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March, 2011
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March 31, 2011



      March 31, 2011


  FIC
Foreign investors complain about the lack of clear legislation for the renewable energy industry
  Financial News
The interest rates for new RON-denominated loans hiked to an average of 11.7% a year
BCR proposes its shareholders a RON 55.4 million capital hike
The bankers made provisions of RON 542 million in January
Local banks increased interest rates for new retail loans in February
Volksbank Romania demanded in court compensations from the government and the ANPC for the damages caused by GEO 50/2010
  Macroeconomic News
New national export strategy in the final drafting stages
Florin Georgescu, BNR: " Excessive shopping '' does not improve living standards in a durable manner
Ministry of Finance needs to implement new measures because the domestic market is getting to small for the state's financing needs
Ministry of Finance to issue bonds worth RON 13-15 billion in Q2
  Investment News
Franklin Templeton suggested to the Government that part of the shares from state-run companies to be sold on the BVB to be reserved for small investors
Ioan Rosca, CEO of Electrica Distributie Transilvania Sud, stated that all investments in the renewable energy industry are blocked
OTE asked for another 45 days to formulate a bid offer for Romtelecom
Romanians dominate the DIY market
  Legislative News
Senate passes bill exempting AVAS from having to pay its debts until the end of 2013
  Politics
Cristian Preda, Sever Voinescu and Monica Macovei launched a new platform on their personal blogs
Chamber of Deputies to discuss European Affairs commission next week
PSD complains of the poll results regarding the statement on Romanian-Hungarian relations issued by the Chamber of Deputies

   FIC

 Foreign investors complain about the lack of clear legislation for the renewable energy industry

   

Foreign investors interested in the field of renewable energy sources are becoming impatient. They complain about the lack of clear legislation and regulations that would provide predictability. The Foreign Investors Council estimates that Romania could attract as much as EUR 5 billion in wind power investment alone in the next three years.

TV Station

Program

Broadcast Time

Video Digital Copy

MONEY CHANNEL

Stiri 10:00

10:24 - 10:26

Videoclip

   

   Financial News

 The interest rates for new RON-denominated loans hiked to an average of 11.7% a year

   The financial institutions resumed last month the increase in new loan costs for lei and Euros. The interest rate for new loans in lei rose to an average of 11.7% a year and to more than 8% for Euros. However, the interest rate for retail loans in lei went up 1% in February compared to the previous month, to 13.49% a year, the maximum level seen after March 2010. The banks increased the cost of RON-denominated loans in February but they decreased the interest rates for housing loans. A new meeting of the BNR board will take place today and the discussion will focus on the key interest, currently at a historic low of 6.25%. (Romanian Source)
   (CURIERUL NATIONAL 1, 4 Madalina Draghici) --- Read article here
   (CURIERUL NATIONAL 1, 5 Radu Georgescu) --- Read article here

 BCR proposes its shareholders a RON 55.4 million capital hike

   BCR proposes its shareholders a RON 55.4 million capital hike, to RON 1.085 billion, by incorporating 85% of the net profit made last year. The difference would be included in the reported result, according to the note to attend the General Extraordinary Meeting of Shareholders. The share capital hike will be carried out through the issuing of 554.27 million new shares with a nominal value of RON 0.1/share. BCR summoned two general extraordinary meetings of shareholders for April 29, 2011, one for the share capital hike and the other for the changing of a share's nominal value, from RON 1.3 to RON 0.1/share. BCR posted a net profit of RON 55.4 million for 2010, down 7% from 2009, according to Romanian Accounting Standards. (Romanian Source)
   (BURSA 1, 6 STEFANIA CIOCIRLAN) --- Read article here
   (CURIERUL NATIONAL 1, 4 Madalina Draghici) --- Read article here

 The bankers made provisions of RON 542 million in January

   The bankers made provisions of RON 542 million (EUR 129 million) in January, the expenses for the covering of losses from default loans accelerating to a five-month high, according to the NBR data. Thus the bankers' fears are confirmed. At least in H1/2011 the quality of the credit portfolio will stay under pressure as an effect of the prolonged economic recession. Radu Ghetea, the president of CEC Bank and the Romanian Banking Association, has recently stated that there are low chances for the provisions to drop in 2011. (Romanian Source)
   (ZIARUL FINANCIAR 1, 7 LIVIU CHIRU) --- Read article here

