English Section

4 februarie 2009

Crisis Sparks Metallurgical Meltdown

nce a core industry of the Romanian economy, the metallurgical

industry is now facing serious difficulties caused by the ongoing economic crisis and the unfair competition coming from the unregulated markets of Turkey and Ukraine.

7-Year Transport Tax Exemption For Romanian Sector Of Nabucco

The National Energy Regulatory Authority (ANRE) has amended the decision made last year regarding the exemption of the Romanian sector of Nabucco from the provisions of the law on third party access to the natural gas transport system and the pricing methodology.

MEF has sent to unions and business associations, stipulates revenues of 75.7 billion RON.

Finance Ministry Forecasts 3.25% Budget Deficit In 2009

The draft State Budget 2009, which the Ministry of Finance has sent to unions and business associations, stipulates revenues of 75.7 billion RON (13.07% of the GDP) and expenses of 94.5 billion RON (16.32%) of the GDP, the deficit being 18.8 billion RON (some 4.7 billion EUR, considering an average exchange rate of 4 RON/EUR), equal to 3.25% of the GDP.

In April 2007, the above mentioned investors deposited 100000 lei in a discretionary account opened with the Deva office of SSIF Broker.

FRAUD IN "BROKER" CLUJ"S DEVA OFFICEClients of the brokerage firm lost more than their invested amounts

Customers of the financial services and investment company "Broker" Cluj who lost their money in the fraud from the company"s Deva branch actually show up as owing money to the company to the tune of tens of thousands of lei, said one of the affected investors.

Land Price Plunges To Uncharted Depths

The international financial crisis caused a nearly complete freeze of the Romanian real estate market starting in the last weeks of 2008. The sheer lack of liquidity experienced by investors and banks alike froze not only residential, but also land transactions.

1 Euro5.0974

1 Fr. elveţian5.5813

BNR

1 Liră sterlină5.8393

BNR

1 Dolar SUA4.3327

BNR

1 Gram Aur700.9567

BET29193.91

BET FI111563.05

BET NG2101.59

PROFESSIONAL ASSOCIATIONS WARN:Romania is headed towards economic collapse

The European Commission (CE) is studying the project for overcoming the crisis that the General Confederation of the Romanian Industrial Employers (UGIR 1903) has submitted to the authorities of Bucharest, which suggests the creation of a state...

Some Politicians Prefer Bearer Shares

Former Environment Minister Sulfina Barbu and former Environment Guard Commissioner Silvian Ionescu have recently decided to transform their consultancy firm KVB Economic from a limited liability company (Ltd. / S.R.L.) into a bearer shares...

Now, the authorities believe that an agreement with the IMF can save the economy from a crisis that is not only inevitable, but also necessary for Romania.

SPECULATIVE BUBBLE IN ROMANIAN POLITICS IS NEARING FINAL BURSTWhy Don"t We Need The IMF?

"Something" happened in Romania in 1989, which proved that the State cannot ensure the welfare of its citizens even if it has full control over the economy.

RZB - 1,5 billion Euros bond issue

"Raiffeisen Zentralbank Oestereich" AG (RZB) announces the successful launch of its first bond of 2009, worth 1.5 billion Euros

PRELIMINARY RESULTS FOR 2008:Net profit of some 400 million lei for "Banca Transilvania"

Robert Rekkers: "We are confident and ready to face the challenges of 2009"

Crisis Delays Teraplast Scheduled Investments

an interview with Florin Urite, CEO of Teraplast - Bistrita

Vasile Blaga claims that upon taking over the Ministry, its debt was ten times higher than in the beginning of 2008, with unpaid bills amounting to over 137 million lei.

VASILE BLAGA, MINISTER OF DEVELOPMENT:"After our accession to the EU, we did not spend one single leu of the European funds made available to Romania"

The budget of the Ministry for Regional Development and Homes for the year 2009 is 3.703 billion lei, which represents 0,64% of the GDP or 1,81% of the entire state budget.

WHEN LEVYING TAXES AND FEESNotaries take into consideration prices 15% lower than in the beginning of the year

The Guidebook for indicative values of real estate properties - 2009 for Bucharest and the Counties of Călăraşi, Giurgiu, Ialomiţa, Ilfov and Teleorman was sent, as per the Fiscal Code, to all public notary offices and Public Finance Offices...

Romania was using the smallest quantities of active substance per hectare in the EU.

GOOD NEWS IN CRISIS TIME:Fertilizers Industry Is Breathing Again

The fertilizer industry is starting to revitalize after the standstill caused by the lack of orders from farmers.

Fertilizer decree saves jobs of Nitroporos SRL Făgăraş employees

362 workers of Nitroporos SRL Făgăraş could avoid being laid off, after the Minister of Agriculture, Ilie Sârbu, the Minister of Industry, Adriean Videanu, and the Minister of Finance, Gheorghe Pogea, have assured that next week will be issued an...

Forgery And Fraud At "Broker" Subsidiary In Deva

The National Securities Commission (CNVM) yesterday ordered brokerage firm Broker - Cluj (BVB:BRK) to close their subsidiary in Deva for 45 days following the irregularities found during a fraud investigation.

