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Financial & Banking

Daianu: Global economy to enter into a new recession but not as bad as the financial crisis

Monday, November 26, 2018

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The global economy could enter into a new recession into the next period but not as bad as it was the crisis registered in 2007-2009, National Bank of Romania (BNR) board member Daniel Daianu said on Wednesday. “This must be said: the technical recession is not the same thing with real recession. It can turn into a real recession if you have a cocktail of circumstances like: major international corrections, a 9-year economic recovery in the US ...

Uniqa Insurance and Uniqa Life Insurance report a 9 pct drop in gross written premiums at 9 months

Monday, November 26, 2018

Uniqa Insurance and Uniqa Life Insurance announced that in the first nine months of the year, compared to the same period of 2017, they recorded a decrease of 9 percent in gross written premiums, to EUR 69 million, in the context of lower exposure on the auto segment. The best dynamics in the first nine months of this year were recorded in the life insurance segment, within Uniqa Life Insurance, with sales of EUR 13.2 million, ...

Local and foreign investment funds' net assets down 5.6 pct year-to-date

Monday, November 26, 2018

Net assets managed by the 206 local and foreign open- and closed-end investment funds were by 0.7 pct less this October, at 43.2 billion lei and 9.25 billion euro, respectively, and 5.6 pct down since the beginning of the year, with net outflows of the month amounting to 234 million lei (50.2 million euro), Romania's Fund Managers Association (AAF) reported on Tuesday.The net assets of the 78 local open-end funds were 1.3 pct down in October from the previous ...

ING Bank: Romania’s public finances at their worst since the financial crisis; technical recession expected in 2019

Monday, November 26, 2018

Analysts from ING Bank have issued a warning on the future of the Romanian economy, given that fiscal policies and the budget are in the worst situation they’ve been since the crisis, economic growth is slowing and the country is entering an electoral period. “Romania is entering election mode, with the bulk of the previous electoral promises backloaded to maximise the impact. Hefty state handovers without structural reforms should widen ...

National Bank of Romania, only authorised institution to issue currency

Monday, November 26, 2018

Issuing Sibcoin, if it is a currency, as defined by the law, is not in compliance with the legislation in force, the National Bank of Romania being the only institution authorized to issue currency in the form of banknotes or coins, BNR representatives said."Article 12 of Law 312/2004 specifies that BNR has the exclusive right to issue, namely the National Bank of Romania is the only institution authorized to issue currency in the form of banknotes and coins as ...

Value of shares listed on Bucharest Stock Exchange, 10pct of GDP, developed stock exchange should be 30pct

Monday, November 26, 2018

The value of the shares listed on the Bucharest Stock Exchange is over 10 percent of the GDP, but on a developed exchange it should be at least 30 percent of the GDP, the Director General of the Bucharest Stock Exchange, Adrian Tanase said on Tuesday at a specialist event."I think that if the Stock Exchange widens its range of instruments to offer to investors, and this community of local investors grows, then we will have a more active primary market. Just to ...

Libra Internet Bank reports nine-month profit of 75.3 ml lei

Monday, November 26, 2018

Libra Internet Bank, member of the American investment group New Century Holdings, reported a nine-month net profit of 75.3 million lei, more than 20 pct higher than the 2017 full-year figure, the bank said in a release."Libra Internet Bank is having a remarkable period, and the nine-month financial results confirm this. The most important growth drivers were the niche segments we have been focusing on as a priority, namely agriculture, liberal professions and ...

Banks’ cumulative net profit in Romania – RON 5.88bn in nine months

Monday, November 26, 2018

The 35 banks in Romania obtained a cumulative net profit of almost RON 5.88 billion in the first nine months of this year, level uncompensated with losses, up by 42% as compared to the same period last year, the National Bank of Romania (BNR) informs, romaniajournal.ro reads. Out of this total, 81% (RON 4.77 billion) was achieved by the first six banks, as a share of assets, on the market. The Romanian banking system’s ...

Total trading value goes up by 20 percent in October for all the segments of the Bucharest Stock Exchange

Monday, November 26, 2018

Investors trading on Bucharest Stock ...

Romania ranks 49th in the world on the ease of paying taxes

Monday, November 26, 2018

Romania ranks 49th out of 190 countries in terms of ease of paying taxes, according to fresh “Paying Taxes 2018” report released by PwC and World Bank,quoted by http://business-review.eu.   The report has compared tax systems across 190 economies, highlighting how technology is changing the way taxes are administered and collected. According to the report, Romania has a total tax and contribution rate of 40 ...

