English

Romanian Ctrl Bk: Stimulating Consumption, Bad Idea For Economy

11:45, 23 Feb. 2011
Romania’s economic growth should be based primarily on local production, rather than consumption, central bank governor Mugur Isarescu said Wednesday.

Foreigners Prefer To Buy Properties In Romania, Rather Than Rent Them – Survey

11:24, 23 Feb. 2011
Foreigners have started buying luxury residential properties in Romania rather than rent them, as real estate prices have gone down over the past two years, according to real estate agency Vission House.

Romania OMV Petrom Considers Paying Dividends From 2010 Profit

09:47, 23 Feb. 2011
OMV Petrom (SNP.RO), Romania’s largest oil company, Wednesday proposed paying dividends to its shareholders from the 2010 profit, following good financial results.

Romanian OMV Petrom Switches To RON779M Profit In Q4/2010

09:17, 23 Feb. 2011
Romanian leading oil company OMV Petrom (SNP.RO) Wednesday said it switched to a net profit of 779 million lei (EUR1=RON4.235) in the fourth quarter of 2010, fueled by higher prices for crude oil and increased sales.

Ten More Romanian Border Police Officers Placed Under Arrest

08:35, 23 Feb. 2011
The Bucharest Court of Appeals has issued 29-day preventive arrest warrants for ten more border police officers from Albita customs in eastern Romania detained Monday on charges of bribe taking and cigarette smuggling.

Romanian IT Exports Up 10% In 2010, To EUR500M

16:19, 22 Feb. 2011
Romanian exports of IT products and services grew 10% in 2010, to around EUR500 million, said Valerica Dragomir, executive manager of the Software and Services Industry Employers' Association (ANIS).

Romanian Tax Authority To Start Checking High Wealth Individuals In 2012

14:40, 22 Feb. 2011
Sorin Blejnar, head of Romanian tax authority ANAF, said there will be a major investigation into high wealth in the second half of next year, although some controls may be carried out in 2011.

Romanian President Calls For Evaluation Of Interior Ministry Staff, Eliminating Corruption

14:26, 22 Feb. 2011
Romanian President Traian Basescu said Tuesday the Interior Ministry’s reorganization must start with the evaluation of the institution’s central and local chiefs.

Court Rules To Halt Insolvency Procedures Against Romanian Airliner Blue Air

14:08, 22 Feb. 2011
The Bucharest Court has halted insolvency procedures for low-cost Romanian airliner Blue Air, the company said Tuesday.

Romanian Opposition To Submit No-Conf Motion Over Labor Laws

12:45, 22 Feb. 2011
Romanian opposition social democrats and liberals will submit a no-confidence motion against the Government if the latter decides to pass the new Labor Code into legislation through a confidence vote in Parliament, Social Democratic Party leader Victor Ponta said Tuesday.

Romanian Court Places 15 Border Police Officers Under Arrest

10:39, 22 Feb. 2011
The Bucharest Court of Appeals has issued 29-day preventive arrest warrants for 15 of the 30 border police officers from Albita customs in eastern Romania detained Monday on charges of bribe taking and cigarette smuggling.

Romanian Unions To Start Protests Against Labor Code On February 28

19:28, 21 Feb. 2011
Romanian unionists are calling for a general strike to start on the day President Basescu receives the draft Labor Code and Social Dialogue Code, and will organize local protests starting with February 28.

Romanian President Warns Unsolved Corruption Cases Mean Unfavorable EC Report

18:25, 21 Feb. 2011
Romanian President Traian Basescu told a news conference Monday that, if the country fails to make progress in solving high-level corruption cases, the report on justice the European Commission will release this summer will be negative.

Romanians Can Apply For Micro-Business Start-Up Aid As Of Tuesday

16:52, 21 Feb. 2011
Romanians younger than 35 who want to start a micro-company can submit business plans starting Tuesday to a program supporting young entrepreneurs, and receive up to EUR10,000.

