Daily Newsletter
10 July 2019
Summary
Macroeconomic News (4) |
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Public debt passed RON 400 billion
The Cabinet will discuss two bills today. The first is the general account of the state budget, the national health insurance account and the general public debt account reports for 2018. The second bill deals with the social security and unemployment budgets. Top |
Current account deficit to bite this autumn
According to data provided by Eurostat, Romania saw a weaker current account balance in April, 2019, compared to the entire first quarter of the current year. Moreover, the data for the last eight quarters show a steadily negative balance of payments, a singular situation in both the region and the European Union. Top |
Cabinet borrowed EUR 2 billion from abroad
The government borrowed EUR 2 billion from the foreign markets by selling 12- and 30-year eurobonds. This is the second issue this year, after the EUR 3 billion borrowed in March, the highest amount ever attracted through a single issue on the international markets. The financing target for foreign loans was put at EUR 4.25 billion, which means that the authorities have already reached their target with the EUR 5 billion borrowed so far. Top |
The Romanian merger and acquisition market showed a significant increase in the second quarter of the year compared with the first three months. The second quarter brought two premieres: the USD 568 million worth of financing landed by UiPath, which boosted the company's valuation to USD 7 billion, a record high for a start-up, and the takeover of NBG-owned Banca Romaneasca by EximBank, a bank owned by the Romanian government through the Ministry of Finance. Top |
Financial News (2) |
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Credit cards see heavy use despite increase in incomes
The number of credit cards in circulation in Romania was 2.9 million at the end of the first quarter of the year. According to data released by the National Bank of Romania (BNR), the number of credit card transactions increased by 23% in the first quarter, compared to the corresponding period of 2018. Top |
CEC Bank ended the year 2018 as the seventh biggest bank in the country by assets, with a market share of 6.5%. The results recorded last year, which put CEC Bank among the top 10 by assets, encourage the bank to aim for a spot among the top five, said Bogdan Neacsu, First Vice-President of CEC Bank, at the ZF Bankers Summit '19. Top |
Investment News (2) |
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EIB to finance Bucharest Polytechnic
The European Investment Bank has decided to lend EUR 25 million to the Bucharest Polytechnic University (UPB). The funds will be used, among others, to build a new location for the three schools operating out of the Polizu campus. Top |
Turkish company Bozankaya Otomotiv won the auction organized by the Timisoara City Hall. The company will provide the city with trams operating on both batteries and the power grid. The contract is worth more than EUR 33 million, VAT not included. Top |
Legislative News (1) |
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Subsidies for companies hiring unemployed individuals
Companies hiring unemployed individuals over the age of 45 and investing a quarter of the contract value in their training will qualify for subsidies from the state budget, in the case they engage in work and activities of interest to local communities. At the same time, companies that hire unemployed individuals below the age of 25 and over the age of 45 at the same time, will receive additional financial incentives, according to a new bill. Top |
Politics (2) |
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First round of presidential election scheduled for November 10
The Cabinet approved yesterday the organization of the first round of presidential elections on November 10. "We will adopt later the package of regulations on the organization of the elections, in line with the changes made by the Parliament, namely extended voting in the overseas polling stations, and implementing the voting by mail system," said Prime Minister Viorica Dancila. Top |
President Iohannis to meet PNL leaders
President Klaus Iohannis will meet the leaders of the National Liberal Party (PNL) on Tuesday afternoon for strategy talks regarding the coming months. A few hours before the meeting, PNL MEP Rares Bogdan wrote on Facebook: "We are winning! With President Klaus Iohannis, our people can stand tall." Top |
Social (1) |
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AFM to issue RON 20 million worth of new vouchers
The Environment Fund Administration (AFM) will offer RON 20 million for new registrations in the "cash for clunkers" program for home appliances, according to an official press release. The funds are leftovers from unused vouchers. Top |