Finance, Banking and Economic News - 10 May 2011 -
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Finance, Banking and Economic News
10 May 2011

Page: 1 

President Traian Basescu declared on Monday, in a special edition talk show at the public television TVR that Romania was stabilized macro-economically and is ready for a possible outbreak of the crisis. The President said that by appointing private managers in state owned companies he will shatter trans-party interests. read more...

Romania caporal Catalin Ionel Marinescu, part of the Battalion 26 Infantry Neagoe Basarab passed away on Tuesday, May 10 around 6 AM in Kabul province, Afghanistan a press release of the Romanian Defense ministry reads. read more...

The government committed to the IMF to cut heat subsidies in the upcoming period which will increase the costs incurred by the population for heat and hot water by up to 60% by the end of the year depending on the capacity of mayors to cover the difference from their own sources, Romanian news agency Mediafax reports. read more...

Gunther Krichbaum, the chief of European Affairs Committee in Bundestag declared on Monday, at Sofia that Germany will support Romania and Bulgaria’s adhesion to Schengen if the European Commission’s report will be positive. read more...

Romania needs a development policy based on its own needs, World Bank country director Peter Harold said, adding that the proposals made by international institutions are not meant to impose certain themes or tell it what to do. read more...

OTE group chief Michael Tsamaz and Deutsche Telekom Vice President will meet next Tuesday with Romanian authorities to discuss the possible acquisition of the state’s shares at Romtelecom and will most definitely present an offer, Communications ministry state secretary Marius Fecioru said for On the other hand, market rumors said for that the offer will be maximum 350 million euro. read more...

Austrian group OMV, majority shareholder of Petrom, (SNP), could need a capital increase this year to refinance some of the loans taken out to make acquisitions in Turkey (Petrol Ofisi) and Tunisia, and a decision could be made by the OMV management in the coming period, say market sources. read more...

The Government is set to conduct transparent international tenders based on the "TV model" to select consultancies that will handle the recruitment of independent professional managers for around 50 state-held companies selected together with the IMF, says Mihai Tănăsescu, representative of Romania to the international financial institution. read more...

The "First Home" scheme is officially frozen, as banks have exhausted the 200m-euro sum earmarked at the start of the year and the fourth stage cannot start since the protocol of co-operation with the SME Loan Guarantee Fund, the institution managing state guarantees, has not been published in the Official Gazette. read more...

Bucharest's Asmita Gardens, the housing project entailing the largest private investment, around 120m euros for the building of seven blocks of almost 800 apartments, has been struggling in the past two months after the sales team decided to leave. read more...

The rise in food prices underestimated by analysts again, and compounded by the increase in electricity price took annual inflation to 8.34% at the end of April, after a 0.66% monthly increase. read more...

The new accounting law, modified through a government emergency ordinance, for the first time makes a clear distinction between organising and keeping the books, versus doing more advanced reporting (an accountant's job) and signing for it. read more...

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