RSS
Financial & Banking
Financial banking analysts warn: Import consumption lays pressure on inflation and leu depreciation
Monday, November 20, 2017
Romania’s economy presents a series of vulnerabilities in front of foreign and especially domestic threats, while growth based on consumption from import lays pressure on inflation and the depreciation of leu, members of AAFBR ( Association of Financial Banking Analysts of Romania) showed on Wednesday. “From macroeconomic perspective, Romania’s main domestic problem is promoting procyclic fiscal policies, by reducing taxes an ...
Isarescu: the committee for the accession to euro was not visited by anybody for 7-8 years
Monday, November 20, 2017
The Committee for accession to euro was not visited by anybody, although it is hosted by the National Bank of Romania (BNR) stated on Wednesday Mugur Isarescu, the governor of the Central Bank, in a conference organised by the Association of Financial-Banking Analysts of Romania (AAFBR). ‘I hear we are against the accession to euro zone. We are the only institution who has had for 7-8 years a committee for accession to the euro zone and nobody ...
National Trade Union Confederation : The Government is stealthily trying to find solutions to regulate the taxes' transfer by compelling all employers
Monday, November 20, 2017
The Government is stealthily trying to find solutions to regulate the taxes' transfer by compelling all employers, within a month, to initiate collective negotiations for the enforcement of the Tax Code provisions, informs an open letter from the 'Cartel Alfa' National Trade Union Confederation (CNS), addressed to premier Mihai Tudose. "We disavow the way the Government you are leading is acting, without any consultation with social partners and without ...
CFA disapproves of the government's decision to reduce the mandatory contribution to pillar II pension funds
Monday, November 20, 2017
The CFA Romania Society of chartered financial analysts disapproves of the government's decision to reduce the mandatory contribution to pillar II privately managed pension funds from a current 5.1 percent to 3.75 percent in 2018, arguing that the cut in relative value of the contributions leads to a significant reduction in the income of Romania's future retirees, according to a press statement released by the society. "Under this decision of the Romanian ...
Transylvania Insurance Broker, net profit of over 2.36 million lei, in the first nine months of 2017
Monday, November 20, 2017
Transylvania Insurance Broker achieved a net profit of over 2.36 million lei, in the first nine months of this year, down 22.43 pct as compared to the similar period in 2016, informs a report released on the website of the Bucharest Stock Exchange (BVB) . "The gross result at the end of the current period yielded a profit of over 2.75 million lei, down 18.18 pct as compared to the amount registered in the reference period (3.36 million lei). After deducting ...
UNIQA Romania's 9-mo pre-tax loss narrows 7% y/y
Monday, November 20, 2017
Austrian insurance group UNIQA said on Thursday its pre-tax loss from operations in Romania narrowed to 2.6 million euro ($3.07 million) in the first nine months of 2017 from 2.8 million euro in the prior-year period, seenews.com informs. Total gross written premiums from operations in Romania fell 13% year-on-year to 75.8 million euro in the January-September period, UNIQA said in its nine-month financial report. UNIQA ...
ASF licensed the share capital increase of the Bucharest Stock Exchange (BVB)
Monday, November 20, 2017
The Financial Supervisory Authority (ASF) licensed on Wednesday the share capital increase of the Bucharest Stock Exchange (BVB), following the merger with SIBEX-Sibiu Stock Exchange, reads a notice released on Thursday on BVB's website. "The Bucharest Stock Exchange Company informs that on 15 November 2017 it received from the Financial Supervisory Authority (ASF) the decision no. 1624/15.11.2017 amending the provisions of article 5 of the ASF Authorisation ...
Credit insurer Atradius enters Romanian market
Monday, November 20, 2017
Netherlands-based Atradius, the second largest provider of credit insurance in the world, is expanding its international presence with new location in Romania, a press release informs quted by romaniajournal.ro. Atradius will operate locally with a sales and account management team that has experience in credit insurance and is responsible for customer communications and support, as well as a risk analyst team, which will evaluate the default risk of ...
Fondul Proprietatea closed the first 9 months with a net profit up by almost 59 pc
Monday, November 20, 2017
For the nine-month period ended 30 September 2017, Fondul Proprietatea registered an unaudited net profit of RON 906.4 million (up by almost 59 percent year-on-year, when the net profit was RON 570.7 million), according to the data sent to Bucharest Stock Exchange (BVB) quoted by romaniajournal.ro. ”The main contribution to the profit recorded in the first nine months of 2017 was the gross dividend income, which increased due to OMV Petrom SA ...
OTP Bank Romania announces the financial results for Q3 2017
Monday, November 20, 2017
OTP Group announced the financial results for the third quarter of 2017 on Tuesday, romaniajournal.ro reports. According to the report published in Budapest, which presents the consolidated result adjusted in accordance with the Group reporting standards, OTP Bank Romania registered an after-tax profit of RON 30.8 M (EUR 6.8 M) in the first 9 months of the year, decreasing by 3% year over year. The bank returned to profit in the third quarter, ...
