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

NBR cuts benchmark lending rate and required reserve ratio
1 Iulie 2009
NBR chopped the benchmark lending rate by 0.5% to 9%, as a response to a higher-than-expected deterioration of the economic environment in the first quarter and cut the required reserve ratio for leu-currency liabilities from 18% to 15%, in a bid to...

How much do office building owners pay out of their pockets for fire insurance policy?
1 Iulie 2009
Annual costs for insuring an office building The risk of fire is on top of the list of damages covered by insurance policies in case of large buildings, and the origin and quality of owners are the main factors driving them to take precaution....

NBR reports 907 million euros profit. Previous years’ losses, covered
1 Iulie 2009
“Coupled with the three-month profit of 2009, the National Bank of Romania managed to offset completely the losses recorded in the previous years, resuming its contribution to state budget revenue growth, with a share of 80% of net...

Bankers set more cash aside for future loan losses
1 Iulie 2009
At the end of last year, the total value of provisions set aside by banks stood at 7.59 billion lei. In April, the provisions made by Romanian banks increased by 3.7% from 10.25 bln lei a month earlier. Compared to end-April 2008, when the total...

CBRE|Eurisko spearheads leasing efforts for SkyTower office building
1 Iulie 2009
SkyTower is part of the mixed project Floreasca City, located in Barbu Vacarescu boulevard, and comprises five underground stories, ground floor, 36 stories aboveground, as well as a technical story, measuring 137 m height. The project will have a...

Number portability: Cosmote and Vodafone win the most new subscribers
1 Iulie 2009
In case of the mobile phone lines, all five operators gained new subscribers following the introduction of this facility: Vodafone – 26,353, Cosmote – 26,104, Orange – 17,322, RCS&RDS – 652, Telemobil – 414”,...

Romanian leu gains 0.26% versus euro
1 Iulie 2009
NBR posted a benchmark exchange rate of 4.2175 lei per euro yesterday. The central lender today decided to cut the key interest rate from 9.50 to 9 percent a year, but also to reduce the required reserve ratio from 18 to 15 percent for...

Tatomir, Microsoft: We had a 10-15% decline in operations in FY 2009
1 Iulie 2009
Tatomir said although he had expected a turnaround this year, he remained reluctant on further forecasts as it heavily depends upon the global economic context as well as the political situation in Romania. “We depend heavily upon the global...

Lenders count on small-business lending despite the risk attached
1 Iulie 2009
Banca Comerciala Romana (BCR), Romania’s biggest bank launched BCR Restart overdraft facility and loan for investments BCR Restart designed to SME, as well as the loan for working capital BCR Restart Micro for micro-enterprises. The offers are...

2 million euro investment in Fiat Sales and Service Center in Focsani
1 Iulie 2009
“Auto Tivoli is specialized for Fiat and Fiat Professional brands. Subsequently, the center will introduce new brands. Until then, Auto Tivoli has the statute of agent of Fiat as well as of other brands within AutoItalia Group”, reads the...

Top 10 largest banks in Romania
2 Iulie 2009
The ranking of the nation’s largest banks in Romania by assets underwent major changes in 2008: only BCR and BRD remained on the same positions, while Volksbank and Alpha Bank joined the top league straight to 3rd spot and 5th respectively, while...

Cosmote acquires Zapp
2 Iulie 2009
The consideration for the shares of Zapp is estimated at approximately 61 mil euros (equity value), while Cosmote will also assume the debt and other liabilities of Zapp, mainly concerning 3G and CDMA network roll out, estimated at approximately 146...

Top 10 stock brokerage firms in first half
2 Iulie 2009
10. BRD Groupe Societe Generale BRD GSG intermediated transactions worth 191.81 million lei in first half of the year, and holds a market share of 3.55% at the Bucharest Stock Exchange. In the prior-year half, BRD’s transaction value at the...

Isarescu: A tax hike contributes to higher inflation
2 Iulie 2009
Addressing the correction of external imbalances, NBR governors said this could be achieved only by currency exchange rates, credit or by tax hike. All three of them exert additional pressure on inflation rates. “Narrowing economic imbalances...

Ringier Romania creates online division
2 Iulie 2009
The company is currently running a recruitment process to fill over 50 jobs across the new division. The online division will work as an independent business unit which on one hand brings together the online activities of the print brands while on the...

Euro hits one-month low versus leu
2 Iulie 2009
The exchange rate last reached such a low level on June 1, when NBR posted a rate of 4.1817 lei per euro. BNR settled a benchmark exchange rate of 4.2067 lei per euro yesterday, 0.26 percent down versus the previous session.

Romgaz and Termoelectrica sign debt for equity deal
2 Iulie 2009
Romgaz plans to build here a new natural gas-fired plant of 600 MW. The operations of the thermal power station in Iernut, Mures has been outsourced from a subsidiary of Electrocentrale Bucuresti into a station of Termoelectrica. “This agreement...

