News

Daily Newsletter - 12 May 2017

Summary

Macroeconomic News (4)

EC revises Romania's economic growth rate estimate (Source: cursdeguvernare.ro; Date: 2017-05-11; Author: Unspecified)

The European Commission has revised downwards Romania's economic growth rate estimate, from 4.4% to 4.3%, according to the spring report. The 2018 estimate remained 3.7%. On the other hand, the budget deficit is expected to reach 3.5% of the GDP this year.

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Inflation rate reached 0.6% (Source: economica.net; Date: 2017-05-11; Author: Unspecified)

The annual inflation rate climbed to 0.6% in April, the highest figure since May, 2015. Food prices fluctuated around Easter, while the price of natural gas jumped 2.5% after the April 1 deregulation, according to the National Statistics Institute (INS).

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Romania's electricity consumption down 0.3% in Q1 (Source: news.ro; Date: 2017-05-11; Author: Unspecified)

Romania's electricity consumption dropped 0.3% in the first quarter of this year, compared to the corresponding period of 2016. Despite an increase in consumption in the first two months of the year, the reduction of public lighting and stagnating corporate and household consumption brought the figure down.

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Industry turnover up 10.9% in Q1 (Source: profit.ro; Date: 2017-05-11; Author: Unspecified)

The turnover of industry companies went up 10.9% in the first quarter of this year, compared to the corresponding quarter of 2016. The monthly growth rate was an impressive 14.4% in March, according to data released on Thursday by the National Statistics Institute (INS).

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Financial News (4)

Prima Casa flooded with guarantee applications (Source: cursdeguvernare.ro; Date: 2017-05-11; Author: Unspecified)

The National SME Loan Guarantee Fund (FNGCIMM) has decided to increase the number of employees involved in all application review stages, as well as to extend its working hours and to keep working on Saturday and Sunday, in an attempt to cope with the flood of applications pouring in.

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Raiffeisen Bank and EIF sign agreement (Source: economica.net; Date: 2017-05-11; Author: Unspecified)

Raiffeisen Bank has signed a loan agreement with the European Investment Fund. The agreement will allow the bank to grant loans to small and medium-sized companies from a EUR 300 million budget. "The new deal will give more than 2,000 Romanian companies the chance to secure financing on very good terms," said Raiffeisen Bank president Steven van Groningen.

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Bancpost clients receive conversion offers (Source: bursa.ro; Date: 2017-05-11; Author: Unspecified)

One of the Bancpost clients who took out a loan denominated in Swiss francs posted on Facebook that the bank has been offering various conversion options. Although some clients are still wary of the bank, some say Bancpost is working on a new offer.

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EBRD grants EUR 40 million loan (Source: profit.ro; Date: 2017-05-11; Author: Unspecified)

The European Bank for Reconstruction and Development has granted Banca Transilvania a loan of EUR 40 million. The funds will be used to provide loans to households, homeowner associations and service providers for investments in energy consumption reduction.

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Investment News (1)

Synergy Char to invest USD 50 million in metal working (Source: profit.ro; Date: 2017-05-11; Author: Unspecified)

Indian company Synergy Char is considering a metallurgical investment project in Romania. The project is estimated at USD 50 million and would create a minimum of 500 jobs, according to the Ministry of Trade.

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Legislative News (1)

Prevention bill taken up by Cabinet (Source: news.ro; Date: 2017-05-11; Author: Unspecified)

The Minister of Trade, Alexandru Petrescu, stated at the end of Thursday's Cabinet meeting that the prevention bill had received most of the approvals needed to proceed and that the Cabinet has already held the first reading of the bill.

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Politics (1)

Turcan blasts Grindeanu over payroll bill (Source: romanialibera.ro; Date: 2017-05-11; Author: Unspecified)

Raluca Turcanu, the interim leader of the National Liberal Party (PNL), has told Prime Minister Sorin Grindeanu that PNL MPs would file amendments to the unified payroll bill. Moreover, the party would also write its own payroll bill.

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Social (1)

Rabla Clasic and Rabla Plus to begin on May 18 (Source: zf.ro; Date: 2017-05-11; Author: Unspecified)

The Rabla Clasic and Rabla Plus programs will be launched on May 18, according to statements made by officials from the the Ministry of Environment and the Environment Fund Administration at a press conference.

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