Archive » May 2006 » 26 May 2006 The english news from 26 May 2006
Romania: Rompetrol Upstream Invests $3.5 mil for Drilling and Oil Derrick Division
Rompetrol Upstream bought from UPET in Targoviste (southern Romania) a new drilling and oil derrick repairs installation of over 3.5 million dollars, a Rompetrol group release informed, ACT Media news agency reports.…
Romania: Leasing Market To Reach 2.3 Billion Euros This Year
In the first quarter of 2006, the members of the Leasing and Non-Banking Financial Services Association (ALB) signed contracts worth a total of 361.8 million euros, by 63 percent more than in the similar period of the previous year. Analysts expect the leasing market to grow by 15 percent this year in comparison with 2005, reaching an aggregate value of 2.3 billion euros, according with Act media news agency.…
Romania: BNR Estimates Inflation Targeting Process Will Level Off After EU Entry
Romania's Central Bank (BNR) estimates for the 2008-2010 period a possible process of levelling off the inflation target, in the context in which BNR is seeking solutions to avoid hikes in inflation, the way it happened in the case of the other countries that joined the EU, said BNR Governor Mugur Isarescu, according with Act media news agency.…
Citigroup: "Emerging Markets: Correction or Meltdown"?
The correction in emerging market (EM) assets that Citigroup had thought would occur has indeed begun. This correction has, thus far, been of very short duration relative to other selloffs within overall bull markets, but moves in some asset prices have been close to those seen in the longer 2004 correction, Citigroup points out in its recent report "Reflections on Emerging Markets-Correction or Meltdown?."…
Romania: Italy To Develop New Investments In Romania
Italy's Ambassador in Bucharest His Excellency Daniele Mancini said that the Italian Chamber of Commerce is not present enough by investments all over Romania, but there is already a programme to develop new business, according with Act media news agency.…
Romania: Russia to Revise Tens Of Accords With Romania And Bulgaria
Russia wants to discuss the revision of tens of accords with Romania and Bulgaria before their accession to the European Union, the Russian ambassador to EU, Vladimir Cijos said while complaining that each EU enlargement represented a problem for its partners. Speaking before the summit EU-Russia meeting which began in Soci, the Russian ambassador also declared that the situation in Transnistria had worsened lately, ACT Media news agency reports.…
Romania: Industrial Growth to Rise 26% in Q2:06
Investments in the economy would increase 26 percent in the second quarter of the year, over the same period of 2005, according to the National Prognosis Commission.…
Romania: EU's Funds Absorption Capacity of Romania
The government will establish a standing working group, made up of representatives of the civil society, political parties, academic circles and mass media, that will decide on the management of European funds, decided the participants in the meeting organised on Thursday at the Victoria Palace dedicated to the strengthening of the capacity to absorb community funds, under the prospect of Romania's EU accession on January 1, 2007, Act Media news agency.…
Romania: Hi-Lo To Invest €20 Mln In Brasov
An English - Belgian - Romanian association of companies have taken over one of the production halls of the Risnov Tool Factory (Fabrica de Scule Risnov) in Brasov county and will convert it to produce for them, according to Bursa reports.…
Romania: Rompetrol Upstream Buys $3.5 Mln Drilling Installation
Rompetrol Upstream has procured a new drilling installation from UPET Targoviste for over 3.5 million USD. The high-tech product meets increasing international industry requirements and will be used in Libya, where Rompetrol Upstream already operates other two similar installations, according to Bursa reports.…
Romania: German Co. To Invest € 14 Mln in Curtici-Arad Freezone
German-based company specialized in producing steel mills tailored for the auto industry has expressed intent to invest in the Curtici-Arad Freezone. According to Mircea Pavel, director of the Curtici-Arad Freezone Administration, the investment would be in the range of 14 million EUR, according to Bursa reports.…
Romania: Gimrom Holding To Further Invest in Romania
Gimrom Holding, owner of G'Market, one of the first supermarket chains in Romania, has announced further investments in Romania, both in Bucharest and other cities, according to Bursa reports.…
Romania: Gas, Electricity Tariffs to Increase by 1-2 % on July 1
