Daily Newsletter
22 September 2017
Summary
- FIC: High growth without infrastructure is not possible in the long run (Multiple sources)
- More than 95% of companies oppose split VAT (Source: business24.ro)
- Insolvencies up on polarized economy (Source: cursdeguvernare.ro)
- Split VAT system will hurt small companies (Source: profit.ro)
- CNP sees economy growing above 5% per year (Source: zf.ro)
- CECCAR proposes changes to split VAT system (Source: news.ro)
- CJEU says banks must explain all risks to clients (Source: profit.ro)
- Bucharest City Hall to buy 100 ambulances (Source: profit.ro)
- CNPR invested RON 2.5 million in modernization (Source: news.ro)
- President Klaus Iohannis spoke about Black Sea conflicts at UN (Source: cursdeguvernare.ro)
- Mara Mares runs for TNL leader (Source: adevarul.ro)
FIC (2) |
FIC: High growth without infrastructure is not possible in the long run (Source: thediplomat.ro) Romania's transport infrastructure development has been slow over the past decades due to a combination of lack of prioritization, discontinuity of decision making and poor planning and execution. The figures support this. It used to be that people argued infrastructure would spur economic growth. Romania is rapidly approaching the point, if it has not reached it already, where the current infrastructure will act as a break on growth. To reach a parity in terms of living standards with western economies, Romania needs at least two decades of strong economic growth. The current growth rate will be impossible to maintain in the medium and long term without immediate and massive investments in infrastructure. High growth without infrastructure is not possible in the long run (Source: economica.net) Local transport infrastructure is worse in EU (Source: arenaconstruct.ro) Long-term economic growth impossible without infrastructure (Source: priainfo.ro) Foreign investors issue warning (Source: moneystreet.ro) Top |
More than 95% of companies oppose split VAT Daniel Anghel, the FIC representative, pointed out that Romania has the lowest VAT collection rate of all EU member states, as well as a high tax evasion rate. Top |
Macroeconomic News (4) |
Insolvencies up on polarized economy The number of companies and self-employed individuals who filed for insolvency went up 5.55% in the first eight months of this year, reaching a total of 5,758, according to figures released by the National Office of the Trade Registry (ONRC). Most insolvencies were reported by retail and car repair businesses. Top |
Split VAT system will hurt small companies The split VAT system should be optional and should be expanded to the entire economy only if it works properly, according to Romanian Business Leaders. The association pointed out that the system had failed to operate efficiently in Bulgaria. Top |
CNP sees economy growing above 5% per year The National Forecast Commission (CNP) expects the national economy to grow above 5% per year until 2021. If the potential GDP grows 4.6% this year, its own growth rate will be above 5% in the next four years. Economists doubt these figures. Top |
CECCAR proposes changes to split VAT system The Body of Expert and Licensed Accountants of Romania (CECCAR) stated that the split VAT system, currently being discussed by the Parliament, will impact the accounting profession. Robert Sova, president of CECCAR's council, said the organization wants to propose a series of improvements to the system. Top |
Financial News (2) |
Romanian banks must make banking respectable again, because trust matters, while also overhauling the banking technology in order to adapt to the digital and regulatory age, according to Steven van Groningen, president and CEO of Raiffeisen Bank. Top |
CJEU says banks must explain all risks to clients The Court of Justice of the European Union has ruled that the banks must explain and disclose to clients all the risks posed by foreign currency borrowing. Should they fail to do so, the lenders could be suspected of acting in bad faith. Top |
Investment News (2) |
Bucharest City Hall to buy 100 ambulances The Bucharest City Hall will buy 100 ambulances for the Bucharest-Ilfov Ambulance Service, at a cost of EUR 8.5 million. Half of the money will come from the dividends paid by Apa Nova, the city's water and sewerage company. Top |
CNPR invested RON 2.5 million in modernization The National Post (CNPR) has completed the modernization and rehabilitation of two major bureaus: Iasi and Focsani. The work cost RON 2.5 million. Top |