News

Daily Newsletter - 3 August 2017

Summary

Macroeconomic News (5)

Minimum crude and oil products stocks put at 1.31 million toe 

The minimum stocks of crude and oil products calculated for this year amount to 1.31 million tons of oil equivalent, according to a draft Cabinet order that the Ministry of Energy had released for public discussion.

Top

Annual growth of industrial prices down 

The industrial production prices dropped 0.1% in June, compared to the previous month, bringing the annual growth rate down to 2.5%, according to the figures released on Wednesday by the National Statistics Institute (INS).

Top

"The energy system is going through a profound management crisis" 

Market players are still unhappy with the rising price of electricity on the spot market, while consumers are bracing for impact. Gabriel Dumitrascu, former head of the Department of Energy's Privatization Directorate (DGPAPSE), said Romania is plagued by a profound management crisis.

Top

Sea coast tourism business to pass RON 1.5 billion this year 

The sea coast tourism business will pass RON 1.5 billion this year, twice higher compared to five years ago, while the number of HoReCa companies is expected to reach new records thanks to renewed interest in investing in this sector, according to a KeysFin analysis.

Top

Isarescu's new discussion partners 

Cristian Hostiuc published an analysis of the national economy based on the idea that the country would not join the Eurozone in the next 10 years and that BNR would focus on keeping inflation low. The journalist thinks Romania needs faster pay growth, as opposed to the Coalition for Romania's Development (CDR).

Top

Isarescu's new discussion partners 

Cristian Hostiuc published an analysis of the national economy based on the idea that the country would not join the Eurozone in the next 10 years and that BNR would focus on keeping inflation low. The journalist thinks Romania needs faster pay growth, as opposed to the Coalition for Romania's Development (CDR).

Top

Financial News (5)

BRD posts RON 750 million in H1 earnings 

BRD-GSG has logged RON 750 million in earnings for the first half of this year, up 96.3% on an annual basis. "The net cost of risk was lowered by a RON 270 million worth of provisions released in the first semester, following the recognition of compensations from insurance, the recovery of some bad debts and the selling of NPLs," noted a BRD press release.

Top

Porsche Romania posts 25% increase in sales 

Porsche Romania reported on Wednesday that its sales had jumped by 25% across the board in the first half of this year, compared to the corresponding period of 2016. The Volkswagen and Skoda brands saw growth rates of 50% and 15%, respectively.

Top

New MTPL rules comes into force 

The new MTPL law has brought a number of changes designed to help drivers, such as settlement from insurer, discounts for good drivers and repairs at any shop. However, it also includes harsher punishments for reckless drivers.

Top

"The banks that avoid profit taxes must understand we are not a third rate country" 

The Minister of Finance, Ionut Misa, stated that almost three quarters of the banks operating in Romania have not paid their profit taxes in the past years. The Minister added that he is aware of these operations and would no longer tolerate them.

Top

Dacia sales up more than 25% in Germany 

The German automotive market reported a 2.9% increase in the sales of new cars for the first seven months of this year. The Dacia brand posted a 25.4% increase in sales to a total of 37,034 units.

Top

Investment News (2)

Kingfisher buys Praktiker Romania 

Kingfisher, the parent company of Brico Depot Romania, announced the acquisition of 100% of Praktiker Romania from Turkish businessman Omer Susli. The acquisition still needs the Competition Council's approval.

Top

Auchan to open first supermarket 

French group Auchan, which runs a chain of hypermarkets in Romania, has picked the Bucur Obor shopping center as the location for its first local supermarket. Auchan Retail Romania and Bucur Obor have already signed the lease for a 2,300 sqm location.

Top

Legislative News (1)

Fiscal authorities to get access to tax information of all entities in groups 

The Romanian fiscal authorities will have access to the financial and tax information of all the group entities listed by parent companies in their home jurisdictions.

Top