News

Daily Newsletter - 7 August 2017

Summary

Macroeconomic News (5)

Romania exported iron and steel worth EUR 746 million (Source: agerpres.ro; Date: 2017-08-06; Author: Unspecified)

Iron and steel exports amounted to EUR 746 million in the first four months of this year, up 34% on an annual basis, according to data centralized by the National Statistics Institute (INS). Imports amounted to EUR 907.2 million, up 17.5% year-on-year.

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EU fund absorption rate was 82.56% in July (Source: bursa.ro; Date: 2017-08-06; Author: Unspecified)

The July target for absorbing the funds made available by the European Union under the National Rural Development Program (PNDR) was EUR 112 million and the completion rate was 82.65%, according to the Minister of Agriculture, Petre Daea. The August target is EUR 152.66 million.

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Isărescu: Higher electricity prices will push up July inflation (Source: economica.net; Date: 2017-08-06; Author: Unspecified)

Mugur Isarescu, Governor of the National Bank of Romania (BNR), voiced on Friday his concerns with the rising electricity prices. The spot price surged two- or threefold on the OPCOM market on Thursday.

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Cabinet to cooperate with business community through work groups (Source: cursdeguvernare.ro; Date: 2017-08-06; Author: Unspecified)

Cabinet representatives met with officials from the Coalition from Romania's Development (CDR) to discuss the state of the labor market, the development of the national infrastructure and taxes.

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Trade balance deficit widens (Source: cursdeguvernare.ro; Date: 2017-08-06; Author: Unspecified)

The food trade balance deficit widened to more than EUR 620 million in the first four months of this year. While exports increased by almost 7%, imports surged more than 15%, according to data released by the Ministry of Agriculture and Rural Development (MADR).

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Financial News (4)

Avon Romania still leader of local cosmetics market (Source: adevarul.ro; Date: 2017-08-06; Author: Unspecified)

Avon Cosmetics Romania retained last year its leading position on the national market. The company's turnover jumped 10.6% in 2016, compared to the previous year, reaching a total of RON 550 million, according to reports filed with the Ministry of Finance.

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BNR Governor says banks paid taxes (Source: adevarul.ro; Date: 2017-08-06; Author: Unspecified)

Mugur Isarescu, Governor of the National Bank of Romania (BNR), defended the commercial banks on Friday, saying that profitable banks had paid their taxes. Isarescu added that turning a profit is not easy for a bank and that the banking business is complicated.

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BVB-Sibex merger to take place in weeks (Source: cursdeguvernare.ro; Date: 2017-08-06; Author: Unspecified)

The merger between the Bucharest Stock Exchange (BVB) and the Sibex market is scheduled for "the coming weeks", according to BVB CEO Ludwik Sobolewski. The markets are currently waiting for the final nod of the Financial Supervisory Authority (ASF).

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AFI Europe and Dedeman drop sale (Source: profit.ro; Date: 2017-08-06; Author: Unspecified)

Dedeman has announced that the negotiations with AFI Europe for the acquisition of office buildings AFI Park 1, 2, 3, 4 and 5 would not be finalized. AFI Europe will continue to operate all the office buildings as a single ensemble.

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Investment News (1)

Authorities want 10% of Hidroelectrica listed (Source: bursa.ro; Date: 2017-08-06; Author: Unspecified)

The authorities want to begin the listing of Hidroelectrica with a 10% stake, followed by another 5% at a later date. The Minister of Energy, Toma Petcu, stated that the authorities are currently waiting for the conclusions of the listing consortium's analysis.

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Legislative News (2)

State to return car registration fees (Source: bursa.ro; Date: 2017-08-06; Author: Unspecified)

The Cabinet issued an emergency decree stipulating that the pollution and green stamp taxes would be returned to car owners, beginning with January 1, 2018. The entire process is scheduled to end in March, 2019.

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Cabinet eliminates negotiated fines (Source: cursdeguvernare.ro; Date: 2017-08-06; Author: Unspecified)

The Cabinet approved a draft decree on Friday that would eliminate from the Labor Code the possibility of allowing employers to negotiate the fines issued by ITM for the use of illegal labor. The standard fine will be RON 20,000 per illegal worker.

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Social (2)

Independent taxi drivers to protest (Source: agerpres.ro; Date: 2017-08-06; Author: Unspecified)

The independent tax drivers who are members of the Taxi Driver Rights Association (ADTI) announced that they would go on strike on September 5. The drivers will picket the Bucharest City Hall for three days in an attempt to force the authorities to fight unfair competition and illegal practices.

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Vaccination law postponed (Source: cursdeguvernare.ro; Date: 2017-08-06; Author: Unspecified)

The Government has postponed for the second time the discussion of the vaccination bill, this time on grounds that the bill lacked some permits. The bill would make vaccination mandatory and introduce steep fines for the parents who fail to vaccinate their children.

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