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Financial & Banking

Central Banks Watch: ECB, India, Romania and Iceland to Set Rates, Bernanke, Draghi in Focus

Monday, September 29, 2014

 Rate decision by the European Central Bank is the only major central bank event from the G10 in the week to 3 October, and the consensus is for no change in rates this time as the bank is likely waiting for the outcome of the recent easing.The market will be keen to listen to the Reserve Bank of India as well, as the call for a rate cut has been stronger after ...

BERD analyses the loan of 30 million euro for Raiffeisen Leasing

Monday, September 29, 2014

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 The European Bank for Reconstruction and Development (BERD) analyses the loan for Raiffeisen Leasing worth 30 million euro, destined to the financing in leasing of small and medium-sized companies. The first loan in lei offered by BERD to a leasing company will improve the availability of funding on long term in lei in Romania, contributing to the sustainable development of the leasing market in national currency, a BERD press release shows. Raiffeisen ...

Teodorovici: CEC Bank or Eximbank will become development bank

Monday, September 29, 2014

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One of the two state banks CEC Bank or Eximbank will become development bank to be partner of the state as regards the financing of European projects, as well as for economy, says the minister of European Funds, Eugen Teodorovici.The minister of European Funds stated on Friday in Suceava in a meeting with the mayors in the county, that the problem of ensuring co-financing for the projects ongoing of the local authorities is important for drawing European ...

Vienna Initiative calls for an action plan to deal with NPLs in central and south-eastern Europe

Monday, September 29, 2014

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* Fostering an effective framework for NPL restructuring and resolution   Participants at a workshop of the Vienna 2 Initiative have called for decisive, timely and targeted action to address non-performing loans (NPLs) in central and south-eastern Europe (CESEE), while taking note of recent progress in some jurisdictions from NPL sales and write-offs, a press release ...

A third of Romania's active population, involved in activities generating gross added value

Monday, September 29, 2014

Only one third of Romania's active population is involved in activities generating gross added value, which is a modest outcome, on Wednesday told a specialty conference Tiberiu Negulescu, senior manager with Deloitte. 'Barely 30 pct of the active population of Romania is involved in activities that generate gross added value. It is ...

MinFin presented, in Houston, investment opportunities in Romania for foreign businessmen

Monday, September 29, 2014

Minister of Public Finances, Ioana-Maria Petrescu, has presented, in Houston, at the World Affairs Council conference, investment opportunities in Romania for foreign businessmen, showing that the priority of her mandate is creating an incentive fiscal framework, appropriate for developing businesses and raising the ...

Reuters: Romania's Fondul finalises London secondary listing paperwork

Monday, September 29, 2014

Romanian restitution fund Fondul Proprietatea said on Tuesday it has finalised the paperwork needed for a secondary listing in London and is now waiting approval from the European Union state's financial regulator, Reuters informs. Fondul, set up to compensate Romanians whose assets were ...

The Bucharest Stock Exchange launched a new index - the BET Total Return (BET-TR)

Monday, September 29, 2014

The Bucharest Stock Exchange /BVB/ launched, on Monday, a new index - the BET Total Return (BET-TR) - that will increase the attractiveness of the local capital market to foreign investors, the BVB representatives announced at the official opening of the trading ...

The high yield of dividends, an advantage for the Romanian market promotion

Monday, September 29, 2014

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The high yield of dividends paid by the companies listed at the Bucharest Stock Exchange (BVB) are an advantage for the Romanian market, and BVB introduced a new index to reflect this, which could be a useful instrument to promote the local market among corporate investors, BVB General Manager Ludwik Sobolewski told Agerpres in an ...

Monetary indicators - August 2014

Monday, September 29, 2014

At end-August 2014, broad money (M3) amounted to RON 242,793.9 million, up 0.9 percent month on month. In year-on-year comparison, broad money rose 5.6 percent (4.8 percent in real terms). Table 1. Monetary aggregates* ...

