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

Where is the leu heading this year?
2 Noiembrie 2009
The euro is very likely to strengthen further versus the Romanian currency, up to 4.5 lei, according to the gloomiest projection of the analysts interviewed by Wall-Street. The political crisis coupled with a severe economic downturn, and the delay of...

Erste plans to raise €1.65 billion in a rights offering at BSE
2 Noiembrie 2009
Erste Group will issue 60 million shares, the price of the offering being €27.50/share, the closing quote of Erste stocks at Vienna Stock Exchange. If all of the shares are taken up at the assumed offer price, the Bank's total equity will...

Bermas Suceava doubles profit on cost-cutting
2 Noiembrie 2009
In the first three quarters in 2008, Bermas reported after-tax profit of 1.07 million lei. However, after six months, the brewer recorded a loss of 110,250 lei, and a third-quarter profit of 2.16 million lei. The company’s revenues increased by...

Romgaz reports 5% decline in nine-month profit
2 Noiembrie 2009
In the first nine-months last year, the natural gas supplier reported net profit of 442 million lei and revenues of 2.38 bln lei. “Our performance to date compared to a year ago reflects the reduction of natural gas demand”, the company...

Ringier adds two new executive board positions
2 Noiembrie 2009
The two members of the group executive board will be appointed and communicated by the end of November. The creation of the two posts is a result of the group’s plans to grow its digital business over the next five years. The group will also...

Profile – Razvan Botezatu, Xerox: I haven’t come across with any completely useless gadget yet
2 Noiembrie 2009
Find out what are the high-tech habits and preferences of Razvan Botezatu, XGS Manager Xerox Romania and Moldova.

Midday Forex: Leu recoups some losses vs euro
2 Noiembrie 2009
NBR posted yesterday an exchange rate of 4.3079 lei per euro. The leu advanced constantly on opening and rose from 4.3150 to 4.2850 per euro, but soon slipped to 4.2950. At 1:15 p.m. banks were buying a euro with 4.2962 lei and selling it for 4.3052...

Economists bet on a NBR rate cut by quarter-point to 7.75%
3 Noiembrie 2009
The first rate-setting session in the new configuration of NBR policymaking group will take place tomorrow, in the midst of a political crisis, and bankers and economists put their bets on another benchmark rate cut by 25 basis points to 7.75%.

BRD’s nine-month profit falls 19%
3 Noiembrie 2009
The net risk cost increased to 673 million lei (€159 million), from 226 million lei (€62 million) in the same period of last year. “The global economic downturn continued to pinch banks’ operation in third quarter, which...

Only a quarter of projects ready for occupation in H2 are pre-let
3 Noiembrie 2009
Early last year, almost 75% of total office spaces in first half were pre-let. In the first half this year, more than half of the completed office space was unoccupied. Furthermore, an increasing number of projects announced for delivery this year have...

Adevarul Holding buys OK! magazine publishing license
3 Noiembrie 2009
With over 40 million readers worldwide, OK! magazine has a varied content, 80% of it being dedicated to the lifestyle of local and international celebrities. The Romanian version will be its 21st foreign language version in the world. OK! magazine...

Top 3 hybrid cars in Romania by year-to-date sales
3 Noiembrie 2009
Romania is lagging far behind other European countries in hybrid car sales due to the government’s failure to attract consumer interest in these eco-friendly vehicles with premiums. Therefore, only 50 hybrid cars have been sold year-to-date in...

Philips provides €4 mln medical systems to private hospital in Iasi
3 Noiembrie 2009
Arcadia is the first private multi-disciplinary hospital in Moldova and represents a total investment of €15 million. €4 million have been earmarked for the acquisition of medical equipment. The center is seven-stories high and has a total...

RNSC revokes license of KD MultiFond
3 Noiembrie 2009
Launched in 2007, the product has been the only fund in the local market with assets solely in other collective investment schemes. Under the prospectus, 50-70% of the fund’s assets were in equity funds, 20-40% in money-market funds or bond...

MOL expands card acceptance network in Austria
3 Noiembrie 2009
“MOL card is a cost-reduction payment tool through: VAT refund, the possibility of paying road taxes without any additional fees and GPS monitoring”, said Zsolt Szalay (photo) , country chairman MOL Romania. Cards, which are geared...

Petrom considers several green-energy projects
3 Noiembrie 2009
“Petrom has a direct interest in the renewable power sector and we are considering several projects, but it is not yet clear when investments will be made. We will make a public announcement when we will reach a decision in this regard”,...

Midday Forex: Leu trades near all-time low vs euro
3 Noiembrie 2009
The central bank reported an exchange rate of 4.2955 lei per euro in the previous session. The euro hovered near 4.3050 lei in the early trades and then climbed to 4.3110. The leu then started to gain ground and recouped losses from recovered to the...

