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

BCR Group sees profit down 13.7% in Q1 to 330.3m lei
1 Mai 2009
The group's total assets advanced 4 percent in the first three months to 71.865 billion lei from 69.08 billion lei at the end of December. The BCR group posted a coverage rate of non-performing loans with provisions of around 80 percent of the...

National Prognosis Commission sees 1.9% drop in real salaries in 2009 and flat in 2010
1 Mai 2009
CNP sees an insignificant advance of the gross domestic product (GDP) by 0.1 percent in real terms in 2010. The nominal GDP is estimated at 568.5 billion lei, up from 531.25 billion lei in 2009. The GDP amounted to 503.96 billion lei last year. The...

KPMG: Risk assessment should be an ongoing process
1 Mai 2009
Nearly 300 organizations from at least 20 countries across Europe, the Middle East and Africa participated in the survey. The current economic crisis increases the pressure on the executive level for reducing technology costs, improving operational...

Peugeot pulls back 700 cars from Romania, in search of demand
1 Mai 2009
“When crisis erupted in Romania, we talked to Trust Motor to organize a redistribution of cars, to relocate them back to Peugeot’s headquarters and to ship them to other European markets where the demand was higher. We moved the cars to...

Benchmark exchange rates edges down in tune with the regional trend
1 Mai 2009
BNR indicated a benchmark exchange rate of 4.1974 lei per euro yesterday. The exchange rate floated near 4.17 and 4.18 lei per euro on opening, after the Hungarian forint and the Polish zloty gained ground versus the euro. The leu started to drop...

Banca Transilvania’s profit slumps 60-fold in Q1
1 Mai 2009
According the earning report, the bank is likely to book a mere 20-million euro profit this year, based on Romanian accounting standards, six-fold lower than a year earlier when the bank posted 128.04 mln euro gross. “We expect a sharp...

Lufthansa: Loss of 44 million euros in the first three months of 2009
1 Mai 2009
“The current crisis is putting a strain on our profits, but our foundations are solid and we have the right instruments to take counter action. Now we will see who is prepared and able to react effectively against these difficult...

Lenders have allegedly reported lower provision in exchange of better financial results
1 Mai 2009
“In February, we opened an inquiry, suspecting a behavior not compliant to regulatory requirements in force, through which the loan provisions set up in 2008 were reduced to minimum. I suspect lenders for having transferred the 2008 provisions to...

Hostels market in Romania: 1.4 million euros in 2008
4 Mai 2009
“In early 2009, only 44 hostels were available in Romania, spread across the country but with a higher frequency in touristic cities”, Ildiko Matyas, chairman of YHR (Youth Hostel Romania) told Wall-Street. The value of hostels market...

ArcelorMittal Galati urges government to take measures to relaunch steel production
4 Mai 2009
The manager said the unit in the eastern city of Galati, a subsidiary of the world's largest steel producer Arcelor Mittal, is not looking for direct help from the government. Instead, the company urges the executive to take indirect measures to...

Retailer Real Romania doles out EUR 60m to cut ribbon for 3 new hypermarkets, despite the crisis
4 Mai 2009
Last year the network opened four new hypermarkets in five weeks towards the end of the year. The company has a headcount of 7,600 in Romania and the counts 21 units in Romania, the most recently opened being in the Black Sea city of Constanta, after...

The reference exchange rate climbs to 4.1920 lei against euro
4 Mai 2009
BNR established a reference exchange rate of 4.1835 lei per euro in the previous session. The leu soared from 4.1950 to 4.1830 over the euro on opening and then waved close to 4.19. Banks were buying an euro with 4.1875 lei and selling it for 4.1925...

HR specialists tap into social networking sites for recruiting
5 Mai 2009
Recruiters and HR staff will tap into the new networking sites for recruiting purposes as well as for keeping a good peer relation. The technology, called web 2.0 has been at hand for internauts ever since 2003 and it marks the most recent stage in...

Badea& Associatii merges with Clifford Chance
5 Mai 2009
Bucharest-based office of Clifford Chance will operate under the name Badea Clifford Chance, the managing Partner Daniel Badea remaining in office. Daniel Badea, legal advisor on banking and capital markets, and Nadia Badea, specialized in real estate...

Generali Insurances adds 8% to its common capital
5 Mai 2009
Generali Insurances holds a common capital of 120 million lei. On April 30, the shareholders have unanimously decided to raise capital and agreed on the participation of Generali to Natural Disaster Insurance Pool with 1% of its common capital which...

Hidroelectrica sells 19 micro hydropower plants
5 Mai 2009
The process for the next bid will start in May. Hidroelectrica sold six of the 16 micro hydropower plants put up for privatization in October 2008 for almost 22 million lei. Five of them went to Wienstrom GmbH in Austria and one to the local company...

Brussels: Jobless rate expected to climb 8% in Romania. Economy to fall 4% in 2009
5 Mai 2009
The European Commission expects the unemployment rate to grow up to 8%, from 5.8% in 2008, and to fall slightly to 7.7% in 2010, European Commission informs. As for the number of jobless and unemployment rate, the National Prognosis Commission has...

