July 9 (Reuters) – Here are news stories, press reports and events to watch which may affect Romanian financial markets on Friday.
FLOODS
Kristalina Georgieva, E.U. Commissioner for International Cooperation, Humanitarian Aid and Crisis Response, is going to visit together with Prime Minister Emil Boc flooded areas from Galati county. She is also expected to meet other Romanian officials and hold statements at 1500 GMT.
ROMANIA REJECTS ALL DEBT BIDS, MKTS EYE INFLATION
Romania rejected all bids at a tender to sell 3-year treasury bonds on Thursday, signalling the finance ministry is still unwilling to sell debt at yields above 7 percent and may struggle to finance its budget deficit. [ID:nLDE6671AD]
FLOODS CUT 10 PCT OF ROMANIA WHEAT CROP TO 6 MLN T
Romania will likely reap a smaller than forecast wheat crop of around 6 million tonnes this year because of extensive floods which have sharply cut yields, the agriculture ministry told Reuters on Thursday. [ID:nLDE66719I]
ROMANIA INDUSTRIAL OUTPUT DOWN 0.3 PCT M/M IN MAY
Romania’s adjusted industrial output ROIP=ECI edged down 0.3 percent on the month in May and was up 4.1 percent year-on-year, data from the National Statistics Board showed on Thursday. [ID:nBCR000045]
* For an instant view of analysts on the data please see [ID:nLDE6670CU]
DACIA
Carmaker Dacia, controlled by France’s Renault (RENA.PA), sold 181,286 cars in the first half of the year and plans to produce 330,000 cars by the end of the year in the Mioveni factory.
Ziarul Financiar, Page 1
ECB CHIEF IN ROMANIA
ECB President Jean-Claude Trichet and other central bankers will be in Romania at the beginning of September for the 130 anniversary of Romania’s central bank, governor Mugur Isarescu said.
Ziarul Financiar, Page 3
FOREIGN INVESTMENTS
About 100 French companies plan to invest in the Romanian market in 2010, especially in the industry sector, said the trade counsellor of the French embassy in Bucharest.
Adevarul, Page 20
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Russia creates retail giant with state banks-sources
MOSCOW, April 10 (Reuters) – A Russian national network of consumer cooperatives said on Friday it planned to merge its shops into a new giant company, and state-controlled banks will participate industry sources said.
The move comes at a time when many Russian retailers are struggling to survive in the economic downturn facing a decline in consumer spending and heavy debt repayments.
Analysts say the crisis provides a possibility for consolidation of the highly fragmented market, with the top 10 players controlling about 10 percent.
The 50,000-strong network, known as TsentroSoyuz, had turnover of 141 billion roubles (about $4.5 billion) last year lagging only market leaders X5 Retail Group (PJPq.L) and Magnit (MGNTq.L).
“Yes, a united retail network under the COOP brand will be created on the basis of TsentroSoyuz,” said Sergei Leonov, general director of the new company on Friday. He declined to provide details of the project.
Russian state banks including largest lender Sberbank (SBER03.MM) will set up an investment fund that will buy unspecified part of the new company, said a source in investment circles.
He said Sberbank could also bring in the new company assets it has grabbed from indebted chains, such as Krasnoyarsk-based retailer Alpi. Sberbank was not immediately available for comment.
A source with a Russian retailer said the idea was backed by Russia’s Agriculture Ministry. The new company will become the largest chain in terms of number of stores, taking the lead from Magnit which had about 2,600 stores at the end of 2008. (Editing by Jon Loades-Carter)