News

Daily Newsletter - 17 May 2018

Summary

FIC (1)

Pillar II fate more and more in doubt

The Foreign Investors Council (FIC), which brings together companies hiring approximately 200.000 people, is worried by possible policy measures affecting the three-pillar pension savings system and the lack of transparency in which these are analyzed and promoted. The three-pillar system is fundamental taking into consideration the projections for Romania’s demographic evolution in the following decades. In this context FIC believes mandatory private pensions are essential if current employees are to maintain a reasonable living standard at the end of their active lives.

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FIC: Only great calamities and wars might raise legitimate claims to old-age savings in Pillar 2

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FIC Press Release

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FIC: Public debt and deficits cannot constrain Pillar II

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FIC worried about government assault on private pensions

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FIC worried about government intentions

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FIC sees Pillar II as essential savings tool

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FIC worried about government intentions

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Pillar II contribution should never be reduced

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Dragnea denies official pension system reform project

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Dragnea says no draft on pension system reform has been officially presented

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Pillar II is essential to living standards

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FIC: Pillar 2 is a fundamental tool for pension savings, second warning from investors in a week

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Pillar II - Essential

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Foreign Investors Council: Pillar II is a fundamental tool for pension savings

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Uncertainties plague Pillar II

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FIC worried about Government's intentions

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Foreign investors issue warning

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Foreign investors: Employee contribution to Pillar II must rise again

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Liviu Dragnea spoke about pensions

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Liviu Dragnea: "It's stupid and false"

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News about Pillar II

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Pillar 2 is a fundamental tool for pension savings, says Foreign Investors Council

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Pillar II is crucial to old-age living standards

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Private pensions are supposed to compete with public system. Not the other way around

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Pillar II in danger

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Pillar II is crucial

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Pillar II is crucial to old-age living standards

B1TV Videoclip 

DIGI 24 Videoclip

EUROPA FM Audio clip

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Macroeconomic News (3)

Is the economy in stagflation?

The INS estimates contained a big surprise. The economy stagnated in the first quarter, compared to the previous quarter, while the annual growth rate has fallen more than expected, dropping from 6.7% to 4%. Similar estimates were released by Eurostat. The Eurozone GDP showed a growth rate of 2.5%, down from 2.8%.

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Economy stagnates

Economists are revising their forecasts following news that the economy stagnated on a quarterly basis, despite a 4% increase year-on-year. This is the worst performance since Q3, 2015.

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Eurostat: Romania had highest inflation rate in EU

Romania had the highest inflation rate in the European Union in April: 4.3%, up from 4% in March. The information was released by Eurostat on Wednesday. The European Union's general inflation rate was 1.4%.

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Financial News (4)

Garanti Bank revises economic growth forecast upwards

Garanti Bank has revised its economic growth forecast upwards, from 4% to 4.4%. The bank expects the growth rate to be driven by services, industry and commerce, while domestic demand continues to be fueled by the expansive tax policy, which could push the budget deficit to 3.5% this year.

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OTP Romania reports 18% increase in Q1 earnings

OTP Romania posted RON 22.5 million in earnings for the first quarter of this year, up 18% on an annual basis, according to the report released in Budapest.

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Patria Bank posts RON 19 million loss

Patria Bank, the bank resulting form the merger of Banca Comerciala Carpatica and Patria Bank, posted a loss of RON 19 million for the first three months of this year, up from a loss of only RON 15.5 million in Q1, 2017.

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Raiffeisen Bank Romania's earnings doubled

Raiffeisen Bank Romania reported RON 212 million in earnings for the first quarter of this year, up more than twice year-on-year. The bank's total assets jumped 13% in the first quarter, driven mainly by the bank's lending business.

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Investment News (1)

Transelectrica inaugurates 400 kV power line

The National Electricity Transport Company (CNTEE) Transelectrica has inaugurated the 400 kV overhead power line linking the towns of Resita and Pancevo (Serbia). The opening ceremony for the project that cost a total of RON 81.5 million was held in Resita and was attended by local officials from both town, representatives of the two countries' grid operators and representatives from various contractors and partners.

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Legislative News (1)

Parliament passes bill amending statute of limitations for conflicts of interests and incompatibility

The Chamber of Deputies passed on Wednesday a bill that would impose a three-year statute of limitations on conflicts of interests and incompatibility acts. The bill, which was drafted by Deputy Catalin Radulescu (PSD), also known as "Deputy Machine Gun", would also allow elected officials to engage in private sector business.

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Politics (2)

Dragnea refuses to designate presidential candidate

Liviu Dragnea stated that it's too early for the Social Democratic Party to designate a candidate for the 2019 presidential election. According to Dragnea, the party is focused on implementing its platform.

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Dragnea did not allow Dancila to answer question

Prime Minister Viorica Dancila was asked at Wednesday's press conference if she supported the move to suspend President Klaus Iohannis, an idea floated by PSD VP Doina Fedorovici. Party leader Liviu Dragnea intervened and said that such questions should be directed to him.

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