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Financial & Banking
Balance of payments and external debt – July 2020
Monday, September 21, 2020
In January - July 2020p, the balance-of-payments current account posted a deficit of EUR 4,863 million, compared with EUR 6,083 million in the same year-ago period, the BNR’s (Central bank) data show. The deficit on trade in goods widened by EUR 635 million, the surplus on services increased by EUR 370 million, the primary income balance saw its deficit narrowing by EUR 945 million, and the surplus of the secondary income balance rose by EUR 495 ...
ASF: the market of private pensions has surpassed 14 billion euro administered assets
Monday, September 21, 2020
The value of total assets in management, at the level of the entire system of private pensions, has reached the sum of 68.57 billion lei, on 30th June up by 6.31% against December 2019, announced on Friday the Authority for Financial Supervision (ASF). Moreover, the share of private pensions in the GDP at the end of June 2020 ...
Profit net consolidated of TBI Bank dropped by 16% in Q1 at 82 million euro
Monday, September 21, 2020
The net consolidated profit of TBI Bank dropped by 16% in Q1 at 8.2 million euro, while the assets increased by 8% up to 504 million euro,announced on Wednesday the bank in a press release. In the first half of 2020, TBI Bank offered new loans worth 150 million euro in the countries where they operate, which contributed to the increase of the consolidated portfolio up to 359 million euro. At the same time,the TBI Bank deposits had an ...
BVB sees 553 mln euro listings in Jan-Aug
Monday, September 21, 2020
The value of the financial instruments in the equity and fixed income segments listed on the Bucharest Stock Exchange (BVB) amounted to some 533 million euro ($632 million) in the first eight months of the year, the bourse said last week. In ...
Approximately 8% of the households in Romania use loans as a financial instrument
Monday, September 21, 2020
Loans as a financial instrument are used by 8.1% of the households, they being purchased for installments, including leasing, goods such as cars, technical equipment and electronic equipment, etc, in proportion of 5.2% according to research of the Nationa Institute for Statistics (INS).The statistical research ‘ Living conditions of the population of Romania’ in 2019 shows the fact that loans have been contracted for the payment of ...
HR Spotlight Interview: Andreea Voinea, HR Executive Director at BCR
Monday, September 21, 2020
For the first interview of the new HR Spotlight series, Business Review sat down with Andreea Voinea, HR Executive Director at BCR, to see how the banking sector is preparing for the #futureofwork. Andreea Voinea will also feature in an All Star Panel titled Employer Branding: keys to success | Moving Forward, Together, at BR’s upcoming ...
OLAF Report: Romania, most fraud cases with European funds in 2019
Monday, September 14, 2020
Romania appears in OLAF Report (European Anti-Fraud Office) in several chapters about fraud with European funds: aquaculture farms in areas without water, European funds for forest fire prevention or funds for waste water management. Complex international maneuvers were used to embezzle 148 million euros in 2019, OLAF mentioned in its latest report. Investigators pointed out new or recurrent tendencies in understandings between ...
Romania doesn't support switch from unanimity to qualified majority in taxation-related decisions at EU level
Monday, September 14, 2020
Romania does not support the transition from unanimity to a qualified majority in respect to the adoption of the decisions taken at the EU level in the taxation field, said the Minister of Public Finance, Florin Citu, at the Economic and Financial Affairs Council (ECOFIN).In the context in which the EU finance ministers debated the need to reform the fiscal system for fair and efficient taxation, Florin Citu recalled that taxation policy is an element of ...
Romania lost 6.5bn euros in 2018 due to VAT non-collection
Monday, September 14, 2020
Romania lost 6.595 billion euros in 2018 due to non-collection of value added tax (VAT) revenues, according to a study on the VAT collection deficit published on Thursday by the European Commission.As in 2017, Romania registered the largest VAT collection deficit at national level, 33.8% of the expected revenues from this tax not being collected in 2018. Romania is followed by Greece (30.1%) and Lithuania (25.9%). The lowest deficits were in Sweden (0.7%), Croatia ...
Finance Ministry, Stock Exchange, Financial Supervisory Authority mull capital market strategy
Monday, September 14, 2020
The Public Finance Ministry is in talks with the Bucharest Stock Exchange and the Financial Supervisory Authority (ASF) for a capital market strategy to attract both issuers and clients for the capital market, Finance Minister Florin Citu said on Thursday."You mentioned something very important for Romania: the transition to emerging market status. I think that we have gone over this too easily in the public space and this aspect should be emphasized, because for ...
