PM Gives Cabinet Ministers Green Light To Run For Parliament
Prime minister Dacian Ciolos has given green light to his Cabinet ministers to run for seats in parliament in the December 11 election.
Three of them might run on behalf of the Liberal Party.
On the other hand, Ciolos himself said he has no intention of going into politics and will not run for Parliament. (Evenimentul Zilei)
Automobile Dacia, Among 500 Largest Companies In CEE
Companies Automobile Dacia, OMV Petrom Marketing SRL and OMV Petrom SA are among Romanian companies listed in a ranking of 500 largest companies in Central and Eastern Europe (CEE) by turnover, compiled by international credit insurance firm Coface.
The average trend of the gross domestic product in CEE was 3.3% in 2015, higher than 2.6% in 2014, Coface said in a statement.
Strong growth was registered by the textile and clothing sector (+14.8%) and the automobile and transportation sectors (+10.3%).
Romania and Poland dominate the sectors of agriculture, meat processing, agrifood products and wine production, with Romania having seven companies listed in Coface’s CEE Top 500 and Poland having 19 companies, according to Coface.
Companies in Romania are 21% locally-held, those in the Czech Republic are 37% locally-held and firms in Poland are 43% locally-held, according to Coface. (Adevarul)
Hidroelectrica Expects To Top RON1B Gross Profit Threshold After First 8 Months
Romania’s state-owned hydropower producer Hidroelectrica, which underwent a restructuring process during insolvency, expects to end the first eight months of 2016 with a gross profit of over RON1 billion, despite a decline in turnover.
The company said in a statement that it expects to sell over 1.3 terawatt-hour of electricity, worth over RON236 million, in August.
Hidroelectrica’s gross profit in the first seven months of 2016 is 13% higher than the result in the year-earlier period, in the context in which its turnover of RON1.9 billion, cumulated until the end of July 2016, is 8% lower than in 2015. The decline in revenue was due to price decreases on the electricity market to RON156/MWh in the first seven months of 2016, from RON165/MWh in 2015.
Hidroelectrica went insolvent in June 2012 after it had sold electricity outside the energy exchange at prices below market levels. The company was court-ordered into a second insolvency process in February 2014, less than eight months after completing a one-year reorganization process.
In June 2016, Bucharest Court ruled on the exit from insolvency of Hidroelectrica after a four-year insolvency process. (Evenimentul Zilei)
Russian Gas Giant Gazprom Posts 17% Decline in Profit in Second Quarter
Russia’s largest natural gas producer Gazprom posted a 17% year-on-year fall in net profit to RUB245 billion ($3.78 billion) in April-June, according to IFRS results.
Net profit for the first six months of 2016 overall declined by 9.6% on the year, to RUB625 billion.
The fall in net profit in the second quarter of 2016 was attributed to rising operating costs undermining revenue growth. In the second quarter alone revenues grew 5% on the year to RUB1.33 trillion and to RUB3.06 trillion in January-June overall. (Romania Libera)