News

Daily Newsletter - 21 May 2018

Summary

FIC (1)

Unprecedented warning

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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APAPR tells Cabinet to leave Pillar II alone

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15 business associations and organizations urge Cabinet to leave Pillar II alone

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Unprecedented warning

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Cabinet wants to suspend Pillar II contributions

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Government wants suspension of Pension II Pillar contributions during July-December. Labour minister: It is the proposal of the Prognosis Commission

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Cabinet wants to suspend Pillar II contributions

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Mandatory private pension system plagued by uncertainty

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Preserving the mandatory private pension system is sole suitable solution

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Preserving the mandatory private pension system is sole suitable solution

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Business Community demands system preservation

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Cabinet wants to suspend Pillar II contributions

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Organizations, industry associations, market institutions, employer organizations, financial analysts

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Banking, insurance and pensions professionals, investors and businesspersons urge Cabinet to preserve Pillar II

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Macroeconomic News (4)

RON 2 billion budget for Start-Up Nation program

The Start-Up Nation program will have a RON 2 billion budget this year, enough to finance 10,000 projects. The program will begin after most of last year's payments are made, according to Radu Oprea, the Minister of Trade and Entrepreneurship.

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DRPCIV: New car registrations up 25.44%

Around 36,200 new cars were registered in Romania in the first four months of this year, up 25.44% on an annual basis. Meanwhile the total number of used car registrations dropped to 157,120, down 6.07% year-on-year, according to DRPCIV. The most popular acquisition for new cars was Dacia (9,477 units), followed by Ford (2,948 units), Renault (2,244) and Opel (2,153).

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ANAF exceeds collection target

The Ministry of Finance (MFP) announced that the revenues collected in the first quarter of this year reached 95.1% of the target, down 1.5% from Q1, 2017. The National Fiscal Administration Agency (ANAF) exceeded its own collection target in the first quarter.

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Fuel prices up RON 0.2 per liter

The rising price of crude has pushed up fuel prices in Romania by 0.2 per liter. The Brent crude price is above USD 80 per barrel. Experts say that the international price hike has yet to be fully passed on to customers in Romania. On Friday, Rompetrol added RON 0.02 per liter to the price of diesel.

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Financial News (3)

ING Bank's gross profits up RON 95 million

ING Bank's gross profits reached RON 214 million at the end of Q1, 2018, up RON 95 million year-on-year. The increase was the result of a strong expansion of revenues (RON 102 million) and the rising number of clients in all business lines. The bank's earnings amounted to RON 193 million.

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Card payments up 32% in Q1

Romanians spent RON 17.5 billion using their cards in the first three months of this year, up 32% year-on-year and maintaining the pace of the past years. The more surprising piece of news was a drop in the number of POS units.

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UniCredit implemented electronic signatures for several types of retail products

UniCredit clients will be able to sign a series of banking documents and contracts using qualified electronic signatures, a move that eliminates some of the paperwork and simplifies the sales process. UniCredit is the first banking group in Romania to use an electronic signature issued by a local certification authority.

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Investment News (2)

B Braun starts building Timis county plant

German company B Braun is starting to build the Sanandrei, Timis county, plant for perfusion solutions. The greenfield investment project is worth EUR 120 million and is expected to create 250 new jobs.

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Transgaz secures construction license for gas pipeline

Transgaz has secured the construction license for the Tuzla-Podisor natural gas pipeline. The pipeline will transport the natural gas extracted by Exxon-Mobil-OMV Petrom consortium from the Neptun Deep field, in the Black Sea. The project was estimated at more than RON 1.45 billion.

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Legislative News (1)

New driving rules come into force

The new Traffic Code regulations came into force on Sunday, bringing harsher penalties for the drivers' failure to observe the registration and technical situation rules. The Police announced it would suspend the registrations of any vehicle that lacks an up to date technical report.

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Politics (2)

Basescu blasts Orban

Former president Traian Basescu said that he had talked to ambassadors working in Bucharest and politicians in Brussels and that the universal opinion is that the criminal complaint filed by PNL leader Ludovic Orban against PM Dancila had not been an independent initiative. The move is widely attributed to President Iohannis or German Chancellor Angela Merkel.

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Tăriceanu seeks Dragnea's support

Calin Popescu Tăriceanu, president of the Alliance of Democrats and Liberals (ALDE), stated in Constanta, on Friday, that the ruling coalition should support a single candidate in the presidential election.

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