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March 31, 2010



      March 31, 2010


  FIC
No news for today
  Financial News
ANEIR requests amending the status of EximBank
Bucharestians can pay local taxes at Banca Transilvania POS
Intesa Sanpaolo plans to sell EUR-denominated bonds
Millennium Bank launched a current account without management fees
Raiffeisen Bank exported loans of EUR 77 million in 2009
  Macroeconomic News
Ministry of Economy approves Transgaz involvement in ENTSOG
Nearly two in ten industrial companies are affected by the financial blockage
BCR revised upwards its estimate on Romania's economic growth from 0.6% at 1.9%
BRD estimates a " stable or slightly higher '' net profit this year compared to the result seen in 2009
Beneficiaries of European funds for HR projects say they can't get any money and that their projects are blocked
FNGCIMM will grant guarantees to European project beneficiaries
  Investment News
Capital Partners assisted InternetCorp's shareholders during the sale of a minority stake to 3TS Cisco
Billa to open 20 new stores in Romania this year
  Legislative News
Chamber of Deputies passes fiscal-budget responsibility law
  Politics
Iulian Matache says Government should find a way to compensate VAT for projects financed from European funds
The meeting of ministers in charge of regional development
Ministers meet to discuss Danube region strategy

   Financial News

 ANEIR requests amending the status of EximBank

   The activity of state-owned Eximbank will be discussed in April by the management of the bank together with officials from NBR, the Finance ministry and exporters. The discussion has been requested by the National Association of Exporters and Importers in Romania (ANEIR) on grounds that businessmen are dissatisfied by the way in which EximBank supports exports. One of ANEIR's requests is to amend the status of Eximbank for reducing the attributes of the Inter-Ministry Committee of Financing, Guarantees and Insurances and for consolidating the executive management. Exports complain that a great deal of the bank's capital hasn't been used to support export but was used in the inter-bank market to generate profit for the bank's internal affairs. (Romanian source)
   (BURSA 1 CATALIN DEACU) --- Read article here
   (BURSA 6 CATALIN DEACU) --- Read article here

 Bucharestians can pay local taxes at Banca Transilvania POS

   The inhabitants of sectors 1, 3 and 4 of Bucharest can pay taxes and fees directly by card through the 26 POS mounted by Banca Transilvania in the headquarters of local taxes and fees directorates. Taxpayers will be charged any fee for such transactions. (Romanian source)
   (BURSA 14 C P) --- Read article here

 Intesa Sanpaolo plans to sell EUR-denominated bonds

   Intesa Sanpaolo plans to sell EUR-denominated bonds with a maturity of ten years, according to sources involved in the transaction. The issue will be brokered by IMI, BNP Paribas, Credit Suisse Group and Morgan Stanley. In Q4 of 2009, Intesa Sanpaolo gained a EUR 543 mil (USD 735 mil) net profit, in comparison to EUR 1.23 billion losses in Q4 of 2008. (Romanian source)
   (BURSA 1 ) --- Read article here
   (BURSA 16 ) --- Read article here

 Millennium Bank launched a current account without management fees

   Millennium Bank launched a current account for new entrepreneurs. For a year, the newly launched businesses with a turnover smaller than EUR 500,000 can benefit from the Start Account, with zero management fee and free access to Internet Banking and the Call Centre, zero issuing and management fee during the first year for the Visa Business Silver debit card and a zero fee for cash withdrawals with debit cards from the Millennium Bank ATMs. (Romanian source)
   (BURSA 15 ) --- Read article here

 Raiffeisen Bank exported loans of EUR 77 million in 2009

   Last year Raiffeisen Bank sold loans worth EUR 77 million to two vehicles especially created in the Raiffeisen group and registered in the Netherlands. The bank has been exporting loans since 2005 and has resorted to this solution to cut back on the costs derived from NBR's regulations and lending restrictions in previous years and to obtain liquidity. Raiffeisen lowered its total exposure to SME loans by EUR 33 million at EUR 1.3 billion and increased its volume of financing in the services and public sectors. (Romanian source)
   (ZIARUL FINANCIAR 1 RAZVAN VOICAN) --- Read article here
   (ZIARUL FINANCIAR 6 RAZVAN VOICAN) --- Read article here

   Macroeconomic News

 Ministry of Economy approves Transgaz involvement in ENTSOG

   The Ministry of Economy has approved Transgaz's decision to become an associate of the European network for natural gas transport, ENTSOG. The network includes companies such as OMV, Eni, E.ON and RWE. The decision has already been approved by Transgaz's shareholders on Monday, March 29. (Romanian source)
   (ECONOMISTUL 2 ) --- Read article here

 Nearly two in ten industrial companies are affected by the financial blockage

   Nearly two in ten industrial companies are affected by the financial blockage, while the level reaches 40% in the construction sector, according to the latest poll published by the Central Bank. 10% of industry and construction companies complain of the negative impact of high interest rates. (Romanian source)
   (FINANCIARUL 5 C D) --- Read article here

