Daily Newsletter
05 October 2018
Summary
FIC (2) |
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The Foreign Investors Council (FIC) believes that for the good functioning of the economy, the Romanian Government should not use the Emergency Ordinances (OuG) procedure for amending fundamental legislation, and especially without a real and structured consultation with the business environment and other stakeholders.FIC invites the Government and the Prime Minister to a wide-ranging debate on the quality of law-making in Romania and the dialogue with the business environment. FIC is ready to contribute to this debate. It can only be to Romania’s benefit if consultations are carried out in a formal and transparent way and with technical arguments. FIC members are available to discuss and share their opinion on any measure from the governing program or any policy which the Government deems necessary. Investors want fewer emergency ordinances, more Parliament debates FIC urges Government to consult business community before changing legislation Foreign investors urge Government to stop flood of decrees FIC: Government creates false impression of national economy FIC: Government should not change fundamental laws through decrees FIC urged government to make less use of emergency ordinances Foreign investors demand transparency and consultation Cabinet criticized by foreign investors Foreign investors overwhelmed by PSD-ALDE style of governance Foreign investors urge end to decrees Foreign investors contradict Cabinet FIC urged government to make less use of emergency ordinances FIC urged government to make less use of emergency ordinances Foreign investors oppose decrees Foreign investors don't like decrees Investors want fewer emergency ordinances, more Parliament debates |
Sovereign fund "destroyed" before taking shape
Regardless of the Government's good intentions when it comes to setting up one or more sovereign funds, experts come up with more and more objections. The first one came yesterday from the Coalition for Romania's Development (CDR), an organization representing 54,000 companies and 1.2 million jobs. Top |
Macroeconomic News (3) |
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Cabinet approves farmer subsidies
The Cabinet approved a decision regarding the payment of certain farming subsidies in advance, beginning with October 16. The decision applies to a range of subsidies, including the acreage subsidy, the beneficial practices subsidy, the young farmer subsidy and the sheep and goat farming subsidy. Top |
VAT rate slashed for HoReCa activities
The Cabinet approved a decree that slashes the VAT rate paid for hotel stays, catering services and entertainment park services to 5%. The measure will come into force on November 1. The decree also stipulates that city halls can borrow up to RON 450 million for hot water and heating services. Top |
The Ministry of Finance (MFP) ventured into the foreign capital markets with the purpose of borrowing up to EUR 2.5 billion through two issues of bonds maturing in 2029 and 2039. The government has already borrowed from abroad EUR 2 billion in February and USD 1.2 billion in June. Top |
Financial News (1) |
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Patria Bank sells RON 245 million worth of NPLs
Patria Bank has signed a deal with Polish group Kruk, which specializes in debt collection, for selling a portfolio of around 9,800 unsecured consumer loans granted to retail clients. The portfolio is worth approximately RON 245 million and it resulted from the merger of Patria Bank and the former Banca Comerciala Carpatica. Top |
Investment News (2) |
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Fourth District Hall to launch RON 35.6 million project for modernizing Southern Market
The Fourth District Hall will spend RON 35.6 million on a project for modernizing Southern Market, located in the Berceni neighborhood. The work is scheduled to begin at the end of this month and will be completed in November, 2019. Top |
Kaufland spends EUR 300,000 per year to reduce consumption of single use plastic objects
Kaufland announced on Thursday that the store located on Barbu Vacarescu Avenue was the first to be reorganized according to an anti-plastic strategy. The store has eliminated the use of more than 90% of single use plastic objects and replaced them with 100% biodegradable or compostable materials. Top |
Legislative News (1) |
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MFP announces new draft decree
The Cabinet will issue a decree this month transferring income taxes to local communities, according to the Minister of Finance, Eugen Teodorovici. Top |
Politics (2) |
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Dancila sticks to Strasbourg message
Prime Minister Viorica Dancila was given an enthusiastic reception by Cabinet ministers at the beginning of the meeting where she presented her trip to Strasbourg. "I have delivered a very clear message: Romania maintains its European path and observes the rule of law," said Dancila. Top |
President Klaus Iohannis has warned that the Venice Commission's opinion cannot be used as a pretext for new regulations that favor politicians and have nothing to do with strengthening the rule of law. Top |