Bank Leumi Romania estimates it will obtain a smaller profit this year compared to 2009
Bank Leumi Romania estimates it will obtain a smaller profit this year compared to 2009. The bank saw a net profit of RON 12.7 million last year compared to RON 7.5 million in 2008. The lending activity saw a slight increase in Q1/2010. The gross value of the credit portfolio reached RON 946 million at the end of March compared to RON 940 million at the end of 2009. Laurentiu Mitrache, the Leumi President, said the bank has better risk indexes compared to similar banks. Its provisions represented 9% from the total of the banks' exposure to clients outside the financial sector, according to the NBR data in April. (Romanian Source)
Avicola Crevedia managers to ask shareholders to endorse the delisting from the RASDAQ market
Avicola Crevedia managers will ask shareholders, on July 23, to endorse the delisting from the RASDAQ market. The shareholders have recently approved the signing of two loan contracts worth a combined RON 22.7 million with BCR in order to refinance some loans granted by Credit Europe Bank and to provide working capital. (Romanian source)
Banca Transilvania lowered at 0% the interest rate paid for sums kept in current accounts
Banca Transilvania lowered at 0% the interest rate paid for sums kept in current accounts, both RON and foreign currency denominated. So far, the interest rates have been 0.15% a year for RON and 0.75% a year for Euros. Also, the bank increased by 0.5% the interest rates it pays for the RON-denominated Savings Account. Several banks, among them Raiffeisen Bank, UniCredit Tiriac Bank and Piraeus Bank pay interest rates of 0.1% for RON, EUR and USD-denominated sight deposits. (Romanian source)
Raiffeisen Banca pentru Locuinte (RBL) has cut interests for the two types of mortgage loans: loans with down payment and loans without down payment, the bank said. The interest for the loan with zero down payment is now 7.9% for loans in RON. (Romanian source)
Ford's National Sales Company will take over from Ion Tiriac the sale of Ford cars, a brand that Tiriac's sales people leave at the top of the imports index
Ford's National Sales Company will take over from Ion Tiriac the sale of Ford cars, a brand that Tiriac's sales people leave at the top of the imports index after the first five months of the year. Ford has a market share of 9% in Romania and is nearly 600 units ahead of Volkswagen, it's main rival. Paul Flanagan, CEO of the National Sales Company, will have to contend with a contracting market and low sales. (Romanian source)
Erste Bank: Romanians' revenues will drop in 2011 as well
Romanians' revenues will drop 0.8% next year and 10% in real terms this year, according to an Erste Bank report. According to the Austrian bank, Romania is the only Central-Eastern European country where the revenues will plunge in 2011 as well. However, Erste forecasts an increase in household consumption by 1% in 2011 although it estimates the available revenues will decrease. (Romanian source)
Banca Transilvania is co-financing European projects in the manufacturing sector. The value of grants available to companies was capped at RON 1.07 million. The co-funding will be limited to 60% of the project's value for a small enterprise and of 50% for a middle-sized enterprise. In H1 of this year, BT co-funded European projects worth RON 150 million. (Romanian source)
Lufkin Industries will invest USD 126 million in Ploiesti West Park
Allianso Business Park SRL, the Romania-based representative of ALINSO, sealed a sale contract with Lufkin Industries Inc., a supplier of equipment and services for the oil industry, based in Texas. Lufkin Industries bought 33 hectares in the Ploiesti West Park where it plans to build a plant by 2012 which would secure 300 jobs. The investment is estimated at USD 126 million. Ploiesti West Park made available 30,000 sqm of storage space for Unilever in April 2010. A new logistic building of 20,000 sqm will become available by the end of September. (Romanian source)
The seven investors in the third and fourth reactors of the Cernavoda nuclear power plant are discussing the expansion of the agreement signed in 2008, which expires this autumn
The seven investors in the third and fourth reactors of the Cernavoda nuclear power plant are discussing the expansion of the agreement signed in 2008, which expires this autumn. The contract was signed in November, 2008, by Enel, CEZ, RWE Power, GDF Suez, ArcelorMittal Romania, Iberdrola and Nuclearelectrica and will expire on September 25. At the time, the contract had also caught the eye of other companies, such as Lafarge, Rompetrol and Energy Holding. (Romanian source)
Siveco and TeamNet International to develop an IT system worth RON 18.9 million for the Danube Delta Biosphere Preserve (RBDD)
Siveco and TeamNet International will develop an IT system worth RON 18.9 million for the Danube Delta Biosphere Preserve (RBDD). The two companies will provide the development and implementation services for the IT system, as well as the hardware and software needed to implement it and make it work.
Two Spanish companies invest EUR 7 million in Eurobusiness Parc Oradea
Two Spanish companies from the mechanic processing industry, Decoletaje&Conjunctos and Mecanizados Auxim, will invest EUR 7 million in the coming years in order to build their own production facilities in the Eurobusiness Parc Oradea. Decoletaje&Conjunctos has already started building its first production hall in Oradea. (Romanian source)
Businessman Ioan Niculae is preparing to enter the fishing market and wants to build a packing plant. The businessman has also established a new company, which would manage the dairy production of a cattle farm. Fishing and dairy products are the new targets of the Interagro group. (Romanian source)
The law amending Law 220/2008 regarding the system for promoting the production of energy from renewable sources was published in the Official Gazette. The law stipulates that producers of energy from renewable sources will be issued green certificates, depending on the technology used. Suppliers must buy green certificates amounting to 8.3% of their sales this year. Green certificates could trade for EUR 27 - EUR 55. (Romanian source)
PD-L Vice-President criticizes Minister of Finance
Cezar Preda, Vice-President of the Democrat-Liberal Party (PD-L), accused Prime Minister Emil Boc of being unable to control his own Cabinet and to sack Sebastian Vladescu, the Minister of Finance. The Minister has recently announced that Romania should slash the VAT and replace it with a progressive taxation system. (Romanian source)
EuroMP Norica Nicolai (PNL) took criticism of the Boc Cabinet to the European Parliament
EuroMP Norica Nicolai (PNL) took criticism of the Boc Cabinet to the European Parliament. She blasted the Cabinet for disbanding the National Agency for Equality of Chances (ANES) during the session of the Commission for Women's Rights and Equality of Chances of the European Parliament. (Romanian source)
