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2005 Archive:
 
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March, 2005
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March 31, 2005



      March 31, 2005


  FIC
No news for today
  Financial News
ABN Amro cuts interest rates on ROL loans to 13.5 per cent
Electrocontact to raise equity
BNR props exchange rate with massive intervention
SIF Banat-Crisana estimates EUR 12 million profits for this year
Stock market shows signs of recovery
  Macroeconomic News
BNR to target inflation in the second half of this year
European Commission passes Moscovici report
Romania and European institution to cooperate in the fight against corruption
Trade deficit reached EUR 570 million at the end of February
Economist Intelligence Unit foresees improved business environment in Romania
  Investment News
Eurisko sees investment focus shifting to residential and industrial space
Artima gets new shareholder and expansion plans
Siemens buys IT service provider Forte Company
San Paolo IMI mulls expansion in fight with UniCredito and Intesa
  Legislative News
Doctors, policemen and customs personnel to be tested
  Politics
PSD to sponsor another motion
Government passes anti-corruption strategy

   Financial News

   ABN Amro cuts interest rates on ROL loans to 13.5 per cent

  ABN Amro Bank has cut the interest rates for ROL for ROL-denominated personal needs loans offered to retail clients. The new interest rates are 13.5 per cent and 15.5 per cent per year, depending on each client's scoring as calculated by the bank's representatives. The loans are offered for between six months and five years and amount to a maximum of EUR 10,000. (Romanian source)
   (BURSA 8 Costi Dobrea) --- Read article here

 Electrocontact to raise equity

  Industrial group Electrocontact Botosani is planning to increase its equity by ROL 9 billion through the incorporation of net profits made during the year 2004. The group will issue 9 million shares at a nominal value of ROL 1,000 each, which will bring the equity to ROL 119 billion. (Romanian source)
   (BURSA 5 Andreea Negru) --- Read article here

 BNR props exchange rate with massive intervention

   The euro soared yesterday as the National Bank bought a huge amount of currency off the money market. Dealers say that one of the reasons for this intervention was the need to boost trading as the volume of trades slumped over the past few days. The National Bank announced yesterday an exchange rate of ROL 36,712 for the euro, up ROL 257 on the previous day. (Romanian source)
  (ZIARUL FINANCIAR 4 Liviu Chiru) --- Read article here

 SIF Banat-Crisana estimates EUR 12 million profits for this year


   Representatives of state investment fund Banat Crisana estimated that this year's net profits will exceed EUR 12 million, which accounts for a 9 per cent increase over the financial performance of last year. The money will be split between dividends paid to shareholders and investment capital. The fund's net asset will increase to ROL 8,900 billion this year. (Romanian source)
  (ZIARUL FINANCIAR 6 Anca Rif Monica lovan) --- Read article here

 Stock market shows signs of recovery

   The sharp decrease in the price of shares listed with the Bucharest Stock Exchange has been brought about by a loss of interest in the Central and Eastern European markets among foreign investors. Despite the general trend, representatives of investment fund Danube Tiger announced that Romanian stocks still have room left to grow and that the fund will increase its exposure on the Romanian market. (Romanian source)
  (ZIARUL FINANCIAR 1 Vlad Nicolaescu) --- Read article here
  (ZIARUL FINANCIAR 5 Vlad Nicolaescu) --- Read article here

   Macroeconomic News

  BNR to target inflation in the second half of this year

  The National Bank will launch this summer an inflation targeting regime. The main goal of the National Bank will be to reach the annual inflation rate set by the Government for the end of this year by using the entire array of monetary policy instruments available. Governor Mugur Isarescu has stated that the 7 per cent target inflation rate was approved by both BNR and the Government. (Romanian source)
  (BURSA 3 Gabriel Pacurarii) ---Read article here

  European Commission passes Moscovici report

  The Foreign Affairs Commission of the European Parliament passed yesterday, March 30, with 58 votes in favor and 2 against, the report drafted by envoy Pierre Moscovici supporting Romania and Bulgaria's accession to the European Union on January 1, 2007. Prime Minister Calin Popescu-Tariceanu hailed the ruling and said that it is a clear sign of approval for Romania's recent progress. (Romanian source)

  (BURSA 3 E P) ---Read article here

  Romania and European institution to cooperate in the fight against corruption

  Erhard Busek, special coordinator of the Stability Pact for South-Eastern Europe, stated yesterday during a press conference that he hopes Romania and the Stability Pact will expand their cooperation through the " Anti-corruption Initiative ''. Romanian Justice Minister Monica Macovei said that Romania will enter a period of implementing the stipulations of the anti-corruption strategy for 2005-2008. (Romanian source)

