News

Daily Newsletter - 8 January 2019

Summary

FIC (1)

Andre Vivan da Silva, FIC board member

The priorities for a more competitive Romania identified by the Foreign Investors Council are infrastructure, human capital and more efficiency. Andre Vivan da Silva, a FIC Board Member, VP & Cluster Area Director, South East Europe, GSK, spoke with "Transilvania Business" about what Romania should do to attract more foreign investors.

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Macroeconomic News (4)

Romania's social dissolution continues

Differences in GDP per capita between regions of Romania have been falling as a result of European integration, but the salary gaps within these regions have been increasing, according to the forecast published by the National Forecast Commission (CNP). Moreover, the trend will continue until 2022 for Moldova, Muntenia, Dobrogea and Oltenia.

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EUR 446 million for farmers

Farmers have EUR 445.8 million available in the first quarter of this year, through the National Rural Development Program 2014-2020, according to a press release from the Ministry of Agriculture and Rural Development (MADR). MADR, through the Managing Authority of the National Rural Development Program, will launch new calls for projects in the first quarter of 2019.

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Ionel Blanculescu: "The economic decline will begin this year"

After economic growth reached its peak in 2018, this year is expected to bring about the economic downturn, followed in 2020 by the fourth phase of the economic cycle - recession -, according to investment consultant Ionel Blanculescu, President & CEO of Blanc Alliance Public Affairs. He believes that 2019 will be the year of contrary tendencies at the macroeconomic level, as a result of the fiscal measures adopted at the end of 2018, the Offshore Law and the state's campaign against the transnational companies.

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National retail sales up 7.2% in November

Romania had the second largest annual growth in retail sales in the European Union in November, according to data released by the EU statistics office Eurostat on Monday. Retail sales grew 7.2% (adjusted data), compared to November, 2017, the second best growth rate in the EU, after Slovenia, where retail sales grew by 10.7%.

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Financial News (2)

Minister of Finance: Prima Casa program to continue

The "Prima Casa" program will continue, because it was useful for the economy, but it must become a social program, Finance Minister Eugen Teodorovici said yesterday on Antena 3. "I cannot give you a figure right now, but in January you will see the new budget," Teodorovici said.

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Bancpost becomes BT

Bancpost's integration into the new Banca Transilvania Group is likely to prove a difficult process, judging by the atmosphere at the former branch offices. Customers have queued to pick up their new cards or update their personal information, something they could do online just as well, testing their patience of employees. Although they were notified last autumn to come in and get their new cards, Bancpost customers did not do so before the end of the year.

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Investment News (1)

Sogefi Suspensions Eastern Europe to build car part plant in Oradea

Sogefi Suspensions Eastern Europe, a Sogefi group, part of the CIR industrial holding, boasting a EUR 2.8 billion turnover and over 15,000 employees, will build a car part plant in Oradea. The investment project is worth a total of RON 255 million. The company received the government's nod for RON 104 million in state aid. The Italian group has already secured the site of the new factory in the Eurobusiness I industrial park.

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Legislative News (1)

PM and Minister of Finance dodge responsibility for budget

The prime minister and the minister of finance have dodged the responsibility of meeting the frugality regulations imposed on Romania by the International Monetary Fund. The decree issued at the end of December features a series of derogations from the fiscal and budget responsibility regulations for Viorica Dancila and Eugen Teodorovici.

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Politics (1)

President Iohannis appoints interim ministers

President Klaus Iohannis signed on Monday the decrees appointing Rovana Plumb and Eugen Teodorovici as interim Ministers for Transport and Regional Development, according to an official press release.

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