The aggregated turnover of the wholesale and retail commerce and car and motorbike maintenance and repair services sector went up 6.1% in the first four months of this year. The main drives were the automotive commerce (+14.7%) and vehicle repair (6.8%) sectors.
The aggregated volume of construction works went up 10.8% in April, year-on-year, buoyed by an almost 90% jump in residential construction projects, according to the National Institute of Statistics (INS). The residential market was the construction industry's main drive this year. Capital repairs and current repairs gained 19.7% and 11.7% in the first four months of this year.
The total cost of a basket containing 23 food products and non-alcoholic beverages was down between 9% and 14% on June 8, compared to April 29, in the three online stores selected for a survey. However, retailers such as Carrefour Online present the VAT rate cut as their own discounts.
Banca Transilvania's Italian subsidiary is selling EUR-denominated mortgages to Romanian citizens working in Italy and looking to buy houses or land in Romania. The mortgages mature in up to 30 years and can go as high as EUR 250,000. The annual interest rate is the six months EURIBOR plus 5.25% and the ECB reference rate plus 6.8%.
OTP Bank will complete the takeover and integration of Millennium Bank in October, according to CEO Laszlo Diosi. Last summer, OTP Bank paid EUR 39 million for the Romanian subsidiary of Portuguese group Millennium and today it is on the lookout for new acquisitions.
Falling interest incomes are forcing bankers to look for other ways of increasing their profit margins, a situation that could lead to an increase in current account fees and more expensive premium services. The banks have been working on new revenue boosting strategies, including new fees and thresholds for current accounts, bigger cross-selling efforts, new fees for premium services and a greater focus on fee-based services, according to CPBR analysts.
Adrian Apostu, a shareholder of HCR, owner of Dino Parc Rasnov, stated that the company would continue to invest in the EUR 5 million project in the next five years, depending on the project's results. Two more hectares of land will be added to the park in the future. "We have ideas for the next five years and we're planning to invest a third of the earnings every year," said Apostu.
Carmen Murzea, 30, and Robert Eisler, 34, set up Cuptorul lui Robert last year, a small sweets shop based in Brasov. Murzea is a sociologist and had worked in the past for a Brasov recruiting company. Eisler is an IT engineer and employed by a local call center.
Senator Alexandru Vegh (UDMR) has drafted a bill that would ban the explicit advertising of drugs and pharmacies on radio and television. Non-explicit advertising is allowed only for over the counter products and subject to the National Drug Agency's (ANM) approval.
The law putting Romania under the International Court of Justice's jurisdiction came into force on Saturday. The Ministry of Foreign Affairs (MAE) hailed this achievement and announced that it had sent a notification to Romania's representatives at the United Nations, which would be filed with the UN's Secretariat.
Gabriel Oprea, president of the National Union for Romania's Progress (UNPR), stated that his party's MPs would not support the Criminal Code amendments. "If the current ruling coalition tries to destroy any part of the state, we'll walk out on them. I told them that, including to Victor Ponta, and I mean every word," said Oprea.
More than 2,000 debtors gathered in front of Government's Victoria Square headquarters to demand the passing of the CHF-denominated loans conversion bill. The debtors say that the banks are not interested in actual negotiations, despite the National Bank of Romania's (BNR) recommendations, and they want the Government, Parliament and President to pass the bill as soon as possible.