BUSINESS
Finance minister Gheorghe Ialomitianu: Romania has enough money for pensions and salaries in 2011 and 2012 / IMF and EC appreciate the good results of our country Romania has enough money for salaries and pensions and this year it has all premises to exit the recession considering the budget revenues and indicators, Romania’s Finance minister Gheorghe Ialomitianu declared, quoted by the Romanian news agency Mediafax.
Budgetary deficit of 33.3 billion lei at the end of 2010, below the limit set with the IMF  Romania’s general consolidated budgetary deficit amounted to, at the end of last year, to 33.3 billion lei representing 6.5% of GDP below the limit agreed with the IMF, a press release of the Finance ministry reads. The deficit target in the supplementary letter to the stand by agreement with the IMF was of 34.6 billion lei.
Competition Council investigates a possible agreement between Rompetrol Gas and its suppliers  Competition Council launched an investigation to check whether there was or not an agreement between Rompetrol Gas and its distributors on the market for liquefied gas. Any form of agreement hinders competition and affects the interests of the consumers, President of the Competition Council Bogdan Chiritoiu said.
A Romanian to lead the center in charge with the market studies for future Dacia and Renault products Romanian Liviu Ion will manage, starting this Fall, the center for market studies of Groupe Renault in Bucharest, which conducts market research in the Euromed region for all future Renault products. The center picks up feedback from clients to find out what they believe about models that will be released in four – five years. Liviu Ion was chief of communication at Dacia in the last six years and his position will be occupied by Anca Oreviceanu.
Innova Capital takes over Provus Services Provider and RomCard Private Equity fund Innova Capital took over 96% of the shares of Provus Services Provider and its subsidiary , RomCard from Turkven Private Equity and a consortium of Turkish investors, a press release of the company reads. This is Innova’s third direct transaction in Romania after the acquisition of Orange Telecom in 1999 which it sold to France Telecom and after it took over La Fantana in 2008.
An IMF/WB/EC delegation arrives in Bucharest for the seventh evaluation mission  IMF, World Bank and European Commission representatives start on Tuesday, in Bucharest, their seventh evaluation mission of the stand-by agreement and negotiations for a new possible agreement.
A Ford supplier invests 58 million euro in a car parts factory in Oltenia  International Automotive Components Group, IAC, one of the main suppliers of car parts for Ford Motor Company will invest 58 million euro in a factory at Bals, Olt county. The factory will produce various parts for Ford Craiova, the company announced. It will employ 400 employees and the Romanian state will offer 17 million euro as aid for the project.
Coface maintains Romania’s rating at B / Cristian Ionescu: Investors need an environment to develop. We behave like desperate people  Romania maintains its level B rating, non-suitable for investments, Coface Romania, Bulgaria and Slovakia Country Cluster Manager Cristian Ionescu declared. Coface sees a shy increase for 2011, of 1.5% below the global growth anticipated at 3.4%.
Economy ministry plans to obtain in 2011 almost 3 billion lei of privatizations and stock exchange listings  Economy ministry relies in 2011 on revenues of 3.11 billion lei of which 2.88 billion lei would come from privatizations. The institution dealing with the state’s participations and privatizations in the industry on behalf of the Economy ministry, OPSPI, manages the ministry’s economic operators, mainly energy companies.
PM Boc: ministers will answer politically if they will not comply with their objectives on investments PM Boc found the solution to push ministers to launch investment projects: he threatened that all ministers who will fail to respect the government’s investments objectives will answer politically. PM Boc said that the government will set monthly objectives and quarterly ones for a better control.
Greg Konieczny, Proprietatea Fund: Nuclearelectrica and Hidroelectrica giants are ready to be listed Nuclearelectrica and Hidroelectrica giants, the biggest producers of electric energy in Romania are ready to be listed at the stock exchange, Proprietatea Fund manager Greg Konieczny declared. He said that this can be a solution for the energy sector and also declared that three energy complexes, Turceni, Rovinari and Craiova should be restructured and then sold.
Foreign direct investments dropped by 25.5% in the first 11 months of 2010  Foreign Direct Investments ncreased in the first 11 months of 2010 to 2.26 billion euro, a 25.5% drop compared to the similar period in 2009 of 3.04 billion euro, Romania’s National Central Bank data reads. Direct investments of non residents in Romania financed by 43.9% the current account deficit in January – November 2010 which increased to 5.17 billion euro.
Romania’s current account deficit increased by 23.5% in the first 11 months of 2010 to 5.17 billion euro  The current account of the balance of payments registered in the first 11 months of 2010 a deficit of 5.17 billion euro, a 23.5% increase compared to the same period in 2009, Romania’s National Central Bank data reveals. The current account deficit increase was mainly caused by the negative balance of the revenues and services.
Romtelecom lays off up to 1400 employees in 2011 in an attempt to cut costs and increase efficiency  Romtelecom will lay off about 1000 to 1400 employees this year to cut costs and increase the efficiency, the operator announced. Romtelecom launched over 20 transformation projects that will take place until 2013 and aim at improving processes, from sales to installation, increasing efficiency in call centers and shops or simplifying the products portfolio.
Inflation increased to 7.96% in December  The annual inflation rate increased in December to 7.96%, the biggest contributor was the increase of prices for non food products by 9.76% and especially prices for tobacco and fuel, Romania’s National Statistics Institute reads. In December 2010, consumption prices increased by 0.53%.
18 investigations and 31.49 million euro fines implemented by the Competition Council in 2010  The Competition Council concluded 18 investigations of which 11 were older than 3 years and applied fines worth 31.49 million euro compared to six investigations concluded in 2009 and 2.3 million euro fines, a report of the institution released on Tuesday reads.
Finance minister requested IMF a higher deficit target in the first two quarters in 2011 for investments  Romania’s Finance ministry requested the IMF to allow a higher deficit target in the first two quarters of 2011 for investments. The requested target for the first quarter is 8 billion lei, Finance minister Gheorghe Ialomitianu declared. The government agreed with the IMF a budgetary deficit target for the first quarter of 5.7 billion lei.
Dacia sales increased by 12% globally in 2010 to 350,000 units / A tenth were sold in Romania Dacia sales advanced by 12% last year globally, to about 349,000 units of which 23,000 units were commercial vehicles, Renault data revealed. France was by far the biggest market with about 110,000 units, Germany exceeded 40,000 units. Duster found over 67,000 clients. In Romania, Dacia sold over 36,000 cars.
Romania’s commercial deficit dropped by 3.54% in the first 11 months of 2010 to 8.63 billion euro / Exports continue to work well  Romania’s commercial deficit dropped in the first 11 months of last year by 3.54% to 8.63 billion euro, from 8.95 billion euro in the same period in 2009 according to the Romanian National Statistics Institute. The decrease of the commercial deficit was mainly caused by an increase of exports and their advance to imports.
Proprietatea Fund to be listed on January 25 The Bucharest Stock Exchange Council decided in a meeting on Thursday to allow Proprietatea Fund shares to be listed on the market with the FP symbol, a press release of the market operator reads. Stock Exchange President Stere Farmache declared that several important foreign institutional investors will be interested in the new stokes and this will have a positive impact on the market liquidity.

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