The reorganisation of insolvent companies and avoidance of bankruptcy are not necessarily a cause for joy for unsecured lenders of that company, because they do not stand much of a chance to recover their debts, considering that the categories of lenders favoured by reorganisation plans are banks, the employees and the state. read more...

Bancpost is ready to fight to regain the market share lost in the past few years, says Peter Weiss, 51, who at the beginning of the year took over the bank's executive management, specifying that its Greek shareholder - EFG Eurobank group - wants to continue to support the development of local operations, including with cash freed up after selling the Polish subsidiary. read more...

Facing the prospect of missing its inflation target again, the NBR (National Bank of Romania) has started to fight price rises by indirect interventions on the forex market, helping the leu strengthen against the euro, which can temper pressure on prices of import goods, say bank analysts. read more...

The General Council of Bucharest City approved on Monday the city budget for 2011, cutting 235 million lei from the amount reserved for the Lia Manoliu stadium and for the funding of major urban development projects, including the suspended highway proposed by Mayor Sorin Oprescu. 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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

Romanian President Traian Basescu said Thursday that authorities should analyze whether it is still possible for Romania to adopt the euro in 2015, as the Eurozone can no longer support weak economies. read more...

Employees of major financial group Romanian Commercial Bank (BCR) will organize street protests on Friday against what they call a lack of social dialogue, the elimination from working contracts of bonuses according to bank performance and the refusal to have their salaries indexed by 50% of the inflation rate, BCR trade union leader Ciprian Ionescu has told HotNews.ro. read more...

European Council President Herman Van Rompuy on Thursday welcomed the way Romania implemented the assistance program agreed with the European Union and the International Monetary Fund. read more...