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2014 Archive:
 
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March, 2014
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March 31, 2014



      March 31, 2014


FIC (0)
No news for today
Macroeconomic News (4)
The price hikes tsunami
DoE to look into alternative system for green certificates
Proprietatea Fund about corporate governance at Electrica
Government to return transport companies 4 cents of fuel excise
Financial News (2)
Isarescu chides bankers: The interest rates are too high
Capping cash transactions brings transparency to current operations
Investment News (3)
Chinese investment in Romania remains on paper
P&G buys Urlati property
Rewe - another 140 stores in Romania
Politics (1)
Antonescu: Traian Basescu is still president because Ponta made a series of mistakes
Social (2)
Cost of labor in EU countries
Ponta: State employees will not have their salaries reduced

   Macroeconomic News (4)

The price hikes tsunami
The April Fools day will turn this year into a genuine Black Tuesday. The price of fuel will go up RON 0.41 per liter, the price of gas will increase by 2% and this is just the beginning. The average price of a liter of gas will be RON 6.2.

(Source: capital.ro; Date: 2014-03-31; Author: Unspecified)

DoE to look into alternative system for green certificates
The Department of Energy will analyze in the coming weeks the development of an alternative renewable energy production system that could replace the green certificates. The DoE will be helped in this task by the representatives of the energy industry.

(Source: agerpres.ro; Date: 2014-03-31; Author: Unspecified)

Proprietatea Fund about corporate governance at Electrica
Manager of Fondului Proprietatea, Franklin Templeton, says the new unitary corporate governance strategy recently approved by Electrica SA violates the rights of minority shareholders and will endanger the IPO scheduled for June. FP mentioned that the new corporate governance strategy offers majority shareholder, Electrica, a privileged position and violates the rights of minority shareholders by the fact that it allows state intervention in the current activity at the four subsidiaries where the fund owns majority share package.

(Source: mediafax.ro; Date: 2014-03-31; Author: Unspecified)

Government to return transport companies 4 cents of fuel excise
The Government will return transport companies 4 of the 7 eurocents of the new fuel surcharge set to come into force tomorrow. The sum will be paid on a quarterly basis, based on the fuel acquisition invoices, according to Prime Minister Victor Ponta.

(Source: incont.ro; Date: 2014-03-31; Author: Unspecified)

   Financial News (2)

Isarescu chides bankers: The interest rates are too high
The reference interest rate was kept at 3.5% at the monetary policy meeting held at the end of last week, after six consecutive cuts, but the Governor of the National Bank of Romania (BNR), Mugur Isarescu, thinks that the commercial banks have enough room to cut the interest rates charged for loans. "We think that the monetary policy rate is well-positioned at its current level," said Isarescu.

(Source: zf.ro; Date: 2014-03-31; Author: Unspecified)

Capping cash transactions brings transparency to current operations
This is the fourth proposal to amend the Government Ordinance 15/1996 regarding the strengthening of the financial-currency discipline. The main purpose of the new proposal is to increase the transparency of operations by capping the cash transactions.

(Source: business24.ro; Date: 2014-03-31; Author: Unspecified)

   Investment News (3)

Chinese investment in Romania remains on paper
Despite the efforts of Romanian authorities, the Chinese investment boom has yet to begin. The latest gesture was the visit made by Deputy PM Liviu Dragnea to China. He came back with many promises, such as the opening of a branch of the Commercial and Industrial Bank of China in Bucharest or investments in energy, transport and agriculture.

(Source: evz.ro; Date: 2014-03-31; Author: Unspecified)

P&G buys Urlati property
Procter&Gamble has bought 25 hectares of land in Urlati, the location of its shampoo plant. The new property could be used to build a new warehouse and another plant. "They bought the land last autumn for EUR 3 million," said sources close to the local administration.

(Source: zf.ro; Date: 2014-03-31; Author: Unspecified)

Rewe - another 140 stores in Romania
Rewe Romania, the operator of the Penny Market and XXL Mega Discount retail chains, is planning to double the number of stores under its control by 2020, going from 156 in 2013 to nearly 300. The expansion pace will be 20 new stores per year.

(Source: zf.ro; Date: 2014-03-31; Author: Unspecified)

   Politics (1)

Antonescu: Traian Basescu is still president because Ponta made a series of mistakes
Crin Antonescu stated on Sunday, in Pitesti, that Traian Basescu is still president because Ponta had made a series of mistakes, including the co-habitation pact, the appointment of prosecutors and the referendum quorum decision.

(Source: mediafax.ro; Date: 2014-03-31; Author: Unspecified)

   Social (2)

Cost of labor in EU countries
The hourly cost of Romanian labor was EUR 4.7 last year, seven times lower compared to France and Germany, six times lower than in Italy and four and a half times lower than in Spain. The difference is bigger than the GDP per capita gap.

(Source: cursdeguvernare.ro; Date: 2014-03-31; Author: Unspecified)

Ponta: State employees will not have their salaries reduced
Prime Minister Victor Ponta stated on Sunday that he cannot promise an increase in the salaries of state employees, but insisted that pensions would be indexed more than 4% next year. "The salaries won't be cut, but I can't promise any raises," said Ponta.

(Source: b1.ro; Date: 2014-03-31; Author: Unspecified)

   
   
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