Last
week, the Romanian-British Chamber of Commerce organized
a reunion. The commercial relations between Romania and the
United Kingdom reached, in 2004, EUR 2 billion. Gilbert Wood,
FIC president, present at the event, encouraged British investments
in our country.
Erste Bank
might pay for the BCR share package bought in the next 3 months
The amount representing the payment for the 61.88% in BCR shares
might be transferred to the foreign bank in the next 3 and a half months, according
to an estimation of the privatization committee and Erste Bank, HSBC, ING, Citibank
and ABN Amro competing for creating the escrow account. According to sources
close to the negotiations, before transferring the EUR 3.75 billion offered by
Erste into the escrow account, the Romanian party has to meet a series of conditions.
According to the financial results for the first nine months
of 2005, the company Confectia Miercurea Ciuc recorded a loss of RON 278,989
as against a net profit of RON 1,219,070, recorded in the similar period
in 2005.
The shareholders of the company Bega Tehnomet Timisoara aim to increase
the equity of the company with RON 2,071,277, following the merger by absorption
with the company Electrotimis. The equity increase will be subject to approval
at the Extraordinary General Shareholders' Assembly, which is to take place on
February 2006.
For
2005, AIG Romania posted a volume of the gross underwritten premiums of
RON 78.3 million, almost 18% up from 2004
For 2005, AIG Romania posted a volume of the gross underwritten premiums
of RON 78.3 million (EUR 21.6 million), almost 18% up from the previous year.
AIG group is present in Romania by " AIG Life Asigurari Romania '', branch of " American
Life Insurance Company '', " AIG Romania '' and " AIG CET Capital Investors ''
investment fund. The former works with companies, while the latter develops mainly
a retail activity based on life insurances.
Procredit
Bank Romania ended 2005 with clear profits of EUR 1.75 million
Procredit Bank Romania ended 2005 with clear profits of EUR 1.75
million, from losses of EUR 0.75 million in 2004. At the end of December 2005,
its total assets increased by 88%, up to EUR 128.9 million. Last year, the bank
developed its network by opening 7 new outlets, being present in 17 cities. The
volume of deposits created in Procredit Bank Romania was 157% higher than in
December 2004, reaching EUR 55.38 million.
The
minimum compulsory currency reserves, increased to 35%
According to the NBR settlements adopted at the end of 2005, the
minimum compulsory reserves commercial banks have to create with the central
bank for their currency reserves will be increased, as of Tuesday, January 24th,
from 30% to 35%. NBR decided to continue restricting currency crediting because
of the unsustainable increase of consumption.
The
Government approved the economic agreement with the Moldavian Republic
The Government approved the economic, industrial and technical-scientific
agreement between Romania and the Moldavian Republic, signed on November 16th
2005, in Bucharest. The oil and natural gas industry is one of the areas the
2 countries will cooperate in.
Petrom
and Romgaz will supplement their natural gas production
On Monday, January 23rd, Petrom and the officials with the Ministry
of Economy and Trade debated some measures on supporting the additional gas deliveries
to the population, an effect of the very low temperatures and of the lower amount
of imported gas. These measures include temporarily shutting down Doljchim chemical
plant and additional gas production. Thus, Petrom will deliver an amount of up
to 3 million cubic meters per day. In the same day, Romgaz Targu Mures announced
supplementing its methane gas production by 5 to 10%.
At
winter, Distrigaz Sud reduces the amount of gas delivered to Electrocentrale
Bucharest, in order not to affect household consumers
The thermal agent produced by Electrocentrale Bucharest would be
cheaper if the company could use natural gas as fuel. yet, at winter, Distrigaz
Sud reduces the amount of gas delivered to Electrocentrale Bucharest, in order
to provide continuity in supplying household consumers. In these terms, the company
uses black oil, that is more expensive than natural gas.
The
authorities take measures on providing the amount of natural gas needed
by the population
The extremely low temperatures determined the gas consumption to
increase all throughout the country. Thus, in Ploiesti, the consumption increased
by 97%, while in Bucharest - by 80%. The authorities took measures in order to
prevent the pressure of the gas delivered to the population from dropping: some
plants were shut down and others will receive a lower amount of gas. Distrigaz
Nord and Sud are also supposed to reduce the amount of gas delivered to the companies
with debts.
Amonil
and Azomures announced cutting their production activity
In spite of the fact that the 2 fertilizers producers, Amonil
and Azomures, announced cutting their production activity, on the stock
market, investors were still active on buying their shares. The reason
might be Transgaz's announcement, according to which, due to the extremely
low temperatures registered in Russia and Ukraine, the parameters of the
gas deliveries to Romania were lower.
KBC
Bank and Millenium BCP intend to enter the Romanian banking market
KBC Belgian bank is currently monitoring the Romanian profile market
in order to make an acquisition or even a " greenfield '' investment. The bank's
officials do not exclude the possibility of an acquisition ulterior to the greenfield
investment and say that any interesting opportunities will be analyzed. The increased
interest in our country comes from the Belgians belief that Romania might become
the most important banking market in Central and Eastern Europe due to its large
population and its commercial relations. Millenium BCP, the Portuguese bank that
was Erste Bank's direct competitor in the BCR takeover, might try a different
solution for entering the Romanian banking market.
The
Government analyzes the consumption credit, leasing and mortgage credit
companies market
The Government analyzes, this week, the consumption credit, leasing
and mortgage credit companies market. The most important transformations these
companies will have to adopt refer to turning into companies on shares - in the
terms in which most of them are organized as companies with limited responsibility,
as well as to having equities of at least the RON equivalent of EUR 200,000.
Alpha
Bank Romania will implement a plan for a rapid organic increase between
2006 and 2008
Alpha Bank Romania will implement a plan for a rapid organic increase
between 2006 and 2008, by opening 120 outlets and agencies throughout the country.
The bank intends to reach a lead position on the Romanian market, by offering
some smart and flexible products and services via its outlets network and other
distribution channels. In 2006, the bank will open 40 new outlets, most of them
outside Bucharest.
The
direct foreign investments in the first 11 months of 2005 were EUR 4.436
billion
According to NBR's data, the direct foreign investments in the first
11 months of 2005 were EUR 4.436 billion, 105.6% up from the similar period of
2004, that summed up to EUR 2.158 billion, according to the provisional data.
Hunagrian
authorities make pressures for adopting the minorities' law
The president of the Social Democrat Party (PSD), Mircea Geoana,
stated, yesterday, January 23rd 2006, that the president of the Hungarian Parliament
Katalin Szili would make pressures on the Romanian authorities to adopt the law
of the status of national minorities.
The
owners do not accept the modifications proposed by the Government
Ownership confederations threaten the state they will inform the
Constitutional Court, in the case that the proposal to modify the law 356/2001
of ownerships are not taken into consideration. The Project of Emergency Ordinance,
initiated by the ministry, regarding the modification of the law 356/2001 of
ownerships, forbids a series of international stipulations.
The
project of the merger PNL-PD could be made successfully only if it
is agreed upon by all the political structures of the two formations,
starting from the local level
Yesterday, January 23rd 2006, at the reunion of the Alliance PNL-PD
on Moldova are, the president of the Liberal National Party (PNL) Calin Popescu
Tariceanu stated that the project of the merger PNL-PD could be made successfully
only if it is agreed upon by all the political structures of the two formations,
starting from the local level.
