Romania's trade deficit soars

Bucharest - Romania's current account deficit grew by nearly 15 per cent in the first nine months of the year, authorities said Wednesday, the latest sign of a possible economic crunch for the European Union newcomer.

Goods imports running far ahead of exports were the main reason for the 12.7-billion-euro (16.1-billion-dollar) shortfall in the nation's broadest measure of international trade, central bank data showed.

Medium- and long-term foreign debt grew by 25.2 per cent since the start of the year, the report said.

Romania, which joined the EU in 2007, is among the ex-communist nations that has raised concern in the global financial crisis, especially after international lenders saved neighbouring Hungary from possible default.

FM official receives Austrian, Romanian ambassadors

Populist touch and media buoy Social Democrat FaymannDhabi, Nov. 12, 2008 -- Foreign Ministry Assistant Undersecretary for International Cooperation Affairs, Mohammed Abdul Rahim Abdul Jalil, received at his office here today Austrian Ambassador, Gerald Kriechbaum.

They discussed bilateral relations and ways to boost them, the follow-up of the work of joint committee meeting held in Austria and visa exemption between the two countries.

Resignations at financially troubled Rapid Bucharest

romania football clubBucharest - Rapid Bucharest's general manager Constantin Zotta an

ArcelorMittal to idle Romanian plant

ArcelorMittal-logoBucharest - ArcelorMittal, the world's largest steelmaker, will idle one of its four Romanian plants because of falling global demand, news agency reported Tuesday.

The plant at Hunedoara will halt production in a few days for about two months, its first idling since the depression of the 1930s, factory director Remus Patan told the Mediafax agency.

Luxembourg-based ArcelorMittal said on November 5 it would cut production as the slowing global economy reduces steel demand.

Renault's Romanian plant plans three-week halt

Renault's Romanian plant plans three-week halt Bucharest - Renault SA's Romanian plant will halt production for three weeks as the country's car market slows, a news agency reported Monday.

Employees at Dacia, which makes budget-priced compact cars mostly for export, will get 85 per cent of pay during the November 20-December 7 break, the Mediafax agency said.

From January through October, Dacia's production ran at 17 per cent above last year's level. But production recently was halted for four days because of slowing demand.

Abbas: peace talks likely only after Israeli elections

Abbas: peace talks likely only after Israeli electionsBucharest - Peace negotiations with Israel will likely only resume after completion of Israeli elections in February, Palestinian President Mahmoud Abbas said Monday in Romania.

He also repeated his assertion that any peace agreement will not be completed by the end of 2008, as envisaged at the Annapolis conference in November 2007.

Abbas made his comments while visiting with Romanian President Traian Basescu. During the meeting, Basescu ruled Romania out as a possible mediator in any Palestinian-Israeli negotiations.