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Romania

RBI to Acquire More Clients in Romania

RBI (Raiffeisen Bank International) is attaining a portfolio of private clients by Citibank via affiliate Raiffeisen Bank S. A.

March 21, 2013

VBAG is Forced to Continue Radical Downsizing Measures

The partly nationalized and financially stricken Austrian banking group has to implement a painful restructuring concept. At the moment, VBAG sells its properties.

March 15, 2013

Romania: Surplus in Balance of Payments

In January, the balance-of-payments current account posted a surplus of EUR 465 million Y/Y.

March 15, 2013

Romania: Turnover of Market Services Decreased 14.1 % in January

In January 2013, the turnover of market services rendered mainly to enterprises, in nominal terms, decreased compared to the previous month.

March 14, 2013

Eurozone: Cut in Interest Rate Not Necessary

According to govenor of the Austrian National Bank an interest rate cut to improve the economic situation in the eurozone is not required at the moment. UKIP Leader Farage criticizes politicians for denying problems in eurozone.

March 14, 2013

Erste Group to Take over BCR Completely

The Austrian banking group launches a permanent buy-out offer for minority shareholders of BCR.

March 13, 2013

Romania: Construction Output Goes Down

Volume of construction works, series adjusted with the working days number and seasonality, registered a decrease of 2.3% in January 2013, compared to December 2012.

March 13, 2013

S Immo AG: New Contracts in Bucharest and Sofia

New tenants in Serdika/Sofia and Sun Offices/Bucharest. Stock exchange listed S IMMO AG has again achieved letting successes in Romania and Bulgaria – two markets that continue to be economically challenging.

March 12, 2013

Czech Republic: Erste Group Cutting More Jobs

Because Erste Group has to save CZK 1bn (€ 39m) this year, economy measures need to be taken.

March 8, 2013

Austria: RZB About to Take Over Assets of VBAG?

The possible takeover by RZB is still kept in the dark. RBI, however, might absorb Citibank Romania.

March 8, 2013

Bulgaria/Romania: Schengen-Entry Postponed

The two countries will not become part of the Schengen-zone in 2013. EU interior ministers meet to discuss problem of “social tourism”.

March 7, 2013

Romania: Average Earnings Down Substantially

In January 2013, the average gross nominal earnings were 2138 lei, by 8.7% lower than the one registered in December 2012.

March 7, 2013

Bulgaria: Still Fighting Minimal Growth and Weak Economy

The Balkan country has the lowest living standards in the EU and the population’s frustration over its failure to improve the economic situation led to mass protests.

March 6, 2013

Romania: Slight Increase of GDP for 2012 at 0.1 % on Y/Y Comparison

Record decrease at 24.6 % in agriculture, industrial production better off with decrease of 2.4 %. The highest increase was recorded in IT and communication, services and health/social assistance.

March 6, 2013

Romania/Bulgaria: Germany Plans Veto against Schengen Entry

According to the journal “Spiegel”, the German government does not regard the two countries as Schengen-worthy.

March 4, 2013

Romania: Corlatean Questions Admittance to Schengen-Agreement

Exterior minister Corlatean shows no more interest in Romania’s joining the Schengen-zone. Several member states disapprove of this idea.

March 2, 2013

Romania As Risk Factor for Austria´s Public Finance

The partly nationalized Austrian banking group VBAG faces difficulties in Romania. The Austrian Ministry of Finance tries to prevent further capital injections into VBAG.

March 2, 2013

Romania: Labor Market Situation Improves Slightly

In January 2013, the seasonally adjusted unemployment rate was estimated at 6.6%, decreasing by 0.1 percentage point as compared to the previous month.

March 2, 2013

Romania: Moderate Growth in Manufacturing and Construction Industry

Trends in the evolution of economic activity during: February - April 2013.

March 1, 2013

Erste Group: High Losses Ahead

Analysts believe that the Austrian bank record substantial losses in the fourth quarter of 2012.

February 26, 2013

OMV and Repsol Searching for Oil in Romania.

Petrom, the Romanian subsidiary of OMV and the Spanish Repsol Group have agreed on a joint venture in Romania. Investments estimated at approximately EUR 50 mn in the next two years.

February 23, 2013

EU Financial Framework: Romania Is a Clear Winner

In the financial period from 2014 to 2020, Romania would be able to receive EUR 39.2bn from the European Union.

February 23, 2013

Romania Tapped Again External Markets

In February, Romania borrowed USD 1.5bn in a 10-year Eurobond. Demand for debt papers was strong, Raiffeisen Research says.

February 22, 2013

Romania: Slightly Lower Current Account Deficit in 2012

First estimates showed current account deficit declining to 3.8% of GDP in 2012 from 4.5% of GDP in 2011, Raiffeisen Research reports.

February 22, 2013

VBAG: Major Losses in Romania

The Romanian subsidiary of Austrian VBAG suffers from non-performing loan. Last year proved to be again a difficult one for the Romanian banking system, Raiffeisen Research states.

