SPORTS

NEWS IN BRIEF

Danut Coman – three years with Rapid


Goalkeeper Danut Coman signed a three-year contract with FC Rapid, the official website of the Giulesti-based football club announces. Coman joined Rapid after he terminated his contract with FC Brasov. Before getting his transfer to Brasov, Coman played 82 matches for Rapid and helped the club win two Cups of Romania and the second place in the First League.


Discipline Commission fines Dinamo and Rapid RON 10,000 each


The Discipline Commission of the Professional Football League fined Rapid and Dinamo RON 10,000 each, for the incidents caused by their fans – using smoke bombs and torches – during the direct match, Mediafax reports. The Commission also warned Dinamo coach Ioan Andone, for his protests against the referee team. Dinamo player Juan Pablo Garat was suspended for the next match and was fined with RON 740, for being red-carded in the match counting for the 4th leg of the First League.


Cornel Penescu – evicted from his Pitesti mansion


The owner of Second League club FC Arges, Cornel Penescu was evicted from his mansion in Pitesti, because he could not repay the RON 12 M bank credit he took to purchase the building, Mediafax reports. The bank put the mansion on auction at the price of RON 1.3 M, forcing the Penescu family to leave. According to local sources, Penescu has moved to the premises of FC Arges, in a sporting complex called ‘The Eagles’ Base,’ just metres away from the mansion where he used to live, in the Trivale district of Pitesti.

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BUSINESS

NEWS IN BRIEF

Rompetrol will repay its debt to the state


Rompetrol oil company will repay the historic debt inherited from the Petromidia refinery, until September 30 this year, by cashing USD 100 M and turning the remainder of the debt into Rompetrol Rafinare stock it will offer to the Public Finance Ministry, as provided by Emergency Government Ordinance 118/2003, confirmed by Law 89/2005 that regulates the debts of the ‘Rompetrol Rafinare’ SA Company to the state budget, company sources announced. Rompetrol’s proposal complies with the provisions of the Law, the sources claim. Rompetrol – one of Romania’s most important exporters and taxpayers – always had the legal option of turning the bonds into RRC stock, while the partly cash payment of USD 100 M comes in completion of the shares package offered to MFP, emphasised the sources.

Transylvania Highway’s 2B section, completed in November


Premier Emil Boc stated yesterday that Transylvania Highway’s 12-kilometer 2B section stretching from Turda to Campia Turzii will be completed in November so that heavy traffic between the two towns will be eliminated, allowing the distance to be traveled in 10 minutes instead of 45 minutes, Mediafax informs. The premier pointed out that the outstanding debts that the Romanian state still owes Bechtel for the works it has already done on the highway will be paid in Q1 of 2011.


MFP rejects banks’ offers for 5-year bonds


The Public Finance Ministry (MFP) Thursday rejected all the offers made by banks to purchase of 5-year Treasury bonds worth a planned RON 300 M, as it considered that the banks demanded too high yields. MFP held its previous tender for 5-year T-bills on July 17, when it was able to sell bonds worth RON 284.15 M, accounting for almost half of the planned RON 600 M, at an annual average yield of 6.97 pc. A total 12 primary dealer banks attended Thursday’s bid, with total offers worth RON 547.6 M, on their own behalf. Meanwhile, MFP started a project worth RON 2.1 M, with financing provided by the European Social Fund, aimed at improving the management of the institution.


Intel to buy McAfee for USD 7.68 billion


Chip maker Intel Corp said Thursday it agreed to buy security technology firm McAfee Inc for about USD 7.68 billion in cash in an effort to boost its security offerings. Under the terms of the deal, Intel said it would pay USD 48 per share in cash for McAfee, which would become a wholly owned subsidiary of Intel’s software and services group. The price is a 60 percent premium to McAfee’s Wednesday closing price. Intel said it expects the deal would slightly reduce net earnings in the first year, although on a non-GAAP basis it is expected to help profit slightly.


Foreign real estate investors had the highest contribution to their Romanian subsidiaries


Foreign real estate investors contributed over EUR 390 M to the capital of companies they hold in Romania, with the highest sum – EUR 122.89 M – subscribed by developer Gran Via Romania, controlled by Spanish shareholders according to data provided by the National Trade Register Office (ONRC). In the banking sector, data provided by ONRC show mother banks subscribed nearly EUR 380 M to the capital of their Romanian subsidiaries, with the biggest contributor being GE Garanti Bank (EUR 137.6 M). Retail companies received from mother groups cash infusions up to a total of nearly EUR 250 M. The top-contributing retailer was the Real-Hypermarket network, with EUR 80.5 M, in two distinct operations.


Over EUR 30 M for manufacturing electronic ID cards


The State Patrimony and Protocol Administration (RAAPPS) initiated the acquisition procedure of manufacturing lines for the electronic ID cards to be issued to Romanian citizens, in a contract worth EUR 30-32 M, Mediafax reports. Issuing the new ID cards has been successively delayed, from 2003 to January 2011. The purchasing procedure is set for August 25, 2010.


PSD has its own tax variants


Annual incomes under RON 12,000 should be tax-exempted, believes PSD leader Victor Ponta, who strongly advocates the progressive tax system. In an interview with Hotnews, Ponta said: “Those who earn under RON 12,000 a year should not pay taxes; for all others, I don’t know if we’ll enforce the Obama solution – i.e. 90 pc of bonuses – but anyway, we should go towards the European average of 48 pc for very big incomes. This is where deductions should start” Ponta explained.

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