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2012 Archive:
 
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March, 2012
March 1, 2012
March 2, 2012
March 5, 2012
March 6, 2012
March 7, 2012
March 8, 2012
March 9, 2012
March 12, 2012
March 13, 2012
March 14, 2012
March 15, 2012
March 16, 2012
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March 21, 2012
March 22, 2012
March 23, 2012
March 26, 2012
March 27, 2012
March 28, 2012
March 29, 2012
March 30, 2012



      March 30, 2012


  FIC
No news for today
  Financial News
BNR reported a 2011 gross profit of RON 301.4 million
BNR slashes reference rate by 0.25%
Banca Transilvania is estimating a 20% increase of its gross profit in 2012
CEC Bank slashes new loans costs
Piraeus Bank issue three new embossed cards
  Macroeconomic News
Short list of private managers employed by state to be drafted by April 30 - May 15
Insolvencies down 10% in 2012
Mugur Isarescu, Governor of BNR, says raising public salaries will have limited impact
Transelectrica's success raises hopes for other listings
FDI fell to EUR 2.22 billion in 2010
  Investment News
Symmetrica opens factor in Prejmer industrial park
American giant Halliburton will open a production unit in Ploiesti
Farming utility vehicles plant in Gura Humorului
  Legislative News
New Health Law draft to be ready in June
  Politics
Vasile Blaga says 2012 is toughest election year for PD-L
Opposition MPs could end strike
Parliament approves new CNVM managers

   Financial News

 BNR reported a 2011 gross profit of RON 301.4 million

   The National Bank of Romania (BNR) reported a 2011 gross profit of RON 301.4 million (EUR 70 million), according to unaudited data, almost five times less compared to the results reported in 2010. The central bank wired EUR 56 million to the GDP, 80% of its gross profit, so its net profit reached EUR 14 million. Although the BNR positioned itself as a net creditor on the local market in 2011, its profit was likely affected by the decrease of the yield generated by the sovereign bonds issued by AAA states, the main investment tool for the international reserves. BNR's foreign currency reserves rose by EUR 1.5 billion in December. (Romanian Source)
   (PUTEREA 6 A.M.) --- Read article here
   (ZIARUL FINANCIAR 1, 3  Ovidiu TEMPEA) --- Read article here

 BNR slashes reference rate by 0.25%

   BNR's board of directors decided to decrease the key interest by 0.25%, to 5.25% per year, a new historic minimum, in line with the forecast of analysts. The bank maintained the minimum reserves constituted by banks to 15% for RON liabilities and to 20% for foreign currency liabilities. Governor Mugur Isarescu stated on March 29, after the Board's Meeting, that the lending of the private segment was recovering slowly, despite the interest decrease signals which had been issued by the BNR since 2011. (Romanian Source)
   (BURSA 1, 11 ALEXANDRU SARBU ) --- Read article here
   (PUTEREA 6 Daniel Harmanescu) --- Read article here

 Banca Transilvania is estimating a 20% increase of its gross profit in 2012

   Banca Transilvania is estimating a 20% increase of its gross profit in 2012, to EUR 76.4 million, and an 11% increase of its assets to EUR 6.51 billion, according to IFRS standards. The balance of its assets reached RON 25.81 billion last year and and, according to the Board's Annual Report, BT was the third bank on the local market, following BCR and BRD, with a market share of 7.27%. In 2011, the bank constituted provisions of EUR 125.4 million, according to RAS standards, EUR 108.7 million of which represent net lending risk. (Romanian Source)
   (BURSA 15 ) --- Read article here
   (ZIARUL FINANCIAR 1, 4  STEFAN MUSGOCIU) --- Read article here

