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March 29, 2013



      March 29, 2013


  FIC
Romanian legislation changes too often and this makes foreign investors wary, according to the President of the Foreign Investors Council, Steven van Groningen
Steven van Groningen, President of the Foreign Investors Council, stated that the cost of doing business in Romania is pretty steep and that the state should pay its debts
FIC President says commercial banks must be able to return customers' money
Jean Valvis, Vice-President of the Foreign Investors Council, attended the event called " Romanian Agriculture - Healthy food, healthy profits ''
  Financial News
Carpatica is estimating a net profit of RON 33.7 million for 2013
Customers of small Romanian banks moved their deposits
The Police brought down a crime group specialized in the cloning of credit cards
The prospectus regarding the sale of 15% of Transgaz Medias (TGN) shares has been finished
The local subsidiaries of Alpha and Eurobank reported losses of EUR 57 million last year
  Macroeconomic News
BNR maintained the key interest at 5.25% per year
Euro rises 0.0146
BNR's regulations on foreign currency corporate lending is affecting investors
Romania must pay this year EUR 1.16 billion to IMF, EU and IBRD
  Investment News
Cora Constanta to be inaugurated this summer
Danut Prisecariu will open Uvertura Mall in Botosani today
Sika Romania will open a factory in Capusu Mare, Cluj, in September
Gazprom has taken over Marine Bunker Balkan, the company that is part of Unicom Holding
  Legislative News
The price of green certificates will not be modified
  Politics
PNL VP Frunzaverde blasts President Basescu
Elena Udrea lost PDL election, but gained popular support

   FIC
   

 Romanian legislation changes too often and this makes foreign investors wary, according to the President of the Foreign Investors Council, Steven van Groningen

   

Romanian legislation changes too often and this makes foreign investors wary, according to the President of the Foreign Investors Council, Steven van Groningen. The FIC official added that the government must pay its debts on time.

Radio Station

Program

Broadcast Time

Audio Digital Copy

RRA

Stiri 14:00

14:02 - 14:02

Audio clip

   

 Steven van Groningen, President of the Foreign Investors Council, stated that the cost of doing business in Romania is pretty steep and that the state should pay its debts

   

Romania remains attractive to foreign investors and significant productivity gains are expected, compared its neighbors, according to Catalin Pauna, an economist with the local bureau of the World Bank. Steven van Groningen, President of the Foreign Investors Council, stated that the cost of doing business in Romania is pretty steep and that the state should pay its debts on time. Steven van Groningen added that the Government must pass laws " made for everybody ''.

Newspaper

Page

Author

Total Area

Title

BURSA - no.60

1, 5 

DIANA ENACHE 

269.37 

Catalin Pauna, World Bank: " Romania remains attractive to foreign investors ''

CURIERUL NATIONAL - no.6385

1, 2 

Adrian Panaite 

601.52 

Investing in Romania: The risks overshadow the opportunities


 FIC President says commercial banks must be able to return customers' money

   

The President of the Foreign Investors Council, Steven van Groningen, commented the Cyprus situation saying that a commercial bank must be able to return the customers' money at any time.

Radio Station

Program

Broadcast Time

Audio Digital Copy

RRA

Stiri 13:00

13:04 - 13:06

Audio clip

   

 Jean Valvis, Vice-President of the Foreign Investors Council, attended the event called " Romanian Agriculture - Healthy food, healthy profits ''

   

Jean Valvis, Vice-President of the Foreign Investors Council, attended the event called " Romanian Agriculture - Healthy food, healthy profits '', which was organized by the Intact Media Group. " My conclusion based on my experience with the consumers is this: healthy food, healthy profits also means responsible companies and honest institutions. The producer must act responsibly and guarantee the product's quality, '' said Valvis.

Newspaper

Page

Author

Total Area

Title

JURNALUL NATIONAL - no.6142

 

1087.37 

Trust in Romanian products is up

   

   Financial News

 Carpatica is estimating a net profit of RON 33.7 million for 2013

   Banca Comerciala Carpatica is estimating a net profit of RON 33.7 million for 2013, 34.8% more compared to the profit obtained in 2012, according to the budget which will be presented to the shareholders during the General Shareholders Meeting of April 25. The Board is estimating that the net revenues generated by interest will decrease by 10.3%, to RON 282.5 million, while interest spending may be 17% lower. Personnel spending may also increase slightly by 3.2%, to RON 78.56 million. Last December, the bank had a network of 145 units on the local market. (Romanian Source)
   (BURSA 1, 11  ) --- Read article here

