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6 noiembrie 2008

BET-FI Index Gains 14.45%

Shares in financial investment firms (SIFs) rose rapidly on the Bucharest Stock Exchange (BVB) yesterday, with the dedicated BET-FI index gaining almost 15%. The other BVB indexes also increased notably. At times, there were no sale orders for shares in the five SIFs, while buyers could not raise the price even more, because a +15% variation had already been logged.

Massive Layoffs Announced

In the general context of the international financial crisis, several Romanian companies focusing on exports have downsized their production either by temporary interruptions or by laying off some of the employees. Adina Croitoru, the spokesperson for the National Employment Agency (ANOFM), said the Agency had been notified of 17,000 layoffs planned until the end of 2008. This number includes seasonal jobs, such as those in the construction business, agriculture or tourism.

THE US ELECTIONS / McCain vs. Obama

By the time you are reading this article, my fellow Americans and I will have elected our next president, whom the rest of the world will have to live with for at least four years. Most foreigners are hoping that Obama is going to win. This is because, in the U.S., Obama is preferred by the intellectuals and the well-to-do, while McCain is mainly the option of the uneducated poor from both urban and rural environments; and in today"s world, elites have become global, while the poor remain mainly local.

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.

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.

1 Euro5.0974

1 Fr. elveţian5.5813

BNR

1 Liră sterlină5.8393

BNR

1 Dolar SUA4.3327

BNR

1 Gram Aur700.9567