dumitru, chief economist at Raiffeisen Bank and head of the Fiscal Council, has said.He showed that the appearance of a new political crisis or a series of turbulence movements on international markets would put pressure on the deficit and the public debt refinancing.

ACTMedia

EU education goals: A mixed picture in Eastern Europe

2010-08-24

While some of the EU's Eastern member states are confident about achieving the bloc's 2020 education targets, others – Hungary, Bulgaria and Romania – may struggle to satisfy the European Commission's expectations. EurActiv's media network reports.The agreed goals in the 'Europe 2020' strategy – reducing the share of early school leavers to 10% and making sure that at least 40% of 30-34 year olds have a degree or diploma by 2020 – are EU-wide averages.

ACTMedia

What sectors may be affected should troubles in Romania-Russia relations hit economy

2010-08-24

The troubles in Romanian-Russian relations lately may have economic repercussions, officials such as the head of the Russian State Duma have warned. In order to evaluate the economic sectors that may be affected should such a tendency prove real, there is the history of trade relations between the two countries in the first half of 2010.

ACTMedia

PACE President pays official visit to Romania

2010-08-24

The President of the Parliamentary Assembly of the Council of Europe (PACE), Mevlut Cavusoglu, is to pay an official visit to Romania in the period August 28 - September 1, at the invitation of the Chamber of Deputies Speaker Roberta Anastase.

ACTMedia

Imotrust 1H 2010 results

2010-08-24

Real estate developer Imotrust (ARCV) made public its 1H 2010 results (unaudited). Turnover climbed to RON 9.3 mn, up 5x yoy, while revenues from ongoing production soared to RON 69 mn, compared to RON 1.6 mn last year.

ACTMedia

Electromagnetica 1H 2010 results

2010-08-24

The electricity trader and producer of electrical components Electromagnetica (ELMA) reported its1H 2010 results.

ACTMedia

First international line of container transport on Danube - Black Sea Canal

2010-08-24

The National Company of Administration of the Navigable Channels of Constanta (CNACN) recorded on Monday the most important event this year in multi-modal transport field on the the river Danube with the arrival in Agigea Port of the pusher ship Krems, opening the first international line of container transport between Budapest and Constanta.

Agentia Nationala de Presa Agerpres

Ploiesti-Vest belt road to complete in Nov 2011

2010-08-23

The Ploiesti Municipality's ring road will be completed in Nov 2011, after the five bridges along the 12 km long belt road are fully upgraded, Transport Minister Radu Berceanu said on Monday.

Agentia Nationala de Presa Agerpres

Number of houses with solar panels may grow twice by winter

2010-08-23

The experts in the field of commercializing heating systems that work on the basis of renewable energy estimate that the number of the houses to have solar panels by winter will amount to 35,000, compared with 17,500 at present, thanks to the launch of the Green House programme meant for natural persons.

Agentia Nationala de Presa Agerpres

Project in value of 183,000 euros for European citizenship promotion

2010-08-23

The Agency for Regional Development Muntenia South is to implement next year the project called 'Involvement of citizens in Europe - Local prospects for labor force occupancy, social cohesion and steady development', with a total budget of 183,566 euros, ADR Muntenia South informs in a release.

Agentia Nationala de Presa Agerpres

Romania Ranks 8th In EU By European Agriculture Funds Attracted In 2009

2010-08-23

Romania is ranked eighth in the European Union by EU agriculture funds attracted in 2009, which amounted to EUR2.1 billion, according to data released by the European Commission's department on Common Agriculture Policy (CAP).According to the data, France, Spain, Germany and Italy attracted the largest amount of EU agriculture funds in 2009.

ACTMedia

Survey : Romanian Banks Gloomy About Lending Revival In 2010

2010-08-23

Romanian banks are pessimistic about lending revival in 2010, following tightening credit terms on the local market in the second quarter of the year, a central bank survey showed Friday.

ACTMedia

Romanian Govt To Present New Measures To Boost Economy

2010-08-23

Romanian Prime Minister Emil Boc said Saturday at the inauguration of the Lugoj eastern bypass road, southwestern Romania, that, in September, the Government will put forward a series of measures to uphold the country's economy.

ACTMedia

Romania, Bulgaria hold technical negotiations for planned Danube hydro-power plant

2010-08-23

Romania and Bulgaria are holding technical negotiations over the construction of a hydropower plant on the Danube, which represents a highly important project, Minister of Economy, Trade and Business Environment Adriean Videanu declared on Friday.

Agentia Nationala de Presa Agerpres

Ploiesti-Vest belt road to complete in Nov 2011

2010-08-23

Romania's total wheat crop almost 5.7 million tonnes

2010-08-23

Romania's total wheat crop was close to 5.7 million tonnes, representing 86 percent of the original estimates of the Ministry of Agriculture and Rural Development (MADR), but almost 10 percent higher than the 2009 production.

Agentia Nationala de Presa Agerpres

As many as 23,401 green certificates traded in August on OPCOM

2010-08-20

The number of green certificates traded in August on the trading platform for greenhouse gas emission certificates stood at 23,401 units, 26.5 percent higher from the similar period last year, when 18,495 green certificates were traded.

Agentia Nationala de Presa Agerpres

Transylvania Motorway built with budget money only

2010-08-19

Over the interval 2007 - 2013 the Transylvania motorway does not receive funding under European programs, and the costs incurred are covered exclusively from the state budget, Minister of Transport Radu Berceanu declared on Thursday in Cluj-Napoca (north-west of Bucharest).

Agentia Nationala de Presa Agerpres

Public administration employees working with EU funds could get pay rises

2010-08-19

Local public administration employees taking part in the implementation of projects carried out on European funds could see their wages increase by 75 percent, Minister for Regional Development and Tourism Elena Udrea said on Thursday in Botosani.

Agentia Nationala de Presa Agerpres

Romanian Diaspora interested in investing in Romania's real estate

2010-08-19

A great majority of the over 500,000 Romanians currently working abroad want to invest in Romania's real estate, reads a press release issued by DM International.

Agentia Nationala de Presa Agerpres

BNR's Croitoru: Romania cannot have sustainable growth due to lack of savings

2010-08-19

Romania cannot have a sustainable economic growth because the savings' level is very low, but maintaining coherent policies to attract foreign capital may be a way out of this, Advisor to the National Bank of Romania's (BNR) Governor Lucian Croitoru told the Focus Energetic conference on Thursday.

Agentia Nationala de Presa Agerpres

Grupul Eureko - profit net de 864 milioane euro

2010-08-19

Eureko B.V., unul dintre cele mai puternice grupuri financiare din Europa, a inregistrat o crestere semnificativa a profitului net din primele sase luni ale lui 2010, rezultatul fiind sprijinit de intelegerea cu guvernul polonez privind Powszechny Zaklad Ubezpieczen (PZU) S.A.

Eureko

Romania is European leader in construction sector, in June

2010-08-19

Romania registered in June 2010 compared to May 2010 the highest increase in the volume of construction works in the European Union (16.5 percent), followed at a distance by Spain (7.2 percent) and Poland (4.5 percent), according to the data presented by the Statistical Office of the European Commission (Eurostat) on Wednesday.

Agentia Nationala de Presa Agerpres

Amonil to continue to use the production facilities

2010-08-18

Fertilizers producer Amonil (AMO) has announced that it has signed a new contract with Chemgaz Holding, the owner of its production facilities.

Raiffeisen Capital&Investment

Census conducted to identify main traffic flows in Romania

2010-08-18

Romania's National Motorways and National Roads Company (CNADR) will perform on Wednesday,between 8.00 - 12.00 and 2:00 - 6:00 p.m. a survey on the country's public roads as part of the Europewideroad traffic census, the company informs.

ACTMedia

Government will rectify state budget on Wednesday

2010-08-18

The government will adopt on Wednesday the final rectified form of the state budget and socialsecurity budget for 2010. According to the draft government order obtained by AGERPRES, the Labor,health and Environment ministries will obtain more money with the budget rectification.The Ministry of Labour, Family and Social Protection will receive an additional 4.365 billion lei,representing transfers from the state budget to the social security budget for balance, financing therights of disabled persons and IOVR pensions, reparatory payments, state aid for children, familyallocations, and other social aid.

ACTMedia

Romania ranks 39th in Newsweek top of world's best 100 countries

2010-08-18

Romania ranks the 39th, immediately behind Bulgaria, in the Newsweek magazine's rankings comparing the living standards in one hundred countries of the world.

Agentia Nationala de Presa - Agerpres

BCR Report: Romania's budget deficit might drop at 7 pct of GDP in 2010

2010-08-17

The budget deficit, at local standards, might see a decline at nearly 7 percent of the GDP in 2010, and 5 percent in 2011, given that Romania's Government will continue its efforts of improving the fiscal position, reads the quarterly macroeconomic report published by the Romanian Commercial Bank (BCR) on Tuesday.

Agentia Nationala de Presa - Agerpres

More than 10 million euros for Romanian-Hungarian transboundary projects

2010-08-17

The European financing assigned for 80 software-type projects for the development of the Romanian-Hungarian border area, as part of the third call for projects of the Hungary - Romania Cross-border Cooperation Programme amounts to EUR 10.5 million, informs a release of the Ministry of Regional Development and Tourism (MDRT).

Agentia Nationala de Presa - Agerpres

WB: Turning Crisis from Threat into Opportunity: Romania Tackles the Roots of Public Sector Inefficiencies

2010-08-17

The economic crisis focused the Romanian Government's attention to pursue short term fiscal consolidation, and at the same time opened a window of opportunity for public administration reforms with effects on the medium- and long-term. Several ministries and the World Bank are undertaking a Functional Review of their activity to identify actions that would improve the quality and cost-effectiveness of public services delivered, the press release sent by WB is saying.

ACTMedia

WB reviews public services quality improvement

2010-08-17

The World Bank, along with several ministries, is undertaking a Functional Review of their activity in order to identify new actions that would improve the quality and cost-effectiveness of public services delivered, given that Romania is lagging behind other European countries in this respect, informs a World Bank press release sent Agerpres.

Agentia Nationala de Presa - Agerpres

Air traffic grows on Bucharest's two airports

2010-08-17

The air traffic increased by ten percent on Otopeni Airport and by three percent on Baneasa Airport, in the first half of the year, according to the data sent by the Bucharest Airports National Company.

Agentia Nationala de Presa - Agerpres

Petrom a redus preţul de referinţă al carburanţilor

2010-08-17

Petrom a redus, începând de marţi, ora 00.00, preţul de referinţă al benzinelor comercializate în staţiile proprii cu trei bani/litru şi al motorinelor cu şase bani/litru, ca urmare a condiţiilor de pe piaţă.

Agentia Nationala de Presa - Agerpres

Chamber of Deputies sanctions reintroduction of 3-pct tax on micro-enterprises

2010-08-16

he Committee on Budget, Finance and Banking Affairs of the Chamber of Deputies on Monday sanctioned the reintroduction of a 3-percent tax on the revenues of micro-enterprises.

Agentia Nationala de Presa - Agerpres

Mercadia Holland buys miniMAX store chain

2010-08-16

Mercadia Holland BV Group purchased the commercial company miniMAX Discount SRL, the operator of the store chain with the same name, following a transaction concluded on August 13, Mercadia informs.

Agentia Nationala de Presa - Agerpres

Romanians' wages up by 4817.07 coefficient from Jan. 1990

2010-08-16

The coefficient of the net average wage earnings in the national economy was 4817.07 in this June compared to Jan. 1990, while when compared to Feb. 1992 it was 1118.19, the National Institute of Statistics announced on Monday.

Agentia Nationala de Presa - Agerpres

Largest wind farm in Romania, in Casimcea

2010-08-16

The largest wind farm in Romania is to become operational in Casimcea commune (Romania's south-east), the number of turbines here, set to feed the national grid, going to be approximately 300.

Agentia Nationala de Presa - Agerpres

International Trade Show for Inventions, Scientific Research and New Technologies Inventika to be held in October

2010-08-15

The International Trade Show for Inventions, Scientific Research and New Technologies Inventika will be held over October 6-9 as part of the International Technical Fair in Bucharest, at the Romexpo exhibition centre.

Agentia Nationala de Presa - Agerpres

Drop in new car registrations this year

2010-08-15

The car makes Volkwagen, Skoda and Renault in July registered the most important rises in sales in Romania, between 12 and almost 32 percent, whereas 10,381 new cars were registered, down by 2.19 percent from the similar time span in 2009, say the data supplied by the Directorate for the Regime of Driving Licences and Vehicle Registration.

Agentia Nationala de Presa - Agerpres

Radu Berceanu: În iunie 2011, programul sectorial operaţional de transport va avea atrase cele mai multe fonduri europene

2010-08-15

Ministrul Transporturilor, Radu Berceanu, a afirmat, duminică, la Constanţa, că România va avea infrastructură rutieră şi feroviară 'când o să punem banii corespunzători, indiferent cine va fi ministru'.

Agentia Nationala de Presa - Agerpres

Piaţa bunurilor de folosinţă îndelungată, în scădere cu 15 la sută în T2

2010-08-15

Piaţa românească a bunurilor de folosinţă îndelungată şi-a încetinit scăderea în al doilea trimestru din 2010, valoarea vânzărilor, de 266 milioane de euro, fiind cu 15 la sută mai mică comparativ cu aceeaşi perioadă a anului 2009, conform indicatorului GfK TEMAX, realizat pentru România de GfK Retail and Technology, remis luni Agerpres.

