BUSINESS
Romanian Economy Ministry plans to obtain 600 million euro by selling shares at Petrom  Romania’s Economy ministry plans to obtain more than 600 million euro by selling the minority share pack of 9.86% of Petrom, Economy minister Ion Ariton declared on Friday quoted by news agency Agerpres. He said that the ministry hopes to make a successful business by selling its shares at Petrom.
Fitch: Romania has the lowest rate of financial intermediation in the region  Romania has the lowest rate of financial intermediation in the region with a weight of gross credits of 40% of GDP at the end of the year, a report of the financial agency Fitch reads quoted by news agency Mediafax.
Orange Romania has a new general director Jean Francois Fallacher France Telecom Orange replaced Thierry Millet as general director of Orange Romania with Jean Francois Fallacher, former general director of Sofrecom an international consultancy company of the telecom group, Orange Romania announced quoted by news agency Mediafax. Fallacher will take over Orange starting July 1 and Millet will return to France to coordinate other activities in the group.
OTE will not purchase the shares of the Romanian state at Romtelecom  Greek group OTE will not purchase the shares of the Romanian state at Romtelecom, a decision which came after a financial evaluation of the group in Greece and the imposition of Deutsche Telekom, a majority share holder, to accumulate cash, sources close to the transaction told Hotnews.ro. The Romanian state owns 46% of the shares of Romtelecom and Minister Valerian Vreme announced it expects to receive 1 billion euro for the package.
Korean consortium is interested in reactors 3 and 4 at Cernavoda plant KOREA International Nuclear KEPCO manifested its plans to attend the construction of reactors 3 and 4 of the Romanian Cernavoda plan, Economy minister informs. According to the ministry, a delegation of the consortium met with the Economy minister Ion Ariton. The project of reactors 3 and 4 just went through a failure as investors withdrew from the bid. The investment is estimated at 4 billion euro.
LIVE TEXT Nouriel Roubini: Romania recovers, but below the average of the region   Romania recovers, but below the trend and each day there is an event with a negative effect on the global economy, Nouriel Roubini, also known as Dr. Doom of the economy in an economic seminar said. He said that economic recovery in developed economies is not V shaped but U. 
"i" mark stands between Hyundai and BMW The mark "i", used by both BMW for some technologies and for its future electric cars and Hyundai for cars sold in Europe and other markets might become a subject of dispute between the two car makers. While BMW does not have a problem with sharing the same letter - i - with Hyundai, the Korean company is "looking at possible strategic actions", 0-100.ro reports.
Interior Ministry officials found an alternative to continue the massive lay offs in the ministry  Interior ministry officials, reunited on Tuesday in an extraordinary meeting called by the Interior minister Traian Igas found an alternative solution to continue lay offs after the Chamber of Deputies rejected the draft law ruling the lay off of 3000 employees, Mediafax reports quoting sources from the ministry.  
Angus Slater the new Vodafone Romania Marketing Director  Starting June 1, 2011 the new marketing director at Vodafone Romania will be Angus Slater, the telecom operator announced on Thursday. Slater will replace Marco Kind who end of mandate in Romania was announced as early as March this year.
Ford Romania head criticizes his employees 
Ford Romania President criticizes his own employees at the Craiova factory, accusing them of inefficiency and waste in an internal editorial, Gazeta de Sud local newspaper reads. Workers however claim that all cars assembled respect the quality standards and officials in the company claim that the statements of the president of the company should be interpreted in terms that he wishes a perfect team. On the other hand, a Spanish daily read that it is possible that the Transit Connect production to be moved from Craiova to Spain but Ford denies that information, the local newspaper Gazeta de Sud reads. 
Interim Labour minister Boc: heating subsidies will be allocated where revenues per member of family is not higher than 850 lei The exact quantum will be available by the end of summer  The revenue of 850 lei/ member of family for heating subsidies is just approximated based on preliminary data but the exact sum will be set by the end of summer, Interim Labour minister Emil Boc said quoted by Mediafax.
Foreign direct investments decreased by 18% in Q1 2011 to 379 million euro  Foreign direct investments decreased by 18% in the first quarter of the year to 379 million euro, Romania’s National Central Bank data reports. In January – March 2010, the value of foreign direct investments was 486 million euro.
Current account deficit dropped by 58.9% in Q1 2011 to 634 million euro  The current account deficit of the balance of payments dropped in the first quarter of the year by 58.9% compared to the similar period, last year to 634 million euro, Romania’s National Central Bank data reports. In January – March 2010 the current account deficit was 1.54 billion euro.
PM Emil Boc: over 157,000 new labor contracts registered in 10 days since the new Labour Code was enforced 157,306 new labor contracts were registered in the last 10 days since the new Labour Code was enforced, PM Emil Boc said. He said that 70% of the newly registered labor contracts were signed for an undetermined period of time.
PwC report: Romania will contribute by 22 billion American dollars to the growth of the constructions sector in the upcoming 10 years  Romania will contribute by 22 billion American dollars to the growth of the constructions sector in the upcoming 10 years, representing the fourth biggest contribution in Central and Eastern Europe after Russia, Turkey and Poland but it will have even a bigger contribution than Czech Republic, Ukraine and Hungary to the world’s growth, a press release of the local PricewaterhouseCoopers branch remitted to HotNews reads.
Mihai Tanasescu, IMF: A solution for Termoelectrica would be to separate actives/ Privatization of energy companies can be done with the state as majority shareholder I believe that a solution to increase the efficiency of Termoelectrica, the thermal plant, represents to separate the good actives from the bad ones and transform the new company into a viable one that would offer best quality services, Mihai Tanasescu, member of the IMF board declared in an online meeting with HotNews.ro readers.
Dacia is the most trustworthy car brand in Romania only / Volkswagen is leader in five countries in Europe  Dacia is the car brand which only Romanians trust while Volkswagen was named the most trustworthy car brand in five European countries while Toyota in four countries, a study conducted by Reader’s Digest across 16 countries reads. It is interesting that no premium brand was chosen in none of the 16 countries participating.
Kinga Agnes Daradics, new MOL Romania CEO  MOL Romania announced on Monday its new CEO Kinga Agnes Daradics that will replace Szabolcs Ferencz that lead the oil company as of January 2010. Daradics started her career with MOL in 2003.
PM Boc: there’s no reason to give p the objective to join euro zone in 2015  Romania maintains its objective to join the euro zone in 2015, PM Emil Boc said at the end of a government’s meeting. Boc said that this is the decision of the government following consultations with coalition members, Central Bank Governor Mugur Isarescu and President Traian Basescu. There is no reason to give up this objective, Boc said. The government approved on Friday the convergence program through which Romanian maintains its objective to adopt the euro in 2015.
Competition Council fined three companies dealing with fruits and vegetables by 16.7 million lei The Competition Council fined three companies, Interfruct, Albinuta Shops and Profi Rom Food with a total fine of 16.7 million lei, about 4 million euro, for fixing selling prices of vegetables and fruits.

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