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Financial & Banking

Insurance market in Romania drops by 6.8% in first semester

Monday, September 15, 2014

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The insurance market dropped by 6.8% in the first semester of 2014 in Romania compared to the same period of 2013 and amounted to 3.97 billion lei, according to data published by the Authority of Financial Supervision on Thursday.The value of gross premiums subscribed in the period January-June 2014 represents 1.42% of GDP, dropping from 1.61% in ...

EIB granting EUR-100-million loan to CEC Bank Romania

Monday, September 15, 2014

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The European Investment Bank (EIB) is granting a 100-million-euro loan to CEC Bank Romania to co-finance projects to be carried out by SMEs, mid-caps and public sector companies in the industrial and services sectors, including tourism and infrastructure, EIB reported in a press release issued on ThursdayEIB Vice-President responsible for lending operations in Romania Mihai Tanasescu stated: 'EIB funds, intermediated through CEC Bank, a well-established partner ...

Bucharest Stock Exchange trading system to be separated from settlement from October 6

Monday, September 15, 2014

The trading system will be separated from the post-trading one (settlement) as of October 6, 2014, the Bucharest Stock Exchange (BVB) informs. 'The Financial Supervisory Authority (ASF) gave its go-ahead on Wednesday regarding the date of October 6, 2014 as the date of taking effect of the amendments to the Code of BVB - market operator on separating the trading system from the post-trading one,' reads the release. ASF approved the amendments to the ...

MFP draws up new aid scheme, with budget of 600 mln euros

Monday, September 15, 2014

The Ministry of Public Finance /MPF/ has drawn up a new aid scheme which promotes regional development through supporting investments, with a top budget of 2.7 billion lei, equivalent to some 600 million euros, according to a draft Government decision posted on the MFP website. The maximum annual budget of the scheme is 450 million lei, equivalent to around 100 million euros, and the estimated total number of businesses that are to benefit from state aid under the ...

Companies with at least 250,000 euro market value to list on BVB on alternative platform

Monday, September 15, 2014

The companies with a market value of at least 250,000 euros, will be able to list on the Bucharest Stock Exchange (BVB) on an alternative trading platform to be operational by the end of the year, provided they list at least 10 percent of shares, BVB Managing Director Ludwik Sobolewski announced on Wednesday.To this end, BVB forged partnerships with the Association of Romanian IT Software and Services Industry Employers (ANIS) for listing IT companies and with GEA ...

Getin Holding completes acquisition of VB Leasing Romania

Monday, September 15, 2014

Getin Holding completed Tuesday the transaction whereby it acquired VB Leasing Romania IFN and VB Leasing Poland from Austria’s VB-Leasing International Holding, after getting the approval of Romania’s Competition Council the same day. Getin Holding said on Friday it will pay VB-Leasing International (VBLI) 225.5 million zlotys for two units in Poland and Romania, more than it had previously estimated, writes ...

Reuters: Romania's bourse to lower trading fees from Oct. 1

Monday, September 15, 2014

The Bucharest Stock Exchange will lower trading fees for transactions with shares, fund units, rights, ETF and structured products on the Regular and Odd Lot ...

Romania must have European legislation in area of capital market (ASF)

Monday, September 15, 2014

Romania must have, in a few years, European legislation in the area of capital market, and in order to meet this objective 'sweeping the secondary legislation' is a step that is more than necessary, said, on Tuesday, Mircea Ursache, Vice President of the Financial Supervisory Authority (ASF), on the occasion of the third edition of the conference 'Financing through Capital Market,' organized by the Bursa daily. 'The role of the Financial Supervisory Authority is ...

Reuters: Romania parliament defies president, IMF, to approve tax cut

Monday, September 15, 2014

The Romanian parliament's lower house approved a cut in employment taxes on Tuesday, going against the advice of the president and the IMF two months before a presidential election in the EU's second-poorest state. The leftist government of Prime Minister Victor Ponta first approved the 5 percentage point cut in social security contributions for employers in June to spur ...

