7th June
2007
Delta Air Lines launches Bucharest – New York flights
Delta Air Lines launched yesterday the direct Bucharest – New York route,
with four flights a week. “The route will service not only the trade and
tourism interests of Romania and USA, but it will also offer convenient connections
to customers, to other destinations in the USA, Canada and Latin America. From
New York, clients can easily travel to destinations such as Los Angeles, San Francisco,
Seattle, Miami, Toronto and Montreal,” financial manager Loren Neuenschwander
said.
Delta financial manager Loren Neuenschwander stated that flights between Romania
and USA will have an average 70-80 per cent occupancy rate, and expects approx.
150 passengers per day.
“Some 60 per cent of the passengers will initially come from New York to
Bucharest, but in time we want to balance the ratio,” Neuenschwander pointed
out.
The Delta flight will be four hours shorter than the flights with stopovers operated
by other air carriers. The promotional price for a return flight is EUR 527.
The new route is part of the series of 14 international routes that Delta Air
Lines plans to launch this summer.
Flights from Bucharest will be operated by a Boeing 767-300ER, with a 214-seat
capacity, while for the new Atlanta-Seoul route, that the company will also launch
this week, a Boeing 777-200ER aircraft with 268 seats will be used.
The company used to operate flights to Romania, but gave up the route eight-nine
years ago. Direct flights from Bucharest to New York, operated by Tarom, were
also cancelled in 2003, with the Romanian operator blaming the lack of profitability
of flights to the US.
The new management team at Tarom will carry out in the next two weeks an analysis
of the profitability of transatlantic flights, at the request of Minister of Transport
Ludovic Orban.
“I asked the new manager to prepare a report on the profitability of these
flights, and we shall see whether the two Airbuses in the Tarom fleet can be used
for such flights,” Orban stated yesterday.
“I would have been happy to see a more dynamic Tarom, launching flights
between Romania and USA, particularly considering the strengthening of relations
between the two countries,” Orban added.
He also stated that the Romanian operator must have a private management, increase
the efficiency of its operations, ensure profitable routes and be able to compete
in an increasingly saturated market, in order to survive in the air transport
industry.
Source: Nine O'Clock
Sales of imported cars continue
to rise
Porsche Romania, the importer of the brands Porsche, Skoda, Volkswagen, Audi and
Seat, registered in May the biggest volume of deliveries, almost 5,000 units,
the growth in percentage amounting to 27 per cent over the same month of the past
year. In the first five months of the year the company sold 21,703 cars, a volume
41 per cent bigger than the 15,388 units registered in the same period of the
last year. The representatives of the company stressed that the sales are much
bigger, the reported data referring strictly to the deliveries already made, the
unfinished ones being not mentioned.
Skoda registered more than 9,300 orders, continuing to be the best sold range
of products from the portfolio of the importer. In the first five months of the
past year, Skoda delivered 7,099 units. In the top sales the next ranking brand
was Volkswagen which traded 8,140 models, around 50.85 per cent more than in the
first five months of 2006 when 5,297 units were sold.
Ford traded in May, through the network of 25 dealers, 1,952 vehicles, the biggest
number of units sold in one month since the beginning of this year. The growth
of the sales in the first five months of this year amounted to 61 per cent in
comparison with the same period of the past year. The best sold model of the range
continues to be Fiesta with 2,514 units traded since the beginning of the year.
With 247 units sold in May, Ford Fusion registered a spectacular rise –
187 per cent – vs. the same month of the past year. Ford Transit remains
the leader of the segment of average commercial vehicles with 462 units delivered
in May, registering in the first five months a growth of 71 per cent compared
to the same period of the past year.
In May, Fiat traded 865 vehicles on the local market, up 88 per cent over the
same period of the past year, and 347 commercial vehicles, up 30 per cent over
May last year. The total increase of Fiat sales made by Autoitalia, official importer
in Romania, is 60 per cent in comparison with the vehicles traded in May 2006.
Source: Nine O'Clock
LSE interested to develop relations with Romanian brokers
London Stock Exchange (LSE) intends to develop relations with Romanian brokers
in order to attract as many Romanian companies as possible, Jon Edwards, Senior
manager of the institution, with responsibilities for the Central and Eastern
Europe says yesterday in Bucharest.
