News

Daily Newsletter - 5 May 2017

Summary

Macroeconomic News (3)

Romanian wheat exports up 111% in 2017 (Source: bursa.ro; Date: 2017-05-04; Author: Unspecified)

Romanian wheat exports soared 111% in the first five months of this year, compared to the corresponding period of 2016, reaching a total of 3.8 million tons, according to a report from the United States Department of Agriculture - Foreign Agricultural Service (USDA).

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Turkey wants bilateral trade to reach USD 10 billion per year (Source: capital.ro; Date: 2017-05-04; Author: Unspecified)

Osman Koray Ertaş, the Turkish ambassador to Bucharest, stated on Thursday that one of the Turkish government's goals is to push the value of bilateral trade to USD 10 billion per year. "We have already reached USD 8 billion, but trade has been falling lately," said the ambassador.

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Retail turnover up 9.2% in March (Source: news.ro; Date: 2017-05-04; Author: Unspecified)

The retail sector's turnover, the most important consumption indicator, increased 9.2% in March, compared to the corresponding month of 2016. The turnover growth rate for the entire first quarter of 2017 is 6.9%, according to the National Statistics Institute (INS).

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Financial News (3)

BRD posts RON 330 million in Q1 earnings (Source: bursa.ro; Date: 2017-05-04; Author: Unspecified)

The BRD-Groupe Societe Generale group has posted RON 330 million in Q1 earnings, almost five times bigger compared to the corresponding period of 2016, according to the report sent to the Bucharest Stock Exchange (BVB). Operating expenses dropped 5.1% year-on-year.

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New forecast (Source: zf.ro; Date: 2017-05-04; Author: Unspecified)

BRD has revised upwards its estimates regarding the annual growth of private borrowing for 2017-2019. The bank expects private borrowing to grow 3.7%, instead of 3.2%, and sees the exchange rate hovering around RON 4.5 per EUR. According to BRD analysts, the three-month ROBOR rate will reach 1.7% in 2019 and the inflation rate will climb to 3%.

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BNR Governor: "The question is not whether we should join the Eurozone, but when" (Source: economica.net; Date: 2017-05-04; Author: Unspecified)

Mugur Isarescu, Governor of the National Bank of Romania (BNR), stated yesterday that the only question is when would Romania join the Eurozone, not if. "Romania doesn't have an opt-out regarding the economic and monetary union. This means that Romania has to switch to the euro at some point," said Isarescu.

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Investment News (1)

Deloitte to hire 800 at IT services center (Source: economica.net; Date: 2017-05-04; Author: Unspecified)

Consulting and audit firm Deloitte Romania will hire up to 800 people at the IT services center inaugurated in Bucharest yesterday. "The Deloitte Technology Center already employs more than 100 IT consultants and will generate up to 800 jobs until 2020," said Alastair Teare, CEO of Deloitte Central Europe.

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Legislative News (1)

CCR says sentences bar path to cabinet (Source: cursdeguvernare.ro; Date: 2017-05-04; Author: Unspecified)

The Constitutional Court rejected yesterday the exception raised by the People's Attorney to Law 90, which prevents people who had received final sentences from holding cabinet positions. The ruling had been postponed four times.

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Politics (2)

Dragnea: "Let's not turn people into stars" (Source: adevarul.ro; Date: 2017-05-04; Author: Unspecified)

Liviu Dragnea, president of the Social Democratic Party (PSD), stated on Thursday that he would have a talk with Serban Nicolae regarding the amendment passed by the Senate's Judiciary Commission.

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Alina Gorghiu: We are focusing on internal campaigns instead of opposing the PSD (Source: news.ro; Date: 2017-05-04; Author: Unspecified)

Timis Senator Alina Gorghiu stated on Thursday that she would like the party congress over and done with sooner because party members should focus on opposing the PSD instead of internal conflicts.

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Social (1)

Almost 400,000 unemployed reported in March (Source: adevarul.ro; Date: 2017-05-04; Author: Unspecified)

The authorities have registered almost 400,000 unemployed in March. The highest numbers were reported by the Vaslui, Teleorman and Mehedinti counties, while the lowest figure came from Ilfov.

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