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0,06 RON

Press review (Sept 15)

The Romanian daily papers on Monday carry economic and financial reports mostly, on such topics as the privatisation of Avioane aircraft maker based in Craiova, the liquidity crisis, a new method for the calculation of the consumer index and a possible revision of this year's inflation prediction by the National Bank of Romania.
"Non-combat agreements at the general elections" says the Romania libera in a headline; it reports that according to agreements reached on a local level, "the parties have drawn the limits of their areas of influence and have agreed not to compete against each other. In the electoral fight ahead of the Nov. 30 general polls, each party will have a ‘puppet' adversary from among the other parties. Such agreements have led to a situation in which the local as well as central figures are competing against second-rate players".
The parties have yet to complete their lists for the Bucharest constituency, the daily writes. "The only certain thing is that the party leaders will avoid each other in the election campaign for the capital city. The Bucharest party branches will look in their adversaries' yard and set their candidates at the last moment. Many central leaders have opted for other counties across Romania in order to boost their chances for a seat in Parliament", the Romania libera writes.
The Jurnalul National also focuses on the elections, stressing that "the Romanians who will go to the ballot box on Nov. 30 hoping to elect the parliamentarians that should represent them might be in for surprises after the votes are distributed. Thus, the voters' chosen candidate in a certain electoral college does not necessarily have to be the one to take the parliamentary seat. This is a shortcoming of the Romanian single-voting system, also admitted by the politicians".
The paper explains that the Romanian single-vote law creates an anomaly by the manner in which the seats are distributed, namely depending on the score got by each party; this means a candidate who got a high number of votes may lose the parliamentary seat if his party had used up all the seats it has the right to.
Political analyst Cristian Parvulescu says the system might seem unfair, but it respects the principle of proportionality, since each candidate, in fact, represents a party.
The Ziarul Financiar daily says National Bank of Romania (BNR) governor Mugur Isarescu has suggested that the central bank will revise this year's predicted inflation target downwards, with such prediction standing at 6.6% at present; the move might be the result of the lower oil prices in the global market.When asked whether he was eyeing a cut in the prediction, Isarescu said that the BNR, when establishing its last projection, had taken into account a crude price at 140 dollars per barrel. He also refrained from putting forward a fresh estimate of the rise in the consumer prices.
Two out of three Bucharest residents leave more than 80% of the money assigned for spending at the retail chains, be they hypermarkets, supermarkets, discounter stores or cash&carry stores, the Adevarul reports.The Romanians pay nearly three billion euros a year for cigarettes, beer and carbonated soft drinks, while a survey conducted by Nielsen research company shows that just one out of 10 Romanians says he/she is bored with shopping, while the remainder "are delighted to go shopping".

"The liquidity crisis has increased the foreigners' gains from Romanian bank deposits tenfold", headlines the Ziarul Financiar, explaining that the foreign investors earned 863 million euros in interest rates over Jan.-July from their term deposits in the Romanian banks, with the amount being nearly 10 times higher than in the same period a year ago, according to the central bank figures.
"This is funding attracted by the foreign-based local banks via derivative products. The surge in the balance of such deposits having been recorded since this spring comes amid the higher difficulty in obtaining funding from the local market", says ING Bank senior economist Nicolaie Alexandru-Chidesciuc.
The State Assets Realization Authority (AVAS) has extended until Sept. 29 the deadline for the sale offer of Avioane aircraft maker based in Craiova (southern Romania) in order to wrap up negotiations with Czech bidder Aero Vodochody, the Evenimentul zilei announces.
The Czech company's improved offer stands at 16.32 million euros, being made up of the price offered for the 80.97% block of shares at 4.1 million euros, to which adds 8.3 million euros in five-year investment, a working capital worth 3.3 million euros in the first six months since the transfer of the ownership right and environmental investments worth 30,000 euros in the first year. Avioane Craiova builds and repairs ships and aircraft.
The National Institute of Statistics has finalised an analysis of the new method of calculation of the consumer price index (CPI) to be implemented from next year; the new method will have several differences from the current methods and it will even offer "surprises", Institute director Mihai Gheorghe told the Ziarul Financiar.Earlier this year, Institute president Vergil Voineagu announced plans to switch to the CPI calculation based on the rates resulted from the combination of those rates registered in the national accounts and in the survey of the family budgets, which is a method used in 17 European Union states.
The rate of the clients having financial difficulties and being more than 30 days late with the payment of their loan instalments nearly doubled in certain months of this year compared to last year, said Daniel Boaje, the executive director of the biggest consumer lending company Cetelem owned by French bank BNP Paribas.The balance of the outstanding payments to the loans given to individuals amounted to 159 million euros at end-June, a 2.5 times rise on the same period last year.
Twenty warships and 2,400 troops are taking part this week in the most important drills staged by the Romanian Naval Forces this year, the Romania libera reports. Thus, sailing in the Romanian Black Sea territorial waters will be restricted over Sept. 15-20 since live ammunition shooting will take place.
Lufthansa air carrier will open a direct Bucharest-Milan flight from Feb. 2009, the Adevarul announces. The new flight is part of Lufthansa's strategy to expand its direct services to Northern Italy and to other European destinations. Lufthansa will operate direct flights to Milan from Bucharest, Budapest, Brussels, Paris, Madrid and Barcelona, the daily adds.

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