Arhiva Wall-Street - luna Decembrie 2008 - English-Version

A new bank likely to receive BNR permit within the next months
1 Decembrie 2008
“The documents for a new bank are in process of being approved, and normally, it would receive the authorization within approximately three months. It is a Romanian-capital lender that has positive premises,” said Cinteza on Friday at...

Cinteza, BNR: A bank in Romania was exposed to Lehman Brothers’ collapse
1 Decembrie 2008
“We find the beginning of our problems in the banking system in August, when we tried to identify the banks likely to encounter problems with insecure placements. There was only one bank exposed to Lehman Brothers”, said Nicolae Cinteza,...

Auchan Romania opens second hypermarket in Bucharest in December
1 Decembrie 2008
The company will, thus, complete its expansion objectives set early this year, plan which included two more units in Suceava (opened on November 15), and in Bucharest Militari (early December). Overall investment completed by the retail operator this...

Transilvania Constructii plans to cut salaried workforce by 180 early next year
1 Decembrie 2008
Shareholders’ meeting was scheduled for December 10. At the end of June, this year, Transilvania Constructii had 351 permanent employees. Transilvania Constructii (COTR) reported a 43% lower after-tax profit after first nine months...

NBR calls for capital raise at two banks this year
1 Decembrie 2008
“Not all the capital raise proceedings are voluntary measures of the bank’s shareholders. Some of them are conducted at the request of Supervisory Directory of BNR. This year, we have requested two capital raise. In these cases, the...

Isarescu: unemployment rate will rise in 2009
1 Decembrie 2008
“We have to streamline the labor legislation and to know that any economy with a rigid labor market will loose. The solution to unemployment consists in a streamline of the market”, said Isarescu. He added that, if a part of Romanians...

PSD+PC heads towards a majority in the Romanian Senate after counting ballots from 99.62% voting units
1 Decembrie 2008
Central Electoral Office announced earlier today at 2 p.m that according to the centralized data, from 92.73% voting units, PSD + PC wins by 33% margin for Deputy Chamber race and 33.99% for the Senate. [Update] PD-L falls to 32.57% votes in...

Government tripled registration tax for old cars
8 Decembrie 2008
Traiceanu said on Wednesday that the Executive was considering raising cassation indemnity for old cars, saying that it may reach to 1,000 euros. “We will talk to car manufacturers and see if this measure is useful. (…)Now it is 800 euros,...

A new bank likely to receive BNR permit within the next months
2 Decembrie 2008
“The documents for a new bank are in process of being approved, and normally, it would receive the authorization within approximately three months. It is a Romanian-capital lender that has positive premises,” said Cinteza on Friday at...

Cinteza, BNR: A bank in Romania was exposed to Lehman Brothers's collapse
2 Decembrie 2008
“We find the beginning of our problems in the banking system in August, when we tried to identify the banks likely to encounter problems with insecure placements. There was only one bank exposed to Lehman Brothers”, said Nicolae Cinteza,...

Auchan Romania opens second hypermarket in Bucharest in December
2 Decembrie 2008
The company will, thus, complete its expansion objectives set early this year, plan which included two more units in Suceava (opened on November 15), and in Bucharest Militari (early December). Overall investment completed by the retail operator this...

Transilvania Constructii plans to cut salaried workforce by 180 early next year
2 Decembrie 2008
Shareholders’ meeting was scheduled for December 10. At the end of June, this year, Transilvania Constructii had 351 permanent employees. Transilvania Constructii (COTR) reported a 43% lower after-tax profit after first nine months...

NBR calls for capital raise at two banks this year
2 Decembrie 2008
“Not all the capital raise proceedings are voluntary measures of the bank’s shareholders. Some of them are conducted at the request of Supervisory Directory of BNR. This year, we have requested two capital raise. In these cases, the...

Isarescu: unemployment rate will rise in 2009
2 Decembrie 2008
“We have to streamline the labor legislation and to know that any economy with a rigid labor market will loose. The solution to unemployment consists in a streamline of the market”, said Isarescu. He added that, if a part of Romanians...

PSD+PC heads towards a majority in the Romanian Senate after counting ballots from 99.62% voting units
2 Decembrie 2008
Central Electoral Office announced earlier today at 2 p.m that according to the centralized data, from 92.73% voting units, PSD + PC wins by 33% margin for Deputy Chamber race and 33.99% for the Senate. [Update] PD-L falls to 32.57% votes in...

18 rules for prudent investments in crisis
3 Decembrie 2008
1. Stay diversified. He advocated not having more than 20% of your portfolio in any sector and avoid having “two-of-a-kind” sectors/stocks. 2. Buy and sell slowly . “Never buy or sell a position all at once” he said...

