News

Daily Newsletter - 4 May 2017

Summary

Macroeconomic News (6)

Minister of Economy: "The new royalty law will be ready by May 15" (Source: bursa.ro; Date: 2017-05-03; Author: Unspecified)

The new royalty calculation system will be ready by May 15 and it will be released for public debate by the Ministry of Fiance, according to statements made yesterday by Mihai Tudose, the Minister of Economy. Royalties are currently ranging from 3.5% and 13.5% of a field's output.

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Richest counties have indebtedness and savings rates four times above poor counties (Source: cursdeguvernare.ro; Date: 2017-05-03; Author: Unspecified)

The indebtedness and savings rates reveal the gap between Romania's developed and underdeveloped counties. The counties boasting the highest retail and corporate savings also have the highest loans to active individuals rates, according to BNR, the National Statistics Institute (INS) and the Trade Registry.

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Cabinet discusses several personal deduction options (Source: profit.ro; Date: 2017-05-03; Author: Unspecified)

The government's experts are discussing several options for personal deductions, including maintaining the current system of redirecting 2% of the income tax or implementing a donation system, according to the Ministry of Finance.

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Eurozone GDP up 0.5%, EU GDP up 0.4% in Q1 (Source: zf.ro; Date: 2017-05-03; Author: Unspecified)

The seasonally-adjusted GDP of the Eurozone grew 0.5% in the first quarter of this year, compared to 0.4% for the EU, according to data released on Wednesday by Eurostat.

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Almost 130,000 used foreign cars registered in Romania in Q1 (Source: news.ro; Date: 2017-05-03; Author: Unspecified)

The imported used cars market surged 98% in the first three months of this year, coming close to 130,000 units, an eight-year high. The number of new registrations was up 133.4% on the year.

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AFIR has EUR 680 million for farmers (Source: euractiv.ro; Date: 2017-05-03; Author: Unspecified)

The Rural Investment Financing Agency (AFIR) started accepting on Wednesday the investment projects filed under the 14 submeasures of the 2014-2020 National Rural Development Program (PNDR). The total budget for farming grants is EUR 680.8 million.

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Financial News (3)

BNR's foreign currency reserves up (Source: bursa.ro; Date: 2017-05-03; Author: Unspecified)

The National Bank of Romania (BNR) reported that its foreign currency reserves stood at EUR 35.96 billion at the end of April, up from the previous month's EUR 34.69 billion.

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Intesa Sanpaolo wants to sell EUR 2.5 billion in bad loans (Source: capital.ro; Date: 2017-05-03; Author: Unspecified)

Intesa Sanpaolo SpA, the biggest retail bank in Italy, is negotiating the selling of NPLs worth EUR 2.5 billion to a consortium formed by Christofferson Robb & Company (CRC) and Bayview Asset Management. Apollo Global Management-Credito Fondiario and Cerberus Capital Management-Cerved are also interested in this deal.

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Bogdan Merfea is new CEO of Patria Bank (Source: news.ro; Date: 2017-05-03; Author: Unspecified)

Bogdan Merfea was appointed CEO of Banca Comerciala Carpatica, which has just become Patria Bank after the completion of the merger process. The new board will be chaired by Horia Manda and staffed by Daniela Elena Iliescu - member, Bogdan Merfea - executive member, Nicolae Surdu - member and Vasile Iuga - member. The BCC-Patria Bank merger became effective on May 1.

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Legislative News (1)

Senate Judiciary Commission endorses Basescu Amendment (Source: cursdeguvernare.ro; Date: 2017-05-03; Author: Unspecified)

The Senate's Judiciary Commission approved on Wednesdad, with five votes in favor (PSD and ALDE) and three against (PNL, USR, UDMR), a series of amendments put forward by senators Basescu, Nicolae and Brailoiu to the pardon bill. One of the amendments pardons those sent to prison for giving and taking bribes and peddling influence, provided they cover the damages.

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Politics (1)

PSD wants to force Kovesi to report to Parliament (Source: adevarul.ro; Date: 2017-05-03; Author: Unspecified)

PSD deputies Eugen Nicolicea and Florin Iordache want the Parliament to launch a parallel investigation alongside the prosecutors' effort. The two also want magistrates to come before the Parliament for questioning or face criminal charges.

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Social (2)

Unemployment at ten-year low (Source: zf.ro; Date: 2017-05-03; Author: Unspecified)

The unemployment rate dropped to 5.3% in March, the lowest figure in a decade, according to the National Statistics Institute (INS). The number of unemployed was 486,000 in March, down 75,000 compared to March, 2015.

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Approximately 1,000 gather in Victoriei Square (Source: news.ro; Date: 2017-05-03; Author: Unspecified)

Approximately 1,000 people gathered on Wednesday evening in the Victoriei Square to protest against the Senate Judiciary Commission's decision to approve an amendment pardoning people sentenced on corruption charges. Gendarmes formed a wall in front of the Government's building.

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