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Financial & Banking

Tax changes affecting the IT-business

Monday, February 27, 2017

In Romania, certain employees belonging to the IT sector, such as programmers, have been benefitting from certain tax incentives since 2004, lexology.com informs în an article. At the beginning of 2017, the Ministry of Finance has issued the ordinance 2903/2016 which redefines the income tax exemption for programmers. This new ordinance, which is effective since February 1st 2017, replaces the former ordinance 835/2015. It includes substantial ...

The main index of BVB has lately increased on improved macroeconomics, dividends and corporate financials

Monday, February 27, 2017

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The main index of the Bucharest Stock Exchange (BVB), the BET, has lately increased on improved macroeconomics, dividends and corporate financials, BVB Chairman Lucian Anghel told AGERPRES on Wednesday. "We are talking about an increase in BET of over 10 percent since the beginning of the year. This can arguably be the best year start in many years. I believe there are several reasons for that. Firstly, the prospects for Romania's macroeconomics late this ...

Less than 10 pct of the 140,000 IT Romanian companies have professional responsibility insurance, says CertAsig

Monday, February 27, 2017

The key micro-trend in corporate specialized insurance will be, in 2017, the professional indemnity insurance for developers and IT consultants, according to an analysis performed by an insurance company sent on Tuesday. In Romania there are ...

Life insurer NN Romania's gross underwritten premiums rise 5.2% in 2016

Monday, February 27, 2017

Romanian life insurer NN Asigurari de Viata said on Tuesday its gross underwritten premiums increased by 5.2% last year, reaching 661.7 million lei ($155 million/146 million euro). Health insurance policies, the latest product launched by NN on the Romanian market in April 2016, generated over 21% of total sales, the company said in a press release. "2016 was a great year for our business in the context of Romania's record ...

EC asks Croatia, Romania, Slovenia to fully apply new EU rules on audit

Monday, February 20, 2017

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The European Commission said on Wednesday it has requested Croatia, Romania and Slovenia to fully implement the new EU rules on audit, seenews.com reads. The countries have failed to swiftly enact the new legislation, after initially missing the original deadline to include the rules into national law by June 17, the Commission said in its February monthly package of infringement decisions. The EU executive body issued a warning ...

Romania's Fondul Proprietatea swings to profit in 2016

Monday, February 20, 2017

Romanian property restitution fund Fondul Proprietatea [BSE:FP] said on Wednesday it swung to a net profit of 447 million lei ($104.5 million/99.1 million euro) last year, from a 565.1 million lei net loss in 2015., seenews.com reports "The main contribution to the profit recorded in 2016 was the net gain on disposal of equity investments available for sale, which was partially offset by the net loss from equity investments at fair value through profit ...

Minutes of the monetary policy meeting of the National Bank of Romania Board on 7 February 2017

Monday, February 20, 2017

The National Bank of Romania Board members present at the meeting: Mugur Is?rescu, Chairman of the Board and Governor of the National Bank of Romania; Florin Georgescu, Vice Chairman of the Board and First Deputy Governor of the National Bank of Romania; Liviu Voinea, Board member and Deputy Governor of the National Bank of Romania; Marin Dinu, Board member; Daniel D?ianu, Board member; Gheorghe Gherghina, Board member; Ágnes Nagy, Board member; and ...

Euroins Romania's Jan premium income rises

Monday, February 20, 2017

The premium income of Euroins Romania grew 51.2% year-on-year in January, reaching 19.9 million euro ($21.24 million), parent company Eurohold Bulgaria [BUL:4EH] said on Thursday quoted by seenews.com. Premium income from third-party liability insurance for motor vehicles climbed by an annual 51.4% to 18.9 million euro in January, Eurohold Bulgaria said in a bourse filing. Euroins Romania is a subsidiary of Euroins Insurance ...

Romania's Banca Transilvania 2016 net profit halves

Monday, February 20, 2017

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Romania's Banca Transilvania [BSE:TLV] said on Tuesday it booked a net profit of 1.23 billion lei ($290 million/273 million euro) in 2016, as compared to a record-high 2.41 billion lei in 2015 following its merger with Volksbank, seenews.com informs. “In 2016, we achieved good results in terms of organic growth and profitability, one year after the merger with and integration of Volksbank Romania,” Banca Transilvania CEO Omer Tetik was ...

SIF Moldova recorded in 2016 a net profit of 123.3 million lei

Monday, February 20, 2017

SIF Moldova recorded in 2016 a net profit of 123.3 million lei (rd EUR 27 ml), up by 22.9 pct compared with the previous year's result, according to the company's report, submitted to the Bucharest Stock ...

