News

Daily Newsletter - 21 April 2017

Summary

Macroeconomic News (4)

PM announces budget surplus and VAT collection increase (Source: cursdeguvernare.ro; Date: 2017-04-20; Author: Unspecified)

Prime Minister Sorin Grindeanu announced on Thursday that the state budget showed a surplus of more than RON 1.64 billion for the first three months of this year, the equivalent of 0.2% of the GDP. The first quarter revenues are almost RON 4 billion higher compared to the corresponding quarter of 2016.

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Cabinet allocates more funds to SME programs (Source: zf.ro; Date: 2017-04-20; Author: Unspecified)

The Cabinet approved on Thursday the temporary allocation of EUR 19.03 million to the Management Authority for the SME Initiatives Operating Program (AM POIIMM). The funds came from privatization revenues and were provided by the Ministry of Finance.

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State borrowing report (Source: profit.ro; Date: 2017-04-20; Author: Unspecified)

The Cabinet announced that the first quarter borrowing had remained at roughly the same level as in previous years. Although the need for public borrowing is lower this year, the Cabinet has its own strategy, based on the opportunities offered by the national and international markets, according to a press release.

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Schwartz: "The budget will be in the red, at least in 2018" (Source: bursa.ro; Date: 2017-04-20; Author: Unspecified)

The project for amending the Fiscal Code seems to be more and more controversial. The concept is currently being evaluated by a wide range of experts, including those belonging to the National Union of Notaries Public, the Fiscal Consultant Chamber, the CECCA and the Coalition for Romania's Development (CDR).

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Financial News (4)

RON slides against EUR, up against USD (Source: hotnews.ro; Date: 2017-04-20; Author: Unspecified)

The national currency has slid to more than RON 4.54 against the euro, as the EU currency continued to get stronger despite the concerns caused by the French election.

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IMF issues warning (Source: capital.ro; Date: 2017-04-20; Author: Unspecified)

The International Monetary Fund warned on Wednesday that European banks cannot count on the recovery process alone to carry them forward. The Global Financial Stability Report noted that European banks seem unable to generate sustainable profits.

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BRD shareholders approve management's dividend (Source: zf.ro; Date: 2017-04-20; Author: Unspecified)

BRD shareholders approved yesterday the management's proposal to distribute 70% of the bank's earnings as dividends. The proposal set last year's dividend at RON 0.73 per share for a total of RON 728.2 million, according to a BRD press release.

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BNR educates magistrates (Source: bursa.ro; Date: 2017-04-20; Author: Unspecified)

The borrowing spree of the second half of last decade was caused by a combination of factors, chief among them being the general trend toward deregulation and laissez-faire, the deregulation of capital flows and the public's lack of financial education, according to the National Bank of Romania (BNR).

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Investment News (2)

Continental invested EUR 12 million in Timisoara plant expansion (Source: zf.ro; Date: 2017-04-20; Author: Unspecified)

The Continental group, the biggest manufacturer of car parts in Romania, has completed an investment project worth more than EUR 12 million. The project focused on expanding the production and storage capacity of the electronic part plant located in Timisoara. The company has also built a new office building.

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Telecom companies ready to pour EUR 500 million in Romania this year (Source: economica.net; Date: 2017-04-20; Author: Unspecified)

Telecom companies have announced investment plans exceeding EUR 500 million that focus on developing and expanding their networks, according to Catalin Marinescu, president of the National Communication Regulatory Authority (ANCOM). "Based on the available information, the telecom companies will invest more than half a billion euros this year alone in the development of fiber optics networks, like Telekom, and 4G networks, like Vodafone and Orange, their own networks, like UPC, and mobile networks, like RDS," said Marinescu.

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Legislative News (1)

Dragnea blasts delays, Minister of Justice opposes rushed job (Source: cursdeguvernare.ro; Date: 2017-04-20; Author: Unspecified)

The judiciary bills could be sent to the Parliament "as early as tomorrow" if what is sought is a "rush job" and not a "rigorous and thorough job", according to the Minister of Justice, Tudorel Toader. The statement was a reply to Liviu Dragnea's complaints about the Ministry's slow pace.

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Politics (2)

Turcescu and Tomac turn on Basescu (Source: euractiv.ro; Date: 2017-04-20; Author: Unspecified)

Traian Basescu's decision to file a series of amendments to the pardon law has sparked a row within the People's Movement Party. "Any compromise with Dragnea & Co. is unacceptable and will lead to the PMP's demise," said Senator Robert Turcescu.

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USR to be represented on election investigation commission (Source: romanialibera.ro; Date: 2017-04-20; Author: Unspecified)

The Save Romania Union (USR) will be represented by one of its MPs on the commission tasked with investigating the presidential election of 2009, according to party leader Nicusor Dan.

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Social (1)

CNAS to resume non-interferon treatment (Source: adevarul.ro; Date: 2017-04-20; Author: Unspecified)

The National Health Insurance House (CNAS) announced on Thursday that the non-interferon treatment for people suffering from chronic viral hepatitis C would resume on Thursday. The supply contracts were signed for 10,000 eligible patients.

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