EFG Eurobank:  Romania economy to recover starting second half of 2011 Estimations show the Romanian GDP dropped by 1.2% in 2010 as compared to 2009, less than the 1.8% drop expected by EFG Eurobank and other entities on the market, while on seasonally adjusted data the GDP grew by 0.1% in Q4. The news is positive as it may signal the end of the recession, says a report of the EFG Eurobank, the Greek company controlling Romanian bank Bankpost.
Volksbank Romania board member leaves bank Simona Fatu, a member of the Volksbank Romania board, will leave the position starting March 1, according to a press release of the bank. She joined Volksbank as corporate director on its establishment on the Romanian market in 2000, then became vice-president of the bank in 2006. Following an audit of the bank, which reported about, her name appeared in an inquiry over internal irregularities at the bank.
PM Emil Boc: Supermarkets may be forced to reserve 30% of space to Romanian products The Romanian government was analyzing a proposal from employers' unions to force supermarkets reserve 20 to 30% of their space to Romanian products, PM Emil Boc said on Friday. He made the statements following talks with employers' and trade unions on planned changes to the Labor code and on measures to improve the business environment.
UPC lost over 93,000 clients in Romania in 2010. Rumors of possible sale emerge UPC lost over 93,000 clients in Romania last year, reaching 1.15 million subscribers and a fall on all segments - TV, internet and wired telephony, according to data published by owner Liberty Global. The negative evolution is explained by the UPC management as the result of the worsening economic climate which put pressure especially on small-income clients. The results come as a Romanian journalist, Catalin Tolontan, claimed on his blog on Thursday that another telecom company, RCS&RDS, was negotiating the acquisition of UPC in Romania, while economic newspaper Ziarul Financiar developed the story quoting market sources who it says confirm the allegations.
Romania National Bank left without electricity for 20 minutes. "An incident", provider says Romania's National Bank (BNR) was left without electricity for about 20 minutes on Friday because of an "incident", as electricity provider Electrica put it when contacted by The BNR department which includes services such as monetary policy operations, treasury operations and the administration of international reserves used alternative resources once the electricity was cut.
Major Romanian bank BCR employees to protest on Friday Employees of major financial group Romanian Commercial Bank (BCR) will organize street protests on Friday against what they call a lack of social dialogue, the elimination from working contracts of bonuses according to bank performance and the refusal to have their salaries indexed by 50% of the inflation rate, BCR trade union leader Ciprian Ionescu has told
Government official: Romania to have 1,000 km of highway built in public-private partnerships by 2020, is interested in Gulf investors Romania will have some 1,000 km of highway built in public-private partnerships by 2020, PM aide Andreea Paul Vass said on Thursday. She said that 250 km of highway were planned to be completed by 2011. Vass said the government was hoping to lure investors from Gulf countries such as Saudi Arabia, UAE, Bahrain, Oman, Kuwait and Qatar.
Nine Ford providers produce components in Craiova plant, other four to open factories in industrial plant near SE Romanian city Nine internal providers of Ford are currently producing various components within the Craiova, South Romania factory of the company, while at least four other car component providers may open production units in an industrial park near the city, Dolj County Council official Ioan Prioteasa has said. He mad the statement during a press meeting at the launch of construction works at the IAC Bals factory.
Dacia Duster gets three stars only in Euro NCAP safety tests -4Tuning Dacia Duster has received 3 stars in the Euro NCAP (European road safety authority) tests, according to specialized website 4Tuning. The source notes this makes Duster pale in comparison with other low cost SUVs such as Mitsubishi ASX, Nissan Qashqai or Hyundai ix35, which received five stars.
Romanian Finance minister: A cut in social contributions for employers currently analyzed The current Labor code has to be changed as more flexibility on the labor market cannot be accomplished without a cut in social contributions, Romanian Finance minister Gheorghe Ialomitianu said during a conference on Wednesday. He said authorities were analyzing the scenario as labor costs in Romania were high and many have claimed the government was not supporting firms.
