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

Home-building approvals drop 23.2% in August
1 Octombrie 2009
August 2009 vs August 2008 In August this year, 1,405 fewer permits were issued for residential buildings, a decline that was reflected in all development areas. The most important development areas were Bucharest – Ilfov (-344 permits),...

Median monthly earnings climbed 25.6% in 2008
1 Octombrie 2009
In 2008, the median gross monthly pay in Romania was 1,761 lei, up 26.1% (365 lei) versus 2007. Median earnings above the national average were observed in financial intermediation and insurances (2.4-fold higher), public sector (+84.2%), electricity,...

RNSC suspends BCR Securities from market operations for three months
1 Octombrie 2009
In the following three months, BCR Securities will not be allowed to engage in any financial investment activities that exceed €125,000, in order to meet the limits of its own funds. BCR Securities will thus be banned from making any investment...

New KFC restaurant in Bucharest
1 Octombrie 2009
This is the 34th restaurant of KFC’s chain in the country and third opened this year. “The €700,000 investment is based on sales estimated at €1.5 mln annually”, said the company. The opening of a new restaurant that will...

Scenario: NBR could give currency room to fall at year-end
1 Octombrie 2009
ING analysts said a restrictive tax policy in early 2010 would leave room for further key rate cuts. The local currency is likely to stay firm against the euro on a short term over yesterday’ monetary policy rate cut by half percentage point to...

Midday Forex: Leu ends rally, dips 0.31pc vs euro
1 Octombrie 2009
NBR yesterday posted an exchange rate of 4.1851 lei per euro, the lowest level since June 1. The euro was traded for 4.20 lei this morning, soon fell to 4.1920, but recouped to early trades level in mid-session. At 1:15 p.m. banks were buying a euro...

Renault unveils Fluence in Constitution Square
1 Octombrie 2009
Fluence is built on the existing assembly line at the Oyak-Renault plant in Bursa, Turkey, where the booted Mégane II was previously produced. The car comes in a choice of two petrol (1.6 16v 110 HP and 2.0 16v 140 HP) and two diesel engines...

Bosch: remanufactured car parts, 40% cheaper than new ones
1 Octombrie 2009
“Vehicle parts traders and vehicle workshops can provide their customers with a cost-effective alternative – with the same guarantee as that of new parts – by offering remanufactured vehicle parts from the extensive Bosch range. Above...

KPMG appoints new partners
1 Octombrie 2009
Ramona Jurubita (photo) advises clients on the complex and frequently changing legislation surrounding VAT and excises. Ramona has worked in taxation since 1999, when she joined KPMG in Romania directly after graduating from the Bucharest Academy of...

Political uproar and its effects over the economy: “Political noise is constant in Romania”
2 Octombrie 2009
The political pressures could increase both in scope and intensity and may affect the already crisis-hit economy, even if so far, the stock market and exchange rates have ignored the political noise. Analysts interviewed by Wall-Street explained how...

Dinu Patriciu: I hate oil pipelines
2 Octombrie 2009
The founder of Rompetrol added this type of projects were for a long term and required large amount of time to write off the investment. “Black Sea oil reserves are very large and domestic oil consumption in Russia grows so fast that it would...

Hoanta steps down from the board of Carpatica. Nicolae Surdu takes office
2 Octombrie 2009
Prior to joining Banca Carpatica, Nicolae Surdu served as managing director of Fortis Bank subsidiaries in Romania. The decisions made by the bank’s administrators are to be passed by shareholders in the meeting scheduled for November 14....

IMF: Romania to return to positive growth in 2010
2 Octombrie 2009
However, the recession is expected to continue in the Baltic States (Lithuania, Latvia and Estonia), where the GDP may drop 17.4% this year, and 3.7% in 2010. Poland is the only country in the region for which IMF predicts 1% real growth in GDP this...

Holcim invested €11.5mln in a storage facility in Bucharest
2 Octombrie 2009
At full capacity, the unit will be able to ship 400,000 tons of construction materials annually, from only 60,000 tons. The facility has also increased Holcim Romania’s construction material storage capacity. “The new terminal enables the...

Midday Forex: Leu slumps after exit of PSD from ruling coalition
2 Octombrie 2009
NBR yesterday reported an exchange rate of 4.1981 lei per euro. Traian Basescu agreed the removal of Nica from his post this morning and appointed Vasile Blaga as interim deputy PM and Interior Minister. Soon after that, the head of Social-Democratic...

KBC sells non-core assets from Romania and Bulgaria
2 Octombrie 2009
The chief executive of KBC, Jan Vanhevel, said in a presentation posted in the company’s website that the company still intended to keep its operations in Central and Eastern Europe, which is the second largest market for the group. He added...

