Articole scrise de Dan Popa, transl/adapt. C.B.


1 - 30 din 52 rezultate
1.Trichet opposes Romanian Finance proposal. Central Bank cannot be forced to donate 25% of their income for Budget recovery The European Central Bank (ECB) rejected, as expected, the proposal coming from the Romanian Finance Ministry addressing the 25% cut in salary for the Central Bank employees. The Finance Ministry's request sparkled discussions in the Romanian Central Bank (BNR), where employees were expecting to be forced "to donate: 25% of their incomes to hell the recovery of the state Budget. "On June 18 2010, the ECB received from the Romanian Public Finance Ministry a request to issue a note addressing a law regarding certain necessary measures for the budget balance. The ECB was not consulted and, on June 9 2010, the ECB sent a letter to the Romanian Government, drawing attention on the duty to consult the ECB", the European Central Bank document shows.
2.ING expects Romania's Central Bank to reach target deficit this year According to a financial report issued by ING, the annual inflation rate expected is 4.1%, against 4.9%, as previously forecast. This might mean that Romania's Central Bank (BNR) has got real chances to reach the target deficit in 2010. An increase in VAT and fuel prices and the redraw of heating subventions might attract inflation, the report goes on.
3.European Central Bank disapproves cutting salaries in Romania's Central Bank The European Central Bank issued a negative pass the Romanian Government's decision to apply the austerity measures of cutting salaries in the public sector by 25% to the Romanian Central Bank (BNR) employees as well. ECB reps claim that this would breach a basic rule in central banks, namely an attempt for an indirect funding for the fiscal deficit.
4.How risky is Romania? From the rating agencies reps Latvia and Romania record the highest rates in non-performing credits in the region, Moody's Investors Service manager for Central and East Europe Petr Vins declared on Tuesday, June 15, during the first Crediting Risk Management Conference in Romania, organised by ICAP Romania and CYCLE European. In the Moody's rep opinion, Romania is similar to Ukraine and Russia from the law enforcement transparency point of view. The other speakers, Fitch and ICAP reps, analysed the Romanian economy from the perspectives of various sectors. The joint opinion was that the highest risks came from the banking sector, made vulnerable by the increase of non-performing credits, bankruptcies and insolvencies.
5.Romania imported 2.8 billion euro more than exported in Q1 Romania's commercial deficit was 11.58 billion lei / 2.81 billion euros in the first quarter of 2010, namely 1.74 billion lei / 329.8 million euros lower than Q1 in 2009, A Romanian Institute of National Statistics (INS) communiqué shows. Romania imports more than it exports when it comes to chemical products, fuel and food. It imports more than imports when it comes to raw materials and imports almost as much at it exports when it comes to cars and transport equipment. ​
6.Dealers: Political tensions pressures the leu into depreciation. The leu exchange rate reaches the lowest level in 6 months The Romanian Central Bank (BNR) listed a slightly depreciated currency exchange rate for the leu against the euro, despite the fact that regional currencies (especially the Hungarian forint) corrected on Tuesday the losses suffered during the last days. A commercial bank dealer told news that the forint seems to be the regional currencies' winner; Hungarian PM Orban was holding a speech around 3 o'clock in front of the Parliament and the markets reacted positively. The leu should follow the same tendency, but the political uncertainty was dragging it down, the dealer explained.
7.Bank arrears over 30 days are nearing 1 billion euros​ Romanian citizens' credit arrears over 30 days went up 10.3% in April, against March, amounting to 3.99 billion lei or 966 million euros, the Romanian Central Bank (BNR) data show. The number of arrears went up in April, by approximately 33,000 people in contrast to March, counting 710,407 people.
8.EU budget deficits' map  A budget deficit occurs when a government's spending (or a micro level, say a company's) is higher than incomes. The total budget deficit includes the structural deficit and the cyclic deficit. The structural deficit 95% in Romania's case) is the deficit the budget would record if the economy would increase to the level of the potential GDP. According to the circumstances, when the economy grows more rapidly, like in the past years, the budget deficit is lower than the structural deficit. 
9.Romania - the fifth EU economic contraction in Q1 According to Eurostat, euro zone's GDP recorded a modest 0.2% increase in the first 2010 quarter, similar to the average EU states' growth. According to the data published by Eurostat on Friday, the US economy recorded a 0.8% growth over the first three months of the year, while Japan recorded a 1.2% increase in GDP
10.Failed reform: INS says public sector employees spending doubled in contrast with inflation The total spending the Romanian state made with public sector employees - salaries, contributions for insurances' budget and social benefits - went up by an average of 9% in Q1 in comparison with the previous quarter, the Romanian National Statistics Institute (INS) shows. The highest increases in the spending with the public sector workforce have been in Education (12%), public administration (7.83%) and health and social benefits (7.65%).
