Consumer prices went up 0.47% in April, pushing the inflation rate from 0.65% to 1.16% in a single month, according to data released by the National Institute for Statistics (INS). Food prices accounted for three fifth of the general prices index's growth rate, while the prices of non-food products increased by only 0.32%.
A delegation of European Commission officials tasked with evaluating Romania's economic situation will arrive in Bucharest today, June 16. Depending on the results of the talks between the delegation members and the Romanian authorities, an IMF team could be sent to Bucharest on July 15, according to the Minister of Finance, Eugen Teodorovici.
The National Bank of Romania (BNR) announced that the aggregated value of foreign direct investment had reached EUR 1.16 billion in the first four months of this year, up from EUR 885 million at the end of March. Equity investments amounted to EUR 199 million, while inter-group loans had a net value of EUR 965 million.
The fact that 60% of companies are not interested in loans, regardless of costs, is not necessarily bad news because taking out loans is not a goal, but the means to address certain development needs, according to Tiberiu Moisa, Banca Transilvania's head of Corporate and SMEs Clients.
The representatives of the debtors who had taken out CHF-denominated loans will sent the Cabinet a memorandum requesting a meeting with Prime Minister Victor Ponta in order to discuss the loans conversion bill. Catalin Voivozeanu, leader of the debtors' group, said at yesterday's rally that the debtors are still seeking an amiable solution for this situation.
Corporate loans account for almost 40% of the EUR 3.6 billion NPLs package that Banca Comerciala Romana had put up for sale in mid-May. While corporate loans amount to EUR 1.4 billion, the rest of the package is made of 53,000 housing loans worth a combined EUR 1.15 billion.
IKEA, the biggest furniture and interior decorations retailer in Romania, has bought nearly 14 hectares of land located on Bucharest's Theodor Pallady Avenue, the site of its second Romanian store. The transaction is estimated at EUR 15-20 million.
The second phase of the Coresi Business Park project features two new office buildings providing a combined 18,000 sqm of space at a cost of around EUR 10 million. The construction work started in April and is scheduled for completion in 2016. "Tata Technologies is the first tenant for 3,300 sqm of space deliverable in Q2, 2016," noted a CBP press release.
Emergency Ordinance 18/2015 setting up a state aid program for television and radio stations was published in the Official Gazette. The Cabinet allocated EUR 15 million for the TV stations that produce news, cultural and educational shows dealing with public interest topics, but the qualification criteria will be released through a separate order.
The High Council of Magistrates (CSM) issued a negative report regarding most of the amendments to the Criminal Code and the Criminal Procedure Code. The magistrates rejected the legalization of conflicts of interests and the modification of preventive detention measures.
The president of the Senate, Calin Popescu Tariceanu, proposed during the Permanent Bureau's meeting the setting up of a commission tasked with analyzing democracy and the rule of law. "We need an evaluation of how the main institutions function, of whether the checks and balances system works," said Tariceanu.
The average pension in Giurgiu county was RON 711 in the first quarter of this year, 57% less compared to the average Bucharest pensions, according to the National Institute for Statistics (INS). This is partly the result of the fact that Bucharest residents had earned more during their active years and partly because the Giurgiu county market had never amounted to much.