Finance, Banking and Economic News - 5 December 2010 -
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Finance, Banking and Economic News
5 December 2010

Page: 1 

Romanian farmers will receive subsidies amounting to 1.27 billion lei (EUR1=RON4.2923) for the August 2010-December 2011 interval, according to a draft Government decision. read more...

Authorities in Hunedoara county, western Romania, are using a fraud-detection software application in Sunday’s by-election for a vacant lawmaker seat in the Chamber of Deputies. read more...

Romania’s Transport Ministry will launch EU-funded projects worth EUR5.57 billion by the end of next year, among which the construction of 289 kilometers of highway and the upgrade of 166 kilometers of railway, Transport Minister Anca Boagiu said Sunday. read more...

CEC and BCR are the two banks that submitted offers for the 600m RON (around 142m euros) loan the Cluj-Napoca city hall wants to contract for the first payments related to planned or underway investments. read more...

Less than one year after being appointed at the helm of cigarette producer Philip Morris Romania and Bulgaria, Roman Yazbeck, 41, was promoted as vice-president of the Russia division of the cigarette producer, which employs over 3,500, has two plants, and nearly 100 sales offices. read more...

05.12.2010, 23:52 | Capital Markets | 613 views
First IPO in two years, first failure
The initial public offering of Hidraulica Plopeni (HPR) producer of hydraulic pumps was just 0.04% subscribed, the lowest level registered by an IPO launched on the Stock Exchange in the past 10 years. read more...

Dan Şucu, the owner of Mobexpert and one of the most fervent critics of domestic banks' policy, is again saying consumer spending would pick up provided that loan interests were cut to half. read more...

Twelve of the biggest retailers on the Romanian market, in sectors such as DIY (BauMax, Dedeman and Hornbach), food retail (Kaufland, MiniMax, Profi, RED Market, Plus) and electronics & home appliances (Altex, Domo and Flanco) have either finalised or are in the process of opening 20 new stores before Christmas, following investments estimated at 70 million euros. read more...

BCR, the biggest bank on the Romanian market, had 120 million euros' worth of mortgage loans refinanced with other banks, accounting for 8% of the portfolio, after the elimination of the early repayment fee, as part of Ordinance 50. read more...

05.12.2010, 23:56 | Real Estate | 578 views
Next year's changes for First Home scheme
The First Home scheme might undergo significant changes next year when the guarantee provided by the state could go down and the maximum amount that clients borrow could be raised, banking sources say, which means banks will take some of the risks taken by the state in full so far. read more...

The Government allocated 3.2 billion RON (800 million euros) in the 2011 State Social Security Budget (BASS) for payment of pensions to military and police personnel, as well as to former employees of secret services, yet it has no idea how much money (if any) it saved with the recalculation of these "special pensions", which used to be confidential until recently. read more...

Banker Nicolae Dănilă, former chief executive of BCR and currently a member of NBR's Board of Directors, has increased his liquid assets by almost two million euros from June through October, so that his financial assets reached about 20.8 million euros, according to his personal financial disclosure statement dated October 26. read more...

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