News

Daily Newsletter - 13 March 2017

Summary

Macroeconomic News (3)

Timber exports up 50% in ten years 

Romania ranked 11th in the international timber index in 2013, with almost USD 700 million in transactions, despite the fact that Romania is only the sixth biggest timber producer in the EU. INS data indicate a 50% increase in the volume of harvested timber between 2002 and 2012.

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Annual inflation rate reached 0.2% in February 

The annual inflation rate, which tracks the trend of consumer prices over the past 12 moths, climbed to 0.2% in the second month of this year. This was the second month of positive growth after 19 consecutive months of contraction, according to data released on Friday by the National Statistics Institute (INS).

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Labor union warns about natural gas market deregulation 

The Cartel Alfa Labor Confederation stated that the passing of Emergency Decree 64/2014, which would fully deregulate the natural gas market beginning with April 1, would have negative effects on the business community and the population. The union wants natural gas produced in Romania to be traded on the market, instead of selling it directly to industrial consumers, while maintaining regulated prices for household consumers.

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Financial News (3)

Bank bailouts are good only for auditors and consultants 

The world's top audit and consultancy firms - Ernst&Young (EY), Deloitte, KPMG and PricewaterhouseCoopers (PWC) - have drafted the biggest bank bailouts. "Between 2008 and 2015, EU member states spent EUR 747 billion on various bank rescue or bailout packages, with the approval and encouragement of EU institutions," according to The Bail Out Business, a report from the Transnational Institute.

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Romanians keep RON 55 billion in short-term deposits 

Romanians are keeping more than RON 55 billion in short-term deposits that do not bring significant benefits either to depositors, nor to the economy, according to representatives of the biggest investment funds in Romania. The statements were made at an event organized by the Bucharest Stock Exchange (BVB).

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BCC-Patria Bank merger delayed 

The implementation of the merger between Banca Comerciala Carpatica and Patria Bank was delayed by the Bucharest Court of Appeals. The merger was approved by the National Bank of Romania (BNR) on November 29, 2016. "The Court of Appeals rejected the case on grounds of procedure, without analyzing the arguments motivating the appeal," reads a BCC press release.

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Investment News (1)

Sonaca Aerospace Transylvania opens Moldovenesti plant 

Sonaca Aerospace Transylvania, the local subsidiary of Belgian group Sonaca, has officially opened the new plant located in Moldovenesti, Cluj county. The plant has a staff of 30 at this time and its first production lines have been in use since mid-September, 2016. The project was worth a total of EUR 11.8 million. By the end of this year, the plant is supposed to reach a staff of 100.

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Legislative News (1)

CCR's explanation 

Any evaluation of the opportunity of adopting an emergency decree belongs to the delegated lawmaker, who can only be checked by the Parliament, according to the opinion published on Friday by the Constitutional Court of Romania regarding the Emergency Decree 13 investigation.

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Politics (2)

Another Sunday, another protest in Bucharest 

More than 1,000 people gathered on Sunday in the Victoriei Square for a new protest. The crowd left around 19:30 toward the Parliament Palace.

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Gabriel Oprea rules out returning to politics 

Former minister Gabriel Oprea posted on his Facebook account that he would not return to politics and that any meeting with his former party colleagues was strictly "pesonal".

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