Agentia Nationala de Presa - Agerpres

Real GDP back to positive territory

2010-08-13

According to the flash estimates released by the National Institute of Statistics, real GDP increased by 0.3% q/q (s.a. data) in 2Q10.

BCR Research

Teraplast First Impression 2Q 2010: Difficult business environment persists

2010-08-13

Teraplast (TRP) released its un-consolidated 2Q 2010 results under Romanian Accounting Standards (RAS) and some 1H 2010 key figures under IFRS. The stand-alone results include only the performance of the Group's main entity Teraplast.

Raiffeisen Capital&Investment

Transelectrica First Impression 2Q 2010: Mismatch in passthrough items causes operating loss

2010-08-13

Transelectrica reported its RAS unconsolidated results for 2Q 2010. Transportation revenues and costs were in line with estimates, but due to a mismatch in passthrough items the company reported an operating loss of RON 36 mn, while we were expecting operational break-even.

Raiffeisen Capital&Investment

Alumil First Impression 2Q 2010: Not yet back into black

2010-08-13

Aluminum profiles processor Alumil Rom Industry (ALU) released its 2Q 2010 results under Romanian Accounting Standards (RAS) and the key figures for 1H 10 results under IFRS.

Raiffeisen Capital&Investment

Transgaz First Impression 2Q 2010: One offs boost net profit

2010-08-13

The natural gas transporter Transgaz reported its 2Q 2010 results which came significantly above expectations in terms of net profit, due to unexpected one-off gains.

Raiffeisen Capital&Investment

Mecanica Ceahlau – 2Q 10 results

2010-08-13

The agricultural equipment maker Mecanica Ceahlau (MECF) has published its 2Q 10 results which proved to be stronger than the corresponding period of 2009.

Raiffeisen Capital&Investment

Prospectiuni 2Q 2010 results

2010-08-13

The geological and geographical prospecting company Prospectiuni (PRSN) released several 2Q 2010 key financial figures.

Raiffeisen Capital&Investment

Biofarm 2Q 2010 results

2010-08-13

Pharmaceuticals producer Biofarm (BIO) reported its 2Q 2010 results, with sales at RON 18.9 mn, up 22% yoy. Raw materials and salaries expenses went up 42% and 18% to RON 5.4 mn and RON 3.8 mn respectively.

Raiffeisen Capital&Investment

Transelectrica 2Q 2010 results

2010-08-13

Transelectrica reported its RAS unconsolidated results for 2Q 2010. Revenues reached RON 526 mn, 15% lower than estimates. No breakdown of revenues is available but we believe that the disappointing sales are the result of lower pass-through revenues.

Raiffeisen Capital&Investment

Banca Carpatica 2Q 2010

2010-08-13

Banca Capatica's (BCC) results under RAS revealed a negative quarterly loan growth of -5% to RON 1.03 bn and a loans/deposits ratio of 49%.

Raiffeisen Capital&Investment

Oltchim 2Q 2010 results

2010-08-13

The chemicals producer Oltchim (OLT) reported its 2Q 10 results under RAS. Company's turnover was up 20% yoy to RON 301 mn, fuelled by an increase in exports and a positive impact from RON depreciation vs. EUR.

Raiffeisen Capital&Investment

Alumil 2Q 2010 results

2010-08-13

Aluminum processor Alumil Rom Industry (ALU) released its 2Q 2010 results under RAS. Sales reached RON 18.8 mn, which is 26% lower yoy, but roughly in line with our estimates (+4.4% vs. our estimates of RON 18 mn).

Raiffeisen Capital&Investment

Transgaz 2Q 2010 results

2010-08-13

The natural gas transporter Transgaz reported its 2Q 2010 results which came significantly above expectations in terms of net profit. Revenues came in line with expectations at RON 243 mn.

Raiffeisen Capital&Investment

Ford Craiova plans to employ some 3,500 new staff, starting in 2011

2010-08-12

Craiova-based Ford Plant plans to hire 3,500 new staff, starting in the first part of 2011, announced on Wednesday President for production and work relations of the American company John Fleming, on the occasion of a meeting with Premier Emil Boc at Victoria Palace.

ACTMedia

Thinking Beyond Borders - KPMG publication on business travels and tax planning

2010-08-12

Extended business travel, with executives working across a number of countries, is now more and more common.

ACTMedia

Foreign direct investments dropped by 28.9% in the first six months

2010-08-12

Foreign direct investments amounted to EUR 1.83 bn in the first six months, a 28.9% drop compared to the similar period, in 2009, representing EUR 2.58 bn, Romania's National Central Bank data reveals.

ACTMedia

The current account deficit continued to decrease to EUR 3.64 bn

2010-08-12

The current account deficit of the balance of payments increased in the first quarter by 50% compared to the similar period last year, to EUR 3.64 bn according to the National Central Bank data.

ACTMedia

The liquidity in circulation at the end of June – over RON 26 bn

2010-08-12

At the end of June, the liquidity in circulation in Romania was over 26 billion lei ( almost 6 billion euro) the monthly bulletin published by the National Bank on Tuesday says.

ACTMedia

Conpet 2Q 2010 results

2010-08-12

The operator of crude oil and oil products pipelines Conpet (COTE) released its 2Q 2010 results. The company reported a 7% increase in turnover on the back of higher quantities of oil transported (oil imports decreased).

Raiffeisen Capital&Investment

Dafora 2Q 2010 results

2010-08-12

Constructions company Dafora (DAFR) has released its 2Q 10 figures, with surging sales, up 44% yoy to RON 54 mn.

Raiffeisen Capital&Investment

Antibiotice 2Q 2010 results

2010-08-12

The pharmaceutical producer Antibiotice (ATB) reported for 2Q 2010 a turnover of RON 56.2 mn, up 12% yoy and total revenues that came up by 23% on higher production on stock.

Raiffeisen Capital&Investment

Teraplast 2Q 2010

2010-08-12

Teraplast (TRP) released its un-consolidated 2Q 2010 results under Romanian Accounting Standards (RAS). The results include just the performance of the Group's main entity Teraplast.

Raiffeisen Capital&Investment

Gas consumption slows its growth in June

2010-08-12

Gas consumption went up by only 2% yoy in June 2010, the growth rate showing a significant decline compared with the previous two months, when gas consumption rose by around 20% yoy.

Raiffeisen Capital&Investment

Concefa share capital increase results

2010-08-11

Constructions company Concefa (COFI) announced the results of the share capital increase decided by the shareholders on May 25.

Raiffeisen Capital&Investment

Cemacon share capital increase

2010-08-11

Ceramic blocks producer Cemacon (CEON) Board of Directors decided that it will propose to the company shareholders a share capital increase of RON 6.1 mn (vs. the initial proposal of RON 4.9 mn from its July 28 meeting).

Raiffeisen Capital&Investment

Rompetrol Well Services 2Q 2010 results

2010-08-11

In the 2Q 2010 Rompetrol Well Services (PTR) reported a 21% yoy increase in turnover to RON 19.8 mn.

Raiffeisen Capital&Investment

Investors’ confidence in business in Romania deteriorated in last three months

2010-08-11

The investors' confidence in the Romanian business environment worsened significantly this summer, after three quarters of positive evolution, while the business climate improved in the area, with significantly better situations in Russia and Ukraine.

ACTMedia

People’s delays by 30 days for credits exceed EUR 1 bn

2010-08-11

The payment delays for credits of natural persons for more than 30 days grew in June by 6.6% compared to the previous month, to 4.45 billion lei, according to data of the Credit Office, published by BNR.

ACTMedia

Analysts: Inflation grew to 7.5% in July

2010-08-11

The annual inflation rate grew to 7.5% in July, according to an opinion poll made by members of the Association of Financial-Banking Analysts in Romania (AAFBR).

ACTMedia

Positive surprise delivered by the inflation rate in July

2010-08-11

Inflation rate (2.6% m/m and 7.1% y/y) produced a positive surprise in July. Our forecast was 3.6%, while market consensus stood at 2.9% m/m.

BCR Research

Turism Felix 2Q 2010 results

2010-08-10

Hotels and spa owner Turism Felix (TUFE) reported second quarter revenues of RON 13.6 mn, almost 7% higher yoy. Personnel expenses went up by 27% to RON 5.4 mn and third parties expenses doubled at RON 1.8 mn.

Raiffeisen Capital&Investment

Orsova Shipyard 2Q 2010 results

2010-08-10

Orsova Shipyard (SNO) released 2Q 10 under Romanian Accounting Standards (RAS). Sales decreased sharply by 53% yoy to RON 18.1 mn.

Raiffeisen Capital&Investment

Bucharest Stock Exchange 1H 2010 results

2010-08-10

The recently listed Bucharest Stock Exchange (BVB) reported its results for 1H 2010. Revenues reached RON 8.5 mn, up 57% yoy. Salaries costs fell 10% yoy to RON 3.4 mn while third parties expenses came up by 23% to RON 1.9 mn.

Raiffeisen Capital&Investment

SIF Muntenia might subscribe RON 43 mn to Unisem’s share capital increase

2010-08-10

Unisem (UNISEM) a trader of seeds and agricultural commodities, where SIF Muntenia (SIF4) has currently a 71% equity interest, has called a GSM to approve a share capital increase of RON 61 mn.

Raiffeisen Capital&Investment

Industrial output increases 5.6 percent in first six months

2010-08-10

The industrial output increased as a gross series by 5.6 percent in the first six months of 2010, as compared with the same time span of 2009, and as a seasonally adjusted series depending on the number of working days by 4.4 percent, according to a release issued by the National Institute of Statistics.

ACTMedia

FOB-CIF trade deficit down by more than RON 271 mn in H1

2010-08-10

The international trade deficit in goods (FOB) stood at RON 19.523 bn January through July this year, that is a decrease by 271.5 mn on the same interval last year, according to data made public on Monday by the National Institute of Statistics (INS).

ACTMedia

MFP sells T-bills worth over EUR 300 mn

2010-08-10

The Ministry of Public Finance (MPF) on Monday drew over EUR 300 mn (RON 1.27 bn) in an issue of discount T-bills, placed on tender through the agency of the Romanian National Bank (BNR).

ACTMedia

BNR about 2011: the exchange rate euro/dollar – 1.26; Euribor – 1.16%

2010-08-10

A level of Euribor ( three months) of 0.79% in 2010 and 1.16% in 2011; a rate euro/dollar estimated at 1.26 during 2011; requests for salary increase, price increase and slowing down of final consumption are only some of the estimates of the National Bank specialists, useful for the moths to come.

ACTMedia

Fitch confirms Romania's rating to BB plus, stable perspective

2010-08-10

Fitch Ratings on Monday affirmed Romania's long-term foreign and local currency issuer default ratings (IDRs) at 'BB+' and 'BBB-' respectively, with stable outlooks, citing the country's improved external position and sufficient government action to cut the budget deficit.

ACTMedia

Analysts see big surge in Romania's July inflation after VAT hike

2010-08-10

Romanian annual inflation is expected to accelerate considerably in July, pushed by a five-percentage-point increase in the value added tax level, analysts said Monday.

ACTMedia

Industrial production back to pre-crisis levels

2010-08-09

Industrial production (seasonally-adjusted series) increased by 1.9% m/m and 4.7% y/y in June. Intermediate goods industry and capital goods industry had the best performance in annual terms and went up by 12.3% and 7.6% y/y, respectively.

BCR Research

BRD-GSG – CEO’s interview

2010-08-09

BRD-GSG's CEO, Mr. Poupet, was interviewed in the local media and said that the sluggish development of F&C was a result of lower economic activity and competition's pressure.

Raiffeisen Capital&Investment

Ductil 2Q 2010 results

2010-08-09

The welding electrodes manufacturer Ductil (DUCL) reported for 2Q 2010 revenues of RON 34.4 mn, flat yoy but 12% higher qoq.

Raiffeisen Capital&Investment

Bucharest Stock Exchange stock split

2010-08-09

The Bucharest Stock Exchange (BVB) has called a Shareholders Meeting for September 10. Among other issues, the shareholders are asked to approve a 1-to-10 stock split. The proposed registration date is December 6.

Raiffeisen Capital&Investment

Over 70,000 Romanians find a job abroad in 2010

2010-08-09

Some 51 percent of Romanians believe that chances to find a job abroad are higher than at home, reads the daily Financiarul which mentions that since January and until now 426,443 Romanians have applied for jobs abroad and 72,462 people have already taken the new job.

ACTMedia

Business in retail increased by 15% in June

2010-08-09

The volume of the turnover for retail,maintainance and repair for vehicles and motocycles,for June 2010 against the previous month recorded an increase by 15%,supported by the commerce with cars (+21.1%) and maintainance and repair of cars (+17.6%), the National Institute for Statistics shows.

ACTMedia

INS: The volume of construction works increased against May by 46.7%

2010-08-09

In June 2010 the volume of construction works increased against May 2010 by 46.7%,the increase being visible for all structure elements : capital repairs (+67.7%), new constructions (+43.7%) and maintainance works and current repairs ( +42.7%) according to the National Institute for Statistics (INS).

