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Romanians have saved up more than five billion Euros, since the beginning of 2009
Time deposit accounts of the population rose in the last nine months by 20.9 billion Lei, which means approximately 5 billion Euros. The greatest rise was recorded among citizens in the capital city, Bucharest, who cumulated, during this time, deposits of 7.7 billion Lei. Analysts consider this was possible because of the salary and pension increase in 2008 and the rate of interest offered by financial institutions. Time deposits in banks advanced due to the increase of savings in the... citeste mai mult
Romanian IT company Asesoft wants eMAG to become on-line top seller
After online IT store eMAG took the first position on the Romanian on-line market, in front of a lot of offline players, now, the company’s stockholder, Asesoft Distribution, wants to place the website on the first position in the electronics and appliances market. With this decision, Asesoft is competing directly with retailers like Altex, Flamingo or Domo, companies with a cumulated turn-over of over 500 billion Euros in 2008. Starting from December, eMAG will enter a new niche... citeste mai mult
The Romanian government borrowed 32 billion Euros to no avail
The 1.5 million Euros installment which the Romanian authorities is receiving from the IMF could be insufficient even to cover the national deficit recorded by the social insurance budget. If the trend continues like in the last eight months of this year, the retirement budget could see a 5 billion Lei deficit in December, which is equivalent to a 14% imbalance between incomes the states spending. Although, at the beginning of 2009 the Ministry of Labor declared it will only need a 70... citeste mai mult
Romania has three executives but not a functional government
It’s been seven days since Romania decommissioned the government, and the current situation could drag on until after the presidential elections. The business environment warns about the dangers of this strategy and emphasizes the need for a functional Executive. Most people in the business sector do not have preferences about who should run the government, since the new Cabinet will be replaced after the presidential elections. The Romanian political crisis has entered... citeste mai mult
Language translation sector in India is worth $500 million
According to Research and Consulting firm, Common Services Advisory, the Indian translation sector currently evaluated at $500 million is very likely to take off in a big way in the next three years, despite the harsh economical climate. Translated by: Professional Translation As more and more multinational companies are setting shop in this country the Indian translation market is poised for big growth. Currently, Indian language market size might be estimated at... citeste mai mult
Inflation in Romania reached its minimum value in the last two years: 4.94%
The inflation rate continued to keep it’s descending trend throughout the year in Romania. Thus, the annual inflation rate was at the end of September 4.94 percent, just 0.02% lower than the previous month. According to data provided by the Romanian National Institute of Statistics (INS) the inflation reached its lowest level in the last two years. The inflation dynamics on the other hand was extremely low this month, under this year’s patterns. For example, in July, the... citeste mai mult
Farmers consider banks most harmful “pests” in the Romanian agriculture
Farmers and officials in the Ministry of Agriculture consider banks to be one of the main obstacles in the advancement of Romanian agriculture. Land fragmentation is another big problem in today’s land cultivation as is the lack of adequate subventions. These are the conclusions that participants of a national agriculture conference drew. According to statements from the former Romanian minister, Dacian Ciolos, Romanian agriculture could recover with money from banks, but... citeste mai mult
The IMF council is evaluating the agreement made with the Romanian government, in full political scandal
Romanian prime-minister Emil Boc is threatening with the reshuffle of PSD members, while PSD party president, Mircea Geoana, is recommending that the prime-minister monitors the PD-L ministers responsible with the economics politics. While this, and a controversial censorship motion that is being settled for voting, the IMF council will subject to approval the first evaluation report of the agreement made with Romania. The IMF also launched a proposal for the payment of the next 2... citeste mai mult
The Romanian banking system’s efficiency was smaller than in the region, in the first semester
