English Section

The European Parliament recently adopted, on its first reading, a position in favor of the proposal of the European Commission to amend the Regulation no. 1083/2006 of the Council, concerning structural and cohesion funds, in order to speed the...

Tens of thousands of unionists yesterday filled the Victoriei Square in Bucharest to protest the austerity measures announced by the government to fight the crisis.

Remarul 16 Februarie of Cluj Napoca saw its profit drop 14% at the end of Q1 2010, from 946,500 lei to 813,000 lei, while its turnover dropped 14.7%, from 37.05 million lei to 31.6 million lei.

The Council of the County of Cluj and the town of Feleacul have set up a partnership for the construction of two new industrial parks called Tetarom IV and Tetarom V.

Soccer club "Rapid Bucureşti" owned by businessman George Copos wants to take out a loan of 2.2 million Euros de la CEC Bank for the payment of its utilities, the wages of players and of arrears to the state budget.

Wages and pensions will be lowered beyond the productivity levels of the economy, the governor of the NBR, Mugur Isărescu warned yesterday.

"Roclip" Făgăraş, the only Romanian maker of dehydrated potato, beans, peas and soy flakes, posted losses of 375,149 lei in Q1 2010, after posting a profit of 5,034 lei in Q1 2009, as the company"s turnover dropped almost 50%, from...

This week, the European Commission (EC) could fine ten big memory chip makers companies, including "Samsung", "Infineon" and "Hynix Semiconductor", for illegal price fixing, sources close to the discussions claim, as...

Bank of Cyprus yesterday announced that it has requested the agreement of the NBR to acquire an additional 10% of the stocks of "Banca Transilvania", after buying 9.7% of Banca Transilvania on the stock exchange.

Aren"t we forgetting something?

"Dafora" Mediaş, a drilling and construction company, has ended the first quarter with a profit of 6.27 million lei, up over 40 times compared to last year"s result, of just 178,000 lei.

Turkish group "Dogus", which controls "Garanti Bank", and American "GE Money" have decided to merge their operations, after "GE Garanti Bank" received the license from the Romanian National

The current problems of the Government resulting from the need to cut budget spending increases the risks of banks, which, after being forced to cut the interest rate to match the policy rate, are now charging higher interest rates on government...

A company from Călan fails to get listed on the Frankfurt Stock Exchange, due to technical reasons beyond the control of its shareholders.

U.S. prosecutors and the Securities and Exchange Commission are cooperating in a preliminary criminal probe into whether banks misled investors about their participation in mortgage-bond deals, the Wall Street Journal said, citing anonymous sources.

Household appliances maker "Electroargeş" Curtea de Argeş, announced a profit of 1.88 million lei in the first quarter, after its turnover increased 50.7%, to 27.45 million lei.

The cut of the pensions and salaries comes from the fact that the IMF did not accept the rollover of debt, as practiced by the Romanian budget.

Spain in on the edge of social unrest.

"UniCredit" SpA, the largest Italian bank, has seen its profit increase 16% in Q1 2010, due to earnings from trading and commissions.

The net profit of "Turism" Covasna, controlled by SIF "Transilvania", has dropped by two thirds last year, from 2.411 million to 804,025 lei, which the company considers a good result, given the fact that in its revenue and...

The Minister of Agriculture, Mihail Dumitru, has decided to begin an investigation at the National Land Improvement Agency (ANIF) and its branches, after BURSA published an exclusive article describing how, after the floods that happened this...

A group of shareholders of Contor Group Arad, who jointly own 20.11% of the company, have asked the general manager of the company to come up with a plan to reduce the company"s outstanding receivables, in a general meeting of the...

After the financial crisis, Emerging Europe"s biggest challenge will be steering capital flows and avoiding a resurgence of the imbalances that precipitated economic declines across the region, a report by the International Monetary Fund says.

Interview with Mr. Sebastian Vlădescu, the Minister of Public Finance

Euphoria was the key word yesterday in the Bucharest Stock Exchange, which had one of the most spectacular recoveries in the last year and a half, contaminated by the enthusiasm of foreign markets spurred by the news that the European Union has...

"Business people should be happy that we haven"t raised taxes and not expect a fiscal relaxation"- this is the message sent by the Minister of Finance, Sebastian Vlădescu, to the business environment, in an interview given to the...

Jeffrey Franks, the head of the IMF mission in Romania, yesterday said that the crisis impacted Romania mores severely than he had expected.

Bucharest-based "Electromontaj" SA, which owns 30.79% of cable maker "Iproeb" Bistriţa, announced this week that it would launch a voluntary takeover of the company, at a price of 1.37 lei/share, 27.8% below the market price.

Exploiting Romania"s farming potential could bring a significant contribution to the growth of the economy, as agriculture, forestry and fish farming account for approximately 6% of the GDP (PIB), according to recent data from the Ministry of...

The Mission of the International Monetary Fund (IMF) in Romania ends today, after two weeks of discussions and negotiations on the subject of the commitments of the Romanian authorities based on the stand-by agreement.

The decision to lower wages in the public sector by 25%, that was announced on Thursday by president Traian Băsescu could lead to an increase in the number of people that would default on their loans, experts say.

One of the tough measures that was agreed upon with the IMF, which was intended to rebalance the public budget deficit was to drastically reduce the outstanding arrears of major state owned companies.

The hike of the flat tax rate is the last and worst solution for plugging the budget deficit, and the Romanian government and the IMF officials are all aware of it, just as they perform the quarterly evaluation process for the release of the...

Aerostar Bacău (ARS), specializing in the construction and maintenance of aircraft, posted a net profit of 2.7 million lei in the first quarter (approximately EUR 660,000), up 78% YOY, from 1.5 million lei.

The board of directors of the International Monetary Fund (IMF) will meet on Sunday to approve the 3-year EUR 30 billion aid for Greece.

Over 20,000 protesters took to the streets of Athens yesterday, and around 14,000 in Salonic, rioting violently.

With just two exceptions - BURSA and "Adevărul financiar" - the entire media yesterday got involved in the hysteria around the so-called "imminent" increase of the VAT and of the tax rate.

Romnav Brăila, a company specializing in river freight shipping, has doubled its net profit last year from 2.06 million lei to 4.13 million lei.

The draft of the new Criminal Code of Law (Book V) implements the elimination of the debt collectors employed by banks.

The Romanian Central Bank cut the monetary policy rate to 6.25%, in line with the expectations of the analysts contacted by BURSA, who were all unanimous in predicting the rate would be cut by 0.25%.

The European single currency could disappear, if Europe doesn"t successfully solve the issues faced by its fundamental institutions that were brought to light by the Greek crisis, said Joseph Stiglitz, winner of the Nobel prize for Economics,...

Moara Cibin of Sibiu (MOIB), owned by milling and bakery group Boromir, will take out three loans, with a total value of EUR 17.8 million and 22 million lei, all of them from ING Bank.

Shares of Banca Comercială Carpatica (BCC) were the most traded in yesterday"s trading session of the Bucharest Stock Exchange, with the turnover amounting to 7.25% of the bank"s share capital.