Romania – Factors to Watch on July 27

July 28, 2010 By Leave a Comment

July 27 (Reuters) – Here are news stories, press reports and events to watch which may affect Romanian financial markets on Tuesday.

IMF MISSION IN ROMANIA

An IMF mission reviews Romania 20 billion euro aid-deal between July 26 and August 4.

IMF mission chief Jeffrey Franks is expected to meet Finance Minister Sebastian Vladescu on Tuesday.

ROMANIA STICKS TO YIELD CAP, SELLS LESS THAN PLANNED

Romania sold just over a third as much as planned at a T-bills tender on Monday, sticking to its self-imposed cut-off yield of 7 percent, a tactic which analysts say debt managers could be forced to scrap next month.

[ID:nLDE66P17A]

ISRAELI MILITARY HELICOPTER CRASHES IN ROMANIA

An Israeli military transport helicopter carrying seven soldiers crashed in a mountainous area of central Romania on Monday during a joint exercise, Romania’s Defence Ministry and the Israeli military said.

[ID:nLDE66P1Z3]

WEALTH TAX

Romania could introduce a wealth tax, Prime Minister Emil Boc said on Monday. He did not give details.

Ziarul Financiar, Page 1

GDP FCAST

The IMF will revise Romania’s 2010 growth forecast, but it will not be as pessimistic as the EBRD’s 3.0 percent contraction estimation, IMF mission chief Jeffrey Franks said.

Daily Ziarul Financiar quoted an unnamed source saying the GDP was expected to contract 1.5-1.8 percent in 2010.

Ziarul Financiar, Page 1

TOURISM

Romania will launch its new tourism brand on Thursday in China.

Ziarul FInanciar, Page 3

PARLIAMENT

An extraordinary session of parliament could take place on August 16 to discuss changes to the law that sets up the National Integrity Agency, an EU-backed anti-graft body.

The powers of the agency have been watered down after a court branded some of its activities unconstitutional in April.

Opposition Social Democrats and Liberals plan to introduce the government’s decision to hike the VAT on the agenda.

Romania Libera, Page 5

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GE considers selling Garanti stake in parts: report

July 10, 2010 By Leave a Comment

(Reuters) – General Electric (GE.N) is looking at selling its 20.85 percent stake in Turkish lender Garanti Bank (GARAN.IS) in parts, after an unsuccessful attempt at a block sale, Sabah newspaper said on Friday.

A representative of GE Turkey, Kursat Ozkan, said the sale method to be used was still unclear and work was continuing.

Few banks came forward to publicly declare their interest in the stake after GE said it was up for sale earlier this year.

Analysts speculated that the size of the stake, valued at around $3.8 billion but not giving control of the bank, had limited interest in the sale.

“The block sale of the 20.85 percent stake didn’t look very possible. Therefore, GE gave a message that it might sell the stake in parts. So that method is also being talked about now,” said the unnamed source.

The bank is just under 50 percent publicly traded, while Turkish conglomerate Dogus Group owns 30.5 percent and has first refusal on the stake. It has declined to clarify its intentions.

(Additional reporting by Aali Kandemir; Editing by Simon Jessop)

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UPDATE 1-GE considers selling Garanti stake in parts -paper

July 10, 2010 By Leave a Comment

ISTANBUL, July 9 (Reuters) – General Electric (GE.N) is looking at selling its 20.85 percent stake in Turkish lender Garanti Bank (GARAN.IS) in parts, after an unsuccessful attempt at a block sale, Sabah newspaper said on Friday.

A representative of GE Turkey, Kursat Ozkan, said the sale method to be used was still unclear and work was continuing.

Few banks came forward to publicly declare their interest in the stake after GE said it was up for sale earlier this year.

Analysts speculated that the size of the stake, valued at around $3.8 billion but not giving control of the bank, had limited interest in the sale.

“The block sale of the 20.85 percent stake didn’t look very possible. Therefore, GE gave a message that it might sell the stake in parts. So that method is also being talked about now,” said the unnamed source.

The bank is just under 50 percent publicly traded, while Turkish conglomerate Dogus Group owns 30.5 percent and has first refusal on the stake. It has declined to clarify its intentions. (Additional reporting by Aali Kandemir; Editing by Simon Jessop)

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GE considers selling Garanti stake in parts -paper

July 10, 2010 By Leave a Comment

July 9 (Reuters) – General Electric (GE.N) is looking at selling its 20.85 percent stake in Turkish lender Garanti Bank (GARAN.IS) in parts, after an unsuccessful attempt at a block sale, Sabah newspaper said on Friday.

Few banks came forward to publicly declare their interest in the stake after GE said it was up for sale earlier this year.

Analysts speculated that the size of the stake, valued at around $3.8 billion but not giving control of the bank, had limited interest in the sale.

