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

Who comes out ahead and who falls behind with a melted leu?
13 Ianuarie 2009
National currency closed this week’s trades on red, the euro being equated to 4.25 lei in international trades. During Friday’s session, the leu took a nosedive down to 4.175 units/euro, up to a top exchange rate of 4.24 lei/euro,...

LukOil's dilemma: fuel price rise or shutdown of filling stations
13 Ianuarie 2009
“There are situations when the leu drops and the foreign currency rises. We will lift the price for fuel. I cannot work on minus, right? Otherwise, I should shut down filling stations”, said Constantin Tampiza, quoted by NewsIn. On...

BCR staff to start industrial action on unlimited term
13 Ianuarie 2009
BCR said that “it is possible that not all the branches will be in position to service their customers”. The decision of FSI supervenes in the context in which the BCR CLA expired at the end of last year. In mid August 2008, BCR staff...

What lies ahead in 2009?
6 Ianuarie 2009
When will be the peak of the crisis? The global economic environment will experience its worst job cut since the Great Depression. Companies in Romania said they would sharply cut workforce and squeeze production output, while 2008 investment...

Review of national currency’s evolution versus euro
6 Ianuarie 2009
On Tuesday, December 30, 2008, National Bank of Romania reported a benchmark rate of 3.9860 lei/euro and on December 28, 2007, the rate was 3.6102 lei/euro. The local currency fell sharply through the end of the year, down to 4 lei/euro...

Will Euro hit 4.2 lei threshold?
6 Ianuarie 2009
“The currency exchange rates will depend heavily upon the collaboration between the cabinet and the central bank, and on the future evolution of the international climate, as well as investors’ approach on market conditions and risk...

BNR’s decision in the first monetary policy session of the year
6 Ianuarie 2009
“In January, we think the national bank will keep the benchmark lending rate and will cut the required reserve ratio, which is helpful only in case of short term interests. We need a firm monetary policy with accurate messages designed to restore...

Nearly 16,000 Romanians switched their telephony network operator in 2008
7 Ianuarie 2009
Approximately 25 thousand users applied for portability service, with 21 thousand for mobile number portability versus 3,000 applications for local number portability. As for landline telephony, roughly 1,694 telephone numbers were ported: Atlas...

M Car Trading delivers the new Mitsubishi Colt and Lancer Sportback in Romania
7 Ianuarie 2009
“In 2009, the new Mistubishi Colt, Lancer Sportback and Ralliart trim level for Lancer Sedan and sport-hatched body style, Sportback” M Car Trading representatives told Wall-Street. The new Lancer Sportback comes in two engine...

BNR keeps required reserve ratio steady, in a surprising move for market watchers
7 Ianuarie 2009
However, analysts were betting on required reserve ratio cut for liabilities in local currency, after a prior cut to 18% from 20%, NewsIn informs. NBR said it would properly manage the liquidity in the banking system through active use of...

Schreiner, Volksbank: Only time will solve the shattering confidence between banks
7 Ianuarie 2009
“The lack of confidence will be healed by time only. The shattering confidence must be absorbed back by safety, and this is why we have to work in a more professional and transparent environment. There is nothing to fear, if you have nothing to...

Dacia reports growing sales in European markets
7 Ianuarie 2009
Dacia reported total sales up 80% in 2008, up to 3,477 units. The Romanian car brand is active in Bulgaria since 2005 and climbed to 0.6% from 0.4%. The sales of new cars rose by 2.1% in Belgium in 2008, up to 535,947 units. Insiders expect a 10-20%...

Donau Chem Turnu Magurele slashes 700 jobs
7 Ianuarie 2009
Leader of the trade union, Gabriel Dimancea said the termination notice was served on December 22, 2008, while on December 2; the board had remitted a termination notice for 860 workers. The difference of 97 workers is made up of employees who did not...

BNR: Leu sinks to four-year low
7 Ianuarie 2009
“The trend remains up, and the main cause is the absence of foreign currency sellers in the market. Those who sell go on the trend, they speculate the sensitive side”, said an insider, quoted by NewsIn. The local currency was traded at...

Insights on this year evolution of real estate market
7 Ianuarie 2009
Tim Wilkinson (photo), Managing Director of advisory company DTZ Echinox, says that this year will be marked by the attempt of real estate market to adjust to the effects triggered by the crisis. “The market needs to be reviewed and this...

Biggest stock markets in Europe by the number of IPOs in 2008
7 Ianuarie 2009
Notwithstanding the effects of financial crisis, the number of IPOs on the Warsaw Stock Exchange was the highest compared to all stock markets in Europe. WSE had 33 new listings on the WSE Main List and 61 on the alternative market NewConnect....

Gazprom halts fuel supply to Romania
7 Ianuarie 2009
Update 2: Press release remitted by the Ministry of Economy reads that in these circumstances, SNTGN Transgaz took a set of strategic measures to promptly resolve the situation of crisis and to balance the National Gas Transportation System: has...