AXA: the contract regarding the sale of operations in Romania to Astra stopped

Monday, September 22, 2014

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 The contract for the sale of insurance operations AXA Life Insurance Romania to Astra Asigurari stopped, the French group is going to evaluate the strategic options regarding operations in Romania, announced the AXA subsidiary in Romania. ‘The contract for the sale of insurance operations AXA Life insurance Romania to Astra Asigurari announced on 29 November 2013 stopped. AXA continues to evaluate the strategical options, taking into consideration the ...

SIF net assets reached 6.6 billion lei at the end of August 2014

Monday, September 22, 2014

The cumulated level of the five Financial Investments Companies (SIF) net assets reached 6.6 billion lei at the end of August 2014, by 1.2 pct smaller than the one recorded in the previous month and 0.4 pct higher in 2014, according to data released on Friday by the Funds' Administrators Association (AAF) of ...

ANAF wants to increase the storage and processing capacity of the infrastructure of data centers

Monday, September 22, 2014

The National Tax Administration Agency (ANAF) wants to sign a contract for the purchase of hardware with basic software and management utilities, including attached installation and setting services in order to increase the storage and processing capacity of the infrastructure of ANAF data centers, according to a participation announcement posted on ...

Bank of Cyprus completes sale of its assets in Romania

Monday, September 22, 2014

Bank of Cyprus(BoC) has completed the sale of its assets related to Societatea Companiilor Hoteliere Grand S.R.L. (“GHES”), a limited liability company incorporated in Romania and owner of the JW Marriott Bucharest Grand Hotel to STRABAG SE, an Austrian stock company.According to an announcement issued here today by the Bank, the sale consideration is €95 mn, with the proceeds of the sale enhancing the Bank’s liquidity position. ...

Banks repay bailout loans to ECB, hurting lending to businesses

Monday, September 22, 2014

European Central Bank (ECB) plans to bolster lending to business were dealt another setback on Friday after banks decided to repay billions of euros of cheap ECB credit, sapping money available to lend to business.The news came a day after the central bank's fresh offer of up to €400 billion of low-cost loans fell flat, casting doubt on its plans to shore up the eurozone's faltering economy.   On Friday (19 ...

ECB invites banks to tap new funds it hopes will help envigorate eurozone

Monday, September 22, 2014

The European Central Bank invited banks on Tuesday (16 September) to bid for a fresh round of long-term loans it hopes will stimulate lending to businesses and reinvigorate the eurozone economy, but which may see only modest take-up.   The programme is a key plank of ECB efforts to stave off the threat of deflation and breathe life into the eurozone economy, which stagnated in the second quarter.At 0.3%, inflation is ...

Romania’s PM Ponta says cut in social insurance contributions to help job creation

Monday, September 22, 2014

Prime Minister Victor Ponta said that the reduction of social insurance contributions (CAS) paid by employers by 5 percentage points will support the creation of new jobs and the decrease of the informal labor market, reports Mediafax newswire.   The cut of the CAS was approved on Thursday evening by President Traian Basescu, who cautioned this measure will widen the deficit of the pensions budget by RON 5 billion to RON ...

EU Budget 2015: EPP Group urges the Council to reverse its position

Monday, September 22, 2014

“A sum of €23.4 billion was transferred to this year’s budget as it was left unpaid in 2013. We foresee tens of millions of Euros, due at the end of 2014, which will need to be carried over to 2015. This is the money which universities, Erasmus, SMEs and local authorities depend upon. These are implemented projects and programmes in Member States whose bills have not been paid! The 2015 budget must be credible and respect the Treaties. In this sense, we ...

EIB lends Moldova EUR 120 mln for farming investments

Monday, September 22, 2014

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The Republic of Moldova will receive a EUR 120 million loan from the European Investment Bank (EIB) for SMEs and micro enterprises active in the horticultural sector, EIB representatives announced today. Easier access to finance is expected to improve the sector’s competiveness and product quality and to facilitate exports.   The project is ...

Certasig estimates less than 10 percent of public events in Romania are insured

Monday, September 22, 2014

James Grindley, CEO of Romanian insurer CertAsig, estimates that less than 10 percent of public events in Romania and Bulgaria, including concerts, shows and congresses are insured.These events run various risks including bad weather, damage to the event venue and or even injury to employees or members of the public.   “CertAsig has recently insured a number of events where the organizer ...

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