News

Daily Newsletter - 7 April 2017

Summary

Macroeconomic News (4)

Romania and Bulgaria had lowest wages in 2016 (Source: profit.ro; Date: 2017-04-06; Author: Unspecified)

Romania and Bulgaria had the lowest wages in the European Union last year, according to data released by Eurostat. The two countries' employees were paid EUR 5.5 and 4.4, respectively, compared to an EU average of EUR 25.4.

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Romania down in tourism competitiveness index (Source: cursdeguvernare.ro; Date: 2017-04-06; Author: Unspecified)

Romania dropped two places in the latest tourism competitiveness report from the World Economic Forum, falling from 68 in 2015 to 66 in 2017. The country's aggregated index is equal to those of Oman and Vietnam.

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Romania's pharma market up 11% last year (Source: news.ro; Date: 2017-04-06; Author: Unspecified)

The Romanian pharma market grew 10.6% last year, reaching a total of RON 12.95 billion, according to a report published on Thursday by Antibiotice Iasi, the biggest Romanian producer of generic antibiotics. The upward trend was driven by an increase in drug consumption.

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Minister of Labor discussed salary gap (Source: bursa.ro; Date: 2017-04-06; Author: Unspecified)

The gap between the smallest and highest salaries will be set at 1 to 12 by the unified payroll bill, even though the labor unions demanded 1 to 13, according to statements made by the Minister of Labor, Lia Olguta Vasilescu at a press conference held in Sinaia.

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Financial News (5)

Mugur Isarescu: "We are out of the woods on banking legislation changes" (Source: bursa.ro; Date: 2017-04-06; Author: Unspecified)

"We are out of the woods when it comes to certain major risks. Last year, the main threats came from the banking legislation and these are now significantly diminished. You will see that our success in avoiding these pitfalls, especially when it comes to finance and banking regulations, will be noted by the rating agencies," said BNR Governor Mugur Isarescu.

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Half of Romania's banking system depends on real estate prices (Source: economica.net; Date: 2017-04-06; Author: Unspecified)

The statistical data released by the National Bank of Romania (BNR) showed that local lenders had a total of RON 316.98 billion in loans at the end of February, up RON 1.6 billion from the previous month.

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ING Bank waives ATM cash withdrawal fee (Source: profit.ro; Date: 2017-04-06; Author: Unspecified)

ING Bank announced that it would waive, beginning with July 5, the fee charged for cash withdrawals from its ATMs for clients whose salaries are paid into ING accounts and make at least one payment or transfer per month. The offer is valid for any ATM, anywhere in the world.

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CEC Bank extends promotion campaign (Source: zf.ro; Date: 2017-04-06; Author: Unspecified)

CEC Bank has announced that it would extend until June 30 the promotion campaign for personal needs loans and consumer loan refinancing, while also slashing the flat interest margin for loans bundled with card-based credits.

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ARB elected two new members to its board (Source: news.ro; Date: 2017-04-06; Author: Unspecified)

The general assembly of the Romanian Banking Association (ARB) elected the new board of directors on Thursday. The board includes Cornel Theodor Stanescu (deputy CEO of Marfin Bank) - reelected, and Ion Popovici (executive vice president of Leumi Bank), who replaces Mirela Bordea. The chairman of the board is Sergiu Oprescu, assisted by vice president Luminita Delia Runcan and members Catalin Parvu, Gabriela Gavrilescu and Codin Nastase.

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Investment News (1)

Chinese company to create 600 jobs in Romania (Source: zf.ro; Date: 2017-04-06; Author: Unspecified)

Liting Universal Group, a Chinese company, has bought the Armonia Shopping Center in Braila and will use the property to set up an electric product plant. The company expects to create 600 jobs in the next three years.

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Legislative News (1)

Magistrates demand to be shown unified payroll bill (Source: cursdeguvernare.ro; Date: 2017-04-06; Author: Unspecified)

The Superior Council of Magistrates (CSM) demanded the Minister of Justice to present them with a copy of the draft unified payroll bill. The CSM members are unhappy with the Minister's failure to consult them, especially since rumor has it that the salaries of magistrates would be slashed.

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Politics (2)

Ponta under heavy fire (Source: evz.ro; Date: 2017-04-06; Author: Unspecified)

The Social Democratic Party (PSD) is descending into total war and former prime minister Victor Ponta is the target of internecine hatred. Gabriela Firea, mayor of Bucharest, was the latest party figure to unload on Ponta. "He did not resign. He pretended to resign," thundered Firea.

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Dacian Ciolos said decree debacle kept Romanian airports out of Schengen (Source: euractiv.ro; Date: 2017-04-06; Author: Unspecified)

Former prime minister Dacian Ciolos stated that the debacle surrounding Emergency Decree 13 has kept Romania's airports from joining the Schengen space this year. Ciolos added during his Cluj-Napoca speech that Romania must provide firm guarantees regarding the rule of law and the fight against corruption.

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Social (1)

Drug NGOs get green light (Source: adevarul.ro; Date: 2017-04-06; Author: Unspecified)

The National Drug Agency (AND) has asked NGOs to help fight the drug traffic. The NGOs have a month at their disposal to file projects designed to help drug addicts.

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