Standard&Poor's Ratings Services upgraded its outlook on Romania to stable from negative, citing budgetary consolidation and expectations that the country would continue to comply with an International Monetary Fund/EU agreement.   "The outlook revision reflects our view of Romania's sustained budgetary reform program and our belief that the government is likely to continue to comply with the IMF/EU stand-by agreement, thereby... [...]

Romanian former EU Commissioner for Multilingualism Leonard Orban was appointed presidential adviser for European affairs, according to a press release from President Traian Basescu’s office. Ludovic Orban served as European Commissioner for Multilingualism between 2007, when Romania joined the European Union, and 2009. [...]

Official data show that Romanian unemployment rate rose 0.2 percentage points on the month to 8.3% in February, the highest rate since 2003. The country's employment agency ANOFM announced that the total number of unemployed people reached 762,375 in February.   Romanian jobless rate is expected to rise further in 2010, particularly in light of the government's planned cuts in the public sector to help lowering the budget deficit to... [...]

Duster, the new crossover SUV produced by Romanian carmaker Dacia, will enter the British market at the end of 2012, according to French carmaker Renault, owner of Automobile Dacia. The 4x2 Duster model will be sold on the British market at prices starting at EUR11,900 (GBP10,800). In Romania, Dacia Duster can be bought for prices ranging from EUR10,500 to EUR15,600 (including VAT) The new SUV will be available as of this spring on the... [...]

According to a survey by Novel Research, smuggled cigarettes have come to account for 36% of the total Romanian cigarette market in the first two months of the year, from 22% in the last quarter of 2009. "A market share of over 36% for contraband cigarettes means one in three cigarettes smoked in Romania comes from illicit trade. If contraband was market leader in 2009 by profit, now it is also leader by volume," Adrian Popa,... [...]

The Conservative Party Congress has elected a new president, Daniel Constantin, who competed with Petre Marginean in the internal elections held Sunday. Constantin got 975 votes, while Marginean secured 398 of the votes. The winner is a former EU counselor with the Agriculture Ministry and the Agency for Payments and Interventions in Agriculture former president, and Marginean is the leader of the party's branch in Hunedoara, western Romania.... [...]

According to the National Bank of Romania (BNR) data, Romania’s foreign exchange reserves rose EUR1.7 billion in February reaching an all-time high of EUR29.739 billion. This evolution was fueled by two tranches from the International Monetary Fund.   The central bank said foreign exchange inflows stood at EUR3 billion in February, mostly from the third and fourth tranches of the stand-by agreement. Last month, Romania received... [...]

According to the supplementary letter to Romania’s standby arrangement with the IMF, Romania and the International Monetary Fund agreed on a budget deficit target of 31.9 billion lei (EUR1=RON4.1224) in 2010. In the document it is estemated that Romania's budget deficit will reach RON8.25 billion after the first quarter and RON15.54 billion by mid-year. In September, the budget gap is seen widening to RON21.8 billion.   The letter... [...]

Three acts which have been proposed by the Ministry of Regional Development and Tourism were approved today by Romania’s Government. The issues referred to are renting state-built homes, housing specialists in rural areas and improving buildings threatened by earthquakes.     According to the first act, homes built by the National Housing Agency (ANL) to be rented may be sold to their tenants on request, after at least one... [...]

Romanian online store eMAG estimates a turnover of EUR100 million this year, up 56% from 2009. The company is counting on its financial stability and premium computerized system to boost its sales. "Our target-turnover stands attainable, especially since January and February started off on the right foot," the company's marketing manager Radu Apostolescu said in a press release.   The company intends to open at least three... [...]

Romania's Economy Minister Adriean Videanu announced that Russian gas giant Gazprom has invited Transgaz (TGN.RO), Romania’s state-run gas pipeline operator, to join the South Stream project, that the russian are developing in associatiation with Italy's Eni.   "I know that Transgaz was invited to join South Stream. Romgaz can't take part in the project," Videanu replied, when asked if state-owned gas producer Romgaz had... [...]

The Romanian Ministry of Regional Development and Tourism developed a draft law amending the criteria for those wishing to buy a state-made home. According to this act, homes made by the Romanian National Housing Agency (ANL), meant to be rented by young people, will be sold at prices between EUR19,000- EUR36,000.   Regional development and tourism minister Elena Udrea announced that the calculated selling price for one studio apartment... [...]

Tim Grosse, TUI Romania general manager, considers Romania’s foreign tourism promotion budget, around EUR5 million for 2010, to be very low and should be increased in order to obtain satisfactory results. "With such an inadequate EUR5 million budget you can only attend a few fares. For the German market alone, Bulgaria's promotion budget is over EUR10 million and Austria invests more than EUR20 million," Grosse said.  ... [...]

Almost 10% of car parts from the Romanian automotive market are counterfeited, Jean Francois Martin, quality and service manager with French automaker Renault, said today. Amongst these more common are car body parts and braking and directional control systems. According to Martin, trades of counterfeit car parts trigger damages of EUR5 million per year for Renault.   But the volume of seized counterfeit car parts was down nearly seven... [...]

Petru Craciun, director of market analysis of Cegedim, declared today that around 75% of the 4.000 to 5.000 Romanian pharmacies are close to bankruptcy, because they continued providing discounted and free medicine, despite having received no money from public health insurance houses.   "We have repeatedly warned that 25% of pharmacies are barely running, and that was before sstatet payments were delayed last year. Cegedim has data... [...]