News

Daily Newsletter - 11 September 2017

Summary

Macroeconomic News (3)

Official adjustment 

The Ministry of Finance released on Friday evening the draft budget adjustment. The bill's figures contradicted the promises of a positive adjustment made by Minister Ionut Misa hours earlier. The adjustment would see the budget shrink RON 1.23 billion.

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Number of companies that suspended operations dropped 17.36% in 7 months 

The number of companies that suspended their operations dropped 17.36% in the first seven months of this year, while the number of dissolved companies fell 19.88%, year-on-year, according to the National Office of the Trade Registry (ONRC).

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Net investment down 0.2% in H1 

Net investment in the national economy dropped 0.2% in the first half of this year, compared to the corresponding period of 2016, according to a press release from the National Statistics Institute (INS).

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Financial News (3)

BNR should pay more attention to banks 

Prime Minister Mihai Tudose stated on Thursday that the National Bank of Romania (BNR) should pay more attention to the state of local banks and to be the first to issue warnings when necessary. "I want the banks to pay all their taxes. All of them. Half of the banks are serious, they understand the situation, they understood it a long time ago. The other half keep trying to convince us that they're not turning profits. That won't work!" said the PM.

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Raiffeisen Bank clients can apply for credit cards online 

Raiffeisen Bank launched last week the option to apply for credit cards online. The option is available for clients who use the Raiffeisen Online service.

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Loans to savings ratio was almost 80% in H1 

The volume of loans continues to lag behind the value of retail and corporate savings. The loans to savings ratio was almost 80% in H1, one of the lowest in the European Union. Bankers admit that the ratio indicates ample room to grow for the borrowing market.

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Investment News (2)

Veroniki Holding invested EUR 10 million in recycled packaging plant 

Veroniki Holding, the company that controls GPL distribution company ButanGas, has invested EUR 10 million in a recycled packaging plant that opened in Contesti, Dambovita county. The new plant will also produce an estimated 8,500 tons of PET boxes and film per year.

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Nicolae Robu announced aqua park project 

Nicolae Robu, mayor of Timisoara, announced that the City Hall would build an aqua park on a 10-hectare property. The project is estimated to cost EUR 15 million and could be completed by 2020.

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Legislative News (1)

PSD and UDMR MPs file procurement bill 

MPs belonging to the Democratic Union of Romanian Magyars (UDMR), led by Kelemen Hunor, and a group of PSD MPs have filed an amendment to the procurement rules. The MPs want procurement tenders to focus on the best value for money, instead of the lowest price.

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Politics (2)

Ludovic Orban on next Minister of Defense: I don't expect anything good 

Ludovic Orban, leader of the National Liberal Party (PNL), stated on Sunday that he does not expect anything good from the process of nominating a new Minister of Defense.

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Basescu: Some parties and banks want to keep Romania out of Eurozone 

Former president Traian Basescu said that some parties and banks, including the National Bank of Romania (BNR), want to keep Romania out of the Eurozone because they make more money in the current situation.

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