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

CEO of RBS Romania appointed to head operations in Greece
14 Septembrie 2009
Peter M. Weiss joined RBS Romania in 2005. Throughout his term, he headed the business relation with institutional, corporate and individual clients. Johan Gabriels has a 20-year experience. Prior to joining RBS he held various financial management...

Midday Forex: RON/EUR up to five-month high
14 Septembrie 2009
NBR posted an exchange rate of 4.2495 lei per euro in the previous session. The single European currency was traded for 4.2550 lei on opening and climbed gradually to 4.2660. At 1:30 p.m. banks were buying a euro with 4.2576 lei and selling it for...

Profile: George Lemnaru, eRepublik: If the internet didn’t exist, I would be looking for a job
14 Septembrie 2009
George Lemnaru is the cofounder of eRepublik, the economic, political and military strategy web browser game with tens of thousand users across 60 countries. If money were no object, he would buy a device to control the operation of all electronics in...

Competition Council opens new probes against four drug companies
14 Septembrie 2009
The authority’s examination will focus on an alleged collusion and price-fixing by drug makers and their distributors. The four companies under probe are: - Bayer SRL , Romanian company, fully-owned subsidiary of Buyer group, direct importer of...

Pizza Hut expects sales to stagnate this year
14 Septembrie 2009
In the first half this year, Pizza Hut reported sales of 4.5 million euros, slightly below last year’s level. “The first-half performance was slightly poorer than a year earlier, largely due to the decline in average check and devaluation...

Remedia shelves Dornafarm bid
14 Septembrie 2009
“We wish to continue the collaboration with Dornafarm, as well as the merger talks, but it wouldn’t be possible sooner than next year, when figures for 2009 of both companies will be released”, said Valentin Tarus, majority...

Million dollar German: Two hundred years from now and I would still invest in Romania
14 Septembrie 2009
A too enticing offer to say no to “It was a win-win situation. We wouldn’t have got such a good price if we had sold it this year”, Lutz Stache (photo) commented on the sale of Simcor Holding to Macon Deva , held by Polish-based...

Raluca Chiciu, promoted to regional role at GE Money
11 Septembrie 2009
The appointment of Raluca Chiciu (photo) as Regional Head of Compliance la GE Capital Global Banking & JVs for Western Europe will become effective as of October 1. In her new role, Raluca will oversee from the new office in Paris the compliance...

Metro, Billa, Selgros, Mega Image and Interex in price collusion probe
11 Septembrie 2009
The first probe initiated by the competition watchdog is against the affiliated companies under Metro (Metro Cash&Carry Romania, real, -Hypermarket Romania, MGB Metro Buying Group) and its suppliers. The second probe will be opened against Rewe...

Public sector workers to call general strike on October 5
11 Septembrie 2009
According to the union leaders, some 800,000 public servants will take part in the strike. The strike will be preceded by a setting out at the Parliament on September 15. The aim of the protest is to prevent the government to take responsibility on...

Midday Forex: RON/EUR slightly down
11 Septembrie 2009
The central bank posted an exchange rate of 4.2463 lei per euro yesterday. The leu stood at 4.24 – 4.2450 versus the euro at rising bell and soon fell to 4.25 – 4.2550. In the region, the Polish zloty plunged from 4.1160 to 4.1870...

Deloitte: Romania has 34 companies in the Top 500 Central Europe
11 Septembrie 2009
Romania is thus consolidating its position in the Deloitte Top 500 with 34 companies, as Petrom, Rompetrol, Automobile Dacia, Arcelor Mittal and Metro are still in the lead. Romania has consolidated its position within the Central European business...

ARB issues a set of guidelines on corporate debt restructuring
11 Septembrie 2009
However, the instructions contained in the guideline are applicable in line with the risk policy of each bank, and internal norms and lending procedures, the policy of the lender and its cash availability. The banks are also assessing the business and...

Tarom records Europe’s lowest load factor
11 Septembrie 2009
The decline in load factor was primarily due to 0.3% capacity increase from the same period of last year, while the majority of air carriers reduced their flight capacity. For the seventh successive month, the national airline reported an 8% decrease...

Annual inflation drops below 5%, tops forecasts
11 Septembrie 2009
Consumer price index stood at 99.81% in August this year compared to a month earlier. “Inflation rate fell higher-than-expected in August. Our forecasts had indicated stagnation or 0.1% decline. The inflation rate was largely weighed down by...

Real estate appraisers’ view on “First Home” scheme
11 Septembrie 2009
ANEVAR: The scheme has no technical ground The much-expected First Home scheme was considered to be the new engine that could reignite the home demand in the market, according to Adrian Vascu, chairman of the National Association of Romanian Home...

