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Financial & Banking

EC Study: EU countries lost almost €150 billion in Value-Added Tax (VAT) revenues in 2016

Monday, September 24, 2018

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The so-called 'VAT Gap' shows the difference between the expected VAT revenue and the amount actually collected. While Member States' have carried out a lot of work to improve VAT collection, today's figures show that reform of the current EU VAT system combined with better cooperation at EU level are needed so that Member States can make full use of VAT revenues in their budgets. Pierre Moscovici, Commissioner for Economic and ...

EBRD finances Romanian mobility provider Autonom

Monday, September 24, 2018

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€5 million loan to dynamic car rental services provider Company aims to expand car fleet to meet growing demand Autonom joins EBRD programme for firms with high-growth potential Reinforcing its commitment ...

EBRD loan to modernise water and wastewater services in five Romanian counties

Monday, September 24, 2018

€25 million to improve water and wastewater services Upgrades to benefit over 400,000 households Loan to be provided in two tranches, alongside EU cohesion grants Romanian citizens and the ...

SMEs Council: the new draft bill on pensions is ‘a time bomb’

Monday, September 24, 2018

The pensions increase by 61% in 2020 is “an electoral present which will lead to economic imbalances, it is a time bomb,” the Honorary President of the National Council of Small and Medium Sized Private Enterprises in Romania (CNIPMMR), Ovidiu Nicolescu, has said on last Monday. “In 2020, as general elections are scheduled, and the votes of more than 4 million pensioners are aimed, an electoral present will be made, impossible to ...

Eurostat: Annual inflation, highest rate registered by Romania

Monday, September 24, 2018

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The euro area annual inflation rate was 2.0% in August 2018, down from 2.1% in July 2018. A year earlier, the rate was 1.5%. European Union annual inflation was 2.1% in August 2018, down from 2.2% in July.  A year earlier, the rate was 1.7%. These figures are published by Eurostat, the statistical office of the European Union. The lowest annual rates were registered in Denmark (0.8%), Ireland and ...

Tradeville Survey: Romania ranks first in terms of dividend yields worldwide in 2017

Monday, September 24, 2018

Offering dividend returns to investors of 7-8 percent in 2017, well above the European average of 2-3 percent, Romania is ranked first in a worldwide survey by Tradeville. The survey estimates that in 2018 private equity companies will maintain the same profit distribution rate. For companies where the Romanian state has a majority stake, the analysis followed two scenarios: with a 50 percent distribution rate, investors would earn 7.67 percent, while ...

Study: Young Romanians spend their savings on clothes, bicycles, mobile phones and gadgets

Monday, September 24, 2018

Money School launched a challenge for children, teenagers and adults to say what they did with the first money they saved, and from over 2,500 responses collected by BCR, it found that young Romanians mostly spend their first savings on mobile phones and gadgets, http://business-review.eu reads. The study conducted by BCR, through the Money School, shows that when it comes to savings and investments that ...

Balance of payments and external debt – July 2018

Monday, September 17, 2018

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In January - July 2018p, the balance-of-payments current account posted a deficit of EUR 4,811 million, compared with EUR 4,162 million in January – July 2017; the deficit on trade in goods widened by EUR 999 million, the surplus on services income narrowed by EUR 255 million, the deficit of the primary income balance contracted by EUR 820 million, and the surplus of the secondary income balance decreased by EUR 215 million, data from National Bank of Romania ...

Annual inflation rate goes up to 5.1 pct in August

Monday, September 17, 2018

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The annual inflation rate increased in August to 5.1 pct, from 4.56 pct in July, when the prices of non-food goods rose by 6.78 pct compared to the same month last year, the food products by 4.15 pct and services by 2.61 pct, according to data released on Tuesday by the National Institute of Statistics (INS).Inflation continued its upward trend in August after just one month in which there was a slight decrease.This year, the highest annual inflation ...

Assets of optional pension schemes at 1.92 bln lei as of July 31

Monday, September 17, 2018

Assets held by optional pension schemes amounted at roughly 1.92 bln lei as of July 31, 2018, up 12.25 percent YoY, the Financial Supervisory Authority (ASF) announced.Government securities account for the highest share, with 1.136 bln lei (59.13 pct), followed by shares with 395.477 mln lei (20.58 pct). Corporate bonds are third at 123.13 mln lei, or 6.41 pct of the total assets.Total assets under pension Pillar III amounted to 1.92 bln as of July 31, ...

