Romania Feed

Romania's foreign exchange reserves dropped to EUR32.588 billion at the end of September from EUR35.768 billion at the end of August, central bank data showed Thursday.

BCR, BRD-SocGen and Raiffeisen Bank Romania have completed the transaction whereby they hold an equal stake of 33.(3)% each in CIT One, one of the largest local integrated services for the transport, processing and storage of cash and other valuables in Romania.

Construction material producer TeraPlast Bistrita (TRP.RO) has requested state aid of nearly EUR4 million to finance an investment project totaling EUR7.9 million in enhancing production capacity.

Stationery and office equipment importer and wholesaler Dacris, held by the Fati family, has relocated to a new space, of 4,000 square meters, within the Logicor Mogosoaia logistics park, where it will concentrate its storage, logistics and office activity.

Shares of Holde Agri Invest, a Romanian company operating farmland, started trading Thursday on the the AeRO market of the Bucharest stock exchange under the ticker symbol HAI.

Romania's antitrust body on Thursday cleared the deal whereby oil and gas company OMV Petrom (SNP.RO) seeks to outsource operations and services to J. Christof E&P Services SRL and Christof Private Firefighting Services SRL.

Textile manufacturer Iasitex Iasi (IASX.RO), held by businessman Stefan Vuza, ended the first half of 2020 with a net profit of RON360,000 obtained from the sale of existing stock, considering that the textile factory was closed in 2019.

Gross wages in private companies in Romania increased by an average of 6.79% in the first half of 2020, according to PayWell 2020 survey on salaries and benefits conducted by PwC Romania.

The European Bank for Reconstruction and Development (EBRD) on Thursday anticipated a deeper economic contraction and a milder recovery in 2021 for the emerging economies where it invests, including Romania for which it forecasts a 5% contraction of the gross domestic product (GDP) in 2020 and a 3% economic growth in 2021.

Banks in Central and Eastern Europe expect new loan disbursements to rebound in 2021, supported by regulatory measures aiming to sustain the lending activity, after a significant year-on-year decrease in 2020, according to COVID-19 CEE banking sector impact survey, conducted by Deloitte in 12 countries in the region, including Romania. The loan demand decreased in the second quarter of 2020 in sectors such as hospitality, transport and storage, real estate and construction, as well as manufacturing. On the other hand, sectors such as wholesale and retail trade and agriculture saw an increase in the demand for loans, according to the survey.

Romania's seasonally adjusted unemployment rate inched down to 5.3% in August from 5.4% in July, data from the country's statistics board showed Thursday.

E.ON Gaz Furnizare and E.ON Energie Romania, the natural gas and electricity suppliers of German utility E.ON Group in Romania, on Thursday said they are involved in a process of merger through absorption.

Lender Patria Bank (PBK.RO) has decided on the early closing of the Offer for the sale of euro-denominated bonds, Wednesday evening, on September 30, 2020.

Romanian harbor operator Comvex Constanta (CMVX.RO) posted loss of RON9.7 million in the first half of 2020, compared with profit of RON5.2 million in the same period last year.

Romanian aircraft parts maker Romaero (RORX.RO), of strategic importance for the Romanian aerospace and defense industries, posted a loss of RON24.1 million in the first half of 2020, compared with a loss of RON32.3 million in the same period last year.

Romania attracted foreign direct investments totaling EUR5.17 billion in 2019, of which EUR2.2 billion equity and EUR2.8 billion reinvested earnings, and total FDI stock reached EUR88.3 billion, central bank data showed Wednesday.

OMRO IFN, one of the first microfinance institutions in Romania, previously known as Opportunity Microcredit Romania, ended the first half of 2020 with a net loss of RON1.2 million, nearly twice the level reported in the year-earlier period, and with total revenue of RON3 million, double on the year, per ZF calculations based on data from its half-yra financial report.

Imocredit IFN, a mortgage lender part of financial group ImoFinance, specialized in real estate financing, ended the first half of 2020 with a net profit of RON1.4 million, more than double the RON640,454 level in the same period in 2019, and total revenue of RON4.6 million, up 58.4% on the year, per ZF calculations based on the half-year financial report.

Romania's liberal government is planning a new budget revision by the end of this year and the 2021 state budget will be approved by the future government, as the country holds parliamentary elections in December.

Furniture producer Elvila (ELV.RO), owned by businessman Viorel Catarama, ended the first half of 2020 with a net profit of RON3.45 million, compared with a loss of RON1.5 million in the same period last year.