“The block sale of the 20.85 percent stake didn’t look very possible. Therefore, GE gave a message that it might sell the stake in parts. So that method is also being talked about now,” said the unnamed source.

The bank is just under 50 percent publicly traded, while Turkish conglomerate Dogus Group owns 30.5 percent and has first refusal on the stake. It has declined to clarify its intentions. (Editing by Simon Jessop)

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UPDATE 1-EDF Flamanville reactor faces 2 year delay-paper

July 7, 2010 By Leave a Comment

July 6 (Reuters) – French utility EDF (EDF.PA) is expected to announce a delay of about two years to the completion of the EPR nuclear reactor it is building in Flamanville, northern France, French newspaper Le Figaro said.

An EDF spokeswoman declined to confirm the report but said the project was being examined. “A number of studies have been launched to assess the situation and its consequences and the analysis is ongoing,” she said.

Le Figaro, citing an unnamed source, said the findings were made in an audit done at the request of EDF.

“This (2 year delay) is a low bracket, which is essential to make public: all departments concerned within the group know that this major project is faced with numerous technical obstacles,” the paper quoted a source with knowledge of the situation as saying.

EDF in January maintained that the 1,600-megawatt European Pressurised Reactor (EPR) was on track to be completed in 2012, followed by commercial electricity production in 2013. At the time it denied a report it was running at least two years late.

French nuclear reactor maker Areva (CEPFi.PA), civil engineering company Bouygues (BOUY.PA) and Alstom (ALSO.PA), which provides the turbo generators, are also involved in the construction of the Flamanville reactor. (Reporting by Caroline Jacobs and Benjamin Mallet; Editing by David Holmes) (paris.equities@news.reuters.com; Reuters Messaging: caroline.jacobs.reuters.com@reuters.net; +33 1 49 49 53 43))

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Hungary govt in talks with Surgut on MOL stake-paper

June 12, 2010 By Leave a Comment

June 11 (Reuters) – Hungary’s government is in talks with Surgutneftegaz (SNGS.MM) on buying back a 21 percent stake in oil group MOL (MOLB.BU) and may finance the purchase by issuing government bonds, daily Napi Gazdasag said on Friday.

Energy

The business daily, citing an unnamed source, said that Hungary’s previous Socialist government had been close to an agreement with Surgut and the Russian firm then wanted to get 1.5 billion euros for its MOL stake.

In May daily Nepszabadsag said the new Hungarian government was planning to buy back the MOL stake held by Surgut.

Napi Gazdasag said on Friday that according to its “unconfirmed information” the new Hungarian government was in talks with Surgut about a similar price, 1.6 billion euros ($1.93 billion), and may want to finance the deal by issuing additional government bonds.

MOL declined comment.

Peter Szijjarto, spokesman for Prime Minister Viktor Orban, said he could not comment because he did not have information.

The Russian energy giant bought one-fifth of Hungary’s largest company by revenue last year from Austria’s OMV (OMVV.VI) in a deal which irked both MOL and the Socialist government.

Orban, whose centre-right Fidesz party won elections by a landslide in April, has pledged to address what he called an “unfortunate situation”. [ID:nBUS002127]

His government took office on May 29.

MOL shares traded 1.4 percent higher at 17,690 forints on the Budapest Stock Exchange on Friday. ($1=.8307 Euro) (Reporting by Krisztina Than; Editing by Hans Peters)

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UPDATE 1-Saab, BMW in talks to develop new 9-2 model-report

June 12, 2010 By Leave a Comment

June 11 (Reuters) – The chairman of Saab Automobile is in discussions with BMW (BMWG.DE) in Germany to use its engines and transmissions in a new version of the 9-2 model, a Swedish daily reported, quoting an unnamed source.

Victor Muller, chief executive of Spyker (SPYKR.AS) and Saab chairman, has said he is deep in talks with potential partners about procuring a platform for the ’92′, a revival of a tear-drop-shaped Saab model from 60 years ago. [ID:nLDE6510OL]

Dagens Industri reported on Friday that there were also plans for BMW to supply a diesel engine for Saab’s city jeep 9-4X, which will be launched in the European market at the start of 2011.

Contact has been made between Saab and BMW over the 9-2, which could be built on BMW’s Mini platform, the paper reported. A meeting is scheduled to take place at the end of June.

Spyker declined to comment and BMW said it would not comment specifically on the report.

“We are in talks with several interested parties who have interest in our technology,” a BMW spokesman said. “There are no contracts with Saab at the moment.”

A spokesman at Saab said the carmaker was looking for “possible partners” but also declined to comment on the report.

“We are concentrating on the 9-5 and the 9-4X,” Eric Geers said. “A smaller Saab below the 9-3 is not in our business plan though it would be on our wish list.”

Saab was rescued earlier this year by Dutch luxury carmaker Spyker, which sealed a $400 million deal to buy the loss-making carmaker from General Motors [GM.UL].

