English Section

The decision to "freeze" the contribution to 2nd pillar mandatory pension funds to 2% in 2009 has capped the growth of funds" assets and the net earnings generated by the system, according to a press release of the Romanian...

Major foreign investors have intensified negotiations with Romanian railway companies lately.

The members of the joint Public Administration Commissions of the two houses of the Parliament yesterday unanimously approved the budget for the Ministry of Regional Development and Tourism (MDRT), together with all the proposed amendments.

A new residential complex will be built on Baicului street no.51, the mayoralty of the second district announced yesterday, after mayor Neculai Onţanu issued the building permit.

Romania"s National Bank yesterday decided to cut the policy rate by 0.5% to 7.5% per annum, and to maintain the existing level of minimum reserve requirement ratios on both leu- and foreign currency-denominated liabilities of credit...

The IMF will most likely revise upward its forecasts on the growth of the global economy which seems to be recovering faster than anticipated, IMF first deputy managing director John Lipsky said.

The National Company Henri Coandă Bucharest International Airport (AIHCB) posted a turnover of approximately 280 million lei at the end of November 2009, around 3% higher compared to November 2008.

Santa visited "BURSA", bringing with him lots of joy and a goodie bag bigger than ever, in spite of the difficult times.

The evolution of the cost of borrowing for all types of loans followed mainly a downward trend, according to Ruxandra Andrei, Manager at Finzoom Financial Services.

20.12.2009 On the political stage, we find that the political agreement signed between PD-L and UDMR, the current governing parties, is valid until the elections for the parliament of 2012.

Officials of the Ministry of Development yesterday announced, in a press release, that, in the case of the sale/rental of apartments built before 2007, energy performance certificates can be obtained without requiring the energy auditing of the...

The majority of Romanians offer sweets as gifts for the winter holidays, instead of buying durable presents, according to a recent study by research institute "GfK" Romania.

"Danone" SA, the world"s largest yogurt maker, will take over the 45% stake its partner "Clover" holds in the "Danone Clover" joint venture - a dairy and dessert maker of South Africa, thus becoming a sole shareholder.

Retailers that resort to unfair commercial practices may pay fines three times as high from now, according to a bill passed by the Senate yesterday.

Despite the difficult situation of Greece and Austria, whose degree of leverage weighs heavily on their banking systems, officials of the Romanian National Banks insist that Romanian banks are solid and absolutely unaffected by what"s...

Bank of Cyprus bought 9.7% of the shares of "Banca Transilvania", according to a press release sent yesterday to the Bucharest Stock Exchange, after rumors that a European bank would become a shareholder of Banca Transilvania have been...

Elections for the top position of the Brokers" Association are scheduled for today, with the two runners being Dan Paul, the current chairman and Septimiu Stoica, the president of the Romanian Commodities Exchange (BRM).

The reform of the pension system is scheduled to begin next year, after the new retirement law gets passed by the Parliament.

The National Highway and National Road Company (CNADNR), through its Regional Road and Bridge Divisions (DRDP), has concluded road maintenance contracts during summer/winter, funded from the state budget.

Romanian Commercial Bank (BCR) offers short term loans for farmers, based on a partnership signed with the Agency for Agricultural Payments and Interventions (APIA) and the Fund for Guaranteeing Rural Loans (FGCR), according to a press release by...

Bucharest Mayor, Sorin Oprescu, and the General Manager of Apa Nova, Bruno Roche, yesterday signed an appendix to the contract by which Apa Nova provides water and sewer services to the City of Bucharest.

British chocolate maker "Cadbury" Plc continues to reject the public takeover offer from American giant "Kraft Foods" Inc., which it called "derisory", and announced it was expecting an increase in turnover of 5-7% in the...

Romania"s Constitutional Court (CCR) yesterday rejected claims by Social Democrat Party that the second round of the presidential elections which was held on December 6th, was rigged, sources claim.

Guy Marie Poupet was voted as chairman of the Board of Administration of BRD - Societe Generale, as part of yesterday"s General Shareholder"s Assembly, with his four year tenure set to begin on January 1st 2010.

The court of Bucharest today admitted the request for the insolvency of Flamingo International, after its subsidiary Flanco had received the green light for the same proceedings, allowing the financial reorganization of the company by protecting...

Political instability, which bankers, analysts and businesspeople agree is the greatest threat for Romania"s economy, continued over the weekend, with the Central Electoral Office deciding on Friday to recount annulled votes in Romania"s...

Shareholders of Avicola SA Braşov approved the decision of the Board of Administrators to take out a 50 million lei loan for a maximum period of 360 days, according to a communiqué sent to the Bucharest Stock Exchange.

Romania"s state-run freight rail company CFR Marfa plans to lay off nearly 6,400 staff out of a total of 16.220, as of March 2010, without compensatory payments, Iulian Măntescu, head of the Engine Drivers Federation said on Friday.

The board of Administration of "Elerom" Roman (symbol: ELER, on the Rasdaq tier of the Bucharest Stock Exchange) summoned a general shareholder"s assembly on January 11, 2010, with the main point on the agenda being the approval of a...

France may impose a 50% levy for bonuses in excess of 27,000 Euros (USD39,800) earned by bankers in 2009, after Great Britain recently decided to introduce a 50% levy on bonuses which exceed GBP 25,000 (EUR 27,500).

If the government hadn"t entered the agreement with the IMF in March, the EURRON exchange rate could have gone to 6 lei, Lucian Croitoru, advisor to the governor of the Romanian National Bank, said yesterday in a EU-Cofile seminar, held in...

Management of Rafo has begun negotiations with four foreign banks for the taking out of a EUR 330 million loan, but according to sources from inside the company, the banks conditioned the approval of the loan on Rafo exiting the insolvency...

Almost one third of the total of issues of bonds launched by Romanian mayoralties entered the market in 2009, according to data published by the BSE.

Analysts of "Target Capital" estimate a target price of 0.44 lei for shares of household appliance maker "Electroargeş" Curtea de Argeş (symbol: ELGS), 29.02% over the price at which shares of ELGS were trading yesterday and...

The crisis has severely affected the Romanian private sector, with over 15,300 companies filing for bankruptcy in the first three quarters of 2009, and this number is expected to increase to 20,000 by the end of the year, according to Bogdan...

The exceptional performance of the BURSA newspaper, in which it predicted the tie between the candidates, six days before the elections, must not go unnoticed.

The volume of construction works dropped 15.6% in the first ten months of the year, compared to last year"s similar period. According to a communiqué by the National Statistics Institute (INS), all structural elements of the construction...

"LUKoil", the largest Russian private crude producer, saw its earnings drop by half at the end of Q3 2009, due to declining prices.

The next evaluation mission of the IMF, on which depends the awarding of the third tranche of the loan, will take place when the Romanian authorities will be ready, Tonny Lybek, the IMF representative for Romania yesterday announced.

Shareholders of Construcţii Aeronautice SA Ghimbav (Aeronautical Constructions Ghimbav) have empowered the management of the company to look for possible investors for a joint venture which would inherit the company"s productive assets, as...

"Sberbank", the largest Russian bank, saw its profit drop 82% in Q3 2009, as it raised its provisions against bad loans by $3.6 billion.

The shrewd logic of Romanians proved its long term mettle on December 6th, when no one else believed Romanians were still capable of thinking rationally.

The conditions of the apocalyptic scenario suggested yesterday by BURSA were fulfilled when, after the Central Electoral Office (BEC) announced that Traian Băsescu won by a very thin margin, the secretary general of the PSD, Liviu Dragnea, said...