  (BURSA 3 Emilia Olescu) ---Read article here

  Trade deficit reached EUR 570 million at the end of February

  The trade deficit reported at the end of the first two months of this year was EUR 573.9 million, in FOB/FOB prices, according to the National Institute for Statistics. This means an EUR 230 million increase over the deficit logged in the corresponding period of 2004. The value of exports made in January and February increased by only 16.5 per cent over 2004. (Romanian source)

  (BURSA 1 ) ---Read article here
  (BURSA 3 ) ---Read article here

  Economist Intelligence Unit foresees improved business environment in Romania

  Romania has climbed eight places in the chart released by the Economist Intelligence Unit which gauges the estimated attractivity of the business environment in 60 countries between 2005 and 2009. The chart uses a series of indexes adjusted to the size of each country in order to estimate the future development of business environments. Romania ranks now 38th in the chart, but is still behind Bulgarian and Slovakia. (Romanian source)
  (ZIARUL FINANCIAR 3 Sergiu Ion) ---Read article here

   Investment News

  Eurisko sees investment focus shifting to residential and industrial space

   Real estate company Eurisko launched yesterday, March 30, its " Real estate market report for 2005 '' which puts forward a series of forecasts for this year. The report states that investment on the real estate market will shift to the residential and industrial space markets, despite the strong growth of the office and commercial space sectors. (Romanian source)
  (BURSA 1 ) ---Read article here
  (BURSA 12) ---Read article here

  Artima gets new shareholder and expansion plans


  Supermarkets chain Artima will enter a new expansion stage aimed to create a 50-unit strong network by 2009. Artima was taken over last week by Polish investment fund PoBosh Enterprise Fund V, which paid EUR 17 million for the entire business. The new executive director is Clemens Petschnikar, former head of Billa Romania. (Romanian source)
  (ZIARUL FINANCIAR 7 lonut Bonoiu) ---Read article here

  Siemens buys IT service provider Forte Company

  German technology giant Siemens has reached the third place on the Romanian IT services providers market with the take over of local provider Forte Company Bucharest under a transaction whose final value was estimated at EUR 10 million. This transaction confirms Siemens' strategy of expanding toward Eastern Europe, following two other takeovers on the Slovakian market. (Romanian source)
  (ZIARUL FINANCIAR 3 Mihai Musatoiu Adrian Mirsanu) ---Read article here
  (ZIARUL FINANCIAR 1Mihai Musatoiu Adrian Mirsanu) ---Read article here

  San Paolo IMI mulls expansion in fight with UniCredito and Intesa

  San Paolo IMI SpA Italia, the main shareholder of the San Paolo IMI bank Romania (formerly known as West Bank Arad), is currently pondering the possibility of expanding its operations on the Romanian market. The group's decision seems to have been sparked by the recent expansion of Italian banking groups UniCredito and Intesa in Central and Eastern Europe. (Romanian source)
  (ZIARUL FINANCIAR 4 Liviu Chiru) ---Read article here

   Legislative News

   Doctors, policemen and customs personnel to be tested

    The Government passed yesterday the National Anti-corruption Strategy which featured a rather unusual approach to fighting corruption. The Justice Ministry will expand the bribery testing already done on the personnel of the Internal Affairs and Administration Ministry and will also coordinate a division tasked with testing the resistance to bribery of doctors, policemen and customs officials. (Romanian source)
   (ZIARUL FINANCIAR 9 Mirela Luca) ---  Read article here

   Politics

  PSD to sponsor another motion

  Deputies members of the Social Democrat Party will discuss the drafting of a simple motion against the Government in order to voice the party's objection to the Government's changing of the Tax Code. This could be the third motion launched by the PSD against the Tariceanu Cabinet. (Romanian source)
  (ZIARUL FINANCIAR 9 Mirela Luca) --- Read article here

  Government passes anti-corruption strategy

  The Government passed yesterday the national anti-corruption strategy and the justice system reform strategy for the years 2005-2008, two documents requested by the European Union. President Traian Basescu and Prime Minister Calin Popescu-Tariceanu took advantage of this opportunity to voice their support for embattled Justice Minister Monica Macovei, who has recently come under fire from the heads of the PNA and CSM. (Romanian source)
   (ZIARUL FINANCIAR 9 Iulian Anghel Mirela Luca) --- Read article here
   
   
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