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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.