News

Daily Newsletter - 17 February 2017

Summary

Macroeconomic News (5)

Inflation returns to positive territory (Source: zf.ro; Date: 2017-02-16; Author: Unspecified)

Consumer prices went up 0.1% in January, compared to the corresponding month of 2016, the first increase since May, 2015. The National Bank of Romania (BNR) expects the inflation rate to reach 1.7% this year and 3.4% in 2018.

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Relief for Romanian farmers (Source: news.ro; Date: 2017-02-16; Author: Unspecified)

Romanian vegetable and fruit farmers will be given temporary relief in order to recoup some of the losses incurred because of the Russian Federation embargo. The Cabinet approved the exceptional measure, including the RON 5.5 million budget.

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President Klaus Iohannis signs draft state budget (Source: cursdeguvernare.ro; Date: 2017-02-16; Author: Unspecified)

President Klaus Iohannis has signed the draft state budget and the draft social insurance budget for 2017, but protested the Cabinet's policies. The President said that revenues are overestimated and that loans are "a never seen before" RON 50 billion.

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Budget and spendings of Romanian households: comparison with the EU countries. Some suggestions for redirection of money (Source: cursdeguvernare.ro; Date: 2017-02-16; Author: Unspecified)

Romania ranks first in the European Union in terms of share of spending for food in the household budgets and ranks last in three categories of expenses: clothing and footwear, catering and insurance, according to the data of Eurostat, the statistical office of the EU. The shares of the various categories of expenditure, organized by the EU norms in 12 groups of goods and services are those from 2015 and are currently used for calculating the harmonized IAPC inflation index (which provides comparability among the EU countries) for 2017, according to the agreed methodology.

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ANAT: Holiday vouchers generated EUR 10 million in sales (Source: bursa.ro; Date: 2017-02-16; Author: Unspecified)

The aggregated value of holidays bought last year with vouchers was close to EUR 10 million, almost four times higher compared to 2015 and six times higher compared to 2014, according to the National Association of Travel Agencies (ANAT). The vouchers were made available only to private sector employees.

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Financial News (4)

Lucian Isar, Mişu Negriţoiu and Radu Gheţea proposed for CEC Bank board (Source: news.ro; Date: 2017-02-16; Author: Unspecified)

Misu Negritoiu, president of the Financial Supervisory Authority (ASF), Lucian Isar, a former minister, and Radu Ghetea, president of CEC Bank, are among the candidates proposed for CEC Bank's board by recruiting firm Transearch.

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Banca Transilvania overtakes BRD to become second biggest bank in Romania (Source: zf.ro; Date: 2017-02-16; Author: Unspecified)

Banca Transilvania became the second biggest bank in Romania in 2016, overtaking BRD thanks to a 2.5% increase in operating revenues. The bank reported RON 1.2 billion in earnings, half of 2015's record profits resulting from the acquisition of Volksbank.

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Banca Comerciala Carpatica posts RON 42 million loss (Source: economica.net; Date: 2017-02-16; Author: Unspecified)

Banca Comerciala Carpatica, which was bought last year by Patria Bank (formerly known as Nextebank), has posted a net loss of RON 42 million for 2016.

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"The banks will want to settle" (Source: bursa.ro; Date: 2017-02-16; Author: Unspecified)

The banks will be willing to settle with the clients in order to avoid ending up holding thousands of flats, according to Alexandru Paunescu, president of the Alternative Banking Conflict Resolution Center (CSALB). The Romanian Banking Association (ARB) and the group representing the debtors (GCCC) have both advised debtors to take their problems to CSALB.

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Investment News (1)

Nicusor Serban invests EUR 5.1 million in premium dairy products plant (Source: zf.ro; Date: 2017-02-16; Author: Unspecified)

Agroserv Mariuta, the company developed by Nicusor Serban, will invest EUR 5.1 million in a premium dairy products plant in order to sell its products in Western Europe and the Middle East. Agroserv Mariuta owns a cattle farm and produces around 25 tons of milk per day.

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Legislative News (1)

Infringement procedure launched (Source: euractiv.ro; Date: 2017-02-16; Author: Unspecified)

The European Commission has officially launched the infringement procedure against Romania because of the regulations forcing big retailers to stock at least 51% of food products from domestic sources. The three articles would be amended, according to Ioan Munteanu, president of the Chamber's Agriculture Commission.

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Politics (1)

PSD says no Bucharest rally (Source: hotnews.ro; Date: 2017-02-16; Author: Unspecified)

The Social Democratic Party (PSD) has denied the media rumors about plans for a major rally in Bucharest in order to show support for the Grindeanu Cabinet, according to a PSD press release.

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Social (1)

New jobs added to official list (Source: profit.ro; Date: 2017-02-16; Author: Unspecified)

The list of jobs recognized by the national economy will be expanded with approximately 30 new jobs, such as fund attraction assistant, ergonomist, building energy engineer, patient navigator and museum education expert.

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