The Romanian Central Bank (BNR) governor Mugur Isarescu (in picture) said the value added tax, set at 24 percent, will remain unchanged “at least for a few years”. Isarescu stressed out that the country will face fiscal instability unless the sales tax is kept at the current level, he said in a TV interview on Sunday.

Romania will have to return EUR 41.7 million of EU funds to the European Commission for failure to use the money correctly under the Common Agricultural Policy (CAP). Romania will be charged EUR 41.7 million for weaknesses in the Land Parcel Identification System (LPIS-GIS), in the administrative procedure for controls and cross checks and for incorrect calculation of payments and sanctions.

The Romanian Transport Ministry will hold an auction at the end of November to award construction contracts for four highway sectors totaling 270 kilometers.

French group Lafarge, the largest cement producer in the world, posted an 18 percent drop in sales on the Romanian market in the first nine months of this year, according to its quarterly report.

ArcelorMittal Galati, the largest steel producer in Romania, will close for at least two months one of its two blast furnaces still active, according to company representatives quoted by Mediafax newswire. Also, all 9,300 of the company's employees will receive a 20-day mandatory holiday in the next three months.

The Romanian industrial output grew by 10.8 percent in the first nine months of the year, according to data from the Romanian Statistics Institute (INS). The manufacturing industry drove growth with 11.7 percent, compensating for the 7.3 percent drop in the mining industry.

Romania ranks 44th after being included this year, for the first time, in a World Economic Forum chart of the 57 most developed financial markets worldwide. Romania received a score of 3.05 on a one-to-seven scale. Romania is immediately outranked by Turkey (42) and Mexico (43), but outranks Hungary (45) and Vietnam (46).

*BNR Governor Isarescu: Economic comeback only after state layoffs – in Ziarul Financiar
*Romania, second highest number of corporate tax payments in the world – in Ziarul Financiar
*Drop in consumption affects the telecom market – in Ziarul Financiar
*After avoiding bankruptcy, Ves Sighisoara can't keep up with orders – in Ziarul Financiar
*Cosmote grows, Romtelecom reaps the benefits of launching NextGen – in Ziarul Financiar

Mobile telephony operator Cosmote Romania posted EUR 117.5 million in revenues in the third quarter of the year, up 8.5 percent on the same period last year, the company has announced. Its profit before taxes (EBITDA) was of EUR 23.3 million, an increase of 24.6 percent on the previous quarter, following the integration of Zapp operator.

The European Bank for Reconstruction and development (EBRD) has signed investments worth EUR 200 million for Piraeus Group's subsidiaries in Bulgaria, Romania and Albania as part of a package approved in July 2010. The aim of the financing is to provide medium and long-term debt financing through Piraeus Group subsidiaries in support of SMEs and corporate organizations for investment and working capital needs.

The Romanian Central Bank (BNR) governor Mugur Isarescu (in picture) said the value added tax, set at 24 percent, will remain unchanged “at least for a few years”. Isarescu stressed out that the country will face fiscal instability unless the sales tax is kept at the current level, he said in a TV interview on Sunday.

Romania will have to return EUR 41.7 million of EU funds to the European Commission for failure to use the money correctly under the Common Agricultural Policy (CAP). Romania will be charged EUR 41.7 million for weaknesses in the Land Parcel Identification System (LPIS-GIS), in the administrative procedure for controls and cross checks and for incorrect calculation of payments and sanctions.

The Romanian Transport Ministry will hold an auction at the end of November to award construction contracts for four highway sectors totaling 270 kilometers.

French group Lafarge, the largest cement producer in the world, posted an 18 percent drop in sales on the Romanian market in the first nine months of this year, according to its quarterly report.

ArcelorMittal Galati, the largest steel producer in Romania, will close for at least two months one of its two blast furnaces still active, according to company representatives quoted by Mediafax newswire. Also, all 9,300 of the company's employees will receive a 20-day mandatory holiday in the next three months.

The Romanian industrial output grew by 10.8 percent in the first nine months of the year, according to data from the Romanian Statistics Institute (INS). The manufacturing industry drove growth with 11.7 percent, compensating for the 7.3 percent drop in the mining industry.

Romania ranks 44th after being included this year, for the first time, in a World Economic Forum chart of the 57 most developed financial markets worldwide. Romania received a score of 3.05 on a one-to-seven scale. Romania is immediately outranked by Turkey (42) and Mexico (43), but outranks Hungary (45) and Vietnam (46).

*BNR Governor Isarescu: Economic comeback only after state layoffs – in Ziarul Financiar
*Romania, second highest number of corporate tax payments in the world – in Ziarul Financiar
*Drop in consumption affects the telecom market – in Ziarul Financiar
*After avoiding bankruptcy, Ves Sighisoara can't keep up with orders – in Ziarul Financiar
*Cosmote grows, Romtelecom reaps the benefits of launching NextGen – in Ziarul Financiar

Mobile telephony operator Cosmote Romania posted EUR 117.5 million in revenues in the third quarter of the year, up 8.5 percent on the same period last year, the company has announced. Its profit before taxes (EBITDA) was of EUR 23.3 million, an increase of 24.6 percent on the previous quarter, following the integration of Zapp operator.

The European Bank for Reconstruction and development (EBRD) has signed investments worth EUR 200 million for Piraeus Group's subsidiaries in Bulgaria, Romania and Albania as part of a package approved in July 2010. The aim of the financing is to provide medium and long-term debt financing through Piraeus Group subsidiaries in support of SMEs and corporate organizations for investment and working capital needs.