Business Review

Proprietatea Fund has called for an Extraordinary General Shareholders Meeting at Hidroelectrica and Nuclearelectrica, respectively, in order to request the shareholders' approval for the listing of the two companies on the Bucharest Stock Exchange (BVB). The meeting should take place within 60 days from the requests submitted by Fondul Proprietatea.

Ovidiu Posirca

Viena Insurance Group, which controls 4 companies in Romania, has seen the volume of written premiums slightly increase by 0.6 percent, from EUR 274 million in the first half of 2010 to EUR
275 million.

Ovidiu Posirca

In the first semester of 2011, Generali Insurance reported a net profit of RON 9.7 million.  The Life segment has increased by one percent in the first half of 2011, reaching RON 46 million for gross written premiums. 

Ovidiu Posirca

According to official data from Eurostat, EU annual inflation was 1.9 percent in July 2011, down from 3.1 percent in June. A year earlier the rate was 2.1 percent.

Ovidiu Posirca

The leading 15 European banks made collective profits of EUR 85 billion in 2010, double the amount recorded in 2009 and up from losses of EUR 25 billion in 2008, according to a new report on European banking from KPMG.

Ovidiu Posirca

Carpatica Bank’s operating income decreased by 25 percent, from RON 107 million, to RON 78 million. Net interest income increased slightly to RON 49 million, from RON 48.6 million in the first half of 2010. Net commission income declined by 25 percent, from RON 22.2 million in the first half of 2010, to RON 16.6 million.

Ovidiu Posirca

Foreign direct investments (FDI) decreased year-on-year from EUR 2.28 billion in the first half of 2009 to EUR 1.83 billion in the first semester of 2010. This year, official data from the central bank show a further drop in FDI to EUR 1.01 billion.

Ovidiu Posirca

Bucharest Stock Exchange (BVB) registered a 28 percent increase in net turnover, from RON 8.5 million in the first half of 2010 to RON 10.9 million. This gain was attributable to a 43 percent increase in the turnover of shares and fund unit markets (including DEAL trades) up to RON 5,804 million, from RON 4,067 million in the first half of 2010.

Ovidiu Posirca

The Romanian Oltchim chemical company has issued a statement announcing cost containment measures for August. Output will be cut to 30 percent of installed capacity because it can't finance its working capital.

Ovidiu Posirca

Romania's central bank expects annual inflation to slow down to 4.6 percent, according to Agerpres newswire.  The central bank had previously estimated a 5.1 percent annual inflation at the end of 2011.

Ovidiu Posirca