English Section

The Government has set the parliamentary elections for 30 November. According to the law regulating the election of members of the Chamber of Deputies and the Senate, the general population must be notified of the date of the elections by...

Prime Minister Calin Popescu Tariceanu yesterday congratulated Agriculture Minister Dacian Ciolos on the initiative to set up traveling market places in Bucharest for better farming produce distribution. He commented that the project should be...

The Romanian Commodities Exchange (BRM) yesterday organized an open tender for construction materials, mortars, sheet iron, wood, indoor and outdoor doors, windows and others as such for the benefit of the National Housing Agency (Agentia...

China Merchants Bank Co., the fifth bank in China ranked by market value, will collect some 30 billion CNY (4.4 billion USD) next month from the biggest bond sale in order to increase share capital after the acquisition of Wing Lung Bank Ltd. - Hong

Hungarian-based OTP Bank has signed a preliminary agreement to buy the majority stake in one of the top five banks in Azerbaijan. The deal requires approval from the Azerbaijani Central Bank. Headquartered in Hungary, OTP Bank operates in...

Real estate company Diham - Bucharest concluded the first half of the year with a net profit of 252,799 RON, down by 47.08% from the corresponding period of 2007. The turnover gained 53.45% to 1.99 million RON. Revenues totalled 2.05 million RON,...

Romaero - Bucharest posted a net profit of 112 RON for the first half of the year, up from losses of 4,722 RON in the corresponding period of 2007. The turnover gained 39% to 38,859 RON, while revenues totalled 53,284 RON. Expenses reached 53,172...

Agromec - Panciu concluded the first half of the year with net earnings of 307,047 RON, up from losses of 37,882 RON in the corresponding period of 2007. Revenues rose to 529,176 RON, up nearly five times from H1, 2007.

The Romanian Civil Aeronautical Authority (RCAA) has bought card-based car fuel (EURO4 diesel and unleaded gasoline) via the Romanian Commodities Exchange (BRM) from Unicom Holding, which offered 4.25 RON/ liter for 30,061 liters of diesel and...

Avicola - Buftea reported losses of 1.77 million RON in the first half of the year, up by 170% y/y. Revenues decreased by 20% to 9.91 million RON, whereas expenses decreased by 10.65% to 11.69 million RON. The turnover declined 2% to 10.58...

The hotel company Trei Brazi in Predeal concluded the first half of the year with losses of 170,458 RON, up from losses of 9,515 RON in the corresponding period of 2007. The turnover reached 591,335 RON, down by 4.94% y/y, while revenues totaled...

Assicurazioni Generali SpA and Czech-born billionaire Petr Kellner have made an informal offer for Russian billionaire Oleg Deripaska"s stake in Ingosstrakh, according to Sunday Times. Deripaska holds 62% in the Moscow-based insurer...

Allianz SE, Europe"s leading insurer, will open a bank in Poland in October, according to TU Allianz Polska CEO Pawel Dangel quoted by Rzeczpospolita. Allianz has approximately 2 million insurance customers in Poland.

Austrian-based HTI High Tech Industries has announced plans to resize plants in Germany and Austria and relocate car parts production to Slovakia and Romania, where they already produce car parts. The decision is intended to optimize production...

Assicurazioni Generali SpA and Czech-born billionaire Petr Kellner have made an informal offer for Russian billionaire Oleg Deripaska"s stake in Ingosstrakh, according to Sunday Times. Deripaska holds 62% in the Moscow-based insurer...

Allianz SE, Europe"s leading insurer, will open a bank in Poland in October, according to TU Allianz Polska CEO Pawel Dangel quoted by Rzeczpospolita. Allianz has approximately 2 million insurance customers in Poland. The bank is scheduled to...

Austrian-based HTI High Tech Industries has announced plans to resize plants in Germany and Austria and relocate car parts production to Slovakia and Romania, where they already produce car parts. The decision is intended to optimize production...

LukOil Romania concluded H1 with a net profit of 11.9 million USD, down by 34% year-on-year, according to CEO Constantin Tampiza quoted by NewsIn. "Our profit decreased from last year because the world oil price increased, and so did the...

Daimler AG, the world"s leading truck maker, will invest over 600 million EUR (892 million USD) in increasing the production capacity of their utility vehicle factory in Sao Bernardo do Campo, Brazil.

Asseco - Poland is interested in acquiring Siveco - Romania, one of the leading companies on the Romanian IT market, according to the Warsaw Business Journal. Adam Goral, CEO of Asseco, said: "We are truly interested in this company. Siveco...

The Bucharest Chamber of Commerce and Industry (CCIB) has pledged to support Bucharest-based distribution and retail companies to reclaim lost markets such as the Balkans, the former Soviet space, Asia and the Middle East, according to a CCIB...

