News

Daily Newsletter - 11 July 2017

Summary

Macroeconomic News (3)

Farmers warn of aging workforce 

Western Romania farmers are complaining of a "historical deficit" of labor, especially skilled workers who know how to operate farming equipment. Farmers say they can get only 50% of the workforce they need, which is why some companies cannot grow or end up hiring Hungarian companies to do the work.

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INS: Romania's trade deficit up 18% 

The trade balance deficit (FOB/CIF) reached EUR 4.46 billion at the end of May, up EUR 680.1 million on an annual basis, according to the National Statistics Institute (INS). FOB exports surged 11% to EUR 25.8 billion, while CIF imports jumped 12% to EUR 30.3 billion.

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Exports up 19.3% in May 

The exports of Romanian goods jumped 19.3% in May, reaching a total of EUR 5.58 billion. While exports outpaced imports in May, the trade deficit continued to widen, due to an 18% increase in imports, according to the National Statistics Institute (INS).

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Financial News (2)

Number of contactless cards doubled 

The number of contactless cards issued by Romanian banks doubled last year and is now close to 6 million, according to figures released by the National Bank of Romania (BNR). In only one year, contactless cars surged from 21% to 37% of all the cards used in Romania.

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Euro falls below RON 4.57 

The National Bank of Romania (BNR) posted on Monday a reference exchange rate of RON 4.5684 per EUR, down almost RON 0.0200 from the previous day and a departure from the regional trend. Analysts say the high demand for Romanian bonds helped the national currency.

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Investment News (2)

Borusan Mannesmann seeks Romanian market entry 

Turkish consortium Borusan Mannesmann is determined to enter the Romanian steel market. BM is one of the seven bidders for the pipe supply contract for the future BRUA natural gas pipeline, a contract worth EUR 238 million. This is the second major local project that caught Borusan Mannesmann's eye.

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AFIR has EUR 112 million for processing projects 

The Rural Investment Financing Agency (AFIR) launched on Monday, July 10, the first session for investment projects focusing on the processing and marketing of agricultural products. The session's budget is EUR 112 million.

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Legislative News (1)

Apprenticeship support bill signed 

President Klaus Iohannis signed on Monday the bill giving employers the option to apply for state money for apprentices, once a contract is signed. The bill amends Law 279/2005 on apprenticeships and Law 335/2013 on practice programs for college graduates.

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Politics (1)

Prime Minister Mihai Tudose in Brussels trip 

Prime Minister Mihai Tudose left for Brussels on Monday to assure EU officials that the new PSD-ALDE cabinet would observe Romania's commitments. Tudose will meet European Commission president Jean-Claude Juncker, European Council president Donald Tusk and European Parliament president Antonio Tajani.

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