Isarescu: GDP could nudge back in the positive territory in fourth quarter
10 Septembrie 2009
“If we consider the performance of factory output, the economy is already heading back towards the positive territory and a recovery is under way. We moved from -12% to -6% as figures are released with a two-month delay, and GDP figures even at a...

AFI Palace Cotroceni opening put off until October
10 Septembrie 2009
“In order to have everything settled by the time the shopping center is ready to receive its visitors, including the stores that joined recently, we have decided to postpone the opening for the end of this fall”, said Israel Visel, manager...

Patriciu looking to take full ownership of Deutsche Land
10 Septembrie 2009
The nearly 12 million shares were bought at 12 pence each which represents approximately 3.6 percent of Deutsche Land’s capital. The company held by Dinu Patriciu has launched a cash tender offer, following the regulations of the London Stock...

Midday Forex: Leu slips against euro
10 Septembrie 2009
NBR posted an exchange rate of 4.2382 lei per euro yesterday. The leu stood at 4.2420 – 4.2450 per euro on opening and then slipped to 4.2560 – 4.2590. At 1:45 p.m. banks were buying a euro with 4.2470 lei and selling it for 4.2490 lei....

Banks call for the adoption of IFRS standards
10 Septembrie 2009
ARB bankers say that in order to comply with the calendar, the accounting and fiscal methodology must be passed “in a reasonable timeframe”. “The banking community will propose to the National Bank of Romania to introduce the IFRS...

Balkan Advisory Company admitted as participant to RoClear
10 Septembrie 2009
The number of foreign companies authorized by Central Depository as clearing participant to the RoClear system is now 3. Balkan Advisory Company Securities expressed its interest in July to become participant to the regulated market of Bucharest Stock...

Romania’s regulatory reforms make it more difficult to do business
10 Septembrie 2009
Ranking 55th In the last year’s ranking, Romania was taking 45th spot among the analyzed economies. World Bank’s rankings on the ease of doing business are the average of the economy’s rankings on 10 topics: starting a business,...

Labor minister expects 620,000 will be jobless this year
10 Septembrie 2009
“At this point, we have an unemployment rate of 6.3-6.4%, which is manageable. At the budget revision, we added the amounts necessary to cover all the jobless claims. If the economy shows signs of recovery, we may not exhaust all funds allocated...

First Ford Transit Connect “made in Romania”
10 Septembrie 2009
US-based car manufacturer Ford, introduced yesterday the assembly line at the its auto manufacturing plant in Craiova, Romania, rolling out the first early production example of the Ford Transit Connect produced in the country.

University graduates take a U-turn to their hometowns
9 Septembrie 2009
The crisis that began to take hold of the job market, the future of the country’s fresh college graduates appears bleak. While some of them stay in the large cities to continue their hunt for employment, and financially supported by their...

ProLogis appoints CFO for Central and Eastern Europe
9 Septembrie 2009
Peter Whiskerd-Wêgorzewski (photo) will be responsible for the overall financial management of ProLogis' business in Central & Eastern Europe, overseeing finance teams located in each of the region's major markets, from his office...

PwC Romania appoints new tax partner
9 Septembrie 2009
Coming from PwC Moscow where he held a similar role until September 2009, he will lead the financial services and real estate teams in the PwC Romania tax and legal services practice. Brian Arnold joined the international tax services group at...

Ozone-Advent deal under antitrust scrutiny
9 Septembrie 2009
“The antitrust regulator is examining the economic concentration operation and whether the competitive effects of the deal comply with the antitrust regulation”, according to a press release remitted by the Competition Council. A decision...

Midday Forex: Leu firms slightly against euro
9 Septembrie 2009
NBR posted an exchange rate of 4.2434 lei per euro yesterday. The leu stood at 4.2430 – 4.2480 versus the euro on opening and then rose to 4.2325. At 1:30 p.m. banks were buying a euro with 4.2360 lei and selling it for 4.2410 lei. In the...

What is restructuring: case study Leonardo
9 Septembrie 2009
Romania’s largest shoe retailer, Leonardo had to face a restructuring that could keep it afloat for a short term and that could improve its cash flow to repay debts. Ensight Management Consulting was appointed to spearhead the shoe...

Why did borrowing costs remain high?
9 Septembrie 2009
Borrowing costs remained high throughout the summer, lenders showing timid rate-cutting attempts, despite the NBR governor’s estimates that Romanians would find better lending terms as they return from their summer vacation. Economists...

Top cheapest homes for sale in Bucharest and Ilfov
9 Septembrie 2009
After a whopping 40% decline in housing prices in Bucharest (prices expressed in euro), the cheapest home is now priced as low as 30,000 euros.

Average monthly income increased 0.8% in July
7 Septembrie 2009
Thus, the annual growth pace in monthly earnings slowed down to 6.3% from 8.3% in June, but remained above consumer index of 5.06% in July, which means lower buying power of Romanian employees. Gross average income stood at 1,901 (451 euros) in July...

