Raifaissen launched the first mutual funds with investments in shares listed on the international capital markets
Raifaissen Asset Management, the company for investments administration from Raiffeisen Bank, launched the first mutual funds that will also have investments in shares listed on the international capital markets. Raiffeisen aims to lower the risks related to investments in shares from the local market, through the presence on several markets. Raiffeisen Asset Management launched two mutual funds. The first, Raiffeisen Prosper, will invest up to 80% from its assets in shares listed on Romanian or international stock markets. The second fund, Benefit, will invest mainly in municipal and state bonds, listed shares representing approximately 30% from the assets. (Romanian Source)
Five banks request to set together the commission for cards
Five banks have requested to the Competition Council a dispence from the law stipulations. Alpha Bank, Banca Romaneasca, Piraeus Bank, Volksbank and Transylvania Bank requested to the Council to make an exception in the case of the collaboration agreement regarding the common regulation of the level for the banking commission applied to transactions made with issued cards. The entering on the market of non-banking credit companies and the NBR politics lead to partial decrease of profitability for some banking products, so that the facilities offered by cards can be considered a solution. Radu Gratian Ghetea, ARB President and of Alpha Bank, stated that ''we will issue more cards with various facilities.'' (Romanian Source)
NBR Governor, Mugur Isarescu: ''Banking acquisitions will continue in Romania''
NBR Governor, Mugur Isarescu, stated on June 29 2006, in Athens, that small banks will merge or they will be bought by more powerful groups. Thus, Romanian banks with qualifications lower than the majority rating will be forced to merge or they will be took-over. According to NBR official, the majority of banks operating in Romania are included in the second rating category, but there are also credit institutions that have lower qualifications. (Romanian Source)
Foreign investors placed in local banks over RON 5 billion
According to data from NBR, placements in lei from foreign players in Romanian banks, hiked, in April 2006, with one billion lei, to a record level of over RON 5 billion (equivalent of EUR 1.7 billion). At the end of 2005, short term deposits from non-residents had a total value of almost RON 2.4 billion (EUR 0.6 billion). (Romanian Source)
Transylvania Bank enters the factoring market, in partnership with Intermarket Bank
Intermarket Bank, the largest Austria-based company specialized in debt financing, has invested RON 3.5 million (EUR 944,000) for a 50% participation in the social capital of the Factoring Company, a company founded together with Transylvania Bank group. Intermarket holds approximately 55% from the Austrian market of factoring services, one of its shareholders being Erste Bank, with an 18% participation. Through the participation in this new company, Transylvania Bank completes its portfolio with factoring services. Important players on this market are BRD, BCR, Raiffeisen and ING - that will launch a specialized division ING Factoring. (Romanian Source)
Prime-Minister Calin Popescu Tariceanu stated, on June 29 2006, that the volume of direct foreign investments attracted by Romania this year could reach EUR 10 billion, double than the level from 2005. He also said that ''I would not be surprised if this year we will double the volume of direct foreign investments, as compared with 2005'', referring to the the ''large investors'' he had contacted, which show interest in the Romanian market. He mentioned that ''this year will represent an absolute record for the volume of foreign investments.'' (Romanian Source)
13 companies qualify for the construction of Units 3 and 4 of the nuclear plant in Cernavoda
The commission appointed by the Ministry of Economy and Commerce accepted the intention letters handed in by 13 of the 15 companies and consortium that showed interest to participate in the company that will build units 3 and 4 of the nuclear plant in Cernavoda. the two companies eliminated from the short list are Cerna Hora from the Czech Republic and AFEN Romania, which were disqualified because their intention letters did not comply with the requirements of the initial announcement, according to MEC. (Romanian Source)
The Government adopted a decision according to which the State Assets Resolution Authority (AVAS) takes over the share packages owned by the state in BTT Bucharest and in Olimp Estival 2002 Mangalia. Shares will be transfered from APPS to AVAS, in order to prepare the two companies for the privatization process. (Romanian Source)
Minister of Public Finances, Sebastian Vladescu, excludes VAT lowering for basic food products
