Arhiva Wall-Street - luna August 2009 - English-Version

Bruynseels, BCR: Rate of non-performing loans to peak at the beginning of 2010
3 August 2009
NPLs represented 6.2 percent of the total credit portfolio granted by BCR at mid-year, with a coverage rate for NPLs of around 126 percent, according to the financial report published by the lender yesterday. Bruynseels said that most of these...

Romania's central lender to slash key rate to 8.5%
3 August 2009
“Two weeks ago the central lender (BNR) governor Mugur Isarescu said the economy's adjustment is strong and it could become excessive. The governor was previously optimistic about the economic perspectives and talked about an economic growth...

Leasing market plunges 75-80% in the first semester
3 August 2009
Dodita mentioned few new contracts were inked this year and that many clients gave up their contracts from various reasons. The leasing companies in Romania are currently focusing on cashing installments from previous contracts and squeezing money...

Romania's budget expenses rise 5.6%
3 August 2009
Thus the budget gap widened to 2.7 percent of the gross domestic product (GDP) between January 1 – June 30 2009, totaling 14.38 billion lei (3.4 billion euros). Expenses with personnel recorded a significant growth, hiking 12 percent on the...

IMF's visit in Romania prompts drastic public sector spending cuts
4 August 2009
The minister of finance, Gheorghe Pogea said it intends to plug the National Prognosis Commission into the Ministry’s macroeconomic review department, without giving any target date for the completion of the process. “We intend to bring...

BRD reports first-half profit down 17.4%
4 August 2009
The net banking income reached 1,636 million lei (387 million euros), up 17% from year-ago half, while operating profit marked a 19.4% increase year-on-year, up to 919 million lei (217 million euros). The bank’s retail business zoomed 11% YoY in...

Petrom reports new oil and gas discoveries in Russia
4 August 2009
Petrom, the largest oil and gas producer in South-East Europe has reported both gas and oil discoveries in the exploration well Lugovaya. The well is located in Kamenski license in the Saratov region (Russia). Lugovaya-1well was tested and flowed from...

Visa card transactions rise 14% across Europe
4 August 2009
Debit cards are becoming more and more popular as payment tool, with a 19% increase in number of transactions, up to 1.33 billion, and expenses on food, clothing, and leisure continue to have a significant share in consumers’ outgoings, despite...

Disney Channel to start broadcasting on September 19
4 August 2009
Disney, the television network specialized in television programming for children aged 2 to 5 and 6 to 14 respectively will broadcast shows such as Hannah Montana, cartoon series such as Phineas and Ferb, as well as its original series High School...

Leu edges up against euro at midday
4 August 2009
NBR announced a benchmark exchange rate of 4.2127 lei per euro on July 31. The leu opened at around 4.21 units per euro and after a slight fall to 4.2155 it regained ground around noon to 4.21. At 1:20 p.m., banks bought the euro with 4.2062 lei and...

NBR sits on record 27.33 bln euro war chest
4 August 2009
At the end of June, currency reserves were standing at 26.466 bn euros, down 1.4% from a month earlier. The 4,243 mn euro worth of inflows represent changes in the foreign exchange reserve requirements of credit institutions, loans taken by the...

Founder of Proton to invest 5 mn euro in Asian stock markets
4 August 2009
His main targets are China and infrastructure field. “In Romania, the economy could contract by 8% and if I invested here I would most likely lose the money. However, in Asia, the markets are seeing 5% growth so the odds of good returns are...

Orange forms strategic partnership with eMag
4 August 2009
Following the agreement, eMag clients will have the possibility of acquiring online Orange mobile data subscription every time they buy a laptop or notebook in eMag’s offer. “Together with the entry of the most popular smartphones,...

How expatriates view Romanian private funded pension plan
5 August 2009
First impressions and influences over the present To Besim Jawad (photo) , general manager of Eureko Pensii, the first contact with the local pillar II system in Romania took place in September 2007. “There were many things needed to be...

Managing director of Panasonic Romania resigns
5 August 2009
“The reasons are confidential, but are not linked to the current economic crisis. It is a personal decision I had been considering for a long time before I took this major step”, Savulescu told Wall-Street. He added that by the end of...

Top 10 best selling SUVs in Romania year-to-date
5 August 2009
Sport utility vehicles were the most popular cars with Romanian consumers before crisis. However after first six months, the market dropped 40% year-on-year, with only 5,612 SUVs sold.

Danone appoints new marketing director for its operations in Romania
5 August 2009
Dora Strezova (photo) joined Danone Bulgaria in 1999 as assistant brand manager. He was gradually promoted as brand manager in 2001 and subsequently as senior brand manager in 2003. In 2006, Strezova took up marketing manager position, and was...