State Secretary Misa: We hope to complete the Economic Code of Romania in April

Monday, February 20, 2017

Speaking at a conference on Wednesday, State Secretary with the Ministry of Finance Ionut Misa said the executive hoped the Economic Code will be completed in April, despite a tight deadline, business-review.eu reports. “We hope to complete the Economic Code, which will include the Fiscal Code, the Code of Fiscal Procedure, the Law on the Creation of Companies, Law of Tax Evasion and all ...

Fitch upgrades Garanti Bank Romania rating outlook

Monday, February 20, 2017

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International rating agency Fitch Ratings upgraded Garanti Bank Romania’s outlook to stable, and confirmed its ratings, business-review.eu informs. As such, the bank’s Long Term IDR was confirmed to ‘BBB-(Investment grade)‘, its Short Term IDR, to ‘F3’, its Support Rating to ‘2’, and its Viability Rating to ‘b+’. Fitch emphasized the strategic importance of ...

ANAF’s January tax collection rate from large contributors stands at 121 percent

Monday, February 20, 2017

The National Agency of Fiscal Administration (ANAF) doesn’t have at the moment issues in collecting taxes and contributions despite its IT systems being affected by glitches, business-review.eu informs .. Moreover, it even exceeded its revenues from big tax payers in January, said the Public Finance Ministry, Ionut Misa. „From big tax payers ANAF succeeded to get a tax rate level of 121 percent in January, so at the moment there is no risk ...

BVB registered a net profit of RON 7.87 million in 2016

Monday, February 20, 2017

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The Bucharest Stock Exchange (BVB) registered a net profit of RON 7.87 million in 2016, an increase by 19pct compared to the previous year, shows a press release published on its own ...

BRD-Groupe Societe Generale, a pre-tax profit în 2016 by 62 percent higher than în 2015

Monday, February 20, 2017

 BRD-Groupe Societe Generale reported a pre-tax profit of 863.319 million lei for 2016, by 62 percent higher than in the previous year; the net profit was 728.281 million lei, up 63 percent, shows preliminary data sent to the Bucharest Stock Exchange on Thursday. Net interest income totaled 1.481 bln lei, while fees income amounted to 737.021 ml lei. Operating revenues stood at 2.634 bln lei, and the net operating profit was 1.324 bln ...

Poland’s Kaczynski warns two-speed Europe leads to ‘breakdown’

Monday, February 13, 2017

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The powerful head of Poland’s ruling party Wednesday (8 February) warned that any moves toward a two-speed European Union would lead to the bloc falling apart, EurActiv.com reads. Jaros?aw Kaczy?ski told Polish media that a so-called two-speed Europe would lead to the “breakdown, and in fact the liquidation, of the European Union in its current sense”. German Chancellor Angela Merkel said last week that ...

The Court of accounts: the government needs to make a negative rectification both in July and in November

Monday, February 13, 2017

The vice-chairman of the Court of Accounts Vasile Cosmin Nicula stated on Wednesday that from the data received at the first and the second budgetary amendment, made by the Ciolos government they had to be negative, stating that the representatives of the Court are still in control at the MFP and the regional directions. ‘From the data we have from the ministry of finances, the respective prognosis of the income and the programming of incomes in ...

BNR: Board decisions on monetary policy - monetary policy rate at 1.75 percent per annum

Monday, February 13, 2017

* In its meeting of 7 February 2017, the Board of the National Bank of Romania (BNR) decided the following: to keep unchanged the monetary policy rate at 1.75 percent per annum; to pursue adequate liquidity management in the banking system; and to maintain the existing levels of minimum reserve requirement ratios on both leu- and foreign ...

Reuters: Romania c.bank leaves rates steady amid political turmoil

Monday, February 13, 2017

 Romania's central bank left its benchmark interest rate unchanged on Tuesday at a record low of 1.75 percent, as expected, maintaining a cautious stance after street protests forced the government to ditch a contested decree, Reuters informs. Consumer prices fell by an expected 0.5 percent on the year in December and have been in negative territory throughout 2016 following cuts in value-added tax and lower energy prices. The central bank targets ...

Reuters: Greece's Eurobank looking for strategic partner for Bancpost- sources

Monday, February 13, 2017

Greek lender Eurobank is looking for a strategic partner to buy a stake in its fully-owned Romanian unit Bancpost as part of moves to reduce its overall exposure in non-Greek assets, sources at the bank told Reuters on Friday. "We have appointed two advisors to search for a strategic partner to acquire a stake in Bancpost. This would help the bank reduce its holding in Romania and deliver on commitments to reduce its exposure abroad," one of the ...

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