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2005 Archive:
 
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June, 2005
June 1, 2005
June 3, 2005
June 6, 2005
June 7, 2005
June 8, 2005
June 9, 2005
June 10, 2005
June 14, 2005
June 15, 2005
June 16, 2005
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June 24, 2005
June 27, 2005
June 28, 2005
June 29, 2005
June 30, 2005



      June 30, 2005


  FIC
No news for today
  Financial News
Goods exchanges will be regulated by the Management College of the House of Commerce and Industry Bucharest
The social health insurance budget will be missing 35000 billion ROL
Starting this fall, Allianz Tiriac will make its entrance on the private health insurance market
Banks do not agree with the restrictions regarding the limitation of credits
Bucharest City Hall will organize an auction to select the banks where the money obtained from eurobonds will be deposited
  Macroeconomic News
The budget correction will reduce public investments by 550 million EUR
The reform of the agricultural sector is a priority for the Ministry of Agriculture
With the European integration, half of the Romanian banks will disappear due to the competition
Starting tonight, the switch to the new leu will be made
Raw materials coming from abroad made a decisive contribution to the increase of imports
  Investment News
" Gregory's '' is looking for investors in order to rent its business as a franchise
A new three star hotel will be built in Arad
30 million EUR will be invested by the city in the rebuilding of the capital's historical center
In Romania, investments in mutual funds are situated at a very low level
  Legislative News
The Government has adopted the new Labor Code
The law project concerning the indemnities of young mothers will be reanalyzed
  Politics
SDP wants to withdraw political support for members who had connections with Omar Hayssam
Although NLP-DP relations are apparently settling, interior tensions are ever more visible


   Financial News

   Goods exchanges will be regulated by the Management College of the House of Commerce and Industry Bucharest

  The regulation authority of goods exchanges will be the Management College of the House of Commerce and Industry Bucharest, a stipulation that will be included in the legislative initiative concerning the functioning of these exchanges. With the appearance of the modifications regarding the law of capital markets, the regulations specific to exchanges were withdrawn, the only stipulations that remained valid being the ones regarding the activities of goods exchanges concerning derivative financial instruments.
  (BURSA 1 Andreea Negru) --- Read article here

 The social health insurance budget will be missing 35000 billion ROL

   Dan Peretianu, president of the Federative House of Romanian Doctors, states that 35.000 billion ROL will disappear from this year's social health insurance budget. The amount represents the difference between the sum announced for this year's budget of the NHIH (110.000 billion ROL) and the sum sent by the Ministry of Public Finance to be approved by the Parliament as the NHIH budget for expenses in the field of sanitation (75.000 billion ROL).
   (BURSA 1 ) --- Read article here
   (BURSA 3 ) --- Read article here

 Starting this fall, Allianz Tiriac will make its entrance on the private health insurance market

   Allianz Tiriac will become the fourth player on the private health insurance market, starting this fall. Up until now, only three insurance companies have announced their presence in this sector, namely Interamerica (in partnership with Medisystem), Aviva (in partnership with Medicover) and Omniasig Addenda (in collaboration with Romar). An increase in this segment is also expected for the years to come, since more and more insurance companies and medical services suppliers are in a hurry to join the market.
  (ZIARUL FINANCIAR 1 Ioana Leaua) --- Read article here

 Banks do not agree with the restrictions regarding the limitation of credits

   Following the negotiations with IMF representatives, the National Bank of Romania intends to increase the difficulty of contracting a credit from banks, until the Government elaborates a project for a law that more strictly regulates financing offered by leasing or consumption credit companies. bankers consider that the introduction of new restrictions to the offer of loans for the population will not have the desired effects, namely that of limiting the speed with which external deficits are increasing.
  (ZIARUL FINANCIAR 1 l Liviu Chiru) --- Read article here

 Bucharest City Hall will organize an auction to select the banks where the money obtained from eurobonds will be deposited

   Today, June 30-th, an auction will be organized by the Bucharest City Hall in order to select the banks where the amount of 491 million EUR, obtained from the selling of eurobonds, will be deposited. Last week, the City received 500 million EUR in its account opened at the ABN Amro Bank Romania, from which the commissions and the discount offered to the investors were deducted.
  (ZIARUL FINANCIAR 3 Mediafax) --- Read article here

   Macroeconomic News

 The budget correction will reduce public investments by 550 million EUR


   Because of the budget correction approved by the Government in its session yesterday, June 29-th, the Ministry of Finance was forced to increase the funds for personnel expenses, while capital expenses were reduced to 3,1% of the GIP, which translates into a 20.000 billion ROL decrease in public investments. The Government also decided to freeze the salaries of budgetary employees, canceling the 6% increase scheduled for October. Through the Unique National Health Insurance Fund, the executive granted an extra 5.030 billion ROL, 3.600 billion ROL of which were allocated for compensated and free drugs.

  (BURSA 3 Romana Puiulet) --- Read article here
  (BURSA 1 Romana Puiulet) --- Read article here

 The reform of the agricultural sector is a priority for the Ministry of Agriculture


   Gheroghe Flutur, minister of the agriculture, considers that the future of the economic sector under his command depends on the founding of new farms by youths in the rural environment and others. For this purpose, the " Farmer '' project will be started on July 1-st, a project meant to contribute in the process of integration in the European Union. The maintaining of a stable and viable rural population requires government policies meant to ensure the optimum number of work places in the field of agriculture and related services.

