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>>> Germany, Estonia, Slovakia and Romania, the most significant EU decline in industrial production
By Jerom Bolt
The industrial production decreased by 2.2% in the euro area and by 1.7% in the European Union in October, compared to the similar period of 2018. In total, 14 states reported decreases in industrial production. Germany (-6.3%) was the locomotive of this black October, followed by other states, among which Estonia, Slovakia and Romania, all registering the most significant decline, data released Thursday by the European Statistical Office (Eurostat) show.
The largest annual increases in industrial production were reported in October in Hungary (6.5%), Ireland (5.9%) and Poland (3.4%).
Compared to September 2019, the industrial production decreased in Octobe ... Read more »
Date: |Yesterday|

By rbj
It's been a month since the interim government led by Ludovic Orban (liberal, one-color) and overseen by Klaus Iohannis (left photo) settled at the helm of the economy. The disasters are beginning to appear. After yesterday the powerless minister of finance, Florin Cîțu, presented a draft budget with astronomical deficits and macroeconomic imbalances, today external reactions began to appear, first of all from the rating agencies.
The first alarm signal! The rating agency Standard & Poor's Global Ratings announced that it has revised the outlook on Romania to a negative, stable one, mainly due to exceeding the budget deficit target for this year, but has maintained the sovereign credit rating in foreign currency and in the short term. "BBB- / A-3".
The government estimates, for this ... Read more »
Date: |2019-12-11|

By Constantin Radut
The newly installed government in Bucharest, from the National Liberal Party, today made public its first measures for economic policy in 2020 and 2021.
The draft budget for next year is surprisingly unfortunate for the image of solid economy that Romania showed until 2019. The Ministry of Finance, as well as the Prime Minister, prove dilettantism, incoherence and incompetence in coordinating the country's economy.
For example, the deficit of the consolidated general budget for the coming year is estimated at 3.6% of GDP, and in 2021 it will be reduced to 3.34%. Is the Treaty of Maastricht no longer respected?
The draft budget for 2020 shows that the ceiling for public debt is set at 45% of GDP, with 10% more than it was at the end of 2018 and with 11% as it was for six months of ... Read more »
Date: |2019-12-11|

By Edwig Ban
Hidroelectrica has started the procedures for acquiring of CEZ Romania and Enel Romania groups and is requesting the approval of the shareholders to engage in consulting services in this regard, according to the convening of the Extraordinary General Meeting of Shareholders (AGEA), which will be held on December 12, informs Agerpres.
On the agenda of the meeting is "informing the shareholders about the start of the actions related to the merger and acquisition process (M&A) for CEZ Romania and Enel Romania Groups at S.P.E.E.H. Hidroelectrica SA".
Also, the shareholders will be informed about the approval of the acquisition of the consulting services related to the merger and acquisition process (M&A) for CEZ Romania and Enel Romania.
Another point of discussion is &quo ... Read more »
Date: |2019-12-08|

By Constantin Radut
At the end of November, the conference "Region's needs and the role of the Three Seas Initiative Investment Fund" was held in Bucharest, in total anonymity. The organizers were the two founding members of the Investment Fund, respectively, Bank Gospodarstwa Krajowego (BGK) - the development bank of Poland and the Export-Import Bank of Romania, EximBank.
The history of this fund is a hasty and random one, at least for the interests of Romania.
The decision to set up the Fund was taken after the Bucharest summit in 2018, attended by representatives of the 12 member states, former communist states in Eastern Europe: Romania, Poland, Bulgaria, Croatia, Czech Republic, Estonia, Hungary, Latvia, Lithuania , Slovakia, Slovenia, plus Austria. Then, in Bucharest, by virtue of the greatness of the President of Romania, Klaus ... Read more »
Date: |2019-12-04|

By Jerom Bolt
Paying Taxes, an annual study from PwC and the World Bank Group, helps governments and businesses understand how their tax systems compare on the global stage and helps tax administrations learn from what others are doing.
Now in its 14th edition, this year’s study looks at how advances in technology make paying taxes easier. With 15 years of data and comparative analysis on the tax systems in 190 economies, Paying Taxes lets you see the impact of digital innovation around the world.
Romania has climbed to 32nd in the PwC Paying Taxes 2020 global rankings. Romania was 49th in last year’s study, which is part of the World Bank's annual Doing Business report.
'Over time we have seen significant changes in the tax policies governments use to raise the funds necessary to meet their ... Read more »
Date: |2019-11-28|

By Constantin Radut
Every day the information appearing that reflects the incompetence of the new liberal government installed in Bucharest, on November 4, following the ashes motion by which the previous executive was removed.
The news released on the market bring great shortcomings to the country's economic stability and the Romania's position on the international market.
All information about "heavy inheritance" is encouraged by President Klaus Iohannis and delivered to the media market by the Minister of Finance, an individual with no competence in the field he is responsible for. The most eloquent argument about the incompetence of the current finance minister is his estimate that the budget deficit in 2019 reaches 4.1 ... Read more »
Date: |2019-11-27|

By Edwig Ban
Airport operator Abu Dhabi Airports on Tuesday signed a memorandum of understanding with the Romanian company South Development Group (SDG) SA to analyze the opportunities related to the management and development of airports in Romania, this being its first foray outside the United Arab Emirates, reports Reuters.
Currently, Abu Dhabi Airports, a company wholly owned by the Government of Abu Dhabi, operates five airports in the United Arab Emirates, including the main international airport in the capital of Abu Dhabi. "We are analyzing partnership opportunities for airport management and development in Romania," said Abu Dhabi Airports CEO Bryan Thompson. He said that the memorandum of understanding will cover the airport in Bucharest and five regional airports in Romania. ... Read more »
Date: |2019-11-27|

By rbj
>>>All the indices of the Bucharest Stock Exchange (BVB) posted double-digit growth rates after the first 10 months. BET-TR, which also includes the dividends, went up by 40%, while BET-FI surged by 22% from the beginning of the year.
The Romanian capital market cemented its robust growth pace at the end of the first ten months of the year after all the indices of the Bucharest Stock Exchange (BVB) managed to preserve the strong positive results. By far, the best results were displayed by the indices that also included the dividends. BET - Total Return (BET-TR), which also included the dividends paid by the companies from the BET index, went up by 40%, while BET-XT-TR, which includes the most-traded 25 companies and their dividends, surged by 37%. Ten months into the year, BET-FI, which mirrors the evolution of the five Fin ... Read more »
Date: |2019-11-25|

By Jerom Bolt
Romgaz, Romania's largest producer and main supplier of natural gas, is interested in taking part in the Neptun Deep project in the Black Sea. Discussions with Exxon will begin in the next period.
Romgaz is considering the possibility of taking over a 15-20% stake in the Neptune project in the Black Sea, after, on Monday, November 18, the consultant dealing with the Exxon exit in Romania contacted the Romanian gas producer to start the negotiations, he said, On Tuesday, Adrian Volintiru, the general manager of Romgaz.
"We were contacted, via email, by the consultant advising Exxon people on this exit. They told us that an exit process is coming and that if we are interested, they invite us to the discussion table. We are going to have discussions in the next period, together with OMV representativ ... Read more »
Date: |2019-11-20|

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The Romanian Business Journal
Constantin Radut
Editor in Chief
031726 Bucharest, Romania
+40 725 511 887