Daily Newsletter
09 November 2018
Summary
Macroeconomic News (4) |
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More than 11,000 financing contracts signed with young farmers
Young farmers filed 14,200 financing applications for investments in agricultural operations between 2015 and 2018, out of which over 11,000 contracts have already been signed, according to a press release issued on Thursday by the Rural Investment Financing Agency (AFIR). The contracts signed by AFIR are worth about EUR 421 million, including the projects financed under the transition procedure from the 2007 - 2013 budget. The EU grants requested under sub-measure 6.1 of the National Rural Development Program 2014-2020 (PNDR 2020) exceeds EUR 582 million. Top |
European Commission downgrades Romania's economic growth forecast
The European Commission has slashed Romania's economic growth forecast for 2018 from 4.1% to 3.6%. The EC report shows that real GDP growth slowed down to 4.3% and 4.2% in the first and second quarters, a situation that is not expected to improve. Top |
European Commission asks Romania to end split VAT payment system
The European Commission decided on Thursday to send an official delay warning to Romania regarding the split VAT payment system, urging the authorities to take action within two months. Romania has been using this alternative VAT collection system January 1, 2018. The use of a separate blocked account for VAT payments creates a major administrative burden for honest businesses operating in the country. Top |
Government wants to finance budget deficit with additional dividends
After Romgaz announced on Wednesday that it would pay a supplementary dividend at the request of its main shareholder, the Nuclearelectrica Board of Directors called today the General Meeting of Shareholders to approve a similar request from the same majority shareholder, the Romanian State, through the Ministry of Energy. Nuclearelectrica is less generous than Romgaz, with the board proposing a supplementary gross dividend amounting to RON 0.78935014 per share, for a total of RON 238 million. Top |
Financial News (4) |
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BNP Paribas launched a preferential interest rate loan
BNP Paribas Personal Finance SA Paris, Bucharest Branch, has launched a preferential interest rate loan under the Cetelem brand. The loan can be used to buy hybrid and electric vehicles. The bank has also expanded its partnership with automaker Hyundai to finance the acquisition of Ioniq and Kona Electric models. Prospective clients can access the new financing product through the Rabla and Rabla Plus programs. Top |
BRD posts RON 1.14 billion in earnings
BRD reported RON 1.14 billion in earnings for the first nine months of the year, up 7.1% compared to the corresponding period of the previous year. "In a favorable economic environment, our growth was driven by gains in retail lending, retail deposits and by an increase in the number of transactions, while the growing use of remote banking solutions confirms our continued efforts to improve our digital offer," reads the official press release. Top |
EximBank retained the services of J.P. Morgan in connection with its bid for Banca Romaneasca
EximBank retained the advisory services of J.P. Morgan in connection with its bid for Banca Romaneasca. The bank was put up for sale by NBG for the second time, following the rejection of OTP's bid by BNR. EximBank's rivals are Intesa and investment fund J.C. Flowers (which has recently acquired Piraeus Bank Romania and renamed it First Bank). Top |
Isarescu warns of program risk
BNR Governor Mugur Isarescu says good intentions in government programs can have poor results if they are not implemented carefully. The biggest risk associated with the "Invest in Yourself" state guarantee program, through which Romanians can contract consumer loans for personal development, is that the beneficiaries could spend money on things unrelated to the purpose of the program. Top |
Investment News (1) |
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Saturn seaside resort to be modernized with EU funds
The Saturn seaside resort will be modernized with EU funds. The pavements will be rehabilitated, urban furniture will be installed and green spaces will be set up. Bicycle tracks and stations will also be built, while information boards will be installed. The investment project is worth around RON 20 million. Top |
Legislative News (1) |
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Debtor relief rules could change
According to some amendments filed by Senator Daniel Cătălin Zamfir on November 7, the debtor relief law, which came into force two years ago, could be modified again. The amendments are aimed at establishing more precise conditions under which the courts can find that unpredictability exists or not in a court case. Top |
Politics (2) |
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Dragnea fires back at president
Two days after Klaus Iohannis' harsh criticism, Liviu Dragnea replied by referring to the president as an irritated man who fears that the system he was protecting would fall apart. Top |
President Iohannis urges young people to enter politics
President Klaus Iohannis has urged young people to enter politics, to take active part in the decision-making process, and not to allow the promises made by decision-makers to remain "simple words in an archive." "I know that many of you are deeply disappointed with the way politics works. The solution is not abandoning or leaving the country. The solution is, and I invite you, as I did on other occasions, to enter politics, to participate actively in the decision-making process," said the president. Top |