Daily Newsletter
02 February 2018
Summary
- Some public employees to lose 10-40% of salaries (Source: news.ro)
- MFP scheduled RON 3.49 billion worth of loans for February (Source: bursa.ro)
- EBRD says Romania should use different economic model (Source: cursdeguvernare.ro)
- ING to close cash processing bureaus in 33 branch offices (Source: economica.net)
- Garanti Bank posts earnings worth EUR 24 million for 2017 (Source: zf.ro)
- Road rehabilitation projects in Sibiu county (Source: zf.ro)
- Parliament begins new session (Source: profit.ro)
- CCR rescues elected officials accused of interest conflicts (Source: cursdeguvernare.ro)
- Senator Daniel Zamfir (PNL) loses commission presidency (Source: profit.ro)
- Education unions prepare for strike (Source: agerpres.ro)
Macroeconomic News (3) |
Some public employees to lose 10-40% of salaries (Source: news.ro; Date: 2018-02-01; Author: Unspecified) The Minister of Labor, Lia Olguta Vasilescu, admitted that some public employees would see their salaries fall between 10% and 40%, following the implementation of the payroll law. The biggest pay cut will be felt by the president himself. The Minister added that very few employees would experience this loss of revenue, which she called a necessary way of correcting certain imbalances. Top |
MFP scheduled RON 3.49 billion worth of loans for February (Source: bursa.ro; Date: 2018-02-01; Author: Unspecified) The Ministry of Finance (MFP) has scheduled approximately RON 3.49 billion worth of loans from the commercial banks for this month, most of which will be raised through auctions of state bonds and T-bills. Some RON 390 million will come from supplementary auctions for non-competitive bids. Top |
EBRD says Romania should use different economic model (Source: cursdeguvernare.ro; Date: 2018-02-01; Author: Unspecified) Romania should adopt a different economic model in order to avoid a bust at the end of its current consumption-fueled boom, according to Matteo Patrone, regional director at the European Bank for Reconstruction and Development (EBRD). "After stimulating growth through tax cuts and public pay rises, the Bucharest government should take a more sustainable path now," said Patrone. Top |
Financial News (2) |
ING to close cash processing bureaus in 33 branch offices (Source: economica.net; Date: 2018-02-01; Author: Unspecified) ING Bank, the Bucharest subsidiary of the namesake Dutch bank, is stepping up its progress toward full digital services by closing the cash processing bureaus at 33 branch offices. "ING has been reinventing itself for the past years. Since 2014, we have invested massively into innovation and technology, with visible results on our business," said CEO Michal Szczurek. Top |
Garanti Bank posts earnings worth EUR 24 million for 2017 (Source: zf.ro; Date: 2018-02-01; Author: Unspecified) Garanti Bank, the local division of the namesake Turkish group, posted EUR 24 million in net earnings for 2017. The bank has a return on equity of more than 10% for all business lines, after having lost RON 51.6 million in 2016. The volume of loans granted by the bank increased by 8.1% in 2017, jumping from RON 6.71 billion to RON 7.25 billion. Top |
Investment News (2) |
Road rehabilitation projects in Sibiu county (Source: zf.ro; Date: 2018-02-01; Author: Unspecified) The Sibiu County Council has secured approximately RON 240 million worth of EU funds for rehabilitating and modernizing County Road 106 Agnita-Sighisoara and County Road 106B A1-Ocna Sibiului-Loamnes-Sorostin-Tapu. The projects are financed from the 2014-2020 Regional Operating Program. Daniela Campean, president of the Sibiu County Council, stated that County Road 106 is crucial to the economic development of the Hartibaciului Valley region. Top |
OMV Petrom started building biggest fuel storage facility in western Romania (Source: news.ro; Date: 2018-02-01; Author: Unspecified) OMV Petrom has started building the biggest fuel storage facility of western Romania. The facility will be located on the outskirts of Arad and will cost an estimated EUR 18 million. The local authorities are also building a road in order to develop a new industrial zone close to the facility's location. Top |
Legislative News (2) |
Parliament begins new session (Source: profit.ro; Date: 2018-02-01; Author: Unspecified) The Parliament started its new session on Thursday. Among the top priorities of the PSD-ALDE coalition are the Criminal Code and Criminal Procedure Code overhaul, the new pension bill, the new payroll bill, national security legislation and the Administrative Code. Top |
CCR rescues elected officials accused of interest conflicts (Source: cursdeguvernare.ro; Date: 2018-02-01; Author: Unspecified) The Constitutional Court rejected the National Liberal Party's (PNL) notification regarding the National Integrity Agency's (ANI) charter. The ruling helps the MPs who had been charged with conflicts of interests before 2013. Top |
Politics (1) |
Senator Daniel Zamfir (PNL) loses commission presidency (Source: profit.ro; Date: 2018-02-01; Author: Unspecified) Senator Daniel Zamfir (PNL) was replaced as president of the Senate's Economy Commission by Senator Florin Catu. Zamfir lost to Catu in a 16 to 8 vote. In early December, 2017, party leader Ludovic Orban had warned Zamfir that he would be kicked out of the party if he continued to support bills that contradicted the party's principles. Top |
Social (1) |
Education unions prepare for strike (Source: agerpres.ro; Date: 2018-02-01; Author: Unspecified) The education unions are preparing to strike. Professors accuse the authorities of failing to implement the pay rise and bonus measures discussed last year. "The net average salary paid to public administration employees is RON 3,800, while universities get only RON 2,000. We will ask the Government for an emergency meeting," said FSLI president Simion Hancescu. Top |