29th June
2007
New Ford Mondeo: first promotions in Eastern Europe
The growth witnessed by the car markets in Eastern Europe has prompted Ford, one
of the top three car manufacturers in the world, to give priority to presenting
the new Ford Mondeo models in Eastern European countries, to the detriment of
markets with a bigger purchasing power, but with a higher level of saturation.
"Theoretically, on markets such as the Italian and the German market, one
cannot expect volume increases. In contrast, countries like Romania or Ukraine
offer much bigger growth opportunities. That is why Ford Mondeo, for instance,
is being promoted in these countries first," stated Calin Gavra, manager
of Romcar, Ford importer in Romania.
"Worldwide, Romania is the fifth country where the Mondeo model is being
promoted," added Gavra. He added that the importance of the domestic market
is apparent even from the volume of initial stock for the new model (700 units).
Source: ZF.ro
Gran Via builds 2,900 homes in Constanta
Spanish group Gran Via plans to build a 2,900-flat project in Constanta. The project
would be developed over three stages, with the first stage to entail the construction
of 900 homes, through a 50 million-euro investment, stated Alberto Mas Vil?, manager
of Gran Via for Romania.
"The project will be built on a 65,000 square metre area, which we acquired
for approximately 35 million euros. The actual built area of the project covers
241,000 square metres," said Mas Vil?. The residential complex will be developed
in partnership with Socorota Ltd. The two companies set up Gran Via Varianta,
which they control in equal shares.
The first 900 homes will be delivered onto the market during the course of 2009.
The project will be located on the site of a former fruit market in Constanta,
near the Constanta-based Polus Center, which was developed by Trigranit.
Source: ZF.ro
Romania’s high rating could attract more funds
from EU
The sovereign rating of Romania Baa3 reconfirmed on June 1, which is the first
investment level, on Moody’s rating scale, could attract more funds from
foreign companies or from the European Union, the General Manager with Moody’s
for Central Europe, Petr Vins stated for Rompres.
“Romania is thus for the first time on the first investment level according
to the financial rating assessment of our company. Which means that the risk of
payment delays or of payment failures is of approximately 30 per cent in 10 years,
which is definitely better than the rating standing at speculative level, as well
as the fact that Romania is on a good path towards EUR.
Moreover this rating could suggest that Romania could attract funds for the development
of the infrastructure, which could also mean, that in Romania companies have become
stronger and could even invest abroad.” Vins said.
“This Rating could also mean, on the other hand, that, taking into account
the EU demands, Romania could make its way towards the Euro zone, as well as,
that the country can benefit from more EU funds or donations”, Vins added.
The accession to the European Union can certainly help Romania to increase its
sovereign rating, as long as, motivated by the EU accession, Romania implements
the structural reforms. The political turbulences do not necessarily affect the
rating of the country, as the rating regards the economic aspects. As my colleague,
MR Kenneth Orchard, Moody’s Vice-President, was saying, more serious reasons
of concern would occur if the political issues would lead to a relaxation of the
fiscal policy, increasing the risks related to the economic “overheat”
or if the Government expenses will rise too much”, the official of the rating
agency pointed out.
On the other hand, if the structural reforms or other EU demands will not be properly
implemented, the sovering rating of the country could drop.
“Romania’s rating had a climbing trend, in the past five years, due
to the gradual enforcement of the economic and institutional reforms” Orchard
stated.
The financial assessment agency granted the Baa3 rating to the Romanian Government
bonds with stable perspectives. The country limit related to foreign currency
debts is A1/P1, on long term, and P-3 on short term. Moody’s is forecasting
a real increase in the Gross Domestic Product of 6.8 per cent for the current
year and of 6 per cent for the next year. Inflation is forecasted at 4.4 per cent
and at 4.7 per cent for the following year.
Source: Nine O'Clock
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