Russian natural gas giant Gazprom Friday said Romania confirmed its interest in the South Stream pipeline project. A Russian delegation met with Romanian officials Friday to discuss potential joint projects in the energy sector, particularly about setting up underground gas storage facilities in Romania.

Foreign direct investments to Romania (FDI) fell 36 percent to EUR1.9 billion in the first seven months of this year, from EUR 2.9 billion during the same period of last year, according to data from the Romanian Central Bank.

Romanian consumer prices went up 0.23 percent in August after a 2.6 percent increase a month earlier, while the annual inflation accelerated to 7.58 percent, the highest rate in two years, the country’s statistics institute INS said Friday. In July, the annual rate was 7.14 percent.

*Pharma market gets record growth – plus 35% in the second quarter – in Ziarul Financiar
*ING invests EUR 250 million in its Cluj service center – in Ziarul Financiar
*Boc Government pledges to build the 2011 budget with a 24% VAT – in Ziarul Financiar
*New strategy for RBS Bank – back to corporate – in Ziarul Financiar
*Diverta gives up 20% of retail space and shuts down 12 bookstores – in Ziarul Financiar

Romania's economy is expected to shrink two percent in 2010 and will increase between 1.5 and 2 percent in 2011, reads the additional letter of intent to the International Monetary Fund (IMF) approved by the Government. "The economic recovery will be delayed due to persisting low domestic demand, the unfavorable regional context and the recent floods," reads the document.

The Romanian Government has revised its estimate on primary spending to EUR 30.7 billion this year, from a previous EUR 30.5 billion, according to the additional letter of intent to the International Monetary Fund deal, quoted by Mediafax newswire.

Romania ranks 67th of the 137 countries included in the world competitiveness report issued by the World Economic Forum. The country is down three places compared to last year.

State-owned energy transport company Transelectrica will invest around EUR 250 million in the next five to six years in Dobrogea to build eight transformation power stations and the electrical lines which will connect wind farms to the national power grid, a total capacity of 4,000 MW.

Romania ranks fifth in Central Europe, with 33 companies among the first 500 in the region, according to a top recently published by Deloitte. The top, carried out by Deloitte in 18 countries every year, is now at its 4th edition and ranks companies by revenues from sales reported for the previous year.

Online retailer eMAG has opened a 300 sqm showroom in Constanta, the biggest in its chain outside Bucharest so far and expects the showroom to bring revenues of EUR 1 million this year and EUR 3.5 million next year, according to Iulian Stanciu, director of eMAG.ro. This is the company's second largest showroom, after the one in Bucharest.

Russian natural gas giant Gazprom Friday said Romania confirmed its interest in the South Stream pipeline project. A Russian delegation met with Romanian officials Friday to discuss potential joint projects in the energy sector, particularly about setting up underground gas storage facilities in Romania.

Foreign direct investments to Romania (FDI) fell 36 percent to EUR1.9 billion in the first seven months of this year, from EUR 2.9 billion during the same period of last year, according to data from the Romanian Central Bank.

Romanian consumer prices went up 0.23 percent in August after a 2.6 percent increase a month earlier, while the annual inflation accelerated to 7.58 percent, the highest rate in two years, the country’s statistics institute INS said Friday. In July, the annual rate was 7.14 percent.

*Pharma market gets record growth – plus 35% in the second quarter – in Ziarul Financiar
*ING invests EUR 250 million in its Cluj service center – in Ziarul Financiar
*Boc Government pledges to build the 2011 budget with a 24% VAT – in Ziarul Financiar
*New strategy for RBS Bank – back to corporate – in Ziarul Financiar
*Diverta gives up 20% of retail space and shuts down 12 bookstores – in Ziarul Financiar

Romania's economy is expected to shrink two percent in 2010 and will increase between 1.5 and 2 percent in 2011, reads the additional letter of intent to the International Monetary Fund (IMF) approved by the Government. "The economic recovery will be delayed due to persisting low domestic demand, the unfavorable regional context and the recent floods," reads the document.

The Romanian Government has revised its estimate on primary spending to EUR 30.7 billion this year, from a previous EUR 30.5 billion, according to the additional letter of intent to the International Monetary Fund deal, quoted by Mediafax newswire.

Romania ranks 67th of the 137 countries included in the world competitiveness report issued by the World Economic Forum. The country is down three places compared to last year.

State-owned energy transport company Transelectrica will invest around EUR 250 million in the next five to six years in Dobrogea to build eight transformation power stations and the electrical lines which will connect wind farms to the national power grid, a total capacity of 4,000 MW.

Romania ranks fifth in Central Europe, with 33 companies among the first 500 in the region, according to a top recently published by Deloitte. The top, carried out by Deloitte in 18 countries every year, is now at its 4th edition and ranks companies by revenues from sales reported for the previous year.

Online retailer eMAG has opened a 300 sqm showroom in Constanta, the biggest in its chain outside Bucharest so far and expects the showroom to bring revenues of EUR 1 million this year and EUR 3.5 million next year, according to Iulian Stanciu, director of eMAG.ro. This is the company's second largest showroom, after the one in Bucharest.