News

Daily Newsletter - 24 May 2017

Summary

Macroeconomic News (5)

New car sales up 12.6% in four months (Source: news.ro; Date: 2017-05-23; Author: Unspecified)

The sales of new cars, which include both passenger and commercial vehicles, surged 12.6% in the first four months of this year, reaching a total of 40,581 units, according to data released on Tuesday by APIA. The upward trend was driven mainly by passenger cars (+14.4%).

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UniCredit issues warning (Source: zf.ro; Date: 2017-05-23; Author: Unspecified)

The 5.7% annualized growth rate reported for Romania's economy for the first quarter of this year and the 1.7% quarterly growth rate were above UniCredit's own estimates. The bank indicated that the industry had performed much better than expected.

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Production chains and macroeconomic corrections (Source: bursa.ro; Date: 2017-05-23; Author: Unspecified)

Global supply and value chains are economic interdependencies. Even though the financial crisis had led to fragmentation and retreat, the crossborder financial and manufacturing chains remain strong and extended.

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Value of overdue bills up significantly (Source: cursdeguvernare.ro; Date: 2017-05-23; Author: Unspecified)

A KeysFin study showed that the aggregated value of overdue bills has increased significantly in the past years, passing RON 56.7 billion at the end of 2015. The processing industry is the riskiest sector from this point of view, followed by utilities (water, natural gas, electricity, heating).

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Industrial activity down in April (Source: profit.ro; Date: 2017-05-23; Author: Unspecified)

The industry slowed down in April, after the previous month's peak, but the indicators are still positive, according to the barometer published by IRSOP and SNSPA. Industry accounts for 23% of Romania's GDP.

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Financial News (4)

Mugur Isarescu chides bankers (Source: bursa.ro; Date: 2017-05-23; Author: Unspecified)

Mugur Isarescu, Governor of the National Bank of Romania (BNR), chided the bankers yesterday, in the presence of PM Grindeanu. The Governor urged bankers to talk face to face with their clients and said the BNR is not the banks' advocate.

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Sorin Grindeanu: Every village in Romania should have an ATM (Source: capital.ro; Date: 2017-05-23; Author: Unspecified)

Every village and commune in Romania should have an ATM, according to statements made by Prime Minister Sorin Grindeanu at a debate organized by the Romanian Banking Association (ARB). "I'm not asking you to be trailblazers or do charity work. I'm asking you to think of the huge potential of rural Romania, where half of the country's population lives right now," said the PM.

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Raiffeisen developing new Internet banking platform (Source: economica.net; Date: 2017-05-23; Author: Unspecified)

Raiffeisen Bank is developing a new Internet banking platform, one that more adapted to the clients' needs, according to vice president Bogdan Popa. The bank is also investing in self service, in order to let clients perform more unassisted operations.

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Romanian banks had RON 393.7 billion in assets in March (Source: profit.ro; Date: 2017-05-23; Author: Unspecified)

The 37 banks operating in Romania ended the first quarter of this year with RON 393.7 billion in assets, following a reduction of their NPL portfolios. The earnings to assets rate remained steady.

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Investment News (1)

Dent Estet opens new clinic (Source: profit.ro; Date: 2017-05-23; Author: Unspecified)

The Dent Estet group of dentistry clinics is opening a new location in Bucharest's Aviatorilor Avenue, at a cost of more than EUR 850,000. The 800 sqm clinic has eight treatment rooms.

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Legislative News (1)

Senate passed unified payroll bill (Source: cursdeguvernare.ro; Date: 2017-05-23; Author: Unspecified)

The unified payroll bill, which regulates the salaries paid to public employees, was passed by the Senate on Tuesday, in an amended version. The bill is now on its way to the Chamber of Deputies.

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Politics (2)

Liviu Dragnea's opinion of next president (Source: romanialibera.ro; Date: 2017-05-23; Author: Unspecified)

Liviu Dragnea, head of the Social Democratic Party (PSD), told the county council leaders that the next president of Romania would be a person who had held a local authority position.

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Ciolos blasts Dragnea (Source: evz.ro; Date: 2017-05-23; Author: Unspecified)

Dacian Ciolos, the former technocratic prime minister, criticized the PSD-ALDE coalition for exceeding the budget deficit cap with "populist measures".

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