Guenter Vosskaemper steps down from the board of Praktiker Romania
5 Mai 2009
Guenter Vosskaemper left Romania in order to take up the position as managing director of Praktiker’s Turkish subsidiary. The decision was made on the need to stimulate the retailer’s activity in Turkey. This is why the board chose one of...

Romanian executives recommend: Business ideas in crisis
5 Mai 2009
Can businesses got off the ground in the midst crisis withstand the storm? If we refer to online-only businesses, we see a major negative impact induced by the financial crisis as consumers shift focus to entry-level products or value-for-money,...

Revenues of state assets recovery authority plunge 87% in Q1
5 Mai 2009
AVAS cashed in 386.45 million lei in the first three months of 2008. The big difference results from the sell-off of carmaker Automobile Craiova in the first quarter of last year, not because some companies belonging to AVAS were transferred to the...

Mircea Ursache appointed as the new president of the Proprietatea Fund supervisory council
5 Mai 2009
The new members of the council are the lawyer Corin Trandafir, Gratiela Iordache, state secretary with the Finance Ministry, Anca Opre, Ioana Adam, Eduard Goean and Ene Dinga. Ursache is the only member of the former council chosen to be part of the...

ING’s retail loan book shrank by a third in first quarter
6 Mai 2009
In March, the retail loan volume stood at 597 million euros. “Personal need loans portfolio shrank the most, and the ones in local currency had a steeper decline than Fx loans”, Negritoiu (photo) added, citing sluggish credit demand....

Italian Gi Group acquires Barnett McCall Recruitment
6 Mai 2009
“We’ve talked to various foreign companies, and finally we have agreed to accept Gi Group’s bid. The Italian-based group bought the majority stake and the amount was calculated as profit multiple. A very good multiple”, Charlie...

BRD reports profit down 19% in Q1
6 Mai 2009
Thus, the net costs of credit risks soared to 201 million lei (47 million euros), from 62 million lei (17 million euros) a year earlier. “The profit contraction is largely due to the growing credit-risk related expenses but which may be deemed...

Web traffic ranking for top business online publication in April: Wall-Street still leading the list
6 Mai 2009
Wall-Street.ro attracted in April 716,205 unique visitors 2,777,118 page views and 1,285,946 visits, followed by the online version of Ziarul Financiar edited by Publimedia International with 611,614 unique visitors, 5,188,676 views and...

Leu climbs to 3-week high versus euro at benchmark exchange rate
6 Mai 2009
Yesterday the leu was pinned at 4.1920 over the euro. In early deals the currency depreciated slightly from 4.1650 to 4.1750 over the euro and after 10 a.m. it began to strengthen. At 1:20 p.m. banks were buying the euro for 4.1615 and selling it for...

Romgaz posts net profit down 31% in Q1
6 Mai 2009
Turnover in the first three months amounted to 951.8 million lei, 11.6 percent down on the previous year. Customers' back payments hiked 35 percent on March 2008 due to financial distress, summing up to 361.6 million lei. Romgaz has an annual...

Anghel, BCR: NBR is likely to cut lending rate to 9% by yearend
6 Mai 2009
By the end of 2010, the lending rate will probably stay in the range of 7.5% and for end-2011 the analyst sees the benchmark rate around 6.75%. Inflation rates could hike to 5.4% this year, thus breaching the upper limit of the interval projected by...

Car registrations down 11.8% in Q1 in Romania, statistics show
6 Mai 2009
The most significant drop in new registrations of vehicles for passengers’ transportation was of 77 percent in coaches, buses, minivans. Also, 49.6 percent less motorcycles were registered in the first three months and 9.3 percent less cars....

IMF drops somber forecasts for Romania’s economic growth
7 Mai 2009
"Even with help from the IMF, 2009 and 2010 will be difficult years." Jeffrey Franks (photo) , the IMF’s mission chief for Romania says that even with help from the IMF, 2009 and 2010 will be difficult years, expecting the growth...

Michael Ringier: No other media speaks about the death of a newspaper but the newspaper itself
7 Mai 2009
In his visit in Bucharest, occasioned by the publication of the group’s financial results, together with Marius Hagger, director of Ringier Romania, Christian Unger-CEO and Marco Castellaneta – Director Coporate Communications, Michael...

Is Adrian Stanciu planning an exit from Human Synergistics Romania?
7 Mai 2009
After an extensive experience as country manager of Xerox Romania, or as partner of Ascendis, one of the largest training companies in Romania, the graduate of University of Polytechnics has turned into a successful entrepreneur who now waits a bid for...

Romania's central lender slashes benchmark rate from 10% to 9.5%
7 Mai 2009
Analysts polled by NewsIn anticipated BNR would slash the benchmark rate by maximum 0.25 percentage points to an annual 9.75 percent as a sign of economic slowdown but would keep constant the reserve requirements of banks. The central lender decided...

