H&M To Come Into The Romanian Market
Real estate adviser Krammer & Wagner says that the Swedish clothing company H&M (Hennes&Mauritz) is in negotiations for the lease of retail spaces in Bucharest, maybe moving into the Romanian market as soon as next year or in 2012. The real estate consultant Krammer & Wagner is spearheading the leasing negotiations for Militari Shopping Centre.
Investors From Germanny And Austria Show A Strong Interest In Romanian Eurobonds
Bogdan Dragoi, secretary of state in the Ministry of Finance in charge of the Treasury says that the 1 billion-euro eurobonds launched on Thursday in Romania generated very strong interest from investors in Germany and Austria. Deutsche Bank, HSBC and EFG Eurobank, banks that handled the bond issue, received significant subscription offers from the US and the UK (35%, many of them offshores), while investors in Germany and Austria amounted to 30%.
Baneasa IKEA Store Sold For 30 Million Euro
The owner of the shopping complex Baneasa, in northern Bucharest, Businessman Puiu Popoviciu, sold the only IKEA store in Romania to the Swedish group IKEA, for 30 million Euro. Puiu Popoviciu owns IKEA franchise in Romania, bought in 2007 for 25 million Euro.
Zoltan Major,UniCredit Retail Head: The End Of 2010, RON Loans May Be Seen With One-digit Interest Rates
Zoltan Major, UniCredit Tiriac Bank executive vice-president of in charge of retail estimates that this year may finally bring one-digit interest rates for RON-denominated loans. He considers loans to the individual clients will not advance by more than 5-6% this year after the market should stagnate in the first six months amid clients' still weak demand given people's feeling of uncertainty.
The Number Of Foreign Made Medicines Exported From Romania Put Up For Resale Doubled In 2009
Last year, as a result of measures applied by Romania’s Health Ministry, the number of medicines produced by pharmaceutical companies and bought from Romania by foreign medicine distributors, at lower prices, to be re-sold in other European countries has doubled for a second consecutive year. Research company IMS Health Romania general manager Corina Ciolan declared that the evolution of parallel exports depends on the measures competent authorities will apply in the upcoming period.
Account Deficit Dropped In January 73.2 %
According to data issued by the National Bank of Romania (BNR), the current account deficit dropped in January by 73.2 % to EUR 123 M compared to the same month last year. The current account deficit was financed entirely through foreign direct investments that totaled EUR 302 M. At the end of January the BNR reserve was equivalent to 10.3 months of imports of goods and services, in contrast to 8.6 months at the end of December 2009.
Romanian Banks - Highest Salaries
Even with the recession and salary fund adjustments, in December there were ten banks which paid more than 1,300 euros per employee. The employees of the foreign bank branches are among the highest-paid bankers in Romania, with netaverage incomes higher than the banking system average, which stood at 3,760 RON (895 euros) / employee in December 2009.
Adriean Videanu: Economy In Romania Will Resume Growth In Upcoming Months
The economic data registered in the past four months indicates that "Romania's economy will resume growth in the upcoming months", said on Saturday Adriean Videanu, Romania’s Economy, Commerce and Business Environment Minister. Also, Romania is stepping toward "a relauch of its industrial output," which will further revive the local services sector. On March 10, Standard & Poor's Ratings Services raised its outlook on Romania to stable from negative.
In January Romania Has Been Registered As Fourth-highest Industrial Annual Output Growth
According to Eurostat (European Communities Statistics Office), Romania posted in January the fourth-largest increase in industrial production EU-wide. The country’s industrial output rose 6.8 % in January of this year against January 2009, against an EU average of 1.5 %. The top-three growth rates were recorded by Malta (14.3 %), Poland (11 %) and the Czech Republic (8 %).
Property Restitution In Romania – A Very Slow Process
In its Human Rights report on Romania, the U.S Department of State said that the restitution process continued to be very slow during the year, and the majority of restitution cases remained unresolved. The law allows for property restitution and establishes fines for officials who hinder the process, providing for a Property Fund of approximately $4.8 billion to compensate owners of properties that cannot be returned in kind. The Fund was not listed on the stock exchange, shares were not traded on the stock exchange, but on the gray market at artificially low prices.
