Cristian Popa, a member of the National Bank of Romania (NBR)’s Board
of Directors, has stated that he estimates economic growth in line with
or slightly above the potential, somewhere around the average of the
past 20 years. He has pointed out that agriculture followed an upward
trend in both Q3 and Q4. The specialist has also indicated that
industry is suffering, and Romania can expect services to suffer as
well, because of the restrictions imposed due to the pandemic; however,
not to last year’s extent.
Prices of consumer goods keep growing, as many companies in industry
rely on price increases to compensate for the higher costs generated by
the blockages in the global supply chain, and executives and analysts
warn that the trend will continue next year. Furthermore, some analysts
fear that the growing pressures for higher wages in developed economies
could create an inflationary spiral like the one from the 1970s.
On Friday, Fitch Ratings affirmed Romania’s sovereign rating at "BBB
minus" with a negative outlook, the last rating in the
"investment-grade" category (recommended for investments), according to
a press release issued by the rating agency. The negative outlook
reflects continued uncertainty regarding the implementation of policies
to address structural fiscal imbalances over the medium term and the
impact on Romania’s public finances from lingering pandemic risks and
rising energy costs, Fitch indicated.
Environmental protection expenditures at national level amounted to RON
15.7 billion in 2020, representing about 1.5% of GDP, and waste
management accounted for the biggest part of these expenditures (71.6),
according to data published by the National Institute of Statistics
(INS) on Friday. At national level, public administration’s investments
have the largest share in total investments for environmental
protection (54.5%), followed by non-specialized producers’ investments
(31%) and specialized producers’ investments (14.5%).
BRD - Groupe Societe Generale is preparing for a future of hybrid work.
Employees will be able to work from home for half a week, even if they
work in departments that involve customer interactions. Moreover, the
employees of BCR, the second biggest bank on the local market
asset-wise, have also been working within a flexible system since
September 2021, and the hybrid solution proposed by the bank includes
the possibility for headquarters employees to work from home for
minimum one day and maximum three days a week, depending on the
specifics of their activity.
The value of the Allianz brand grew by 17% in one year, having exceeded
USD 15 billion, according to the ranking made by Best Global Brands
2021, launched by the consultancy firm Interbrand. Allianz has thus
climbed five places compared to 2020, to the 34th place. According to
Interbrand, Allianz’s advance in the classification is due to its
strong performance and prospects, to the increase in revenues
attributed to the brand and to the latter’s solidity.
Pillar 2 mandatory private pension funds, with significant cumulated
holdings in companies listed on Bucharest Stock Exchange, had RON 87
billion total assets at the end of September 2021, up by RON 12 billion
against the end of 2020, according to the latest data from the
Financial Supervisory Authority (FSA). Assets have thus grown by about
16% since the beginning of this year. On the other hand, Pillar 2
pension funds’ assets increased by about RON 800 million (the
equivalent of about 6%) in September, when Bucharest Stock Exchange was
up nearly 4%.
The biggest hospital in the south-east of Romania, Galati County
Hospital will have two particle accelerators for treating cancer. The
first such piece of equipment has been in operation for about two
years, and works are being carried out on a second bunker for the
particle accelerator. The value of the investment amounts to USD 2.1
CFR Infrastructure has announced that it will open a stopping point for
trains in the northern part of the town of Otopeni, near Bucharest,
starting from Monday, 25 October. The railway construction is part of
the project aimed at doubling the Mogoşoaia - Baloteşti rail line,
financed from the state budget, with a contractual value of RON 50.5
million. The Otopeni North stopping point is located between Mogoşoaia
and Baloteşti stations and is a new two-level construction which
ensures direct access to the two platforms.
Rome is drawing up an offer to try to convince Intel to invest billions
of euros in an advanced chipmaking plant in Italy, as Germany emerges
as frontrunner to land an even bigger mega-factory planned by the U.S.
company. The plants would be part of a drive by the U.S. group to build
cutting-edge manufacturing capacity in Europe to help avoid future
supply shortages of the kind currently crippling the automotive
industry in particular.
According to the decision adopted during the meeting on Saturday, 23
October, the Foreign Affairs Ministry will cover all the costs for the
repatriation of coronavirus-infected patients who have been transferred
to hospitals abroad, after they are discharged, even if they need
further medical assistance. Moreover, Romania will pay for the
repatriation of people who died after being transferred abroad.
The Government Decision approving the measures regarding the level of
safety and security in the National Electrical Power System’s
operation, as well as the measures related to the National Electrical
Power System’s security stocks referring to fuels and the volume of
water in accumulation lakes for the period 1 November 2021 – 31 March
2022 was adopted upon the Energy Ministry’s proposal during the
government meeting on Friday, 22 October. Moreover, the same decision
establishes the Winter Energy Command Center, which will monitor the
functioning of the National Power System and the National Natural Gas
Transport System during the period 1 November 2021 – 31 March 2022.
EU leaders stressed the need to make digital regulation more
innovation-friendly, but the digital agenda remained at the margins of
the European Council summit. EU heads of state and governments quickly
rubber-stamped the conclusions related to digital policies during the
Council meeting that concluded on Friday, 22 October. Digital was the
final point on the agenda which was dominated by the energy crisis,
Poland, and migration policy.
A new tranche of Pfizer BioNTech vaccines, consisting of 304,200 doses,
will arrive in Romania on Monday, 25 October. The vaccines will be
delivered by air and will reach the airports of Otopeni, Cluj-Napoca
and Timisoara. Transport to storage centers is ensured by the
manufacturing company, including by land. The vaccination process thus
continues both in the centers in Bucharest and in the rest of the
The Romanian Government has approved the amendments to the decision
extending the state of alert, having established additional measures to
keep the COVID-19 pandemic under control. Private events will be
banned, the protective face mask will become mandatory and the green
certificate will be required for many activities for a 30-day period
starting from Monday, 25 October. All the measures shall apply
regardless of the 14-day cumulated incidence rate. According to the
head of the Department for Emergency Situations, Raed Arafat, traffic
will be banned in the entire country between 22:00 and 5:00, except for
people who got vaccinated or have recovered from the disease, who must
present the green certificate to authorities.