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October, 2005
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October 31, 2005



      October 31, 2005


  FIC
No news for today
  Financial News
ASLR logged leasing contracts worth EUR 860 million
Disappointment over BCR bidders sends SIF stocks reeling
BASF Romania sales to go up at least 10 per cent
Stock market slides as buyers choose to stay home
UNSICAR has eight new members
  Macroeconomic News
Romanians save only 1 per cent of their income
Romanian companies still hot on franchise system
EU official says reform of Romania's public administration is still a long way from completion
Government to raise wages in the state-owned sector, despite IMF requests
Lower lending rates not here to stay
  Investment News
Investors complain of poor transport infrastructure in northern and eastern Romania
Irish investment fund is about to buy Mall Moldova
EBRD to finance the Bucharest - Constanta highway
Metrorex signed an EUR 110 million contract with Bombardier
Strabag offers EUR 2.2 million for control at Grandemar Cluj
  Legislative News
No news for today
  Politics
PNL-PD Alliance leaders meet to find solutions for the Education budget
Tariceanu says accession delay won't make him quit
Democrats look ahead at Government reshuffling
Conservatives stay firm on ethnic minorities law, Government may have to assume responsibility


   Financial News

  ASLR logged leasing contracts worth EUR 860 million

   The leasing firms which make up the Association of Romanian Leasing Firms (ASLR) announced contracts amounting to EUR 860 million at the end of the first nine months of the year. The 38 members of ASLR have financed purchases of goods worth EUR 706 million, out of which cars still account for a massive 90.5 per cent. (Romanian source)
   (CURENTUL 5 Cnstina Tivers) --- Read article here
   (CURIERUL NATIONAL 5 lonut Morariu) --- Read article here
   (ZIARUL FINANCIAR 6 Marius Anton) --- Read article here

 Disappointment over BCR bidders sends SIF stocks reeling

   The stocks of the five state investment funds took a tumble at the end of last week as the market was flooded by sale orders in previous sessions. Brokers say the investors were disappointed by the names of the two banks selected for the final negotiations by the BCR privatization commission, Erste Bank and BCP Millenium. (Romanian source)
   (BURSA 1 Andreea Negru) --- Read article here
   (BURSA 8 Andreea Negru) --- Read article here

 BASF Romania sales to go up at least 10 per cent

   BASF Romania, the local branch of German chemicals group BASF, has released estimates pointing to an increase in sales of at least 10 per cent at the end of this year. The higher goal of the BASF group for the Central and Eastern European area is to double sales by the year 2010, from EUR 1 billion to EUR 2 billion. (Romanian source)
  (BURSA 4 Eli Roman) --- Read article here

  Stock market slides as buyers choose to stay home

  The Bucharest Stock Exchange (BVB) went downward at the end of last week as the sales orders from the previous sessions were no longer offset by purchase orders. While the BVB is still one of the few in Eastern Europe to see the month out with a slight growth, the regional trend is not positive and has already started to make itself felt. Some brokers say this could be a profits marking strategy by institutional investors and also a shift toward less risky investments. (Romanian source)
  (BURSA 7 Andreea Negru) --- Read article here

  UNSICAR has eight new members

  Eight insurance brokerage companies have joined the National Union of Insurance Brokerage and Consultancy Societies from Romania (UNISCAR) at the end of last week. UNISCAR has now 46 members. Bogdan Andriescu, managing partner of Eos Risq Romania, was also re-elected president of UNISCAR for another two-year term. (Romanian source)
  (ZIARUL FINANCIAR 2 Angela Placinta) --- Read article here

   Macroeconomic News

 Romanians save only 1 per cent of their income


  Investment spending figures featured in the latest report released by the National Institute for Statistics show that Romanians save only a paltry amount from their income, mainly because of poverty. At the end of 2004, savings accounted for only 1.1 per cent of household revenues. A report issued by the World Bank said the economies of former communist countries should grow 8 per cent per year in order to erase absolute poverty by 2015. (Romanian source)

   (CURIERUL NATIONAL 1 lonut Morariu) --- Read article here
   (CURIERUL NATIONAL 5 lonut Morariu) --- Read article here

 Romanian companies still hot on franchise system


   The Romanian market has more than 170 brands which operate through the franchise system, according to a study presented last week at the roundtable organized during the Romanian Investment Forum. The study showed that only 43 franchised brands are locally developed. (Romanian source)

   (BURSA 10 Robert Iloviceanu) --- Read article here

 EU official says reform of Romania's public administration is still a long way from completion


   Jonathan Scheele, head of the Standing Delegation of the European Commission to Romania, stated that the reform of Romania's public administration is still a long way from completion, despite the recent progress. Scheele focused on the lack of clarity and coherence in the reform process and the poor results of the campaign against corruption. (Romanian source)

   (BURSA 1 Andrada Busuioc) --- Read article here
   (BURSA 3 Andrada Busuioc) --- Read article here

 Government to raise wages in the state-owned sector, despite IMF requests


   The draft state budget for the year 2006 features a 20 per cent increase in the personnel spending of the public institutions, despite requests made by the International Monetary Fund for a lockdown on wages paid to state employees. All public institutions, with the exception of the Defense Ministry (MApN), are also planning to hire more employees in 2006. (Romanian source)