 CEC Bank slashes new loans costs

   CEC Bank decreased the costs of the new loans granted to natural persons. The new prices became effective on March 29 and they cover mortgage loans, real estate loans, secured retail loans (RON and EUR). The decrease of interest reaches up to 2%, according to CEC Bank. The loan administration commission has also been updated, in order to simplify and to level the structure of costs. CEC President Radu Gratian Ghetea stated that his bank wanted to show the market that it supported its clients and lending on the segment of natural persons. (Romanian Source)
   (BURSA 5, 15  ALEXANDRU SARBU) --- Read article here
   (ZIARUL FINANCIAR 1, 6  CLAUDIA MEDREGA) --- Read article here

 Piraeus Bank issue three new embossed cards

   Piraeus Bank launched three new embossed debit cards, featuring the dual technology chip-magnetic band. The Visa Private Prestige card is designed for private individuals, while the Visa Business Standard and Visa Business Premium are meant for companies. All three cards can be used both in Romania and abroad and are available in RON and EUR. The bank charges no issue, online shopping or utilities payments fees. (Romanian Source)
   (ZIARUL FINANCIAR 6 Claudia Medrega) --- Read article here

   Macroeconomic News

 Short list of private managers employed by state to be drafted by April 30 - May 15

   The short list of private managers for Hidroelectrica, Oltchim and Romarm should be drafted by April 30, while the one for Electrica Furnizare should be prepared by May 15. The naming of the new mangers represents the next phase. Complexul Energetic Oltenia, is among the companies which will receive private managers, according to a document presented by the government. Egon Zehnder, a company specialized in head hunting, will draft the list for Hidroelectrica, Oltchim and Romarm, while a recruiter will also be selected in the next period for Electrica Furnizare and Complexul Energetic Oltenia. (Romanian Source)
   (BURSA 4 F.A.) --- Read article here

 Insolvencies down 10% in 2012

   The number of insolvencies has decreased by 10% in the first two months of 2012. Most of the companies who faced financial problems came from the trade, processing and construction. In the production and supply of electricity, heating, natural gas and air conditioning sector, the state authorities registered 50% more companies in the first two months of this year than in the corresponding period of 2011. (Romanian Source)
   (BURSA 2 ) --- Read article here
   (CURIERUL NATIONAL 1, 3  ) --- Read article here

 Mugur Isarescu, Governor of BNR, says raising public salaries will have limited impact

   The budget deficit target set by the authorities for this year is 1.9% of the GDP, according to cash calculations, or 3%, according to the European method. Raising the salaries of state employees would lead to a slow recovery of domestic demand and will have a limited impact, provided that the deficit figure negotiated with the IMF is reached, according to Mugur Isarescu, Governor of the National Bank of Romania (BNR). The BNR stated that reaching the price and financial stability targets agreed with the EU, IMF and other financial institutions is very important for sustainable economic growth. (Romanian Source)
   (CURIERUL NATIONAL 1, 4  Costin Rucareanu - Nitu) --- Read article here

 Transelectrica's success raises hopes for other listings

   The secondary offer of Transelectrica stock ended successfully and the Government hopes that this would help increase the chances of the next pubic offers. Investors have already learned the final result of the Transelectrica SPO on the Bucharest Stock Exchange (BVB). The final results show a subscription rate of 145.45% among the Big Investors and 279.22% among the Small Investors. The institutional investors able to spend at least RON 500,000 each had 90% of the shares set aside for them and the reminder went to the small investors. (Romanian Source)
   (BURSA 3 ) --- Read article here
   (ZIARUL FINANCIAR 1, 4  ANDREI CHIRILEASA) --- Read article here

 FDI fell to EUR 2.22 billion in 2010

   Automobile Dacia and Ford have been trying for five years to convince the authorities to invest in the rehabilitation of infrastructure located near the two car plants. Meanwhile, countries such as Morocco manage to attract new investment capital. The volume of foreign direct investment has dropped from EUR 9.06 billion in 2006 to EUR 2.22 billion in 2010 and EUR 1.9 billion in 2011, according to the National Bank of Romania (BNR). (Romanian Source)
   (ZIARUL FINANCIAR 1, 21 BOGDAN ALECU BOGDAN ALECU) --- Read article here

