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April 29, 2005



      April 29, 2005


  FIC
No news for today
  Financial News
CEC prepares new development strategy
BRD to raise the value of shares at ROL 10,000
Impact is trying to raise EUR 15 million
Orange reported revenues of EUR 178 million in Q1
Bunge sees profits shrink because of competition
  Macroeconomic News
Constructors still unhappy with the pace of infrastructure development projects
Prime Minister warns of accession costs
Services credits pass industry financing for the first time in 15 years
Managers see price hikes on the short-term horizon
  Investment News
Austrian company to invest EUR 8 million in Poiana Brasov
Electrica Banat and Electrica Dobrogea have become property of Enel
Bayer wants to expand in Romania
Global Finance is negotiating the takeover of TotalSoft
Metro and Praktiker prepare Arad investments
Low-cost operator Blue Air to launch another four routes this year
  Legislative News
Partnership between the Competition Council and CNVM
  Politics
Geoana and Nastase extend peace offer to Iliescu
Accession Treaty top be ratified by the Parliament and not by referendum

   Financial News

  CEC prepares new development strategy

 The change in management at the National Savings Bank (CEC) and the appointment of the new president, Eugen Radulescu, ushered in a new development phase for the bank. The new president promised a dynamic strategy which will allow CEC to function like any other commercial bank. The strategy features the launching of several new products, such as foreign currency products, cards and international money transfers. (Romanian source)

   (BURSA 8 Magda Stoica) --- Read article here


 BRD to raise the value of shares at ROL 10,000

 The Romanian Development Bank (BRD-GSG) will raise the value of its shares at ROL 10,000 each before the denomination of the national currency. The minor shareholders were less than happy with the bank's decision to raise the value of shares instead of granting free stock, which led to a 5 per cent decrease in prices in a single day. (Romanian source)
   (ZIARUL FINANCIAR 4 Razvan Voican) --- Read article here

 Impact is trying to raise EUR 15 million

  Real estate developer Impact Bucharest is trying to raise approximately EUR 15 million on the stock market before the end of October in order to finance its ongoing projects. The company is ready to offer new shares to existing shareholders, launch a public offer of stock and another one for bonds. Moreover, Impact wants to distribute this year both dividends and free shares. (Romanian source)
  (ZIARUL FINANCIAR 6 Andrei Chirileasa) --- Read article here

 Orange reported revenues of EUR 178 million in Q1


  Revenues reported by mobile telecommunications operator Orange Romania at the end of the first three months of the year are 46.2 per cent bigger than in the corresponding period of last year, amounting to EUR 178 million, according to representatives of the company's main shareholder, France Telecom. The operator has also logged revenues from services offered through the mobile telecommunications network of EUR 17 million in the first three months. (Romanian source)
  (ZIARUL FINANCIAR 1 Dan Dragomir) --- Read article here

 Bunge sees profits shrink because of competition

  Bunge Romania, the local branch of US giant Bunge and leader of the Romanian edible oil market, announced a decrease in profits at the end of the first quarter because of tough competition from other companies and higher prices on raw materials. Bunge's brands (Unisol, Floriol, Muntenia, Horea, Raza Soarelui) accounted last year for 40 per cent of the market. (Romanian source)
  (ZIARUL FINANCIAR 1 Stelian Negrea) --- Read article here

   Macroeconomic News

  Constructors still unhappy with the pace of infrastructure development projects

 The Romanian Association of Constructions Entrepreneurs (ARACO) is still unhappy with the Government's decision to invoke the need to change the current legislation in order to allow joint ventures between public and private companies. ARACO officials said that postponing the start of highway projects until 2008 means that the current team heading the Transport Ministry will do nothing for Romania's infrastructure. (Romanian source)
  (BURSA 12 Alina Toma) --- Read article here

  Prime Minister warns of accession costs

 The Government approved yesterday the draft law for ratifying Romania's Accession Treaty to the EU. Prime Minister Calin Popescu-Tariceanu warned after the Government's session that Romanians should brace for a " radical period '' over the next 20 months as the costs of accession will start making their presence felt. The Government will also have to convince the EU that the quality of life in Romania is improving. (Romanian source)
  (BURSA 3 Romana Puiulet) --- Read article here
  (BURSA 1 Romana Puiulet) --- Read article here

  Services credits pass industry financing for the first time in 15 years

 The volume of financing granted to the services sector has exceeded the industry crediting by EUR 50 million for the first time in the past 15 years. Thus, the volume of financing granted to the providers of services reached EUR 4.85 billion at the end of February, compared to EUR 4.8 billion for the industry. The National Bank reported an aggregated volume of financing granted by the banking system of EUR 16 billion at the end of February. (Romanian source)
  (BURSA 1 Costi Dobrea) --- Read article here

