News

Daily Newsletter - 28 April 2017

Summary

Macroeconomic News (4)

Public salaries to fall in 2023 (Source: economica.net; Date: 2017-04-27; Author: Unspecified)

The unified payroll bill features significant pay hikes for the public system. However, many of these salaries will only be paid in 2022 and only for one year. The base salaries will drop on January 1, 2023, unless the gross minimum salary increased to RON 2,500 in the next six years.

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Ministry of Agriculture allocates EUR 2,7 billion to farmers (Source: euractiv.ro; Date: 2017-04-27; Author: Unspecified)

Romania has three million farms, a third of Europe's farms. The Ministry of Agriculture has approved EUR 2,7 billion worth of financing lines for this year and is planning to sign financing contracts for at least 85% of these funds before the end of the year.

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Iulius Postolache, APAPR: "More and more pensioners depend on a single taxpayer" (Source: bursa.ro; Date: 2017-04-27; Author: Unspecified)

Population aging and labor structure changes are the main long-term threat to the revenues of Romanian pensioners, according to Iulius Postolache, vice president of the Association for Privately Managed Pensions (APAPR). "More and more pensioners depend on a single taxpayer to pay their pensions," said Postolache.

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Romania's economy ranks 17th in EU (Source: cursdeguvernare.ro; Date: 2017-04-27; Author: Unspecified)

Romania's economy ranks 17th in the European Union, accounting for slightly more than 1% of the Union's total economy, according to the GDP data released by Eurostat in 2016. The closest figures came from the Czech Republic, Greece and Portugal, countries that Romania could close the gap with in a couple of years.

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Financial News (3)

Retail clients had RON 57 billion in current and savings accounts (Source: zf.ro; Date: 2017-04-27; Author: Unspecified)

Retail clients had RON 57 billion in current and savings accounts at the end of February, up approximately 38% on an annual basis, the equivalent of RON 15.5 billion, according to the National Bank of Romania (BNR).

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CEC Bank: "Rural areas are in dire need of financing" (Source: profit.ro; Date: 2017-04-27; Author: Unspecified)

Romanians living in rural areas are in dire need of financing for their business projects, especially those who successfully apply for EU grants and cannot come up with the co-financing, according to Doina Topala, head of CEC Bank's SME division.

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Borrowing growth rate rose to 3.1% in March (Source: bursa.ro; Date: 2017-04-27; Author: Unspecified)

The value of retail and corporate loans jumped to RON 233.1 billion in March, up 1.5% compared to the previous month, while the annual growth rate increased to 3.1%, a figure last seen in October, 2012, according to the National Bank of Romania (BNR).

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Investment News (2)

Raytheon wants to expand local business (Source: 0-100.hotnews.ro; Date: 2017-04-27; Author: Unspecified)

Raytheon, one of the world's leading defense groups and a contributor to the Deveselu missile shield, is planning to expand its long-term business opportunities in Romania, according to statements made by the Minister of Economy after his meeting with president Thomas Vecchiolla.

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USD 30 million invested in Romanian start-up (Source: profit.ro; Date: 2017-04-27; Author: Unspecified)

UiPath, a local start-up specializing in the software automation of repetitive processes, has received USD 30 million in financing from Accel Partners. The capital injection will allow the company to continue to develop in the coming years.

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Legislative News (1)

Cabinet removes President from ANCOM head appointment procedure (Source: profit.ro; Date: 2017-04-27; Author: Unspecified)

The Cabinet approved on Wednesday an emergency ordinance that removes the President of Romania from the procedure used to appoint the head of ANCOM, the communication industry regulator.

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Politics (2)

Cristian Busoi: "Before being defeated by the PSD, the PNL defeated itself" (Source: romanialibera.ro; Date: 2017-04-27; Author: Unspecified)

Cristian Busoi, secretary general of the National Liberal Party (PNL), called on party members to be united after the June congress because "any division is profoundly wrong". "Before being defeated by the PSD, the PNL defeated itself," said Busoi.

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Atanasiu: The people can no longer be lied to (Source: news.ro; Date: 2017-04-27; Author: Unspecified)

Teodor Atanasiu, first vice president of the National Liberal Party (PNL), held a speech in Constanta yesterday. Atanasiu told the members of the local organization that the party had lost the parliamentary election because of a number of reasons, chief among them being the party's failure to be different from the PSD and the fact that the people can no longer be lied to.

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Social (2)

"We can't find workers anymore. It's worse than 2007-2008" (Source: zf.ro; Date: 2017-04-27; Author: Unspecified)

Approximately 550,000 Romanians became unemployed last year, twice lower compared to a decade ago and the lowest number since 2007, according to data collected by the Ministry of Labor. Although the reduced unemployment is good news, employers complain about a labor shortage.

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EC sues Romania (Source: cursdeguvernare.ro; Date: 2017-04-27; Author: Unspecified)

The European Commission announced on Thursday that it would send Romania to the European Court of Justice over its failure to revise and pass a national waste management plan and a waste generation prevention program.

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