Romania: 15 things that shaped 2011

As the year approaches an end, Romania-Insider.com looks back at the biggest business and political developments of 2011 in Romania. In a random order, we picked the 15 most important issues that shaped business and politics in Romania this year. Which one was the most important, in your opinion?

• Nokia closes down factory in Romania Finnish telephone equipment producer Nokia closed down its factory in Romania and relocated production to Thailand. The company was the fourth largest company in Romania based on turnover in 2010 and also the country’s second largest exporter, after car maker Dacia, covering 7.8 percent of the exports. Its decision to leave Romania will most likely impact the country’s economy and weaken other foreign investors’ trust in Romania. More here.
• Tnuva pulls out of Romania Israeli dairy producer Tnuva pulled out of Romania after five years on the market. It said it would close down its factory near Bucharest, after having already closed down a cowshed in the country. The company posted a loss of EUR 22.7 million in 2010, when its turnover stood at EUR 21.4 million. More.
• New IMF deal Romania inked a second deal with the International Monetary Fund this year. In March, Romania and the IMF signed a EUR 5 billion loan agreement, successor to a larger EUR 20 billion bailout package that ended in April this year. Under the new deal, the IMF will disburse Romania EUR 3.5 billion, while the EU and the World Bank contribute with EUR 1.4 billion and EUR 400 million, respectively. However, Romania will access the funds only in case of economic distress. More.
• Fondul Proprietatea stock exchange listing After five years of waiting, Romania's Fondul Proprietatea was listed on the Bucharest Stock Exchange (BSE), allowing shareholders to sell their shares on the open market. Trading on the first day on the BSE reached EUR 50 million, but the price of shares went downwards from RON 0.65 on the first trading day. Throughout the year, the value of a share went down by around 30 percent. Fondul Proprietatea was created in 2005 as a joint stock company with a special purpose to provide compensation to those whose real estate assets were confiscated abusively by the Romanian state during the communist regime and who can no longer receive restitution in kind. More.