Daily Newsletter - 25 July 2017


Macroeconomic News (4)

Goods traffic down in Galati, Braila, Tulcea ports 

APDM Galati reported that approximately 3.4 million tons of goods passed through the Galati, Braila and Tulcea ports in the first six months of this year, down 770,000 tons year-on-year. The traffic figures were influenced by the winter freeze.


Demand for storage and logistic space up more than 50% 

The demand for industrial and logistic space continued to grow in the first half of this year. The aggregated space rented by companies passed 350,000 sqm at the end of H1, 2017, up 54% year-on-year, according to real estate consulting firm JLL.


Eurozone economy slows down 

The Eurozone economy started the third quarter of this year at the lowest pace in six months, following a slowdown in the processing sector, according to information released on Monday by IHS Markit. Mario Draghi, president of the European Central Bank, stated last week that the Eurozone is not ready for a reduction of stimulus measures.


ANAF to return RON 934 million worth of VAT in July 

The National Agency for Fiscal Administration (ANAF) will return RON 934 million worth of VAT in July, according to a press release issued on Monday. The money are paid out based on reimbursement decisions registered with ANAF's database by May 25.


Financial News (4)

OTP close to BR acquisition 

OTP, the biggest banking group in Hungary, is close to buying Banca Romaneasca from the National Bank of Greece, according to the latest market information. The main shareholders of OTP are oil group MOL, Ruszlan Rahimkulov, French group Groupama and OPUS Securities.


Ezio Salvai is new chairman of ISBR board 

Intesa Sanpaolo Bank Romania announced the appointing of Ezio Salvai as chairman of the board and of Giampiero Trevisan as vice president. Salvai is a former CEO and board member of Intesa Sanpaolo Bank Romania and has been vice president of the board for the past four years.


Banks turned down RON 707 million worth of payment instruments in June 

Banks turned down RON 707 million worth of payment instruments in June, a threefold increase year-on-year and also a two-year high, according to the National Bank of Romania (BNR). BNR representatives said the situation was made worse by the numerous lawsuits and liens, which prevented some companies from making payments, even assuming they had the necessary funds.


BCR offers loans to farmers 

BCR has signed the three-party agreement with the Agriculture Payment and Intervention Agency (APIA) and the guarantee funds. Under this agreement, BCR can offer loans to farmers, worth up to 80% of their APIA subsidies. "Agriculture is one of the key industries in Romania," said Loredana Rautu, head of Financing Programs at BCR.


Legislative News (2)

USR asked People's Attorney to refer part-time labor contract tax bill to CCR 

The Save Romania Union (USR) announced that the decision to tax part-time work contracts at the minimum salary level is an abusive measure targeting employers and poor people and a breach of the Constitution. The party has urged the People's Attorney to refer the bill to the Constitutional Court of Romania.


Cabinet changed HoReCa taxation rules 

Travel companies, restaurants and other companies that serve food and which reported for 2016 turnovers ranging between EUR 100,001 and 500,000, will pay a micro tax instead of the specific tax, beginning with August, according to a decree published in the Official Monitor.


Politics (2)

Liviu Dragnea's rivals in Facebook opposition 

Liviu Dragnea is being criticized online by current or former colleagues who dislike his leadership of the Social Democratic Party (PSD). The latest critic is Eugen Teodorovici, who lost his government position for allegedly speaking freely and deviating from the party line.


PSD secretary general says no solidarity tax 

Marian Neacsu, secretary general of the Social Democratic Party (PSD), stated on Monday that the solidarity tax would not be implemented, even though it's part of PM Tudose's platform, because its effects would not compensate for the image loss.