Finance, Banking and Economic News - 25 February 2011 - financiare.ro
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Finance, Banking and Economic News
25 February 2011



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Insurance companies' underwritten premiums fell by 5.7% last year, to 8.36 billion lei (1.98 billion euros), because of lower sales of auto policies, according to data of the Insurance Supervisory Commission (CSA). The insurers' business returned to the 2007 level, when they first exceeded the 2 billion-euro mark. read more...


The introduction of a personal financial disclosure statement may be necessary in order to facilitate the application of the new regulations on levying tax on undeclared individual income, but if all Romanians were required to submit such a statement, this would create an "administrative nightmare", tax consultants say. read more...


American funds Artio Global, the biggest foreign investors on the Stock Exchange, with a portfolio of over 100 million euros at the end of October 2010, bought a large share of the 5% stake in BRD sold by the EBRD for 107 million euros, in the biggest transaction in the history of the Stock Exchange. read more...


The 200 million-euro guarantee cap set by the Government for the 'First Home 3' scheme is being spent quickly, with BCR and BRD, the banks with the highest amounts allocated as part of the scheme reporting that they have over 1,200 applications under processing, which means there could be over 2,000 applications being processed on the overall market, but the Loan Guarantee Fund for SMEs has so far approved around 650 applications. read more...


Twenty years have not been enough for Romania to break away from its past because the same generation is in power and young people need to be raised, encouraged, and be handed over the reigns, says Dan Pascariu, one of the most respected bankers on the market. read more...


With over 50 million euros, the ruins of the former Mioriţa dairy plant, located on the outskirts of Bucharest, have in over ten years turned into a new facility where 170 people work 24/7. read more...


Staple foods became 20 to 40% more expensive between July 2010 and February 2011, shows the ZF index calculated based on prices in Bucharest hypermarkets. read more...


Telecommunications operator RCS&RDS, controlled by Oradea businessman Zoltan Teszari, 41, is one step away from buying rival UPC, formerly Astral, its fierce rival for over 15 years on the cable market, in a transaction that could amount to around 300 million dollars. read more...


One of the two military aircrafts Romania sent to evacuate its citizens from Libya landed safely in Bucharest Friday morning, carrying 56 Romanians and foreign nationals on board. read more...


Romania’s Government will seek a confidence vote in Parliament to adopt new labor legislation next week, Prime Minster Emil Boc said on public television Thursday evening. read more...




Romanian leading bank group Banca Comerciala Romana (BCR) Friday reported a 46.7% drop in its net profit after minorities and taxes to 465 million lei (EUR1=RON4.2331) in 2010, hurt by rising provisions and lower revenue from fees. read more...


The Bucharest Court ruled Friday morning to place Cornel Costea, head of the customs office in Ploiesti, southern Romania, under 29-day preventive arrest for alleged bribe taking. read more...


Romania’s planned EUR4 billion nuclear project in Cernavoda will go on with or without new foreign partners, Economy Ministry Ion Ariton said Friday, a few weeks after three key investors have decided to withdraw from the project. read more...


Four trade unions at Romanian steel processor ArcelorMittal Galati on Friday announced a general strike starting March 10, displeased with the proposed 8% wage hike countering their 18% demand. read more...


Talks between the Romanian Government and labor unions on the Labor Code have failed, because of the labor minister's inflexibility and the Executive's attempt at manipulation, union leader Bogdan Hossu said Friday, adding that protests will continue. read more...


Romania's National Bank (BNR) was left without electricity for about 20 minutes on Friday because of an "incident", as electricity provider Electrica put it when contacted by HotNews.ro. read more...


Cornel Costea, head of the customs office in Ploiesti, southern Romania, who has been placed under 29-day preventive arrest for corruption on Friday morning, confessed to taking bribes. read more...


The Romanian government was analyzing a proposal from employers' unions to force supermarkets reserve 20 to 30% of their space to Romanian products, PM Emil Boc said on Friday. read more...


UPC lost over 93,000 clients in Romania last year, reaching 1.15 million subscribers and a fall on all segments - TV, internet and wired telephony, according to data published by owner Liberty Global. read more...


The head of Romania's fiscal authority ANAF Sorin Blejnar has been accused by the head of Ploiesti customs office Cornel Costea, who was arrested under bribe taking charges this week, of being the "queen" in a pyramid scheme of officials sharing the money from custom office bribes. read more...



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