Archive » May 2006 » 29 May 2006 The english news from 29 May 2006

  • Romania: Italy Continues to be the Main Foreign Trade Partner, with Almost €10 bln

    According to Romanian statistics, some 19,500 companies with Italian capital are registered in Romania, with most of the investment concentrated in western Romania and the main fields of interest being the energy distribution, the banking sector and the building one, ACT Media news agency.…

  • Romania: Chinese and Italian Investments

    Only one week after the end of the Romania-China Economic and Commercial Forum in Bucharest, the 72 Italian chambers of commerce abroad held a seminar in Bucharest. Both Chinese and Italian investors have shown interest especially in the Romanian infrastructure, ACT Media news agency reports.…

  • Romania: Banca Transilvania to Issue 3rd Capital Raise

    The subscription of newly issued shares of Banca Transilvania (BT) is part of a new capital increase to take place in June 2006. EBRD’s investment will total approximately €5.4 million and will allow the Bank to retain its 15% stake in BT.…

  • Romania: Mortgage Loan and Credit Cards, Main Engine for Banking Growth

    Romania's forthcoming integration with the EU is to bring to Romanians increasingly more attractive banking services, with the mortgage loan and the credit cards predicted to become the main engine for development in the Romanian banking system in the years to come, according to Chairman of the Romanian Banking Institute (IBR) Petru Rares, ACT Media news agency reports.…

  • Romania: British Provident to Disburse Small Loans

    The consumer credit company Provident Financial Romania, a member of the UK group Provident Financial, inaugurated its first office in Bucharest and will invest some 4.4 million euros until the end of the year in the development of its business, declared company general director Stephen Rice, ACT Media news agency reports.…

  • Romania: Stock Exchange Week

    The evolution of the Bucharest Stock Exchange was this week correlated with the other bourses in the region. All European bourse markets registered a significant decrease at the beginning of the week, given the high chances that the FED might rise the reference interest rate, ACT Media news agency reports.…

  • Romania: Stock Exchange Better Interconnected with European Markets

    The interconnection of the Romanian and European capital markets has tightened progressively and this trend will deepen after Romania joins the EU, general director of the Bucharest Stock Exchange Stere Farmache told the conference titled “The Bucharest Stock Exchange – companies and investors”, ACT Media news agency reports…

  • Romania: CEC Shares Held by State after Privatisation to be Sold on Capital Market

    Shares of the National Savings Bank (CEC) that will remain in the State portfolio after completion of the privatisation process will be sold, in full or in part, through a public sale offer on the domestic and / or foreign capital market, including to existing shareholders, Nine O'Clock reports.…

  • Romania: Erste Stake in BCR may be Sold to Exclusively Controlled Company

    Erste Bank will be able to transfer shares acquired in the Romanian Commercial Bank (BCR), within three years after the privatisation date, only to a company under its exclusive control, under a draft law passed by the Government, Nine O'Clock reports.…

  • Romania: Interest in Cernavoda Reactors 3 and 4 Construction, to be Expressed by June 23

    The companies that want to take part in the construction of Unit 3 and 4 of the nuclear power plant in Cernavoda can submit the letters of interest by June 23, and the minimum contribution to the project company’s capital is EUR 50 M in cash, announced at the end of last week the plant’s operator, Nuclearelectrica, Nine O'Clock reports.…

  • Romania: Bourse Investors’ Strike Hardly Causes Reverberation

    Despite the announced strike of bourse investors, the Stock Exchange had a positive evolution on Friday, so that one could say that the protest hardly caused any reverberation. One of the unhappy investors, Daniel Iancu, told HotNews.ro that he considers however that the strike was a success because the National Securities Commission (CNVM) proposed a draft for the amendment of the Law on companies de-listing on Wednesday, just one day after the investors had announced plans to walk out on bourse trades, ACT Media news agency.…

  • Romania: Banking Mkt's Growth Influenced by Financial Groups

    The third edition of the South-East European Financial Forum held in Bucharest between May 22 – 26 occasioned an analysis of the financial year 2006 performed by the leaders of the financial-banking market from Romania, Bulgaria, Great Britain, Greece, Serbia and FYROM, who analyzed the development potential of the South-East European financial-banking market in relation with the domestic and the EU one, ACT Media news agency reports.…

  • Romania: Banks Call for State Support in the Combat of Inflation

    Bank representatives asked for support from the other State institutions in the inflation targeting process, given the fact that the National Bank cannot fight inflation all by itself, ACT Media news agency reports.…

