Romania's national dailies of Thursday give main coverage to a meeting on Wednesday of President Basescu and local bankers; the country's economic growth in Q4 2008; the state of the local construction market; the latest development in the number of subscribers to mobile internet services.
The papers also report on the Government having approved at a meeting on Wednesday a decision under which the European election in Romania is to be held on June 7.
The papers also report on the Government having approved at a meeting on Wednesday a decision under which the European election in Romania is to be held on June 7.
Romania libera remarks that the Governemnt has set the date for the European elections, but the parties are still looking for candidates, reporting that the opposition National Liberal Party (PNL) has drawn up a list of 26 candidates that are to be vetted and the Democratic-Liberal Party (PD-L), a partner in the ruling coalition, is wooing resounding names in the public sphere, including former Justice Minister Monica Macovei, currently an adviser to Macedonia's prime minister.
The other parties are expected to complete their lists for the European election in the days ahead.
Jurnalul national quotes Raiffeisen Bank Romania CEO Steven van Groningen as saying bad loans rose by 30 percent in 2008, the same as personal income, and the advancement was the highest in the last quarter of the year.
Jurnalul national quotes Raiffeisen Bank Romania CEO Steven van Groningen as saying bad loans rose by 30 percent in 2008, the same as personal income, and the advancement was the highest in the last quarter of the year.
Despite such problems, the paper remarks, President Traian Basescu told chief bankers on Wednesday that the Romanian banking system is solid, urging Romanian households to resort to banks for loans, saying that as a result of an increase in the demand for loans interest rates will probably fall.
Ziarul financiar remarks that Romania's economic growth in 2008 was 7.1 percent, but toward the end of the year the Gross Domestic Product (GDP) recorded a significant contraction from 8.9 percent in the first three quarters to just 2.9 percent in the last one.
The paper quotes Director of the Economic Prognostication Institute of the Romanian Academy Lucian-Liviu Albu as saying this significant decrease marks the beginning of the crisis, which has sped up in this interval and will continue at least throughout this year.
Household consumption in the last quarter of 2008 declined 4.7 percent, for the first time in 10 years, according to data with the National Statistics Institute (INS) carried by Ziarul financiar.
Fixed gross capital formation reflecting investment in the economy has significantly reduced its growth in Q4, 2008, to 2.3 percent, down from 28 percent in the first nine months of 2008. The only rising investments were in construction (7 percent) and means of transportation (3.6 percent).
Fixed gross capital formation reflecting investment in the economy has significantly reduced its growth in Q4, 2008, to 2.3 percent, down from 28 percent in the first nine months of 2008. The only rising investments were in construction (7 percent) and means of transportation (3.6 percent).
Government's revenues and expenditure in the full swing of the economic and financial crisis is one of the main topics of the talks in Washington between Romania and the International Monetary Fund (IMF), Ziua report.
The paper quotes Romanian Finance Minister Gheorghe Pogea as saying Romania is also negotiating with the European Commission in order to see what the volume and conditions for a loan would be. He also said the final amount will be set after all the requirements are known, and if the requirements are not to Romania's likening, the loan may be rejected.
The paper quotes Romanian Finance Minister Gheorghe Pogea as saying Romania is also negotiating with the European Commission in order to see what the volume and conditions for a loan would be. He also said the final amount will be set after all the requirements are known, and if the requirements are not to Romania's likening, the loan may be rejected.
The paper quotes Government sources as saying Romania could give up raising money from the IMF if by taking out a loan it would be compelled to increase the flat income tax or the Value-Added Tax (VAT) in 2009.
Romania libera remarks that although the signs of the ongoing global economic and financial crisis have been felt in Romania since the second half of 2008, the year was one of rising results both for the construction industry and for construction materials.
Romania libera remarks that although the signs of the ongoing global economic and financial crisis have been felt in Romania since the second half of 2008, the year was one of rising results both for the construction industry and for construction materials.
The paper quotes real estate analysts as voicing worries over the fact that although a record 64,414 housing units were completed in 2008, up 36 percent from the year before, there was a large number of uncompleted housing units as of the end of 2008.
As of December 31, 2008, there were 143,139 housing units undergoing construction, 55,016 of which in the finishing stage, 48,800 at an advanced construction stage, and 37,671 at the foundation stage, which means that 141,487 housing units were started and left uncompleted in 2008.
As of December 31, 2008, there were 143,139 housing units undergoing construction, 55,016 of which in the finishing stage, 48,800 at an advanced construction stage, and 37,671 at the foundation stage, which means that 141,487 housing units were started and left uncompleted in 2008.
Ziarul financiar reports that the five-star hospitality market of Bucharest City, with 2,000 rooms, reached 113-115 million euros in value in 2008, up 10 percent from 2007.
The paper quotes 5-star JW Bucharest Marriott Hotel CEO Kurt Strohmayer as saying the five-star hospitality market of Bucharest City reported some increases but it also felt the effects of the financial crisis and he believes a decline will follow in 2009. He also says he does not believe the market can absorb further units.
The paper quotes 5-star JW Bucharest Marriott Hotel CEO Kurt Strohmayer as saying the five-star hospitality market of Bucharest City reported some increases but it also felt the effects of the financial crisis and he believes a decline will follow in 2009. He also says he does not believe the market can absorb further units.
Ziarul financiar quotes Orange Romania CEO as saying mobile internet services grew stronger than ever in 2008, reporting that Orange has now more than 10 million subscribers to its services, indicating that the number of mobile data services users – EDGE and 3G – surged 65 percent, to 1.6 million users, with Orange having reported 109 million euros in revenues from 2008 handset and equipment sales.
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