Online advertising in Europe grows 20%. What’s next?
2 Iulie 2009
According to the findings of IAB Europe and PwC survey, the countries enjoying the strongest YoY growth rates were Slovenia (77%), Poland (60%), Austria (45%), Finland (34%) and Turkey (33%). The top ten markets in Europe account for 93% of the total...

Sony defies crisis: 15% increase in notebook sales in H1
2 Iulie 2009
Sony Romania said in the second half, the PC manufacturer aimed at increasing sales of notebook PC as well as pushing the market share in the range of 2%. “These results reflect the good start we had in a market that was in freefall”, said...

Mergers and acquisitions market stays under 1 bn dollars in H1
3 Iulie 2009
In first six months, the investment bank tracked 78 transactions, (of which only 43 have announced the value) which totaled below 1 billion euros. The total size of reported M&A deals was 379 million euros. In a simple calculation of estimating...

Procter&Gamble Romania appoints new managing director
3 Iulie 2009
Jose Antonio will take up the position as vice president of Oral Care&Personal Health Care in Central and Eastern Europe, Middle East and Africa. Medran joined P&G in 1986 and worked as assistant brand manager for P&G’s subsidiary in...

First-half budget gap at 2.7% of GDP
3 Iulie 2009
State revenues in first half amounted to 77.23 bn lei, while expenses amounted to 91.65 bn lei, the minister said. The budget deficit reached 14.42 bn lei at the end of June, slightly below the agreed cap of 14.51 bn lei with IMF, according to a...

Alpiq acquires Romanian EHOL
3 Iulie 2009
The transaction was closed on July 1, 2009, the parties refusing to disclose the value. EHOL administers large portfolio of industrial customers in Romania. With this takeover, Alpiq has become one of the top three end-customer providers in Romania...

CSSPP: Contributions to Pillar II should reach 6% within 4 years instead of 8
3 Iulie 2009
“In order to make the pension scheme an alternative to financial market, banking system or equity market, I think we need bring back on the agenda the increase of contribution issue, after crisis ends. As of 2010, we plan to bring the level of...

Online advertising in first half: dismal first quarter followed by mild rebound
3 Iulie 2009
Online advertising market: chaotic and below 2008 On a media market 35-45% below prior-year period, online advertising slumped by “merely” 20-25% - which is translated into the fact that a higher portion of advertisers’ marketing...

Romanian leu loses ground against euro
3 Iulie 2009
BNR posted a benchmark exchange rate of 4.1892 lei per euro, the lowest of the past month. “Regarding the evolution of the euro/leu exchange rate, we have witnessed a corrective movement which led to the depreciation of the national currency on...

The largest renewable energy operator opens office in Romania
3 Iulie 2009
The company concluded a two-year leasing agreement for a 350-sqm area in an office building on Polona street, No 95-99 (photo) , said the real estate consultant, CBRE|Eurisko, leasing agent. “Together with our colleagues in Spain, we have...

Turnover of Saab’s dealer down 30% in first quarter
3 Iulie 2009
“In our view, 2007 was a better year compared to 2008 and 2009. In 2007, our turnover stood at 17,623,971, and in 2008 it fell 9.5% to 15,948,767 lei”, said the managing director of Augusta Motors. The dealer’s target for 2009 is to...

Five best performing stocks at BSE
6 Iulie 2009
In the first six months, we have seen a market-wide rise amid a dried up cash flow. The best performing index was BET-XT which gained 29.7% in first quarter, followed by financial index, with a 24.6% rise. Overall, the market climbed 5.1% which...

The cooperation with US is vital to economic recovery, PM says
6 Iulie 2009
“The two governments are joining forces to revive recession-hit economies. I would like to reaffirm the joint commitment of pursuing the required measures to stimulate the Romanian-American business environment”, said Emil Boc. The prime...

Dacia expects 300,000 car production output this year
6 Iulie 2009
“For this year we expect the production output to stay in the range of 300,000 cars”, said the managing director of Automobile Dacia, Francois Fourmont, at the event that marked ten-year anniversary since the acquisition of Dacia by...

Wizz Air carried 86% more passengers in first quarter
6 Iulie 2009
The first-half load factor was 85%. “The aircraft load factor reaches even 90% during vacation periods”, Natasa Kazmer, communication director of the carrier told Wall-Street. In June 29 - July 5 interval, Wizz Air operates 122 weekly...

Kolomoisky injects 100 million dollars in CME
6 Iulie 2009
Kolomoisky also agreed on a contribution of 100% of the TET channel into Studio 1+1 Group. Kolomoisky will become a 49% shareholder in CME's Ukrainian operations. The transaction is expected to close by the end of the third quarter of 2009,...

