Romania will return to economic growth in 2011, most likely of around 1.5 percent, representatives of the International Monetary Fund said Thursday, following media estimations that the country would remain mired in recession for the third consecutive year. Jeffrey Franks, head of the IMF mission to Bucharest (in picture, right), said the media reports were incorrect and the Fund doesn't forecast an economic decline for next year.

Tubular producer ArcelorMittal Tubular Products Iasi will invest USD 11 million in a new cold formed production line with a capacity of 120,000 tones per year, in order to increase efficiency and reduce costs.

Romanian state-owned hydropower generator Hidroelectrica could invest some EUR 18 million in the next years to set up wind turbines on its hydropower plants along the river Siret, company operational director Dragos Zachia said Thursday.

Atteco Club has invested EUR 1.8 million in Oxygen Club in Sun Plaza shopping center in Bucharest, which includes a bowling and pool area, a club, restaurant, terrace and playground. The owners estimate the club, which will be inaugurated on Thursday evening, October 28, will post a EUR 700,000 turnover in 2010, having run since May this year.

Orange Romania, the largest mobile operator in Romania, reported revenues of EUR 246 million in the third quarter, 9 percent lower compared to the same period of last year, according to the quarterly report of mother company France Telecom Group.

The International Monetary Fund told the Romanian Government it disagrees with increasing the minimum wage in 2011 to...

*IMF takes into account third year of economic drop for 2011 – in Ziarul Financiar
*Bancpost and Banca Romaneasca take EUR 15 mln from Avrig 35 – in Ziarul Financiar
*Praktiker had the biggest sales decline – down 25% after the VAT drop – in Ziarul Financiar
*Banks had to recover EUR 3.5 bln from clients – in Ziarul Financiar
*ProTV, USD 109 million turnover in nine months – in Ziarul Financiar

Local group UTI has sold Cobra Security company to Swedish group Securitas AB, which is represented locally by Securitas Services România, according to Mediafax newswire. UTI group is controlled by Tiberiu Urdareanu. Cobra Security was set up in 1992 and posted around EUR 13 million in turnover last year, up 10 percent on the previous year. The company hires 2,770 staff.

Local lender Banca Transilvania posted a gross profit of EUR 23.3 million, while its net profit for the first nine moths of the year stayed at EUR 16.2 million, up 44 percent on the same period of last months.

The renewable energy industry could attract investments of up to EUR 9 billion in Romania, considering the high potential on this market, according to Gabriel Sidere, managing partner with CMS Cameron McKenna Bucharest, who attended the "Green. The Future of Energy' conference in Bucharest.

Romania will return to economic growth in 2011, most likely of around 1.5 percent, representatives of the International Monetary Fund said Thursday, following media estimations that the country would remain mired in recession for the third consecutive year. Jeffrey Franks, head of the IMF mission to Bucharest (in picture, right), said the media reports were incorrect and the Fund doesn't forecast an economic decline for next year.

Tubular producer ArcelorMittal Tubular Products Iasi will invest USD 11 million in a new cold formed production line with a capacity of 120,000 tones per year, in order to increase efficiency and reduce costs.

Romanian state-owned hydropower generator Hidroelectrica could invest some EUR 18 million in the next years to set up wind turbines on its hydropower plants along the river Siret, company operational director Dragos Zachia said Thursday.

Atteco Club has invested EUR 1.8 million in Oxygen Club in Sun Plaza shopping center in Bucharest, which includes a bowling and pool area, a club, restaurant, terrace and playground. The owners estimate the club, which will be inaugurated on Thursday evening, October 28, will post a EUR 700,000 turnover in 2010, having run since May this year.

Orange Romania, the largest mobile operator in Romania, reported revenues of EUR 246 million in the third quarter, 9 percent lower compared to the same period of last year, according to the quarterly report of mother company France Telecom Group.

The International Monetary Fund told the Romanian Government it disagrees with increasing the minimum wage in 2011 to...

*IMF takes into account third year of economic drop for 2011 – in Ziarul Financiar
*Bancpost and Banca Romaneasca take EUR 15 mln from Avrig 35 – in Ziarul Financiar
*Praktiker had the biggest sales decline – down 25% after the VAT drop – in Ziarul Financiar
*Banks had to recover EUR 3.5 bln from clients – in Ziarul Financiar
*ProTV, USD 109 million turnover in nine months – in Ziarul Financiar

Local group UTI has sold Cobra Security company to Swedish group Securitas AB, which is represented locally by Securitas Services România, according to Mediafax newswire. UTI group is controlled by Tiberiu Urdareanu. Cobra Security was set up in 1992 and posted around EUR 13 million in turnover last year, up 10 percent on the previous year. The company hires 2,770 staff.

Local lender Banca Transilvania posted a gross profit of EUR 23.3 million, while its net profit for the first nine moths of the year stayed at EUR 16.2 million, up 44 percent on the same period of last months.

The renewable energy industry could attract investments of up to EUR 9 billion in Romania, considering the high potential on this market, according to Gabriel Sidere, managing partner with CMS Cameron McKenna Bucharest, who attended the "Green. The Future of Energy' conference in Bucharest.