Maximus open investments fund registered constant increases
The output of KD Maximus open investments fund will reach, at the
end of 2005, 25%. The fund registered constant increases and avoided fluctuations.
KD Maximus will make placements in the " Property '' Fund as well, if the latter
is listed on the stock market.
On Monday, November 28th, the commercial companies ranking on the
first 10 positions of the National Top for 2004, in terms of competitiveness,
were awarded. Next to the general indexes on their turnover, the top was drawn
up based on exploitation profits, profit rates, the efficiency of using human
resources, development efforts, the efficiency of using committed capital and
criteria meant to underline achieving performance in honest ways, in the spirit
of loyal competition. The economic agents with debts to the public budgets were
polyurethane foams, leak-proof products and adhesives market reports increases
Selena Romania, domestic producer of polyurethane foams, leak-proof
products and adhesives, forecasts an EUR 5.25 million turnover for 2006, more
than 30% up from 2005. The company's sales evolved on the background of a general
increase of the constructions market.
Imre, Corporate Affairs Manager for Romania with Philip Morris, is pleased
with the decisions proposed by the minister of Finances, that eliminate
the competition on the cigarettes market
Peter Imre, Corporate Affairs Manager for Romania with Philip Morris,
is pleased with the decisions proposed by the minister of Finances, that eliminate
the competition on the cigarettes market. More specifically, these decisions
are eliminating differentiated prices, the price of any pack of cigarettes being,
as of January 1st 2006, at least ROL 31,500. His statements were not received
well by media representatives.
would have ended 2005 with a budget deficit of only 0.2% but for the budget
correction in November
Romania will end 2005 with a budget deficit of only 0.2% in the
GDP. This is the conclusion of the Pre-Accession Program, discussed in the latest
Government session. Yet, Sebastian Vladescu minister of Finances admitted that,
after the budget correction in November, the general consolidated budget deficit
will reach almost 1% in the GDP.
Tax Code, completed after the budget is approved
On Tuesday, November 29th, Sebastian Vladescu minister of Finances
stated that the final version of the changes to the Tax Code will be published
a week after the Parliament adopts the budget on 2006, but no later than the
end of December.
labor force is very expensive because of the high level of the social insurances
In order to give to an employee the clear wage of EUR 1,000, Romanian
employers are spending a total amount of EUR 1,900, EUR 300 more than in Bulgaria.
The situation is caused by the high expenses on social insurances, this being
the main reason for which Romanian labor force is expensive.
The Government will continue in 2006 the measures of expanding the
taxation base, by restraining the categories of reserves that can be deducted
when computing the taxable profit for banking commercial companies, mortgage
loan or insurance companies, as well as by eliminating some tax facilities.
According to the data provided by IMS, Romania has approximately
10,000 companies with food products, out of which 2 thirds have 2-3 employees.
Normal-sized companies, with more than 50 employees, are active in the sugar,
wine and beer industries, in which foreign companies own approximately 80% in
the market share.
Immoconsult Romania commences erecting an office building near
Victoria Square in Bucharest. The total investment in Bucharest Office
Solutions Building, including properties purchase, amounts to EUR 15 million.
continues expanding its Admiral casinos network
Austria-based " Novomatic '' group, provider of integrated services
for consultancy and gambling machines, represented on the Romanian market by " Intertop
'', continues expanding and promoting its " Admiral '' casinos concept.
Cristescu brothers liquidate their investments in the chemical industry
and invest in real estate
Marius and Emil Cristescu brothers, owners of Bega group, sold the
majority share package in the calcined sodium plant " Bega Upsom '' Ocna Mures,
Alba county, as part of their strategy of liquidating investments in the chemical
industry. Bega group also owns Govora Sodium Plant, currently under sales negotiations.
The Cristescu brothers want to use the money cashed to invest in the real estate
will open 50 outlets in franchise system
On Monday, November 28th, Volksbank inaugurated its first outlet
in franchise system. By the end of 2005, Volksbank officials say another 3-4
units of this kind will be opened. Plans for 2006 include expanding the bank's
network to 100 units, 50 of them being its own and 50 in franchise system.
East European countries are currently the best investment opportunities
in Europe, stated Erhard Busek, special coordinator of the Stability Pact for
South-Eastern Europe, in the conference on " Successful Economic Partnerships
in Central and South-Eastern Europe '', organized by Forum Invest.
UPC Romania cable and satellite communications provider rented an
office building in the northern part of Bucharest, that will be called " UPC
Building ''. The value of the contract is estimated at around EUR 3.5 million.
announces that the reform within PSD will commence in January 2006
Mircea Geoana wants to modernize PSD, trying to come up with the
answer to " breaking up '' with the past for good. His declared ambition is to
start operations on the party's " reform site '' as of January 2006. There are
signals of getting closer to the doctrine of the British Labourers. Still, it
is hard to believe that PSD will become a Labour party, says the author of the