Business Review

The credit rating of Societe Generale and Credit Agricole was cut by Moody's due to their exposure to Greek debt. Credit Agricole was cut from Aa1 to Aa2 and Societe Generale from Aa2 to Aa3.

Ovidiu Posirca

The commercial trade between Romania and Poland totaled EUR 2.73 billion in 2010, and is set to reach EUR 3 billion this year, according to Agerpres newswire, that quotes Marek Szczygiel, the Polish Ambassador in Romania.

Ovidiu Posirca

Representatives of the American Chamber of Commerce in Romania (AmCham) and the Foreign Investors Council (FIC) have announced today, in a press conference, the results of a proposal package for changes in the fiscal code, fiscal code procedures and customs procedures and regulation.

Ovidiu Posirca

Romania is vulnerable to risk contagion from the Eurozone, due to exports and capital inflows, according to Agerpres newswire, that quotes BCR chief economist, Lucian Anghel. This statement was made during the launch of the bank's quaterly report "Romania - The difficult road to stable growth". This year, BCR forecasts that the economy will gain 1.4 percent of GDP, while 2012 should see the economy increase by 2.9 percent

Ovidiu Posirca

The stocks of Fondul Proprietatea (FP) will be included in three of the regional indexes of Vienna Stock Exchange. The decision was made today by the Index Committee of the Vienna Stock Exchange.

Ovidiu Posirca

Steven and Nuria Gimeno Ausnit, heirs of Max Ausnit, founder of Titan Nadarg Calan metallurgical factories, argue that Romania does not hold enough shares in the Proprietatea Fund to compensate entitled persons, as the current stake that Romania holds through the Ministry of Public Finance will soon exhaust.

Ovidiu Posirca

The Russian Sberbank and the shareholders of Volksbank International (VBI) have signed a definitive agreement for the acquisition of 100 percent of VBI by Sberbank. The transaction parameter does not include VB Romania, VBI’s banking subsidiary in Romania.

Ovidiu Posirca

Romania has been ranked 77 out of 142 countries in the 2011-2012 Global Competitiveness Index Report issued by the World Economic Forum (WEF). Romania lost 10 positions from the previous report. According to WEF, competitiveness is defined as the set of institutions, policies, and factors that determine the level of productivity of a country.

Ovidiu Posirca

The National Romanian Bank is planning to supplement the regulation concerning the share of retail and corporate loans in foreign currency, through a draft regulation package that is under public debate until September 20. This will also impact the consumer loans in foreign currencies that are not protected from the currency exchange risks.

Ovidiu Posirca

The Listing Committee at the Bucharest Stock Exchange (BVB) issued favorable notices for trading start of the shares issued by adidas AG and SAP AG on the international tier of ATS, the alternative trading system of the BVB.

Ovidiu Posirca