News

Daily Newsletter - 20 July 2017

Summary

Macroeconomic News (3)

Shhaideh: Budget to be adjusted in July or August 

Deputy PM Sevil Shhaideh stated on Wednesday that the state budget would be adjusted by the end of August, at the latest. "I have a meeting scheduled today with the Minister of Finance and, as you well know, the adjustment schedule indicates that it could happen in August or no later than August, depending on each ministry's execution of its budget," said Shhaideh.

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Number of new companies up a third in H1 

The total number of companies established in the first six months of this year is 79,251, up 31.23% compared to the corresponding half of 2016. The highest increase came from limited liability companies, according to data released by the National Office of the Trade Registry (ONRC) on Wednesday.

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Government borrows EUR 1 billion for co-financing 

The Ministry of Finance (MFP) has borrowed EUR 1 billion from the European Investment Bank in order to cover the state's financing for the top priority transport infrastructure projects included in the Major Infrastructure Operational Program (POIM).

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Financial News (3)

Raiffeisen Asset Management launches Raiffeisen Benefit Euro 

Raiffeisen Asset Management, the second biggest player of the national market, is preparing to launch Raiffeisen Benefit Euro, an absolute yield fund, in response to a market featuring low interest rates and surging stocks. This is the second absolute yield fund in the firm's portfolio.

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CNPR looking for partner 

The National Post Company (CNPR) has announced its intention to become involved in the process of financial inclusion and expansion of banking coverage in Romania, by making use of its chain of post offices.

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Banca Transilvania boosts equity 

Banca Transilvania has issued 695.3 million new shares with a nominal value of RON 1 each, according to a report sent to the Bucharest Stock Exchange (BVB). "The issue increased the share capital to RON 4.34 billion, divided into 4.34 billion shares with a nominal value of RON 1 each," stated the report.

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Investment News (4)

Metropolitan Hospital to be built on Pipera Road 

The Bucharest City Council (CGMB) adopted on Wednesday a draft bill asking the Cabinet to transfer the ownership and management of the National Television Company (SRTV) to the city's public domain. The bill also seeks ownership of a building on Pipera Road, which would be turned into the Metropolitan Hospital.

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Lemet chain to reach 77 stores 

Lemet, a furniture producer based in the Prahova county, will open on Friday a new showroom, part of its Lem's chain of stores. The showroom is located in Targoviste and the company announced that it had invested EUR 1.2 million in setting it up.

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Greek investments 

Greek retail chains see a window of opportunity in Romania, a market buoyed by falling VAT rates. Jumbo, Sarantis, Folli Follie Group and Fourlis are attracted to Romania's 21 million population and "friendly taxation system".

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EU authorities approved four infrastructure and water management projects 

The European Union's Cohesion Fund will invest EUR 266 million in four major infrastructure and water management projects in Romania. The projects have already been approved by the EU authorities.

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Legislative News (1)

Shhaideh on administrative code 

Deputy PM Sevil Shhaideh stated at a press conference held on Wednesday that the Cabinet would send the Parliament the draft bill featuring the administrative code in the first week of September.

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Politics (1)

Teodor Melescanu received Egyptian ambassador 

The Minister of Foreign Affairs, Teodor Melescanu, received on Wednesday the new Egyptian ambassador, Salah El-Din A. El-Sadek Ahmed. The ambassador presented his letters of accreditation and the two officials discussed the relations between the two countries.

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