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EIB gives Serbia loans of EUR 650 million for SMEs, Mid-caps and Fiat Auto Serbia
A delegation of the Republic of Serbia arrived today at The European Investment Bank (EIB) headquarters in Luxembourg. On the occasion, the following loans for a total of EUR 650 million were signed: a EUR 150 million loan for small and medium enterprises (SMEs) and Mid-Caps; a EUR 500 million loan for the investment program carried on by Fiat Auto Serbia. The EIB was represented by Dario Scannapieco, Vice President responsible for operations in the Western Balkans; the Republic... citeste mai mult
Auto Trading Business Rose by 7% in February
The Romanian Statistics Institute (INS) indicates that the business of trading in motor vehicles and motorcycles rose by 7% gross series in February compared with the first month of the year. In the same period, the volume of turnover of services rendered to population increased by 2.7%. As adjusted series based on the number of working days and seasonality in February over January, the volume of trade turnover of motor vehicles and motorcycles increased by 2.5% and the volume of... citeste mai mult
Romania’s Inflation in January, the Highest in the EU
Romania’s inflation rate stood at 7% in January, a value that puts the country first in the European Union. According to the European statistics office Eurostat, the indicator rose to 2.7% at EU level and at 2.3% in the euro zone compared with January 2010. Romania is followed in the top of the highest inflation rate in January by Estonia (5.1%) and Greece (4.9%). The lowest annual rates are observed in Ireland (0.2%) and Sweden (1.4%). In Hungary, consumer prices have... citeste mai mult
The Number of Companies Leaving Romania for Bulgaria is Growing
The number of Romanian companies that are moving south of the Danube River, in Bulgaria, is intensely growing. Statistics show that every month about 300 Romanian companies are moving their headquarters in Bulgaria, according Antena3. Conditions in Bulgaria are more attractive than those provided by the Romanian government: the value added tax (VAT) is 20%, compared to 24% in Romania, and the tax is only 10% compared to 16% in Romania. In the course of 2010, Emil Boc’s Cabinet has... citeste mai mult
Broadband Mobile Internet Has Overtaken the Dial-up Ones: 3.32 Million to 2.93 Million Connections
The number of mobile broadband internet subscriptions has overtaken that of dial-up broadband subscriptions. At the end of June this year, in Romania there were 3.32 million mobile broadband internet connections (via EDGE, CDMA, and 3G EV-DO), while fixed broadband internet was accessed by 2.93 million connections, according to data from the Regulatory Authority for Communications (ANCOM). Of the 3.32 million mobile broadband internet connections, 0.7 million were via modem... citeste mai mult
Possible Cartel Agreements on the Romanian Cigarette Market
The Romanian authorities responsible of competition issues announced in a statement they had started an investigation on the local cigarette market on a possible agreement regarding prices. Competition inspectors have conducted a series of unannounced inspections at the registered office and the working points of British American Tobacco, JT International and Philip Morris Romania. "We opened an investigation on the production and sale of cigarettes that caught our attention big impact... citeste mai mult
Isarescu, Romanian Central Bank: Not the Banks Are Indebted, the Romanians Are
Central bank governor Mugur Isarescu attended today at a seminar organized at the central bank by Finmedia, occasion in which he said “the national foreign exchange reserves are exceeding and the market benefits currently by an excess of liquidity, "to get the banks used to this and not say that they don’t give loans". International reserves increased by 8 billion euro since the beginning of the crisis to 32.3 billion euro. Isarescu wanted to give an answer... citeste mai mult
Emirates Airlines, Qatar, Watania and Pegasus will enter the Romanian market next year
Three Arab and one Turkish airline companies will enter the Romanian market next year, which will bring benefits for passengers, who will get shorter race and more favorable prices to and from the Middle East. Emirates, Qatar Airways, Watania and Pegasus Airlines are companies that will operate flights from Bucharest in 2011. Starting January, Qatar will introduce flights from Bucharest to Doha. Travel time will be four and a half hours today while on the same route, the flight -... citeste mai mult
Romania October CPI +7.9% on Year