Bogdan Enoiu, McCann Worldgroup: advertising industry will continue to struggle in 2010
7 Septembrie 2009
The crisis in the local advertising industry could stretch well into 2010, and a recovery is most likely to take hold in 2011. “We haven’t reached the rock bottom yet”, Bogdan Enoiu, managing director McCann Erickson told Wall-Street.

Saint Gobain promotes its Country Manager for Romania to head operations in Eastern Europe
4 Septembrie 2009
Lluansi will oversee Saint-Gobain’s operations across Poland, Romania, Bulgaria and Turkey. The glassmaker appointed Constantin Hariton to head the company’s operations in Romania. Saint-Gobain has invested about 231 million euros in...

Blue Air launches daily Bucharest-Vienna flights
8 Septembrie 2009
Passengers, who already bought airline tickets from Sky Europe for Bucharest -Vienna or Vienna-Bucharest flights, will benefit of a fixed 59 euro fare for the route, seats number being limited. Blue Air’s summer schedule includes daily flights...

Howard Johnson’s managing director Peter Martin steps down, passes baton
4 Septembrie 2009
Martin replaced Tinu Sebesanu who was appointed as CEO of advisory company Trend Hospitality. Martin took over the leadership of the Bucharest hotel in February 2006. “Peter Martin stepped down from the helm of Howard Johnson. In the days to...

ING signals more pay cuts likely to come
8 Septembrie 2009
On the other hand, the month-over-month pay rise may reflect the massive job cuts among medium-income workers, while better-paid employees managed to keep their posts. “The slowdown of annual pay hike rate was milder-than-expected, falling to...

Sonia Nastase takes reins of Howard Johnson
8 Septembrie 2009
She will officially take over the new duties in mid October 2009, from Peter Craig Martin , the head of the hotel since 2006. Sonia Nastase brings an extensive 12-year experience in hotel industry, experience that included both an active...

Fitch lowers Carrefour’s rating one notch to ‘A-‘
8 Septembrie 2009
The outlook on the long-term IDR is stable. Fitch’s recent action reflects Carrefour's expected operating profit decline in fiscal year 2009, with "activity contribution" (a measure of recurring operating profit) in the range of...

Midday Forex: Leu inches up against euro
8 Septembrie 2009
NBR posted an exchange rate of 4.2436 lei per euro in the previous session. The national currency waved within a small interval at rising bell, between 4.24 and 4.2470 per euro. In the region, the Polish zloty climbed on opening and then slipped to...

Top 5 interest rates paid for savings accounts in euro
8 Septembrie 2009
The majority of Romanian savers prefer to set up deposits in euro, feared by a sharper devaluation of the local currency, even though their incomes are in lei. However, despite National Bank’s repeated steps to reduce them, the interests paid by...

GfK Romania posts first-half sales of 3.9 million euros
8 Septembrie 2009
GfK Romania recorded its highest growth rate since it entered in the market in 1992. With sales passing the 33 million lei mark (8.96 million euros), the group-wide YoY increase was 95% compared to 2007. The company’s market share jumped 6% from...

Midday Forex: EUR/RON touches seven-week high
4 Septembrie 2009
NBR reported an exchange rate of 4.2372 lei per euro yesterday. Today's level was last exceeded on July 17, when the central bank showed a benchmark exchange rate of 4.2443 lei per euro. The euro was traded for 4.2375 lei at rising bell and...

KFC adds new outlet to its Romanian restaurant chain
4 Septembrie 2009
The new restaurant will be located at the intersection between Calea Mosilor and Mihai Eminescu, near a Pizza Hut outlet. The unit will have a gross surface of 300 square meters and will create 40 new jobs. The company expects the outlet to record...

Public sector furloughs: In October-December
8 Septembrie 2009
According to the final-form regulation on the reorganization of public authorities and institutions, public spending cut, backing the business environment and meeting the provisions of the framework agreement with IMF and EC made public by the...

Leumi Bank digs into its private banking business
8 Septembrie 2009
Local private banking market is in its infancy, but has potential Bank Leumi Romania is currently running a program which serves as a vehicle for the development of its private banking line, Laurentiu Mitrache (photo) chief executive of the bank...

Wall-Street retains top spot as the most popular online business publication
8 Septembrie 2009
Wall-Street recorded 662,990 unique visitors in August, 3,507,502 page views and 1,171,641 visits, while Ziarul Financiar website, published by Publimedia International had 612,223 unique visitors, 5,103,156 page views and 1,775,361 visits in...

Dacia put out one million cars from X90 platform
4 Septembrie 2009
The car left the production line of Dacia car plant on September 3. In the five years since the manufacturing of first Logan sedan, the vehicle range assembled on X90 platform underwent a constant evolution, reaching five models, available in 27...

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