Mega Image broadens chain by adding eight stores in 2008
3 Decembrie 2008
“In 2009, Mega Image plans to open eight more units in Bucharest” said Raluca Pavel, representative of Mega Image, NewsIn informs. The average investment in a Mega Image unit varies between one and two million euros, given the surface...

Aviva Romania’s head sees opportunities in the midst of financial crisis
3 Decembrie 2008
“In the current context, 2008 was a good year for us, and the business plan was 95% achieved. However, we fear a possible slowdown of the economy, and the 5% share which has not been achieved is explained by the sagging growth rate of loans in...

Parties that won the greatest number of seats in the primary election
3 Decembrie 2008
Due to geographic concentration of the voters, UDMR is for the moment, the party won most of the seats in the upper house of Romania’s bicameral parliament with percentages closest to 100%. Until now, the politician who was voted with the...

A winner of the economic crisis: Outplacement market
3 Decembrie 2008
According to Psihoselect – a human resources counseling company- outplacement may be a viable solution. Outplacement is defined as a process of placing employees in other positions once they have been separated from a job, the workers examining...

The most profitable fast-food restaurants in Bucharest
3 Decembrie 2008
McDonald’s Unirii will always be a profitable outlet The world’s biggest fast food chain, McDonald’s will end this year with 25% growth over a year earlier and over 100 million euros sales reported in the present five 57...

Future Government, forced to raise taxes?
3 Decembrie 2008
Higher taxes in 2009 The future government will be forced to raise taxes, if it plans to stimulate the real economy, considering the already-drawn expenses for next year, said Lucian Croitoru (photo) , monetary policy councilor at BNR....

KPMG: Companies defy credit crunch with short-term fixes
4 Decembrie 2008
This strategy is conducted by negotiating longer payment terms with their suppliers (nearly half of the respondents) and tightening credit terms. In addition, 92 percent of respondents said their customers were attempting to stretch payment...

Euroasig files for bankruptcy
4 Decembrie 2008
Under the legal provisions, CSA decided to “declare the insolvency of Euroasig and to run the bankruptcy proceedings against it”. “Despite all the efforts, the measures applied in the course of financial recovery procedure, have...

Romanian managers’ expectations from the future government
4 Decembrie 2008
Denial is not a recovery plan for the economic landscape Expectations of Robert Maxim (photo), Managing Partner at Ensight Management Consulting, from the future government suggest a fast and effective policy response to shore up the economic...

What is the best moment to buy a house?
4 Decembrie 2008
The main problem is the lack of confidence in the market, and not the money shortage” Calin Bucur, consultant at Residential Department of Colliers International and leader of the team that drew BREI indice (Bucharest Real Estate Index) said...

Microsoft delivers Vista SP2 beta
5 Decembrie 2008
This is the first time that Microsoft has packaged a single service pack that updates both the client and server editions of Windows, the company announced in one of its blogs. Windows Vista SP2 can be downloaded from Microsoft Developer Network...

AVAS gives layoff notice for defense industry
5 Decembrie 2008
Thus, according to the draft decision, the utmost average number of employees at CN Romarm SA Bucharest is set at 1,200 while at SC Avioane Craiova SA at 100, NewsIn informs. “This number of employees is necessary for running reorganization...

Financial crisis takes its toll on local media market
5 Decembrie 2008
The layoff proceedings will be carried out gradually, until February, Gabriela Grecu, press coordinator of National Media Center told Wall-Street. “For the moment, the station has not reached any decision on cutting more jobs. Journalists at...

Fashion House Outlet Center, opened as of today
5 Decembrie 2008
“From the desire of providing to our Romanian clients the shopping experience that Fashion House Outlet Center represents in the entire Western Europe, Liebrecht & Wood Romania developer, together with GVA Grimley Outlet Services operator,...

Prognosis.ro sees early signs of positive trend turn of capital market in December
5 Decembrie 2008
Mukul Pal, on the inflexion point in November Mukul Pal, Chief Executive at Orpheus Capitals, brought his contribution to sentiment review of experts and investors at the capital market. There are many ways to read market sentiment....

Brokers: Contor Group stocks will dive below the public offering price
5 Decembrie 2008
The 31 million securities brought to the market, equivalent to 25% of the issuer’s common capital, had a subscription rate of 101% at IPO. The nominal value of the stocks is 0.10 lei/share, being priced at 0.38lei/share. The initial public...

Adi Lupsan about crises, financial history and Great Depression
5 Decembrie 2008
“We will likely witness the greatest depression of the past century” Experts in capital markets started to make various comparisons between the crisis we are facing now and the Great Depression in 1929-1933. Passionate about...

The day the euro area slid into recession
5 Decembrie 2008
The fallout of euro area economy in the second and third quarter in 2008 heralds the first recession since the implementation of the single European currency, in 1999. In economics, the term recession describes a situation in which the gross...