Romanian PM Says New Labor Laws Don’t Repeal Collective Work Contracts

12:04, 21 Feb. 2011
Romanian Prime Minister Emil Boc said Monday collective work contracts are not repealed through the country’s new Labor Code and will be regulated by a separate law.

Romanian Ruling Coalition Pushes For Confidence Vote To Adopt Labor Code

12:04, 21 Feb. 2011
Romanian ruling coalition leaders propose that the Government should seek lawmakers’ confidence vote to adopt new labor legislation, Prime Minister Emil Boc said Monday, adding the matter will be discussed with ruling parties’ MPs.

Fifty-Three Border Police In E Romania Brought In For Questioning

10:23, 21 Feb. 2011
Fifty-three border police officers, including the head of the local border police, from the Albita border crossing point in eastern Romania were taken in for questioning Monday following raids at the customs point and suspects’ homes.

Romanian Authorities Raid E Romanian Customs Point

08:23, 21 Feb. 2011
Romanian authorities raided Monday morning homes and offices of border police and customs workers in Albita customs, eastern Romania, where dozens are suspected of bribe taking and cigarette smuggling.

Romania’s New Labor Code To Create More Flexible Labor Mkt – PM

16:11, 20 Feb. 2011
Romania’s new Labor Code will create a more flexible labor market and will help Romanians find a job faster, Prime Minister Emil Boc said Sunday.

Romanian Housing Prices Down 10% In Jan ‘09-Sep ’10

13:45, 20 Feb. 2011
Romanian house and apartment prices dropped some 10% between January 2009 and September 2010, according to data released by the national statistics institute INS.

Romanian Subway Co Metrorex Awards Contract For Subway Sector Construction

13:42, 20 Feb. 2011
Romanian state-run subway company Metrorex awarded a EUR215 million construction contract for the Raul Doamnei-Hasdeu sector of Bucharest’s new subway mainline to a consortium made up of Astaldi (Italy), FCC (Spain), Delta ACM and AB Construct (Romania).

Romanian Govt Expects To Collect About RON2B From Car Pollution Tax In ’11

13:37, 20 Feb. 2011
The Romanian Government expects to collect about 2 billion lei (EUR1=RON4.2493) from the car pollution tax this year, up RON437.5 million compared to the sum estimated to have been collected in 2010 and triple compared to that collected in 2009.

Romania January Car Sales Up 16% On Year To 4,399 Units

17:33, 18 Feb. 2011
Romanian new passenger car sales rose 16% on the year, to 4,399 units in January, the Automotive Manufacturers and Importers Association, or APIA, said Friday.

EC Notes Romania’s Progress In Investigating High Level Corruption

15:33, 18 Feb. 2011
The Romanian Anticorruption Department (DNA) maintained “its convincing track record in investigating high level corruption”, but high-level corruption cases have seen little movement in court, according to the European Commission's interim report on Romania’s progress under the CVM.

Romania’s Romtelecom, Cosmote Could Merge Ahead Of Listing – Min

15:15, 18 Feb. 2011
Romania’s largest fixed line telephony operator Romtelecom and mobile telecom company Cosmote Romania could merge before the state starts procedures to list a 46% stake in Romtelecom on the Bucharest Stock Exchange, IT&C Minister Valerian Vreme said Friday.

Romanian Transport Min Says Cernavoda-Constanta Hwy Works To Be Completed Next Year

15:11, 18 Feb. 2011
Romanian Transport Minister Anca Boagiu said Friday the Cernavoda-Constanta segment of the Bucharest-Constanta Highway will be completed next year but the section will be open for traffic this year.

Romanian Union Leader Says New Labor Code Legalizes Slavery, Calls For Protests

14:48, 18 Feb. 2011
Romanian Cartel Alfa union leader Bogdan Hossu said Friday changes in labor legislation allow a new form of slavery, as employers may operate collective layoffs anytime and hire new people the next day.