ACTMedia

BVB trades state bonds worth EUR 5.22 mn

2010-08-09

The Bucharest Stock Exchange (BVB) traded state bonds worth EUR 5.22 mn on Friday, thus driving up the total liquidity of the stock exchange to EUR 7.91 mn (RON 33.6 mn).

ACTMedia

After six months, banks in Romania registered a drop of EUR 54 mn

2010-08-09

A government's ordinance, ruling on contracts for consumers exceeds regulations recommended by European directives and in just six months caused a drop of EUR 54 mn in the banking system, Central Bank department director Nicolae Cinteza declared for HotNews.

ACTMedia

Financial Times: the IMF agreement marked Romania as a country with problems

2010-08-09

Romania's agreement with the IMF automatically marked it as a country with problems, Financial Times reads in an article analyzing the situation of debts of several European countries.

ACTMedia

BNR vice-governor Popa: Price increase might contribute 0.7 - 0.75 pct to inflation rate by mid-2011

2010-08-09

The rise in industrial production prices will contribute between 0.7 and 0.75 percentage points to the mid-2011 inflation rate, vice-governor of the National Bank of Romania (BNR) Cristian Popa said on Friday.

ACTMedia

Romania Central Bank Raises 2011 Inflation Forecast To 3.1%

2010-08-09

Romania's central bank revised upward its inflation forecast for 2011 to 3.1% from the previous 2.8%, central bank governor Mugur Isarescu declared in a presentation of the inflation report Friday.

ACTMedia

Mugur Isarescu: It is normal for banks to have a procyclic behavior not for the government

2010-08-09

The inflation rate was maintained in the interval aimed by the National Central Bank and the factors that contributed to this were: the persistence of the demand deficit, the decrease of labor costs and the favorable influence of foreign prices, Central Bank Governor Mugur Isarescu declared in a presentation of the inflation report.

ACTMedia

Statistics: Industrial new orders up by 24 percent in first six months

2010-08-06

In the first six months of 2010, the industrial new orders went up by 23.9 percent overall, compared to the corresponding period of the previous year, due to the increase registered in the intermediate goods industry (+31.7 percent), capital goods industry (+25.9 percent) and in the consumer durables industry (+18.1 percent), according to the data released by the National Institute of Statistics (INS) on Thursday.

ACTMedia

Economy Minister Videanu: 2011 will be the year of economic relaunch for SMEs

2010-08-06

The year 2011 could bring economic relaunch for the SMEs and cooperative sectors, Romanian Minister of Economy, Adriean Videanu, on Thursday announced at the international conference to launch the SME development strategy for the period until 2013.

ACTMedia

Finance Ministry turns down banks' bids for three-year bond issue

2010-08-06

The Ministry of Public Finance (MFP) on Thursday fully turned down the commercial banks' bids for a three-year benchmark bond issue, the National Bank of Romania informs.

ACTMedia

BCR official: Romania is losing competition for new investments

2010-08-06

Romania is 'fighting' for new foreign investments with Poland, Bulgaria, Czech Republic and Hungary and does not have a good situation compared to these states, the executive president of BCR, Dominic Bruynseels said.

ACTMedia

Sicomed 2Q 10 results

2010-08-06

Drugs maker Sicomed (SCD) has reported its 2Q 10 results with sales of RON 59.6 mn, up 41% yoy, while operating expenses increased only 6% yoy to RON 54.5 mn.

Raiffeisen Capital&Investment

SIF Oltenia exists Comcereal Olt

2010-08-06

SIF Oltenia (SIF5) sold its entire stake of 79.7% in Comcereal Olt (CCOL). The transaction took place at RON 0.4 per share and amounted to RON 10.4 mn.

Raiffeisen Capital&Investment

Securities Commission ordinance regarding the breach in ownership limit

2010-08-06

SIF Banat Crisana (SIF1), SIF Moldova (SIF2) and SIF Transilvania (SIF3) announced that the Securities Commission (CNVM) has issued several ordinances regarding the breach of the 1% ownership limit in SIFs.

Raiffeisen Capital&Investment

Government decides to sell 9.8% on the market

2010-08-05

The Romanian government approved the sale of a 9.8% stake in Petrom, Romanian Economy Minister Adriean Videanu told journalists in Bucharest.

Raiffeisen Capital&Investment

Central bank keeps the key rate unchanged

2010-08-05

The decision regarding the key rate is in line with our and market expectations. At the same time, we and the market expected a 5pp cut in FX minimum reserve requirements to 20% but it seems that the NBR decided to postpone such a decision for the future.

BCR Research

Albalact 2Q 2010 results

2010-08-05

Dairy producer (ALBZ) released its 2Q 2010 results under Romanian Accounting Standards (RAS). Sales were virtually flat yoy (+0.5%) at RON 54.1 mn.

Raiffeisen Capital&Investment

Central Bank decided to keep the key interest rate and the reserve requirements

2010-08-05

In yesterday's meeting, the Central Bank (BNR) has decided in line with the market expectations to keep the key interest rate at 6.25%, despite inflationary pressures after the hike of VAT.

Raiffeisen Capital&Investment

Petrom First Impression 2Q 2010

2010-08-04

Arpechim stop-and-go works; upstream not as good as it could be, but refining surprises positively; gas operations were affected by bad debt provisions; cash generation improved significantly, we consider recommendation upgrade.

Raiffeisen Capital&Investment

Successful review of the IMF stand-by arrangement

2010-08-04

Today, the IMF team completed another review of Romania's 24-month stand-by arrangement. Key points from the press conference:

BCR Research

Petrom 2Q 2010 results

2010-08-04

Petrom's 2Q results show a good progress on the top line (RON 4,409 mn, 15% above our and consensus expectation), while EBIT was a disappointment to our and consensus expectations at RON 728 mn (28% below our forecast and 13% below consensus).

Raiffeisen Capital&Investment

Romania June PPI +0.4% On Month, +6.2% On Year

2010-08-04

Romania's industrial producer price index (PPI) rose for the sixth consecutive month in June, fueled largely by increases in the mining and manufacturing sectors, the National Statistics Institute said Tuesday.

ACTMedia

Romania's leu appreciated on Tuesday to the euro up to 4.2371 lei/euro

2010-08-04

Romania's National Central Bank published on Tuesday a reference exchange rate of 4.2371 lei for one euro.

ACTMedia

Romania Central Bank to Leave Key Rate Unchanged at 6.25%

2010-08-04

Romania's central bank is likely to keep its key rate unchanged at a record low of 6.25% a year at the next monetary policy meeting due August 4, while lowering the minimum requirements on forex liabilities to 20% from 25% currently, analysts said Tuesday.

ACTMedia

Romania sold 1-year T-bills worth RON 477 mn

2010-08-03

Yesterday, Romania sold RON 476.6 mn in 1-year treasury bills with the maximum accepted yield at 7%.

Raiffeisen Capital&Investment

Women dominate Romanian Internet usage

2010-08-03

The profile of the Romanian internet user has changed from 2009, with the Romanian Internet being dominated by women between the ages of 20-24, according to the findings of a trafic.ro Demographic Studies campaign .

ACTMedia

The forint and the leu, the weakest currencies against the euro for the first seven months

2010-08-03

The leu appreciated during July, after the lowest rates recorded at the beginning of the month and it reached the level at the beginning of the year, an analysis of X-Trade Brokers Romania shows.

ACTMedia

NBR's International Reserves - July 2010

2010-08-03

On July 31st 2010, National Bank of Romania's foreign exchange reserves stood at EUR 31,580 million, compared to EUR 31,627 million on June 30th 2010,central bank data showed Monday .

ACTMedia

Romania’s 2011 Draft Budget Eyes 2% Economic Growth, 4.4% Deficit

2010-08-03

Romania's next year draft budget, discussed with the International Monetary Fund, stipulates a 1.5-2% economic growth and a budget deficit of 4.4% of the gross domestic product, Finance Minister Sebastian Vladescu said Monday.

ACTMedia

Gov't adopts norms for enforcement of Tax Code amendments

2010-08-03

The government adopted on Monday the methodological norms for the enforcement of the amendments to the Tax Code, the government's spokesperson Ioana Muntean announced.

ACTMedia

BRD-GSG First Impression 2Q 2010

2010-08-02

BRD-GSG has reported its 2Q 10 unconsolidated results under RAS with a net profit below our and consensus estimate, mainly due to a weaker trading result.

Raiffeisen Capital&Investment

BRD 2Q 2010 results

2010-08-02

BRD–GSG has reported its unconsolidated 2Q 10 results under RAS with a net profit of RON 168 mn, compared to our estimate of RON 184 mn and consensus estimate of RON 189 mn.

Raiffeisen Capital&Investment

IMF supports Tax Council's activity as independent structure

2010-08-02

The International Monetary Fund (IMF) recommended the establishment of the Tax Council and supports the operation thereof as an independent structure, IMF mission chief for Romania Jeffrey Franks on Friday told Agerpres after the meeting with the Council Tax members.

ACTMedia

Romanian Automobile Dacia to Launch Own Car Insurance Services

2010-08-02

Romanian carmaker Automobile Dacia will launch its own auto insurance product this fall, through a partnership between the Renault Group's financial services company, Renault Credit International Banque, and Dacia dealers, people close to the matter told Mediafax.

ACTMedia

Sebastian Vladescu: IMF talks do not account for tax increases in 2010 nor 2011

2010-08-02

IMF talks do not account for tax increases in 2010 nor in 2011, for that matter, Finance minister Sebastian Vladescu said. The IMF mission does not change anything regarding taxes, Vladescu underlined for the Romanian news agency Medifax.

ACTMedia

Erste Group 2Q 2010 results: figures slightly below estimates but good core earnings

2010-07-30

Posting a net profit of EUR 217 mn (EUR 181 incl. accrued part. cap dividend) bottom line slightly missed our estimate by 7% and consensus figure by 3%.

Raiffeisen Capital&Investment

Amonil - Interagro will cancel its gas processing contract

2010-07-30

Through a communiqué to the Stock Exchange, the fertilizers producer Amonil (AMO) announced that Interagro, a key client, has decided to cancel the gas processing contract between the two.

Raiffeisen Capital&Investment

Socep 2Q 2010 results

2010-07-30

Stevedoring company Socep (SOCP) reported for 2Q 2010 sales of RON 9.8 mn, down 4% yoy. On the costs side, personnel expenses dropped significantly by 32% yoy to RON 4.9 mn as the number of employees was cut at the Containers Terminal.

Raiffeisen Capital&Investment

Economy Minister excludes gas price liberalization in 2010

2010-07-30

Romanian Economy Minister Adrian Videanu said at a conference that the Romanian gas price will not be liberalized this year.

Raiffeisen Capital&Investment

Almost a quarter of Romanians pays their bills at cash points

2010-07-30

Around a quarter of Romanians (23 percent) prefer to pay their bills at the cash points, almost double compared to the current average in European countries, but only eight percent of the respondents choose to receive their bills in electronic format, as compared to the European average of 12 percent, reveals a study conducted by the Itella Information, one of the largest European companies specialising in processing bills.

ACTMedia

Economy Ministry to put up for privatisation Avioane Craiova, IOR, Mangalia Shipyard, Cuprumin and Moldomin

2010-07-30

Romanian Ministry of Economy, Trade and Business Environment will put up for privatisation Airplanes Craiova, IOR, the Mangalia Shipyard, Cuprumin and Moldomin, Minister Adriean Videanu told a press conference on Thursday.

ACTMedia

ING: IMF may demand new measures for the correction of budget deficit

2010-07-30

IMF may request the adoption of new correction measures for the budget deficit at the next mission visit in Romania at the end of October, ING Bank Romania analysts say.

ACTMedia

IMF Mission members discuss foreign investments with Ministry of Economy representatives

2010-07-30

Evolution of foreign investments in Romania, of the legislative framework related to facilities offered to foreign investors, of the investment projects under way, as well as of attractive activity fields for foreign investors were discussed on Thursday by the members of the joint mission of the International Monetary Fund (IMF), the Central European Bank (ECB) and the European Commission (EC) with representatives of the Romanian Center for the Promotion of Trade and Foreign Investments (CRPCIS) and of the Ministry of Economy, Trade and Business Environment (MECMA).

ACTMedia

Official talks on a more comprehensive Romanian-US Strategic Partnership

2010-07-30

During a working visit to the United States, Chairman of the Romanian Senate Mircea Geoana discussed with US Congress officials the need for a more comprehensive Romanian-US Strategic Partnership.

ACTMedia

CNVM ordinance on Rompetrol Rafinare squeeze-out

2010-07-29

The National Securities Commission (CNVM) issued an ordinance through which it suspended The Rompetrol Group (TRG) right to carry out a squeeze out operation at Rompetrol Rafinare (RRC).

Raiffeisen Capital&Investment

Ministry of Finance borrowed EUR 1.2 bn from local banks

2010-07-29

Ministry of Finance has borrowed EUR 1.2 bn from local banks by issuing EUR denominated certificates with a 1 year tenor at an average yield of 4.9%.

Raiffeisen Capital&Investment

Registry of intra-community operators comes into force on August 1

2010-07-29

The Ministry of Public Finance, on the basis of the methodological norms in force, mentions the persons that must produce the criminal record with a view to getting their names included in the registry of intra-community operators, which comes into force on August 1, 2010.

