-4.2 C
January 24, 2022


Sandero to become top-selling car among
private customers in France

Dacia Sandero will become the top-selling car model among private customers in France, Renault Sales Director Bernard Cambier was quoted by French paper ‘Le Figaro’ as saying, according to Mediafax. Dacia’s market share in France went up 5 per cent in June in the motor car segment, from 2.5 per cent a year ago, according to the Committee of the French Manufacturers of Automobiles. During the first six months of this year, the number of Dacia matriculations rose from 23,886 units against the year-earlier interval figure, to nearly 61,250 units. “In the first-half alone, Dacia sold as many automobiles as it did throughout last year,” ‘Le Figaro’ reports. The achievement was made possible by Duster SUV’s success story, with more than 10,000 orders posted at its launch in April 2009. Renault aims at an operating margin of 6 per cent for Dacia, Pierre Bergeron, an expert with the bank Societe Generale says.

Construction of new road bridge over the Danube – Black Sea Canal starts today

The construction of the new road bridge over the Danube – Black Sea Canal, downstream from the Agigea lock, will start today at km 0 + 540 of the Canal, Mediafax reports. The building will cost an approximate EUR 23 M, to be secured from structural funds of the European Union. According to a press release issued by the Constanta seaport operator company ‘Administratia Porturilor Maritime’ SA, the project includes the road bridge over the Canal, the viaducts that provide access to the bridge, road connections to the seaport and the Constanta ring, railways crossings, parking areas and the buildings located at the Gates 7 and 10 of Constanta Harbour. “This investment has the advantage of connecting the south of the Constanta Port to the Bucharest-Constanta motorway. Additionally, it provides access between the two sides of the port and avoids heavy traffic crossing the city of Constanta,” reads the release issued by CN APM SA Constanta. The contractor of the new bridge is Apolodor Comimpex company.

IMF, Ukraine agree to USD 14.9 bln stand-by arrangement

Ukraine and the International Monetary Fund staff have agreed to a USD 14.9 bln, 2?-year stand-by arrangement to aid the country’s faltering economy, according to Wall Street Journal. The staff-level agreement with Ukrainian authorities is subject to budgetary, energy-sector and financial-sector changes through the legislature as well as approval from IMF’s management and executive board, which will vote on the matter in late July. “The goal of the authorities’ economic program is to entrench fiscal and financial stability, advance structural reforms, and put Ukraine on a path of sustainable and balanced growth,” said IMF Mission Chief Thanos Arvanitis, who just completed a two-week mission in Kiev. The IMF said Ukraine must enact enough fiscal adjustment to contain the government deficit to 5.5% of gross domestic product in 2010 and 3.5% in 2011 “with a view to setting public debt firmly on a declining path.”

EU’s Rehn open to orderly insolvency of Euro states

European Union Economic and Monetary Affairs Commissioner Olli Rehn doesn’t rule out the possibility of introducing changes that would allow for an orderly insolvency of a euro-zone member, German newspaper Handelsblatt reported in an interview, Mediafax informs. For now though, Rehn is concentrating on reforms that don’t require amendments to the EU’s Lisbon Treaty. The commissioner isn’t against calls by Germany for tougher action on countries who break the budget rules of monetary union. Croatia’s aim to become an EU member in 2012 would present an opportunity to amend the treaty, the newspaper cited Rehn as saying.

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Raiffeisen: VAT rise, flooding might push
inflation to 8 pc

The Value Added Tax (VAT) going up from 19 to 24 per cent, heat subsidies being scrapped, and rising foodstuff prices because of flooding, along wit RON depreciation might cause the inflation rate to hit 8 per cent late this year, according to a Raiffeisen Bank survey, Mediafax reports. Given the substantial rise in inflation, Raiffeisen believes the National Bank of Romania “has no more room” to cut the monetary interest rate further by the end of this year. “We believe there runs the risk of even a rise in the monetary policy interest in the upcoming months if the effects emerge of round two after the VAT increase, and inflationist forecasts become more numerous. There is also a risk for inter-banking interest to go up,” the study mentions.

Udrea: Tourist brand will be launched
on July 29, in Shanghai

While touring the areas hit by floods, the minister of Regional Development and Tourism, Elena Udrea recently announced in Dornesti, Suceava County that the tourist brand of Romania will be launched on July 29, at the World Exhibition in Shanghai, and simultaneously in the country as well, Mediafax reports. According to the minister, the brand is about nature and the wild beauties of Romania. “Following a survey made in eight target-countries, it was decided that Romania is competitive abroad through its untouched nature,” Udrea explained. The brand is made by a joint-venture between THR – Asesores en Turismo, Hoteleria y Recreacion SA – Taylor Nelson Sofres.

Authorities are drafting a plan of measures aimed at supporting the economic growth, which will be discussed today in the coalition and will be passed by the Government next week, most likely, the minister added. Udrea said she cannot elaborate about the contents of this plan, for the time being, because it has not been completed yet.

Bucharest pays EUR 700 M at the maturity of a 2003 Eurobonds issue

Romania paid on Friday EUR 700 M at the maturity of a Eurobonds issue dating back since 2003, Mediafax quotes Bogdan Dragoi, state secretary with the Finance Ministry, as saying. “Romania fulfills all its obligations and there is no payment problem,” Dragoi said. According to the source, it is the first time when the payment is made from foreign currency into foreign currency. The Finance Ministry drew the sum it needed to repay the bonds from the Treasury’s foreign currency account opened with BNR.

Dan Bittman: MFP knows who is stealing

The Public Finance Ministry (MFP) knows who is stealing, but there are companies it should never check, claims Dan Bittman, former counselor to Finance Minister Sebastian Vladescu, quoted by Realitatea TV. “Don’t believe that the Finance Ministry does not know what goes on in Romania. Don’t believe that it does not know where and who is stealing. All those who steal are caught on video, filed and archived. But it is never allowed to control certain companies, or people,” Bittman said. According to the source, it was curiosity that made him take the job with the Ministry, to see “from the inside” what is going on, and he does not want to point the finger at anyone from within the institution. The Public Finance Ministry did not want to comment the statements of its former employee.

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