News

Daily Newsletter - 9 April 2019

Summary

FIC (2)

Press release - MFP

Eugen Teodorovici, the Minister of Finance, met on Monday, April 8, with representatives of the Romanian-American Chamber of Commerce (AmCham), Romanian-German Chamber of Commerce and Industry (AHK), Romanian-French Chamber of Commerce (CCIFER), Concordia Employer Confederation and Foreign Investor Council (FIC) to discuss a series of topics proposed by the business community. Among these topics are new fiscal regulations, modernizing the ANAF infrastructure and Pillar II of the pension system.

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Finance Minister Teodorovici: We'll meet with representatives of the business community at least once a month

Eugen Teodorovici, the Minister of Finance, met on Monday, April 8, with representatives of the Romanian-American Chamber of Commerce (AmCham), Romanian-German Chamber of Commerce and Industry (AHK), Romanian-French Chamber of Commerce (CCIFER), Concordia Employer Confederation and Foreign Investor Council (FIC) to discuss a series of topics proposed by the business community.

Finance Minister Teodorovici: We'll meet with representatives of the business community at least once a month

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Macroeconomic News (4)

Average household income up 30% in Q4, 2018

Data released by the National Statistics Institute (INS) for the fourth quarter of 2018 show that aggregated household revenues amounted to RON 4,608, up 29.1% on an annual basis. The income per capita was RON 1,772, up 30.1%. These are the highest figures in four years, far above the economic growth rate.

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Deloitte: Romanian M&A market down significantly in Q1

The Romanian mergers and acquisitions market saw a significant drop in the first quarter of this year, compared to the corresponding period of 2018. The total market value, including the deals whose value was not disclosed, amounted to between EUR 200 and 300 million. According to public sources, deals whose value was disclosed amounted to EUR 120 million, an annual drop of more than 50%.

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INS confirms 4.1% GDP growth

The National Statistics Institute (INS) announced on Monday that the national economy expanded 4.1% in 2018, thus confirming the preliminary data released in February. The GDP gained 0.9% in the last quarter of 2018, compared to the previous quarter.

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UniCredit Bank analysts slash forecast

The increase in salaries and pensions in the absence of domestic production growth has determined some analysts to take an increasingly pessimistic view of the economy. Banca Transilvania was the first to forecast an economic growth rate of only 2.8% for this year, followed by UniCredit Bank. By comparison, the government's forecast is 5.5% for 2019.

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Financial News (3)

Banca Romaneasca launched new products

Banca Romaneasca launched the "Relaxed Loans Proclamation", a range of consumer borrowing and refinancing products allowing retail clients to tap up to RON 110,000 each. Clients can obtain both refinancing and a sum of money they can use as they like. The new products are denominated in the national currency and mature in up to 10 years.

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BCR ranks second among Erste's seven subsidiaries

Banca Comerciala Romana ranked second among Erste Bank's seven subsidiaries based on the number of branch offices and third in terms of staff and client numbers. BCR reached 3.1 million clients, 7,237 employees and 509 branch offices at the end of last year.

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ROBOR rate falls

The three-month ROBOR rate fell to 3.32% on Monday, compared to 3.38% on Friday. On April 4, the benchmark rate reached the highest figure since October 26.

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Investment News (1)

PM Dancila: First PPP investment will be Ploiesti-Comarnic-Brasov highway

Prime Minister Viorica Dancila stated on Monday that the first public-private partnership investment will be the Ploiesti-Comarnic-Brasov highway. The winner of the PPP tender will be announced within a month. The statement was made during the prime minister's visit to Jijila, the construction site of a suspended bridge over the Danube river.

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Legislative News (2)

Draft order regulating sale of arrears of insolvent companies

The National Fiscal Administration Agency (ANAF) released a draft order regulating the selling of arrears to the state budget of insolvent debtors. The Cabinet issued last year a decree amending the insolvency regulations, which offered the possibility of converting arrears to state equity.

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Bill could block oil and gas exploration

An amendment to the Oil Law drafted and introduced by an ALDE deputy would force oil companies working exploration fields leased from the state to sign rental or acquisition papers with the owner of each piece of land, even if all the companies do is to send cars around looking for drilling sites.

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Politics (2)

EPP group wants rule of law in Romania discussion

The European People's Party group wants the European Parliament to discuss the rule of law in Romania and the adoption of a resolution regarding the problems of the Dancila Cabinet, according to MEP Cristian Preda.

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PNL announces total support for referendum

The National Liberal Party (PNL) will go to the Cotroceni consultations with a mandate to provide 100% support for the national referendum, according to party leader Ludovic Orban.

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