 Customers of small Romanian banks moved their deposits

   The customers of certain small banks operating in Romania, including Greek and Cypriot banks, have moved over the past 10 days their deposits to bigger banks, which they think safer, according to James Stewart, Vice-President of Raiffeisen Bank. The move was prompted by the latest news reported from Cyprus, where a levy on deposits has been discussed in order to meet the terms of a bailout offered by the Eurozone, the IMF and the ECB. (Romanian Source)
   (CURIERUL NATIONAL 4 Costin Nitu) --- Read article here
   (PUTEREA 7 A.M.) --- Read article here

 The Police brought down a crime group specialized in the cloning of credit cards

   The Police raided 85 homes from Bucharest and other Romanian cities on March 28, while aiming to arrest 70 persons suspected of having cloned credit cards and of being responsible for a fraud ranging at EUR 2 million. Simultaneous searches took place in Germany, UK, USA and in the Domincan Republic, according to the DIICOT. Prosecutors say that the international crime group is comprised of over 100 individuals. The name of Romeo Ursu, one of the alleged leaders of the group, has been mentioned in an investigation concerning the cloning of Bancpost cards. (Romanian Source)
   (ADEVARUL DE WEEK-END 2, 3 Mara Raducanu ) --- Read article here
   (ROMANIA LIBERA 1, 5  daniel befu) --- Read article here

 The prospectus regarding the sale of 15% of Transgaz Medias (TGN) shares has been finished

   The prospectus regarding the sale of 15% of Transgaz Medias (TGN) shares has been finished and sent to the National Securities Commission (CNVM) for approval and the Government has to approve the price of the shares, which may happen next week, according to sources on the market. The offer is supposed to take place in April, as promised by PM Victor Ponta and the minister of Economy, Varujan Vosganian, in the beginning of the year. The offer for Transgaz's shares is brokered by a consortium including Raiffeisen Capital Investment, BT Securities and Wood (the Czech republic). (Romanian Source)
   (ZIARUL FINANCIAR 1, 4 ANDREI CHIRILEASA ANDREI CHIRILEASA) --- Read article here

 The local subsidiaries of Alpha and Eurobank reported losses of EUR 57 million last year

   The local subsidiaries of Alpha and Eurobank reported losses of EUR 57 million last year because of the pressure of default credit and in the context of a two figures decrease of interest and commissions revenues, according to the data posted in Athens. Eurobank had a net loss of EUR 35 million in 2012, a 40% growth compared to the previous year, as it posted a 20% decrease of its operational revenues, while Alpha's loss touched EUR 22 million, compared to the gross profit of EUR 12 million which had been reported during the previous year. (Romanian Source)
   (ZIARUL FINANCIAR 1, 6 CIPRIAN BOTEA CIPRIAN BOTEA) --- Read article here

   Macroeconomic News

 BNR maintained the key interest at 5.25% per year

   BNR's Board has decided to maintain the key interest at 5.25% per year, according to an official announcement. The Board also maintained the minimum reserves imposed to the RON and foreign currency-denominated liabilities of banks. " We estimate that the key interest will remain the same this year, as inflation is likely to exceed the target set by the National Bank of Romania (BNR) '', a note issued by ING for its clients states. Banks notified the BNR on Thursday morning that they had received demands for the liquidation of deposits, Governor Isarescu announced. (Romanian Source)
   (BURSA 1, 5 ALEXANDRU SARBU ) --- Read article here
   (ZIARUL FINANCIAR 1, 3 CLAUDIA MEDREGA Claudia Medrega) --- Read article here

 Euro rises 0.0146

   The EUR rose RON 0.0146 on Wednesday, when the National Bank of Romania (BNR) posted a reference exchange rate of RON 4.4178 per EUR. At the end of the trading session, EUR 1 could be bought for RON 4.4170 and sold for RON 4.4180. The US dollar jumped another RON 0.0078, reaching an exchange rate of RON 3.4497. (Romanian Source)
   (BURSA 11 ) --- Read article here

 BNR's regulations on foreign currency corporate lending is affecting investors

   The new regulation stipulates that banks may only grant foreign currency-denominated credit to those whose revenues are denominated in the specific currency or to those able to withstand the risk of a significant depreciation of the RON. Some experts believe that the trend of corporate lending has shifted toward the national currency anyway, while others say the regulation as a blow directed at the SMEs specialized in farming. UniCredit representatives say that the new regulation will impose a new approach to the lending of companies. The bank added that its portfolio included special farming loans and that it would continue to support this segment. (Romanian Source)
   (PUTEREA 1, 6  Daniel Harmanescu) --- Read article here