Autoliv resumes activity at Romanian-based production facilities
7 Ianuarie 2009
“Autoliv Romania resumed activity on January 5, as it was planned. It is too early to make any estimation on the order volume, as many of our clients have started activity today as well”, Ionel Fierbinteanu, Autoliv Romania’s CEO told...

A look into asset management market for 2009
8 Ianuarie 2009
Monetary funds are expected to grow in volume Mutual funds market depends directly upon the evolution of the stock market, which is expected to continue its bearish trend, at least in the first half of the year. However, money-market funds will...

Romania registers second biggest producer price increase in November
8 Ianuarie 2009
The highest increase in the total index was observed in Luxemburg, of 20.9%, while Hungary ranked third with 10.8% price change. According to data made public by the Statistical Office of the European Communities, the lowest price increases were...

Businessmen call for a joint position of Government and BNR on external financing
8 Ianuarie 2009
“AOAR is publicly requesting to be expressed a joint, reasoned position of the Government and BNR to explain the lack of interest of Romanian authorities in handling talks with the main international lenders – EU, Central European Bank or...

Wizz Air plans to take Blue Air’s leading position in low-cost airline industry
8 Ianuarie 2009
By these objectives, the company aims the top position of domestic low-cost market, outcompeting the current No 1 carrier, Blue Air, who carried nearly 1.2 passengers this year and eyes 10% increase in this year’s traffic figures....

Minister of Finances Gheorghe Pogea to handle talks on Budget plan with Isarescu
8 Ianuarie 2009
“Macroeconomic data indicate a 3.5% economic growth of GDP, at a nominal value of 588.1 billion lei, average inflation rate of 5.3%, average gross salary of 1.702 lei/month, and a deficit of consolidated budget of 1.7-2% of GDP”, reads the...

2009: the year Romanian managers learn strategic planning
9 Ianuarie 2009
American pattern: a ‘swarm’ of consultants “It is better to do a bad planning than no planning at all. The opportunity costs are too high”, said Eusediu Margasoiu (photo), founder of The Network. In April 2008, Margasoiu...

After a three-month ‘vacation’, TLV loses 58% on trading day one
9 Ianuarie 2009
300% variation displayed by the system is nominal Banca Transilvania shares were suspended from trading on September 15, for capital raise and nominal-value consolidation, dodging from aggressive fall registered in October by BSE. The nominal...

Erste Bank buys back shares for the first time since first trading
9 Ianuarie 2009
Volume and value of transaction were reduced, the company spending some 32,047 lei (7,870 euro) for the operation, at 64.1 lei/share. BSE’s market maker on this range of stocks, Banca Comerciala Romana, was the broker of the transaction....

AAA Auto Romania reports sagging sales in 2008
9 Ianuarie 2009
“We are still talking on the issue. Selling a portion of Romanian branch remains a viable option. However, we will make a decision by the end of February”, said Martin Emes, director of stock and pricing told Wall-Street. AAA Auto sold...

Erste: Markets find resting point but will remain volatile
9 Ianuarie 2009
We believe that markets have found a resting point but will remain volatile. Despite volatility having settled down, it is still at extreme highs and we expect markets to move sideways for a while in general. This could still happen within quite a wide...

Leu/euro exchange rate at record high
9 Ianuarie 2009
The meltdown of the local currency in the early days of 2009 was faster than the market had anticipated, as most of the analysts were expecting a depreciation of leu down to 4.2 against euro in first quarter of this year. “4.2 lei/euro...

Photography, at the garbled borderline between art and commercial
9 Ianuarie 2009
Art of photography: Tradition in Galmeanu family The passion for the art nests for almost 90 years in his family. So, the energy and desires to pursue the art of photography came naturally for the artist, even if his father or brother did not...

Blue Air adds seven new destinations for summer travel
12 Ianuarie 2009
Blue Air, the first smart flying company in Romania said it would add new destinations to Greece, Cyprus and Italy. Moreover, through Arad-Barcelona (Reus), Bacau-Polonia and Bacau – Milan flights, the passengers will have the possibility of...

Jacques Daniel, Dacia: It would be an absurdity to change prices now
12 Ianuarie 2009
“We have no plan in cutting the price for Dacia models, or raising them, as it would be a complete madness in the current market conditions. Prices of Logan models remained at the same level since September 2006”, said Jacques Daniel....

Romanian exports plunged 9% in November and imports by 17%
12 Ianuarie 2009
Thus, Romania’s imports fell to 4.22 billion euros , while exports slid to 2.54 billion euros, narrowing the monthly foreign trade deficit to 1,68 billion euros, down by 26.8% versus prior year. The evolution of foreign trade in November confirm...

