Arhiva Wall-Street - luna Iulie 2010 - English-Version

EC: Lidl – Plus deal, a competition threat
1 Iulie 2010
These markets will be examined by the antitrust authorities in Romania and Bulgaria, so as to decide whether the transaction meets internal regulations. EC sent to competition authorities in Bulgaria and Romania the review of the proposed acquisition...

Basescu enacted law on the loan for the metro line modernization
1 Iulie 2010
The Senate has passed the Law on June 16 with 65 votes to 12. The project envisages the construction of a 9km metro section linking Drumul Taberei to Universitate and to Pantelimon, with a total budget of €883 million, the state contributing with...

CEZ bids €1 mn for state stake in CEZ Services
1 Iulie 2010
“The bid to Electrica SA is the same as the first one, of €1 million for the stake in CEZ Services. We raise our bid. We are waiting for the state decision”, said the chief executive of CEZ Romania, Jan Veskrna. The chief executive of...

The collapse of the leu at the currency exchange offices
1 Iulie 2010
Bucharest inhabitants have emptied out exchange offices supplies to buy euro for summer vacations, to pay the rates for their foreign-currency loans or just for speculative purposes. “We had a customer today, who bought €10,000. The number...

Craiova Energy Complex to pay €96 million for two FGD plants
1 Iulie 2010
The energy company will organize on August 25 an open tender to appoint a company to take on the design, manufacturing and installation responsibilities for the two plants. Craiova Energy Complex will bear the costs of this investment from its own...

Vinexport sees growth from exports to China
1 Iulie 2010
For the coming years, Vinexport aims at increasing share of wines priced at $3.75 in China, the biggest selling price of its wines in the Asian market. In 2008, its first year of activity in the Chinese market, Vinexport sales in the region accounted...

MedLife makes first deal with SGAM as shareholder
1 Iulie 2010
This is the first transaction of MedLife, after Societe Generale Asset Management’s Eastern Europe Fund took over 36.25% in the clinic chain. According to MedLife, Diagnostic Rapid polyclinic recorded a turnover of €3 million and employs...

Midday Forex: Leu hits new all-time low against euro
1 Iulie 2010
The reference rate set by the National Bank of Romania climbed 0.38% from yesterday to 4.3688. USD/RON rate dropped 0.22% to 3.5617, from Tuesday historic high of 3.5697 RON/USD. The Romanian leu fell 2% against U.S. dollar on Tuesday to 3.5967 from...

NBR leaves key rate at record low of 6.25%
1 Iulie 2010
NBR has also decided to ensure a firm management of liquidity in the banking system, and to leave reserve requirement ratio both for RON-denominated and Fx-denominated liabilities unchanged, at 15% and 25% respectively. The monetary policy rate has...

Aviva Europe appoints strategy and business development director
1 Iulie 2010
Robert Lough (photo) will join the European executive committee reporting to Andrea Moneta, chief executive, Aviva EMEA. He will be responsible for leading the corporate strategy, business development and M&A teams of Aviva’s European...

BSE stocks close higher after four days of loss
1 Iulie 2010
The total trade value at the equity market climbed to 31.44 million lei (€7.19 million). BET index that gauges the performance of ten most liquid stocks grew 2.18% to 4,743.86 points, while composite BET-C rose 1.41% to 2,804.47 points....

Interview with the leader of a top US online newspaper
2 Iulie 2010
CEO and editor in chief of The Business Insider, Henry Blodget is a former Wall Street analyst. He is also the host of Yahoo Finance video production, watched by millions of people every month. In 1994-2001, Blodget worked for Prudential Securities,...

Popa, NBR: Inflation will rise 3-4% in a first phase
6 Iulie 2010
The annual inflation rate stood at 4.42% in May, but is likely to boost by 4% in a first phase in July, due to the 5% increase in the value added tax to 24%. Inflation rate would thus reach 9% in the coming period, after the first round of price hikes...

PwC: Romanian entertainment and media market to grow 60% in 5 years
6 Iulie 2010
The local market will be the third fastest growing market in Central and Eastern Europe, after that of Turkey (with a compounded annual growth rate of 13%) and Russia (9.3%), and will see higher growth rates than the CEE average market growth (8.3%)...

Midday Forex: Leu grows 1% against euro
6 Iulie 2010
The national currency steadily in the interbank market since the opening of currency trading, from 4.2980 to 4.25 units versus euro, as the International Monetary Fund approved the disbursement of the fifth tranche of €913 million to Romania. In...

ING does not rule out the likelihood of a 9.5% inflation rate
7 Iulie 2010
ING has thus lifted its inflation forecasts to 7% and mentions the fact that there are major risks over inflation, as Romania is also facing massive flooding from rain-swollen rivers, which could add another 1.2% to this year inflation rate and another...

Top 10 banks by market share
7 Iulie 2010
The National Bank of Romania released the list of ten largest banks in the Romanian market by market share calculated based on assets under management. The list suffered moderate changes in 2009, but the league table remained unchanged. Assets managed...