UniCredit Leasing Romania to have new CEO as of January 1, 2019

Monday, November 26, 2018

Daniela Bodirca, currently Chief Risk Officer and executive vice-president of UniCredit Bank will take over the CEO position of UniCredit Leasing as of January 1, 2019. With a 20-year expertise in the banking sector, Daniela Bodirca has been part of the UniCredit team since 2008. „I am honoured by the new mandate and I am looking forward to joining the UniCredit Leasing team so that we could contribute together to the ...

Minutes of the monetary policy meeting of the National Bank of Romania Board on 6 November 2018

Monday, November 19, 2018

13 November 2018 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; Eugen Nicol?escu, Board member and Deputy Governor of the National Bank of Romania; Liviu Voinea, Board member and Deputy Governor of the National Bank of Romania; Marin Dinu, ...

Opening address for Andrea Enria, Chair of the EBA, at the conference Financial Integration and Home–Host Trust in the EU

Monday, November 19, 2018

Mugur Isarescu, NBR Governor Distinguished guests, Ladies and gentlemen, Welcome to the National Bank of Romania. On behalf of the National Bank of Romania’s Board, allow me to welcome Mr. Andrea Enria, Chair of the European Banking Authority, our guest of honour. It has become quite a tradition for ...

IMF recommends Gov't to reconsider public wage increases for negative implications on economic growth

Monday, November 19, 2018

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Increases in public wages and planned changes to pension benefits should be reassessed for their negative implications for fiscal sustainability and long-term growth, the International Monetary Fund (IMF) said in a statement at the end of the visit to Bucharest, November 6 - 12, 2018, of an IMF staff team led by mission chief Jaewoo Lee, to discuss recent macroeconomic and policy developments."Economic activity in Romania remains strong with unemployment at a ...

Ionut Dumitru: for Romania,60% share of the debt in the GDP would be too much: there would be nobody to buy

Monday, November 19, 2018

Romania has a low level of the debt in the GDP against other European states but we should not compare ourselves or look to the criteria in Maastricht, of 60% of GDP as there would be nobody to finance such a public debt, stated on Wednesday the chairman of the Fiscal Council Ionut Dumitru at the annual conference  organised by the Association of the Financial-Banking analysts in Romania.‘If we look at how the public debt evolved in Romania,it increased ...

Eurostat: Romania had biggest economic growth in EU in quarter 3, 2018

Monday, November 19, 2018

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With a GDP increase of 1.9% in quarter 3, 2018, compared to the previous three months, Romania registered the most significant advance of the 28 EU member states, according to preliminary estimates published by the European Office for Statistics (Eurostat) on Wednesday. According to Eurostat, EU GDP increase slowed down to 0.3% in quarter 3, 2016, after an advance of 0.5% in the previous 3 months, while the euro zone recorded an expansion of 0,2% after ...

Money sent home by Romanians living abroad hits 8-year record high

Monday, November 19, 2018

The amount of money transferred by individuals in other countries to Romania reached EUR 2.8 billion in 2017 – a maximum of the past 8 years, http://business-review.eu informs. Romania is now in third place in the EU in terms of the balance of personal transfers, according to Eurostat data. Personal transfers to Romania from abroad increased by 14 percent in 2017 compared to the previous year. 87 percent ...

EY Romania: Massive investments in digital solutions required for better VAT collection

Monday, November 19, 2018

The Romanian tax authorities need to align with global trends and invest massively in digital solutions to improve the VAT collection process, explain EY Romania representatives in a release on Thursday.The consultancy firm references the recent report released by the European Commission on the VAT gap registered by member states, that presents estimates for 2016, and where Romania stands out by the poor performance in collecting the tax, with a VAT collection gap ...

Governor Isarescu warns about the risks of failing to keep the coherence of macro-economic policies

Monday, November 19, 2018

National Bank Governor, Mugur Isarescu, has warned on Wednesday about the need to keep the macro-stability, adding that ‘financial discipline is one of the important objectives we should promote.’ The speech was delivered during the annual conference of the Financial-Banking Analysts Association, the tenth edition called ‘Romania after 10 years. Achievements. Failures. Economic prospects.’ “We must ...

Romanian Banca Transilvania group ups net profit by 50% amid Bancpost integration

Monday, November 19, 2018

Banca Transilvania, the biggest financial group in Romania, recorded a net profit of RON 1.24 billion (EUR 267 million), up by 50% compared to the same period of 2017. The bank’s individual profit amounted to RON 976 million (EUR 210 million), up 26% year-on-year, and the subsidiaries contributed with over RON 260 million (EUR 56 million) to the group’s profitability. “We are pleased that we have been able to ...

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