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Moody's upgrades Petrom rating to B2
Financial rating agency Moody's has upgraded the rating for SNP Petrom's 125 million euro bond issue from B3 to B2. Petrom's 2001 issue was the first issue of a Romanian company for the inte...
Soros Investment Capital comes to Romania
Famous American investor George Soros is taking a closer look at the Romanian market, as one of his funds is ready to invest here. The main industries the Soros Investment Capital fund will...
NBR puts current account worries to rest
The current account deficit of the balance of payments for 2002 will remain below 4% of the Gross Domestic Product (GDP), preliminary data show, which is significantly less than anticipated...
Exchequer careful not to give too much
Limitless deductibility for interests on leasing, less VAT-related red tape and no more foreign currency repatriation deadlines for exporters, these are some of the most important modificati...
FRAI to sell Banca Romaneasca stake
The Romanian-American Investment Fund (FRAI) will most likely sell its 70% stake in Banca Romaneasca (Romanian Bank), with the exit preparations scheduled for the second half of the year. Th...
General Electric to turn Kvaerner IMGB around
General Electric, the world's largest company, will turn Anglo-Norwegian heavy equipment maker Kvaerner IMGB (KIMGB) around, due to its equipment orders."We signed a three-year memorandum of...
Departure of foreign execs pushes rents down to half
Luxury homes are no longer in demand, some say, while other realty agencies swear that such residences are still popular. The departure of foreign managers, who have been replaced by local e...
Oresa Ventures to change shareholders
Oresa Ventures, one of the most active investment funds on the Romanian market is about to undergo an international change of shareholders. The fund is now held by Medicover, a medical servi...
Insurance market posts 40% growth to $480m
The insurance market in the first eleven months of 2002 amounted to 15,051bn ROL, namely $456 million, the representatives of the Insurance Supervision Commission estimate. The full-year mar...