STK Emergent shares continued to be in the top of one-month increases
STK Emergent shares continued to be in the top of one-month increases. In the January 25 - February 25 interval, they continued to be the best investment on the market, with a 47.5% rise. Gold price slightly exceeded 107 lei/gram, according to BNR data. (Romanian source)
Bancpost has decided not to apply an interest rate to customers using the American Express credit card in IKEA stores
Bancpost has decided not to apply an interest rate to customers using the American Express credit card in IKEA stores. The offer is available until the end of 2010. The grace period extends to 55 days. The minimum monthly re-payment sum is 2.5% of the used credit, but at least RON 30. (Romanian source)
BNR has confirmed three members of the management of Carpatica and rejected two others
BNR has rejected two nominations for the monitoring council of Banca Carpatica and confirmed three others. The Central Bank rejected the naming of Viorel Grigore and of Ioan Gandila in the bank's monitoring council, but approved the naming of Ilie Carabulea, Doina Toader and Nicolae Petria. The entire team that ensured executive management of the bank was dismissed at the end of last year, and the bank went through a reorganizing process, separating the executive leadership from administration. (Romanian source)
Credit cards continued to be the basis of consumer loans for private persons last year
Credit cards continued to be the basis of consumer loans for private persons last year, as banks saw two-figures increases in spite of the blocking of higher-value loans. UniCredit Tiriac Bank saw a 40% increase in number of credit cards last year, up to 310,000 cards, while sums approved in 2009 doubled. Most banks have premium cards, for over-average customers: UniCredit has around 3,600 premium cards, OTP Bank had, in December, 700 Visa Gold and MasterCard Platinum cards and Garanti Bank had over 2,250 premium cards. (Romanian source)
RON continued to rise against the euro on Friday and BNR's reference exchange rate fell by 1.82 bani, down to RON 4.1073 for the euro, the lowest level in two weeks. Overnight interest rates continued to decline, reaching 5.53 - 6.03% per year, below the 7% per year key interest rate. (Romanian source)
Jean-Pierre Vigroux, Managing Partner of Mazars, is a former member of the Foreign Investors Council board
Jean-Pierre Vigroux, Managing Partner of Mazars, discusses the Romanian labor market. Vigroux proposed a cap on social taxes in order to give Romanian employees an incentive to declare their revenues. Vigroux is one of the founders of the local branch of PwC and a former member of the Foreign Investors Council board.
19 Romanian companies have received EUR 15.9 million in European financing for energy efficiency projects. The funding was provided through the Energy Efficiency Financing Facility program, which was launched by the European Bank for Reconstruction and Development. The aggregated value of the 19 projects is estimated at EUR 25.6 million and 8 projects are already operational. (Romanian source)
Several banks, including OTP and Alpha Bank, have put to sale buildings worth millions of lei
Several banks have put to sale buildings worth millions of lei. OTP Bank Romania is putting to sale, in March, a house in Simon, Bran commune, with an estimated value of RON 493,400. Alpha Bank is selling, on March 18, a four room flat on Drezinei street, with a 79 sqm area. The property has an estimated value of RON 238,910, this being the auction's starting price. (Romanian source)
Romania's glass market went through a year of economic crisis which was particularly harsh on the construction industry. The construction industry performed far worse than estimated at the beginning of 2009. Ovidiu Pascutiu, CEO of Saint Gobain Glass Romania. stated during an interview that the " Prima Casa '' program could help the market recover this year. (Romanian source)
Erste reported non-performing assets worth EUR 1.61 billion in Romania at the end of 2009, EUR 1.49 billion of which represented exposures to individual clients and small-sized companies. The net profit after taxes and minority interests dropped 2.3 times from 2008, from RON 2.03 billion at RON 871 million (EUR 206 million) due to the increase in expenses with provisions and the decrease in revenues from fees. Last year, BCR increased the net expenses with risk provisions for loans and downpayments at RON 2.28 billion (EUR 540.2 million), from RON 628.6 million in 2008. (Romanian source)
Developers are dissatisfied by the new version of the Prima Casa program
Although there are 9,000 unsold flats on the Bucharest market, some developers are considering raising prices and say that they expect bigger sales starting with April. Developers are dissatisfied by the new version of the Prima Casa program because the threshold is still 60,000 EUR, stating that the program will encourage transactions with old flats in 2010 as well. (Romanian source)
GTC wants to invest EUR 200-300 million this year in new real estate projects in Poland, Croatia, Bulgaria and Romania and in the completion of ongoing projects. Shimon Galon, CEO of GTC for Romania, had stated last year that the company is planning to buy 10,000 sqm of land in northern Bucharest in order to build an ensemble of office buildings. (Romanian source)
Hotels chain Hilton will receive its fourth Romanian affiliate outside Bucharest
Hotels chain Hilton will receive its fourth Romanian affiliate outside Bucharest: the Prahova Plaza four-star hotel located in Ploiesti. The hotel is owned by businessman Doru Morcovescu, who will invest EUR 5 million in expanding the number of rooms. The businessman owns several tourism assets. (Romanian source)
PSD forced to move against the new left-wing party
Social-Democrats will have to discuss during the first meeting of the Executive Committee since the party elections how to respond to the growing number of MPs who leave the party. The party is also facing a new threat: the possible emergence of a new left-wing party. (Romanian source)
Most organizations of the National Liberal Party support the list-based voting system proposed by Crin Antonescu
Only a dozen organizations of the National Liberal Party gave their representatives a mandate to vote against the list-based voting system proposed by Crin Antonescu for the Congress of March 5-7. Most organizations are ready to back Antonescu for a new term as party head, since Antonescu is seen as the party's best high-profile member. (Romanian source)
Daniel Constantin is the new President of the Conservative Party
Daniel Constantin, the former head of the Agriculture Payments and Intervention Agency (APIA), is the new President of the Conservative Party. Constantin won the party elections held during the Extraordinary Congress with 975 votes. The contender, Petre Marginean, got only 398 votes. (Romanian source)