Bucharest, Europe’s fifth cheapest office market
3 Noiembrie 2009
The lowest prime office rents in European cities have been observed in Stuttgart, Germany, while Bucharest took the fifth spot, in top lowest open-market rents for Class A office spaces, a recent Jones Lang LaSalle office property study found.

WIEE Romania: Solutions to crisis don’t compensate the sluggish natural gas demand
4 Noiembrie 2009
“The general demand was very weak in the first half of 2009, due to the ongoing economic crisis. In 2009 the quantities will drop compared to the previous year. The reduction in gas consumption in Romania was transferred almost integrally to...

Hraben Suknaic, Google: We haven’t abandoned plans to open office in Romania
4 Noiembrie 2009
Present at the fourth edition of RoNewMedia, Hraben Suknaic said Romania was an important market for Google due to its development potential and the fair amount of success Google products have enjoyed in the local market. “We have invested in...

BSE reports nine-month pre-tax profit of 7.5million lei
4 Noiembrie 2009
The stock market reported 3.5 million lei gross profit for third quarter and 4 million lei for first quarter. BSE’s full-year forecasts indicated 7.9 million lei profit, 35% below year-ago level. “The profit was largely driven by the...

ING agrees to restructure Flamingo’s €17.5 mln debt
4 Noiembrie 2009
The two companies agreed on the restructuring of the contract concluded in 2001, under which Flamingo borrowed around €17.5 million. “The agreement with ING is one of the most important steps we have taken to overcome the current economic...

NBR keeps rate at 8%, cites political uncertainties
4 Noiembrie 2009
The central bank’s decision to keep key rate on hold came as a surprise to analysts who expected a 25basis point cut in today’s session. They also predicted a reduction in reserve requirements. “The National Bank of Romania decided...

Reliance on imports and on a sole power supplier will increase further
4 Noiembrie 2009
Mariana Gheorghe also said the main challenge of the energy sector was to ensure the required fuel supply. “We want to reduce our reliance to hydrocarbons, but it will take some time until new technologies will provide us alternatives. Fossil...

Midday Forex: RON/EUR remains above 4.3
4 Noiembrie 2009
NBR posted an exchange rate of 4.3047 lei per euro yesterday. The leu traded between 4.3020 and 4.3080 per euro in the early trades and at 1:05 p.m. banks were buying a euro with 4.2982 lei and selling it for 4.3072 lei. In the region, the...

Without the money from IMF and EC, Romania is on the verge of collapse
4 Noiembrie 2009
“This is the reason why we are willing to support the efforts put in by the International Monetary Fund to restart the aid deal, because a continued negative economic growth would leave one million jobless and the country broke”, said the...

Jobless rate expected to touch 9% this year
4 Noiembrie 2009
In its spring forecasts, EC expected the unemployment rate to grow to 8% in 2009 and then decline to 7.7% in 2010. EC data are calculated by the methodology of International Labor Bureau. The National Prognosis Commission expects an unemployment rate...

NBR puts a curb on cheap loans
5 Noiembrie 2009
Since the beginning of the year, the National Bank of Romania has began a series of rate cuts to restore financial stability and to bring about economic recovery, but uncertainties regarding the disbursement of the next tranche under the IMF/EC aid...

Average net income increased to €321 in September
5 Noiembrie 2009
“Despite that average gross income and net income is slightly higher than a month earlier, it remains below the level recorded in the other months of the year, except for February and May”, the office for statistics said. In August, the...

Transelectrica reports 12 times lower profit
5 Noiembrie 2009
In the first nine months, the company reaped a profit of 132.9 million lei and recorded revenues of 2.01 billion lei. Turnover fell 11% to 1.79 billion lei (€0.4 billion) in the period under review, while revenues dropped 10% to 1.83 billion lei...

Political instability could cost Romania €1.5 billion
5 Noiembrie 2009
“If the public spending reforms were on track, under the tax scheme for 2009, the country would need €3.5 billion by the end of the year, namely less than two months. Putting off the implementation of these reforms would only heighten...

Fondul Proprietatea sells Centrofarm stake
5 Noiembrie 2009
The sale of the 1.13 million shares was completed at a price of 6 lei each, 50% above the yesterday’s closing quote. Gross earning from the sale was 4.08 million lei, considering the historic cost of the interest, of 2.47 million lei. Audit...

Midday Forex: Leu ups slightly against euro
5 Noiembrie 2009
NBR posted an official rate of 4.3017 lei per euro in the previous session. The national currency inched from 4.2990 to 4.2960 versus the euro after the first transactions and then dropped to 4.3030. At 1:55 p.m. banks were buying a euro with 4.3030...

Croitoru cabinet rejected
5 Noiembrie 2009
The parliamentary majority, made up of PNL, PSD and UDMR said no the nomination of Lucian Croitoru by president Traian Basescu, thus extending a political crisis that may leave the country without a government until the presidential elections, 9am...

