Agricola Bacau posts 17% increase in turnover for the first six months of this year
Agricola Bacau, the second biggest producer of poultry on the local market, reported a 17% increase in turnover for the first six months of this year, matching the company's forecast for this period. The volume of poultry meat sold in the first part of this year was equal to that reported for the corresponding period of last year, while revenues from sales were 7% smaller. (Romanian source)
Bit Defender posted for last year a turnover of EUR 24.7 million, up 40% year on year
Bit Defender, one of the leading IT developers in Romania, has posted for last year a turnover of EUR 24.7 million, up 40% year on year, according to the balance sheet filed by the company with the Trade Registry. The company posted gross profits of EUR 2 million, up from EUR 170,000 in 2008. Softwin, another company owned by the Talpes family, posted a 62% drop in turnover and a loss of EUR 1.4 million. (Romanian source)
Ministry of Economy to ask the Government to change the status of certain Hidroelectrica assets
At Hidroelectrica's request, the Ministry of Economy, Trade and Business Environment will ask the Government to change the status of certain Hidroelectrica assets, worth EUR 29.3 million, in order to decommission them. (Romanian source)
GreenForest announced a 40% increase in turnover for the first half of the year
GreenForest, a Timisoara-based producer of office furniture, announced a 40% increase in turnover for the first half of the year, compared to the corresponding period of last year. Sebastian Capotescu, the Marketing Director, stated that the increase in turnover was the result of certain investment projects. (Romanian source)
NBR pulls out RON 1 billion from monetary market through repo operation
The National Bank of Romania pulled out RON 1 billion from monetary market through repo operation, at a through an overnight repurchase agreement at a repo rate of 6.25% equal to monetary policy rate. 17 banks participated in the operation, and the deposits are mature in a month, namely on July 26. The latest repo operation carried by the central bank was on June 21, when the bank sterilized RON 500 million from the inter-bank market, for a week, at a repo rate equal to the monetary policy rate. (Romanian source)
The Ministry of Finance borrowed yesterday only RON 157 million
The Ministry of Finance managed to borrow only RON 157 million through yesterday's issue of 12-month bonds, far below the RON 750 million target, according to the National Bank of Romania. The average interest rate for this issue was 6.99% per year. (Romanian source)
Ministry of Agriculture proposes aid scheme that envisages 45% subsidy of the interest rate for loans contracted by farmers
Ministry of Agriculture proposes aid scheme that envisages 45% subsidy of the interest rate for loans contracted by farmers in 2010-2012, a project that could cost the state some RON 105 million. (Romanian source)
The RON remained weak in early inter-bank trade yesterday, and the National Bank of Romania posted a reference rate of 4.2740 RON/EUR, 1.12 bani above the Friday level of 4.2628 RON/EUR/ For the US dollar, the National Bank set a reference rate of 3.2983 RON/USD. Analysts say the depreciation of the national currency is in line with the negative sentiment in the currency market in the region, fueled by the halt in the aid deal between Hungary and the European Union and International Monetary Fund. (Romanian source)
Wage cut and VAT hike determines bankers to save loans through rate deferrals
The pessimism generated by the 25% wage cut and by the VAT hike to 24% determines banks to resort to rate deferrals to save the loans. Mihai Bogza, head of Bancpost, company held by EFG Eurobank, said that in spring the bank conducted several promotion campaigns for mortgage loans and small business banking offers, but the demand was extremely poor. (Romanian source)
Dinu Patriciu is developing an office building in Piata Romana, Bucharest
Dinu Patriciu, the richest businessman in Romania, is developing an office building in Piata Romana, Bucharest, on a plot of land tat cost EUR 7,500/sqm during the real estate boom. With an office space portfolio with a lettable area of over 70,000 sqm, Dinu Patriciu is one of the top five owners in Bucharest, along with Immoeast and CA Immo/Europolis investment funds in Austria and businessman Liviu Tudor, the developer of Novo Park and West Gate Park. (Romanian source)
Apparel retailer C&A to open its sixth local store this autumn
Apparel retailer C&A, one of the biggest players of the European market, will open its sixth Romanian store this autumn, which will be located in the Polus Center mall, in Cluj. The mall is owned by Immoeast and the list of tenants includes Carrefour, Media Galaxy, Debenhams, Inditex, Mango and New Yorker. (Romanian source)
Elena Udrea, Executive Secretary of the PD-L was appointed interim president of the party's Bucharest organization
Elena Udrea, Executive Secretary of the PD-L was appointed interim president of the party's Bucharest organization, replacing Liviu Negoita, who is leaving the job for health-related reasons. This decision is a dramatic defeat for the party's old guard, whose members were criticized by President Basescu for having failed to find somebody to replace Negoita in time. (Romanian source)
Adrian Nastase stated that the PSD has a problem regarding its past relationships with the PNL and PD-L
Adrian Nastase, President of the National Council of the Social Democrat Party (PSD), stated that his party has a problem regarding its past relationships with the PNL and PD-L and that the PSD would never become a pedestal from which PNL could deliver its message. Nastase is worried that the PSD has lost its identity and added that the party's main goal now is internal consolidation, not forming alliances. (Romanian source)