ACTMedia

Over EUR 1.213 bn drawn through T bill issue

2010-07-29

The Ministry of Finance on Wednesday drew more than EUR 1.213 bn through an issue of discount T bills, which was put up for bidding through the agency of the National Bank of Romania, which was three times as much as it had planned.

ACTMedia

Romanian Govt Postpones Adoption of Fiscal Code Norms for Next Week

2010-07-29

Romania's Government decided Wednesday to delay the adoption of the application norms for recent amendments to the Fiscal Code, which extend the tax pool, and submit them to public debate, with a view to adopting the norms on August 2.

ACTMedia

Romania's budgetary deficit increased to RON 18.07 bn in Q1, below the target set with the IMF

2010-07-29

Romania's general consolidated budget reached to RON 18.07 bn, representing 3.35% of GDP, below the RON 18.2 bn limit set in the IMF agreement, a press release of the Finance minister reads.

ACTMedia

Romanian authorities will ask IMF for new waiver of non-observance of the budget arrears target

2010-07-29

Romania hasn’t met the first half-year performance criteria in the sector of general government arrears and it will ask the International Monetary Fund for a new waiver of non-observance, Finance Minister Sebastian Vladescu said Wednesday.

ACTMedia

Romania's H1 2010 budget deficit put at over RON 18 bn

2010-07-28

The implementation of the aggregate budget in the first six months of 2010 ended with a deficit estimated at RON 18.07 bn, below the upper limit of the RON 18.2 bn deficit target mentioned in the Additional Letter to the Stand-By Arrangement concluded by Romania with the International Monetary Fund (IMF), the Romanian Finance Ministry reports.

Agerpres

INS: Economic activity falls in Q3

2010-07-28

The economic activity and the number of employees will drop in all sectors in the third quarter (Q3), while the prices will rise, say the companies' managers participating in a study conducted by the National Institute of Statistics (INS).

Agerpres

Banca Transilvania 2Q 10 results

2010-07-28

Banca Transilvania has reported earlier than originally announced its 2Q 10 results, with a not impressive bottom line of RON 17.2 mn, up 7% qoq.

Raiffeisen Capital&Investment

Transilvania Constructii share capital increase

2010-07-28

Constructions company Transilvania Constructii (COTR) has called a shareholders meeting for August 30, 2010.

Raiffeisen Capital&Investment

33 dailies and 134 magazines vanish from the national market

2010-07-28

The number of daily publications in Romania dropped by 33 titles, down to 25, in 2009, reads Financiarul daily on Tuesday.

ACTMedia

Property Fund profit grew by 25% to RON 210.5 mn in first semester

2010-07-28

Property Fund registered RON 210.5 mn in the first semester of the year, 25% more than last year, when the profit was RON 167.86 mn, a press release of the company shows.

ACTMedia

Romania continues to be an attractive destination to foreign investors

2010-07-28

Bucharest ranks first in Europe regarding the fastest development rate, according to a recent study published by Oxford Economics, informs a Diana Metiu International Company press release.

ACTMedia

BVB increases 2.89%

2010-07-28

The shares listed on the Bucharest Stock Exchange (BVB) on Tuesday gained 2.89% on average, an evolution tracked by the BET-C composite index, while the BET-FI index of the financial investment company (SIF ) stocks advanced 2.30%.

ACTMedia

IMF, Romania Discuss New Loan Agreement

2010-07-28

Romanian authorities and the International Monetary Fund are discussing a possible new loan to the eastern European country, the head of Romanian employers' confederation UGIR-1903 said Tuesday, citing talks with IMF mission chief Jeffrey Franks.

ACTMedia

Sebastian Vladescu: we discuss a 6.8% deficit with the IMF

2010-07-28

The budgetary deficit target remains the same as talks with the IMF delegation proceed, Finance minister Sebastian Vladescu declared.

ACTMedia

Jeffrey Franks predicts inflation growth in Romania

2010-07-28

Inflation will grow as a consequence of the increase in the VAT, said chief of the mission of the International Monetary Fund (IMF) for Romania Jeffrey Franks when at the end of a round of talks at the National Bank of Romania (BNR).

ACTMedia

Capital Economics: Romania Economy to Decline by 2.5% in 2010

2010-07-27

Romania's tough austerity measures designed to reduce the budget gap and keep a multilateral aid agreement on track will not come cheap and the country's economy is expected to shrink by 2.5% in 2010, London-based Capital Economic said in a survey.

ACTMedia

SIFs closed the day 3% higher

2010-07-27

The shares listed on the Bucharest Stock Exchange (BVB) on Monday gained in average 1.25%, in an evolution tracked by the BET-C composite index.

ACTMedia

Romania 1H Overdue Private Loans +67% On Year At RON 13.6 bn

2010-07-27

Romanian non-government overdue loans rose 67% on the year to RON 13.6 bn (EUR/RON 4.2571) in the January-June period, central bank data showed Monday.

ACTMedia

Jeffrey Franks: IMF examines budget deficit target for 2010

2010-07-27

IMF will revise the GDP drop estimate for this year of 0.5%, IMF Romania chief of mission Jeffrey Franks declared on Monday who considers that the EBRD estimate of -3% for GDP drop is pessimistic.

ACTMedia

Prefab 2Q 2010 results

2010-07-27

Constructions materials producer Prefab (PREH) reported its 2Q 2010 results. The company's turnover reached RON 26.5 mn, 2% higher yoy.

Raiffeisen Capital&Investment

Fitch has affirmed long term rating at BB- with a stable outlook

2010-07-27

Fitch has affirmed Banca Transilvania's (TLV) long term foreign currency rating at BB- and the short term one at B. The rating agency said that it assigned a stable outlook for these ratings.

Raiffeisen Capital&Investment

Armax Gaz share capital increase

2010-07-26

In a release to the Bucharest Stock Exchange (BVB), Armax Gaz (ARAX) announced that its shareholders underwrote only 27% (worth RON 0.9 mn) of the shares available for subscription in a share capital increase.

Raiffeisen Capital&Investment

IMF begins revaluation of Romania's 1H 2010 performance

2010-07-26

Representatives of the International Monetary Fund (IMF) came to Bucharest today for the revision of the economic performance over the first six months of the year.

Raiffeisen Capital&Investment

Commercial exchange between Romania and Egypt were USD 222 mn in 2009

2010-07-26

On the occasion of the National Day of the Arab Republic Egypt, H.E Sanaa Esmail Atallah Esmail, the ambassador of this country to Bucharest, showed the evolution of Romanian-Egyption relations, focusing on the increase of commercial exchanges.

ACTMedia

Eurostat:The Romanians abroad send less money to Romania

2010-07-26

The value of sums sent by the Romanians who work outside the country dropped from 5.156 billion euro in 2008 to 3.026 billion euro in 2009 but Romania is still second in the EU member states according to the level of transfers, according to Eurostat data.

ACTMedia

Reuters: the Romanian government loses the battle for the reduction of lending costs

2010-07-26

The Romanian government loses the battle for the limitation of lending costs and risks to have to pay to investors more money, if they do not accept the discounts imposed by them to buy bonds, according to a Reuters analysis.

ACTMedia

No Liquidity Problems For Romania

2010-07-26

Romania has the means to deal with current costs and it faces no liquidities problems whatsoever, Finance Minister Sebastian Vladescu said Friday, adding that the ministry's main concern is to ensure adequate financing costs.

ACTMedia

Non-governmental loan gains 3.8 pct in June

2010-07-26

The non-governmental loan granted by the credit institutions went up by 3.8% in June 2010 (3.6% in real terms) against May 2010, to RON 210.808 bn (over EUR 49 bn), informs the National Bank of Romania (BNR).

ACTMedia

IMF Executive Board Concludes 2010 Article IV Consultation and Fourth Review of the Stand-By Agreement with Romania

2010-07-26

The Executive Board of the International Monetary Fund (IMF) Thursday completed the fourth review of Romania's economic performance under 24-month Stand-By Arrangement (SBA) approved on May 4, 2009 and concluded the 2010 Article IV consultation with Romania.

ACTMedia

World Bank: Romania Attractive For Long-Term Investments

2010-07-23

Romania remains an attractive country for long-term investments, but it's less appealing to investors looking for quick scores, an official at the World Bank said Thursday.

ACTMedia

EBRD Cuts Romania GDP Forecast To -3% In 2010

2010-07-23

The European Bank for Reconstruction and Development Thursday revised its forecast for Romanian economy to minus 3% in 2010, from zero growth previously, citing disappointing first-quarter figures and government-imposed austerity measures which are expected to add to consumption decline.

ACTMedia

An IMF mission arrives in Bucharest on Monday

2010-07-23

An IMF mission headed by Jeffry Franks will be in Bucharest over 26 July – 4 August 2010. According to the conclusion of the fifth evaluation of the stand-by accord with Romania, the delivery of the sixth installment of 769 million SDR, about 900 million euro will be made two days after the approval of the IMF Executive Board.

ACTMedia

Mihai Tanasescu: The September installment depends on fulfilling conditions about arrears

2010-07-23

The September installment from IMF depends on the fulfillment by Romania of conditions about arrears, the Romanian representative with IMF and former finance minister, Mihai Tanasescu said.

ACTMedia

IMF: Banks plan to increase exposure to Romania

2010-07-23

Several European banks plan to increase their exposure to Romania in coming months as economic activity in the country picks up, the International Monetary Fund and European Commission said on Thursday.

ACTMedia

WB's Pauna: Inflation will not exceed 2.5-3 percent in Romania

2010-07-22

Short-term inflation in Romania will not exceed 2.5-3 percent, senior economist of the World Bank Bucharest Office Catalin Pauna told a news conference on Thursday that released in Bucharest the July 2010 edition of the World Bank's EU10 Regular Economic Report.

Agerpres

Mihail Dumitru: Romania has second amplest rural development programme in Europe, after Poland.

2010-07-22

Agriculture and Rural Development Minster Mihail Dumitru told an agriculture seminar, on Thursday, that Romania holds the second largest rural development programme in Europe, after Poland, and the farming sector currently continues contributing to the Gross Domestic Product (GDP) value.

Agerpres

TotalSoft sells Primavera licenses to Saudi Arabian company

2010-07-22

TortalSoft, Oracle certified partner for the sale, implementation, training and consultancy in relation to the Primavera system on Wednesday told a press release it signed a contract with Aramco Total Refining and Petrochemical Company (SATORP) from Saudi Arabia for the sale of this platform.

Agerpres

SIF Transilvania underwrites RON 5.3 mn in Orizont Turism share capital increase

2010-07-22

Through a release to the Stock Exchange, SIF Transilvania (SIF3) announced that it paid RON 5.3 mn out of the total RON 7.3 mn it has to underwrite in the share capital increase Orizont Turism Predeal (ORTU) is currently undergoing. SIF Transilvania owns 99% of ORTU.

Raiffeisen Capital&Investment

State to sell stakes of 15% in Transgaz, Transelectrica and Romgaz

2010-07-22

According to media sources, citing a draft for a Government decision, the state intends to sell additional stakes of 15% in Transgaz (TGN) and Transelectrica (TEL) on the stock exchange.

Raiffeisen Capital&Investment

Dacia, Nokia, Rompetrol, ArcelorMittal and Petrom are the main exporters

2010-07-22

Automobile Dacia, Nokia Romania, Rompetrol Rafinare, ArcelorMittal Galati and OMV Petrom were, over the first four months the main exporters, according to ANEIR data, the association announcing the 'coming out of exports from the recession'.

ACTMedia

Romania captures the attention of Japanese companies as a new destination for investments

2010-07-22

In the light of elements such as its capability to provide high-quality human resources at a relatively low cost, Romania could serve as a gateway to the European Union (EU) for Japanese companies, reads a press release of the Ministry of Economy, Trade and Business Environment (MECMA).

ACTMedia

Lucian Croitoru: Romania's economy cannot grow without foreign capital

2010-07-22

Romania's economy cannot grow without foreign capital and without it, the advance of the Romanian economy would be below its potential, Central Bank counsellor Lucian Croitoru declared on Wednesday.

ACTMedia

Isarescu: We will get out of recession solely through hard budget constraints

2010-07-22

Governor of the National Bank of Romania (BNR) Mugur Isarescu said that Romania will get out of the recession solely through hard budget constraints, underlining that he does not agree with the idea that the International Monetary Fund (IMF) saved Romania as a state, but only financed the balance of payments.

ACTMedia

Romanians to learn online and on phone centralized prices for basic products

2010-07-21

Romanians will be able to learn online and on a free phone line comparative prices for basic products from approximately 1,400 retailers all over the country.

Agerpres

Poll: Over 60 percent of Romanians choose voluntary home insurance

2010-07-21

More than half of Romanians (62.8 percent) are willing to take out voluntary home insurance, after the Government sanctioned the introduction of mandatory home insurance, an online poll carried out by the specialist portal www.asigurarealocuintelor.ro indicates.

Agerpres

OPCOM trades 26,679 green certificates in July

2010-07-21

The green certificates traded on the Centralized Market of Green Certificates amounted to 26,679, in July, over 2.2 times higher than during the same time span, last year, when their numbered reached 11,972.

