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4 noiembrie 2008

Banca Transilvania Denies Takeover Rumours

Banca Transilvania (BVB:TLV) denied recent media rumours that negotiations are taking place to sell the bank. The bank stressed that such decision could only be made by the shareholders, during a General Meeting. "It is not part of Banca Transilvania"s policy to comment on rumours on the market. However, to answer certain statements published in the press, we would like to inform you that we are not having discussions to negotiate the sale of the bank.

Chimcomplex Reports Double Net Profit In 9 Months

Nine months through the year, chemical plant Chimcomplex - Borzesti made a net profit of 5.95 million RON (1.6 million EUR), up two and a half times from the 2.34 million RON reported for the corresponding period of 2007 amid a significant increase in revenue and lower operating costs. Specifically, operating revenues went up 1.8% to 135.58 million RON (37.2 million EUR), from 133.45 million RON in the year-ago period. Operating costs decreased by 2% to 125.46 million RON (34.46 million EUR) from 127.9 million RON.

Offered Interest Rate Hits 40%, UniCredit Tiriac Replaces Treasurer

The interest rates announced by commercial banks for overnight deposits reached 15% for bid rates and 40% for offered rates, but the number of transactions remains low, as in the previous sessions. In the first half of the day, the National Bank of Romania (BNR) announced an average bid rate (ROBID) of 14.08% per year and an average offered rate (ROBOR) of 17.69% (down from 17.8% on Friday) for overnight deposits. Despite the high interest rates on the interbank market, the leu depreciated in line with the regional trend that pushes the currencies of emergent countries down against the EUR. In the beginning of yesterday"s session, the leu was quoted at 3.64 RON/EUR, up from Friday.

Romanian Central Bank Ups Forecast Inflation Rate

The National Bank of Romania (BNR) has increased the forecast inflation rate for the entire year by 0.1 percentage points from 6.6% to 6.7%, Governor Mugur Isarescu announced. The forecast for 2009 has been increased from 4.2% to 4.5%. The governor explained the changes by inflationary pressure caused by an economic growth rate faster than anticipated, as well as by more generous fiscal policies and higher salaries. Also, BNR estimates higher imports, mildly attenuated by a better price for oil.

Romania Uses Only 14% Of Agricultural Land, Food Prices Set To Grow

The autumn sowing works are almost completed and the optimum period for sowing most of the agricultural plants is over. However, the balance for this season is rather grim. Of the 9.4 million hectares of arable land in Romania, only 1.5 million hectares have been sown this autumn, which is 1 million hectares less than a year ago. On top of everything, the governmental support for the autumn sowing works came very late, while the price for seeds, fertilizers and fuel have increased substantially. Next year"s crop therefore is likely to be rather feeble. According to Viorel Matei, president of the National Federation of Agricultural Producers in Romania (FNPAR), only 20% of the necessary amount of chemical fertilizers has been used. According to FNPAR statistics, not one forecast surface has actually been sown. Bad weather, insufficient financing and an incoherent agricultural strategy are among the explanations for quite a worrisome status: wheat - 1,140,000 hectares sown (55% of the forecast), autumn barley - 140,000 hectares (85% of the forecast), two-row barley - 70,000 hectares (73% of the forecast). Rapeseed is an even sadder story because 380,000 hectares (85% of the forecast) were sown, but approximately half of them need to be re-sown because of the drought. Romania has only sown 5,000 hectares of fodder plants (20% of the forecast) and 800 hectares of vegetables (17% of the forecast).

1 Euro5.0974

1 Fr. elveţian5.5813

BNR

1 Liră sterlină5.8393

BNR

1 Dolar SUA4.3327

BNR

1 Gram Aur700.9567