English Section

28 iunie 2010

WITH SOME EU COUNTRIES ALREADY CONSIDERING IT,The burden of a new tax on banks would be borne by customers

After the European governments have proposed additional taxes on banks in order to lower their budget deficits, which has already been agreed upon by Hungarian, British, German and French authorities, Romanian bankers say that they don"t see any reason for implementing such a measure in Romania, mentioning however that if they were forced to implement it, it would be their customers bearing the burden.

Umbrărescu consolidates his road construction business

One of the most well-known players on the road and highway construction segment, Dorinel Umbrărescu, recently decided to merge the companies he owns that operate in this sector.

PROFIT SHELTERINGInvestors transfer their shares to their relatives

Investors are scrambling to use the last days when capital gains are still taxed at the rate of 1% for stocks held for more than a year, by selling their holdings to close relatives or, in some cases, to their companies themselves.

Implementing this vat raise flagrantly infringes on the legal guidelines that govern the changes in the taxation regime, and if Romania is still a state where the law rules, this measure may not come into effect before january 1st 2011. (Daniel Ionescu)

Living with the 24% VAT

On Saturday, the government has decided to raise VAT by 5%, from 19% to 24%, after the Constitutional Court decided that the government decision to cut pensions by 15% was unconstitutional.

Mişu Negriţoiu, ING Bank: "Most likely tax adjustments are coming"

"It is hard to tell whether the measures initiated by the government are sufficient, one thing is certain, they are necessary", Mişu Negriţoiu, chairman of ING Bank, said yesterday in Iaşi.

1 Euro5.0954

1 Fr. elveţian5.5904

BNR

1 Liră sterlină5.8340

BNR

1 Dolar SUA4.3231

BNR

1 Gram Aur718.5914

BET29215.41

BET FI110794.76

BET NG2093.12

"Pantex" Braşov enters insolvency

In a press release sent to the Bucharest Stock Exchange this week, "Pantex" Braşov announced it has entered insolvency and has decided to draw up a plan of legal reorganization.

Creditors are requesting the dismissal of Iosif Armaş from the management of "Argirom Internaţional"

The creditors of "Argirom Internaţional" will vote today on the proposal to dismiss businessman Iosif Armaş as manager of the company, at the proposal of the National Administration of State Reserves (ANRSPS), the company"s main creditor.

Profitable state companies: the government leaves us with no money to invest

The investment plans of the profitable state-owned companies could be overturned by the decision of the government which requires them to pay 90% of their profits to the state budget, nearly double of what they were paying until now.

STUDY BY ERSTEGold - soft metal, hard currency

"Over the last ten years, gold has proven to be the best performing asset.

THE CRISIS SERVED THEM WELLThe world"s riches people, gravitating towards the US and Asia

The number of Asian millionaires has exceeded for the first time that of their European peers, increasing to 3 million, due to an increase in the assets of Chinese and Indians, according to a study published yesterday by the "Merrill Lynch...

The government leaves state companies without any profit

90% of the profits of companies could be transferred to the state budget, prime minister Emil Boc announced yesterday.

THIS YEARHigh likelihood of the Proprietatea Fund being listed

The shareholders of the Proprietatea Fund will decide on the amendment of the articles of incorporation in order to transfer the management of the Fund to Franklin Templeton, as well as its listing on the Bucharest Stock Exchange this year, once...

ANALIZĂ ERSTE BANK: The exports of Antibiotice Iasi to the US increase its attractiveness

US exports and the postponement of the implementation of the claw-back system caused Erste Bank analysts to revise their recommendation for the shares of drug maker "Antibiotice Iaşi" from "sell" to "hold", after the...

Prefab Bucharest moves from the Rasdaq to the BSE

At the end of last week, the National Securities Commission approved the prospectus drawn up by Prefab Bucharest, maker of construction materials, in order to allow its transfer to the BSE from the Rasdaq.

CWP TO BUILD TWO MORE WIND FARMS IN ROMANIA

American company "Continental Wind Partners" (CWP), the developer and administrator of the largest European wind park, located on the Romanian shore of the Black Sea, will build two more parks of the same type in Romania, as stated by...

The IMF to review our economic performance on June 28th

The Executive Board of the International Monetary Fund will meet on June 28th to assess Romania"s economic performance, according to the report drawn up by the IMF evaluation mission, which visited Bucharest between April 27th - May 10th, the...

"Rafo" dodges the bankruptcy bullet

The court of Braşov has denied the request for the bankruptcy of "Rafo" Oneşti, as announced yesterday by Bogdan Paraschiv, the head of the team of lawyers of law firm "Boştină şi Asociaţii", which represented the company of...

"Transgaz" has 14.5 million Euros available for Nabucco

The budget allocated by "Transgaz" this year, for the implementation of the Nabucco project is close to 14.5 million Euros, said Elisabeta Ghidiu, head of strategy, capital markets, communication and corporate relations of "Transgaz".

AFTER INVESTORS HAD LOST ALL HOPE,The SIFs make a show on the Bucharest Stock Exchange

After the market drop, the main indexes of the BSE gained considerably, posting figures which exceed the minimum thresholds reached in the beginning of the month. Financial rose the most and were the most liquid, due to volumes which were higher...

EXCLUSIVEHow Fitch explains the fact that Greece has a better rating than Romania

Even though it may seem paradoxical that Greece, one of the European countries that took the worst hit from the financial crisis, has a better country rating than Romania, the representatives of Fitch explained the reasons, at the request of our...

Way to go, Sebastian !

Everybody is railing against the austerity measures and against the Government, but surprisingly, the minister of Finance, Sebastian Vlădescu has quite a good public image, rather the opposite, he is appreciated for his professionalism.

"Aromet" Buzău wants to borrow 2 million Euros from "Eximbank"

The Board of Directors of "Aromet" Buzău called the General Extraordinary Assembly on July 22nd.

The crisis caused a 60% decrease in the exports of "Organe de Asamblare"

"Organe de Asamblare" Braşov ended the year of 2009, with a profit of 36,688 lei, down 24.45% YOY, from 47.924 de lei.

Puiu Popoviciu (pictured) pays 30 million Euros to acquire a real estate project which is 80% complete.

How Puiu Popoviciu acquired the first mall that entered insolvency

The crisis and the difficulty in securing funding have completely overturned the plans of the Irish investors, who, four years ago made an ambitious bet of tens of millions of Euros: that the purchasing power of Romanians in cities outside...

The chain of offshore companies

"Shopping Center Holding" is officially controlled by a company based in Cyprus, called Karias Trading Limited, which is led by Dumitru Ciocoiu, one of the managers of the companies controlled by Puiu Popoviciu.

On the second day after the General Shareholders" Meeting of IAR approved the sale of the company"s assets,Videanu rushed to sign the framework agreement with Eurocopter

The Minister of the Economy, Adriean Videanu, yesterday announced, at the French Embassy, the framework agreement with the French helicopter maker Eurocopter.