News

Daily Newsletter - 8 June 2021

Summary

FIC (1)
Macroeconomic (3)
Financial (3)
Investment (3)
Legislative (1)
European News (1)
Social (2)
FIC 
The Foreign Investors Council leadership's vision for the 2021-2022 mandate
Recently, the FIC member companies decided on the 15 top executives and professionals in the composition of the Board who will take on the leadership during the 2021 – 2022 mandate. The vision of the new FIC Board is based on the following main topics that could continue shaping the sustainable growth of the Romanian economy: the corollary of a sustainable recovery of the economy is the continuation of the vaccination campaign, with the support and involvement of the private sector in order to minimize the social and economic damage; a continued involvement for supporting attracting foreign direct investments (FDIs) to Romania, aiming at obtaining a multiplying development effect for the SMEs ecosystem; the elaboration of public policies and recommendations regarding the perspective of the green and digital transitions awaiting Romania in the 2021 – 2030 decade; and the improvement and consolidation of the consultative process between the authorities and the business environment with the objective of attaining and implementing sound policy measures. The business environment represented by the FIC members will continue to support the authorities’ efforts and be involved in the mass vaccination campaign.
Macroeconomic 
Romania has one of the highest gas prices for industrial consumers
Romania, the second largest natural gas producer in the European Union, ended last year with one of the highest gas prices for industrial consumers, according to Eurostat data. Large companies or small businesses on the local market thus had to pay higher bills than those in Austria, Hungary or Bulgaria, countries without domestic gas resources.
A Romanian who works abroad sends home an average of EUR 500 per month
A Romanian who works abroad sends home an average of EUR 500 per month, according to data made available by TransferGo, an international online money transfer company. 59% of Romanians consider that Diaspora’s main contribution to the Romanian economy is represented by the money sent to the family, and 21% by the money spent during their visits in the country.
Total average monthly income grew in 2020
Total average monthly income, in nominal terms, stood at RON 5,216 per household and at RON 2,031 per person in 2020, up by 8.9% and 9.6% respectively compared to 2019. Population’s total expenditures amounted to an average of RON 4,372 per month per household (RON 1,702 per person) and represented 83.8% of the total income, down by 1.6% against 2019.
Financial 
Banca Transilvania will implement a system developed by US company SAS
Banca Transilvania will implement a system developed by the US company SAS, a supplier of advanced data analysis software, in order to increase the fraud detection level and to allow the optimal adjustment to the constantly changing business environment and to the accelerated digitalization. Within the project, SAS will provide capabilities for advanced data analysis, Artificial Intelligence/Machine Learning and integration with a wide range of existing systems.
Interest rates paid to population for Tezaur government bonds have grown
Interest rates paid by the Ministry of Finance for government bonds purchased by the population within the Tezaur (Treasury) Program have been increased. Interest rate on bonds with five-year maturity, which have been issued since Monday, has grown to 3.65%, from 3.25% in March. The Ministry of Finance has also increased the interest rate for government bonds with three-year maturity to 3.35%, compared to 3.30% during the issue in February and to 3.10% in March.
Patria Bank and Namirial have expanded their partnership
NAMIRIAL, a Trust Service Provider that offers solutions which help companies in the digital transformation process, announced yesterday the expansion of the partnership started a few years ago with Patria Bank. Patria Bank client will soon be able to open an account and purchase non-lending products 100% online, using Patria Bank’s digital platform.
Investment 
Owner of Arctic is investing in renewable energy
Arçelik, one of the main players in the electronics and electrical household appliances industry, owner of Arctic, has announced a USD 50 million additional investment in renewable energy and energy efficiency by 2030. The group also plans to install 15 MW of renewable energy systems and to increase the amount of recycled plastic to 40% and of biomaterials to 5%.
Development Minister Cseke Attila signed 14 new financing contracts
Yesterday, Development Minister Cseke Attila signed 14 new financing contracts, worth RON 184,451,831.75 altogether, through the 2014-2020 Regional Operational Program (POR), carried out by the relevant Ministry. According to the press release issued by the Ministry of Development, eight of these projects aim to improve the educational and social-cultural infrastructure, as well as to increase energy efficiency in several localities.
Bosch has opened one of the world’s most modern wafer plants, in Dresden
Bosch has opened one of the world’s most modern wafer plants, in Dresden, according to a press release. Highly automated, fully connected machines and integrated processes, combined with methods of artificial intelligence (AI) make the Dresden plant a smart factory and a pioneer in Industry 4.0.
Legislative 
Senate adopted the draft law regulating the implementation of 5G networks
The Senate adopted, as the decision-making chamber, the draft law regulating the implementation of 5G networks, yesterday. There were 117 votes "for", 13 "against" and one abstention. Senate Vice President Alina Gorghiu indicated that the measures in this normative act reduced the risks and vulnerabilities to national security.
European News 
Europe turns to active labour market policies to beef up job recovery
The European Commission wants member states to adopt measures to support workers’ hiring and retraining in the aftermath of the pandemic, as the green and digital transitions will shake up a European job market already in pain because of COVID-19. Europe is in the midst of a twin transition, officials repeat.
Social 
Territorial Pension Houses are to recruit additional personnel
Territorial Pension Houses plan to employ about 1,000 people to deal with pension files’ evaluation, authorities announced in the National Recovery and Resilience Plan (PNRR). According to the data published by the Government, the newly recruited personnel who are higher education graduates will be paid with almost RON 4,100 per month, while those who are secondary education graduates will receive about RON 2,700 per month.
Ruling coalition maintains its commitment to double children’s allowances
The leader of the National Liberal Party (PNL), Ludovic Orban announced yesterday that the current ruling coalition remained committed to doubling children’s allowances in accordance with the law. He pointed out that there would still be five gradual increases in allowances, and the first one will be on 1 January 2022.