Raiffeisen ups profit 15% in Romania on lower provisions
Monday, November 20, 2017
Austrian group Raiffeisen recorded a net profit of EUR 74 million in Romania between January and September this year, up EUR 10 million compared to the same period last year, romania-insider.com reads. The higher net profit mainly came from exceptional revenues classified as “other results” worth EUR 22 million. The bank managed to remove several risk provisions, including those related to the ...
KPMG advised Electrica on its RON 752 mn acquisition from Fondul Proprietatea
Monday, November 20, 2017
KPMG recently advised Electrica, the largest electricity distribution and supply operator in Romania, on its acquisition of a 22% stake in its subsidiaries from Fondul Proprietatea a statement sent to ACTMedia informs. The transaction is the most attractive investment opportunity Electrica has had in the past three years and supports the implementation of the Group’s strategy. KPMG assisted Electrica as M&A and ...
Romanians working abroad sent EUR 2.45 bn in the country last year, a record since 2010
Monday, November 20, 2017
The inflows of personal transfers in Romania in 2016 from those working abroad reached EUR 2.45 billion, the highest level since 2010 and the fourth highest in the EU, Eurostat, the statistical office of the European Union informs quoted by romaniajournal.ro. Romanians in the diaspora sent 12.5 percent more money in the country than in 2015, when the amount of transfers was EUR 2.17 billion. The amounts sent last year are equal to those in 2010, but ...
NBR Board decisions on monetary policy
Monday, November 13, 2017
In its meeting of 7 November 2017, the Board of the National Bank of Romania decided the following: to keep unchanged the monetary policy rate at 1.75 percent per annum; to narrow the symmetrical corridor of interest rates on the NBR’s standing facilities around the policy rate to ±1.00 percentage points from ±1.25 percentage points. Thus, starting 8 November ...
Romania's annual inflation speeds up to 2.6% in Oct
Monday, November 13, 2017
Romania's annual consumer price inflation accelerated to 2.6% in October, from 1.8% in September, the national statistical office, INS, said on Friday, seenews.com informs. Food prices rose 3.52% year-on-year in October, while non-food prices were up 3.26%, INS said in a statement. Prices in the services sector decreased by 0.33% year-on-year in October. On a monthly comparison basis, Romania's consumer ...
UniCredit group sees higher profit in Romania
Monday, November 13, 2017
Italian financial group UniCredit recorded a EUR 69 million net profit in Romania in the first nine months of this year, up 7% over the same period of last year, romania-insider.com reads. The group’s operational revenues stood at EUR 278 million, slightly lower than in the same ...
Eurobank to sign deal on sale of Romanian units to Banca Transilvania at end-Nov
Monday, November 13, 2017
Greece's Eurobank Ergasias [EUROB:ATH] said on Friday that it expects to sign the deal on the potential sale of its subsidiaries in Romania to Cluj-based Banca Transilvania (BT) at the end of November, seenews.com informs. Eurobank (ERB) and BT have been pursuing exclusive negotiations since mid-September as regarding the potential sale of Bancpost, ERB Retail Services IFN and ERB Leasing IFN in Romania. "During the last few ...
ING Romania – profit of RON 391 M in Q3, up by 35 pc
Monday, November 13, 2017
After the 9 months of 2017, ING Romania reports a profit before tax of RON 459 million, mainly due to a strong development of the portfolio, healthy risk levels and an increase in number of clients, a press release informs. Excluding the one off effect of the sale of Visa shares at nine months in 2016, the profit before tax in 9-mo 2017 is RON 117 million higher than the same period last year, which was reported at 342 million RON. ...
EC: Romania’s GDP to grow by 5.7 pc in 2017; government deficit, projected to increase to 3.9 pc of GDP
Monday, November 13, 2017
European Commission (EC) has revised Romania’s growth and deficit forecasts upwards in 2017 and 2018, warning that the growth is set to decelerate but remain above poten?ial, romaniajournal.ro reads. Thus, according to its Autumn Forecast released today, Romania’s GDP is forecast to grow by 5.7 percent in 2017, 4.4 percent in 2018, and 4.1 percent in 2019. Private consumption is projected to decelerate in 2018, as inflation increasingly ...
Shares of Sphera Franchise Group start floating on BVB
Monday, November 13, 2017
The Bucharest Stock Exchange (BVB) has significantly expanded its representativeness this year, romaniajournal.ro reads. The newest company on the local capital market is Sphera Franchise Group whose shares started trading today, under SFG symbol. The company, which manages restaurants under the KFC, Pizza Hut and Taco Bell brands, becomes the first listed foodservice operator on BVB, a press release informs. “The listing of Sphera Franchise ...