English Section

Nationalized Dutch bank ABN Amro Group yesterday decided to postpone the legal separation from the Royal Bank of Scotland Group Plc (RBS) and is expecting the process to take place in the first quarter of 2010 at the earliest.

"Emporiki Bank of Greece" SA, the Greek division of French bank "Credit Agricole" SA, expects net losses of about 570 million Euros (838 million dollars) this year, and will try to secure a capital injection to finance its layoff...

Opposition parties PSD and PNL yesterday expressed their conviction that the motion of no-confidence that they introduced against the so-called Boc 2 Government which will be put up for voting on Tuesday, October 13th, has high chances of success.

Wojciech Zaremba, Business Development Manager for German Group PCC SE, minority shareholder of "Oltchim", is certain that the company"s shareholders will vote on Friday for initiating the liability proceedings against him and former...

The Association of Aerated Autoclaved Concrete (AAC) Producers in Romania - PRO BCA is requesting the prolongation of the effects of Emergency Ordinance of the Government (OUG) no. 28/2009 regulating specific social security measures.

The Authority For State Assets Recovery (AVAS) has decided to discontinue the post-privatization monitoring and to archive the documentation for several companies which were privatized.

The Ministry of Economy early this week appointed Emil Miron of the Special Tasks Directorate of the Ministry of Economy as Special Administrator of Constructii Aeronautice - Ghimbav (Aeronautical Constructions - Ghimbav).

Highly modular office buildings easily divisible into 100-150 sqm sections proved the most profitable in times of crisis, real estate consulting company Esop says, in a press release sent to our editors.

Companies and individuals that want to change their lender may soon be exempt from the payment of the penalty fee which can amount to as much as 3% of the loan taken out.

Employees of Electrica sued the company and the Ministry of the Economy for denying their right to buy up to 10% of the shares of the former division of Electrica Oltenia.

The establishment of two giant energy corporations having a dominant market position and the lack of transparency in contracts signed between State-run energy producers and private partners enjoying preferential treatment are the main sources of...

The Foodstuff Marketing Law, submitted to President Traian Basescu for promulgation is one of the five most important crisis containment measures and needs to be signed into law as soon as possible, Ovidiu Nicolescu, President of the National...

The financial investment firms (SIFs) continue to have a market value equal to less than half of their net asset value, although the price of their shares on the Bucharest Stock Exchange (BSE) has increased significantly since the beginning of...

After a few years of developer domination, when home prices were rising from one month to the next, and properties would sell like hotcakes, the residential market has slowed down and shifted power to the buyers. This last year, potential buyers...

Most of the assets of fertilizer producer "Amonil" Slobozia will be auctioned off today for a minimum amount of 57.12 million lei, after the main shareholder of "Chemgas Holding Corporation" SRL, the plant"s creditor, rejected...

The financial assistance granted to Central and Eastern European countries must continue, the International Financial Institutions said, warning that not taking the significant challenges of the economic crisis makes the the recovery process of...

Online payments by credit or debit card gained substance in the first nine months of the year, totalling 69.5 million EUR, up by a substantial 75 per cent from the corresponding period of 2008, according to electronic payment processor RomCard.

N-Lex (national laws) is an electronic legislative database which is accessible free of charge, and which is connected to the N-Lex European system, which means users have access to the legislation of all the European countries which are...

The Board of Directors of SEF Petroforest SA - Piatra Neamt has called an Extraordinary General Meeting of Shareholder for 5 November to discuss and approve mortgaging two buildings as guarantee for two loans worth a total of 19 million EUR to be...

The U.S. dollar continued to decline on foreign markets yesterday, for the second consecutive day, as the Finance Ministers and Central Bank Governors of the G7 (the seven most industrialized countries in the world) omitted to make reference to...

Even if capital market investors had had a crystal ball foretelling the future a year ago, they would probably have not even imagined that an investment fund could double their investment in only 12 months with a global economic crisis in progress.

After having prospected potential gold and platinum deposits in Morocco, the management of Prospectiuni SA (controlled by Romanian businessman Ovidiu Tender) seems quite confident that the company will soon start prospecting for oil, too.

Businessman Ioan Niculae once again became the majority shareholder of the former "Romanian Tobacco" National Company (SNTR), five years and a half after the company"s privatization.

Oil prices are expected to average 63 dollars in 2010, after 55.5 dollars in 2009, the World Bank said in a report on the Middle East and North Africa released in Istanbul on Saturday.

Investor appetite for shares of "Carpatica" (symbol: BCC) did not see significant changes in the last four trading sessions, even though the bank went through major changes, including the replacement of its general manager and the share...

European Union regulatory authorities on Friday charged British Airways, American Airlines and Iberia Lineas Aereas de Espana SA with breaking antitrust regulations by sharing trans-Atlantic routes.

Arrivals of foreign tourists in Romania logged at border crossing points, amounted to about 897,000 in August 2009, down 18.2% over August 2008, whereas over 1.3 million Romanians went abroad this year, down 26.3%, according to the National...

At the request of one of the shareholders, the Board of Administration of Pantex SA Braşov summoned the General Assembly of Shareholders for November 19th.

Developing countries continue to suffer severe detriment because of the global economic recession, and the World Bank needs additional resources to assist them, said World Bank President Robert Zoellick.

Barely two weeks after expediting the adoption of the Single Salary Policy Law by taking responsibility for it before Parliament, the Government is considering changing it through an emergency ordinance.

The Democrat Liberal Party (PD-L) has entered the final stage of the preparations for the election campaign, PD-L Vice President Gheorghe Flutur stated, adding that further details about the official announcement of the President"s candidacy...

RAFO, Oltchim and Arpechim could form a petrochemical supply chain after the Government on Wednesday approved a memorandum for issuing a 330 million EUR State guarantee for RAFO - Onesti.

Romania"s forex reserves reached a new historic high, 28.33 billion Euros, at the end of September, as Romania cashed in the second tranche of the IMF standby-agreement, according to a press release by the National Bank.

Europe should pay distinct attention to the energy reserves in the Black Sea, which constitute a viable alternative to imports from Russia.

National Liberal Party (PNL) President and candidate for the Presidency of Romania Crin Antonescu yesterday stated that the recently broken ruling coalition between the Democrat - Liberal Party (PD-L) and the Social Democratic Party (PSD)...

In September, brokerage firm "Estinvest" Focşani has replaced "Tradeville" (formerly "Vanguard") as market leader in terms of turnover on the Sibiu Derivatives Exchange (SIBEX), with 68,368 contracts, further strengthening...

Some 50 workers of Construcţii Aeronautice Ghimbav continued their protests this week by denying access inside the premises.

Azerbaijan is interested in investing in the Romanian petrochemical industry, namely Arpechim Râmnicu Vâlcea, Tudor Şerban, the state secretary in the Ministry of the Economy yesterday said.

Petrom, a subsidiary of OMV and the largest oil company in Romania, will add natural gas exports to its registered business during the next General Meeting of Shareholders.

Romania and Azerbaijan are looking to build a new refinery at the Black Sea, Tudor Şerban, the state secretary in the Ministry of the Economy said yesterday, during the Black Sea Energy and Economic Forum.

After all of the Members of the Board of Directors of Romlag - Brasov resigned, the company"s auditor, Basicount SRL, appointed Gabriel Catalin Anghel as Sole Director.