English Section

Minister of Economy Adriean Videanu yesterday signed the first six out of 14 projects selected within Chapter 4.2 " Supporting investments in upgrading and building new power and heating production capacities by valorisation of renewable...

German company E.ON lowered its investments in the Romanian gas and electricity industry by 40% this year.

Although maintaining the flat tax and the value-added tax unchanged required a huge effort for Romania in 2009, these taxes must continue to remain the same in 2010, too, according to Ministry of Finance Secretary of State Gratiela Iordache, who...

The energy of the confrontation in Cluj between presidential candidates Traian Băsescu and Crin Antonescu was absent in the spontaneous debate held on Wednesday by Antena 3 TV channel, which this time hosted Crin Antonescu and Mircea Geoană.

The National Securities Commission (CNVM) yesterday revoked the license to operate issued to Trend - Bacau and gave the brokerage firm a fine of 8,000 RON for several operational irregularities identified during a comprehensive audit performed in...

Companies that have obtained approval for energy investment projects co-financed by the European Union are having great difficulties in securing their part of the co-financing, Minister of Economy Adriean Videanu said yesterday.

The Organization for Economic Cooperation and Development (OCDE) yesterday revised significantly upwards its economic growth forecast for industrialized states in 2010, showing that China and emerging countries will have an important contribution...

The International Monetary Fund could disburse the third and fourth installments of the loan next year, if the authorities request it and if the political uncertainty persists, the IMF official for Romania and Bulgaria, Tonny Lybek said.

The management of Dornafarm - Suceava (listed as DOFA on the RASDAQ platform of the BSE) has informed the Bucharest Stock Exchange (BSE) that a general insolvency procedure has been initiated against the company.

On a leasing market that has seen its main segments contract, "Deutsche Leasing Romania" is now turning its attention to providing specialized financial services.

Shares of fertilizer maker "Amonil" Slobozia (symbol: AMO) yesterday shone again, rising over 9.24%, on a volume of 7.66 million shares, after the National Securities Commission (CNVM) demanded that the two-offshore companies,...

Banks operating in emerging Europe seem to have been reluctant to recognise possible losses from bad loans and could face even bigger problems in early 2010, international financial institutions warn.

Fertilizer producers and thermo-electric plants may only procure gas from Romania"s domestic gas production until 2010.

Shareholders in the Italian-based Ferrero SpA have divergent opinions on whether to make a takeover bid for Cadbury Plc. or start forging an alliance with the British confectioner, the Times reported, without quoting sources.

Professional associations CONPIROM and UGIR-1903 are extremely concerned at the EUR 2 billion withdrawal of funds from Romania by the branches of some foreign banks, and urge the IMF to get involved in changing this type of behavior that can...

Shareholders in Banca Carpatica (BSE:BCC) have positively revised the net profit estimate for this year to 7.2 million RON, up by 7 per cent from the previously released estimate.

"Burberry Group" Plc, the largest British luxury goods producer, increased its dividend for the last time in the last year and a half, after posting a profit in the first half of its fiscal year.

Hungary will not draw the next tranche of the stand-by loan agreement with the International Monetary Fund (IMF) and will postpone taking financial assistance offered by the European Union, according to an announcement by Hungarian Finance...

Shareholders of UniCredit SpA - Italy"s largest banking group - shareholders Monday approved a capital hike of up to EUR4 billion (USD 6 bln), by issuing shares to be offered pre-emptively to existing shareholders.

Romania will not exit the crisis in 2010, and it shouldn"t rely on exports for the recovery, according to statements by businesspeople who attended a seminar held by the Romanian National Association of Exporters and Importers (ANEIR).

Minister of Transportation and Infrastructure Radu Berceanu yesterday stated that the company controlled by the subway trade union was doing profitable business with commercial spaces and advertising spaces inside the subway, to the loss of the...

What were the electoral strategists of the Social Democrat Party counting on when they had the subway union go on strike?

Romania is perceived as the most corrupt state in the European Union, ranking last in the EU member state chart, Transparency International Romania announced.

One year after opening their first store in Timisoara, Bebeloo opened its second store in the city within the newly built extension of the Iulius Mall, which was inaugurated on 12 November.

National Liberal Party (PNL) Deputy George Scutaru, Vice Chairman of the Defence Committee of the Chamber of Deputies, yesterday said that the MPs would discuss appointing a parliamentary inquiry panel for the Omar Hayssam Case by the end of the...

The Romanian durable goods (electrical appliances) market amounted to EUR 366 million in Q3 2009, up from EUR 308 million in Q2 2009. However, the market shrank 42.3% in the first three quarters of 2008, according to data compiled by research...

Without funding from the international financial institutions, without any chance to take loans from foreign markets and with domestic banks pressuring for higher interest rates, the National Bank of Romania has been forced to come once again to...

In recent weeks, several articles in the Romanian press have highlighted a campaign by ANAF to seize as much as three billion euro from our country"s own citizens.

Former DIICOT prosecutor Ciprian Nastasiu yesterday held a press conference on the occasion of the launch of the book by Romanian-American writer Victor Gaetan, which will be published under the title "The Robbing of Romania".

Mefin - Sinaia (BSE:MEF) achieved a net turnover of 15.14 million RON for the first nine months of the year, down by nearly 25 per cent from the year-earlier period, according to a financial report released on Friday.

Romania"s GDP continued to drop in the third quarter of 2009, (-0.7% over Q2 2009 and dropped 7.4% over Q3 2009, the first estimates of the National Statistics Institute show.

The economy of the Eurozone exited its deepest recession since WW2, as exports from France and Germany recovered in the third quarter, compensating for the drop in spending caused by consumer wariness.

Romania"s political crisis is having indirect effects, by causing a rise in the cost of foreign financing, as foreign investors are becoming increasingly risk adverse.

Major producers of coal-based energy have raised their open market prices by about 10-15% compared to last year.

Medias-based drilling company Dafora (RASDAQ:DAFR) has recently caught the attention of investors interested in acquiring significant share packages, according to Gheorghe Calburean, who holds 48.58 per cent in the company.

Shareholders in IAR - Ghimbav have decided to relieve Aurel Cazacu of his duties as Chairman of the Board of Directors and replace him with Constantin Stafie.

"ArcelorMittal", the world"s largest steel maker, today decided to acquire a 13.9% stake in its Czech arm "ArcelorMittal Ostrava" for $ 404.3 million (6.88 billion Czech Crowns) from a division of "PPF Group" NV.

Governments may need up to seven years to sell their stakes in banks bailed out during the financial crisis, due to the complexity of the bailout agreements, as well as due to the economic environment which is unfavorable to any divestment,...

The Ministry of Finance will not accept yields in excess of 10 per cent p.a. on governmental securities issued this year, Secretary of State Bogdan Dragoi told the CEI Summit Economic Forum.

• Farmers may not receive State aid in 2010 as the European Commission has not been notified and the dismissed Government cannot do so • The stake: over 1 billion RON • Parliament receives on the same day two different draft laws regulating the same...  

Romania will continue to resort to loans to finance its budget deficit for 2010, estimated at 5.9% of the GDP, Finance Minister Pogea yesterday said, during the CEI Summit Economic Forum.

CEI - The Central European Initiative supports regional political and economic cooperation between countries of Central and Eastern Europe.

Privatizations in the energy sector should continue, World Bank officials said, during the CEI Summit Economic Forum.

World Bank officials expect Romania"s potential economic growth rate to remain around 2% over the next two years, down from the 4% forecasts made in the previous years.