Midday Forex: Leu stays firm against euro
7 Iulie 2010
On Monday, the central bank set a reference rate of 4.2613 lei/euro. The national currency grew steadily in the interbank market, from 4.2630 to 4.2350 lei/euro. In the region, the Polish zloty fell in the morning from 4.1550 to 4.1235 against euro,...

NBR: The 9 banks will not request for a reduction of exposure to Romania
7 Iulie 2010
“I am aware of their position, the participants haven’t officially expressed their intentions to reduce exposure to Romania”, NBR official added. The Vienna agreement, signed in 2009 by the nine largest banks with exposure in Romania...

Avrig 35 CEO steps down
7 Iulie 2010
Avrig 35 group said yesterday Alexander Hergan (photo) will be succeeded by Haydn Wright as CEO of the group. The new executive has 25-year experience in real estate, financing and company restructuring in several emerging markets. Wright was...

Ministry of Labor sacks 2,500 employees
9 Iulie 2010
Some 307 jobs will be cut from the Ministry of Labor, from 1,229 to 922. From the National Pension House and other Social Security Rights will be cut around 1,008 jobs (from 4,484 to 3,476), 720 (from 2,882 to 2,162) from the National Labor Force...

UniCredit revises 2010 growth outlook
9 Iulie 2010
The sluggish domestic demand will reflect over the GDP contraction by 2.5% in 2010. UniCredit had predicted initially a 0.9% economic contraction. The inflation rate will shoot up following the VAT hike by 5%, widely above NBR’s target range for...

PwC moves its headquarters to Lakeview
9 Iulie 2010
“Many companies have moved their headquarters to the northern part of the city and it came as a natural solution for us to do the same and move closer to our business partners”, stated Vasile Iuga (photo) , Country Managing Partner,...

Competition Council clears Wella Romania – Interbrands deal
9 Iulie 2010
“The Competition Council analyzed the possible antitrust issues raised by the economic concentration under the provisions of Competition Law and of the regulations on the authorization of economic concentrations and found that the competitive...

Midday Forex: Leu posts modest gains against euro
9 Iulie 2010
Yesterday, the central bank set a reference rate of 4.2320 lei/euro. The national currency grew in the morning inter-bank trades today, from 4.2370 to 4.2265 lei/euro, and at 13:40 a euro was traded for 4.2280. Versus the US dollar, the National Bank...

BSE stocks grows modestly
9 Iulie 2010
The total trade value at the equity market increased to 12.49 million lei (€2.95 million). Bonds market generated 4.93 million lei (€1.16 million). Investors traded oil index certificates (EBWTI), gold (EBGLD) and DAX (EBDAX). (EBDAXTL)...

Basescu: If we don’t cut public spending now, we will have to take another loan in March
12 Iulie 2010
“If we don’t take any measures to cut back on public spending, especially in sectors bleeding millions in taxpayers’ money, we will have to take a new loan from the International Monetary Fund that will go to consumption. We...

Midday Forex: Leu loses steam
12 Iulie 2010
The national currency dropped gradually in the early inter-bank trades from 4.2290 lei/euro to 4.2425 lei/euro, and at 13:05, a euro was traded for 4.2375 lei. Versus the US dollar, the reference rate set by the National Bank of Romania increased by...

Lufkin invests $126 million in an oil equipment factory in Ploiesti
12 Iulie 2010
“Lufkin Industries today announced its intention to construct a manufacturing facility near Ploiesti, Romania, just north of the capital, Bucharest. This facility is being designed with the objective of manufacturing products for both the...

Albu, Erste: NBR should lift key rate by 0.5% by 2011
12 Iulie 2010
The national currency will take the brunt of inflation hike pressures, but the central bank will manage to keep exchange rates in check, said Nicolae Albu. The effects of flooding over food prices, and subsidies granted indirectly to administered...

June inflation rate increased to 0.16%
12 Iulie 2010
Compared with the trailing month, consumer prices increased 0.16% in June, as food prices fell 0.06% and services rose 0.57%, while non-food inched up 0.16%. In May, the annual inflation rate widened to 4.42% while on a month-on-month basis, inflation...

ABI: VAT hike would not bring property market to a standstill
12 Iulie 2010
“This aspect is due to the fact that the selling prices of old apartments, don’t include VAT”, representatives of ABI said. A 5% VAT hike will have no impact over the selling prices of new apartments either. “The value added...

Romania’s trade deficit stood at €950 million in May
12 Iulie 2010
Exports totaled 12.46 billion lei in May (€2.992 billion) according to National Institute of Statistics estimates, while imports totaled 16.443 billion lei (€3.949 billion). Compared to the same period of 2009, exports increased by 28.8% when...

