The
IMF recommends that the Romanian state privatizes CEC
Jeroen Kremers, Executive Officer with the IMF, representative
of Romania in the institution's BA, considers that the state would have no advantage
if it keeps CEC among its properties. " CEC's privatization is a good idea and
the way it will be carried out must be a fair one '', said Jeroen Kremers, mentioning
the fact that the privatization must not be postponed for too long. Jeroen Kremers
drew attention to the fact that, if Romania waits too long, other banks will
enter the saving field, and CEC's position will deteriorate. (Romanian Source)
BCR's
2007 priorities will be managing assets, financing real estate transactions,
leasing and life insurances
Managing assets, financing real estate transactions, leasing
and life insurances will be BCR's priorities in 2007, said Andreas Treichl,
CEO with Erste Bank, BCRs majority shareholder. " We are expecting a huge
increase in mortgage loans, in the terms in which the real estate market
will record a huge price hike, under the pressure of demand, social houses
becoming more and more necessary. Furthermore, an incredible need for rental
will appear and the state may consider creating some schemes for subsidizing
rents '', said Treichl. (Romanian Source)
BRD took an EUR 200 million loan, arranged and syndicated by
EBRD, in order to provide its long-term resources. The funds are going to be
used for granting real estate loans and loans to small and middle-sized companies.
EBRD gave, on its own behalf, an EUR 70 million loan,w with a 7 -years maturity
period. The remaining EUR 130 million was collected through a syndication with
a 5-years maturity period. (Romanian Source)
Starting February 2007, Sergiu Oprescu, who was until now executive
vice-president with Alpha Bank Romania, will be appointed in the position of
executive president with the bank. Oprescu is the successor of Christos Giampanas,
who has been promoted within the group. On the other hand, Radu Ghetea, who is
until now the first vice-president of the bank, was appointed non executive president
with the Administration Board , replacing this way Spyridon Filateros. Alpha
Bank is the third foreign group having been promoted in the board of Romanian
banker' local trades this year, after ING and Bancpost have done similar changes.
(Romanian Source)
Manuela
Placianu, appointed General Manager with Bancpost
Manuela Placianu, former Deputy President with HVB Tiriac,
was appointed General Manager with Bancpost, as of 2007. Plapcianu will replace
the current General Manager, George Michelis, who will withdraw as of January
1 2007, according to a Banpost official release. Previously, except for the seat
held with HVB Tiriac, Plapcianu worked for Citibank Romania, as Territorial Network
Manager, and for ABN Amro Romania, holding various positions in the Sales Department.
(Romanian Source)
Romanian
constructions market to reach EUR 10 billion in 3 years
By 2010, the Romanian constructions market is going to reach EUR
10 billion, according to the estimations of a survey drawn up by Deloitte. The
number of employees in this field will range between 450,000 and 500,000. The
forecast was based on the projects for constructing 1,000km of freeways and 500,000sqm
of shopping centers. (Romanian Source)
The State Assets Recovery Authority (AVAS) has not reached the target
of 120 companies privatized in 2006, the privatization process being completed
only in the case of 80 companies. " This year, we privatized some 50% of the
companies included in the 2006 target, as well as some which were not included
'', said Teodor Atanasiu, AVAS President. (Romanian Source)
The
Senate rejected the simple motion " Stop CEC privatization! ''
Yesterday, December 20, the Senate plenum rejected the simple motion " Stop
CEC privatization! '', initiated by PRM and PSD, demanding for CEC privatization
to be suspended and the management of the bank to be taken over by financial-banking
specialists, together with patronage, unions, pensioners and the civil society.
