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RADOR: News from Romania, 97-09-16
September 16, 1997
CONTENTS
[01] Romanian Minister of Reform Ulm Spineanu Met Representatives of the
Managerial Leadership of SC SEROM Tulcea
[02] Restructuring of FPS
[03] Romania on Its Way to Reform
[04] Romanian-Portuguese Talks
[05] Trade agreement Romania-Bangladesh
[06] Weather in Romania
[07] Currency Rates
[01] Romanian Minister of Reform Ulm Spineanu met representatives of the
managerial leader of SC SEROM Tulcea
Minister of reform Ulm Spineanu has met representatives of the managerial
leadership of SC SEROM Tulcea, a company in a difficult economic-financial
situation. The programme of restructuring was discussed in order to take
some measures for the increase of the efficiency of the company. RADOR,
September 16
[02] Restructuring of FPS
President of the State Ownership Fund (FPS) Sorin Dumitriu drew up a
programme a restructuring of FPS for a faster privatisation of the company.
In an interview, Mr. Dimitriu said that the programme was aimed at
"restructuring taking into account the dynamics of the privatization
process, on one hand and, on the other hand, at using privatisation
specialists only in restructuring". Mr. Dumitriu has also showed the
procedure of the financing: "The financing will be made through funds from
the Finance Ministry, but based on documents elaborated by FPS, the
restructuring funds being also supervised by FPS". Relating to the speed
and the proportion of the privatisation, the president of FPS has said that,
in his opinion, "by the end of February 1999, 70% of the companies will be
privatised and by that time the programme of restructuring will end". Mr.
Dumitriu has also said that "efficiency means restructuring". RADOR,
September 16
[03] Romania on its way to reform
Romania's economic reforms winning International Monetary Fund approval,
the IMF is releasing another 82 million dollar, the second tranch of a 410
million dollar loan to support ungoing reforms. Romania's stock market also
undergoing reform hopes of atracting international capital. According to
CNN INTERNATIONAL report, Romania is on its way to reform as the
governement is going ahead with tight economic and monetary reforms and the
stock market is taking steps to encourage more international investment,
the government recently announcing repatriation of funds, allowing
investors to repatriate profits in hard currency. One manager said it was a
crucial step, but more needs to be done to gain the investors' confidence:
"We are investing not in the stock market, but we are investing in
companies. As for us, to invest in companies, we should have two things: we
should know what we are buying and we should have evidence of the
restructuring of these companies". Analysts say companies' balance sheets
are becoming more transparent. The government is hoping to put investors
even more at ease when it launches the new BET index later this week,
listing the ten most liquid stocks on the Bucharest Exchange. Analysts say
the stock market's future is bright as long as reforms continue. So far
this year, the Bucharest stock exchange has been sucessful, but analysts
worned more quality companies need to come to the market to spark a
significant amount of new investment. Investors will soon have more to
choose as aproximatively 30 state-owned companies are expected to be
privatized by the end of next year.(RADOR)
[04] Romanian-Portuguese talks
Portuguese Prime Minister Antonio Guterres has said his country wished to
take part to the privatization process in Romania and Lisbon was not only
the friend but also the ally of Romania in its efforts to join NATO and EU.
Portugal is going to start an experience exchange on privatisation issues,
including banking, because a national network of efficient enterprises
cannot be developed without it. Portuguese economy is not large, but
dynamic. An tax-lifting agreement in the economic exchanges and a cultural
agreement will be signed Tuesday. The two prime ministers also discussed
the modernization of the subway in Bucharest. RADOR, September 16
[05] Trade agreement Romania-Bangladesh
At the Ministry of Industry and Trade was signed the commercial agreement
between the Government of Romania and the Government of the Republic of
Bangladesh. The trade between the two countries are few, has said the
Minister of Industry and Trade Calin Popescu Tariceanu. During talks held
on the occasion of signing ceremony laying down the bases in legislation
for developing of new economic relations, new co-operation fields were
pointed out: oil, natural gases and cement. Mr. Tariceanu has also said
that Romania was interested both in cement export and the delivery of
equipment for building cement factories in Bangladesh. RADOR, September
16
[06] Weather in Romania
Weather in Romania will be colder and rainy in most of the country.
Temperatures will range from 6 centigrades in the morning to 23 centigrades
at noon. RADOR, September 16
[07] Currency rates
1 USD = 7,504 lei; 1 DEM = 4,223 lei; 1 CHF = 5,122 lei; 1 FRF = 1,256 lei;
1 GBP = 12,007 lei. RADOR, September 16
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