The reference price of the gas from the domestic production has risen to USD 120 / 1,000 cu.m., from the previous level of USD 110, as a result of the evolution of the RON/USD exchange rate, Nine O'Clock reports.…
Romania: Italy’s “Genko” Keen to Inject € 3 Ìln in “Sanevit 2003”
Bucharest - Italian company “Genko” plans some massive investments in “Sanevit 2003”, as the several visits the company’s officials made at the Arad-based syringe plant led to the conclusion that the company lags behind in terms of the current requirements on the relevant market, Nine O'Clock reports…
Romania: Raiffeisen Romania Switches to Retail and Corporate Specialised Structure
Raiffeisen Bank, one of the financial institutions interested in taking over the National Savings Bank (CEC) will carry on its activity carried on in Romania in accordance with a model that focuses on sale of products and services, according to Nine O'Clock…
Romania: Offset Agreement Attracts Swedish Companies to Romania
Romania introduced few years ago the legislation that all military equipment acquisitions from the international market be made only if the seller offers economic remuneration, offset by at least 80 percent of the value of the acquisition contract. One of the companies which already is showing interest in collaborating with the government of Romania is Gripen International.…
Romania: Oracle Expands to Romanian Mkt
Oracle Romania has opened a new office for its Service and Technology Centres in Bucharest, the US software company currently controlling 10 centres in Romania, which also operate at a global level, daily Bursa informed, ACT Media news agency reports.…
Romania: Gov't Must Make Changes to Achieve 5% Inflation in '06
The 5% inflation target could be reached this year depending upon changes the government will bring into the calendar for adjusting the administrated prices while the forecasted inflation curve will move in 2007, said the governor of the National Bank of Romania (BNR), Mugur Isarescu, Bucharest Daily News reports.…
Romania: Fund Proprietatea Based on Non-functional Law
Differences of opinion existed over the backing of Fund Proprietatea, whose shares are meant to offer an indemnification from the state to the owners of houses nationalized under the communist regime and impossible to return at this moment for various reasons, since the setting up of the Fund, Nine o'Clock reports.…
Romania: Speculative Funds in Romanian Mkt to €2 bln
Speculative capital inflows in the Romanian market pose no dangers given that interest rates are not very high, with the value of such funds keeping constant, under €2 bln, Nine o' Clock reports.…
Romania: Economy is Losing Money Because of Poor Roads
The economy is losing each year 2 per cent of the GDP because of poor roads. The development of infrastructure works should be the number one priority for Romania, thinks Florin Pogonaru, the president of the Association of Businessmen from Romania (AOAR), Nine O'Clock reports.…
Romania: Alstom Interested in Electroputere Craiova’s Locomotive Division Takeover
Officials at the Alstom Company expressed their intention to bid for the privatisation of Electroputere Craiova, being mostly interested in the company’s locomotive division, said the Alstom Transport Romania general director, Gabriel Stanciu, Nine O'Clock reports.…
Romania: Gov't to Decide on EU Funds Absorption Management
The government will establish a standing working group, made up of representatives of the civil society, political parties, academic circles and mass media, that will decide on the management of European funds, decided the participants in the meeting dedicated to the strengthening of the capacity to absorb community funds, under the prospect of Romania's EU accession on January 1, 2007, ACT Media news agency reports.…
Romania: AVAS Rejects Liquidation Option of Electroputere Engine Maker
The President of the Authority for State Assets Realization (AVAS) Razvan Orasanu met representatives of Electroputere engine maker in Craiova, southern Romania, to discuss the company's preparedness for being transferred to private hands, ACT Media news agency reports.…
Romania: Lafarge Cement Co. Forecasts '06 Turnover at €180-190 mil
French-owned company Lafarge Ciment Romania estimates to post a turnover worth about 180-190 million euros this year, the company's general manager Phillippe Questiaux told Rompres, ACT Media news agency reports.…
Romania: Orange Telecom Cuts Down Tariff Prices
Orange Romania cut by 33% the standard tariff for calls to the U.S and Canada, and to the fixed telephony networks in Europe, from 0.6 USD/minute, to 0.4 USD/minute, Nine o'Clock reports.…