With 50 votes against, 37 pro and not abstaining, the motion was rejected. (Romanian
Source)
Equest
Balkan Properties to take over Vitantis Bucuresti retail park
UK-based investments fund Equest Balkan Properties, owner of Iasi-based
Moldova Mall shopping center, announced that it is going to pay EUR 33.8 million
for taking over the Vitantis Bucuresti retail park, currently under development,
as well as two office buildings located in Mosilor and Otopeni areas. The Vitantis
Shopping Center acquisition includes, next to the EUR 26.6 million payment, taking
over some of the developers' debts, worthing EUR 5 million. The total value of
the project is estimated at EUR 48 million. (Romanian Source)
The National Securities Commission decided to suspend for two weeks
the discounting process of the shares offer with the aluminum profile supplier,
Alumil Rom Industry, according to CNVM' president, Gabriela Anghelache. As it
is suspecting that some of the investors have subscribed without owning liquidity
in the account, in the conditions in which the offer has been over-subscribed
CNVM has started an investigation. CNVM is going to verify the subscription requests
submitted by investors. (Romanian Source)
Albalact
to up social capital with some RON 10 million
Alba Iulia-based dairy producer Albalact, one of the top 5 players
on the domestic market, plans to raise its social capital by RON 10.8 million
(EUR 3.1 million), to RON 20.2 million (EUR 5.9 million). The Albalact Board
of Administration will summon, at the end of January 2007, an Extraordinary General
Shareholders Assembly, which is to debate the suggestion of raising the social
capital from the current RON 9.4 million (EUR 2.7 million) to RON 20.2 million
(EUR 5.9 million). (Romanian Source)
Angst
to invest EUR 1.5 million in opening luxury products shop
Cold cuts producer Angst, one of the top 5 players on the cold cuts
market, is going to invest EUR 1.5 million in opening luxury products shop in
the Capital. The company will also look into the possibility of expanding this
retail concept either by an independent network, either by specialized departments
in the Angst chain. " The shop will be inaugurated in January and over 90^ of
the products range will be represented by imported specialties '', said Stefan
Padure, Angst Sales Manager. (Romanian Source)
Yesterday, December 20, the compulsory private pensions law (second
pillar) was passed by the Chamber of Deputies as an organic law. All the employees
under 35 years will have to contribute to the second pillar, which is also open
for the employees between 35 and 45 years. The contribution to the second pillar
pensions funds will be made through automatic giro of 2% of the social insurances
contribution, ratio that will go up to 6%. Tudor Moldovan, President of the Association
for Private Pensions from Romania (APAPR), said that " It is definitely a step
forward for the market. The law passed yesterday completes the reform in the
pensions system, which we waited for for so long ''. (Romanian Source)
Chamber
of Deputies eliminated amiable solution from new Road Code
Yesterday, December 20, the Chamber of Deputies passed an amendment
to the new Road Code, which eliminates the amiable solution in case of light
accidents, which do not result in human casualties. The Industry Commission did
not agree with this stipulation and suggested removing it from the new Road Code,
considering that it should be introduced in other laws. The MAI representative
mentioned the fact that the stipulations on amiable solution lead to reducing
bureaucracy. (Romanian Source)
On May 13 2007, Romanians will elect, for the first time in history,
their representatives in the European Parliament. The law that allows organizing
these elections was passed yesterday, December 22, by the Chamber of Deputies.
The elections for the European parliament will take place at a single national
urn, with an election threshold of 5%. Political parties and alliances must be
supported by 200,000 voters in order to run in the elections, while independent
candidates - by 100,000. The Euro-Parliamentarian seat will be of 5 years. (Romanian
Source)
Vladimir
Voronin: Bucharest must not " pose as '' a big brother in the relations
with the Moldavian Republic
Russian president Vladimir Voronin resumed the criticism on Romania
and said yesterday, December 20, that Bucharest must not " pose as '' a big brother
in the relations with the Moldavian Republic. In exchange, the relations with
Russia is one of a strategic partnership, said Voronin. (Romanian Source)
The leaders of the Future Liberal Democrat Party (LDP) announced
yesterday, December 20, that they have raised 40,000 signatures from supporters
in the territory, in order to officially register the formation as political
party. Theodor Stolojan said that the new political entity will militate for
setting up a center-right pole, made up of DP, NLP, LDP and Christian-Democrats.
LDP is is to keep its political identity. The first meeting between LDP leaders
and representatives in the territory took place yesterday, December 21. (Romanian
Source)