Muller is hoping to restore the fortunes of the iconic Swedish brand, aiming to more than double yearly sales to 85,000 by 2012. (Editing by Simon Jessop)

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Suspected terrorist leader jailed in Malaysia, report says

May 27, 2009 By Leave a Comment

Suspected terrorist leader jailed in Malaysia, report saysKuala Lumpur – Suspected Islamic terrorist leader Mas Selamat is being detained for a minimum period of two years under a Malaysian security law to undergo “rehabilitation,” an official news report said Wednesday.

Citing “highly placed” sources, the state-run Bernama agency said the man, who had been on Singapore’s most-wanted list for more than a year before he was captured in Malaysia’s southern Johor state in April, was currently detained under the Internal Security Act.

“Mas Selamat is under a two-year detention at the Kamunting Detention Centre” in the northern state of Perak, Bernama quoted its source as saying.

“While under detention, Mas Selamat will be undergoing a rehabilitation programme which will include debating with religious experts on Islam,” said the unnamed source.

Government and police officials have declined to comment on the report.

The Malaysian government has not divulged details of Mas Selamat’s location, or if the alleged terrorist would be returned to Singapore, after authorities from both countries announced his capture last month.

However, Bernama quoted its sources as saying Mas Selamat, 46, would remain for a minimum of two years at the detention camp before negotiations on his transfer to Singapore would take place.

The Internal Security Act, drafted more than 50 years ago to originally combat a communist insurgency, allows for indefinite detention without trial.

Mas Selamat, who is believed to be a top leader in regional terror group Jemaah Islamiah, sparked the biggest manhunt in Singapore’s history after he escaped from a top-security detention centre in February 2008.

Jemaah Islamiah is blamed for the deadly bombings on the Indonesian island of Bali in 2002, which killed 200 people.

Singapore also accused Mas Selamat of having planned to hijack a plane and crash it into the city-state’s Changi airport. (dpa)

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Taiwan may allow high profile China defector to visit

May 24, 2009 By Leave a Comment

Taipei – Taiwan may allow a former Taiwan military officer who defected to China in 1979 and is now a World Bank senior vice president to visit Taiwan, a newspaper reported Sunday.

The Commons Daily, quoting an unnamed source, said Taiwan plans to allow Justin Lin Yifu to visit Taiwan by inviting him to attend the World Games, held in Kaohsiung July 16-26.

The invitation will be issued to Lin by Kaohsiung Mayor Chen Chu, who is a distant relative of Lin, the report said.

Chen, on her visit to the United States to promote the World Games in February, dined with Lin in Washington DC near the headquarters of the World Bank, the paper said.

Chen flew to China Thursday to promote the World Games. She received a warm welcome from the Chinese side and met with the Beijing mayor and Shanghai mayor.

Lin defected to China in 1979 while serving in the army on Kinmen, a Taiwan-held islet off China’s Fujian coast, swimming across the water using five basketballs as flotation.

He left behind his wife and a child who were later reunited with him when he went to study in the United States.

Lauding him as a hero, China allowed Lin to study economics at Beijing University and sent him to study economics at the University of Chicago.

He soon rose to become a top economic strategist in China, founded the Centre for Economic Research at Beijing University, and contributed to China’s economic reform.

In 2008, Lin was named the World Bank’s chief economist and senior vice president for development economics, becoming the first Chinese and first Southeast Asian to hold the post.

In recent years, as China-Taiwan ties improved, Lin has expressed the wish several times to visit his ancestral home in Taiwan and to pay homage to his deceased parents, but Taiwan said he would be court-martialed for defecting to China.

The highest penalty for defecting to the enemy’s side from a front-line battlefield is the death.

Taiwan’s Defence Ministry has said several times that although the 30-year statute of limitation has passed for Lin, Lin still would still be court-martialled because he committed treason and his crime had very bad influence on the Taiwan public. (dpa)

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‘Lacy’ Gisele Bundchen makes for traditional picture at secret wedding

March 3, 2009 By Leave a Comment

New York, Mar 1 (ANI): Wedding was certainly a ‘lacy’ affair for supermodel Gisele Bundchen, as she wore a flowing fairy-tale veil over a long, ivory lace dress at the hush-hush ceremony.

Designed by Dolce and Gabbana, the dress made the Brazilian bombshell look like a picture of tradition at her Catholic wedding to football phenom Tom Brady.

A grainy clip showing Bundchen walking outside St. Monica Catholic Church in Santa Monica was posted on the celebrity news Web site TMZ.com.

Meanwhile, Bundchen, 28, and Brady, 31, made no immediate comment on reports of the intimate nuptials on February 26.

In fact, the ceremony was so secret that guests didn’t realize they were attending a wedding until they arrived.

Instead, they “thought they were going to a christening at a church,” The New York Daily News quoted an unnamed source as telling celeb TV show ‘The Insider’. (ANI)

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