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Bloomberg: FinMin Citu: Romania Has Buffer to Stave Off Any Funding Pressure

Friday, December 6, 2019

Finance minister says he’s not worried about currency swings Florin Citu vows measures to rein in country’s deficit in 2020 Romania’s finance minister said his country has a sufficient buffer to face any funding or exchange-rate pressure, vowing to shortly reassure markets with yet unspecified measures to rein in the Balkan nation’s deficit. “We have an optimum size buffer” of ...

Bank of China officially launches Bucharest branch on December 16

Friday, December 6, 2019


Bank of China , the fourth largest bank in the world, inaugurates the Bucharest branch on Monday, December 16, after 70 years of diplomatic relations between China and Romania. The ceremony will be attended by the Chinese ambassador to Bucharest, Jiang Yu, the chairman of the Administration Board of Bank of China, Liu Liange, the general manager for Central and Eastern Europe, Xu Haifeng and the director of the bank's Bucharest branch, Guo Lixin. Mugur Isarescu, the governor ...

Wood Businesses Community warns of evolving crisis in wood and furniture industry

Friday, December 6, 2019


Romania's wood and furniture industry are in an ongoing state of crisis, Catalin Tobescu, president of the Wood Businesses Community - Fordaq, told the Forests, Wood Industry and Green Economy Forum on Thursday."Many entrepreneurs want to quit the wood and furniture business. This should set us thinking. According to information provided by the National Institute of Statistics, there was an 8 percent decrease this year in the furniture industry, and a 5 percent decline in the ...

Social Monitor report: Romania trailing other EU states by average financial wealth

Friday, December 6, 2019


A Romanian's average financial wealth is 9,965 US dollars, significantly lower than that of the citizens of other EU member states, shows an infographic report of the Social Monitor, a project of the Friedrich-Ebert-Stiftung Romania."According to Credit Suisse data, the average wealth of a Romanian adult is 43,074 US dollars, but this means the sum of the financial wealth - that is, the money held in bank or cash accounts - and the non-financial wealth represented by property, ...

Lithuania, Romania, the most significant decline in the number of employees in EU, in Q3

Friday, December 6, 2019

The number of employees in the European Union and the Eurozone rose by 0.1 per cent in the third quarter of 2019, compared to the previous three months, while Lithuania and Romania reported the most significant decline at this chapter, shows data released by the European Bureau of Statistics (Eurostat) on Thursday.Over July-September 2019, the most significant increase in the number of employees was registered in Estonia and Latvia (both with 1 per cent), Slovenia (0.5 per cent) ...

World Giving Index: Romania, not among the most generous countries

Friday, December 6, 2019

Romania ranks 97th out of 128 countries included in the World Giving Index, a top of the most generous countries in the world over the past decade. The U.S. tops the ranking, followed by Myanmar and New Zealand, according to Market Watch, local Mediafaxreported. The ...

The fifth edition of Kazakh Film Days, December 11 and 12

Friday, December 6, 2019


Two representative films for Kazakh cinematography will be presented at the fifth edition of Kazakh Film Days, an event held on December 11 and 12 at Elvira Popesco Cinema. “Cultural cooperation is essential for the development of inter-state relations. This event is a good opportunity to present Kazakh culture, history and our traditions to Romanian film lovers. We organize Kazakh Film Days to mark the celebration of 28 years of independence for Kazakhstan Republic, as we want ...

President-elect Iohannis to take oath of office at Parliament solemn sitting on December 21

Thursday, December 5, 2019

President-elect Klaus Iohannis will take the oath before a solemn joint sitting of Parliament on December 21, according to a joint decision of Parliament's Standing Bureaus on Wednesday.The sitting will start at 14:00hrs, EET, with the national anthem, according to the approved ceremonial.Opening the ceremony will be Chairman of the Constitutional Court Valer Dorneanu, who will read out the decision regarding the validation of the election of the ...

President Iohannis: We must establish together what are the threats facing NATO

Thursday, December 5, 2019


President Klaus Iohannis has stated after the high-level meeting of NATO, on Wednesday, that it must be established the threats facing NATO, as well as who are the opponents, how NATO relates to the new powers."We must establish together what are the threats facing NATO, who are our opponents, how does NATO relate to the new powers - for instance, what will be NATO's approach regarding China. These are very legitimate questions and these matters should be ...

PSD interim chair Ciolacu: We will organise a PSD congress by February 29

Thursday, December 5, 2019

The interim chair of the PSD (Social Democratic Party), Marcel Ciolacu, stated at the end of the National Executive Committee meeting of this party, on Wednesday evening, that Niculae Badalau was not expelled from the party and no one will be expelled as long as he is interim chair. The leader of PSD Giurgiu was sanctioned instead by being deprived of all his positions held at the central level of the party. "The current leadership is an interim one. We have ...