In the first half of this year, the Romanian banking system, saw a fast cost rise. Therefore, at the end of June 2009, the income/costs report was larger in Romania than in Hungary or Poland. This is after, at the end of last year, the performance indicator was in line with the regional level. As a result, the Romanian banking system was characterized with a low level of efficiency in the first semester of this year. Data published by the National Bank of Romania has shown that, in... citeste mai mult
Romania’s currency exchange rate could remain stable until the presidential elections in November
In 2009, the Romanian currency could have the lowest volatility rate yet. BCR bank analysts in Romania are expecting a steady exchange rate, at least until November, just before the presidential elections. The bank’s research department is expecting a 4.2 Lei/Euro course for 2009, 4.1 Lei/Euro for 2010 and 4 Lei/Euro for 2011. “The Romanian currency could show one of the lowest volatility rate compared to the last three years. It is very important that we avoided the... citeste mai mult
Budget cuts, in the first reading: “trimmings” on all levels
The Romanian government discussed yesterday, in its first reading, the state budget cuts and the social insurance budget, in order to adjust the national deficit from 4.6% to 7.3% of the Gross Domestic Product (GDP). “The budget cut will make adjustments in all the ministries, in an even matter, because my interest is to ensure the functioning of the state and money for investments. The staff budget cut is also taken into account, by introducing 10 days of vacation, of the... citeste mai mult
Earnings evolution in Romania after nine months of crisis –financing: +34%, budgetary: - 7%
Employees earnings from the financial intermediation, energy and insurance sectors, have recorded the most significant accession since the international crisis started to show its effects on the Romanian market. During the October 2008 – June 2009 period, the average net salary in Romania saw a 3.9 percent increase. So, if at the beginning of the fourth trimester of last year the average net salary was 1.327 Lei, at the end of the first six months of 2009 the average net salary... citeste mai mult
The IMF gives Romania a 1.14 billion dollar “bonus”
The International Monetary Fund (IMF) has granted the allocation of Special Drawing Rights (XDR) in total value of 316 billion dollars, of which Romania will receive 1.14 billion. The IMF initiated a liquidity supplementation program for all member states. This is done by increasing their money reserves, as a follow-up of the commitment the IMF made during the G20 summit in April. Through this measure, approved on the 7 th of August, the Fund will allocate Special Drawing Rights... citeste mai mult
Romania reached a 8.8% economical contraction – large companies in decline
The evolution of the recession was under analysts expectations, who estimated a drop of up to 10% for the April-June period of 2009. This is the fourth largest economical decline in the EU, after the Baltic area. Compared to the January-March interval, the decline was only 1.2%. Romania’s economy suffered a 8.8% contraction in the second trimester of this year, in contrast to the same period last year, and by 7.6% in the first semester of the year. According to analysts... citeste mai mult
Energy commerce, a business for Malls and real estate companies
Malls, real estate entrepreneurs, two industrial parks, a stock market, a paper factory and even an investment bank have licenses in the Romanian energy business sector. Ordinarily they are consumers, but they use their current supply license to resell unused energy. Nicolae Pintilie, commercial director of Statkraft Romania says that these companies are mainly consumers and they don’t produce electrical energy. “They got their license to participate in the OPCOM energy... citeste mai mult
In four months, the Romanian government has to cut its spending by 1 billion Euros
The Romanian Prime-minister Emil Boc announced a 2% increment of the pension point and free of tax reinvested profit, starting October 1 st . It has also announced it will drop the minimum tax, at least partially, starting January 1 st . By the end of the year, the Government has to reduce budget spending by 0.8% of the Gross Domestic Product (GDP), so that the national deficit does not exceed 7.3% of the GDP. “If we think there are only four months left by the end of the year,... citeste mai mult
Disaster on the Romanian real estate market: Transactions dropped 98%, up to 12 million Euros
The volume of transactions during the second trimester of this year reached the lowest level in the last 5 years. The decline is also significant for the first six months of the year in course, compared to the same period 2008. Real estate sales in the period April-June cumulated only 12 million Euros, which translates in a 98% drop when compared to last year’s period. In the second trimester of 2008, the total sum from transactions was 119 million Euros. Not even the... citeste mai mult