NBR softens monetary policy
5 August 2009
In the earlier rate-setting meeting, the central bank has also reduced the reserve requirements ratio for foreign currency-denominated liabilities with residual maturities of up to two years to 30 percent from 35 percent starting with the August...

Leu rises slightly against euro on NBR interest rate cut
5 August 2009
NBR had announced an exchange rate of 4.2116 lei per euro yesterday. The leu opened at 4.20 units per euro and started to lose ground in the early trades but only slipped to a maximum exchange rate of 4.2090 lei per euro. At 1:15 p.m. banks bought...

Top executive pay: Former chairman of Unilever South Central Europe was earning 18,000 euros monthly
5 August 2009
Apart from the monthly salary, Corina Alexandra Gatej reported a gain of 20,397 from the trading of Unilever NV stocks. Gatej also holds securities: 5453.9 stock options at Unilever, 375 stocks at Unilever PLC, 389 at Unilever NV and at the company...

New Mercedes sales and repair center in Ploiesti
5 August 2009
Autoklass Center in Ploiesti includes a showroom and repair shop. The center has a gross surface of 20,117 sqm. The showroom covers 750 sqm while the repair shop 1,677 sqm. The repair shop has eight mechanics-electricity work stations, which allows...

Eli Lilly Romania nominates new country manager
5 August 2009
Arnoldas Doviltis has been with the US company since 1994, he headed Eli Lilly’s operations in European Union (since 2005), in the Baltic countries (2000-2005), and in Lithuania (1996-2000). Dovilitis graduated an MBA program at University of...

First lender to report rising profit in H1
5 August 2009
The net profit according to Romanian accounting standards for the period stood at 126 million lei (29.8 million euros), the same as in the first six months of 2008. The bank's return on equity (ROE) stood at 18.8 percent in the first half of the...

Adviser to the NBR governor sheds light on central bank's monetary policy actions
6 August 2009
The National Bank of Romania lowered the monetary policy rate to 8.5% per annum, reduced the required reserve ratio for fx-denominated liabilities to 30%, and reduced the maturity of the auction-based repo operations to one week from one month. Lucian...

Petrom profit sinks 45% on tumbling crude oil prices
6 August 2009
In first half last year, Petrom had posted a net profit of 1.66 bln lei. The profit fall in H1 2009 was weighed down by crude oil price decline and sagging sales of oil and natural gas. However, the net profit was supported by the risk-hedging...

3,500 participants in Pillar III pension plan
6 August 2009
Around 56,000 new participants joined the third-pillar pension plan over the last 12 months. The total assets of the 11 pension funds increased by 7.3% in July, passing the 150 mn lei mark. At the end of June, the return of the voluntary private...

The construction of 350-mn euro shopping center to kick off in fall
6 August 2009
The investment for Colosseum project will exceed 350 million euro and will cover 620,000 sqm. The construction works will be conducted in two stages. In the first phase, the constructor will build a 58,000sqm-retail park, and in the second stage a...

Leu loses ground to euro
6 August 2009
NBR had posted a benchmark exchange rate of 4.2096 lei per euro yesterday. The leu floated within a small range in the early trades, near to 4.21 – 4.2150 a euro, and at 1:15 p.m. banks were buying a euro with 4.2115 lei and selling it for...

CEC Bank profit drops 40% in H1
6 August 2009
Moreover, the lender says the first-half net profit is equal to the gross one of 19 million lei, due to the level of non-deductible expenses. CEC Bank had reported a gross profit of 32 million lei in the first six months of 2008. The level of...

Super-premium beer segment drops 6-7% in H1
6 August 2009
“The super-premium beer segment is in slight decline, while the economy is the most affected. I expect a 6-7% decline for the super-premium segment. But summer is a peak period for beer consumption, it will be more difficult in other seasons. We...

Generali Asigurari posts 15.5% increase in turnover
6 August 2009
It posted GPW of 212.2 million lei in the first half last year. The general insurance segment, which represents 82 percent of the company's portfolio, rose by 18.3 percent in the first half to 200.5 million lei, from 169.6 million lei in the same...

New iPhone 3GS captures consumers’ attention
6 August 2009
Moreover, the 100 smartphones available online since July 29 were sold before they even reached the stores. Online shoppers preferred the 16GB-iPhone 3GS. The most popular model among the corporate clients was the 32GB version while residential...

First home scheme takes off after a short delay: 148 loans in first month
7 August 2009
17 banks of the 19 who expressed interest in the scheme, signed the conventions Until mid this week, a month since the First Home scheme should have been up and running, only 17 banks signed the necessary conventions with the Small-Business National...

Collapse of the car industry weakens demand for navigation systems and GPS smartphones
7 August 2009
As a consequence, the business of Arobs Transilvania, software developer for mobile applications and GPS device distributor, was severely dented ever since the economic crisis set in. “Even if certain business lines performed well, such as those...

