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March 31, 2003



      March 31, 2003


  FIC
No news for today
  Financial News
2002 was a good year for Raiffeisen Bank
Stock market on a stable trend
  Macroeconomic News
Talk of free market drives Russian investors away
APAPS to put six companies up for sale
Romanian air industry to land British contracts
INID sees 33 billion liters of mineral water
Hidroelectrica works on public-private deals
  Investment News
Mobexpert opens new furniture store
Foreign investors file their offers for Electrica
Hidromecanica's successful privatization close to disaster
OTE could buy MobiFon
Tomorrow starts Israel Hi-Tech fair
Government to decide the strategy for Petrom's privatization
  Legislative News
Excerpts from the Labour Code
Private companies not thrilled by anti-corruption laws
Businessmen gathered in Oradea complain of labour and fiscal laws
  News on ROMANIA
No news for today

   FIC

    No news for today.

   Financial News

   2002 was a good year for Raiffeisen Bank

   Shareholders of Raiffeisen Bank, gathered in the General Assembly, approved the report on the activity during the year 2002 submitted by the Board of Directors. The reports shows that the amount of loans granted to clients has tripled, while deposits increased by 40 per cent. Raiffeisen Bank's assets have also shown a significant 21 per cent growth. Steven von Groningen, chairman of Raiffeisen Bank Romania, stated that the year 2002 was very important for the bank, as a solid foundation for the future was laid. (English source)

   (BUSINESS&FINANCE 8 )   Read article here
   (BUSINESS&FINANCE 1 )   Read article here

   Stock market on a stable trend

   The Romanian stock market remained at roughly the same level as last month, with a fluctuation of less than 1 per cent in the main indexes. Several special transactions have increased market liquidity, but failed to make a lasting impression in statistics. Investors have favored shares of the National Petroleum Company Petrom and the two banks listed on the Bucharest Stock Exchange: the Romanian Development Bank (GSG-BRD) and Banca Transilvania. (English source)

   (BUSINESS&FINANCE 1 Dana Mirica)   Read article here
   (BUSINESS&FINANCE 5 Dana Mirica)   Read article here

   Macroeconomic News

   Talk of free market drives Russian investors away

   Prime Minister Adrian Nastase attended the Romanian-Russian Economic economic forum where he delivered a speech on the state's role in a market economy in what is thought to be a clear sign that the Government will not guarantee Petrom and Romgaz's sale to Russian companies. Russian investors did not seem too interested in meeting with Romanian businessmen, as only half a dozen Russian businessmen were to be seen in the conference room. Russian Prime Minister Mikhail Kassianov encouraged, in his speech, Romanian companies to be more aggressive on the Russian market and to look for investment opportunities in other areas of the country, not just Moscow. (English source)

   (BURSA 11 )   Read article here

   APAPS to put six companies up for sale

   The Privatization Authority will publish today the privatization announcements for six companies: Rulmenti Slatina, ICMUG Giurgiu, Iasitex Iasi, Baneasa SA Voluntari, Letea Bacau and the package formed by CUG and Fortpres Cluj Napoca. The six companies are on the Government's list of firms that must lay off many of their employees. The main shareholders in the six companies are the state and one of the State Investment Funds (SIF). (Romanian source)

   (ZIARUL FINANCIAR 3 Claudia Covaci)   Read article here

   Romanian air industry to land British contracts

   The Romanian air industry will benefit from indirect compensatory contracts worth GBP 60 million after the purchase of HMS Coventry and HMS London by the Romanian Navy. BAE Systems announced that it currently negotiates a first contract for the repair of 17 British civilian aircraft by Romanian companies. (Romanian source)

   (ROMANIA LIBERA 28 M. Ionescu)   Read article here

   INID sees 33 billion liters of mineral water

   Romania is the European country with the lowest consumption of mineral water per person, according to the National Institute for Information and Documentation (INID). A Romanian resident drinks only 40 to 50 liters of mineral water per year, which is not much when compared to the 500 - 600 liters per resident reported by France. Ioana Gaf-Deac, chairman of INID, stated that there are 33 billion liters of mineral water flowing free in Romania, while companies refuse to invest in the direct production of mineral waters. (Romanian source)

   (ROMANIA LIBERA 1 C. Ciobanu)   Read article here

   Hidroelectrica works on public-private deals

   National hydro power producer Hidroelectrica is currently working on the feasibility studies for six projects. Five projects will be jointly developed with Italian company ENEL and one with Romanian company Neptun SA. The six new hydropower plants will require investments of EUR 450 to 500 million and will increase the hydropower output by 250 MW. (Romanian source)