Air Canada, the largest airline in the respective country, reported a 21% profit decline in the second quarter amid rising fuel expenses. The company"s net profit decreased to 122 million CAD (115 million USD) from 155 million CAD. Analysts...

Raiffeisen Centrobank has revised the target price for shares in BRD - Groupe Societe Generale but maintain the recommendation to buy, according to a recent report. The previously estimated target price was 27.1 RON/share.

Carrefour, the leading retail group in Europe and the second largest in the world, has opened the 11th Carrefour Express store in Romania in the town of Hunedoara. The opening is part of Carrefour"s plan to consolidate on developing markets...

BancPost has been selected as the depositary of the European funds for agriculture until the end of the year, according to Daniel Serbanescu, a member of the Bid Evaluation Commission of the Ministry of Agriculture and Rural Development (MADR)...

The European Central Bank (ECB) has decided to maintain the key interest rate at 4.25% - the highest in the last seven years - in a continuing effort against inflation, even though the regional economy is experiencing a slowdown.

The construction of the Basarab Bridge in Bucharest is 15 months late, according to Marian Ursu, a technical representative of the contractor, quoted by Agerpres.He made the announcement during a meeting with Bucharest Mayor General Sorin...

Intesa SanPaolo SpA, the consultant selected by the Italian Government for the privatization of Alitalia SpA, is recommending Deutsche Lufthansa AG as partner for the unprofitable airline, according to Il Sole 24 Ore. The Italian newspaper...

Belgian-based Delhaize The Lion Netherland, which operates in Romania through the Mega Image supermarket chain, has obtained the Competition Council"s approval to take control over La Fourmi and the company they control - Rafo, Gastro, Rovas...

Individuals and companies based in Brasov County rank second among bad debtors to banks with a total of 137.93 million RON, after Bucharest with 487.99 million RON. Timis County ranks third with 78.09 million RON.

The Romanian Commodities Exchange (BRM) has completed the procedure for the award of the contract by which the Romanian Post Company procured air transportation and handling services through the establishment of an air exchange platform at the...

The Agency for Payments for Rural and Fishery Development (APDRP) has announced the beginning of the sixth session of requests for projects for "Masura 123" and the fourth session of requests for projects for the State Aid Schemes to take...

Anchor Group, the owner of the Bucharest Mall, Plaza Romania and the luxury residential complex In City, has selected Colliers International as the lead leasing agent for Anchor Plaza Metropol, which is a 12-floor, Class A office building...

The Lakeview office building, developed jointly by AIG Lincoln and Fabian Romania, has been 90% leased through Colliers International. The building is located in the Barbu Vacarescu area in the north of Bucharest.

James Owen, the CFO of the Russian - British oil company TNK-BP, has resigned following the dispute between BP Plc. and the Russian billionaire shareholders. Owen has submitted his resignation to CEO Robert Dudley and will leave the company at...

Carpatcement Holding, one of the three cement producers operating on the Romanian market, has announced the appointment of Ioan Zeicu as General Manager of the Bicaz Subsidiary. Previously, Zeicu occupied the same position at the Fieni Subsidiary...

The Local Council of Secaria, Prahova County, is organizing a tender on 20 August to grant the concession of a plot of land measuring approximately 40 hectares. The purpose of the tender is to identify an investor to build a quarry to extract...

UAMT - Oradea has reported a net profit of 118,050 RON at the end of the first half of the year, down by 29.32% year-on-year. The turnover amounted to 26.35 million RON, down by 31.41% from the 38.42 million RON reported in the first half of...

The Brasov County Council has approved the transfer of the land and buildings of the "Dr. Ioan Aurel Sbarcea" Obstetrics & Gynecology Hospital in Brasov into the possession of the hospital itself because the hospital is currently...

The Competition Council has authorized the economic concentration to be performed through the acquisition by G+H Montage Stizo of Stizo Nuclear, Stizo Teleorman, Stizo THI, Stizo Vest, Stizocon, Stizovil, "Trustul de lucrari special...

Agrocomplex Lunca - Pascani is planning to borrow some 4,350,000 RON this year following the shareholders" decision of 16. December 2007 published in the Official Journal on 24 July 2008. Specifically, the company will take a 500,000 RON...

Chemical company Oltchim - Ramnicu Valcea (BSE:OLT) has hired Protectchim to build a PVC production call for 887,906 RON, according to an announcement to the Bucharest Stock Exchange (BSE). Oltchim has a share capital of 32,358,864 RON divided...

Gruppo Energia & Servici, an Italian company based in Rome, and Energia Eoliana Service SRL have unveiled plans to create wind energy production facilities in Iasi County. The plan is to start construction works early next year. The required...

The 50% increase in the quantity of cheap energy provided by Hidroelectrica in the first half of the year contributed to the effort to maintain the price of electricity the same, Economy and Finance Minister Varujan Vosganian told a meeting at...