BUSINESS
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.
The annual inflation rate increased to 7.88% / In October prices increased by 0.55% 
The annual inflation rate increased in October to 7.88%, the biggest contribution came from an increase in prices for non food products, especially tobacco, Romanian National Statistics Institute reads. 
Romania's commercial deficit dropped by 3.45% in the first nine months to 6.89 billion euro. Exports continue to increase faster than imports 
Romania's commercial deficit decreased in the first nine months of the year by 3.45% to 6.89 billion euro from 7.14 billion euro in the same period in 2009, Romania's National Statistics Institute data reveals. The decrease of the deficit was due to a fast increase of exports than imports. 
FDI: what are the economic segments and preferred geographical areas? 
The net flux of foreign direct investments that entered Romania was 3.48 billion euro of which 1.72 billion euro participations to capital and 1.75 billion euro the net credit received from foreign investors, official National Central Bank data reveals. Most investors triggered the manufacturing industry and the financial intermediaries sector. As a geographical area, Bucharest was preferred where 63 euro of every 100 euro that entered Romania were invested. 
BCR: 3 million euro, uncashed revenues due to Ordinance 50/2010 
Dominic Bruynseels, President of BCR , one of the biggest banks in Romania, declared of Friday that revenues from commissions dropped in the third quarter due to the decrease of the commission of anticipated payments for current credits, a requirement of ordinance 50/2010. He added that uncashed revenues amount to 3 million euro. 
Chinese holding Avic International to invest 350 million euro at Somes Dej 
Avic International Holding Corporation and the Romanian Commercial Services group signed, earlier this week an agreement which sees investments of 500 million euro at the paper and cellulose factory Somer Dej. 150 million euro will be invested by the Romanian company and the factory's production capacity will increase from 70,000 tons of cellulose/year to 500,000 tons. 
Dacia Sandero facelift available starting 2012 or 2013 
Dacia will release a facelift Sandero model in 2012 or 2013, Dacia marketing director Mihai Bordeanu declared at the launch of the new Sandero Orange model. Sandero was launched on the European market in 2008 and became the best sold model of the brand. It is very popular in France, Germany and Italy. 
Ronald Binkofski the new general director for Microsoft Romania
Calin Tatomir was replaced as Microsoft Romania general director by Ronald Binkofski who was marketing director at Microsoft Poland. Tatomir ran Microsoft Romania since 2008. I am proud of the team's success in the last two years I ran the company and I am optimistic that Microsoft will continue to have a great impact in the industry and society overall, Tatomir declared in a press release announcing his departure. 
TOP 300 Capital declares Ion Tiriac the richest man in Romania followed by businessmen Dinu Patriciu and Ioan Niculae 
Ion Tiriac, Dinu Patriciu, Ioan Niculae, Adamescu and Voiculescu families are the richest businessmen in Romania, according to an annual top set up by the Capital financial magazine. This year, businessman Ion Tiriac was classed first with a wealth estimated at 1.5 - 1.6 billion euro. 
2011 budget: the government to cut by half local level finances 
The government will drastically cut local budgets made from VAT taxes, a 2011 budget draft reads, quoted by the Romanian news agency Mediafax. The budget draft sees a cut by half of finances for infrastructure and sports fields. In the same time, more money will be allocated for education and social care salaries. The project sees a decrease by 50% of credits for new jobs. 
Finance ministry Gheorghe Ialomitianu: bonuses will be offered on performance and competence criteria 
Bonuses will be offered only based on performance and competence, Finance minister Gheorghe Ialomitianu declared on Friday, adding that he will not give in to other criteria. On Thursday, Ialomitianu said that he was never against bonuses but the criteria was subjective. He underlined that the ministry reached an agreement with union leaders to create a ministerial committee to analyze the way bonuses were offered. 

ESRI

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