News

Daily Newsletter - 27 May 2020

Summary

Macroeconomic News (3)

Game development industry is hiring

The local video game development industry continues to grow, despite the current international situation, and is looking for new employees, according to the Romanian Video Game Developers Association (RGDA). Game developers operating in Romania have a combined turnover of more than USD 200 million and employ over 6,000 workers.

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German industry's improving export outlook to boost Romania

The business confidence of German exporters improved in May, according to a report by the ifo Institute, which is a good sign for Romania, as Germany is one of the country's main trade partners. However, while confidence is going up, exporters are far from optimistic.

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Is Romania risking a hard landing?

The economic radars of the European Commission and the IMF are showing that Romania is flying through an increasingly busy sky. In the West, the clouds of a major economic crisis are gathering, an economic depression that, according to famous economist Nouriel Roubini, will last for the next 10 years. Even at home, the economic atmosphere is not exactly serene, beyond the positive weather (economic) bulletins published by the authorities.

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Financial News (3)

BT approved almost 500 loan applications

Banca Transilvania has contacted over 12,000 clients from the more than 22,000 companies that decided to work with the bank under the SME Invest program. Nearly 500 loan applications have already been approved by the 1,500-person team giving top priority to this program, and the bank expects the pace of application approvals to increase beginning with next week.

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3M ROBOR falls to new low

The three- and six-month ROBOR rates dropped to the lowest figures since April, 2018. The three-month rate dropped from 2.44% to 2.42%, while the six-month rate fell from 2.53% to 2.52%.

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First Bank implements remote electronic signature, 100% online services

Video Advisory 2.0, the virtual branch of First Bank, is implementing the procedures for granting unsecured loans 100% online. The implementation of remote electronic signature directly into the firstvideobank.ro platform through a partnership with certSIGN is a first for the Romanian market.

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Investment News (2)

Depomures and Depogaz to invest EUR 192 million in underground storage capacity

Depomures and Depogaz will invest EUR 192 million in expanding the storage capacity of two national underground storage facilities for natural gas. The projects involving the Targu-Mures and Sarmasel facilities have already been approved by the Romanian Energy Regulatory Authority (ANRE).

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STS to spend EUR 100 million on network expansion

The Special Telecommunications Service has launched a tender for contracting design and execution services for copper and fiber optics networks. The contract is estimated at EUR 99.4 million.

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Legislative News (1)

Irrigation water becomes tax exempt

The water used for irrigation will be tax exempt for the duration of the state of emergency, as well as the follwing six months, according to a bill signed into law by President Klaus Iohannis. The bill was introduced by Senator Marian Pavel (PSD) and passed by the Parliament at the beginning of this month.

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Politics (2)

President Iohannis held informal meeting with PNL leaders

President Klaus Iohannis held an informal meeting with leading figures of the National Liberal Party (PNL) on Tuesday.

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Serban Nicolae (PSD): I think a motion of censure is coming

Senator Serban Nicolae (PSD) said "a motion of censure is coming" against the Cabinet, but warned that the situation may end up in a political deadlock.

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Social (1)

Nelu Tataru said life will be "quasi-normal in late July or early August"

Nelu Tataru, the Minister of Health, announced on Tuesday evening that life will become "quasi-normal" at the end of July or in early August, and that maintaining social distance is important. Tataru added that the number of cases has been steadily falling for the past two weeks.

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