 Romania must pay this year EUR 1.16 billion to IMF, EU and IBRD

   Romania must pay this year a total of EUR 1.16 billion to the IMF, the European Union and the IBRD. The payments made over the first quarter amounted to EUR 188 million, according to data released by the Romanian Government. Romania was granted a EUR 19.95 billion aid package in 2006. The payments made by the local government are set to peak in 2015, when the total amount will be EUR 1.8 billion. (Romanian Source)
   (AZI 1, 4  ) --- Read article here
   (JURNALUL NATIONAL 7 Daniel lonascu) --- Read article here

   Investment News

 Cora Constanta to be inaugurated this summer

   Cora Constanta will be inaugurated this summer, as follows a EUR 58 million investment, announced CBRE Romania. Spreading across 18,000 sqm, the centre will include a Cora hypermarket and a commercial gallery with over 50 stores. " A few months prior to the opening, we secured important brands such as Takko, CCC, Jolidon, Casa Rusu, Altex, Zoomania, Maxbet, Helpnet, Arsis, Germanos, Orange Store '', stated Luiza Moraru, Head of Retail Department CBRE. (Romanian Source)
   (CURIERUL NATIONAL 8 Andreea Stoica) --- Read article here

 Danut Prisecariu will open Uvertura Mall in Botosani today

   Businessman Danut Prisecariu will open Uvertura Mall in Botosani today. He invested EUR 27 million in the project which spreads across 15,000 sqm and which, at the moment of its opening, has an occupancy rate of 91%, amongst tenants being H&M, Carrefour, Go Sport and other retailers such as Kenvelo, Steilmann or Jolidon. Gabriel Popoviciu (Baneasa Shopping City), Iulian Dascalu (Iulius Group), Ovidiu Budeanu (Arena Mall Bacau) or Alexandru Mudura (Lotus Oradea) also carried out investments worth hundreds of thousands of Euro. (Romanian Source)
   (ZIARUL FINANCIAR 1, 8 CRISTI MOGA CRISTI MOGA) --- Read article here

 Sika Romania will open a factory in Capusu Mare, Cluj, in September

   Sika Romania will open a factory in Capusu Mare, Cluj, in September, where it will produce a whole range of dry mortar for DIY chains such as Hornbach, Dedeman, Bricostore, Ambient and Leroy Merlin, which generate a quarter of sales. (Romanian Source)
   (ZIARUL FINANCIAR 8 LAURENTIU COTU) --- Read article here

 Gazprom has taken over Marine Bunker Balkan, the company that is part of Unicom Holding

   Gazpromneft Marine Bunker, a company run by Gazprom, handling the group's bunker activities, has taken over Marine Bunker Balkan, the company that is part of Unicom Holding, the structure run by Constantin Iavorski, former minister of Energy in Moldova. The transaction involved taking over the bittkerage activities (supplying the ships with fuel) from the Port of Constanta, the largest Romanian port, and was worth less than USD 10 million, according to sources on the market. Constantin Iavorski is the former Minister of Energy of Moldova. (Romanian Source)
   (ZIARUL FINANCIAR 12 ROXANA PETRESCU) --- Read article here

   Legislative News

 The price of green certificates will not be modified

   Renewable energy producers are seething because authorities intend to reduce the support offered to them through green certificates. They claim that authorities want to decrease the maximal value of a certificate by 50% and to reduce the number of certificates. The producers say that such measures can lead to bankruptcy. The maximum price of the green certificates will not be modified, according to governmental sources, who have mentioned that there have been analyses and discussions with investors, specialists and the minister of Energy, Constantin Nita, revealing that the reduction of the maximum price is not beneficial for green energy producers. (Romanian Source)
   (BURSA 1, 2 ALINA TOMA VEREHA ) --- Read article here
   (ZIARUL FINANCIAR 1, 2 ROXANA PETRESCU ROXANA PETRESCU) --- Read article here

   Politics

 PNL VP Frunzaverde blasts President Basescu

   Sorin Frunzaverde, a Vice-President of the National Liberal Party (PNL), replied to President Basescu's recent comments by saying that it's not him who talks stupid, but those who had been told by the Romanian people to go at last year's referendum. (Romanian Source)
   (CURIERUL NATIONAL 9 Costin Nitu) --- Read article here
   (NINE O CLOCK 4 Sabina Fati) --- Read article here

 Elena Udrea lost PDL election, but gained popular support

   Elena Udrea may have lost the election for president of the Democratic-Liberal Party (PDL), but she gained something far more valuable: popular support. This is something that the new leaders of the PDL can only dream about. The PDL deputy has managed to shed the past mistakes and heavy criticism from the PSD and PNL and to make a spectacular comeback at the party Convention. (Romanian Source)
   (NATIONAL 1, 2  ) --- Read article here

   
   
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