National dividend distribution system to go into operation
12 Iulie 2010
S.C. Remat S.A. Ialomita has requested the distribution of dividends for 2008 profit to its shareholders. The distribution period is July 12, 2010 – December 15, 2010, the shareholders following to receive the dividends in cash at the Romanian...

Petrom – Petrofac to increase production in Ticleni by 50% by 2015
12 Iulie 2010
Under the 15-year contract, Petrofac will perform services in the respective fields in order to maximize production while improving operational efficiency. In this view, Petrofac will provide the necessary expertise and technologies as well as the...

Midday Forex: Leu inches down versus euro
12 Iulie 2010
Against the U.S. dollar, the leu fell to 3.3805. On Friday, the reference rate increased by 0.21% to 4.2375 lei/euro. The national currency dropped in the early interbank trades from 4.2340 to 4.2500 units/euro at mid day. In the region, currencies...

ING: The GDP could fall more than 3%
12 Iulie 2010
The gross domestic product could fall more than we anticipate (-3%), budget deficit could be larger than 7.3% of GDP and inflation much higher than 7% at year-end. “The president stated it is necessary to cut VAT from the current 24% and to tax...

Patriciu confirms the creation of a real estate consulting group
13 Iulie 2010
“After Dinu Patriciu Global Properties (DGSP), formerly known as Black Sea Global Properties, acquired several real estate properties worth around €1.3 billion, we combined the resources of Quintet, the adviser in the transactions, with the...

Jan-May FDI inflow shrank 31.6%
13 Iulie 2010
In January-May 2009, foreign direct investments totaled €2.094 billion. On the other hand, in Jan-Apr period, total FDI amounted to €1.135 billion, which means Romania attracted FDI projects worth €298 million. The National Bank of...

Midday Forex: Leu remains weak against euro
13 Iulie 2010
The reference rate rose on July 12 to 4.2471 lei/euro, 0.23% up from the previous day. The national currency fell sharply in the early trades, from 4.2470 to more than 4.26, but traded near 4.2560 and 4.2580 lei/euro afterwards. Versus the US dollar,...

DTZ Echinox appoints new Head of Retail
13 Iulie 2010
Razvan Sin (photo) joined DTZ Echinox early 2007 and worked with customers such as Atrium Centers, Plaza Centers, BelRom or Argo Capital Property. He graduated from the International Affairs Faculty at the Babes-Bolyai University in Cluj-Napoca and...

Which banks have boosted capital of their subsidiaries in Romania?
13 Iulie 2010
Volksbank Romania, held by Volksbank International, has hiked capital by €39.2 million, while Emporiki Bank received a capital inflow of €6.04 million, and Marfin Bank boosted capital by €4.89 million. In April 2009, GE Garanti Bank...

Half Romanian leaders believe their businesses are too small to invest in CRM solutions
14 Iulie 2010
 The company surveyed in the first half this year around 475 small and medium enterprises and large companies across all fields of activity. “However, we want to encourage Romanian managers to use CRM solutions as useful tools in sales...

PayPoint teams up with ApaVital Iasi for invoice collection
14 Iulie 2010
The agreement meets PayPal objectives of developing its customer portfolio and boost of invoice collection services availability for a higher number of users. PayPoint’s objectives include the conclusion of contracts with partners with national...

Groupama tallies flood damages
14 Iulie 2010
“Given the emergency situation caused by the recent flooding, Groupama Insurance board has decided to settle the insurance claims as soon as possible”, the insurer said in a press release. So far, around 234 insurance claim files were...

Midday Forex: Leu weakens further against euro
14 Iulie 2010
On Tuesday, the central bank set a reference rate of 4.2580 lei/euro, 0.26% higher than Monday. Versus the US dollar, the reference rate set by the National Bank of Romania dropped 0.96% to 3.3519 lei/dollar, from 3.3845 lei/dollar on Tuesday. On June...

BCR Banca pentru Locuinte inks over 165,000 contracts in H1
16 Iulie 2010
The officials of BCR Banca pentru Locuinte sustain the first semester of 2010 was a good period for the bank, despite the difficult economic context. The credits granted by the lender have fix interests of 5-6 percent, depending on the tariff...

Romania's international foreign currency reserve does not need to grow
16 Iulie 2010
He mentioned we have to give up the idea that it is a good thing if the international reserve is growing, NewsIn states. As to the gold reserves of the neighbor countries, he said the central lender of Bulgaria has a reserve of 39.8 tons, that...

Romania's Executive aims to save EUR 4.5m by slashing the number of government secretaries
16 Iulie 2010
Premier Emil Boc declared at the end of the government meeting on Wednesday that the state spends about 110,000 euros per year for each government secretary and 77,000 euros for a subprefect, NewsIn states. The state will save 2 million euros per...

Carrefour posts 5.8% sales decline in Q2
19 Iulie 2010
In the first six months this year, the decline was 0.4% year-on-year to €534 million in Romania. According to the financial report published on the website of the company recorded global revenues of €48.9 billion, which indicates a 5.9%...

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