Bonds grab traders’ attention
6 Iulie 2009
25,210 IBRD bonds were traded earlier today at 98.24 lei/share, 0.57% up from prior quotas. Earlier today, another 911 benchmark state securities due in 2010 (B1010A) were traded for an aggregated 8.95 mln lei (2.12 mln euros). The bonds issued by...

Scarce trades keep exchange rate in stagnation
6 Iulie 2009
NBR posted a benchmark exchange rate of 4.2032 lei per euro yesterday. The national currency was traded at 4.2075 lei per euro in the early trades and slipped slightly to a maximum level of 4.2105, only to recover to 4.2 afterwards. At 1:20 p.m....

The many white hues of a dark recession: Luxury of a fairytale wedding
6 Iulie 2009
Different evolution in crisis If last year was better than 2007 to wedding planning agencies, the crisis impacted the market in the early months of 2009, a seasonal industry based on bookings made well beforehand, at least a year. “In 2008...

Energy cooperation between Romania and Azerbaijan
6 Iulie 2009
The minister Adriean Videanu is paying an official three-day visit to Republic of Azerbaijan where he met the president E.S. Ilham Aliyev. “The talks included strategic energy issues, addressing both energy security in the Black Sea region and...

CR Firenze Romania boosts losses by 22% in 2008
6 Iulie 2009
The lender saw losses of 9.09 million lei in 2007, NewsIn informs. CR Firenze saw revenues boost by 70 percent in 2008 to 52.97 million lei, of which 6.43 million lei came from fees and 39.9 million lei from interests. Expenses added 59 percent to...

Best sold cars in Romania: How much did they cost before crisis?
7 Iulie 2009
Dacia Logan Dacia’s Logan model manufactured in Pitesti is the best sold car in Romania, with 51,149 units delivered in 2008 and 10,782 cars in the first five months this year (down 55.9%). Dacia Logan facelift 1.4 MPI 75HP was priced at...

Jobless rate goes up to 6.9% in Q1
7 Iulie 2009
The data provided by NIS shows that the employment rate, calculated based on the International Bureau of Labor criteria, was 0.6% up from first quarter 2008. The gap between female and male unemployment was 2.5% (7.9% for men and 5.5% or women), while...

Altex: 8.5% increase in turnover in 2008
7 Iulie 2009
In early 2008, the market increased at the pace registered over the past few years of ongoing growth. In the first six months, Altex’s revenues were 47% higher than Q1 2007, as the market was growing 20% year-on-year. The performance of the...

Top managers on the move
7 Iulie 2009
CEZ Distributie has a new managing director The new managing director of CEZ Distributie is Doina Vornicu, effective July 1. She is thus succeeding Gabriel Negrila, who headed the company’s operations over the past three years. Gabriel...

Royal Crown Cola breaks into Romanian market
7 Iulie 2009
The investment in brand positioning process in Romania will amount to 2 million euros spread over the next three years. “We plan to position our product in Romania side by side with the large existent brands. We aim at bringing the product in...

Romanian leu falls slightly against euro
7 Iulie 2009
NBR posted a benchmark exchange rate of 4.2036 lei per euro in the previous session. The national currency began session at 4.2040 lei per euro and dipped to a maximum level of 4.2130, but then waved near 4.21. Around 1:50 p.m., the euro was traded...

Country Manager of Cisco Romania resigns
7 Iulie 2009
“Bogdan Constantinescu, Country Manager of Cisco Romania has decided to step down as of July 24 and to continue its professional development outside Cisco”, reads a press release remitted by the company. Constantinescu served as Country...

Erste Group: Gold rush not yet over
7 Iulie 2009
“We continue to see an outstanding risk/return profile for gold investments. We regard the current consolidation as good buying opportunity and envisage higher gold prices in the medium to long term. The infamous USD 1,000 per ounce threshold...

AutoItalia Group introduces deferred-payment plan for Fiat cars
7 Iulie 2009
“In view of the current economic conditions and existent financial difficulties, AutoItalia Group and Impuls Leasing introduced a new financing program for all shoppers interested in buying a new car, which enables the buyer of paying the full...

Pillar II: Pension funds increased assets by 9.5% in June
7 Iulie 2009
The players on Pillar II ran net assets of 1.44 billion lei at the end of May. They counted 4,358,578 subscribers at the end of June, up 33,484 people versus May. The highest increase in assets was recorded by the fund managed by Eureko (20.83...

Number of jobless in Romania hits 548,930 in June
8 Iulie 2009
Out of the total number of unemployed, 435,765 (79.4 percent) come from the private sector. This is the twelfth consecutive month of growth in the jobless rate. The number of unemployed rose by 62.8 percent the previous month on June 2008, when it...

One in two companies laid off employees in 2009
8 Iulie 2009
Respondents came from top management with direct role in staffing decisions, the survey being carried online and by phone. Workforce reduction is only one of the measures adopted by the companies in 2009 in the wake of financial crisis. Only 16% of...

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