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The US authorities are investigating some of the clients of British bank HSBC Holdings on suspicion of concealing accounts they had opened in India or Singapore, according to sources familiar with the matter, quoted by Bloomberg.

Looking for financing solutions to the rising number of non-performing loans, bankers are turning to savers, Radu Gheţea, the president of the Romanian Banking Association said yesterday, during a finance and banking seminar.

The Governor of the Central Bank of Romania (NBR), Mugur Isărescu, yesterday announced that at the end of 2010, the inflation rate would reach 8%.

Several assets of the National Land Improvement Agency (SNIF), a company which is the focus of the events caused by the floods, have been assigned free of charge to beneficiaries that have nothing to do with land improvement.

BAD Rulmenţi of Braşov has borrowed an additional 450,000 lei from its majority shareholder, Bucharest-based Ciad SRL, according to a press release sent to the Bucharest Stock Exchange.

Timco Timişoara, controlled by the brothers Marius and Emil Cristescu, has approved an investment of 25.7 million Euros - around 5.8 million Euros - in the tourist resort called Arsenal Park of Orăştie.

Companies controlled by Mechel OAO make their decisions based on economic utility principles and have never been, nor will they be influenced by geopolitical situations.

The board of the IMF is concerned with the ability of the Romanian authorities to continue their reforms (because spending needs to be kept under control) and to take measures to increase tax collection, said the representative of the IMF,...

Starting yesterday, Oana Petrescu holds the position of retail vice-president of the Romanian Commercial Bank (BCR).

The National Housing Agency (ANL) will have the possibility of building homes intended for rental or sale through public-private partnerships.

The management of the Proprietatea Fund, as well as several of the private shareholders of the company, are trying to block in court the creation of the two national energy companies "Electra" and "Hidroenergetica".

Alexe Gavrilă, nominated by liberals for the position of vice-president of the CNVM, will now need to wait for autumn to be validated by the members of the commission, which will return their holiday.

"Roman" SA of Braşov intends to increase its share capital by 20.9 million lei, from 302.28 million lei to 323.2 million lei.

KazMunaiGaz intends to pay back 100 million dollars of the debt of 2.4 billion lei (around 600 million dollars) that "Rompetrol" has towards the Romanian state, the minister of Finance Sebastian Vlădescu said yesterday in a press...

The value added tax will be raised by 5% starting today, to 24%. In spite of all this, some companies, in sectors such as food, furniture, construction and healthcare have decided to keep the prices of products unchanged.

I don"t know if Jean-Pierre Vigroux has learned to speak Romanian in the twenty years since he found Romania and began living here, as a representative of consulting firm "Coopers & Lybrand", but one thing is certain he is not...

The government said that it no longer wants to compensate former owners whose properties were confiscated before "89, by paying them cash, instead wanting to offer them shares in the Proprietatea Fund, over the next two years, according to an...

Investors on the Bucharest Stock Exchange yesterday were expecting the EUR/RON exchange rate to reach 4.519 lei for one Euro at the end of the year, whereas on the Sibiu Exchange, the Euro/Ron exchange rate was seen at 4.473 lei, according to the...

Last year, the courts ordered the Agency for Payments and Agricultural Interventions (APIA) to pay 954.920 lei (over 200,000 Euros in damages) to subsidy recipients who sued the institution, according to data that the APIA sent to our editors, at...

SIF Transilvania, the minority shareholder of IAR Ghimbav, will challenge in court the decision of the government to transfer the core assets of the company to the joint venture with "Eurocopter".

Analysts expect the NBR to keep the policy rate steady at 6.25% in its meeting scheduled for today, at least until the end of the year.

The European Commission is currently evaluating the case of the state guarantee for Oltchim, after the decision to launch the investigation was made on November 19th, 2009, as discussed in a study by the EC on the measures taken by the EU member...

Yesterday, the NBR announced an exchange rate of 4.3523 lei for an Euro, a new historic high against the Romanian currency.

"If the study that we ordered will prove that a business in this sector is a feasible project, we will begin the project in the air taxi company in autumn", said Mihai Fercală, the chairman of SIF Transilvania.

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...

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.

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.

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.

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.

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.

"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.

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.

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

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...

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

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...

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...

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.

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 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...

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...