Bill reversing compensatory appeal clears Lower House

Thursday, December 5, 2019

The bill abolishing the compensatory appeal cleared on Wednesday the Chamber of Deputies, the decision-making body in this case, by 272 votes and 5 abstentions.The bill was initiated by the National Liberal Party (PNL) and was merged with the draft tabled by the Save Romania Union (USR).During the debates, PNL floor leader Florin Roman said that the Liberals have initiated this law as they put the citizens' safety above all."A year ago we ...

The state  borrows 177 million euro from CEB to build two prisons

Thursday, December 5, 2019


The Romanian state contracted a loan of 177 million euro from the  Council of Europe Development Bank (CEB) for the building of two prisons which will create 1,900 new places for different categories of detainees, in accordance with the European standards, as well as a facility for the training of the personnel in penitenciaries and a centre for the recuperation of the work capacity of the officers, according to a draft law published on ...

The Judges Forum: over 80% of the magistrates and prosecutors support the elimination of the Special section

Thursday, December 5, 2019

Over 80 % of the judges and prosecutors who expressed their point of view in the general assemblies of the tribunals and prosecutors’ offices in the country support the elimination of the Section for the investigation of crimes in Justice (SIIJ) according to the partial data centralized by the Judges Forum of Romania.The minister of Justice Catalin Predoiu sent to the magistrates of Romania, to the prosecutors and the judges a letter where he invites them to ...

Extra fuel excise and the over-taxation of part-time employment contracts, eliminated by Chamber of Deputies

Thursday, December 5, 2019


The extra fuel excise and the over-taxation of part-time employment contracts will be eliminated starting with January 1, 2020, according to a bill for the amendment of the Fiscal Code, adopted on Wednesday by the Chamber of Deputies with 280 votes "in favour", one vote against and two abstentions.Thus, from January 1, 2020, the over-taxation of part-time employment contracts would be eliminated, in order to apply a calculation basis for social contributions and ...

Minister of Economy: We will take responsibility in Parliament for modification of GEO 114

Thursday, December 5, 2019

The Government will take responsibility in Parliament for the modification of the GEO No. 114 in the next 2 - 3 weeks, so that, by the end of the year, it will cease its disastrous effects on the energy field, Economy Minister Virgil Popescu stated on Wednesday."We will take responsibility in Parliament for GEO 114 in the next 2 to 3 weeks, for the entire package, so that, by the end of the year, this Ordinance will cease its disastrous effects on the energy ...

Gov't senior Danca: We apply current Pension Law, with increase of pension point by 40pct as of September

Thursday, December 5, 2019

The current Pension Law, which also provides for a 40 percent increase in the pension point from September 1, 2020, will not be amended, said Wednesday evening, the head of the the Prime Minister's Chancellery, Ionel Danca.According to him, all the salary rights of the budgetary system employees, but also the pension rights granted under the normative acts in force will be maintained."I go back to the government programme where it very clearly says ...

Hourly cost of labor increased by 13 pct, in Q3 2019

Thursday, December 5, 2019

- In Quarter III 2019 the adjusted hourly labour cost (working days adjusted) registered an increase rate of 2.07% by comparison with the previous quarter and of 13.18% by comparison with the same quarter of the previous year  The hourly cost of labor, adjusted by number of working days, has recorded an increase of 13.18 pct in Q3 2019 compared to the same interval of the previous year, and the most important increase (22.91 pct) was ...

Survey: 60% of the companies say that the acquisitions brought value to the shareholders

Thursday, December 5, 2019

The majority of the companies (61%) which made acquisitions over the last three years say that the tradings brought value to the shareholders versus the price paid, as 92% of the buyers state they had a plan for it, says the PwC global survey ‘ Creating value beyond the deal’. The survey shows that 98% of the companies which say that the recent acquisitions created value confirm that they had a plan and they followed a strategy. Among them, ...

Study: More than half of the Romanians consider themselves helpless as regards climate changes

Thursday, December 5, 2019


More and more Europeans, almost half of the population of ten European countries feel that they have very little protection or even no protection at all against the effects of climate changes, show a survey made by E.ON and Kantar EMNI according to which at the top of the most worried Europeans are the Romanians, 56% of the interviewees considering themselves helpless as regards climate changes.  ‘We are second after the Italians who share ...

World Francophonie Summit on education, research and cooperation in healthcare to be held in Iasi

Thursday, December 5, 2019

More than 20 members from France and Francophone countries are taking part in the World Francophonie Summit in Iasi focusing education, research and cooperation in healthcare. University Professor, PhD, Consuela Forna, head of CID-CDF (La Conférence Internationale des Doyens et des Facultés de Chirurgie Dentaire d'Expression Totalement ou Partiellement Française), the organiser of the event, stated that events will take place over ...

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