News

Daily Newsletter - 6 March 2017

Summary

Macroeconomic News (5)

Royalties revenue falls (Source: profit.ro; Date: 2017-03-05; Author: Unspecified)

The National Mineral Resources Agency (ANRM) collected RON 170.58 million in mining royalties for 2016, down 31% on an annual basis. Oil royalties amounted to RON 741.51 million, down from the previous year's RON 896.6 million.

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Romania at economic cycle peak (Source: cursdeguvernare.ro; Date: 2017-03-05; Author: Unspecified)

Economists are warning that Romania is close or even past the peak of its current economic cycle and that the recent fiscal relaxation measures have cost the government a lot of its room for maneuver. "The forecast indicator of the CFA Romania index peaked at the end of 2015, which is consistent with the idea of a 2016 peak," said CFA Romania president Adrian Codarlasu.

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"The Cabinet will have to take action" (Source: bursa.ro; Date: 2017-03-05; Author: Unspecified)

The idea that Romania has a well trained workforce has become an illusion because the new generations are more and more poorly trained, something that can be seen in the quality of students, according to Ionut Dumitru, president of the Fiscal Council.

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Five vulnerabilities of 2017 budget (Source: zf.ro; Date: 2017-03-05; Author: Unspecified)

The budget issue returned in force with the release of lower than expected revenues for January. AmCham Romania said that the budget is vulnerable because of the overly optimistic forecast and the fact that future pledges were made in the absence of multi-year budgets.

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Budget implementation of January 2017 – 5.7% lower revenue and 3.5% higher expenditure compared to January 2016 (Source: cursdeguvernare.ro; Date: 2017-03-05; Author: Unspecified)

The Ministry of Public Finance published Monday the report on the implementation of the consolidated general budget for January 2017. According to the official announcement, the implementation ended with a surplus of 3.0 billion lei, namely 0.37% of GDP, compared to 4.7 billion lei, namely 0.62% of GDP, registered at the same moment of 2016. The consolidated general budget revenue, amounting to 19.2 billion lei, or 2.4% of GDP, was 5.7% lower in nominal terms compared to the same period of the last year.

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Financial News (3)

BCR BpL wins lawsuit (Source: bursa.ro; Date: 2017-03-05; Author: Unspecified)

The Bucharest Court of Appeals ruled in favor of BCR Banca pentru Locuinte in the lawsuit against the Court of Accounts (CC). CC had accused the bank of having accepted underage and elderly clients in breach of the law, resulting in the illegal cashing of the premium offered by the government. The total damages were estimated at EUR 60 million. The ruling is not final.

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Banks close ATMs (Source: economica.net; Date: 2017-03-05; Author: Unspecified)

The number of ATMs made available by the banks dropped by more than 500 units in three months, despite the fact that Romanians use them more than ever to withdraw cash. The reduction is the result of the banks' decision to close branch offices and to reduce the cost of providing cash and keeping the machines running.

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Bankers ask for balance (Source: zf.ro; Date: 2017-03-05; Author: Unspecified)

We must be "very balanced in defining foreign and Romanian capital" because thinking in such terms is not productive, according to Cristian Sporis, vice president of Raiffeisen Bank.

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Legislative News (1)

Minister of Labor about unified salary law (Source: cursdeguvernare.ro; Date: 2017-03-05; Author: Unspecified)

The Minister of Labor, Olguta Vasilescu, announced that she would start on Monday the talks with public order and health labor unions about the unified salary bill. Vasilescu added that she is open to discussions.

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Politics (1)

Liberals push Bolojan (Source: adevarul.ro; Date: 2017-03-05; Author: Unspecified)

Ilie Bolojan, mayor of Oradea and former secretary of the National Liberal Party (PNL), is being pressed by numerous party leaders, mainly from the former PDL, to run publicly for the top party position.

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Social (3)

More than 14,000 doctors and 28,000 nurses left Romania between 2009 and 2015 (Source: euractiv.ro; Date: 2017-03-05; Author: Unspecified)

The figures were provided by Viorel Husanu, president of labor union SANITAS Bucharest. Husanu said that the rate of departures has fallen over the past two years and that doctors are now more content with what the country has to offer.

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2,500 march to show support for DNA (Source: news.ro; Date: 2017-03-05; Author: Unspecified)

The number of protesters marching from the Victoriei Square to the Parliament had swelled to around 2,500. They chanted "Resign!", "Thieves!" and "DNA, don't forget we're on your side!".

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Almost 75% of Romanians lack basic digital competencies (Source: profit.ro; Date: 2017-03-05; Author: Unspecified)

Although Romania has one of the highest numbers of high-speed Internet subscribers in the EU and the number of mobile services users is rising, almost 75% of Romanians lack the basic digital competencies that would allow them to access emails or install new devices.

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