Romania’s economy sank 2-3.5%, Raiffeisen says
7 Mai 2009
Compared to prior-year quarter, Romania’s economy sank 2-3% in Q1 2009, as RZB analysts estimate, adding that the current economic growth outlook in 2009 of 0.5% will be revised downward. The report found that the construction sector will have a...

The benchmark exchange rate inches to 4.1638 lei per euro today
7 Mai 2009
BNR established a benchmark exchange rate of 4.1605 lei per euro yesterday. The national currency dipped from 4.16 to 4.1710 versus the euro on opening and then soared to 4.1595. The exchange rate stabilized near 4.16 afterwards and at 1:40 p.m....

ING: IMF has produced errors in calculating short-term sovereign debt
7 Mai 2009
The errors refer to the short-term sovereign debt and currency reserve ratio. IMF announced a 236% ratio for Czech instead of 89%, 210% for Estonia, instead of 132% and 208% for Ukraine instead of 116%. In Poland, the data are largely overestimated,...

Tabloids gain readership
7 Mai 2009
The most read daily newspaper in Romania remains Libertatea, with 1,413,000 readers per day, up 34,000 in the year ending in October 2007-October 2008. The ranking has reshuffled following significant gains in readership for CanCan and Click tabloids....

Banca Italo Romena doubles net profit y/y in 2008
7 Mai 2009
The profitability of the capital advanced from 27.59 percent in 2007 to 43.96 percent in 2008. Banca Italo Romena targets to continue its expansion strategy this year through two units in Bucharest and Timisoara and also to open the new headquarters...

The loan from EC untied to justice reform as speculated
7 Mai 2009
Several media reported that Romania faces the danger of losing about a quarter of the external credit on dearth of significant reforms in the justice system and consistent measures to root out corruption. Moreover, earlier today the leader of the...

NBR revises downward target range for 2010 inflation
8 Mai 2009
The regulator has revised downward the projection for 2010 inflation, from 3.2% to 2.8%, as the forecast range for next year was set at 3.5% with +/-1% tolerance band. The reduction of local currency devaluation risk and the contraction of consumer...

Cosmote reports 98,1 million revenues in Q1, up 84,4%
8 Mai 2009
The telecommunication provider posted a positive EBITDA of over 13 million euros in Q1, versus prior-year quarter. “Cosmote continued to deliver high performance in Romanian marketplace, managed to meet all its objectives related to...

Delisting stocks from the trading arena: advantages and disadvantages
8 Mai 2009
The most common reasons for delisting stocks from the market Over the past few years, delistings from the Bucharest Stock Market of companies such as Dacia Pitesti, , Terapia Cluj Napoca, Arctic Gaesti, Sidex Galati and more recently Policolor have...

Leu strengthens to 4.1281 over the euro at reference exchange rate
8 Mai 2009
The last time such a low reference exchange rate was posted was April 10. Yesterday the leu parked at 4.1638 over the euro. The leu appreciated significantly until noon, from 4.15 to 4.1250 over the euro and then slipped a bit, only to recover to...

Dacia unveils the new Sandero Stepway at Barcelona Auto Show
8 Mai 2009
Sandero Stepway is the updated version of Dacia’s compact hatchback launched in June 2008. In certain countries, order can be submitted as of end of June 2009. The new Sandero Stepway comes with a 1.6 liters and 90HP petrol engine or dCi 70...

Citigroup ups 2009 inflation forecast to 5.5bp
8 Mai 2009
IMF-led financial assistance package is supportive of easier monetary policy “as it mitigates risks on the external financing and currency fronts, while including measures to tighten the fiscal policy”, Citi analysts said. This, coupled...

Jobless rate in Romania hits three-year high
8 Mai 2009
Such a high number of unemployed was last counted in March 2006, when there were registered 545,884 jobless. After the 1989 upheaval against the communist regime in Romania, the unemployment peak was reached in March 1994 - 1.291 million people without...

Raiffeisen AM holds 250 mln lei assets
8 Mai 2009
The increase was largely driven by Raiffeisen Money-Market Fund, whose asset portfolio passed 140 million lei mark, double compared to prior-year period. “The record growth of asset portfolio was triggered by the features of the product. The...

Ministry of Economy, due to pay 150m euros to Petrom for its petrochemical division
8 Mai 2009
Petrom imposed the ministry a single condition in handing over Petrochemicals – to pay the debts of 150 million euros Arpechim had to give to state-run chemical producer Oltchim. Petrom set up in June 2007 the division Petrochemicals Arges to...

Casualties of the newly-introduced poll tax: 14,035 companies suspended activity
8 Mai 2009
Around 1,055 companies in Romania had suspended activity in April 2008. The majority of the firms were from Bucharest (3,152), followed by companies in the county of Brasov (958) and Galati (701).They operated in retail and wholesale, vehicle repair,...

Reduction of RRR will serve as stimulus to mortgage lending
11 Mai 2009
Isarescu: Reduction of RRR will serve as stimulus to mortgage lending By excluding the Fx liabilities of banks with residual maturity larger than two years in the calculation methodology of reserve requirements, mortgage lending and investment...

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