News

Daily Newsletter - 13 July 2017

Summary

FIC (1)

Franz Weiler, CEO of Uniqa Asigurari, is FIC's new president (Source: wall-street.ro)

Recently, the Board of Directors of the Foreign Investors Council (FIC) elected, for a one-year mandate, its new President, Franz Weiler. Franz is the CEO of Uniqa Asigurări and, during his past mandate in the Board, he co-chaired FIC’s task force on Financial Services. Franz Weiler: "It is an honor for me to have received the trust of the other Board members and I use this opportunity to thank them. I also want to congratulate Eric Stab and the previous executive team for the outstanding work they have done. FIC will continue to work on Va Urma and on further researching the impact of FDI in Romania. We are also gearing up to start a dialogue with the public and with policy makers on the 11th edition of the FIC White Book, which was prepared with the support of more than 120 specialists from FIC members. The White Book is a comprehensive document that we publish every two years, outlining the recommendations of all FIC members in key areas of the Romanian economy which we believe will promote long-run and sustainable economic growth. This is a testimony of the commitment foreign investors have to Romania. FIC members have invested here for the long term and this is why they are interested in the sustainable development of Romania and the well-being of its citizens."

Franz Weiler, CEO of Uniqa Asigurari, is FIC's new president (Source: cursdeguvernare.ro) 

Foreign Investors Council elects new board president in Romania (Source: romania-insider.com) 

Franz Weiler, CEO of Uniqa Asigurari, is FIC's new president (Source: mediafax.ro) 

Franz Weiler, CEO of Uniqa Asigurari, is FIC's new president (Source: forbes.ro)

Franz Weiler, CEO of Uniqa Asigurari, is FIC's new president (Source: bursa.ro)

Franz Weiler, CEO of Uniqa Asigurari, is FIC's new president (Source: curierulnational.ro)

Franz Weiler, CEO of Uniqa Asigurari, is FIC's new president (Source: zf.ro)

Franz Weiler, CEO of Uniqa Asigurari, is FIC's new president (Source: diacaf.com) 

Franz Weiler, CEO of Uniqa Asigurari, is FIC's new president (Source: feedler.ro)

Franz Weiler, CEO of Uniqa Asigurari, is FIC's new president (Source: bizlawyer.ro) 

Franz Weiler, CEO of Uniqa Asigurari, is FIC's new president (Source: ziare-pe-net.ro)

Franz Weiler, CEO of Uniqa Asigurari, is FIC's new president (Source: ziarulprofit.ro) 

Franz Weiler, CEO of Uniqa Asigurari, is FIC's new president (Source: 1asig.ro)

Franz Weiler, CEO of Uniqa Asigurari, is FIC's new president (Source: modernbuyer.ro)

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Macroeconomic News (4)

Industry surged in May 

Industrial production jumped 7.8% in the first five months of this year, compared to the corresponding period of 2016. May was a very strong month, as industry surged 16.1% month-on-month and 17.3% year-on-year.

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Primary energy resources up 1.8% in five months 

Romania's primary energy resources increased by 1.8% in the first five months of this year, while the electricity resources dropped 0.5%, according to figures released by the National Statistics Institute (INS). The main primary energy resources amounted to 13.7 million tons of oil equivalent, up 242,400 from the corresponding period of 2016.

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Erste slashes inflation forecast 

Austrian banking group Erste, the majority shareholder of BCR, has reduced Romania's inflation rate estimate for this year from 2.2% to 1.9%. The group expects food prices to grow slower in the second half of the year.

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Electricity consumption down 1.9% 

The national electricity consumption dropped 1.9% between January and May of this year, down to 22.92 TWh, according to figures released by the National Statistics Institute (INS). Demand fell across the economy in the opening months of 2017.

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Financial News (4)

OTP Bank most likely buyer of Banca Romaneasca 

The Banca Romaneasca selling negotiations are drawing to a close. Sources close to the deal say the name of the winner will be announced next week, with OTP Bank being the most likely buyer. The sale price is estimated between EUR 40 and 60 million. Banca Romaneasca comes with a EUR 550 million debt to its majority shareholder, the National Bank of Greece.

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Alpha Bank Romania gets Moody's rating 

International rating agency Moody's gave Alpha Bank Romania the B2 rating for its loans and Ba3 for deposits. The ratings reflect the bank's adequate capitalization, high but falling NPL rates and high dependence on the parent bank.

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Six out of ten say digital banking will make life easier and safer 

Six out of ten consumers say that digital banking will make the lives easier and safer. Comfort is seen as the best thing about digital banking, followed by time savings (70%) and ease of use (59%), according to a MasterCard survey conducted in 11 European countries.

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Banca Transilvania becomes Royal House partner 

Banca Transilvania announced on Wednesday that it had become an official partner of the Royal House of Romania and that it would support the Royal Family's attendance of public events this year.

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Investment News (1)

Medsana expands 

Medsana, a chain of medical centers, will begin building a hospital in northern Bucharest this year. The EUR 15 million project could be competed in two years and a half. The group will also spend EUR 2.5 million on opening two new medical centers in Bucharest.

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Politics (1)

USD blasts administrative bill 

The Save Romania Union (USD) announced that the Cabinet's attempt to amend the Administrative Code in order to allow rehabilitated convicts to join the cabinet is "an ample institutional scheme" to open a path for Liviu Dragnea toward the position of prime minister.

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