NBR revises forecast for year-end inflation at 4.3% from 4.4%
7 August 2009
The National Bank of Romania also decided to keep inflation target range unchanged, at 3.5% with a tolerance band of plus/minus 1. The annual inflation rate dropped in June to 5.86% from 5.95% in May, according to National Institute of Statistics....

Total assets of banks in Romania dropped 1% in Q2
7 August 2009
The capital adequacy indicator for the local banking system increased to 13.51% at midyear, from 13.16% at end of March and 13.76% from end of 2008, as the central bank requested a minim ratio of 8% and has recently recommended to banks a capital...

Fitch: Economic environment likely to make 2009 and 2010 difficult years for banks
7 August 2009
This is likely to lead to capital injections, which Fitch Ratings expects to be supported by foreign parents. Although Romanian banks did not have any exposure to “troubled assets” related to US sub�]prime mortgages, the global financial...

Leu down 0.06% against euro at midday
7 August 2009
NBR posted a benchmarkexchange rate of 4.2124 lei per euro yesterday. The leu waved between 4.2040 and 4.2112 per euro during the first transactions and at 1:30 p.m. banks were buying a euro with 4.2045 lei and selling it for 4.2175 lei. In the...

Coca-Cola Romania reports 5% drop in sales in Q2
7 August 2009
“The highly challenging economic conditions which has resulted in a decline in consumer spending and a contraction of the nonalcoholic ready-to-drink category across most of our markets. The benefits of increased pricing and reduced operating...

Cosmote’s first-half revenues zoom up 73%
7 August 2009
Cosmote’s second-quarter revenues went up by 65.1% to 105.0 million euro. Second-quarter results show a 7mn euro increase from Q1. Apr-Jun results reveal a positive operating income of 22.8 million euro, versus 5 million euros a year earlier....

Germanos posts first-half operating loss of 8.1mn euro
7 August 2009
Despite the 13.1% drop recorded in second quarter this year, to 213.7 million euros from 245.8 million in Apr-Jun 2008, second-quarter revenues were above the ones recorded in Q1. For the period under review, Germanos recorded an operating loss of 8.1...

Isarescu confident on inflation and unemployment rates
10 August 2009
Excesses in the past must be fixed The country needs to correct the excesses in the past. “Romania’s biggest excess was this current account deficit that climbed up to 12%. The fact that we afforded to run a deficit 10% higher than last...

IMF considers using second part of the loan to plug Romania’s budget gap
10 August 2009
“We are considering financing the budget gap from the second tranche due to be disbursed, and if approved, the measure will be part of the stimulus package agreed with the state”, said Jeffrey Franks. Filling the budget gap using the...

Codecs to collect 2.8 mn lei and 3 mn lei in pending debts
10 August 2009
However, Codecs’s debt load stands at 3 million euros (0.71 mn euros) to various providers and agents. “I hope we recover our money soon, so we can pay our own debts. I don’t know exactly how many of our clients owe us money, because...

Blue Air cuts fares for five destinations
10 August 2009
Destinations for which the discount airfares are available are Salonic (85 euros/2-way ticket, all fees included), Brussels (112 euros), Berlin (110 euros), Koln (90 euros) and Valencia (97 euros). Blue Air carried 540,000 passengers in first half,...

Leu loses ground to euro
10 August 2009
The central bank posted a benchmark exchange rate of 4.2098 lei per euro yesterday. The exchange rate climbed from 4.21 to 4.22 per euro in the first part of the day and at 1:15 p.m. banks were buying a euro with 4.2143 lei and selling it for 4.2233...

HR manager of Citibank Romania promoted to London office
10 August 2009
Petrescu will be taking on the new role on August 17, at the Citi EMEA office in London and will head the human resources activity for consumer banking in Central and Eastern European countries. “The role of a Regional HR Business Partner...

Finance Minister: Romania's economy contracted by more than 8pp in Q2
10 August 2009
The National Institute of Statistics will publish on August 13 data regarding the evolution of the gross domestic product (GDP) in the second quarter. Pogea also mentioned the country would witness an 8.4 – 8.5 pp shrink of the GDP at year-end,...

Office rental market sinks 40% in H1
10 August 2009
In first six months of the year, less than 51,000 square meter of office spaced were leased, of which 27,000 in first quarter and 24,000 sqm in second, which translates into a 35-40% decline from a year earlier. “The demand for office spaces...

Unemployment and economic contraction to push NPL ratio through the remainder of 2009
11 August 2009
Non-performing loan ratio to hit all-time high in 2010 “The NPL ratio is expected to continue to trend upward as the unemployment rate rises, and especially if coupled with a severe devaluation of the local currency”, Nicolae Alexandru...

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