News

Daily Newsletter - 18 March 2019

Summary

FIC (1)

Cluj ranks high in foreign investment index

Investors came to Romania to make profits, but their businesses also made an essential contribution to modernizing the Romanian economy and integrating it into the European economic system, according to a Foreign Investors Council (CIS) analysis.

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Macroeconomic News (4)

Car dealers' turnovers up

The retail and wholesale sector, along with the companies specializing in maintenance and repairs for cars trucks and motorbikes reported a 4.3% increase in turnovers for January, compared to the corresponding month of 2018, according to data released by the National Statistics Institute (INS).

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Local consumer prices stay high

Romania had the highest increase in consumer prices in the European Union last month, with annual inflation rising to 4%, according to European statistics bureau Eurostat. The price hike podium is completed by Hungary, with a 3.2% increase in consumer prices, and Latvia, with an inflation rate of 2.8%. The first place in the European ranking of prices has become a common situation for Romania.

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S&P maintains stable outlook

Standard & Poor's confirmed Romania's country rating at BBB-, the lowest rung of the investment tier, and announced a stable outlook. The long- and short-term debt ratings were confirmed on March 1 at BBB-/A-3.

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Teodorovici: Nobody's leaving the country

The Cabinet has simply tried to expand the investment policy of mandatory private pension funds, just as other countries did, and no manager will leave the country because the seven pension funds hold billions in assets and are very lucrative for their managers, according to Finance Minister Eugen Teodorovici.

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Financial News (3)

Banks want Decree 114 delayed

"For us it is clear that time is so short that we could not possibly have an informed discussion. We do not know what is being discussed now and we think that more time is needed to make some objective assessments that would somehow include us," said Florin Dănescu, Executive President of the Romanian Banking Association (ARB), at a press conference. According to Danescu, the best decision would be to repeal Decree 114.

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CEC Bank increased interest rates

CEC Bank has increase the interest rates paid on fixed-rate time deposits opened through digital means. The bank pays a 0.10 pp bonus to both corporate and retail clients for opening these deposits via Internet Banking, Mobile Banking and Phone Banking. "Our goal is to encourage clients to migrate to the digital environment because it provides a better experience, safer and faster, thanks to the latest technologies," said CEO Laurentiu Mitrache.

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OTP on buying spree

Hungarian banking group OTP won the bidding war for Abanka, the third biggest bank in Slovenia. OTP offered EUR 300 million for the state-owned lender and was also interested in SKB Bank, the Slovenian subsidiary of French group Societe Generale.

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Investment News (2)

PM Dancila encourages UAE investment in Romania

Prime Minister Viorica Dancila attended the signing ceremony of the memorandum of understanding between Dubai Ports World and the Ministry of Transport on Sunday. The PM announced that she encourages Emirates investors to come to Romania.

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Astaldi starts building Braila bridge

Italian company Astaldi has started the actual construction work on the Braila suspended bridge, the most complex road infrastructure project since 1989. The bridge will span the Danube River.

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Politics (2)

Liviu Dragnea: For two years we've been governing, but we do not hold power

Liviu Dragnea, President of the Social Democratic Party (PSD), attended Saturday's meeting of the Ilfov county organization, where a new organization president was elected. Dragnea told party members that the PSD has been governing for two years, but it does not hold actual power.

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Ludovic Orban: Klaus Iohannis stands with PNL

Ludovic Orban, leader of the National Liberal Party (PNL), told the local and regional leaders of European People Party's member organizations that President Klaus Iohannis is with PNL and Romania with all his heart and soul.

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Social (1)

More than 1 million beneficiaries of social aid

The number of retirees who benefited from the special social aid was 1.05 million individuals in February, according to data centralized by the National Pension House (CNPP). Approximately 872,000 of these retirees came from the public system, while 186,000 are farmers.

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