External crisis and big business in Romania

The Romanian real economy takes over the adjustment prompted by the international financial turmoil, harmed being the big businesses from the automotive industry, retail and real estate.
Automobile Dacia, Romania’s third private company, shuts down the Mioveni-based plant of Arges county (southern Romania) for four days over October-November in order to adjust the production to the falling demand.
Other manufacturers of car components are compelled to reduce production. For instance, daily Ziarul Financiar informs that the employees of the three plants of Takata Petri Romania, the third manufacturer of car components will be send home for one day without being paid.
In the real estate sector the transactions tumbled in the third quarter, the value of the deals being of 140 million euros, less than a quarter compared to the same period of the previous year, whereas at the relevant fairs real estate developers no longer manage to conclude sell contracts and the number of reservations is pretty low.
The diminution in the appetite for consumption is seen in the automotive industry. A Ford dealer, cited by the aforementioned daily, said it delivers four times fewer cars a day compared to the situation of three-four months ago.
In the electronic retail market, anticipating shrinkage in demand, Depozitul de Calculatoare shut down 12 shops after less than a year since inauguration, whereas in the food retail market Carrefour, the biggest operator of hypermarkets reported in the third quarter a rise in sales of 5.6% (with the same number of shops), compared to the same period of 2007, twice lower than in the second quarter of the year.
In the beer industry, one of the most dynamic segments in Romania, companies limited the advertising budgets, which decreased three times in September this year compared to the same period of 2007.
The list of big business hit by the crisis carried by daily Ziarul Financiar continues with TAROM airline, the biggest air company on the local market, which in Q3 reported falling results (down by 8%) and which has not faced a shrinkage in the number of passengers over the past years.
Investors in the stock exchange reported over the past week losses of almost 20% on BET index. The most harmed were the investors in financial investment companies, whilst in the latest five trading sessions a third of the funds.
The capitalization of Petrom, the biggest company in Romania, went down 25% on the stock exchange, reaching 2.3 billion euros.
The reduction of the consumption of fuel because of the diminution in the purchasing power is only one of the effects anticipated by local oil companies in the context of the prolongation of crisis on international markets, the same daily informs, emphasizing that in the pharmaceutical industry, the international situation will generate the revision of rising estimates this year, while in 2009 it will prompt more conservative budgets, personnel layoffs and operations margins, for some players.

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