Transgaz will be listed on the stock exchange
Transgaz will list 10% in its equity on the stock exchange,
as announced by Marin Dumitru, manager of the company. Transgaz will organize
an auction for giving the contract of intermediating this operation. The company
will announce the winner on November 2nd. At this moment, Transgaz shares are
owned by the Romanian State, by the Ministry of Economy and Trade.
market operators are interested in Rompetrol shares
On September 29th, stock market operators traded Rompetrol
Rafinare (RRC) shares at an average price of RON 0.114. Marcel Mugoci, Estinvest
Focsani trading manager, stated that " RRC shares remain one of the most
speculative ones, but also one with the most interesting evolutions. '' Mugoci
also stated that investors are used to the possible hearings of Rompetrol's
managers and that the company's results come first in making the decision
to buy its shares.
On Thursday, September 29th, Fitch financial evaluation agency confirmed
the ratings given to BancPost for the long-term to " BBB minus '', for the short-term
at " F3 '', for support at " 2 '' and individual at " D '', with stable perspective
for the long-term rating. According to a press release issued by Fitch, the long-term,
short-term and support ratings reflect the support that can be received by BancPost
from its majority shareholder, Greece-based EFG Eurobank Ergasias, but are constrained
by Romania's " BBB minus '' outlook.
Romaneasca cut interests on RON loans for natural persons
Banca Romaneasca cut interests on RON loans for natural persons and
increased the flexibility of crediting terms. The bank takes into consideration,
nest to wages and pensions, all types of income that can be justified with legal
documents: rents, dividends, daily allowances, revenues from cooperation contracts
etc. The reimbursement period was expanded to 30 years. The client may choose
a fixed interest of 10.95% for the first 5 years, or a variable one, of 13.95%.
Bank cut interests on the " Avantaj Plus '' mortgage loan
ING Bank cut interests on the " Avantaj Plus '' mortgage loan by
0.5 percentage points, down to 9.25% per year, fixed installments for the first
2 years of reimbursement. he bank was one of the first crediting institutions
that lowered interests on RON housing loans below 10%, by a formula that sets
a fixed level for at least 2 years. After this period, ING reserves the right
to modify the annual installment according to the market conditions.
Minerale Industriale, a strong company in the quartz extraction and processing
Bega Minerale Industriale is active in the quartz, kaolin, clay etc.
extraction and processing industry. The company's clear profit on 2004 amounted
to RON 2,390,000. Its advantages are: independence in its relation to raw materials
suppliers, trained labor force, securing a retail market by the contracts signed
with its traditional partners.
Image, Mediafax and Alfa Cont, the main Romanian press monitoring companies
At this moment, the Romanian press monitoring market is in full expansion.
Mediafax is the first agency of this kind that appeared on the Romanian market
after 1989, being established in 1991. In 1999, the monitoring services market
registered a new player, Alfa Cont. As for Media Image, it was established in
January 1999, as reply to the more pressing signals coming from the public relations
market. Media Image provides journalistic and advertising monitoring services,
as well as analysis services and media surveys. Miron Mateescu, Sales Manager
with Media Image, says that this business was started from ground zero, the only
investment at that time being the will and time of the people involved. Media
Image Group has not yet ended the investments stage, " in order to keep up with
the increasing and more specialized demands of its clients ''.
Tax Code might be changes without discussing it with owners associations
and trade unions
In the past year, the Ministry of Finances operated 4 changes to
the Tax Code. Publishing on the Ministry's official website of the latest changes
planned on the Tax Code without being previously debated with the social partners
has given birth to deep discontents from the representatives of Romanian owners
associations and trade unions.
In yesterday's session, the Executive decided that the law on the
minimum guaranteed income is to be modified, so that social help will be granted
on more detailed analysis. Gheorghe Barbu, minister of Labor, stated that the
changes to be brought target guaranteeing social allowances being paid, turning
to good use the community service hours, simplifying income testing procedures,
tighter monitoring and reglementation of giving social allowances.
