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Money Race

What Boc isn’t saying: 10% jobless rate (22 dec 2009)

Prime Minister Designate Emil Boc drafted a governing program around the targets agreed upon with the International Monetary Fund (IMF): a 5.9 percent budget deficit and 1.3 percent economic growth in 2010. In order to meet this deficit target, at least €2.5 billion must be cut from public spending, which means massive layoffs in the state sector. Read more

The economy in 2010: Growth could come from the West (22 dec 2009)

Romania will depend on the economies of Western European countries, conclude all economists, managers and analysts interviewed for Business Standard’s “The Economy in 2010” yearbook. Read more

Only 4% of Romanians pay for online content (22 dec 2009)

About four percent of Romanians are willing to pay for the content of news and entertainment Web sites, according to a report by the GfK market research company. Read more

Investments drove up net sales by 20% (22 dec 2009)

Smithfield Ferme, the local subsidiary of the U.S. pork producer, posted a five-fold increase in net sales this year, due to the finalization of a new farm, in which it invested $25 million (some €17 mln). Read more

The private pension market took its first hits in 2009 (22 dec 2009)

Freezing the contribution to mandatory pension funds to the 2008 level, at two percent, mergers between funds, and an increase in the number of empty accounts, due to rising unemployment, were the main events which... Read more

What 2009 brought for banks: NPLs, excessive caution, and lower gains (22 dec 2009)

This year, the crisis tested the ability of banks to adjust to low demand for loans, an increase in the number of nonperforming loans (NPLs), and the drop in earnings. Read more

Winning shares in 2009 (22 dec 2009)

This year’s financial market rebound brought increases of as much as 200 percent on the Bucharest Stock Exchange (BVB) in case of some shares, while, in terms of sectors, pharmaceutical enterprises and financial investment companies... Read more

PM Designate Boc announces his proposed government (21 dec 2009)

Prime Minister Designate Emil Boc announced the team of ministers for which he will attempt to gain the Parliament’s vote of confidence. According to negotiations with the Democratic Union of Hungarians in Romania (UDMR) and the group of independents, the Cabinet has 15 ministries, of which the Democratic Liberal Party... Read more

ECB confident in Eastern European banks (21 dec 2009)

Stress tests conducted on banks in the Central and Eastern Europe (CEE) region indicated that these are sufficiently solid to overcome financial shocks, in spite of the fact that rising unemployment and enterprise bankruptcies cause... Read more

Exported clothing and shoes worth €2.4 bln in 2009 (21 dec 2009)

Romania’s textile and footware exports fell by nearly 15 percent in the first eight months, to €2.4 billion, due to a drop in European Union orders. Read more

Romanian employers import unskilled workforce (21 dec 2009)

The number of work permits issued locally for foreigners dropped by some 25 percent in the third quarter compared to the previous three months, according to the Romanian Office for Immigration (ORI). Read more

A&D Pharma takes over Ozone’s subsidiaries in CEE for €23 mln (21 dec 2009)

A&D Pharma, the largest player on the Romanian pharmaceutical distribution market, signed an agreement to acquire Ozone’s subsidiaries in Central and Eastern Europe (CEE) for €23.15 million. Read more

Portrait of Romania’s Ruling Power (18 dec 2009)

Emil Boc, head of the Democratic Liberal Party (PD-L), is Romania’s newest Prime Minister designate, named by President Traian Băsescu a “man dedicated to public service, a man of dialogue, who carried out his duty and took responsibility for implementing several very difficult solutions, such as the financing agreement with... Read more

Patrick Gelin’s swan song (18 dec 2009)

Patrick Gelin leaves BRD-Société Générale, the second-largest lender on the local market, after nine years in which the institution’s profit rose ninefold, and the territorial network expanded to 1,000 units from 170. Read more

Renault expects local auto market decline (18 dec 2009)

The French Renault automaker, owner of Dacia, could register a 17-18 percent contraction in turnover in 2010, comparable with the 2007 auto sector’s peak year, according to AFP, quoting the group’s spokesman, based on declarations made by its General Manager, Patrick Pelata. Read more

Harley-Davidson continues expansion (18 dec 2009)

The Harley-Davidson motorcycle manufacturer is continuing expansion in Eastern Europe, in spite of the hostile economic climate, according to David Hackshall, Manager for Central and Eastern Europe. Read more

To emerge from recession companies must start recruiting (17 dec 2009)

A major criterion for establishing the moment when Romania will emerge from its recession is when private companies once again begin recruiting. Read more

Clinics prepare for private health insurance (17 dec 2009)

Unirea Medical Center (CMU) announced it has acquired a majority share in the Centrul de Investigaţii medicale (CIM) clinic in the northeastern city of Bacău, for €1 million. “Bacău is an important city in Moldavia, and has been in our expansion plan for some time now. We have been working... Read more

Bank of Cyprus invests in Banca Transilvania (17 dec 2009)