Economy Ministry: Romania Government to privatize Oltchim next year The Romanian Government has initiated procedures for the privatization of Oltcim SA Ramnicu Valcea chemical company, the Economy Ministry announced on Tuesday. It showed that according to a draft letter of intention agreed by the Romanian Government with the IMF, World Bank and the European Commission, the Oltchim privatization is due to be launched in the first half of 2012.
INTERVIEW Romania Economy ministry may remain with 51% stake in most important state company Hidroelectrica Romanian energy company Hidroelectrica may be listed as early as next year should the strategy establishing two major energy groups, Electra and Hidroenergetica, fail before the end of 2011. Packages of 10-15% of Hidroelectrica shares will be put on offer gradually so that the Romanian state retain a minimum of 51%, Hidroelectrica, general manager Constantin Trihenea has told in an interview. He said all direct contracts concluded by the company with influential people known locally as "the smart guys" - intermediaries in energy deliveries - have been prolonged.
Over 10 Romanian companies to attend the IT fair CeBit Hanovre Over ten Romanian companies will attend the most important European technology fair, CeBit Hanovre that starts on March 2nd. Among the companies are the producer of the AllView tablet and the producer of Smailo GPS. The National Software Industry in Romania claims that compared to 2009, the IT industry regained its balance together with the interest of foreign investors.
ZEW and Erste survey: Romania’s economic perspectives for the next six months improved The perception of financial analysts on Romania’s economic evolution for the next six months improved in February as Romania was place on fourth in Central and Eastern Europe in a perspectives survey conducted by Zentrum fur Europaische Wirtschaftsforschung (ZEW) and the Austrian Erste group, Romanian news agency Mediafax reports.
Rockefeller Group plans to invest over 100 million euro in the real estate market in the region including Romania  Europa Capital, member of the American Rockefeller Group plans to invest over 100 million euro in the real estate sector in the region, including Romania, Novinite reports. The private equity fund, targeting mostly the real estate market, already purchased a commercial park at Plovdiv, Bulgaria’s second largest city for 20 million euro.
Oxford Economics revises previous estimates and forecasts that Romania’s economy will grow this year  Romania’s economy will marginally grow this year by 0.1% Oxford Economics estimates read, quoted by Romanian news agency Mediafax, revising thus previous estimates which saw a 1% contraction. The institution reveals however that the main economic growth factor, exports, is in the same time vulnerability if EU demand decreases.
In 2010, the economy decreased its contraction to 1.2%  Romania’s GDP in the fourth quarter for 2010 was in real terms, higher than 0.1% than in the third quarter in 2010. Compared to the last quarter in 2009, the GDP registered a 0.6% decrease on gross series and by 0.5% on adjusted series. In 2010, compared to 2009, the GDP (gross) decreased by 1.2%, a press release of the National Statistics Institute reads. The signal is good, some analysis estimating a contraction up to - 1.9% annually. The contraction rate decreased considerably and only the VAT increase blocked the economy from going on positive numbers, Macroanalitica managing partner Laurian Lungu said for
Lotus to open showroom in Romania  British sports brand Lotus will open a showroom in Romania starting this year, officials declared, quoted by According to industry sources, Lotus cars will be brought in Romania by the Cazac famility, that controls the Forza Rossa company, importing Ferrari in Romania.
Current account deficit increased by 5% in 2010 to 5.15 billion euro  The current account deficit of the balance of payments increased last year by 5.0% compared to 209 to 5.15 billion euro, Romania’s National Central Bank data reports. In 2009 the current account deficit was 4.91 billion euro.
Foreign direct investments dropped b 25.5% in 2010 to 2.59 billion euro  Foreign direct investments amounted in 2010 to 2.59 billion euro, a 25.5% decrease compared to last year, Romania’s National Central Bank data reports. In 2009 the FDI value was 3.48 billion euro. Direct investments of non residents in Romania financed by 50.3% the current account deficit in 2010 which amounted to 15.5 billion euro.


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