News

Daily Newsletter - 1 August 2017

Summary

Macroeconomic News (4)

One out of every six Romanians earning RON 10,000 per month is state employee 

Of the approximately 65,000 people who were paid RON 10,000 per month in May, 16% are state employees, according to the reply provided by ANAF to a Mediafax request for information.

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Ministry of Trade launches internationalization program 

The Ministry for the Business Community, Trade and Entrepreneurship (MMACA) launched on Monday the internationalization program for Romania's businesses. The program has a total budget of RON 71 million for 2017-2020, starting with RON 5 million this year.

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Daniel Daianu complained of companies kept alive 

Daniel Daianu, a board member of the National Bank of Romania (BNR), stated that some of the local companies have major problems and yet they are kept alive through moves that create major imbalances on the market.

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Coal keeps lights on 

The net coal production surged 12.9% in the first five months of this year, reaching 1.86 million tons of oil equivalent, according to the National Statistics Institute (INS). Why is production up? Because the amount of coal needed by the power plants increased, as Hidroelectrica's output dropped.

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Financial News (4)

Radu Hanga gets temporary seat 

The Bucharest Stock Exchange's (BVB) board appointed Radu Hanga as a temporary member in order to fill the vacancy created by Cristian Micu's death. Hanga's temporary appointment must be approved by the Financial Supervisory Authority (ASF).

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Banking employers put "responsible lending" in good practices code 

Responsible lending, based on matching the offer to the debtor's profile, is probably the most important target of the Good Banking Practices Code released on Monday for public debate by the Council of Banking Employers (CPBR).

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Vast Resources report 40% increase in ore extraction 

British company Vast Resources has reported a significant increase in the amount of ore extracted and processed from the Manaila mine, Suceava county, in the second quarter of this year. The growth rate for extracted ore was 41%, while crushed ore extraction was up 54%.

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ASF explains sudden inspection 

The Financial Supervisory Authority (ASF) launched a surprise inspection of NN Pensii "in order to check the internal activities/operations/process and mechanisms of this company. The inspection did not lead to a punishment because the company promised to implement a series of measures," according to an official statement.

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Investment News (2)

Globalworth listed bonds in Bucharest 

Real estate investment company Globalworth announced that EUR 550 million worth of its own corporate bonds had been approved for trading on the Bucharest Stock Exchange (BVB), the biggest such issue in the history of the national market.

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BVB leads yield index 

The Bucharest Stock Exchange (BVB) managed to post for the highest yields of all the frontier capital markets, in the first half of this year. The BET Total Return index soared 40.1%, followed by the capital markets of Nigeria (39%), Kazakhstan (35.6%), Argentina (35.1%) and Estonia (33.4%).

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Legislative News (2)

Cabinet could set up sovereign development fund this week 

The Cabinet could pass at this week's meeting an emergency decree setting up the controversial Sovereign Fund for Development and Investment, according to sources form within the Social Democratic Party (PSD).

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Ministry of Finance aims for 100% VAT collection rate 

The turnover tax and the solidarity contribution won't be implemented because they bring no benefits, neither to the state, nor to tax-payers. Individual VAT accounts will be used to increase the collection rate to 100%. These are some of the statements made by the Minister of Finance, Ionut Misa.

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