BUSINESS
Romanian unemployment rate increased to 6.9% in Q3 2010 / 703,000 people were jobless Unemployment rate, calculated by the international labour office was 6.9% in the third quarter last year, a 0.1% increase compared to the similar period in 2009 when unemployment was 6.8%, Romania’s National Statistics Institute reads. The highest unemployment rate was registered among youngsters aged 15-24 years old.
Central bank governor: Progress needed in 2011 for Romania to join euro Romania needs to report further progress in 2011 so that it keep up with plans to join the euro in 2015, but reforms might take two years, which may change the date of euro adoption, Romanian National Bank (BNR) Governor Mugur Isarescu said on Tuesday.
CEZ group sold stake in Cernavoda project to Nuclearelectrica - Romanian state plans selling part of its stake Czech group CEZ sold by the end of 2010 its shares in the project to conclude works at the Cernavoda nuclear power plant in Romania, a press release of the group reads. It says the announcement of an intention to sell the 9.15% of shares held by CEZ in Energonuclear SA company was made in late 2010 and that the shares were sold to Nuclearelectrica SA, the majority shareholder in the project to build reactors 3 and 4 of the Cernavoda plant. Contacted by HotNews.ro, CEZ informed the shares were sold for 7.4 million RON.
Ford names a Belgian to lead Craiova 
Starting January 1, 2011, Jan Gijsen currently director for new markets within Ford Europe will be named director of Ford's Romanian company and President of Ford Romania, the company announced. He will replace Dioni Campos san Onofre who lead the Romanian branch in the last two years. 
IT Scop Computers was taken over by the Polish ABC Data company 
Polish group ABC Data, one of the most active players in the region on IT distribution took over 51% of the Romanian company Scop Computers. ABC Data plans to takeover the whole share pack of the company in the next years. Polish press reads that the transaction was agreed on 5 million euro. 
Romanian minister: Social spending amount to 69 billion of a total lei of a total of 200 billion. It should be rationalised Romania's government has a clear decision on rationalising social spending, which have a considerable weight in the consolidated budget - social spending amounts to 69 billion lei, of a total spending of 200 billion, Finance minister Gheorghe Ialomitianu said at a conference on European issues in Bucharest on Thursday.
Sofidel purchased 70% of the Romanian company Comceh 
Italian group Sofidel, producer of paper for sanitary and home use purchased 70% of Comceh company, the most important Romanian company activating in this sector according to the internet page Il sole 24ore. The operation was made through Sofidel's Polish branch, Delitissue that purchased this year 30% of Comceh's shares. 
The Romanian state plans to sell its shares held at Romtelecom / A price offer from OTE is expected by the end of the year 
The Romanian state plans to sell its 46% shares at Romtelecom and invited OTE representatives, the majority shareholder of the operator to offer a price by the end of the year, Communications ministry announced. The announcement follows a meeting between the Communications minister and OTE President and general director and Romtelecom's executive director. 
UPDATE Seven companies fined with 980,000 euro by the Competition Council / Sind Romania belongs to the biggest unions 
Seven companies were fined with 980,000 euro by the Competition Council for attending a public tender organized by the National Pensions House, in 2008, with false offers, the Competition Council informed. UPDATE Sind Romania, one of the seven fined companies is owned by unions. According to official data, Sind Romania is owned by  the five biggest unions in Romania. 
Volkswagen seeks suppliers for electrical car parts in Romania but companies do not rise to quality demands 
The German group Volkswagen seeks suppliers for electrical car parts in Romania but local companies do not rise to the quality demands of the Germanis, Volkswagen official Attila Kulik declared, quoted by 0-100.ro. Volkswagen buys parts of the cars it produces from Romania. Germans plan to introduce electrical cars in 2013. 
Central Bank counselor Lucian Croitoru: the economy will register a credible economic growth in QII 2011 
Romania will register a credible economic increase in the second quarter of 2011 and on the short term, its growth potential will drop, National Central Bank counselor Lucian Croitoru declared. 
Shareholders in Romania energy companies decided: conglomerates Electra and Hidroenergetica to be established The establishment of two major energy conglomerates on the Romania market was given green light by the shareholders in companies which will come under their umbrella. Shareholders in firms which will form national companies Electra and Hidroenergetica approved the establishment of two conglomerates, with the exception of Craiova Energy Complex, where shareholders did not meet because of a court action submitted by Proprietatea Fund.
Romania registered the highest inflation rate in the EU in October, of 7.9% 
Romania registered in October the highest inflation rate within the EU, with an increase of prices of 7.9% compared to the same month in 2009, Eurostat data reveals. At the level of the Union, the rate of inflation was 2.3% compared to 2.2% in September while in the euro zone inflation increased from 1.8% to 1.9%. 
The total volume of Chinese investments in Romania amount to 385 million dollars in September 
Investments of Chinese companies in Romania's economy amount to about 385 million dollars, Economy ministry data reveals in a release sent to HotNews.ro. Representatives of the institution show that in the last period, a series of Chinese companies, with an important financial and tehnical potential expressed their intention to initiate other projects in Romania. 
Eurostat: a 0.4% economic increase in the third trimester in the euro zone / Romania, a 0.7% drop 
The economic increase in the euro zone decreased to 0.4% in the third quarter, Eurostat data reads, quoted by AFP. Romania's economy dropped by 0.7% in the third quarter, and was exceeded by the 1.1% contraction in Greece. 
The current account of the balance of payments sees a deficit of 4.2 billion euro 
Romania's current account of the balance of payment registered in the first nine months of the year a deficit of 4.23 billion euro, a 32.6% increase compared to the same period, last year, Romania's National Central Bank data reveals. The balance of current transfers, that registered a decrease of 30.1% compared to January - September 2009 had a determinant influence on the deficit. 
Finance minister says Romanian salaries to rise in 2011 Romania's Finance minister Gheorghe Ialomitianu said on Thursday that salaries would certainly rise in 2011. While not providing a figure in this regard, he said the option of a 15% increase can be taken into consideration".
Romania minister: Constructions market to relaunch next year Romania's Tourism and Regional Development minister Elena Udrea said on Thursday that the country's construction works market would relaunch next year as the economy would be more stable, according to Romanian news agency Mediafax.
President Traian Basescu optimistic about Romanian economy "growth" in 2011 Romanian President Traian Basescu said in a conference on Wednesday that he was optimistic about Romanian economy growing next year, although he said his optimism had been wrong some times. He told a Foreign Investors Council that "we could trust the evaluations of IMF and EC confirming we'll have a 1.5% growth."
European Court Slams Romanian Restitution Procedures   On October 12, 2010, the European Court of Human Rights (the “ECHR” or the “Court”), issued its first pilot judgment against Romania in a case entitled Maria Atanasiu and Others v. Romania (the “Pilot Judgment”). The judgment itself was not shocking considering the significant number of decisions in the restitution field already decided by the Court against Romania over the past several years. In those decisions, the Court repeatedly sanctioned Romania for its inability to set up an effective restitution and compensation mechanism for the victims of the former communist regime. However, it seemed as though the Romanian authorities simply didn’t care about the Court because they did virtually nothing to remedy the situation for almost a decade.

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