2019 is no longer a feasible target for Romania's accession to the Eurozone, according to Bogdan Olteanu, Deputy Governor of the National Bank of Romania (BNR). "At the time of the initial announcement, 2019 was not necessarily an impossible target. We described it as very ambitious and praised it as an anchor for public policies. Since the announcement was not followed by a concrete action plan, the date stopped being feasible," said Olteanu.
Romania's outlook is Eurozone convergence, according to the IMF's resident representative for Romania and Bulgaria, Guillermo Tolosa. One of the major propblems is infrastructure and the IMF representative urged the Romanian Government to spend money on it.
Romania still needs foreign capital to increase its GDP and the best policies are those that remove obstacles to investment and increase the investors' confidence, according to Cristian Popa, a former Deputy Governor of the National Bank of Romania (BNR).
Credit Europe, the local subsidiary of the financial group controlled by Turkish billionaire Husnu Ozyegin, has posted for the first six months of this year a net loss of EUR 3.1 million, 50% lower on an annual basis. At the end of June, the company had a market share of 1.2%, based on assets.
Fees continue to be a major source of revenues for the commercial banks. The sagging borrowing market has forced the bankers to charge fees even for checking one's account balance, sometimes even RON 0.5.
Romania is interested in the idea of allowing the World Bank to open a regional bureau for public policies and governance in Bucharest, according to the Presidential Office. President Klaus Iohannis met on Thursday with Frank Heemskerk, Executive Director of the World Bank.
Supermarket chain Profi opened two stores yesterday, one in Bicaz and one in Pitesti. The chain controlled by investment fund Enterprise Investors has now 340 stores operating across the country. The Pitesti store has replaced one belonging to rival Mega Image, the second such move in the past year.
Compa Sibiu will invest EUR 10 million in a new production line that would keep the company among Europe's leading car parts manufacturers. The company is one of the few employee-controlled businesses to survive, get listed on the stock market, avoid hostile takeovers and develop.
Romania attracted in the past two years 80 new retailers which opened a total of 170 stores, with another 30 stores scheduled to open in the next 12 months, according to a report issued by real estate consultancy firm CBRE. The average size of these stores is 176 sqm. The list of brands coming to Romania ranges from Sinsay and Mohito to luxury brands Vionnet and Michael Kors.
The Cabinet approved on Wednesday a bill that modifies the adoption procedure. Court dates will be scheduled within 10 days of each other and the first date was set within 15 days from the day when the application is submitted. Parties will no longer be summoned and children will be declared adoptable if the biological parents fail to appear twice before the court.
The National Anti-corruption Directorate (DNA) has sent the case involving Prime Minister Victor Ponta to court, according to an announcement made yesterday while the PM was attending the Supreme Defense Council (CSAT) meeting at the Cotroceni Palace. The prosecutors charged Ponta with three counts of forgery, accessory to tax evasion and money laundering.
The Bucharest Municipal Workforce Agency (AMOFM) will organize on Friday, September 25, a new job fair for graduates at the National Children's Palace. 53 companies have already announced they would bring 1,438 job vacancies to the fair.