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2005 Archive:
 
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November 30, 2005



      November 30, 2005


  FIC
No news for today
  Financial News
No news for today
  Macroeconomic News
KD Maximus open investments fund registered constant increases
Performers of the Romanian market economy
The polyurethane foams, leak-proof products and adhesives market reports increases
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
Romania would have ended 2005 with a budget deficit of only 0.2% but for the budget correction in November
The Tax Code, completed after the budget is approved
Romanian labor force is very expensive because of the high level of the social insurances
The Government expands the taxation base
SMEs dominate the food industry
  Investment News
Immoconsult invests EUR 15 million
Novomatic continues expanding its Admiral casinos network
The Cristescu brothers liquidate their investments in the chemical industry and invest in real estate
Volksbank will open 50 outlets in franchise system
Romania, targeted by Austrian investors
UPC rented an office building for EUR 3.5 million
The funds distributed by the banking system attracted 88% in the number of clients
  Legislative News
No news for today
  Politics
Geoana announces that the reform within PSD will commence in January 2006

 

   Macroeconomic News

 KD 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.

   (ECONOMISTUL 5 ) --- Read article here
   (CURIERUL NATIONAL 6 Cristina Popescu) --- Read article here

 Performers of the Romanian market economy


   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 eliminated.

   (ULTIMA ORA 5 ) --- Read article here
   (ZIUA 12 ) --- Read article here
   (ECONOMISTUL 2 Constantin AMARITEI) --- Read article here

 The 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.

   (CRONICA ROMANA 8 G l) --- Read article here

 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


   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.

  (CURENTUL 1 Ana Jitarita) --- Read article here
  (CURENTUL 4 Ana Jitarita) --- Read article here

 Romania 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.

  (AVEREA 1 Florin Rusu) --- Read article here
  (AVEREA 4 Florin Rusu) --- Read article here

 The 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.

  (CURIERUL NATIONAL 5 lonut Tudose) --- Read article here

 Romanian 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.

  (ZIARUL FINANCIAR 3 MlHAl BOBOCEA) --- Read article here

 The Government expands the taxation base


   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.

  (ADEVARUL ECONOMIC 2 ) --- Read article here

 SMEs dominate the food industry


   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.

  (UNIVERSUL AFACERILOR 1 Rodica SERBAN) --- Read article here
  (UNIVERSUL AFACERILOR 5 Rodica SERBAN) --- Read article here

   Investment News

 Immoconsult invests EUR 15 million

  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.
  (ECONOMISTUL 8 ) --- Read article here

  Novomatic 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.
  (BURSA 12 A T) --- Read article here
  (AVEREA 6 Mircea Fica) --- Read article here

  The 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 market.
  (ZIARUL FINANCIAR 1 VLAD NICOLAESCU) --- Read article here

  Volksbank 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.
  (ROMANIA LIBERA 6 Adrian Barbulescu) --- Read article here
  (ECONOMISTUL 5 Al RIZEA) --- Read article here
  (CAPITAL 38 GABRIELA TINTEA MOLDOVEANU) --- Read article here

  Romania, targeted by Austrian investors

  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.
  (ZIUA 13 Eduard IVASCU) --- Read article here

  UPC rented an office building for EUR 3.5 million

  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.
  (ZIARUL FINANCIAR 6 Alexandru Cerchez) --- Read article here

  The funds distributed by the banking system attracted 88% in the number of clients

  Banks are the institutions that links investors to funds. The funds distributed by the banking system attracted 88% in the number of clients and have 90.1% in the market.
  (CAPITAL 44 MARIUS PANDELE) --- Read article here

   Politics

 Geoana 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 article.
   (ADEVARUL 4 MAGDA CRISAN) --- Read article here
   
   
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