News

Daily Newsletter - 5 November 2019

Summary

Macroeconomic News (2)

Romania could become EU's leading gas producer

Romania could become the biggest natural gas producer in the European Union. Investors have been getting positive signals from the Romanian authorities since September, when talks regarding the modification of the Offshore Act and the deregulation of the natural gas market started, according to Franck Neel, president of employer group FPPG.

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Industrial production prices up

The industrial production prices increased by 3.06% in September, compared to the corresponding month of 2018, according to data released by the National Statistics Institute (INS) on Monday. The previous month's growth rate had been 3.25%.

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Financial News (2)

Romania ranks last in EU financial inclusion index

32.5% of Romania's population is exposed to the risk of poverty and social exclusion, the second highest figure in the European Union, according to Eurostat data for 2018. 42% of the country's population lacks a bank account.

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Bottom 10 banks must consolidate or vanish

"The bottom 10 banks of the national market have very high operating expenses and should focus on finding solutions or else they will disappear from the market," said Eugen Radulescu, head of Financial Stability at the National Bank of Romania (BNR).

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Investment News (2)

EximBank finances electric scooter factory project

EximBank, a state-owned bank, has signed an EUR 11 million financing deal with Arsat. The latter wants to build an electric scooter factory in Arad. "We want to expand into an area we consider to belong to the future, namely the production of electric scooters. The first step was taken with the investment in the Scooterson start-up, and now we are in the market testing phase. The electric scooters we intend to produce in our factory in Pecica will be distributed, at first, in The United States of America," said Valer Ghinea, the founder of Arsat.

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Cabinet approved modernization indicators for Ovidiu and Medgidia ports

The outgoing cabinet approved at Monday's meeting the technical and financial indicators for the modernization of the Ovidiu and Medgidia ports, in the Constanta county. The combined value of these two projects is EUR 35.8 million.

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Politics (2)

Former PM delivers scorching farewell speech

Former prime minister Viorica Dancila called the Parliament's decision to endorse the Orban cabinet a black day for democracy and accused President Iohannis of "confiscating executive power".

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Orban cabinet secures Parliament support

The Orban Cabinet secured a majority in the Parliament on Monday. 240 MPs attended the session to lend their support.

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Social (1)

Emergency aid for almost 300 families and individuals

The Cabinet approved the allocation of more than RON 1 million in emergency aid for almost 300 families and individuals going through critical situations, according to a press release issued by the Ministry of Labor and Social Justice on Monday.

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