Agerpres

Siveco Romania, recognized as 'Partner of the Year' by Microsoft for involvement in MCSI initiated project

2010-07-21

Siveco Romania has been awarded in the world final within Microsoft Worldwide Partner Conference 2010 the 'Partner of the Year' title in the region of Central and Eastern Europe, according to a release of the Romanian company.

Agerpres

MTI: Hungarian-Romanian joint gov't session planned for autumn

2010-07-21

According to MTI agency, the Hungarian and Romanian governments plan to discuss shared economic development targets at a joint session this autumn, the spokesman of Hungarian Prime Minister Viktor Orban said on Monday.

ACTMedia

Cardurile pot fi înscrise în standardul 3D şi din magazinul online

2010-07-21

Cardurile bancare pot fi înscrise în standardul 3D şi din magazinul online, nu numai de pe site-ul băncii emitente, prin intermediul procedurii 'Activation during Shopping', care va fi lansată miercuri de Asociaţia de Plăţi Electronice din România (APERO), în cadrul unei conferinţe de presă.

Agentia Nationala de Presa - Agerpres

Economy Minister: Sale of national companies shares, pillar for economic growth

2010-07-20

The most important pillar for economic growth identified at the Government level is the privatization of some minority stakes held by the state in the main national companies, announced on Friday, on the national radio station, Minister of Economy and Trade Adriean Videanu.

ACTMedia

Eurostat : Romania registers EU sharpest fall in construction works in May

2010-07-20

Romania witnessed the sharpest annual decline in the construction works volume in the European Union in May 2010, according to the data presented by the Statistical Office of the European Commission (Eurostat) on Monday.

ACTMedia

Government to discuss the stakes to Energo Nuclear on Wednesday

2010-07-20

The minister of economy, commerce and business environment Adriean Videanu stated on Friday that the new stakes the Romanian state is going to take in EnergoNuclear, the project company to make reactors 3 and 4 of the nuclear powerstation in Cernavoda, will be discussed on Wednesday in the government.

ACTMedia

SIFs assets, down 5.5 pct in June

2010-07-20

At the end of June, the five Financial Investment Companies (SIFs) had aggregate net assets worth RON 7.36 billion lei, down 5.5 pct compared to the previous month and 1.4 pct from the end of 2009, informs the Romanian Fund Managers Association (AAF).

ACTMedia

Romanian Leu Weakens On IMF-Hungary Negotiations Fail

2010-07-20

The Romanian leu fell against the euro early Monday, on a negative regional sentiment caused by the suspension of the financing agreement between the International Monetary Fund and Hungary.

ACTMedia

Ministry of Finance to issue EUR-denominated bonds

2010-07-20

The Ministry of Finance announced that on July 28 it will auction EUR denominated bonds worth a total of EUR 400 mn. The bonds will mature in one year and will pay 5% interest.

Raiffeisen Capital&Investment

OMV/Petrom Company News - 2Q 2010 Trading Statement

2010-07-20

OMV/Petrom's 2Q 10 Trading Statement published today shows mixed results. We were slightly too optimistic regarding the daily upstream hydrocarbon production rate.

Raiffeisen Capital&Investment

Aerostar 2Q 2010 results

2010-07-19

In 2Q 2010 Aerostar (ARS) reported a 29% yoy increase in sales to RON 39.2 mn. Over the second quarter ARS booked expenses worth RON 5.4 mn due to revaluation of its current assets.

Raiffeisen Capital&Investment

Condmag to participate in capital increase of its subsidiary

2010-07-19

The Board of the industrial contractor Condmag (COMI) approved in the meeting of July 14 to participate in the share capital increase of its majority owned subsidiary Flowtex Technology.

Raiffeisen Capital&Investment

Romania, Germany To Sign Plane-Construction Agreement

2010-07-19

The Bucharest National Institute for Airspace Research (INCAS) and a similar institute in Germany want to seal an agreement to construct a plane for regional flights.

ACTMedia

Romania's economic restart not any sooner than 2011

2010-07-19

The restart of Romania's economy will not occur any sooner than 2011, as the floods and VAT hike caused it to fall by almost one percent of GDP, Minister of Economy, Trade and Business Environment Adriean Videanu on Friday told the public radio station.

ACTMedia

World Bank ‘EU10 Regular Economic Report’ says stability of financial sector essential for safeguarding recovery

2010-07-19

The EU's newest member countries – the EU10 – have returned to positive growth for the first time since the start of the global financial crisis, but the rebound is fragile.

ACTMedia

The economic growth prognosis was revised again : From growth to stagnation, to drop

2010-07-19

Romania's economy will drop by 0.6% this year, while the economic growth of the EU is estimated to be 0.7% in 2010. This prognosis belong to Economist Intelligence Unit. EIU revises the economic growth of Romania.

ACTMedia

Romania's international foreign currency reserve does not need to grow

2010-07-19

Romania's international foreign currency reserves do not necessarily need to grow as they stand at a comfortable level, according to the governor of Romania's Central Bank (BNR), Mugur Isarescu.

ACTMedia

Raiffeisen Centrobank Structured Products to be traded on BVB - update

2010-07-16

The Bucharest Stock Exchange (BVB) announced that on July 14 its Board of Governors issued a favorable notice for the admission to trading of the Structured Products issued by Raiffeisen Centrobank based on the Prospectus approved by the Austrian Financial Market Authority (FMA).

Raiffeisen Capital&Investment

The sale of RomCard to Provus successfully closed

2010-07-15

BCR SA, BRD SA, UniCredit Tiriac Bank SA, Raiffeisen Bank SA and Financiara SA, as shareholders of RomCard SA, announced the successful sale of their 100% stake to Provus Services Provider SA, a reputable firm with solid track record in card processing sector.

Deloitte

Politub finalizes the relocation process

2010-07-15

Teraplast (TRP) announced that the last of its divisions to relocate at Saratel Industrial Park, namely Politub (PE pipes producer), has finalized the process.

Raiffeisen Capital&Investment

SIF Oltenia increased its stake in Biofarm

2010-07-15

Through a release to the Stock Exchange, SIF Oltenia (SIF5) announced that it bought another 1.2% of Biofarm's (BIO) shares.

Raiffeisen Capital&Investment

Romanian banks posted a cumulated net loss of RON 204 mn in Jan-May 2010

2010-07-15

According to media which cites data from the Central Bank (BNR), Romanian banking system has posted a cumulated loss of RON 204 mn (EUR 49 mn) under RAS during the first five months of 2010, similar with the RON 228 mn loss posted during the same period of 2009.

Raiffeisen Capital&Investment

KazMunaiGaz to make partial repayment of debt

2010-07-14

According to media sources, citing Government representatives, KazMunaiGaz, the majority owner of Rompetrol Rafinare (RRC) has officially informed the Government that it intends to pay back just USD 100 mn out of the USD 750 mn debt, while the balance will be converted into RRC stock.

Agentia Nationala de Presa - Agerpres

Romania's Jan – May current account deficit soared 46%

2010-07-14

According to the latest data released by the Central Bank, Romania's current account deficit surged 46% yoy to EUR 2.87 bn, driven by a 55% yoy plunge of the current transfers to EUR 839 mn.

Raiffeisen Capital&Investment

Romanian exports kept on growing in May

2010-07-13

According to the latest data, Romanian exports maintained their high growth rate in May. Thus, the exports amounted to EUR 2.9 bn, up 29.5% yoy, a growth rate just slightly below the April rate of 33.3% yoy.

Raiffeisen Capital&Investment

June inflation rate increased to 0.16%

2010-07-13

Monthly inflation rate increased in June to 0.16% on lower food prices, while on an annual basis, consumer prices rose 4.38%, according to data released by the National Institute of Statistics.

ACTMedia

Romania June CPI + 0.16% On Month, +4.38% On Year

2010-07-13

Romanian consumer prices inched (CPI) up 0.16% in June from May, held back by cheaper food, while the annual inflation eased to 4.38%, the country's statistics institute INS said Monday.

ACTMedia

Ambassador Henri Paul: Public finance has to be reconsidered in Romania

2010-07-13

French ambassador to Romania Henri Paul believes that public financing has to be reconsidered in Romania because public spending is too high against revenues collected.

ACTMedia

Inflationary pressures still low in June

2010-07-12

Monthly inflation rate was 0.16% in June, while the annual figure stood at 4.4% (our estimation: 0.1%, market consensus: 0.2% m/m).

BCR Research

New developments regarding Fondul Proprietatea

2010-07-12

According to a media release, the Romanian President promulgated the emergency ordinance which allows the distribution of the 2008 and 2009 profits (worth RON 1.2 bn) of Fondul Proprietatea and the listing of the fund on the local exchange.

Raiffeisen Capital&Investment

Petrom upstream partnership with Petrofac

2010-07-12

Petrom signed a 15-year production enhancement contract for nine mature oilfields in Southwest Romania (Ticleni area) with Petrofac, a leading oilfield service provider.

Raiffeisen Capital&Investment

Bucharest First Fastest Developing Capital In Europe In Upcoming Five Years

2010-07-12

Romania's capital Bucharest will be the fastest developing city in Europe in the next five years and will register the biggest annual increase in jobs, said as survey conducted by Oxford Economics, cited by German newspaper Handelsblatt.

ACTMedia

Romania’s Annual Inflation Decreased To 4.3%-4.4% In June, To Hit 7% In July

2010-07-12

Romania's annual inflation decreased to 4.3 – 4.4% in June, from 4.42% in May, and is expected to hit about 7% in July, economic analysts said.

ACTMedia

ING: Romanian Central Bank May Rise Key Rate To 7% By Yearend

2010-07-12

Romania's central bank could raise the key monetary policy rate to 7% a year from the current 6.25% in the last two Board meetings of 2010, ING Bank Romania said in a report.

ACTMedia

Romanian consulates in Republic of Moldova opened officially on Friday

2010-07-12

Romania's consulates to Balti and Cahul, Republic of Moldova were opened officially on Friday in the presence of Romanian Foreign minister Teodor Baconschi and his Moldovan counterpart Iurie Ieanca.

ACTMedia

Imotrust sold asset with EUR 9 mn

2010-07-09

In a release to the Bucharest Stock Exchange (BVB), real estate developer Imotrust (ARCV) announced that one of its subsidiaries has sold an asset (we believe it to be a plot of land) with EUR 9 mn to a large retail operator.

Raiffeisen Capital&Investment

SIF Oltenia's transactions on the capital market

2010-07-09

SIF Oltenia (SIF5) disclosed several recent transactions. Thus, SIF5 has sold its 15.3% stake in Elsid Titu for an amount RON 17.2 mn.

Raiffeisen Capital&Investment

One more step towards short sales on the local stock exchange

2010-07-09

The local securities commission (CNVM) approved the changes to the Bucharest Stock Exchange (BVB) code that allow short-sales for the companies included in BET index and the SIFs.

Raiffeisen Capital&Investment

INS: Retail and wholesale turnover down 15.5 pct

2010-07-09

The turnover for the wholesale and retail trade, motor vehicle and motorcycles maintenance and repair dropped by 15.5 percent as gross series in the first 5 months this year, due mainly to the evolution of the motor vehicle trade, which lost 24.6 percent, according to the data centralized by the National Statistics Institute.

ACTMedia

Industrial output up 5.3 pct as gross series

2010-07-09

Romania's industrial output (as gross series) hiked by 5.3 percent over the first 5 months this year compared to the same period of 2009 amid the rising production and supply of electric and thermal power, gas, hot water and air conditioning (plus 13.3 pct) and the processing industry (plus 5.4 pct).

ACTMedia

'New trends in French investments in Romania'

2010-07-09

Over 100 companies running on French capital will invest in Romania this year, especially in the industrial sector, Michel Oldenburg, commercial counselor with the French Embassy in Bucharest told a seminar on French-Romanian economic ties held on Wednesday, July 7.

ACTMedia

Isarescu: VAT-Induced Inflation Has Corrective Role

2010-07-09

The inflation derived from the recent increase in Romania's value added tax level is not monetary and has a corrective role, central bank governor Mugur Isarescu said Thursday.

ACTMedia

Central bank official: We can't overcome recession this year

2010-07-09

Recession and the lack of budget balance cannot be solved simultaneously and Romania can't overcome recession this year, Romanian National Bank (BNR) governor aide Adrian Vasilescu has said.

ACTMedia

Local banks to meet with Central Bank and IMF representatives (neutral)

2010-07-08

According to local media, the top management of the nine largest banks, which reached a gentlemen agreement with IMF and Romania's Central Bank (BNR) on maintaining their country exposure in spring of 2009, will meet with representatives of Romania's Central Bank and IMF on July 22 in Brussels for the semi-annual assessment of the above mentioned agreement.

Raiffeisen Capital&Investment

Romania granted 6,000 citizenships in 2008. 5,000 went to Moldavians

2010-07-08

5,590 foreigners became Romania citizens in 2008, according to latest Eurostat statistics. Most citizenships went to Moldavians, namely 4,967.

ACTMedia

Industry turnover up 5.4 pct

2010-07-08

The overall industry turnover (the domestic and external market) was up by 5.4 percent in nominal terms in May from April; it surged 14.4 percent compared to last May, the National Institute of Statistics announced on Wednesday.The Romanian industry turnover rose by 9.4 percent over Jan.-May 2010 compared to Jan.-May last year.