The Nabucco pipeline leaves 8.3% of gases and 14% of its tax profits in Romania
The Nabucco natural gas duct will infuse money in Romania in the guise of tax profits and dividends, will ensure 1.500 jobs, will actuate the Romanian industry and lower the dependency of Russian gas imports after 2014-2015. The government representatives in Romania, Turkey, Bulgaria, Hungary and Austria signed yesterday in Ankara the intergovernmental agreement to build the pipeline, which will supply Europe with natural gas from the Caspic region and the Middle East. The total... citeste mai mult
The annual inflation rate lowered to 5.86% in June because of cheaper food products
Inflation rose last month by 0.2% compared to the month of May, due to price increase in non-food products, while the annual rate decreased from 5.59% to 5.86%. Also, the National Bank of Romania (BNR) set a 3.55% inflation target for 2009 with a variation interval of one percent, and it estimates that the indicator will stop at 4.4% in December. The 0.18% foodstuff price drop in June was attributed to the price reduction in some base food products like cheese (-1.41%), eggs (-1.66%)... citeste mai mult
Romanian tourism dropped by 40% in six months, due to crisis
In the first six months of the year, tourism agencies recorded sales drop over the values estimated at the beginning of 2009. According to some sources Romanian tourism saw a staggering 40% drop comparative to the same period of last year. Overall, the most affected segment was for external destinations, especially the ones that included charter travel, where the fill rate reached only 60%. This is also the reason why the Romanian market is now full of special tourism offers , like... citeste mai mult
The EU discriminates Romania in the CEC recapitalization affair
The EU’s Competition Directorship refused to validate as legal the recapitalization initiative of one of the two Romanian banks through which the state plans to save the economy. Instead, Ireland gets, as an “incentive” to review the referendum of the Lisbon Treaty approval, the go-ahead for state aids to a similar bank, eight times larger than the funds requested by the Romanian government for CEC Bank. With a state aid of 2.5 billion RON, the Romanian state... citeste mai mult
Banks still await clarifications about the “First House programme”
The first loan contract for the “First House” programme was signed on the 8 th of July, and BRD Romania is the first banking institution which signed the first warranty convention with the Romanian state. The other credit institutions wait their turn, but not before the Warranty Fund clarifies a series of obscure points in the treaty. The Romanian government received offers from 20 banks for credits, in total value of 1.4 billion Euros, over the maximum warranty ceiling... citeste mai mult
The industry business dropped 20% since January 2009
Companies in the energetic industry recorded the most dramatic comedowns yet, recording a staggering 35% drop in turn-over. Next on the list, there are the companies in the intermediary goods industry with a 7.6% deficit and long term use goods with a significant 23.8% drop. According to the Romanian National Statistics Institute (NSI), in the first 5 months of this year, companies figures in the industry dropped by almost 20%, relative to last year. The crisis also affected the... citeste mai mult
Romanian oil companies rose the price of fuel by 40% - Romania still among the cheapest
In half a year, the price of gasoline on the Romanian market rose by almost 40%, and by 15% for diesel. Oil companies blame the international oil prices and the undervaluation of the Romanian currency. Still, even with the drastic increase, according to the Oil Buletin, gas prices in Romania are still among the cheapest in the European Union with a price 0f 0.87 Euro/liter for gasoline and 0.84 Euro/liter for diesel. The closest values to Romania’s prices are recorded in... citeste mai mult
Signs of economical rejuvenation seem to be delayed in Romania and the Balkans
Slowly but surely, Romania fell from rank regarding the investors trust in the business environment. Right now, it has indicators closer to the Baltic countries, indicating a probability of an even deeper economical crisis, the likes countries like Estonia, Latvia and Lithuania have already experienced. The Economical Sentiment Indicator (ESI) of Romania increased to 66.8 in June from 65.6 in May and April. However, since the beginning of March, the indicator values that reflect the... citeste mai mult