   (ROMANIA LIBERA 5 Adrian Stoica)   Read article here

   Investment News

   Mobexpert opens new furniture store

   The retail division of the Mobexpert group opened on Friday, March 28, its first classic furniture store in Bucharest. The store is part of a network of eight stores which distribute famous international furniture brands, such as Natuzzi, Ciacci, Petrovich, Zanni and Scavolini. Mobexpert invested more than EUR 500,000 in the new store. (English source)

   (BUSINESS&FINANCE 8 )   Read article here

   Foreign investors file their offers for Electrica

   March 28 was the deadline for sending in the offers for Electrica's privatization. The list of bidders includes big names in the sector, such as Enel (Italy), Public Power Corporation (Greece), EVN AG (Austria) and BKW FMB Energie AG (Switzerland). All these companies have met the standards required by the Romanian authorities and will take part in the tender for Electrica. A big question mark is whether the consortium formed by local company Grivco and Sweden firm ABB will be allowed to take part in the tender, as none of the two companies has any experience in the power distribution sector. (Romanian source)

   (ZIARUL FINANCIAR 4 A.M.)   Read article here

   Hidromecanica's successful privatization close to disaster

   The Privatization Authority (APAPS) could terminate the privatization contract with Alexander Comp, buyer of Hidromecanica, as the company did not pay the agreed-upon price. Alexander Comp failed to keep its side of the deal, although the payment was postponed four times. Angered by the situation, the 1,500 employees from Hidromecanica have taken to the streets. They have not been paid since January. (Romania source)

   (ADEVARUL 16 Adrian Popescu)   Read article here

   OTE could buy MobiFon

   The latest moves of Canadian company Telesystem International Wireless have fueled rumors about a possible purchase of Romanian mobile telecommunications operator MobiFon by Greek group OTE International. In just one week TIW has sold assets worth more than USD 100 million. The assets belonged to the two Brazilian mobile telecommunications operators Telemig Celular Participacoes and Tele Norte Celular Participacoes and Romanian operator MobiFon. OTE has already asked Deutsche Bank too look for purchase opportunities on the Romanian market. (Romanian source)

   (CURIERUL NATIONAL 7 A.S.)   Read article here
   (CURIERUL NATIONAL 1 A.S.)   Read article here

   Tomorrow starts Israel Hi-Tech fair

   More than 20 Israeli companies from the defense, IT and telecommunications sector will take part in the fourth edition of Israel Hi-Tech. The fair is jointly organized by the Israeli Embassy, the IT&C Ministry, the Romanian-Israeli Chamber of Commerce and Globus Gate Group. Israeli companies are especially interested in the recently deregulated Romanian telecommunications market. (Romanian source)

   (CURENTUL 16 )   Read article here

   Government to decide the strategy for Petrom's privatization

   The Government will issue by May an act regarding the official privatization strategy for Petrom. Several important foreign companies, such as OMV, MOL, BP and LukOil, have voiced their interest in the National Petroleum Company. The schedule for Petrom's privatization stipulates that the call to tender must be published before June 30, 2003. Petrom is one of the biggest companies in Eastern Europe and has an estimated market value of USD 2 billion. (Romanian source)

   (ZIARUL FINANCIAR 1 A.M.)   Read article here
   (ZIARUL FINANCIAR 7 A.M.)   Read article here

   Legislative News

   Excerpts from the Labour Code

   'Romania Libera' publishes excerpts from the new Labour Code. This article deals with the regulations for lunch breaks and daily rest time. The Labour Code stipulates that employees have the right to a lunch break if they work more than six hours per day. The employees must also have a minimum of eight hours of rest time between shifts. (Romanian source)

   (ROMANIA LIBERA 10 )   Read article here

   Private companies not thrilled by anti-corruption laws

   Many of the regulations stipulated in the new anti-corruption laws that the Government is trying to pass through the Parliament have made no impression on the private companies. One example is the law on establishing Economic Interest Groups (GIE). Although the GIEs seem to be some kind of holding-like structure, the law stipulates clearly that GIEs do not benefit from any fiscal incentives, which would have prompted investors to form this kind of groups. (Romanian source)

   (ROMANIA LIBERA 6 Cristina Cioabanu)   Read article here

   Businessmen gathered in Oradea complain of labour and fiscal laws

   Businessmen gathered at the economic forum organized by 'Ziarul Financiar' in Oradea are unhappy with the new Labour Code. Employers complain that the Labour Code is clearly biased in favor of the employees. State officials have actually admitted as much and urged employers to handle the situation the best they can. Another issue that makes businessmen nervous is the future Fiscal Code, which promises to be at least as 'interesting' as the Labour Code. (Romanian source)

   (ZIARUL FINANCIAR 3 L.M.)   Read article here

   News on ROMANIA

    No news for today.
   
   
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