   Investment News

 Symmetrica opens factor in Prejmer industrial park

   Symmetrica, a producer of pavement and curbstones, has opened in the Prejmer Industrial Park, Brasov county, its fourth factory, following the completion of an EUR 2.1 million investment project. The company is considering the doubling of its production units in the next three-four years and is aiming this year for a market share of 22%. Symmetria also wants a 20% increase in turnover this year, up to at least EUR 16.2 million. (Romanian Source)
   (BURSA 4 OVID1U VRANCEANU) --- Read article here
   (CURIERUL NATIONAL 8 Adrian Ungureanu) --- Read article here

 American giant Halliburton will open a production unit in Ploiesti

   Halliburton, an American supplier of oil products and services, leased a surface of 7,700 sqm in Ploiesti West Park, where it will develop a production unit. The development is part of a bigger investment plan which the company wants to implement over the next three years in the industrial park. CBRE Romania brokered the lease (2,700 sqm for the production unit and 5,000 sqm for the concrete platform). (Romanian Source)
   (BURSA 4 ) --- Read article here
   (PUTEREA 6 A.M.) --- Read article here

 Farming utility vehicles plant in Gura Humorului

   Bucovina Vehicles, a company among whose shareholders is senator Sorin Fodoreanu (PD-L), is planning to build in Gura Humorului an assembly plant for 4x4 utility vehicles for farmers. The company filed on Thursday with the Gura Humorului Town Hall an application for the leasing of 25 hectares of land in the town, including access to the local utilities systems. The project is estimated to cost EUR 104 million and is expected to create 1,071 jobs during the first stage of development. (Romanian Source)
   (ZIARUL FINANCIAR 3 TlBl BUJDEI) --- Read article here

   Legislative News

 New Health Law draft to be ready in June

   The new Health Law preserves free access to emergency services, regardless of whether patients are insured or not, but some tests or interventions will require waiting lists. The holders of private insurance policies will be able to skip the waiting lists. The reform of the healthcare system will begin this year with a pilot project for non-state hospitals. The project will include units from every category, from university hospitals to city hospitals, and from every region of the country. (Romanian Source)
   (ZIARUL FINANCIAR 19 IOANA DAVID) --- Read article here

   Politics

 Vasile Blaga says 2012 is toughest election year for PD-L

   Vasile Blaga, President of the Senate, stated that the year 2012 is the toughest election year for the Democratic-Liberal Party (PD-L) following the departures of various party members and the poor performance in the polls caused by the unpopular measures taken by the ruling party. " We are no longer a 7-8% party with a 10-12% target, but the main ruling force in this country which, under very difficult conditions from the point of view of the international economy, took measures that allowed us to avoid a difficult situation, such as Greece's, '' said Blaga. (Romanian Source)
   (CRONICA ROMANA 16 ) --- Read article here
   (PUTEREA 5 M.C.) --- Read article here

 Opposition MPs could end strike

   Opposition MPs could end their strike if they obtained a majority in the Senate, according to PSD senator Georgica Severin. Severin mentioned that the leaders of the Social Liberal Union (USL) have taken this possibility into account, following the departure of certain senators belonging to the ruling coalition in order to take up positions with the CNA, CNVM and other institutions. Severin added that some PD-L MPs could follow Frunzaverde's example and change sides. (Romanian Source)
   (CRONICA ROMANA 6 ) --- Read article here

 Parliament approves new CNVM managers

   The MPs approved this week the appointment of new managers at the National Securities Commission (CNVM), which monitors the Bucharest Stock Exchange (BVB) and the management of the EUR 7 billion worth of assets held by the Proprietatea Fund, the SIFs and the investment funds. However, none of the new members has a background in stock trading that would recommend him or her for this position. The Proprietatea Fund, one of the biggest listed entities, and administrator Franklin Templeton are monitoring the privatization of state-owned companies via the stock market. (Romanian Source)
   (ZIARUL FINANCIAR 1, 5 ROXANA PRICOP ) --- Read article here

   
   
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