ACTMedia

New orders in industry by 22.5 pct higher than in May 2009

2010-07-08

The new orders in the industry, home and foreign markets, in all, grew by 4.4 percent, in nominal terms, in May compared to April 2010, and by 22.5 percent compared to May 2009, a National Statistics Institute (INS) report reads, on Wednesday.

ACTMedia

World Bank Group Report: Countries Have Opportunities to Boost Global Investment Competitiveness

2010-07-08

Overly restrictive and obsolete laws are an impediment to foreign direct investment and their poor implementation creates additional costs to investment, finds Investing Across Borders 2010, a new report by the World Bank Group.

ACTMedia

Nine issues of ErsteGroup certificates to be traded on the BVB on Thursday

2010-07-08

The Bucharest Stock Exchange (BVB) on Thursday will start trading nine individual issues of certificates released by the Erste Group Bank AG, on the structured products ring of its electronic trading system. The certificates are linked to the price of gold and oil and the DAX index of the Frankfurt Bourse.

ACTMedia

Banks' Association, Finance Ministry talk taxation of interest rates

2010-07-08

The Romanian Banks Association (ARB) and the Ministry of Public Finance (MPF) agreed on Wednesday to keep bank deposit interest rates cumulated until June 30 untaxed, informs an ARB release.

ACTMedia

E.ON estimează că finalizarea achiziţiei pachetelor de acţiuni Electrica în 2-3 luni este realistă

2010-07-07

Compania germană E.ON, investitor major în sectorul energiei din România, estimează că finalizarea în 2-3 luni a negocierilor pentru achiziţia pachetelor de acţiuni deţinute de Electrica la societăţile E.ON Moldova Furnizare şi E.ON Moldova Distribuţie este realistă, acest termen fiind avansat de Ministerul Economiei, acţionarul majoritar al Electrica.

Agentia Nationala de Presa - Agerpres

Banca Transilvania co-financed EUR 150 mn projects eligible for European funds in 1H 2010

2010-07-07

According to a media release, Banca Transilvania (TLV) co-financed projects eligible for European funds worth EUR 150 mn in the first six months of the year, the total volume of this type of credits reaching EUR 300 mn.

ACTMedia

1H state budget deficit remains within limits agreed with IMF

2010-07-07

According to State Treasury officials, cited by the local media, the balance of the general government budget remained within the limits set under the revised agreement with the IMF.

Raiffeisen Capital&Investment

Romania-Egypt trade could hit USD 500 mn

2010-07-07

The trade between Romania and Egypt could hit 500 million dollars a year, said chairman of the Egypt-Romania Business Council Hassan El Shafei.Raising the volume of the Romanian-Egyptian commercial exchanges to 500 million dollars is part of the goals set in the Cooperation Agreement signed in Cairo by the Bucharest Chamber of Commerce and Industry (BCCI), the Egypt-Romania Business Council and the Egyptian Businessmen's Association (EBA), a BCCI release quotes El Shafei as saying.

ACTMedia

Romania Asks EC For Derogation To Apply Reverse Taxation On Intra-EU Trade

2010-07-07

Romania requested derogation from EU regulations to apply reverse taxation on intra-community trade with cereals, fruit, vegetables, meat, sugar and bread, and an answer on this matter is expected to be conveyed by the Council of the European Union.

ACTMedia

Florian Libocor: VAT increase will not go all to prices

2010-07-07

The increase of VAT by 5% will not go all to prices, considers Florian Libocor, the senior economist of BRD –Groupe Societe Generale, who thinks that by the end of the year inflation will be 5-6%.

ACTMedia

IMF, BNR and CE will analyse reports of nine main banks in Romania

2010-07-07

The main nine banks in Romania will meet in Brussels on 22 July with IMF, BNR and CE for the fourth evaluation of the accord concluded in Vienna in March 2009 and will probably request the reduction of expositions in the local market, official sources told Mediafax.

ACTMedia

Romanian Norms For Tax On Interest Income May Be Issued This Week

2010-07-07

Romanian applicability norms for a planned 16% tax on earnings from loan interests are likely to be published by weekend, the head of the Romanian Banks Association (ARB) said Tuesday.

ACTMedia

Leu stays firm against euro

2010-07-07

The National Bank of Romania set a reference rate of 4.2393 lei/euro, down 0.52% from the Monday rate, as the national currency continues to rebound after last week's massive drop.

ACTMedia

ING does not rule out the likelihood of a 9.5% inflation rate

2010-07-07

ING Bank Romania has revised its inflation forecast for this year, from 4.1% to 7%, following the VAT hike and depreciation of the national currency, according to the report released on Monday by the bank, but said it didn't rule out the likelihood of a 9.5% price hike by the end of 2010.

ACTMedia

Money from IMF enters BNR accounts on Wednesday

2010-07-07

The fifth tranche of the International Monetary Fund (IMF) loan to Romania will enter the reserve of the country's National Banka (BNR) on Wednesday, Adrian Vasilescu, advisor to the central bank governor, said.

ACTMedia

Romania To Meet 1H Budget Deficit Target

2010-07-07

Romania has met the budget deficit target agreed with the International Monetary Fund for the first half of the year, Finance Ministry state secretary Bogdan Dragoi said Tuesday.

ACTMedia

Prefab to test Ukrainian and Serbian markets

2010-07-06

The major shareholder and the CEO of the construction materials producer Prefab (PREH) reported in the local media that the company plans to develop into Ukraine and Serbia.

Raiffeisen Capital&Investment

Raiffeisen Centrobank Structured Products will be traded on BVB

2010-07-06

The Bucharest Stock Exchange (BVB), announced that on July 5, the Listing Committee issued a favorable notice for the admission to trading of the Structured Products issued by Raiffeisen Centrobank.

Raiffeisen Capital&Investment

Coface : Romania’s economy will fall by 1.5-2% this year

2010-07-06

Romania's economy will suffer a contraction of approximately 1.5-2% this year, as a result of the austerity measures, Coface Romania estimates, the company revising their initial prognosis which estimated a growth of 0.5% of GDP.

ACTMedia

Leu grows 1% against euro

2010-07-06

The National Bank of Romania set a reference rate of 4.2613 lei against euro, down 1.01% from Friday, and 3.4001 lei against dollar, down 1.20%.

ACTMedia

Popa, NBR: Inflation will rise 3-4% in a first phase

2010-07-06

The annual inflation rate will increase 3-4% in a first phase, following the VAT hike by 5%, said Cristian Popa, deputy governor of the National Bank of Romania.

ACTMedia

Romania Central Bank Says Inflation May Rise To 8% In 2010

2010-07-06

Romanian inflation may accelerate to around 8% this year, driven by a recent increase in the value added tax level, central bank governor Mugur Isarescu said Monday.

ACTMedia

IMF mission to come to Bucharest on July 26

2010-07-06

The International Monetary Fund will send a mission to Romania between July 26 and August 4 for the fifth review of the country's EUR13 billion loan agreement signed last year, the IMF said in a statement Monday.

ACTMedia

Romania: Urgent Call for National Program on Financial Education

2010-07-06

At a time of global economic crisis, Romanians have a low level of financial literacy, scoring 31 on a scale from 0 to 100, according to a survey commissioned by the World Bank.

ACTMedia

IMF approved the disbursement of EUR 0.9bn to the NBR

2010-07-05

The Executive Board of the IMF completed the fourth review of Romania's economic performance under the 24-month stand-by arrangement.

BCR Research

OTP Bank Romania extends its retail loan campaign

2010-07-05

OTP Bank Romania announces the extension of its retail loan campaign. Thus, any individual client who applies for an EUR based personal loan or housing loan with mortgage until September 30, 2010, benefits from: fixed interest rate of 4,99%* for the first 12 month installments; maximum 3 months grace period, after the first year.

OTP Bank

No new concession contracts awarded to Petrom

2010-07-05

Romania's mineral resources agency ANRM recently declared the winners in the auction for the concession contracts regarding 22 oil blocks, 5 of them off-shore and the rest on-shore, while the contracts have to be negotiated and passed by the lawmakers.

Raiffeisen Capital&Investment

Statistics: Industrial producer prices up 1.3 pct in May

2010-07-05

Industrial producer prices overall, on both the domestic and foreign market, increased in May 2010 by 1.3 percent from the previous month, whereas the y-o-y advance was 6.5 percent, the National Statistics Institute (INS) informed on Friday.

ACTMedia

IMF Statement: IMF Completes Fourth Review and Approves USD 1.146 bn Disbursement

2010-07-05

The Executive Board of the International Monetary Fund (IMF) today (July 2) completed the fourth review of Romania's economic performance under a program supported by a 24-month Stand-By Arrangement (SBA).

ACTMedia

IMF Approves EUR 900 mn Disbursement For Romania

2010-07-05

The International Monetary Fund Friday approved the disbursement of approximately EUR 900 mn to Romania, following a new review of the country's performance under a EUR 13 bn standby agreement.

ACTMedia

Painful fiscal consolidation process

2010-07-02

At the beginning of May, during the negotiations with the International Monetary Fund (IMF) and the European Commission (EC), Romanian authorities pledged to take radical measures in order to reduce the budget deficit.

Raiffeisen Research

Transgaz - ANRE to temporarily extend the prior tariffs into the new gas year

2010-07-02

The natural gas grid operator Transgaz (TGN) informed that the Regulatory Authority in the Energy Sector (ANRE) decided on June, 24 to temporarily extend the prior transportation tariffs into the new gas year (started in July), until the approval of the new regulations.

Raiffeisen Capital&Investment

Rompetrol Rafinare - Shareholders approved the proposed share capital increase

2010-07-01

Rompetrol Rafinare (RRC) announced that its shareholders gathered for an extraordinary GSM have approved the proposed RON 450 mn (EUR 103 mn) share capital increase.

Raiffeisen Capital&Investment

Central Bank stayed on hold regarding the key interest rate

2010-07-01

Central Bank (BNR) decided to maintain its key interest rate at 6.25%, an all time low for Romania, after four cuts in a row. BNR also decided to keep unchanged the level of minimum required reserves.

Raiffeisen Capital&Investment

Exporters urge BNR to intervene to stop leu depreciation

2010-07-01

The National Association of Exporters and Importers of Romania (ANEIR) is urging Romania's National Bank to intervene to stop leu depreciation, considering that even though in theory it represents an advantage for exporters, it would lead to major losses with leu's stabilization and appreciation.

ACTMedia

MFP seeks to raise RON 4.65 bln in July

2010-07-01

The Romanian Ministry of Public Finance (MPF) is planning to raise in July RON 4.65 billion (over one billion euros) through treasury bills and government bonds, according to data published on the MPF website.

ACTMedia

Romanians to pay new taxes starting July 1

2010-07-01

Luncheon vouchers, holiday and gift vouchers as well as day nursery vouchers will be taxed starting July 1, as their value will be included in the salary earnings according to an emergency ordinance on the Fiscal Code modification that extends the taxation basis that the Government passed last week.

ACTMedia

AmCham Romania Asks Authorities To Reconsider VAT Hike

2010-07-01

The American Chamber of Commerce in Romania, or AmCham, recommends that local authorities reconsider their decision to hike the value added tax, according to a press release issued Wednesday.

ACTMedia

Foreign investors: VAT increase should be followed by a package of stimulants for investment promotion

2010-07-01

The increase of VAT at 24% will have negative effects on the economy, the representatives of the Council for Foreign Investors (CIS) said, considering that the measure will discourage investments.

ACTMedia

NBR leaves key rate at record low of 6.25%

2010-07-01

The board of the National Bank of Romania has decided Wednesday to hold key interest rates at record low of .25%, due to uncertainties regarding the economic developments.

ACTMedia

The new law of public-private partnership eliminates bids

2010-07-01

The Deputies' chamber adopted on Monday night, with one vote against the draft law regarding public-private partnerships.

ACTMedia

Gov't: Surcharges on owners of two or more properties

2010-07-01

The Gvernment on Wednesday passed an emergency ordinance under which additional tax is levied on owners of more than one housing property, Government sources told Agerpres.

Agerpres

Tarom cuts baggage excess fee fivefold as of July 1

2010-07-01

The switch from the weight-based to the piece-based baggage allowance system results in fivefold lower baggage fees for Tarom airline Economy class passengers, for tickets issued starting July 1, reads a release of the air carrier.

Agerpres

Prefab shares will trade on BVB main market

2010-06-30

The Bucharest Stock Exchange (BVB) announced that its Board of Governors has approved the listing of autoclaved aerate concrete (ACC) blocks Prefab (PREH) on the BVB main market, Tier 1.

Raiffeisen Capital&Investment

Banca Transilvania share capital increase contested

2010-06-30

Through a communiqué, Banca Transilvania (TLV) informed that SIF Banat Crisana (SIF1) has asked in the Court the cancellation of all resolutions from TLV's latest extraordinary GSM.

Raiffeisen Capital&Investment

VAT rise boosts car dealers' business

2010-06-30

The rise from 19 percent to 24 percent in the Value-Added Tax (VAT), to come into force on July 1, has generated an almost three-fold increase in the number of customers looking for a new car this week at showrooms in Bucharest and elsewhere in the country, Ziarul financiar reports on Wednesday.

