Representatives of AOAR, AmCham, FIC and RBL, members of the Coalition for Romania's Development (CDR), voiced their unhappiness with the new Fiscal Code. CDR representatives say that the VAT rate cut is insufficient for Romania's sustainable economic development and that the fiscal policy should focus on boosting the formation of Romanian capital, encouraging investment in productive assets and increasing the competitiveness of companies operating in Romania.
Food consumption increased in July by more than 23%, on an annual basis and 0.4% on a monthly basis. July was the second consecutive month when food consumption increased, following the VAT rate cut for food products. The retail sector's turnover went up 8.5% in July, on an annual basis.
The Ministry of Finance (MFP) borrowed RON 400 million from the commercial banks through an issue of bonds maturing on January 17, 2018. The average yield was 2.01% per year and the issue was oversubscribed to the tune of RON 1.1 billion. The MFP is planning to borrow a total of RON 3.8 billion this month.
The retail sector's turnover was up 5.6% in the first seven months of this year, on an annual basis, not including the sales of cars and motorbikes. The sales of food, beverages and tobacco shot up 13.3%, while retail sales of fuel increased 5.8%, according to the National Institute for Statistics (INS).
US investment fund J. C. Flowers has submitted a binding offer for Piraeus Bank Romania, according to sources from the National Bank of Romania (BNR). "A number of funds are interested in Piraeus Bank, but J.C. Flowers has already submitted a binding offer," noted the sources.
The National Bank of Romania (BNR) announced a reference exchange rate of RON 4.4315 per EUR, RON 4.0693 per CHF and RON 3.9461 per USD. The BVB indexes started Thursday's trading session on a slight upward trend as foreign markets rallied.
Sources say that Mugur Isarescu could be stepping down: some say he'll retire, others say he will resign by October in order to become the next prime minister. Even though Isarescu has four more years as governor of the National Bank of Romania (BNR), he could be appointed head of a technocratic cabinet.
The Cluj-Napoca City Hall will invest RON 2.8 million in the rehabilitation of the former Manastur neighborhood cinema. The rehabilitation work will allow the cinema to show 3D movies, while the secondary hall will be available for conferences, exhibitions and children's activities.
The aggregated value of investments in the national economy went up 7.2% in the first half of this year, compared to the corresponding period of 2014, reaching RON 26.8 billion. However, this figure was down RON 1.1 billion compared to 2013 and RON 2 billion compared to 2012, according to data released by the National Institute for Statistics (INS).
The new Emerson plant in Oradea will begin production operations in October with a staff of 50. The EUR 80 million plant has around 50 more jobs vacancies, both in production and on the office side. Emerson owns several plants in the Cluj county, employing more than 2,000 people.
Deputy Ana Birchall (PSD) stated that some banks have failed to deliver on promises to share the burden of CHF-denominated loans with their clients and that the Parliament must step in and provide a solution. The deputy announced that she had asked the Permanent Bureau of the Finance Commission to resume discussing the loans conversion bill as soon as possible.
Liviu Dragnea, interim president of the Social Democratic Party (PSD), announced on Thursday that he had agreed with PNL co-president Alina Gorghiu to set up a work group next week with the purpose of drafting a series of measures designed to improve the Parliament's image and operations.
EU commissioners will meet next week to discuss the new proposal for distributing 160,000 migrants among the Union's members. The new plan stipulates that the 160,000 people processed in Italy, Greece and Hungary would be distributed among EU members, based on population and economic development.