The investments needed for Romania’s energy transformation amount to
EUR 70 billion by 2030, according to the Foreign Investors Council, and
the transition must be made in Romania with the help of natural gas,
Eric Stab, FIC Vice-President and CEO of Engie, stated during the
Romanian Energy Symposium - SIREN 2021. Green PPA is a solution with
long-term contracts through which consumers finance renewable energy
plants in exchange for their protection. There are more and more
examples in other countries, where Engie partners sign such contracts
with global partners, such as Orange or Google.
Annual inflation rate in the European Union grew to 4.4% in October,
from 3.6% in September, the member states with the highest rates being
Lithuania (8.2%), Estonia (6.8%), Hungary (6.6%) and Romania (6.5%),
according to data published by Eurostat on Wednesday. Compared to
September 2021, the annual inflation rate increased in all 27 member
states, but the biggest increments were recorded in Belgium (1.8%),
Lithuania (1.7%), Spain (1.4%) and Romania (1.3%, from 5.2% to 6.5%).
Research and development expenditures accounted for 0.47% of GDP in
2020, of which 0.28% for the private sector and 0.19% for the public
sector, according to data centralized by the National Institute of
Statistics (INS). RON 4.964 billion was spent for the four performance
sectors of the research-development activity last year, of which RON
4.643 billion (93.5%) represented current expenses and RON 320.9
million (6.5%) was capital expenses. Expenditures with applied research
accounted for 61.2% of total expenditures for research and development,
down by 2.7% year-on-year.
President Klaus Iohannis stated, in the message transmitted during the
"National Top of Companies 2021 - Economy Moves Forward" event,
organized by the Romanian Chamber of Commerce and Industry, that fiscal
consolidation was important amid the current challenges so that the
budget deficit and public debt should not generate additional
constraints for future economic developments. Therefore, the head of
state pointed out "the budget for 2022 becomes an essential tool for
the implementation of a sound financial conception for Romania in the
The seven Pillar 2 mandatory private pension funds, which several
million Romanians contribute to by transferring part of their monthly
gross income and which, amid the recent accumulation of shares, have
become the biggest investors at Bucharest Stock Exchange, recorded, in
October 2021, the first monthly decrease in assets since February 2021.
Thus, according to the latest data made available by the Financial
Supervisory Authority (ASF), Pillar 2 private pension funds ended
October with RON 86.9 billion assets, down by RON 131 million (-0.2%)
against the previous month.
Banca Transilvania will increase interest rates on RON-denominated
saving products for individuals and legal entities by up to 0.65%, for
one, two and three-year fixed interest deposits. Clients’ deposits at
the level of BT Financial Group reached RON 99.4 billion at the end of
the first nine months of the year, up by 9.3% compared to the beginning
of the year. Individuals’ savings amounted to RON 67.8 billion and
legal entities’ savings stood at RON 31.6 billion.
BT Mic - a company part of Banca Transilvania Financial Group - has so
far supported 100 private schools and kindergartens, with a positive
impact for over 6,000 children, since the launch of the Education Loan
in February, according to a press release. The loan means access, in a
few days, to amounts of up to RON 200,000 with a European guarantee.
Those interested can apply for the loan online, on the BT Mic website.
Over EUR 2 billion total investments are currently underway or will be
launched in the following period in Timişoara, Cluj-Napoca, Braşov,
Iaşi and Constanţa, according to the report drawn up by Bucharest Real
Estate Club (BREC) - Regional Cities, which was released on Wednesday.
Commercial property projects totaling over 370,000 square meters
(office buildings, logistics spaces, and retail parks), seven large
hotels affiliated to international brands and over 20,000 new
apartments will thus be finalized in the five cities and in the
adjacent regions between the end of 2021 and 2024. The analysis has
been made based on BREC information from companies on the market and on
data made available by CBRE, Cushman & Wakefield Echinox, Simon
& Partners Cluj-Napoca, IMRA Real Estate Constanţa and EST
Topband Europe, a manufacturer of smart controllers for household
appliances and electrical equipment, has rented 11,000 square meters in
the Olympian industrial park in Timişoara, a transaction that marks the
Chinese company’s entrance onto the Romanian market. According to
Shengxiang Ye, the general manager of Topband Europe, the company will
create more than 1,000 jobs in the area within the next four years,
within a EUR 30 million total investment.
On Wednesday, the Romanian government approved, through a government
decision, the technical-economic indicators for the rehabilitation,
consolidation, modernization, extension and equipping of the Romanian
Academy’s historic headquarters and for the construction of a new wing,
according to a press release. The investment aims to turn the Romanian
Academy into a historic building to be used as a museum, arranged
according to the European standards imposed for the museums in the
great capital cities of the world.
The financing contract through which "Dr. Constantin Opriş" County
Emergency Hospital in Baia Mare receives RON 14.36 million financial
support has been signed. The money will be invested in the construction
and equipping of the modular hospital in Baia Mare, Maramureş County
Council has transmitted. The money is allocated from European funds,
within the Large Infrastructure Operational Program (POIM).
During the plenary session on Wednesday, the Senate completed, in
accordance with the Constitutional Court of Romania’s decision, upon
re-analysis, the law amending article 369 of the Criminal Code which
sanctions incitement to hatred, violence and discrimination, by having
included the discrimination criteria. There were 108 votes "in favor"
and 13 votes "against". The law, initiated by the Government in
February, had been adopted by the Chamber of Deputies, the
decision-making body, on 30 June and challenged at the Constitutional
Court by President Klaus Iohannis due to the lack of criteria in the
content of the crime incrimination norm.
The implementation norms of the Law on the capping and compensation of
the energy price will be finalized this week, having been put up for
debate by the ministry on Wednesday, Energy Minister Virgil Popescu
announced. He gave assurances that there would not be any problems with
the National Energy System this winter. He indicated that the entire
support scheme was estimated to have an impact of RON 3 billion on the
state budget for this winter.
EU foreign and defense ministers welcomed the first blueprint of what
the bloc’s future military strategy could look like, marking only the
very start of the debate. Some member states, however, already signaled
amendments are to come in the next steps of the process. The EU’s
Strategic Compass, meant to bolster the bloc’s military capabilities in
light of the new threats facing the EU, is to "set out a common
strategic vision for EU security and defense for the next 5-10 years".
On late Monday, 15 November, EU foreign and defense ministers had
jointly received their first run-down of the document, drawn up by the
EU’s diplomatic service (EEAS) and national security agencies.
Education Minister Sorin Cîmpeanu has announced a new deadline by which
the Covid-19 saliva testing kits will reach schools - the middle of
next week, even though they were expected at the end of this week. This
postponement occurs considering that it is not yet clear whether these
tests can be done at home, by parents, or in schools exclusively.
The Ministry of Health has announced that it has distributed a new
tranche, of over 6,600 vials of Remdesivir to 69 hospitals treating
COVID-19 patients. Moreover, a new contract has been concluded for the
acquisition of over 1,400 vials of Tocilizumab, a medicine used for
patients with severe forms of the SARS-CoV-2 infection. Remdesivir was
the first treatment authorized for patients infected with the novel
coronavirus and received a conditional marketing authorization.
The National Council of Students has criticized authorities once more.
This time, the students have criticized authorities’ lack of interest
in adopting additional protection measures in schools, given the
current epidemiological context. The National Council of Students has
requested that public health experts should issue recommendations
regarding the non-invasive testing process in schools, so that the
educational process should not be affected.