exchanges will be regulated by the Management College of the House of Commerce
and Industry Bucharest
The regulation authority of goods exchanges will be the Management
College of the House of Commerce and Industry Bucharest, a stipulation that will
be included in the legislative initiative concerning the functioning of these
exchanges. With the appearance of the modifications regarding the law of capital
markets, the regulations specific to exchanges were withdrawn, the only stipulations
that remained valid being the ones regarding the activities of goods exchanges
concerning derivative financial instruments.
The social health insurance budget
will be missing 35000 billion ROL
Dan Peretianu, president of the Federative House of Romanian
Doctors, states that 35.000 billion ROL will disappear from this year's social
health insurance budget. The amount represents the difference between the
sum announced for this year's budget of the NHIH (110.000 billion ROL) and
the sum sent by the Ministry of Public Finance to be approved by the Parliament
as the NHIH budget for expenses in the field of sanitation (75.000 billion
this fall, Allianz Tiriac will make its entrance on the private health
Allianz Tiriac will become the fourth player on the private health
insurance market, starting this fall. Up until now, only three insurance companies
have announced their presence in this sector, namely Interamerica (in partnership
with Medisystem), Aviva (in partnership with Medicover) and Omniasig Addenda
(in collaboration with Romar). An increase in this segment is also expected for
the years to come, since more and more insurance companies and medical services
suppliers are in a hurry to join the market.
do not agree with the restrictions regarding the limitation of credits
Following the negotiations with IMF representatives, the National
Bank of Romania intends to increase the difficulty of contracting a credit from
banks, until the Government elaborates a project for a law that more strictly
regulates financing offered by leasing or consumption credit companies. bankers
consider that the introduction of new restrictions to the offer of loans for
the population will not have the desired effects, namely that of limiting the
speed with which external deficits are increasing.
City Hall will organize an auction to select the banks where the money
obtained from eurobonds will be deposited
Today, June 30-th, an auction will be organized by the Bucharest
City Hall in order to select the banks where the amount of 491 million EUR, obtained
from the selling of eurobonds, will be deposited. Last week, the City received
500 million EUR in its account opened at the ABN Amro Bank Romania, from which
the commissions and the discount offered to the investors were deducted.
budget correction will reduce public investments by 550 million EUR
Because of the budget correction approved by the Government
in its session yesterday, June 29-th, the Ministry of Finance was forced to increase
the funds for personnel expenses, while capital expenses were reduced to 3,1%
of the GIP, which translates into a 20.000 billion ROL decrease in public investments.
The Government also decided to freeze the salaries of budgetary employees, canceling
the 6% increase scheduled for October. Through the Unique National Health Insurance
Fund, the executive granted an extra 5.030 billion ROL, 3.600 billion ROL of
which were allocated for compensated and free drugs.
reform of the agricultural sector is a priority for the Ministry of Agriculture
Gheroghe Flutur, minister of the agriculture, considers that the
future of the economic sector under his command depends on the founding of new
farms by youths in the rural environment and others. For this purpose, the " Farmer
'' project will be started on July 1-st, a project meant to contribute in the
process of integration in the European Union. The maintaining of a stable and
viable rural population requires government policies meant to ensure the optimum
number of work places in the field of agriculture and related services.
the European integration, half of the Romanian banks will disappear due
to the competition
Codrut Pascu, manager of the " Roland Berger '' financial consultancy
company, stated that half the banks currently on the Romanian market will disappear
after the integration into the European Union due to the competition. Also, banks
will have to withstand the growing competition coming from non-banking institutions
that grant consumption credits to the population.
tonight, the switch to the new leu will be made
According to the article in the " Ziarul Financiar '' newspaper,
the cutting of four zeros at the end of the ROL is just a way to give a symbol
a makeover, the only practical effect being the strengthening of trust in the
national currency. the expected effect of this measure is the reduction of inflation,
as was the case in most of the countries where this operation was carried out.
materials coming from abroad made a decisive contribution to the increase
The increase of imports, in the first five months of the year, took
place in the context of the acquisition of raw materials, such as energy related
ones, materials and components necessary for the realization of the export production,
and high tech equipment for investments. According to the National Statistics
Institute, the value of loans went up by 22,4% in the January-may period, compared
to the same period last year, and exports went up only 12,9%. As a result of
this fact, the commercial deficit increased, in the first five months of 2005,
to 3,2 billion EUR, approximately 1 billion EUR more than the same period in
'' is looking for investors in order to rent its business as a franchise
Greek fast-food restaurant chain " Gregory's '' is looking
for investors in order to develop its business as a franchise. Having a
2,9 million EUR turnover at the moment, the company is going to be listed
at the Bucharest Stock Exchange this year.
In the autumn of this year, a new three star hotel will be inaugurated
in Arad's most expensive district, Micalaca. The building's beneficiary is the
SC Filip D Impex SRL company, which owns a 2.357 square meter piece of land on
the district's main street, in the vicinity of the Gemi Center complex.
million EUR will be invested by the city in the rebuilding of the capital's
The capital's City Hall will invest 30 million EUR in the rebuilding
of Bucharest's historical center, work being scheduled to begin this fall. Investment
operations for the project will begin in September, the initiative of the city
officials being subjected to public debate until then. The investment, estimated
at 29,5 million EUR, is financed from a BERD loan (9,5 million EUR) and from
the eurobonds emission (20 million EUR). The first measure taken by the authorities,
before beginning the investment process, is to evacuate the abusive occupants
of the buildings in the historical center.
Romania, investments in mutual funds are situated at a very low level
According to a study by the Intercapital Invest brokerage company,
mutual funds in Romania benefit from investments of very low value, compared
to those in other European countries. Thus, the value of these investments in
our country is 6 EUR per citizen, compared to countries like Poland-250 EUR,
Slovakia-296 EUR or Hungary-457 EUR
Yesterday, June 29-th, the Emergency Order regarding the Labor
Code was adopted in a government meeting. The final version of the Order was
agreed upon with the social partners and the changes made to the initial project
mainly refer to the regulation of working hours. Syndicate representatives were
satisfied with their collaboration with the Minister of Labor, Gheorghe Barbu,
in view of the development of modifications to the Labor Code.
law project concerning the indemnities of young mothers will be reanalyzed
Democratic Party president, Emil Boc, has asked Labor Minister
Gheorghe Barbu to withdraw the law project regarding the indemnities received
by young mothers for child care from the ministry's web site. The project stipulates
a monthly children's' allowance quantum worth 35% of the gross average salary
in the economy, regulated by the annual law of the state budget.
wants to withdraw political support for members who had connections
with Omar Hayssam
Cristian Diaconescu, president of the SDP Moral Integrity and Arbitration
Committee, suggests the withdrawal of political support over a period of two
years for the four members who were identified as having had connections with
Omar Hayssam. The fact that the Integrity Committee took over the task of possible
regulation violations regarding Hayssam's activity in the SDP, based on the memo
received from the SDP Permanent Bureau, was mentioned in a press release.
NLP-DP relations are apparently settling, interior tensions are ever
Emil Boc, democratic leader, gave the first sign of the colling of
relations with the NLP, by announcing three weeks ago that the political formation
should win the next elections on its own. This fact, along with the vote in the
Parliament on Monday, when the DP didn't vote for the constitution of the administration
councils of the RRS and RTV, didn't make prime-minister Calin Popescu Tariceanu
happy, and he expressed his doubt concerning his ability to collaborate with
Emil Boc in the future. However, in public statements, the leaders of the two
parties show their optimism regarding the future of the alliance.