News

Daily Newsletter - 11 August 2017

Summary

FIC (1)

CDR: Split VAT will cause major cash flow problems (Source: cursdeguvernare.ro)

Representatives of the business community have issued a warning regarding the implementation of the new split VAT system. CDR, a group of 45 organizations and members, announced that implementing the new "over night", without preparation or an impact analysis, would cause major cash flow problems to honest companies.

CDR: Split VAT will cause major cash flow problems (Source: zf.ro)

"The VAT account will cause major cash flow problems to companies" (Source: bursa.ro)

CDR: Split VAT will cause major cash flow problems (Source: hotnews.ro)

Business community representatives issue warning (Source: ph-online.ro)

Business community representatives issue warning (Source: stiripesurse.ro)

Business community representatives issue warning (Source: ziarulprofit.ro)

Split VAT is huge headache (Source: cotidianul.ro)

Split VAT is huge headache (Source: ziare-pe-net.ro)

New VAT system could lead to insolvencies (Source: cvlpress.ro)

CDR: Split VAT will cause major cash flow problems (Source: ziare-pe-net.ro)

CDR: Split VAT will cause major cash flow problems (Source: economica.net)

CDR: Split VAT will cause major cash flow problems (Source: news.ro)

CDR: Split VAT will cause major cash flow problems (Source: romaniatv.net)

CDR: Split VAT will cause major cash flow problems (Source: profit.ro)

CDR: Split VAT will cause major cash flow problems (Source: forbes.ro)

CDR: We do not support the split VAT system (Source: agerpres.ro)

CDR: The split VAT system could push honest companies into insolvency (Source: mediafax.ro)

CDR: The split VAT system could push honest companies into insolvency (Source: sursazilei.ro)

CDR: The split VAT system could push honest companies into insolvency (Source: monitorulexpres.ro)

CDR: The split VAT system could push honest companies into insolvency (Source: businessmagazin.ro)

CDR: The split VAT system could push honest companies into insolvency (Source: wall-street.ro)

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Macroeconomic News (4)

Start-up Nation 

Local entrepreneurs set up 93,851 new companies in the first seven months of this year, up 36.64% compared to the corresponding period of 2016. The number of limited liability companies surged 45.1% year-on-year.

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ANRE says prices should fall 

The electricity prices will fall after the auctions that begin on Friday, August 11, because the providers of last resort will be able to sign long-term contracts, according to Niculae Havrilet, president of the National Energy Regulatory Authority (ANRE).

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Industry turnover up more than 10% in H1 

The aggregated turnover of the national industry jumped 8.9% in nominal terms in June, compared to the corresponding period of 2016. The growth rate for the first half of the year was 10.4%.

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Car registrations up 69% in seven months 

The number of cars registered in Romania jumped 69.2% in the first seven months of this year, reaching a total of 350,780 units, according to data released by the DRPCIV. The registrations of imported used cars soared a massive 82.78%.

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Financial News (5)

Raiffeisen Bank posts 2% increase in earnings 

Raiffeisen Bank has reported a 2% increase in net earnings for the first half of this year, compared to the corresponding period of 2016. The bank's assets jumped 6% to EUR 7.32 billion, while revenues amounted to EUR 217 million, down 3%.

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OMV Petrom's earnings tripled in H1

OMV Petrom, one of the biggest companies in Romania, posted RON 1.21 billion in earnings for the first half of this year, almost three times higher compared to the corresponding period of 2016.

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Moody's increased BCR's rating to investment grade 

The Moody's agency has upgraded BCR's rating to investment grade for deposits denominated in both RON and foreign currencies, while maintaining the positive outlook for RON-denominated deposits and improving the outlook for foreign currency deposits to positive.

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Banca Transilvania posted RON 496 million in H1 earnings 

Banca Transilvania, the second biggest player of the national banking market, posted RON 496 million in earnings for the first half of this year, up 8.2% on an annual basis.

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President wants ANPC to look into debt situation 

The Presidential Office has asked the National Consumer Protection Authority (ANPC) to analyze a petition sent by the group representing the holders of CHF-denominated loans in connection with the leaked Raiffeisen Bank documents.

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Investment News (1)

KMG International wants to expand Romanian and Bulgarian gas station chains 

KMG International, formerly known as The Rompetrol Group, is planning to expand its Romanian and Bulgarian gas station chains, while also looking for acquisition targets in Central Europe.

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Legislative News (1)

Household revenue tax no longer priority 

The household revenue tax is no longer a priority of the Ministry of Finance, according to Minister Ionut Misa. The Minister added that ANAF lacks at this time the administrative capacity to implement this measure.

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