News

Daily Newsletter - 9 March 2020

Summary

Macroeconomic News (4)

EU grants must have real impact on national economy

European research money must have a real impact on the Romanian economy, according to the Minister of European Funds, Marcel Bolos. The minister said the revival of Romanian research through substantial grants is one of the engines of economic growth. Bolos had a series of meetings with representatives of the research, development and innovation institutes and companies to discuss the financing priorities for the next budget.

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BT report on the coronavirus epidemics

"The corona virus epidemic is a test for the world economy, which could launch a new, stronger and more sustainable investment cycle, one that focuses on quality, digitalization, innovation and countering climate change. At the same time, we note that Romania has the potential to become one of the top 10 economies of the European Union by the end of this decade, a situation conditioned by the implementation of a balanced mix of economic policies," said Banca Transilvania's Andrei Radulescu.

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MFP borrowed RON 75 million

The Ministry of Finance (MFP) borrowed RON 75 million at Friday's supplementary auction. The banks offered a total of RON 150 million. The previous day, MFP had borrowed RON 763.2 million at 3.12% per year through an issue of benchmark bonds with a residual maturity of 33 months, according to the National Bank of Romania (BNR).

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Natural gas imports up 12%

Romania imported 3.49 million MWh of natural gas in December, 2019, up 12% on an annual basis, according to the official reports from the Romanian Energy Regulatory Authority (ANRE).

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Financial News (3)

Patria Bank to sell bonds worth EUR 10-15 million

Patria Bank, a lender controlled by Amsterdam-based investment fund EEAF Financial Services, wants to sell bonds worth EUR 10-15 million through a private placement operation. The bonds are unsecured, non-convertible and subordinate, with a nominal value of EUR 500 each and maturing in 8 years.

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OTP Bank Romania posts RON 92 million in earnings

OTP Bank Romania reported RON 92 million in tax-adjusted earnings for 2019, up 65% from the previous year. The operating profits jumped 17%, according to a press release. New mortgages soared an impressive 74%, year-on-year, while the gross value of new personal needs loans jumped 15%.

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UniCredit Romania to pay RON 440 million in dividends to parent bank

UniCredit Romania will pay RON 440 million in dividends to shareholders, the equivalent of almost 80% of last year's earnings. The decision will be put to the shareholders' vote at the general meeting scheduled for April 8. The Italian group is undergoing a major restructuring process.

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Investment News (1)

New industrial park to open in Prahova county

A new industrial park is set to open in Barcanesti, Prahova county. The 89-hectare park will be located 4 kilometers away from Ploiesti, the county seat. This will be the 15th industrial park in the county.

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Politics (2)

PSD congress to be held on March 21

Gabriela Firea, leader of the Social Democratic Party's (PSD) Bucharest organization, said the party congress cannot be held because of the new epidemic regulations. However, the party leadership will decided whether to hold the congress online or through video link.

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PM invites party leaders for talks

On Friday, Acting Prime Minister Ludovic Orban sent invitations to the leaders of the parliamentary parties to gather for consultations to decide the date of local elections. The consultations will take place at the Victoria Palace at 5 PM on Tuesday.

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Social (2)

56 new measles cases

56 new measles cases were confirmed in the past week. The total number of cases has reached 19,576, including 64 deaths.

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OMV Petrom contributes to reforestation effort

OMV Petrom announced on Saturday it would contribute EUR 4.6 million to a reforestation initiative financed from private sources. The project will see 1.5 million trees planted in the next three years under the Romania Plants for Tomorrow campaign, which involves a series of NGOs.

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