News

Daily Newsletter - 7 November 2017

Summary

Macroeconomic News (4)

Fuel sales dropped by nearly 10% in the month when excises rose 

The retail trade of automotive fuels in specialized stores fell 9.8% in unadjusted terms and 2.3% in seasonally adjusted terms, in September compared to August, according to INS, after the excise in diesel oil and petrol increased since 15 September. The volume of the gross retail turnover, except the motor trade, dropped by 4.9% in September 2017 compared to August, due to the decrease in the retail trade of automotive fuels in specialized stores (-9.8%), in sales of food products, beverages and tobacco (-5.0%) and in the sales of non-food products (-1.9%), according to the data published Monday by the National Institute of Statistics (INS).

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Romania, among the EU member states where industrial production prices rose in September 

Industrial production prices rose 0.6% in September in the euro zone and in the European Union, compared to the previous month, the data published Monday by the European Office of Statistics (Eurostat) show. In September, industrial production prices increased in almost all the EU member states, except Cyprus (minus 1.4%). The most significant growths were reported in the Netherlands (2.9%), Denmark (1.4%), Belgium (1.3%) and Greece (1.2%, Agerpres writes.

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THE AMENDMENTS OF THE FISCAL CODE RECEIVED A NEGATIVE OPINION FROM CES The business environment, trade unions and some parliamentarians reject the new fiscal proposals 

The Economic and Social Council (CES) gave a negative opinion for the draft law amending the Fiscal Code, through emergency ordinance, Friday, while the extraordinary Government's session where the new provisions were to be debated, scheduled for the last working day of the past week, initially, was postponed for today. The fiscal amendments proposed by the Government are rejected by businessmen, trade unions, as well as by some parliamentarians.

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Retail turnover rose 13.7% in September 

The retail turnover, considered the most important indicator of population's consumption, slowed down in the ninth month of this year, a 13.7% rise being recorded compared to September 2016, a low rhythm compared to one month before, the data published Monday by the National Institute of Statistics (INS) show. In August, the gross retail turnover rose 15.9% compared to August 2016. Official data, excluding the sales of cars and motorcycles, show that the retail turnover was sustained by the sales of non-food products mainly, in September, which climbed by 17.3% compared to the ninth month of 2016.

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Financial News (1)

Along with Robor, a new BNR Regulation threatens to increase loans as of next year 

The National Bank of Romania (NBR) put a draft law amending Regulation 5/2013 on prudential requirements for banks up for public debate. The Regulation is an adaptation of the European guide for implementing IFRS 9, which will enter into force as of 1 January 2018. It will be applied to the new and old loans too and entails higher operational costs for banks, which will lead to the markup of new loans in the end, to the decrease in liquidity indicators for banks and to a drop in their profitability.

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Investment News (2)

NEPI Rockcastle invests 30m euros in the enlargement of Shopping City Galati 

NEPI Rockcastle, leader on the retail real estate market in the Central and Eastern Europe, invests approximately 30m euros in the enlargement and modernization of Shopping City Galati, the first brands from the extension of the store being inaugurated on 16 November. The new stores from the commercial center include Hervis, Lee Cooper, LEVIs, Sephora, Douglas, Pandora, Kultho, MeliMelo Home, Pizza Hut, Starbucks and a multiplex cinema Cinema City, while Pull&Bear, Bershka and Stradivarius stores will be inaugurated by the end of the month.

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The German transport company Karl Heinz Dietrich, present in Romania since the communist regime, expands on the local market by opening warehouses, after it raised its profit substantially 

The international freight transport company Karl Heinz Dietrich (KHD), present in Romania since 1984, the period of the communist regime, continues to expand on the local market by opening a warehouse in Jucu (Cluj county), after it initiated a similar investment in Sibiu in October, where it has a distribution center already. The company has a distribution center in Jucu too, in the Industrial Park Tetarom 3.

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Legislative News (2)

Senators give the green light for the law against "groundskeepers": imprisonment for levying a parking tax by an unauthorized person 

The draft law proposing imprisonment for the levy of a parking tax by an unauthorized person was approved by the Senate, although the Government does not support it, considering that the offense is covered by the Criminal Code.

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Tax havens in Romania - the Senate has approved Serban Nicolae's draft law 

With 65 votes "for", 28 votes "against" and six abstentions, the plenary of the Senate approved, Monday, the PSD senator Serban Nicolae's draft law on exemption from taxes and fees for casinos, stores and guesthouses built on islands and river banks, including in Danube's Delta.

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Politics (2)

PNL announces the submission of a simple motion on energy: We request minister Toma Petcu's demission for the rampant and alarming rise in electricity price 

PNL's Executive Bureau decided Monday to submit a simple motion on energy requesting minister Toma Petcu's demission for the "rampant and alarming" rise in electricity price and for the "excessive politicization" of the companies in the field. The motion will be entitled "Romania in darkness. PSD steals electricity". "We want to sound a strong alarm and we ask for the demission of minister Toma Petcu for several things, mainly for the rampant and alarming increase in electricity price. We will find in full winter that the population will have to pay more, maybe we will face issues in electricity supply in full winter", the PNL vice president, Virgil Popescu, stated at the end of the session of the PNL's Executive Bureau.

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The ex prime minister Victor Ponta attacks PSD: Thank Heaven the criminal Government session with those fiscal vagaries was postponed. I hope Tudose will win the battle with "Dragnea, Valcov and the clique" who want to destroy the economy 

The former PSD prime minister Victor Ponta expressed, Monday, his hope that the current social-democrat prime minister Mihai Tudose will win the battle with "Dragnea, Valcov and the clique" who want to destroy the economy, appreciating that the Government session in which the fiscal "vagaries" are adopted would be a "criminal" one. Today, thank Heaven, I see that criminal Government session with all those fiscal vagaries was postponed and I hope Tudose will win the battle with "Dragnea, Valcov and the clique" who want to destroy the economy", Ponta said in the Parliament.

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