News

Daily Newsletter - 23 March 2017

Summary

Macroeconomic News (5)

Productive Romania and 8 big problems (Source: cursdeguvernare.ro; Date: 2017-03-22; Author: Unspecified)

Four hours of talks, seven representatives of the business community, two economic analysts, four officials. 2017 is the year Romania begins to realize that it had spent 15 years importing consumer goods and raw materials that, if it wants to survive, it must learn to make itself.

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Romania exported cancer drugs worth EUR 580 million (Source: zf.ro; Date: 2017-03-22; Author: Unspecified)

Cancer drugs accounted for 80% of all drug exports last year, worth EUR 585 million out of a total of EUR 725 million in 2016, according to the National Statistic Institute (INS).

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Ionut Dumitru: "If we collected the same GDP percentage in taxes as Bulgaria, we'd have a budget surplus" (Source: bursa.ro; Date: 2017-03-22; Author: Unspecified)

Romania's tax collection rate has reached an all-time low. "If we collected the same GDP percentage in taxes as Bulgaria, we'd have a budget surplus," said Ionut Dumitru, president of the Fiscal Council.

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Government wants to allow town halls to go deep in debt (Source: profit.ro; Date: 2017-03-22; Author: Unspecified)

The local authorities will be allowed to borrow the privatization money kept by the Treasury, within a budget of RON 1.3 billion, in order to co-finance EU funded projects.

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ACAROM: Automotive industry turnover up 10% last year (Source: news.ro; Date: 2017-03-22; Author: Unspecified)

The automotive industry's turnover jumped 10% in 2016, reaching a total of EUR 22 billion, the equivalent of 13% of the GDP. The industry accounts for a quarter of Romania's exports, according to statements made on Thursday by ACAROM leader Gabriel Stroe.

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Financial News (4)

BNR moves against Cabinet (Source: economica.net; Date: 2017-03-22; Author: Unspecified)

Sources from within the National Bank of Romania (BNR) and the international institutions represented in Bucharest said that the EU and the national banking system are considering the possibility of capping the local banks' exposure to state bonds.

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Alpha Bank loses lawsuit (Source: profit.ro; Date: 2017-03-22; Author: Unspecified)

The Bucharest Court of Appeals rejected Alpha Bank's appeal to the ruling handed down in the lawsuit brought against the bank by the National Consumer Protection Authority (ANPC). Thus, the bank has lost all avenues of attack and will have to remove certain clauses from all of its contracts.

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24,853 CHF-denominated loans were converted and 12,513 were restructured in the past two years (Source: zf.ro; Date: 2017-03-22; Author: Unspecified)

24,853 CHF-denominated loans were converted and 12,513 were restructured in the past two years, according to the National Bank of Romania (BNR). The number of such debtors dropped to 38,519 at the end of 2016, half compared to 2014.

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BR and APIA sign deal (Source: bursa.ro; Date: 2017-03-22; Author: Unspecified)

Banca Romaneasca has signed a partnership with the Agriculture Payments and Intervention Agency and the Rural Credit Guarantee Fund (FGCR) for granting loans to farmers seeking working capital. In order to qualify, the farmers must be beneficiaries of Measure 14T (livestock welfare).

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Investment News (1)

RON 531 million (Source: cursdeguvernare.ro; Date: 2017-03-22; Author: Unspecified)

The environment protection projects and programs that will receive financing this year amount to RON 1 billion. The funds will be allocated from the Environment Fund and AFM budgets.

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Politics (2)

Turcan blasts Minister of Justice (Source: news.ro; Date: 2017-03-22; Author: Unspecified)

Raluca Turcan, president of the National Liberal Party (PNL), stated on Wednesday that Tudorel Toader, the Minister of Justice, had proved before the European Parliament that he is actually "the Minister of Anti-justice and a spokesman for the PSD-ALDE coalition".

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Nicusor Dan: I sent Dacian Ciolos an official invitation to join USR (Source: economica.net; Date: 2017-03-22; Author: Unspecified)

Nicusor Dan, president of the Save Romania Union (USR), stated on Wednesday that he had sent an official invitation to Dacian Ciolos to join the party. Dan added that Ciolos had replied that he would analyze the offer.

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Social (1)

Rabla Plus program to finance acquisition of 1,000 electric cars (Source: zf.ro; Date: 2017-03-22; Author: Unspecified)

The Cabinet discussed on Wednesday the draft documents regarding this year's Environment Fund (FM) and Environment Fund Administration (AFM) budgets. RON 840 million will go to 11 measures, including the Rabla, Rabla Plus and Casa Verde programs.

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