ButanGas purchased 90% of Romconstruct Top, a firm that develops the wind farm in Silistea, Constanta county
ButanGas, LPG distributor, established by losif Constantin Dragan, purchased 90% of Romconstruct Top, a firm that develops a wind farm in the village of Silistea, Constanta County. The two parties did not reveal the value of this transaction. Romconstruct Top is controlled by one of the most active developers of wind farms in Romania, Emanuel Muntmark, a Swedish citizen, with 55% of the share capital. (Romanian source)
NBR reported net revenues from international reserves management of EUR 418 million
NBR reported net revenues from international reserves management of EUR 418 million, four times lower than 2008 record, largely due to the global decline in interests, according to the annual report of the institution. " Given the high volatility of the flows that deteriorated the currency reserves, due to the global uncertainty in the economic environment, the bank focused on the liquidity and investor-security-related aspects, '' according to the annual report for 2009 released by the National Bank of Romania. (Romanian source)
Antares Romania posted a turnover of EUR 2.9 million for the first half of the year
Antares Romania, a producer of office chairs and armchairs, posted a turnover of EUR 2.9 million for the first half of this year, up 10% year on year. The positive trend in sales is largely due to an increase in exports. The company's main rivals on the local market are Mobexpert, Silvarom, Green Forest and Neost. (Romanian source)
Delta Distribution wants to end its insolvent status in 2011 or 2012
Delta Distribution wants to end its insolvent status in 2011 or 2012. The company's reorganization plan will be discussed with the creditors this autumn. Delta had become insolvent at the end of 2008, at the request of two companies controlled by Austrian group Lasselsberger. (Romanian source)
Lemet Campina reported a 200% increase in sales in the week when the VAT was increased
Furniture producer Lemet Campina reported a 200% increase in sales in the week when the VAT was increased, a record for the company. Buyers rushed to take advantage of the last days of low prices. During the first six months of this year, the company's sales were lower than in the corresponding period of 2009, a trend that's also plaguing the big retailers, such as IKEA and Mobexpert. kika, Neoset and Staer are among the most active furniture retailers in Romania. (Romanian source)
Analysts see a 0%-0.2% hike in consumer prices in June
Analysts are forecasting a 0-0.2% month-on-month hike in consumer prices in June, due to the sharp depreciation of the national currency, of fuel price growth, and also due to the seasonal price drop for food and to the poor demand. Year to date, the highest monthly price hike was recorded in January, of 1.7%, which led to an annual inflation rate of 5.2%. Analysts expect the consumer prices to increase by 4.1-4.3% year-on-year in June 2010, and anticipate the inflation will shoot up in July, due to the VAT hike by 5%. The governor of the National Bank of Romania announced at the end of last month that the final inflation projection will be communicated at the end of August, when the bank will release its quarterly report on inflation. Senior economist of ING Bank, Nicolae Chidesciuc said that consumer prices increased by 0.1% in May, and anticipates a 4.3% inflation rate at the end of the year, due to a massive depreciation of the national currency and to a fuel price growth. According to Lucian Anghel, the senior economist at BCR, the monthly inflation rate stood at 0-0.2% in June, which will trigger a slight decline in the monthly rate to 4.1-4.3%. The senior economist of UniCredit Tiriac Bank, Rozalia Pal said that consumer prices remained relatively stable in June, with the consumer price index showing a slight increase of 0.2% month-on-month. (Romanian source)
Banks reported 125,833 queries for potential customers in May, 1.74% more than in April and 2.86% above year-ago period. The number of queries of the Banking Risks Office for current and potential debtors increased in May by 1.26% from April and by 2.93% compared to the same period of 2009, to 208,758 operations. (Romanian source)
NBR: Loan delinquencies at banks soared 57% in Jan-May 2010, versus 7.8% in case of NBFI
Loan delinquencies at banks soared 57% in Jan-May 2010, versus 7.8% in case of non-banking financial institutions, data from the National Bank of Romania show. Furthermore, consumer loan companies expect the austerity measures announced by the authorities to have a limited impact over the loan-repayment behavior, while bankers expect that more than a quarter of borrowers will be affected by the 25% cut in public wages, and anticipate a new wave of non-performing loans and loan modifications. (Romanian source)
NBR could lift the key rate in the last two rate-setting sessions of the year
The National Bank of Romania could lift the key rate from 6.25% to 7% per year in its September and November rate-setting sessions, ING Bank Romania said. "We believe that in a first phase, the central bank will fight against inflation hike by leaving market rates unchanged. (Romanian source)
Mugur Isarescu, NBR: Passive interests offered by commercial banks are high, if not generous
Mugur Isarescu, NBR said that passive interests offered by commercial banks are high, if not generous, as the National Bank of Romania itself anticipates a 8% inflation rate for year-end. The biggest interests are for term deposits. (Romanian source)
The industrial park Oradea has attracted over 18 investors
The industrial park Oradea has attracted over 18 investors interested in developing businesses as close to Romania's western border as possible. The firm Shinheung Electronics wants to invest over 20 million euros in a hall of almost 10 hectares in which it intends to build parts for Samsung Hungary. The company will build parts for Samsung products, such as home cinema systems, STBs, TV sets and computers. (Romanian source)
Ministry of Economy increased the funding for the modernization of the new production capacities for electricity and heating
Ministry of the Economy, Trade and Business Environment supplemented, from RON 420 million to over RON 801 million, the funding for investment support applications for the modernization and building of new production capacities of electricity and heating. The Ministry is interested in getting companies to use renewable energy resources. (Romanian source)
Lufkin Industries plans to build until 2012 a factory near Ploiesti, the investment being estimated to USD 126 million
American supplier of equipments and services for the oil and gas industry Lufkin Industries plans to build until 2012 a factory near Ploiesti, the investment being estimated to USD 126 million. The unit will produce equipments for the Oil Fields and Energy Transportation divisions. (Romanian source)
Hidroelectrica could receive up to EUR 85 million from EBRD for an EUR 110 million project for the rehabilitation of six groups in hydro power plant Stejarul-Bicaz
Hidroelectrica, the largest electricity producer in Romania, could receive funding of EUR 85 million from the European Bank for Reconstruction and Development (EBRD) for an EUR 110 million project destined to rehabilitate six groups from the hydro power plant Stejarul-Bicaz. The the funding application is being analyzed by EBRD experts. (Romanian source)
Liviu Dragnea: PSD does not want to leave the opposition
Liviu Dragnea, Secretary General of the Social Democrat Party (PSD), stated that the party is content to be an opposition party at this time because governing without a majority means compromising. Dragnea went on to say that Romania is heading for early elections because of the unprecedented political crisis that has left the ruling parties without popular support. (Romanian source)
PD-L members were the only people to follow Prime Minister Boc's example and donate money to the solidarity fund
PD-L members were the only people to follow Prime Minister Boc's example and donate money to the solidarity fund. They were joined by people who deposited small amounts of money solely in order to draw attention to the disastrous situation caused by the very people who call for help. (Romanian source)