66% of BNP Paribas’ customers intend to adjust their costs in the pandemic context and save more
Monday, September 14, 2020
BNP Paribas Personal Finance SA Bucharest Branch, through its Cetelem trademark, conducted a study among the portfolio clients that aimed to measure the financial perception and behavior in the context of the COVID-19 pandemic. According to the study, the overall impact felt by customers was high, 62% said that they had felt reppercusions. In terms of current financial behavior, the highest reported impact is on consumption, 66% of customers intending to adjust their ...
FinMin Citu: To ensure rapid recovery of economy fiscal, monetary policies need to work together
Monday, September 14, 2020
Investments had a positive contribution to the economic growth of 0.4 percentage points in the second quarter, and the net median nominal wage has increased in July by 8.1 pct, over July 2019, yet, in order to maintain rhythm and to ensure a rapid recovery of the economy, it's necessary that the fiscal and monetary policies work together, states the Minister of Finance, Florin Citu."Good news from the economy, in the context of the biggest economic crisis in ...
SIF Banat-Crisana to buy 99.92% of South Korean-owned Doosan IMGB
Monday, September 14, 2020
Romanian investment fund SIF Banat-Crisana [BSE: SIF1] said on Monday that it has signed an agreement for the acquisition of a 99.92% stake in Doosan IMGB, a South-Korean-owned metallurgical company based in Bucharest. The agreement was signed on September 4 and is pending approval from Romania's anti-trust body, SIF Banat-Crisana said in a statement ...
BNR: International reserves – August 2020
Monday, September 7, 2020
On 31 August 2020, the National Bank of Romania’s foreign exchange reserves stood at EUR 35,768 million, compared to EUR 36,249 million on 31 July 2020. During the month, the following flows were recorded: EUR 1,360 million worth of inflows representing changes in credit institutions’ foreign currency-denominated required reserves, inflows into ...
Romania's local currency securities included in the Bloomberg Barclays Global Aggregate index
Monday, September 7, 2020
Romania's local currency securities have been included in the Bloomberg Barclays Global Aggregate index, one of the most tracked indices globally by bond fund managers, the Bucharest Stock Exchange (BVB) informs.According to Bloomberg, as a result of this decision, a number of 39 bonds with a market value of $138.5 billion will be the equivalent of 0.2% of the Global Aggregate Index and 0.5% of the Global Treasure Index."This will make the passive ...
Only 22% of the arable land of Romania is insured, namely 2 million ha, out of 8.3 million ha
Monday, September 7, 2020
The National Union of Companies for Insurance and Reinsurance of Romania announced that storms, and torrential rain generated over 96% of the damage paid to the farmers and at the same time that only 22% of the arable land of Romania is insured, namely almost 2 milion ha, out of 8.3 million ha. In the context of the extreme weather phenomena over the last years, which lead to important loss în agriculture, the Romanian farmers may protect their investments through ...
An ongoing look at how the attitudes of financial decision makers in Romania are evolving during the COVID-19 pandemic.
Monday, September 7, 2020
Over 40 percent of financial decision makers in Romania view the current economy as weak, and a similar percentage expect it to weaken further in the next 3 months. Similarly, over 50 percent of consumers state their current financial situation is at least somewhat weak, and only 20 percent expect it to improve in the next months. While almost half of consumers have experienced reduction in income and savings, less than a third have been able to reduce household spending. ...
SIGNAL IDUNA Romania announces a turnover of over RON 57.4 million in H1 of 2020
Monday, September 7, 2020
SIGNAL IDUNA Romania insurance company ended the first six months of 2020 with a turnover of over RON 57.4 million, which represents an increase of 44% compared to the same period of 2019. The number of insured persons reported at the end of the first six months of 2020 amounts to over 180,000 people, increasing compared to the same period last year by 64%, of which 88% are corporate contracts, the rest being assigned to the retail segment. The results achieved ...
FONDUL PROPRIETATEA H1 2020 FINANCIAL RESULTS
Monday, September 7, 2020
Fondul Proprietatea (hereinafter “The Fund”) has published its semi-annual report and financial results for the first half of 2020 and would like to share the most important highlights: The share price had a strong performance in the first two months of the year, reaching a record high of RON 1.3800 per share on 14 February 2020. The negative impact of COVID-19 ...
"CIRCULAR EUROPE" STUDY BY ENEL AND THE EUROPEAN HOUSE – AMBROSETTI
Monday, September 7, 2020
FOR THE FIRST TIME THE STATE OF THE ART OF CIRCULAR ECONOMY IN EUROPEAN COUNTRIES HAS BEEN MEASURED: THE TRANSITION TO A CIRCULAR ECONOMY WILL BRING ECONOMIC, SOCIAL AND ENVIRONMENTAL BENEFITS THROUGHOUT EUROPE The study analyses the state of the art of Circular Economy in Europe (27 EU countries and the United Kingdom) using an innovative analysis model, the Circular Economy Scoreboard, which ...