Agerpres

China promises investments of billions euro in Romania

2010-06-30

China is trying to consolidate its position in Europe and promises investments of billion euro in Ukraine, Romania, Bulgaria and Greece, according to Jonathan Holslag, research department manager at The Chinese Contemporary Study Institute in Brussels, quoted by the Financial Times.

ACTMedia

Romania Dropped Intra-EU Trade VAT Lest It Should Endanger EU Loan Tranche

2010-06-30

Romania quit plans to apply VAT on intra-EU trade, as the European Commission warned authorities the country might put on the line the new loan installment to be disbursed by the European Union in September, Finance Minister Sebastian Vladescu said Tuesday.

ACTMedia

Soc Gen: Investors should buy Romanian lei

2010-06-30

Investors should buy Romanian lei on the background of speculations that the currency will return to the lowest record level, since political unrest in Romania is quieting down, allowing the introduction of austerity measures and international financing, analysts of the French Bank Societe Generale announced on Tuesday.

ACTMedia

ING Sees Romania’s Leu Trading At 4.3/Euro In Q3

2010-06-30

Romania's leu is likely to trade around 4.3 units per euro during the third quarter, while the exchange rate is not expected to jump over 4.4/4.5 per euro, ING Bank said in a report Tuesday.

ACTMedia

IMF board to decide on Friday whether to disburse next tranche to Romania

2010-06-30

The Minister of Finance, Sebastian Vladescu said the board of International Monetary Fund will meet on Friday, July 2 to decide whether to disburse the fifth next tranche to Romania.'The budget deficit target agreed with the Fund is 6.8%', said Vladescu.

ACTMedia

Egemen Bagis:Europe needs Turkey, the same as Turkey needs Europe.

2010-06-30

Turkey and Romania are friends and allies, Turkey's Minister for European Affairs and chief Negotiator with the European Union Egemen Bagis stated in Bucharest, on Tuesday.

ACTMedia

Danube Strategy of benefit to Romania

2010-06-30

In the European context, the Danube Strategy can bring considerable benefits to Romania, is the conclusion the officials of the Banat Water Directorate (southwestern Romania) reached during the meeting of the Banat River Basin Committee.

Agerpres

Romania-China business forum at Expo 2010

2010-06-30

Investment opportunities and the local investment milieu of Romania in the context of 61 years of diplomatic ties was the main topic of a Romania-China business forum organsied on Tuesday at the 2010 World Exposition in Shanghai by the corporation that carried out the construction works on Romania's pavilion in the exposition.

Agerpres

INS: Residential prices down 3.9 pct in Q1 2010

2010-06-29

Prices of residential properties fell 3.9 pct in the first quarter of 2010 against the baseline year of 2009, reads a release of the National Statistics Institute (INS).

Agentia Nationala de Presa - Agerpres

Statistics: Managers predict stabilization in industry and construction

2010-06-29

Managers of companies anticipate a relative stabilization in the activity of manufacturing and constructions industry, and a moderate decline in retail trade and services compared to the previous quarter, according to a survey conducted by the National Institute of Statistics.

ACTMedia

XTB: VAT hike will put a crimp on recovery

2010-06-29

A VAT hike will boost inflation rate and further toughen access to lending, analysts of X-Trade Brokers Romania said.

ACTMedia

ING: VAT hike will not compensate for the pension cut measure

2010-06-29

The National Bank of Romania will leave key rate at 6.25% in the rate-setting session on June 30, says the senior economist at ING Bank Romania, Nicolae Alexandru Chidesciuc, who added that the political instability is set to persist in the coming period.

ACTMedia

European Commission report: Only two states increased VAT by 5% in the last decade - Greece and Cyprus

2010-06-29

In what concerns the VAT increase in Romania, from 19 to 24%, the South-Eastern European state now leaves the club of the countries with VAT below the European average and joins the club of the highest VAT, according to a European Commission report on taxation among EU member states + Norway.

ACTMedia

Sibex – the euro estimated at 4.5234 lei for June 2011

2010-06-29

Although the BNR officials tried to calm down the last statements, the Sibex future market the euro was rated with a strong increase against the national currency at 4.4153 lei/euro for derivates with maturity for September 2010, 4.4732 lei/euro with maturity December 2010, 4.4939 lei/euro for March 2011 and 4.5234 lei/euro for June 2011, a press release of the Sibiu Stock Exchange says.

ACTMedia

Budget deficit stands at 3.1 pct of GDP, over five months

2010-06-29

The execution of the general consolidated budget of the first five months of the year, totaled a deficit of 16.7 billion lei (1 euros = 4.2 lei, in May), representing 3.1 percent of the GDP, read the provisional data the Public Finance Ministry (MFP) published on Monday.

ACTMedia

Eurostat: Foreign direct investments from outside EU in Romania were 600 million euro in 2009

2010-06-28

In 2009, foreign direct investment in Romania coming from states outside the community block were 600 million euros, out of which important were Switzerland contribution, Canada and offshore flows , Eurostat says.

ACTMedia

The European Commissionaire Pielbalgs : “There will not be less money for development. There will be more”

2010-06-28

The European Commissionaire for Cooperation for Development, on a visit to Romania came with an optimistic message.

ACTMedia

Romania and further 4 countries to receive advance payments worth 775 mln euros as cohesion funds

2010-06-28

Romania and further 4 European Union member states will benefit from advance payments totaling 775 million euros (accounting for 4 percent of the European Social Fund and for 2 percent of the Cohesion Fund) under some new measures aimed at overcoming the cash flow problems.

ACTMedia

Stocks dip on Constitutional Court ruling

2010-06-28

Indices at the Bucharest Stock Exchange plummeted on the Constitutional Court ruling on the constitutionality of the austerity package.

ACTMedia

Constitutional Court ruling puts the national currency under pressure

2010-06-28

Leu plummeted to a record low against its European peer Friday, to 4.2808 lei/euro, on the ruling of the Constitutional Court on the Government austerity package.

ACTMedia

Romania CDS Higher After Court Ruling On Austerity Measures

2010-06-28

Credit default swaps (CDS) to insure Romanian sovereign debt against default inched higher Friday, after the country's Constitutional Court rejected part of the austerity measures proposed by the government to slash spending.

ACTMedia

Moody’s Says Romania Rating Endangered If Budget Gap Exceeds Target

2010-06-28

Romania's sovereign outlook could come under downward pressure if the government fails to lower the budget deficit to 6.8% of the gross domestic product in 2010, Moody's Investors Service said Friday.

ACTMedia

Romania Central Bank: Tax Hikes Not Enough To Reduce Deficit

2010-06-28

Romanian economy may temporarily benefit from raised taxes, but such a measure will be insufficient to reduce the budget deficit to 6.8% of the gross domestic product, a central bank official said Friday.

ACTMedia

VAT Hike Accepted By IMF, Will Add RON3.5-4B To Budget

2010-06-28

Romanian Finance Minister Sebastian Vladescu said Saturday the VAT hike has already been agreed upon with the International Monetary Fund and is expected to provide 3.5-4 billion lei (EUR1=RON4.2808) to the state budget, allowing the country to meet the 6.8% of GDP budget deficit target.

ACTMedia

Statement by IMF Mission Chief for Romania on the Ruling of the Constitutional Court

2010-06-28

Mr. Jeffrey Franks, the International Monetary Fund (IMF) mission chief for Romania, issued the following statement Friday: 'The Fund is assessing the impact of the Constitutional Court's ruling on fiscal measures proposed by the government.

ACTMedia

VAT raised from 19% to 24%

2010-06-28

After the ruling of the Constitutional Court that the reduction of pensions is unconstitutional, which left the government in need of new measures to reduce the budget deficit to the target agreed with the IMF, the government decided to raise the VAT from 19% to 24%.

Raiffeisen Capital&Investment

Finance Minister: VAT raise not an option till now because it hurts everyone

2010-06-28

Minister of Public Finance Sebastian Vladescu said on Sunday, June 27, in a broadcast of a private television, that he did not want a VAT raise because this measure affects everybody.

Agerpres

Constitutional Court rejected as unconstitutional part of the measures proposed by Government

2010-06-25

According to a media release, the Constitutional Court stated that some of the measures initiated by the government to bring down the budget deficit are unconstitutional.

Raiffeisen Capital&Investment

Petrom starts-up PMB production

2010-06-25

Petrom started manufacturing polymer-modified bitumen (PMB), used to make asphalt, at a unit near Bucharest, the company said yesterday.

Raiffeisen Capital&Investment

Romania April Industrial Orders Rise At 7th Fastest Pace In EU

2010-06-25

Romanian industrial new orders rose 26.5% on the year in April, the seventh biggest increase in the European Union, official data showed Thursday.

ACTMedia

UniCredit: Private consumption will drop by 2%

2010-06-25

The reduction of salaries in the public sector by 25% and of pensions by 15% will suppose a contraction by 2% of private consumption, says Rozalia Pal, the chief economist of UniCredit Tiriac Bank, who does not exclude the possibility that other categories of the population will change consumption behaviour.

ACTMedia

BRD to start issuing dividends

2010-06-25

BRD – Groupe Societe Generale will start on Friday the payout of dividends for 2009 to shareholders registered at BRD shareholders registry, the value of dividends being 0.27947 lei/share.

ACTMedia

BNR: non-governmental credit's nominal value rises 1.4 pct

2010-06-25

The nongovernmental credit's nominal value went up by 1.4 percent (1.2 percent the real value), in May 2010, compared to April 2010, amounting to 203.11 billion lei, Romania's Central Bank (BNR) informs on Thursday.

ACTMedia

Swiss Govt Approves CHF 181 mn Non-Reimbursable Financial Aid For Romania

2010-06-25

The Swiss Government on Wednesday approved a frame agreement, whereby Romania will receive non-reimbursable funds worth CHF181 million (nearly EUR130 million) in the next five years.

ACTMedia

Lazea, BNR: Austerity measures maintains as long as necessary

2010-06-25

Valentin Lazea, the chief economist of BNR declared that as long as the government cannot restructure the public sector by firing 250,000 employees the budget must be compensated by austerity measures.

ACTMedia

E&Y: Romania risks a Greek type crisis

2010-06-25

Romania's economic evolution remains uncertain and the application of austerity measures announced by the government is a condition for future installments of the loans from EU and IMF, Ernst &Young points out, warning that strikes have been announced.

ACTMedia

SIF Moldova's transactions on the capital market

2010-06-24

According to a release to the Stock Exchange (BVB), SIF Moldova (SIF2) has sold its entire 12% minority stake in Asco Bacau (ASCE) to Inkotown Universal, the majority shareholder of the company.

Raiffeisen Capital&Investment

State companies' minimum dividend pay-out ratio to be heightened to 90%

2010-06-24

According to the media, the government plans to require state companies to pay 90% of their profit as dividends, compared with 50% the minimum pay-out currently requested.

Raiffeisen Capital&Investment

Alexandru Sassu will be the new head of the TV division of Adevarul Holding

2010-06-24

The former manager of public television Alexandru Sassu will take over the management of the TV division of Adevarul Holding, the source mentioning that the information was confirmed by the general manager of the group controlled by Dinu Patriciu Peter Imre and by Sassu himself.

ACTMedia

Soros Foundation : 80% of the mayors presented projects for European funds

2010-06-24

Almost 2,600 mayors presented projects, between 2007 – 2009 out of the almost 3,000 included in the study « Local authorities against the European funds' made by Soros Foundation Romania. 90% were in the rural area.

ACTMedia

Commissioner Piebalgs starts a visit to Romania to promote Development Policy

2010-06-24

Andris Piebalgs, the European Commissioner for Development, will visit Romania on 24-25 June 2010 to open the third edition of the 'Romanian Development Camp', this year dedicated to the Millennium Development Goals (MDGs).

ACTMedia

Teraplast completes relocation process

2010-06-23

Teraplast (TRP) announced that it has finalized the relocation of all its production facilities from the old location in Bistrita City to the new Saratel Industrial Park.

Raiffeisen Capital&Investment

Arpechim's petrochemical facilities to be restarted in July

2010-06-23

The management of Oltchim (OLT) said that Arpechim's petrochemical facilities would become operational by end of July and not this month, due to some delays in deliveries needed to complete the refurbishment.

Raiffeisen Capital&Investment

Building materials market falls by 15-20 pct

2010-06-23

Building materials market could fall by 15-20 percent this year, from 5.1 billion euros in 2009, given the evolution of sales in the first months, says president of employer's union in the field Claudiu Georgescu, quoted by Gandul.

ACTMedia

Leu drops slightly against euro

2010-06-23

The National Bank of Romania set a reference rate of 4.2274 lei/euro, 0.05% higher from Monday, as the leu was trading lower against its European counterpart in the inter-bank market, but recouped at noon.

ACTMedia

IMF to complete reviewing Romania's economic performance on June 28

2010-06-23

The International Monetary Fund Board of Executives will meet on June 28 to review Romania's economic performance, according to the report worked out by the IMF assessment mission that has been in Bucharest between April 27 - May 10, reads the IMF Board calendar given to publicity on Tuesday on the site of the international institution.

