Business & macroeconomy
Romanian investor: Rosia Montana is ‘very profitable’, it will start when it’s clear for whom
The gold mining project at Rosia Montana in Romania is ‘very profitable’ but will only start when it is clear who stands to benefit from the gains, said Romanian businessman Ovidiu Tender. “Rosia Montana has created 20 years of constant arguments. We should search for the reality, not the stories. I know the initiator of [...]
Statistics point to trade deficit up 15.4% in first quarter for Romania
The trade deficit rose by 15.4 percent in the first quarter of this year for Romania, to some EUR 1.69 billion, compared to the same period of 2011. Exports were at EUR 10.99 billion and imports were higher, at EUR 12.6 billion. The growth on exports was of 2.3 percent when expressed in local currency [...]
Romanian Central Bank keeps inflation target at 3.2% despite planned public wage increase
Romania’s Central Bank has maintained its forecast at a 3.2 percent inflation rate this year and does not expect public sector wage increases to have a big impact on inflation, according to the BNR governor Mugur Isarescu. According to him, the salary increase will have a 0.2 to 0.3 percent impact on the inflation. “Pay [...]
Romanian Ovidiu Tender wants to invest USD 100 mln to find oil in Africa
Romanian investor Ovidiu Tender wants to invest some USD 100 million in exploring an offshore oil perimeter on the coast of African countries Senegal and Guinea – Bissau. Tender Group recently signed a concession agreement with the local African authorities for the 5,300 kilometre perimeter, valid for 33 years, after a year and a half [...]
Romanian authorities announce EUR 1 bln tender for airport metro line
Bucharest metro company Metrorex recently announced the tender for the construction of the sixth metro line in the city, connecting the existing network to the Henri Coanda airport. The estimated value of this contract is of some EUR 1 billion and the new metro line should be ready in 2017 – 2018. The tender will [...]
Romania’s oil company Petrom ends first quarter with new record profit
Oil and gas company OMV Petrom posted a record profit during the first quarter of this year, of some EUR 381 million, an increase of 65 percent on the same period of 2011, according to the company. Its sales went up to a lesser extent – 21 percent, to some EUR 1.3 billion. “In Q1, [...]
New deal between Bucharest and London Stock Exchanges could support London listing for Romanian state companies
The Bucharest Stock Exchange could support the listing of Romanian state companies on the London Stock Exchange, as the two markets signed a cooperation agreement, according to Dan Paul, head of the Brokers Association. ‘The new Economy Minister has already announced intentions to continue the privatization of the four state companies Transgaz, Romgaz, Hidroelectrica, Nuclearelectrica [...]
Medsana wants EUR 5.2 mln revenues in Romania this year
Private healthcare producer Medsana, controlled by Greek Athens Medical Center, posted a turnover of EUR 1 million in the first quarter of the year in Romania, a similar level as the same quarter of last year, and slightly below initial expectations. For this year, Medsana hopes to achieve a EUR 5.2 million turnover, slightly up [...]
Samsung rents entire floor in office building near Otopeni airport in Bucharest
Samsung Electronics leased the fifth floor of the Platinum Business and Convention Center, an office building developed by Willbrook Management close to the Henri Coanda airport in Bucharest. The South – Korean company will occupy some 3,000 sqm, with Pfizer and Realitatea Media as neighbors. Platinum Business and Convention Center includes two office buildings of [...]
Roman Copper goes to court against Romania after failed Cupru Min privatization
After the failed privatization of copper mine Cupru Min, the bid winner Roman Copper, with whom the state cancelled talks, has taken Romania to court. Roman Copper claims it has always acted in good faith during the talks for the Cupru Min privatization. The investor is trying to protect its rights after it won the [...]
Subway opens second restaurant in Romania, third in plan for end-May
Fast food chain Subway opened its second restaurant in Romania, after the Bucharest opening in April. Subway’s second restaurant is located in Iulius Mall in Cluj – Napoca and covers 80 sqm. The chain will continue with a third opening at the end of May, in Palas Iasi, based on a contract with the same [...]
Gabriel Resources: We hope the new Romanian Govt. talks to us before going public about Rosia Montana
The Rosia Montana gold mine project in Romania could be worth some USD 30 billion, given the current price of gold and silver, above the USD 7.5 billion value estimated in a 2007 study, said Jonathan Henry, executive director of Gabriel Resources, the majority owner of Rosia Montana, in an interview for Reuters. The price [...]
Romanian Tender Grup wins offshore oil field concession agreement in West Africa
Romanian company Tender Grup, owned by Romanian businessman Ovidiu Tender, will sign a concession agreement for an oil field of some 5,300 square kilometres offshore that belongs to Senegal and Guinea Bissau, in Western Africa. Tender Group’s offshore area is near two areas, Dome Flore and Dome Gea, with resources estimated at some 1.5 billion [...]
IMF says ‘yes’ to Romania’s plan to increase public wages to 2010 level
The International Monetary Fund (IMF) agreed to Romania’s planned increase of state – fueled salaries and pensions, after two days of negotiations with the designated Finance Minister Florin Georgescu and other ministers of the new cabinet. “As an effect of the firm policies and structural reforms included in the IMF agreement, we’ve identified extra amounts [...]
