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Latest on Nokia's Jucu factory closure: Contract still secret / Nokia chief dismisses rumors on Moldova plant / Economic effects As Nokia announced the closure of its plant in Jucu, Cluj county on Thursday, four years after its arrival in Romania, a three-party contract on the Jucu factory signed by Cluj county authorities, Nokia and the Tetarom industrial park remains secret. That comes against Romanian legislation and despite calls that the contract be made public. HotNews.ro first demanded the disclosure of the contract as early as 2007, but without results.Also: Nokia head Stephen Elop on Moldova factory rumors, local views, economic effects

Joi, 29 septembrie 2011, 13:40 în English | Business

It's official: Nokia factory in Jucu, Romania to close, all employees to be laid off Nokia's factory in Jucu, Romania closes in 2011, Nokia confirmed in a press release on Thursday. The information was first circulated by HotNews.ro and local news outlets in Cluj, quoting sources within the company. The Nokia press release says the closure in Jucu, Cluj county will affect some 2,200 people and says the measure was due to the need to optimize production processes, with priority given to factories in Asia.

Joi, 29 septembrie 2011, 10:54 în English | Business

Dacia and Renault to recall 5.000 cars due to potential faulty engine parts Dacia and Renault brands will voluntarly recall nearly 5.000 cars in Romania to check if some problems could occur at some engine valves, the representatives of the two brand said for the Romanian automotive magazine 0-100.ro. Logan and Sandero from Dacia and Twingo and Clio from Renault are some of the models included in the recall concerning mainly cars produced at the end of 2010. From the start of the Lolgan program seven years ago Dacia made just two significant recalls: one in 2005 and another in 2008.

Miercuri, 28 septembrie 2011, 10:30 în English | Business

Incapable state: the troubles and causes of failure to sell stake in OMV Petrom oil company A recent attempt of the state to sell 9.84% of shares in major Romanian oil company Petrom (majority owned by OMV) has failed as investors who responded to the offer managed to underwrite less than the 80% of the shares, which was the minimum required. Let's presume the Government led by Emil Boc really wanted to sell the Petrom stake (If they only claimed so to please the IMF then people responsible should be judged for high treason). The failure of the Petrom share sale filtered through a government crowded with impotent officials: from the politically semi-illiterate PM Emil Boc to Florin Vladan, an obscure official who negotiated on Romania's behalf despite not even Google has ever heard of him. One should not forget catastrophic Economy minister Ion Ariton, one of the weakest ministers of the past two decades. Let's consider the causes of the failure one by one.

Marţi, 26 iulie 2011, 18:38 în English | Business

Romanian PM Boc at talks with IMF delegation head Franks: We're out of recession but need to be cautious and not return to populism While Romania is out of recession this is not the time for champagne and it should keep the pace of reform and avoid the mistakes of 2008, Romanian PM Emil Boc said at the beginning of talks with representatives of an IMF, European Commission and World Bank delegation to Romania.

Luni, 25 iulie 2011, 16:42 în English | 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.

Marţi, 12 iulie 2011, 17:34 în English | Business

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.

Luni, 11 iulie 2011, 15:09 în English | Business

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.

Joi, 23 iunie 2011, 16:35 în English | Business

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.

Marţi, 14 iunie 2011, 16:20 în English | Business

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.

Marţi, 14 iunie 2011, 12:19 în English | Business

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.

Marţi, 14 iunie 2011, 12:17 în English | Business

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.

Miercuri, 8 iunie 2011, 17:17 în English | 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.

Vineri, 3 iunie 2011, 17:36 în English | Business

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.

Joi, 2 iunie 2011, 18:28 în English | Business

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.

Miercuri, 1 iunie 2011, 15:34 în English | Business

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.

Luni, 30 mai 2011, 12:29 în English | Business

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.

Vineri, 27 mai 2011, 15:46 în English | Business

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.

Joi, 26 mai 2011, 12:10 în English | Business

"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.

Miercuri, 25 mai 2011, 19:53 în English | Business

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.

Miercuri, 25 mai 2011, 17:37 în English | Business