Political instability could put the stand-by arrangement with IMF and EC at risk
2 Octombrie 2009
Raiffeisen Bank’s senior economist Ionut Dumitru said recently that political tumult “could put the stand-by arrangement with International Monetary Fund and European Commission at risk, which would have a negative impact over the approach...

Mariana Gheorghe: Petrom’s top priority is production
2 Octombrie 2009
“Oil and gas will remain the backbone of the energy system, despite the alternative energy scenarios”, said Mariana Gheorghe, at the Black Sea Energy and Economic Forum. The chief executive of Petrom stressed the company’s primary...

The rupture of the ruling coalition puts leu on edge
5 Octombrie 2009
Romania’s governing coalition split yesterday when the president Traian Basescu agreed with the removal of social democrat Dan Nica from his post as deputy Prime Minister and Minister of Interior. The rupture of the coalition could determine...

Chairman of IAB Europe: Increase standardization of formats, marketers look for simplicity
5 Octombrie 2009
According to Alain Heureux, the financial crisis has slowed down the growth pace of online advertising market in Europe, but the industry continued to develop. “Most mature markets are still growing between 4-8% compared to 2009, while less Less...

Dinu Patriciu considers five-six new investments in Eastern Europe and Africa
5 Octombrie 2009
“Liberty Investments will pursue investment opportunities in financial services in countries with low taxes, low corruption and open economy – Georgia, some countries in the Eastern Europe, Africa and maybe Caribbean. Geography is of no...

Midday Forex: Leu slumps to six-month low
5 Octombrie 2009
NBR last posted such a high exchange rate on March 25, when the euro was traded for 4.2838 lei. The national currency stood at 4.2495 per euro yesterday. The single European currency was traded for 4.2585 lei this morning, but hiked to 4.29 after the...

Political crisis 2.0 – Who stays and who leaves
5 Octombrie 2009
Update 5: Gherghina remains state secretary at the Ministry of Finances Prime Minister Emil Boc said secretary of state Gheorghe Gherghina with the Ministry of Finances would remain in office, as it had joined the ministry as independent. Update...

Commercial real estate investment in Europe increased 30% in Q3
5 Octombrie 2009
Investments in European commercial sector increase to €13.8bn from €10.7bn in Q2 2009, though still remaining well below the €30bn quarterly average since the beginning of the century. The DTZ figures show that the main drivers of...

Largest real estate deal in 2009
6 Octombrie 2009
If until last autumn, the largest real estate deal in Romania would reach €340 mln, the financial crisis has convinced many investors to stay away from real estate deals, while those still willing to undertake this risky venture are betting on...

Top wealthiest Romanians
6 Octombrie 2009
Tiriac, who had last year a wealth estimated at €1 bln was beaten to the second spot by Ioan Niculae, owner of Interagro, according to Forbes Romania 500. Tiriac’s fortune is currently standing at €850-900 million and ranks third,...

KPMG appoints Gibbins as new head of tax in Romania
6 Octombrie 2009
Mark has worked as Partner in the UK, Portugal, and most recently Head of Tax in Slovakia, all of this time in the respective KPMG firms. Mark is a British citizen, and joined KPMG after graduating from Bristol University in the UK in 1980. He also...

Ernst & Young has new FIDS Executive Director
6 Octombrie 2009
David has over 16 years of professional experience, with a focus on investigating and preventing fraud and corruption, and providing accounting advice in commercial disputes. “David’s role will be to further build up our FIDS practice in...

Online payments exceeded €69 mln year-to-date
6 Octombrie 2009
The number of electronic payment transactions totaled 886,000 in the nine months through September this year, almost double compared to year-ago period. 784,000 transactions were conducted on ePayment platform that had a total value of over €65...

NBR issues silver coin dedicated to centennial anniversary of the Port of Constanta
6 Octombrie 2009
The obverse of the coin displays in the foreground the image of “Mircea” Brig (the training ship of the Romanian Marine), on the right the face value of the coin – 10lei, and above, the image of “Carol I” Lighthouse. In...

Amonil’s asset foreclosure process to start tomorrow
6 Octombrie 2009
Therefore, the foreclosure proceedings for the repayment of the €13.3 mln will start tomorrow. The news pushed Amonil’s shares down 8.12% today, to 0.0181lei in the early trades. The shares slump comes after 97,518 lei trades that involved...

Financial instruments issued by Deutsche Borse registered into RoClear system
6 Octombrie 2009
At the origin of this operation were the intermediaries’ requests to carry out settlement cross border operations, outside the trading systems (OTC – over the counter). “After only few weeks since the first registration into RoClear...

Car scrappage scheme, stage III: Only 10% cars sold
6 Octombrie 2009
“After the first session of voucher submissions for car makers and dealers under third stage of car scrappage scheme, only 2,882 cars were sold”, said the institution. The number of cars sold under the Clunkers program is pretty low,...