  (BURSA 4 Monica Magureanu) --- Read article here

 With the European integration, half of the Romanian banks will disappear due to the competition


  Codrut Pascu, manager of the " Roland Berger '' financial consultancy company, stated that half the banks currently on the Romanian market will disappear after the integration into the European Union due to the competition. Also, banks will have to withstand the growing competition coming from non-banking institutions that grant consumption credits to the population.

  (BURSA 1 Magda Stoica) --- Read article here

 Starting tonight, the switch to the new leu will be made


  According to the article in the " Ziarul Financiar '' newspaper, the cutting of four zeros at the end of the ROL is just a way to give a symbol a makeover, the only practical effect being the strengthening of trust in the national currency. the expected effect of this measure is the reduction of inflation, as was the case in most of the countries where this operation was carried out.

  (ZIARUL FINANCIAR 1 ZF) --- Read article here

 Raw materials coming from abroad made a decisive contribution to the increase of imports


  The increase of imports, in the first five months of the year, took place in the context of the acquisition of raw materials, such as energy related ones, materials and components necessary for the realization of the export production, and high tech equipment for investments. According to the National Statistics Institute, the value of loans went up by 22,4% in the January-may period, compared to the same period last year, and exports went up only 12,9%. As a result of this fact, the commercial deficit increased, in the first five months of 2005, to 3,2 billion EUR, approximately 1 billion EUR more than the same period in 2004.

  (ZIARUL FINANCIAR 3 Mediafax) --- Read article here

   Investment News

 " Gregory's '' is looking for investors in order to rent its business as a franchise

  Greek fast-food restaurant chain " Gregory's '' is looking for investors in order to develop its business as a franchise. Having a 2,9 million EUR turnover at the moment, the company is going to be listed at the Bucharest Stock Exchange this year.
  (BURSA 4 Alina Rancu) ---- Read article here

  A new three star hotel will be built in Arad


  In the autumn of this year, a new three star hotel will be inaugurated in Arad's most expensive district, Micalaca. The building's beneficiary is the SC Filip D Impex SRL company, which owns a 2.357 square meter piece of land on the district's main street, in the vicinity of the Gemi Center complex.
  (BURSA 8 Paula Bulzan) --- Read article here

  30 million EUR will be invested by the city in the rebuilding of the capital's historical center

  The capital's City Hall will invest 30 million EUR in the rebuilding of Bucharest's historical center, work being scheduled to begin this fall. Investment operations for the project will begin in September, the initiative of the city officials being subjected to public debate until then. The investment, estimated at 29,5 million EUR, is financed from a BERD loan (9,5 million EUR) and from the eurobonds emission (20 million EUR). The first measure taken by the authorities, before beginning the investment process, is to evacuate the abusive occupants of the buildings in the historical center.
  (ZIARUL FINANCIAR 3 ) --- Read article here

  In Romania, investments in mutual funds are situated at a very low level

  According to a study by the Intercapital Invest brokerage company, mutual funds in Romania benefit from investments of very low value, compared to those in other European countries. Thus, the value of these investments in our country is 6 EUR per citizen, compared to countries like Poland-250 EUR, Slovakia-296 EUR or Hungary-457 EUR
  (ZIARUL FINANCIAR 5 Andrei Chirileasa) --- Read article here

   Legislative News

   The Government has adopted the new Labor Code

   Yesterday, June 29-th, the Emergency Order regarding the Labor Code was adopted in a government meeting. The final version of the Order was agreed upon with the social partners and the changes made to the initial project mainly refer to the regulation of working hours. Syndicate representatives were satisfied with their collaboration with the Minister of Labor, Gheorghe Barbu, in view of the development of modifications to the Labor Code.
  (BURSA 1 E P) ---  Read article here
  (BURSA 6 E P) ---  Read article here

   The law project concerning the indemnities of young mothers will be reanalyzed

   Democratic Party president, Emil Boc, has asked Labor Minister Gheorghe Barbu to withdraw the law project regarding the indemnities received by young mothers for child care from the ministry's web site. The project stipulates a monthly children's' allowance quantum worth 35% of the gross average salary in the economy, regulated by the annual law of the state budget.
  (BURSA 3 Romana Puiulet) ---  Read article here

   Politics

 SDP wants to withdraw political support for members who had connections with Omar Hayssam

  Cristian Diaconescu, president of the SDP Moral Integrity and Arbitration Committee, suggests the withdrawal of political support over a period of two years for the four members who were identified as having had connections with Omar Hayssam. The fact that the Integrity Committee took over the task of possible regulation violations regarding Hayssam's activity in the SDP, based on the memo received from the SDP Permanent Bureau, was mentioned in a press release.
   (BURSA 1 ) --- Read article here
   (BURSA 3 ) --- Read article here

 Although NLP-DP relations are apparently settling, interior tensions are ever more visible

  Emil Boc, democratic leader, gave the first sign of the colling of relations with the NLP, by announcing three weeks ago that the political formation should win the next elections on its own. This fact, along with the vote in the Parliament on Monday, when the DP didn't vote for the constitution of the administration councils of the RRS and RTV, didn't make prime-minister Calin Popescu Tariceanu happy, and he expressed his doubt concerning his ability to collaborate with Emil Boc in the future. However, in public statements, the leaders of the two parties show their optimism regarding the future of the alliance.
   (ZIARUL FINANCIAR 9 Doina Anghel) --- Read article here
   
   
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