News

Daily Newsletter - 7 September 2017

Summary

Macroeconomic News (3)

More than 393,000 properties and buildings sold this year 

The number of properties and buildings sold nationwide in the first eight months of this year was 393,000, with almost 57,000 traded in August alone, according to data released on Wednesday by ANCPI.

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PM Tudose said budget review to be positive 

The Ministry of Finance announced that the budget review would occur before the end of this month and it would be positive, according to a press release.

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Industry, retail and IT&C are main GDP growth engines 

The industry, retail and IT&C sectors accounted for 4 of the 5.8 pp of GDP growth reported for the first half of this year, with industry contributing 1.7 pp and retail 1.5.

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Financial News (3)

Greek banks held EUR 4.6 billion in local deposits 

The three major Greek banking groups operating in Romania (Alpha, Eurobank and Piraeus) had EUR 4.6 billion worth of combined deposits at the end of July, up 4.5% on an annual basis. However, these groups play a small role in financing the national economy. The value of loans granted by Alpha Bank, Bancpost (Eurobank) and Piraeus increased by only 0.6% between H1, 2016 and H1, 2017.

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PM Tudose said 18 of 36 active banks post no earnings 

"Of the 36 active banks, half are all right, while half insist they cannot turn a profit, something I find very hard to believe. We have 18 banks that do not post profits, that claim to have lost money. ANAF went there, started going there, to see how they managed to achieve this," said PM Mihai Tudose.

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MPs ask payment processing firms and banks to slash fees 

Although the Senate has rejected the proposal to make card payments mandatory only for stores with turnovers of at least EUR 50,000, up from the current threshold of EUR 10,000, the Chamber is willing to go ahead with this. The deputies have asked banks and payment processing firms to slash the fees they charge to small retailers in order to avoid raising the threshold.

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Investment News (2)

Penny Market to open four stores this month 

Penny Market will open four new stores this month. The stores will be located in Bucharest and three counties. The group's chain will increase to 207, while the total workforce is around 4,000. Penny Market is planning to continue its expansion drive next year with 20-25 new stores.

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AB has plans 

The Henri Coanda Airport has a two-stage expansion plan that would increase its capacity to more than 20 million passengers, twice more compared to the current figure. The plan is worth EUR 818.5 million, not including the cost of property condemnation.

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Legislative News (1)

PNL bill aimed at additional pay 

MPs belonging to the National Liberal Party (PNL) filed a bill with the Chamber of Deputies that would allow private employees to receive the 13th salary before Christmas and the 14th salary before vacation. The additional pay would come from the taxes owed by companies to the state.

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Politics (2)

Puiu Hașotti leaves PNL 

Puiu Hașotti announced on Wednesday evening that he had left the National Liberal Party (PNL) at the beginning of the week. Hașotti had been a PNL member for 27 years. "Today's PNL no longer resembles the party I joined," said the former MP.

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UK Ambassador: The judiciary rule amendments should strengthen the fight against corruption 

The judiciary rule amendments should strengthen the rule of law and the fight against corruption and the process should involve consultations with all sides, according to the UK Ambassador to Romania, Paul Brummell. The Ambassador met yesterday with the Minister of Justice, Tudorel Toader.

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