News

Daily Newsletter - 14 April 2017

Summary

Macroeconomic News (4)

UniCredit Bank says government's macroeconomic forecasts too optimistic (Source: zf.ro; Date: 2017-04-13; Author: Unspecified) ( )

The fiscal spending of early 2017 will probably fuel consumption, but will definitely hurt investment in the second half of 2017. The economic growth rate will fall gradually in 2017 and 2018, according to the quarterly report released by UniCredit.

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Retail turnover up 0.6% (Source: bursa.ro; Date: 2017-04-13; Author: Unspecified) ( )

The aggregated turnover reported by the retail sector was up 12.8%, nominally, but the actual growth rate adjusted to the number of working days and season of the year was -0.1%, according to a press release issued by the National Statistics Institute (INS).

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Foreign debt up EUR 376 million (Source: profit.ro; Date: 2017-04-13; Author: Unspecified) ( )

Romania's foreign debt, which includes both foreign loans taken out by the state and the debt of private entities, increased by EUR 376 million in the first two months of this year, reaching a total of EUR 92.75 billion, according to the monthly data released by the National Bank of Romania (BNR).

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Current account of payment balance shows EUR 204 million surplus (Source: cursdeguvernare.ro; Date: 2017-04-13; Author: Unspecified) ( )

The current account of the balance of payments showed a EUR 204 million surplus for the first two months of this year, according to the monthly data released by the National Bank of Romania (BNR). On the other hand, the total foreign debt went up EUR 376 million, reaching a total of EUR 92.75 billion.

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Financial News (4)

New debit card available in Romania (Source: capital.ro; Date: 2017-04-13; Author: Unspecified) ( )

AXI Finance, a new arrival on the Romanian market, has launched a new debit card that can be used abroad. The purpose of AXI Card is the financial inclusion of clients by providing access to financing regardless of the holder's income level and social status.

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Euro falls to RON 4.5182 (Source: bursa.ro; Date: 2017-04-13; Author: Unspecified) ( )

The National Bank of Romania (BNR) posted yesterday a reference exchange rate of RON 4.5182 for the euro, down RON 0.0037 on the day. The US dollar was RON 4.2454, down RON 0.0157.

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Erste Bank wants stock buyback (Source: zf.ro; Date: 2017-04-13; Author: Unspecified) ( )

The managers of Erste Bank have asked the shareholders to approve the buying back of up to 10% of the group's shares with a deadline of 30 months, according to the agenda published by the Austrian group. The board will also have the right to sell the shares to employees or managers within five years.

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Bucharest to host European Federation of Building Societies meeting (Source: news.ro; Date: 2017-04-13; Author: Unspecified) ( )

The annual meeting of the European Federation of Building Societies will be held in Bucharest, in November this year as a show of support for the two S&L banks operating in Romania, according to an announcement made on Thursday. The two banks are BCR Banca pentru Locuinţe and Raiffeisen Banca pentru Locuinţe.

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Investment News (2)

MADR to set up 6 R&D centers for agriculture (Source: cursdeguvernare.ro; Date: 2017-04-13; Author: Unspecified) ( )

The Ministry of Agriculture and Rural Development (MADR) has released six draft rules for public debate. The Ministry wants to set up six research&development centers for agriculture, which would be subsidized by the government.

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FDI reached EUR 655 million (Source: profit.ro; Date: 2017-04-13; Author: Unspecified) ( )

Foreign companies made EUR 655 million in foreign direct investments in Romania in the first two months of this year, down 1% compared to the corresponding months of 2016, according to data released by the National Bank of Romania (BNR).

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Legislative News (1)

Iohannis signs amendment to homeowners bill (Source: news.ro; Date: 2017-04-14; Author: Unspecified) ( )

President Klaus Iohannis signed on Thursday the amendment to the homeowner association regulations. The new law makes children under the age of 3 exempt from paying maintenance on flats. The initial bill was passed by the Parliament on March 21.

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Politics (1)

USR gripped by new row (Source: evz.ro; Date: 2017-04-14; Author: Unspecified) ( )

Nicusor Dan, president of the Save Romania Union (USR), said that party colleagues Cristian Ghinea and Tudor Benga were lying when they accused him of stifling internal debate and that the upcoming party congress is starting to make everyone a little unhinged.

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