  • Romania: Price-Based Inflation at 3%, Predicts BNR Governor

    Since the exact schedule of the administered price rise is not known, the National Bank of Romania (BNR) is challenged by the possibility that the year-end inflation might go past the crawling peg of 5% 1%; in the next three years, administered prices might contribute to inflation with a constant 3%, BNR governor Mugur Isarescu told the South-East European Financial Forum held in Bucharest, ACT Media news agency reports.…

  • Romania: Nat'l Forecasts Commission Projects GDP at €136.1 bn in 2010

    According to the latest estimations of the National Forecasts Commission, Romania’s GDP will reach some 136 bn euros in 2010, by 72% higher than the figure registered in 2005. Until the same year, economy will grow by a pace higher than 5.5%, mainly on account of constructions and services, ACT Media news agency reports.…

  • Romania: The Sovereign Rating Upgraded Further to Change in Moody’s Methodology

    The international rating agency Moody’s Investors Service improved Romania’s long-term sovereign rating from Ba1 to A2 further to a change in its calculation methodology that resulted in the upward revisal of the ratings of 70 states. Before this operation, Romania’s rating on Moody’s scale was BBB-, one notch below the investment grade, ACT Media news agency reports.…

  • Romania: Real Estate Prices Expected to Fall

    Prices in the real estate market may be subject to a correction, as the increase witnessed in Romania over the past few years was mainly of a speculative nature, National Bank of Romania (BNR) chief economist Valentin Lazea stated, ACT Media news agency reports.…

  • Romania: SIF Oltenia's Management Structure Resolved

    The conflict that has divided SIF Oltenia’s Board, confusing the Stock Exchange and the National Securities Commission (CNVM) was settled by the appointment of Board member Margareta Racovita as general manager, in a move that gives the shareholders’ representatives access to the SIF’s executive management, wrote Ziarul Financiar, ACT Media news agency reports.…

  • Romania: Disinflation Dependent on Economic Growth Below Potential

    The central bank’s objective to preserve the downward inflation trend should be supported in the coming two years by an increase below potential of Romania’s Gross Domestic Product (GDP), according to National Bank of Romania (BNR) chief economist Valentin Lazea, Nine o'Clock reports.…

  • EU to set stricter rules for applicants

    European Union officials have expressed the EU foreign ministers' intention for raising the bar for future membership hopefuls by putting more stress on an existing requirement that the bloc must be ready to take on new members. The loosely defined ‘absorption capacity’ has become code for current EU member states’ leaving a loophole to back out of membership pledges since Austria insisted on inserting it last year into the small print of Turkey’s application to join…

  • Romania: Fiscal Code Causes Heated Debate

    Modifications to the Fiscal Code which will soon enter the Parliament agenda foreshadow heated debates on the topic. While the Opposition (PSD) vote on current bill is negative, parties in the ruling coalition in their turn failed to reach common grounds, Nine o'Clock reports.…

  • Bulgaria, Romania: EU Devises New Formula for Accession

    The Council of the EU is in the process of clearing up a new formula for the accession of Sofia and Bucharest, Romania's first diplomat Mihai-Razvan Ungureanu said after a two-day ministerial conclave, Sofia news agency reports.…

  • Romania: BNR Admits Risk of Real Estate Price Fall

    Prices in the real estate market may be subject to a correction, as the increase witnessed in Romania over the past few years was mainly of a speculative nature, National Bank of Romania (BNR) chief economist Valentin Lazea stated this weekend, Nine O'Clock reports.…

  • Romania: Foreign Companies Grant Local Subsidiaries €729 M in Q1

    Foreign companies granted their Romanian subsidiaries loans of EUR 729 M in the first quarter, accounting for 42 per cent of the volume of foreign direct investments attracted in the first three months (EUR 1.72 bln), the Romanian Agency for Foreign Investments (ARIS), ine O'Clock reports.…

  • Romania: Minerva MX Launched

    Tyco Fire & Security International, a world leader in security systems, organised last Thursday a seminar on “Design a Safe & Secure World – a Symposium for Architects, Consultants and Engineers,” organised jointly with its Romanian partner UTI Retail Solutions. On this occasion the Minerva MX fire detection equipment range was launched in Romania, Nine O'Clock reports.…

  • Romania: €260 Mln Adama Projects

    Adama plans to develop in the next two years real estate projects in the Romanian market, the estimated value being EUR 260 Mln, Chairman David Flusberg, Nine O'Clock reports.…

  • Romania: Foreign Trade Deficit Up 56% in Jan-April '06

    Romania's foreign trade gap increased 56% to 2.5 billion euros in January-April compared to the same period in 2005, according to data released by the National Statistics Office.…

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