February 21, 2013

Romania: Key Rate to Remain Unchanged

“In line with our expectations and market consensus, the central bank remained on hold at its latest monetary policy meeting (5 February)”, Raiffeisen Research reports.

February 21, 2013

Romania: Disappointing Economic Growth

“According with the flash estimate, GDP increased marginally in Q4 2012 (+0.2% qoq), which was a touch above our expectations and market consensus”, Raiffeisen Research reports.

February 21, 2013

CESEE Region Still Has Enormous Growth Potential

“CEE growth drivers intact but innovation is needed to start convergence 2.0” Erste Group says.

February 20, 2013

Sberbank Threatens to Sue VBAG

Last year, VBAG has sold VBI (Volksbank International) to Russian Sberbank. Now, Sberbank is highly dissatisfied with the performance of VBI.

February 19, 2013

Romania Almost Stagnates

Last year, Romania´s economy could prevent a recession. The GDP growth came at 0.2%.

February 18, 2013

Economic Growth: Baltic Countries Ahead

Euro area GDP down by 0.6% and EU27 down by 0.5%. The CESEE countries show mixed results. Lithuania, Estonia and Latvia have performed best in 2012.

February 14, 2013

Poland Underlines Necessity of Cohesion Funds

At the EU summit, Poland wants to secure as much cohesion payments in the next multiannual financial framework from 2014 to 2020.

February 7, 2013

Romania Privatizes Freight Division of National Railways

Romania´s government sells a 51% stake in CFR Marfa, the publicly held rail freight company.

February 6, 2013

Slovak Property Market Recovers

For the first time since 2008, property prices were up in the fourth quarter of 2012.

February 6, 2013

Romania Keeps Interest Rate Flat

In its meeting, the Board of the National Bank of Romania decided to keep the monetary policy rate unchanged at 5.25 percent per annum and too ensure adequate liquidity management in the banking system.

February 6, 2013

FDI Inflow Remains Weak in Romania

Romania has recorded a low foreign trade deficit and current account deficit in Q4 2012. The low inflows of foreign capitals into the private sector persist, Raiffeisen Research says.

February 2, 2013

Romania: „Long road to growth“

Most likely, economic activity was flat in Q4 2012. Available data tracking the dynamics of economic activity in Q4 2014 paint a mixed picture, Raiffeisen Research reports.

February 2, 2013

Romanian Inflation Remains High

Adverse statistical base effect would be preserved in H1 2013, keeping headline annual inflation between 5.4-5.8% yoy, Raiffeisen Research reports.

February 2, 2013

Lower Constraints for Romanian National Bank

Central bank to remain on hold, but room to ease control over liquidity conditions has increased, Raiffeisen Research reports.

February 1, 2013

Romania: „Ongoing fiscal consolidation in 2012“

According to Raiffeisen Research, Romania´s public finance begins to improve. However, the budget execution still shows some weaknesses.

February 1, 2013

Slight Upward Trend for CESEE Countries

The economic crisis in the Eurozone has hit the CESEE countries particularly hard, EBRD reports. 2013 will be a better year.

February 1, 2013

Nabucco Pipeline Is Taking Shape Slowly

The natural gas pipeline commences Front End Engineering and Design services for Nabucco West project.

January 28, 2013

Bayerngas Leaves Nabucco

The German natural gas company does not want to join the pipeline project.

January 28, 2013

Treichl: „BCR Will be Positive this Year“

Erste Group´s CEO Andreas Treichl thinks that the Romanian subsidiary Banca Commerciala Romania will not record losses in 2013.

January 24, 2013 · Updated: January 24, 2013; 21:58

Romania Needs More Time for IMF-Requirements

The financially stricken country did not implement the planned privatizations. EBRD criticized Romania´s slow progress.

January 23, 2013

Erste Group´s CEO Wants to Create CESEE Stock Exchange

Andreas Treichl, CEO of the Austrian banking group, would like to create an alliance between CEE Stock Exchange Group (CEESEG) and Warsaw Stock Exchange (WSE).

January 23, 2013

CESEE Property Market Highly Heterogeneous

In Austria, the yield is expected to shrink further. However, the investments will be stable, CBRE Austria says. In the CESEE region, the situation is ambiguous.

January 21, 2013

EU: Romania and Hungary Have Highest Inflation Rates

Euro area annual inflation stable at 2.2%, Eurostat says.

January 16, 2013

Erste Group: Austerity Cuts Also in Austria

After sharp austerity measures in Romania and Hungary, the banking group wants to reduce personnel costs in Austria.

January 15, 2013

Stepic: „CESEE Region Faces Challenging Year“

RBI´s (Raiffeisen Bank International) CEO Herbert Stepic explained that central, eastern and southeastern Europe is still Europe´s growth engine.

January 15, 2013