“Our purpose is not to attract a certain number of Romanian companies on
the London Stock Exchange markets, but we want to open as many communication channels
with Romanian brokers as possible and to explain to them the benefits of listing
on the foreign capital markets.”
He added that many companies in the Central and South-Eastern Europe are starting
to consider listing of the shares on the LSE, as many of these states have joined
the European Union. Romanian companies should consider listing on the London Stock
Exchange market in the near future as well, according to the representative of
BRD Groupe Societe Generale, present yesterday at the seminar organized in collaboration
with the Salans London Law Firm, where the main advantages and disadvantages of
listing on a foreign market were exposed.
Specialists recommend a double listing: the first on the domestic stock market
and the second on the foreign market in order to reduce the risks entailed by
the access to a larger market. According to the owned capital, companies can choose
between the AIM and the Main Market, the two markets present on London Stock Exchange.
Jon Edwards considers that it is not necessary for a company to be in big expansion
to be able to go public on AIM market. While the main market imposes more strict
eligibility criteria such as minimum 25 per cent shares in public hands, minimum
market capitalization GBP 700,000 and a three year trading record, the AIM (Alternative
Investment Market) market does not take into account any of these terms. BRD Securities
Groupe Societe Generale Manager , Cornel Fumea pointed out to the advantages of
the listing, among which, increased visibility, higher liquidity for existing
shareholders, increased market value and diversified shareholders base are the
most important.
BRD representative reminded also the responsibilities involved in the listing
process such as higher degree of disclosure and reporting than required for private
companies and limited control by the general managers since corporate actions
post-flotation require shareholders’ approval whose opinion must be taken
into account.
The Manager of BRD Securities- Group Societe Generale said that when talking to
a company about the listing on the stock exchange, he needs to make sure that
the company complies with all the necessary requirements on a foreign market.
The AIM market comprises companies from 39 areas. The companies in mining and
real estate business as well as oil and gas producers and general financing companies
are the top shareholders on the AIM market. The listing on the LSE can be completed
in about three months, if the company has prepared all the necessary documentation.
The only company listed in London with activities in Romania is A&D Pharma,
registered in Holland, owner of the Sensiblu Pharmacy chain and of the Mediplus
distribution company.
Source: Nine O'Clock
Property investors abroad reminded of importance of insurance
Investors purchasing property abroad should consider their choice of insurance
policy carefully, according to new claims from a financial services provider.
HiFX, which recently found that insurance is a relatively low priority for buyers
overseas, implored investors not to use a normal home insurance policy to cover
a holiday home, as it could become void.
Additionally, policies from local insurers could prove problematic because of
the language difference, while investors in Spain could find that their insurance
is invalid if they become victims of a "land grab" scheme.
Mark Bodega, managing director of HiFX, explained: "Adequate overseas property
insurance is essential to safeguard the viability of your investment."
"Overseas repairs can be expensive and, in order to protect your investment,
it is essential that any material damage is repaired by trustworthy skilled tradesmen,"
he added.
HiFX has also announced an expansion of its insurance services to places such
as Dubai, Croatia, Montenegro, Romania and Bulgaria.
Previously, the company explained that the combination of a strong pound and weak
dollar makes property investment in some dollar-influenced economies an attractive
prospect.
Source: Ready2Invest
Bulgarian property market 'over-exposed'
Bulgaria might now occupy the third position in the Overseas Property league table
behind Spain and France, but it's the emerging markets of Latvia, Slovakia, Estonia
and Romania where foreign buyers should now be investing, a property company has
claimed.
Other eastern European and Baltic States are all vastly preferable to Overseas
Property investments in Bulgaria, as the country's property market has now become
over-saturated, Property Frontiers has insisted.
Lesser known eastern European states including Latvia and Slovakia are now "booming"
due to a generation of highly educated and business-minded local people, the company
said
Increased investment in the country by big-name international corporations including
Samsung and Dell has also helped their economies to grow.
Commenting on the current situation, Simon James, sourcing manager for Property
Frontiers, said: "Bulgaria is well-known because it's had a lot of press.
From an investment perspective I wouldn't put any money in it at all. Maybe three
or four years ago, yes, but the market has been rallied by unfortunate extreme
over-exposure.
"Compare that to Lithuania, Latvia and Estonia," he added.
"They're the strongest growing, they have the highest GDP growth every year
[in Eastern Europe]. Yields are low, but growth is very, very high."
Source: hotproperty.co.uk
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