Archive » October 2009 » 12 October 2009 The english news from 12 October 2009
Romania is EU budget contributor for third year in a row
Romania attracted only €435 million, or 8 percent, of the €5.6 billion in structural funds allocated in the 2007-2009 period by the European Commission in the past three years. Of the seven operational programs through which European funds can be attracted, the program for economic competitiveness has registered the greatest absorption percentage …
Latest IMF report: Gloomy economic prospects for Romania
International Monetary Fund (IMF) severely revised the prognosis related to the evolution of private sector lending in Romania in 2009. Based on the data provided by the latest IMF report, published last Thursday, as to the first appraisal of the standby agreement, from 16 per cent advance estimated in June, a nominal drop by 1.7 per cent is currently in place…
Investments worth some 6 billion forecast for energy sector
The value of the main investment projects of the companies activating in the electricity sector in which the state holds shares will raise to 5.823 billion euros in the upcoming years, according to the information published by the Economy Ministry. Termoelectrica has scheduled investment projects standing at 140.2 million euros. Of the overall seven projects, most are aimed at the upgrade of installations and realization of new systems…
Romania's Railroad Company CFR Marfa Prolongs Technical Unemployment By 3 Months
Romania's freight division of the national railroad company CFR Marfa extended technical unemployment by three months and the activity of the division will not be disturbed, Gheorghe Popa, secretary of state with the Transport Ministry told MEDIAFAX Sunday…
Ghetea: Romania to join SEPA in 2010
Banking system in Romania will initiate a project for adopting Single European Payments Area standards for the domestic currency payments before the adoption of euro, while the use of the new system or of the old one rests with banks, said the chairman of Romanian Banking Association, Radu Gratian Ghetea…
NBR's key objective: adoption of euro in 2014-2015
Isarescu's primary objective at the beginning of a new mandate as chairperson of the National Bank of Romania is the accession to the euro area in 2014-2015, an "ambitious but achievable target date", the governor of the central bank said. The plenary assembly of the two Chambers of the Parliament passed yesterday with 251 votes for and 42 against, the board of National Bank of Romania…
KPMG study: Recession provides tough stress test for global transfer pricing rules
Good documentation may no longer be enough. Advance Pricing Agreements (APA) limitations exposed by changing markets. Many transfer pricing systems around the world are coming under unprecedented stress, as the global recession forces companies and revenue authorities to reassess their economic expectations, a new study from KPMG's Global Transfer Pricing Services group has found…
Midday Forex: Euro stays firm against emerging currencies
The official exchange rate set by the National Bank of Romania increased to 4.2776 lei per euro, as the leu lost ground in the early trades, and went up at noon, in tune with the regional downward trend. The leu stood at 4.2766 versus the euro Thursday, according to NBR. The euro was traded for 4.2790 lei Friday morning and then soared to 4.2875…
Estimation: Inflation was between 4.6% and 5% in September
Annual inflation was between 4.6 and 5% in September from 4.96% in August, under the conditions of excises increase for tobacco and the depreciation of the leu by comparison to the previous month, counterbalanced effects by the favourable evolution of food prices, the analysts interviewed by NewsIn say…
Raiffeisen estimates that the Romanian economy will reach the lowest level in QIV
The analysts of the Austrian financial group Raiffeisen expected that the economic activity in Romania reach the lowest level in QIV of this year, as the latest statistics show that in QIII the drop will continue. "We expect the economic activity reach the lowest point in QIV in 2009. However, the coming back of 2010 will be moderate, the growth rate being under the potential of the economy" the report published on Friday says…
Barroso informed Romanian officials that they will not receive the agriculture portfolio
European Commission President Barroso informed Romanian officials that Romania will not receive the agriculture portfolio, due to its irregularities in EU fund management and Justice. sources at Bucharest and Brussels said. On Thursday, when the Irish Times informed that France supports Ireland for the portfolio…
Schreiner, Volksbank: Mortgage demand plunged 95%
Mortgage demand plunged 95 percent compared to 2008, and this segment will probably bounce back in the coming two-three years, Volksbank's President, Gerald Schreiner, said. "The problem is not whether banks want to grant loans. I believe that people are reluctant enough when it comes to taking out a loan, because they do not yet know whether they will lose their job in the coming months and how long the crisis will last. Once these problems are solved, loan demand will resume growth," Schreiner said…
Romanian Jan-Aug Trade Gap Narrows To EUR5.8B
Romania's trade deficit narrowed in the first eight months to EUR5.79 billion from EUR15.43 billion in the same period the year before, the National Statistics Institute said Monday. Exports were down 19.1% on the year to EUR18.56 billion in January-August, while imports fell 36.6% to EUR24.35 billion in the analyzed period…
Romania, 8 new swine flu cases in a week
The Centre for the Prevention and Control of Transmissible Diseases found 8 new swine flue cases one week ago, reads a release sent to Agerpres. Of these, 5 were reported in Bucharest (3 cases having arrived from Egypt, one from Germany and one from Israel), 2 cases were reported in Iasi (one person returned from France and one from Portugal) and one case was found in Brasov county (arrived from the United States)…
RON at the minimum of the last six and a half months
The national currency depreciated yesterday, on the background of the political uncertainties from Romania, the National Bank of Romania (BNR) raising it by 0.64 bani, to RON 4.2840/EUR, reaching the highest level of the last six and a half months. A higher official rate, of RON 4.2924/EUR was announced by the central bank on March 24…