   (ZIARUL FINANCIAR 2 Mihai Bobocea) --- Read article here
   (ZIARUL FINANCIAR 1 Mihai Bobocea) --- Read article here

 Lower lending rates not here to stay


   Romanian bankers started talking about approaching hikes in the interest rates charged on loans only weeks after the slight decrease in lending rates. Nicolae Danila, president of BCR, said that rates are bound to move higher next year because the commercial banks that lend money at dumping costs this year lack the sustainable long-term resources needed to refinance the cheap loans. (Romanian source)

   (ZIARUL FINANCIAR 1 l Razvan Voican) --- Read article here

   Investment News

 Investors complain of poor transport infrastructure in northern and eastern Romania

  Dan Bedros, president of the French Chamber of Commerce, Industry and Agriculture in Romania, has decried the economical situation of northern and eastern Romania, two areas which are out of reach for foreign investors. Businessmen attending the French-Romanian Business Forum agreed that weak involvement by public authorities and a poor transport infrastructure isolated these areas from the economic growth of the rest of the country. (Romanian source)
  (BURSA 10 Doru Mocanu) --- Read article here

  Irish investment fund is about to buy Mall Moldova


  An Ireland-based investment fund is currently negotiating the purchase of Mall Moldova, which used to be seen as the biggest shopping center in Iasi. Sources close to the negotiations say the fund will pay some EUR 30 million for the shopping center. The deal will be inked before the opening of Mall Moldova in mid-December. (Romanian source)
  (BURSA 4 Eli Roman) --- Read article here

  EBRD to finance the Bucharest - Constanta highway

  The European Bank for Reconstruction and Development decided to help Romania complete one of the sectors of the future Bucharest - Constanta highway through a loan. The overall cost of the highway that would provide a route around the city of Constanta is estimated at RON 605 million (more than EUR 168 million). This highway is included in the Fourth Pan-European Corridor. (Romanian source)
  (ADEVARUL 5 (Mediafax)) --- Read article here
  (ZIARUL FINANCIAR 2 Mediafax) --- Read article here

  Metrorex signed an EUR 110 million contract with Bombardier

  Metrorex has signed a contract with Bombardier for buying 20 subway trains worth EUR 110 million. The contract includes an option for another 6 trains at the same price and is seen as very good for the Romanian side, which managed to obtain a 10 per cent cut in prices. Bombardier representatives said they are also interested in landing a deal with CFR. (Romanian source)
  (ZIARUL FINANCIAR 2 Lavinia Marin) --- Read article here

  Strabag offers EUR 2.2 million for control at Grandemar Cluj

  Austrian constructions company Strabag will launch tomorrow a public purchase offer for the nearly 60 per cent of Grandemar Cluj-Napoca which are still held by other investors. The Austrian company offers RON 8.2 million (EUR 2.2 million) for Grandemar through a Hungarian company under its control. (Romanian source)
  (ZIARUL FINANCIAR 1 Vlad Nicolaescu) --- Read article here

   Politics

 PNL-PD Alliance leaders meet to find solutions for the Education budget

  The debate of the state budget for 2006 by the special commissions of the Parliament, which is scheduled to begin this afternoon, will be preceded by what looks to be a tense meeting of the PNL-PD Alliance. The leaders of the National Liberals (PNL) and Democrats (PD) will meet to decide upon a common solution regarding the budget of the Education Ministry. (Romanian source)
   (ZIARUL FINANCIAR 3 Doina Anghel) --- Read article here

 Tariceanu says accession delay won't make him quit

  Prime Minister Calin Popescu-Tariceanu stated that after 10 months at the head of the Cabinet he deeply regrets not succeeding in his attempt to raise the VAT in order to get another 0.2 per cent of the GDP to the state budget. The PM also said that he will not quit in case Romania's accession to the EU is postponed and that early elections are still on the cards, but not exactly what Romania needs right now. (Romanian source)
   (ADEVARUL 6 (Mediafax)) --- Read article here
   (AVEREA 1 Florin Rusu) --- Read article here
   (AVEREA 41 Florin Rusu) --- Read article here
   (ZIARUL FINANCIAR 3 Iulian Anghel) --- Read article here

 Democrats look ahead at Government reshuffling

  Prime Minister Calin Popescu-Tariceanu has promised during a meeting of the PNL-PD Alliance that the Government will be restructured three or four weeks after the release of the EC country report on Romania. The leaders of the Democrat Party see this restructuring as an opportunity to get rid of some of the ministers who failed to perform as expected, such as Transport Minister Gheorghe Dobre. (Romanian source)
   (ADEVARUL 6 MIRCEA MARIAN) --- Read article here
   (ADEVARUL 1 MIRCEA MARIAN) --- Read article here

 Conservatives stay firm on ethnic minorities law, Government may have to assume responsibility

  The ethnic minorities law, which was rejected by the Senate and is currently scheduled for debate in the Chamber of Deputies, could be passed through the special procedure of assuming responsibility by the Government. The Conservative Party (PC) has stated once again that it will vote against the law if it does not include the amendment regarding the representation of Romanians in public administration in the areas where other ethnics are the majority. (Romanian source)
   (EVENIMENTUL ZILEI 7 Raluca Crisan) --- Read article here
   
   
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