News

Daily Newsletter - 18 March 2020

Summary

Macroeconomic News (2)

HoReCa business down 80% in one week

HoReCa sales plunged 80% as the coronavirus epidemic spread, according to employer organization HORA. More than 85% of HoReCa units risk being closed, with 28,000 workers facing unemployment. "Romania is facing an unprecedented crisis, which forces us to take a firm stand and ask the authorities to make immediate decisions in order to avoid an unrecoverable financial decline for most hospitality operators," reads a HORA press release.

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Ministry of Agriculture postpones call for projects

The Ministry of Agriculture and Rural Development (MADR) announced on Tuesday that it had decided to postpone the calls for projects on a number of measures and submeasures, following the declaration of a state of emergency in the country.

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Financial News (2)

Banca Transilvania announces first SME support measures

"Banks can play a significant role in propagating socially and economically responsible behaviors. Together with the Government of Romania, the National Bank of Romania (BNR), and the big private companies, we can take the initiatives that society needs," said CEO Omer Tetik. Banca Transilvania announced it would follow the plans launched by other banks to support shared clients in any contract where BT is not the main bank.

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ING Bank lets clients postpone installments

ING Bank has offered retail clients the option to delay for one or two months all payments on their installments, while companies can benefit from up to three months of extension on financing facilities. "We understand that the COVID-19 pandemic has led to uncertainty, anxiety and sometimes a direct impact on the lives of our clients," reads the bank's press release.

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Investment News (1)

Romgaz investments could be delayed

Romgaz, one of the two largest gas producers in Romania, announced on Tuesday that it was operating under normal conditions, while constantly cooperating with state authorities to mitigate the effects of the coronavirus epidemic. However, the company noted that its investment projects may be delayed.

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Legislative News (1)

Bill could postpone social contributions

Victor Ponta, leader of the Pro Romania party and former prime minister, introduced a bill that would push back the deadlines for paying certain social contributions for both companies and citizens. The measure could help companies build cash buffers to cope with disruptions along the economic chain.

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Politics (1)

President Klaus Iohannis held videoconference with EC members

President Klaus Iohannis attended on Tuesday a videoconference with the other members of the European Council, during which he stressed the importance of free travel in the European Union and supported the decision to impose temporary travel restrictions on third-party citizens. Iohannis also called for the activation of the EU Civil Protection Mechanism in order to help member states repatriate their citizens.

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Social (2)

EC provides EUR 500 million for clean water and medical care access

The European Commission approved on Tuesday an investment package worth over EUR 1.4 billion featuring 14 major infrastructure projects in seven member states: Croatia, the Czech Republic, Hungary, Poland, Portugal, Romania and Spain. The projects cover several key areas, such as environment, health, transport and energy, for a smarter, low-carbon Europe.

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Academic year won't be frozen

Suspension of school courses will be maintained as long as necessary, but there is no question of freezing the school year, announced Education Minister Monica Anisie. The Minister understands the concern of those who are scheduled to take the high school entry exam this year, respectively, the Baccalaureate, but the best measures will be taken to support them.

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