Government 
Romania January Private Lending Down 1.5 percent, On Month. Deposits Down 1.8 percent
According to the central bank data, Romanian private lending fell 1.5% in real terms to 207.8 billion lei (EUR1=RON4.23) in January from a month earlier, but was up 4.3% on the year. On the other hand, deposits of non-government resident customers declined 1.8% on the month to RON174.3 billion in January, but were up 6,1% on the year. Private loans in Romanian lei declined 1.3% on the month to RON76.9 billion in January, while foreign currency loans decreased by 0.8% when expressed in lei. When expressed in euros, forex loans nudged down 0.1% in January. Compared with January 2010, loans in Romanian lei fell 4.2% in January, whereas hard currency loans rose 10% when expressed in lei . The deposits in lei went down 2% on the month to RON111.2 billion in January, while foreign currency deposits declined 1,3% when expressed in lei to RON63.09. When expressed in euros, forex deposits decreased by 0.6% in January. Compared with January... citeste mai mult
Oil Companies Financial Reports To Be Verified By Romanian Tax Authority
The Government's report analyzing the producers and distributors of gas and diesel shows that almost all the local oil companies reported significant losses for 2010 and their real profits were not reflected accordingly, although fuel pump prices increased by around 20% in Romania last year. As a result of this report, Romanian tax authorities will verify whether the financial reports of local oil companies include unjustified expenses aiming to reduce their real profit and if their declared fiscal losses are grounded. "We will also verify whether the profits have been transferred abroad," Government sources said on Tuesday. The verifications will begin at the request of Prime Minister Emil Boc. The main companies selling fuel in Romania are OMV Petrom (SNP.RO), Rompetrol, LukOil, MOL and OMV. citeste mai mult
Three Romanian Power Suppliers To Merge Under Electrica
Romanian authorities plan to merge three electricity suppliers into a single unit running under state-owned electricity supplier Electrica, according to an official government document. The three companies are Transilvania Nord, Transilvania Sud and Muntenia Nord. The document, which outlines the state's plans for companies controlled by the Economy Ministry, shows Electrica currently owns six electricity suppliers and distributors. 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 Oprescu, adding ministry employees decided to resume protests. They accused the Finance Minister, Gheorghe Ialomitianu, of not wanting to release the incentives, not even after the performance criterias have been established. Romania's Chamber of Deputies Tuesday adopted a government emergency decree regarding the payment of bonuses and incentives in the public sector. The decree, which adds an average level of the bonuses and incentives granted in 2009 to employees' gross salaries thus raising... citeste mai mult
Romanian Prime Minister Invites Union Leaders For Talks
Government spokeswoman Ioana Muntean announced today that Romanian Prime Minister Emil Boc has invited union leaders at the Government’s headquarters at 4 p.m. to discuss their claims. Labor and economy ministers will also attend the meeting. Around 5,000 unionists have gathered outside the Government building, from where they will march past the headquarters of ministries of Economy, Labor, Interior, Health and Agriculture, in protest to austerity measures including public sector layoffs and wage cuts. Ahead of the protest, labor minister had invited union leaders for talks, but they declined saying the protest shall take place as planned and talks may be held afterwards. 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 Prime Minister said authorities still hold negotiations with unionists and employers and a decision will soon be made. According to the unionists, the public sector wage law will be revised in its entirety and will no longer be based on 2009's salaries, but on those of 2010, reduced through the austerity measures, and a new law will be issued every year to set the new wage level. citeste mai mult
Emil Boc: 88,067 Jobs Have Been Cut In Public Sector This Year
Since the beginning of the year, according to documents approved by the Government, 88,067 jobs have been cut this year in the public sector, of which 14,462 were vacant and 73,605 filled, Romanian Prime Minister Emil Boc said Saturday. He added layoff procedures are still underway for part of these jobs. "There are normative acts for all these layoffs and, in some cases, procedures are underway. The results of our work now will be apparent in 2011 and 2012. It’s a halfway report, we are in term and the process continues. In each activity sector will remain as many people as it is needed”, Boc told. The dismissed employees can opt for recalification programmes or they can look for a job amongst the 10.000 vacancies which are available at national level, the official mentioned. He added the Government will help the private sector absorb the workforce coming from the public sector. citeste mai mult
Romanian Jobless Rate Will Rise Until the End of the Year
Romanian Prime Minister Emil Boc announced on Sunday that the Government estimates an increase in the country’s unemployment rate until the end of 2010, caused by the austerity measures applied in the public sector. The official also pointed that the decrease in the country's jobless rate observed in the past few months was driven by the summer period. Boc stressed that, although revenues to the social security budget are similar to those in the first half of 2009, the situation doesn’t look good because the costs with unemployment benefits are expected to double due to the restructuring process is the public sector. Still, Romania's jobless rate is way below the average of other European Union countries, pointing 7.44% in June, from 7.67% a month earlier. citeste mai mult
Prime Minister: 16% Flat Tax Remains Unchanged
According to Romanian Prime Minister Emil Boc, the Government has no plans to increase, lower or eliminate the 16% flat tax, even though it is considering different scenarios. "We are currently not talking about raising or lowering the flat tax. We are considering different scenarios but, I repeat, the flat tax currently stays at 16%," Boc said. The Prime Minister also said, on Friday, that the Government will scrap the minimum tax imposed on companies as of this fall. "The minimum tax will be eliminated starting with the fall. The minimum tax already produced its intended effect and it will be cancelled in the fall," Boc assured. Also Friday, Economy Minister Adriean Videanu said the minimum tax could be eliminated as of October 1 or November 1. citeste mai mult
