News

Daily Newsletter - 13 September 2021

Summary

Macroeconomic (3)
Financial (2)
Investment (2)
Legislative (2)
European News (1)
Social (3)
Macroeconomic 
Prime Minister Florin Cîţu has transferred the responsibility of growing prices onto NBR
Prime Minister Florin Cîţu has transferred the responsibility of growing prices onto the National Bank of Romania (NBR), saying he is confident the central bank will find a solution to render the dynamics of inflation more moderate. The statement came considering that the National Institute of Statistics (INS) announced on Friday that the annual inflation rate had grown to 5.3% in August, after the price of electricity had increased by 24.6% and the price of gas had gone up 20%.
Net investments in Romanian economy grew by 10.6%
Net investments in national economy exceeded RON 48.513 billion in H1/2021, up by 10.6% year-on-year, according to data published by the National Institute of Statistics on Friday, 10 September. Net investments made in Romanian economy totaled RON 28.352 billion in Q2/2021, having thus recorded a 12.2% advance compared to the second quarter of 2020.
Consumer Price Index grew at a 5.25% annual rate in August
The Consumer Price Index (CPI) grew at a 5.25% annual rate in August 2021, above analysts’ expectations, following a 4.95% advance in July, amid a monthly increase of 0.24%, and a 0.97% rise in the previous month, according to data from the National Institute of Statistics. This is the biggest annual increase in the CPI since June 2018, given that expectations on the market had indicated a 5.2% annual advance. CPI’s average annual growth rate has been 3.7% since the beginning of 2018, much above the accepted definition of price stability, namely a 2% annual inflation rate.
Financial 
EBRD to become a shareholder of Euroins
The European Bank for Reconstruction and Development (EBRD) and Eurohold, the owner of Euroins Insurance Group, have signed an agreement through which EBRD will take over a minority stake at Euroins, according to a press release. The agreement has been approved at all corporate levels of the two entities, and the final contractual documents will be signed in the following days. The European Bank for Reconstruction and Development’s investment in Euroins will amount to EUR 30 million and will be achieved through a share capital increase. Eurohold, the owner of Euroins, will also participate in the share capital increase procedure, with an additional equity injection of up to EUR 12 million.
UniCredit Consumer Financing re-launches Green Loan financing offer without a mortgage
UniCredit Consumer Financing has re-launched the Green Loan financing offer without a mortgage, thus meeting the needs of its retail clients interested in purchasing energy-efficient electronics, electrical household appliances, equipment or materials for home use, with a fixed annual interest starting from 5.99% per year, depending on the package of options chosen by the client upon concluding the contract, according to a press release. Moreover, clients can opt for signing the loan documents by electronic means, using a qualified electronic signature, both on a tablet, in UniCredit Bank branches, and through UniCredit Bank’s Mobile Banking application, a more time-saving and convenient option than if they opt for the handwritten signature.
Investment 
EU wants to exempt green investments from the European Union deficit calculations
The possibility of exempting green investments from the European Union deficit calculations will form part of discussions when EU budget rules are revised, European Commission Vice President Valdis Dombrovskis stated on Saturday. The idea to exempt investment that would help prevent climate change is to support the bloc’s ambition to cut net CO2 emissions to zero by 2050.
The Vesler family has invested EUR 50,000 into the Vandoor project
Valentina and Remus Vesler, from Harghita, who had accumulated some marketing, communication and statistics experience, created the Vandoor project, following a EUR 50,000 investment, inspired by the new market rules imposed by the pandemic, upon limiting local producers’ access to consumers. The restricted access to traditional markets, the cancellation of fairs and producers’ surplus of goods made the two think of a business opportunity.
Legislative 
Minister of Education has announced the adoption of an Emergency Ordinance
Education Minister Sorin Cîmpeanu has announced that an Emergency Ordinance was adopted, during the Government meeting, regarding the inclusion of all nurseries into the national education system. He has indicated that this project must be finalized by 1 October 2021.
The President of the Chamber of Deputies plans to submit a draft law
The President of the Chamber of Deputies, Ludovic Orban has announced that unless the Government adopts a normative act to stipulate that projects below a certain value, carried out through the National Investment Company, can be taken over by local authorities, who would organize the corresponding tenders, he will submit a draft law in this direction. Mr. Orban is convinced the draft law will be supported in Parliament.
European News 
EC President will promote the success of the institution’s vaccination strategy
European Commission President, Ursula von der Leyen, is expected to tout the success of the institution’s vaccine strategy and the COVID certificate in her State of the EU speech on 15 September. Von der Leyen discussed on Thursday, 9 September, some of the key point she intends to address next week in Strasbourg with the leaders of the European Parliament’s political groups.
Social 
Prime Minister stated that the school year must take place with physical attendance
Prime Minister Florin Cîţu stated, during the videoconference with prefects and Public Health Directorate (DSP) representatives that the school year must take place with physical attendance, and children’s safety must come first, underlining that the established rules must be observed. He also indicated that there were several exceptions, namely schools that would not start the new school year with physical attendance, in 11 localities: five in Satu Mare County, two in Arad, one in Sălaj, one in Dolj and one in Teleorman. The Prime Minister also pointed out that the situation of schools where hygiene measures and supplies had not been ensured yet must be solved as soon as possible.
Health Ministry has established how vouchers will be granted to fully vaccinated people
The Ministry of Health has established the methodology for the provision of vouchers to people who get vaccinated against COVID-19. As a result, fully vaccinated persons will receive five food vouchers, worth RON 100 altogether. The vouchers can be picked up from the vaccination center or from family doctor’s unit, depending on where the person has got immunized. The vouchers shall be granted starting from 31 August. On Friday, 10 September, interim Health Minister Cseke Attila signed the Order on the provision of food allowance in the form of food vouchers to people who get fully vaccinated against the SARS-CoV-2 virus.
Prime Minister calls for doubling the number of Intensive Care beds for COVID-19 patients
During a video conference with several ministers, prefects and other authorities on Sunday, 12 September, Prime Minister Florin Cîţu requested that the number of Intensive Care beds for COVID-19 patients should be doubled at national level. PM Cîţu admitted that the epidemiological situation was worrying, even though a month ago, he had stated that the fourth wave of Covid-19 was not justified as long as there were vaccines available and that the success of the vaccination campaign was illustrated by the small number of infected persons.