Most fruits and vegetables sold in Romania’s markets are not taxed while sellers are not producers
Only 10 percent of the fruits and vegetables sold in the markets in Romania are taxed, and most of those selling them in the market are not agricultural producers, according to the existing Agriculture Minister Stelian Fuia. Those who sell in the market have permits from their city halls saying they are producers, even if [...]
President: Romania’s safety fund is untouchable, country has to negotiate higher budget deficit
Adding to the existing debate on whether Romania has the money to give back the salary cut to state employees, Romanian President Traian Basescu recently said the EUR 5 billion currently in the coffers of the country’s Finance Ministry are no-touch and dedicated only to paying due loan instalments in the coming months. To increase [...]
Orange posts slightly lower sales in first quarter in Romania
Telecom operator Orange posted sales of EUR 220 million in the first quarter of the year in Romania, slightly down from the EUR 222 million from the same quarter of 2011. The mobile telephony operator lost 187,000 customers during this period, compared to the end of 2011, to some 10 million clients in total. Orange [...]
Study: Romania’s growth shaky, clear policy on EU funds needed, labor market and exports quality must improve
Growth in 2012 for Romania is still shaky, according to a study by Banca Commerciala Romana (BCR). The 1 percent predicted growth is based on stagnation or slight recession in the eurozone economy, but the figure still looks fragile and is vulnerable to risks. “Romania [...] is exposed to contagion risks likely to feed through [...]
Romanian pharmacy chain Sensiblu buys competitor City Pharma
The A&D Pharma group, which runs the Sensiblu network of pharmacies in Romania, will take over 90 City Pharma units from Relad. The Sensiblu chain will thus reach 400 units across Romania. The value of the deal was not disclosed, and the takeover should be finalized in June this year, according to Robert Popescu, CEO [...]
Designer Romanita Iovan relaunches Escada brand in Romania, with store in JW Marriott’s shopping gallery
Romanian fashion designer Romanita Iovan has invested EUR 200,000 in opening an Escada store in The Grand Avenue, the retail gallery within the compound that hosts the JW Marriott hotel in Bucharest. The 81-sqm store joins other fashion brands such as Louis Vuitton, Alfred Dunhill, Rolex, Davidoff, Ermanno Scervino, Stefanel, among others. Romanita Iovan opened [...]
Fitch Ratings keeps an eye on Romania after government falls
The dramatic downfall of Romania’s shortest lived government has made analysts at ratings agency Fitch a little nervous. A spokesperson from Fitch said that any significant change in fiscal policy, or tempering of the austerity measures agreed with international institutions in an attempt to gain popularity, could put downward pressure on the country’s rating. Fitch [...]
Enel Green Power gets EUR 180 mln loan for wind projects in Romania, US, Brazil
Enel Green Power International will get a EUR 180 million loan from the Export Credit Agency (EKF), owned by the Danish Government, and with Citigroup, in order to finance wind projects in Romania, US and Brazil. The 12-year financing package will be used for the Zephyr I, 120 MW project in Romania and for a [...]
Official exchange rate points to new historic low for Romanian currency
The RON/EUR official exchange rate reached a new high, of RON 4.4168 to the euro, on Wednesday, after a heated first part of the day on money markets, and the Romanian Central Bank needed to intervene to keep the rate at stable levels, according to dealers. The steep drop in the Romanian currency came on [...]
Le Monde: Romania’s farming land, El Dorado for Western European farmers
Increasing foreign interest in Romania’s agricultural lands recently got international media attention with French newspaper Le Monde publishing a piece about foreign buyers of Romanian agricultural land. The high prices for the agricultural land and the bureaucracy in Western Europe are cited among the reasons foreigners choose to buy land in Romania. Maxime Laurent, a [...]
Romania’s Central Bank keeps key interest rate flat after political tensions, local currency volatility
The Romanian Central Bank (BNR) kept the key interest rate flat, at 5.25 percent after its monetary policy meeting on Wednesday (May 2 ), after having slashed the key rate for the last four monetary policy meetings. The move was somehow expected by analysts, given the political uncertainties in the country, after the fall of [...]
Romania strikes gold, silver and bronze at European Gymnastics Championship, wins title after four years 
‘Magic mentalist’ wins ‘Romania’s got talent’ competition after flat-lining during live show 
Three trams collide, derail in Bucharest accident, at least 86 injured 
‘The Avengers’ epic movie almost covers production costs with first week-end box office revenues 
Athletic Bilbao files official complaint over Bucharest airport delays after Europa League final 
Wajiha Haris, Scheherazade Foundation president: “No” is never an option 
Romania’s Education Minister accused of having plagiarized three international research papers 
German STEAG buys wind farm from Romanian Monsson, plans EUR 200 mln investments 
Romanian actor Serban Ionescu left bed bound after catching Lyme’s disease from tick bite 
S Immo to put EUR 66 mln into The Mark – Bucharest office building with intelligent facade
