Daily Newsletter
21 August 2018
Summary
Macroeconomic News (3) |
---|
The eurozone's industrial production grew 2.5% in June, down from 2.6% the previous month. The monthly growth rate fell a worse than expected 0.7%. The highest annualized growth rates were reported by Ireland (7.7%), Romania (7%), the Czech Republic (6.9%) and Poland (6.7%). Top |
The price of potatoes doubled this year, surging from RON 0.6 per kilogram in 2017 to RON 1.2 per kilogram in 2018. The spring drought and the abundant summer rains have taken a massive toll on the crops. Top |
Electricity price keeps rising
The price of electricity has been rising steadily since the beginning of this month. The delivery contracts for August 21 are twice more expensive compared to the beginning of the month, according to OPCOM. The average spot price was RON 166 per MWh on August 1, only to reach RON 232 on August 8, RON 278 on August 14 and RON 321 on August 21. Top |
Financial News (3) |
---|
The yields of state bonds will increase in the coming quarters, following the trend set by US state bonds and the challenges faced by the local financial sector, according to Andrei Radulescu, Chief Economist of Banca Transilvania. The current yield for the 10-year note is 4.805%. Top |
Prima Casa pushed mortgages to RON 70 billion
Retail borrowing reached RON 128.3 billion in the first half of this year, up 5.3% on an annual basis. The increase came mainly from the mortgage market, under the influence of the Prima Casa program, according to Andrei Radulescu, Chief Economist of Banca Transilvania. Foreign currency borrowing grew a modest 0.4% month-on-month, mainly because of corporate borrowing. Top |
Inter-bank rates begin week on downward trend
The three-month ROBOR rate, which is used to calculate the cost of most RON-denominated consumer loans, stagnated at 3.27% on Monday, according to the National Bank of Romania (BNR). However, the six-month rate dropped from 3.44% to 3.43%. Top |
Investment News (2) |
---|
Ioan Denes announced water investment
The Minister of Waters and Forests, Ioan Denes, announced in Arad that the Crisul Alb river project will cost a total of EUR 32 million. The project focuses on changing the river bed both upstream and downstream from the town of Ineu in order to prevent floods. Top |
JYSK to open second Braila store
JYSK Romania, one of the biggest retailers of furniture, decorations and textiles, part of the JYSK Nordic group, will open its second Braila store on Thursday. This will be the retailer's 62nd store in Romania. "It's been a year since the opening of the first JYSK store in Braila and we have seen that the locals are interested in our products and like Scandinavian furniture," said Marketing Manager Iraida Paiuc. Top |
Politics (1) |
---|
PSD refuses to call extraordinary Chamber session, PNL threatens criminal complaint
MPs belonging to the Social Democratic Party (PSD) rejected at the Standing Bureau meeting the request for an extraordinary session of the Chamber of Deputies put forward by opposition parties PNL, USR and PMP. PSD leader Liviu Dragnea went on a one-day holiday and delegated his powers to Carmen Mihalcescu. Mihalcescu promptly rejected the opposition's request on technical grounds. Top |
Social (2) |
---|
Job vacancies passed 61,000 in Q2
The number of job vacancies reported for the second quarter of this year was around 61,400, up 3,000 from the previous quarter, according to the latest INS data. Top |
Subway workers to stage protests
The Free Subway Union (USLM) announced that approximately 400 workers, employees of Metrorex and representatives of the retailers operating stores in subway stations, will picket the Ministry of Transport and the Government's headquarters for a week. The workers are unhappy with the Ministry's management and the lack of investment. Top |