  Managers see price hikes on the short-term horizon

 Managers of companies operating in the industry, constructions, trade and services say that their businesses will do very well in the next two months, but the positive business development trend will be accompanied by a wave of price hikes across the board. The managers of industry companies say they will export more products in the next two months and that the competitivity of Romanian wares is expected to increase. (Romanian source)
  (ZIARUL FINANCIAR 3 Miruna Lebedencu) --- Read article here

   Investment News

 Austrian company to invest EUR 8 million in Poiana Brasov

   Austrian company Obertau, the administrator of cable-based transportation systems in Austria, disclosed plans for an EUR 8 million investment in the mountain resort of Poiana Brasov. The purpose of this investment project is to build a new cable transport system which would take tourists from the foot of the Kanzel slope and on to the " Cristianul Mare '' summit. (Romanian source)
  (BURSA 12 Stefan - Teodor Vacarenco) --- Read article here

  Electrica Banat and Electrica Dobrogea have become property of Enel


  Representatives of the Trade and Economy Ministry, Electrica and Enel Italy signed yesterday, April 28, the papers which transfered Electrica Banat and Electrica Dobrogea to the property of Enel. The transaction reached EUR 112 million and it includes both the cost of the initial stakes and the simultaneous equity raises which will give Enel majority in both companies. Enel's representatives have also voiced their interest in the privatization of Electrica Muntenia Sud and the construction of the third reactor at the Cernavoda nuclear plant. (Romanian source)
  (BURSA 1 ) --- Read article here
  (BURSA 3 ) --- Read article here

  Bayer wants to expand in Romania

  The Romanian market has a strong growth potential in all the sectors which interest German group Bayer, according to Bjoem Franzen, the general manager for Romania of Bayer. The German group is operating on the Romanian market with three division, " Bayer Crop Science '', " Bayer HealthCare '' and " Bayer Material Science '', and is planning to expand their business. (Romanian source)
  (BURSA 4 Virginia Balcu) --- Read article here

  Global Finance is negotiating the takeover of TotalSoft

  Greek investment fund Global Finance, one of the biggest financial investors in South Eastern Europe, is currently negotiating the purchase of 80 per cent of business software developer TotalSoft under a transaction estimated at some USD 10 million. Liviu Dan Dragan, founder and general manager of TotalSoft, will retain his 20 per cent of the company and the current position. (Romanian source)
  (ZIARUL FINANCIAR 1 Adrian Mirsanu) --- Read article here

 Metro and Praktiker prepare Arad investments

  Metro Cash&Carry and Praktiker, two divisions of German group Metro, will each open an outlet this autumn near the city of Arad. The two companies are currently waiting for local authorities to issue the mandatory permits in order to start the construction works. The two outlets will be located on a ten-hectare plot on the city's outskirts. (Romanian source)
  (ZIARUL FINANCIAR 6 Marian Buga) --- Read article here

 Low-cost operator Blue Air to launch another four routes this year

  Low-cost air carrier Blue Air is planning to launch another four routes this year in order to strategically position its business before the entry of foreign operators on the Romanian market. The new routes eyed by the company are Stuttgart and Munchen, in short-term, and Madrid and Paris, in the medium and longer term. (Romanian source)
  (ZIARUL FINANCIAR 7 Georgiana Stavarache) --- Read article here

   Legislative News

   Partnership between the Competition Council and CNVM

   Representatives of the National Securities and Exchange Commission (CNVM) and of the Competition Council have agreed during a recent meeting that the two institutions must find ways of improving the exchanges of documents and information. The representatives have also discussed about a series of conferences regarding the free flow of capital and the competition culture. (Romanian source)
  (BURSA 5 A N) ---  Read article here

   Politics

  Geoana and Nastase extend peace offer to Iliescu

  Mircea Geoana and Adrian Nastase sent yesterday messages to Ion Iliescu at the end of a week during which the former head of PSD refused to appear in public and to communicate with the other party members. The new president of the PSD sent an open letter to Ion Iliescu stating that " it is a pity for him not to stay close to the party he had founded ''. (Romanian source)
   (ZIARUL FINANCIAR 17 Mirela Luca) --- Read article here

  Accession Treaty top be ratified by the Parliament and not by referendum

 The Government passed during yesterday's session the bill regarding the ratification of the Accession Treaty signed by Romania and the European Union, which it also sent to the Parliament to be debated in an emergency session. The bill will have to be passed in a joint session of the Chamber of Deputies and Senate and will need the votes of at least two thirds of MPs. (Romanian source)
   (ZIARUL FINANCIAR 17 Iulian Anghel) --- Read article here
   
   
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