Daily Newsletter
27 February 2017
Summary
- Almost 75% of local lenders logged profits for 2016 (Source: bzf.ro)
- Don't be stupid: Examples of how perverse politicians smother local and foreign capital (Source: cursdeguvernare.ro)
- MFP borrowed RON 45 million on Friday (Source: bursa.ro)
- Financial analysts continue to lose confidence (Source: bzf.ro)
- "Romania could end up a budget deficit champion" (Source: bursa.ro)
- OTP Bank begins Credit Europe Bank due diligence (Source: bursa.ro)
- We have a bank for sale in Romania. Are you interested? (Source: bzf.ro)
- Kronospan Romania is planning to begin building an industrial park in Brasov this autumn (Source: bursa.ro)
- BRUA gas pipeline (Source: cursdeguvernare.ro)
- CEZ invested RON 7.2 million in Mioveni power station (Source: bursa.ro)
- PNL wants seniority rules overhauled (Source: mediafax.ro)
- Macroprudential supervision bill reported out (Source: adevarul.ro)
- Basescu: The Grindeanu Cabinet have acted like thieves. They must leave. (Source: banateanul.gandul.info)
- Romania has one of the highest income inequality rates in EU (Source: bursa.ro)
- New major rally (Source: anunturibeta.romanialibera.ro)
Macroeconomic News (5) |
Almost 75% of local lenders logged profits for 2016 Almost 75% of all the lenders operating in Romania logged profits for 2016, a higher percentage compared to 2015, according to the National Bank of Romania (BNR). The combined value of these profits was RON 4.7 billion. 10 banks lost money last year, reporting a combined loss of RON 450 million. Top |
Don't be stupid: Examples of how perverse politicians smother local and foreign capital Don't stay in touch with representatives of the mafia that decapitalized Romania, not even with those who had been my sources over the past 24 years. But I admire and I am determined to help whenever and however I can the Romanian entrepreneurs who managed to survive and grow in a hostile environment. As a side not, those who succeeded in consolidating and growing are those who understood - without enmity or resentment - the true state of affairs. |
MFP borrowed RON 45 million on Friday The Ministry of Finance (MFP) borrowed RON 45 million from the commercial banks at Friday's supplementary auction of bonds. The yield was 4.07% per year, the highest since November, 2015, and the banks offered a total of RON 140 million. Top |
Financial analysts continue to lose confidence The macroeconomic confidence index calculated by CFA Romania dropped to 54.9 points in January, down 6.5 points from the previous month. The main drive behind this trend was the current situation indicator, which plunged 11.4 points. Top |
"Romania could end up a budget deficit champion" Presidential adviser Cosmin Marinescu has warned in a blog posting that Romania could show the worst budget deficit in the European Union. "After reporting for 2016 the highest economic growth rate in the EU [...] there are hints of a new record: the worst budget deficit," wrote Marinescu. Top |
Financial News (2) |
OTP Bank begins Credit Europe Bank due diligence Market sources say that OTP Bank has started the due diligence procedure for a possible acquisition of Credit Europe Bank. Laszlo Diosi, CEO of OTP Bank, declined to comment the information. OTP Bank's target is to reach a market share of at least 5%, something the bank finds impossible to do through organic growth. Top |
We have a bank for sale in Romania. Are you interested? Four local banks are more or less officially up for sale at this time: Bancpost (ninth biggest player, 3% market share and RON 11.3 billion worth of assets), Banca Romaneasca (number 14, 1.8% market share), Veneto Banca (number 15, 1.3% market share) and Marfin Bank (number 22, 0.6% market share). Top |
Investment News (3) |
Kronospan Romania is planning to begin building an industrial park in Brasov this autumn Kronospan Romania is planning to begin building an industrial park in Brasov this autumn. The park would grow around the company's own timber processing plant. "We want to bring in companies that would turn our OSB into beams, houses and furniture," said CEO Oana Bodea. Top |
Transgaz has finally applied for an environment permit with the National Environment Protection Agency (ANPM) for the Tuzla-Podisor natural gas pipeline, which would link the Black Sea coast region to the BRUA pipeline. BRUA will link Bulgaria, Romania, Hungary and Austria and is part of the EU's energy independence strategy. Top |
CEZ invested RON 7.2 million in Mioveni power station Distributie Oltenia, formerly CEZ Distributie, completed the modernizing of an electric station in Mioveni, a project worth RON 7.2 mln, VAT included. "More than 16,700 clients, including Automobile Dacia, benefit from the upgrading of the biggest power station in the Arges county," announced the company. Top |
Legislative News (2) |
PNL wants seniority rules overhauled Deputy Florin Roman (PNL) filed with the Senate a bill that would eliminate the minimum seniority requirements for executive public jobs and halves the same requirements for public leadership positions. Top |
Macroprudential supervision bill reported out The Budget and Finance Commission of the Chamber of Deputies has reported out favorably the bill regulating the macroprudential supervision of the national financial system. The bill is now close to coming into force. Last year, President Iohannis asked the Parliament to revise the bill. Top |
Politics (1) |
Basescu: The Grindeanu Cabinet have acted like thieves. They must leave. Traian Basescu, president of the People's Movement Party, stated on Sunday evening that the Grindeanu Cabinet "have acted like thieves" by amending the Criminal Code and that the ministers must resign because they lost credibility. Top |