December revenues for state budget dropped 11.6%
12 Ianuarie 2009
Thus, revenues of the state budget equated 6.06 billion lei in December 1-30, versus 6.85 billion lei in previous year, while the local budgets accounted for 464 million lei revenues, according to the report remitted by Ministry of Finance....

Libra Bank, participant to clearing-settlement and registry system of Central Depository
12 Ianuarie 2009
Libra Bank is currently clearing participant of RoClear system. Central Depository started its activity on January 3, 2007, as single depository and registry services provider for publicly traded companies, based on CNVM decisions. Based on...

Isarescu: Do you think euro climbed too high?
12 Ianuarie 2009
Currency exchange rate: Leu hits record-low Leu/euro currency exchange rate is not apparently alarming for BNR governor, Mugur Isarescu, who dropped hints on a possible further climb of European currency against leu, and in this case, National...

Mazda achieves 9.3% y/y sale increase in Europe
12 Ianuarie 2009
The Mazda brand also achieved an estimated passenger car market share of 1.9 percent in 2008 in Europe, which is up 0.2 percentage points year-on-year. Strong gains in Mazda sales during the first 10 months helped the brand achieve year-on-year...

Rockmedia invests 200,000 euro in iKonect.ro business-oriented social networking site
12 Ianuarie 2009
The company said it would make improvements in the application and business, marketing and staff costs, according to Mihai Dragan (photo) , managing director of MB Dragan told Wall-Street. “The development of iKonect project lasted 4...

Dacia temporarily cuts production over weak demand
13 Ianuarie 2009
“As a result of the dramatic and ongoing fallout of the car markets, especially in Romanian market, Dacia will temporarily halt production for two months, starting January 26 until February 8, 2009”, Dacia informs. Under the provisions...

Head of Erste Bank: Claims of BCR trade union are far from reality
13 Ianuarie 2009
“We are fully supporting the position adopted by BCR management in negotiations and we find the claims expressed by BCR trade union are far from reality, given the current economic conditions”, said Traichle, quoted by NewsIn. BCR...

ING Bank analysts: The leu, likely to challenge 4.7units/euro level in Q3, 2009
14 Ianuarie 2009
“Understanding that capping the single European currency versus leu is too expensive regarding the economic growth, BNR enables the local currency to freefall, thus targeting a challenging depreciation in order to temper down the current account...

Media groups to cut pay 20% amid crisis
14 Ianuarie 2009
The measure prompted by Intact is designed to minimize the effects of the financial crisis, such as massive layoff, reads a press release remitted by the company. “I want the performance to remain the only criteria based on which the layoffs...

December's job losses lifts unemployment rate to 4.4%
14 Ianuarie 2009
In November, the unemployment rate raised to 4.1%, with 12.788 more jobless than in October, as several industry sectors started to shrink, in the midst of economic downturn. In December 2007, ANOFM had announced a 4.1% unemployment rate....

Lufthansa lifts passenger count in 2008
14 Ianuarie 2009
“The excellent results we registered last year highlight the success we enjoy in Romanian market and of our service offer. The increase of capacity, the convenient timetable and our challenging products have been welcomed by our customers who...

Where to invest in 2009, the second year of financial crisis?
14 Ianuarie 2009
Andreea Gheorghe, manager of analysis department at Intercapital Invest says the large gain period at BSE ended in early 2008. “Now, it is certain that 2009 will not be marked by massive gain spree at BSE, whereas it can be a good year for...

2008 inflation rate falls short of expectations, to 6.30%
14 Ianuarie 2009
BNR adopted inflation targeting in 2005 and managed to acquire its objective in only one year, 2006, respectively, when the annual inflation rate at yearend, of 4.87% was below the announced target of 5% with 1% tolerance band. In 2005, BNR missed...

King Sturge concludes latest lease contract in Conect Business Park 3
14 Ianuarie 2009
The developer, Conect Business Park, has already completed 3 buildings, of 8 and 9 floors with total parking places of 266, of which 134 underground. “Other prestigious tenants include international and local companies, such as Alcatel,...

Worst case scenario: Dacia may cut 4,000 jobs
15 Ianuarie 2009
“If the negative trend continues, I can say that nobody intends to take any extreme measure. However, Dacia may be forced to layoff some of its workers”, said Liviu Ion, quoted by NewsIn. “Moreover, as for this...

The differently faceted approach on stock market risks
15 Ianuarie 2009
The bearish trend started in H2, 2008 After the all-time lows registered in October 2008, investors who remained actively involved in the market are now more prudent on where they invest the capital. “In the second half of last year,...

Ion Tiriac Group appoints new CEO
15 Ianuarie 2009
Some of Vaduva’s new duties as CEO will be to upgrade activities of the group and to increase profit margins of deals ran by operational companies within it. Petru Vaduva replaced Anca Ioan, one of the best known managers locally....

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