News

Daily Newsletter - 9 October 2019

Summary

Macroeconomic News (4)

Acreage subsidies to be paid in advance

The farmers who applied for acreage subsidies will receive 70% of the funds in advance, beginning with October 16. The rural development subsidy will be paid in advance at a rate of 85%, according to the Agriculture Payments and Intervention Agency (APIA).

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Romania climbs one position in digital competitiveness index

Romania ranks 46 in the Digital Competitiveness Index. Digital technologies play a key role in the performance of companies and public institutions, but also in the educational results of the younger generations. Those who understand this faster and invest in the digital economy, thrive among the nations of the world.

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Average net salary RON 3,044 in August

The National Statistics Institute (INS) announced that the average net salary was RON 3,044 in August, up 14% on an annual basis, but down 2.4% on a monthly basis.

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Minister of Agriculture praises production gains

When Romania joined the European Union, its farmers produced 3 million tons of wheat per year. Today, the national production is 10 million tons, according to the Minister of Agriculture, Petre Daea. "Romania has a high economic potential. I'm talking about farms," said Daea.

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Financial News (3)

FDI reached EUR 9.3 billion

Foreign direct investment in banking and insurance reached EUR 9.3 billion in 2018, down around 1% from 2017. While the value of foreign investment attracted by the financial sector is reaching new highs, its percentage of the GDP has fallen to a ten-year low.

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ECB: Half of eurozone's leading banks would not survive six-month cash shortage

A report from the European Central Bank showed that half of the eurozone's leading banks would not survive a six-month shortage of cash. The most vulnerable banks are the big ones, as well as the subsidiaries of foreign institutions, according to a report released on Monday.

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Overhauled "Prima Casa" close to passing

The Chamber's Budget and Finance Commission reported out favorably the bill overhauling the "Prima Casa" program, only weeks after the bill's passing through the Senate. The new program will be called "A House for Every Family" and it will be restricted to low-income Romanians.

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Investment News (1)

OMV Petrom announced new gas discovery

OMV Petrom, the biggest oil and gas producer in South-Eastern Europe, announced on Tuesday the discovery of new fossil fuel resources in the Gorj county, close to the Totea field. Investment in the new well are estimated at EUR 50 million. "The discovery of additional resources close to the Totea field is an amazing news for the zone's potential and will compensate in part the production decline at Totea," said Peter Zeilinger, an OMV Petrom board member.

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Legislative News (2)

Senators strike prison sentences from bill

The Senate's Budget and Finance Commission has removed from Minister Teodorovici's bill the stipulations imposing prison sentences for individuals who fail to pay their taxes and duties on time. Since the bill's drafting in mid-September, it has come under fire from the business community.

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Legislation could freeze accounts of 50% of Uber drivers

More than half of Uber's partner drivers in Romania would see their accounts frozen if the new regulations on ridesharing platforms came into force tomorrow. The regulations are scheduled to come into force on November 1, while the licensing process takes 4 to 8 weeks.

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Politics (1)

PM says integration of Western Balkans to strengthen EU

The European integration of the Western Balkans countries will strengthen the European Union, while also consolidating peace, solidarity, and prosperity in the Balkans, said Prime Minister Viorica Dancila, leader of the PSD, at the signing of the Joint Declaration on the integration of the Western Balkans countries into the EU.

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