In
the past couple of days, Romanian newspapers are flooded
by scandals, especially with respect to the politicians'
statements of income. Even though, in theory, the reforms
in Justice are on the right track, these scandals and their
solutions prove abuses. On Thursday, January 19th, Gilbert
Wood, FIC president, openly denounced the corruption in the
Romanian judicial system.
The Government
is analyzing the possibility of changing the CEC privatization strategy based
on the formula used for BCR
PM Calin Popescu Traiceanu announced that the Government is
analyzing the possibility of changing the CEC privatization strategy based on
the formula used for BCR, by delaying the moment of selling the majority share
package, in lack of a strategic investor. The BCR privatization was delayed because
of the lack of acceptable offers and the decision was made to start the process
by selling share packages to EBRD and IFC. The head of the Government showed
that the change in BCR's shareholder-ship structure and bringing EBRD and IFC
representatives into BCR's management made possibly for a performant investment
program to be applied and led to offers much more attractive from investors,
as against those at the start of the privatization process.
Piraeus
Bank announces an aggressive development plan for 2006
Piraeus Bank announces an aggressive development plan for
2006, planning EUR 40 million investments in developing its network, information
system and developing other distribution channels. Sofronis Strinopoulos,
Piraeus General Manager, stated that the bank targets reaching an 8% market
share in the next 3-4 years, in terms of assets. He says that 2006 will be
a peak year for investments. Most banks in the system announced similar development
plans for the 2007-2008 horizon, also planning significant developments of
their territorial networks and investments that will support them.
Raiffeisen
Bank launches structural deposits with a currency exchange rate option
Raiffeisen Bank launches, for the first time on the Romanian banking
market, the structural deposits with a currency exchange rate option. The new
products offer clients investment possibilities that have a higher output to
that offered by the interest on a classic deposit, in the conditions of an assumed
currency risk. The minimum amount for creating a deposit is EUR 50,000 (equivalent
in RON or USD). The amount can be reduced, in time, according to the clients'
interest.
SIF
Oltenia subscribed RON 2.4 million in the Eximbank equity increase
On Wednesday, January 18th, SIF Oltenia subscribed RON 2.4 million
in the Eximbank equity increase, by exerting its preference right. The subscribed
amount represents the equivalent value of 400,036 shares. The titles have a nominal
value of RON 6. Eximbank's equity will be raised by EUR 80 million, after the
approximately EUR 20 million infusion received by the bank last year for supporting
exporters.
Eurobank
Mutual Funds Management Romania will launch 2 mutual funds
Eurobank Mutual Funds Management Romania, Switzerland-based Eurobank's
investment management company, will launch 2 mutual funds, for which it has already
received CNVM's approval. The units issued by the 2 funds, Bancpost (Active Balanced
monetary fund) and Bancpost Plus (diversified fund), will be distributed by the
Bancpost network.
Distrigaz
Nord posts EUR 27 million losses in 2005
Distrigaz Nord, owned by E.ON Ruhrgas, posts EUR 27 million losses
in 2005. " The results are very disappointing for Distrigaz Nord '', said Achim
Saul, Deputy General Manager. He stated that the loss is caused mainly by the
fact that the gas price for the final consumer did not hike in the same rhythm
with the natural gas purchase price. Since the beginning of the year, the company
was restructured and is now operating through 7 departments with separate attributions.
On
Friday, January 20th, the bank that will distribute the titles in " Property
'' Fund will be selected
On Friday, January 20th, the bank that will distribute the titles
in " Property '' Fund to the former owners will be selected. Nicolae Ivan, president
of this institution, mentions the fact that the value of the portfolio - approximately
EUR 4 billion - will remain the same, regardless of the economic evolution of
the companies that make up the Fund.
NBR
attracted ROL 6 billion from the monetary market
NBR continues its policy of sterilizing the surplus on the monetary
market, a measure that keeps RON's exchange rate on a straight line and provides,
in the same time, a light increase of the banking interests. On Thursday, January
19th, the central bank attracted ROL 6 billion from commercial banks, one of
the most important investments, as of last October.
