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He Witnessed Basescu’s CollaborationYesterday, during a press conference, the conservators have shown the images in which Ovidiu Adamescu, former personnel inspector at the Civil Marine Institute in Constanta, says the suspended President, Traian Basescu, was a member of the political police ever since high school. Now aged 82, Ovidiu Adamescu was a... [related news and comments]
The People Basescu Got Approval From Is Not The Romanian PeopleThe officials in the embassies in Bucharest are understandably following with a lot of interest the electoral campaign ahead of the referendum deciding on the impeachment of President Traian Basescu. What Romanian politics has to offer lately must be new to them and quite baffling: in year 2007, in a European Union... [related news and comments]
Pharmaceutical market undergoes dramatic executive changes - AziSurprising departures and the migration of executives from companies have typified the pharmaceutical market over the past few weeks. The phenomenon has not happened before and the names of those leaving the management of pharmaceutical companies has come up almost daily, whilst departures have hit all sectors - both... [related news and comments]
Banks achieve better cost control in H1 - AziThe banking system succeeded in improving cost management over the last year, so the share of costs in overall revenues fell by over 6 percentage points, from 62.73% in the first half of 2007, to 56.55% in the first half of 2008. At the end of last year, the cost/revenue ratio reached an all-time high of 76.2%, over... [related news and comments]
Michael Lafferty: Card market still has a lot of room to grow - AziThe Romanian bankcard market still has a significant growth potential, even in comparison with other markets in the region, according to Michael Lafferty, Chairman of Lafferty Group - a renowned independent international organisation involved in retail banking research. "Many of the large markets in Eastern Europe, in... [related news and comments]
Cargus: 30% of parcels are shipped to Transylvania - AziDomestic courier company Cargus, which was acquired this year by international player DHL, posted turnover worth 13.8 million euros (49.7 million RON) in the first half of the year, up 23% against the same time last year. Although deliveries to Bucharest continue to account for the bulk of services, the Western part... [related news and comments]
World Bank recommends Romanian authorities to freeze salaries, stop employing and eliminate incentives[related news and comments]
Romanian suspect of rape: Three - four policemen beat me and forced me to admit the rape[related news and comments]
Update: There is no evidence to incriminate the two Romanian suspects in Rome rape of 14-year old girl[related news and comments]
Romanian Central Bank Chief Economist: an IMF loan will finance only the external deficit[related news and comments]
Former PM C.P. Tariceanu: there is no IMF condition for a loan from the EU[related news and comments]
President Traian Basescu: Romania"s government enjoys Parliamentary majority, a majority for reform[related news and comments]
Romanian official: the IMF delegation expected this week will not deal with a possible foreign loan for Romania[related news and comments]
Pascariu: We need a thorough euro adoption programme - AziRomania should have a very clear calendar for the adoption of the euro, like those that multinationals implement for large projects, with precise data and steps to be made for each stage; a calendar that should be assumed by all political parties, states Dan Pascariu, UniCredit Tiriac Bank"s chairman of the board of... [related news and comments]
Eximtur posts 14m-euro sales in July and August - AziEximtur, one of the leading tour operators on the local market, posted 33 million-euro turnover in the first 8 months of the year, whilst this year"s forecast points to 45 million-euro turnover, up 29% against 2007 and above the initially budgeted turnover of 41 million euros. "Considering the revenues derived in the... [related news and comments]
OMV: We focus on developing services - AziRadu Caprau, OMV Romania"s new retail manager, intends to develop petrol station services and plans to expand the network across the big cities and along motorways, with this year"s budget amounting to 10 million euros for five new petrol stations. Caprau, 33, replaced Vlad Seitan in May, while the latter took over as... [related news and comments]
Analysts: The NBR will not raise interest rates after August deflation - AziEconomic analysts have changed their mind and now estimate the NBR (National Bank of Romania) could preserve or even reduce the monetary policy rate by the end of this year, amid favourable inflation progression in August and the prospect of entering a disinflation trend after the yearly 9.04% peak reached in July.... [related news and comments]
Popoviciu invests 11.5m euros in Parc hotel rebranding - AziThe Park Hotels group, controlled by businessman Gabriel Popoviciu, will open its second hotel under the Ramada umbrella by early next year, after completion of the rebranding process of the Parc hotel (Best Western Parc Hotel), which entails an 11.5 million-euro investment. "We have had several stages of investments... [related news and comments]