Midday Forex: Leu up slightly against euro
6 Octombrie 2009
NBR reported an exchange rate of 4.2782 lei per euro in the previous session. In the morning, banks were buying the euro with 4.2675 lei, but the exchange rate climbed to 4.28 lei per euro after the first transactions. The leu then recouped at noon...

King Sturge: Office rental rates fell back to 2006 levels
6 Octombrie 2009
Nevertheless, further rent falls are in prospect in the short-term with vacancy still rising. “The overall vacancy rate for the city has increased significantly from 4.0% at the end of 2008 to a current level of 10.0%, with higher rates...

NBR adds €2.62 bln temporary reserves through repo operation
6 Octombrie 2009
The repo operation at which 22 banks participated was carried at a repo rate equal to monetary policy rate of 8% per year. On October 1, the National Bank of Romania pumped 11.97 bln lei (€2.77 bln) liquidity into the banking system at a repo...

Large Romanian bank illegally sold its troubled loans
7 Octombrie 2009
Why are banks against a personal bankruptcy law? The lack of a bankruptcy code that would allow individuals in financial distress relief from some or all of his debt is a major problem. Even though the Council Regulation (EC) No. 1346/2000 on...

Government plans to raise retirement age to 65 by 2030
7 Octombrie 2009
The government will carry out a review of the compulsory retirement ages for persons that will be integrated in the public pension system working in the magistrates’ court, auxiliary staff from courts and public servants with the Parliament....

How JTI Romania controls spending?
7 Octombrie 2009
“The industry performed well throughout 2008. But this year will be more difficult, as we expect our business to continue returning profit this year, however modest that may be. Turnover is also expected to increase”, said Gilda Lazar...

Midday Forex: Leu recoups some losses vs euro
7 Octombrie 2009
Yesterday, the leu stood at 4.2760 versus the euro according to NBR. The national currency traded between 4.2590 and 4.2630 against euro in the early trades. At 1:15 p.m. banks were buying a euro with 4.2590 lei and selling it for 4.2640 lei. In...

Uniqa Insurances sees €20mln in sales at end-2012
7 Octombrie 2009
“In Romania we plan to invest around €4million over the next five years in the development of this channel”, said the deputy president of Uniqa Insurances, Alfred Vlcek. The insurer expects gross premiums written to total 85 million...

Residual Stake Fund doesn’t come under RNSC’s purview
7 Octombrie 2009
Ursache (photo) added the project had been completed with the selection of a law firm for the writing of the memorandum and submission of the emergency ordinance draft to the Government. “The role of Residual Stake Fund is to sell these...

QVT drops lawsuit against Flamingo
7 Octombrie 2009
The ruling of the court can be appealed. Last month, buyout firm QVT sold its 22% stake to Midfair Management Services based in Unirea shopping center. Previously, the US QVT filed a legal action against tech retailer Flamingo International,...

Ghetea: Romania to join SEPA in 2010
7 Octombrie 2009
“In Romania, there is a SEPA National Committee, made up of members of the Romanian Banking Association, Ministry of Finance and Transfond, that prepares a migration plan to SEPA products, even if the adoption of the euro currency is projected...

IMF will impose harsher conditions, should Romania fail to meet targets
7 Octombrie 2009
“We see high risks for year-end targets that are likely to be evaluated during February 2010 in a fourth IMF mission (end-September targets should be OK). We believe the fourth IMF mission might find itself asking the government to adopt harsh...

Isarescu: Sharper devaluation of the leu wouldn’t be a solution
8 Octombrie 2009
The governor of the National Bank of Romania, Mugur Isarescu made a series of statements at the Parliament hearing, a month after his latest media briefing on macroeconomic issues.

Netherlands-based Imtech buys local Arconi
8 Octombrie 2009
Imtech, a technical services provider in electrical engineering, ICT and mechanical engineering, acquired a less-known company based in Bucharest with annual revenues of €15 million, according to the press release remitted by Imtech to the stock...

Retail trade down 12.1 % in August
8 Octombrie 2009
August figures don’t include vehicle sales and are adjusted to seasonality and number of business days. Gross retail sales fell 12.2% year-on-year. The volume of retail trade was pulled down by the sharp decline in fuel (-20.3%) and non-food...

Factory output drops 5.9% in August
8 Octombrie 2009
Manufacturing output fell in August for the eighth successive month. However, figures show signs of recovery after the December 2008 historic low. Year on year, industrial production decreased by 3% in October 2008, by 11.5% in November, and by 18% in...

Baumix sees possible stagnation in sales
8 Octombrie 2009
Baumix’s year-to-date sales totaled €8 million, up 5 percent compared to the same period of last year. “I think we will manage to keep this year’s sales near 2009 level of €11 million. For 2010, we see a stagnation in...

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