Daily Newsletter
14 August 2017
Summary
- Coal production up 14.7% in H1 (Source: bursa.ro)
- National industrial production up 8.9% in June (Source: profit.ro)
- Transport companies to avoid local gas stations (Source: news.ro)
- BNR sees household consumption as main driver of growth (Source: cursdeguvernare.ro)
- ING Bank Romania posts 45% increase in gross earnings (Source: economica.net)
- 27 banks logged no profits, paid no tax (Source: bursa.ro)
- BNR criticizes Prima Casa program (Source: zf.ro)
- Local banks say losses were caused by financial crisis (Source: news.ro)
- Autoliv to open engineering center in Iasi (Source: profit.ro)
- New domestic violence bill (Source: adevarul.ro)
- PM urges diaspora residents to return (Source: agerpres.ro)
- Employment program (Source: news.ro)
- First migrant boat caught in Romanian waters (Source: cursdeguvernare.ro)
Macroeconomic News (4) |
Coal production up 14.7% in H1 (Source: bursa.ro; Date: 2017-08-13; Author: Unspecified) The net coal production amounted to 2.25 million tons of oil equivalent in the first half of this year, up 14.7% on an annual basis, according to the National Statistics Institute (INS). Top |
National industrial production up 8.9% in June (Source: profit.ro; Date: 2017-08-13; Author: Unspecified) The national industry reported a 8.9% increase in production for June, compared to the corresponding period of 2016. The increase was driven by solid growth in the mining and manufacturing sectors, according to data released on Friday by the National Statistics Institute (INS). Top |
Transport companies to avoid local gas stations (Source: news.ro; Date: 2017-08-13; Author: Unspecified) The RON 0.45 surcharge on diesel and gasoline will force the transport companies that run international routes to avoid the local gas stations, according to a press release issued on Friday by representatives of the Confederation of Licensed Operators and Transporters (COTAR). Top |
BNR sees household consumption as main driver of growth (Source: cursdeguvernare.ro; Date: 2017-08-13; Author: Unspecified) Household consumption "will probably remain the biggest determining factor of economic growth in 2017 and 2018", according to the transcripts of the latest board meeting of the National Bank of Romania (BNR). Some board members voiced their concerns with this growth model. Top |
Financial News (4) |
ING Bank Romania posts 45% increase in gross earnings (Source: economica.net; Date: 2017-08-13; Author: Unspecified) ING Bank Romania, the local subsidiary of Dutch financial group ING, has posted RON 303 million in gross earnings for the first half of this year, up 45% on an annual basis. The loans portfolio jumped 23% in the past year, reaching a total of RON 20 billion. Top |
27 banks logged no profits, paid no tax (Source: bursa.ro; Date: 2017-08-13; Author: Unspecified) 27 banks paid no profit tax in the past six years, a situation that had both the Minister of Finance, some MPs, the bankers and even the BNR Governor himself stand up and take notice. Governor Isarescu has recently urged the Ministry of Finance to find out why these banks failed to operate profitably for so many years. Top |
BNR criticizes Prima Casa program (Source: zf.ro; Date: 2017-08-13; Author: Unspecified) The number of debtors who took out Prima Casa loans although they afford to make significantly higher down payments is rising, which indicates that the program is now only a method of transferring money from the state budget to the private sector, according to an analysis by Valentin Lazea, chief-economist of the National Bank of Romania (BNR). Top |
Local banks say losses were caused by financial crisis (Source: news.ro; Date: 2017-08-13; Author: Unspecified) The financial losses reported by the banks operating in Romania were caused by the international crisis, according to a press release put out on Friday by the Romanian Banking Association (ARB) and the Council of Banking Employers in Romania (CPBR). Top |
Investment News (1) |
Autoliv to open engineering center in Iasi (Source: profit.ro; Date: 2017-08-13; Author: Unspecified) Autoliv Romania, the local subsidiary of Swedish group Autoliv, has rented space in the United Business Center, a Iasi office building. The company has decided to expand its local operations by opening an engineering center in Iasi, having recently opened a new plant in Onesti, Bacau county. Top |
Legislative News (1) |
New domestic violence bill (Source: adevarul.ro; Date: 2017-08-13; Author: Unspecified) The murder that occurred two weeks ago in Motru, Gorj county, could help push through the amendment to the Domestic Violence Law (217/2003). The draft amendment was ready at the end of May, but the Cabinet has yet to approve it and send it to the Parliament. Top |
Politics (1) |
PM urges diaspora residents to return (Source: agerpres.ro; Date: 2017-08-13; Author: Unspecified) Prime Minister Mihai Tudose replied on Facebook to the questions asked by a Romanian family living abroad. According to the PM, the experience and knowledge accumulated while working abroad are welcome in Romania. "I am convinced that your return would not be wasted," wrote the PM. Top |
Social (2) |
Employment program (Source: news.ro; Date: 2017-08-13; Author: Unspecified) The INTESPO program will see more than EUR 47 million spent on helping young people to find employment. The Ministry of Labor announced that the program had been approved by the Management Authority for the Human Capital Operating Program (AM POCU). Top |
First migrant boat caught in Romanian waters (Source: cursdeguvernare.ro; Date: 2017-08-13; Author: Unspecified) The Coast Guard intercepted on Sunday morning its first migrant boat 10 miles off the Romanian coast. The boast was a motor yacht flying the Turkish flag and carrying 69 illegal migrants from Iraq. 29 of the migrants are children. Top |