25th June
2007
Renault to invest EUR 100 M for engineering center
in Romania, until 2009
Renault Technologie Roumanie (RTR) will invest around EUR 100 M for the region
engineering center, until the end of year 2009, for the study bureaus in Bucharest,
the engineering plant, car coachwork, montage and mechanical activities, as well
as for the tests center.
“The EUR 100 M investment is just a first step of this project, but we cannot
approximate the price of the total investment any sooner than two or three years,
when things will become more clear concerning the evolution on market.
We will develop here, progressively, cars resembling Logan model, and, as Renault
Technologie Roumanie becomes stronger, the investment will increase,” stated
within a press conference on Friday Luc Alexandre Menard, the president of Dacia
automobile and director for Public Affairs of Renault, quoted by Mediafax.
In his turn, the State Secretary inside the Ministry of Education, Anton Anton
declared that state’s aids which are to be offered the development of the
research center might reach 25-50 pc of the project’s value. “Romania
has as a priority the research within the automobile industry. We won’t
offer the entire sum for research from Romania’s budget for Renault center,
but an important part of these funds might be won by Renault,” Anton added.
Source: Nine O'Clock
A new K + K hotel worth EUR 20 M in University Square
The Austrian hotel group K+K Hotels, which owns Hotel Elisabeta in Piata Universitatii
(University Square), will invest EUR 20 M over the forthcoming period within a
four-start hotel, having an accommodation capacity ranging from 100 to 150 rooms,
according to ‘Ziarul Financiar.’
“Due to the positive outcomes of the first operation year (our note –
Elisabeta Hotel) a decision has been made to buy a second hotel in Bucharest.
Currently, we are at the discussion stage for choosing the building,” said
Anamaria Dunca, Resident Manager of K+K Hotel Elisabeta. She specified that the
location of the second hotel would be also in Piata Universitatii.
The Austrian group inaugurated the first hotel on the Romanian market an year
ago, following an investment of EUR 9 M. Elisabeta Hotel has a capacity of 67
rooms and its average occupation degree, during its first year of operation in
the market, was 70 per cent. The company representatives have not yet provided
details as to the turnover registered in the first year.
“The first hotel inaugurated does not have many rooms, so that we cannot
always meet the demand. Thus, the second hotel will have a capacity of 100- 150
rooms,” according to Dunca.
Source: Nine O'Clock
Continental Hotels to hire 1000 people by 2011
The Continental Hotels chain, which owns 13 hotels on the local market, registered
a level of 1,000 employees at the beginning of June, compared with 950 registered
at the beginning of the year, with numbers also estimated to double over the next
four years, according to the company's human resources manager.
"This month, we have reached 1,000 employees. Given the company's ambitious
development plan for the next four years, the number of employees will rise proportionately
to the volume of our activity. We estimate that by the end of 2011, the number
of employees will have doubled against the present figure," Iulia Dinu, human
resources manager of Continental Hotels, told ZF, adding that the average annual
personnel fluctuation registered by Continental hotels is 26%.
Businessman Radu Enache and other family members control the Continental Hotels
chain through the RED Group, which holds 71% of the overall shares. Enache recently
stated that he would invest 50 million euros within the next three years in building
seven two-star hotels, which will operate under the Ibis brand that belongs to
the French group Accor.
The Continental Hotels network currently has nine Continental hotels and three
hotels operating under Ibis-Accor management, and will open another hotel in Sibiu,
in July this year. For the Sibiu hotel, which will be called Forum, the company
intends to hire an average of 70 employees.
The Sibiu hotel, plus the new hotels planned for the next few years, could see
the number of rooms in Continental's portfolio double to almost 1,600. The cities
targeted for the opening of new hotels are Timisoara, Targu-Mures, Bucharest,
Brasov, Cluj and Iasi.
Continental Hotels posted a 24.3 million-euro turnover last year. As a result
of a partnership between PPF Investments (PPFI) and RED Group, Continental Hotels
will carry out an approximately 138 million-euro investment programme within the
next five years.
Source: ZF.ro
Bucharest Stock Exchange reaches record highs
Indices on the Bucharest Stock Exchange reached all-time highs at the end of last
week, due to the high traded volumes for this time of the year, which in the past
has seen limited activity from investors.
The Stock Exchange is now experiencing the opposite of what it experienced at
the end of June 2006, when it reached an annual low, after a significant correction
that lasted for several months.
The corrections lasted much less time than they did in 2006, with the Stock Exchange
rebounding relatively quickly only to exceed record high levels several times
in the past month. A significant contribution to this positive trend came from
the foreign investors conducting large foreign currency investments, with the
net foreign capital inflows on the BSE amounting to 385 million euros in the first
five months of this year, according to statistics from the National Securities
Commission (CNVM).
The BET-C index, which gauges the performance of all the listed shares on the
Bucharest Stock Exchange has increased by 25.2% since the beginning of the year.
Growth has primarily been driven by the small caps (small companies with low capitalisation),
that witnessed spectacular increases; such as Comelf Bistrita (CMF), 330% or Kandia
Excelent Bucuresti (EXC) and Rompetrol Well Services (PTR), over 230% each.
In addition, one factor that hindered the index growth rate was the poor performance
registered by Petrom Bucuresti (SNP) shares, which lost 6.2% since the beginning
of the year. This meant that the BET index of the ten-most important companies
on the Stock Exchange has lagged behind this year, only registering an increase
of 14.1%.
The BET-FI, which gauges the performance of the five financial investment companies
(SIF), is also at its highest level, witnessing a 28.1% increase since the beginning
of the year. SIFs gained more than 10% last week alone, after the CNVM published
a decision that allowed investment funds managed by the same company to buy up
to 1% of the same SIF each.
The rise of SIFs was also aided by an increase in their assets, given that the
companies in their portfolios, most of which are listed on RASDAQ have increased
in value this year. The RASDAQ-C, which tracks all the securities listed on RASDAQ
has doubled since the beginning of this year and exceeded 5,000 points for the
first time at the end of last week.
The spectacular performance of the RASDAQ index can be explained through the fact
that many of the companies on this market were greatly undervalued earlier this
year. Under the circumstances, many investors directed their attention to RASDAQ,
finding a high potential for profit on this market.
A change in the trading regulations on the XMBS market could lead to further growth
of the RASDAQ market, as interesting investment opportunities could arise among
the 1,400 companies now trading through the XMBS system.
Source: ZF.ro
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