No Romanian private enterprises in top 500 companies in CEE - AziIn the ranking of the top 500 largest companies in terms of turnover in Central and Eastern Europe, conducted by Deloitte, Romania is represented by 24 foreign companies and six state-owned companies, with the best-represented sector being the energy sector. Thirty Romanian companies are present in the ranking of the... [related news and comments]
Local managers make global top 10 in terms of purchasing power - AziSalary increases for management positions, the stagnation of real estate prices and the economic recession on international markets have propelled Romania to eighth position worldwide in terms of the managers" purchasing power, according to a survey conducted by management consulting company Hay Group. Romania has... [related news and comments]
Mercedes-Benz sees 38% rise on stagnating market - AziMercedes-Benz Romania, representative on the local market of the brands of the Daimler and Chrysler groups, posted a 38% sales increase in the first eight months of the year compared with the same time last year, a total volume of 6,633 cars. According to previous statements from Michael Grewe, the company"s CEO, the... [related news and comments]
Private equity funds bring in half a billion euros - AziRomania attracted private equity investments worth 476 million euros in 2007, four times more than in the previous year, ranking second in Central and Eastern Europe in terms of the number of deals sealed, according to a survey conducted by the European Private Equity and Venture Capital Association - EVCA. Private... [related news and comments]
Voestalpine: It is difficult to negotiate with over 100 landowners - AziNegotiations between the state and Voestalpine on the signing of a memorandum of understanding (MoU), which could pave the way for an around 5 billion-euro investment in a steel plant, are being delayed due to the demands of landowners whose plots are being targeted by the steel giant. Under the circumstances, the... [related news and comments]
Top 4 insurance players account for 60% of market"s profit - AziThe insurance market recorded a total net profit of 32.9 million euros in the first half of the year, while losses amounted to 37.2 million euros. Four insurance companies - Allianz-Tiriac, Omniasig, ING Viata and AIG Life, accounted for almost 60% of the insurance market"s profit in the first half of the year, a... [related news and comments]
Heidi: Distribution makes the difference - AziFrom the outside, the small Heidi chocolate plant in Pantelimon, close to Bucharest, does not appear to have more than a few dozen employees. However, around 150 people work here in three shifts each day, and six days out of seven each week. Laderach group, a family business started in Switzerland, a country famed... [related news and comments]
What made IKEA give up production in Romania? - AziThe business model that brought IKEA annual sales of over 20bn euros, which targets the lowest possible costs, was the reason why the Romanian plant, held by its production unit, Swedwood, was forced to close down. The retailer is pursuing a maximum cut down in costs across all production and sales stages, and the... [related news and comments]
New train linking Romania"s International Airport to Bucharest North train station was inaugurated[related news and comments]
16:51, 10.03.2009 Romanian Auth Starts a09 Edition Of Car Park Renewal ProgramBUCHAREST / 16:51, 10.03.2009 Car makers Dacia, Renault-Nissan, Hyundai, Opel and Chevrolet received the largest shares in the first stage of the program aimed at stimulating the renewal of the Romanian car park, namely 1,731 units each, according to the Romania Environment Fund Administration (AFM). In addition,... [related news and comments]
16:12, 10.03.2009 Romanian Insurers To Allow Amiable Car Crash Acknowledgment Come Jul 1BUCHAREST / 16:12, 10.03.2009 The amiable solution of traffic accidents resulting in light material damages alone will be applied starting with July 1, after the conclusion of a protocol between car insurance companies at the end of March, said the president of the Romanian insurance system regulator, Angela... [related news and comments]
16:09, 10.03.2009 Romania Might Increase Scrap Bonus In Car Park Renewal ProgramBUCHAREST / 16:09, 10.03.2009 The scrap bonus the Romanian government grants to people who scrap their old cars and buy new ones under the countrya€™s car park renewal program could be further increased this summer if few cars are sold during the first stage of the program, environment minister Nicolae Nemirschi said... [related news and comments]
15:18, 10.03.2009 Romania Plans To Borrow EUR19B From EU, IMF - SourcesBUCHAREST / 15:18, 10.03.2009 The Romanian Government intends to borrow EUR19 billion from the European Commission and the International Monetary Fund, following an evaluation made by the Finance Ministry and the central bank, government sources told MEDIAFAX. The financial package includes a EUR12 billion loan from... [related news and comments]
