News

Daily Newsletter - 7 August 2019

Summary

Macroeconomic News (4)

Romania heading for 10,000 ecological farmers

More than 430 agricultural producers took out ecological certification in the first half of 2019. Last year, Romania had 9,370 certified farmers. While the number is growing, it's still far below the all-time high of 15,000 reported in 2015. The international trend toward ecological products and healthier living has reached Romania, as local buyers pay more and more attention to product quality.

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MADR says farmers won't be affected by budget revision

The RON 310 million reduction of the Ministry of Agriculture's (MADR) budget will not impact any spending category. The amounts earmarked for farming aid come from foreign grants, as well as from the state budget, and are not influenced by the budget revision.

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GDP revised upwards to keep deficit down

The budget revision proposed by the Ministry of Finance (MFP) features a RON positive adjustment of the GDP, from RON 1,022 billion to RON 1,031 billion. State revenues will increase by RON 2,25 billion, while spending would expand by RON 752.1 million, plus RON 285.7 million. This would lead to a RON 1.9 billion drop in the budget deficit.

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RON 2.9 billion in VAT revenues directed to local budgets

The Ministry of Finance (MFP) will sent another RON 2.9 billion worth of VAT revenues to the local authorities in order to finance their spending, according to a draft order published on the MFP website on Tuesday. Of the total amount, RON 177.7 million would go to schools.

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Financial News (2)

Intesa Sanpaolo Romania posts EUR 12 million in H1 earnings

Intesa Sanpaolo Romania has posted EUR 12 million in earnings for the first half of this year, compared to a loss of EUR 1 million in the corresponding period of 2018. The second quarter of the year accounted for two thirds of earnings.

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Two thirds of Romanian internet users shop online every month

The number of Internet users who shop online every month increased from 57% in November, 2017, to 66% in 2019, according to a survey by Exact Business Solutions. The most spectacular gains were reported by apparel, cosmetics and perfumes, food delivery and video content websites.

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Investment News (2)

Baia Mare tapped EUR 2.6 million for industrial site regeneration

The European Regional Development Fund has approved EUR 82 million in financing for 20 projects submitted under the Innovative Urban Action program. The city of Baia Mare will receive more than EUR 2.6 million to implement a project for regenerating former industrial sites.

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Uber opens biggest driver assistance center in CEE

Today, Uber will open in Bucharest the biggest driver assistance center in Central and Eastern Europe, the result of an USD 250,000 investment project.

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Politics (1)

President Trump to receive President Iohannis on August 20

US President Donald Trump will receive Romanian President Klaus Iohannis at the White House on August 20, according to a press release. The two leaders will discuss the best approach to the common security challenges facing the USA and Romania, as well as fair partnerships in energy and trade.

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Social (1)

Number of Romanians who see EU positively up

Romania ranks second in the European Union based on the number of people who have a positive view of the EU. The number of such people is at 60%, far above the EU average of 44%, according to a new survey from Eurobarometru.

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