11.Romania's economy dropped slightly in the first quarter, but good news from industry and exports Romania's GDP estimated for Q1 2010 was 124,541 billion lei (current prices), dropping 0.3% against Q4 2009, a National Institute of Statistics report shows. The seasonal adjustment cancels the seasonal effects from the data series to stress the real economic evolution from consecutive periods. The most important drops were recorded in constructions - 17.3%, trade sales - 19.7%, and the population's consumption - 4%. The good news comes from the industry, which is up 4.2%, and the net export. 
12.One billion euros budget deficit surplus in one month. 12.1 billion lei deficit in four months Romania's state budget consolidated general deficit amounted to 12.1 billion lei at the end of April 2010, nearly four billion lei more than at the same time last year, when figures read 8.22 billion lei. Spending went up by approximately one billion lei only for the National Motorway Company.
13.BNR governor: We had 800,000 state employees in 1990 and the State worked. Now we've got 1.4 mln and we ask where the problem is "It has always been said: we've got money for pensions, but there weren't. BNR [Romania's central Bank] has permanently warned that all increases in salaries have been above productivity and that, sooner or later, it will be time for collection", BNR Governor Mugur Isarescu said during a niche seminar. Regarding salaries in the public sector, BNR's message is clear: "In 1990, the State worked with less than a million state employees. They were around 800,000, including those in the Central Committee. 20 years after, we've got 1.4 millions and we ask ourselves where the problem is.
14.IMF could revise Romania's economic growth. New estimate: zero Romanian Foreign Affairs minister Sebastian Vladescu said on Friday, April 29 that the VAT was not going to go up. The statement was made as the discussions with the International Monetary Fund were concluding in Bucharest. He found the negotiations "constructive". But on the other hand, the IMF could again revise downwards Romania's 2010 economic growth, taking it from 0.8% to nought, according to the patronages reps, who also took part in the discussions. According to participants, IMF mission chief Jeffrey Franks declared that their analysis indicated a zero economic growth in Romania's best scenario. Sources close to the discussions told HotNews.ro that the issue of the rise in VAT was also raised. Asked whether he would recommend the Romanian authorities to increase the VAT, Jeffrey Franks said "Give me other options!", UGIR-1903 president Cezar Coraci confirmed.
15.National Bank governor: Europe's problem is the competitiveness difference between North and South "The problem of competitiveness is becoming a vital issue for the future of every country. If we're looking at EU's southern side we reach the conclusion that the problems start when it comes to competitiveness. There is a competitiveness difference between North and South and this is Europe's problem today", Romanian Central Bank governor Mugur Isarescu declared in the opening of a symposium on competitiveness. 
16.After Greece, Bulgaria comes clean as well. We lied to our EU colleagues. Our deficit is 3.7%, not 1.9%. We're dropping euro for now. Who's next? "We lied to our colleagues in the EU about the capacity to adopt the euro. Our deficit is actually 3.7% and not 1.9%. We gave up our request to join ERM II (the euro anti-chamber) because of this" Bulgarian Prime-Minister Boiko Borisob told Reuters today. He did not miss the opportunity to blame the left-wing coalition, which took over power in July last year.
17.Gazprom chief: Romania will not take Bulgaria's place in South Stream project Romania will not be able to take Bulgaria's place in the South Stream project, but its gas pipe can have a ramification that might go either through the sea, or through Bulgaria, Russian company Gazprom chief Aleksei Miller declared on Friday, according to RIA Novosti, quoted by Agerpres. "Romania showed interest. A ramification could be built, either through the sea, or from Bulgaria. This is the idea for now", Miller declared.
18.IMF chief recommended Romania to delay joining the euro zone Dominique Strauss Kahn is straightforward in recommending Romania to delay its intention to join the euro zone. "If you adopted the euro one or even two years later, it would be for the better. The objective reality is to have good economic figures to respect the requirements of joining the euro zone and then to realise that what has been done has been done in haste", IMF chief told Incont.ro. The economists interviewed by HotNews.ro on the issue agree: instead of joining the euro zone like the Greeks did, it's better to solve the economy's problems first and only later to think about it.
19.Romanian Finance minister and Central Bank vice-governor meet foreign investors in Finance 1st road-show day. The pot: 1 billion euros worth of Eurobonds Romanian Central Bank (BNR) vice-governor Cristian Popa and Finance minister Sebastian Vladescu have stared on Monday, March 8 2010, a promotion tour: Romania will launch a Eurobonds issue on foreign markets. "Technically speaking, these road-shows used to be meetings between Romania's reps with foreign investors - banks, risk funds s.a.
