In a context marked by inflation, energy crisis and inevitably rising
prices, Reveal Marketing Research conducted a representative survey at
national level to find out how Romanians are preparing for the cold
season. 58% of Romanians said they would have major difficulties in
paying their utility bills in the coming winter, and 50% are worried
about not being able to heat their homes, according to the study. The
rising utility costs have generated changes in consumption and
purchasing behavior.
The Ministry of Investments and European Projects (MIPE) announced on
Tuesday, 1 November that more than 1,900 projects had been submitted
for Measure 4.1.1 BIS, through which SMEs in the food and constructions
industries received EUR 300 million investment grants for technological
upgrades and that another EUR 500 million calls for energy efficiency
were open to businesses. The financing contracts will be signed with a
standstill clause starting from the end of November.
The National Bank of Romania’s foreign exchange reserves stood at EUR
46.291 billion at the end of October, compared to EUR 43.711 billion on
30 September 2022. Moreover, the gold stock remained steady at 103.6
tons. However, following the change in the international price of gold,
its value amounted to EUR 5.495 billion. Romania’s international
reserves (foreign currencies plus gold) on 31 October 2022 stood at EUR
51.786 billion, compared with EUR 49.380 billion on 30 September 2022.
Insurance-reinsurance broker Millenium Insurance Broker, a company
where Autonom Services mobility network is a majority shareholder,
carried out a private placement on 17-25 October with a view to listing
on the AeRO market of Bucharest Stock Exchange (BSE), following which
it attracted around RON 4.2 million. The money will be used for
development. Through the share capital increase, the company issued and
sold 347,587 ordinary shares to 42 investors (31 individuals and 11
legal entities), representing 20% of the total number of shares, with a
nominal value of RON 0.28/share and a trading value of RON 12/share.
The difference from the nominal value was the issue premium.
BCR Group and Arval Romania finalized the agreement for the transfer of
part of BCR Fleet Management’s operational leasing activity after the
Competition Council validated the transaction. Arval Romania thus took
control of BCR Fleet Management’s fleet on 1 November. The agreement
had been concluded by the two companies in June. The entire process
benefited from consultancy provided by RTPR for Arval Romania and by
Filip & Company for BCR.
Giant Nokian Tyres announced on Tuesday, 1 November, that it would
invest EUR 650 million to build a new tires plant in Romania. The
plant, designed to manufacture 6 million tires per year, will replace
some of the lost production after Nokian sold its operations in Russia.
The manufacturer’s factory in Russia had an annual capacity of 17
million car tires.
Cometex, a company part of the Altex group, has joined the project
"Investing in a greener and healthier future", part of the "Energy
Program in Romania" program, an initiative of Innovation Norway.
Following a selection process, the company received EUR 1.2 million
project financing for the implementation of photovoltaic panels, of
which 50% is non-reimbursable funding. The project initiated by Cometex
targets the purchase and installation of six innovative energy
efficiency systems, consisting of solar panels and dedicated additional
equipment, which will cover an area of 14,444 square meters and will
have an installed capacity of 998.40 Kw.
Operator Orange Romania has announced that it is using alternative
energy resources to reduce the CO2 footprint associated with its
network. The first phase of the initiative, to end in 2024, targets the
equipping of 300 network sites with solar panels, along with 4
communications interconnection centers and data centers. Their number
will continue to grow in the second phase, which will last until 2026.
The company is thus taking a step towards achieving the environmental
targets set at Orange Group level and continues its efforts to
implement solutions that will supply energy from renewable sources to
Orange networks, while reducing the CO2 footprint of its operational
activities.
Transelectrica announced on Tuesday, 1 November, that it had carried
out the technical pre-commissioning procedure for the modernization of
the 400(200)/110/20 kV Munteni transformer substation, an over RON 45
million investment. As the station has been in operation ever since
1978, the investment involved a technological updating process in order
to allow the system to operate in proper conditions. Transelectrica
also indicated that the works had been carried out by contractor TIAB
SA.
Senators, through the vote of the PSD, PNL and UDMR majority, rejected
the draft law initiated by the Liberals, which provided for a minimum
salary of RON 3,000, with tax and social contributions exemption, for
employees in the beverages industry - wine, beer and other alcoholic
beverages – and in the mineral water production sector, similar to the
wages in the constructions sector, in agriculture and in the food
industry. The draft law will now be sent to the Chamber of Deputies for
debates and the final vote.
The Confederation of Authorized Operators and Transporters in Romania
(C.O.T.A.R.) believes that Law no. 20/2022 fails to comply with all
procedural criteria and is not actually meant to introduce defensive
driving for citizens’ benefit, but, in reality, facilitates the
non-payment of profit tax by multinational companies. The Confederation
has also pointed out that the declared preventive nature for traffic on
public roads does not match the fact that the deduction can only be
made by certain companies in Romania, provided they make a profit.
President Klaus Iohannis has promulgated the law based on which minimum
of 30% of sums available in the local budget will be allocated for
financing sports activities in order to support programs dedicated to
children and juniors. The normative act completes Article 18 (1) of the
Law on Physical Education and Sport (Law 69/2000) and aims to promote a
healthy lifestyle among children and juniors. The draft law was
initiated by Save Romania Union (USR) and voted by the Chamber of
Deputies as the decision-making body.
The EU urged the United States on Monday (31 October) to grant its
firms special status to sell electric vehicles, as Brussels rails at
"discriminatory" measures in President Joe Biden’s flagship economic
plan. The 27-nation bloc is upset about Washington’s "Inflation
Reduction Act", which will see vast spending on green energy
initiatives and includes tax breaks for US-made electric cars and
batteries. Brussels says those benefits for American electric vehicle
makers would put e-cars made in the EU at an unfair disadvantage on the
lucrative US domestic market. After talks between the bloc’s trade
ministers and US representative Katherine Tai in Prague, EU officials
said European cars should get the same exemptions as those from Canada
and Mexico.
Romania has moved up one place, for the second consecutive year, and
ranks 43rd in the global classification regarding the 2022 Social
Progress Index, which assesses the quality of life and social wellbeing
in 169 countries, drawn up by the non-profit organization Social
Progress Imperative with Deloitte’s support. Romania no longer ranks
last among European Union member states in 2022 and fills the
penultimate place, ahead of Bulgaria, which ranks 44th. Romania
obtained 76.89 out of 100 points, a slightly lower score than in the
previous year, but one that places it in the second category (after it
had been among the countries in the third category in 2021), after
Barbados, Argentina and Hungary.