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July 29, 2005



      July 29, 2005


  FIC
FIC says foreign investment in Romania could rise if authorities are willing to follow advice
  Financial News
Highway project is rolling once more with new funds
Mandatory house insurances project starts taking shape
Carrefour logged sales of EUR 190 million in six months
Short list of consultants for Romgaz
Lending market keeps riding the tide of foreign currency loans
  Macroeconomic News
ROL 200 billion for the rebuilding of houses
Government to spend RON 10 million on tractors
Romanian authorities say 93 per cent of accession schedule complete
Managers see growth ahead in the third quarter
  Investment News
Artesyn to transfer production activities from Hungary to Romania
US company wants to set up shop in the Curtici - Arad Free Trade Area
Orange Romania reached 5.72 million clients in H1
Zaharul Oradea hopes to see profits in 2006
Electrica is waiting for offers from big companies
InBev could take over Efes operations in Romania
  Legislative News
Micro-lending companies allowed to grant bigger loans
New penalties for tax evasion
  Politics
Basescu is willing to act in order to keep the alliance going
Tariceanu unfazed by resignation of Culture Minister
PSD slams Government over energy policies
Senate rejected the attempt to amend the referendum law

 

 

   FIC


ISSUE

FIC says foreign investment in Romania could rise if authorities are willing to follow advice

The FDI level reported last year (EUR 4.1 bln.), investments are expected to reach this year a maximum of EUR 3.8 bln  according to Romanian officials . Ruxandra Bandila, executive director of the Foreign Investors Council, stated that  Romania could attract increased FDI if the recommendations made by the FIC concerning the rule of law, labour market flexibility,   fiscal regime, environment protection and anti-corruption measures would be implemented.(English source)

Newspaper

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Author

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Title

ECONOMISTUL 

 

14.00 

13.46 

188.52 

Foreign direct investment in Romania could increase

NINE O CLOCK 

 

33.40 

31.63 

1057.07 

Ten years of presence in Romania - a bet won



   Financial News

   Highway project is rolling once more with new funds

  Prime Minister Calin Popescu-Tariceanu announced yesterday that the Government approved a foreign loan amounting to EUR 100 million which will be used to finance work on the Brasov-Bors highway. The money will be provided by the Raiffeisen Zentralbank Osterreich Ag and the Calyon Corporate and Investment Bank. The highway is being built by US company Bechtel under an USD 2.2 billion deal. (Romanian source)
  BURSA 1 Romana Puiulet) --- Read article here

 Mandatory house insurances project starts taking shape

   Representatives of the insurances companies and of the state authorities have agreed on the main features of the new mandatory house insurances system. The project stipulates that the insurance policies will cover the risk of earthquakes, floods, landslides and storms for monthly premiums that would be adjusted every year. (Romanian source)
   (ZIARUL FINANCIAR 4 Dan Zavoianu) --- Read article here

 Carrefour logged sales of EUR 190 million in six months

   The four hypermarkets which make up the Carrefour network in Romania reported sales amounting to nearly EUR 190 million in the first half of the year, up more than 83 per cent versus the corresponding period of 2004. The four outlets have grown to account for 28 per cent of the turnover of Hyparlo, the company which operates the Carrefour hypermarkets in Romania. (Romanian source)
  (ZIARUL FINANCIAR 1 lonut Bonoiu) --- Read article here

 Short list of consultants for Romgaz

   The Trade and Economy Ministry has selected 13 investment banks and international consultancy firms for the short list of bidders for the coveted contract of assisting the privatization of Romgaz. The short list features names such as Morgan Stanley, Merrill Lynch, Citigroup, CA IB Corporate Finance Eratungs GmbH, Goldman Sachs and Lazard Freres. (Romanian source)
  (ZIARUL FINANCIAR 3 Dana Ciriperu) --- Read article here

 Lending market keeps riding the tide of foreign currency loans

   Non-government lending has continued to increase its growth rate over the course of June, from an annual growth of 25.9 per cent in real terms in May to a peak 27 per cent, a rate unheard of since the autumn of 2004. The main drive behind the recent spike is still the foreign currency loans market, which grew 61.4 per cent (Romanian source)
  (ZIARUL FINANCIAR 4 Razvan Voican Claudia Medraga) --- Read article here

   Macroeconomic News

 ROL 200 billion for the rebuilding of houses


  The Government decided yesterday to establish a ROL 200 billion fund which will be used to buy construction materials needed to rebuild the houses destroyed by floods in Moldova, the first money spent by the Government on rebuilding so far. The minister have also decided to put ROL 56 billion in the rebuilding of 59 schools damaged by this month's floods. (Romanian source)

  (BURSA 1 C P) --- Read article here

 Government to spend RON 10 million on tractors


   The Government has expanded by RON 10 million (ROL 100 billion) the funds earmarked for the acquisition of new tractors through the program for supporting the agricultural producers, according to statements made by Prime Minister Calin Popescu-Tariceanu at the Victoria Palace. The PM stressed the fact that this is not a handout for Tractorul Brasov, but a subsidy open to all producers. (Romanian source)

  (BURSA 3 ) --- Read article here

 Romanian authorities say 93 per cent of accession schedule complete


   Romanian authorities have completed 93 per cent of the measures scheduled for implementation at county level as per the EU accession timetable for the second quarter of the year, according to the " Implementation plan for the harmonized legislation and institutional consolidation in 2005 ''. The report was presented to the Government by EU Accession Minister Dinga during the weekly session held yesterday. (Romanian source)