 Local banks increased interest rates for new retail loans in February

   Local banks increased interest rates for new retail loans in lei and Euros in February and decreased the interest rates for new term deposits in lei and foreign currency. According to the NBR data, the average interest for new loans in lei granted to retail clients in February rose 1% from January, from 12.49% to 13.49% while yields for deposits fell 0.07% from 7.19% to 7.12%. (Romanian Source)
   (BURSA 5 ELENA VOINEA) --- Read article here
   (FINANCIARUL 4 George DOBRE) --- Read article here

 Volksbank Romania demanded in court compensations from the government and the ANPC for the damages caused by GEO 50/2010

   Volksbank Romania demanded in court compensations from the government and the National Consumer Protection Authority (ANPC) for alleged damages caused by the GEO 50/2010, indicating a sum of EUR 1 million initially, according to official sources. " In the trial in which it demanded the canceling of GEO 50/2010, Volksbank demanded compensations from the government for the damages seen after the promotion and approval of the normative act. The government received badly this request, especially since the ordinance was changed in Parliament in the way asked by the commercial banks and the law was promulgated by President Basescu '' governmental sources said. The bank asked in September last year that the GEO 50/2010 be suspended but the Court of Appeal from Bucharest rejected the demand as ungrounded. (Romanian Source)
   (GANDUL 5 Ovidiu Tempea) --- Read article here
   (NINE O CLOCK 7 ) --- Read article here

   Macroeconomic News

 New national export strategy in the final drafting stages

   The new national export strategy for 2011-2015 is approaching the final drafting stages and will soon be sent to the Government for approval. The authorities have yet to identify an institutional solution to for granting incentives, although a series of alternatives have been suggested, including the National Guarantee Fund, EximBank or a new, yet to be established, fund. Costin Lianu, coordinator of the strategy, stated that Romania will focus in the next four years on promoting its products on non-EU markets. (Romanian Source)
   (BURSA 1, 4 ALENA TOMA VEREHA ALINA TOMA VEREHA) --- Read article here

 Florin Georgescu, BNR: " Excessive shopping '' does not improve living standards in a durable manner

   The internal demand deficit has largely generated the GDP decrease. However, in the future a behavior focused more on saving and a more cautious approach are needed because " excessive shopping '' does not durably improve living standards, says BNR First Vice Governor Florin Georgescu. The BNR official said that the " exuberant '' expectations for the increase of available revenues at a higher pace than that of labor productivity is lowering economic competitiveness and the chances of narrowing the gap. " We have to make haste slowly and to see durable growth in economic terms '' said the BNR official. (Romanian Source)
   (BURSA 1, 15 ELENA VOINEA) --- Read article here
   (CURIERUL NATIONAL 4 Madalina Draghici) --- Read article here

 Ministry of Finance needs to implement new measures because the domestic market is getting to small for the state's financing needs

   With a fast rising public debt, which is drawing close to 40% of the GDP, the Ministry of Finance needs to implement a series of modernization measures swiftly because the domestic market is getting to small for the state's financing needs, according to the analysts. " Romania needs to be more active on the foreign markets, '' said Ionut Dumitru, Chief-Economist of Raiffeisen Bank. " It's a good thing that the Ministry of Finance decided to begin using derivatives in order to minimize the risk. This should have been done long time ago, '' said BCR's Lucian Anghel. (Romanian Source)
   (ZIARUL FINANCIAR 1, 7 CLAUDIA MEDREGA) --- Read article here

 Ministry of Finance to issue bonds worth RON 13-15 billion in Q2

   The Ministry of Finance scheduled for the second quarter of the year bonds issues worth RON 13-15 billion on the domestic market, close to the amount borrowed in the first quarter. The Ministry borrowed in the first quarter RON 15.16 billion via issues of bonds and Treasury bills. The Treasury needs to finance this year a budget deficit of RON 24 billion, the equivalent of 4.4% of the GDP. (Romanian Source)
   (BURSA 5 ) --- Read article here
   (FINANCIARUL 1, 2 M V) --- Read article here

   Investment News

 Franklin Templeton suggested to the Government that part of the shares from state-run companies to be sold on the BVB to be reserved for small investors