Ministry of Public Finances does not accept the idea to reduce the Valued Added Tax (VAT) for basic food products, according to a statement made on June 29 2006, by Minister Sebastian Vladescu, at a seminar organized by ''Ziarul Financiar''. Vladescu stated that, ''from the point of vie of the Ministry of Finances, such an action is excluded.'' (Romanian Source)
Interbrands Marketing Distribution, business of EUR 152 million for the first trimester
Interbrands Marketing Distribution, the largest distribution company on the market, for the first trimester of 2006, registered a turnover of RON 542 million (EUR 152 million), rising with 22% as compared to the same period of last year. The growing rhythm for Interbrands in the first trimester is similar to the one registered by the distributor in 2005 for the entire year. Interbrands made, last year, a turnover of over EUR 600 million (RON 2.2 million), as compared to EUR 441 million (RON 1.8 million), a year ago. (Romanian Source)
Dinu Patriciu intends to take over control over ''Adevarul''
Businessman Dinu Patriciu, President and main shareholder of Rompetrol, intends to takeover control over ''Adevarul'' newspaper, along with other investors. Patriciu stated that ''we are closing to the finalizing of an agreement for the takeover of the majority share package by a group of investors, that also include me''. (Romanian Source)
RTC Holding, one of the largest commercial groups with Romanian capital, intends to extend its activities on markets from Bulgaria and Hungary, until the beginning of 2007, through the acquisition of a company from the local market or through a greenfield investment, according to Octavian Radu, RTC President. He stated, on June 29 2006, that RTC will distribute in Bulgaria stationery and IT&C products, planning to bring on this market the entire product range of the group. (Romanian Source)
Carom Onesti company could be taken over by Calder-A, which bought the main share package from Rafo-Onesti. Marin Anton, General Manager from Rafo, stated that ''Calder-A waits for tender organized for the selling of Carom, in order to see the situation and to present a potential offer.'' (Romanian Source)
Law for national minorities statute resent to commissions
The Deputy Chambers decided, on June 29 2006, with the approval of the majority of Deputies, that the national minorities statute to be resent to the specialized Chamber commissions. Two weeks ago, the Chamber decided that the law project can enter for a plenum debate, even if it did not have the report from the commissions. PD Deputy Cristian Radulescu stated in the plenum that, from the point of view of the coalition, the situation can be resolved in a few days, in a formula accepted by all. (Romanian Source)
The Ministry of Economy and Commerce (MEC) suggested the modification of the law regarding the 30 days time limit for bills, during which no penalties are applied. The present law sets a payment deadline of 30 days from the issue, favoring debtors. According to the project for the modification of the law published by MEC on its site, the energy producers were seriously affected by payment delays. (Romanian Source)
Subvention for young people for the first home was approved by Government
The Government approved, on June 28 2006, through an Emergency Ordinance, the national program for the ''Support of construction of new private houses'' . Thus, young people that want to build, with an mortgage loan, their first home, will receive a subvention from the state budget of 20% from the price for the surface of 81 sqm constructed on, even if the total area of the locative unity is larger. The subvention will be granted only once, in the limits of annual budgets. (Romanian Source)
PNL leaders demand CSAT to pull out Romanian troupes from Iraq
PNL leaders have selected the Minister of Defense, Teodor Atanasiu, to request to CSAT the withdrawal of Romanian troupes from Iraq, because of high costs of the missions and of the risk of increasing number of casualties. In response, the Presidency has issued a communicate in which it stated that Romania must respect the international engagements in the security field. The documents informs that ''President Traian Basescu considers as unacceptable the manner in which the Prime-Minister and the Minister of Defense have presented their opinions regarding the military presence in Iraq.'' (Romanian Source)
Opposition blocks passing of the law project on BCR privatization
Debates from June 29 2006 on the law project regarding the privatization of BCR have generated controversies between the governing parties and the opposition. PSD and PRM left the Government session as a protest to the rejection of the proposal of the law reformulation by the Government. PSD Senator Viorel Stefan, demanded the resending of the law to the three commissions initially informed. He mentioned that PSD demands the Government to resent the law to the Senate with a text that contains the entire law, not only a partial text. (Romanian Source)
