News

Daily Newsletter - 18 July 2018

Summary

Macroeconomic News (3)

EC to be consulted on fiscal amnesty

The Cabinet is looking for ways of implementing a fiscal amnesty that would include the big state-owned companies, in an attempt to give a new chance to the economy. However, the European Commission needs to be consulted first, according to statements made last evening by the Minister of Finance. The Minister added that the aggregated arrears of retail and corporate tax-payers amount to RON 100 billion, of which only RON 17 billion can be realistically recovered.

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Wholesale sector turnover up 8.8%

The wholesale sector (not including car and motorcycle sales) turnover showed a 8.8% increase for the first five months of the year, compared to the corresponding period of 2017, according to the National Statistics Institute (INS).

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Start-Up Nation program supported more than 8,400 projects

Paula Parvanescu, a secretary of state with the Ministry of Trade, stated that the Ministry has signed more than 8,400 projects under the Start-up Nation Program so far. "We are focusing on relocating investors to Romania and we seem to have some success. We're bringing investors to the south, south-west and north-east, especially since the central and western regions are practically overflowing with investment," said Parvanescu.

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Financial News (3)

EBRD buys 19% stake in Piraeus Bank

The European Bank for Reconstruction and Development, the biggest foreign institutional investor in Romania, has bought a 19% stake in Piraeus Bank Romania. The Greek financial group had sold its Romanian subsidiary to US investment fund J.C. Flowers, which now holds 76.1% of all shares. The remaining 4.9% will be bought by the bank's new management.

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Construction and real estate companies still facing highest credit risk

Construction and real estate companies continued to have the highest credit risk rates, despite a significant drop in NPLs. The retail sector, on the other hand, boasts the lowest NPL rate, according to the National Bank of Romania (BNR). The credit risk improved across the economy in the first quarter of this year.

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Agreements between debtors and lenders up 12-fold in H1

The number of agreements between debtors and lenders brokered by the Alternative Banking Dispute Resolution Center (CSALB) increased 12-fold in the first six months of this year, according to the organization. The number of agreements reported for the Bucharest-Ilfov region dropped from 52% of the total to only 34% of the total, as the other counties warm up to the system.

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Investment News (1)

EUR 26 million invested in Galati and Smardan

The Galati City Hall announced that the construction work for the "Water Supply and Sewerage in the Galati and Smardan Urban Areas" contract would begin this week. The project is scheduled for completion in 2021 and is part of the Regional Water and Wastewater Infrastructure Development Project for the Galati county.

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Legislative News (1)

CCR rules on healthcare reform

The Constitutional Court endorsed on Tuesday a complaint filed by the People's Attorney regarding the healthcare reform. According to the Constitutional Court, the "patient's electronic health record" phrase is invalid because the state is bound to protect and guarantee the confidentiality of medical information.

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Politics (2)

Gabriela Firea is already running for second term

Gabriela Firea, the mayor of Bucharest, has been very active on the social networks presenting her achievements in office. It seems Firea is already running for her second term.

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President Klaus Iohannis invited PM Dancila for talks

President Klaus Iohannis has invited PM Dancila to the Cotroceni Palace for talks. The meeting is scheduled for this morning, according to the Presidential Office. The reason for the meeting is the tide of rumors regarding a controversial decree that the Cabinet could issue.

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Social (1)

More than half of candidates fail to secure full professor positions

Only 47.7% of the professors who took the test for full positions this year managed to score above 7, the minimum grade required for securing a full position, up from 45.73% last year.

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