20.EBRD: Romania's response to crisis - "stimulus", more imaginary than real, with negligible effects The "stimuli" included in the 13 bln euros funds package programme announced by the Romanian Government have so far been "more imaginary than real", because very few projects were launched, Peter Sanfey writes in the "South-eastern Europe: lessons from the global economic crisis" EBRD study. 
21.Main cigarette producers claim smuggled cigarettes make Romanian state lose 1 bln Euros/year Nearly four out of 10 cigarette packs are smuggled, bringing significant losses for this sector: one billion Euros per year according to a Novel research study requested by the main cigarette producers from Romania.
22.Pension fund deficit for 2007-2008 equals the 22% VAT   The current pension fund deficit equals the increase in VAT from 19 to 22%. The frequent elections makes Romania's joining the euro zone uncertain, while in the energy sector, reforms are waiting to be dealt with and strengthened. These are in short the recommendations featured in the analysis report put together by the Romanian Academic Society. Research institute head Sorin Ionita presented the report on Tuesday.
23.Eurostat: Romania had second EU economic contraction in Q4 2009 The Gross Domestic Product of the countries that adopted the European unique coin has recorded a 0.1% economic growth, both in the euro zone (EA16) and the European Union during the last 2009 quarter against Q3, according to the data published on Friday, February 12, by the European Office for Statistics (Eurostat).  
24.Bad news: Romanian economy drops 7.2% in 2009. Inflation up 1.68% in January Romania didn't manage to get out of the recession in the last 2009 quarter. The Romanian National Statistics Institute published on Friday, February 12, data indicating that the GDP contracted by 7.2% in 2009 and the inflation increased to 1.68% in January 2010, in contrast to 0.3%, the inflation in December 2009.
25.Unemployment rate reaches 8.1%. Private sector laid off 4.5 times more than public sector Mehedinti - 14,5% (south-west), Vaslui 13,5% (east), Alba - 13,4% (central-west) are the Romanian counties with the highest unemployment rate, while Bucuresti (2,4%), Ilfov -2,6% (south) and Timis - 4,4% (west) record the lowest rate, a Romanian National Employment Agency (ANOFM) communiqué shows. 
26.IMF mission chief to Romania began his visit at the Romanian National Bank IMF mission chief to Romania Jeffrey Franks began his visit to Romania's Central Bank (BNR), a day after the Romanian representative to the OMF Mihai Tanasescu discussed with the BNR leadership. According to BNR sources, discussions will include budget issues, budget enforcement and Romania's economic growth prediction for this year. 
27.Deutsche Bank to inaugurate a local project in Romania Deutsche Bank, the biggest German bank, will launch in the second half the year a local project in Romania. At this point, the mother-branch is giving final approvals, Deutsche Bank operations head in Romania Radu Zaciu told HotNews.ro. Most probably, Deutsche Bank will offer local services for companies in Romania. A related announcement was also made by Juergen Fitschen, Deutsche Bank Board Management member. 
28.Real estate market to revive in 4-5 years The economy credit market is still in his early Romanian days. There have been threee banks, another one has announced its intentions, but in he end the Romanian market entered the new year with two major players: BCR Banca pentru Locuinte (Bank for Homes) and Raiffeisen BpL. CEC postponed a similar project, while HVB and Raiffeisen joined on the economising-crediting segment. Both banks for residences are supported by a strong Austrian bank. Additionally, the ex-Raiffeisen BpL went over to BCR BpL. In his new role, Alexandru Ciobanu, BCR BpL president spoke with HotNews.ro about the real estate market evolution, the 2010 perspectives and how the First Home project affected the BpL market.
29.Romanian National Bank: Current account deficit dropped 69.4% in the first 11 months in 2009 - 4.6 bln euros During the first 11 months of 2009, the current account recorded on the balance sheets recorded a 4.6% billion euros, dropping 69.4% in contrast with the same 2008 period, according to a Romanian National Bank (BNR) communiqué. "The influence on the reduction of the current balance account was the commercial balance deficit, namely 5,973 million euros, dropping 66.5% against the January-November 2008", the communiqué shows.
30.The first "Romanian" euro coins might be produced in Brasov The first euro coins to be produced in Romania might come from Metrom Brasov (Central) next year, Brasov senator Titus Corlatean told HotNews.ro. To warm up, Metrom will first produce Romanian coins (lei). The first tests have already been designed and wait to be "authorised" by the Central Bank (BNR). 

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