Finance, Banking and Economic News - 28 February 2011 - financiare.ro
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Finance, Banking and Economic News
28 February 2011



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Germany's Deichmann group, one of the leading footwear retailers in Europe, almost doubled its business in Romania in 2010, posting 115.98 million lei (27.4 million euro) turnover, at a time when the economy continued to decline, consumer spending dropped by 5.3% according to the National Statistics Institute, and the company opened 15 new stores. read more...


28.02.2011, 08:39 | Finance-Banks | 495 views
16m-euro profit for Bancpost last year
EFG Eurobank Greek financial group, the owner of Bancpost, last year posted net income worth 15.8m euros from Romanian operations, compared with an 8.3m-euro loss in 2009. read more...


BCR, the biggest domestic bank, last year pushed up market share on the corporate segment, to over 25%, but the rapidly deteriorating turnover of the retail unit halved the entire group's annual profit, to 110m euros, and drove the group into the red in the fourth quarter even in line with IFRS. read more...


Blake Horsley, head of the investment and office department of Colliers International real estate consultancy, says Romania must come up with a nice economic story to regain its appeal in the eyes of major real estate investors, who have forgotten Romania despite the significant price adjustment. read more...


A group of Dutch and German investors, who last year paid 4.7m euros to buy a cow farm belonging to Albalact from Raul Ciurtin, say they hold some 10m euros for expansion in Romania, with their biggest project entailing the construction of a 2,000-cow farm in Alba county. read more...


Romania has just made it out of the crisis and the prices have already gone up on the market of construction supplies, considering the raw material costs rose and manufacturers want to preserve their margins at least at the same level as last year. read more...


The general consolidated budget posted 819 million lei (193 million euro) in surplus in January compared with a surplus of 15 million lei in the same time of 2010 because of the increase in the VAT receipts and of the lower spending related to the wages of the public sector employees. read more...


The deal by which the state wants to sell a 9.84% stake in Petrom (SNP), the biggest Romanian company, will be the biggest one sealed so far on the Bucharest Stock Exchange. read more...


The Romanian Government on Monday approved the final draft of the Labor Code, for which it plans to seek a confidence vote in Parliament later this week. read more...


Romanian ruling coalition parties will most likely sign a collaboration protocol on Wednesday, Prime Minister Emil Boc said Monday. read more...




Pensions will increase in 2012 and so will public wages, and there are premises for the 25-percent cuts in the public wages conducted in 2010 to be recouped, Labour Minister Ioan-Nelu Botis told a televised debate. read more...


At this moment, the government has no intention to reduce the value added tax (VAT) or the flat tax, as some employer organizations have requested, Prime Minister Emil Boc declared. read more...


Romanian Foreign Minister Baconschi will pay a visit to Israel on February 28; a visit to the Palestinian National Authority is on Baconschi’s agenda on March 1, informed Foreign Ministry spokesperson Doris Mircea. read more...


Simona Fatu, a member of the Volksbank Romania board, will leave the position starting March 1, according to a press release of the bank. read more...


Romanian Hungarian Democratic (UDMR) Senator Gyorgy Frunda said in an online talk with HotNews.ro readers on Monday that he considered himself as a representative of the opposition within UDMR, a political group which elected a new leader in a congress this weekend. UDMR's newly elected president Kelemen Hunor wants his party to remain a part of the coalition government led by Democratic Liberals (PDL). read more...


Romania posted the highest inflation in the European Union for the sixth consecutive month in January, while the EU average rate was stable at 2.7%, official data showed Monday. read more...


A Romanian C-130 HERCULES aircraft left Bucharest Monday on its third mission to evacuate Romanian citizens from Libya, while another plane, a C-27 SPARTAN already in Malta, will leave for Tripoli later in the afternoon, according to the Defense Ministry. read more...


Romania’s Government will seek a confidence vote in Parliament to pass new labor legislation next Tuesday, March 8, and amendments to the bill are expected until Friday evening, said Senate vice-president Ioan Chelaru after the Parliament’s standing office meeting. read more...


National Liberal Party (PNL, opposition) president Crin Antonescu said on Monday that the replacement of President Traian Basescu and of the Government was not "unrealistic" and that it is the target of the Social Liberal Union - the alliance of PNL with fellow opposition Social Democratic Party (PSD). read more...


The head of Romania's fiscal authority ANAF, Sorin Blejnar, said on Monday he was "in no way" considering resignation given that he has implemented the single income statements successfully and contributed to the fight against corruption in Romania. read more...



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