News

Daily Newsletter - 2 August 2017

Summary

Macroeconomic News (2)

BNR reserves down 1.62% 

The National Bank of Romania's (BNR) foreign currency reserves stood at EUR 34.63 billion on July 31, down EUR 572 million from the previous month. BNR received a total of EUR 796 million last month, while paying out EUR 1.36 billion in installments and interest.

Top

EU financing drop could hurt CEE ratings 

The structural funds available for Central and Eastern European countries under the new budget cycle will drop because of Great Britain's departure from the European Union. Moreover, the EU could decide to add some conditions to these funds, a move that may hurt the ratings of CEE countries.

Top

Financial News (6)

Zentiva earnings up 33% 

Pharma company Zentiva posted RON 43 million in earnings for the first half of this year, up 33% on an annual basis, according to a press release sent to the Bucharest Stock Exchange (BVB). The company's turnover jumped 18% in H1.

Top

Tourism revenues up 20% 

The tourism industry saw a 20% increase in revenues in the first half of this year, according to Alin Burcea, president of the National Travel Agency Association (ANAT). "The figure will fall a bit before the end of the year because revenues are higher in the first half," said Burcea.

Top

Mandatory private pension funds recover June drop 

The mandatory private pension funds recovered in July the RON 23.28 million drop in assets caused by June volatility on the Bucharest Stock Exchange (BVB), according to Iulius Postolache, president of industry group APAPR. The mandatory private pension funds had RON 36 billion in assets at the end of June.

Top

First budget revision of 2017 to be positive 

The first budget revision of this year will be positive and the July tax collection rate is ahead of schedule and "the biggest ever", according to the Minister of Finance, Ionut Misa.

Top

Garanti group posts RON 96 million in earnings 

Garanti Romania, a group that includes Garanti Bank, Garanti Leasing and Garanti Credite de Consum, posted RON 96 million in earnings for the first half of this year. Garanti Bank alone accounted for RON 78.1 million in earnings.

Top

FNGCIMM guarantees bridge loans for SMEs 

BCR, Banca Transilvania and CEC Bank will handle the financing side of the Start-up Nation program, following the signing of partnerships with the Ministry of Trade. The banks will charge between 3.39% and 3.9% in interest and the loans will be guaranteed by the FNGCIMM.

Top

Investment News (2)

Taxify inks deal with Didi 

Didi Chuxing, the Chinese equivalent of Uber, has signed a deal with Estonian startup Taxify in order to expand its ridesharing services in Europe and Africa. The Chinese company will invest and cooperate with Taxify in 18 markets, including Romania.

Top

Rompetrol wants to buy 100 gas stations in Spain 

CEFC China, which has recently received the green light to buy KMG International, is beginning to expand in Western Europe. The company wants to acquire a Spanish chain of 100 gas stations through Rompetrol.

Top

Legislative News (1)

Self-employed and independent craftsmen could see 100% increase in social contributions 

The social contributions paid by the self-employed (PFA) and independent craftsmen could double, beginning with January 1, 2018. ANAF is focusing on independent crafts and trades.

Top