Aviva’s nine-month retail sales fell 11%
5 Noiembrie 2009
“Overall retail sales volumes were 11% down at £4,386 million (2008: £4,907 million) and 17% down on a local currency basis. In 2008, we benefited from 506 million of one-off initial contributions from the launch of compulsory...

Deloitte: Economic crisis, the opportunity IT leaders need
5 Noiembrie 2009
The 2009 edition finds that IT is under tremendous pressure to deliver business value, being responsible of the performance of the IT sector, as well as of the opportunities that could emerge and add value. Although the IT voice is still not...

Lucian Croitoru rejected in a no-confidence vote. Who’s next?
6 Noiembrie 2009
Lucian Croitoru’s statements before the plenary session of the Parliament surprised the members. He presented his government plan and confined attention to the tough economic conditions in Romania. Croitoru and the cabinet came before the...

UPC reports first growth in revenues in two years
6 Noiembrie 2009
In line with first quarter results, the only decrease in customer base was observed in the analog cable segment, with 872,800 subscribers at September 30, 40,100 fewer from June. The operator reported 23,300 additions to cable services, the number of...

Industrial new orders fell 19.3% in September
6 Noiembrie 2009
September is thus the tenth successive month of year-on-year decline in new orders, after dropping 9% in December, 34.5% in January, 15.9% in February, 15.6% in March, 24.2% in April, 19.1% in May, 16.2% in June, 20.9% in July and 19.6% in August. The...

Cosmote Romania’s nine-month revenues jump 52.6%
6 Noiembrie 2009
Between July and September this year, Cosmote’s revenues totaled €107.4 million, 24% more than €86.6 million a year earlier. Cosmote’s performance throughout the first nine months stemmed from the increase in customer base from...

Unilever’s nine-month profit sinks 33%
6 Noiembrie 2009
One of the growth drivers of the group’s sales volume through the three quarters has been Asia Africa region, where Unilever’s turnover increased to €11.2 billion, while Western European operations fed €9.21 billion into the...

Microsoft Ecosystem in Romania to generate over €604.5 million in 2009
6 Noiembrie 2009
The members of the Microsoft ecosystem currently employ 9,000 persons. Overall, the companies that are part of this ecosystem will generate more than 2.6 billion lei this year, according to an IDC report. For every leu made by Microsoft in Romania,...

KLM, the first airline to use bio-fuel
6 Noiembrie 2009
The demonstration will take place on November 23, 2009 and will be operated using Boeing 747 equipment. One of the engines will be powered by a fuel mixture made of 50% sustainable bio-fuel and 50% traditional kerosene. “This is an important...

Midday Forex: RON/EUR falls below 4.3 in quiet trading
6 Noiembrie 2009
Yesterday, NBR posted an official rate of 4.3005 lei per euro. At 1:30 p.m. banks were buying the euro with 4.2957 lei and selling it for 4.3047 lei. In the region, the Hungarian forint plummeted from 275.7 to 277.25 versus the euro, while the...

Seitan: Unpaid furloughs could be taken in the last months of the year
6 Noiembrie 2009
After talks with the leaders of public institutions addressing public payroll cuts, the secretary of state said there were several options: the cut in work hours, unpaid leave or a mixture between the two. Given the delay in the reinforcement of the...

CNP keeps economic contraction view
6 Noiembrie 2009
However, the institution has cut its forecasts for GDP’s nominal value for 2009 from 498.96 billion lei in its preliminary autumn report to 497.32 billion lei. For 2010, forecasts have been revised slightly from 526.53 billion lei to 525.1...

IMF mission to meet with Basescu today
6 Noiembrie 2009
“Talks went well and we have presented to the central bank our conclusions from our discussions with minister Pogea and PM Boc. Tomorrow (e.n Friday), we will meet with president Traian Basescu”, said Franks. He refused to comment further...

Traian Basescu designates Liviu Negoita as prime minister
6 Noiembrie 2009
Liviu Negoita said he would submit the list of ministers to the Parliament. He added he was convinced that politicians would show some responsibility to the current political situation. Negoita will have three days to talk with the parties and form a...

Midday Forex: RON/EUR down to 4.29
6 Noiembrie 2009
The central bank's official rate was of 4.2995 lei per euro yesterday. Romania's leu increased gradually from 4.3060 to 4.2980 over the single European currency and at 2 p.m. banks were buying a euro with 4.2980 lei and selling it for 4.3030...

Top 10 economic forecasts for 2010
9 Noiembrie 2009
Although the Romanian economy could contract by as much as 8% this year, analysts expect the country to do better in 2010 and achieve positive growth, however modest that may be. Wall-Street highlights the ten most important forecasts for the Romanian...

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