BUSINESS
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.
5.2 billion lei budgetary deficit after Q1 representing 1% of GDP  The general consolidated budget registered in the first quarter of the year a 5.2 billion lei deficit, representing 1% of GDP. In March, the deficit was 2.3 billion lei representing 0.4% of GDP. According to Finance ministry data, budgetary spending was 46.8 billion lei while revenues reached 41.6 billion lei.
PM Boc: Romania to decide by the end of the month whether it will maintain its euro zone objective Romania will decide whether it will give up plans to join the euro zone in January 2015 through the convergence plan that is currently debated between the government, national bank and the presidency and will be approved by the end of the month, PM Boc declared quoted by Agerpres.
An IMF mission arrives in Romania in the end of April for a first evaluation of the precautionary agreement An IMF mission will arrive in Romania in Bucharest at the end of the month for the first evaluation mission of the new standby agreement, precautionary signed with Romania, IMF representatives said.
Mugur Isarescu: when defending the national currency, the best approach is neither aggressive nor barbarian Romania’s National Central Bank governor Mugur Isarescu declared on Wednesday that when the central bank defends the national currency, the operations cannot called aggressive nor barbarian referring to the speculative attack against the national currency in 2008. The governor said that in times like that the central bank attempts to avoid market panic.
Ford produced a little over 2,500 cars at Craiova, South Romania in Q1 / Duster represented over half of the production at Dacia  The production of Ford models at the factory in Craiova, South Romania remained at last year’s level a little below 900 units/month while production at Dacia advanced with a few percentages but Duster models were over half of the total, while Sandero’s production dropped by 58%.
Romania registered in March the biggest annual inflation rate in the EU of 8%  Romania registered in March the biggest annual inflation rate in the EU, with a price increase of 8% compared to the same month in 2010, Eurostat data shows. The inflation rate increased compared to the last month when the indicator was 7.6%.
Romania’s foreign debt increased by 1.1% in the first two months of the year to 91.79 billion euro  Romania’s foreign debt rose to 91.79 billion euro after the first months of the year with almost 1 billion euro more than last year, Romania’s National Central Bank data shows. The long term and medium foreign debt is 72.86 billion euro, a 1.1% higher than the debt registered in December 2010. The short term debt increased to 18.93 billion euro.
Foreign direct investments doubled in the first two months of the year to 294 million euro  Foreign direct investments amounted to 294 million euro, twice than the similar period in 2010, Romania’s National Central Bank data show. In January – February 2010, the value of FDI in Romania was 140 million euro.
Capital Economics: Romania will continue to speed up but on bumpy roads  Romania’s economic relaunch will continue to speed up on bumpy roads with an industry production sustained by export demands while internal consumption will remain weak due to restrictive fiscal policies, a Capital Economics analysis reads quoted by Romanian news agency Mediafax.
3,000 CFR Marfa employees to be laid off starting June 1  CFR Marfa, the national freight railway company notified unions and labour inspectors about its plans to lay off 3,000 employees even though the negotiated numbers with the unions was 2,400 starting June 1st, union leader Iulian Mantescu declared quoted by Romanian news agency Mediafax. Mantescu said CFR Marfa started on April 8th to notify unions regarding their intentions.
IMF: Romania’s economy to increase by 1.5% this year and by 4.4% in 2012  Economic recovery will be slower in some emerging European countries that registered internal unsustainable booms like Romania, the World Economic Outlook report released by the IMF reports. Experts of the institution estimate that after a 1.3% decline in 2010, Romania’s economy will grow by 1.5% this year and by 4.4% in 2012.
Romania’s commercial deficit decreased by 52% up to 582.4 million euro in the first two months of 2011  Romania’s commercial deficit in the first two months of this year was 582.4 million euro, a 51.8% drop compared to the same period last year, considering that exports had a higher growth rhythm than imports, Romania’s National Statistics Institute announced.
Annual inflation exceeded 8% in March The annual inflation rate increased in March to 8.01% due to the increase in food prices by almost 10% according to the National Statistics Institute. Important price increases registered for non food goods and for services.
Gabriela Bordea is Tarom’s new General Director  Gabriela Bordea was named, starting April 1st, Tarom’s General Director through an order of Transports minister Anca Boagiu, a press release of the airline company informs. Bordea replaces Ruxandra Brutaru who resigned in March.
Gheorghe Ialomitianu, Finance Minister: we cannot afford to cut VAT in 2011 and 2012; talks about it are purely political. IMF talks target the decrease of some contributions only  There are political talks regarding a VAT decrease but talks with the IMF target the decrease in the level of social contributions paid by employees, but not of the VAT, Romania’s Finance minister Gheorghe Ialomitianu said for B1TV, a Romanian television. He said that Romania cannot afford a VAT decrease in the next two years because the VAT brings about 40% of the budgetary revenues.
Cosmina Noaghea will take over a CME management position and Orlando Nicoara will replace her at Mediafax Group Cosmina Noaghea, Mediafax Group general director will takeover a management position at Central European Media Enterprises, CME, an international group lead by Adrian Sarbu and will be replaced at Mediafax by Orlando Nicoara, Paginademedia.ro reads.
ZEW: Romania’s economic perspectives for the next six months improved  The perception of foreign analysts regarding Romania’s economy for the next six months improved in March as Romania advanced a position compared to February up to the third place among Central and Eastern European countries, a ZEW survey reads, quoted by news agency Mediafax. The index measuring the expectations of financial experts for Romania increased by 11.1 points to 44.5 points.

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