are offered to medicine producers, suppliers and pharmacists, on receiving
their overdue money by October 1st 2005
Guarantees are offered to medicine producers, suppliers and pharmacists,
on receiving their overdue money by October 1st 2005. The Government issued today
an emergency ordinance which stipulates opening a funding line worth ROL 8,000
billion, with no bank interests or commissions. It becomes operational after
being published in the Official Gazette. Eugen Nicolaescu, minister of Health,
stated that negotiations are being carries with 2 banks, while the interests
are to be negotiated with CNAS. The payment methods will be drawn up by October
asks for the excise on oil products to be brought to the EU level
Ovisiu Nicolaecu, president of CNIPMMR, stated that the State should
bring the excises on oil products to the EU level. AT this moment, the price
of oil products on the Romanian market is similar to the one in the EU, in the
terms in which the excises are only 50% in the European level. Nicolaescu said: " It
is not normal for the couple of companies in this industry to cash the difference,
posting huge profits, while the rest of the companies have to pay the price ''.
commercial deficit in the January - August 2005 period was EUR 5.8 million
According to the National Statistics Bureau, Romania's commercial
deficit in the January - August 2005 period was EUR 5.8 million. 25% in it -
EUR 1.5 billion - was generated by mineral products trading: crude, oil products,
ore, coal, cement etc. The exports registered by this branch amounted to EUR
1.67 billion, while imports were worth EUR 3.2 billion.
According to the National Statistics Bureau, mineral products exports
registered the largest increase in the first 8 months of 2005 from the similar
period of last year. The " free on board '' value of mineral products exports
was EUR 16,757 billion, 117% up from the first 8 months of 2004. These exports
consisted in crude, oil products, ore, coal etc.
IBRD gave a loan to the National Highway and National Roads
Company (CNADNR), for sponsoring the necessary advisory services for restructuring
transportation. The Romanian Government will also contribute to sponsoring
On November 15th, EBRD will discuss giving an EUR 50 million loan
to BCR for funding mortgage loans for natural persons. This EBRD crediting line,
to be divided into 3 parts, is the 2nd project of this kind ran by the international
financial institution and BCR, after the one signed in January 2003.
Catalin Cretu, Regional Manager for Romania and Bulgaria with Visa
International CEMEA, stated that the degree of using Visa cards at retailers
increased by 27% in the 2nd quarter of 2005 from the similar period of 2004.
This in the terms in which the number of cards issued reached 3.1 million, with
a total number of transactions of 53.8 million, 24% more than in Q2 2004.
Romanian projects were sponsored by the ISPA program
The EU sponsored 35 Romanian projects, worth a total of EUR 1,200
million, by the ISPA program, in the 2000-2004 period, as stated by Sulfina Barbu,
minister of Environment and Waters Management. 30 of the projects targeted investment:
25 in the water segment and 5 in the wastes one.
MOL opened 2 new gas stations in Bucharest: on DN 1, at km13, and
on Corneliu Coposu Blvd., in Sector 4. MOL is one of the main companies on the
Central and Eastern European gas and oil market, as stated by Karoly Robak, CEO
of the Romanian branch. So far, MOL invested EUR 150 million in the Romanian
mortgage loan laws were approved by the Senate's Budget and Finances Committee
Varujan Vosganian, president of the Senate's Budget, Banks and Finances
Committee, signed yesterday, September 29th, the favorable report on the law
package on the mortgage loan. This packages includes: the law project on mortgage
loan banks (L399/2005), the law project on mortgage bonds (L400/2005), the law
project on changing and completing Law No. 190/1999 on mortgage loans for real
estate investments (L401/2005) and the law project on the security of creances
more round of debates on the Senate Regulations
Yesterday, September 29th, the plenary session of the Senate debated,
on articles, the new Regulations of the higher chamber, managing to adopt 7 more
of the 202 articles. The harshest disputes were linked to the amendment on electing
the Permanent Bureau. PRM and PSD Senators stated that, according to the Constitution,
the president and the Permanent Bureau are to be elected differently, while the
version of the Special Committee for modifying and completing the Senate's Regulations
was stipulating the election of the Bureau alone.
law on sponsoring politic parties might be modified
The Public Policies Institute (IPP) subjected to public debate aspects
related to the opportunity of some law changes on sponsoring politic parties,
by organizing a seminar on this issue on September 29th. Adrian Moraru, coordinator
of the program, presented a couple of change proposals, the most important of
them referring to the algorithm of allotting the State subsidy, so that the results
on the local elections is to be taken into consideration in introducing a compensation
fund system for donations.
takes over presidency of the UN's Security Council
On October 1st 2005, Romania takes over presidency of the UN's Security
Council. Mihai-Razvan Ungureanu, minister of Foreign Affairs, says this is merely
an honorific title, underlining the fact that approaching this task with responsibility
will make our country more visible on the international level.