News

Daily Newsletter - 14 March 2019

Summary

Macroeconomic News (3)

Industrial production down in Romania, up in Europe

Industrial production jumped 1.4% in the eurozone and 1% in the European Union in January, compared to the previous month. Romania reported a 1.5% contraction for the same month, according to Eurostat.

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Factoring market passed EUR 5 billion

The factoring market grew 11% in 2018, passing EUR 5 billion. 2018 was the fourth consecutive growth year for the market, according to the Romanian Factoring Association (ARF). Companies with turnovers of more than EUR 50 million account for 40% of all factoring contracts, while companies with turnovers in the EUR 5-50 million range account for 38%.

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Romanian apple growers swamped by Polish, Hungarian competition

Of the more than 60,000 tons of apples harvested in the Mures county last year, only 15-20% were sold on the market because of very low prices and fierce competition from Polish and Hungarian farmers.

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Financial News (3)

Card payments amounted to RON 82.6 billion

Data released by the National Bank of Romania (BNR) showed that Romanians spent RON 82.6 billion through card payments made at retailers and online last year, up 31% on an annual basis. Payments grew twice faster than cash withdrawals in 2018, but withdrawals still exceeded payments 2.4 times.

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OTP Bank Romania signed two new agreements with FNGCIMM

OTP Bank Romania announced yesterday, March 13, that it had signed two new agreements with the National Loan Guarantee Fund for SMEs (FNGCIMM). The purpose of these agreements is to improve the access of Romanian farmers to the kind of financing they need, while revitalizing and developing the national farming sector.

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Raiffeisen Bank posts RON 881 million in earnings

Raiffeisen Bank logged a record RON 881 million in earnings for 2018, up 79% year-on-year. The increase in lending and revenues, coupled with a 50% fall in risk costs thanks to a good economy and an improved payment behavior from clients, helped the bank reach record earnings. The bank's revenues surged 23% to RON 2.52 billion last year, while interest revenues jumped almost 28%. Operating expenses grew only 6% in 2018.

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Investment News (1)

Arad authorities to invest EUR 50 million in urban renewal

The Arad City Hall launched an urban renewal project worth EUR 50 million that focuses on the spaces between the blocks of flats. The project will run in the Alfa, Faleza Mures, Confectii, Micalaca, Aurel Vlaicu and Center neighborhoods.

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Legislative News (2)

Parliament sends same budget to president

The Chamber of Deputies and the Senate adopted on Wednesday the reports of their commissions regarding the state budget bill, before sending the same bill to President Iohannis for signing. The Parliament has effectively rejected the president's request to review the bill. All the amendments filed by opposition parties were rejected.

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Senate approved increase in children rearing aid

The value of children rearing aid could be increased every year, according to a bill passed by the Senate on Monday. The bill would amend Law 61/1993.

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Politics (2)

PSD wants president to apologize

The state budget brings important benefits to citizens and President Iohannis "must apologize for the useless delay in signing the new budget", reads a PSD press release.

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Tariceanu: Using a referendum topic to influence the election is unfair

Senate President Calin Popescu-Tariceanu said the simultaneous holding of a referendum and an election is a political problem because "using a referendum topic to influence the election is unfair". "I have said this before: it's not good to mix these topics. Elections should stay elections," said Tariceanu.

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Social (1)

Sanitas representatives say protests will continue

Representatives of the Sanitas labor union announced after their meeting with the Minister of Health, Sorina Pintea, that their appreciate the resumption of talks with the decision makers, as well as the intention to organize a Cabinet-level meeting. However, healthcare workers will not end their protests, while the financial demands are non-negotiable conditions.

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