   Franklin Templeton suggested to the Government that part of the shares from state-run companies to be sold on the BVB to be reserved for small investors in order to help develop the local market. Templeton's officials had mentioned that one of the solutions to attract Romanians to the BVB is to offer them discounted shares through the IPOs organized by the Government for state-owned companies such as Petrom, Transelectrica and Transgaz. (Romanian Source)
   (BURSA 1, 5, 13 (EA )) --- Read article here
   (CURIERUL NATIONAL 2 ) --- Read article here

 Ioan Rosca, CEO of Electrica Distributie Transilvania Sud, stated that all investments in the renewable energy industry are blocked

   Ioan Rosca, CEO of Electrica Distributie Transilvania Sud, stated that all investments in the renewable energy industry are blocked. The reason for this state of affairs is the fact that the European Commission has yet to approve Law 220 of 2008, which regulates the renewable energy industry. " The law was passed and signed two years ago, but it cannot be enforced without the approval of the European Commission, '' said Rosca. (Romanian Source)
   (CURIERUL NATIONAL 1, 6 Radu Vecsler) --- Read article here

 OTE asked for another 45 days to formulate a bid offer for Romtelecom

   The OTE group, controlled by Deutsche Telekom, asked MCSI for another 45 days to formulate a takeover bid for the 45.99% stake held by the Romanian state at Romtelecom. OTE has requested the postponement because it didn't get the appraisal of Romtelecom from Citigroup in time. MCSI has already started the talks for the listing of Romtelecom on the Stock Market, the back-up version for the capitalization of the shares held at the company. (Romanian Source)
   (BURSA 1, 4 (EA )) --- Read article here
   (FINANCIARUL 1, 7 Alina MUNTEANU) --- Read article here

 Romanians dominate the DIY market

   Praktiker's local net sales dropped last year by 21.8% at EUR 193.6 mln due to some economic difficulties and the VAT increase. The group considers that revenues might drop this year as well if the economic environment does not improve. Of the top 5 DIY companies, by turnover, Praktiker was the only retailer to see a steep drop in sales. The drop in turnover pushed the company from the leading position on the third place. The other DIY retailers, Dedeman, Bricostore, bauMax and Ambient, posted increases that range from 1% to 44%. (Romanian Source)
   (BURSA 1, 4 i j * (EA )) --- Read article here
   (CURIERUL NATIONAL 9 ) --- Read article here

   Legislative News

 Senate passes bill exempting AVAS from having to pay its debts until the end of 2013

   The Senate passed yesterday a bill stipulating that the revenues provided by the Government to the State Assets Liquidation Authority (AVAS) will be exempt from payment obligations, including those the creditors of FNI. All payment obligations are to be honored from the revenues obtained by AVAS from privatization contracts. (Romanian Source)
   (BURSA 5 (F A )) --- Read article here
   (CURIERUL NATIONAL 1, 3 Afrodita Cicovschi) --- Read article here

   Politics

 Cristian Preda, Sever Voinescu and Monica Macovei launched a new platform on their personal blogs

   Cristian Preda, Sever Voinescu and Monica Macovei launched yesterday on their personal blogs a new platform, featuring 35 planks, designed to turn the Democrat-Liberal Party (PD-L) into " a modern popular party ''. The platform bears the title " PD-L, a modern popular party - 35 necessary steps '' and it focuses on measures that the three think necessary in order to establish the PD-L as the only right-wing party in Romania. (Romanian Source)
   (BURSA 3 (F A )) --- Read article here

 Chamber of Deputies to discuss European Affairs commission next week

   The Standing Bureau of the Chamber of Deputies decided that the leaders of the groups of MPs will meet next Tuesday to discuss whether the Chamber should establish an European Affairs commission or not. The decision is based on an internal memorandum of the Chamber regarding the procedure used to evaluate the documents issued by the European Union and to formulate an official position. (Romanian Source)
   (CRONICA ROMANA 5 ) --- Read article here

 PSD complains of the poll results regarding the statement on Romanian-Hungarian relations issued by the Chamber of Deputies

   The group of Social Democrat MPs contested on Tuesday the result of the vote on the statement on Romanian-Hungarian relations issued by the Chamber. Mircea Dusa, the leader of PSD deputies, stated that the bill had been filed with the Standing Bureau of the Chamber even though some of the MPs who had voted were not listed as such on the ballot. (Romanian Source)
   (CRONICA ROMANA 5 ) --- Read article here

   
   
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