Foreign investors operating in the energy sector have invested more than EUR 22 billion in Romania since 2002, which contributed massively to the modernization of an area that used to be significantly underfinanced, according to a press release issued by the Foreign Investors Council.
The Romanian system is vulnerable to a major increase in the demand for natural gas, according to statements made on Tuesday by Gabriel Selischi, a member of OMV Petrom's board, at a conference organized by the Foreign Investors Council.
The Minister of Economy, Mihai Tudose, expects a 20% increase in exports this year, driven mainly by industrial production and the automotive sector. This would be a four-year peak for Romania's exports. The estimate is backed by the stable macroeconomic context, the stable exchange rates, the 1.6% economic growth rate announced for the first quarter of this year, as well as the slight economic recovery of Romania's main foreign market, the Eurozone.
The price of a 23-product basket, featuring food and non-alcoholic beverages, based on the prices displayed by three online stores dropped by up to 13% between April 29 and June 8. However, some retailers promote the VAT rate cut as their own discount.
495 anti-fraud inspectors looked into the activity of 350 companies operating in fiscal risk zones. The national anti-fraud campaign took place on June 6 and 7 and it involved inspectors from the eight Anti-Fraud Regional Directorates (DRAF).
Before the launching of the state's issue of bonds for retail clients, ASF president Misu Negritoiu bragged that even shepherds in the mountains will hear about the issue. Days into the issue, it seems that not even bank tellers are familiar with the bonds they are supposed to sell to retail investors.
The Constanta Court ordered Bancpost to convert to RON a CHF-denominated loan using the reference exchange rate from July 29, 2008. The court noted the bank's aggressive promotion of CHF-denominated products that the plaintiff did not need and had not requested.
Banca Transilvania will allocate 7.05 million shares to its executives, as per the shareholders' decision of April, 2014, according to a report sent to the Bucharest Stock Exchange (BVB). The shareholders approved last year the distribution of free stock to executives and employees. Fitch Ratings has recently upgraded Banca Transilvania's IDR rating for long-term financing from BB- to BB, with a stable outlook.
French group Leroy Merlin, which entered the Romanian market last year with the acquisition of the local BauMax chain, opened a store in Brasov, the sixth LM store in Romania. This is the third store that the company opens in two weeks, after those located in Sudului Square and Alexandriei Road.
Power grid operator Electrica is trying to convince its shareholders to approve the investment plan for this year. The first draft budget was rejected two months ago. The new proposal features RON 860 million worth of investment spending, a 30% increase from the previous budget.
Although thousands of couples try to adopt children every year, nearly 60,000 children are registered with the state's orphanages. Last year, only 550 children were adopted, down from 700 two years ago. For this reason, the Ministry of Labor announced a bill that would amend the Adoption Law in order to simplify the procedures.
President Klaus Iohannis sent on Tuesday the social dialog bill back to the Parliament for review, noting that employers cannot deduct union dues from paychecks and transfer them to the unions' accounts because the Labor Code stipulates that salaries are paid directly to workers.
The Chamber of Deputies rejected yesterday the National Anti-corruption Directorate's (DNA) request to allow the criminal investigation of Prime Minister Victor Ponta on conflict of interests charges by the novel device of voting on the report drafted by the Legal Affairs Commission instead of the request itself. President Iohannis accused the Parliament of behaving irresponsibly.
A Millward Brown survey indicated that 20% of Romanians live below poverty line, down from 24.5% in January, 2014. The net average income per household was up in 2014, compared to 2013, thanks to an increase in the number of people earning above EUR 300 per month.