EC Report Notes Romanian Parliament Blocked Investigation Of Fmr Minister, MP

14:44, 18 Feb. 2011
The European Commission's interim report on Romania's justice sector mentions the Parliament blocking the investigation of former minister Monica Iacob Ridzi and MP Dan Pasat, and its decision to reduce the National Integrity Agency's budget, citing budget constraints.

EC Report Notes Positive Effects Of Romania’s Amended Constitutional Court Law

14:33, 18 Feb. 2011
The European Commission’s interim report on Romania’s justice system, released Friday, noted improvements in speeding up trails by amending the law on the country’s Constitutional Court.

Romania Should Focus On Strengthening General Anti-Corruption Policy – EC Report

14:26, 18 Feb. 2011
Romania should focus on measures improving the celerity of high-level corruption trials and strengthening general anti-corruption policy until the European Commission's next assessment, according to the EC’s interim report on Romania’s progress under the Cooperation and Verification Mechanism.

Romania Must Prepare For Effects Of New Legal Codes – EC Report

14:07, 18 Feb. 2011
The European Commission's interim report on the Cooperation and Verification Mechanism says Romania's main challenge regarding judicial reform in the coming months "will be to prepare successfully for the entry into force of the four new codes."

Archaeological Digs Hinder Progress On Romanian Cernavoda-Constanta Hwy – PM

13:55, 18 Feb. 2011
Romania's Government is having some problems with the construction of the Bucharest-Constanta Highway, because of the archaeological sites on the Cernavoda-Constanta segment, and is looking for solutions so that work could be finished by the end of the year, Prime Minister Emil Boc said Friday.

Romanian Businessman Dinu Patriciu Wins Lawsuit Against Intelligence Service

13:49, 18 Feb. 2011
Romanian businessman Dinu Patriciu on Friday won a lawsuit against the Romanian Intelligence Service (SRI), which must pay him moral damages of 50,000 lei (EUR1=RON4.2493) for illegal phone call tapping.

Ferrari Dealer In Romania To Open Lotus Showroom In Feb

12:55, 18 Feb. 2011
Forza Rossa, Ferrari dealer in Romania, will bring sports car brand Lotus on the local market, under an exclusive agreement with the British carmaker, the company said in a press release.

Romanian Govt Might Seek Confidence Vote To Pass New Labor Code

12:29, 18 Feb. 2011
Romania’s Government may seek a confidence vote in Parliament to adopt new labor legislation, Prime Minster Emil Boc said Friday, adding a decision will be made after talks in the Government and the ruling coalition.

Romania Might Emerge From Recession In End-March – PM

19:45, 17 Feb. 2011
Romanian Prime Minister Emil Boc said Thursday that Romania might emerge from recession by the end of March, having posted 0.1% growth in the GDP in the fourth quarter of 2010.

Three Quarters Of Romanians Avoid Interacting With Banks – Poll

18:51, 17 Feb. 2011
A poll conducted by Romanian surveyor IRES revealed that 76% of Romanians would prefer to stay away from banks, while less than half of bank clients trust the lenders.

National Collective Contract Removed From Latest Draft Of Romanian Labor Code

18:47, 17 Feb. 2011
Every mention of the single national collective labor contract has been struck from the latest draft of Romania's Labor Code, which will be discussed Friday by Prime Minister Emil Boc, Labor Minister Ioan Botis and the major labor unions.

Romanian Probationary Employment Period No Longer Than 90 Days – Draft Labor Code

18:17, 17 Feb. 2011
The probationary employment period will be no longer than 90 calendar days, for both regular and management positions, and an employer will be allowed to have several people on trial for the same job, but for no longer than one year in all, says the latest draft of Romania's Labor Code.

EXCLUSIVE: Romanian Govt Wants To Recover Social Benefits Cashed By Ineligible Beneficiaries

17:58, 17 Feb. 2011
Romania's Government is considering steps to recover money provided as social assistance to fraudulent beneficiaries, such as reducing later benefits or creating a repayment schedule, and will check the applicants' real source of income before disbursing such benefits in the future.