Shareholders of Comcereal will meet next month to approve RON 18.5 million loan from UniCredit
Shareholders of Comcereal Vaslui (CCEV), held by Adrian Porumboiu, will meet next month to approve RON 18.5 million credit facility from UniCredit Tiriac Bank. (Romanian source)
Erste Bank analysts advise investors to buy Biofarm shares
Erste Bank analysts put a " buy '' recommendation for the shares of the drug manufacturer Biofarm Bucharest (BIO), and indicates a target price of RON 0.226/share, 33% more than yesterday quotes, as they expect the company's revenues to keep rising in the coming years, and to boost market share. According to Erste report, company's sales in supermarkets already have a 5% share, and the management plans to raise it to 20% in the coming year. Erste Bank also counts on Biofarm's plans to expand reach in the region. (Romanian source)
Jean-Pierre Vigroux, Managing Partner of Mazars' local branch, gives the Romanian stock market a 6 for transparency
Jean-Pierre Vigroux, Managing Partner of Mazars' local branch and one of the most influential consultants of the Romanian market, gave the Romanian stock market a 6 for transparency and added that the mindset of investors holds Romania's stock market back. Vigroux was a member of FIC's board between 2000 and 2004.
Intesa Sanpaolo Bank increased its share capital with RON 125 million
Intesa Sanpaolo Bank increased its share capital with RON 125 million (EUR 30 million) via cash contribution from the Intesa Sanpaolo group. Thus, the value of the share capital limit hiked 50% from RON 251.11 million at RON 376.11 million. Following this increase, Intesa Sanpaolo SpA owns a 99.50% stake and the rest of 0.50% is held by Simest SpA. This share capital increase will support the consolidation of the bank's position and operations on the local market. (Romanian source)
Nokia has posted a turnover 2 times higher in Romania last year
Nokia has posted a turnover 2 times higher in Romania last year, to 1.027 billion euros, on account of the increase in the number of employees and the increasingly more sophisticated production of the factory in Cluj county. The boom recorded last year by Nokia places the company immediately behind Orange and ahead of Vodafone, in the top biggest IT&C companies in Romania. (Romanian source)
(ZIARUL FINANCIAR 1 ADRIAN SECELEANU Adrian Seceleanu) --- Read article here
(ZIARUL FINANCIAR 15 ADRIAN SECELEANU Adrian Seceleanu) --- Read article here
City Insurance posted gross profits of RON 300,000 for the year 2009
City Insurance, a small insurance company, which specializes in travel insurance and guarantees, posted gross profits of RON 300,000 for the year 2009, nearly half of the previous year's profits. On the other hand, the company's revenues tripled, climbing from RON 10.2 million in 2008, to RON 29.7 million in 2009. City Insurance is owned by Italian insurer Dacia SpA. (Romanian source)
CCIR: VAT hike is an unhealthy measure both for the business environment and for the state budget
VAT hike is an inhealthy measure both for the business environment and for the state budget, the Chamber of Trade and Industry of Romania said. " The increase in tax revenues based on this measure is not realistic, considering the future drop in consumption that will trigger a domino effect across the economy - decline in manufacturing, decline in companies' profits and hence of profit tax, increase un jobless rate, that will affect the state budget. The modification of the Fiscal Code should meet the six-month statutory term for the entry into force, in order to allow companies adapt to the new regulations '', CCIR said. (Romanian source)
The government and the NBR are negotiating with the IMF the inflation target for the rest of this year
The government and the NBR are negotiating with the IMF the inflation target for the rest of this year after the government decided to increase the VAT from 19% to 24%. Several ministers said that the inflation rate will most likely be around 6%-7%. The NBR Board, scheduled to meet today, will maintain the key interest at 6.25%, most analysts believe. During each of the monetary policy meetings which have taken place since the beginning of the year until now, the Central Bank has lowered the key interest from 8% to a historic low of 6.25%. (Romanian source)
(GANDUL 1 Liliana Ruse Maria Toader Claudiu Pandaru) --- Read article here
(GANDUL 2 Liliana Ruse Maria Toader Claudiu Pandaru) --- Read article here
Romania posted the lowest revenues collected to the state budget, as percentage of the GDP, of all EU countries
Romania posted the lowest revenues collected to the state budget, as percentage of the GDP, of all EU countries. Local revenues amounted to only 28% in 2008, compared to an average of 40% in the EU, according to an Eurostat report. Tax revenues account for 39.3% of the GDP in the European Union and for 39.7% in the Euro Zone. The National Bank of Romania reported that the population's arrears went up by more than RON 372 million in April, compared to the previous month. (Romanian source)
EUR/RON exchange rate climbed to record high yesterday
EUR/RON rate increased yesterday to a new all-time high of 4.3523. The RON fell 0.61% against the European currency and the National Bank of Romania announced a reference rate of 4.3523, up RON 0.0266, from RON 4.3257/EUR 1 on Monday. The European currency could appreciate further against the RON to 4.4 - 4.5 said the Senior Economist of ING Bank, Nicolae Chidesciuc, who anticipates a RON 4.3 RON/EUR 1 rate for the end of March 2011. BCR economist, Lucian Anghel said the sharp depreciation of the national currency is short-lived. (Romanian source)
Agricola Bacau invested EUR 150,000 in changing the packaging of its sliced products
Agricola Bacau, Romania's second biggest producer of poultry meat, has invested EUR 150,000 in changing the packaging of its sliced products (cold cuts and poultry meat specialties), according to company representatives. (Romanian source)
Akzo Nobel in talks for buying Romanian paint producer
Dutch group Akzo Nobel, the world's biggest producer of paint, is holding talks with several investment funds in order to acquire a Romanian paint maker. The transaction is expected to be completed in 2011, at the earliest. The company has more than 50 distributors in Romania and is working together with the big DIY chains. (Romanian source)
PSD MPs tried to convince the Deputies and Senators belonging to the ruling coalition to sign the motion of censure
Social Democrat (PSD) MPs tried to convince the Deputies and Senators belonging to the ruling coalition to sign the motion of censure, but their overtures were turned down. Mihai Visan, a Democrat-Liberal (PD-L) Deputy, stated that this gesture was pure politics. (Romanian source)
MPs voted yesterday the new boards of directors of SRR and SRTv
The MPs voted yesterday the new boards of directors of the public radio (SRR) and television (SRTv). Ovidiu Miculescu, nominated by the Social Democrat Party (PSD), was designated yesterday, June 29, President and CEO of SRR with seven votes in favor and six votes against. Miculescu still needs to be approved by the joint culture commissions and by the two chambers of the Parliament. (Romanian source)