According to Romania’s statistics institute INS, consumer prices rose 0.55% on the month in October, due to the rising of food and service prices, while the annual inflation accelerated to a new two-year high at 7.88%. Food prices increased 0.8% on the month in October, while services and non-food prices were up 0.7% and 0.3%, respectively. In the food sector, edible oil and vegetable prices posted the highest rises, of 4.82% and respectively 4.12%. At the same... citeste mai mult
Google Opens Office in Bucharest to Develope Business Strategy in Romania
Google opened an office in Bucharest, Capital of Romania, on November 1, 2010, which will be responsible for developing Google's presence and strategy in Romania, establishing business relationships with Romanian partners, educating local companies about the benefits of going online, direct advertising sales. Former Microsoft Romania business and marketing director Dan Bulucea will be running the office. "Google's aim is to provide the Romanian users, who are very active online, with... citeste mai mult
Romanian’s industrial new orders rose 35.1% in August, the fifth advance in EU
In August 2010 compared with the same month in 2009, industrial new orders grew by 24.4% in the euro area and by 22.6% in the EU27, shows the European statistics office report released today. Total industry excluding ships, railway and aerospace equipment rose by 23.5% and 23% respectively. Romanian’s industrial new orders rose 35.1%, the fifth advance in EU. In August 2010 compared with July 2010, the euro area (EA16) industrial new orders index rose by 5.3%. In the... citeste mai mult
Romania’s Finance Ministry Employees Protested Again on Tuesday
About 100 employees of the Finance Ministry ceased activity again. Romania's Chamber of Deputies adopted a government emergency decree regarding the payment of bonuses and incentives in the public sector, but the employees doubt they would receive the wage bonuses promised by authorities, said National Public Servant Union (SNFP) leader Sebastian Oprescu. "We halted the works of the committee setting wage bonuses, as the finance minister refuses to observe the protocol," said... citeste mai mult
The Unemployment Rate in Romania Dropped Slightly in September
According to Romania’s National Employment Agency ANOFM, the jobless rate dropped in September from 7.39% to 7.35%. The number of unemployed people has reduced to 670,247, from which 289,336 are women. The jobless rate amongst women is 6.78%. In the same month of the last year the indicator pointed 6.9%. The areas with the most jobless people are Vaslui (12.44%), Mehedinti (12.06%), Teleorman (11.58%), Covasna (10.68%) and Gorj (10.54%). On the other hand, the smallest... citeste mai mult
Romania’s Paradox: Fails to Use 95% of EU Funds, But Takes International Loans
Romania’s public administration must be submitted to a reform and should be depoliticized in order to increase the absorption of the EU funds, which are not used in proportion of 95%, Joost Kuhlmann, head of the Commission's unit for Finland, Bulgaria and Romania with the Economic and Financial Affairs Directory, said today. He stated that the country's weak public administration is not the result of its public servants, but its inefficient structures. And these, according to... citeste mai mult
Central Bank Official: Progressive Taxation Would Hike Workforce Costs
Eugen Radulescu, audit manager at Romanian National Bank, appreciates that coming back to progressive taxation would generate an important growth in personnel costs and would no way lead to an equilibration of the budget deficit. "There is a margin in which the flat tax brings in more revenues, since taxation on revenues only covered 3% of the GDP. A return to progressive taxation would not balance out the budget (...) It would only boost overall costs," Radulescu told a conference... citeste mai mult
40% of Private Cos in Romania Estimate Salary Raises in 2011 at an Average of 6.8%
PayWell Romania survey on salary and benefits, conducted by PricewaterhouseCoopers (PwC) on 150 companies from nine activity sectors, shows that around 40% of private companies in Romania estimate an average 6.8% raise in salaries in 2011 and 4.3% in 2010. However, the increase predicted for this year is 40% lower than the 7.2% level in 2009. Around 70% of companies included in the survey either raised salaries so far or intend to raise salaries in 2010, while 30% of them have... citeste mai mult
General Manager of Public Road Company CNADNR, Dismissed
Dorina Tiron, General Manager of public road company CNADNR, was dismissed from the position by Romanian Transport Minister Anca Boagiu on Wednesday. Tiron will be temporarily replaced by CNADNR highway project manager Liviu Costache. The transport Minister said Tiron's dismissal is a major step towards reorganizing the road company and improving the management of road infrastructure EU funds granted to Romania. According to preliminary results of checkups carried out at CNADNR on September... citeste mai mult