  (BURSA 3 ) --- Read article here

 Managers see growth ahead in the third quarter


   The national economy will keep growing in the third quarter, as managers of industry, construction, trade and services companies forecast an increase in their business until the end of September. The increase in production will be accompanied by price hikes in most sectors of the economy, according to the polls conducted by the National Institute for Statistics. (Romanian source)

  ZIARUL FINANCIAR 3 M i ha i Bobocea) --- Read article here

   Investment News

 Artesyn to transfer production activities from Hungary to Romania

  American manufacturer of electrical parts Artesyn will relocate production from its Hungary-based facility to the plant owned by Canadian company Celestica in Oradea. The decision to relocate to Romania is part of Artesyn's costs reduction program, which is estimated to save as much as USD 6 million over the course of next year. (Romanian source)
  (BURSA 1 C I) --- Read article here

  US company wants to set up shop in the Curtici - Arad Free Trade Area


  An US manufacture of electronic parts for the automotive industry is interested in starting an investment project in the Curtici - Arad Free Trade Area. The Americans are interested in renting three hectares of land in the Area in order to build a production facility. The investment project was estimated at more than EUR 10 million. (Romanian source)
  (BURSA 4 Paula Bulzan Arad) --- Read article here

  Orange Romania reached 5.72 million clients in H1

  Mobile telecommunications operator Orange Romania, which is controlled by France Telecom (96.8 per cent), reported at the end of the first six months of the year a 44.6 per cent increase in the number of clients, up to 5.72 million. The company has also seen its revenues grow 44.8 per cent versus last year, up to EUR 388 million. (Romanian source)
  (ZIARUL FINANCIAR 1 Dan Dragomir) --- Read article here

  Zaharul Oradea hopes to see profits in 2006

  Zaharul Oradea, part of German group Cristal Union, will invest this year EUR 2 million in the upgrading and modernization of its production capacities in order to decrease the consumption of energy. Company representatives said this year's turnover is likely to reach EUR 27 million, same as last year. (Romanian source)
  (ZIARUL FINANCIAR 6 Anca Rif) --- Read article here

  Electrica is waiting for offers from big companies

  Electrica is waiting until September 15 for letters of interest for the privatization of Electrica Muntenia Sud, the branch which provides electricity to the city of Bucharest and the Giurgiu and Ilfov counties. One of the conditions set by the Government is that prospective investors must have annual revenues of more than EUR 1 billion. The company will analyze the letters of interest and release a short list by October 3. (Romanian source)
  (ZIARUL FINANCIAR 3 Miruna Lebedencu) --- Read article here

  InBev could take over Efes operations in Romania

  InBev, the world's leading producer of beer, has disclosed plans for taking over the international operations of Turkish beer maker Efes in order to further its expansion on the Russian market. The USD 1 billion agreement between the two companies could include Efes operations in Russia, Kazakhstan, Serbia and Montenegro, the Republic of Moldova and Romania. (Romanian source)
  (ZIARUL FINANCIAR 6 Stelian Negrea) --- Read article here

   Legislative News

   Micro-lending companies allowed to grant bigger loans

  The Government has recently passed a bill which raised the lending cap on loans granted by micro-lending companies from EUR 10,000 to EUR 25,000. The lending companies (non-government micro-lending organizations) can work with private individuals and are insured against defaults. (Romanian source)
  (BURSA 8 Magda Stoica) ---  Read article here

   New penalties for tax evasion

  People who associate in view of engaging in tax evasion practices risk a maximum sentence of 15 years in prison, according to the new law on preventing and fighting tax evasion, which was published in the Official Gazette. Hiding taxable goods or sources in order to avoid paying taxes means two to eight years in jail. (Romanian source)
  (BURSA 1 Mihnea Popescu) ---  Read article here

   Politics

 Basescu is willing to act in order to keep the alliance going

  President Traian Basescu is determined to become involved in the political problems plaguing the country should the PNL-PD Alliance, which brought him to victory in elections, be thrown into chaos by a major inner crisis. This is also the president's answer to the criticism launched by political analysts, who accused Basescu of trying to trigger a crisis within the PNL. (Romanian source)
   (BURSA 3 Romana Puiulet) --- Read article here
   (BURSA 1 Romana Puiulet) --- Read article here

 Tariceanu unfazed by resignation of Culture Minister

  Prime Minister Calin Popescu-Tariceanu seemed unfazed yesterday by the resignation of Culture Minister Mona Musca and also hinted that no member of the Cabinet is irreplaceable. The PM advised the media to stop worrying because the National Liberals and the Alliance have enough people able to take the job. (Romanian source)
   (BURSA 1 Elena Panait) --- Read article here
   (BURSA 3 Elena Panait) --- Read article here

 PSD slams Government over energy policies

  The Social Democrat Party issued yesterday a press release criticizing the energy policies of the current Government, as some energy installations are being taken offline for modernizations, repairs of investments. The PSD thinks that these policy is linked to the sacking of managers on political grounds, which is sure to have a negative influence on the National Energy System. (Romanian source)
   (BURSA 3 ) --- Read article here

 Senate rejected the attempt to amend the referendum law

  The Senators rejected yesterday, July 28, the draft emergency act sent by the Government regarding the amending of LAW 3/2000 which regulates the organization of referendums. The Government was defeated by the PSD in its attempt to simplify referendum procedures ahead of the expected early elections. (Romanian source)
   (BURSA 3 Catalin Oprea) --- Read article here
   
   
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