Romania
must provide use of the renewable energy resources
Romania must provide use of the renewable energy resources. For
this, it will be forced to use biofuels and other renewable fuels instead of
gasoline and diesel. The amount of biofuels and other renewable fuels used must
be minimum 2% by the EU accession date and minimum 5.75% by December 31st 2010.
The gas station purchase made by Petrom and Rompetrol entering the
French and Spanish market represent a step forward in Romanian companies expanding
abroad. Petrom and Rompetrol's business plans will include, from now on, their
foreign branches, which means a possible profit or an extra risk to the exposure
on the Romanian market alone. Another common point of the 2 deals is the fact
that both companies develop businesses in Europe only in the fuels distribution
field. Petrom bought 178 OMV gas stations in Romania, Bulgaria, Serbia and Montenegro,
in an EUR 234 million transaction. Rompetrol took over, in a transaction estimated
at around EUR 100 million, Dyneff French group.
The
number of currency bank accounts is increasing
The number of currency bank accounts is increasing, while that of
RON accounts is decreasing. If in early 2005, more exactly in April, there were,
according to NBR's data, 3.4 million currency accounts opened, after 5 months,
that is in September, their number reached 4 million. In the same period, the
number of RON accounts opened dropped from 29.5 million to 29.4 million.
Romania
remains the 2nd market in the Central and East Europe region, after Poland
Nicolae Danila, BCR CEO, stated that Romania remains the 2nd market
in the Central and East Europe region, after Poland, in terms of the investors'
interest, having a friendly and stable business environment. He added the fact
that Romania keeps offering opportunities supported by a decreasing inflation,
by a strong corporate segment, a liberalized capital market, a solid banking
system and an economy with a current account deficit that can be easily funded
and that is no longer posing problems.
The
World Bank considers that we have made important steps ahead in the macroeconomic
domain
The International Monetary Fund and the World Bank act in a discreet
tandem. The World Bank considers that we have made important steps ahead in the
macroeconomic domain, even though there are still " many things to do. ''
ELPAS
Craiova - potential buyer of Electroputere Craiova
The Association of Employees ELPAS Craiova bought the presentation
file of Electroputere Craiova and requested AVAS to expand the deadline
for handing in offers to take over the company until February 3rd 2006.
ASAM
Iasi concluded investments worth more than EUR 5,000,000
" Bursa '' daily features an interview with Daniel Lazar, Commercial
Manager with ASAM Iasi. The company manufactures, among others, subassemblies
and equipment for the railway and for the mining and oil drilling industries.
In the last years, ASAM Iasi concluded investments worth more than EUR 5,000,000.
Petrom
builds a new central headquarters in Straulesti
Petrom will build a real estate complex, Petrom City, Straulesti
town, located in the North of Bucharest. The complex will stretch on 200,000
square meters and will include 46,000 square meters of offices. Petrom City will
become the company's new central headquarters and will deal with the activities
of 60 work points in Romania. " The size of the project exceeds that of Charles
de Gaulle Plaza (the CONNEX headquarters) '', mentions the author of the article.
Alpha
Bank shares might register positive evolutions after the bank announced
an aggressive development program in South-East Europe
The shares of some West European companies present in South-East
Europe, including in Romania, will have a good evolution in 2006, as result both
of these groups' activities and of the profit possibilities offered by the South-East
European market. Alpha Bank, the 2nd lead Greek crediting institution, announced
an aggressive development program in South-East Europe for the next 3 years.
The Greek bank's shares are generally found among the most traded titles that
make up the FTSEurofirst 300 index.
Holcim
will raise investments in the 2006-2008 period
Holcim constructions company will raise its EUR 105 million investments
to EUR 160 million in the 2006-2008 period. The company's most important projects
include reconstructing and developing its plant in Campulung.
Record
budget for the investments in Arad infrastructure
The administration of Arad has the go ahead to start some ample investments
programs after the budget project for 2006 has the highest amount the town has
ever received. The expenses with maintainance and the investments amount to RON
93.1 million, reaching the level of the whole amount invested during 2001-2004.