ACTMedia

Rumors about a banking tax started to float around

2010-06-22

According to the local media, the Government is intending to launch a banking tax. Thus, according to a junior member of the cabinet, next week the Government will meet with the Central Bank (BNR) when this matter might be discussed.

Raiffeisen Capital&Investment

South Korean companies, interested in doing business in Cluj-Napoca

2010-06-22

Several Korean producers have met on Monday, in Cluj-Napoca (north-west of Bucharest), with Romanian businessmen in the framework of an event organized by the City hall, in the attempt to identify commercial exchanges opportunities.

ACTMedia

Germany, Romania’s most important commercial partner

2010-06-22

Germany has a share of 19% in the structure of exports and 17% in the structure of imports of Romania being the most important commercial partner at the level of Q1 and imports from China and Russia increased, the INS announced.

ACTMedia

Study: Romania occupies 28 th position in a top of retailer attractiveness

2010-06-22

Romania dropped five positions in a top of the most attractive 30 emerging markets for international retailers on 28th position and keeps in the category of destinations with low attractiveness according to a study of the A.T.Kearney consultancy company.

ACTMedia

Romania and Bulgaria have the lowest EU GDP per capita

2010-06-22

Romania and Bulgaria are the states with the lowest GDP per person in the European Union. Bulgaria ranks last, with 41% of the EU average, while Romania ranks just above it, with 45% of the European average, according to the data presented by the European office for statistics Eurostat.

ACTMedia

Moody's: Romanian Austerity Package Likely To Reopen IMF's Cash Tap

2010-06-22

Romania's fiscal and social austerity measures, while tough and unpopular, will ensure cash inflows of around EUR2 billion from the International Monetary Fund and the EU, further providing essential support for revitalizing the economy, Moody's Investors Service said in a report Monday.

ACTMedia

Fitch analyst to Romanian authorities: 'Don't let the crisis go to waste!'

2010-06-22

Restructuring the public sector is an important step to recover to fiscal sustainability, says Fitch manager Douglas Renwick, quoted by Romanian news agency Mediafax.

Agentia Nationala de Presa - Agerpres

MFP sells T-bills worth 330 mln lei

2010-06-22

The Public Finance Ministry (MFP) on Monday drew nearly 330.84 billion lei (some 77.85 million euros - editor's note) following an issue of discount T-bills, placed on tender through the Romanian National Bank (BNR).

ACTMedia

Aerostar to enter US market for light-sport aircraft

2010-06-21

According to media sources, Aerostar (ARS) has obtained from the US authorities a certification for its Festival R40S aircraft as a special light-sport aircraft-S-LSA.

Raiffeisen Capital&Investment

Alro to approve an USD 180 mn loan with EBRD

2010-06-21

The aluminium producer Alro (ALR) has called a GSM to be held on 20(21) July 2010. Among other issues, shareholders are asked to approve an USD 180 mn loan with EBRD with a tenor between 3 and 5 years.

Raiffeisen Capital&Investment

Statistics: Underground economy - 20.4 pct of GDP in Q1, 2010

2010-06-21

Underground economy accounted in the first quarter of 2010 for some 20.4 percent of Romania's Gross Domestic Product (GDP), on rise from 2009, when it represented 19.8 percent of GDP, according to National Statistics Institute (INS) data.

ACTMedia

Romania’s AVAS Eyes RON261M From Privatization Deals In 2010

2010-06-21

Romanian privatization authority AVAS estimates total revenue of 395 million lei (EUR1=RON4.2488) in 2010, of which nearly RON261 million are expected from privatization deals, according to the authority's revenue and expenditure budget.

ACTMedia

Mariana Gheorghe, new president of Foreign Investors Council

2010-06-21

The Council of Foreign Investors (CIS) has a new president in the person of OMV/Petrom president-director general Mariana Gheorghe, CIS informs in a release remitted on Friday.

ACTMedia

Romania To Tax Meal, Gift, Nursery, Vacation Vouchers As Of July 1, 2010

2010-06-21

Meal, gift, nursery and vacation vouchers, as well as compensatory payments, will all be taxed as of July 1, when the Romanian Government is set to enforce the recent amendments to the country's Tax Code, which target to expand the taxation pool.

ACTMedia

Small cross-border traffic accord, between Romania and Serbia

2010-06-21

The Minister of Foreign Affairs, Teodor Baconschi and the Serbian Deputy premier and Minister of interior, Ivica Dacic, have convened on Thursday, in Belgrade, the conclusion of an agreement on the small cross-border traffic and consolidation of bilateral cooperation in the field of combating the drug traffic and illegal emigration, MAE informs.

ACTMedia

Economy Minister believes EC will approve state aid for Oltchim

2010-06-18

According to a press release, in a conference held, the Economy Minister, Mr. Videanu stated that the state aid for Oltchim (OLT) could be approved by the European Commission.

Raiffeisen Capital&Investment

The Romanian State could sell stake in Petrom by September

2010-06-18

Romania's Ecnonomy Minister Adriean Videanu said yesterday that the Romanian state could sell its 11.84% (of its total participation of 20.63%) in Petrom over the Bucharest Stock Exchange by September this year.

Raiffeisen Capital&Investment

Romanian investors, invited to do business in Algeria

2010-06-18

Chairman of the Committee on Foreign Affairs of the Algerian Parliament Abdelhamid Siafif has invited Romanian companies to invest in Algeria, the Romanian Ministry of Economy, Commerce and Business Milieu (MECMA) report in a press release issued on Wednesday.

ACTMedia

PwC’s view on the Government’s batch of fiscal measures

2010-06-18

PricewaterhouseCoopers Romania highlighted as early as end-2009 that certain tax adjustments are required in Romania for the economy to be re-launched.

ACTMedia

Zoltan Major, UniCredit: Austerity package will weigh on consumption

2010-06-18

Costs of Romanian banks could increase further due to the new regulations, but on a long term, the battered banking system could recover, said Zoltan Major, retail executive vice president at UniCredit Tiriac Bank.

ACTMedia

Romanian execs: Restructuring in the survival mode, one year into the crisis

2010-06-18

Romanian companies will still suffer from recession-induced blue period in 2010, as local managers have becoming more pessimistic about the prospects of an economic recovery.

ACTMedia

ING: Romania Should Cut 200,000 Public Jobs By 2012 To Lower Budget Gap

2010-06-18

Romania won't be able to lower its budget deficit below 3% of the gross domestic product by 2012 unless it slashes 200,000 jobs in the public sector, an official of ING Bank Romania said Thursday.

ACTMedia

Survey: Romania posts lowest current economic situation indicator in Central and Eastern Europe

2010-06-18

Romania continues to have the lowest indicator of the current economic situation in nine Central and Eastern European states surveyed by ZEW and Erste Bank.

ACTMedia

FinMin sells over EUR 65 mn worth of bonds

2010-06-18

The Ministry of Public Finance (MFP) raised on Thursday 284 million lei (1 euro=4.23 lei) by a benchmark state bonds issue with maturity at five years, tendered through the National Bank of Romania (BNR).

ACTMedia

Romania To Make First Budget Revision For 2010 In July

2010-06-18

Romania will revise the budget for the first time in 2010 in July, when the government is also expected to discuss the possibility of taking out a new international loan, Environment Minister Laszlo Borbely said Thursday.

ACTMedia

IMF: Approving harsh measures is a stage preceding program with Romania

2010-06-18

The approval of fiscal measures proposed by the Romanian government is a preceding stage in carrying out program with Romania, said the IMF spokesperson Caroline Atkinson at a press conference held in Washington.

ACTMedia

Securities Commission expected to issue a decision regarding CEO

2010-06-17

Following the announcement that Mr. Staicu, SIF Oltenia's (SIF5) CEO, has been found guilty by a Court for alleged illicit deeds, the Securities Commission (CNVM) will issue probably a decision today.

Raiffeisen Capital&Investment

Transelectrica management statements

2010-06-17

The CEO of the power grid operator Transelectrica (TEL) was cited in the local media that investments worth a minimum EUR 200 mn are necessary in the Dobrogea region to connect to the grid the wind projects developed or to be developed in the area.

Raiffeisen Capital&Investment

Progress at Petrom power plant construction

2010-06-17

Petrom announced the arrival of the second gas turbine at its power plant construction site today. The value of the three turbines (one steam, two gas) ultimately installed for the plant makes up 17% of the complete investment of EUR 500 mn.

Raiffeisen Capital&Investment

Stocks score highest liquidity in June

2010-06-17

The Bucharest Stock Exchange (BVB) transactions on Wednesday attained 11.31 million euros, namely 47.8 million lei, scoring thus the highest level in this June, over the past three weeks.

ACTMedia

Romania Jan-Apr FDI Fall 36% To EUR1.1B

2010-06-17

Romanian foreign direct investments, or FDI, fell to EUR1.135 billion in the first four months, from EUR1.8 billion in the year-earlier period, the central bank said Wednesday.

ACTMedia

Central European Bank does not agree with BNR cut in salaries

2010-06-17

The European Central Bank negatively acknowledged the government proposal to reduce salaries of the BNR employees by 25% as they would break the basic rule of central banks- directly financing the fiscal deficit.

ACTMedia

Broadband Internet to continue rising in 2010

2010-06-17

The number of broadband Internet connections, from both landline and mobile points, will continue to rise in 2010, Chairman of the National Regulatory and Administrative Authority for Communications (ANCOM) Catalin Marinescu told a specialist conference on Tuesday.

Agentia Nationala de Presa - Agerpres

Acţionarii OTE sunt de acord cu obţinerea unui credit de la Deutsche Telekom

2010-06-17

Echipa managerială de la Hellenic Telecommunications Organization SA, proprietarul Romtelecom, a obţinut miercuri aprobarea acţionarilor pentru a putea încheia un acord de împrumut cu firma mamă Deutsche Telekom, în cadrul strategiei sale de reducere a costurilor de creditare, informează Reuters.

Agentia Nationala de Presa - Agerpres

Romania comes 54th among 58, in terms of competitiveness

2010-06-16

Romania keeps ranking the 54th of the 58 economies analyzed in the world's competitiveness top, earning 47.481 points from 100 possibly, informs the release the that the Romanian Institute of Economic and Social Research and Polls (IRECSON), the partner for Romania of the Switzerland-based Center of the IMD World Competitiveness Yearbook, sent, on Wednesday.

Agerpres

Investments of over 10 mln euros in two fresh McDonald's locations

2010-06-16

McDonald's Romania is staking on a 5 percent rise of business in 2010 and will invest more than 10 million euros (47 million lei) for one or two new drive-in restaurants and for the renovation of another two restaurants, announced on Wednesday Karen Bishop, McDonald's Romania manager, on the occasion of 15 years of presence on the market in Romania.

Agerpres

Romania's May inflation rate, EU third-highest

2010-06-16

In May 2010 Greece had the highest annual inflation rate in the European Union (5.3 percent), closely followed by Hungary (4.9 percent) and Romania (4.4 percent), whereas in the euro area the annual inflation rate advanced slightly to 1.6 percent in the same month (from 1.5 percent in April) and the EU annual inflation rate remained unchanged at 2.0 percent, shows a revised estimate published on Wednesday by the European Statistical Office (Eurostat).

Agerpres

C/A deficit widens on the back of lower remittances

2010-06-16

Lower remittances of Romanians working in southern European countries with sovereign debt problems had negative effects on the C/A deficit in January-April.

BCR Research

No-confidence vote against the government rejected

2010-06-16

Yesterday evening the Parliament rejected the no-confidence vote against the government, which should clear the way for the government to implement its measures meant to reduce the budget deficit to a sustainable amount.

Raiffeisen Capital&Investment

Bank of Cyprus withdrew its application to increase its stake in Banca Transilvania

2010-06-16

According to Bloomberg, Bank of Cyprus announced that it has withdrew its application to the National Bank of Romania to increase its stake in Banca Transilvania (TLV) from currently just below 10% to 20%.

Raiffeisen Capital&Investment

The Government survived the no-confidence vote

2010-06-16

As we expected, the government survived the opposition's no-confidence motion on Tuesday. There were 228 votes for the no-confidence vote (against the government), while there were needed 236 votes to pass the no-confidence vote.

Raiffeisen Research

Eurostat: Industrial output over EU average

2010-06-16

Romania's industrial output grew in April by 0.7% compared to the previous month, while an average of 0.5% was recorded in EU, data published by the European statistic office Eurostat show.

ACTMedia

Eurostat: Romania 1Q Exports Rise At 2nd Fastest Pace In EU

2010-06-16

Romanian exports rose 21% on the year to EUR7.9 billion in the first quarter, the second biggest increase in the European Union, official data showed Tuesday.Imports were up 13% to EUR9.9 billion, EU's statistics office Eurostat said.

ACTMedia

FinMin: Public debt repayment to peak in July and November

2010-06-16

Romania's public debt repayment is going to peak in July and in November, announced on Tuesday, at the Palace of Parliament, Minister of Public Finance Sebastian Vladescu.He stressed that an euro-bonds issue will reach maturity in July, launched by Romania on the foreign markets.

ACTMedia

Fitch: Romanian economy to contract 1% this year

2010-06-16

After having suffered a 7% economic contraction last year, Romania's GDP growth is expected to remain in the negative territory this year and drop 1%, according to Fitch Ratings estimates.

ACTMedia