15:00, 10.03.2009 Some 60,000 Romanian Textile Industry Employees Might Lose Their Jobs - EmployersBUCHAREST / 15:00, 10.03.2009 Twenty percent of the employees of the Romanian textile industry, some 60,000 people, could be fired this year, due to a lack of demand, Maria Grapini, the president of the textiles employers" association, said Tuesday in a press conference. "The first months of this year are not at all... [related news and comments]
Tight battle among importers of Ford, Renault, Skoda, and VW for top spot - AziWhereas last year Renault won the "race" of imported automotive brands, with 6,000 cars more than its second place competitor, this year"s ranking will most likely be decided in December, as the volumes of the top four imported brands are very close. Ford could reach more than 28,000 units, if the sales of importer... [related news and comments]
18:56, 10.03.2009 Moody"s Places Romania In Second Rating Risk CategoryBUCHAREST / 18:56, 10.03.2009 Rating agency Moodya€™s grouped emergent states into four risk categories and placed Romania, Bulgaria and Croatia in the second category, that of countries whose credit fundamentals are resilient but which could be subject to some rating volatility should assumptions of support prove... [related news and comments]
European Commissioner: The aid for Romania will come from a special EU Fund[related news and comments]
15:00, 10.03.2009 Romanian Parliament Clears EUR143M State Aid For FordBUCHAREST / 15:00, 10.03.2009 Romania"s Chamber of Deputies approved Tuesday the Emergency Ordinance granting an EUR143 state aid to Ford Motor Company, which bought last year a car factory in the country"s southern city of Craiova. The Emergency Ordinance 109/2008 was previously adopted by the Senate and the Chamber... [related news and comments]
14:34, 10.03.2009 Romanian Cos To Pay Lower Taxes For Devalued Properties In a09BUCHAREST / 14:34, 10.03.2009 Romanian companies can pay a lower tax on buildings this year, if they reevaluate their properties, since the market value of said properties decreased, reaching the lowest level in the past two years, according to representatives of real estate company MediaCity. Companies pay a tax... [related news and comments]
14:02, 10.03.2009 Romanian Mandatory Home Insurance Law To Be Enforced As Of July 1BUCHAREST / 14:02, 10.03.2009 The law regarding mandatory home insurance will come into force on July 1, as it was first established, Angela Toncescu, the president of the Romanian Insurance Supervision Commission, said Tuesday. Last week, the insurance regulator issued a press release saying it would require a... [related news and comments]
14:02, 10.03.2009 Romaniansa Gains From Realty Trades May Be Levied 16% TaxBUCHAREST / 14:02, 10.03.2009 Romanian populationa€™s gains from real estate transactions for commercial purpose may be subject to a 16% tax in the new Fiscal Code, according to Paul Coman, adviser with the National Fiscal Administration Agency ANAF. "This measure is subject to the analysis of the Ministry of... [related news and comments]
Update 13:55, 10.03.2009 Romanian Defense Council Meets In Session ThursdayBUCHAREST / 13:55, 10.03.2009 Romaniaa€™s Supreme Defense Council will meet in session Thursday at the presidential palace to discuss Romaniaa€™s objectives at the NATO summit in Strasbourg/Kehl, the restructuring of the countrya€™s border police and the implementation of the Border Security Integrated System, the... [related news and comments]
13:48, 10.03.2009 Romanian Govt Officially Asks EC For Financial PackageBUCHAREST / 13:48, 10.03.2009 The Romanian Government sent the European Commission, or EC, a letter asking for the official start of negotiations for a financial agreement, government sources told MEDIAFAX Tuesday. The value of the financial package will be established based on the talks with EC officials and the... [related news and comments]
13:24, 10.03.2009 Weapons, Ammo Found While Tearing Down A House In W RomaniaBucharest / 13:24, 10.03.2009 Seven pistols and almost three hundred bullets were discovered while tearing down a building in Galsa, in the western Romanian county of Arad. The arms were hidden inside the wall. Arad Police spokesman Camelia Tuduce stated that the workers tearing down the building found seven... [related news and comments]
12:46, 10.03.2009 Santana To Play Romanian Festival B"estfest On July 4BUCHAREST / 12:46, 10.03.2009 Legendary guitarist Carlos Santana will have a concert in the Romanian capital city of Bucharest on July 4, during this yeara€™s edition of B"estfest festival. Four over four decades, Carlos Santana successfully avoided getting stuck in a single musical genre, crossed cultural and... [related news and comments]
12:17, 10.03.2009 Romania Might Introduce Annual Tax On Motorcycles, Depending On EmissionsBUCHAREST / 12:17, 10.03.2009 The law which will replace the Romanian car pollution tax will go through Parliament this year and will provide for the annual taxation of motorcycles, according to the quantity of emissions, Romanian environment minister Nicolae Nemirschi said Tuesday. Nemirschi said he will model the... [related news and comments]
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