19 July 2010

Romania's railway network was labeled in a catastrophic state due to lack of interest by authorities in a recent article by the Associated France Press. With the number of cars tripling in the last 20 years in Romania and with the degrading railways in the country, fewer and fewer passengers are choosing to ride the trains run by state-owned CFR. The company itself has been posting losses and has decided to increase the cost of a train ticket to somehow balance the loss.

19 July 2010

Former soccer player and current investor Gica Popescu (in picture) will invest EUR 10 million in a retail center in Rahova area of Bucharest, which will be called Doldora Bazaar, the businessman has announced. The retail center, which will sell both en-gross and en-detail products, will be built on the premises of a former industrial platform in the city.

19 July 2010

With 6,000 houses damaged by the recent floods and no previous home insurance, the Romanian state will have to pay out EUR 400 million to rebuild some of these houses and the other damaged caused by flooding in the country. Government representatives estimate the value of the damages could even reach EUR 450 million, according to Mediafax newswire.

18 July 2010

Just days before an International Monetary Fund mission is expected in Bucharest for another review of the stand-by agreement with Romania, neighbor country Hungary, which has taken a similar size loan package from the IMF is likely to be denied access to the remaining of its financing package. The IMF and the European Union have suspended evaluation discussions with Hungarian government representatives, warning the country needs to take drastic measures to cut the budget deficit.

19 July 2010

Romania's railway network was labeled in a catastrophic state due to lack of interest by authorities in a recent article by the Associated France Press. With the number of cars tripling in the last 20 years in Romania and with the degrading railways in the country, fewer and fewer passengers are choosing to ride the trains run by state-owned CFR. The company itself has been posting losses and has decided to increase the cost of a train ticket to somehow balance the loss.

19 July 2010

Former soccer player and current investor Gica Popescu (in picture) will invest EUR 10 million in a retail center in Rahova area of Bucharest, which will be called Doldora Bazaar, the businessman has announced. The retail center, which will sell both en-gross and en-detail products, will be built on the premises of a former industrial platform in the city.

19 July 2010

With 6,000 houses damaged by the recent floods and no previous home insurance, the Romanian state will have to pay out EUR 400 million to rebuild some of these houses and the other damaged caused by flooding in the country. Government representatives estimate the value of the damages could even reach EUR 450 million, according to Mediafax newswire.

18 July 2010

Just days before an International Monetary Fund mission is expected in Bucharest for another review of the stand-by agreement with Romania, neighbor country Hungary, which has taken a similar size loan package from the IMF is likely to be denied access to the remaining of its financing package. The IMF and the European Union have suspended evaluation discussions with Hungarian government representatives, warning the country needs to take drastic measures to cut the budget deficit.

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