Piraeus Bank Romania to become First Bank

Monday, September 17, 2018

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 Piraeus Bank Romania will become First Bank, according to a decision of the bank's Board of Directors, that met on September 12, reads a press release sent by the bank. According to the document, the rebranding process will kick off at the end of 2018 and will continue in the following months. The transition to the new brand will be gradually visible throughout the entire process. The bank's activity will carry on as usual. All contractual commitments ...

Bancpost ceases to exist on December 31

Monday, September 17, 2018

The date of the merger through which Banca Transilvania, the largest banking group in Romania, has taken over Bancpost, has been settled for December 31, 2018, on condition that the National Bank of Romania (BNR) gives its consent. „On this date, Bancpost ceases to exist, it will be dissolved without winding-up and its entire patrimony will be taken over by Banca Transilvania,” reads the merger draft of the two ...

BVB managed to stay in the positive territory after 8 months

Monday, September 17, 2018

Bucharest Stock Exchange (BVB) managed to stay in the positive zone at the end of the first eight months despite external turmoil, which sent several markets in negative territory amid growing international uncertainty. Global indices provider Morgan Stanley Capital International (MSCI) reveal world markets plummeted abruptly from the beginning of this year. MSCI indices fell sharply, in USD-equivalent, as Emerging Markets went down by 8 percent and Frontier Markets by 15 ...

BNR sanctions Patria Bank for software malfunction

Monday, September 17, 2018

The National Bank of Romania (BNR) has sanctioned Patria Bank, controlled by EEAF Financial Services BV, with written warning for malfunction of core-banking software ab-Solut, BNR data show. The sanction, the second in this year, was issued on July 20, 2018, for “the inappropriate functioning of the ab-SOLUT information system to keep the value of the previous period for the required level of minimum reserve requirements on ...

Gov't to cut VAT for hotels, restaurants & entertainment from 9 pct to 5 pct

Monday, September 17, 2018

The Romanian government plans to cut next week the value-added tax (VAT) for hotels, restaurants, catering and entertainment from 9 percent to 5 percent and to remove royalties for geothermal water through emergency ordinance, according to the Finance Ministry Eugern Orlando Teodorovici, cited by Economica.net. The measure aims to support Romania’s tourism industry. Last week, the Tourism Ministry announced that it ...

Study: One in ten Romanians have a cryptocoin and 33 percent want to buy one

Monday, September 17, 2018

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Romanians are very familiar with the term cryptocoins, with one in 10 Romanians holding cryptocoins, and 33 percent of them want to buy, according to a study by a global platform that allows cryptomonas trading, http://business-review.eu informs. The study was conducted most probably through the internet, so the respondents are those who have an internet connection. According to a recent research conducted ...

Survey: Half or urban residents don’t want to take a credit, while 10 pct. wish to borrow for a house

Monday, September 17, 2018

Half of urban residents do not want to contract a credit, while 10 percent want to borrow, the main reason being to buy a house, according to a survey by IRSOP Market Research & Consulting and presented by Petre Datculescu, company director, http://business-review.eu reports. “There are several reasons for this: the first reason, perhaps not in this order, is for those who do not have the resources to ...

Ionut Dumitru: Estimated incomes from VAT excessively optimistic

Monday, September 10, 2018

Estimated incomes from VAT are excessively optimistic in budget rectification and supposes a 20% increase of VAT incomes in the time left until the end of the year, said Ionut Dumitru, the president of the Fiscal Council, present at the conference “2018 Investor Days” organized by Property Fund on Thursday. “This rectification, as we said at the Fiscal Council, brings a few major changes for incomes and expenses. In its first variant, ...

FinMin Teodorovici: Romania further aspires to emerging market status for BVB

Monday, September 10, 2018

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Romania's ambitions for the Bucharest Stock Exchange (BVB) stay high, as it seeks to acquire the status of emerging market, the Ministry of Finance said on Saturday in a release.Minister of Public Finance Eugen Teodorovici attended on Friday in Vienna the informal meeting of the EU Economic and Financial Affairs Council (ECOFIN), the EUROGROUP meeting in extended format and the EUROFI Financial Forum organized in association with the Austrian Presidency of the EU ...

Mandatory private pension funds stockpile assets worth almost 45 billion lei, up 20pct, in July

Monday, September 10, 2018

The mandatory private pension funds had stockpiled assets worth 44.64 billion lei, on 31 July 2018, up 20 pct as compared to the same month of the previous year, according to data from the Financial Supervision Authority (ASF).The state securities hold the largest share in the assets, of 27.13 billion lei, 60.78 pct respectively. Shares rank second, with 8.11 billion lei (18.17 pct). Bank deposits ranked third in this respect, with 4.71 billion lei, or 10.56 pct ...

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