 BCR revised upwards its estimate on Romania's economic growth from 0.6% at 1.9%

   The BCR analysts revised upwards their estimate on this year's economic growth rate from 0.6% to 1.9% and expect the level of the GDP to reach the level seen before the crisis no later than 2012. A slight increase in foreign direct investments attracted by Romania is expected, from EUR 4.9 billion in 2009 at EUR 5 billion in 2010. Lucian Anghel, the Chief Economist at BCR, believes that the Central Bank will lower the key interest at 6% a year in the near future and that later this level will be kept for a longer period. Until the end of the year, the BCR forecast for the national currency points to RON 4.0 - RON 4.1/Euro. Anghel emphasized the importance of reforms in the public sector and warned that if the government does not manage to decrease rigid expenses such as the payment of pensions and salaries, its main option is the increase of taxes. (Romanian source)
   (FINANCIARUL 1 Ada STEFAN Adu Stefan) --- Read article here
   (FINANCIARUL 4 Ada STEFAN Adu Stefan) --- Read article here

 BRD estimates a " stable or slightly higher '' net profit this year compared to the result seen in 2009

   BRD estimates a " stable or slightly higher '' net profit this year compared to the result seen in 2009 as the volume of loans and the deposit portfolio went up 5%-10%. BRD's net result dropped 30% last year, from RON 1.14 billion at RON 799 million according to the consolidated data. The bank plans to increase its net banking revenue by 5%-10% and to limit the increase of the operating expenses at 5% by keeping recruiting at a low level and by strictly controlling the salaries and current operational expenses. This year's revenues and expenses budget targets a stable level of consumer loans and the increase in real estate loans on the retail clients segment. Florin Ilie, the head of the capital markets department at ING Bank, sees a risk for BRD and for the banking system in the increase of non-performing loans which might generate larger provisions for banks, with a direct impact on profits. (Romanian source)
   (CURIERUL NATIONAL 2 ) --- Read article here

 Beneficiaries of European funds for HR projects say they can't get any money and that their projects are blocked

   Beneficiaries of European funds for HR projects say they can't get any money and that their projects are blocked by the authorities. Authorities say the low absorption rate for HR funds offered by the EU was caused by the low number of employees involved in project assessment. Mihai Seitan, the Minister of Labor, stated that he has transfered 10 people from other institutions to the AMPOSDRU. (Romanian source)
   (ZIARUL FINANCIAR 1 ADELINA MIHAI) --- Read article here
   (ZIARUL FINANCIAR 2 ADELINA MIHAI) --- Read article here

 FNGCIMM will grant guarantees to European project beneficiaries

   FNGCIMM will be able to grant guarantees, in the name and the account of the state, to beneficiaries of European projects for loans that go up to 15% of the project's total value. The guarantees can be granted starting with March 29 2010, in the " Support program for beneficiaries of projects in priority-sectors for Romanian economy, financed from structural instruments of the EU granted to Romania ''. (Romanian source)
   (BURSA 1 C P) --- Read article here
   (BURSA 14 C P) --- Read article here

   Investment News

 Capital Partners assisted InternetCorp's shareholders during the sale of a minority stake to 3TS Cisco

   Capital Partners, the investment house run by banker Doru Lionachescu, assisted InternetCorp's shareholders during the sale of a minority stake to 3TS Cisco. The aggregated value of deals reported by the local M&A market for last year was USD 534 million. (Romanian source)
   (ZIARUL FINANCIAR 7 CRISTI MOGA) --- Read article here

 Billa to open 20 new stores in Romania this year

   Retail chain Billa, the biggest supermarkets chain on the Romanian market, is planning to open 20 new stores this year. The company will invest more than EUR 20 million in the new stores and will create 1,000 new jobs, while not ruling out possible acquisitions of existing stores. This is the biggest expansion budgets of the supermarkets market in 2010. (Romanian source)
   (ZIARUL FINANCIAR 1 MlHAELA POPESCU) --- Read article here

   Legislative News

 Chamber of Deputies passes fiscal-budget responsibility law

   The fiscal-budget responsibility law, whose purpose is to rein in public spending and to limit the deficit, was passed by the Chamber of Deputies and will be sent to the President for signing. The law establishes a Fiscal Council tasked with insuring the quality of macroeconomic and budget forecasts. The council will be made of five officials from the Romanian Academy, National Bank, Academy for Economic Studies, the Romanian Banking Institute and the Romanian Banking Association, who will be appointed by the Parliament. (Romanian source)
   (ZIARUL FINANCIAR 3 IULIAN ANGHEL) --- Read article here

   Politics

 Iulian Matache says Government should find a way to compensate VAT for projects financed from European funds

   Prime Minister Emil Boc stated in Focsani, Vrancea County, that the Government is working on a solution for compensating the VAT paid for projects financed from European funds. The Prime Minister explained that any solution needs to be discussed with the European Commission because the EU regulations oppose such practices. The issue of compensating VAT for projects financed from European funds was raised by Iulian Matache, head of the Technical Division of the Vrancea County Council. (Romanian source)
   (ECONOMISTUL 5 ) --- Read article here

 The meeting of ministers in charge of regional development

   The meeting of ministers in charge of regional development from the countries that make up the Vysegrad group, has recently been held in Budapest. The meeting was also attended by representatives of Romania and Bulgaria. Romania was represented by Razvan Murgeanu, a secretary of state with the Ministry for Tourism and Regional Development. (Romanian source)
   (ECONOMISTUL 2 ) --- Read article here

 Ministers meet to discuss Danube region strategy

   Barna Tanczos, Secretary of State with the Ministry of Tourism and Regional Development, has met in Belgrade with Bozidar Djelia, Deputy Prime Minister for European Integration and Minister for Science and Technological Development of Serbia. The two officials discussed projects that could benefit both states and which could be included in the action plan for the Danube Region Strategy. (Romanian source)
   (ECONOMISTUL 2 ) --- Read article here

   
   
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