BUSINESS
Romanian National Bank sets rate at 4.28 RON/Euro. All currencies in the regions down. Dealers say buying is aggressive but no need to panic The Romanian national currency leu (RON) was traded at a rate of 4.2910 RON/Eur on the interbanking market on Tuesday, due to worries related by the Greek and Italian crisis. Market dealers told HotNews.ro that buying was aggressive but that was a trend noticed on all markets in the region and was not a cause for panic.  Central bank BNR set the Tuesday rate at 4.28 RON/Eur, as compared to 4.22 RON/Eur on Monday.
Sale of 9.84% of state-controlled shares in Petrom starts today The process by which the Romanian state sells 9.84% of the shares held by the Economy Ministry in oil company Petrom starts on Monday. The offer is mediated by a consortium of banks formed around Renaissance Capital Limited, held 50% by Russian billionaire Mikhail Prokhorov through the Onexim Group Investment Fund. Prokhorov is the newly elected head of the Right Cause political party in Russia.
JPMorgan: the withdrawal of Greek banks from Romania would not pose such a big problem for the banking sector  The potential withdrawal of Greek banks from Romania would not pose such a big problem for the local banking sector because authorities have the necessary resources to takeover the branches and sell them later to other financial groups and the National Central Bank can face the shocks, a report of the financial institution JPMorgan Chase Bank reads, quoted by news agency Mediafax.
CEZ Romania took over TMK Hydroenergy Power for almost 20 million euro  CEZ Romania took over TMK Hydroenergy Power that owns the hydroenergy system at Resita, Caras Severin County, a press release of the company reads. According to it, in December 2010 CEZ Romania took over 100% shares of TMK and it currently finished all legal takeover procedures. The value of the transaction was 19.8 million euro.
Ford relocates production of Ford Transit Connect from Romania to Spain / B Max and another B class model will be produced at Craiova  Ford reorganizes its factories in Europe and the production of Ford Transit Connect will relocate from Romania to Spain, Ford Romania chief Henrik Nenzen said in a talk with the central press. Plans for Craiova changed a little, Nenzen said confirming for the first time that in Romania B Max model will be produced. Another small class model will also be produced in Craiova.
Unemployment rate in Romania increased to 7.3% at the end of the year Unemployment rate, calculated by the International Labour Office was of 7.3% at the end of 2010, an increase to the previous quarter and to the previous in 2009 according to the National Statistics Institute. The highest unemployment rate, of 22.1% was registered among youngsters between 15 to 24 years old.
Moody’s does not plan to modify Romania’s rating for at least a year to come Moody’s does not plan to modify its rating on Romania for at least a year to come, its general director for Central Europe, Petr Vins said quoted by news agency Mediafax. Moody’s is the only big financial evaluation agency that maintained Romania’s rating at the investment grade category during the crisis.
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.

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