News

Daily Newsletter - 8 May 2017

Summary

Macroeconomic News (4)

Average pension was 43.87% of average net salary (Source: bursa.ro; Date: 2017-05-07; Author: Unspecified)

The average pension paid by the state at the end of February was 43.87% of the average net salary, according to statistical data published by the Ministry of Labor and Social Justice. The total number of pensioners was slightly more than 5 million.

Top

Government takes steps to address deficit (Source: cursdeguvernare.ro; Date: 2017-05-07; Author: Unspecified)

The Cabinet wants to boost budget revenues by RON 1 billion this year by increasing the revenues from certain social contributions, increasing the cigarette excise and stepping up inspections of jewelry stores, according to the latest plan.

Top

Processed rubber exports up 7.8% (Source: economica.net; Date: 2017-05-07; Author: Unspecified)

Romania exported in January, 2017, processed rubber worth EUR 162.3 million, up 7.8% year-on-year, according to data centralized by the National Statistics Institute (INS). Imports amounted to EUR 73.7 million, up 5.6% year-on-year.

Top

State companies to continue turning 90% of earnings to state budget (Source: profit.ro; Date: 2017-05-07; Author: Unspecified)

The 2017-2020 convergence program approved by the Cabinet on Friday stipulates that state-owned companies will continue to turn at least 90% of their earnings over to the state budget as dividends. The program also includes a phased VAT payments system for public institutions.

Top

Financial News (4)

Banking system's earnings break record (Source: profit.ro; Date: 2017-05-07; Author: Unspecified)

Romanian banks reported a total of RON 1.23 billion in earnings for the first three months of this year, a record figure for the crisis years and up 5.3% compared to the corresponding quarter of 2016, according to data collected by the National Bank of Romania (BNR).

Top

Fitch downgrades UniCredit Bank's long-term rating (Source: bursa.ro; Date: 2017-05-07; Author: Unspecified)

Fitch Ratings has downgraded the long-term rating of UniCredit Bank SA from BBB to BBB-, with a stable outlook, according to a press release. The short-term rating has also been downgraded from F2 to F3.

Top

Bad loans sold to debt collectors at 10% (Source: capital.ro; Date: 2017-05-07; Author: Unspecified)

The aggregated value of bad loans denominated in Swiss francs fell from RON 12 billion at the end of 2008 to RON 5.4 billion at the end of 2016, while the number of debtors dropped from 110,638 to 38,519, according to the National Bank of Romania (BNR).

Top

BNR gives EUR 500 million back to banks (Source: zf.ro; Date: 2017-05-07; Author: Unspecified)

The National Bank of Romania's (BNR) board decided today to give the commercial banks EUR 500 million back by slashing the minimum mandatory reserves from 10% to 8% for liabilities denominated in foreign currencies.

Top

Investment News (1)

US Army to invest another USD 100 million in Kogalniceanu base modernization (Source: cursdeguvernare.ro; Date: 2017-05-07; Author: Unspecified)

The U.S. Army Corps of Engineers Europe District has launched the procurement procedure for design and construction services for new facilities that will be located at the Mihail Kogalniceanu military base, Constanta county, Romania.

Top

Legislative News (1)

Health law to feature harsh penalties for pharmacies (Source: news.ro; Date: 2017-05-07; Author: Unspecified)

The Minister of Health, Florian Bodog, stated on Sunday that Romanian health is one of the poorest in Europe because Romanians prefer to self-medicate and because pharmacies sell antibiotics without prescriptions. The Minister added that the new health rules would feature harsh penalties for pharmacies that sell drugs without prescriptions.

Top

Politics (2)

Dragnea congratulates Macron (Source: hotnews.ro; Date: 2017-05-07; Author: Unspecified)

Liviu Dragnea, president of the Social Democratic Party (PSD), congratulated Emmanuel Macron for his victory in the French presidential elections through a Facebook post made on Sunday evening.

Top

MEP Busoi runs for PNL leadeship (Source: euractiv.ro; Date: 2017-05-07; Author: Unspecified)

MEP Cristian Busoi announced on Friday that he is running for head of the National Liberal Party (PNL). "PSD is the enemy of investors, the enemy of foreign capital and, at the same time, perhaps, the enemy of Romanian investors," said Busoi.

Top

Social (1)

Romanian paradox: High poverty rate, growing obesity rate and much food waste (Source: economica.net; Date: 2017-05-07; Author: Unspecified)

Romania's relative poverty rate is the worst in the European Union, according to the latest data from Eurostat. Paradoxically, the obesity rate is also rising and food waste is rampant.

Top