|
|
|
RADOR: News from Romania, 97-10-31
October 31, 1997
CONTENTS
[01] ECDU Leader on a Visit to Bucharest
[02] Slovak President Michal Kovac Met Ethnic Slovaks in Nadlac
[03] Investment Summit in Bucharest
[04] Romanian-Russian Talks
[05] World Bank Warning
[06] National Budget Outlook
[07] Statement of Roman S.A. General Manager
[08] Ups and Downs on the Bucharest Stock Market
[09] A fallen idol
[10] Weather in Romania
[11] Currency Rates
[01] ECDU leader on a visit to Bucharest
The president of the European Christian-Democratic Union Wim van Velzen is
in Bucharest to participate in a seminar approaching the application of the
Christian-Democratic principles in parliament and government activities. He
has indicated that the progress of reform in Romania has become compiscous
in the last ten months ever since the ruling party has been a Christian-
Democratic one. On Thursday, the ECDU leader and Romanian President Emil
Constantinescu visited a children hospital in Bucharest. RRI-RADOR,
October 31
[02] Slovak PresidenO Michal Kovac met ethnic Slovaks in Nadlac
On Thursday, the last day of his visit to Romania. Slovak President Michal
Kovac went to Nadlac, a Western Romanian town where an important Slovak
minority lives. Earlier, Romanian President Emil Constantinescu and his
Slovak counterpart had stood for a closer coordination of the two countries
for their integration into the European and Euro-Atlantic structures. The
two heads of state decided to establish a Romanian cultural centre in
Bratislava. They also agreed to have a mutual recognition of university
diplomas. Mr. Kovac's visit was the first ever paid by a Slovak president
to Romania. RRI-RADOR, October 31
[03] Investment Summit in Bucharest
On Thursday, Romanian Prime Minister Victor Ciorbea opened the proceedings
of the second and last day of the Romanian Investment Summit in Bucharest.
He presented the aspects of the economic reform in Romania with an emphasis
on the privatisation process. In parallel with the process, the governmentO
pursues to adapt legal framework and financial levers aimed at attracting
foreign investors and providing equal treatment to Romanian investors.
Among other speakers, BNR Governor Mugur Isarescu presented the policy
aimed at enforcing national currency. After Romania, Poland is the second
country in Central and Eastern Europe where International Herald Tribune
organised such meeting to present emerging markets of the future. RRI-
RADOR, October 31
[04] Romanian-Russian talks
On Thursday, talks at the level of experts in Romanian and Russian Foreign
Ministries focued on Romanian-Russian basic treaty issues came to an end in
Moscow. Counsultations focused on proposals put forward by the two sides to
update the previously agreed text taking into account the changes occured
in the two countries and in international life. The meeting was decided by
Romanian and Russian foreign ministers following their talks in New York
last month. The reviewed version of the treaty was presented to the fOreign
ministries in the two countries for examination. RRI-RADOR, October 31
[05] World Bank warning
"The Government of Romania will have to step up privatisation and
restructuring of state enterprises or it will run the risk of having its
reforms torpedoed", the Head of the World Bank Delegation in Romania
Francois Ettori said on Thursday. Last week, World Bank and IMF envoys
urged the Romanian Government to take firm immediate action for selling or
closing down the bankrupt units. Francois Ettori hopes that the new draft
laws will be simple, direct and efficient, in order to persuade Western
investors to come to Romania. RRI-RADOR, October 31
[06] National Budget Outlook
Romanian Finance Minister Mircea Ciumara said he was expecting the next
year's budget not to be presented to the Government in November as planned
if the Senate did not approve the bill over the money the State Ownership
Fund got following the privatisation process. According to the bill 70% of
the money is to the Oo the state budget. Mr. Ciumara added that for the
1998 budget the economic sector is a prioritary. RADOR, October 31
[07] Statement of Roman S.A. General Manager
"Roman S.A. is recovering. Of course we have had problems; we had to
dismiss 3,034 employees following the restructuring programme" - the
General Manager of the Roman S.A. and editor of the "Manager 2000" radio
feature Carol Rugaci said. "We have cut production expenses but this
happened only after the bank interest was cut as well. Clients started
buying again the products they needed. Sales amount during the second half
of the year were three times larger than before" - the General Manager
added, saying that Roman S.A. received cooperation proposals from some
leasing companies but as the Finance Ministry has not yet approved leasing
applying procedures, "it is unfair to Romanian producers irrespective of
the capital they use". RADOR, October 31
[08] Ups and Downs on the Bucharest Stock Market
As the Bucharest stock market rOgistered an over 20% loss some limitation
in share prices has been announced. "This is a decision that will ensure
some protection after the losses we faced on Wednesday." - the Market's
spokesman Victor Cazanovsky said. The rise and fall of the prices will be
reduced by temporarily suspending dealing. For the main ten shares this
procedure will be applied if the share prices drop or rise by over 20%
while for the second group of companies the procedure will be applied when
price fluctuations reach 35%. The share prices of seven companies in the
second group raised or dropped by over 20%. Shares of ANCO - Otopeni raised
by 37% (9,600 lei) while the remaining shares dropped. The MOVARIP S.A.
faced the greatest loss, its shares have been worth only 420 lei. The BET
index for the main ten shares dropped on Wednesday by 8.9% worth 837.7 lei.
The BET index dropped again yesterday by 4.4%. RADOR,October 31
[09] A fallen idol
Former Romanian President Ion Iliescu said in an interview with
"Evenimentul Zilei" on Thursday that "former communist leader Nicolae
Ceausescu was a courageous man and a patriot". According to Iliescu,
"Ceausescu proved courage in 1968, when he opposed the invasion of
Czechosolvakia by the Soviet Union and, in his own way, he was a patriot".
Nevertheless, Iliescu, a senior communist official of the seventies, said
that "dictator Ceusescu was to be blamed for Romania's isolation in the
last ten years of his life". RRI-RADOR, October 31
[10] Weather in Romania
Weather in Romania will be cold and foggy in most of the country.
Temperatures will range from -10 centigrades in the morning to 6
centigrades at noon. RADOR, October 31
[11] Currency Rates
1 USD = 7,739 lei; 1 DEM = 4,482 lei; 1 CHF = 5,523 lei; 1 FRF = 1,341 lei;
1 GBP = 12,826 lei; 1 XEU = 8,845 lei. RADOR, October 31
|