Strong economic growth in Q3: 91%. Slowdown expected for Q4 and 2009
5 Decembrie 2008
Economic growth was fuelled by agriculture Romania’s Gross Domestic Product rose 9.1% in third quarter this year, up to 139.4 billion lei (38.9 billion euros), which topped analysts’ expectations by a narrow margin, while nine-month...

Mio Technology expects worse next year from economic crisis
8 Decembrie 2008
“For 2009, we expect to sell 70,000 units, up 40% in terms of volume, and 10% in terms of turnover, compared to previous year. We expect to see the full effects of the crisis next year, and the market will slowdown its growth pace due to the car...

Arobs plans to raise company's business at 10 million euros in 2009
8 Decembrie 2008
The turnover eyed by the company does not include the objective for the newly-absorbed company, Televoice. In the GPS segment, Arobs sees a narrower growth rate this year than last year’s 80% up to nearly 5 million euros. The company sees a...

Fashion House Outlet Center, opened as of last Friday
8 Decembrie 2008
“From the desire of providing to our Romanian clients the shopping experience that Fashion House Outlet Center represents in the entire Western Europe, Liebrecht & Wood Romania developer, together with GVA Grimley Outlet Services operator,...

Outlook on major relocations in Romanian FMCG industry in 2008
9 Decembrie 2008
First sign of production outsourcing in FMCG, visible since 2007 Bunge, one of the most important players in vegetable oil market in Romania, was closing down oil factory at Kaliakra (Bulgaria) and was outsourcing its upstream activities in...

2008 financial highlights – biggest moves in asset management
9 Decembrie 2008
On July 22, CNVM authorized Prime Capital fund, diversified fund with average risk and Prime Speed Capital, share fund with above average risk. Cosmin Brendea, manager of the fund, told Wall-Street that the company’s target was to reach a 5%...

George Padure: We haven’t frozen the project, we’ve only slowed down pace
9 Decembrie 2008
Located near Plumbuita Lake in Bucharest, Sigma Residence & Gardens has been delivered in May and encloses 1,500 apartments, over 20,000 sqm shopping area and 14,000 sqm green space and gardens. “We haven’t frozen this project,...

Automotive supplier Dräxlmaier idles production facilities in Romania
9 Decembrie 2008
“The fiercer competition in the field calls for a permanent optimization of structures. The company conducted major investments in an effort to keep jobs in Romania for a long term. The economic events that shook up the entire world in the past...

More Romanian companies forced to delay payments in November
10 Decembrie 2008
The economic evolution in the past two months, October and November, has confirmed the signals of a local crisis. The first signal of a financial blackout was triggered since June-July, when the collection process of matured debts reported by the...

Cabat, Chairman of CFA: Romanian economy calls for a back-up plan
9 Decembrie 2008
“It is required a plan with fiscal measures, drawn together with National Bank of Romania, designed to grant confidence in the banking system, to resume lending activity for companies. Afterwards, multiannual budget plans must be drawn already. A...

Raiffeisen: Leasing companies have problems in collecting debts
9 Decembrie 2008
“These problems will inevitably affect the volume of financed goods through an adjustment of interests and a more prudent analysis of leasing applications, clients’ credit score, in order to lower the risks they might entail”, said...

Dell Romania says last quarter sales to fall short of expectations
9 Decembrie 2008
“For fourth quarter of this year, we had initially expected a growth above 50%, whereas it is hard to believe that we will be able to acquire this target, as the market underwent a lower growth pace in the past few months, as a consequence of the...

BCR: Romanian banks will pay annual interest between 4.5% and 7% for euro-currency deposits
9 Decembrie 2008
Banca Comerciala Romana raised the interests to 7% for two-month euro-currency term deposit, within a promotional offer available until January 15, 2009. In the same offer, for sight deposit Maxicont, the client receives a 6% annual interest, in...

Bechtel stalls construction works for Transilvania motorway
10 Decembrie 2008
The company’s board blamed the decision on the 27 million euros amount that National Company of Motorway and National Roads owes to the American Bechtel, NewsIn informs. “We have received the notification for massive layoff. We have...

42% less single apartments offered for sale in November
10 Decembrie 2008
AnunturiParticulari.ro survey found that the number of offers in November plummeted 4% in November compared to a year earlier in case of single apartments, 8% for three-room apartments and 9% for four-room apartments. Private owners offered for sale 1%...

OTP Bank’s communication strategy in 2009
10 Decembrie 2008
OTP’s marketing budget for 2009 will double compared to this year, as communication is a core factor in the context of financial crisis, said Laszlo Diosi (photo), chairman of OTP Bank. “We built OTP Bank brand around confidence,...

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