The Pension Bill Will Not Go to the Vote Again
Romania’s Chamber of Deputies rejected today the Standing Bureau’s proposition to put the pension bill to the vote again, amid fraud allegations raised by the opposition. The vote was rejected with 158 votes for not repeating the procedure, 33 in favor and eight abstentions. The Social Democratic Party filed today criminal complaints against Chamber of Deputies Speaker Roberta Anastase and lawmaker Sever Voinescu for allegedly marring last week's vote on the pension bill. They... citeste mai mult
The Jobless Rate Dropped Slightly to 7.39% in August
The unemployment rate fell in August to 7.39%, from 7.43% a month earlier, according to Romania's employment agency ANOFM. In August 2009, the jobless rate was 6.6%. In nominal terms, the total number of unemployed people reached 675,790, down from 679,495 people in July, ANOFM also said. Recently the International Monetary Fund stated that the labour markets are in a “terrible state”, since more and more people can not find a job for a stable period of time, and this,... citeste mai mult
Romania's August Annual Inflation, Still the Highest in EU
According to official data showed today by EU's statistics office, Romania had the highest inflation in the European Union in August, compared with the EU average rate of 2%, from 0.6% a year earlier and 2.1% in July. Romania is followed by Greece, with an inflation rate of 5.6%, and Hungary, with 3.6%, while the lowest annual rates were observed in Ireland (-1.2%), Latvia (-0.4%) and Germany (1%). Romanian consumer prices rose 0.2% in August compared with July, while EU's... citeste mai mult
Employers in Romania to Withhold and Pay Social Contributions for Copyright Income
Romanian employers shall withhold, declare and calculate the pension insurance contribution and the contribution to the unemployment fund for their employees’ income from copyright, Labor Minister Ioan Botis said today. According to the decision of the Romanian Government, the new procedures will be applied starting Monday, September 13. The social security contributions will not be paid for employees who are constantly paid salaries and gain income from copyright occasionally.... citeste mai mult
Over 160,116 Cars, Scrapped in Romania’s 2010 Clunkers Program
According to Romanian Environment Ministry, more than 160,000 cars older than ten years were scrapped in 2010 within Romania's clunkers program. Until 20 th of August, 2010 there were bought over 35,000 new cars, of which 50% were produced on the local market. The 2010 clunkers program was allotted RON722,000,000, enough to scrap 190,000 old cars, the ministry added. The 2010 clunkers program started on February 18. In exchange for a scrapped car, owners receive a voucher worth RON3,800 but... citeste mai mult
Romanian Government Announces For September New Measures to Boost Economy
Romanian Prime Minister Emil Boc announced on Saturday that, in September, the Government will promote a series of measures to uphold the country’s economy. Therefore, Emil Boc announced that the reinvested profit will not be taxed, young entrepreneurs will receive extra financial support from the state and the conditions that must be met by firms that hire unemployed people and make investments in order to get financial support will be eased. Regarding minimum wages, the... citeste mai mult
Transp Ministry Might Sack 12,800 Employees in the Railway Sector
Romania’s Transport Ministry might sack 12,800 employees in the railway sector until the end of September, according to sources close to the matter. Between March and April 2010, the ministry sacked 10,361 employees in the railway sector. The main targets are employees with freight railway company CFR Marfa (5,000 people), employees with passenger railway company CFR Calatori (3,900 people), employees with railway company CFR SA (2,900 people) and employees with rail upkeep company... citeste mai mult
Malware Threats in Romania Doubled to 1.6M - BitDefender
Romanian software security solutions provider BitDefender announced today that the number of malware threats in Romania has doubled in the first six months of the year compared to the same period in 2009, to 1.6 million. Most of the threats were malware applications disseminated internationally. The company has identified a daily average of 9,000 new threats. Also, in the first six months of the year, Romania was ninth in a ranking of the most active countries as a source of spam.... citeste mai mult