Bank of Cyprus has acquired a 9.7 percent share in Banca Transilvania, the largest Romanian bank with domestic private ownership, operating through a strong branch network of 532 units and enjoying an 8.5 percent market share in total deposits. Read more

CNN Special on Romania (17 dec 2009)

CNN will broadcast “Autumn of Change” this month, a series developed throughout the year, which follows the fall of communism and its impact on Central and Eastern Europe, including Romania. Read more

E.ON Romania to temper layoffs in 2010 and 2011, following 5,000 layoffs in past 4 years (17 dec 2009)

E.ON Romania, part of the world’s largest private utility group, will continue to reduce personnel serving gas and energy supply and distribution, but the layoff rhythm will be more tempered than in previous years, and compared to the “high” in 2009, when the company announced the first local layoffs. E.ON... Read more

Banks: Ours will be the highest crisis costs (16 dec 2009)

The change in the attitude of consumers is the main source of concern for businesspeople. “Fear of the future is standing in the way of Romanians to consume and to apply for loans,” Octavian Radu, President and founder of the RTC group, told The Money Channel. Camelia Şucu, owner of... Read more

President Băsescu looking for Prime Minister (16 dec 2009)

Negotiations to form a parliamentary majority are close to becoming a sure thing, following the validation by the Constitutional Court of Traian Băsescu’s second mandate as President of Romania. Read more

Romania 2nd-highest EU workforce cost (16 dec 2009)

Romania and Bulgaria lead European Union states in terms of workforce costs, according to Eurostat, with a rise of 9.6 and 10.4%, respectively, in the third quarter in 2009, compared to Q3 2008. Read more

Form a government with wide support (16 dec 2009)

The President of the European Commission, Jose Manuel Barroso, sent a message of congratulations to President Traian Băsescu on the occasion of his reelection, saying that “his first and most urgent responsibility” is the formation of a new government “capable of obtaining wide support in Parliament.” Read more

Poupet, BRD: Risk quality and profitability are the principal targets (15 dec 2009)

As of 1 January 2010, Guy Poupet will take on the running of BRD-Groupe Société Générale for four years, according to a decision made yesterday by the shareholders of the second-largest player in the local banking system. Patrick Gelin, the bank’s current President and General Manager, will retain only non-executive... Read more

2005: BCR privatized (15 dec 2009)

Romania’s most historic privatization took place in December 2005, when the Austrian Erste Bank took over a majority share of the largest local bank - Banca Comercială Româna (BCR), in a transaction worth €3.75 billion. However, Austrian investors already had a significant presence on the Romanian financial market. Read more

2010 to be good stock exchange year (15 dec 2009)

Shares traded on the Bucharest Stock Exchange (BVB) will continue to generate significant yields in the coming year, with the estimate made by ten of the most important brokerage firms on the Romanian market indicating growth of some 30 percent for principal indexes. Read more

Flamingo insolvency approved (15 dec 2009)

The Bucharest Court yesterday approved start of Flamingo International insolvency, similar to approval Friday for the Flanco division to legally reorganize, protected from lenders, said the company. Read more

Greek government lacks courage, Romania has no government (14 dec 2009)

Romania and Greece need to balance their budgets, as the crisis in Dubai has put both countries in the collimator of international investors. But while Athens has a government with no courage to take necessary measures, Bucharest has no government at all. Read more

Car importers to stop layoffs, but will not hire (14 dec 2009)

The representatives of car importers have indicated they want to cease layoffs in the industry in 2010, but will not be hiring either, as they are waiting for the market to stabilize next year. Read more

Top Romanian broker fraud worth €2 mln (14 dec 2009)

The Anti-Corruption Department (DNA) will prosecute Adriana Constantin, former Manager of the Deva branch of the Broker Cluj brokerage firm, accusing her of being responsible for damages worth RON 7.8 million (over €1.8), according to DNA representatives. Read more

Băsescu denies Isărescu PM rumour (14 dec 2009)

President Traian Băsescu has denied information circulating in the press that National Bank of Romania Governor, Mugur Isărescu, has been invited to become Prime Minister heading a Democratic Liberal Party-National Liberal Party (PDL-PNL) government. Băsescu had indicated that the Governor “would be an ideal solution” for this position, but that... Read more

IMF to come help Boc with the budget today (14 dec 2009)

IMF experts are due to arrive in Bucharest today to work on finalizing the draft budget for 2010 with European Commission representatives, according to a declaration by Ministry of Public Finance officials, and it is possible that Romania will request the postponement of several deadlines “based on new data,” said... Read more

BNR forex interventions drive up interbank interest rates (11 dec 2009)

Interest rates on the money market has risen strongly, to 11.50-12 percent annually, far above the monetary policy interest rate of 8 percent per year. Analyst indicate that this evolution is not surprising, because it represents the effect of National Bank of Romania (BNR) sales of foreign currency to sustain... Read more

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