Raiffeisen Asset Management, H1 gross profit of 14.8 mln lei, up 50%

Monday, September 15, 2014

Raiffeisen Asset Management /RAM/ saw, in H1 2014, a gross profit of 14.8 million lei, by 50% higher than the level of 9.7 million lei recorded in the same period in 2013, according to a press release issued last week.In the said period, the company earned revenues from the management of investments of 33.7 million lei, up from 24.5 million lei in the same period last year. 'The company's results reflect both the increase in workload by increasing the ...

Balance of payments and external debt - July 2014

Monday, September 15, 2014

According to Central bank data, in January - July 2014p, the balance-of-payments current account posted a deficit of EUR 781 million compared with a surplus of EUR 92 million in the same year-ago period, amid the widening of primary income and goods deficits (by EUR 1,040 million and EUR 252 million respectively) and the narrowing of the secondary income surplus (by EUR 308 ...

NBR's International Reserves, August 2014

Monday, September 8, 2014

On August 31st 2014, National Bank of Romania’s foreign exchange reserves stood at EUR 30,875 million, compared to EUR 30,908 million on July 31st 2014. During the month, the following flows have taken place: EUR 1,128 million inflows, representing changes in the foreign exchange ...

Banks cut deposit interests, offer more expensive leu-funding to firms

Monday, September 8, 2014

The interests applied by the commercial banks to the deposits were down in this July from the prior month both for the national leu currency and euro, while the new leu-term funding has become more expensive, particularly when aimed at the firms, show figures released by the National Bank of Romania on Tuesday.For the leu deposits that are in balance, the crediting institutions cut the interests by 0.1 percentage points, so that they reached an average 2.94 ...

Piraeus Bank Romania first half gross profit at EUR 6.4 mln on lower risk cost

Monday, September 8, 2014

The gross profit of Piraeus Bank Romania amounted to EUR 6.4 million in the first half of this year, sustained by a contraction in the portfolio of non-performing loans and the reduction of provisioning costs for bad ...

Orange Romania promotes MoneyGram service

Monday, September 8, 2014

Orange Romania launched a promotion whereby residential postpaid customers or users of Orange PrePay cards who use the MoneyGram transfer service in Orange stores receive 50 international minutes on their Orange telephone number.   The promotion is available until 30 September. The bonus is awarded within 5 working days from the date of the ...

Tax Fraud could be Draining the Potential from the Romanian Economy

Monday, September 8, 2014

Currently, tax evasion is estimated to be one of the biggest issues that has begun to break down the heart of Romania's economy, holding back the country and ensuring it remains steadily in place as one of the poorest places in the European Union.   The estimated costs of the undeclared economy are considered to be huge, and approximately a ...

Insurance companies push forward with European investment

Monday, September 8, 2014

Investment by insurance companies in Europe grew by 3.2% in 2013. However, the sector fears that long-term investments may be adversely affected when tighter prudential regulations come into force in 2016. Insurance is a thriving sector in Europe. In 2013, investments by insurers represented 8,500 billion euro, an increase of 3.2% on the previous year, according to ...

Central Europe banks need to improve transparency

Monday, September 8, 2014

By Laura Noonan and Marton Dunai , Reuters/London/Budapest Banks in central and eastern Europe risk missing out on beneficial foreign investment if they fail to step up efforts to provide clearer information about their financial health. The region has gained a reputation as one of the European banking ...

Romania mulls reduction of VAT on certain products

Monday, September 8, 2014

  Following a VAT cut in bakery products, the Romanian government is considering a similar reduction for other products as well, given that the former measure was a fiscal success. Last year, the government cut the 24% VAT for bread, flour and wheat to 9% in an efforts to combat tax evasion. The negative impact of this measure on budget returns was compensated for by an increase in excise ...

Former executive Goldman Sachs, interested by Banca Carpatica

Monday, September 1, 2014

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  The investment fund JCFlowers, set up by a former partner and executive to Goldman Sachs competes with AnaCapand Axxess Capital to enter into the shareholding of the Banca Comerciala Carpatica whose manager opts for merger with another banking institution, according to several sources, says ...

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