TRANSGAZ:Discussions on the funding of Nabucco are as yet, premature

The talks about the funding of Nabucco are as yet premature, considers Ioan Rusu, general manager of "Transgaz", company which is involved in the construction of the pipeline, together with OMV Austria, MOL Hungary, Botas Turkey,...

Ikea"s turnover passed 100 million Euros in 2008

Ikea"s sales passed the 100 million Euros threshold in 2008, with over 13 million items reaching the households of Romanians last year, according to a press release by the company.

Provisions Shrink Petrom Dividends For 2008

Petrom, the largest company listed on the Bucharest Stock Exchange, yesterday announced that their dividends for 2008 could be significantly smaller than a year before as a result of provisions for the last quarter of 2008.

All public salaries and pensions could be frozen by law for sex months!

Pensions, Salaries, Frozen For Six Months

Education, medical unions promise to strike

Primavara Projects Continue In Bucharest

Primavara Prelungirea Ghencea, one of the first residential projects developed by Can Serv, is 90% sold out.

Romania"s exports head for the East

The Ministry for the Business Environment has announced it is targeting exports towards

Nabucco urgently needs 300 million Euros in funding

Yesterday, in Budapest, Romania confirmed its commitment to the project

Senate Postpones Debate On National Energy Company Setup

The Senate Economy & Industries Committee yesterday postponed the debate on Emergency Ordinance of the Government no. 128/2008 regarding the establishment of the National Energy Company.

Lawyers in the Chamber of deputies have voted against the proposals to amend all four Codes

The Legal Commission of the Chamber of Deputies has rejected the proposal submitted by the deputy of the National Liberal Party (PNL), Tudor Chiuariu, for the amendment of the four Codes of Law (the Criminal Code, the Code of Criminal Procedure,...

Romania"s overall irrigated surface had decreased from 1,400,000 hectares in 2004 to 250,000 hectares in 2008.

With Crisis In Full Swing, Irrigation System Faces Bankruptcy

National Land Development Agency (ANIF), insolvent l Irrigation system stricken by disaster as drought looms

FINANCIAL CRISIS CROSSES OVER FROM SUB-PRIME TO SUPER PRIMESolvency of governments is in danger

In the beginning was the distrust in the financial system.

Teodor Ancuta: We want to quote CO2 emissions and farming products

Currency Hedging, The Crisis Countermeasure

An interview with Mr. Teodor Ancuta, President - General Manager of Sibex

Business Community Wants Cheaper Gas

The Romanian Business People"s Association (AOAR) is again asking energy market regulator ANRE to provide public explanations and arguments for the very hasty announcement that the price of gas will remain unchanged after 1 April 2009.

Projects with European Funding in Râşnov

Râşnov has prepared several projects backed by European or government funding, which it has submitted for approval, and has already received the necessary funding for them.

For consortiums vying for Comarnic - Braşov highway

The four consortiums which made the short-list for the lease of the highway section between Comarnic - Braşov will submit their final tenders on February 2nd, according to the Ministry of Transport.

Emilia Bunea, ING Pension Gund: "I was expecting 2-3 mergers this year"

Emilia Bunea: "We have to be flexible in order to handle the unprecedented volatility in the markets"

The consolidation process on the mandatory pension market will continue this year, however the outlook is far more uncertain now then it was last year, according to Emilia Bunea, general manager of the ING Pension Fund.

The Romanian state owes "Bechtel" 141 million Euros

The Ministry of Transport has outstanding payments to "Bechtel", for the works delivered in 2008, of 141,5 million Euros.

For Your (Un)Rest

This year started "well" because: (i) the exchange rate is demonstrating an accelerated depreciation of the leu, even though the National Bank has been spending billions to naively fight this trend since October 2008; very many loans were...

Eight companies are vying for the administration of the Proprietatea Fund

Eight companies of the USA, Great Britain, Austria and Switzerland, had already sent in their offers for the administration of the assets of the Proprietatea Fund, by noon, yesterday.

WEAK LEU DOES NOT HELP EXPORTERSPain with no cure

Euro is on a roll against the leu, reaching a new record high of 4,3127 lei yesterday.

The Association of Investors requests the enforcement of the law concerning Initial Public Offers

The Association of Investors on the Capital Market (AIPC) claims that the regulator of the capital market, the National Securities Commission, has no clear stance on the execution of the legal dispositions of article 203 and subsequent of the Law...

Geoană suggests a debate on the archival of phone calls

The Chairman of the Senate, Mircea Geoană, considers that the time is right for holding a public debate concerning the storage of phone data, as this issue has stirred reactions from the press and the civil society.

The government will pay the outstanding invoices

The Ministry of Public Finance will begin, on January 26th, the payment of invoices that were issued last year, which, on December 31rd 2008, amounted to 3,05 billion lei.

World Bank International Finance Manager Mansoor Dailami explained that the foreign direct investments decline would cause further depreciation of the currencies of the emergent economies, even if investment fund exits stopped.

THE TIME FOR WARNINGS IS OVERRomanian Government Has Lost The Battle With The Crisis Already

The deadline that the Government set for themselves to have the State Budget for 2009 endorsed by Parliament is approaching fast, but results seem to be delayed.