Ten insurance companies have together accumulated a loss of EUR 80 million last year, according to a report published by the Insurance Surveillance Commission (CSA). The ten companies which have posted losses last year are Ardaf, BCR Asigurari, Fata Asigurari, Groupama, OTP Garancia, Certasig, Eureko, KD Life, Omniasig Viata and Signal Iduna. There are 40 insurance companies on the Romanian market.

The Romanian Government will meet today in the afternoon to adopt the methodological norms for the Fiscal Code, which will be enforced immediately after. The norms introduce several changes in the taxation area, which are meant to increase the budget revenues.

The shareholders of real estate developer BelRom, Kris Henri Remi Carton and Steven Van Den Bossche have bought land on the premises of the Electroputere Craiova factory and plan to build a shopping center on some of the area. The mall will be called Electroputere Shopping Center and will require investments of EUR 45 million.

Ford's National Sales Company (CNV) for Romania has become operational and will sell the car maker's brands in Romania, as well as service and after sell services. Ford is thus ending the ten-year collaboration with Romcar, which used to sell the Ford cars in Romania.

The Hungarian state printing company Allami Nyomda has bought 50 percent of local GPV Mail Services from Hungarian company Díjbeszed. GPV Mail Services is also offering printing services. The value of the deal was estimated between EUR 1.5 million and EUR 2.2 million.

BCR Group posted a net profit of EUR 117 million in the first half of the year, down by 19.5 percent compared to the same period of last year, the group has announced. The decrease was mainly due “on much higher provision expense due the contracting economy heavily impacting the market and BCR’s customers demand,” according to the company.

Grup Servicii Petroliere's shareholders have approved a USD 20 million revolving credit facility from Eximbank. The loan was contracted on a year.

Main headlines from Romanian and international media for Friday, July 30, 2010

Carmaker Automobile Dacia has delivered a car fleet made of 46 Duster cars to telecom operator Orange Romania. The car fleet will be used by Orange's technical department for its telecom network repairing and for rapid interventions.

Online retailer eMag.ro has sold over 240 products which were mistakenly discounted by more than ten times, due to a website technical error, the company's manager Radu Apostolescu wrote on the firm's website. The mistake has a cost of around RON 132,000 (the equivalent of around EUR 31,000) for eMag.ro, which has decided to validate the sales even so.

Ten insurance companies have together accumulated a loss of EUR 80 million last year, according to a report published by the Insurance Surveillance Commission (CSA). The ten companies which have posted losses last year are Ardaf, BCR Asigurari, Fata Asigurari, Groupama, OTP Garancia, Certasig, Eureko, KD Life, Omniasig Viata and Signal Iduna. There are 40 insurance companies on the Romanian market.

The Romanian Government will meet today in the afternoon to adopt the methodological norms for the Fiscal Code, which will be enforced immediately after. The norms introduce several changes in the taxation area, which are meant to increase the budget revenues.

The shareholders of real estate developer BelRom, Kris Henri Remi Carton and Steven Van Den Bossche have bought land on the premises of the Electroputere Craiova factory and plan to build a shopping center on some of the area. The mall will be called Electroputere Shopping Center and will require investments of EUR 45 million.

Ford's National Sales Company (CNV) for Romania has become operational and will sell the car maker's brands in Romania, as well as service and after sell services. Ford is thus ending the ten-year collaboration with Romcar, which used to sell the Ford cars in Romania.

The Hungarian state printing company Allami Nyomda has bought 50 percent of local GPV Mail Services from Hungarian company Díjbeszed. GPV Mail Services is also offering printing services. The value of the deal was estimated between EUR 1.5 million and EUR 2.2 million.

BCR Group posted a net profit of EUR 117 million in the first half of the year, down by 19.5 percent compared to the same period of last year, the group has announced. The decrease was mainly due “on much higher provision expense due the contracting economy heavily impacting the market and BCR’s customers demand,” according to the company.

Grup Servicii Petroliere's shareholders have approved a USD 20 million revolving credit facility from Eximbank. The loan was contracted on a year.

Main headlines from Romanian and international media for Friday, July 30, 2010

Carmaker Automobile Dacia has delivered a car fleet made of 46 Duster cars to telecom operator Orange Romania. The car fleet will be used by Orange's technical department for its telecom network repairing and for rapid interventions.

Online retailer eMag.ro has sold over 240 products which were mistakenly discounted by more than ten times, due to a website technical error, the company's manager Radu Apostolescu wrote on the firm's website. The mistake has a cost of around RON 132,000 (the equivalent of around EUR 31,000) for eMag.ro, which has decided to validate the sales even so.